Document:

Exhibit 4.3

 

ENBRIDGE ENERGY PARTNERS, L.P.

as Issuer

 

and

 

U.S. BANK NATIONAL ASSOCIATION

as Trustee

 

$600,000,000

 

7.375%
NOTES DUE 2045

 

FIFTEENTH

 

SUPPLEMENTAL

 

INDENTURE

 

 

 

Dated as of October 6, 2015

 

     

     

    

 

Table
of Contents

 

	 	 	 	Page
	 	 	 	 
	ARTICLE I	ESTABLISHMENT OF NEW SERIES	1
	 	 	 	 
	Section 1.01.	Establishment of New Series	1
	 	 	 	 
	ARTICLE II	DEFINITIONS AND INCORPORATION BY REFERENCE	2
	 	 	 	 
	Section 2.01.	Definitions	2
	 	 	 	 
	ARTICLE III	THE NOTES	2
	 	 	 	 
	Section 3.01.	Form	2
	 	 	 	 
	Section 3.02.	Issuance of Additional Notes	2
	 	 	 	 
	Section 3.03.	Transfer of Securities	2
	 	 	 	 
	ARTICLE IV	REDEMPTION	3
	 	 	 	 
	Section 4.01.	Optional Redemption	3
	 	 	 	 
	Section 4.02.	Mandatory Redemption	3
	 	 	 	 
	ARTICLE V	COVENANT SUPPLEMENTS	3
	 	 	 	 
	Section 5.01.	Covenants of the Partnership	3
	 	 	 	 
	ARTICLE VI	ADDITIONAL EVENT OF DEFAULT	3
	 	 	 	 
	Section 6.01.	Events of Default	3
	 	 	 	 
	ARTICLE VII	MISCELLANEOUS	4
	 	 	 	 
	Section 7.01.	Integral Part	4
	 	 	 	 
	Section 7.02.	Adoption, Ratification and Confirmation	4
	 	 	 	 
	Section 7.03.	Counterparts	4
	 	 	 	 
	Section 7.04.	Governing Law	4
	 	 	 	 
	Section 7.05.	Trustee Makes No Representation	4

  

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FIFTEENTH SUPPLEMENTAL
INDENTURE dated as of October 6, 2015 (this “Supplemental Indenture”), between Enbridge Energy Partners,
L.P., a Delaware limited partnership (the “Partnership” or the “Issuer”), and U.S. Bank National
Association, a national banking association, as successor trustee to SunTrust Bank (the “Trustee”),

 

WITNESSETH:

 

WHEREAS,
the Issuer has heretofore entered into an Indenture, dated as of May 27, 2003 (the “Original Indenture”),
with the Trustee;

 

WHEREAS,
the Original Indenture, as supplemented by this Supplemental Indenture, is herein called the “Indenture”;

 

WHEREAS,
under the Original Indenture, the form and terms of a new series of Debt Securities may at any time be established by a supplemental
Indenture executed by the Issuer and the Trustee;

 

WHEREAS,
the Issuer proposes to create under the Indenture a new series of Debt Securities;

 

WHEREAS,
additional Debt Securities of other series hereafter established, except as may be limited in the Original Indenture as at the
time supplemented and modified, may be issued from time to time pursuant to the Original Indenture as at the time supplemented
and modified; and

 

WHEREAS,
all conditions necessary to authorize the execution and delivery of this Supplemental Indenture and to make it a valid and binding
obligation of the Issuer have been done or performed.

 

NOW,
THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration,
the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE
I

ESTABLISHMENT
OF NEW SERIES

 

Section 1.01.         Establishment
of New Series.

 

(a)          There
is hereby established a new series of Debt Securities to be issued under the Indenture, to be designated as the Issuer’s
7.375% Notes due 2045 (the “Notes”).

 

(b)          There
are to be authenticated and delivered $600,000,000 principal amount of Notes on the Issue Date, and from time to time thereafter
there may be authenticated and delivered an unlimited principal amount of Additional Notes.

 

     

     

    

 

(c)          The
Notes shall be issued initially in the form of one or more Global Securities in substantially the form set out in Exhibit A
hereto. The Depositary with respect to the Notes shall be The Depository Trust Company.

 

(d)          Initially,
there shall be no Subsidiary Guarantors. Each Note shall be dated the date of authentication thereof and shall bear interest as
provided in paragraph 1 of the form of Note in Exhibit A hereto.

 

(e)          If
and to the extent that the provisions of the Original Indenture are duplicative of, or in contradiction with, the provisions of
this Supplemental Indenture, the provisions of this Supplemental Indenture shall govern.

 

ARTICLE
II

DEFINITIONS
AND INCORPORATION BY REFERENCE

 

Section 2.01.         Definitions.
All capitalized terms used herein and not otherwise defined below shall have the meanings ascribed thereto in the Original Indenture.
The following are additional definitions used in this Supplemental Indenture:

 

“Additional
Notes” has the meaning assigned to it in Section 3.02 hereof.

 

“Notes”
has the meaning assigned to it in Section 1.01(a) hereof.

 

ARTICLE
III

THE
NOTES

 

Section 3.01.         Form.
The Notes shall be issued initially in the form of one or more Global Securities, and the Notes and Trustee’s certificate
of authentication shall be substantially in the form of Exhibit A hereto, the terms of which are incorporated in and
made a part of this Supplemental Indenture, and the Issuer and the Trustee, by their execution and delivery of this Supplemental
Indenture, expressly agree to such terms and provisions and to be bound thereby.

 

Section 3.02.         Issuance
of Additional Notes. The Issuer may, from time to time, issue an unlimited amount of additional Notes (“Additional Notes”)
under the Indenture, which shall be issued in the same form as the Notes issued on the Issue Date and which shall have identical
terms as the Notes issued on the Issue Date other than with respect to the issue date, issue price and date of first payment of
interest. The Notes issued on the Issue Date shall be limited in aggregate principal amount to $600,000,000. The Notes issued on
the Issue Date and any Additional Notes subsequently issued shall be treated as a single series for purposes of giving of notices,
consents, waivers, amendments and taking any other action permitted under the Indenture and for purposes of interest accrual and
redemptions.

 

Section 3.03.         Transfer
of Securities.

 

(a)          When
Notes are presented to the Registrar with the request to register the transfer of such Notes or exchange such Notes for an equal
principal amount of Notes of other authorized denominations, the Registrar shall register the transfer or make the exchange in
accordance with Article II of the Original Indenture.

 

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(b)          Each
security certificate evidencing the Global Securities shall bear a legend substantially in the form set forth in Section 2.15(a)
of the Original Indenture.

 

ARTICLE
IV

REDEMPTION

 

Section 4.01.         Optional
Redemption.

 

(a)          At
its option, the Issuer may choose to redeem all or any portion of the Notes, at once or from time to time.

 

(b)          To
redeem the Notes, the Issuer must pay a redemption price in an amount determined in accordance with the provisions of paragraph
5 of the form of Note in Exhibit A hereto, plus accrued and unpaid interest, if any, to the Redemption Date (subject
to the right of Holders on the relevant record date to receive interest due on the relevant interest payment date).

 

(c)          Any
redemption pursuant to this Section 4.01 shall otherwise be made pursuant to the provisions of Sections 3.01 through
3.03 of the Original Indenture. The actual redemption price, calculated as provided in paragraph 5 of the form of Note in Exhibit
A hereto, shall be certified in writing to the Issuer and the Trustee by the Independent Investment Banker (as defined in such
paragraph 5) no later than two Business Days prior to each Redemption Date.

 

Section 4.02.         Mandatory
Redemption. The Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes and
shall have no obligation to repurchase any Notes at the option of the Holders.

 

ARTICLE
V

COVENANT
SUPPLEMENTS

 

Section 5.01.         Covenants
of the Partnership. Article IV of the Original Indenture is hereby supplemented, but only in relation to the Notes, by the
addition of the following new Section at the end of Article IV:

 

“Section 4.14.
Subsidiary Guarantees. If any Subsidiary of the Partnership that is not then a Subsidiary Guarantor becomes a guarantor or co-obligor
of any Funded Debt of the Partnership, in either case after the Issue Date, then the Partnership shall cause such Subsidiary to
promptly execute and deliver a supplemental indenture, substantially in the form of Exhibit B hereto, providing for
the Guarantee of the payment of the Notes pursuant to Article XIV hereof.”

 

ARTICLE
VI

ADDITIONAL
EVENT OF DEFAULT

 

Section 6.01.         Events
of Default. The following shall be deemed an Event of Default only with respect to the Notes as provided in Section 6.01(h) of
the Original Indenture:

 

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“(h)
default by the Partnership or any of its Subsidiaries in the payment at the Stated Maturity, after the expiration of any applicable
grace period, of principal of, premium, if any, or interest on any Debt then outstanding having a principal amount in excess of
the greater of $25 million and 2% of total partners’ capital in the Partnership, or acceleration of any Debt having a principal
amount in excess of the greater of such amounts so that it becomes due and payable prior to its Stated Maturity and such acceleration
is not rescinded within 30 days after the date on which written notice specifying such default shall have been given to the Partnership
by the Trustee or to the Partnership and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes
at the time Outstanding. The occurrence and continuance of a default under the foregoing shall be deemed an Event of Default under
Section 6.01(h) of the Original Indenture with respect to the Notes.”

 

ARTICLE
VII

MISCELLANEOUS

 

Section 7.01.         Integral
Part. This Supplemental Indenture constitutes an integral part of the Indenture.

 

Section 7.02.         Adoption,
Ratification and Confirmation. The Original Indenture, as supplemented and amended by this Supplemental Indenture, is in all respects
hereby adopted, ratified and confirmed.

 

Section 7.03.         Counterparts.
This Supplemental Indenture may be executed in any number of counterparts, each of which when so executed shall be deemed an original;
and all such counterparts shall together constitute but one and the same instrument.

 

Section 7.04.         Governing
Law. THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.

 

Section 7.05.         Trustee
Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture.

 

[Signatures on following page]

 

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SIGNATURES

 

	 	ISSUER:
	 	 
	 	ENBRIDGE ENERGY PARTNERS, L.P.
	 	 
	 	By:	
        Enbridge Energy Management, L.L.C.

        as delegate of Enbridge Energy Company, Inc.,

        its General Partner

	 	 	 	 
	 	 	By:	/s/ Mark A. Maki
	 	 	 	Mark A. Maki
	 	 	 	President
	 	 
	 	TRUSTEE:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 
	 	 	By:	/s/ Felicia H. Powell
	 	 	 	Name:  Felicia H. Powell
	 	 	 	Title:  Assistant Vice President

 

     

     

    

 

EXHIBIT A

(Form of Face of Note)

 

	 	No. _____________	$_______________
	 	 	 
	 	ISIN US29250RAX44	CUSIP No. 29250R AX4

 

ENBRIDGE ENERGY PARTNERS, L.P.

 

7.375% Notes due 2045

 

Enbridge Energy Partners,
L.P., a Delaware limited partnership, promises to pay to Cede & Co., or registered assigns, the principal sum of ________________
Dollars [or such greater or lesser amount as may be endorsed on the Schedule attached hereto]1 on October 15, 2045.

 

Interest Payment Dates: April 15 and October 15, commencing
April 15, 2016

Record Dates: April 1 and October 1

 

	 	ENBRIDGE ENERGY PARTNERS, L.P.
	 	 
	 	By:	
        Enbridge Energy Management, L.L.C.

        as delegate of Enbridge Energy Company, Inc.,

        its General Partner

	 	 	 	 
	 	 	By:	 
	 	 	 	Name:  
	 	 	 	Title:  

 

TRUSTEE'S CERTIFICATE

OF AUTHENTICATION

 

This is one of the
Debt Securities of the series designated therein referred to in the within-mentioned Indenture.

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Dated __________________

 

 

 

1
To be included only if the Note is issued in global form.

 

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(Form of Back of Note)

 

7.375% Notes due 2045

 

[UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
NEW YORK, NEW YORK, TO THE PARTNERSHIP OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
& CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE REFERRED TO HEREIN.]2

 

Capitalized terms used
herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

1.          Interest.
Enbridge Energy Partners, L.P., a Delaware limited partnership (the “Partnership” or the “Issuer”),
promises to pay interest on the principal amount of this Note at 7.375% per annum from October 6, 2015 until maturity. The Issuer
shall pay interest semi-annually on April 15 and October 15 of each such year, or if any such day is not a Business Day, on the
next succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes shall accrue from the
most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if
there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on
the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment
Date; provided, further, that the first Interest Payment Date shall be April 15, 2016. The Issuer shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time
on demand at the same rate; and it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy
Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same
rate to the extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day months.

 

 

2
To be included only if note is issued in global form.

 

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2.          Method
of Payment. The Issuer shall pay interest on the Notes (except Defaulted Interest) to the Persons who are registered Holders of
Notes at the close of business on the April 1 and October 1 immediately preceding the Interest Payment Date, even if such Notes
are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.17 of the
Original Indenture with respect to Defaulted Interest, and the Issuer shall pay principal (and premium, if any) of the Notes upon
surrender thereof to the Trustee or a paying agent on or after the Stated Maturity thereof. The Notes shall be payable as to principal,
premium, if any, and interest at the office or agency of the Trustee maintained for such purpose (which initially is c/o U.S. Bank
National Association, 100 Wall Street, 16th Floor, New York, New York 10005), or, at the option of the Issuer, payment
of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders, and provided that
payment by wire transfer of immediately available funds shall be required with respect to principal of, and interest and premium,
if any, on, (a) each Global Security and (b) all other Notes aggregating at least $1,000,000 in principal amount the
Holder of which shall have provided wire transfer instructions to the Issuer or the paying agent on or prior to the applicable
record date. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

 

3.          Paying
Agent and Registrar. Initially, U.S. Bank National Association, the successor Trustee under the Indenture, shall act as paying
agent and Registrar. The Issuer may change any paying agent or Registrar without notice to any Holder. The Partnership may act
in any such capacity.

 

4.          Indenture.
The Issuer issued the Notes under an Indenture dated as of May 27, 2003 (the “Original Indenture”),
as supplemented by the Fifteenth Supplemental Indenture dated as of October 6, 2015 (the “Supplemental Indenture”
and, together with the Original Indenture, the “Indenture”), between the Issuer and the Trustee. The terms of
the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of
1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to
the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions
of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are the obligation of the Issuer,
initially in aggregate principal amount of $600,000,000. The Issuer may issue an unlimited aggregate principal amount of Additional
Notes under the Indenture. Any such Additional Notes that are actually issued shall be treated as issued and outstanding Notes
(and as the same series (with identical terms other than with respect to the issue date, issue price and first payment of interest)
as the initial Note for the purposes indicated in Section 3.02 of the Supplemental Indenture). Initially, the Notes are not guaranteed,
but in the future they may be guaranteed by one or more Subsidiary Guarantors on the conditions and subject to the terms provided
in Section 4.14 of the Indenture and Article XIV of the Original Indenture.

 

5.          Optional
Redemption.

 

(a) At
its option, the Issuer may choose to redeem all or any portion of the Notes, at once or from time to time.

 

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(b) To redeem
the Notes before the date that is six months prior to their Stated Maturity, the Issuer must pay a redemption price equal to the
greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the
remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to the Redemption
Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at
the Treasury Rate (as defined below) plus 50 basis points, plus, in either case, accrued and unpaid interest, if any, to the Redemption
Date (subject to the right of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date).
To redeem the Notes on or after the date that is six months prior to their Stated Maturity, the Issuer must pay a redemption price
equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to the Redemption
Date (subject to the right of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date).
The actual redemption price will be calculated and certified to the Trustee and the Partnership by the Independent Investment Banker.

 

For purposes of determining
the redemption price, the following definitions shall apply:

 

“Comparable
Treasury Issue” means the United States Treasury security or securities selected by the Independent Investment Banker
as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized,
at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities
of a comparable maturity to the remaining term of the Notes to be redeemed.

 

“Comparable
Treasury Price” means, for any Redemption Date, (1) the average of two Reference Treasury Dealer Quotations for
such Redemption Date, after excluding the highest and lowest of four such Reference Treasury Dealer Quotations, or (2) if
the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

 

“Independent
Investment Banker” means one of the Reference Treasury Dealers, as specified by the Partnership, and any successor firm,
or if such firm is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of
national standing appointed by the Trustee after consultation with the Partnership.

 

“Reference
Treasury Dealer” means each of Deutsche Bank Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets
Inc. and Morgan Stanley & Co. LLC and their respective successors; provided, however, that if any of the Reference Treasury
Dealers ceases to be a primary U.S. government securities dealer in New York City, then such other primary U.S. government securities
dealers as may be substituted by the Trustee.

 

“Reference
Treasury Dealer Quotations” means, for each Reference Treasury Dealer and any Redemption Date, the average, as determined
by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business
Day preceding such Redemption Date.

 

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“Treasury
Rate” means, with respect to any Redemption Date, the rate per year equal to the semi-annual equivalent yield to maturity
of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be calculated on the
third Business Day preceding the Redemption Date.

 

6.          Mandatory
Redemption. The Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes or
to repurchase them at the option of the Holders.

 

7.          Notice
of Redemption. Notice of redemption shall be mailed at least 30 days but not more than 60 days before the Redemption Date to each
Holder whose Notes are to be redeemed at its registered address. Notes may be redeemed in part in multiples of $1,000. On and after
the Redemption Date interest shall cease to accrue on Notes or portions thereof called for redemption and with respect to which
the redemption price has been paid.

 

8.          Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000
in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar
and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and the Issuer
may require a Holder to pay any taxes or other governmental charges imposed in relation thereto.

 

9.          Persons
Deemed Owners. The registered Holder of a Note shall be treated as its owner for all purposes.

 

10.        Amendment,
Supplement and Waiver. Subject to certain exceptions, the Indenture may be amended or supplemented with the consent of the Holders
of not less than a majority in aggregate principal amount of the then Outstanding Notes, and any existing default or compliance
with any provision of the Indenture relating to the Notes may be waived with the consent of the Holders of not less than a majority
in aggregate principal amount of the then Outstanding Notes. Without the consent of any Holder of a Note, the Indenture may be
amended or supplemented for any of the purposes set forth in Section 9.01 of the Indenture, including to cure any ambiguity, defect
or inconsistency, to provide for the assumption of the Issuer’s obligations to Holders of the Notes in case of a merger or
consolidation of the Issuer or sale of all or substantially all of the Issuer’s assets, to add or release Subsidiary Guarantors
pursuant to the terms of the Indenture, to make any change that does not adversely affect the rights under the Indenture of any
Holder of the Notes, to comply with the requirements of the SEC to permit the qualification of the Indenture under the TIA, to
evidence or provide for the acceptance of appointment under the Indenture of a successor or separate Trustee, to add to the covenants
of the Issuer or any Subsidiary Guarantor, to secure the Notes or the Guarantee or to establish the form or terms of any other
series of Debt Securities.

 

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11.         Defaults
and Remedies. Events of Default with respect to the Notes include: (i) default for 30 days in the payment when due of interest
on the Notes; (ii) default in payment when due of principal of or premium, if any, on the Notes when due at Stated Maturity,
upon redemption or otherwise; (iii) failure by the Partnership or any Subsidiary Guarantor for 60 days after notice to comply
with any of its other covenants or agreements in the Indenture relating to the Notes; (iv) default by the Partnership or any
of its Subsidiaries in the payment at the Stated Maturity, after the expiration of any applicable grace period, of principal of,
premium, if any, or interest on any Debt then outstanding having a principal amount in excess of the greater of $25 million and
2% of total partners’ capital in the Partnership, or acceleration of any Debt having a principal amount in excess of the
greater of such amounts so that it becomes due and payable prior to its Stated Maturity and such acceleration is not rescinded
within 30 days after notice; (v) except as permitted by the Indenture, any Guarantee shall be held in any judicial proceeding
to be null and void or shall cease to be in full force and effect or any Subsidiary Guarantor shall deny or disaffirm its obligations
under the Indenture or its Guarantee; and (vi) certain events of bankruptcy, insolvency or reorganization with respect to
the Issuer or, if and so long as the Notes are guaranteed by a Subsidiary Guarantor, such Subsidiary Guarantor. If any Event of
Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then Outstanding
Notes may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising
from certain events of bankruptcy or insolvency, all Outstanding Notes shall become due and payable without further action or notice.
Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders
of not less than a majority in aggregate principal amount of the then Outstanding Notes may direct the Trustee in its exercise
of any trust or power. If and so long as the Trustee in good faith so determines, the Trustee may withhold from Holders of the
Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal,
premium, if any, or interest) if it determines that withholding notice is in their interests. The Holders of not less than a majority
in aggregate principal amount of the Notes then Outstanding by written notice to the Trustee may on behalf of the Holders of all
of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default
or Event of Default in the payment of interest on, the principal of, or premium, if any, on, the Notes. The Partnership is required
to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Partnership is required within
30 days after the occurrence of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default
or Event of Default and certain additional information.

 

12.         Trustee
Dealings with Issuer. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform
services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates, as if it were not the Trustee.

 

13.         No
Recourse Against Others. The General Partner, Enbridge Energy Management, L.L.C., and their respective directors, officers, employees,
incorporators, members and stockholders, as such, shall have no liability for any obligations of the Issuer or the Subsidiary Guarantors
under the Notes, the Indenture or the Guarantee or for any claim based on, in respect of, or by reason of, such obligations or
their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part
of the consideration for issuance of the Notes.

 

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14.         Authentication.
This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

15.         Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).

 

16.         CUSIP
and ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the
Issuer has caused CUSIP and corresponding ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and corresponding
ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers
either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification
numbers placed thereon.

 

The Issuer shall furnish
to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to:

 

Enbridge Energy Partners, L.P.

1100 Louisiana Street, Suite 3300

Houston, Texas 77002-5217

Attention: General Counsel

 

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Assignment Form

 

To assign this Note,
fill in the form below: (I) or (we) assign and transfer this Note to

 

	 
	(Insert assignee’s soc. sec. or tax I.D. no.)
	 
	 
	 
	 
	(Print or type assignee’s name, address and zip code)

 

	and irrevocably appoint   	 

	agent to transfer this Note on the books of the Issuer.  The agent may substitute another to act for him.
	 
	Date:  _________________________________
	 
	Your Signature:
	 	 
	(Sign exactly as your name appears on the face of this Note.

 

	Signature Guarantee:  	 
	 	(Signature must be guaranteed by a financial institution that is a member of the Securities Transfer Agent Medallion Program (“STAMP”), the Stock Exchange Medallion Program (“SEMP”), the New York Stock Exchange, Inc. Medallion Signature Program (“MSP”) or such other signature guarantee program as may be determined by the Registrar in addition to, or in substitution for, STAMP, SEMP or MSP, all in accordance with the Securities Exchange Act of 1934, as amended.)

 

    	 	A-8	 

     

    

 

SCHEDULE
OF INCREASES OR DECREASES IN THE GLOBAL NOTE1

 

The original principal
amount of this Global Note is $___________. The following increases or decreases in this Global Note have been made:

 

	Date of Exchange	 	
        Amount of decrease in

        Principal Amount of this

        Global Note
	 	
        Amount of increase in

        Principal Amount of this

        Global Note
	 	
        Principal Amount of this

        Global Note following

such

        decrease (or increase)
	 	
        Signature of authorized

        signatory of Trustee or

        Note Custodian

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

1 To be included
only if the Note is issued in global form.

 

    	 	A-9	 

     

    

 

EXHIBIT B

 

FORM OF SUPPLEMENTAL INDENTURE

 

SUPPLEMENTAL INDENTURE
(this “Supplemental Indenture”), dated as of ______________, ____ , among Enbridge Energy Partners, L.P.,
a Delaware limited partnership (the “Partnership” or the “Issuer”), _________________________________
(the “Subsidiary Guarantor”), a direct or indirect subsidiary of the Partnership, and U.S. Bank National Association,
a national banking association, as successor trustee to SunTrust Bank, as trustee under the indenture referred to below (the “Trustee”),

 

WITNESSETH:

 

WHEREAS,
the Issuer has heretofore executed and delivered to the Trustee an indenture (the “Original Indenture”), dated
as of May 27, 2003, as supplemented by the Fifteenth Supplemental Indenture (the “Fifteenth Supplemental Indenture”
and, together with the Original Indenture, the “Indenture”) dated as of October 6, 2015, between the Issuer
and the Trustee, providing for the issuance of the Issuer’s 7.375% Notes due 2045 (the “Notes”);

 

WHEREAS,
Section 4.14 of the Indenture provides that under certain circumstances the Partnership is required to cause the Subsidiary
Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the Subsidiary Guarantor shall unconditionally
guarantee all of the Issuer's obligations under the Notes pursuant to a Guarantee on the terms and conditions set forth herein;
and

 

WHEREAS,
pursuant to Section 9.01 of the Original Indenture, the Issuer and the Trustee are authorized to execute and deliver this
Supplemental Indenture;

 

NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is
hereby acknowledged, the Issuer, the Subsidiary Guarantor and the Trustee mutually covenant and agree for the equal and ratable
benefit of the holders of the Notes as follows:

 

1.           Definitions.
(a) Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

(b)          For
all purposes of this Supplemental Indenture, except as otherwise herein expressly provided or unless the context otherwise requires:
(i) the terms and expressions used herein shall have the same meanings as corresponding terms and expressions used in the
Indenture; and (ii) the words “herein,” “hereof” and “hereby” and other words of similar
import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

 

    	 	B-1	 

     

    

 

2.          Agreement
to Guarantee. The Subsidiary Guarantor hereby agrees, jointly and severally with any other Subsidiary Guarantors under the Indenture,
to guarantee the Issuer’s obligations under the Notes and all other amounts due and payable under the Indenture on the terms
and subject to the conditions set forth in Article XIV of the Original Indenture and to be bound by all other applicable provisions
of the Indenture. To further evidence the Guarantee set forth in Section 14.01 of the Original Indenture, the Subsidiary Guarantor
is executing a notation relating to such Guarantee, substantially in the form attached to the Original Indenture as Annex A.
Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions
thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes,
and every holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.

 

3.          GOVERNING
LAW. THIS SUPPLEMENTAL INDENTURE SHALL BE DEEMED TO BE A NEW YORK CONTRACT, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.

 

4.          Trustee
Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture.

 

5.          Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement.

 

6.          Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction thereof.

 

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

 

	 	ENBRIDGE ENERGY PARTNERS, L.P.

	 	By:	
        Enbridge Energy Management, L.L.C.

        as delegate of Enbridge Energy Company, Inc.,

        its General Partner

	 	 	 	 
	 	 	By:	 
	 	 	 	Name:  
	 	 	 	Title:  
	 	 
	 	(SUBSIDIARY GUARANTOR)
	 	 
	 	 	By:	 
	 	 	 	Name:  
	 	 	 	Title:  
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 
	 	 	By:	 
	 	 	 	Name:  
	 	 	 	Title:  

 

    	 	B-2Exhibit 10.1

 

CREDIT AGREEMENT

DATED AS OF SEPTEMBER 30, 2015

AMONG

INLAND REAL ESTATE INCOME TRUST, INC.

AS BORROWER,

KEYBANK NATIONAL ASSOCIATION

AS ADMINISTRATIVE AGENT,

KEYBANC CAPITAL MARKETS INC.

AS LEAD ARRANGER,

AND

THE LENDERS

FROM TIME TO TIME PARTIES HERETO

    	 

    	 

    

Table
of Contents

	 	Page
	ARTICLE I. DEFINITIONS	1
	ARTICLE II. THE CREDIT	32
	2.1.   Generally	32
	2.2.   Ratable and Non Ratable Advances	32
	2.3.   Periodic Principal Payments	33
	2.4.   Final Principal Payment	33
	2.5.   Unused Fee; Facility Fee	34
	2.6.   Other Fees	34
	2.7.   Minimum Amount of Each Advance	34
	2.8.   Method of Selecting Types and Interest Periods for New Advances	35
	2.9.   Conversion and Continuation of Outstanding Advances	36
	2.10.   Changes in Interest Rate, Etc.	36
	2.11.   Rates Applicable After Default	37
	2.12.   Method of Payment	37
	2.13.   Notes; Telephonic Notices	38
	2.14.   Interest Payment Dates; Interest and Fee Basis	38
	2.15.   Notification of Advances, Interest Rates and Prepayments	38
	2.16.   Swingline Advances	39
	2.17.   Lending Installations	40
	2.18.   Non-Receipt of Funds by the Administrative Agent	40
	2.19.   Replacement of Lenders under Certain Circumstances	40
	2.20.   Usury	41
	2.21.   Extension of Facility Termination Date	41
	2.22.   Termination or Increase in Commitments.	42
	2.23.   Unencumbered Properties	43
	ARTICLE IIA LETTER OF CREDIT SUBFACILITY	47
	2A.1   Obligation to Issue	47
	2A.2   Types and Amounts	47
	2A.3   Conditions	48
	2A.4   Procedure for Issuance of Facility Letters of Credit	48
	2A.5   Reimbursement Obligations; Duties of Issuing Bank	49
	2A.6   Participation	50
	2A.7   Payment of Reimbursement Obligations	51
	2A.8   Compensation for Facility Letters of Credit	52
	2A.9   Letter of Credit Collateral Account	53
	ARTICLE III. CHANGE IN CIRCUMSTANCES	53
	3.1.   Yield Protection	53
	3.2.   Changes in Capital Adequacy Regulations	54
	3.3.   Availability of Types of Advances	55
	3.4.   Funding Indemnification	55
	3.5.   Taxes	55
	3.6.   Lender Statements; Survival of Indemnity	58
	

    i 

     

    

	 	 
	ARTICLE IV. CONDITIONS PRECEDENT	59
	4.1.   Initial Advance	59
	4.2.   Each Advance and Issuance	61
	ARTICLE V. REPRESENTATIONS AND WARRANTIES	62
	5.1.   Existence	62
	5.2.   Authorization and Validity	62
	5.3.   No Conflict; Government Consent	62
	5.4.   Financial Statements; Material Adverse Effect	63
	5.5.   Taxes	63
	5.6.   Litigation	63
	5.7.   Subsidiaries	63
	5.8.   ERISA	64
	5.9.   Accuracy of Information	64
	5.10.   Regulations of the Board	64
	5.11.   Material Agreements	64
	5.12.   Compliance With Laws	64
	5.13.   Ownership of Properties	65
	5.14.   Investment Company Act	65
	5.15.   Solvency	65
	5.16.   Insurance	65
	5.17.   REIT Status	66
	5.18.   Environmental Matters	66
	5.19.   Sanctions Laws and Regulations	67
	5.20.   Unencumbered Properties	67
	ARTICLE VI. COVENANTS	67
	6.1.   Financial Reporting	67
	6.2.   Use of Proceeds	69
	6.3.   Notice of Default	70
	6.4.   Conduct of Business	70
	6.5.   Taxes	70
	6.6.   Insurance	70
	6.7.   Compliance with Laws	70
	6.8.   Maintenance of Properties	70
	6.9.   Inspection	71
	6.10.   Maintenance of Status	71
	6.11.   Dividends; Distributions; Redemptions	71
	6.12.   [Intentionally Deleted]	71
	6.13.   Plan Assets	71
	6.14.   Liens	72
	6.15.   Affiliates	72
	6.16.   Consolidated Tangible Net Worth	72
	6.17.   Indebtedness and Cash Flow Covenants	72
	6.18.   Environmental Matters	73
	6.19.   Permitted Investments	74
	6.20.   Negative Pledges	75
	6.21.   Subsidiary Guaranty	75
	6.22.   Subordination of Advisors Fees	76
	6.23.   Mergers, Consolidations and Sales of Assets	76
	

    ii 

     

    

	 	 
	ARTICLE VII. DEFAULTS	76
	ARTICLE VIII. ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES	79
	8.1.   Acceleration	79
	8.2.   Amendments	80
	8.3.   Preservation of Rights	81
	ARTICLE IX. GENERAL PROVISIONS	81
	9.1.   Survival of Representations	81
	9.2.   Governmental Regulation	81
	9.3.   [Intentionally Deleted].	81
	9.4.   Headings	81
	9.5.   Entire Agreement	81
	9.6.   Several Obligations; Benefits of the Agreement	82
	9.7.   Expenses; Indemnification	82
	9.8.   Numbers of Documents	83
	9.9.   Accounting	83
	9.10.   Severability of Provisions	83
	9.11.   No Advisory or Fiduciary Responsibility	84
	9.12.   Choice of Law	84
	9.13.   Consent to Jurisdiction	85
	9.14.   Waiver of Jury Trial	85
	ARTICLE X. THE ADMINISTRATIVE AGENT	85
	10.1.   Appointment	85
	10.2.   Powers	86
	10.3.   General Immunity	86
	10.4.   No Responsibility for Loans, Recitals, etc.	86
	10.5.   Action on Instructions of Lenders	86
	10.6.   Employment of Agents and Counsel	87
	10.7.   Reliance on Documents; Counsel	87
	10.8.   Administrative Agent’s Reimbursement and Indemnification	87
	10.9.   Rights as a Lender	88
	10.10.   Lender Credit Decision	88
	10.11.   Successor Administrative Agent	88
	10.12.   Notice of Defaults	89
	10.13.   Requests for Approval	89
	10.14.   Defaulting Lenders	90
	10.15.   Additional Agents	91
	ARTICLE XI. SETOFF; RATABLE PAYMENTS	91
	11.1.   Setoff	91
	11.2.   Ratable Payments	92
	

    iii 

     

    

	 	 
	ARTICLE XII. BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS	82
	12.1.   Successors and Assigns	82
	12.2.   Participations	83
	12.3.   Assignments	83
	12.4.   Dissemination of Information	84
	12.5.   Tax Treatment	85
	12.6.   Confidentiality	85
	ARTICLE XIII. NOTICES	85
	13.1.   Giving Notice	85
	ARTICLE XIV. PATRIOT ACT	86
	ARTICLE XV. COUNTERPARTS	86

    iv 

     

    

EXHIBITS

	EXHIBIT A	COMPLIANCE CERTIFICATE
	EXHIBIT B	ASSIGNMENT AGREEMENT
	EXHIBIT C	LIST OF INITIAL SUBSIDIARY GUARANTORS
	EXHIBIT D	SUBSIDIARY GUARANTY
	EXHIBIT E	BORROWER”S COUNSEL OPINION LETTER
	EXHIBIT F	BORROWING NOTICE
	EXHIBIT G	PRICING SCHEDULE
	EXHIBIT H	LIST OF INITIAL UNENCUMBERED PROPERTIES
	EXHIBIT I	FORM OF NOTE
	EXHIBIT J	FORM OF AMENDMENT REGARDING INCREASE
	EXHIBIT K	SUBORDINATION AGREEMENT
	SCHEDULE 5.6	LITIGATION
	SCHEDULE 5.7	SUBSIDIARIES OF BORROWER
	SCHEDULE 5.18	ENVIRONMENTAL MATTERS

 

 

    v 

     

    

CREDIT AGREEMENT

This Credit
Agreement (the “Agreement”) dated as of September 30, 2015, is among Inland Real Estate Income Trust, Inc.,
a corporation organized under the laws of the State of Maryland (the “Borrower”), KeyBank National Association,
a national banking association, and the several other banks, financial institutions and entities from time to time parties to this
Agreement (collectively, the “Lenders”), and KeyBank National Association, not individually, but as “Administrative
Agent”.

RECITALS

A.The Borrower
is primarily engaged in the business of purchasing, owning, operating and leasing commercial real estate properties.

B.The Borrower
has requested that the Administrative Agent and the Lenders enter into this Agreement to provide an unsecured revolving credit
facility to Borrower. The Administrative Agent and the Lenders have agreed to do so, on the terms set forth herein.

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

ARTICLE I.

DEFINITIONS

As used in this
Agreement:

“ABR Applicable
Margin” means, as of any date, the Applicable Margin used to determine the Floating Rate as determined from time to time
in accordance with the definition of “Applicable Margin”.

“Acquisition”
means any transaction, or any series of related transactions, consummated on or after the Agreement Effective Date, by which the
Borrower or any of its Subsidiaries (i) acquires any going business or all or substantially all of the assets of any firm,
corporation or division thereof, whether through purchase of assets, merger or otherwise or (ii) directly or indirectly acquires
(in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of
the securities of a corporation which have ordinary voting power for the election of directors (other than securities having such
power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding partnership
interests of a partnership or of the outstanding membership interests in a limited liability company.

    1 

     

    

 

“Adjusted
EBITDA” means, as of any date, an amount equal to the Consolidated NOI for the most recent four (4) fiscal quarters of the
Borrower for which financial results have been reported, as adjusted by (i) adding thereto interest income and dividend income
on Marketable Securities (but only to the extent dividend income does not constitute more than ten percent (10%) of total Adjusted
EBITDA), (ii) deducting therefrom any income attributable to Excluded Tenants; (iii) adding or deducting for, as appropriate,
any adjustment made under GAAP for straight lining of rents, gains or losses from sales of assets, extraordinary items, impairment
and other non-cash charges, depreciation, amortization, interest expenses, taxes; (iv) deducting therefrom the applicable Capital
Reserves for such period; (v) adding thereto, without duplication, the Consolidated Group Pro Rata Share of the aggregate Net Operating
Income for such period from Projects owned by Investment Affiliates at the end of such period, adjusted in the manner set forth
in clauses (i) through (iv) of this sentence, and (vi) deducting therefrom the Borrower’s actual general and administrative
expenses and asset management fees.

“Adjusted
NOI” means with respect to any Project for any period, Net Operating Income of such Project for such period less the applicable
Capital Reserves.

“Adjusted
Unencumbered NOI” means Unencumbered Pool NOI less the applicable Capital Reserves.

“Administrative
Agent” means KeyBank National Association in its capacity as agent for the Lenders pursuant to Article X, and not
in its individual capacity as a Lender, and any successor Administrative Agent appointed pursuant to Article X.

“Advance”
means a borrowing hereunder consisting of the aggregate amount of the several Loans made by one or more of the Lenders to the Borrower
of the same Type and, in the case of LIBOR Rate Advances, for the same Interest Period, including Swingline Advances.

“Advisor”
means IREIT Business Manager & Advisor, Inc., in its capacity as advisor to the Borrower or any of its successors or assigns
in such capacity.

“Affiliate”
of any Person means any other Person directly or indirectly controlling, controlled by or under common control with such Person.
A Person shall be deemed to control another Person if the controlling Person owns 10% or more of any class of voting securities
(or other ownership interests) of the controlled Person or possesses, directly or indirectly, the power to direct or cause the
direction of the management or policies of the controlled Person, whether through ownership of stock, by contract or otherwise.
In no event shall the Administrative Agent be deemed to be an Affiliate of the Borrower.

    2 

     

    

 

“Aggregate
Commitment” means, as of any date, the aggregate of the then-current Commitments of all the Lenders, which, as of September
30, 2015, equal $100,000,000, as such amounts may be increased or decreased hereafter in accordance with Section 2.22 hereof.

“Agreement”
is defined in the Recitals hereto.

“Agreement
Effective Date” means the date this Agreement has been fully executed and delivered by the Borrower and the Lenders and the
initial Advance hereunder has been made.

“Alternate
Base Rate” means, for any day, a rate of interest per annum equal to the highest of (i) the Prime Rate for such day, (ii)
the sum of Federal Funds Effective Rate for such day plus 0.5% per annum, and (iii) the sum of the LIBOR Base Rate that would apply
to a one month Interest Period beginning on such day, plus 1.00% per annum.

“Applicable
Margin” means the applicable margin set forth in the pricing schedule contained in Exhibit G used in calculating the
interest rate applicable to the various Types of Advances, subject to the conditions set forth in Exhibit G with respect
to the effective date of changes in such applicable margins.

“Approved
Bank” means any bank, finance company, insurance company or other financial institution (a) which has (i)(x) a minimum net
worth of $500,000,000 and/or (y) total assets of $10,000,000,000, and (ii) a minimum long-term debt rating of (x) BBB+ or higher
by S&P, and (y) Baa1 or higher by Moody’s, or (b) which is approved by the Administrative Agent, which approval shall
not be unreasonably withheld.

“Arranger”
means, Keybanc Capital Markets Inc. in its capacity as lead arranger.

“Article”
means an article of this Agreement unless another document is specifically referenced.

“Authorized
Officer” means any of the Chief Executive Officer, Chief Operating Officer/President, Vice President, Chief Accounting Officer/Vice
President/Treasurer, Chief Financial Officer, Secretary or Assistant Secretaries of Borrower, acting singly.

“Borrower”
means Inland Real Estate Income Trust, Inc., a corporation organized under the laws of the State of Maryland, and its permitted
successors and assigns.

“Borrowing
Date” means a date on which an Advance is made hereunder.

“Borrowing
Notice” is defined in Section 2.8.

    3 

     

    

 

“Business
Day” means (i) with respect to any borrowing, payment or rate selection of LIBOR Rate Advances, a day (other than a Saturday
or Sunday) on which banks generally are open in Cleveland, Ohio and New York, New York for the conduct of substantially all of
their commercial lending activities and on which dealings in United States dollars are carried on in the London interbank market
and (ii) for all other purposes, a day (other than a Saturday or Sunday) on which banks generally are open in Cleveland, Ohio,
and New York, New York for the conduct of substantially all of their commercial lending activities.

“Capital
Reserves” means for any period of four (4) consecutive fiscal quarters, an amount equal to $0.15 per square foot for improved
commercial real estate Projects. If the term Capital Reserves is used without reference to any specific Project, then the amount
shall be determined on an aggregate basis with respect to all Projects of the Consolidated Group and the Consolidated Group Pro
Rata Share of all improved commercial real estate Projects of all Investment Affiliates. The Capital Reserves shall be calculated
based on the total square footage of the Projects owned (or ground leased) at the end of the applicable fiscal quarter.

“Capitalization
Rate” means 7.00%.

“Capitalized
Lease” of a Person means any lease of Property imposing obligations on such Person, as lessee thereunder, which are required
in accordance with GAAP to be capitalized on a balance sheet of such Person.

“Capitalized
Lease Obligations” of a Person means the amount of the obligations of such Person under Capitalized Leases which would be
shown as a liability on a balance sheet of such Person prepared in accordance with GAAP.

“Cash
Equivalents” means, as of any date:

(i)              
securities issued or directly and fully guaranteed or insured by the United States Government or any agency or instrumentality
thereof having maturities of not more than one year from such date;

(ii)             
mutual funds organized under the United States Investment Company Act rated AAm or AAm-G by S&P and P-1 by Moody’s;

(iii)           
certificates of deposit or other interest-bearing obligations of a bank or trust company which is a member in good standing
of the Federal Reserve System having a short term unsecured debt rating of not less than A-2 by S&P and not less than P-2 by
Moody’s (or in each case, if no bank or trust company is so rated, the highest comparable rating then given to any bank or
trust company, but in such case only for funds invested overnight or over a weekend) provided that such investments shall mature
or be redeemable upon the option of the holders thereof on or prior to a date one month from the date of their purchase;

    4 

     

    

 

(iv)           
certificates of deposit or other interest-bearing obligations of a bank or trust company which is a member in good standing
of the Federal Reserve System having a short term unsecured debt rating of not less than A-2 by S&P, and not less than P-2
by Moody’s and which has a long term unsecured debt rating of not less than BBB+ by Moody’s (or in each case, if no
bank or trust company is so rated, the highest comparable rating then given to any bank or trust company, but in such case only
for funds invested overnight or over a weekend) provided that such investments shall mature or be redeemable upon the option of
the holders thereof on or prior to a date three months from the date of their purchase;

(v)            
bonds or other obligations having a short term unsecured debt rating of not less than A-2 by S&P and P-2 by Moody’s
and having a long term debt rating of not less than BBB+ by Moody’s issued by or by authority of any state of the United
States, any territory or possession of the United States, including the Commonwealth of Puerto Rico and agencies thereof, or any
political subdivision of any of the foregoing;

(vi)           
repurchase agreements issued by an entity rated not less than A-2 by S&P, and not less than P-2 by Moody’s which
are secured by U.S. Government securities of the type described in clause (i) of this definition maturing on or prior to a
date one month from the date the repurchase agreement is entered into;

(vii)          
short term promissory notes rated not less than A-2 by S&P, and not less than P-2 by Moody’s maturing or to be
redeemable upon the option of the holders thereof on or prior to a date one month from the date of their purchase; and

(viii)        
commercial paper (having original maturities of not more than 365 days) rated at least A-2 by S&P and P-2 by Moody’s
and issued by a foreign or domestic issuer who, at the time of the investment, has outstanding long-term unsecured debt obligations
rated at least BBB+ by Moody’s.

    5 

     

    

 

“Change
in Control” means (i) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group
(within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as
in effect on the date hereof) of Borrower’s Equity Interests representing more than twenty-five percent (25%) of the aggregate
ordinary voting power represented by the issued and outstanding Equity Interests of the Borrower; provided however, that Persons
acquiring Equity Interests of Borrower from Borrower in connection with an acquisition or other transaction with Borrower, without
any agreement among such Persons to act together to hold, dispose of, or vote such shares following the acquisition of such shares,
shall not be considered a “group” for purposes of this clause (i); or (ii) any change in the majority of the Board
of Directors or Board of Trustees of Borrower during any twelve (12) month period, excluding any new directors or trustees whose
election by such Board or whose nomination for election by the holders of Borrower’s Equity Interests was approved by a vote
of a majority of the directors or trustees then still in office who were either directors or trustees at the beginning of such
period or whose election or nomination for election was previously so approved. Notwithstanding anything herein to the contrary,
an internalization of the management of the Borrower through a termination of the Business Management Agreement between the Borrower
and the Advisor and/or a termination of one or both of the Property Management Agreements between the Borrower and the Property
Managers will not constitute a “Change in Control”. Notwithstanding anything in this definition to the contrary, the
listing of the Equity Interests in the Borrower on a national stock exchange shall not per se constitute a Change in Control.

“Code”
means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time.

“Commitment”
means, for each Lender, the obligation of such Lender to make Loans on the terms and conditions set forth herein not exceeding
the amount set forth opposite its signature below or as set forth in any Notice of Assignment relating to any assignment that has
become effective pursuant to Section 12.3(b), as such amount may be modified from time to time pursuant to the terms hereof.

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor
statute.

    6 

     

    

 

“Consolidated
Debt Service” means, for any period, without duplication, (a) Consolidated Interest Expense for such period plus (b) the
aggregate amount of scheduled principal payments attributable to Consolidated Total Indebtedness taken into account in calculating
Consolidated Interest Expense which were required to be made during such period (excluding optional, balloon and temporary amortization
principal payments) plus (c) a percentage of scheduled principal payments by any Investment Affiliate on Indebtedness of such Investment
Affiliate taken into account in calculating Consolidated Interest Expense which were required to be made during such period (excluding
optional, balloon and temporary amortization principal payments), equal to the greater of (x) the percentage of the principal amount
of such Indebtedness for which any member of the Consolidated Group is liable and (y) the Consolidated Group Pro Rata Share of
such Investment Affiliate.

“Consolidated
Group” means the Borrower and all Subsidiaries which are consolidated with it for financial reporting purposes under GAAP.

“Consolidated
Group Pro Rata Share” means, with respect to any Investment Affiliate, the percentage of the total economic ownership interests
held by the Consolidated Group in the aggregate, in such Investment Affiliate determined by calculating the percentage of the total
then-current value of such Investment Affiliate that would be received by the Consolidated Group in the aggregate, upon liquidation
of such Investment Affiliate, after repayment in full of all Indebtedness of such Investment Affiliate.

“Consolidated
Interest Expense” means, on any date of determination, the sum of (a) the Consolidated Group’s total interest expense
incurred (in accordance with GAAP) for the most recent four (4) fiscal quarters for which financial results of the Borrower have
been reported, including capitalized interest (but excluding interest funded under a construction loan), plus (b) the Consolidated
Group’s Pro Rata Share of total interest expense incurred (in accordance with GAAP) by its Investment Affiliates for such
period. Interest Expense shall exclude the effect of any mark to market of assumed debt pursuant to FAS 157 or FAS 141.

“Consolidated
NOI” means, as of any date, without duplication, the aggregate Net Operating Income for the most recent four (4) fiscal quarters
for which financial results of Borrower have been reported from all Projects owned by the Consolidated Group at the end of such
fiscal quarter.

“Consolidated
Tangible Net Worth” means, as of any date of determination, an amount equal to (a) Gross Asset Value as of such date
minus (b) Total Outstanding Indebtedness as of such date.

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“Consolidated
Total Indebtedness” means, as of any date of determination, without duplication, the sum of (a) all Indebtedness of the Consolidated
Group in existence on such date, determined on a consolidated basis in accordance with GAAP (whether recourse or non-recourse),
plus, without duplication, (b) the applicable Consolidated Group Pro Rata Share of any Indebtedness of each Investment Affiliate
outstanding on such date other than Indebtedness of such Investment Affiliate to a member of the Consolidated Group.

“Construction-in-Progress”
means, as of any date, for the Consolidated Group, the sum of all cash expenditures for land and improvements (including indirect
costs internally allocated and development costs) in accordance with GAAP on Projects that are under construction or with respect
to which construction is reasonably scheduled to commence within twelve (12) months of such date. For the purposes of calculating
Construction in Progress of the Consolidated Group with respect to Projects under construction by Investment Affiliates, the Construction
in Progress of the Consolidated Group on account thereof shall be the lesser of (a) the Investment of the Consolidated Group
in the applicable Investment Affiliate or (b) the applicable Consolidated Group Pro Rata Share of such Investment Affiliate times
such Investment Affiliate’s cash expenditures for such Construction in Progress. A Project shall be considered Construction-in-Progress
only until the first to occur of (i) the one year anniversary of substantial completion of such Project and (ii) the first day
of the first fiscal quarter following the fiscal quarter in which such Project achieves 85% physical occupancy.

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

“Conversion/Continuation
Notice” is defined in Section 2.9.

“Debtor
Relief Laws” means the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor
relief laws of the United States or other applicable jurisdictions from time to time in effect.

“Default”
means an event described in Article VII.

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“Defaulting
Lender” means, subject to Section 10.14, any Lender that (a) has failed to (i) fund all or any portion of its
Loans within two (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, the Issuing Bank, the Swingline
Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Facility
Letters of Credit or Swingline Loans) within two (2) Business Days of the date when due, (b) has notified the Borrower, the
Administrative Agent or the Issuing Bank or Swingline Lender 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 three (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, or (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; 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 with such
Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender shall be conclusive and binding absent
manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 10.14) upon delivery of written
notice of such determination to the Borrower, the Issuing Bank, the Swingline Lender and each Lender.

“Default
Rate” means the interest rate which may apply during the continuance of a Default pursuant to Section 2.11 which
shall mean that (i) each LIBOR Rate Advance shall bear interest for the remainder of the applicable Interest Period at the rate
otherwise applicable to such Interest Period plus 4% per annum and (ii) each Floating Rate Advance shall bear interest at a rate
per annum equal to the Floating Rate otherwise applicable to the Floating Rate Advance plus 4% per annum.

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“Designated
Persons” means a person or entity (a) listed in the annex to, or otherwise subject to the provisions of, any Executive
Order; (b) named as a “Specially Designated National and Blocked Person” (“SDN”) on the most current
list published by OFAC at its official website or any replacement website or other replacement official publication of such list
(the “SDN List”) or is otherwise the subject of any Sanctions Laws and Regulations; (c) in which an entity or
person on the SDN List has 50% or greater ownership interest or that is otherwise controlled by an SDN.

“Dividend
Payout Ratio” means, for any given period of time for any Person, the ratio of (a) an amount equal to (i) 100% of all dividends
or other distributions, direct or indirect, on account of any Equity Interest of such Person during such period, less, without
duplication, (ii) any amount of such dividends or distributions constituting Dividend Reinvestment Proceeds, and (iii) any
amount of such dividends or distributions constituting Preferred Dividends, to (b) ninety-five percent (95%) of Funds From
Operations of such Person for such period.

“Dividend
Reinvestment Proceeds” means all dividends or other distributions, direct or indirect, on account of any Equity Interest
of any Person which any holder(s) of such Equity Interest directs to be used, concurrently with the making of such dividend or
distribution, for the purpose of purchasing for the account of such holder(s) additional Equity Interests in such Person or its
subsidiaries.

“Economically
Occupied” means, as of any date with respect to any space in any Project, that such space is then subject to a binding and
enforceable lease with a tenant which (i) is not an Affiliate of the Borrower, (ii) took initial occupancy of the demised premises
(even if such demised premises are then vacant), (iii) is not an Excluded Tenant and (iv) is not more than thirty (30) days delinquent
in payment of rent under such Lease.

“Eligible
Ground Lease” means an unsubordinated ground lease as to which no default has occurred and is continuing beyond the expiration
of any applicable grace or cure period containing the following terms and conditions: (a) a remaining term (exclusive of any unexercised
extension options) of thirty (30) years or more from the date the applicable Project was added to the Unencumbered Pool; (b) the
right of the lessee to mortgage and encumber its interest in the leased property without the consent of the lessor; (c) the
obligation of the lessor to give the holder of any mortgage 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 foreclosure, and fails to do so and (d) reasonable transferability of the lessee’s interest under such
lease, including ability to sublease.

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“Eligible
Unencumbered Property” means any stabilized commercial property located in the United States which, as of any date of determination,
(a) is wholly owned by the Borrower or a Wholly-Owned Subsidiary of the Borrower, in fee simple or pursuant to an Eligible Ground
Lease, (b) is a retail Project, an anchored mixed use Project, or a triple net leased Project, (c) is not subject to any
Liens securing Indebtedness or any other Liens (other than Permitted Liens) or claims (including restrictions on transferability
or assignability) of any kind (including any such Lien, claim or restriction imposed by the organizational documents of any such
Wholly-Owned Subsidiary), (d) is not subject to any agreement which prohibits or limits the ability of the Borrower or any
such Wholly-Owned Subsidiary to create, incur, assume or suffer to exist any Lien thereon or upon the Equity Interests in of any
such Wholly-Owned Subsidiary, (e) is not subject to any agreement (excluding refinancing commitments relating to an Unencumbered
Property, which is expected to be released from the Unencumbered Pool within ninety (90) days after the date of determination)
which entitles any Person to the benefit of any Lien (other than Liens in favor of Lenders and other Permitted Liens) thereon or
upon the Equity Interests of any such Wholly-Owned Subsidiary or would entitle any Person to the benefit of any Lien thereon or
on such Equity Interests upon the occurrence of any contingency (including, without limitation, pursuant to an “equal and
ratable” clause), (f) is not the subject of any material environmental, title or structural issue, as evidenced by a certification
of the Borrower and (g) which, when aggregated with all other Unencumbered Properties then included in the Unencumbered Pool will
result in the Unencumbered Properties as a whole being at least 85% Economically Occupied. No such Project owned by a Wholly-Owned
Subsidiary shall be deemed to be an Eligible Unencumbered Property unless (i) all Equity Interests of each entity in the chain
of ownership between such Wholly-Owned Subsidiary and Borrower is not subject to any of the matters described in clauses (c), (d)
or (e) of the preceding sentence, (ii) no bankruptcy or insolvency has occurred and is continuing with respect to such Wholly-Owned
Subsidiary or any entity in the chain of ownership between such Wholly-Owned Subsidiary and Borrower, (iii) such Wholly-Owned Subsidiary
has no Indebtedness (other than in favor of the Lenders) and (iv) no such entity in the chain of ownership between such Wholly-Owned
Subsidiary and Borrower has Indebtedness other than Secured Indebtedness or Guarantee Obligations relating solely to Secured Indebtedness
of such entity’s other direct or indirect Subsidiaries. Notwithstanding the foregoing, the Required Lenders may, in their
sole discretion, elect to approve the addition of any Project which does not meet all of the criteria set forth in the first sentence
of this definition as an Eligible Unencumbered Property despite such failure.

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“Environmental
Laws” includes, but is not limited to, the following statutes, as amended, any successor thereto, and any regulations promulgated
pursuant thereto, and any state or local statutes, ordinances, rules, regulations and the like addressing similar issues: the Comprehensive
Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right to Know Act; the Hazardous Substances
Transportation Act; the Resource Conservation and Recovery Act (including but not limited to Subtitle I relating to underground
storage tanks); the Solid Waste Disposal Act; the Clean Water Act; the Clean Air Act; the Toxic Substances Control Act; the Safe
Drinking Water Act; the Occupational Safety and Health Act; the Federal Water Pollution Control Act; the Federal Insecticide, Fungicide
and Rodenticide Act; the Endangered Species Act; the National Environmental Policy Act; and the River and Harbors Appropriation
Act.

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation issued thereunder.

“ERISA
Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single
employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code,
is treated as a single employer under Section 414 of the Code.

“ERISA
Event” means (a) any Reportable Event; (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the
filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum
funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability
under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate
from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee
to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the
withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate
of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the
imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization,
within the meaning of Title IV of ERISA.

“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, 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.

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“Excluded
Subsidiary” means, a Subsidiary which (A) owns Projects subject to Indebtedness and the terms of the loan documents for such
Indebtedness preclude such Subsidiary from entering into the Subsidiary Guaranty, or (B) is an entity which owns only direct or
indirect interests in Projects that are not Unencumbered Properties and that, in the aggregate, constitute less than 5% of Gross
Asset Value.

“Excluded
Swap Obligation” means, with respect to any Subsidiary Guarantor, any Swap Obligation if, and to the extent that, all or
a portion of the guarantee by such Subsidiary Guarantor of such Swap Obligation (or any 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) (a) by virtue of such Subsidiary Guarantor’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 guarantee of such Subsidiary Guarantor becomes or
would become effective with respect to such Swap Obligation or (b) in the case of a Swap
Obligation subject to a clearing requirement pursuant to Section 2(h) of the Commodity Exchange Act (or any successor provision
thereto), because such Subsidiary Guarantor is a “financial entity,” as defined in Section 2(h)(7)(C)(i) the Commodity
Exchange Act (or any successor provision thereto), at the time the guarantee of such Subsidiary Guarantor becomes or would become
effective with respect to such related Swap Obligation. 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 is or becomes illegal.

“Excluded
Taxes” means, in the case of each Lender or applicable Lending Installation and the Administrative Agent, taxes imposed on
its overall net income, and franchise taxes imposed on it, by any jurisdiction with taxing authority over the Lender and any United
States federal withholding taxes imposed pursuant to FATCA.

“Excluded
Tenants” means, as of any date, any tenant leasing space at one of the Projects that is subject to a voluntary or involuntary
petition for relief under any federal or state bankruptcy codes or insolvency law unless such tenant’s lease obligations
are guaranteed by an entity whose then current long-term, unsecured debt obligations are rated BBB- or above by S&P or Baa3
or above by Moody’s.

“Executive
Order” has the meaning assigned to it in the definition of Sanctions Laws and Regulations.

“Facility”
is defined in Section 2.1.

“Facility
Fee” is defined in Section 2.5(b).

“Facility
Letter of Credit” means a Letter of Credit issued pursuant to Article IIA of this Agreement.

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“Facility
Letter of Credit Fee” is defined in Section 2A.8.

“Facility
Letter of Credit Obligations” means, as at the time of determination thereof, all liabilities, whether actual or contingent,
of the Borrower with respect to Facility Letters of Credit, including the sum of (a) the Reimbursement Obligations and (b) the
aggregate undrawn face amount of the then outstanding Facility Letters of Credit.

“Facility
Letter of Credit Sublimit” means $25,000,000.

“Facility
Termination Date” means September 30, 2019, as such date may be extended pursuant to Section 2.21 hereof.

“FATCA”
means Section 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof
and any agreements entered into pursuant to Section 1471(b)(1) of the Code.

“Federal
Funds Effective Rate” shall mean, for any day, the rate per annum (rounded upward to the nearest one one-hundredth of one
percent (1/100 of 1%)) announced by the Federal Reserve Bank of New York on such day as being the weighted average of the rates
on overnight federal funds transactions arranged by federal funds brokers on the previous trading day, as computed and announced
by such Federal Reserve Bank in substantially the same manner as such Federal Reserve Bank computes and announces the weighted
average it refers to as the “Federal Funds Effective Rate.”

“Fee Letter”
is defined in Section 2.6.

“Fixed
Charges” shall mean, as of any date, the sum of (i) (A) Consolidated Debt Service for the most recent fiscal quarter of Borrower
for which financial results have been reported times (B) four (4), plus (ii) all Preferred Dividends payable on account of preferred
stock or preferred operating partnership units of the Borrower or any other Person in the Consolidated Group with respect to the
four (4) immediately preceding fiscal quarters of Borrower for which financial results have been reported.

“Floating
Rate” means, for any day, a rate per annum equal to (i) the Alternate Base Rate for such day plus (ii) ABR Applicable
Margin for such day, in each case changing when and as the Alternate Base Rate or ABR Applicable Margin changes.

“Floating
Rate Advance” means an Advance which bears interest at the Floating Rate.

“Floating
Rate Loan” means a Loan which bears interest at the Floating Rate.

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“Funds
From Operations” means, for a given period, an amount equal to the net income (or loss) of the Consolidated Group for such
period, computed in accordance with GAAP, excluding gains (or losses) from extraordinary items and sales of assets, impairment
and other non-cash charges, plus acquisition fees and costs, prepayment or defeasance costs, other one-time charges and real estate
depreciation and amortization, and after adjustments for unconsolidated affiliates.

“GAAP”
means generally accepted accounting principles in the United States of America as in effect from time to time, applied in a manner
consistent with that used in preparing the financial statements referred to in Section 6.1.

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

“Gross
Asset Value” means, as of any date of determination, the sum of all of the following of the Borrower and its Subsidiaries:
(i) with respect to each Stabilized Project owned by the Borrower or any Subsidiary for the most recent four (4) fiscal quarters
of the Borrower for which financial results have been reported (A) the aggregate Adjusted NOI attributable to all such Projects
which are then still owned by the Borrower or a member of the Consolidated Group divided by (B) the Capitalization Rate, plus (ii)
with respect to all other Projects not so owned for such full period, but which are then still owned by the Borrower or a member
of the Consolidated Group, the cost basis under GAAP of such Project, plus, without duplication, (iii) Construction-in-Progress
then owned by a member of the Consolidated Group plus (iv) Unimproved Land to the extent owned by the Consolidated Group as
of the end of the most recent fiscal quarter of the Borrower for which financial results have been reported (valued
at GAAP book value), plus (v) Notes Receivable to the extent owned by the Consolidated
Group as of the end of the most recent fiscal quarter of the Borrower for which financial results have been reported (valued
at the lesser of book value and the outstanding principal balance under GAAP), plus (vi)
Unrestricted Cash, Cash Equivalents and Marketable Securities owned by the Consolidated Group as of the end of the most recent
fiscal quarter of the Borrower for which financial results have been reported, plus (vii) the applicable Consolidated Group Pro
Rata Share of (A) Adjusted NOI for the most recent four (4) fiscal quarters of the Borrower for which financial results have
been reported attributable to any Projects which are then still owned by an Investment Affiliate (excluding Adjusted NOI attributable
to Projects not so owned for such entire four (4) fiscal quarter period) divided by (B) the Capitalization Rate, plus (viii) the
applicable Consolidated Group Pro Rata Share of, the cost basis under GAAP of such Project, for any Projects then owned by an Investment
Affiliate and first acquired by an Investment Affiliate on or after the first day of such period of four prior fiscal quarters,
plus (ix) the applicable Consolidated Group share of Construction-in-Progress then owned by an Investment Affiliate, plus (x) the
applicable Consolidated Group Pro Rata Share of Unimproved Land owned by Investment Affiliates as of the end of such most recent
fiscal quarter (valued at undepreciated GAAP book value, after taking into account any impairments), plus (xi) the applicable Consolidated
Group Pro Rata Share of Notes Receivable owned by Investment Affiliates as of

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the end of such
most recent fiscal quarter (valued at the lesser of book value and the outstanding principal balance
under GAAP), plus (xii) the applicable Consolidated Group Pro Rata Share of Unrestricted Cash, Cash Equivalents and Marketable
Securities owned by Investment Affiliates as of the end of such most recent fiscal quarter. Assets which are pledged for Indebtedness
that has been defeased will be excluded from Gross Asset Value.

“Guarantee
Obligation” means, any obligation of (a) the guaranteeing person or (b) another Person (including, without limitation,
any bank under any Letter of Credit) to induce the creation of which the guaranteeing person has issued a reimbursement, counter-indemnity
or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations
(exclusive of contractual indemnities and guarantees of non-monetary obligations (other than guarantees of completion) which have
not yet been called on or quantified) (the “primary obligations”) of any other third Person (the “primary obligor”)
in any manner, whether directly or indirectly, including, without limitation, any obligation of the guaranteeing person, whether
or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor,
(ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working
capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii)
to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of
the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the
owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall
not include endorsements of instruments for deposit or collection in the ordinary course of business or guarantees by the Borrower
of liabilities under any interest rate lock agreement utilized to facilitate Indebtedness of another member of the Consolidated
Group or an Investment Affiliate. The amount of any Guarantee Obligation shall be an amount equal to the stated or determinable
amount of the primary obligation in respect of which such guaranty is made or, if not stated or determinable, the maximum reasonable
anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as recorded on the balance sheet
and on the footnotes to the most recent financial statements of Borrower. Notwithstanding anything contained herein to the contrary,
neither guarantees of completion nor guaranties of Non-Recourse Carveouts shall be deemed to be Guarantee Obligations unless and
until a claim for payment or performance has been made thereunder, at which time any such guaranty shall be deemed to be a Guarantee
Obligation in an amount equal to any such claim. Subject to the preceding sentence, (i) in the case of a joint and several guaranty
given by such Person and another Person, the amount of the guaranty shall be deemed to be 100% thereof except in circumstances
where such other Person has pledged cash or Cash Equivalents to secure all or any part of such other Person’s guaranteed
obligations, in which case the amount of such guaranty shall be reduced by the amount of such cash or Cash Equivalents, and (ii)
in the case of a guaranty by a Person (whether or not joint and several) of an obligation which also constitutes Indebtedness of

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such Person,
the amount of such guaranty shall be deemed to be only the guaranteed amount in excess of such Indebtedness of such
Person. Notwithstanding anything contained herein to the contrary, Guarantee Obligations shall be deemed not to include
guarantees of unused commitments or of the repayment of construction loans to the extent that the proceeds thereunder have
not yet been drawn. All matters constituting “Guarantee Obligations” shall be calculated without duplication.

“Indebtedness”
means, 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; (other than trade debt incurred in the ordinary course of business not
more than 180 days past due); (b) all obligations of such Person, whether or not for 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 services rendered; (c) obligation of such Person as a lessee or obligor under a capitalized lease; (d) all reimbursement obligations
of such Person under 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 in respect of any purchase obligation, repurchase obligation,
takeout commitment or forward equity commitment, in each case evidenced by a binding agreement (excluding any such obligation to
the extent the obligation can be satisfied by the issuance of Equity Interests); (g) 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, violation of “special purpose entity” and other similar exceptions to recourse
liability until a claim is made with respect thereto and then shall be included only to the extent of the amount of such claim),
including liability of a general partner in respect of determined liabilities of a partnership in which it is a general partner
which would constitute “Indebtedness” hereunder, any obligation to supply funds to or in any manner to invest directly
or indirectly in a Person, to maintain working capital or equity capital of a Person or otherwise to maintain net worth, solvency
or other financial condition of a Person, to purchase indebtedness, or to assure the owner of indebtedness against loss, including
without limitation, through an agreement to purchase property, securities, goods, supplies, or services for the purpose of enabling
the debtor to make payment of the indebtedness held by such owner or otherwise; (h) 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; and (i) such Person’s pro rata share of the Indebtedness (based, in the case of the Consolidated
Group, upon the Consolidated Group’s Pro Rata Share of such Investment Affiliates) of any Affiliate of such Person which
is not consolidated with such Person for financial reporting purposes; provided that Indebtedness that would otherwise meet one
of the requirements above that has been defeased shall not be deemed Indebtedness. All such figures to be adjusted to negate the
effects of FAS 141.

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“Interest
Period” means with respect to each amount bearing interest at a LIBOR based rate, a period of one, two, three or six months
commencing on a Business Day, as selected by Borrower; provided, however, that (a) any Interest Period which would otherwise end
on a day which is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another
calendar month, in which case such Interest Period shall end on the next preceding Business Day, (b) any Interest Period which
begins on a day for which there is no numerically corresponding date in the calendar month in which such Interest Period would
otherwise end shall instead end on the last Business Day of such calendar month.

“Investment”
of a Person means any loan, advance (other than commission, travel and similar advances to officers and employees made in the ordinary
course of business), extension of credit (other than accounts receivable arising in the ordinary course of business on terms customary
in the trade), deposit account or contribution of capital by such Person to any other Person or any investment in, or purchase
or other acquisition of, the stock, partnership interests, notes, debentures or other securities of any other Person made by such
Person.

"Investment
Affiliate" means, with respect to any Person, any other Person (other than a Subsidiary of such Person) in whom such first
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.

“Investment
Grade Rating” means either a rating of BBB- or better from S&P or a rating of Baa3 or better from Moody’s.

“Issuance
Date” is defined in Section 2A.4(a)(2).

“Issuance
Notice” is defined in Section 2A.4(c).

“Issuing
Bank” means, with respect to each Facility Letter of Credit, the Lender which issues such Facility Letter of Credit. KeyBank
shall be the sole Issuing Bank.

“Lenders”
means the lending institutions listed on the signature pages of the Agreement, their respective successors and assigns, any other
lending institutions that subsequently become parties to the Agreement.

“Lending
Installation” means, with respect to a Lender, any office, branch, subsidiary or affiliate of such Lender.

“Letter
of Credit” of a Person means a letter of credit or similar instrument which is issued upon the application of such Person
or upon which such Person is an account party or for which such Person is in any way liable.

“Letter
of Credit Collateral Account” is defined in Section 2A.9.

“Letter
of Credit Request” is defined in Section 2A.4(a).

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"Leverage
Based Pricing Schedule" is defined in Exhibit G.

“Leverage
Ratio” means the percentage obtained by dividing Consolidated Total Indebtedness by Gross Asset Value.

“LIBOR
Applicable Margin” means, as of any date, the Applicable Margin used to determine the LIBOR Rate as determined from time
to time in accordance with the definition of “Applicable Margin”.

“LIBOR
Base Rate” means, with respect to a LIBOR Rate Advance for the relevant Interest Period, the applicable British Bankers’
Association LIBOR rate (rounded upwards to the nearest one one-hundredth of one percent (0.01%)) for deposits in U.S. dollars
as reported by any generally recognized financial information service as of 11:00 a.m. (London time) two Business Days prior
to the first day of such Interest Period, and having a maturity equal to such Interest Period, provided that, if no such
British Bankers’ Association LIBOR rate is available to the Administrative Agent, the applicable LIBOR Base Rate for the
relevant Interest Period shall instead be the rate determined by the Administrative Agent to be the rate at which KeyBank or one
of its Affiliate banks offers to place deposits in U.S. dollars with first-class banks in the London interbank market at approximately
11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period, in the approximate amount of Administrative
Agent’s relevant LIBOR Rate Loan and having a maturity equal to such Interest Period, provided, that, if any such LIBOR rate
shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

“LIBOR
Rate” means, for any Interest Period, the sum of (A) the LIBOR Base Rate applicable thereto divided by one minus the then-current
Reserve Requirement and (B) the LIBOR Applicable Margin in effect from time to time during such Interest Period, changing when
and as the LIBOR Applicable Margin changes.

“LIBOR
Rate Advance” means an Advance which bears interest at a LIBOR Rate.

“LIBOR
Rate Loan” means a Loan which bears interest at a LIBOR Rate.

“Lien”
means any lien (statutory or other), mortgage, pledge, negative pledge, hypothecation, assignment, deposit arrangement, encumbrance
or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without
limitation, the interest of a vendor or lessor under any conditional sale, Capitalized Lease or other title retention agreement).

“Loan”
means, with respect to a Lender, such Lender’s portion of any Advance.

“Loan
Documents” means the Agreement, the Notes, the Subsidiary Guaranty, the Subordination Agreement and any other document from
time to time evidencing or securing indebtedness incurred by the Borrower under this Agreement, as any of the foregoing may be
amended or modified from time to time.

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“Loan
Parties” means the Borrower and the Subsidiary Guarantors.

“Management
Fees” means, with respect to each Project for any period, an amount not to exceed the greater of (a) actual management fees
payable with respect thereto and (b) three percent (3%) per annum on the aggregate base rent and percentage rent due and payable
under leases at such Project. “Management Fees” shall exclude fees paid associated with the management of any construction
projects and any leasing commissions paid with respect to any Project.

“Marketable
Securities” means investments in Equity Interests or debt securities issued by any Person (other than an Investment Affiliate)
which are publicly traded on a national exchange, excluding Cash Equivalents. The value of any such assets, for purposes hereof
and as of any date, shall be the market value of such Marketable Securities.

“Material
Adverse Effect” means a material adverse effect on (i) the financial condition or business of the Borrower and the Consolidated
Group taken as a whole, (ii) the ability of the Borrower to perform its obligations under the Loan Documents in all material respects,
or (iii) the validity or enforceability of any of the Loan Documents.

“Materials
of Environmental Concern” means any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products
or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental Law, including,
without limitation, asbestos, polychlorinated biphenyls and urea-formaldehyde insulation, but excluding substances of kinds and
amounts ordinarily used or stored in similar properties for the purposes of cleaning or other maintenance or operations or as inventory
of tenants and otherwise in compliance with all Environmental Laws.

“Maximum
Legal Rate” means the maximum nonusurious interest rate, if any, that at any time or from time to time may be contracted
for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or in the Note or
other Loan Documents, under the laws of such state or states whose laws are held by any court of competent jurisdiction to govern
the interest rate provisions hereof.

“Moody’s”
means Moody’s Investors Service, Inc. and its successors.

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

    20 

     

    

 

“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 such term shall not include any covenant, condition or restriction
contained in any ground lease from a Governmental Authority (provided that the foregoing limitation shall not in any way waive
or modify any of the conditions for qualification of a ground lease as an “Eligible Ground Lease” under the definition
of such term).

“Net Operating
Income” means, with respect any Project for any period, the sum of the following (without duplication): (a) rents and other
revenues (including interest income) received in the ordinary course from such Project (excluding income from Excluded Tenants)
minus (b) all expenses paid or accrued related to the ownership, operating or maintenance of such Project, including
but not limited to 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 Project, but specifically excluding general overhead expenses of
the Borrower or any Subsidiary) minus (c) the Management Fee for such Property for such period. Net Operating Income will
also be adjusted to remove any impact from straight line rents or from amortization of intangibles pursuant to FAS 141.

“Non-Recourse
Carveouts” is defined within the definition of “Non-Recourse Indebtedness”.

“Non-Recourse
Indebtedness” means, with respect to any Person, Indebtedness for which the liability of such Person (except for liability
for fraud, misrepresentation, misapplication of cash, waste, environmental claims and liabilities and other circumstances customarily
excluded by institutional lenders from exculpation provisions and/or included in separate indemnification agreements in non-recourse
financing of real estate, including, without limitation, provisions converting such Indebtedness to recourse in connection with
certain bankruptcy filings, transfer violations or other defaults (any such liability being referred to as “Non-Recourse
Carveouts”)) either is contractually limited to collateral securing such Indebtedness or is so limited by operation of law.

“Non-U.S.
Lender” is defined in Section 3.5(d).

“Note”
means a promissory note, in substantially the form of Exhibit I hereto duly executed by the Borrower and payable to the
order of a Lender in the amount of its Commitment, including any amendment, modification, renewal or replacement of such promissory
note.

    21 

     

    

 

“Note
Receivable” means any Indebtedness owing to a member of the Consolidated Group which either is a recourse obligation of the
obligor thereunder or is secured by a first-priority mortgage or deed of trust on commercial real estate having a value in excess
of the amount of such Indebtedness or by a pledge of ownership interests in such commercial real estate and, in each case, which
has been designated by the Borrower as a “Note Receivable” in its most recent compliance certificate.

“Notice”
is defined in Article 13.

“Notice
of Assignment” is defined in Section 12.3(b).

“Obligations”
means the Advances, the Facility Letter of Credit Obligations and all accrued and unpaid fees and all other obligations of Borrower
to the Administrative Agent or the Lenders arising under this Agreement or any of the other Loan Documents, provided,
however, that the definition of ‘Obligations’ shall not create any guarantee by any Subsidiary Guarantor of any Excluded
Swap Obligations of such Subsidiary Guarantor for purposes of determining any obligations of any Subsidiary Guarantor.

“OFAC”
means the U.S. Department of the Treasury Office of Foreign Assets Control.

“Off-Balance
Sheet Obligations” means liabilities and obligations of the Borrower, any Subsidiary or any other Person in respect of “off-balance
sheet arrangements” (as defined in the SEC Off-Balance Sheet Rules) which Borrower would be required to disclose in the “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” section of Borrower’s report on Form 10-Q
or Form 10-K (or its equivalents) which Borrower is required to file with the Securities and Exchange Commission or would be required
to file if it were subject to the jurisdiction of the SEC (or any Governmental Authority substituted therefor).

“One Day
LIBOR Rate” means, with respect to Swingline Advances only, for any day, the sum of (A) an interpolated rate, as determined
by the Swingline Lender in its sole discretion for such day, equal to the LIBOR Base Rate that would apply to an Interest Period
of one day plus (B) the LIBOR Applicable Margin.

“Other
Taxes” is defined in Section 3.5(b).

“Outstanding
Facility Amount” means, at any time, the sum of all then outstanding Advances and Facility Letter of Credit Obligations.

“Participants”
is defined in Section 12.2.1.

“Payment
Date” means, with respect to the payment of interest accrued on any Advance, the first day of each calendar month.

“PBGC”
means the Pension Benefit Guaranty Corporation, or any successor thereto.

    22 

     

    

 

“Percentage”
means, as of any date for each Lender, the percentage of the Aggregate Commitment which is represented by such Lender’s Commitment,
or if the Commitments have been terminated, the percentage of the total Outstanding Facility Amount which is represented by such
Lender’s outstanding Loans, outstanding participations in Facility Letter of Credit Obligations and obligations with respect
to outstanding Swingline Advances.

“Permitted
Investments” are defined in Section 6.19.

“Permitted
Liens” means (a) Liens for taxes, assessments or governmental charges or levies on a Project if the same shall not at the
time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and by appropriate proceedings
and for which adequate reserves shall have been set aside on its books; (b) Liens imposed by law, such as carriers’, warehousemen’s
and mechanics’ liens and other similar liens arising in the ordinary course of business which secure payment of obligations
not more than sixty (60) days past due or which are being contested in good faith by appropriate proceedings and for which adequate
reserves shall have been set aside on its books and there is no risk of loss, forfeiture, or sale of any interest in a Project
during the pending of such proceeding; (c) Liens arising out of pledges or deposits under workers’ compensation laws, unemployment
insurance, old age pensions, or other social security or retirement benefits, or similar legislation; (d) Easements, restrictions
and such other encumbrances or charges against real property as are of a nature generally existing with respect to properties of
a similar character and which do not in any material and adverse way affect the marketability of the same or materially and adversely
interfere with the use thereof in the business of the Borrower or its Subsidiaries; (e) the rights of tenants under leases or subleases
at a Project not interfering with the ordinary conduct of business of the owner of such Project; (f) Liens securing judgments that
do not otherwise give rise to a Default or Unmatured Default; (g) utility deposits and other deposits to secure the performance
of bids, trade contracts (other than for borrowed money), leases, purchase contracts, construction contracts, governmental contracts,
statutory obligations, surety bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of
business; and (h) Liens for purchase money obligations for equipment (or Liens to secure Indebtedness incurred within 90 days after
the purchase of any equipment to pay all or a portion of the purchase price thereof or to secure Indebtedness incurred solely for
the purpose of financing the acquisition of any such equipment, or extensions, renewals, or replacements of any of the foregoing
for the same or lesser amount), provided that (l) the Indebtedness secured by any such Lien does not exceed the purchase price
of such equipment, (ll) any such Lien encumbers only the asset so purchased and the proceeds upon sale, disposition, loss or destruction
thereof, and (lll) such Lien, after giving effect to the Indebtedness secured thereby, does not give rise to a Default or Unmatured
Default.

“Person”
means any natural person, corporation, limited liability company, joint venture, partnership, association, enterprise, trust or
other entity or organization, or any government or political subdivision or any agency, department or instrumentality thereof.

    23 

     

    

 

“Plan”
means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or
Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or,
if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5)
of ERISA.

“Plan
Assets” means the assets of an employee benefit plan within the meaning of 29 C.F.R. 2510.3-101.

“Preferred
Dividends” means, with respect to any entity, dividends or other distributions which are payable to holders of any ownership
interests in such entity which entitle the holders of such ownership interests to be paid on a preferred basis prior to dividends
or other distributions to the holders of other types of ownership interests in such entity.

“Prime
Rate” means a rate per annum equal to the prime rate of interest publicly announced from time to time by Administrative Agent
or its parent as its prime rate (which is not necessarily the lowest rate charged to any customer), changing when and as said prime
rate changes. In the event that there is a successor to the Administrative Agent by merger, or the Administrative Agent assigns
its duties and obligations to an Affiliate, then the term “Prime Rate” as used in this Agreement shall mean the prime
rate, base rate or other analogous rate of the new Administrative Agent.

“Pro Forma
Calculations” is defined in Section 2.23(c).

“Project”
means any real estate asset located in the United States owned by the Borrower or any of its Subsidiaries or any Investment Affiliate,
and operated or intended to be operated as a commercial property allowable under the Permitted Investments definition.

“Property”
of a Person means any and all property, whether real, personal, tangible, intangible, or mixed, of such Person, or other assets
owned, leased or operated by such Person.

"Property
Managers" means Inland National Real Estate Services, LLC and Inland National Real Estate Services II, LLC, each in
its capacity as property manager for the Borrower or any of its successors or assigns in such capacity

“Purchasers”
is defined in Section 12.3(a).

“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 becomes or would become 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 such an “eligible contract participant”
at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

    24 

     

    

 

"Ratings
Based Pricing Schedule" is defined in Exhibit G.

“Recourse
Indebtedness” means any Indebtedness of the Borrower or any other member of the Consolidated Group for borrowed money with
respect to which the liability of the obligor for payment is not limited to the obligor’s interest in specified assets securing
such Indebtedness (either contractually or by virtue of the fact that such obligor owns no material assets other than those securing
such Indebtedness), provided, however, that the existence of personal recourse of such obligor or others for any such Indebtedness
on account of Non-Recourse Carveouts shall not, by itself, cause such Indebtedness to be characterized as Recourse Indebtedness.
For purposes of the foregoing and for the avoidance of doubt, (a) if the Indebtedness is partially guaranteed then the portion
of such Indebtedness that is not so guaranteed shall still not constitute Recourse Indebtedness if it otherwise satisfies the requirements
in this definition, (b) if the liability of a guarantor under any such guaranty is itself limited solely to specific assets
of such guarantor then such Indebtedness shall only constitute Recourse Indebtedness by virtue of such guaranty to the extent of
then-current value of such specified assets of such guarantor and (c) if such obligor is acting as a guarantor of Indebtedness
for purposes of minimizing taxes on the creation of the deed of trust or mortgage securing such Indebtedness and such obligor’s
liability does not exceed the value of the assets securing such Indebtedness then such obligor’s guarantee obligations shall
not constitute Recourse Indebtedness.

“Regulation
D” means Regulation D of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor
thereto or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to
member banks of the Federal Reserve System.

“Regulation
U” means Regulation U of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor
or other regulation or official interpretation of said Board of Governors relating to the extension of credit by banks for the
purpose of purchasing or carrying margin stocks applicable to member banks of the Federal Reserve System.

“Reimbursement
Obligations” means at any time, the aggregate of the Obligations of the Borrower to the Lenders, the Issuing Bank and the
Administrative Agent in respect of all unreimbursed payments or disbursements made by the Lenders, the Issuing Bank and the Administrative
Agent under or in respect of the Facility Letters of Credit.

    25 

     

    

 

“Reportable
Event” means a reportable event as defined in Section 4043 of ERISA and the regulations issued under such section, with respect
to a Plan, excluding, however, such events as to which the PBGC by regulation waived the requirement of Section 4043(a) of ERISA
that it be notified within 30 days of the occurrence of such event, provided, however, that a failure to meet the minimum funding
standard of Section 412 of the Code and of Section 302 of ERISA shall be a Reportable Event regardless of the issuance of any such
waiver of the notice requirement in accordance with either Section 4043(a) of ERISA or Section 412(d) of the Code.

“Required
Lenders” means Lenders in the aggregate having at least 66 2/3% of the Aggregate Commitment or, if the Aggregate Commitment
has been terminated, Lenders in the aggregate holding at least 66 2/3% of the aggregate unpaid principal amount of the outstanding
Advances, provided that (i) the Commitment and Advances held by any then-current Defaulting Lender shall be subtracted from the
Aggregate Commitment and the outstanding Advances solely for the purpose of calculating the Required Lenders at such time and (ii)
at such times as there are two or more Lenders hereunder, the “Required Lenders” must include at least two of such
Lenders even if one Lender holds more than 66 2/3% of the Aggregate Commitment or aggregate Advances and Facility Letter of Credit
Obligations.

“Reserve
Requirement” means, with respect to a LIBOR Rate Loan and Interest Period, that percentage (expressed as a decimal) which
is in effect on such day, as prescribed by the Federal Reserve Board or other governmental authority or agency having jurisdiction
with respect thereto for determining the maximum reserves (including, without limitation, basic, supplemental, marginal and emergency
reserves) for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D) maintained
by a member bank of the Federal Reserve System.

“Sanctions
Laws and Regulations” means (a) any sanctions, prohibitions or requirements imposed by any executive order (an “Executive
Order”) or by any sanctions program administered by OFAC and (b) any sanctions measures imposed by the United Nations Security
Council, European Union or the United Kingdom.

“SEC Off-Balance
Sheet Rules” means the Disclosure in Management’s Discussion and Analysis about Off-Balance Sheet Arrangements, Securities
Act Release No. 33-8182, 68 Fed. Reg. 5982 (Feb. 5, 2003) (codified at 17 CFR pts. 228, 229 and 249).

“Secured
Indebtedness” means any Indebtedness of the Borrower or any other member of the Consolidated Group which is secured by a
Lien on a Project, any ownership interests in any Person or any other assets which had, in the aggregate, a value in excess of
the amount of such Indebtedness at the time such Indebtedness was incurred.

“Section”
means a numbered section of this Agreement, unless another document is specifically referenced.

“Single
Employer Plan” means a Plan maintained by the Borrower or any member of the Controlled Group for employees of the Borrower
or any member of the Controlled Group.

    26 

     

    

 

“S&P”
means Standard & Poor’s Ratings Group and its successors.

“Subsidiary”
of a Person means (i) any corporation more than 50% of the outstanding securities having ordinary voting power of which shall at
the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person
and one or more of its Subsidiaries, or (ii) any partnership, association, joint venture or similar business organization more
than 50% of the ownership interests having ordinary voting power of which shall at the time be owned or controlled, directly or
indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries; provided,
however, that, with respect to the Borrower, “Subsidiary” shall include all Persons which are required to be consolidated
with the Borrower in accordance with GAAP. Unless otherwise expressly provided, all references herein to a “Subsidiary”
shall mean a Subsidiary of the Borrower.

“Subsidiary
Guarantor” means, as of any date, each Subsidiary of the Borrower which is then a party to the Subsidiary Guaranty pursuant
to Section 6.21.

“Subsidiary
Guaranty” means the guaranty to be executed and delivered by those Subsidiaries of the Borrower which are required to be
Subsidiary Guarantors as of the Agreement Effective Date, substantially in the form of Exhibit D attached to this Agreement,
as the same may be amended, supplemented or otherwise modified from time to time pursuant to Section 6.21, including any
joinders executed by additional Subsidiaries required to become Subsidiary Guarantors from time to time hereunder.

“Substantial
Portion” means, with respect to any Property of the Borrower or its Subsidiaries, Property which represents more than 10%
of then-current Gross Asset Value.

“Swap
Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions,
commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or
bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward
foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross currency
rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any
master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms
and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association,
Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with
any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement.

    27 

     

    

 

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

“Swap
Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally
enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been
closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to
the date referenced in clause (a), the amount(s) determined as the mark to market value(s) for such Swap Contracts, as determined
based upon one or more mid market or other readily available quotations provided by any recognized dealer in such Swap Contracts
(which may include a Lender or any Affiliate of a Lender).

“Swingline
Advances” means, as of any date, collectively, all Swingline Loans then outstanding under this Facility.

“Swingline
Commitment” means the obligation of the Swingline Lender to make Swingline Loans not exceeding in the aggregate at any time
$25,000,000.

“Swingline
Lender” shall mean KeyBank, in its capacity as a Lender.

“Swingline
Loan” means a loan made by the Swingline Lender pursuant to Section 2.16 hereof.

“Taxes”
means any and all present or future taxes, duties, levies, imposts, deductions, charges or withholdings, and any and all liabilities
with respect to the foregoing, but excluding Excluded Taxes and Other Taxes.

“Transferee”
is defined in Section 12.4.

“Type”
means, with respect to any Advance, its nature as either a Floating Rate Advance or LIBOR Rate Advance.

“Unencumbered
Pool” means the Unencumbered Properties.

    28 

     

    

 

“Unencumbered
Pool NOI” means, as of any date of determination, the sum of (a) the aggregate Net Operating Income for the most recent four
(4) full fiscal quarters for which financial results of Borrower have been reported attributable to Unencumbered Properties owned
by the Borrower or a Subsidiary Guarantor for the entirety of such period, as adjusted by deducting therefrom any income attributable
to Excluded Tenants plus, (b) in the case of any Unencumbered Property that was owned by the Borrower or a Subsidiary Guarantor
as of the last day of such most recent period of four (4) fiscal quarters, but not so owned for the full period, the amount of
Net Operating Income that would have been earned if such Unencumbered Property had been so owned for such period of four (4) full
fiscal quarters, as established by Borrower and reasonably approved by the Administrative Agent on behalf of the Lenders, plus
(c) in the case of any Unencumbered Property owned by the Borrower or a Subsidiary Guarantor as of such date of determination,
but not so owned as of the last day of such most recent period of four (4) fiscal quarters, the amount of Net Operating Income
that would have been earned if such Unencumbered Property had been so owned for such period of four (4) full fiscal quarters, as
established by Borrower and reasonably approved by the Administrative Agent on behalf of the Lenders.

“Unencumbered
Pool Value” means, as of any date of determination, (a) the aggregate Adjusted Unencumbered NOI attributable to Unencumbered
Properties included in the Unencumbered Pool as of such determination date and also owned for the entirety of the most recent four
(4) consecutive fiscal quarters for which financial results of Borrower have been reported divided by the Capitalization Rate,
plus (b) the aggregate acquisition cost of all Unencumbered Properties included in the Unencumbered Pool as of such determination
date but not so owned for such period of four (4) consecutive entire fiscal quarters. For purposes
of this definition, to the extent that the aggregate amount included in Unencumbered Pool Value on account of any of the three
(3) following categories would exceed twenty percent (20%) of Unencumbered Pool Value in any such case, the amount in excess of
twenty percent (20%) of Unencumbered Pool Value attributable to such category shall be disregarded in the calculation of Unencumbered
Pool Value: a) a single Project; b) the aggregate amount of Unencumbered Pool Value attributable to leases any single tenant
or group of tenants which are Affiliates of each other; or c) Projects subject to a ground lease; .

“Unencumbered
Property” or “Unencumbered Properties” means any Eligible Unencumbered Property, provided that (i) such Eligible
Unencumbered Property has been approved by the Administrative Agent, and the Required Lenders, if necessary, for inclusion in the
Unencumbered Pool as described in Section 2.23 below and (ii) the owner of such Property has become a Subsidiary Guarantor
(if not already a Subsidiary Guarantor) and the Administrative Agent has received a copy of the Subsidiary Guaranty, or a joinder
therein in the form attached as Exhibit A thereto, executed by such owner.

    29 

     

    

 

“Unencumbered
Property Due Diligence” means such information regarding a proposed Unencumbered Property as the Administrative Agent may
reasonably request to confirm that it meets the requirements of an Eligible Unencumbered Property, including, but not limited to,
location, rent roll, operating statements, leases, purchase agreement (if applicable), appraisal (if available) and any other additional
information reasonably requested by the Administrative Agent.

“Unencumbered
Property Release Transaction” is defined in Section 2.23(c).

“Unfunded
Liabilities” means the amount (if any) by which the present value of all vested nonforfeitable benefits under all Single
Employer Plans exceeds the fair market value of all such Plan assets allocable to such benefits, all determined as of the then
most recent valuation date for such Plans.

“Unimproved
Land” means as of any date, land on which no grading or construction of improvements (other than improvements that are not
material and are temporary in nature) or infrastructure has commenced and for which no such work is scheduled to commence in the
following three (3) months.

“Unmatured
Default” means an event which but for the lapse of time or the giving of notice, or both, would constitute a Default.

“Unrestricted
Cash, Cash Equivalents and Marketable Securities” means, in the aggregate, all cash, Cash Equivalents and Marketable Securities
which are not pledged or otherwise restricted for the benefit of any creditor and which are owned by the Borrower or another member
of the Consolidated Group, to be valued for purposes of this Agreement at 100% of its then-current book value, as determined under
GAAP.

“Unscheduled
Mandatory Payments” is defined in Section 2.7(b).

“Unsecured
Debt Service” means, as of any date of determination, implied annual debt service with respect to that portion of Consolidated
Total Indebtedness attributable to Unsecured Indebtedness, calculated assuming 30-year amortization and an interest rate equal
to the greater of (i) the sum of (A) two and one-half percent (2.50%) plus (B) the yield on that United States Treasury obligation
having the maturity date that is the closest to the date 10 years after such date, as determined by Administrative Agent, and (ii)
six and one-half percent (6.50%).

"Unsecured
Debt Service Coverage Ratio" means, (i) Adjusted Unencumbered NOI divided by (ii) Unsecured Debt Service.

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“Unsecured
Indebtedness” means, with respect to any Person, all Indebtedness of such Person for borrowed money that does not constitute
Secured Indebtedness or Guarantee Obligations. Notwithstanding the foregoing, Unsecured Indebtedness shall include Recourse Indebtedness
that is secured solely by ownership interests in another Person that owns a Project which is encumbered by a mortgage securing
Indebtedness.

“Unsecured
Leverage Ratio” means, as of any date of determination, the percentage obtained by dividing (i) Unsecured Indebtedness of
the Consolidated Group outstanding as of such date by (ii) Unencumbered Pool Value.

"Unsecured
Ratio Violation" is defined in Section 2.3(b).

“Unused
Fee” is defined in Section 2.5.

“Unused
Fee Percentage” means, with respect to any day during a calendar quarter, (A) twenty-five one hundredths of one percent
(0.25%) per annum if the Outstanding Facility Amount on such day is less than 50% of the aggregate Commitments in effect on such
day or (B) fifteen one hundredths of one percent (0.15%) per annum if the Outstanding Facility Amount on such day is equal to or
greater than 50% of the aggregate Commitments in effect on such day.

“Wholly-Owned
Subsidiary” of a Person means, as of any date, any Subsidiary of such Person 100% of the equity securities or other equity
ownership interests of which (other than in the case of a corporation, directors’ qualifying shares, or, in the case of any
entity qualifying or desiring to qualify as a real estate investment trust, so-called “accommodation” shareholders)
are at such time directly or indirectly owned by such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such
Person and one or more Wholly-Owned Subsidiaries of such Person.

“Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

The foregoing
definitions shall be equally applicable to both the singular and plural forms of the defined terms.

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ARTICLE II.

THE CREDIT

2.1.         
Generally. Subject to the terms and conditions of this Agreement, Lenders severally agree to make Advances through
the Administrative Agent to Borrower from time to time prior to the Facility Termination Date, and to support the issuance of Facility
Letters of Credit under Article IIA of this Agreement, provided that the making of any such Advance or the
issuance of such Facility Letter of Credit will not: (i) cause the then-current Outstanding Facility Amount to exceed the then-current
Aggregate Commitment; or (ii) cause the then-current outstanding Swingline Advances to exceed the Swingline Commitment; or (iii)
cause the then outstanding Facility Letters of Credit Obligations to exceed the Facility Letter of Credit Sublimit. The Advances
may be Swingline Advances, ratable Floating Rate Advances or ratable LIBOR Rate Advances. This facility (“Facility”)
is a revolving credit facility. Each Lender shall fund its applicable Percentage of each Advance (other than a Swingline Advance)
and no Lender will be required to fund any amounts which, when aggregated with such Lender’s Percentage of all other Advances
then outstanding and of all Facility Letter of Credit Obligations, would exceed such Lender’s then-current Commitment. The
Loans shall be made by the Lenders simultaneously and proportionately to their then respective Percentages, it being understood
that no Lender shall be responsible for any failure by any other Lender to perform its obligation to make a Loan hereunder nor
shall the Loans of any Lender be increased or decreased as a result of any such failure. Subject to the provisions of this Agreement,
Borrower may request Advances hereunder from time to time, repay such Advances and reborrow Advances at any time prior to the Facility
Termination Date.

2.2.         
Ratable and Non Ratable Advances. Each Advance hereunder shall consist of Loans made from the several Lenders ratably
based on each Lender’s Percentage, except for Swingline Loans which shall be made by the Swingline Lender in accordance with
Section 2.16. The ratable Advances may be Floating Rate Advances, LIBOR Rate Advances or a combination thereof, selected
by the Borrower in accordance with Sections 2.8 and 2.9.

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2.3.         
Periodic Principal Payments.

(a)            
Optional Prepayments. The Borrower may, upon at least one (1) Business Day’s notice to the Administrative
Agent (except in the case of Swingline Advances in which case advance notice is not required), prepay the Advances, which notice
shall specify the date and amount of prepayment and whether the prepayment is of LIBOR Rate Advances, Floating Rate Advances, Swingline
Advances or a combination thereof, and if a combination thereof, the amount allocable to each; provided, however, that (i) any
partial prepayment under this Subsection shall be in an amount not less than $1,000,000 or a whole multiple of $100,000 in excess
thereof and; (ii) any LIBOR Rate Advance prepaid on any day other than the last day of the applicable Interest Period must be accompanied
by any amounts payable pursuant to Section 3.4. Upon receipt of any such notice the Administrative Agent shall promptly
notify each Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date
specified therein, together with any amounts payable pursuant to Section 3.4.

(b)            
Mandatory Prepayments. Mandatory partial principal payments shall be due from time to time if the Outstanding Facility
Amount on any day shall be in excess of the maximum amount permitted under clauses (e) or (f) of Section 6.17, due to any
reduction in the Unencumbered Pool Value or in the Adjusted Unencumbered NOI, whether by an Unencumbered Property failing to continue
to satisfy the requirement for qualification as an Eligible Unencumbered Property or by a reduction in the Unencumbered Pool Value
or the Adjusted Unencumbered NOI attributable to any Unencumbered Property, or due to any increase in the amount of Total Unsecured
Debt or of Unsecured Debt Service (each, an “Unsecured Ratio Violation”). Such principal payments shall be in
the amount needed to cure such Unsecured Ratio Violation. Such mandatory principal payments shall be due and payable (i) in
the case of any such reduction arising from reductions in Unencumbered Pool Value or Adjusted Unencumbered NOI as reported in a
quarterly financial statement of Borrower and related compliance certificate, ten (10) Business Days after delivery of such quarterly
financial statement and compliance certificate under Section 6.1 evidencing such reduction or (ii) in all other cases,
ten (10) Business Days after Borrower’s receipt of notice from the Administrative Agent of such Unsecured Ratio Violation.

2.4.         
Final Principal Payment. Any outstanding Advances and all other unpaid Obligations with respect to the Commitments
and the Advances not required to be repaid earlier pursuant to the terms hereof shall be paid in full by the Borrower on the Facility
Termination Date.

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2.5.         
Unused Fee; Facility Fee.

(a)Unused
Fee. Until such time as Borrower elects to utilize the Ratings Based Pricing Schedule in accordance with Exhibit G,
the Borrower agrees to pay to the Administrative Agent for the account of each Lender an unused revolver fee (the “Unused
Fee”) equal to an aggregate amount computed on a daily basis by multiplying (i) the Unused Fee Percentage (as specified
in the definition of such term) applicable to such day expressed as a per diem rate, times (ii) the excess of the actual Commitments
in effect on such day (without regard to possible increases in the Aggregate Commitment under Section 2.22(b) which have
not yet been effected) over the Outstanding Facility Amount on such day. The Unused Fee shall be payable quarterly in arrears on
the first Business Day of each calendar quarter (for the prior calendar quarter) and upon any termination of the Commitments in
their entirety or upon Borrower's election to utilize the Ratings Based Pricing Schedule in accordance with Exhibit G.

(b)Facility
Fee. From and after the date that Borrower obtains an Investment Grade Rating and elects to convert to the Ratings Based Pricing
Schedule in accordance with Exhibit G, a facility fee (the "Facility Fee") shall accrue and be payable
by Borrower to the Administrative Agent for the account of each Lender and shall be computed on a daily basis by multiplying (i)
the Facility Fee Percentage applicable to such day (as set forth on the Ratings Based Pricing Schedule), expressed as a per diem
rate, times the Aggregate Commitment in effect on such day. The Facility Fee shall be payable quarterly in arrears on the first
Business Day of each calendar quarter (for the prior calendar quarter) and upon any termination of the Aggregate Commitment in
its entirety. Following its receipt of any such Facility Fee, Administrative Agent shall promptly pay to each Lender and amount
equal to such Lender's Percentage of the daily amount of such Facility Fee, based on such Lender's Commitment on such day. The
Facility Fee shall be computed on a 360 day year, and actual days elapsed.

2.6.         
Other Fees. The Borrower agrees to pay all fees payable to the Administrative Agent and the Arranger pursuant to
the Borrower’s letter agreement with the Administrative Agent and the Arranger dated as of July 30, 2015 (the “Fee
Letter”).

2.7.         
Minimum Amount of Each Advance. Each Advance shall be in the minimum amount of $100,000; provided, however, that,
subject to Section 2.1, any Floating Rate Advance may be in the amount of the unused Aggregate Commitment.

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2.8.         
Method of Selecting Types and Interest Periods for New Advances. The Borrower shall select the Type of Advance and,
in the case of each LIBOR Rate Advance, the Interest Period applicable to each Advance from time to time. The Borrower shall give
the Administrative Agent irrevocable notice (a “Borrowing Notice”) in the form attached as Exhibit F
hereto (i) not later than 1:00 p.m. Cleveland time on the Business Day immediately preceding the Borrowing Date of each Floating
Rate Advance, (ii) not later than noon Cleveland time, at least three (3) Business Days before the Borrowing Date for each LIBOR
Rate Advance and (iii) not later than noon Cleveland time on the same Business Day as the Borrowing Date for each Swingline
Advance of:

(i)              
the Borrowing Date, which shall be a Business Day, of such Advance,

(ii)             
the aggregate amount of such Advance,

(iii)           
the Type of Advance selected (and in the absence of any selection it shall be assumed that the Borrower has selected a LIBOR
Rate Advance), and

(iv)           
in the case of each LIBOR Rate Advance, the Interest Period applicable thereto (and in the absence of any selection it shall
be assumed that the Borrower has selected a Interest Period of one month).

Each Lender
shall make available its Loan or Loans, in funds immediately available in Cleveland to the Administrative Agent at its address
specified pursuant to Article XIII on each Borrowing Date not later than (i) 11:00 a.m. (Cleveland time), in the
case of Floating Rate Advances which have been requested by a Borrowing Notice given to the Administrative Agent not later than
1:00 p.m. (Cleveland time) on the Business Day immediately preceding such Borrowing Date, (ii) 2:00 p.m. (Cleveland time),
in the case of Swingline Advances or (iii) noon (Cleveland time) in the case of all other Advances. The Administrative Agent
will make the funds so received from the Lenders available to the Borrower at the account specified by the Borrower in the Borrowing
Notice.

No Interest
Period may end after the Facility Termination Date, and, unless the Lenders otherwise agree in writing, in no event may there be
more than six (6) different Interest Periods for LIBOR Rate Advances outstanding at any one time.

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2.9.         
Conversion and Continuation of Outstanding Advances. Floating Rate Advances shall continue as Floating Rate Advances
unless and until such Floating Rate Advances are converted into LIBOR Rate Advances. Each LIBOR Rate Advance shall continue as
a LIBOR Rate Advance until the end of the then applicable Interest Period therefor, at which time such LIBOR Rate Advance shall
be automatically converted as a LIBOR Rate Advance, but with an Interest Period of one month
unless the Borrower shall have given the Administrative Agent an irrevocable notice (a “Conversion/Continuation Notice”)
requesting that, at the end of such Interest Period, such LIBOR Rate Advance either continue as a LIBOR Rate Advance for the same
or another Interest Period or be converted to an Advance of another Type. Notwithstanding the provision for automatic conversion
in the foregoing sentence, if the effective date of any such automatic conversion is less than one month prior to the then-current
Facility Termination Date, such LIBOR Rate Advance shall be automatically converted into a Floating Rate Advance. Subject to the
terms of Section 2.7, the Borrower may elect from time to time to convert all or any part of an Advance of any Type
into any other Type or Types of Advances; provided that, if any conversion of any LIBOR Rate Advance shall be made on any day other
than the last day of the Interest Period applicable thereto, the Borrower shall be obligated to pay the amounts, if any, payable
pursuant to Section 3.4. The Borrower shall give the Administrative Agent a Conversion/Continuation Notice regarding
each conversion of an Advance to a LIBOR Rate Advance or continuation of a LIBOR Rate Advance not later than 11:00 a.m. (Cleveland
time), at least three (3) Business Days, in the case of a conversion into or continuation of a LIBOR Rate Advance, prior to the
date of the requested conversion or continuation, specifying:

(i)              
the requested date which shall be a Business Day, of such conversion or continuation;

(ii)             
the aggregate amount and Type of the Advance which is to be converted or continued; and

(iii)           
the amount and Type(s) of Advance(s) into which such Advance is to be converted or continued and, in the case of a conversion
into or continuation of a LIBOR Rate Advance, the duration of the Interest Period applicable thereto.

2.10.      
Changes in Interest Rate, Etc.. Each Floating Rate Advance shall bear interest on the outstanding principal amount
thereof, for each day from and including the date such Advance is made or is converted from a LIBOR Rate Advance into a Floating
Rate Advance pursuant to Section 2.9 to but excluding the date it becomes due or is converted into a LIBOR Rate Advance
pursuant to Section 2.9 hereof, at a rate per annum equal to the Floating Rate for such day. Changes in the rate of interest
on that portion of any Advance maintained as a Floating Rate Advance will take effect simultaneously with each change in the Alternate
Base Rate. Each LIBOR Rate Advance shall bear interest from and including the first day of the Interest Period applicable thereto
to (but not including) the last day of such Interest Period at the interest rate determined as applicable to such LIBOR Rate Advance.

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2.11.      
Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.8 or 2.9,
during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Borrower (which
notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous
consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued as a
LIBOR Rate Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower (which
notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring
unanimous consent of the Lenders to changes in interest rates), declare that the Default Rate shall apply, provided, however, that
the Default Rate shall become applicable automatically if a Default occurs under Section 7.1 or 7.2, unless waived
by the Required Lenders.

2.12.      
Method of Payment. All payments of the Obligations hereunder shall be made, without setoff, deduction, or counterclaim,
in immediately available funds to the Administrative Agent at the Administrative Agent’s address specified pursuant to Article XIII,
or at any other Lending Installation of the Administrative Agent located in the continental United States specified in writing
at least three (3) Business Days in advance by the Administrative Agent to the Borrower, by noon (Cleveland time) on the date when
due and shall be applied ratably by the Administrative Agent among the Lenders. As provided elsewhere herein, all Lenders’
interests in the Advances and the Loan Documents shall be ratable undivided interests and none of such Lenders’ interests
shall have priority over the others. Each payment delivered to the Administrative Agent for the account of any Lender or amount
to be applied or paid by the Administrative Agent to any Lender shall be paid promptly (on the same day as received by the Administrative
Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) by the Administrative Agent
to such Lender in the same type of funds that the Administrative Agent received at its address specified pursuant to Article
XIII or at any Lending Installation specified in a notice received by the Administrative Agent from such Lender. Payments received
by the Administrative Agent but not timely funded to the Lenders shall bear interest payable by the Administrative Agent at the
Federal Funds Effective Rate from the date due until the date paid. None of the funds or assets of the Borrower that are used to
pay any amount due pursuant to this Agreement shall constitute funds obtained from transactions with or relating to Designated
Persons or countries which are the subject of sanctions under any Sanctions Laws and Regulations. Notwithstanding
the foregoing, amounts received from any Loan Party that is not a Qualified ECP Guarantor shall not be applied to Obligations that
are Excluded Swap Obligations.

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2.13.      
Notes; Telephonic Notices. Each Lender is hereby authorized to record the principal amount of each of its Loans and
each repayment on the schedule attached to its Note, provided, however, that the failure to so record shall not affect the Borrower’s
obligations under such Note. The Borrower hereby authorizes the Lenders and the Administrative Agent to extend, convert or continue
Advances, effect selections of Types of Advances and to transfer funds based on written notices made by any Authorized Officer
and Borrower agrees to deliver promptly to the Administrative Agent such written notice. The Administrative Agent will at the request
of the Borrower, from time to time, but not more often than monthly, provide notice of the amount of the outstanding Aggregate
Commitment, the Type of Advance, and the applicable interest rate, if for a LIBOR Rate Advance. Upon a Lender’s furnishing
to Borrower an affidavit and indemnity in form and substance reasonably acceptable to the Borrower, if a Note is mutilated, destroyed,
lost or stolen, Borrower shall deliver to such Lender, in substitution therefor, a new note containing the same terms and conditions
as such Note being replaced.

2.14.      
Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Advance shall be payable on each Payment
Date, at maturity, whether by acceleration or otherwise, and upon any termination of the Aggregate Commitment in its entirety.
Interest, Unused Fees, Facility Letter of Credit Fees and all other fees shall be calculated for actual days elapsed on the basis
of a 360-day year. Interest shall be payable for the day an Advance is made but not for the day of any payment on the amount paid
if payment is received prior to 3:00 PM (Cleveland time) at the place of payment. If any payment of principal of or interest on
an Advance shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day
and, in the case of a principal payment, such extension of time shall be included in computing interest in connection with such
payment.

2.15.      
Notification of Advances, Interest Rates and Prepayments. The Administrative Agent will notify each Lender of the
contents of each Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder not later than
the close of business on the Business Day such notice is received by the Administrative Agent. The Administrative Agent will notify
each Lender of the interest rate applicable to each LIBOR Rate Advance promptly upon determination of such interest rate and will
give each Lender prompt notice of each change in the Alternate Base Rate.

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2.16.      
Swingline Advances. In addition to the other options available to the Borrower hereunder, the Swingline Commitment
shall be available for Swingline Advances subject to the following terms and conditions. Swingline Advances shall be made available
for same day borrowings provided that notice is given in accordance with Section 2.8 hereof. All Swingline Advances
shall bear interest at the One Day LIBOR Rate. No Swingline Advance may be made to repay a Swingline Advance, but Borrower may
repay Swingline Advances from subsequent pro rata Advances hereunder. Each Lender irrevocably agrees to purchase its Percentage
of any Swingline Advance made by the Swingline Lender regardless of whether the conditions for disbursement are satisfied at the
time of such purchase, including the existence of a Default hereunder provided that Swingline Lender did not have actual knowledge
of such Default at the time the Swingline Advance was made and provided further that no Lender shall be required to have total
outstanding Loans plus its Percentage of Facility Letters of Credit exceed its Commitment. If by noon on the fourth (4th)
Business Day after such a Swingline Advance was made, such Swingline Advance has not been repaid or covered by a Borrowing Notice
for an Advance to repay such Swingline Advance, the Swingline Lender will notify the Lenders of their obligations to purchase their
respective Percentages of such Swingline Advance. Such purchase shall take place on the same Business Day as the date of the request
by Swingline Lender so long as such request is made before 1:00 p.m. (Cleveland time) and otherwise on the first Business Day following
the date of such request. All requests for purchase shall be in writing. From and after the date it is so purchased, each such
Swingline Advance shall, to the extent purchased, (i) be treated as a Loan made by the purchasing Lenders and not by the selling
Lender for all purposes under this Agreement and the payment of the purchase price by a Lender shall be deemed to be the making
of a Loan by such Lender and shall constitute outstanding principal under such Lender’s Note, and (ii) shall no longer
be considered a Swingline Advance except that all interest accruing on or attributable to such Swingline Advance for the period
prior to the date of such purchase shall be paid when due by the Borrower to the Administrative Agent for the benefit of the Swingline
Lender and all such amounts accruing on or attributable to such Loans for the period from and after the date of such purchase shall
be paid when due by the Borrower to the Administrative Agent for the benefit of the purchasing Lenders. If prior to purchasing
its Percentage of a Swingline Advance one of the events described in Section 7.7 or Section 7.8 shall have occurred
and such event prevents the consummation of the purchase contemplated by the preceding provisions, each Lender will purchase an
undivided participating interest in the outstanding Swingline Advance in an amount equal to its Percentage of such Swingline Advance.
From and after the date of each Lender’s purchase of its participating interest in a Swingline Advance, if the Swingline
Lender receives any payment on account thereof, the Swingline Lender will distribute to such Lender its participating interest
in such amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s
participating interest was outstanding and funded); provided, however, that in the event that such payment was received by the
Swingline Lender and is required to be returned to the Borrower, each Lender will return to the Swingline Lender any portion thereof
previously distributed by the Swingline Lender to it. If any Lender fails to so purchase its Percentage of any Swingline Advance,
such Lender shall be deemed to be a Defaulting Lender hereunder.

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2.17.      
Lending Installations. Each Lender may book its Loans at any Lending Installation selected by such Lender and may
change its Lending Installation from time to time; provided that such change does not increase the amounts payable by the Borrower
under Article III. All terms of this Agreement shall apply to any such Lending Installation and the Notes shall be deemed
held by each Lender for the benefit of such Lending Installation. Each Lender may, by written or telex notice at least three (3)
Business Days in advance to the Administrative Agent and the Borrower, designate a Lending Installation through which Loans will
be made by it and for whose account Loan payments are to be made.

2.18.      
Non-Receipt of Funds by the Administrative Agent. Unless the Borrower or a Lender, as the case may be, notifies the
Administrative Agent prior to the time at which it is scheduled to make payment to the Administrative Agent of (i) in the case
of a Lender, the proceeds of a Loan or (ii) in the case of the Borrower, a payment of principal, interest or fees to the Administrative
Agent for the account of the Lenders, that it does not intend to make such payment, the Administrative Agent may assume that such
payment has been made. The Administrative Agent may, but shall not be obligated to, make the amount of such payment available to
the intended recipient in reliance upon such assumption. If such Lender or the Borrower, as the case may be, has not in fact made
such payment to the Administrative Agent, the recipient of such payment shall, on demand by the Administrative Agent, repay to
the Administrative Agent the amount so made available together with interest thereon in respect of each day during the period commencing
on the date such amount was so made available by the Administrative Agent until the date the Administrative Agent recovers such
amount at a rate per annum equal to (i) in the case of payment by a Lender, the Federal Funds Effective Rate for such day or (ii)
in the case of payment by the Borrower, the interest rate applicable to the relevant Loan. If such Lender so repays such amount
and interest thereon to the Administrative Agent within one (1) Business Day after such demand, all interest accruing on the Loan
not funded by such Lender during such period shall be payable to such Lender when received from the Borrower.

2.19.      
Replacement of Lenders under Certain Circumstances. The Borrower shall be permitted by written notice to the Administrative
Agent to replace any Lender which (a) shall be owed amounts pursuant to Sections 3.1, 3.2 or 3.5, (b) is not
capable or receiving payments without any deduction or withholding of United States federal income tax pursuant to Section 3.5,
or (c) cannot maintain its LIBOR Rate Loans at a suitable Lending Installation pursuant to Section 3.3, with a replacement
bank or other financial institution which has been obtained by the Borrower; provided that (i) such replacement does not conflict
with any applicable legal or regulatory requirements affecting the Lenders, (ii) no Default and (after notice to the Borrower)
no Unmatured Default shall have occurred and be continuing at the time of such replacement, (iii) the Borrower shall repay (or
the replacement bank or institution shall purchase, at par) all Loans and other amounts owing to such replaced Lender prior to
the date of replacement, (iv) the Borrower shall be liable to such replaced Lender under Section 3.4 if any LIBOR Rate
Loan owing to such replaced Lender shall be prepaid (or purchased) other than on the last day of the Interest Period relating thereto,
(v) the replacement bank or institution, if not already a Lender or an Approved Bank, and the terms and conditions of such

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replacement, shall be reasonably
satisfactory to the Administrative Agent (which approval shall be given or withheld not later than five (5) Business Days after
the Borrower’s submission of such name and terms and conditions to the Administrative Agent), (vi) the replaced Lender shall
be obligated to make such replacement in accordance with the provisions of Section 12.3 (provided that the Borrower shall
be obligated to pay the processing fee referred to therein), (viii) until such time as such replacement shall be consummated, the
Borrower shall pay all additional amounts (if any) required pursuant to Section 3.5 and (viii) any such replacement shall
not be deemed to be a waiver of any rights which the Borrower, the Administrative Agent or any other Lender shall have against
the replaced Lender.

2.20.      
Usury. This Agreement and each Note are subject to the express condition that at no time shall Borrower be obligated
or required to pay interest on the principal balance of the Loan at a rate which could subject any Lender to either civil or criminal
liability as a result of being in excess of the Maximum Legal Rate. If by the terms of this Agreement or the Loan Documents, Borrower
is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the Maximum
Legal Rate, the interest rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to the Maximum
Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of
principal and not on account of the interest due hereunder. All sums paid or agreed to be paid to Lender for the use, forbearance,
or detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated,
and spread throughout the full stated term of the Loan until payment in full so that the rate or amount of interest on account
of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect and applicable to the Loan for so long
as the Loan is outstanding.

2.21.      
Extension of Facility Termination Date. The Borrower shall have the option to extend the Facility Termination Date
for a period of one (1) additional year, upon satisfaction of the following conditions precedent:

(i)              
The Borrower shall provide Administrative Agent with written notice (the “Extension Notice”) of the Borrower’s
intent to exercise such extension option not more than one hundred twenty (120) and not less than sixty (60) days prior to the
initial Facility Termination Date;

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(ii)             
As of the date of the Borrower’s delivery of notice of its intent to exercise such extension option, and as of the
effective date of such extension, (A) no Default or Unmatured Default shall have occurred and be continuing and (B) the
representations and warranties contained in Article V are true and correct as of each such date with respect to the
Loan Parties in existence on such date, except (i) to the extent any such representation or warranty is stated to relate solely
to an earlier date, in which case such representation or warranty shall be true and correct on and as of such earlier date or (ii)
for changes in factual circumstances which are permitted by this Agreement, and the Borrower shall so certify as to such
matters in writing; and

(iii)           
On or before the initial Facility Termination Date, the Borrower shall pay to Administrative Agent for the benefit of the
Lenders an extension fee (the “Extension Fee”) for the extension so exercised in an amount equal to fifteen
one hundredths of one percent (0.15%) of the then-current Commitment of each Lender.

Any such extension shall become
effective upon receipt of the Extension Notice and the payment of the Extension Fee.

2.22.      
Termination or Increase in Commitments.

(a)            
Borrower shall have the right, upon at least three (3) Business Days notice, to terminate or cancel, in whole or in part,
the unused portion of the Aggregate Commitment in excess of the Outstanding Facility Amount, provided that each partial reduction
shall be in a minimum amount of $1,000,000 or any whole multiple of $100,000 in excess thereof. Any partial termination of the
Aggregate Commitment shall be applied to reduce each Lender’s Commitment on a pro rata basis. Once terminated or reduced,
the Aggregate Commitment may not be reinstated or increased thereafter.

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(b)            
Provided Borrower has not exercised any right to terminate or reduce the Aggregate Commitment and provided no Default or
Unmatured Default has occurred and is then continuing, the Borrower shall also have the right from time to time to increase the
Aggregate Commitment from the amount of $100,000,000 up to a maximum of $400,000,000 by either adding new Approved Banks as Lenders
to provide new Commitments or obtaining the agreement of one or more existing Lenders to increase their Commitments. Any such increase
by existing Lenders shall be at the sole discretion of such Lenders and no Lender shall have any obligation to increase any of
its Commitments. The Administrative Agent’s approval of any such new Lenders shall not be unreasonably withheld or delayed.
On the effective date of any such increase, the Borrower shall pay to the Administrative Agent and the Arranger any amounts due
to them under the Fee Letter on account of such increase and shall pay to each new lender or then-existing Lender providing such
additional Commitment the up-front fee agreed to by the Borrower in its commitment letter with such party. Such increases shall
be evidenced by the execution and delivery of an Amendment Regarding Increase in the form of Exhibit J attached hereto by
the Borrower, the Administrative Agent and the new Lender or existing Lender providing such additional Commitment, a copy of which
shall be forwarded to each Lender by the Administrative Agent promptly after execution thereof. In addition, on or before the effective
date of any such increase, the Subsidiary Guarantors shall execute a consent to such increase ratifying and continuing their obligations
under the Subsidiary Guaranty. Upon each such increase in the Aggregate Commitment, each Lender’s Percentage shall be recalculated
to reflect such increase in the Commitments and the outstanding principal balance of the Loans shall be reallocated among the Lenders
such that the outstanding principal amount of Loans of each Lender shall be equal to such Lender’s Percentage (as recalculated).
The Lenders agree to cooperate in any required sale and purchase of outstanding Advances to achieve such result. In no event shall
the aggregate Commitments exceed $400,000,000 without the approval of all of the Lenders.

2.23.      
Unencumbered Properties.

(a)            
The Eligible Unencumbered Properties which have been approved by the Lenders and the Administrative Agent as of the Agreement
Execution Date are listed on Exhibit H attached hereto and made a part hereof (the “Initial Unencumbered Properties”).

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(b)            
Addition of Eligible Unencumbered Properties to Unencumbered Pool.(c)            
 Not less than ten (10) Business Days prior to the date on which (a) Borrower expects a
Wholly-Owned Subsidiary to acquire a Project that will become an Eligible Unencumbered Property or (b) a Project already owned
by a Wholly-Owned Subsidiary is to be designated to become an Eligible Unencumbered Property, Borrower shall notify the Administrative
Agent thereof in writing and thereafter provide the Administrative Agent with the Unencumbered Property Due Diligence with respect
to such Project. If at any time the Administrative Agent shall determine that it does not have all of the Unencumbered Property
Due Diligence, it shall promptly notify Borrower and request with specificity any missing documents. The Administrative Agent shall
notify Borrower in writing within ten (10) Business Days after it receives notice thereof and delivery of the Unencumbered Property
Due Diligence related thereto if the Administrative Agent has determined that it is an Eligible Unencumbered Property. If a proposed
Unencumbered Property does not meet all of the requirements needed to qualify as an Eligible Unencumbered Property, the Administrative
Agent shall, within five (5) Business Days after making such determination, request special approval for the addition of such proposed
Unencumbered Property to the Unencumbered Pool from the Lenders. The Lenders shall respond to such request within ten (10) Business
Days and the failure of any Lender to respond to any such request within such period shall be deemed an approval by such non-responding
Lender. Such non-compliant Property shall be added to the Unencumbered Pool only if the Required Lenders shall approve (or are
deemed to approve) the addition of such a non-compliant Property to the Unencumbered Pool. If the Administrative Agent notifies
Borrower that any Project has been so approved to become a Unencumbered Property, then, as a condition precedent to such Project
actually becoming an Unencumbered Property, Borrower shall satisfy, or shall cause the applicable Subsidiary Guarantor owning such
Project to execute and deliver a Joinder Agreement with respect to the Subsidiary Guaranty, if such Subsidiary Guarantor has not
already executed a Subsidiary Guaranty, all as described in Section 6.21 below.

(c)            
Sale, Contribution or Financing of an Unencumbered Property. Provided no Default or Unmatured Default shall have
occurred hereunder or under the other Loan Documents and be continuing (or would exist immediately after giving effect to the transactions
contemplated by this Section 2.23(c), Borrower may (i) sell an Unencumbered Property (or Borrower may sell its ownership
interest in such Subsidiary Guarantor), (ii) contribute an Unencumbered Property (or Borrower may contribute its ownership interest
in such Subsidiary Guarantor) to an existing or newly formed Investment Affiliate (iii) create a Lien securing Indebtedness on
an Unencumbered Property or (iv) request that a particular Project no longer constitutes an Unencumbered Property (for purposes
of this Section, such a sale or contribution of an Unencumbered Property or the creation of such a Lien or recharacterization of
such Project shall be referred to as a “Unencumbered Property Release Transaction”) upon the following terms
and conditions:

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(i)              
Borrower shall deliver to the Administrative Agent written notice of the desire to consummate such Unencumbered Property
Release Transaction on or before the date that is ten (10) Business Days prior to the date on which the Unencumbered Property Release
Transaction is to be effected;

(ii)             
On or before the date that is five (5) Business Days prior to the date of the Unencumbered Property Release Transaction
is to be effected, Borrower shall submit to the Administrative Agent a certificate, which shall be subject to the Administrative
Agent’s review and reasonable approval, on behalf of the Lenders, setting forth the Unsecured Leverage Ratio and Unsecured
Debt Coverage Ratio on a pro forma basis as of the date of the proposed Unencumbered Property Release Transaction giving effect
to: (A) the Unencumbered Property Release Transaction, (B) any contemplated paydown of the Outstanding Facility Amount in connection
with such Unencumbered Property Release Transaction and (C) any other Projects that became or are becoming a Qualifying Unencumbered
Property prior to the scheduled date of the Unencumbered Property Release Transaction (the “Pro Forma Calculations”);

(iii)           
If the Pro Forma Calculations show that Borrower will be out of compliance with the covenants contained in clauses (e) and
(f) of Section 6.17 or with any of the limitations set forth in the definition of Eligible Unencumbered Property or in this
Section 2.23, Borrower shall, before the closing of the Unencumbered Property Release Transaction, either add to the Unencumbered
Property Pool an additional Eligible Unencumbered Property that causes Borrower to be in compliance with such covenants and conditions
or pay down the Outstanding Facility Amount sufficiently to permit Borrower to be in compliance with those covenants and conditions;

    45 

     

    

 

(iv)           
To the extent that any such sale, disposition or financing of all or a portion of an Unencumbered Property (or of any ownership
interest in a Subsidiary Guarantor owning such Unencumbered Property) occurs as permitted by this Section 2.23, Borrower
shall make a principal payment on the Notes as and to the extent required by Section 2.3(b) of this Agreement. Notwithstanding
the foregoing, the Administrative Agent shall not be obligated to release any such Subsidiary from the Subsidiary Guaranty if (i)
such Subsidiary owns any other Unencumbered Properties that are not being so released from such status or (ii) a Default or
Unmatured Default has occurred and is then continuing. In addition, effective as of the date on which Borrower receives an Investment
Grade Rating or any date thereafter on which Borrower maintains such an Investment Grade Rating, Borrower may request, upon not
less than five (5) Business Days prior written notice to the Administrative Agent, the release of all Subsidiary Guarantors from
the Subsidiary Guaranty which release shall be effected by the Administrative Agent so long as no Default or Unmatured Default
shall have occurred and be then continuing. Notwithstanding the foregoing, if any such Subsidiary Guarantor shall then continue
to have outstanding Recourse Indebtedness or Guarantee Obligations to other creditors, the release of such Subsidiary Guarantor
from the Subsidiary Guaranty shall be deferred until such Subsidiary Guarantor has been released from, or is simultaneously released
from, such other Recourse Indebtedness or Guarantee Obligations.

(v)            
Upon the occurrence of the Unencumbered Property Release Transaction, the underlying Project shall no longer be an Unencumbered
Property.

Notwithstanding
anything to the contrary in this Section 2.23(c), no Unencumbered Property shall be released from the Unencumbered Pool
without Required Lender approval if such release will cause the Unencumbered Pool to have fewer than five (5) Unencumbered Properties
remaining or if it would reduce the Unencumbered Pool Value below $100,000,000.

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ARTICLE IIA

LETTER OF CREDIT SUBFACILITY

2A.1       
Obligation to Issue. Subject to the terms and conditions of this Agreement and in reliance upon the representations
and warranties of the Borrower herein set forth, the Issuing Bank hereby agrees to issue for the account of the Borrower, one or
more Facility Letters of Credit in accordance with this Article IIA, from time to time during the period commencing on the Agreement
Effective Date and ending on a date thirty (30) days prior to the then current Facility Termination Date.

2A.2       
Types and Amounts. The Issuing Bank shall not have any obligation to:

(i)              
issue any Facility Letter of Credit if the aggregate maximum amount then available for drawing under Letters of Credit issued
by such Issuing Bank, after giving effect to the Facility Letter of Credit requested hereunder, shall exceed any limit imposed
by law or regulation upon such Issuing Bank;

(ii)             
issue any Facility Letter of Credit if, after giving effect thereto, (1) the then applicable Outstanding Facility Amount
would exceed the then current Aggregate Commitment or (2) the then-applicable Outstanding Facility Amount would exceed the then-current
aggregate Commitments or (2) the Facility Letter of Credit Obligations would exceed the Facility Letter of Credit Sublimit;
or

(iii)           
issue any Facility Letter of Credit having an expiration date, or containing automatic extension provisions to extend such
date, to a date beyond the then-current Facility Termination Date, provided, further, that a Facility 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 Facility Termination Date, so long as the Borrower delivers to the Administrative Agent for the benefit
of the Lenders no later than the then Facility Termination Date either (1) 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, (2) a backup
Letter of Credit having terms acceptable to the Administrative Agent and issued by a domestic financial institution having a rating
assigned by Moody’s or S&P to its senior unsecured debt of AA/Aa2 or better or (3) other collateral satisfactory to the
Administrative Agent. Upon the expiration, cancellation or termination of a Facility Letter of Credit for which cash, a backup
Letter of Credit or other collateral has been provided pursuant to the preceding clause (1), (2) or (3), the Administrative Agent
shall promptly return any such backup Letter of Credit to the Borrower or release such collateral if such extension is not exercised
or is not exercisable.

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2A.3       
Conditions.  In addition to being subject to the satisfaction of the conditions
contained in Article IV hereof, the obligation of the Issuing Bank to issue any Facility Letter of Credit is subject to the
satisfaction in full of the following conditions:

(i)              
the proposed Facility Letter of Credit shall be reasonably satisfactory to the Issuing Bank as to form and content;

(ii)             
as of the date of issuance, no order, judgment or decree of any court, arbitrator or governmental authority shall purport
by its terms to enjoin or restrain the Issuing Bank from issuing the requested Facility Letter of Credit and no law, rule or regulation
applicable to the Issuing Bank and no request or directive (whether or not having the force of law) from any governmental authority
with jurisdiction over the Issuing Bank shall prohibit or request that the Issuing Bank refrain from the issuance of Letters of
Credit generally or the issuance of the requested Facility Letter or Credit in particular; and

(iii)           
there shall not exist any Default.

2A.4       
Procedure for Issuance of Facility Letters of Credit.

(a)            
Borrower shall give the Issuing Bank and the Administrative Agent at least three (3) Business Days’ prior written
notice of any requested issuance of a Facility Letter of Credit under this Agreement (a “Letter of Credit Request”)
and shall immediately provide the Issuing Bank and the Administrative Agent with a Notice signed by an Authorized Officer and containing
all information required to be contained in such Notice, which notice shall be irrevocable except as provided in Section 2A.4(b)(i)
below, and shall specify:

1.              
the stated amount of the Facility Letter of Credit requested (which stated amount shall not be less than $50,000);

2.              
the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit (the
“Issuance Date”);

3.              
the date on which such requested Facility Letter of Credit is to expire (which day shall be a Business Day), subject
to Section 2A.2(iii) above;

4.              
the purpose for which such Facility Letter of Credit is to be issued;

5.              
the Person for whose benefit the requested Facility Letter of Credit is to be issued; and

6.              
any special language required to be included in the Facility Letter of Credit.

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Such notice, to be effective, must
be received by such Issuing Bank and the Administrative Agent not later than noon (Cleveland time) on the last Business Day on
which notice can be given under this Section 2A.4(a).

(b)            
Subject to the terms and conditions of this Article IIA and provided that the applicable conditions set forth in
Article IV hereof have been satisfied, the Issuing Bank shall, on the Issuance Date, issue a Facility Letter of Credit
on behalf of the Borrower in accordance with the Letter of Credit Request and the Issuing Bank’s usual and customary business
practices unless the Issuing Bank has actually received (i) written notice from the Borrower specifically revoking the Letter of
Credit Request with respect to such Facility Letter of Credit given not later than the Business Day immediately preceding the Issuance
Date, or (ii) written or telephonic notice from the Administrative Agent stating that the issuance of such Facility Letter
of Credit would violate Section 2A.2.

(c)            
The Issuing Bank shall give the Administrative Agent (who shall promptly notify Lenders) and the Borrower Notice of the
issuance of a Facility Letter of Credit (the “Issuance Notice”).

(d)            
The Issuing Bank shall not extend or amend any Facility Letter of Credit unless the requirements of this Section 2A.4
are met as though a new Facility Letter of Credit was being requested and issued.

2A.5       
Reimbursement Obligations; Duties of Issuing Bank.

(a)            
The Issuing Bank shall promptly notify the Borrower and the Administrative Agent (who shall promptly notify Lenders) of
any draw under a Facility Letter of Credit. Any such draw shall not be deemed to be a default hereunder but shall constitute an
Advance of the Facility in the amount of the Reimbursement Obligation with respect to such Facility Letter of Credit and shall
bear interest from the date of the relevant drawing(s) under the pertinent Facility Letter of Credit at the Floating Rate; provided
that if a Default regarding the non-payment of any monetary obligations to the Administrative Agent or the Lenders exists at the
time of any such drawing(s), then the Borrower shall reimburse the Issuing Bank for drawings under a Facility Letter of Credit
issued by the Issuing Bank no later than the next succeeding Business Day after the payment by the Issuing Bank and until repaid
such Reimbursement Obligation shall bear interest at the Default Rate.

(b)            
Any action taken or omitted to be taken by the Issuing Bank under or in connection with any Facility Letter of Credit, if
taken or omitted in the absence of willful misconduct or gross negligence, shall not put the Issuing Bank under any resulting liability
to any Lender or, provided that such Issuing Bank has complied with the procedures specified in Section 2A.4, relieve
any Lender of its obligations hereunder to the Issuing Bank. In determining whether to pay under any Facility Letter of Credit,
the Issuing Bank shall have no obligation relative to the Lenders other than to confirm that any documents required to be delivered
under such Letter of Credit appear to have been delivered in compliance, and that they appear to comply on their face, with the
requirements of such Letter of Credit.

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2A.6       
Participation.

(a)            
Immediately upon issuance by the Issuing Bank of any Facility Letter of Credit in accordance with the procedures set forth
in this Article IIA, each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the
Issuing Bank, without recourse, representation or warranty, an undivided interest and participation equal to such Lender’s
Percentage in such Facility Letter of Credit (including, without limitation, all obligations of the Borrower with respect thereto)
and all related rights hereunder and under the Subsidiary Guaranty and other Loan Documents.

(b)            
In the event that the Issuing Bank makes any payment under any Facility Letter of Credit and the Borrower shall not have
repaid such amount to the Issuing Bank pursuant to Section 2A.5 hereof, the Issuing Bank shall promptly notify the Administrative
Agent, which shall promptly notify each Lender of such failure, and each Lender shall promptly and unconditionally pay to the Administrative
Agent for the account of the Issuing Bank the amount of such Lender’s Percentage of the unreimbursed amount of such payment,
and the Administrative Agent shall promptly pay such amount to the Issuing Bank. A Lender’s payments of its Percentage of
such Reimbursement Obligation as aforesaid shall be deemed to be a Loan by such Lender and shall constitute outstanding principal
under such Lender’s Note. The failure of any Lender to make available to the Administrative Agent for the account of the
Issuing Bank its Percentage of the unreimbursed amount of any such payment shall not relieve any other Lender of its obligation
hereunder to make available to the Administrative Agent for the account of such Issuing Bank its Percentage of the unreimbursed
amount of any payment on the date such payment is to be made, but no Lender shall be responsible for the failure of any other Lender
to make available to the Administrative Agent its Percentage of the unreimbursed amount of any payment on the date such payment
is to be made. Any Lender which fails to make any payment required pursuant to this Section 2A.6(b) shall be deemed
to be a Defaulting Lender hereunder.

(c)            
Whenever the Issuing Bank receives a payment on account of a Reimbursement Obligation, including any interest thereon, the
Issuing Bank shall promptly pay to the Administrative Agent and the Administrative Agent shall promptly pay to each Lender which
has funded its participating interest therein, in immediately available funds, an amount equal to such Lender’s Percentage
thereof.

(d)            
Upon the request of the Administrative Agent or any Lender, the Issuing Bank shall furnish to such Administrative Agent
or Lender copies of any Facility Letter of Credit to which the Issuing Bank is party and such other documentation as may reasonably
be requested by the Administrative Agent or any Lender.

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(e)            
The obligations of a Lender to make payments to the Administrative Agent for the account of the Issuing Bank with respect
to a Facility Letter of Credit shall be absolute, unconditional and irrevocable, not subject to any counterclaim, set-off, qualification
or exception whatsoever other than a failure of any such Issuing Bank to comply with the terms of this Agreement relating to the
issuance of such Facility Letter of Credit, and such payments shall be made in accordance with the terms and conditions of this
Agreement under all circumstances.

2A.7       
Payment of Reimbursement Obligations.

(a)            
The obligation of the Borrower to pay to the Administrative Agent for the account of the Issuing Bank the amount of all
Advances for Reimbursement Obligations, interest and other amounts payable to the Issuing Bank under or in connection with any
Facility Letter of Credit when due shall be absolute and unconditional, irrespective of any claim, set-off, defense or other right
which the Borrower may have at any time against any Issuing Bank or any other Person, under all circumstances, including without
limitation any of the following circumstances:

(i)             
any lack of validity or enforceability of this Agreement or any of the other Loan Documents;

(ii)            
the existence of any claim, setoff, defense or other right which the Borrower may have at any time against a beneficiary
named in a Facility Letter of Credit or any transferee of any Facility Letter of Credit (or any Person for whom any such transferee
may be acting), the Administrative Agent, the Issuing Bank, any Lender, or any other Person, whether in connection with this Agreement,
any Facility Letter of Credit, the transactions contemplated herein or any unrelated transactions (including any underlying transactions
between the Borrower and the beneficiary named in any Facility Letter of Credit);

(iii)          
any draft, certificate or any other document presented under the Facility Letter of Credit proving to be forged, fraudulent,
invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect;

(iv)          
the surrender or impairment of any security for the performance or observance of any of the terms of any of the Loan Documents;
or

(v)           
the occurrence of any Default.

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(b)            
In the event any payment by the Borrower received by the Issuing Bank or the Administrative Agent with respect to a Facility
Letter of Credit and distributed by the Administrative Agent to the Lenders on account of their participations is thereafter set
aside, avoided or recovered from the Administrative Agent or Issuing Bank in connection with any receivership, liquidation, reorganization
or bankruptcy proceeding, each Lender which received such distribution shall, upon demand by the Administrative Agent, contribute
such Lender’s Percentage of the amount set aside, avoided or recovered together with interest at the rate required to be
paid by the Issuing Bank or the Administrative Agent upon the amount required to be repaid by the Issuing Bank or the Administrative
Agent.

2A.8       
Compensation for Facility Letters of Credit.

(a)            
The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank),
based upon the Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”)
as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect
from time to time while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility
Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar
quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the
Facility Termination Date or any other earlier date that the Advances and Facility Letter of Credit Obligations are due and payable
in full. The Administrative Agent shall promptly remit such Facility Letter of Credit Fees, when paid, to the other Lenders in
accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative
Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective
payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13
hereof.

(b)            
The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to one-eighth of
one percent (0.125%) of the face amount of each Facility Letter of Credit payable by the Borrower on the Issuance Date for each
such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled
to receive its reasonable out-of-pocket costs and the Issuing Bank’s customary administrative charges of issuing, amending
and servicing Facility Letters of Credit and processing draws thereunder.

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2A.9       
Letter of Credit Collateral Account.

The Borrower
hereby agrees that it will immediately upon the occurrence of a Default, or prior to the Facility Termination Date if a Facility
Letter of Credit is outstanding and unexpired on such date as provided in Section 2A.2(iii) above, establish a special collateral
account (the “Letter of Credit Collateral Account”) at the Administrative Agent’s office at the address
specified pursuant to Article XIII, in the name of the Borrower but under the sole dominion and control of the Administrative
Agent, for the benefit of the Lenders, and in which the Borrower shall have no interest other than as set forth in Section 8.1.
The Letter of Credit Collateral Account shall hold the deposits the Borrower is required to make upon the Facility Termination
Date related to any such outstanding and unexpired Facility Letter of Credit or after a Default on account of any outstanding Facility
Letters of Credit as described in Section 8.1. In addition to the foregoing, the Borrower hereby grants to the Administrative
Agent, for the benefit of the Lenders holding a Commitment, a security interest in and to the Letter of Credit Collateral Account
and any funds that may hereafter be on deposit in such account, including income earned thereon. The Lenders acknowledge and agree
that the Borrower has no obligation to fund the Letter of Credit Collateral Account unless and until so required under Section
2A.2(iii) or Section 8.1 hereof.

 

ARTICLE III.

CHANGE IN CIRCUMSTANCES

3.1.         
Yield Protection. If, on or after the date of this Agreement, the adoption of any law or any governmental or quasi-governmental
rule, regulation, policy, guideline or directive (whether or not having the force of law), or any change in the interpretation
or administration thereof by any governmental or quasi-governmental authority, central bank or comparable agency charged with the
interpretation or administration thereof, or compliance by any Lender or applicable Lending Installation with any request or directive
(whether or not having the force of law) of any such authority, central bank or comparable agency:

(a)            
subjects any Lender or any applicable Lending Installation to any Taxes, or changes the basis of taxation of payments (other
than with respect to Excluded Taxes) to any Lender in respect of its LIBOR Rate Loans, or

(b)            
imposes or increases or deems applicable any reserve, assessment, insurance charge, special deposit or similar requirement
against assets of, deposits with or for the account of, or credit extended by, any Lender or any applicable Lending Installation
(other than the Reserve Requirement and any other reserves and assessments taken into account in determining the interest rate
applicable to LIBOR Rate Advances), or

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(c)            
imposes any other condition the direct result of which is to increase the cost to any Lender or any applicable Lending Installation
of making, funding or maintaining its LIBOR Rate Loans, or reduces any amount receivable by any Lender or any applicable Lending
Installation in connection with its LIBOR Rate Loans, or requires any Lender or any applicable Lending Installation to make any
payment calculated by reference to the amount of LIBOR Rate Loans, by a material amount,

and the result of any of the foregoing
is to increase the cost to such Lender or applicable Lending Installation, as the case may be, of making or maintaining its LIBOR
Rate Loans or Commitment or to reduce the return received by such Lender or applicable Lending Installation in connection with
such LIBOR Rate Loans or Commitment, then, within 15 days of demand by such Lender, the Borrower shall pay such Lender such additional
amount or amounts as will compensate such Lender for such increased cost or reduction in amount received.

3.2.         
Changes in Capital Adequacy Regulations. If a Lender in good faith determines the amount of capital required or expected
to be maintained by such Lender, any Lending Installation of such Lender or any corporation controlling such Lender is increased
as a result of a Change (as hereinafter defined), then, within fifteen (15) days of demand by such Lender, Borrower shall pay such
Lender the amount necessary to compensate for any shortfall in the rate of return on the portion of such increased capital which
such Lender, acting in good faith and not on an arbitrary or capricious basis, using any reasonable method, determines is attributable
to this Agreement, its outstanding credit exposure hereunder or its obligation to make Loans hereunder (after taking into account
such Lender’s policies as to capital adequacy). “Change” means (i) any change after the date of this
Agreement in the Risk-Based Capital Guidelines (as hereinafter defined) or (ii) any adoption of or change in any other law,
governmental or quasi-governmental rule, regulation, policy, guideline, interpretation, or directive (whether or not having the
force of law) after the date of this Agreement which affects the amount of capital required or expected to be maintained by any
Lender or any Lending Installation or any corporation controlling any Lender. Notwithstanding anything herein to the contrary,
(i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines and directives promulgated
thereunder and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign
regulatory authorities, in each case pursuant to Basel III, shall be deemed to be a “Change”, regardless of
the date adopted, issued, promulgated or implemented. “Risk-Based Capital Guidelines” means (i) the risk-based
capital guidelines in effect in the United States on the date of this Agreement, including transition rules, and (ii) the
corresponding capital regulations 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, including transition rules, and any amendments to such guidelines, rules and regulations
adopted prior to the Agreement Effective Date.

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3.3.         
Availability of Types of Advances. If any Lender in good faith determines that maintenance of any of its LIBOR Rate
Loans at a suitable Lending Installation would violate any applicable law, rule, regulation or directive, whether or not having
the force of law, the Administrative Agent shall, with written notice to Borrower, suspend the availability of the affected Type
of Advance and, if required by such applicable law, rule, regulation or directive, require any LIBOR Rate Loans of the affected
Type be converted to Floating Rate Loans; or if any Lender in good faith determines that (i) deposits of a type or maturity
appropriate to match fund LIBOR Rate Advances are not available, the Administrative Agent shall, with written notice to Borrower,
suspend the availability of the affected Type of Advance with respect to any LIBOR Rate Advances made after the date of any such
determination, then, if for any reason whatsoever the provisions of Section 3.1 are inapplicable, the Administrative
Agent shall, with written notice to Borrower, suspend the availability of the affected Type of Advance with respect to any LIBOR
Rate Advances made after the date of any such determination.

3.4.         
Funding Indemnification. If any payment of a ratable LIBOR Rate Advance occurs on a date which is not the last day
of the applicable Interest Period, whether because of acceleration, prepayment or otherwise, or a ratable LIBOR Rate Advance is
not made on the date specified by the Borrower for any reason other than default by the Lenders or as a result of unavailability
pursuant to Section 3.3, the Borrower will indemnify each Lender for any loss or cost incurred by it resulting therefrom,
including, without limitation, any loss or cost (incurred or expected to be incurred) in liquidating or employing deposits acquired
to fund or maintain the ratable LIBOR Rate Advance and shall pay all such losses or costs within fifteen (15) days after written
demand therefor.

3.5.         
Taxes.

(a)            
All payments by the Borrower to or for the account of any Lender or the Administrative Agent hereunder or under any Note
shall be made free and clear of and without deduction for any and all Taxes. If the Borrower shall be required by law to deduct
any Taxes from or in respect of any sum payable hereunder to any Lender or the Administrative Agent, (i) the sum payable shall
be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable
under this Section 3.5) such Lender or the Administrative Agent (as the case may be) receives an amount equal to the sum
it would have received had no such deductions been made, (ii) the Borrower shall make such deductions, (iii) the Borrower shall
pay the full amount deducted to the relevant authority in accordance with applicable law and (iv) the Borrower shall furnish
to the Administrative Agent the original copy of a receipt evidencing payment thereof within thirty (30) days after such payment
is made.

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(b)            
In addition, the Borrower hereby agrees to pay any present or future stamp or documentary taxes and any other excise or
property taxes, charges or similar levies which arise from any payment made hereunder or under any Note or from the execution or
delivery of, or otherwise with respect to, this Agreement or any Note (“Other Taxes”).

(c)            
The Borrower hereby agrees to indemnify the Administrative Agent and each Lender for the full amount of Taxes or Other Taxes
(including, without limitation, any Taxes or Other Taxes imposed on amounts payable under this Section 3.5) paid by the
Administrative Agent or such Lender and any liability (including penalties, interest and expenses so long as the Administrative
Agent or such Lender has promptly paid any such Taxes or Other Taxes) arising therefrom or with respect thereto. Payments due under
this indemnification shall be made within thirty (30) days of the date the Administrative Agent or such Lender makes demand therefor
pursuant to Section 3.6. Notwithstanding anything to the contrary in this Section 3.5, the Borrower shall not be
obligated to indemnify the Administrative Agent or any Lender against, or reimburse them for, any Excluded Taxes.

(d)            
Each Lender that is not incorporated under the laws of the United States of America or a state thereof (each a “Non-U.S.
Lender”) agrees that it will, not more than ten Business Days after the date it becomes a party to the Agreement, (i)
deliver to each of the Borrower and the Administrative Agent two duly completed copies of United States Internal Revenue Service
Form W-8BEN or W-8ECI, certifying in either case that such Lender is entitled to receive payments under this Agreement without
deduction or withholding of any United States federal income taxes, and (ii) deliver to each of the Borrower and the Administrative
Agent a United States Internal Revenue Form W-8 or W-9, as the case may be, and certify that it is entitled to an exemption from
United States backup withholding tax. Each Non-U.S. Lender further undertakes to deliver to each of the Borrower and the Administrative
Agent (x) renewals or additional copies of such form (or any successor form) on or before the date that such form expires or becomes
obsolete, and (y) after the occurrence of any event requiring a change in the most recent forms so delivered by it, such additional
forms or amendments thereto as may be reasonably requested by the Borrower or the Administrative Agent. All forms or amendments
described in the preceding sentence shall certify that such Lender is entitled to receive payments under this Agreement without
deduction or withholding of any United States federal income taxes, unless an event (including without limitation any change
in treaty, law or regulation) has occurred prior to the date on which any such delivery would otherwise be required which renders
all such forms inapplicable or which would prevent such Lender from duly completing and delivering any such form or amendment with
respect to it and such Lender advises the Borrower and the Administrative Agent that it is not capable of receiving payments without
any deduction or withholding of United States federal income tax. If the form provided by a Lender at

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the time
such Lender first becomes a party to this Agreement indicates a United States interest withholding tax rate in excess of zero,
withholding tax at such rate shall be considered included in “Excluded Taxes”.

(e)            
For any period during which a Non-U.S. Lender has failed to provide the Borrower with an appropriate form pursuant to clause
(d), above (unless such failure is due to a change in treaty, law or regulation, or any change in the interpretation or administration
thereof by any governmental authority, occurring subsequent to the date on which a form originally was required to be provided),
such Non-U.S. Lender shall not be entitled to indemnification under this Section 3.5 with respect to Taxes imposed by the
United States.

(f)              
Any Lender that is entitled to an exemption from or reduction of withholding tax with respect to payments under this Agreement
or any Note pursuant to the law of any relevant jurisdiction or any treaty shall deliver to the Borrower (with a copy to the Administrative
Agent), at the time or times prescribed by applicable law, such properly completed and executed documentation prescribed by applicable
law as will permit such payments to be made without withholding or at a reduced rate following receipt of such documentation.

(g)            
If a payment made to a Bank under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if
such Bank were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b)
or 1472(b) of the Code, as applicable), such Bank shall deliver to the Borrower and the Administrative Agent at the time or times
prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Borrower and 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 Bank has complied with such Bank’s obligations under
FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (g), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

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(h)            
If the U.S. Internal Revenue Service or any other governmental authority of the United States or any other country or any
political subdivision thereof asserts a claim that the Administrative Agent did not properly withhold tax from amounts paid to
or for the account of any Lender (because the appropriate form was not delivered or properly completed, because such Lender failed
to notify the Administrative Agent of a change in circumstances which rendered its exemption from withholding ineffective, or for
any other reason), such Lender shall indemnify the Administrative Agent fully for all amounts paid, directly or indirectly, by
the Administrative Agent as tax, withholding therefor, or otherwise, including penalties and interest, and including taxes imposed
by any jurisdiction on amounts payable to the Administrative Agent under this subsection, together with all costs and expenses
related thereto (including attorneys fees and time charges of attorneys for the Administrative Agent, which attorneys may be employees
of the Administrative Agent). The obligations of the Lenders under this Section 3.5(h) shall survive the payment of the
Obligations and termination of this Agreement and any such Lender obligated to indemnify the Administrative Agent shall not be
entitled to indemnification from the Borrower with respect to such amounts, whether pursuant to this Article or otherwise,
except to the extent the Borrower participated in the actions giving rise to such liability.

3.6.         
Lender Statements; Survival of Indemnity. To the extent reasonably possible, each Lender shall designate an alternate
Lending Installation with respect to its LIBOR Rate Loans to reduce any liability of the Borrower to such Lender under Sections
3.1, 3.2 and 3.5 or to avoid the unavailability of LIBOR Rate Advances under Section 3.3, so long as such designation
is not, in the reasonable judgment of such Lender, disadvantageous to such Lender. Each Lender shall deliver a written statement
of such Lender to the Borrower (with a copy to the Administrative Agent) as to the amount due, if any, under Sections 3.1, 3.2,
3.4 or 3.5. Such written statement shall set forth in reasonable detail the calculations upon which such Lender determined
such amount and shall be final, conclusive and binding on the Borrower in the absence of manifest error. Determination of amounts
payable under such Sections in connection with a LIBOR Rate Loan shall be calculated as though each Lender funded its LIBOR Rate
Loan through the purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in determining
the LIBOR Rate applicable to such Loan, whether in fact that is the case or not. Unless otherwise provided herein, the amount specified
in the written statement of any Lender shall be payable thirty (30) days after receipt by the Borrower of such written statement.
The obligations of the Borrower under Sections 3.1, 3.2, 3.4 and 3.5 shall survive payment of the Obligations
and termination of this Agreement. Notwithstanding the foregoing, a Lender shall not have the right to request payment of amounts
under Sections 3.1, 3.2 or 3.5 to the extent that such amounts relate to obligations accruing more
than one hundred twenty (120) days prior to the date upon which such Lender requests payment from the Borrower, provided however
that, if any change in law giving rise to such increased costs is retroactive, then the 120-day period referred to above shall
be extended to include the period of retroactive effect thereof.

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ARTICLE IV.

CONDITIONS PRECEDENT

4.1.         
Initial Advance. The Lenders shall not be required to make the initial Advance hereunder, or issue the initial Facility
Letter of Credit hereunder, unless and until (a) the Borrower shall, prior to or concurrently therewith, have paid all fees due
and payable to the Lenders and the Administrative Agent hereunder, and (b) the Borrower shall have furnished to the Administrative
Agent the following:

(a)            
The duly executed originals of this Agreement (with sufficient originals thereof for each of the Lenders), the Notes payable
to each of the Lenders, the Subsidiary Guaranty and any other additional Loan Documents;

(b)            
(A) Certificates of good standing for each Loan Party from its state of organization, certified by the appropriate
governmental officer and dated not more than thirty (30) days prior to the Agreement Effective Date, and (B) foreign qualification
certificates for each Loan Party certified by the appropriate governmental officer and dated not more than thirty (30) days prior
to the Agreement Effective Date, for each jurisdiction in which an Unencumbered Property owned by such Loan Party is located;

(c)            
Copies of the formation documents (including code of regulations, if appropriate) of the Loan Parties, certified by an officer
of the Borrower or such other Loan Party, as appropriate, together with all amendments thereto;

(d)            
Incumbency certificates, executed by officers of the Loan Parties, which shall identify by name and title and bear the signature
of the Persons authorized to sign this Agreement and the additional Loan Documents and to make borrowings hereunder on behalf of
such parties, upon which certificate the Administrative Agent and the Lenders shall be entitled to rely until informed of any change
in writing by the applicable Loan Party;

(e)            
Copies, certified by a Secretary or an Assistant Secretary of the applicable Loan Party, of the Board of Directors’
resolutions (and resolutions of other bodies, if any are reasonably deemed necessary by counsel for the Administrative Agent) authorizing
the Advances provided for herein, with respect to the Borrower, and the execution, delivery and performance of this Agreement and
the additional Loan Documents to be executed and delivered by the applicable Loan Party;

(f)              
A written opinion of the Loan Parties’ counsel, Scott & Kraus, addressed to the Lenders in substantially the form
of Exhibit E hereto or such other form as the Administrative Agent may reasonably approve;

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(g)            
A certificate, signed by an Authorized Officer of the Borrower, stating that on the Agreement Effective Date no Default
or Unmatured Default has occurred and is continuing, and there has been no change in the financial condition or business of the
Borrower and the Consolidated Group taken as a whole since the date of the most recent financial statements delivered to the Administrative
Agent which would have a Material Adverse Effect and that all representations and warranties of the Borrower are true and correct
in all material respects as of the Agreement Effective Date;

(h)            
The most recent quarterly financial statements of the Borrower;

(i)              
UCC financing statement searches with respect to the Borrower and each of the other Loan Parties from the state of its organization
and with respect to each owner of an Initial Unencumbered Property from the state in which such Unencumbered Property is located;

(j)              
Written money transfer instructions, addressed to the Administrative Agent and signed by an Authorized Officer, together
with such other related money transfer authorizations as the Administrative Agent may have reasonably requested;

(k)            
A pro forma compliance certificate in the form of Exhibit A, utilizing the covenants established herein and executed
by the Borrower’s chief financial officer or chief accounting officer;

(l)              
Evidence that all fees due to each of the Lenders with respect to this Agreement have been paid;

(m)          
A subordination agreement executed by the Advisor in the form attached hereto as Exhibit K and made a part hereof;

(n)            
Intentionally Omitted.

(o)            
The Unencumbered Property Due Diligence;

(p)            
The absence of any action, suit, investigation or proceeding, pending or threatened, in any court or before any arbitrator
or Governmental Authority that is reasonably likely to have a material adverse effect on the Borrower and the Consolidated Group,
taken as a whole, or that could have a material adverse effect on any transaction contemplated hereby or on the ability of the
Borrower or the Subsidiary Guarantors, taken as a whole, to perform their respective obligations under the Loan Documents; and

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(q)            
Such other documents as the Administrative Agent or its counsel may have reasonably requested, the form and substance of
which documents shall be reasonably acceptable to the parties and their respective counsel.

For purposes of determining compliance
with the conditions specified in this Section 4.1, each Lender that has signed this Agreement shall be deemed to have consented
to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved
by or acceptable or satisfactory to a lender upon delivery of its executed signature page to the Administrative Agent without conditions
for release or, if a Lender delivers its signature page with conditions for release, notice from that Lender to the Administrative
Agent (or its counsel) that such conditions for release have been met.

4.2.         
Each Advance and Issuance. The Lenders shall not be required to make any Advance or issue any Facility Letter of
Credit unless on the applicable Borrowing Date:

(a)            
Prior to, and after giving effect to such Advance or issuance, there shall not exist any Default or Unmatured Default; and

(b)            
The representations and warranties contained in Article V are true and correct as of such Borrowing Date with
respect to the Loan Parties in existence on such Borrowing Date, except (i) to the extent any such representation or warranty is
stated to relate solely to an earlier date, in which case such representation or warranty shall be true and correct on and as of
such earlier date or (ii) for changes in factual circumstances which are permitted by this Agreement.

Each Borrowing
Notice and each Letter of Credit Request with respect to each such Advance shall constitute a representation and warranty by the
Borrower that the conditions contained in Sections 4.2(a) (in the case of the initial Borrowing Notice) and (b) have been
satisfied.

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ARTICLE V.

REPRESENTATIONS AND WARRANTIES

The Borrower
represents and warrants to the Lenders that:

5.1.         
Existence. Borrower is a corporation duly organized and validly existing under the laws of the State of Maryland,
with its principal place of business in Oak Brook, Illinois and is duly qualified as a foreign corporation, properly licensed (if
required), in good standing and has all requisite authority to conduct its business in each jurisdiction in which its business
is conducted, except where the failure to be so qualified, licensed and in good standing and to have the requisite authority would
not have a Material Adverse Effect. Each of the Borrower’s Subsidiaries are duly incorporated, validly existing and in good
standing under the laws of its jurisdiction of incorporation and have all requisite authority to conduct its business in each jurisdiction
in which its business is conducted, except where the failure to be so qualified, licensed and in good standing and to have the
requisite authority would not have a Material Adverse Effect.

5.2.         
Authorization and Validity. The Borrower has the corporate power and authority and legal right to execute and deliver
the Loan Documents and to perform its obligations thereunder. The execution and delivery by the Borrower of the Loan Documents
and the performance of its obligations thereunder have been duly authorized by proper corporate proceedings, and the Loan Documents
constitute legal, valid and binding obligations of the Borrower enforceable against the Borrower in accordance with their terms,
except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’
rights generally or by general principles of equity, or by the discretion of any court in awarding equitable remedies, regardless
of whether such enforcement is considered in a proceeding of equity or at law.

5.3.         
No Conflict; Government Consent. Neither the execution and delivery by the Borrower or the other Loan Parties of
the Loan Documents, nor the consummation of the transactions therein contemplated, nor compliance with the provisions thereof will
violate any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on the Borrower, or any of Borrower’s
Subsidiaries or the Borrower’s or any Subsidiary’s articles of incorporation, operating agreements, partnership agreement,
or by-laws, or the provisions of any indenture, instrument or agreement to which the Borrower or any of Borrower’s Subsidiaries
is a party or is subject, or by which it, or its Property, is bound, or conflict with or constitute a default thereunder, except
where such violation, conflict or default would not have a Material Adverse Effect, or result in the creation or imposition of
any Lien in, of or on the Property of the Borrower or a Subsidiary pursuant to the terms of any such indenture, instrument or agreement.
No order, consent, approval, license, authorization, or validation of, or filing, recording or registration with, or exemption
by, any governmental or public body or authority, or any

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subdivision thereof, is required
to authorize, or is required as a condition to the execution, delivery and performance of, or the legality, validity, binding effect
or enforceability of, any of the Loan Documents other than the filing of a copy of this Agreement.

5.4.         
Financial Statements; Material Adverse Effect. All consolidated financial statements of the Loan Parties heretofore
or hereafter delivered to the Lenders were prepared in accordance with GAAP in effect on the preparation date of such statements
and fairly present in all material respects the consolidated financial condition and operations of the Loan Parties at such date
and the consolidated results of their operations for the period then ended and include all material contingent obligations, subject,
in the case of interim financial statements, to normal and customary year-end adjustments. From the preparation date of the most
recent financial statements delivered to the Lenders through the Agreement Effective Date, there was no change in the business,
properties, or condition (financial or otherwise) of the Borrower and its Subsidiaries which could reasonably be expected to have
a Material Adverse Effect.

5.5.         
Taxes. The Borrower and its Subsidiaries have filed all United States federal tax returns and all other tax returns
which are required to be filed and have paid all taxes due pursuant to said returns or pursuant to any assessment received by the
Borrower or any of its Subsidiaries except such taxes, if any, as are being contested in good faith and as to which adequate reserves
have been provided. No tax liens have been filed and no claims are being asserted with respect to such taxes. The charges, accruals
and reserves on the books of the Borrower and its Subsidiaries in respect of any taxes or other governmental charges are adequate.

5.6.         
Litigation. Except as set forth on Schedule 5.6 hereto or as set forth in written notice to the Administrative
Agent from time to time, there is no litigation, arbitration, governmental investigation, proceeding or inquiry pending or, to
the knowledge of any of their officers, threatened against or affecting the Loan Parties which could reasonably be expected to
have a Material Adverse Effect.

5.7.         
Subsidiaries. Schedule 5.7 hereto contains, an accurate list of all Subsidiaries of the Borrower, setting
forth their respective jurisdictions of incorporation or formation and the percentage of their respective capital stock or partnership
or membership interest owned by the Borrower or other Subsidiaries as of the date hereof. All of the issued and outstanding shares
of capital stock of such Subsidiaries that are corporations have been duly authorized and issued and are fully paid and non-assessable.

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5.8.         
ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such
ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse
Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of
Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting
such amounts, exceed by more than $10,000,000 the fair market value of the assets of such Plan, and the present value of all accumulated
benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards
No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $10,000,000
the fair market value of the assets of all such underfunded Plans.

5.9.         
Accuracy of Information. No information, exhibit or report furnished by the Loan Parties to the Administrative Agent
or to any Lender in connection with the negotiation of, or compliance with, the Loan Documents contained any material misstatement
of fact or omitted to state a material fact or any fact necessary to make the statements contained therein not misleading.

5.10.      
Regulations of the Board. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any
purpose that entails a violation of Regulations T, U or X of the Board of Governors of the Federal Reserve System.

5.11.      
Material Agreements. Neither the Borrower nor any Subsidiary is a party to any agreement or instrument or subject
to any charter or other corporate restriction which could reasonably be expected to have a Material Adverse Effect. Neither Borrower
nor any Subsidiary is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions
contained in (i) any agreement to which it is a party, which default could have a Material Adverse Effect, or (ii) any agreement
or instrument evidencing or governing Indebtedness, which default would constitute a Default hereunder.

5.12.      
Compliance With Laws. The Borrower has complied with all applicable statutes, rules, regulations, orders and restrictions
of any domestic or foreign government or any instrumentality or agency thereof, having jurisdiction over the conduct of their respective
businesses or the ownership of their respective Property, except for any non-compliance which would not have a Material Adverse
Effect. The Loan Parties have not received any notice to the effect that its operations are not in material compliance with any
of the requirements of applicable federal, state and local environmental, health and safety statutes and regulations or the subject
of any federal or state investigation evaluating whether any remedial action is needed to respond to a release of any toxic or
hazardous waste or substance into the environment, which non-compliance or remedial action could have a Material Adverse Effect.

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5.13.      
Ownership of Properties. On the date of this Agreement, the Borrower and the Subsidiary Guarantors will have good
and marketable title, free of all Liens other than those permitted by Section 6.14, to all of the Unencumbered Properties.

5.14.      
Investment Company Act. Neither the Borrower nor any Subsidiary is an “investment company” or a company
“controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended.

5.15.      
Solvency.

(a)            
Immediately after the Agreement Effective Date and immediately following the making of each Loan and after giving effect
to the application of the proceeds of such Loans, (i) the fair value of the assets of the Borrower and its Subsidiaries on
a consolidated basis, at a fair valuation, will exceed the debts and liabilities, subordinated, contingent or otherwise, of the
Borrower and its Subsidiaries on a consolidated basis; (ii) the present fair saleable value of the Property of the Borrower
and its Subsidiaries on a consolidated basis will be greater than the amount that will be required to pay the probable liability
of the Borrower and its Subsidiaries on a consolidated basis on their debts and other liabilities, subordinated, contingent or
otherwise, as such debts and other liabilities become absolute and matured; (iii) the Borrower and its Subsidiaries on a consolidated
basis will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become
absolute and matured; and (iv) the Borrower and its Subsidiaries on a consolidated basis will not have unreasonably small
capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to
be conducted after the date hereof.

(b)            
The Borrower and its Subsidiaries on a consolidated basis have not incurred debts beyond their ability to pay such debts
as they mature, taking into account the timing of and amounts of cash to be received by it or any such Subsidiary and the timing
of the amounts of cash to be payable on or in respect of its Indebtedness or the Indebtedness of any such Subsidiary.

5.16.      
Insurance. The Loan Parties carry, or cause to be carried, insurance on their Projects, including each Unencumbered
Property, with financially sound and reputable insurance companies, in such amounts, with such deductibles and covering such risks
as are customarily carried by companies engaged in similar businesses and owning similar Projects in localities where the Borrower
and its Subsidiaries operate, including, without limitation:

(a)            
Property and casualty insurance (including coverage for flood and other water damage for any Project located within a 100-year
flood plain) in the amount of the replacement cost of the improvements at the Projects (to the extent replacement cost insurance
is maintained by companies engaged in similar business and owning similar properties);

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(b)            
Builder’s risk insurance for any Project under construction in the amount of the construction cost of such Project;

(c)            
Loss of rental income insurance in the amount not less than one year’s gross revenues from the Projects; and

(d)            
Comprehensive general liability insurance in the amount of $20,000,000 per occurrence.

5.17.      
REIT Status. Borrower is qualified as a real estate investment trust under Section 856 of the Code and currently
is in compliance in all material respects with all provisions of the Code applicable to the qualification of the Borrower as a
real estate investment trust.

5.18.      
Environmental Matters. Each of the following representations and warranties is true and correct on and as of the
Agreement Effective Date except as disclosed on the environmental assessments delivered to the Administrative Agent pursuant to
this Agreement or on Schedule 5.18 attached hereto or to the extent that the facts and circumstances giving rise to any
the failure of such representations and warranties to be true and correct, in the aggregate, could not reasonably be expected to
have a Material Adverse Effect:

(i)              
Based upon the environmental assessments with respect to such Projects delivered to the Administrative Agent and otherwise
only to the current actual knowledge of the Borrower, all Projects owned by the Borrower and/or its Subsidiaries (x) for at least
two (2) years, have in the last two years, or (y) for less than two (2) years, have for such period of ownership, been in compliance
in all material respects with all applicable Environmental Laws.

(ii)             
Neither the Borrower nor any of its Subsidiaries has received any written notice of violation, alleged violation, non-compliance,
liability or potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the
Projects, nor does the Borrower have any current actual knowledge that any such notice will be received or is being threatened.

(iii)           
Based upon the environmental assessments with respect to such Projects delivered to the Administrative Agent and otherwise
only to the current actual knowledge of the Borrower, Materials of Environmental Concern have not been transported or disposed
of to or from the Projects of the Borrower and its Subsidiaries in violation of, or in a manner or to a location which could reasonably
give rise to liability of the Borrower or any Subsidiary under, Environmental Laws, nor have any Materials of Environmental Concern
migrated or been generated, treated, stored or disposed of at, on or under any of the Projects of the Borrower and its Subsidiaries
in violation of, or in a manner that could give rise to liability of the Borrower or any Subsidiary under, any applicable Environmental
Laws.

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(iv)           
Borrower has no written notice that any judicial proceedings or governmental or administrative actions are pending, and,
to the current actual knowledge of the Borrower, none are threatened, under any Environmental Law to which the Borrower or any
of its Subsidiaries is, or, to the Borrower’s current actual knowledge, will be, named as a party with respect to the Projects
of the Borrower and its Subsidiaries, and Borrower has no written notice or current actual knowledge that there are any consent
decrees or other decrees, consent orders, administrative order or other orders, or other administrative or judicial requirements
outstanding under any Environmental Law with respect to the Projects of the Borrower and its Subsidiaries.

(v)            
Based solely upon the environmental assessments with respect to such Projects delivered to the Administrative Agent and
otherwise only to the current actual knowledge of the Borrower, there has been no release or threat of release of Materials of
Environmental Concern at or from the Projects of the Borrower and its Subsidiaries, or arising from or related to the operations
of the Borrower and its Subsidiaries in connection with the Projects in violation of or in amounts or in a manner that could give
rise to liability under Environmental Laws.

5.19.      
Sanctions Laws and Regulations. None of the Borrower or the other
Loan Parties or the Advisor or the Property Managers, or to the Borrower’s current actual knowledge any of their respective
directors or officers acting or benefiting in any capacity in connection with this Agreement, or any of their respective Affiliates,
is a Designated Person. In addition, Borrower hereby agrees to provide to any Lender with any additional information that any Lender
deems necessary from time to time in order to ensure compliance with all applicable Laws concerning money laundering and similar
activities.

5.20.      
Unencumbered Properties. As of the Agreement Effective Date, Exhibit H
is a correct and complete list of all Unencumbered Properties. Each of the Unencumbered Properties included by Borrower in calculations
of the Unencumbered Pool Value satisfies all of the requirements contained in this Agreement for the same to be included therein.

ARTICLE VI.

COVENANTS

During the term
of this Agreement, unless the Required Lenders shall otherwise consent in writing:

6.1.         
Financial Reporting. The Borrower will maintain for the Consolidated Group a system of accounting established and
administered in accordance with GAAP, and furnish to the Administrative Agent and the Lenders:

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(a)            
By posting as provided below, the Form 10-Q as filed with the Securities and Exchange Commission, for each of the
first three fiscal quarters of any fiscal year, for the Consolidated Group;

(b)            
At or about the time of the quarterly and annual financial statements required to be posted as provided herein, the following
reports, all certified by an Authorized Officer of the Borrower:

(1)            
a schedule listing all Projects of the Borrower and its Subsidiaries and summary information for each such Project, including
location, square footage, occupancy, Net Operating Income and debt, and

(2)            
a statement of the Adjusted Unencumbered NOI and occupancy percentage of the Unencumbered Pool as of the end of the prior
fiscal quarter.

(c)            
By posting as provided below, the Form 10-K filed with the Securities and Exchange Commission, for each fiscal year,
for the Consolidated Group;

(d)            
At or about the time of the quarterly and annual financial statements required to be posted hereunder, a compliance certificate
in substantially the form of Exhibit A hereto signed by the Borrower’s chief financial officer, chief accounting officer
or chief operating officer showing the calculations and computations necessary to determine compliance with this Agreement as of
the last day of the period covered by such quarterly or annual financial statement, including without limitation such information
as is reasonably requested by the Administrative Agent to determine compliance as of such date with the covenants contained in
Sections 6.11, 6.16 and 6.17 of this Agreement, and stating that, to such
officer’s knowledge, no Default or Unmatured Default exists, or if, to such officer’s knowledge, any Default or Unmatured
Default exists, stating the nature and status thereof;

(e)            
As soon as possible and in any event within ten (10) days after a responsible officer of the Borrower receives written notice
of the facts giving rise to any such ERISA Event, the occurrence of any ERISA Event that, alone or together with any other
ERISA Events that have occurred, could reasonably be expected to result in an Event of Default under Section 7.10 of this
Agreement;

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(f)              
As soon as possible and in any event within ten (10) days after receipt by any responsible officer of the Borrower, a copy
of (i) any written notice or claim to the effect that the Borrower or any of its Subsidiaries is or may be liable to any Person
as a result of the release by the Borrower, any of its Subsidiaries, or any other Person of any Material of Environmental Concern
into the environment, and (ii) any written notice from any Governmental Authority alleging any violation of any federal, state
or local environmental, health or safety law or regulation by the Borrower or any of its Subsidiaries, which, in the case of either
(i) or (ii) could have a Material Adverse Effect;

(g)            
By publication as provided below, all financial statements, reports and proxy statements filed with the SEC; and

(h)            
Such other information (including, without limitation, financial statements for the Borrower, statements detailing the contributions
to Consolidated NOI from individual Projects and non-financial information) as the Administrative Agent may from time to time reasonably
request.

At the Borrower’s
option, the Borrower may deliver information required to be delivered pursuant to this Section 6.1 by posting any such
information to an internet website maintained by the Borrower or to the website of the Securities and Exchange Commission (www.sec.gov).
Any such information provided in such manner shall be deemed to have been delivered to the Administrative Agent and the Lenders
on the date on which such information has been posted, but only if such information is publicly available without charge on such
website.

6.2.         
Use of Proceeds. The Borrower will use, and will cause each of its Subsidiaries to use, the proceeds of the Advances
for its own account for general corporate purposes of the Borrower and its Subsidiaries in the ordinary course of its business,
including without limitation the repayment of Indebtedness, Property acquisitions, capital expenditures, development, redevelopment,
capital reserves and working capital. The Borrower will not, nor will it permit any Subsidiary to, use any of the proceeds of the
Advances (i) to purchase or carry any “margin stock” (as defined in Regulation U) if such usage could constitute
a violation of Regulation U by any Lender, or (ii) to fund any purchase of, or offer for, a controlling portion of the Equity
Interests of any Person, unless the board of directors or other manager of such Person has consented to such offer. The Borrower
shall not, directly or indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds
to any Subsidiary, joint venture partner or other person or entity (i) to fund any activities or business of or with any Designated
Person, or in any country or territory, that at the time of such funding is the subject of any sanctions under any Sanctions Laws
and Regulations , or (ii) in any other manner that would result in a violation of any Sanctions Laws and Regulations by any party
to this Agreement.

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6.3.         
Notice of Default. The Borrower will give notice in writing to the Administrative Agent and the Lenders of the occurrence
of any Default or Unmatured Default and of any other development, financial or otherwise, which could reasonably be expected to
have a Material Adverse Effect promptly after obtaining knowledge thereof.

6.4.         
Conduct of Business. The Borrower will do, and will cause each Loan Party to do, all things necessary to remain duly
incorporated or duly qualified, validly existing and in good standing as a trust, corporation, limited liability company, general
partnership or limited partnership, as the case may be, in its jurisdiction of incorporation/formation (except with respect to
mergers not prohibited hereunder and Permitted Investments) and maintain all requisite authority to conduct its business in each
jurisdiction in which its business is conducted and to carry on and conduct their businesses in substantially the same manner as
they are presently conducted where the failure to do so could reasonably be expected to have a Material Adverse Effect. Neither
the Borrower nor its Subsidiaries may undertake any business other than the acquisition of commercial properties, providing Notes
Receivable, engaging in construction activities and any business activities and investments incidental thereto (including investments
in Marketable Securities) and certain additional activities permitted within the limitations imposed on such additional activities
pursuant to Section 6.19 below.

6.5.         
Taxes. The Borrower will pay, and will cause each of its Subsidiaries to pay, when due all taxes, assessments and
governmental charges and levies upon them or their income, profits or Projects, except those which are being contested in good
faith by appropriate proceedings and with respect to which adequate reserves have been set aside.

6.6.         
Insurance. The Borrower will, and will cause each of its Subsidiaries to, maintain insurance which is consistent
with the representation contained in Section 5.16 on all their Projects and the Borrower will furnish to the Administrative
Agent upon reasonable request full information as to the insurance carried.

6.7.         
Compliance with Laws. The Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules,
regulations, orders, writs, judgments, injunctions, decrees or awards to which they may be subject, the violation of which could
reasonably be expected to have a Material Adverse Effect.

6.8.         
Maintenance of Properties. The Borrower will, and will cause each of its Subsidiaries to, do all things necessary
to maintain, preserve, protect and keep their respective Projects, in good condition and repair, working order and condition, ordinary
wear and tear excepted, in each case where the failure to so maintain, preserve, protect and keep in good condition and repair
will have a Material Adverse Effect.

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6.9.         
Inspection. The Borrower will, and will cause each of its Subsidiaries to, permit the Administrative Agent upon reasonable
notice and during normal business hours and, so long as no Event of Default then exists, at the Administrative Agent’s or
Lenders’ sole cost and expense, and subject to rights of tenants, by its representatives and agents, to inspect any of the
Projects, corporate books and financial records of the Borrower and each of its Subsidiaries, to examine and make copies of the
books of accounts and other financial records of the Borrower and each of its Subsidiaries, and to discuss the affairs, finances
and accounts of the Borrower and each of its Subsidiaries with officers thereof, and to be advised as to the same by, their respective
officers at such reasonable times and intervals as the Administrative Agent may designate.

6.10.      
Maintenance of Status. The Borrower shall at all times maintain its status as a real estate investment trust in compliance
with all applicable provisions of the Code relating to such status.

6.11.      
Dividends; Distributions; Redemptions. The Borrower and its Subsidiaries shall be permitted to declare and pay dividends
on their Equity Interests, to make distributions with respect thereto from time to time and to honor requests to redeem their Equity
Interests, provided, however, that in no event shall the Borrower: (i) pay any such dividends or make any such distributions
or honor any redemption requests on any Equity Interests (including without limitation the declaration and payment of Preferred
Dividends or the making of distributions to holders of shares in the Borrower), if such dividends and distributions paid and redemption
requests honored on account of the then-current fiscal quarter and the three immediately preceding fiscal quarters, in the aggregate
for such period, would cause the Dividend Payout Ratio to exceed 95% for such period or (ii) without the consent of the Administrative
Agent and the Required Lenders, pay any such dividends or make any such distributions or make any such redemptions if (A) any Default
has occurred and is then continuing or (B) any Unmatured Default arising under Section 7.1 or Section 7.2 hereof
has occurred and is then continuing, provided however that Borrower and its Subsidiaries shall in all cases be permitted to distribute
whatever amount of dividends and distributions is necessary to maintain the Borrower’s tax status as a real estate investment
trust, which dividends and distributions may be made in cash or in Equity Interests at the Borrower’s option.

6.12.      
[Intentionally Deleted].

6.13.      
Plan Assets. The Borrower hereby covenants and agrees that (i) Borrower shall not use any Plan Assets to repay
or secure the Obligations, (ii) no assets of the Borrower or any Subsidiary Guarantor are or will be Plan Assets, (iii) each
Plan will be in compliance with all applicable requirements of ERISA and the Code except to the extent any defects can be remedied
without material liability to the Borrower under Revenue Procedure 2008-50 or any similar procedure and except to the extent that
such non-compliance would not have a Material Adverse Effect, and (iv) the Borrower will not have any liability under Title IV
of ERISA or Section 412 of the Code with respect to any Plan which would have a Material Adverse Effect.

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6.14.       Liens (a).
The Borrower will not, nor will it permit any of its Subsidiaries to, create, incur, or suffer to exist any Lien in, of or
on the Property of the Borrower or any of its Subsidiaries, except for Permitted Liens and Liens
on Properties which are not then included in the Unencumbered Pool, but only to the extent such Liens will not result in
a Default in any of Borrower’s covenants herein.

6.15.      
Affiliates. The Borrower will not, nor will it permit any of its Subsidiaries to, enter into any transaction (including,
without limitation, the purchase or sale of any Property or service) with, or make any payment or transfer to, any Affiliate which
is not a member of the Consolidated Group except upon fair and reasonable terms no less favorable to the Borrower or such Subsidiary
than the Borrower or such Subsidiary would obtain in a comparable arms-length transaction, but excluding in all events any such
transactions, payments or transfers which are either disclosed in filings made by the Borrower with the Securities and Exchange
Commission or related to any internalization of the business management services currently provided to the Borrower by the Advisor
or the Property Managers or any similar transactions.

6.16.      
Consolidated Tangible Net Worth. The Consolidated Group shall maintain, as of the last day of each fiscal quarter
based upon Borrower’s compliance certificate required by Section  6.1(d) hereof for such fiscal quarter,
a Consolidated Tangible Net Worth of not less than (i) eighty-five percent (85%) of the Consolidated Tangible Net Worth as of the
Agreement Effective Date, plus (ii) seventy-five percent (75%) of the equity contributions or sales of treasury stock received
by the Borrower after the Agreement Effective Date.

6.17.      
Indebtedness and Cash Flow Covenants. The Borrower shall not permit:

(a)            
The Leverage Ratio to be more than sixty percent (60%), as of the last day of any fiscal quarter based upon Borrower’s
compliance certificate required by Section 6.1(d) hereof for such fiscal quarter, provided that the Leverage Ratio as of
the last day of not more than two (2) fiscal quarters, which must be consecutive fiscal quarters, may exceed sixty percent (60%),
provided that the Leverage Ratio shall never exceed sixty-five percent (65%);

(b)            
The Fixed Charge Coverage Ratio, as of the last day of any fiscal quarter based upon Borrower’s compliance certificate
required by Section 6.1(d) hereof, to be less than 1.50 to 1.00;

(c)            
The aggregate amount of Secured Indebtedness of the Consolidated Group which is also Recourse Indebtedness to be greater
than ten percent (10%) of Gross Asset Value at any time;

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(d)            
The aggregate amount of Consolidated Total Indebtedness which bears interest at an interest rate that is not fixed through
the maturity date of such Indebtedness to exceed twenty percent (20%) of Gross Asset Value at any time, unless all of such Indebtedness
in excess of such amount is subject to a Swap Contract that effectively converts the interest rate on such excess to a fixed rate;

(e)            
The Unsecured Debt Coverage Ratio to be less than 1.50 to 1.00 at any time; provided that no breach of this Section 6.17(e)
shall occur unless and until Borrower has failed to make the principal payments required to restore compliance with this covenant
as provided in Section 2.3(b);

(f)              
The Unsecured Leverage Ratio to be more than sixty percent (60%) at any time, provided that no breach of this Section
6.17(f) shall occur unless and until Borrower has failed to make the principal payments required to restore compliance with
this covenant as provided in Section 2.3(b);

(g)     The
Unencumbered Pool Value to be less than $100,000,000, or there to be fewer than five (5) Unencumbered Properties, at any time;
or

(h)     Any
Unsecured Indebtedness of Borrower or any other member of the Consolidated Group to exist other than the Obligations to the Lenders
under this Agreement.

6.18.      
Environmental Matters. Borrower and its Subsidiaries shall:

(i)              
Comply with, and use all reasonable efforts to ensure compliance by all tenants and subtenants, if any, with, all applicable
Environmental Laws and obtain and comply with and maintain, and use all reasonable efforts to ensure that all tenants and subtenants
obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable
Environmental Laws, except to the extent that failure to do so could not be reasonably expected to have a Material Adverse Effect,
provided that in no event shall the Borrower or its Subsidiaries be required to modify the terms of leases, or renewals thereof,
with existing tenants (i) at Projects owned by the Borrower or its Subsidiaries as of the Agreement Effective Date or (ii) at Projects
subsequently acquired by the Borrower or its Subsidiaries as of the date of such acquisition, to add provisions to such effect.

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(ii)             
Conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required
under Environmental Laws and promptly comply in all material respects with all lawful orders and directives of all Governmental
Authorities regarding Environmental Laws, except to the extent that (i) the same are being contested in good faith by appropriate
proceedings and the pendency of such proceedings could not be reasonably expected to have a Material Adverse Effect, or (ii) the
Borrower has determined in good faith that contesting the same is not in the best interests of the Borrower and its Subsidiaries
and the failure to contest the same could not be reasonably expected to have a Material Adverse Effect, or (iii) the failure to
so comply could not reasonably be expected to have a Material Adverse Effect .

(iii)           
Defend, indemnify and hold harmless Administrative Agent and each Lender, and their respective officers and directors from
and against any claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature
known or unknown, contingent or otherwise, arising out of, or in any way relating to the violation of, noncompliance with or liability
under any Environmental Laws applicable to the operations of the Borrower, its Subsidiaries or the, or any orders, requirements
or demands of Governmental Authorities related thereto, including, without limitation, attorney’s and consultant’s
fees, investigation and laboratory fees, response costs, court costs and litigation expenses, except to the extent that any of
the foregoing arise out of the gross negligence or willful misconduct of any indemnified party. This indemnity shall continue in
full force and effect regardless of the termination of this Agreement.

6.19.       Permitted
Investments (a). The Consolidated Group’s activities shall be limited to acquiring and owning
commercial properties, providing Notes Receivable, engaging in construction activities and any business activities and
investments incidental thereto (including Investments in Marketable Securities) except that the following additional
Investments (“Permitted Investments”) shall also be permitted so long as the aggregate value of the
Permitted Investments under each of the following clauses (i) through (v), tested as of the last day of any fiscal quarter
based on Borrower’s compliance certificate for such quarter, shall not exceed the individual percentage of Gross Asset
Value limits stated in such clause and the aggregate value of the Permitted Investments under all such clauses on a combined
basis shall not at any time exceed twenty-five percent (25%) of Gross Asset Value:

(i)              
Unimproved Land (other than land included in the definition of Construction-in-Progress) -- (valued at undepreciated GAAP
book value, after taking into account any impairments) -- five percent (5%) of Gross Asset Value;

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(ii)             
Investments in Investment Affiliates (valued at the portion of Gross Asset Value attributable to such entity or its assets
as the case may be) -- twenty percent (20%) of Gross Asset Value;

(iii)           
Construction-in-Progress (valued at undepreciated GAAP book value, after taking into account any impairments) -- ten percent
(10%) of Gross Asset Value;

(iv)           
Notes Receivable (valued at undepreciated GAAP book value, after taking into account any impairments) -- five percent (5%)
of Gross Asset Value; and

(v)            
Marketable Securities-- ten percent (10%) of Gross Asset Value.

6.20.      
Negative Pledges. The Borrower agrees that neither the Borrower nor any other members of the Consolidated Group shall
enter into or be subject to any agreement governing Indebtedness which contains a Negative Pledge
other than restrictions on further subordinate Liens on Projects encumbered by a mortgage, deed to secure debt or deed of trust
securing such Indebtedness, or on the direct or indirect ownership interests in the owners of such encumbered Projects.

6.21.      
Subsidiary Guaranty. Borrower shall cause each of its existing Subsidiaries listed on Exhibit C, which includes
the owners of each Initial Unencumbered Property, along with all other current subsidiaries of Borrower, excluding only the Excluded
Subsidiaries, to execute and deliver to the Administrative Agent the Subsidiary Guaranty. Borrower shall cause each Subsidiary
which is hereafter acquired or formed (other than Excluded Subsidiaries) to execute and deliver to the Administrative Agent a joinder
in the Subsidiary Guaranty in the form of Exhibit A attached to the form of Subsidiary Guaranty within five (5) Business
Days after the acquisition or formation of such Subsidiary. Borrower covenants and agrees that each Subsidiary which it shall cause
to execute the Subsidiary Guaranty shall be fully authorized to do so by its supporting organizational and authority documents
and shall be in good standing in its state of organization and in the case of any Subsidiary which is the owner of an Unencumbered
Property, shall be in good standing in the state in which such Property is located. If a Subsidiary that was not required to join
in the Subsidiary Guaranty because it was an Excluded Subsidiary as of the Agreement Effective Date shall subsequently not be precluded
from doing so, then Borrower shall cause such Subsidiary to join in the Subsidiary Guaranty within five (5) Business Days after
such Subsidiary ceased to be an Excluded Subsidiary. The delivery by Borrower to the Administrative Agent of any such joinder shall
be deemed a representation and warranty by Borrower that each Subsidiary which Borrower caused to execute the Subsidiary Guaranty
has been fully authorized to do so by its supporting organizational and authority documents and is in good standing in its state
of organization and in the case of a Subsidiary which is the owner of an Unencumbered Property, is in good standing in the state
in which such Property is located.

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6.22.      
Subordination of Advisor's Fees. Any fees payable to the Advisor by the Borrower
or any other member of the Consolidated Group will be payable no more frequently than quarterly (other than acquisition fees which
may be paid on or about the time of the related acquisition), and all such fees shall be subordinated to payment of all Obligations
then due and payable to the Administrative Agent or the Lenders as provided in the subordination agreement attached as Exhibit
K and shall not be paid unless the Borrower is in compliance with all of its obligations under the Loan Documents at the time
of such payment and no Unmatured Default or Default then exists hereunder.

6.23.      
Mergers, Consolidations and Sales of Assets. The Borrower will not, and will not permit any Subsidiary which is an
owner of an Unencumbered Property (unless such Subsidiary is released or being released as a Subsidiary Guarantor at such time)
to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it. In addition,
the Borrower will not permit the Consolidated Group, in the aggregate, to sell, transfer, lease or otherwise dispose of (in one
transaction or in a series of transactions) during any period of four (4) consecutive fiscal quarters assets of the Consolidated
Group representing an aggregate value of more than twenty percent (20%) of the Gross Asset Value in effect on the first day of
such period. Notwithstanding the foregoing, if at the time thereof and immediately after giving effect thereto no Default shall
have occurred and be continuing: (i) any Subsidiary may merge into the Borrower in a transaction in which the Borrower is
the surviving corporation, provided that following such transaction Borrower remains an entity organized under the laws of the
United State of America, (ii) any Subsidiary may merge into any other member of the Consolidated Group in a transaction in
which the surviving entity is a member of the Consolidated Group and remains an entity organized under the laws of the United States
of America, (iii) any Subsidiary may sell, transfer, lease or otherwise dispose of its assets to the Borrower or to another member
of the Consolidated Group and (iv) any Subsidiary may liquidate or dissolve if the Borrower determines in good faith that such
liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders.

ARTICLE VII.

DEFAULTS

The occurrence
of any one or more of the following events shall constitute a Default:

7.1.Nonpayment
of any principal payment due hereunder or under any Note when due.

7.2.Nonpayment
of interest upon any Note or of any fee or other payment Obligations under any of the Loan Documents within five (5) Business Days
after the same becomes due.

7.3.The
breach of any of the terms or provisions of Sections 6.2, 6.4, 6.10, 6.11, 6.13, 6.16,
6.17, 6.19, 6.20, 6.21, 6.22 or 6.23.

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7.4.Any
representation or warranty made or deemed made by or on behalf of the Borrower or any of its Subsidiaries to the Lenders or the
Administrative Agent under or in connection with this Agreement, or any material certificate or information delivered in connection
with this Agreement or any other Loan Document shall be materially false on the date as of which made, provided that the facts
or conditions giving rise to such falsity are not corrected by the Borrower within thirty (30) days after written notice of such
falsity from the Administrative Agent.

7.5.The
breach by the Borrower (other than a breach which constitutes a Default under Section 7.1, 7.2, 7.3 or
7.4) of any of the terms or provisions of this Agreement which is not remedied within thirty (30) days after written notice
from the Administrative Agent.

7.6.The
default by the Borrower or any other member of the Consolidated Group or any Investment Affiliate beyond any applicable notice
and cure period in the payment of any amount due under, or the performance of any term, provision or condition contained in, any
agreement with respect to (A) Recourse Indebtedness of the Borrower or of any other member of the Consolidated Group if the aggregate
amount of Recourse Indebtedness so in default exceeds Twenty Million Dollars ($20,000,000) (provided that if the total underlying
Indebtedness so in default exceeds the portion which constitutes Recourse Indebtedness, only the portion that constitutes Recourse
Indebtedness shall be taken into account in determining such $20,000,000 threshold), or (B) any Non-Recourse Indebtedness of the
Borrower or any other member of the Consolidated Group or any Investment Affiliate in excess of Fifty Million Dollars ($50,000,000)
in the aggregate, (any such Indebtedness causing the applicable threshold in clause (A) or clause (B) to be exceeded being referred
to herein as “Material Indebtedness”) or any other event shall occur or condition exist, which causes or permits
any such Material Indebtedness to be due and payable or required to be prepaid (other than by a regularly scheduled payment) prior
to the stated maturity thereof.

7.7.The
Borrower or any Subsidiary Guarantor shall (i) have an order for relief entered with respect to it under the Federal bankruptcy
laws as now or hereafter in effect, (ii) make an assignment for the benefit of creditors, (iii) apply for, seek, consent to, or
acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any Substantial
Portion of its Property, (iv) institute any proceeding seeking an order for relief under the Federal bankruptcy laws as now or
hereafter in effect or seeking to adjudicate it as a bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization,
arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or
relief of debtors or fail to file an answer or other pleading denying the material allegations of any such proceeding filed against
it, (v) fail to contest in good faith any appointment or proceeding described in Section 7.8, or (vi) admit in
writing its inability to pay its debts generally as they become due.

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7.8.A receiver,
trustee, examiner, liquidator or similar official shall be appointed for the Borrower or any Subsidiary Guarantor or for any Substantial
Portion of the Property of the Borrower or any Subsidiary Guarantor or a proceeding described in Section 7.7(iv) shall be
instituted against the Borrower or any Subsidiary Guarantor and such appointment continues undischarged or such proceeding continues
undismissed or unstayed for a period of ninety (90) consecutive days.

7.9.The
Borrower or any Subsidiary Guarantor shall fail within forty-five (45) days to pay, bond or otherwise discharge any judgments or
orders for the payment of money in an amount which, when added to all other judgments or orders outstanding against the Borrower
or any Subsidiary Guarantor would exceed $10,000,000 in the aggregate, which have not been stayed on appeal or otherwise appropriately
contested in good faith.

7.10.Any
Subsidiary other than a Subsidiary Guarantor shall fail within forty-five (45) days to pay, bond or otherwise discharge any judgments
or orders for the payment of money in an amount which, when added to all other judgments or orders outstanding against all Subsidiaries
which are not Subsidiary Guarantors would exceed $25,000,000 in the aggregate, which have not been stayed on appeal or otherwise
appropriately contested in good faith.

7.11.An
ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that
have occurred, could reasonably be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount
exceeding (i) $10,000,000 in any year or (ii) $25,000,000 for all periods.

7.12.Any
Change in Control shall occur.

7.13.Failure
to complete any direct remediation obligation within the time period permitted by law or governmental order (or within a reasonable
time in light of the nature of the problem if no specific time period is so established) with respect to material environmental
problems at Projects owned by the Borrower or any of its Subsidiaries whose aggregate book values are in excess of $25,000,000
after all administrative hearings and appeals have been concluded, and if litigation is applicable to such obligation, after a
final non-appealable judgment of a court of competent jurisdiction has been entered.

7.14.The
occurrence of any “Default” as defined in any Loan Document or the breach of any of the terms or provisions of any
Loan Document, which default or breach continues beyond any period of grace or cure therein provided.

7.15.The
attempted disavowal, revocation or termination by the Borrower or any Loan Party of any of the Loan Documents.

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ARTICLE VIII.

ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES

8.1.         
Acceleration. If any Default described in Section 7.7 or 7.8 occurs with respect to the Borrower, the
obligations of the Lenders to make Loans hereunder shall automatically terminate and the Obligations shall immediately become due
and payable without any election or action on the part of the Administrative Agent or any Lender. If any other Default occurs,
so long as a Default exists Lenders shall have no obligation to make any Loans and the Required Lenders, at any time prior to the
date that such Default has been fully cured, may permanently terminate the obligations of the Lenders to make Loans hereunder and
declare the Obligations to be due and payable, or both, whereupon if the Required Lenders elected to accelerate (i) the Obligations
shall become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which the Borrower
hereby expressly waives and (ii) if any automatic or optional acceleration has occurred, the Administrative Agent, as directed
by the Required Lenders (or if no such direction is given within thirty (30) days after a request for direction, as the Administrative
Agent deems in the best interests of the Lenders, in its sole discretion), shall use its good faith efforts to collect all amounts
owed by the Borrower and any Guarantor under the Loan Documents by exercising all rights and remedies provided for under this Agreement
or otherwise available at law or in equity, including without limitation by filing and diligently pursuing judicial action.

In addition
to the foregoing, following the occurrence of a Default and so long as any Facility Letter of Credit has not been fully drawn and
has not been cancelled or expired by its terms, upon demand by the Required Lenders the Borrower shall deposit in the Letter of
Credit Collateral Account cash in an amount equal to the aggregate undrawn face amount of all outstanding Facility Letters of Credit
and all fees and other amounts due or which may become due with respect thereto. The Borrower shall have no control over funds
in the Letter of Credit Collateral Account. Such funds shall be promptly applied by the Administrative Agent to reimburse the Issuing
Bank for drafts drawn from time to time under the Facility Letters of Credit and associated issuance costs and fees. Such funds,
if any, remaining in the Letter of Credit Collateral Account following the payment of all Obligations in full shall, unless the
Administrative Agent is otherwise directed by a court of competent jurisdiction, be promptly paid over to the Borrower.

If, within ten
(10) days after acceleration of the maturity of the Obligations or termination of the obligations of the Lenders to make Loans
hereunder as a result of any Default (other than any Default as described in Section 7.7 or 7.8 with respect to the
Borrower) and before any judgment or decree for the payment of the Obligations due shall have been obtained or entered, the Required
Lenders (in their sole discretion) shall so direct, the Administrative Agent shall, by notice to the Borrower, rescind and annul
such acceleration and/or termination.

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8.2.         
Amendments. Subject to the provisions of this Article VIII the Required Lenders (or the Administrative Agent
with the consent in writing of the Required Lenders) and the Borrower may enter into agreements supplemental hereto for the purpose
of adding or modifying any provisions to the Loan Documents or changing in any manner the rights of the Lenders or the Borrower
hereunder or waiving any Default hereunder; provided, however, that no such supplemental agreement or waiver shall, without the
consent of all Lenders:

(a)            
Extend the Facility Termination Date (except as provided in Section 2.21), or forgive all or any portion
of the principal amount of any Loan or accrued interest thereon or the Unused Fee or Facility Fee, reduce the Applicable Margins
or Unused Fee Percentage or Facility Fee Percentage or modify the underlying interest rate options (or modify any definition herein
used in calculating such options which would have the effect of modifying such options) or extend the time of payment of any such
principal, interest or fees;

(b)            
Release any Subsidiary Guarantor from the Subsidiary Guaranty, except as expressly provided for herein;

(c)            
Reduce the percentage specified in the definition of Required Lenders;

(d)            
Increase the Aggregate Commitment beyond $400,000,000 provided that no Lender's Commitment can be increased without the
consent of such Lender;

(e)            
Amend the definitions of Commitment or Percentage;

(f)              
Permit the Borrower to assign its rights under this Agreement;

(g)            
Amend Sections 6.21, 8.1, 8.2 , or 11.2; or

(h)            
Waive any Default under Section 7.1.

No amendment of any provision of
this Agreement relating to the Administrative Agent shall be effective without the written consent of the Administrative Agent.

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8.3.         
Preservation of Rights. No delay or omission of the Lenders or the Administrative Agent to exercise any right under
the Loan Documents shall impair such right or be construed to be a waiver of any Default or an acquiescence therein, and the making
of a Loan notwithstanding the existence of a Default or the inability of the Borrower to satisfy the conditions precedent to such
Loan shall not constitute any waiver or acquiescence. Any single or partial exercise of any such right shall not preclude other
or further exercise thereof or the exercise of any other right, and no waiver, amendment or other variation of the terms, conditions
or provisions of the Loan Documents whatsoever shall be valid unless in writing signed by the Lenders required pursuant to Section 8.2,
and then only to the extent in such writing specifically set forth. All remedies contained in the Loan Documents or by law afforded
shall be cumulative and all shall be available to the Administrative Agent and the Lenders until the Obligations have been paid
in full.

 

ARTICLE IX.

GENERAL PROVISIONS

9.1.         
Survival of Representations. All representations and warranties of the Borrower contained in this Agreement shall
survive delivery of the Notes and the making of the Loans herein contemplated.

9.2.         
Governmental Regulation. Anything contained in this Agreement to the contrary notwithstanding, no Lender shall be
obligated to extend credit to the Borrower in violation of any limitation or prohibition provided by any applicable statute or
regulation.

9.3.         
[Intentionally Deleted].

9.4.         
Headings. Section headings in the Loan Documents are for convenience of reference only, and shall not govern the
interpretation of any of the provisions of the Loan Documents.

9.5.         
Entire Agreement. The Loan Documents embody the entire agreement and understanding among the Borrower, the Administrative
Agent and the Lenders and supersede all prior commitments, agreements and understandings among the Borrower, the Administrative
Agent and the Lenders relating to the subject matter thereof.

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9.6.         
Several Obligations; Benefits of the Agreement. The respective obligations of the Lenders hereunder are several and
not joint and no Lender shall be the partner or agent of any other (except to the extent to which the Administrative Agent is authorized
to act as such). The failure of any Lender to perform any of its obligations hereunder shall not relieve any other Lender from
any of its obligations hereunder. The Agreement shall not be construed so as to confer any right or benefit upon any Person other
than the parties to the Agreement and their respective successors and assigns.

9.7.         
Expenses; Indemnification. The Borrower shall reimburse the Administrative Agent for any reasonable out-of-pocket
costs and expenses (including, without limitation, all reasonable fees for consultants and reasonable fees and expenses for attorneys
for the Administrative Agent, which attorneys may be employees of the Administrative Agent) paid or incurred by the Administrative
Agent in connection with the amendment or modification of the Loan Documents. The Borrower also agrees to reimburse the Administrative
Agent for any reasonable internal charges and out-of-pocket costs and expenses (including, without limitation, all reasonable fees
and expenses for attorneys for the Administrative Agent, which attorneys may be employees of the Administrative Agent, plus, if
reasonably determined by the Administrative Agent to be needed due to differences between the Administrative Agent and the Lenders
and arising after an Event of Default, one additional outside law firm retained to act as special counsel to the Lenders) paid
or incurred by the Administrative Agent in connection with the collection and enforcement of the Loan Documents (including, without
limitation, any workout). The Borrower further agrees to indemnify the Administrative Agent, each Lender and their Affiliates,
and their respective directors, officers and employees against all losses, claims, damages, penalties, judgments, liabilities and
expenses (including, without limitation, all reasonable fees and reasonable expenses for attorneys of the indemnified parties,
all reasonable expenses of litigation or preparation therefor whether or not the Administrative Agent, or any Lender is a party
thereto) which any of them may pay or incur arising out of or relating to this Agreement, the other Loan Documents, the Projects,
the transactions contemplated hereby or the direct or indirect application or proposed application of the proceeds of any Loan
hereunder, except to the extent that any of the foregoing arise (a) out of the gross negligence or willful misconduct of the party
seeking indemnification therefor or of any Affiliate of such party or (b) from claims of an indemnified party against any Affiliate
of such indemnified party or (c) from internal disputes among the Administrative Agent and the Lenders. To the extent permitted
by applicable law, the Borrower shall not assert, and hereby waives, any claim against any of the foregoing indemnified parties,
on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising
out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, any Loan or Facility
Letter of Credit or the use of the proceeds thereof and (y) the Administrative Agent and the Lenders shall not assert, and hereby
waives, any claim against any of the Borrower and any other Loan Party, or any theory of liability, for special, indirect, consequential
or punitive damages (as opposed to direct or actual damages) arising out of, in

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connection with, or as a result
of, this Agreement or any agreement or instrument contemplated hereby, any Loan or Facility Letter of Credit or the use of the
proceeds thereof. The obligations of the Borrower to the Administrative Agent and the Lenders under this Section shall survive
the termination of this Agreement.

9.8.         
Numbers of Documents. All statements, notices, closing documents, and requests hereunder shall be furnished to the
Administrative Agent with sufficient counterparts so that the Administrative Agent may furnish one to each of the Lenders.

9.9.         
Accounting. Except as provided to the contrary herein, all accounting terms used herein shall be interpreted and
all accounting determinations hereunder shall be made in accordance with GAAP as in effect from time to time; 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 Required 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 Required Lenders); 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 any other provision contained herein, all terms of an accounting or financial nature used herein shall
be construed, and all computations of amounts and ratios referred to herein shall be made in a manner such that any obligations
relating to a lease that was accounted for by a Person as an operating lease under GAAP as of the Agreement Effective Date and
any similar lease entered into after the Agreement Effective Date by such Person shall be accounted for as obligations relating
to an operating lease and not as Capital Lease Obligations.

9.10.      
Severability of Provisions. Any provision in any Loan Document that is held to be inoperative, unenforceable, or
invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining
provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and
to this end the provisions of all Loan Documents are declared to be severable.

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9.11.      
No Advisory or Fiduciary Responsibility. The relationship between the Borrower, on the one hand, and the Lenders
and the Administrative Agent, on the other, shall be solely that of borrower and lender. Neither the Administrative Agent nor any
Lender shall have any fiduciary responsibilities to the Borrower. In connection with all aspects of each transaction contemplated
hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower
and each other Loan Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging
and other services regarding this Agreement provided by the Administrative Agent and the Arranger are arm’s-length commercial
transactions between the Borrower, each other Loan Party and their respective Affiliates, on the one hand, and the Administrative
Agent and the Arranger, on the other hand, (B) each of the Borrower and the other Loan Parties has consulted its own legal, accounting,
regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower and each other Loan Party is capable
of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the
other Loan Documents; (ii) (A) the Administrative Agent and the Arranger each is and has been acting solely as a principal and,
except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent
or fiduciary for the Borrower, any other Loan Party or any of their respective Affiliates, or any other Person and (B) neither
the Administrative Agent nor any Arranger has any obligation to the Borrower, any other Loan Party or any of their respective Affiliates
with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan
Documents; and (iii) the Administrative Agent, the Arranger and their respective Affiliates may be engaged in a broad range of
transactions that involve interests that differ from those of the Borrower, the other Loan Parties and their respective Affiliates,
and neither the Administrative Agent nor any Arranger has any obligation to disclose any of such interests to the Borrower, any
other Loan Party, or any of their respective Affiliates. To the fullest extent permitted by law, each of the Borrower and the other
Loan Parties hereby waives and releases any claims that it may have against the Administrative Agent and the Arranger with respect
to any breach or alleged breach of agency or fiduciary duty to the Borrower or any other Loan Party in connection with any aspect
of any transaction contemplated hereby. Neither the Administrative Agent nor 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.

9.12.      
Choice of Law. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY
EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE
STATE OF ILLINOIS, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

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9.13.      
Consent to Jurisdiction. THE BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED
STATES DISTRICT COURT FOR NORTHERN DISTRICT OF ILLINOIS OR STATE COURT LOCATED IN CHICAGO, ILLINOIS IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND THE BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH
ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER
HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM.
NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY LENDER TO BRING PROCEEDINGS AGAINST THE BORROWER IN THE
COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY THE BORROWER AGAINST THE ADMINISTRATIVE AGENT OR ANY LENDER OR ANY
AFFILIATE OF THE ADMINISTRATIVE AGENT OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED
TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN CHICAGO, ILLINOIS.

9.14.      
Waiver of Jury Trial. THE BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL
PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT
OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER.

ARTICLE X.

THE ADMINISTRATIVE AGENT

10.1.      
Appointment. KeyBank National Association, is hereby appointed Administrative Agent hereunder and under each other
Loan Document, and each of the Lenders irrevocably authorizes the Administrative Agent to act as the agent of such Lender. The
Administrative Agent agrees to act as such upon the express conditions contained in this Article X. Notwithstanding
the use of the defined term “Administrative Agent,” it is expressly understood and agreed that the Administrative Agent
shall not have any fiduciary responsibilities to any Lender by reason of this Agreement or any other Loan Document and that the
Administrative Agent is merely acting as the contractual representative of the Lenders with only those duties as are expressly
set forth in this Agreement and the other Loan Documents. In its capacity as the Lenders’ contractual representative, the
Administrative Agent (i) does not hereby assume any fiduciary duties to any of the Lenders, (ii) is a “representative”
of the Lenders within the meaning of the term “secured party” as defined in the Illinois Uniform Commercial Code and
(iii) is acting as an independent contractor, the rights and duties of which are limited to those expressly set forth in this Agreement
and the other Loan Documents. Each of the Lenders hereby agrees to

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assert no claim against the Administrative
Agent on any agency theory or any other theory of liability for breach of fiduciary duty, all of which claims each Lender hereby
waives.

10.2.      
Powers. The Administrative Agent shall have and may exercise such powers under the Loan Documents as are specifically
delegated to the Administrative Agent by the terms of each thereof, together with such powers as are reasonably incidental thereto.
The Administrative Agent shall have no implied duties to the Lenders, or any obligation to the Lenders to take any action thereunder
except any action specifically provided for in this Agreement and/or the other Loan Documents to be taken by the Administrative
Agent.

10.3.      
General Immunity. Neither the Administrative Agent nor any of its directors, officers, agents or employees shall
be liable to the Borrower, the Lenders or any Lender for any action taken or omitted to be taken by it or them hereunder or under
any other Loan Document or in connection herewith or therewith except for its or their own gross negligence or willful misconduct.

10.4.      
No Responsibility for Loans, Recitals, etc. Neither the Administrative Agent nor any of its directors, officers,
agents or employees shall be responsible for or have any duty to ascertain, inquire into, or verify (i) any statement, warranty
or representation made by anyone other than the Administrative Agent or one of its Affiliates in connection with any Loan Document
or any borrowing hereunder; (ii) the performance or observance of any of the covenants or agreements of any obligor under
any Loan Document, including, without limitation, any agreement by an obligor to furnish information directly to each Lender; (iii) the
satisfaction of any condition specified in Article IV, except receipt of items required to be delivered to the Administrative
Agent; (iv) the validity, effectiveness or genuineness of any Loan Document or any other instrument or writing furnished in
connection therewith with respect to anyone other than the Administrative Agent or one of its Affiliates; (v) the value, sufficiency,
creation, perfection, or priority of any interest in any collateral security; or (vi) the financial condition of the Borrower or
any Guarantor.

10.5.      
Action on Instructions of Lenders. The Administrative Agent shall in all cases be fully protected in acting, or in
refraining from acting, hereunder and under any other Loan Document in accordance with written instructions signed by the required
percentage of the Lenders needed to take such action or refrain from taking such action, and such instructions and any action taken
or failure to act pursuant thereto shall be binding on all of the Lenders. The Lenders hereby acknowledge that the Administrative
Agent shall be under no duty to take any discretionary action permitted to be taken by it pursuant to the provisions of this Agreement
or any other Loan Document unless it shall be requested in writing to do so by the Required Lenders. The Administrative Agent shall
be fully justified in failing or refusing to take any action hereunder and under any other Loan Document unless it shall first
be indemnified to its satisfaction by the Lenders pro rata against any and all liability, cost and expense that it may incur by
reason of taking or continuing to take any such action, other than liability, cost or expense that arises from the Administrative
Agent’s gross negligence or willful misconduct.

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10.6.      
Employment of Agents and Counsel. The Administrative Agent may execute any of its duties as Administrative Agent
hereunder and under any other Loan Document by or through employees, agents, and attorneys-in-fact and shall not be answerable
to the Lenders, except as to money or securities received by it or its authorized agents, for the default or misconduct of any
such agents or attorneys-in-fact selected by it with reasonable care. The Administrative Agent shall be entitled to advice of counsel
concerning all matters pertaining to the agency hereby created and its duties hereunder and under any other Loan Document.

10.7.      
Reliance on Documents; Counsel. The Administrative Agent shall be entitled to rely upon any Note, notice, consent,
certificate, affidavit, letter, telegram, statement, paper or document believed by it to be genuine and correct and to have been
signed or sent by the proper person or persons, and, in respect to legal matters, upon the opinion of counsel selected by the Administrative
Agent, which counsel may be employees of the Administrative Agent.

10.8.      
Administrative Agent’s Reimbursement and Indemnification. The Lenders agree to reimburse and indemnify the
Administrative Agent ratably in proportion to their respective Commitments (i) for those amounts which are specifically reimburseable
by Borrower under this Agreement and the other Loan Documents, to the extent not so reimbursed by Borrower, (ii) for any other
expenses incurred by the Administrative Agent on behalf of the Lenders in connection with the preparation, execution, delivery,
administration and enforcement of the Loan Documents pursuant to the Administrative Agent’s obligations hereunder which are
not specifically reimburseable by Borrower under this Agreement or any other Loan Document, to the extent not actually reimbursed
by Borrower, and (iii) for any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against the Administrative
Agent in any way relating to or arising out of the Loan Documents or any other document delivered in connection therewith or the
transactions contemplated thereby (including without limitation, for any such amounts incurred by or asserted against the Administrative
Agent in connection with any dispute between the Administrative Agent and any Lender or between two or more of the Lenders), or
the enforcement of any of the terms thereof or of any such other documents, provided that no Lender shall be liable for any of
the foregoing to the extent they arise from the gross negligence or willful misconduct or a breach of the Administrative Agent’s
express obligations and undertakings to the Lenders. The obligations of the Lenders and the Administrative Agent under this Section
10.8 shall survive payment of the Obligations and termination of this Agreement.

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10.9.      
Rights as a Lender. In the event the Administrative Agent is a Lender, the Administrative Agent shall have the same
rights and powers hereunder and under any other Loan Document as any Lender and may exercise the same as though it were not the
Administrative Agent, and the term “Lender” or “Lenders” shall, at any time when the Administrative Agent
is a Lender, unless the context otherwise indicates, include the Administrative Agent in its individual capacity. The Administrative
Agent may accept deposits from, lend money to, and generally engage in any kind of trust, debt, equity or other transaction, in
addition to those contemplated by this Agreement or any other Loan Document, with the Borrower or any of its Subsidiaries in which
the Borrower or such Subsidiary is not restricted hereby from engaging with any other Person.

10.10.   
Lender Credit Decision. Each Lender acknowledges that it has, independently and without reliance upon the Administrative
Agent or any other Lender and based on the financial statements prepared by the Borrower and such other documents and information
as it has deemed appropriate, made its own credit analysis and decision to enter into the Agreement and the other Loan Documents.
Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent 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 Agreement and the other Loan Documents.

10.11.   
Successor Administrative Agent. Except as otherwise provided below, KeyBank National Association shall at all times
serve as the Administrative Agent during the term of this Facility so long as KeyBank continues to be a Lender. The Administrative
Agent may resign at any time by giving written notice thereof to the Lenders and the Borrower, such resignation to be effective
upon the appointment of a successor Administrative Agent. If the Administrative Agent has been grossly negligent in the performance
of its obligations hereunder, the Administrative Agent may be removed at any time by written notice received by the Administrative
Agent from other Lenders holding in the aggregate at least two-thirds of that portion of the Aggregate Commitment not held by the
Administrative Agent or its affiliates, such removal to be effective on the date specified by such other Lenders. Upon any such
resignation or removal, such other Lenders shall appoint, on behalf of the Borrower and the Lenders, a successor Administrative
Agent which appointment shall, provided no Default or Unmatured 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 its Affiliates that are Qualified Institutions as a successor Agent) If no successor Administrative Agent shall
have been so appointed by such other Lenders within thirty (30) days after the resigning Administrative Agent’s giving notice
of its intention to resign, then the resigning Administrative Agent shall appoint, on behalf of the Borrower and the Lenders, a
successor Administrative Agent. Notwithstanding the previous sentence, the Administrative Agent may at any time without the consent
of the Borrower or any Lender, appoint any of its Affiliates which is a commercial bank as a successor Administrative Agent hereunder.
No successor Administrative Agent shall be deemed to be appointed hereunder until such successor Administrative Agent has accepted
the appointment. Any such successor Administrative Agent shall be a commercial

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bank having capital and retained
earnings of at least $500,000,000 (a “Qualified Institution”). 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 resigning or removed Administrative Agent. Upon the effectiveness
of the resignation or removal of the Administrative Agent, the resigning or removed Administrative Agent shall be discharged from
its duties and obligations hereunder and under the Loan Documents arising after the date of such discharge. Notwithstanding anything
herein to the contrary, at all times prior to the Borrower’s receipt of written notice of the acceptance of such appointment
by a successor Administrative Agent, the Borrower may rely in all respects upon all actions taken and consents issued by the prior
Administrative Agent. After the effectiveness of the resignation or removal of an Administrative Agent, those rights and liabilities
of the Administrative Agent under this Article X shall continue in effect for the benefit of such Administrative Agent in
respect of any actions taken or omitted to be taken by it while it was acting as the Administrative Agent hereunder and under the
other Loan Documents.

10.12.   
Notice of Defaults. If a Lender becomes aware of a Default or Unmatured Default, such Lender shall notify the Administrative
Agent in writing of such fact provided that the failure to give such notice shall not create liability on the part of a Lender.
Upon receipt of such written notice that a Default or Unmatured Default has occurred, the Administrative Agent shall promptly notify
each of the Lenders of such fact.

10.13.   
Requests for Approval. If the Administrative Agent requests in writing the consent or approval of a Lender, such
Lender shall respond and either approve or disapprove definitively in writing to the Administrative Agent within ten (10) Business
Days (or by such earlier date as is conspicuously noted in such request if the Administrative Agent has made a reasonable determination
that the Borrower has a legitimate business reason for seeking such consent or approval on an expedited basis) after such written
request from the Administrative Agent. If the Lender does not so respond to a request with a ten (10) Business Day response time,
that Lender shall be deemed to have approved the request. If the Lender does not so respond to request with less than a ten (10)
Business Day response time, that Lender shall be deemed to have denied the request.

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10.14.   
Defaulting Lenders. At such time as a Lender becomes a Defaulting Lender, such Defaulting Lender’s right to
vote on matters which are subject to the consent or approval of the Required Lenders, each affected Lender or all Lenders shall
be immediately suspended until such time as the Lender is no longer a Defaulting Lender, except that (i) the amount of the Commitment
of the Defaulting Lender may not be increased and (ii) the Facility Termination Date (as to such Defaulting Lender’s Loans
and Commitment only) may not be extended other than as expressly provided under Section 2.21, without its consent. If a
Defaulting Lender has failed to fund its pro rata share of any Advance and until such time as such Defaulting Lender subsequently
funds its pro rata share of such Advance, all Obligations owing to such Defaulting Lender hereunder shall be subordinated in right
of payment, as provided in the following sentence, to the prior payment in full of all principal of, interest on and fees relating
to the Loans funded by the other Lenders in connection with any such Advance in which the Defaulting Lender has not funded its
pro rata share (such principal, interest and fees being referred to as “Senior Loans” for the purposes of this section).
All amounts paid by the Borrower or the Guarantors and otherwise due to be applied to the Obligations owing to such Defaulting
Lender pursuant to the terms hereof shall be distributed by the Administrative Agent to the other Lenders in accordance with their
respective pro rata shares (recalculated for the purposes hereof to exclude the Defaulting Lender) until all Senior Loans have
been paid in full provided, however, in no event will any such distribution to the other Lenders give rise to any liability of
the Borrower to the Defaulting Lender. After the Senior Loans have been paid in full equitable adjustments will be made in connection
with future payments by the Borrower to the extent a portion of the Senior Loans had been repaid with amounts that otherwise would
have been distributed to a Defaulting Lender but for the operation of this Section 10.14. This provision governs only
the relationship among the Administrative Agent, each Defaulting Lender and the other Lenders; nothing hereunder shall limit the
obligation of the Borrower to repay all Loans in accordance with the terms of this Agreement. The provisions of this section shall
apply and be effective regardless of whether a Default occurs and is continuing, and notwithstanding (i) any other provision of
this Agreement to the contrary, (ii) any instruction of the Borrower as to its desired application of payments or (iii) the suspension
of such Defaulting Lender’s right to vote on matters which are subject to the consent or approval of the Required Lenders
or all Lenders.

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Notwithstanding
the foregoing, 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 VIII or otherwise) or received by the
Administrative Agent from a Defaulting Lender pursuant to Article XI 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 any Issuing Bank
or Swingline Lender hereunder; third, as the Borrower may request (so long as no Default or Unmatured Default exists), to the funding
of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as
determined by the Administrative Agent; fourth (so long as no Default or Unmatured Default exists), to be held in a deposit account
and released pro rata in order to satisfy such Defaulting Lender’s (x) potential future funding obligations with respect
to Loans under this Agreement and (y) potential future funding obligations to purchase participations in Facility Letter of Credit
Obligations, in accordance with Section 2A.6; fifth, to the payment of any amounts owing to the Lenders, the Issuing Bank or Swingline
Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Issuing Bank or Swingline Lender
against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; sixth,
so long as no Default or Unmatured Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment
of a 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 seventh, to such Defaulting Lender or as otherwise directed by a court of competent
jurisdiction.

10.15.   
Additional Agents. Any additional Agents designated on the cover of the Agreement shall not have any rights or obligations
under the Loan Documents as a result of such designation or of any actions undertaken in such capacity, such parties having only
those rights or obligations arising hereunder in their capacities as a Lender.

ARTICLE XI.

SETOFF; RATABLE PAYMENTS

11.1.      
Setoff. In addition to, and without limitation of, any rights of the Lenders under applicable law, if the Borrower
or any of the Subsidiary Guarantors becomes insolvent, however evidenced, or any Default occurs, any and all deposits (including
all account balances, whether provisional or final and whether or not collected or available) and any other Indebtedness at any
time held or owing by any Lender to or for the credit or account of the Borrower or such Subsidiary Guarantor, as the case may
be, may be offset and applied toward the payment of the Obligations owing to such Lender at any time prior to the date that such
Default has been fully cured, whether or not the Obligations, or any part hereof, shall then be due, provided however that any
such offset and application shall only be made after such Lender has obtained the prior written approval of the Administrative
Agent, which approval shall not be unreasonably withheld.

    91 

     

    

 

11.2.      
Ratable Payments. If any Lender, whether by setoff or otherwise, has payment made to it upon its Loans (other than
payments of Swingline Loans and payments received pursuant to Sections 3.1, 3.2, 3.4 or 3.5) in a greater
proportion than that received by any other Lender, such Lender agrees, promptly upon demand, to purchase a portion of the Loans
held by the other Lenders so that after such purchase each Lender will hold its ratable proportion of Loans. If any Lender, whether
in connection with setoff or amounts which might be subject to setoff or otherwise, receives collateral or other protection for
its Obligations or such amounts which may be subject to setoff, such Lender agrees, promptly upon demand, to take such action necessary
such that all Lenders share in the benefits of such collateral ratably in proportion to their Loans. In case any such payment is
disturbed by legal process, or otherwise, appropriate further adjustments shall be made.

ARTICLE XII.

BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS

12.1.      
Successors and Assigns. The terms and provisions of the Loan Documents shall be binding upon and inure to the benefit
of the Borrower and the Lenders and their respective successors and assigns, except that (i) the Borrower shall not have the right
to assign its rights or obligations under the Loan Documents and (ii) any assignment by any Lender must be made in compliance
with Section 12.3. The parties to the Agreement acknowledge that clause (ii) of this Section 12.1 relates only
to absolute assignments and does not prohibit assignments creating security interests, including, without limitation, (x) any pledge
or assignment by any Lender of all or any portion of its rights under the Agreement and any Note to a Federal Reserve Bank or (y)
in the case of a Lender which is a fund, any pledge or assignment of all or any portion of its rights under the Agreement and any
Note to its trustee in support of its obligations to its trustee, provided, however, that no such pledge or assignment creating
a security interest shall release the transferor Lender from its obligations hereunder unless and until the parties thereto have
complied with the provisions of Section 12.3. The Administrative Agent and Borrower may treat the Person which made any
Loan or which holds any Note as the owner thereof for all purposes hereof unless and until such Person complies with Section
12.3; provided, however, that the Administrative Agent and Borrower may in its discretion (but shall not be required
to) follow instructions from the Person which made any Loan or which holds any Note to direct payments relating to such Loan or
Note to another Person. Any assignee of the rights to any Loan or any Note agrees by acceptance of such assignment to be bound
by all the terms and provisions of the Loan Documents. Any request, authority or consent of any Person, who at the time of making
such request or giving such authority or consent is the owner of the rights to any Loan (whether or not a Note has been issued
in evidence thereof), shall be conclusive and binding on any subsequent holder or assignee of the rights to such Loan.

    92 

     

    

 

12.2.      
Participations.

(1)            
Permitted Participants; Effect. Any Lender may, in the ordinary course of its business and in accordance with applicable
law, at any time sell to one or more banks, financial institutions, pension funds, or any other funds or entities (“Participants”)
participating interests in any Loan owing to such Lender, any Note held by such Lender, any Commitment of such Lender or any other
interest of such Lender under the Loan Documents. In the event of any such sale by a Lender of participating interests to a Participant,
such Lender’s obligations under the Loan Documents shall remain unchanged, such Lender shall remain solely responsible to
the other parties hereto for the performance of such obligations, such Lender shall remain the holder of any such Note for all
purposes under the Loan Documents, all amounts payable by the Borrower under this Agreement shall be determined as if such Lender
had not sold such participating interests, and the Borrower and the Administrative Agent shall continue to deal solely and directly
with such Lender in connection with such Lender’s rights and obligations under the Loan Documents. In no event shall the
Borrower be required to incur any costs or expenses to effect any such sales to Participants.

(2)            
Voting Rights. Each Lender shall retain the sole right to approve, without the consent of any Participant, any amendment,
modification or waiver of any provision of the Loan Documents other than those amendments, modifications or waivers with respect
to any Loan or Commitment in which such Participant has an interest which would require consent of all the Lenders pursuant to
the terms of clauses (a), (b) or (e) of Section 8.2 hereof.

(3)            
Benefit of Setoff. Each Lender shall retain the right of setoff provided in Section 11.1 and shall not be
permitted to share such right with any Participant.

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12.3.      
Assignments.

(a)            
Permitted Assignments. Any Lender may, in the ordinary course of its business and in accordance with applicable
law, at any time assign to any other Lender or to any Affiliate of such Lender or of any other Lender without the prior approval
of the Borrower, or to one or more other entities, with the prior approval of the Borrower, which approval of the Borrower (i)
shall not be unreasonably withheld or delayed and shall be deemed given if not withheld within five (5) Business Days after written
request for such approval from the Administrative Agent and (ii) shall not be required if a Default or Unmatured Default has occurred
and is then continuing (such permitted assignees hereinafter referred to as “Purchasers”), all or any portion
of its rights and obligations under the Loan Documents provided that any assignment of only a portion of such rights and obligations
shall be in an amount not less than $5,000,000 or a whole multiple of $1,000,000 in excess thereof (it being understood and agreed
that no Lender may hold an unparticipated interest of less than $5,000,000 unless such Lender’s interest has been reduced
to zero). Such assignment shall be substantially in the form of Exhibit B hereto or in such other form as may be agreed
to by the parties thereto. The consent of the Administrative Agent shall be required prior to an assignment becoming effective
with respect to a Purchaser which is not a Lender or an Affiliate thereof or an entity that manages a Lender. Such consent shall
not be unreasonably withheld or delayed.

(b)            
Effect; Effective Date. Upon (i) delivery to the Administrative Agent and Borrower of a notice of assignment,
substantially in the form attached as Exhibit “I” to Exhibit B hereto (a “Notice of Assignment”),
together with any consents required by Section 12.3(a), and (ii) payment of a $3,500 fee by the assignor or assignee
to the Administrative Agent for processing such assignment, such assignment shall become effective on the effective date specified
in such Notice of Assignment. On and after the effective date of such assignment, such Purchaser shall for all purposes be a Lender
party to this Agreement and any other Loan Document executed by the Lenders and shall have all the rights and obligations of a
Lender under the Loan Documents, to the same extent as if it were an original party hereto, and no further consent or action by
the Borrower, the Lenders or the Administrative Agent shall be required to release the transferor Lender, and the transferor Lender
(other than a transferor Lender transferring to an Affiliate of such Lender unless such Affiliate is a Qualified Institution) shall
automatically be released on the effective date of such assignment, with respect to the percentage of the Aggregate Commitment
and Loans assigned to such Purchaser. Upon the consummation of any assignment to a Purchaser pursuant to this Section 12.3(b),
the transferor Lender, the Administrative Agent and the Borrower shall make appropriate arrangements so that replacement Notes
are issued to such transferor Lender and new Notes or, as appropriate, replacement Notes, are issued to such Purchaser, in each
case in principal amounts reflecting their Commitment, as adjusted pursuant to such assignment. In no event shall the Borrower
be required to incur any costs or expenses to effect any such assignments.

    94 

     

    

 

12.4.      
Dissemination of Information. The Borrower authorizes each Lender to disclose to any Participant or Purchaser or
any other Person acquiring an interest in the Loan Documents by operation of law (each a “Transferee”) and any
prospective Transferee any and all information in such Lender’s possession concerning the creditworthiness of the Borrower
and its Subsidiaries, subject in each case to the confidentiality provisions of Section 12.6.

12.5.      
Tax Treatment. If any interest in any Loan Document is transferred to any Transferee which is organized under the
laws of any jurisdiction other than the United States or any State thereof, the transferor Lender shall cause such Transferee,
concurrently with the effectiveness of such transfer, to comply with the provisions of Section 3.5.

12.6.      
Confidentiality. Each of Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information
(as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees
and advisors, including accountants and legal counsel (it being understood that the Persons to whom such disclosure is made will
be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent
requested by any regulatory authority, (c) to the extent required by applicable laws or regulations or by any subpoena or similar
legal process, provided that the Administrative Agent or Lender requested to make such disclosure promptly informs the Borrower
of such request if lawfully permitted to do so, so that the Borrower may have an opportunity to object and/or seek an appropriate
protective order at the Borrower’s sole cost and expense, and provided further that the Borrower agrees that in no event
shall any such notification be required in respect of any disclosure to bank regulatory authorities having jurisdiction over any
Lender, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or the enforcement
of rights under the Loan Documents, (f) subject to receipt of a written agreement from such Person containing provisions substantially
the same as those of this Section, to any Transferee or prospective Transferee of any of its rights or obligations under this Agreement,
(g) with the written consent of Borrower, (h) to any member of the Consolidated Group, or (i) to the extent such Information (i)
becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to Administrative Agent
or any Lender on a nonconfidential basis from a source other than Borrower, which source is not bound by a contractual or other
obligation of confidentiality to any Person. For the purposes of this Section, “Information” means all information
received from the Borrower relating to the Borrower or its business, other than any such information that is posted by the Borrower
to a website as provided for in Section 6.1 or is otherwise available to Administrative Agent or any Lender on a nonconfidential
basis prior to disclosure by Borrower. 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.

    95 

     

    

 

ARTICLE XIII.

NOTICES

13.1.      
Giving Notice. All notices, requests or demands to be given under this Agreement from any party to the others (collectively,
“Notices” and individually a “Notice”) shall be in writing and shall be given by personal delivery, or
by overnight courier service for next Business Day delivery at the other parties’ addresses as shown below such parties’
signatures on the signature pages hereto, or by telecopy transmission at the other parties’ facsimile telephone numbers shown
there, or by email at the other parties’ email addresses shown there. Notices given by personal delivery (i.e. by the sending
party or a messenger) shall be deemed given on the date of delivery. Notices given by overnight courier service shall be deemed
given upon deposit with the overnight courier service. Notices given by telecopy or email transmission shall be deemed given on
the date of transmission provided such transmission is completed by 5:00 p.m. (sending party’s local time) on a Business
Day, otherwise such delivery shall be deemed to occur on the next succeeding Business Day. If a party’s office address is
a business, the receipt or the refusal to accept personal or courier service delivery by a receptionist or by any person in an
employ of such party, shall be deemed actual receipt by the party of Notices and rejected or refused delivery shall constitute
valid delivery. Notices may be issued by an attorney for a party and in such case such Notices shall be deemed given by such party.
A party’s address for Notice may be changed from time to time by Notice given to the other party in the manner herein provided
for giving notice. Extra copies of Notices are for informational purposes only, and a failure to give or receive extra copies of
any Notice shall not be deemed a failure to give notice, and shall in no way adversely affect the effectiveness of such Notice
given to the addressee party.

ARTICLE XIV.

PATRIOT ACT

Each Lender
hereby notifies the Borrower that pursuant to the requirements of the USA Act (Title III of Pub. L. 107-56 (signed into law on
October 26, 2001) (the “Act”), it is required to obtain, verify and record information that identifies the Borrower,
which information includes the name and address of the Borrower and other information that will allow such Lender to identify the
Borrower in accordance with the Act. The Borrower agrees to cooperate with each Lender and provide true, accurate and complete
information to such Lender in response to any such request.

    96 

     

    

 

ARTICLE XV.

COUNTERPARTS

This Agreement
may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties
hereto may execute this Agreement by signing any such counterpart. This Agreement shall be effective when it has been executed
by the Borrower, the Administrative Agent and the Lenders and counterparts of the Agreement have been circulated to all such parties
or posted on a website to which all such parties have access.

 

(Remainder of page intentionally
left blank.)

 97

    	 

    	 

    

IN WITNESS WHEREOF,
the Borrower, the Lenders and the Administrative Agent have executed this Agreement as of the date first above written.

	 	
        INLAND REAL ESTATE
        INCOME TRUST, INC.,

        a Maryland corporation

	 	 	 
	 	By:	/s/ David Z. Lichterman
	 	Name:	David Z. Lichterman
	 	Title:	Vice President, Treasurer & CAO
	 	 	 
	 	
        Inland Real Estate
        Income Trust, Inc.

        2901 Butterfield Road

        Oak Brook, IL 60523

        Phone: 630-586-6590

        Facsimile: 630-586-6790

        Attention: Chief Accounting
        Officer

         

 

 

    	 

    	 

    

	
        COMMITMENT:

        $50,000,000
	
        KEYBANK NATIONAL ASSOCIATION,

        Individually and as
        Administrative Agent

	 	 	 
	 	By:	/s/ Nathan Weyer
	 	Print Name:	Nathan Weyer
	 	Title	Vice President
	 	 	 
	 	
        KeyBank National Association

        1200 Abernathy Road
        NE

        Suite 1550

        Atlanta, GA 30328

        Phone: 770-510-2130

        Facsimile: 770-510-2195

        Attention: Nathan Weyer

 

 

    	 

    	 

    

	
        COMMITMENT:

        $50,000,000
	PNC BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	/s/ Joel Dalson
	 	Print Name:	Joel Dalson
	 	Title	Senior Vice President
	 	 	 
	 	
        PNC Real Estate

        One North Franklin Street,
        Suite 2150

        C-L01-21

        Chicago, IL 60606

        Phone: (312) 338-2226

        Facsimile: (312) 384-4623

        Attention: Joel G. Dalson

        Email: joel.dalson@pnc.com

 

 

    	 

    	 

    

EXHIBIT A

COMPLIANCE CERTIFICATE

KeyBank National Association, as Administrative Agent

127 Public Square

Cleveland, Ohio 44114

 

	Re:	
        Credit Agreement dated as of September
        30, 2015 (as amended, modified, supplemented, restated, or renewed, from time to time, the “Agreement”) among INLAND
        REAL ESTATE INCOME TRUST, INC.(the “Borrower”), KEYBANK NATIONAL ASSOCIATION, as Administrative Agent and the other
        lenders parties thereto from time to time (“Lenders”).

         

Reference is
made to the Agreement. Capitalized terms used in this Certificate (including schedules and other attachments hereto, this “Certificate”)
without definition have the meanings specified in the Agreement.

Pursuant to
applicable provisions of the Agreement, Borrower hereby certifies to the Lenders that the information furnished in the attached
schedules, including, without limitation, each of the calculations listed below are true, correct and complete in all material
respects as of the last day of the fiscal period covered by the financial statements being delivered to the Lenders pursuant to
the Agreement together with this Certificate.

The Borrower
hereby further certifies to the Lenders that:

1.Compliance
with Financial Covenants. Schedule A attached hereto sets forth financial data and computations evidencing the Borrower’s
compliance with certain covenants of the Agreement, all of which data and computations are true, complete and correct.

2.Review
of Condition. The Borrower has reviewed the terms of the Agreement, including, but not limited to, the covenants of the Borrower
set forth in the Agreement, and has made, or caused to be made under his or her supervision, a review in reasonable detail of the
transactions and condition of the Borrower through the applicable reporting period.

3.Covenants.
To the Borrower’s actual knowledge, during the reporting period, the Borrower observed and performed all of the respective
covenants and other agreements under the Agreement and the Loan Documents, and satisfied each of the conditions contained therein
to be observed, performed or satisfied by the Borrower, except as expressly noted on Schedule B hereto.

4.No
Default. To the Borrower’s actual knowledge, no Default exists as of the date hereof or existed at any time during the
reporting period, except as expressly noted on Schedule B hereto.

 

A-1

    	 

    	 

    

IN WITNESS WHEREOF,
this Certificate is executed by the undersigned this ___ day of _____________, 201_.

	 	
        INLAND REAL ESTATE
        INCOME TRUST, INC., a

        Maryland corporation

	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

A-2

    	 

    	 

    

SCHEDULE A TO COMPLIANCE CERTIFICATE

COMPLIANCE CALCULATION METHOD

 

A-3

    	 

    	 

    

SCHEDULE B TO COMPLIANCE CERTIFICATE

EXCEPTIONS, IF ANY

 

A-4

    	 

    	 

    

EXHIBIT B

ASSIGNMENT AGREEMENT

This Assignment
Agreement (this “Assignment Agreement”) between KEYBANK NATIONAL ASSOCIATION (the “Assignor”) and _________________________
(the “Assignee”) is dated as of _____________, 201_. The parties hereto agree as follows:

1.PRELIMINARY
STATEMENT. The Assignor is a party to a Credit Agreement (which, as it may be amended, modified, renewed or extended from time
to time is herein called the “Credit Agreement”) described in Item 1 of Schedule 1 attached hereto (“Schedule
1”). Capitalized terms used herein and not otherwise defined herein shall have the meanings attributed to them in the Credit
Agreement.

2.ASSIGNMENT
AND ASSUMPTION. The Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from the
Assignor, an interest in and to the Assignor’s rights and obligations under the Credit Agreement such that after giving effect
to such assignment the Assignee shall have purchased pursuant to this Assignment Agreement the percentage interest specified in
Item 3 of Schedule 1 of all outstanding rights and obligations under the Credit Agreement and the other Loan Documents. The Commitment
purchased by the Assignee hereunder is set forth in Item 4 of Schedule 1.

3.EFFECTIVE
DATE. The effective date of this Assignment Agreement (the “Effective Date”) shall be the later of the date specified
in Item 5 of Schedule 1 or two (2) Business Days (or such shorter period agreed to by the Administrative Agent) after a Notice
of Assignment substantially in the form of Exhibit “I” attached hereto has been delivered to the Administrative Agent.
Such Notice of Assignment must include the consent of the Administrative Agent and the Borrower to the extent required by Section 12.3(a)
of the Credit Agreement. In no event will the Effective Date occur if the payments required to be made by the Assignee to the Assignor
on the Effective Date under Section 4 hereof are not made on the proposed Effective Date. The Assignor will notify the Assignee
of the proposed Effective Date no later than the Business Day prior to the proposed Effective Date. As of the Effective Date, (i) the
Assignee shall have the rights and obligations of a Lender under the Loan Documents with respect to the rights and obligations
assigned to the Assignee hereunder and (ii) the Assignor shall relinquish its rights and be released from its corresponding obligations
under the Loan Documents with respect to the rights and obligations assigned to the Assignee hereunder.

B-1

    	 

    	 

    

 

4.PAYMENTS
OBLIGATIONS. On and after the Effective Date, the Assignee shall be entitled to receive from the Administrative Agent all payments
of principal, interest and fees with respect to the interest assigned hereby. The Assignee shall advance funds directly to the
Administrative Agent with respect to all Loans and reimbursement payments made on or after the Effective Date with respect to the
interest assigned hereby. In consideration for the sale and assignment of Loans hereunder, the Assignee shall pay the Assignor,
on the Effective Date, an amount equal to the principal amount of the portion of all Loans assigned to the Assignee hereunder which
is outstanding on the Effective Date. The Assignee will promptly remit to the Assignor (i) the portion of any principal payments
assigned hereunder and received from the Administrative Agent and (ii) any amounts of interest on Loans and fees received
from the Administrative Agent to the extent either (i) or (ii) relate to the portion of the Loans assigned to the Assignee hereunder
for periods prior to the Effective Date and have not been previously paid by the Assignee to the Assignor. In the event that either
party hereto receives any payment to which the other party hereto is entitled under this Assignment Agreement, then the party receiving
such amount shall promptly remit it to the other party hereto.

5.REPRESENTATIONS
OF THE ASSIGNOR; LIMITATIONS ON THE ASSIGNOR’S LIABILITY. The Assignor represents and warrants: (a) that it is the
legal and beneficial owner of the interest being assigned by it hereunder, (b) that such interest is free and clear of any
adverse claim created by the Assignor, (c) that it has all necessary right and authority to enter into this Assignment, (d) that
the Credit Agreement has not been modified or amended except as described in Item 1 of Schedule 1, (e) that the Assignor is
not in default under the Credit Agreement, and (f) that, to the best of Assignor’s knowledge, the Borrower is not in
default under the Credit Agreement. It is understood and agreed that the assignment and assumption hereunder are made without recourse
to the Assignor and that the Assignor makes no other representation or warranty of any kind to the Assignee. Neither the Assignor
nor any of its officers, directors, employees, agents or attorneys shall be responsible for (i) the due execution, legality, validity,
enforceability, genuineness, sufficiency or collectability of any Loan Document, including without limitation, documents granting
the Assignor and the other Lenders a security interest in assets of the Borrower or any guarantor, (ii) any representation, warranty
or statement made in or in connection with any of the Loan Documents, (iii) the financial condition or creditworthiness of the
Borrower or any guarantor, (iv) the performance of or compliance with any of the terms or provisions of any of the Loan Documents,
(v) inspecting any of the Property, books or records of the Borrower, (vi) the validity, enforceability, perfection, priority,
condition, value or sufficiency of any collateral securing or purporting to secure the Loans or (vii) any mistake, error of judgment,
or action taken or omitted to be taken in connection with the Loans or the Loan Documents.

B-2

    	 

    	 

    

 

6.REPRESENTATIONS
OF THE ASSIGNEE. The Assignee (i) confirms that it has received a copy of the Credit Agreement, together with copies of the
financial statements requested by the Assignee and such other documents and information as it has deemed appropriate to make its
own credit analysis and decision to enter into this Assignment Agreement, (ii) agrees that it will, independently and without reliance
upon the Administrative Agent, the Assignor or any other Lender and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, (iii) appoints
and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Loan Documents
as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto,
(iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents
are required to be performed by it as a Lender, and (v) agrees that its payment instructions and notice instructions are as set
forth in the attachment to Schedule 1.

7.INDEMNITY.
The Assignee agrees to indemnify and hold the Assignor harmless against any and all losses, costs and expenses (including, without
limitation, reasonable attorneys’ fees) and liabilities incurred by the Assignor in connection with or arising in any manner
from the Assignee’s non-performance of the obligations assumed by Assignee under this Assignment Agreement on and after the
Effective Date. The Assignor agrees to indemnify and hold the Assignee harmless against any and all losses, costs and expenses
(including, without limitation, reasonable attorneys’ fees) and liabilities incurred by the Assignee in connection with or
arising in any manner from the Assignor’s non-performance of the obligations assigned to Assignee under this Assignment Agreement
prior to the Effective Date.

8.SUBSEQUENT
ASSIGNMENTS. After the Effective Date, the Assignee shall have the right pursuant to Section 12.3(a) of the Credit Agreement
to assign the rights which are assigned to the Assignee hereunder to any entity or person, provided that (i) any such subsequent
assignment does not violate any of the terms and conditions of the Loan Documents or any law, rule, regulation, order, writ, judgment,
injunction or decree and that any consent required under the terms of the Loan Documents has been obtained and (ii) unless the
prior written consent of the Assignor is obtained, the Assignee is not thereby released from its obligations to the Assignor hereunder,
if any remain unsatisfied, including, without limitation, its obligations under Sections 4 and 7 hereof.

9.REDUCTIONS
OF AGGREGATE COMMITMENT. If any reduction in the Aggregate Commitment occurs between the date of this Assignment Agreement
and the Effective Date, the percentage interest specified in Item 3 of Schedule 1 shall remain the same, but the dollar amount
purchased shall be recalculated based on the reduced Aggregate Commitment.

B-3

    	 

    	 

    

 

10.ENTIRE
AGREEMENT. This Assignment Agreement and the attached Notice of Assignment embody the entire agreement and understanding between
the parties hereto and supersede all prior agreements and understandings between the parties hereto relating to the subject matter
hereof.

11.GOVERNING
LAW. This Assignment Agreement shall be governed by the internal law, and not the law of conflicts, of the State of Illinois.

12.NOTICES.
Notices shall be given under this Assignment Agreement in the manner set forth in the Credit Agreement. For the purpose hereof,
the addresses of the parties hereto (until notice of a change is delivered) shall be the address set forth in the attachment to
Schedule 1.

[Remainder of page intentionally left
blank]

B-4

    	 

    	 

    

IN WITNESS WHEREOF,
the parties hereto have executed this Assignment Agreement by their duly authorized officers as of the date first above written.

	 	ASSIGNOR:
	 		 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	 	 	 

 

	 	ASSIGNEE:
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	 	 	 

B-5

    	 

    	 

    

Attachment to ASSIGNMENT AGREEMENT

Attach Assignor’s Administrative Information
Sheet, which must

include notice address for the Assignor
and the Assignee

[to be provided by KeyBank]

 

B-6

    	 

    	 

    

SCHEDULE 1

to Assignment Agreement

		1.	Description and Date: Credit Agreement (the “Credit Agreement”)
dated as of [______], 2015, [describe amendments, if any] among Inland Real Estate Income Trust, Inc., as “Borrower”
and KeyBank National Association as “Administrative Agent” and the Several Lenders From Time to Time Parties Hereto,
as Lenders.

		2.	Date of Assignment Agreement: _____________, 201_.

		3.	Amounts (As of Date of Item 2 above):

a.Commitment of Assignor

under Credit Agreement.                                    $     ,000,000

b.Assignee’s Percentage of

Commitment of Assignor purchased

under this Assignment Agreement.**                                       %

4.Amount of Assignor’s Commitment Purchased
under

this Assignment Agreement.                                                        $                  

6.Proposed Effective Date: _____________, 201_

Accepted and Agreed:

KEYBANK NATIONAL ASSOCIATION,

as Administrative Agent

By:                                                                   

Title:                                                                 

** Percentage taken to 10 decimal places.

B-7

    	 

    	 

    

EXHIBIT “I”

to Assignment Agreement

NOTICE OF ASSIGNMENT

______________, 201_

To:KeyBank National Association

127 Public Square

Cleveland, Ohio 44114

Attention: Real Estate Capital

BORROWER:

Inland Real Estate Income Trust, Inc.

2901 Butterfield Road

Oak Brook, IL 60523

Attention: Chief Accounting Officer

 

From:[NAME OF ASSIGNOR] (the “Assignor”)

[NAME OF ASSIGNEE] (the “Assignee”)

1.We refer
to that Credit Agreement (the “Credit Agreement”) described in Item 1 of Schedule 1 attached hereto (“Schedule
1”). Capitalized terms used herein and not otherwise defined herein shall have the meanings attributed to them in the Credit
Agreement.

2.This Notice
of Assignment (this “Notice”) is given and delivered to the Administrative Agent pursuant to Section 12.3(b)
of the Credit Agreement.

3.The Assignor
and the Assignee have entered into an Assignment Agreement, dated as of ___________, 201_ (the “Assignment”), pursuant
to which, among other things, the Assignor has sold, assigned, delegated and transferred to the Assignee, and the Assignee has
purchased, accepted and assumed from the Assignor the percentage interest specified in Item 3 of Schedule 1 of all outstanding
rights and obligations under the Credit Agreement. The Effective Date of the Assignment shall be the later of the date specified
in Item 5 of Schedule 1 or two (2) Business Days (or such shorter period as agreed to by the Administrative Agent) after this Notice
of Assignment and any fee required by Section 12.3(b) of the Credit Agreement have been delivered to the Administrative
Agent, provided that the Effective Date shall not occur if any condition precedent agreed to by the Assignor and the Assignee has
not been satisfied.

B-8

    	 

    	 

    

 

4.The Assignor
and the Assignee hereby give to the Administrative Agent notice of the assignment and delegation referred to herein. The Assignor
will confer with the Administrative Agent before the date specified in Item 5 of Schedule 1 to determine if the Assignment Agreement
will become effective on such date pursuant to Section 3 hereof, and will confer with the Administrative Agent to determine
the Effective Date pursuant to Section 3 hereof if it occurs thereafter. The Assignor shall notify the Administrative Agent
if the Assignment Agreement does not become effective on any proposed Effective Date as a result of the failure to satisfy the
conditions precedent agreed to by the Assignor and the Assignee. At the request of the Administrative Agent, the Assignor will
give the Administrative Agent written confirmation of the satisfaction of the conditions precedent.

5.If Notes
are outstanding on the Effective Date, the Assignor and the Assignee request and direct that the Administrative Agent prepare and
cause the Borrower to execute and deliver new Notes or, as appropriate, replacements notes, to the Assignor and the Assignee. The
Assignor and, if applicable, the Assignee each agree to deliver to the Administrative Agent the original Note received by it from
the Borrower upon its receipt of a new Note in the appropriate amount.

6.The Assignee
advises the Administrative Agent that notice and payment instructions are set forth in the attachment to Schedule 1.

7.The Assignee
hereby represents and warrants that none of the funds, monies, assets or other consideration being used to make the purchase pursuant
to the Assignment are “plan assets” as defined under ERISA and that its rights, benefits, and interests in and under
the Loan Documents will not be “plan assets” under ERISA.

8.The Assignee
authorizes the Administrative Agent to act as its agent under the Loan Documents in accordance with the terms thereof. The Assignee
acknowledges that the Agent has no duty to supply information with respect to the Borrower or the Loan Documents to the Assignee
until the Assignee becomes a party to the Credit Agreement.*

*May be eliminated if Assignee is
a party to the Credit Agreement prior to the Effective Date.

	NAME OF ASSIGNOR	 	NAME OF ASSIGNEE
	 	 	 	 	 
	By:	 	 	By:	 
	 	 	 	 	 
	Title:	 	 	Title:	 

B-9

    	 

    	 

    

ACKNOWLEDGED AND, IF REQUIRED BY THE
CREDIT AGREEMENT, CONSENTED TO BY KEYBANK NATIONAL ASSOCIATION, as Administrative Agent

By:                                                                                   

Title:                                                                                

IF REQUIRED BY THE CREDIT AGREEMENT, CONSENTED TO BY

INLAND REAL ESTATE INCOME TRUST, INC., as Borrower

By:                                                                                   

Title:                                                                                 

[Attach photocopy of Schedule 1 to
Assignment]

B-10

    	 

    	 

    

EXHIBIT C

LIST OF INITIAL SUBSIDIARY
GUARANTORS

 

	Property
    Name	Title
    Holder	F.E.I.N.
    #
	Newington
    Fair	IREIT
    Newington Fair, L.L.C., a Delaware limited liability company	90-0914355
	Harris
    Plaza	IREIT
    Layton Pointe, L.L.C. , a Delaware limited liability company	61-1742279
	Landings
    at Ocean Isle	IREIT
    Ocean Isle Beach Landing, L.L.C. , a Delaware limited liability company	38-3942791
	Copps	IREIT
    Stevens Point Pinecrest, L.L.C. , a Delaware limited liability company	36-4797117
	Shoppes
    at Lake Park	IREIT
    West Valley City Lake Park, L.L.C. , a Delaware limited liability company	36-4801758
	Plaza
    at Prairie Ridge	IREIT
    Pleasant Prairie Plaza, L.L.C. , a Delaware limited liability company	37-1777739
	Regal
    Court	IREIT
    Shreveport Regal Court, L.L.C. , a Delaware limited liability company	35-2523933
	Shops
    at Hawk Ridge	IREIT
    Lake St. Louis Hawk Ridge, L.L.C., a Delaware limited liability company	35-2524228
	Whispering
    Ridge	RE
    Income Omaha Whispering Ridge, L.L.C. , a Delaware limited liability company	35-2524129
	Frisco
    Marketplace	IREIT
    Frisco Marketplace, L.L.C., a Delaware limited liability company	31-1780520
	Treasure
    Valley	IREIT
    Nampa Treasure Valley, L.L.C., a Delaware limited liability company	61-1754000
	Yorkville
    Marketplace	IREIT
    Yorkville Marketplace, L.L.C., a Delaware limited liability company	61-1759961
	Dicks/PetSmart	IREIT
    Lawrence Iowa Street, L.L.C., a Delaware limited liability company	36-4814726
	 	 	 

    	 

    	 

    

EXHIBIT D

SUBSIDIARY GUARANTY

This Subsidiary
Guaranty (the “Guaranty”) is made as of September 30, 2015 by the parties identified in the signature pages
thereto, and any Joinder to Guaranty hereafter delivered (collectively, the “Subsidiary Guarantors”),
to and for the benefit of KeyBank National Association, individually (“KeyBank”) and as administrative agent
(“Administrative Agent”) for itself and the lenders under the Credit Agreement (as defined below) and their
respective successors and assigns (collectively, the “Lenders”).

RECITALS

A.Inland
Real Estate Income Trust, Inc., a corporation organized under the laws of the State of Maryland (“Borrower”),
and Subsidiary Guarantors have requested that the Lenders make a revolving credit facility available to Borrower in an aggregate
principal amount of up to $100,000,000, subject to possible future increase to an aggregate of up to $400,000,000 (the “Facility”).

B.The Lenders
have agreed to make available the Facility to Borrower pursuant to the terms and conditions set forth in an Credit Agreement of
even date herewith among Borrower, KeyBank, individually, and as Administrative Agent, and the Lenders named therein (as amended,
modified or restated from time to time, the “Credit Agreement”). All capitalized terms used herein and not otherwise
defined shall have the meanings ascribed to such terms in the Credit Agreement.

C.Borrower
has executed and delivered or will execute and deliver to the Lenders promissory notes in the principal amount of each Lender’s
Commitment and promissory notes in the principal amount, if any, of each Lender’s Loan as evidence of Borrower’s indebtedness
to each such Lender with respect to the Facility (the promissory notes described above, together with any amendments or allonges
thereto, or restatements, replacements or renewals thereof, and/or new promissory notes to new Lenders under the Credit Agreement,
are collectively referred to herein as the “Notes”).

D-1

    	 

    	 

    

 

D.Subsidiary
Guarantors are subsidiaries of Borrower. Subsidiary Guarantors acknowledge that the extension of credit by the Administrative Agent
and the Lenders to Borrower pursuant to the Credit Agreement will benefit Subsidiary Guarantors by making funds available to Subsidiary
Guarantors through Borrower and by enhancing the financial strength of the consolidated group of which Subsidiary Guarantors and
Borrower are members. The execution and delivery of this Subsidiary Guaranty by Subsidiary Guarantors are conditions precedent
to the performance by the Lenders of their obligations under the Credit Agreement.

 

AGREEMENTS

NOW, THEREFORE,
Subsidiary Guarantors, in consideration of the matters described in the foregoing Recitals, which Recitals are incorporated herein
and made a part hereof, and for other good and valuable consideration, hereby agree as follows:

1.Subsidiary
Guarantors, jointly and severally, absolutely, unconditionally, and irrevocably guaranty to each of the Lenders and shall be surety
for:

(a)the
full and prompt payment of the principal of and interest on the Notes when due, whether at stated maturity, upon acceleration or
otherwise, and at all times thereafter, and the prompt payment of all sums which may now be or may hereafter become due and owing
under the Notes, the Credit Agreement, and the other Loan Documents;

(b)the
payment of all Enforcement Costs (as hereinafter defined in Paragraph 7 hereof); and

(c)the
full, complete, and punctual observance, performance, and satisfaction of all of the obligations, duties, covenants, and agreements
of Borrower under the Credit Agreement and the Loan Documents.

D-2

    	 

    	 

    

 

All amounts due, debts, liabilities,
and payment obligations described in subparagraphs (a) and (b) of this Paragraph 1 are referred to herein as the “Facility
Indebtedness.” All obligations described in subparagraph (c) of this Paragraph 1 are referred to herein
as the “Obligations.” Notwithstanding the foregoing, Subsidiary Guarantors and Lenders agree that each Subsidiary
Guarantor’s obligations hereunder shall not exceed the greater of: (i) the aggregate amount of all monies received,
directly or indirectly, by such Subsidiary Guarantor from Borrower after the date hereof (whether by loan, capital infusion or
other means), and (ii) the maximum amount of the Facility Indebtedness not subject to avoidance under Title 11 of the United States
Code, as same may be amended from time to time, or any applicable state law (the “Bankruptcy Code”). To that
end, to the extent such obligations would otherwise be subject to avoidance under the Bankruptcy Code if Subsidiary Guarantors
are not deemed to have received valuable consideration, fair value or reasonably equivalent value for its obligations hereunder,
each Subsidiary Guarantor’s obligations hereunder shall be reduced to that amount which, after giving effect thereto, would
not render such Subsidiary Guarantor insolvent, or leave such Subsidiary Guarantor with an unreasonably small capital to conduct
its business, or cause such Subsidiary Guarantor to have incurred debts (or intended to have incurred debts) beyond its ability
to pay such debts as they mature, as such terms are determined, and at the time such obligations are deemed to have been incurred,
under the Bankruptcy Code. In the event a Subsidiary Guarantor shall make any payment or payments under this Subsidiary Guaranty
each other Subsidiary Guarantor of the Facility Indebtedness shall contribute to such Subsidiary Guarantor an amount equal to such
non-paying Subsidiary Guarantor’s pro rata share (based on their respective maximum liabilities hereunder) of such payment
or payments made by such Subsidiary Guarantor, provided that such contribution right shall be subordinate and junior in right of
payment to the payment in full of the Facility Indebtedness to Lenders.

2.In the
event of any default by Borrower in making payment of the Facility Indebtedness, or in performance of the Obligations, as aforesaid,
in each case beyond the expiration of any applicable grace period, Subsidiary Guarantors agree, on demand by the Administrative
Agent or the holder of a Note, to pay all the Facility Indebtedness and to perform all the Obligations as are then or thereafter
become due and owing or are to be performed under the terms of the Notes, the Credit Agreement, and the other Loan Documents.

D-3

    	 

    	 

    

 

3.Subsidiary
Guarantors do hereby waive (i) notice of acceptance of this Subsidiary Guaranty by the Administrative Agent and the Lenders
and any and all notices and demands of every kind which may be required to be given by any statute, rule or law, (ii) any
defense, right of set-off or other claim which Subsidiary Guarantors may have against Borrower or which Subsidiary Guarantors
or Borrower may have against the Administrative Agent or the Lenders or the holder of a Note, (iii) presentment for payment,
demand for payment (other than as provided for in Paragraph 2 above), notice of nonpayment (other than as provided
for in Paragraph 2 above) or dishonor, protest and notice of protest, diligence in collection and any and all formalities
which otherwise might be legally required to charge Subsidiary Guarantors with liability, (iv) any failure by the Administrative
Agent and the Lenders to inform Subsidiary Guarantors of any facts the Administrative Agent and the Lenders may now or hereafter
know about Borrower, the Facility, or the transactions contemplated by the Credit Agreement, it being understood and agreed that
the Administrative Agent and the Lenders have no duty so to inform and that Subsidiary Guarantors are fully responsible for being
and remaining informed by Borrower of all circumstances bearing on the existence or creation, or the risk of nonpayment of the
Facility Indebtedness or the risk of nonperformance of the Obligations, (v) any and all right to cause a marshalling of assets
of Borrower or any other action by any court or governmental body with respect thereto, or to cause the Administrative Agent and
the Lenders to proceed against any other security given to a Lender in connection with the Facility Indebtedness or the Obligations
and (vi) any defense which Subsidiary Guarantors may have against the Administrative Agent or the Lenders or the holder of a Note
arising from or based in any way upon any invalidity or unenforceability of the Credit Agreement or any other Loan Documents or
any provision or provisions therein. Credit may be granted or continued from time to time by the Lenders to Borrower without notice
to or authorization from Subsidiary Guarantors, regardless of the financial or other condition of Borrower at the time of any
such grant or continuation. The Administrative Agent and the Lenders shall have no obligation to disclose or discuss with Subsidiary
Guarantors the Lenders’ assessment of the financial condition of Borrower. Subsidiary Guarantors acknowledge that no representations
of any kind whatsoever have been made by the Administrative Agent and the Lenders to Subsidiary Guarantors. No modification or
waiver of any of the provisions of this Subsidiary Guaranty shall be binding upon the Administrative Agent and the Lenders except
as expressly set forth in a writing duly signed and delivered on behalf of the Administrative Agent and the Lenders. Subsidiary
Guarantors further agree that any exculpatory language contained in the Credit Agreement, the Notes, and the other Loan Documents
shall in no event apply to this Subsidiary Guaranty, and will not prevent the Administrative Agent and the Lenders from proceeding
against Subsidiary Guarantors to enforce this Subsidiary Guaranty.

D-4

    	 

    	 

    

 

4.Subsidiary
Guarantors further agree that Subsidiary Guarantors’ liability as guarantor shall in no way be impaired by any renewals or
extensions which may be made from time to time, with or without the knowledge or consent of Subsidiary Guarantors of the time for
payment of interest or principal under a Note or by any forbearance or delay in collecting interest or principal under a Note,
or by any waiver by the Administrative Agent and the Lenders under the Credit Agreement, or any other Loan Documents, or by the
Administrative Agent or the Lenders’ failure or election not to pursue any other remedies they may have against Borrower,
or by any change or modification in a Note, the Credit Agreement, or any other Loan Documents, or by the acceptance by the Administrative
Agent or the Lenders of any security or any increase, substitution or change therein, or by the release by the Administrative Agent
and the Lenders of any security or any withdrawal thereof or decrease therein, or by the application of payments received from
any source to the payment of any obligation other than the Facility Indebtedness, even though a Lender might lawfully have elected
to apply such payments to any part or all of the Facility Indebtedness, it being the intent hereof that Subsidiary Guarantors shall
remain liable as principal for payment of the Facility Indebtedness and performance of the Obligations until all indebtedness has
been paid in full and the other terms, covenants and conditions of the Credit Agreement, and other Loan Documents and this Subsidiary
Guaranty have been performed, notwithstanding any act or thing which might otherwise operate as a legal or equitable discharge
of a surety. Subsidiary Guarantors further understand and agree that the Administrative Agent and the Lenders may at any time enter
into agreements with Borrower to amend and modify a Note, the Credit Agreement or any of the other Loan Documents, or any thereof,
and may waive or release any provision or provisions of a Note, the Credit Agreement, or any other Loan Document and, with reference
to such instruments, may make and enter into any such agreement or agreements as the Administrative Agent, the Lenders and Borrower
may deem proper and desirable, without in any manner impairing this Subsidiary Guaranty or any of the Administrative Agent and
the Lenders’ rights hereunder or any of Subsidiary Guarantors’ obligations hereunder.

5.This is
an absolute, unconditional, complete, present and continuing guaranty of payment and performance and not of collection. Subsidiary
Guarantors agree that their obligations hereunder shall be joint and several with each other and with any and all other guarantees
given in connection with the Facility from time to time. Subsidiary Guarantors agree that this Subsidiary Guaranty may be enforced
by the Administrative Agent and the Lenders without the necessity at any time of resorting to or exhausting any security or collateral,
if any, given in connection herewith or with a Note, the Credit Agreement, or any of the other Loan Documents or by or resorting
to any other guaranties, and Subsidiary Guarantors hereby waive the right to require the Administrative Agent and the Lenders to
join Borrower in any action brought hereunder or to commence any action against or obtain any judgment against Borrower or to pursue
any other remedy or enforce any other right. Subsidiary Guarantors further agree that nothing contained herein or otherwise shall
prevent the Administrative Agent and the Lenders from pursuing concurrently or successively all rights and remedies available to
them at law and/or in equity or under a Note, the Credit Agreement or any other Loan Documents, and the exercise of any of their
rights or the completion of any of their remedies shall not constitute a

D-5

    	 

    	 

    

 

discharge of any
of Subsidiary Guarantors’ obligations hereunder, it being the purpose and intent of Subsidiary Guarantors that the obligations
of such Subsidiary Guarantors hereunder shall be primary, absolute, independent and unconditional under any and all circumstances
whatsoever. Neither Subsidiary Guarantors’ obligations under this Subsidiary Guaranty nor any remedy for the enforcement
thereof shall be impaired, modified, changed or released in any manner whatsoever by any impairment, modification, change, release
or limitation of the liability of Borrower under a Note, the Credit Agreement or any other Loan Document or by reason of Borrower’s
bankruptcy or by reason of any creditor or bankruptcy proceeding instituted by or against Borrower. This Subsidiary Guaranty shall
continue to be effective and be deemed to have continued in existence or be reinstated (as the case may be) if at any time payment
of all or any part of any sum payable pursuant to a Note, the Credit Agreement or any other Loan Document is rescinded or otherwise
required to be returned by the payee upon the insolvency, bankruptcy, or reorganization of the payor, all as though such payment
to such Lender had not been made, regardless of whether such Lender contested the order requiring the return of such payment. The
obligations of Subsidiary Guarantors pursuant to the preceding sentence shall survive any termination, cancellation, or release
of this Subsidiary Guaranty.

6.This Subsidiary
Guaranty shall be assignable by a Lender, as to such Lender’s interest herein, to any assignee of all or a portion of such
Lender’s rights under the Loan Documents.

7.If: (i) this
Subsidiary Guaranty, a Note, or any of the Loan Documents are placed in the hands of an attorney for collection or is collected
through any legal proceeding; (ii) an attorney is retained to represent the Administrative Agent or any Lender in any bankruptcy,
reorganization, receivership, or other proceedings affecting creditors’ rights and involving a claim under this Subsidiary
Guaranty, a Note, the Credit Agreement, or any Loan Document; (iii) an attorney is retained to enforce any of the other Loan
Documents or to provide advice or other representation with respect to the Loan Documents in connection with an enforcement action
or potential enforcement action; or (iv) an attorney is retained to represent the Administrative Agent or any Lender in any
other legal proceedings whatsoever in connection with this Subsidiary Guaranty, a Note, the Credit Agreement, any of the Loan Documents,
or any property securing the Facility Indebtedness (other than any action or proceeding brought by any Lender or participant against
the Administrative Agent alleging a breach by the Administrative Agent of its duties under the Loan Documents), then Subsidiary
Guarantors shall pay to the Administrative Agent or such Lender upon demand all reasonable attorney’s fees, costs and expenses,
including, without limitation, court costs, filing fees and all other costs and expenses incurred in connection therewith (all
of which are referred to herein as “Enforcement Costs”), in addition to all other amounts due hereunder.

D-6

    	 

    	 

    

 

8.The parties
hereto intend that each provision in this Subsidiary Guaranty comports with all applicable local, state and federal laws and judicial
decisions. However, if any provision or provisions, or if any portion of any provision or provisions, in this Subsidiary Guaranty
is found by a court of law to be in violation of any applicable local, state or federal ordinance, statute, law, administrative
or judicial decision, or public policy, and if such court should declare such portion, provision or provisions of this Subsidiary
Guaranty to be illegal, invalid, unlawful, void or unenforceable as written, then it is the intent of all parties hereto that such
portion, provision or provisions shall be given force to the fullest possible extent that they are legal, valid and enforceable,
that the remainder of this Subsidiary Guaranty shall be construed as if such illegal, invalid, unlawful, void or unenforceable
portion, provision or provisions were not contained therein, and that the rights, obligations and interest of the Administrative
Agent and the Lender or the holder of a Note under the remainder of this Subsidiary Guaranty shall continue in full force and effect.

9.Any indebtedness
of Borrower to Subsidiary Guarantors now or hereafter existing is hereby subordinated to the Facility Indebtedness.  Subsidiary
Guarantors will not seek, accept, or retain for Subsidiary Guarantors’ own account, any payment from Borrower on account
of such subordinated debt at any time when a Default exists under the Credit Agreement or the Loan Documents, and any such payments
to Subsidiary Guarantors made while any Default then exists under the Credit Agreement or the Loan Documents on account of such
subordinated debt shall be collected and received by Subsidiary Guarantors in trust for the Lenders and shall be paid over to the
Administrative Agent on behalf of the Lenders on account of the Facility Indebtedness without impairing or releasing the obligations
of Subsidiary Guarantors hereunder.

10.Subsidiary
Guarantors hereby subordinate to the Facility Indebtedness any and all claims and rights, including, without limitation, subrogation
rights, contribution rights, reimbursement rights and set-off rights, which Subsidiary Guarantors may have against Borrower arising
from a payment made by Subsidiary Guarantors under this Subsidiary Guaranty and agree, until the entire Facility Indebtedness is
paid in full, not to assert or take advantage of any subrogation rights of Subsidiary Guarantors or the Lenders or any right of
Subsidiary Guarantors or the Lenders to proceed against (i) Borrower for reimbursement, or (ii) any other guarantor or
any collateral security or guaranty or right of offset held by the Lenders for the payment of the Facility Indebtedness and performance
of the Obligations, nor shall Subsidiary Guarantors seek or be entitled to seek any contribution or reimbursement from Borrower
or any other guarantor in respect of payments made by Subsidiary Guarantors hereunder. It is expressly understood that the agreements
of Subsidiary Guarantors set forth above constitute additional and cumulative benefits given to the Lenders for their security
and as an inducement for their extension of credit to Borrower.

11.Any
amounts received by a Lender from any source on account of any indebtedness may be applied by such Lender toward the payment of
such indebtedness, and in such order of application, as a Lender may from time to time elect.

D-7

    	 

    	 

    

 

12.Subsidiary
Guarantors hereby submit to personal jurisdiction in the State of Illinois for the enforcement of this Subsidiary Guaranty and
waive any and all personal rights to object to such jurisdiction for the purposes of litigation to enforce this Subsidiary Guaranty.
Subsidiary Guarantors hereby consent to the jurisdiction of either the Illinois Courts located in Chicago, Illinois, or the United
States District Court for the Northern District of Illinois, in any action, suit, or proceeding which the Administrative Agent
or a Lender may at any time wish to file in connection with this Subsidiary Guaranty or any related matter. Subsidiary Guarantors
hereby agree that an action, suit, or proceeding to enforce this Subsidiary Guaranty may be brought in such state or federal court
in the State of Illinois and hereby waives any objection which Subsidiary Guarantors may have to the laying of the venue of any
such action, suit, or proceeding in any such court; provided, however, that the provisions of this Paragraph shall not be deemed
to preclude the Administrative Agent or a Lender from filing any such action, suit, or proceeding in any other appropriate forum.

13.All notices
and other communications provided to any party hereto under this Agreement or any other Loan Document shall be in writing or by
telex or by facsimile and addressed or delivered to such party at its address set forth below or at such other address as may be
designated by such party in a notice to the other parties. Any notice, if mailed and properly addressed with postage prepaid, shall
be deemed given when received; any notice, if transmitted by facsimile, shall be deemed given when transmitted. Notice may be given
as follows:

To Subsidiary Guarantors:

c/o Inland Real Estate Income Trust, Inc.

2901 Butterfield Road

Oak Brook, Illinois 60523

Attention: Chief Accounting Officer

Phone: (630) 586-6590

Facsimile: (630) 586-6790

To KeyBank as Administrative Agent
and as a Lender:

KeyBank National Association

1200 Abernathy Road NE

Suite 1500

Atlanta, Georgia 30368

Attention: Kevin Murray

Telephone: (770) 510-2168

Facsimile: (770) 510-2195

D-8

    	 

    	 

    

 

With a copy to:

Dentons US LLP

233 South Wacker Drive

Suite 5900

Chicago, Illinois 60606

Attention: Patrick G. Moran, Esq.

Telephone: (312) 876-8132

Facsimile: (312) 876-7934

If to any other Lender, to its address set forth
in the Credit Agreement.

14.This
Subsidiary Guaranty shall be binding upon the heirs, executors, legal and personal representatives, successors and assigns of Subsidiary
Guarantors and shall inure to the benefit of the Administrative Agent’s and the Lenders’ respective successors and
assigns.

15.This
Subsidiary Guaranty shall be construed and enforced under the internal laws of the State of Illinois.

16.SUBSIDIARY
GUARANTORS, THE ADMINISTRATIVE AGENT AND THE LENDERS, BY THEIR ACCEPTANCE HEREOF, EACH HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY
IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHT UNDER THIS SUBSIDIARY GUARANTY OR ANY OTHER LOAN DOCUMENT OR RELATING
THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH IS THE SUBJECT OF THIS SUBSIDIARY GUARANTY AND AGREE THAT ANY SUCH ACTION
OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

17.From
time to time, additional parties may execute a joinder substantially in the form of Exhibit A hereto, and thereby become
a party to this Subsidiary Guaranty. From and after delivery of such joinder, the Subsidiary delivering such joinder shall be
a Subsidiary Guarantor, and be bound by all of the terms and provisions of this Subsidiary Guaranty.

D-9

    	 

    	 

    

 

18.From
time to time certain Subsidiary Guarantors shall be released from their obligations under this Subsidiary Guaranty by the Administrative
Agent upon satisfaction of the conditions to such release established pursuant to Section 2.23(c) of the Credit Agreement.
Notwithstanding the foregoing, the Administrative Agent shall not be obligated to release any such Subsidiary from this Subsidiary
Guaranty if (i) such Subsidiary owns any other Unencumbered Properties that are not being so released from such status or (ii) a
Default or Unmatured Default has occurred and is then continuing. In addition, effective as of the date on which Borrower receives
an Investment Grade Rating or any date thereafter on which Borrower maintains such an Investment Grade Rating, Borrower may request,
upon not less than five (5) Business Days prior written notice to the Administrative Agent, the release of all Subsidiary Guarantors
from this Subsidiary Guaranty, which release shall be effected by the Administrative Agent so long as no Default or Unmatured
Default shall have occurred and be then continuing. Notwithstanding the foregoing, if any such Subsidiary Guarantor shall then
continue to have outstanding Recourse Indebtedness or Guarantee Obligations to other creditors, the release of such Subsidiary
Guarantor from this Subsidiary Guaranty shall be deferred until such Subsidiary Guarantor has been released from, or is simultaneously
released from, such other Recourse Indebtedness or Guarantee Obligations.

D-10

    	 

    	 

    

IN WITNESS WHEREOF,
Subsidiary Guarantors have delivered this Subsidiary Guaranty as of the date first written above.

	 	[Names of Subsidiary Guarantors]
	 	 	 
	 	By:	
        INLAND REAL ESTATE
        INCOME TRUST, INC.,

        a Maryland corporation,
        its sole member

	 	 	 
	 	By:	 
	 	Its:	 
	 	FEIN:	 	 

D-11

    	 

    	 

    

EXHIBIT A TO SUBSIDIARY GUARANTY

FORM OF JOINDER TO SUBSIDIARY
GUARANTY

THIS JOINDER
is executed as of ___________, 201_ by the undersigned, each of which hereby agrees as follows:

1.All capitalized
terms used herein and not defined in this Joinder shall have the meanings provided in that certain Subsidiary Guaranty (the “Guaranty”)
dated as of September 30, 2015 executed for the benefit of KeyBank National Association, as agent for itself and certain other
lenders, with respect to a loan from the Lenders to Inland Real Estate Income Trust, Inc. (“Borrower”).

2.As required
by the Credit Agreement described in the Guaranty, each of the undersigned is executing this Joinder to become a party to the Guaranty.

3.Each
and every term, condition, representation, warranty, and other provision of the Guaranty, by this reference, is incorporated herein
as if set forth herein in full and the undersigned agrees to fully and timely perform each and every obligation of a Subsidiary
Guarantor under such Guaranty.

[INSERT SUBSIDIARY
GUARANTOR SIGNATURE BLOCKS AND FEIN NUMBER]

	FEIN NO.	 	 	By:	 
	 	 	 	 	By:	 
	 	 	 	 	Its:	 

D-12

    	 

    	 

    

 

EXHIBIT E

FORM OF OPINION OF BORROWER’S
COUNSEL

[To be inserted.]

E-1

    	 

    	 

    

EXHIBIT F

BORROWING NOTICE

Date:

KeyBank National Association

Real Estate Capital

127 Public Square, OH-01-27-0839

Cleveland, OH 44114

Attention: [__________________]

Borrowing Notice

Inland Real
Estate Income Trust, Inc. (“Borrower”) hereby requests an Advance pursuant to Section 2.8 of the Credit Agreement
dated as of September 30, 2015 (as amended or modified from time to time, the “Credit Agreement”), among Inland Real
Estate Income Trust, Inc., the Lenders referenced therein, and you, as an administrative agent for the Lenders.

An Advance is
requested to be made in the amount of $__________, to be made on _____________. Such Advance shall be a [LIBOR] [Floating Rate]
Advance. [The applicable Interest Period shall be _____________.]

The proceeds
of the requested loan shall be directed to the following account:

Wiring Instructions:

(Bank Name)

(ABA No.)

(Beneficiary)

(Account No. to Credit)

(Notification Requirement)

In support of this request, Inland
Real Estate Income Trust, Inc. hereby represents and warrants to the Administrative Agent and the Lenders that acceptance of the
proceeds of such Advance by the Borrower shall be deemed to further represent and warrant that (i) such proceeds shall only be
used for the purposes set forth in Section 6.2 of the Credit Agreement and (ii) all requirements of Section 4.2 of the Credit
Agreement in connection with such Advance have been satisfied at the time such proceeds are disbursed.

	 	Date:	 
	 	 	 
	 	
        Inland Real Estate Income Trust, Inc.,

        a Maryland Corporation,

	 	 	 
	 	By:	 
	 	Name:	 
	 	Its:	 

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EXHIBIT G

APPLICABLE MARGINS

The interest
due hereunder with respect to the Advances and the Facility Letter of Credit Fees with respect to Facility Letters of Credit shall
vary from time to time and shall be determined by reference to the Type of Advance and the Leverage Ratio in effect as of the last
day of the most recent fiscal quarter of the Borrower for which financial results have been reported. Any such change in the Applicable
Margin shall be made on the fifth (5th) day subsequent to the date on which the Administrative Agent receives a compliance
certificate pursuant to Section 6.1(d) with respect to the preceding fiscal quarter of Borrower. Such changes shall be given
prospective effect only, and no recalculation shall be done with respect to interest or Facility Letter of Credit Fees accrued
prior to the date of such change in the Applicable Margin. If any such compliance certificate shall
later be determined to be incorrect and as a result a higher Applicable Margin should have been in effect for any period, Borrower
shall pay to the Administrative Agent for the benefit of the Lenders all additional interest and fees which would have accrued
if the original compliance certificate had been correct, as shown on an invoice to be prepared by the Administrative Agent and
delivered to Borrower, on the next Payment Date following delivery of such invoice. The per annum Applicable Margins that
will be either added to the Alternate Base Rate to determine the Floating Rate or added to LIBOR Base Rate (as adjusted for any
Reserve Requirement) to determine the LIBOR Rate in effect from time to time during any Interest Period with respect to Loans shall
be determined as follows (the "Leverage Based Pricing Schedule"):

	 	Leverage Ratio	LIBOR

Applicable Margin	
        ABR

        Applicable 

        Margin
	 
	 	< 45%	1.40%	0.40%	 
	 	> 45%, < 50%	1.55%	0.55%	 
	 	> 50%, < 55%	1.70%	0.70%	 
	 	> 55%, < 60%	2.00%	1.00%	 
	 	> 60%, < 65% (if permitted under Section 6.17(a))	2.25%	1.25%	 

 

Notwithstanding the foregoing, effective
as of the date on which Borrower receives an Investment Grade Rating or any date thereafter on which Borrower maintains such an
Investment Grade Rating, Borrower may elect, upon not less than five (5) Business Days prior written notice to the Administrative
Agent, for the per annum Applicable Margins that will be either added to the Alternate Base Rate to determine the Floating Rate
or added to LIBOR Base Rate (as adjusted for any Reserve Requirement) to determine the LIBOR Rate in effect from time to time during
any Interest Period with respect to Loans, as well as the Facility Fee due under Section 2.5(b) thereafter to be determined
as follows (the "Ratings Based Pricing Schedule"):

 

G-1

    	 

    	 

    

 

	Rating	LIBOR

Applicable Margin	ABR 

Applicable Margin	Facility

Fee Percentage
	At least A- or A3	0.875%	0%	0.125%
	At least BBB+ or Baa1	0.925%	0%	0.150%
	At least BBB or Baa2	1.05%	0.05%	0.200%
	At least BBB- or Baa3	1.25%	0.25%	0.250%
	Below BBB- or Baa3	1.65%	0.65%	0.300%

 

Any such election by Borrower shall
be irrevocable and the Ratings Based Pricing Schedule shall apply throughout the remaining term of the Loan.

 

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EXHIBIT H

LIST OF INITIAL UNENCUMBERED
PROPERTIES

 

	Property	Address	City	State	Owner	
        Formation

        Jurisdiction

	Newington Fair	 	Newington	CT	IREIT Newington Fair, L.L.C.	Delaware
	Harris Plaza	 	Layton	UT	IREIT Layton Pointe, L.L.C.	Delaware
	Landings at Ocean Isle	 	Ocean Isle	NC	IREIT Ocean Isle Beach Landing, L.L.C.	Delaware
	Copps	 	Stevens Point	WI	IREIT Stevens Point Pinecrest, L.L.C.	Delaware
	Shoppes at Lake Park	 	West Valley City	UT	IREIT West Valley City Lake Park, L.L.C.	Delaware
	Plaza at Prairie Ridge	 	Pleasant Prairie	WI	IREIT Pleasant Prairie Plaza, L.L.C.	Delaware
	Regal Court	 	Shreveport	LA	IREIT Shreveport Regal Court, L.L.C.	Delaware
	Shops at Hawk Ridge	 	St. Louis	MO	IREIT Lake St. Louis Hawk Ridge, L.L.C.	Delaware
	Whispering Ridge	 	Omaha	NE	RE Income Omaha Whispering Ridge, L.L.C.	Delaware
	Frisco Marketplace	 	Frisco	TX	IREIT Frisco Marketplace, L.L.C.	Delaware
	Treasure Valley	 	Nampa	ID	IREIT Nampa Treasure Valley, L.L.C.	Delaware
	Yorkville Marketplace	 	Yorkville	IL	IREIT Yorkville Marketplace, L.L.C.	Delaware
	Dicks/PetSmart Center	 	Lawrence	KS	IREIT Lawrence Iowa Street, L.L.C.	Delaware

 

H-1

    	 

    	 

    

EXHIBIT I

NOTE

September 30, 2015

Inland Real
Estate Income Trust, Inc., a corporation organized under the laws of the State of Maryland (the “Borrower”), promises
to pay to the order of [______________________] (the “Lender”) the aggregate unpaid principal amount of all Loans made
by the Lender to the Borrower pursuant to Article II of the Credit Agreement (as the same may be amended or modified, the “Agreement”)
hereinafter referred to, in immediately available funds at the main office of KeyBank National Association in Cleveland, Ohio,
as Administrative Agent, together with interest on the unpaid principal amount hereof at the rates and on the dates set forth in
the Agreement. The Borrower shall pay remaining unpaid principal of and accrued and unpaid interest on the Loans in full on the
Facility Termination Date or such earlier date as may be required under the Agreement.

The Lender shall,
and is hereby authorized to, record on the schedule attached hereto, or otherwise record in accordance with its usual practice,
the date and amount of each Loan and the date and amount of each principal payment hereunder.

This
Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the Credit Agreement, dated as of September
30, 2015 among the Borrower, KeyBank National Association individually and as Administrative Agent,
and the other Lenders named therein, to which Agreement, as it may be amended from time to time, reference is hereby made for a
statement of the terms and conditions governing this Note, including the terms and conditions under which this Note may be prepaid
or its maturity date accelerated. Capitalized terms used herein and not otherwise defined herein are used with the meanings attributed
to them in the Agreement.

If there is
a Default under the Agreement or any other Loan Document and Administrative Agent exercises the remedies provided under the Agreement
and/or any of the Loan Documents for the Lenders, then in addition to all amounts recoverable by the Administrative Agent and the
Lenders under such documents, the Administrative Agent and the Lenders shall be entitled to receive reasonable attorneys fees and
expenses incurred by the Administrative Agent and the Lenders in connection with the exercise of such remedies.

 

I-1

    	 

    	 

    

 

Borrower and
all endorsers severally waive presentment, protest and demand, notice of protest, demand and of dishonor and nonpayment of this
Note, and any and all lack of diligence or delays in collection or enforcement of this Note, and expressly agree that this Note,
or any payment hereunder, may be extended from time to time, and expressly consent to the release of any party liable for the obligation
secured by this Note, the release of any of the security for this Note, the acceptance of any other security therefor, or any other
indulgence or forbearance whatsoever, all without notice to any party and without affecting the liability of the Borrower and any
endorsers hereof.

This Note shall
be governed and construed under the internal laws of the State of Illinois.

BORROWER
AND LENDER, BY ITS ACCEPTANCE HEREOF, EACH HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR
DEFEND ANY RIGHT UNDER THIS NOTE OR ANY OTHER LOAN DOCUMENT OR RELATING THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH
IS THE SUBJECT OF THIS NOTE AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A JUDGE AND NOT BEFORE A JURY.

 

	 	
        INLAND REAL ESTATE
        INCOME TRUST, INC.,

        a Maryland corporation

	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

I-2

    	 

    	 

    

SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL

TO

NOTE OF INLAND REAL ESTATE INCOME TRUST,
INC.,

DATED SEPTEMBER 30, 2015

 

	Date	 	
        Principal

        Amount of

        Loan
	 	
        Maturity

        of Interest

        Period
	 	
        Maturity

        Principal

        Amount

        Paid
	 	
        Unpaid

        Balance

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

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EXHIBIT J

AMENDMENT REGARDING INCREASE

This Amendment
to the Credit Agreement (the “Agreement”) is made as of ____________, 201_, by and among Inland Real Estate Income
Trust, Inc. (the “Borrower”), KeyBank National Association, as “Administrative Agent,” and one or more
existing or new “Lenders” shown on the signature pages hereof.

R E C I T A L S

A.Borrower,
Administrative Agent and certain other Lenders have entered into an Credit Agreement dated as of September 30, 2015 (as amended,
the “Credit Agreement”). All capitalized terms used herein and not otherwise defined shall have the meanings given
to them in the Credit Agreement.

B.Pursuant
to the terms of the Credit Agreement, the Lenders initially agreed to provide Borrower with Commitments in an aggregate principal
amount of up to $100,000,000. The Borrower and the Agent on behalf of the Lenders now desire to amend the Credit Agreement in order
to, among other things (i) increase the Aggregate Commitment to $__________________;
and (ii) admit [name of new banks] as “Lenders” under the Credit Agreement.

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

AGREEMENTS

1.The foregoing
Recitals to this Amendment hereby are incorporated into and made part of this Amendment.

2.From
and after _________, ____ (the “Effective Date”) (i) [name of new banks] shall be considered as “Lenders”
under the Credit Agreement and the Loan Documents, and (ii) [name of existing Lenders] shall each be deemed to have increased
its Commitment to the amount shown next to their respective signatures on the signature pages of this Amendment, each having a
Commitment in the amount shown next to their respective signatures on the signature pages
of this Amendment. The Borrower shall, on or before the Effective Date, execute and deliver to each new Lender a Note to evidence
the Loans to be made by such Lender. Each existing Lender shall retain the Note previously issued to it, which does not contain
a stated amount, and such Note shall evidence the increased Commitment of such existing Lender.

J-1

    	 

    	 

    

 

3.From and
after the Effective Date, the Aggregate Commitment shall equal __________ Million Dollars
($___,000,000).

4.For purposes
of Article XIII of the Credit Agreement (Giving Notice), the address(es) and facsimile number(s) for [name of new banks] shall
be as specified below their respective signature(s) on the signature pages of this Amendment.

5.The Borrower
hereby represents and warrants that, as of the Effective Date, there is no Default or Unmatured Default, the representations and
warranties contained in Article V of the Credit Agreement are true and correct in all material respects as of such date (except
(i) to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation
or warranty shall be true and correct on and as of such earlier date, and (ii) for changes in factual circumstances disclosed in
writing to the Administrative Agent and not prohibited under this Agreement) and the Borrower has no offsets or claims against
any of the Lenders.

6.As expressly
modified as provided herein, the Credit Agreement shall continue in full force and effect.

7.This Amendment
may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties
hereto may execute this Amendment by signing any such counterpart.

J-2

    	 

    	 

    

IN WITNESS WHEREOF,
the parties have executed and delivered this Amendment as of the date first written above.

	 	INLAND REAL ESTATE INCOME TRUST, INC.,

a Maryland corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	
        Address:

        2901 Butterfield Road

        Oak Brook, Illinois
        60523

        Attention: Chief Accounting
        Officer

        Phone: (630) 586-6590

        Facsimile: (630) 586-6790

	 	 	 
	 	
        KEYBANK NATIONAL ASSOCIATION,

        as Administrative Agent

	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	
        1200 Abernathy Road

        Suite 1550

        Atlanta, GA 30328

        Attention: Nathan Weyer

        Phone: (770) 510-2130

        Facsimile: (770) 510-2195

         

	 	With a copy to:
	 	 	 
	 	
        KeyBank National Association

        127 Public Square

        Cleveland, Ohio 44114

        Attention:  Michelle Barber

         

        Real Estate Capital Client Services

        Phone:  (216) ___-____

        Facsimile:  (216) ___-____

J-3

    	 

    	 

    

 

	 	[NAME OF NEW LENDER]
	 	 	 
	 	By:	 
	 	Print Name:	 
	 	Title:	 
	 	 	 
	 	[Address of New Lender]
	 	 
	 	Phone:	 
	 	Facsimile:	 
	 	Attention:	 
	 	Amount of Commitment:	 
	 	 	 	 

J-4

    	 

    	 

    

 

EXHIBIT K

SUBORDINATION AGREEMENT

The undersigned
(the “Advisor”) acknowledges that Inland Real Estate Income Trust, Inc. (the “Borrower”) has entered into
an Credit Agreement of even date herewith with KeyBank National Association as administrative agent (the “Agent”),
and the Lenders described therein, pursuant to which the Lenders have agreed to make a revolving
credit facility available to Borrower in an aggregate principal amount of up to $100,000,000, subject to possible future increase
to an aggregate of up to $400,000,000. The Advisor has agreed to perform or supply certain services pursuant to that certain Business
Management Agreement dated October 18, 2012 between the Borrower and the Advisor (as amended, the “Contract”). The
undersigned does hereby acknowledge and agree that the rights of the Advisor under the Contract to receive payments shall be restricted
as provided in the first sentence of Section 6.22 of the Credit Agreement, a copy of which is attached hereto as Attachment
1 and that any payments under such Contract in excess of the accrued amounts permitted to be paid as of any date are hereby subordinated
to the payment in full of all obligations of the Borrower to the Agent and Lenders under the Credit Agreement and all related loan
documents (the “Obligations”). Any payment received by the Advisor which is subordinated to the Obligations and is
not permitted by the terms of this Subordination Agreement shall be held in trust by the Advisor for the benefit of the Lenders
and upon demand from the Administrative Agent shall be paid to the Administrative Agent to be applied to the Obligations.

This Subordination
Agreement is given by the Advisor for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged
by the Advisor, and the Advisor acknowledges that execution and delivery of this Subordination Agreement by the Advisor is a condition
precedent to the performance by the Lenders of their obligations under the Credit Agreement.

EXECUTED as
of September 30, 2015.

	 	IREIT Business Manager & Advisor, Inc.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

K-1

    	 

    	 

    

 

ATTACHMENT
1 TO EXHIBIT K -- SUBORDINATION AGREEMENT

Any fees payable to the Advisor
by the Borrower or any other member of the Consolidated Group will be payable no more frequently than quarterly (other than acquisition
fees which may be paid on or about the time of the related acquisition), and all such fees shall be subordinated to payment of
all Obligations then due and payable to the Administrative Agent or the Lenders as provided in the subordination agreement attached
as Exhibit K and shall not be paid unless the Borrower is in compliance with all of its obligations under the Loan Documents
at the time of such payment and no Unmatured Default or Default then exists hereunder.

K-2

    	 

    	 

    

SCHEDULE 5.6

LITIGATION

(See Section 5.6)

NONE

Schedule 5.6 - 1

    	 

    	 

    

SCHEDULE 5.7

SUBSIDIARIES OF BORROWER

NONE

Schedule 5.7 - 1

    	 

    	 

    

SCHEDULE 5.18

ENVIRONMENTAL MATTERS

(See Section 5.18)

NONE

 

Schedule 5.18 - 1

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