Document:

Exhibit 10.2

 

AMENDED AND RESTATED

 

AGREEMENT OF LIMITED PARTNERSHIP

 

OF

 

RICH UNCLES NNN OPERATING PARTNERSHIP,
LP

 

(A Delaware Limited Partnership)

 

THE INTERESTS REFERENCED HEREIN HAVE BEEN
ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS.
WITHOUT REGISTRATION, THESE INTERESTS MAY NOT BE SOLD, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED AT ANY TIME WHATSOEVER,
EXCEPT ON DELIVERY TO THE PARTNERSHIP OF AN OPINION OF COUNSEL SATISFACTORY TO THE PARTNERSHIP THAT REGISTRATION IS NOT REQUIRED
FOR THE TRANSFER, OR THE SUBMISSION TO THE PARTNERSHIP OF OTHER EVIDENCE SATISFACTORY TO THE PARTNERSHIP TO THE EFFECT THAT ANY
TRANSFER WILL NOT BE IN VIOLATION OF THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS OR ANY RULE OR
REGULATIONS PROMULGATED THEREUNDER.

 

     

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	Article 1	DEFINITIONS	1
	1.1	Definitions	1
	1.2	Other Definitions	4
	 	 	 
	Article 2	GENERAL	4
	2.1	Formation	4
	2.2	Name and Certificate	4
	2.3	Office and Agent	4
	2.4	Term	4
	2.5	Purposes	4
	2.6	Limits	4
	2.7	Foreign Qualification	5
	 	 	 
	Article 3	CONTRIBUTIONS AND INTERESTS	5
	3.1	Identification	5
	3.2	Capital Contributions	5
	3.3	Capital Accounts	5
	3.4	Withdrawal or Reduction of Capital Contributions	6
	3.5	Liability of the Partners	6
	3.6	Deficit Capital Accounts	6
	3.7	Loans	6
	3.8	Preferred Partnership Interests	6
	 	 	 
	Article 4	DISTRIBUTIONS AND ALLOCATIONS	6
	4.1	Allocation of Net Profits and Net Loss	6
	4.2	Special Allocations and Related Definitions	7
	4.3	Curative Allocations	9
	4.4	Other Allocation Rules	10
	4.5	Distributions	10
	4.6	Tax Withholdings	10
	4.7	Other Advances	10
	4.8	Limitation Upon Distributions	10
	4.9	Tax Matters Partner	10
	4.10	Compliance with Code and Treasury Regulations	11
	 	 	 
	Article 5	STATUS OF LIMITED PARTNERS	11
	5.1	General	11
	5.2	Limitation on Liability	12
	5.3	Bankruptcy; Death	12
	 	 	 
	Article 6	MANAGEMENT	12
	6.1	Rights	12
	6.2	Exculpation of Partners and Officers	12
	6.3	Limitation of Liability	12
	6.4	Duties	12
	6.5	Compensation and Reimbursement	13
	6.6	Agreements with Affiliates	13
	6.7	Officers	13
	6.8	Appointment and Replacement	13
	6.9	Approval and Meetings	13
	6.10	Execution of Documents	13
	 	 	 

 

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Table
of Contents

(continued)

 

	 	 	Page
	Article 7	BOOKS AND ACCOUNTS	14
	7.1	Books and Records	14
	7.2	Reports	14
	7.3	Tax Returns and Other Elections	14
	7.4	Depositories	15
	 	 	 
	Article 8	ADMISSION OF NEW PARTNERS; TRANSFER OF INTERESTS	15
	8.1	Admission of New Partners	15
	8.2	Transfers	15
	8.3	Substitute Partner	15
	8.4	Assignee’s Rights	16
	8.5	Tax Matters	16
	 	 	 
	Article 9	DISSOLUTION	16
	9.1	Causes	16
	9.2	Reconstitution	16
	9.3	Interim Manager	17
	 	 	 
	Article 10	WINDING UP AND TERMINATION	17
	10.1	General	17
	10.2	Liquidation	18
	10.3	Creation of Reserves	18
	10.4	Final Accounting	18
	 	 	 
	Article 11	INDEMNIFICATION	19
	11.1	Indemnification of Partners and Officers	19
	11.2	Applicability and Effect	20
	11.3	Limitation on Partners’ Liability	20
	 	 	 
	Article 12	MISCELLANEOUS	20
	12.1	Notices	20
	12.2	Interpretation	20
	12.3	Terms	20
	12.4	Amendment; Waiver	21
	12.5	Severability	21
	12.6	No Third-Party Beneficiary	21
	12.7	Sole and Absolute Discretion	21
	12.8	Binding Effect	21
	12.9	Complete Agreement	21
	12.10	Title to Partnership Property	21
	12.11	Other Business	21
	12.12	Partition Rights	22
	12.13	Agreement in Counterparts	22
	 	 	 
	Attachment: Exhibit A	A-1

 

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AMENDED AND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP

 

OF

 

RICH UNCLES NNN OPERATING PARTNERSHIP,
LP

 

THIS AMENDED AND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP (this “Agreement”) is made as of August 11, 2017, by and between RW Holdings NNN REIT,
Inc. (f/k/a Rich Uncles NNN REIT, Inc.), a Maryland corporation (the “General Partner”), and Rich
Uncles NNN LP, LLC (the “Limited Partner”), and they together hereby form a limited partnership
(the “Partnership”) pursuant to the Act (hereinafter defined).

 

Article
1

DEFINITIONS

 

1.1 Definitions.  In this Agreement,
the following terms, unless the context otherwise requires, have the meanings indicated:

 

“Accountant” means
the certified public accountant or firm of certified public accountants, if any, selected by the General Partner to perform accounting
functions on behalf of the Partnership.

 

“Act” means the
Delaware Revised Limited Partnership Act, as amended from time to time (or any corresponding provisions of succeeding law).

 

“Advisor” means
Rich Uncles REIT Operator, LLC, a Delaware limited liability company.

 

“Advisory Agreement”
means an advisory agreement executed from time to time between the Advisor and a Partner.

 

“Agreement” means
this Amended and Restated Agreement of Limited Partnership, as may be further amended, from time to time. The words “herein,”
“hereinafter,” “hereof,” “hereto,” “hereunder” and any similar words refer to this
Agreement as a whole, unless the context otherwise requires.

 

“Approval of the Partners”
or “Approved by the Partners” means the affirmative approval, determined under Section 6.9, of
Partners then entitled to vote who hold in the aggregate more than fifty percent (50%) of the Percentage Interests.

 

“Assignee” means
a transferee of all or any portion of a Partner’s or any other transferor’s Interest.

 

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“Bankruptcy” means,
for any Partner, that Partner’s taking or acquiescing in the taking of an action seeking relief under, or advantage of, any
applicable debtor relief, liquidation, receivership, conservatorship, bankruptcy, moratorium, rearrangement, insolvency, reorganization
or similar law affecting the rights or remedies of creditors generally, as in effect from time to time.

 

“Capital Account”
means, with respect to any Partner, the account maintained for such Partner in a manner which the General Partner determines is
in accordance with Treasury Regulations Section 1.704-1 (b)(2)(iv), and Section 3.3 of this Agreement.

 

“Capital Contribution”
means, with respect to any Partner, the amount of money or property contributed to the Partnership with respect to the interest
in the Partnership held by that Partner.

 

“Certificate”
means the certificate of limited partnership of the Partnership.

 

“Class C Partner”
means any Partner named as a Class C Partner of the Partnership on Exhibit A attached hereto and includes any Person admitted
as an Class C Partner after the date hereof or a Substitute Class C Partner.

 

“Class C Interest”
means an Interest in the Partnership as a Class C Partner.

 

“Class S Partner”
means any Partner named as a Class S Limited Partner of the Partnership on Exhibit A attached hereto and includes any Person
admitted as an Class S Partner after the date hereof or a Substitute Class S Partner.

 

“Class S Interest”
means an Interest in the Partnership as a Class S Partner.

 

“Class S Offering Expenses”
means any commissions and fees payable to brokers or other persons that are related, directly or indirectly, to a Class S Interest.

 

“Code” means the
Internal Revenue Code of 1986, as amended from time to time (or any corresponding provisions of succeeding law).

 

“Fiscal Year”
means the Partnership’s fiscal year, which shall be the calendar year.

 

“General Partner”
means any Person who (i) is referred to as such in the first paragraph of this Agreement, or has become a General Partner pursuant
to the terms of this Agreement, and (ii) has not ceased to be a General Partner pursuant to the terms of this Agreement, irrespective
of Class, unless the context so requires..

 

“Interest” means,
with respect to any Partner, such Partner’s ownership interest in the Partnership.

 

“Limited Partner”
means any Person who (i) is referred to as such in the first paragraph of this Agreement, or has become a Limited Partner pursuant
to the terms of this Agreement, and (ii) has not ceased to be a Limited Partner pursuant to the terms of this Agreement, irrespective
of Class, unless the context so requires.

 

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"Net Capital Contribution"
means, with respect to any Partner, the sum of the initial and all permitted additional Capital Contributions made by such Partner
hereunder minus the cumulative amount of cash distributions received by such Partner that are treated as a return of Capital Contributions
pursuant to Section 4.5 of this Agreement. If at any time the cumulative amount of cash distributions received by such Partner
as a return of capital exceeds the sum of the Partner's initial and all permitted additional Capital Contributions, then the Partner's
Net Capital Contribution shall be deemed to be zero until such excess is eliminated.

 

“Net Loss” means,
for each Fiscal Year or other period, the taxable loss of the Partnership for such period determined under such method of accounting
as is elected by the Partnership, applied in accordance with accounting principles consistently applied from year to year, plus
any expenditures described in Section 705(a)(2)(B) of the Code; provided, however, that any items which are specially allocated
pursuant to Sections 4.1(b) through 43 hereof shall not be taken into account in computing Net Loss.

 

“Net Profits”
means, for each Fiscal Year or other period, the taxable net income and taxable net gains of the Partnership for such period determined
under such method of accounting as is elected by the Partnership, applied in accordance with accounting principles consistently
applied from year to year, plus any income described in Section 705(a)(1)(B) of the Code; provided, however, that any items
which are specially allocated pursuant to Sections 4.1(b) through 4.3 hereof shall not be taken into account in computing
Net Profits.

 

“Partners” means
all General Partners and all Limited Partners, where no distinction is required by the context in which the term is used herein.

 

“Percentage Interest”
means, with respect to any Partner, the percentage determined by dividing the aggregate Net Capital Contributions of such Partner
to the Partnership since the inception of the Partnership by the aggregate Net Capital Contributions of all Partners to the Partnership
since the inception of the Partnership. The General Partner shall maintain a complete record of each Partner's Capital Contributions
and shall revise such record periodically to reflect additional contributions, transfers of Interests, and any other changes affecting
the Partners or their respective Capital Contributions. The General Partner shall also determine each Partner's Percentage Interest
as provided herein and re-determine such Percentage Interest upon any additional contribution, distribution or other transaction
affecting a Partner's Percentage Interest. Pursuant to Section 7.1, the General Partner shall advise any Limited Partner of its
respective Percentage Interest promptly upon receipt of a written request therefor from such Limited Partner.

 

“Person” means
any corporation, limited liability company, partnership, joint venture, co-tenancy, trust or any other legal entity or natural
person, whether or not a party to this Agreement.

 

“Property” means
all the assets of the Partnership.

 

“Pro Rata” means
the ratio determined by dividing the Percentage Interest of a Partner to whom a particular provision of this Agreement is stated
to apply by the aggregate of the Percentage Interests of all Partners to whom that provision is stated to apply.

 

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“Substitute Partner”
has the meaning set forth in Section 8.3.

 

“Transfer” or
derivations thereof, of an Interest means, as a noun, the transfer, sale, assignment, exchange, pledge, hypothecation or other
disposition of an Interest, or any part thereof, directly or indirectly, and as a verb, voluntarily to transfer, sell, assign,
exchange, pledge, hypothecate or otherwise dispose of an Interest.

 

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

 

1.2 Other Definitions.  All terms
used in this Agreement that are not defined in this Article 1 have the meanings contained elsewhere in this Agreement.

 

Article
2

GENERAL

 

2.1 Formation.  The Partners hereby
form the Partnership pursuant to the Act. Except as otherwise provided in this Agreement, the rights and liabilities of the Partners
are governed by the Act.

 

2.2 Name and Certificate.  The name
of the Partnership is “Rich Uncles NNN Operating Partnership, LP.” The General Partner shall promptly cause to be prepared
and filed the Certificate to satisfy the requirements of the Act, and any assumed name certificates required by applicable laws.

 

2.3 Office and Agent.  The registered
agent, registered office and principal place of business of the Partnership are set forth on Exhibit A. The registered agent,
registered office or principal place of business may be changed by the General Partner after the General Partner delivers a written
notice about such change to the Partners.

 

2.4 Term.  The Partnership shall
be formed as a limited partnership on the date that the Certificate is filed with the Secretary of State of the State of Delaware
and shall continue until terminated pursuant to this Agreement.

 

2.5 Purposes.  The purpose for which
the Partnership is organized is to transact any or all lawful business for which limited partnerships may be organized under the
Act. The Partnership shall have any and all powers that are necessary or desirable to carry out the purposes and business of the
Partnership, to the extent the same may be legally exercised by limited partnerships under the Act. The Partnership shall carry
out the foregoing activities pursuant to the arrangements set forth in the Certificate and this Agreement.

 

2.6 Limits.  The relationship between
and among the Partners is limited to the carrying on of the business of the Partnership in accordance with this Agreement. That
relationship shall be construed and deemed to be a limited partnership for the sole and limited purpose of carrying on that business.
This Agreement does not create a general partnership between the parties or authorize any party to act as general agent for any
other party.

 

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2.7 Foreign Qualification.  The General
Partner shall cause the Partnership to comply with all requirements necessary to qualify the Partnership as a foreign limited partnership
in each jurisdiction in which the business of the Partnership makes such qualification necessary. Each Partner shall execute, acknowledge,
swear to, and deliver all certificates and other instruments conforming with this Agreement that are necessary or appropriate to
qualify, continue, and terminate the Partnership as a foreign limited partnership in all such jurisdictions in which the Partnership
may conduct business.

 

Article
3

CONTRIBUTIONS AND INTERESTS

 

3.1 Identification.  The name, address,
initial Capital Contribution and Percentage Interest of each Partner are set forth on Exhibit A.

 

3.2 Capital Contributions.

 

(a) At any time the General Partner determines
that additional funds are required to operate the Partnership, the General Partner may request that the Partners make additional
Capital Contributions; provided, however, no Partner shall be obligated to make any additional Capital Contributions.

 

(b) No Partner shall be paid interest on any
Capital Contribution to the Partnership.

 

3.3 Capital Accounts.

 

(a) A separate Capital Account will be maintained
for each Partner. Each Partner’s Capital Account will be increased by (i) the amount of money contributed by such Partner
to the Partnership; (ii) the fair market value of any property contributed by such Partner to the Partnership; (iii) the
amount of any Partnership liabilities that are expressly assumed by such Partner or that are secured by any Partnership Property
distributed to such Partner; (iv) the amount of Net Profits allocated to such Partner; and (v) any item of income or gain specially
allocated to such Partner pursuant to Sections 4.1(b) through 4.3. Each Partner’s Capital Account will
be decreased by (i) the amount of money distributed to such Partner by the Partnership; (ii) the fair market value of
any property distributed to such Partner by the Partnership; (iii) the amount of any liabilities of such Partner that are
expressly assumed by the Partnership or that are secured by any property contributed by such Partner to the Partnership; (iv) the
amount of Net Loss allocated to such Partner; and (v) any items of deduction or Net Loss specially allocated to such Partner pursuant
to Sections 4.1(b) through 4.3.

 

(b) In the event of a permitted sale or exchange
of an Interest in the Partnership, the Capital Account of the transferor shall become the Capital Account of the transferee to
the extent it relates to the transferred interest.

 

(c) The manner in which Capital Accounts are
to be maintained pursuant to this Section 3.3 is intended to comply with the requirements of Code Section 704(b)
and the Treasury Regulations promulgated thereunder and shall be interpreted and applied in a manner consistent therewith. The
Partners agree to make appropriate modification if unanticipated events might otherwise cause this Agreement not to comply with
Code Section 704(b) and the Treasury Regulations promulgated thereunder.

 

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3.4 Withdrawal or Reduction of Capital
Contributions.

 

(a) No Partner shall receive out of the Partnership’s
Property any part of its Capital Contribution until all liabilities of the Partnership have been paid or there remains Property
of the Partnership sufficient to pay such liabilities.

 

(b) Except as may be otherwise specifically
provided in this Agreement, the Partners shall not have the right to withdraw all or any part of their Capital Contributions.

 

3.5 Liability of the Partners.  No
Partner shall be liable for the debts, liabilities or obligations of the Partnership beyond its Capital Contributions.

 

3.6 Deficit Capital Accounts.  No
Partner will be required to pay to the Partnership, to any other Partner or to any third party any deficit balance which may exist
from time to time in the Partner’s Capital Account.

 

3.7 Loans.  If the General Partner
makes a request for loans, the Partners, Pro Rata or as they may otherwise agree, may make a loan or loans to the Partnership.
The amount of any such loan or advance shall not be deemed an increase in the Capital Contributions of the Partner that makes such
loan or entitle that lending Partner to any increase in its Percentage Interest. The Partners shall not be required to loan any
funds to the Partnership.

 

3.8 Preferred Partnership Interests.
The Partnership, upon the determination of the General Partner, may issue preferred partnership interests in connection with acquisitions
of property or otherwise. Such preferred partnership interests may have priority over the Interests of other Limited Partners with
respect to distributions and allocations as set forth in Article 4 of this Agreement.

 

Article
4

DISTRIBUTIONS AND ALLOCATIONS

 

4.1 Allocation of Net Profits and Net
Loss.  Except as required by Code Section 704(c) (dealing with contributed property), and after giving effect to the special
allocations and limitations set forth in Section 4.1(b) and in Sections 4.2 and 4.3:

 

(a) Net Profits for any Fiscal Year shall
be allocated in the following order and ‘ priority:

 

(i) First, to the Partners in an amount
equal to the excess, if any, of (i) the cumulative Net Loss allocated pursuant to Section 4.1(b) for all prior
Fiscal Years, over (ii) the cumulative Net Profits allocated pursuant to this Section 4.1(a) for all prior Fiscal Years;
provided, however, such allocation among the Partners shall be in such amounts as will proportionately reduce such respective
excess amounts of the various Partners.

 

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(ii) The balance, if any, to the Partners
to be allocated among them in proportion to their respective Percentage Interests.

 

(b) Net Loss for any Fiscal Year shall be
allocated as set forth in Section 4.1(b)(i), subject to the limitation in Section 4.1(b)(ii).

 

(i) Net Loss for any Fiscal Year shall be
allocated among the Partners in proportion to their respective Percentage Interests.

 

(ii) No Net Loss (or item of loss or deduction)
shall be allocated to a Partner if such allocation would cause the Partner to have an Adjusted Capital Account Deficit, as hereinafter
defined, at the end of any Fiscal Year. Such Net Loss (or item of loss or deduction) shall be allocated among the Partners whose
Adjusted Capital Account, as hereinafter defined, balances are positive in proportion to such positive balances to the extent necessary
to reduce the balances of such other Partners’ positive Adjusted Capital Accounts balances to zero, it being the intention
of the Partners that no Partner’s Adjusted Capital Account balance shall fall below zero while any other Partner’s
Adjusted Capital Account has a positive balance. In the event no Partner has a positive Adjusted Capital Account balance, such
Net Loss (or item of loss or deduction) shall be allocated in accordance with Section 5.1(b)(i) unless otherwise required
by Code Section 704(b) and the Treasury Regulations thereunder.

 

4.2 Special Allocations and Related Definitions.

 

(a) Definitions. The following definitions
pertain to the special allocations provided for in this Section 4.2.

 

(i) “Adjusted Capital Account
Deficit” means, with respect to any Partner, the deficit balance, if any, in such Partner’s Adjusted Capital
Account as of the end of the relevant Fiscal Year. The foregoing definition of Adjusted Capital Account Deficit is intended to
comply with the provisions of Section 1.704-l(b)(2)(ii)(d) of the Treasury Regulations and shall be interpreted consistently therewith.

 

(ii) “Adjusted Capital Account”
of a Partner means such Partner’s Capital Account, after giving effect to the following adjustments:

 

(A) Credit to such Capital Account any amounts
which such Partner is obligated to restore pursuant to any provision of this Agreement or is deemed to be obligated to restore
pursuant to the penultimate sentences of Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and

 

(B) Debit to such Capital Account the items
described in Treasury Regulations Sections 1.704-i(b)(2)(ii)(d)(4), 1.704-l(b)(2)(ii)(d)(5), and 1.704-l(b)(2)(ii)(d)(6).

 

(iii) “Partnership Minimum Gain”
has the same meaning as “partnership minimum gain” set forth in Treasury Regulations Sections 1.704-2(b)(2) and 1.704-2(d).

 

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(iv) “Partner Nonrecourse Debt”
has the same meaning as “partner nonrecourse debt” set forth in Section 1.704-2(b)(4) of the Treasury Regulations.

 

(v) “Partner Nonrecourse Debt
Minimum Gain” has the same meaning as “partner nonrecourse debt minimum gain” set forth in Section 1.704-2(i)
of the Treasury Regulations.

 

(vi) “Partner Nonrecourse Deductions”
has the same meaning as “partner nonrecourse deductions” set forth in Sections 1.704-2(i)(1) and 1.704-2(i)(2) of the
Treasury Regulations.

 

(vii) “Nonrecourse Deductions”
has the meaning set forth in Section 1.704-2(b)(1) of the Treasury Regulations, and such deductions are determined in accordance
with Sections 1.704-2(c)(1) and 1.704-2(j)(1) of the Treasury Regulations.

 

(viii) “Nonrecourse Liability”
has the meaning set forth in Section 1.704-2(b)(3) of the Treasury Regulations.

 

(b) The following special allocation provisions
should be applied in the order in which they are listed. Such ordering is intended to comply with the ordering rules in Treasury
Regulations Section 1.704-2(j) and shall be applied consistently therewith.

 

(i) Minimum Gain Chargeback. If there
is a net decrease in Partnership Minimum Gain during any Fiscal Year, each Partner shall be allocated items of Partnership income
and gain for such year in an amount equal to that Partner’s share of the net decrease in Partnership Minimum Gain (within
the meaning of Treasury Regulations Section 1.704-2(g)). The items to be so allocated shall be determined in accordance with Section
1.704-2(f) of the Treasury Regulations. This Section 4.2(b)(i) is intended to comply with the minimum gain chargeback requirement
in such Section of the Treasury Regulations and shall be interpreted consistently therewith.

 

(ii) Partner Nonrecourse Debt Minimum
Gain Chargeback. If during a Fiscal Year there is a net decrease in Partner Nonrecourse Debt Minimum Gain, any Partner with
a share of that Partner Nonrecourse Debt Minimum Gain (determined in accordance with Treasury Regulations Section 1.704-2(i)(5))
as of the beginning of the year shall be allocated items of Partnership income and gain for such year (and, if necessary, for succeeding
years) in an amount equal to that Partner’s share of the net decrease in the Partner Nonrecourse Debt Minimum Gain, The items
to be so allocated shall be determined in accordance with Section 1.704-2(i)(4) of the Treasury Regulations. This Section 4.2(b)(ii)
is intended to comply with the minimum gain chargeback requirement in such Section of the Treasury Regulations and shall be
interpreted consistently therewith.

 

(iii) Qualified Income Offset. In
the event any Partner unexpectedly receives any adjustments, allocations, or distributions described in Treasury Regulations Sections
1.704-1(b)(2)(ii)(d)(4), 1.704-l(b)(2)(ii)(d)(5), or 1.704-l(b)(2)(n)(d)(6), items of Partnership income and gain shall be specially
allocated to each such Partner in an amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations,
the Adjusted Capital Account Deficit of such Partner as quickly as possible, provided that an allocation pursuant to this Section
4.2(b(iii) shall be made only if and to the extent that such Partner would have an Adjusted Capital Account Deficit after all
other allocations provided for in this Article 5 have been tentatively made as if this Section 4.2(b)(iii) were
not in this Agreement. This allocation is intended to constitute a “qualified income offset” within the meaning of
Treasury Regulations Section 1.704-l(b)(2)(ii)(d)(3) and shall be construed in accordance with the requirements thereof.

 

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(iv) Gross Income Allocation. In
the event any Partner has a deficit Capital Account at the end of any Fiscal Year which is in excess of the sum of (i) the amount
such Partner is obligated to restore pursuant to any provision of this Agreement, and (ii) the amount such Partner is deemed to
be obligated to restore pursuant to the penultimate sentences of Sections 1.704-2(g)(l) and 1.704-2(i)(5) of the Treasury Regulations,
each such Partner shall be specially allocated items of Partnership income and gain in the amount of such excess as quickly as
possible, provided that an allocation pursuant to this Section 4,2(b)(iv) shall be made only if and to the extent that such
Partner would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Article
4 have been made as if Sections 4.2(b)(iii) and 4.2(b)(iv) were not in this Agreement.

 

(v) Nonrecourse Deductions. Nonrecourse
Deductions for any Fiscal Year or other period shall be specially allocated among the Partners in accordance with their respective
Percentage Interests.

 

(vi) Partner Nonrecourse Deductions.
Any Partner Nonrecourse Deductions for any Fiscal Year or other period shall be specially allocated to the Partner who bears the
economic risk of loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable
in accordance with Treasury Regulations Section 1.704-2(i).

 

4.3 Curative Allocations.  The allocations
set forth in Sections 4.1(b) and 4.2 hereof (the “Regulatory Allocations”) are intended
to comply with certain requirements of the Treasury Regulations. It is the intent of the Partners that, to the extent possible,
all Regulatory Allocations shall be offset either with other Regulatory Allocations or with special allocations of other items
of Partnership income, gain, loss, or deduction pursuant to this Section 4.3. Therefore, notwithstanding any other
provision of this Article 4 (other than the Regulatory Allocations), the General Partner shall make such offsetting
special allocations of Partnership income, gain, loss, or deduction in whatever manner it determines appropriate so that, after
such offsetting allocations are made, each Partner’s Capital Account balance is, to the extent possible, equal to the Capital
Account balance such Partner would have had if the Regulatory Allocations were not part of this Agreement and all Partnership items
were allocated pursuant to the general rules of Section 4.1. In exercising its discretion under this Section 4.3,
the Partners shall take into account future Regulatory Allocations under Sections 4.2(b)(i) and 4.2(b)(ii) that,
although not yet made, are likely to offset other Regulatory Allocations previously made under Sections 4.2(b)(v) and 4.2(b)(iv).

 

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4.4 Other Allocation Rules.

 

(a) For purposes of determining the profits,
losses, or any other items allocable to any period, profits, losses, and any such other items shall be determined on a daily, monthly,
or other basis, as determined by the Partners using any permissible method under Code Section 706 and the Treasury Regulations
thereunder.

 

(b) The Partners are aware of the income tax
consequences of the allocations made by this Article 4 and hereby agree to be bound by the provisions of this Article
4 in reporting their shares of Partner income and loss for income tax purposes.

 

(c) Solely for purposes of determining a Partner’s
proportionate share of the “excess nonrecourse liabilities” of the Partnership within the meaning of Section 1.752-3(a)(3)
of the Treasury Regulations, the Partners’ interests in Partnership profits are in proportion to their Percentage Interests.

 

4.5 Distributions.  Subject to Section
4.8, the Partnership shall make all distributions in accordance with the Partners’ Percentage Interests and at such times
and in such amounts as determined by the General Partner. All distributions pursuant to this Article 4 shall be treated as a distribution
of Net Profits to the extent thereof as of the date of distribution. Subject to Section 3.4, each of the following shall
be treated as a return of the Partners' Capital Contributions: (a) any distribution in excess of Net Profits; (b) any distribution
in full or partial redemption of a Partner's Interest; and, to the extent determined by the General Partner, (c) any payment by
the Partnership of Class S Offering Expenses.

 

4.6 Tax Withholdings.  To the extent
the Partnership is required by federal, state or local law or any tax treaty to withhold or to make tax payments on behalf of or
with respect to any Partner, the Partnership shall withhold such amounts and make such tax payments as so required. The amount
of such payments shall constitute an advance by the Partnership to such Partner and shall be repaid to the Partnership by reducing
the amount of the current or next succeeding distribution or distributions which would otherwise have been made to such Partner
or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to
such Partner or, if such proceeds are insufficient, such Partner shall pay to the Partnership the amount of such insufficiency.

 

4.7 Other Advances. To the extent
the Partnership pays any Class S Offering Expenses on behalf of or with respect to any Partner, the amount of such payments shall
constitute an advance by the Partnership to such Partner and shall be repaid to the Partnership by reducing the amount of the current
or next succeeding distribution or distributions which would otherwise have been made to such Partner. Alternatively, the General
Partner may, in its sole discretion, treat such advance as a return of capital pursuant to Section 4.5(c), above.

 

4.8 Limitation Upon Distributions. 
No distribution shall be declared and paid unless, if after the distribution is made, the value of assets of the Partnership would
exceed the liabilities of the Partnership, except liabilities to the Partners on account of their Capital Contributions.

 

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4.9 Tax Matters Partner. 

 

(a) RW Holdings NNN REIT, Inc. will be treated
as the initial tax matters partner of the Partnership pursuant to Section 6231(a)(7) of the Code. Subject to Treasury Regulations
adopted under the Code, the tax matters partner shall, without the necessity of consent of the other Partners, have discretion
in its capacity as tax matters partner to make such decisions and take such actions, including the institution of legal proceedings
and the determination of the legal forum, as it deems appropriate in such capacity. The Partners, by written consent of the Partners,
shall be entitled to substitute another Partner to serve as tax matters partner. In such event, (i) the Partner who is designated
“tax matters partner” shall take such action as may be necessary to cause each other Partner to become a “notice
partner” within the meaning of Section 6231(a)(8) of the Code, (ii) the Partner who is designated “tax matters
partner” shall inform each other Partner of all significant matters that may come to its attention in its capacity as “tax
matters partner” by giving notice thereof on or before the fifth business day after becoming aware thereof and, within that
time, shall forward to each other Partner copies of all significant written communications it may receive in that capacity and
(iii) the Partner who is designated “tax matters partner” may not take any action contemplated by Sections 6222
through 6232 of the Code without the consent of all of the Partners; provided, however, such Partner is not authorized to
take any action left to the determination of an individual Partner under Section 6222 through 6232 of the Code or any similar state
or local provision.

 

(b) Title XI of the Bipartisan Budget Act
of 2015, H.R. 1314, Public Law Number 114-74 (the “Budget Act”), provides that effective for taxable years beginning
on or after January 1, 2018, there will be extensive changes to the manner in which the IRS audits and collects taxes with respect
to partners and their partnerships. Unless otherwise agreed by the Partners, the Tax Matters Member designated in subsection (a)
above shall be the “partnership’s representative” (or designate such if it is not able to serve) under the new
rules and the Partners will work together to apply the new rules in a manner consistent with this Agreement. To the extent not
inconsistent with the Budget Act, the partnership’s representative shall continue to have all rights and powers delegated
to the “Tax Matters Member” under this Agreement after the Partnership applies the Budget Act new rules.

 

4.10 Compliance with Code and Treasury
Regulations.  The allocation and distribution provisions set forth in this Article 4 are intended to apply in a manner
consistent with the provisions of Sections 704 and 706 of the Code, and the Treasury Regulations promulgated for those Sections.
The Partners shall have the reasonable discretion to apply the allocation and distribution provisions set forth in this Article
4 in any manner consistent with Sections 704 and 706 of the Code and the Treasury Regulations. The Partners agree to make such
amendments to this Agreement as are necessary to maintain such compliance.

 

Article
5

STATUS OF LIMITED PARTNERS

 

5.1 General.  Each Limited Partner
has all of the rights, and is afforded the status, of a limited partner under the Act. No Limited Partner shall participate in
the management or control of the business of the Partnership, transact any business for the Partnership or have any power to act
for or bind the Partnership.

 

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5.2 Limitation on Liability.  No
Limited Partner has any personal liability whatsoever, whether to the Partnership, the General Partner or any creditor of the Partnership,
for the debts, expenses, liabilities or obligations of the Partnership (but each Partner does have personal liability for its obligations
under Article 3) unless that Limited Partner otherwise agrees in a separate writing with a third party creditor of
the Partnership.

 

5.3 Bankruptcy; Death.  None of the
Bankruptcy, death, disability or declaration of incompetence of a Limited Partner shall cause a dissolution of the Partnership.
However, the rights of that Limited Partner to share in the profits and losses of the Partnership and to receive distributions
of the funds of the Partnership shall, on the happening of one of these events, devolve on the estate, legal representative or
successors in interest, as the case may be, of that Limited Partner subject to the terms and conditions of this Agreement. The
estate, representative or successors in interest of that Limited Partner are liable for all of the unsatisfied obligations, if
any, of that Limited Partner. However, the estate, representative or successors in interest may become a limited partner in the
Partnership only with the consent of the General Partner and in accordance with Section 8.3.

 

Article
6

MANAGEMENT

 

6.1 Rights.  The General Partner
shall have the exclusive right, power and authority to take any action on behalf of the Partnership, other than actions specifically
restricted herein.

 

6.2 Exculpation of Partners and Officers.
 No Partner or officer shall be liable to the Partnership or any other Partner or officer for any loss, damage or claim incurred
by reason of any action taken or omitted to be taken by such Partner or officer in good-faith reliance on the provisions of this
Agreement, so long as such action or omission does not constitute fraud or willful misconduct by such Partner or officer.

 

6.3 Limitation of Liability.  This
Agreement is not intended to, and does not, create or impose any fiduciary duty on any Partner or officer. Furthermore, each of
the Partners, officers and the Partnership hereby waives any and all fiduciary duties that, absent such waiver, may be implied
by Applicable Law, and in doing so, acknowledges and agrees that the duties and obligation of each Partner or officer to each other
and to the Partnership are only as expressly set forth in this Agreement. The provisions of this Agreement, to the extent that
they restrict the duties and liabilities of a Partner or officer existing at law or in equity, are agreed by the Partners to replace
such other duties and liabilities of such Partner or officer.

 

6.4 Duties.  The General Partner
shall manage and control the Partnership and its business and affairs in accordance with the standards of the industry, and shall
use reasonable, good faith efforts to carry out the business of the Partnership. The General Partner shall devote itself to the
business of the Partnership to the extent required to carry out the business of the Partnership, but shall not be precluded from
being involved in other businesses or activities. The General Partner shall perform its duties under this Agreement with ordinary
prudence and in a manner characteristic of a businessman in similar circumstances.

 

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6.5 Compensation and Reimbursement. 
The General Partner shall be reimbursed by the Partnership for any and all reasonable out-of-pocket expenses, fees and costs incurred
in connection with the organization, business and affairs of the Partnership, including any payment due to the General Partner,
the Advisor or any other Person under the Advisory Agreement.

 

6.6 Agreements with Affiliates. 
The General Partner may execute on behalf of the Partnership contracts or agreements with affiliates of the General Partner, so
long as the contracts or agreements are approved by the Conflicts Committee of the General Partner.

 

6.7 Officers.  The General Partner
may designate such officers and agents of the Partnership as it may deem necessary or proper in the conduct of the affairs of the
Partnership, delegating to such officers and agents the titles, duties, responsibilities, and authority reflected in such authorizations.
At all times the actions of the officers and agents shall be subject to the review, delegation, redetermination, direction and
control of the General Partner. The General Partner may remove, terminate, reassign, redefine the duties of, or change any officer
of the Partnership at any time and from time to time.

 

6.8 Appointment and Replacement. 
The General Partner shall serve in such capacity unless and until replaced pursuant to this Agreement. In the event of the death,
liquidation, dissolution, Bankruptcy, retirement, resignation, withdrawal, disability, declaration of incompetence or any other
occurrence that would legally disqualify the General Partner from acting under this Agreement of any Person herein or hereafter
named as General Partner, the Limited Partners shall appoint a successor General Partner who must be Approved by the Partners,
excluding in such computation the Interest(s) of the then General Partner.

 

6.9 Approval and Meetings.

 

(a) Actions and decisions requiring Approval
of the Partners may be authorized or made either by vote of the required Partners taken at a meeting of the required Partners or
by written consent of same without a meeting. For the purpose of determining the Partners entitled to vote on, or to vote at, any
meeting of the Partners or on a request for written consent, the record date for any such determination shall be the day before
a General Partner delivers notice of the meeting or its request for written consent.

 

(b) The General Partner may call a meeting
to obtain Approval of the Partners for an action or decision under this Agreement by delivering to the other Partners notice of
the time and purpose of the meeting at least seven (7) days before the day of the meeting. Each meeting of Partners shall be conducted
by the General Partner. Meetings may be held by telephone conference and participation by a Partner in a meeting by telephone conference
shall constitute presence of that Partner.

 

6.10 Execution of Documents.  All
Partners shall, on the request of the General Partner, promptly execute all documents and instruments necessary or helpful in carrying
out actions of the Partnership that have been properly authorized.

 

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Article
7

BOOKS AND ACCOUNTS

 

7.1 Books and Records.

 

(a) The books and records of the Partnership
shall, at the cost and expense of the Partnership, be kept or caused to be kept at the principal place of business of the Partnership,
and shall be available for inspection by any Partner. The books and records shall be kept on the basis of a calendar year, shall
reflect all transactions of the Partnership, shall be appropriate and adequate for conducting the business of the Partnership and
shall otherwise be in accordance with generally accepted accounting principles and procedures applied in a consistent manner. The
Partnership shall initially use the method of accounting chosen by the Accountant with the approval of the General Partner. The
General Partner shall maintain the records required to be kept pursuant to Section 7.1(b).

 

(b) At a minimum, the Partnership shall keep
at its principal place of business the following records:

 

(i) A current list that states: (A) the
name and mailing address of each Partner and (B) the Percentage Interest owned by each Partner;

 

(ii) Copies of the federal, state and local
information or income tax returns for each of the Partnership’s six (6) most recent tax years (or such shorter period that
the Partnership has been in existence);

 

(iii) A copy of the Certificate and this
Agreement, all amendments or restatements thereof, and executed copies of any powers of attorney;

 

(iv) Correct and complete books and records
of account of the Partnership; and

 

(v) Any other books, records or documents
required by this Agreement, the Act or other applicable law.

 

7.2 Reports.  At the expense of the
Partnership, the General Partner shall maintain records and accounts of all operations and expenditures of the Partnership and
submit annual reports regarding same to each Partner.

 

7.3 Tax Returns and Other Elections.
 The Partners intend for the Partnership to be treated, for federal, state and municipal income and franchise tax purposes,
as a partnership. The General Partner shall prepare, or cause the Accountant to prepare, all federal, state and local income and
other tax returns that the Partnership is required to file and shall furnish a copy of each Partner’s IRS Form K1 and any
other information that any Partner reasonably requests relating thereto, as soon as practicable after the end of the Fiscal Year.
All elections permitted to be made by the Partnership under federal or state laws shall be made by the General Partner.

 

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7.4 Depositories.  One or more accounts
may be maintained for the Partnership at any commercial financial institution or depository chosen by the General Partner. The
funds of the Partnership shall not be commingled with the funds of any other Person unless otherwise Approved by the Partners.
Checks may be drawn on the account or accounts of the Partnership only for the purposes of the Partnership and shall be signed
by a duly authorized officer of the General Partner or such other Persons as designated by the General Partner.

 

Article
8

ADMISSION OF NEW PARTNERS; TRANSFER OF INTERESTS

 

8.1 Admission of New Partners.  New
Partners may be admitted to the Partnership upon terms and conditions determined by the General Partner.

 

8.2 Transfers.  Notwithstanding any
other provision of this Agreement, no Partner may Transfer in any manner whatsoever all or any part of its Interest unless (i)
such Partner has fully complied with the provisions of this Section 8.2 for the Transfer, (ii) after giving effect thereto,
such Transfer would not otherwise terminate the Partnership for the purposes of Code Section 708 or cause the Partnership to be
classified as other than a partnership for United States federal income tax purposes and (iii) such Transfer would not result in
a violation of applicable law, including U.S. federal or state securities laws, or any term or condition of this Agreement.

 

(a) Transfers by the General Partner.
The General Partner may Transfer its Interest only upon the Approval of the Partners.

 

(b) Transfers by a Limited Partner.
The Limited Partner may sell, assign or otherwise Transfer all or any portion of its Interest only with the consent of the General
Partner.

 

8.3 Substitute Partner.  No Assignee
shall have the right to become a substitute Partner (a “Substitute Partner”) upon Transfer of any Interest
to it unless all the following conditions are satisfied:

 

(a) The Partner and the Assignee shall have
executed and acknowledged such other instruments and taken such other action as the General Partner shall deem reasonably necessary
or desirable to effect such substitution, including, without limitation, appropriate amendment to this Agreement;

 

(b) The conditions set forth in Section
8.2 shall have been satisfied, and, if requested by the General Partner, the Partner or the Assignee shall have obtained an
opinion of counsel satisfactory to the General Partner (which counsel may be a staff attorney employed by the Partner) as to the
legal matters set forth therein; and

 

(c) The Partner or the Assignee shall have
paid to the Partnership such amount of money as is sufficient to cover all expenses incurred by or on behalf of the Partnership
in connection with such substitution.

 

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8.4 Assignee’s Rights.

 

(a) Unless an Assignee becomes a Substitute
Partner in accordance with the provisions of Section 8.3, it shall not be entitled to any of the rights (including voting
rights) granted to a Partner hereunder or under the Act, other than the right to receive the share of distributions and any other
items attributable to a Partner’s Interest to which its assignor would otherwise be entitled.

 

(b) Any Partner that Transfers all of its
Interest shall cease to be a Partner.

 

8.5 Tax Matters.  On the Transfer
of all or part of an Interest, at the request of the transferee of the Interest, or upon the redemption of all or part of a Partner's
Interest, the General Partner may cause the Partnership to elect, pursuant to Code Section 754 to adjust the tax basis of the properties
of the Partnership as provided by Code Sections 734 and 743.

 

Article
9

DISSOLUTION

 

9.1 Causes.  The Partnership shall
be dissolved on the first to occur of any of the following events, and each Partner hereby expressly waives any right that it might
otherwise have to dissolve the Partnership:

 

(a) The Bankruptcy death, disability, declaration
of incompetence or any other occurrence that would legally disqualify the last remaining General Partner from acting under this
Agreement;

 

(b) The retirement, resignation or withdrawal
from the Partnership by the last remaining General Partner;

 

(c) The execution by all the Partners of an
instrument dissolving the Partnership; or

 

(d) An event requiring such action under the
Act.

 

Nothing contained in this Section 9.1
is intended to grant to a Partner the right to dissolve the Partnership at will (by retirement, resignation, withdrawal or otherwise),
or to exonerate a Partner from liability to the Partnership and the remaining Partners if that Partner dissolves the Partnership
at will. A dissolution at will of the Partnership is in contravention of this Agreement for purposes of the Act or any successor
statute.

 

9.2 Reconstitution.  If dissolution
of the Partnership results from the occurrence of an event described in Section 9.1(a) or Section 9.1(b) , then
the Partnership may be reconstituted and its business continued pursuant to the Act. If a reconstitution is completed, an appropriate
amendment to this Agreement and, if necessary, to the Certificate shall be executed and, in the case of the Certificate, if necessary,
appropriately filed of record. The rights of the remaining Partners after reconstitution, and the rights and liabilities of any
Partner wrongfully dissolving the Partnership in contravention of this Agreement, shall be as provided for under the laws of the
State of Delaware.

 

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9.3 Interim Manager.  If the Partnership
is dissolved as a result of an event described in Section 9.1(a) or Section 9.1(b), the Limited Partners, by the
Approval of the Limited Partners, may appoint an interim manager of the Partnership, who shall have and may exercise all the rights,
powers and duties of the General Partner under this Agreement, until (i) the new General Partner is elected pursuant to Section
6.8, if the Partnership is reconstituted pursuant to Section 9.2 or (ii) a Liquidator is appointed pursuant to Section
10.1 if the Partnership is not reconstituted.

 

Article
10

WINDING UP AND TERMINATION

 

10.1 General.

 

(a) Selection of Liquidator. If the
Partnership is dissolved as a result of an event described in Section 9.1(a) or Section 9.1(b) and is not reconstituted,
then the Limited Partners, by the Approval of the Limited Partners, shall, subject to Section 10.1(b), select a party to
begin to wind up the affairs of the Partnership and to liquidate and sell its assets, all pursuant to the Act. If the Partnership
is dissolved pursuant to Section 9.1(c) or Section 9.1(d), the General Partner shall begin to wind up the affairs
of the Partnership and to liquidate and sell its assets, all pursuant to the Act. The party or parties actually conducting the
liquidation in accordance with the foregoing sentences are herein referred to as the “Liquidator.”

 

(b) Duties; Qualifications. The Liquidator
(if other than a General Partner) shall have sufficient business expertise and competence to conduct the winding up and termination
of the Partnership and, in the course thereof, to cause the Partnership to perform any existing or future Partnership contractual
obligations. The Liquidator shall determine the time, manner and terms of any sale or sales of Property in liquidation, having
due regard to the activity and condition of the relevant market and general financial and economic conditions.

 

(c) Compensation. The Liquidator is
entitled to receive reasonable compensation for its services, as agreed upon by the Liquidator and the General Partner, if any,
and as Approved by the Partners.

 

(d) Amendment to Certificate. At the
request of a Liquidator who is not a General Partner, the Certificate shall be amended as permitted by the Act.

 

(e) Resignation, Removal, Succession.
The Liquidator may resign at any time by giving fifteen (15) days’ prior written notice and may be removed at any time, with
or without cause, by written notice of removal Approved by the Partners. On the death, dissolution, removal or resignation of the
Liquidator, a successor and substitute Liquidator (who shall have and succeed to all the rights, powers and duties of the original
Liquidator) will, within thirty (30) days thereafter, be Approved by the Partners, evidenced by written appointment and acceptance.
The right to appoint a successor substitute Liquidator in the manner provided herein shall be recurring and continuing for so long
as the functions and services of the Liquidator are authorized to continue under this Agreement, and every reference herein to
the Liquidator refers also to any successor or substituted Liquidator appointed in the manner herein provided. The Liquidator has
and may exercise, without further authorization or consent of any of the parties hereto or their legal representatives or successors
in interest, all of the powers conferred by this Agreement upon the General Partner to the extent necessary or desirable in the
good faith judgment of the Liquidator to perform its duties and functions. The Liquidator is not liable as a General Partner hereunder
to the Limited Partners or to third-party creditors.

 

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10.2 Liquidation.  In the course
of the winding up and termination of the business and affairs of the Partnership, its assets (other than cash) shall be sold, its
liabilities and obligations to creditors and all expenses incurred in its liquidation shall be paid and all resulting taxable items
shall be allocated as provided in Section 4.1. All Property shall be sold on liquidation of the Partnership, and no Property
shall be distributed in kind to the Partners, unless it is distributed in proportion to the amounts that each Partner is due under
this Section 10.2. Thereafter, the net proceeds from those sales (after deducting all selling costs and expenses in connection
therewith), together with (at the expiration of the one-year period referred to in Section 10.3) the balance in the reserve
account referred to in Section 10.3, shall be distributed among the Partners in accordance with their respective positive
capital account balances.

 

The Liquidator shall use all reasonable
efforts to effect complete liquidation of the Partnership within one (1) year after the date on which the Partnership is dissolved.
Each holder of an Interest shall look solely to the assets of the Partnership for all distributions and shall have no recourse
therefor (on dissolution or otherwise) against the Partnership or the other Partners. On the completion of the liquidation of the
Partnership and the distribution of all funds of the Partnership, the Partnership shall terminate, and the Liquidator shall have
the authority to execute and record all documents required to effectuate the dissolution and termination of the Partnership. Distributions
pursuant to this Section 10.2 may be made to a trust established for the benefit of the Partners for the purposes of liquidating
the Property, collecting amounts owed to the Partnership and paying contingent or unforeseen liabilities or obligations of the
Partnership.

 

10.3 Creation of Reserves.  After
making payment or provision for payment of all fixed and determinable debts and liabilities of the Partnership and all expenses
of liquidation, the Liquidator may set up, for a period not to exceed one (1) year after the date of dissolution, the cash reserves
that the Liquidator deems reasonably necessary for any contingent or unforeseen liabilities or obligations of the Partnership.

 

10.4 Final Accounting.  Within a
reasonable time following the completion of the liquidation, the Liquidator shall supply to the Partners a statement that shall
set forth (i) the assets and the liabilities of the Partnership as of the date of complete liquidation, (ii) the distributions
to each Partner pursuant to Section 10.2, and (iii) the amount retained as reserves by the Liquidator pursuant to Section
10.3.

 

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Article
11

INDEMNIFICATION

 

11.1 Indemnification of Partners and
Officers.

 

(a) Right to Indemnification. The Partnership
shall indemnify, to the fullest extent permitted by law (including without limitation in circumstances in which, in the absence
of this Section 11.1(a)), indemnification would be discretionary under the laws of the State of Delaware or limited or subject
to particular standards of conduct under such laws) each Partner and each officer of the Partnership, if any, against all costs,
expenses and liability, including reasonable attorneys’ fees, incurred in connection with, relating to or as a result of
any action, suit or proceeding to which a Partner or an officer may be involved or made a party by reason of being or having been
a Partner or officer of the Partnership.

 

(b) Advancement of Expenses. In the
event of any action, suit or proceeding in which a Partner or officer is involved or which may give rise to a right of indemnification
under Section 11.1(a), following written request to the Partnership by the Partner or officer, the Partnership shall
pay to such Partner or officer, to the fullest extent permitted by law (including without limitation in circumstances in which,
in the absence of this Section 11.1(b), advancement of expenses would be discretionary under the laws of the State of Delaware
or limited or subject to particular standards of conduct under such laws), amounts to cover expenses incurred by the Partner or
officer in, relating to or as a result of such action, suit or proceeding in advance of its final disposition.

 

(c) Settlements. The Partnership shall
not be liable under this Section 11.1 for any amounts paid in settlement of any action, suit or proceeding effected without
the approval of the General Partner. The Partnership shall not settle any action, suit or proceeding in any manner that would impose
any penalty or limitation on a Partner or officer without the Partner or officer’s written consent. Consent to a proposed
settlement of any action, suit or proceeding shall not be unreasonably withheld by a Partner or an officer.

 

(d) Liability Insurance. The Partnership
may purchase and maintain insurance on behalf of any Person who is or was a Partner or officer or who is or was serving at the
request of the Partnership as a manager, director, officer, partner, trustee, employee, fiduciary or agent of any other domestic
or foreign limited partnership, limited liability company, corporation, partnership, joint venture, trust, employee benefit plan
or other entity or enterprise against any liability asserted against and incurred by such Person in any such capacity or arising
out of such Person’s status as such, whether or not the Partnership would have the power to indemnify such Person against
such liability under the provisions of this Section.

 

(e) Other Rights and Remedies. The
rights to indemnification and advancement of expenses provided in this Section shall be in addition to any other rights a Partner
or officer of the Partnership may have or hereafter acquire under any law, provision of the Certificate, any other or further provision
of this Agreement, any agreement or otherwise. The Partnership shall have the right, but shall not be obligated, to indemnify or
advance expenses to any employee or agent of the Partnership in accordance with and to the fullest extent permitted by law.

 

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11.2 Applicability and Effect.  The
rights to indemnification and advancement of expenses provided in this Section shall be applicable to acts or omissions that occurred
prior to the adoption of this Section, shall continue as to any Partner or officer during the period such Partner or officer serves
in any one or more of the capacities covered by this Section, shall continue thereafter so long as the Partner or officer may be
subject to any possible action, suit or proceeding by reason of the fact that the Partner or officer served in any one or more
of the capacities covered by this Section, and shall inure to the benefit of the estate and personal representatives of each such
Person. Any repeal or modification of this Section or of any provision hereof shall not affect any rights or obligations then existing.
All rights to indemnification under this Section shall be deemed to be provided by a contract between the Partnership and each
Partner or officer.

 

11.3 Limitation on Partners’ Liability.
The indemnification provided for in this Section shall in no event cause the Partners to incur any liability beyond their Capital
Contributions plus their share of any undistributed Net Profits of the Partnership, nor shall it result in any liability of the
Partners to any third party.

 

Article
12

MISCELLANEOUS

 

12.1 Notices.

 

(a) Any notice, notification, demand or request
provided or permitted to be given under this Agreement must be in writing and shall have been deemed to have been properly given
if sent by (i) FedEx or other comparable overnight courier, (ii) registered or certified mail, postage prepaid, return receipt
requested, or (iii) facsimile during normal business hours to the place of business of the recipient.

 

(b) For purposes of all notices, the addresses
and facsimile numbers of the Partners are set forth on Exhibit A.

 

(c) All notices, notifications, demands or
requests so given shall be deemed given and received (i) if sent via FedEx or overnight courier, the next business day after being
delivered, (ii) if sent via registered or certified mail, three (3) days after being deposited in the mail, or (iii) if sent via
facsimile, the next business day after being faxed.

 

12.2 Interpretation.  The construction
and validity of this Agreement and the rights and obligations of the respective parties hereunder shall be governed by, and interpreted
and enforced in accordance with, the laws of the State of Delaware.

 

12.3 Terms.  Common nouns and pronouns
shall be deemed to refer to the masculine, feminine, neuter, singular and plural, as the identity of the Person or Persons may
in the context require. Any reference to the Code or other statutes or laws shall include all amendments, modifications or replacements
of the specific sections and provisions concerned.

 

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12.4 Amendment; Waiver.  This Agreement
may not be amended, altered or modified except by an instrument in writing signed by all of the Partners (or the duly-authorized
agent of any party), excluding each Partner who has transferred its entire interest in the Partnership to an Assignee. No provision
of this Agreement may be waived except by an agreement in writing signed by the waiving Partner. A waiver of any term or provision
shall not be construed as a waiver of any other term or provision

 

12.5 Severability.  If any provision
of this Agreement or any application of such provision to any Person or circumstances shall be invalid or unenforceable to any
extent, the remainder of this Agreement and the application of such provisions to other Persons or circumstances shall not be affected
thereby and shall be enforced to the greatest extent permitted by law.

 

12.6 No Third-Party Beneficiary. 
This Agreement is made solely and specifically between and for the benefit of the parties hereto and their respective successors
and assigns, subject to the expressed provisions hereof relating to successors and assigns. Except to the extent required under
the Act and except for fees, rights to reimbursement and indemnity, and other compensation provided for in this Agreement, no other
Person has any rights, interest or claims hereunder or is or will be entitled to any benefits under or on account of this Agreement
as a third-party beneficiary or otherwise.

 

12.7 Sole and Absolute Discretion. 
Except as otherwise provided in this Agreement, all actions that any General Partner may take and all determinations that any General
Partner may make pursuant to this Agreement may be taken and made at the sole and absolute discretion of that General Partner.

 

12.8 Binding Effect.  Subject to
the provisions of this Agreement relating to transferability, this Agreement shall be binding upon and inure to the benefit of
the parties signatory hereto, and their respective distributees, successors and assigns.

 

12.9 Complete Agreement.  This Agreement
constitutes the complete and exclusive statement of the agreement between the Partners and replaces and supersedes all prior agreements,
except for any agreement executed contemporaneously herewith by and among the Partners or any of them contemporaneously herewith.
This Agreement supersedes all written and oral statements, and no representation, statement, condition or warranty not contained
in this Agreement shall be binding on the Partners or have any force or effect whatsoever. No Partner has rendered any services
to, or on behalf of, any other Partner or the Partnership, and no Partner shall have any rights with respect to any services that
might be alleged to have been rendered.

 

12.10 Title to Partnership Property.
 To the extent that Property is held in the name of a Partner, the Property shall be deemed held by that Partner as agent and
nominee for and on behalf of the Partnership. Any other property acquired by or standing in the name of any Partner shall be conclusively
presumed not to be Property, unless an instrument in writing, signed by such Partner, shall specify to the contrary.

 

12.11 Other Business.  The Partners
recognize that the Partners and their Affiliates have or may have other business interests, activities and investments, some of
which may be in conflict or competition with the business of the Partnership, and that such Persons are entitled to carry on such
other business interests, activities and investments. The Partners and their Affiliates may engage in or possess an interest in
any other business or venture of any kind, independently or with others, on their own behalf or on behalf of other Persons with
which they are affiliated or associated, and such Persons may engage in any activities, whether or not competitive with the Partnership,
without any obligation to offer any interest in such activities to the Partnership or to any Partner. Neither the Partnership nor
any Partner shall have any right by virtue of this Agreement in or to such activities, or the income or profits derived therefrom,
and the pursuit of such activities, even if competitive with the business of the Partnership shall not be deemed wrongful or improper.

 

     21

     

    

 

12.12 Partition Rights.  No Partner
shall have the right to the partition of any Property or to take any action or initiate or prosecute any judicial proceeding for
the partition, or the partition and sale, of any Property.

 

12.13 Agreement in Counterparts. 
This Agreement may be executed in several counterparts, and all so executed shall constitute one Agreement, binding on all of the
parties hereto, notwithstanding that all the parties are not signatories to the original or the same counterpart.

 

Remainder of Page Intentionally
Left Blank.

Signature Page Follows.

 

     22

     

    

 

IN WITNESS WHEREOF, this Agreement is effective
as of the day and year first above written.

 

	 	GENERAL PARTNER:

 

RW HOLDINGS NNN REIT, INC.,

a Maryland corporation

	 	 	 
	 	 	 
	 	 	By: 	/s/ Harold Hofer
	 	 	 	Name: Harold Hofer
	 	 	 	Title: Chief Executive Officer

 

	 	
        LIMITED PARTNER:

         

        RICH UNCLES NNN LP, LLC,

        a Delaware limited liability company

	 	 
	 	 
	 	
        By:
	Rich Uncles NNN REIT, Inc.

        a Maryland corporation,

        its Sole Member 

 

 

	 	 	By: 	/s/ Harold Hofer
	 	 	 	Name: Harold Hofer
	 	 	 	Title: Chief Executive Officer

 

     23

     

    

 

AGREEMENT OF LIMITED PARTNERSHIP

 

OF

 

RICH UNCLES NNN OPERATING PARTNERSHIP,
LP

 

(A Delaware Limited Partnership)

 

EXHIBIT A

 

 

	1.	
        Name of Partnership:
	
        Rich Uncles NNN Operating Partnership, LP

	 	 	 
	2.	Address, and Telephone and

Facsimile Numbers of Principal

Office:	
        3080 Bristol Avenue

        Suite 550

        Costa Mesa, CA 92626

 

	 	 	Telephone:	[______________]
	 	 	Facsimile:	 [______________] 

 

	3.	Registered Agent and Office:	
        [______________________

        ____________________

        _____________, Delaware ______]

        

	 	 	 
	4.	
        General Partner: 
	 
	 	 	 
	 	Name:	
        RW Holdings NNN REIT, Inc. 

	 	 	 
	 	
        Mailing Address, and Telephone

        and Facsimile Numbers:
	
        3080 Bristol Avenue Suite 550

        Costa Mesa, CA 92626

 

	 	 	Telephone:	[______________]
	 	 	Facsimile:	 [______________] 

 

	 	Class or Classes of Interest:	
        [__________]

        [__________]

	 	 	 
	 	
        Initial Capital Contribution By Class:

         
	
        $[_________]

        $[_________]

	 	 	 
	 	Percentage Interest By Class:	
        [ 99]%

        [___]%

	 	 	 
	 	
        Time of or Events Requiring

        Additional Contribution(s) By Class:
	As provided in the Agreement
	 	 	 
	 	
        Effective Date Became Partner:
	
        [_____________], 2016 

	 	 	 

 

    A-1

     

    

 

	5.	
        Limited Partner: 
	 
	 	 	 
	 	Name:	
        Rich Uncles NNN LP, LLC

         

	 	 	 
	 	
        Mailing Address, and Telephone

        and Facsimile Numbers:
	
        3080 Bristol Avenue

        Suite 550

        Costa Mesa, CA 92626 

 

	 	 	Telephone:	[______________]
	 	 	Facsimile:	 [______________] 

 

	 	
        Class of Interest: 
	[__________]
	 	 	 
	 	
        Initial Capital Contribution: 
	$[_________]
	 	 	 
	 	
        Percentage Interest: 
	
        [ 1 ]% 

	 	 	 
	 	
        Time of or Events Requiring

        Additional Contribution(s): 
	As provided in the Agreement
	 	 	 
	 	Effective Date Became Partner:	
        [_____________], 2016 

 

    A-2Exhibit

INCREMENTAL ASSUMPTION AGREEMENT AND AMENDMENT NO. 1 dated as of August 17, 2017 (this “Agreement”), relating to the CREDIT AGREEMENT dated as of January 31, 2017 (as amended, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”), among TEREX CORPORATION, a Delaware corporation (“Terex”), NEW TEREX HOLDINGS UK LIMITED, with company number 02962659, a limited company organized under the laws of England, TEREX INTERNATIONAL FINANCIAL SERVICES COMPANY UNLIMITED COMPANY, with company number 327184, a company organized under the laws of Ireland, and TEREX AUSTRALIA PTY LTD (ACN 010 671 048), a company organized under the laws of Australia and registered in Queensland, Australia, the Lenders (as defined in Article I of the Credit Agreement), the Issuing Banks (as defined in Article I of the Credit Agreement) and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent (in such capacity, the “Collateral Agent”) for the Lenders.
A.Pursuant to Section 2.27 of the Credit Agreement, Terex has requested that the persons set forth on Schedule I hereto (the “Incremental U.S. Term Lenders”) provide Incremental Term Loans denominated in dollars (the “Incremental U.S. Term Loans”; the commitments to make such loans, the “Incremental U.S. Term Loan Commitments”) to Terex in an aggregate principal amount equal to $399,000,000.
B.    The Borrowers have requested that the Credit Agreement be amended in accordance with Section 2.27(b) of the Credit Agreement to reflect the existence and terms of this Agreement, the Incremental U.S. Term Loan Commitments and the Incremental U.S. Term Loans (the Credit Agreement, as amended hereby, being referred to as the “Amended Credit Agreement”).
C.    The Incremental U.S. Term Lenders are willing to provide Terex with the Incremental U.S. Term Loans on the terms and subject to the conditions set forth herein and in the Amended Credit Agreement.
D.    Accordingly, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows:
SECTION 1.      Defined Terms.  Capitalized terms used and not defined herein shall have the meanings assigned to such terms in the Credit Agreement.  The rules of interpretation set forth in Section 1.02 of the Credit Agreement are hereby incorporated by reference herein, mutatis mutandis.  This Agreement shall be an “Incremental Assumption Agreement” for all purposes of the Amended Credit Agreement and the other Loan Documents.
SECTION 2.      Incremental U.S. Term Loan Commitments.  (a) On the terms and subject to the conditions set forth herein and in the Amended Credit Agreement, each Incremental U.S. Term Lender hereby agrees, severally and not jointly, to make an Incremental U.S. Term Loan to Terex on the Incremental Effective Date (as defined below) in an aggregate principal amount not to exceed the amount of the Incremental U.S. Term Loan Commitment set forth opposite its name on Schedule I hereto. The Incremental U.S. Term Loan Commitments shall automatically terminate upon the making of the Incremental U.S. Term Loans on the Incremental Effective Date. Terex hereby unconditionally promises to repay the Incremental U.S. Term Loans in accordance with Section 2.11 of the Amended Credit Agreement.  Amounts borrowed as Incremental U.S. Term Loans and subsequently repaid may not be reborrowed.

2

(b)      With effect from the Incremental Effective Date, unless the context shall otherwise require, (i) the Incremental U.S. Term Loans shall constitute “U.S. Term Loans” and “Loans” and (ii) each person that holds Incremental U.S. Term Loans from time to time shall be a “U.S. Term Lender” and a “Lender”, in each case, for all purposes under the Amended Credit Agreement and the other Loan Documents.
(c)      The proceeds of the Incremental U.S. Term Loans shall be used solely to finance the repayment in full of the U.S. Term Loans outstanding immediately prior to the Incremental Effective Date.
SECTION 3.      Amendments.  Effective as of the Incremental Effective Date, the Credit Agreement is hereby amended as follows:
(a)      Section 1.01 of the Credit Agreement is hereby amended by adding the following definitions in proper alphabetical order:
“Applicable Credit Rating” means, at any time, the public corporate rating from S&P and the public corporate family rating from Moody’s, in each case of Terex at such time. Terex shall promptly inform the Administrative Agent of any change in the Applicable Credit Rating that would result in a change in the Applicable Percentage.
“First Incremental Effective Date” shall mean the date on which the conditions precedent set forth in Section 5 of the Incremental Assumption Agreement and Amendment No. 1 shall have been satisfied, which date is August 17, 2017.
“Incremental Assumption Agreement and Amendment No. 1” shall mean that certain Incremental Assumption Agreement and Amendment No. 1 dated as of August 17, 2017, among Terex, the other Loan Parties party thereto, the Lenders party thereto, the Administrative Agent and the Collateral Agent.
(b)      Clause (a) of the definition of the term “Applicable Percentage” set forth in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
(a)      with respect to any U.S. Term Loan, (i) 2.25% per annum, in the case of a Eurocurrency Term Loan, or (ii) 1.25% per annum, in the case of an ABR Term Loan; provided that, during any period that the Applicable Credit Rating shall be BB- or better from S&P and Ba3 or better from Moody’s, in each case with no negative outlook, and no Event of Default shall have occurred and be continuing, each of the Applicable Percentages referred to above in this clause (a) shall be reduced by 0.25%, and
(c)      The final sentence of the definition of the term “Interest Period” set forth in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
Notwithstanding the foregoing, the Interest Period with respect to the borrowing of the U.S. Term Loans on the First Incremental Effective Date shall be a period commencing on the First Incremental Effective Date and ending on September 29, 2017.
(d)      The definition of the term “U.S. Term Loan Commitment” set forth in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
“U.S. Term Loan Commitment” shall have the meaning assigned to the term “Incremental U.S. Term Loan Commitment” in the Incremental Assumption Agreement and Amendment No. 1.

3

(e)      The definition of the term “U.S. Term Loans” set forth in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
“U.S. Term Loans” shall have the meaning assigned to the term “Incremental U.S. Term Loans” in the Incremental Assumption Agreement and Amendment No. 1.
(f)      Section 2.11(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
Terex shall pay to the Administrative Agent, for the account of the U.S. Term Lenders, on the last Business Day of each March, June, September and December of each year (each such date being called a “U.S. Term Loan Repayment Date”), commencing on the last Business Day of September 2017, a principal amount of the U.S. Term Loans (as adjusted from time to time pursuant to Sections 2.12(b), 2.13(e), 2.27(d) and 9.04(l)) equal to $1,000,000, with the balance payable on the Term Loan Maturity Date, together in each case with accrued and unpaid interest on the principal amount to be paid to but excluding the date of such payment.
(g)      The first clause of the first sentence of Section 2.12(d) of the Credit Agreement is hereby amended in its entirety to read as follows:
Notwithstanding the foregoing, in the event that, prior to the six-month anniversary of the First Incremental Effective Date,
SECTION 4.      Representations and Warranties.  To induce the other parties hereto to enter into this Agreement, each Loan Party party hereto hereby represents and warrants to the Administrative Agent and each of the Incremental U.S. Term Lenders that:
(a)      This Agreement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against each of the Loan Parties party hereto in accordance with its terms except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).
(b)      At the time of and immediately after giving effect to this Agreement, the representations and warranties set forth in Article III of the Amended Credit Agreement are true and correct in all material respects (or, in the case of any representations and warranties qualified by materiality, Material Adverse Effect or words of similar import, in all respects) on and as of the date hereof with the same effect as though made on and as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall have been true and correct in all material respects (or, in the case of any representations and warranties qualified by materiality, Material Adverse Effect or words of similar import, in all respects) as of such earlier date.
(c)     Each Borrower and each other Loan Party is in compliance in all material respects with all the terms and provisions set forth in each Loan Document on its part to be observed or performed, and at the time of and immediately after giving effect to this Agreement, no Event of Default or Default has occurred and is continuing.

4

SECTION 5.      Conditions to Effectiveness.  The effectiveness of this Agreement and the obligations of the Incremental U.S. Term Lenders to provide the Incremental U.S. Term Loans are subject to the satisfaction or waiver of the following conditions precedent (the date on which all such conditions are satisfied or waived, the “Incremental Effective Date”):
(a)      the Administrative Agent shall have received counterparts of this Agreement that, when taken together, bear the signatures of Terex, each Subsidiary Guarantor and each Incremental U.S. Term Lender;
(b)      the representations and warranties set forth in Section 4 shall be true and correct, and the Administrative Agent shall have received a certificate to that effect, dated the Incremental Effective Date and signed by a President, a Vice President or a Financial Officer of Terex;
(c)      Terex shall have paid to the Administrative Agent and the Incremental U.S. Term Lenders all fees and other amounts due and payable by it on or prior to the Incremental Effective Date and, to the extent invoiced, reimbursement or payment of all reasonable and documented out-of-pocket expenses required to be reimbursed or paid by any Loan Party under any Loan Document;
(d)      the Administrative Agent shall have received (i) a certificate as to the good standing of Terex and each Subsidiary Guarantor as of a recent date, from the Secretary of State of the State (or comparable entity) of the state (or comparable jurisdiction) of its organization (or, if such jurisdiction does not issue such certificates, a comparable document or the results of searches of official registries demonstrating good standing or lack of insolvency proceedings against such person, as available); (ii) a certificate of the Secretary or Assistant Secretary of Terex and each Subsidiary Guarantor dated the Incremental Effective Date and certifying (A) that attached thereto is a true and complete copy of (1) the by-laws (or comparable organizational documents) and (2) the certificate or articles of incorporation (or comparable organizational documents), including all amendments thereto, certified as of a recent date by such Secretary of State (or comparable entity), in each case of such person as in effect on the Incremental Effective Date and at all times since a date prior to the date of the resolutions described in clause (B) below (or, if such by-laws (or comparable documents) or certificate or articles of incorporation (or comparable documents) have not been amended or modified since any delivery thereof to the Administrative Agent on or following the Closing Date, certifying that no such amendment or modification has occurred), (B) that attached thereto is a true and complete copy of resolutions duly adopted by the Board of Directors (or comparable governing body) of Terex and each Subsidiary Guarantor authorizing the execution, delivery and performance of this Agreement and, in the case of Terex, the borrowing hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, and (C) as to the incumbency and specimen signature of each officer executing any Loan Document or any other document delivered in connection herewith on behalf of such person; and (iii) a certificate of another officer as to the incumbency and specimen signature of the Secretary or Assistant Secretary executing the certificate pursuant to clause (ii) above;
(e)      on the Incremental Effective Date, immediately after giving effect to the making of the Incremental U.S. Term Loans, the Senior Secured Leverage Ratio shall be less than or equal to 2.75 to 1.00, and the Administrative Agent shall have received a certificate to that effect (containing reasonably detailed calculations thereof) dated as of the Incremental Effective Date and executed by a Financial Officer of Terex;

5

(f)      the Administrative Agent shall have received, on behalf of itself and the Lenders, executed legal opinions of (i) the General Counsel of Terex and (ii) Bryan Cave LLP, counsel to the Borrower and the Subsidiary Guarantors, in each case, (A) dated the Incremental Effective Date, (B) addressed to the Administrative Agent and the Incremental U.S. Term Lenders and (C) covering such matters as the Administrative Agent shall reasonably request, and Terex hereby requests such counsel to deliver such opinions; and
(g)      the Administrative Agent shall have received all documentation and other information reasonably requested by it that is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act.
The Administrative Agent shall notify Terex and the Incremental U.S. Term Lenders of the Incremental Effective Date, and such notice shall be conclusive and binding.
SECTION 6.      Real Estate Collateral.  Terex shall, and shall cause Terex USA, LLC to, deliver to the Collateral Agent as soon as practicable and in any event within 60 calendar days after the Incremental Effective Date (or such later date as shall be acceptable to the Collateral Agent in its sole discretion), (i) an amendment to the Mortgage encumbering the Mortgaged Property which shall provide that such Mortgage remains in full force and effect and continues to secure the Obligations and (ii) if available in the applicable jurisdiction, a date down endorsement to the mortgagee’s title policy issued to the Administrative Agent in connection with the Mortgage in respect of the Mortgaged Property, in each case in form and substance satisfactory to the Administrative Agent.
SECTION 7.      Consent and Reaffirmation. Terex and each Subsidiary Guarantor hereby (a) consents to this Agreement and the transactions contemplated hereby, (b) agrees that, notwithstanding the effectiveness of this Agreement, the Guarantee and Collateral Agreement and each of the other Security Documents to which it is a party continue to be in full force and effect, (c) affirms and confirms its guarantee (in the case of a Guarantor) of the Obligations and the pledge and/or grant (in the case of a Grantor (as defined in the Guarantee and Collateral Agreement)) of a security interest in its assets as Collateral pursuant to the Security Documents to secure the Obligations, all as provided in the Loan Documents, and (d) acknowledges and agrees that such guarantee, pledge and/or grant continues in full force and effect in respect of, and to secure, the Obligations, including the Incremental U.S. Term Loans.  Without limiting the foregoing, nothing herein contained shall be construed as a novation of any of the Loan Documents or a substitution or novation of the Obligations or instruments guaranteeing or securing the same, which Loan Documents, Obligations and instruments shall remain and continue in full force and effect.
SECTION 8.      Applicable Law.  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
SECTION 9.      Counterparts.  This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract.  Delivery of an executed signature page to this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually signed counterpart of this Agreement.

6

SECTION 10.      Notices.  All notices hereunder or in connection herewith shall be given in accordance with the provisions of Section 9.01 of the Credit Agreement.
SECTION 11.      Headings.  Section headings used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.
[Remainder of this page intentionally left blank]

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

	
		
	TEREX CORPORATION,

	By  /s/ Eric I Cohen

	 
	 

	 
	Name: Eric I Cohen

	 
	Title:   Senior Vice President

	
		
	GENIE HOLDINGS, INC. 
GENIE INDUSTRIES, INC. 
TEREX SOUTH DAKOTA, INC. 
TEREX WASHINGTON, INC.
TEREX ADVANCE MIXER, INC.
TEREX FINANCIAL SERVICES, INC.,

	

By   /s/ Eric I Cohen

	 
	 

	 
	Name: Eric I Cohen

	 
	Title:   Senior Vice President

	
		
	TEREX USA, LLC.

	By  /s/ Eric I Cohen

	 
	 

	 
	Name: Eric I Cohen

	 
	Title:   Senior Vice President

	
		
	TEREX UTILITIES, INC.

	By  /s/ Eric I Cohen

	 
	 

	 
	Name: Eric I Cohen

	 
	Title:   Senior Vice President

	
		
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, individually and as Administrative Agent and Collateral Agent,

	 

	by

	 
	 

	 
	Name:

	 
	Title:

	 

	by

	 
	 

	 
	Name:

	 
	Title:

	 

	 
	 

SCHEDULE I
Incremental U.S. Term Loan Commitments

	
				
	Incremental U.S. Term Lender
	Incremental U.S. Term Loan Commitment

	Credit Suisse AG, Cayman Islands Branch
	

	$399,000,000
	

	TOTAL
	

	$399,000,000
	

SCHEDULE II
SUBSIDIARY GUARANTORS

	
		
	Subsidiary
	State of Formation

	Genie Holdings, Inc.
	Washington

	Genie Industries, Inc.
	Washington

	Terex South Dakota, Inc.
	Delaware

	Terex USA, LLC
	Delaware

	Terex Utilities, Inc.
	Oregon

	Terex Washington, Inc.
	Washington

	Terex Advance Mixer, Inc.
	Delaware

	Terex Financial Services, Inc.
	Delaware

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