Document:

Credit Agreement

 Exhibit 10.2 

CREDIT AGREEMENT 

DATED AS OF MAY 7, 2010 

BY AND AMONG 

WELLS OPERATING PARTNERSHIP II, L.P., 

AS BORROWER, 

J.P. MORGAN SECURITIES INC. 

AND 

PNC CAPITAL MARKETS LLC, 

AS JOINT LEAD ARRANGERS AND JOINT BOOKRUNNERS, 

JPMORGAN CHASE BANK, N.A., 

AS ADMINISTRATIVE AGENT 

AND 

PNC BANK, NATIONAL ASSOCIATION, 

AS SYNDICATION AGENT 

AND 

REGIONS BANK, 

U.S. BANK NATIONAL ASSOCIATION 

AND 

BMO CAPITAL MARKETS 

AS DOCUMENTATION AGENTS 

THE FINANCIAL INSTITUTIONS PARTY HERETO 

AND THEIR ASSIGNEES UNDER SECTION 12.5, 

AS LENDERS 

 TABLE OF CONTENTS 

					
	 	  	 	  	Page
			
	 ARTICLE I.
	  	DEFINITIONS	  	1
			
	 Section 1.1
	  	        Definitions	  	1
			
	 Section 1.2
	  	        General; References to Times	  	29
			
	 Section 1.3
	  	        Accounting Terms; GAAP	  	29
			
	 ARTICLE II.
	  	CREDIT FACILITY	  	30
			
	 Section 2.1
	  	        Revolving Loans	  	30
			
	 Section 2.2
	  	        Swingline Loans	  	30
			
	 Section 2.3
	  	        Letters of Credit	  	33
			
	 Section 2.4
	  	        Rates and Payment of Interest on Loans	  	37
			
	 Section 2.5
	  	        Number of Interest Periods	  	38
			
	 Section 2.6
	  	        Repayment of Loans	  	38
			
	 Section 2.7
	  	        Prepayments	  	38
			
	 Section 2.8
	  	        Continuation	  	39
			
	 Section 2.9
	  	        Conversion	  	40
			
	 Section 2.10
	  	        Notes	  	40
			
	 Section 2.11
	  	        Voluntary Reductions of the Commitment	  	41
			
	 Section 2.12
	  	        Expiration or Maturity Date of Letters of Credit Past Termination Date	  	41
			
	 Section 2.13
	  	        Amount Limitations	  	41
			
	 Section 2.14
	  	        [Reserved]	  	42
			
	 Section 2.15
	  	        Advances by Agent	  	42
			
	 ARTICLE III.
	  	PAYMENTS, FEES AND OTHER GENERAL PROVISIONS	  	42
			
	 Section 3.1
	  	        Payments	  	42
			
	 Section 3.2
	  	        Pro Rata Treatment	  	43
			
	 Section 3.3
	  	        Sharing of Payments, Etc.	  	43
			
	 Section 3.4
	  	        Several Obligations	  	44
			
	 Section 3.5
	  	        Minimum Amounts	  	44
			
	 Section 3.6
	  	        Fees	  	44
			
	 Section 3.7
	  	        Computations	  	45
			
	 Section 3.8
	  	        Usury	  	46

  

 i 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
			
	 Section 3.9
	  	        Agreement Regarding Interest and Charges	  	46
			
	 Section 3.10
	  	        Statements of Account	  	46
			
	 Section 3.11
	  	        Defaulting Lenders	  	46
			
	 Section 3.12
	  	        Taxes	  	48
			
	 ARTICLE IV.
	  	YIELD PROTECTION, ETC.	  	49
			
	 Section 4.1
	  	        Additional Costs; Capital Adequacy	  	49
			
	 Section 4.2
	  	        Suspension of LIBOR Rate Loans	  	51
			
	 Section 4.3
	  	        Illegality	  	51
			
	 Section 4.4
	  	        Compensation	  	51
			
	 Section 4.5
	  	        Affected Lenders	  	52
			
	 Section 4.6
	  	        Treatment of Affected Loans	  	53
			
	 Section 4.7
	  	        Change of Lending Office	  	53
			
	 Section 4.8
	  	        Assumptions Concerning Funding of LIBOR Rate Loans	  	53
			
	 ARTICLE V.
	  	CONDITIONS PRECEDENT	  	54
			
	 Section 5.1
	  	        Initial Conditions Precedent	  	54
			
	 Section 5.2
	  	        Conditions Precedent to All Loans and Letters of Credit	  	56
			
	 Section 5.3
	  	        Conditions as Covenants	  	57
			
	 ARTICLE VI.
	  	REPRESENTATIONS AND WARRANTIES	  	57
			
	 Section 6.1
	  	        Representations and Warranties	  	57
			
	 Section 6.2
	  	        Survival of Representations and Warranties, Etc.	  	67
			
	 ARTICLE VII.
	  	AFFIRMATIVE COVENANTS	  	67
			
	 Section 7.1
	  	        Preservation of Existence and Similar Matters	  	67
			
	 Section 7.2
	  	        Compliance with Applicable Law and Contracts	  	68
			
	 Section 7.3
	  	        Maintenance of Property	  	68
			
	 Section 7.4
	  	        Conduct of Business	  	68
			
	 Section 7.5
	  	        Insurance	  	68
			
	 Section 7.6
	  	        Payment of Taxes and Claims	  	69
			
	 Section 7.7
	  	        Visits and Inspections	  	69
			
	 Section 7.8
	  	        Use of Proceeds; Letters of Credit	  	69
			
	 Section 7.9
	  	        Environmental Matters	  	70

  

 ii 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
			
	 Section 7.10
	  	        Books and Records	  	70
			
	 Section 7.11
	  	        Further Assurances	  	70
			
	 Section 7.12
	  	        Guarantors	  	71
			
	 Section 7.13
	  	        REIT Status	  	71
			
	 Section 7.14
	  	        Distribution of Income to the Borrower	  	72
			
	 Section 7.15
	  	        Reporting Company	  	72
			
	 Section 7.16
	  	        Maintenance of Rating	  	72
			
	 ARTICLE VIII.
	  	INFORMATION	  	72
			
	 Section 8.1
	  	        Quarterly Financial Statements	  	72
			
	 Section 8.2
	  	        Year-End Statements	  	73
			
	 Section 8.3
	  	        Compliance Certificate	  	74
			
	 Section 8.4
	  	        Other Information	  	75
			
	 Section 8.5
	  	        Additions and Substitutions to and Removals From Unencumbered Assets	  	77
			
	 ARTICLE IX.
	  	NEGATIVE COVENANTS	  	79
			
	 Section 9.1
	  	        Financial Covenants	  	79
			
	 Section 9.2
	  	        Indebtedness	  	80
			
	 Section 9.3
	  	        Certain Permitted Investments of Obligors, etc.	  	80
			
	 Section 9.4
	  	        Investments Generally	  	81
			
	 Section 9.5
	  	        Liens; Negative Pledges; Other Matters	  	82
			
	 Section 9.6
	  	        Restricted Payments; Stock Repurchases	  	83
			
	 Section 9.7
	  	        Merger, Consolidation, Sales of Assets and Other Arrangements	  	84
			
	 Section 9.8
	  	        Fiscal Year	  	84
			
	 Section 9.9
	  	        Modifications to Certain Agreements	  	84
			
	 Section 9.10
	  	        Transactions with Affiliates	  	85
			
	 Section 9.11
	  	        ERISA Exemptions	  	85
			
	 Section 9.12
	  	        Restriction on Prepayment of Indebtedness	  	85
			
	 Section 9.13
	  	        Modifications to Governing Documents	  	85
			
	 Section 9.14
	  	        Occupancy of Unencumbered Assets	  	85
			
	 ARTICLE X.
	  	DEFAULT	  	86

  

 iii 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
			
	 Section 10.1
	  	        Events of Default	  	86
			
	 Section 10.2
	  	        Remedies Upon Event of Default	  	89
			
	 Section 10.3
	  	        Allocation of Proceeds	  	91
			
	 Section 10.4
	  	        Collateral Account	  	91
			
	 Section 10.5
	  	        Performance by Agent	  	92
			
	 Section 10.6
	  	        Rights Cumulative	  	93
			
	 ARTICLE XI.
	  	THE AGENT	  	93
			
	 Section 11.1
	  	        Authorization and Action	  	93
			
	 Section 11.2
	  	        Agent’s Reliance, Etc.	  	94
			
	 Section 11.3
	  	        Notice of Defaults	  	94
			
	 Section 11.4
	  	        JPMorgan Chase Bank, N.A	  	95
			
	 Section 11.5
	  	        Approvals of Lenders	  	95
			
	 Section 11.6
	  	        Lender Credit Decision, Etc.	  	95
			
	 Section 11.7
	  	        Indemnification of Agent	  	96
			
	 Section 11.8
	  	        Successor Agent	  	97
			
	 Section 11.9
	  	        Titled Agents	  	97
			
	 Section 11.10
	  	        Other Loans by Lenders to Obligors	  	98
			
	 ARTICLE XII.
	  	MISCELLANEOUS	  	98
			
	 Section 12.1
	  	        Notices	  	98
			
	 Section 12.2
	  	        Expenses	  	99
			
	 Section 12.3
	  	        Setoff	  	100
			
	 Section 12.4
	  	        Governing Law; Litigation; Jurisdiction; Other Matters; Waivers	  	101
			
	 Section 12.5
	  	        Successors and Assigns	  	101
			
	 Section 12.6
	  	        Amendments	  	104
			
	 Section 12.7
	  	        Nonliability of Agent and Lenders	  	105
			
	 Section 12.8
	  	        Confidentiality	  	105
			
	 Section 12.9
	  	        Indemnification	  	106
			
	 Section 12.10
	  	        Termination; Survival	  	108
			
	 Section 12.11
	  	        Severability of Provisions	  	108

  

 iv 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
			
	 Section 12.12
	  	        [Intentionally Omitted]	  	109
			
	 Section 12.13
	  	        Counterparts	  	109
			
	 Section 12.14
	  	        Obligations with Respect to Obligors and Subsidiaries	  	109
			
	 Section 12.15
	  	        Limitation of Liability	  	109
			
	 Section 12.16
	  	        Entire Agreement	  	109
			
	 Section 12.17
	  	        Construction	  	110
			
	 Section 12.18
	  	        Time of the Essence	  	110
			
	 Section 12.19
	  	        Patriot Act	  	110
	
	SCHEDULES AND EXHIBITS
			
	 SCHEDULE I
	  	Commitments	  	
			
	 SCHEDULE 6.1(b)
	  	Ownership Structure	  	
			
	 SCHEDULE 6.1(f)
	  	Properties	  	
			
	 SCHEDULE 6.1(g)
	  	Existing Indebtedness	  	
			
	 SCHEDULE 6.1(i)
	  	Litigation	  	
			
	 SCHEDULE 6.1(k)
	  	Financial Statements	  	
			
	 SCHEDULE 6.1(p)
	  	Environmental Matters	  	
			
	 SCHEDULE 6.1(y)
	  	List of Unencumbered Assets	  	
			
	 SCHEDULE 6.1(ee)
	  	Eminent Domain Proceedings	  	
			
	 EXHIBIT A
	  	Form of Assignment and Acceptance Agreement	  	
			
	 EXHIBIT B
	  	Form of Contribution Agreement	  	
			
	 EXHIBIT C
	  	Form of Guaranty	  	
			
	 EXHIBIT D
	  	Form of Joinder Agreement	  	
			
	 EXHIBIT E
	  	Form of Notice of Borrowing	  	
			
	 EXHIBIT F
	  	Notice of Continuation	  	
			
	 EXHIBIT G
	  	Notice of Conversion	  	

  

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 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
			
	 EXHIBIT H
	  	Form of Notice of Swingline Borrowing	  	
			
	 EXHIBIT I
	  	Form of Swingline Note	  	
			
	 EXHIBIT J
	  	Form of Revolving Note	  	
			
	 EXHIBIT K
	  	Form of Compliance Certificate	  	

  

 vi 

 THIS CREDIT AGREEMENT (this “Agreement”) dated as of
May 7, 2010 by and among WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership (“Borrower”), each of the financial institutions initially a signatory hereto together with their assignees pursuant to
Section 12.5(d) (collectively, the “Lenders” and individually a “Lender”) and JPMORGAN CHASE BANK, N.A., as Administrative Agent (the “Agent”). 

WHEREAS, the Borrower is primarily engaged in the business of purchasing, developing, owning, operating, leasing and
managing office, industrial and retail properties; 
 WHEREAS, the Borrower has requested that certain of the
Lenders provide a revolving credit facility to provide for Borrower’s working capital and other lawful corporate purposes, and the Lenders have indicated their willingness to lend to the Borrower, on the terms and subject to the conditions set
forth herein; 
 NOW, THEREFORE, in consideration of the recitals herein and mutual covenants and agreements
contained herein, the parties hereto hereby covenant and agree as follows: 
 ARTICLE I. DEFINITIONS 

Section 1.1 Definitions. 

In addition to terms defined elsewhere herein, the following terms shall have the following meanings for the purposes of
this Agreement: 
 “Additional Costs” has the meaning given to that term in Section 4.1.

 “Adjusted EBITDA” means as of any date of determination the sum of (a) EBITDA of the
Borrower for the immediately preceding calendar quarter less (b) the Capital Reserve for such period. 

“Adjusted Total Asset Value” means as of any date of determination the sum of (a) Total Asset Value
less (b) the value of assets (determined in a manner consistent with the definition of Total Asset Value) owned or leased by Excluded Subsidiaries or Unconsolidated Affiliates and included in Total Asset Value. 

“Affiliate” means, as to any Person, any other Person directly or indirectly controlling, controlled by,
or under common control with such Person. For purposes of this definition, “control” (including with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”) means the
possession directly or indirectly of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities or by contract or otherwise. 

“Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders under
the terms of this Agreement, and any of its successors. 
 “Agreement Date” means the date as
of which this Agreement is dated. 

 “Alternate Base Rate” means for any
day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day
plus  1/2 of 1% and (c) the LIBOR Rate for
a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that, for the avoidance of doubt, the LIBOR Rate for any day shall be based on the rate appearing on the
Reuters BBA Libor Rates Page 3750 (or on any successor or substitute page of such page) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or
the LIBOR Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the LIBOR Rate, respectively. 

“Anti-Terrorism Laws” has the meaning given to that term in Section 6.1(hh). 

“Applicable Credit Ratings” means the Borrower’s corporate credit or issuer ratings (which may be a
private rating) issued by S&P or Moody’s. 
 “Applicable Law” means all applicable
provisions of constitutions, statutes, rules, regulations and orders of all governmental bodies and all orders and decrees of all courts, tribunals and arbitrators. 

“Applicable Margin” means, for any day with respect to any Loans, or with respect to the Facility Fees
payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Base Rate - Applicable Margin”, “LIBOR Rate - Applicable Margin”, or the “Facility Fee Rate”, as the case may be,
based upon the Rating of the Borrower in the table below: 
  

												
	 RATINGS LEVEL
	  	MOODY’S/S&P
APPLICABLE

CREDIT RATING	  	BASE RATE
-
APPLICABLE
MARGIN	 	 	LIBOR RATE 
-
APPLICABLE
MARGIN	 	 	FACILITY
FEE

RATE	 
	 Level I Rating
	  	Baa1/BBB+ or higher	  	1.60	% 	 	2.60	% 	 	0.40	% 
	 Level II Rating
	  	Baa2/BBB	  	1.75	% 	 	2.75	% 	 	0.50	% 
	 Level III Rating
	  	Baa3/BBB-	  	1.95	% 	 	2.95	% 	 	0.55	% 
	 Level IV Rating
	  	Below Baa3/BBB-	  	2.40	% 	 	3.40	% 	 	0.60	% 

 For purposes
hereof (A) if the Borrower has only one Rating, such Rating shall determine pricing, (B) if the Borrower has two Ratings and the Ratings of the Rating Agencies do not match, then the higher of two Applicable Credit Ratings shall determine
pricing; provided, however, that if the two Applicable Credit Ratings are two gradations apart, then the rating that is between the two differing Applicable Credit Ratings shall determine pricing and (C) if the Applicable Credit
Ratings established or deemed to have been established by the Rating Agencies for such debt of the Borrower shall be changed (other than as a result of change in the rating system of any such Rating

  

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Agency), such change shall be effective as of the date on which it is first announced by the applicable Rating Agency, irrespective of when notice of such change shall have been furnished by the
Borrower to the Agent and the Lenders pursuant to the terms of the Loan Documents. Each change in the Applicable Margin under this clause (i) shall apply during the period commencing on the effective date of such change and ending on the date
immediately preceding the effective date of the next such changes. If the rating system of a Rating Agency shall change, or if any Rating’s Agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the
Requisite Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such Rating Agency, and pending the effectiveness of any such amendment, the Applicable Margin shall
be determined by reference to the rating most recently in effect prior to such change or cessation. 
 The
credit rating in effect on any date for the purposes hereof is that in effect at the close of business on such date. If at any time the Borrower has no Moody’s Rating and no S&P Rating, then the Applicable Margin (including the Facility Fee
Rate) shall be determined by reference to (x) the Level III Rating if the Leverage Ratio as of the end of the most recent fiscal quarter for which financial statements are available is greater than thirty-five percent (35%) and
(y) the Level I Rating if the Leverage Ratio as of the end of the most recent fiscal quarter for which financial statements are available is equal to or less than thirty-five percent (35%). 

Any adjustment in the Applicable Margin shall be applicable to all existing Loans. 

Any recalculation of interest required by this provision shall survive termination of this Agreement and this provision
shall not in any way limit any of the Agent’s and the Lenders’ other rights and remedies under the Loan Documents. 

“Approved Bond Transaction” means those real property projects and any other real property developments
(a) in which the Borrower or any Guarantor acquires an interest as a lessee in real property subject to a bond transaction encumbering the property wherein the Borrower or such Guarantor is also the owner of the applicable bonds;
(b) pursuant to which rental payments of the Borrower or applicable Guarantor as lessee ultimately run to the Borrower or such Guarantor in the form of payments on the applicable bonds and are in an amount that are equivalent (or nearly so)
with the required payments under the bonds; and (c) which lease (i) has a remaining term of not less than twenty (20) years or provides a purchase option in favor of the Borrower or the applicable Guarantor for the underlying land
that is exercisable by the Borrower or such Guarantor at the option of the Borrower or such Guarantor, as appropriate, prior to or simultaneously with the expiration of the lease and for a de minimus or nominal purchase price, (ii) under which
any required rental payment or other payment due under such lease from the Borrower or the applicable Guarantor to the lessor have been assigned to secure the bonds held by the Borrower or the applicable Guarantor and no payment default has occurred
and no other default has occurred which would permit the termination of the lease, (iii) where no party to such lease is the subject of a Bankruptcy Event, (iv) contains customary provisions either (A) protective of any lender to the
lessee or (B) whereby the lessor expressly agrees upon request to subordinate the lessor’s fee interest to the rights and remedies of such a lender, (v) where the Borrower’s or the applicable Guarantor’s interest in the real
property or the lease is not subject to (A) any Lien other than Permitted Liens of the types described in clauses (a), (c) and (d) of the 

 

 - 3 - 

 
definition of Permitted Liens and the instruments securing the bonds held by the Borrower or the applicable Guarantor, and (vi) such lease and bond documents permits reasonable
transferability thereof (including the right to sublease to occupancy tenants), in each case, documented and structured in a manner satisfactory to the Agent in its reasonable discretion. 

“Assignee” has the meaning given to that term in Section 12.5(d). 

“Assignment and Acceptance Agreement” means an Assignment and Acceptance Agreement among a Lender, an
Assignee and the Agent, substantially in the form of Exhibit A. 
 “Bankruptcy
Code” means Title 11, U.S.C.A., as amended from time to time or any successor statute thereto. 

“Bankruptcy Event” means, with respect to any Person, the occurrence of any of the following:
(a) the entry of a decree or order for relief by a court or governmental agency in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or the appointment by a court or governmental
agency of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of such Person or for any substantial part of its property or the ordering of the winding up or liquidation of its affairs by a court or governmental
agency; or (b) the commencement against such Person of an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or of any case, proceeding or other action for the appointment of a
receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of such Person or for any substantial part of its property or for the winding up or liquidation of its affairs, and such involuntary case or other case,
proceeding or other action shall remain undismissed for a period of ninety (90) consecutive days, or the repossession or seizure by a creditor of such Person of a substantial part of its property; or (c) such Person shall commence a
voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment of or the taking
possession by a receiver, liquidator, assignee, creditor in possession, custodian, trustee, sequestrator (or similar official) of such Person or for any substantial part of its property or make any general assignment for the benefit of creditors; or
(d) such Person shall admit in writing its inability to pay its debts generally as they become due. 

“Base Rate Loan” means a Loan bearing interest at a rate based on the Alternate Base Rate. 

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

“Board” means the Board of Governors of the Federal Reserve System of the United States of America.

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

“Business Day” means (a) any day other than a Saturday, Sunday or other day on which banks in New
York, New York are authorized or required to close and (b) with reference to a 
  

 - 4 - 

 
LIBOR Rate Loan, any such day that is also a day on which dealings in Dollar deposits are carried out in the London interbank market. 

“Capital Reserves” means, for any period and with respect to a Property, an amount equal to
(a) $1.00 per square foot per annum for all office Properties, $0.50 per square foot per annum for all industrial Properties and $0.15 per square foot per annum for all other Properties multiplied by (b) a fraction, the numerator of which
is the number of days in such period and the denominator of which is 365. Any portion of a Property leased under a ground lease to a third party that owns the improvements on such portion of such Property shall not be included in the determination
of Capital Reserves. If the term Capital Reserves is used without reference to any specific Property, then the amount shall be determined on an aggregate basis with respect to all Properties of the Borrower, Guarantors and their Subsidiaries and a
proportionate share of all Properties of all Unconsolidated Affiliates. 
 “Capitalization
Rate” means 9.00%. 
 “Capitalized Lease Obligations” means obligations under a lease
that are required to be capitalized for financial reporting purposes in accordance with GAAP. The amount of a Capitalized Lease Obligation is the capitalized amount of such obligation as would be required to be reflected on a balance sheet of the
applicable Person prepared in accordance with GAAP as of the applicable date. 
 “Cash
Equivalents” means: (a) securities issued, guaranteed or insured by the United States of America or any of its agencies with maturities of not more than one year from the date acquired; (b) certificates of deposit with maturities
of not more than one year from the date acquired which are issued by a United States federal or state chartered commercial bank of recognized standing, or a commercial bank organized under the laws of any other country which is a member of the
Organization for Economic Cooperation and Development, or a political subdivision of any such country, acting through a branch or agency, which bank at the time of the acquisition thereof has capital and unimpaired surplus in excess of $500,000,000
and which bank or its holding company at the time of the acquisition thereof has a short-term commercial paper rating of at least A-2 or the equivalent by S&P or at least P-2 or the equivalent by Moody’s; (c) reverse repurchase
agreements with terms of not more than seven days from the date acquired, for securities of the type described in clause (a) above and entered into only with commercial banks having the qualifications described in clause (b) above;
(d) commercial paper issued by any Person incorporated under the laws of the United States of America or any State thereof and rated at the time of the acquisition thereof at least A-2 or the equivalent thereof by S&P or at least P-2 or the
equivalent thereof by Moody’s, in each case with maturities of not more than one year from the date acquired; and (e) investments in money market funds registered under the Investment Company Act of 1940, which have at the time of the
acquisition thereof net assets of at least $500,000,000 and at least 85% of whose assets consist of securities and other obligations of the type described in clauses (a) through (d) above. 

“Change of Control” means the occurrence of any of the following: 

(a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)) is or becomes the 
  

 - 5 - 

 
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person will be deemed to have “beneficial ownership” of all securities that such
Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than thirty-three percent (33%) of the total voting power of the then outstanding voting stock of
the REIT Guarantor; 
 (b) any “person” or “group” (as such terms are used in Sections 13(d)
and 14(d) of the Exchange Act) acquires, directly or indirectly, by contract or otherwise, the power to exercise control over the Equity Interests of the REIT Guarantor representing more than thirty-three percent (33%) of the total voting power
represented by the issued and outstanding Equity Interests of the REIT Guarantor; 
 (c) during any period of 12
consecutive months, a majority of the Board of Trustees or Directors of the REIT Guarantor consists of individuals who were not either (i) trustees or directors of the REIT Guarantor as of the corresponding date of the previous year,
(ii) selected or nominated to become trustees or directors by the Board of Trustees or Directors of the REIT Guarantor of which a majority consisted of individuals described in clause (b)(i) above, or (iii) selected or nominated to become
trustees or directors by the Board of Trustees or Directors of the REIT Guarantor of which a majority consisted of individuals described in clause (b)(i) above and individuals described in clause (b)(ii), above; 

(d) the REIT Guarantor shall fail to be the sole general partner of the Borrower or shall fail to
own, directly or indirectly, free of any liens, encumbrances or adverse claims, at least sixty-six and two-thirds percent (66- 2/
3%) of the voting Equity Interests of the Borrower; or 

(e) Borrower or the REIT Guarantor fails to own, directly or indirectly, free of any liens, encumbrances or adverse
claims, at least seventy-five percent (75%) of the Equity Interests of each Guarantor (other than the REIT Guarantor), control all major decisions of such Guarantor (including, without limitation, decisions to sell or encumber property) and
otherwise possess the ordinary voting power to elect a majority of the board of directors, or other persons performing similar functions, of each such Guarantor; provided that the Borrower or the REIT Guarantor must directly or indirectly
own, free of any liens, encumbrances or adverse claims, one hundred percent (100%) of each Guarantor that owns any Unencumbered Asset. 

“Collateral Account” means a special non-interest bearing deposit account maintained by the Agent at the
Principal Office and under its sole dominion and control. 
 “Commitment” means, as to each
Lender, such Lender’s obligation to make Revolving Loans pursuant to Section 2.1, to issue (in the case of the Issuing Lender) or participate in (in the case of the other Lenders) Letters of Credit pursuant to Section 2.4 and to
participate in Swingline Loans pursuant to Section 2.2, to an amount up to, but not exceeding (but in the case of the Lender acting as the Issuing Lender excluding the aggregate amount of participations in the Letters of Credit held by other
Lenders) the amount set forth for such Lender on Schedule I hereto as such Lender’s “Commitment Amount” or as set forth in the applicable Assignment and Acceptance Agreement, as the same may be reduced from time to time pursuant to
Section 2.11 or as appropriate to reflect any assignments to or by such Lender effected in accordance with Section 12.5. 
  

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 “Commitment Percentage” means, as to each Lender, the
ratio, expressed as a percentage, of (a) the amount of such Lender’s Commitment to (b) the aggregate amount of the Commitments of all Lenders hereunder; provided that in the case of Section 3.11 when a Defaulting Lender
shall exist, “Commitment Percentage” shall mean the percentage of (a) the amount of such Lender’s Commitment to (b) the aggregate amount of the Commitments of all Lenders hereunder (in each case, disregarding any Defaulting
Lender’s Commitment). If at the time of determination, the Commitments have terminated or been reduced to zero, the “Commitment Percentage” of each Lender shall be the Commitment Percentage of such Lender in effect immediately prior
to such termination or reduction, giving effect to any Lender’s status as a Defaulting Lender at the time of determination. 

“Compliance Certificate” has the meaning given to that term in Section 8.3. 

“Construction Budget” means, in the aggregate, the fully budgeted total cost to develop the property
under construction, including the acquisition cost of land as reasonably determined by Borrower in good faith. 

“Construction-in-Process” means cash expenditures for land and improvements (including indirect costs
internally allocated and development costs) determined in accordance with GAAP on all Properties that are under development or are scheduled to commence development within twelve (12) months of any date of determination. 

“Contingent Liabilities” as to any Person, but without duplication of any amount included or includable
in items (a) through (h), (j) and (k) of Indebtedness, as applied to any obligation, means and includes liabilities or obligations with respect to: (a) a guaranty (other than by endorsement of negotiable instruments for
collection in the ordinary course of business), directly or indirectly, in any manner, of any part or all of such obligation; (b) an agreement, direct or indirect, contingent or otherwise, and whether or not constituting a guaranty, the
practical effect of which is to assure the payment or performance (or payment of damages in the event of nonperformance) of any part or all of such obligation, whether by: (i) the purchase of securities or obligations, (ii) the purchase,
sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily for the purpose of enabling the obligor with respect to such obligation to make any payment (or payment of damages in the event of nonperformance) of or on
account of any part or all of such obligation, or to assure the owner of such obligation against loss, (iii) the supplying of funds to or in any other manner investing in the obligor with respect to such obligation, (iv) repayment of
amounts drawn down by beneficiaries of letters of credit (including Letters of Credit), or (v) the supplying of funds to or investing in a Person on account of all or any part of such Person’s obligation under a guaranty of any obligation
or indemnifying or holding harmless, in any way, such Person against any part or all of such obligation; (c) all obligations, contingent or otherwise, of such Person under any synthetic lease, tax retention operating lease, or similar off
balance sheet financing arrangement; (d) all obligations of such Person with respect to any take-out commitment or forward equity commitment; (e) purchase obligations net of asset value; and (f) all obligations under performance
and/or completion guaranties (or other agreements the practical effect of which is to assure performance or completion of such obligations) as and to the extent such obligations are required to be included as liabilities on the balance sheet of such
Person in accordance with GAAP. 
  

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 “Continue”, “Continuation” and
“Continued” each refers to the continuation of a LIBOR Rate Loan from one Interest Period to another Interest Period pursuant to Section 2.8. 

“Contribution Agreement” means the Contribution Agreement of even date herewith in substantially the
form of Exhibit B to be executed by the Borrower and the Guarantors. 
 “Convert”,
“Conversion” and “Converted” each refers to the conversion of a Loan of one Type into a Loan of another Type pursuant to Section 2.9. 

“Credit Event” means any of the following: (a) the making (or deemed making) of any Loan,
(b) the Conversion of a Loan and (c) the issuance of a Letter of Credit. 
 “Debt to Total
Asset Value Ratio” means the ratio (expressed as a percentage) of (a) the sum of the Borrower’s, the Guarantors’ and their respective Subsidiaries’ Indebtedness to (b) Total Asset Value. 

“Default” means any of the events specified in Section 10.1, whether or not there has been
satisfied any requirement for the giving of notice, the lapse of time, or both. 
 “Defaulting
Lender” means any Lender, as determined by the Agent, that has (a) failed to fund any portion of its Loans or participations in Letters of Credit or Swingline Loans within three (3) Business Days of the date required to be funded
by it hereunder, (b) notified the Borrower, the Agent, the Issuing Bank, the Swingline Lender or any Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to
the effect that it does not intend to comply with its funding obligations under this Agreement or under other agreements in which it commits to extend credit, (c) otherwise failed to pay over to the Agent or any other Lender any other amount
required to be paid by it hereunder within three (3) Business Days of the date when due, unless the subject of a good faith dispute, or (d) (i) become or is insolvent or has a parent company that has become or is insolvent or
(ii) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or
custodian, appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian appointed for it, or has taken any action in
furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment; unless in the case of (i) or (ii) the bankruptcy court or such receiver, conservator, trustee, administrator, assignee or
other Person or custodian confirms or affirms that such Lender will continue to comply with its funding obligations under this Agreement; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any
Equity Interest in such Lender or parent company thereof by a Governmental Authority or agency thereof. 

“Derivatives Contract” means any and all rate swap transactions, basis swaps, credit derivative
transactions, forward rate transactions, commodity swaps, commodity options, 
  

 - 8 - 

 
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. Not in limitation of the foregoing, the term
“Derivatives Contract” includes 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, including any such obligations or liabilities under any such master agreement. 

“Derivatives Termination Value” means, in respect of any one or more Derivatives Contracts, after taking
into account the effect of any legally enforceable netting agreement relating to such Derivatives Contracts, (a) for any date on or after the date such Derivatives 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 Derivatives Contracts, as determined based upon one or more mid-market
or other readily available quotations provided by any recognized dealer in such Derivatives Contracts (which may include the Agent or any Lender). 

“Development Property” means a Property currently under development for use as an office or industrial
building that has not become a Stabilized Property, or on which the improvements (other than tenant improvements on unoccupied space) related to the development have not been completed, provided that such a Development Property on which all
improvements (other than tenant improvements on unoccupied space) related to the development of such Property have been completed for at least twelve (12) months shall cease to constitute a Development Property notwithstanding the fact that
such Property has not become a Stabilized Property. 
 “Dividend Reinvestment Proceeds” means,
as of any date of determination and for any given period, an amount equal to all dividends or other distributions paid by the REIT Guarantor during such period, directly or indirectly, on account of any shares of any equity interest of the REIT
Guarantor which any holder(s) of such equity interest direct 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 the REIT Guarantor
or any of its Subsidiaries. 
 “Documentation Agent” means Regions Bank, U.S. Bank National
Association and BMO Capital Market Financing, Inc. 
 “Dollars” or “$” means
dollars in lawful currency of the United States of America. 
 “EBITDA” means, with respect to
a Person for any period (without duplication): (a) net income (loss) of such Person for such period determined on a consolidated basis in accordance 

 

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with GAAP, exclusive of the following (but only to the extent included in the determination of such net income (loss)): (i) depreciation and amortization expense; (ii) Interest Expense;
(iii) income tax expense; and (iv) non-cash impairment charges and extraordinary or non-recurring gains and losses (including, for the avoidance of doubt, all gains on retirement of any debt); plus (b) such Person’s pro rata
share of EBITDA of its Unconsolidated Affiliates. EBITDA shall be adjusted to remove any impact from straight line rent leveling adjustments required under GAAP and amortization of all intangibles, without duplication, pursuant to FAS 141.

 “Effective Date” means the later of: (a) the Agreement Date; and (b) the date on
which all of the conditions precedent set forth in Section 5.1 shall have been fulfilled or waived in writing by the Requisite Lenders. 

“Eligible Assignee” means any Person who is: (i) currently a Lender or an Affiliate of a current
Lender; (ii) a commercial bank, trust company, insurance company, investment bank or pension fund organized under the laws of the United States of America, or any state thereof, and having total assets in excess of $5,000,000,000; (iii) a
savings and loan association or savings bank organized under the laws of the United States of America, or any state thereof, and having a tangible net worth of at least $500,000,000; or (iv) a commercial bank organized under the laws of any
other country which is a member of the Organization for Economic Cooperation and Development, or a political subdivision of any such country, and having total assets in excess of $10,000,000,000, provided that such bank is acting through a
branch or agency located in the United States of America. 
 “Eligible Ground Lease” means a
ground lease containing the following terms and conditions: (a) a remaining term (exclusive of any unexercised extension options) of forty (40) years or more from the Effective Date; (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 lien on such leased property written notice of any defaults on the part of the lessee and
agreement of such lessor that such lease will not be terminated until such holder has had a reasonable opportunity to cure or complete foreclosure, and fails to do so; (d) reasonable transferability of the lessee’s interest under such
lease, including the ability to sublease; and (e) such other rights customarily required by institutional mortgagees making a commercial loan secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease.

 “Environmental Laws” means any Applicable Law relating to environmental protection or the
manufacture, storage, disposal or clean-up of Hazardous Materials including, without limitation, the following: Clean Air Act, 42 U.S.C. § 7401 et seq.; Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; Solid Waste Disposal
Act, as amended by the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq.; Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq.; National Environmental Policy Act, 42 U.S.C.
§ 4321 et seq.; regulations of the Environmental Protection Agency and any applicable rule of common law and any judicial interpretation thereof relating primarily to the environment or Hazardous Materials. 

“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 
  

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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, and whether or not such share, warrant, option, right or other interest is authorized or otherwise existing on any date of
determination. 
 “Equity Issuance” means any issuance by a Person of any Equity Interest and
shall in any event include the issuance of any Equity Interest upon the conversion or exchange of any security constituting Indebtedness that is convertible or exchangeable, or is being converted or exchanged, for Equity Interests. 

“Equity Percentage” means the aggregate ownership percentage of the Borrower, the other Obligors or
their respective Subsidiaries in each Unconsolidated Affiliate. 
 “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder in effect from time to time. 

“ERISA Group” means the Borrower, the other Obligors, any Subsidiary of the Borrower or any of the other
Obligors and all members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control which, together with the Borrower, the other Obligors or any of their respective Subsidiaries, are treated
as a single employer under Section 414 of the Internal Revenue Code. 
 “Event of Default”
means any of the events specified in Section 10.1, provided that any requirement for notice or lapse of time or any other condition has been satisfied. 

“Excluded Subsidiary” means (x) any Subsidiary of the Borrower or the REIT Guarantor
(a) holding title to assets which are or are to become collateral for any Secured Debt of such Subsidiary; (b) which is prohibited from guarantying the Indebtedness of any other Person pursuant to (i) any document, instrument or
agreement evidencing such Secured Debt or (ii) a provision of such Subsidiary’s organizational documents which provision was included in such Subsidiary’s organizational documents as a condition to the extension of such Secured Debt;
and (c) the liabilities for which none of the Guarantors (other than the REIT Guarantor), any of their respective Subsidiaries (other than another Excluded Subsidiary) or any other Obligor (other than the Borrower and REIT Guarantor) has any
Contingent Liability or is otherwise liable with respect to any of the Indebtedness of such Subsidiary, except for customary exceptions for fraud, misapplication of funds, environmental indemnities, and other similar exceptions from non recourse
liability or (y) any Subsidiary which is not a Wholly Owned Subsidiary and with respect to which the REIT Guarantor or the Borrower, as applicable, does not have sufficient voting power (and is unable, after good faith efforts to do so, to
cause any necessary non-affiliated equity holders to agree) to cause such entity to become a “Guarantor” or, notwithstanding such voting power, the interests of such non-affiliated holders has material economic value in the reasonable
judgment of the Borrower that would be impaired by such Subsidiary becoming a “Guarantor” 
  

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 “Executive Order” has the meaning given to that term in
Section 6.1(hh). 
 “Facility Fee” has the meaning given to that term in
Section 3.6(a). 
 “Facility Fee Rate” has the meaning given to that term in
Section 3.6(a). 
 “Fair Market Value” means, with respect to (a) a security listed
on a national securities exchange or the NASDAQ National Market, the price of such security as reported on such exchange by any widely recognized reporting method customarily relied upon by financial institutions, and (b) with respect to any
other property, the price which could be negotiated in an arm’s-length free market transaction, for cash, between a willing seller and a willing buyer, neither of which is under pressure or compulsion to complete the transaction. 

“Federal Funds Effective Rate” means, for any day, the rate per annum (rounded upwards to the nearest
1/100th of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the
Business Day next succeeding such day, provided that (a) if such day is not a Business Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day, and (b) if no such
rate is so published on such next succeeding Business Day, the Federal Funds Effective Rate for such day shall be the average rate quoted to the Agent by federal funds dealers selected by the Agent on such day on such transaction as determined by
the Agent. 
 “Fees” means the fees and commissions provided for or referred to in
Section 3.6 and any other fees payable by the Borrower to the Agent or any Lender hereunder or under any other Loan Document. 

“Fixed Charge Coverage Ratio” means the ratio of (a) Adjusted EBITDA to (b) Fixed Charges for
the period used to calculate EBITDA. 
 “Fixed Charges” means, for any period, the sum of
(a) Interest Expense of the Borrower, the Guarantor and their respective Subsidiaries determined on a consolidated basis for such period, plus (b) all regularly scheduled principal payments made with respect to Indebtedness of the
Borrower, the Guarantors and their respective Subsidiaries during such period, other than any balloon, bullet or similar principal payment which repays such Indebtedness in full, plus (c) all Preferred Dividends paid during such period.
Such Person’s Equity Percentage in the Fixed Charges of its Unconsolidated Affiliates shall be included in the determination of Fixed Charges. 

“Funds From Operations” means, with respect to a Person and for a given period, (a) net income
(loss) of such Person determined on a consolidated basis for such period minus (or plus) (b) gains (or losses) from debt restructuring, mark-to-market adjustments on interest rate swaps, and sales of property during such period, plus
(c) depreciation with respect to such Person’s real estate assets and amortization (other than amortization of deferred financing costs) of such Person for such period, all after adjustment for unconsolidated partnerships and joint
ventures. Adjustments for unconsolidated entities will be calculated to reflect funds from operations on the same basis. 
  

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 “GAAP” means U.S. generally accepted accounting principles
set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by
such other entity as may be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the Agreement Date. 

“Governing Documents” of any Person means the declaration of trust, certificate or articles of
incorporation, by-laws, partnership agreement or operating or members agreement, as the case may be, and any other organizational or governing documents, of such Person. 

“Governmental Approvals” means all authorizations, consents, approvals, licenses and exemptions of,
registrations and filings with, and reports to, all Governmental Authorities. 
 “Governmental
Authority” means any national, state or local government (whether domestic or foreign), any political subdivision thereof or any other governmental, quasi-governmental, judicial, public or statutory instrumentality, authority, body, agency,
bureau or entity (including, without limitation, the Federal Deposit Insurance Corporation, the Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority) or any arbitrator with authority to bind a party
at law. 
 “Gross Cash Proceeds” means, with respect to any Equity Issuance by any Person, the
aggregate amount of all cash and the Fair Market Value of all other property (other than securities of such Person being converted or exchanged in connection with such Equity Issuance) received by such Person in respect of such Equity Issuance.

 “Guarantors” means, individually and collectively, as the context shall require, the REIT
Guarantor and all other Material Subsidiaries (other than Excluded Subsidiaries) and any other Person that is now or hereafter a party to the Guaranty as a “Guarantor”. 

“Guaranties” (whether one or more) means the Guaranty substantially in the form of Exhibit C
executed by the Guarantors as of the Agreement Date and delivered to the Agent in accordance with this Agreement. 

“Hazardous Materials” means all or any of the following: (a) substances that are defined or listed
in, or otherwise classified pursuant to, any applicable Environmental Laws as “contaminant”, “hazardous substances”, “hazardous materials”, “hazardous wastes”, “pollutant”, “toxic
substances” or any other formulation intended to define, list or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, “TCLP” toxicity or
“EP toxicity”; (b) oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production of
crude oil, natural gas or geothermal resources; (c) any flammable substances or explosives or any radioactive materials; (d) asbestos in any form; (e) electrical equipment which contains any oil or dielectric fluid containing levels
of polychlorinated biphenyls in excess of fifty parts per million; and (f) any other chemicals, materials or substances regulated pursuant to any Environmental Law. 
  

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 “Indebtedness” means, with respect to a Person, at the time
of computation thereof, all of the following (without duplication): (a) all obligations of such Person in respect of money borrowed (other than accounts payable incurred in the ordinary course of business which are not more than sixty
(60) 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) Capitalized Lease Obligations of such Person, but excluding those Capitalized Lease Obligations relating to Approved Bond Transactions; (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 to purchase, redeem,
retire, defease or otherwise make any payment in respect of any Mandatorily Redeemable Stock issued by such Person or any other Person, valued at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends;
(g) 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 (other than Mandatorily Redeemable Stock) at the option of such Person); (h) net obligations under any Derivatives Contract not entered into as a hedge against existing
Indebtedness, in an amount equal to the Derivatives Termination Value thereof; (i) all Contingent Liabilities of such Person (except for guaranties of customary exceptions for fraud, misapplication of funds, environmental indemnities, violation
of “special purpose entity” covenants, bankruptcy, insolvency, receivership or other similar events 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); (j) 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 (k) such Person’s pro rata share of the Indebtedness of any Unconsolidated Affiliate of such Person.
Indebtedness of any Person shall include Indebtedness of any partnership or joint venture in which such Person is a general partner or joint venturer to the extent of such Person’s pro rata share of the ownership of such partnership or joint
venture (except if such Indebtedness, or portion thereof, is recourse to such Person, in which case the greater of such Person’s pro rata portion of such Indebtedness or the amount of the recourse portion of the Indebtedness, shall be included
as Indebtedness of such Person). All Loans and Letter of Credit Liabilities shall constitute Indebtedness of the Borrower. 

“Intellectual Property” has the meaning given to that term in Section 6.1(t). 

“Interest Expense” means, for any period, without duplication, (a) total interest expense of the
Borrower, the Guarantors and their respective Subsidiaries, including capitalized interest not funded under a construction loan interest reserve account plus recurring fees such as recurring issuer, trustee and credit enhancement fees in connection
with tax-exempt financings, determined on a consolidated basis in accordance with GAAP for such period, plus (b) the 
  

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Borrower’s, the Guarantors’ and their respective Subsidiaries’ Equity Percentage of Interest Expense of their Unconsolidated Affiliates for such period. 

“Interest Period” means with respect to any LIBOR Rate Loan, each period commencing on the date such
LIBOR Rate Loan is made or the day following the last day of the next preceding Interest Period for such Loan and ending one (1) month, two (2) months, three (3) months or six (6) months thereafter, as the Borrower may select in
a Notice of Borrowing, Notice of Continuation or Notice of Conversion, as the case may be, except that each Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day
in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. Notwithstanding the foregoing: (i) no Interest Period for a LIBOR Rate Loan shall end after the
Termination Date; and (ii) each Interest Period that would otherwise end on a day which is not a Business Day shall end on the next succeeding Business Day (or, if such next succeeding Business Day falls in the next succeeding calendar month,
on the next preceding Business Day). 
 “Internal Revenue Code” means the Internal Revenue Code
of 1986, as amended. 
 “Investment” means, with respect to any Person, any acquisition or
investment (whether or not of a controlling interest) by such Person, by means of any of the following: (a) the purchase or other acquisition of any Equity Interest in another Person; (b) a loan, advance or extension of credit to, capital
contribution to, guaranty of Indebtedness of, or purchase or other acquisition of any Indebtedness of, another Person, including any partnership or joint venture interest in such other Person; (c) the purchase or other acquisition (in one
transaction or a series of transactions) of assets of another Person that constitute the business or a division or operating unit of another Person; (d) the purchase or other acquisition of Cash Equivalents or (e) the acquisition in the
ordinary course of business of any interests in real property or any other investment. Any binding commitment to make an Investment in any other Person, as well as any option of another Person to require an Investment in such Person, shall
constitute an Investment. Except as expressly provided otherwise, for purposes of determining compliance with any covenant contained in the Loan Documents, the amount of any Investment shall be the amount actually invested, without adjustment for
subsequent increases or decreases in the value of such Investment. 
 “Issuing Lender” means
JPMCB in its capacity as the Lender issuing the Letters of Credit and its successors and assigns. 

“Joinder Agreement” means the joinder agreement with respect to the Guaranty and the Contribution
Agreement to be executed and delivered pursuant to Section 7.12 by any additional Guarantor, substantially in the form of Exhibit D. 

“JPMCB” means JPMorgan Chase Bank, N.A., together with its successors and assigns. 

“L/C Commitment Amount” equals $25,000,000. 

“Lender” means each financial institution from time to time party hereto, together with its respective
successors and permitted assigns. The Issuing Lender shall also be a Lender. 
  

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 “Lending Office” means, for each Lender and for each Type
of Loan, the office of such Lender specified as such on its signature page hereto (or, if not set forth thereon, as specified in its Administrative Questionnaire provided to the Agent) or in the applicable Assignment and Acceptance Agreement, or
such other office of such Lender as such Lender may notify the Agent in writing from time to time. 

“Letter of Credit” means an irrevocable standby letter of credit in respect of obligations of the
Borrower or a Subsidiary incurred pursuant to contracts made or performances undertaken or to be undertaken in the ordinary course of such Person’s business which is payable upon presentation of a sight draft and other documents described in
the Letter of Credit, if any, as originally issued pursuant to this Agreement or as amended, modified, extended, renewed or supplemented. 

“Letter of Credit Documents” means, with respect to any Letter of Credit, collectively, any application
therefor, any certificate or other document presented in connection with a drawing under such Letter of Credit and any other agreement, instrument or other document governing or providing for (a) the rights and obligations of the parties
concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations. 

“Letter of Credit Exposure” means, at any time, the sum of the Letter of Credit Liabilities at such
time. Except to the extent that the Letter of Credit Exposure of a Defaulting Lender has been reallocated in accordance with Section 3.11(c), the Letter of Credit Exposure of any Lender at any time shall be its Commitment Percentage of the
total Letter of Credit Exposure at such time. 
 “Letter of Credit Liabilities” means, without
duplication, at any time and in respect of any Letter of Credit, the sum of (a) the Stated Amount of such Letter of Credit plus (b) the aggregate unpaid principal amount of all Reimbursement Obligations of the Borrower at such time due and
payable in respect of all drawings made under such Letter of Credit. For purposes of this Agreement, a Lender (other than the Lender acting as the Issuing Lender) shall be deemed to hold a Letter of Credit Liability in an amount equal to its
participation interest in the related Letter of Credit under Section 2.4, and the Lender acting as the Issuing Lender shall be deemed to hold a Letter of Credit Liability in an amount equal to its retained interest in the related Letter of
Credit after giving effect to the acquisition by the Lenders other than the Lender acting as the Issuing Lender of their participation interests under such section. 

“LIBOR Base Rate” means, for any LIBOR Rate Loan for any Interest Period therefor, the rate per annum
appearing on Reuters BBA Libor Rates Page 3750 (or on any successor or substitute page of such page) providing rate quotations comparable to those currently provided on such page of such page, as determined by the Agent from time to time for
purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period. In the event
that such rate is not available at such time for any reason, then the “LIBOR Base Rate” with respect to such LIBOR Rate Loan for such Interest Period shall be the rate at which dollar deposits of $5,000,000 and for a maturity
comparable to such Interest Period are offered by the principal London office of the Agent in 
  

 - 16 - 

 
immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period. 

“LIBOR Rate” means, with respect to any LIBOR Rate Loan for any Interest Period
therefore, an interest rate per annum (rounded upwards, if necessary, to the next
 1/16 of 1%) equal to (a) the LIBOR Base Rate
for such Interest Period multiplied by (b) the Statutory Reserve Rate. 
 “LIBOR Rate
Loans” means Loans bearing interest at a rate based on the LIBOR Base Rate or LIBOR Rate, as applicable. 

“Lien” as applied to the property of any Person means: (a) any security interest, encumbrance,
mortgage, deed to secure debt, deed of trust, pledge, lien, charge or lease constituting a Capitalized Lease Obligation, conditional sale or other title retention agreement, or other security title, encumbrance or preferential arrangement which has
the same practical effect of constituting a security interest or encumbrance of any kind, whether voluntarily incurred or arising by operation of law, in respect of any property of such Person, or upon the income or profits therefrom; (b) any
arrangement, express or implied, under which any property of such Person is transferred, sequestered or otherwise identified for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to
the payment of the general, unsecured creditors of such Person; and (c) the filing of any financing statement under the Uniform Commercial Code or its equivalent in any jurisdiction, other than a financing statement filed in respect of a lease
not constituting a Capitalized Lease Obligation pursuant to Section 9-505 (or a successor provision) of the Uniform Commercial Code as in effect in an applicable jurisdiction that is not in the nature of a security interest. 

“Loan” means a Revolving Loan or a Swingline Loan. Amounts drawn under a Letter of Credit shall also be
considered Revolving Loans as provided in Section 2.3. 
 “Loan Document” means this
Agreement, each Note, each Letter of Credit Document, the Guaranty, the Contribution Agreement, each Joinder Agreement, and each other document or instrument now or hereafter executed and delivered by an Obligor in connection with, pursuant to or
relating to this Agreement. 
 “Mandatorily Redeemable Stock” means, with respect to any
Person, any Equity Interest of such Person which by the terms of such Equity Interest (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise
(a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than an Equity Interest to the extent redeemable in exchange for common stock or other equivalent common Equity Interests), (b) is
convertible into or exchangeable or exercisable for Indebtedness or Mandatorily Redeemable Stock, or (c) is redeemable at the option of the holder thereof, in whole or in part (other than an Equity Interest which is redeemable solely in
exchange for common stock or other equivalent common Equity Interests); in each case, on or prior to the Termination Date. Stock in the REIT Guarantor shall not be deemed Mandatorily Redeemable Stock solely due to the Share Redemption Program,
provided that (x) no Default or Event of Default exists or would arise from any redemption pursuant to the Share Redemption Program and (y) the aggregate amount of redemptions

  

 - 17 - 

 
pursuant to the Share Redemption Program in any calendar year shall not exceed the amount permitted under the Share Redemption Program as of the date of this Agreement. 

“Material Adverse Effect” means a material adverse change in or effect on (a) the business, assets,
financial condition, liabilities (actual or contingent), or results of operations or prospects of the Borrower and its Subsidiaries or any other Obligor and its Subsidiaries each taken as a whole, (b) the ability of an Obligor to perform its
obligations under the Loan Documents to which it is a party, (c) the validity or enforceability of such Loan Documents, or (d) the rights and remedies of the Lenders and the Agent under the Loan Documents. 

“Material Contract” means any contract or other arrangement (other than Loan Documents), whether written
or oral, to which the Borrower, any other Obligor or any of their respective Subsidiaries is a party as to which the breach, nonperformance, cancellation or failure to renew by any party thereto could reasonably be expected to have a Material
Adverse Effect. 
 “Material Subsidiary” means any Subsidiary of the Borrower or the REIT
Guarantor which either (a) has assets which constitute more than five percent (5%) of Adjusted Total Asset Value at the end of the most recent calendar quarter of the Borrower, or (b) owns (or is the lessee under an Eligible Ground
Lease of) an Unencumbered Asset included in determining the Unencumbered Assets Value. 
 “Minimum
Unencumbered Asset Certificate” has the meaning set forth in Section 8.5(c). 
 “Minimum
Unencumbered Asset Requirements” has the meaning set forth in Section 8.5(c). 

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

“Mortgage Receivable” means mortgage and notes receivable and other promissory notes, including interest
payments thereunder, of the Borrower or any Subsidiary in a Person (other than the REIT Guarantor or its Subsidiaries). 

“Multiemployer Plan” means at any time an employee pension benefit plan within the meaning of
Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making or accruing an obligation to make contributions or has within the preceding five plan years made contributions, including for these purposes any Person which
ceased to be a member of the ERISA Group during such five year period. 
 “Negative Pledge”
means a provision of any document, instrument or agreement (including any Governing Document), other than this Agreement or any other Loan Document, that prohibits, restricts or limits, or purports to prohibit, restrict or limit, the creation or
assumption of any Lien on any assets of a Person as security for the Indebtedness of such Person or any other Person, or entitles another Person to obtain or claim the benefit of a Lien on any assets of such Person; provided, however,
that an agreement that conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of
its assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge. 
  

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 “Net Dividends” means, for any given period of time for the
REIT Guarantor, an amount equal to (a) one hundred percent (100.0%) of all dividends or other distributions, direct or indirect, on account of any shares of any Equity Interest of the REIT Guarantor (except dividends or distributions
payable solely in shares of that class of equity interest to the holders of that class) during such period, less (b) any amount of such dividends or distributions constituting Dividend Reinvestment Proceeds. 

“Net Operating Income” or “NOI” means, for any Property and for a given period, an
amount equal to the sum of (a) the gross revenues for such Property for such fiscal period received in the ordinary course of business (excluding pre-paid rents and revenues and security deposits except to the extent applied in satisfaction of
tenants’ obligations for rent) minus (b) all operating expenses incurred with respect to such Property for such fiscal period (including an appropriate accrual for property taxes, insurance and other expenses not paid quarterly);
provided there shall be deducted from such amount the following (to the extent not duplicative of deductions already taken in the calculation of Net Operating Income), on a pro rata basis for such period, management expenses computed at an
annual rate equal to the greater of (i) two percent (2.0%) of the annualized gross revenue of such Property or (ii) the annualized amount of management fees actually incurred with respect to such Property. The Borrower may perform the
preceding calculation on an aggregate basis for all such Properties wherever the context would appropriately permit or warrant the use of an aggregate calculation. For purposes of calculating the NOI of any Property, if such Property is owned, in
whole or in part, by one or more Non-Wholly Owned Subsidiaries, there shall be deducted from such calculation all NOI not allocated to Borrower’s or REIT Guarantor’s interest in such Non-Wholly Owned Subsidiaries pursuant to any agreement
or instrument governing the same. 
 “Nonrecourse Indebtedness” means, with respect to a
Person, (a) Indebtedness for borrowed money in respect of which recourse for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, violation of “special purpose entity” covenants,
bankruptcy, insolvency, receivership or other similar events and other similar exceptions to recourse liability until a claim is made with respect thereto, and then such Indebtedness shall not constitute “Nonrecourse Indebtedness” only to
the extent of the amount of such claim) is contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness or (b) if such Person is a Single Asset Entity, any Indebtedness for borrowed money of such
Person. 
 “Non-Wholly Owned Subsidiary” means any Subsidiary which is not a Wholly Owned
Subsidiary. 
 “Note” means a Revolving Note or a Swingline Note. 

“Notice of Borrowing” means a notice in the form of Exhibit E to be delivered to the Agent
pursuant to Section 2.1(b) evidencing the Borrower’s request for a borrowing of Revolving Loans. 

“Notice of Continuation” means a notice in the form of Exhibit F to be delivered to the Agent
pursuant to Section 2.8 evidencing the Borrower’s request for the Continuation of a LIBOR Rate Loan. 
  

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 “Notice of Conversion” means a notice in the form of
Exhibit G to be delivered to the Agent pursuant to Section 2.9 evidencing the Borrower’s request for the Conversion of a Loan from one Type to another Type. 

“Notice of Swingline Borrowing” means a notice in the form of Exhibit H to be delivered to the
Agent pursuant to Section 2.2 evidencing the Borrower’s request for a borrowing of Swingline Loans. 

“Obligations” means, individually and collectively: (a) the aggregate principal balance of, and all
accrued and unpaid interest on, all Loans; (b) all Reimbursement Obligations and all other Letter of Credit Liabilities; and (c) all other indebtedness, liabilities, obligations, covenants and duties of the Borrower and the other Obligors
owing to the Agent, the Swingline Lender, the Issuing Lender or any Lender of every kind, nature and description, under or in respect of this Agreement or any of the other Loan Documents, including, without limitation, the Fees and indemnification
obligations, whether direct or indirect, absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any promissory note. 

“Obligors” means any Person now or hereafter primarily or secondarily obligated to pay all or any part
of the Obligations, including the Borrower and the Guarantors. 
 “Occupancy Rate” means, with
respect to a Property at any time, the ratio, expressed as a percentage, of (a) the net rentable square footage of such Property actually occupied by tenants that are not affiliated with the Borrower and paying rent (or subject to free rent for
periods of ninety (90) days or less) at rates not materially less than rates generally prevailing at the time the applicable lease was entered into, pursuant to binding leases as to which no monetary default has occurred and has continued
unremedied for thirty (30) or more days to (b) the aggregate net rentable square footage of such Property. For purposes of the definition of “Occupancy Rate”, a tenant shall be deemed to actually occupy a Property notwithstanding
a temporary cessation of operations for renovation, repairs or other temporary reason, or for the purpose of completing tenant build-out or that is otherwise scheduled to be open for business within ninety (90) days of such date. 

“Off-Balance Sheet Obligations” means liabilities and obligations of the REIT Guarantor, any Subsidiary
or any other Person in respect of “off-balance sheet arrangements” (as defined in the SEC Off-Balance Sheet Rules) which the REIT Guarantor would be required to disclose in the “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” section of the REIT Guarantor’s report on Form 10-Q or Form 10-K (or their equivalents) which the REIT Guarantor is required to file with the Securities and Exchange Commission (or any Governmental
Authority substituted therefor). As used in this definition, the term “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 Parts 228, 229 and 249). 

“Outstanding Credit Exposure” means, as to any Lender at any time, the sum of (i) the aggregate
principal amount of its Revolving Loans outstanding at such time, plus (ii) its Letter of Credit Exposure at such time plus (iii) its Swingline Exposure at such time. 

 

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 “Participant” has the meaning given to that term in
Section 12.5(c). 
 “Patriot Act” has the meaning given to that term set forth in
Section 12.19. 
 “PBGC” means the Pension Benefit Guaranty Corporation and any successor
agency. 
 “Permitted Liens” means, as to any Person, (a) liens securing taxes,
assessments and other charges or levies imposed by any governmental authority (excluding any lien imposed pursuant to any of the provisions of ERISA or pursuant to any environmental laws) or the claims of materialmen, mechanics, carriers,
warehousemen or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business, which are not at the time required to be paid or discharged under the applicable provisions of this Agreement; (b) liens consisting
of deposits or pledges made, in the ordinary course of business, in connection with, or to secure payment of, obligations under workers’ compensation, unemployment insurance or similar applicable laws; (c) liens consisting of encumbrances
in the nature of zoning restrictions, easements, and rights or restrictions of record on the use of real property, which do not materially detract from the value of such property or impair the intended use thereof in the business of such Person;
(d) the rights of tenants under leases or subleases not interfering with the ordinary conduct of business of such Person; (e) liens in favor of the Agent for the benefit of the Lenders; (f) liens in favor of the Borrower or a
Guarantor securing obligations owing by a Subsidiary to the Borrower or a Guarantor; and (g) liens securing judgments that do not otherwise give rise to a Default or an Event of Default. 

“Person” means an individual, corporation, partnership, limited liability company, joint stock company,
association, trust or unincorporated organization, joint venture, a government or any agency or political subdivision thereof, or any other entity of whatever nature. 

“Plan” means at any time an employee pension benefit plan (other than a Multiemployer Plan) which is
covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code and either (a) is maintained, or contributed to, by any member of the ERISA Group for employees of any member of the
ERISA Group or (b) has at any time within the preceding five years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which was at such time a member of the ERISA
Group. 
 “Post-Default Rate” means, in respect of any principal of any Loan or any other
Obligation (including Letter of Credit fees set forth in Section 3.6(b)) that is not paid when due (whether at stated maturity, by acceleration, by optional or mandatory prepayment or otherwise), a rate per annum equal to the sum of
(a) two percent (2.0%) per annum plus (b) the sum of (i) the Alternate Base Rate plus (ii) Applicable Margin (utilizing the applicable “Base Rate - Applicable Margin” as identified in the definition
of “Applicable Margin”) as in effect from time to time. 
 “Potential Unencumbered
Asset” has the meaning set forth in Section 8.5(a). 
 “Preferred Dividends”
means, for any period and without duplication, all Restricted Payments paid during such period on Preferred Equity Interests issued by the REIT Guarantor or any of its Subsidiaries. Preferred Dividends shall not include dividends or distributions
(a) paid or payable solely in Equity Interests (other than Mandatorily Redeemable Stock) payable to 
  

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holders of such class of Equity Interests; (b) paid or payable to the REIT Guarantor or any of its Subsidiaries; or (c) constituting or resulting in the redemption of Preferred Equity
Interests, other than scheduled redemptions not constituting balloon, bullet or similar redemptions in full. 

“Preferred Equity Interest” means, with respect to any Person, Equity Interests in such Person which are
entitled to preference or priority over any other Equity Interest in such Person in respect of the payment of dividends or distribution of assets upon liquidation or both. 

“Prime Rate” means the rate of interest per annum announced publicly by the Lender acting as the Agent
as its prime rate from time to time in its Principal Office. The Prime Rate is not necessarily the best or the lowest rate of interest offered by the Lender acting as the Agent or any other Lender. Each change in the Prime Rate shall be effective
from and including the date such change is publicly announced as being effective. 
 “Principal
Office” means the office of the Agent located at 270 Park Avenue, New York, New York, or such other office of the Agent as the Agent may designate from time to time. 

“Prohibited Person” has the meaning given to that term in Section 6.1(hh). 

“Property” means any parcel of real property, together with all improvements thereon, owned or leased
pursuant to a ground lease by the Borrower, any other Obligor, or any of their respective Subsidiaries or any Unconsolidated Affiliate of the Borrower, any other Obligor, or any of their respective Subsidiaries and which is located in a State of the
United States of America or the District of Columbia. 
 “Rating” means, at any time, the
Borrower’s corporate credit or issuer rating issued by Moody’s or S&P, then in effect (which may be a private rating). 

“Rating Agencies” means, collectively, Moody’s and S&P. 

“Register” has the meaning given to that term in Section 12.5(e). 

“Regulatory Change” means, with respect to any Lender, any change in Applicable Law effective after the
Agreement Date (including without limitation, Regulation D of the Board of Governors of the Federal Reserve System) or the adoption or making after such date of any interpretation, directive or request applying to a class of banks, including such
Lender, of or under any Applicable Law (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) by any Governmental Authority or monetary authority charged with the interpretation or administration
thereof or compliance by any Lender with any request or directive regarding capital adequacy. 

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

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

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 “REIT Guarantor” means Wells Real Estate Investment Trust
II, Inc., a Maryland corporation. 
 “Requisite Lenders” means, as of any date, Lenders whose
aggregate Commitment Percentage exceeds fifty percent (50%) (excluding Defaulting Lenders who, accordingly, are not entitled to vote), or if the Commitments (or any part thereof) are no longer in effect as a result of the terms of
Section 10.2, Lenders holding greater than fifty percent (50%) of the aggregate outstanding principal amount of the Loans and participations in Letters of Credit (excluding Defaulting Lenders who, accordingly, are not entitled to vote).

 “Responsible Officer” means (a) with respect to REIT Guarantor (acting as a signatory
for Borrower), REIT Guarantor’s President, chief executive officer, chief financial officer, chief accounting officer or any other financial officer who is a vice president or more senior officer, (b) with respect to any other Obligor,
such Obligor’s chief executive officer, chief financial officer, or any other financial officer who is a vice president or more senior officer, and (c) with respect to any Lender, any officer, partner, managing member or similar person
apparently authorized to execute documents on behalf of such Lender. A Responsible Officer shall also include any other person or officer specifically authorized and designated as such by the applicable Person. 

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

“Revolving Loan” means a loan made by a Lender to the Borrower pursuant to Section 2.1(a).

 “Revolving Note” has the meaning given to that term in Section 2.10(a). 

“Secured Debt” means with respect to the Borrower and the other Obligors or any of their respective
Subsidiaries as of any given date, the aggregate principal amount of all Indebtedness of such Persons on a consolidated basis outstanding at such date and that is secured in any manner by any Lien (other than Indebtedness secured in any manner by
any Lien on any partnership, membership or other equity interests unless such Indebtedness is also secured by a Lien on Property), and in the case of the Obligors, shall include (without duplication), such Obligor’s Equity Percentage of the
Secured Debt of its Unconsolidated Affiliates. 
  

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 “Secured Debt to Total Asset Value Ratio” means the ratio
(expressed as a percentage) of Secured Debt to Total Asset Value. 
 “Secured Recourse Debt to Total
Asset Value Ratio” means the ratio (expressed as a percentage) of Secured Debt (excluding Nonrecourse Indebtedness) to Total Asset Value. 

“Securities Act” means the Securities Act of 1933, as amended from time to time, together with all rules
and regulations issued thereunder. 
 “Shareholder Equity” means an amount equal to
shareholders’ equity or net worth of the REIT Guarantor and its Subsidiaries (including, without limitation, the Excluded Subsidiaries) on a consolidated basis, as determined in accordance with GAAP. 

“Share Redemption Program” means the share redemption program of the REIT Guarantor filed
as Exhibit 4.5 to the REIT Guarantor’s Annual Report on Form 10-K for the year ended December 31, 2009, as such share redemption program is amended from time to time (with Agent’s prior written consent to the extent
required under Section 9.9(b)). 
 “Single Asset Entity” means a Person (other than an
individual) that (a) only owns a single Property; (b) is engaged only in the business of owning, developing and/or leasing such Property; and (c) receives substantially all of its gross revenues from such Property. In addition, if the
assets of a Person consist solely of (i) Equity Interests in one other Single Asset Entity and (ii) cash and other assets of nominal value incidental to such Person’s ownership of the other Single Asset Entity, such Person shall also
be deemed to be a Single Asset Entity. 
 “Solvent” means, when used with respect to any
Person, that (a) the fair value and the fair salable value of its assets are each in excess of the fair valuation of its total liabilities (including all Contingent Liabilities computed at the amount which, in light of all the facts and
circumstances existing at such time, represents the amount that could reasonably be expected to become an actual and matured liability); (b) such Person is able to pay its debts or other obligations in the ordinary course as they mature; and
(c) such Person has capital not unreasonably small to carry on its business and all business in which it proposes to be engaged. 

“S&P” means Standard & Poor’s Rating Services, a division of The McGraw Hill
Companies, Inc. and its successors. 
 “Stabilized Property” means a completed Property that
has achieved an Occupancy Rate of at least eighty percent (80%) for a period of not less than one (1) full calendar quarter. 

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

“Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number
one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Agent is
subject, with respect to the LIBOR Rate, for Eurocurrency funding (currently referred to as “Eurocurrency 
  

 - 24 - 

 
Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Any portion of the Loan consisting of a LIBOR Rate
Loan shall be deemed to constitute Eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such
Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Subsidiary” means, for any Person, any corporation, partnership, limited liability company or other
entity of which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of such corporation,
partnership, limited liability company or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and
one or more Subsidiaries of such Person, and shall include all Persons the accounts of which are consolidated with those of such Person pursuant to GAAP. 

“Swingline Commitment” means the Swingline Lender’s obligation to make Swingline Loans pursuant to
Section 2.2 in an amount up to, but not exceeding, $15,000,000, as such amount may be reduced from time to time in accordance with the terms hereof. 

“Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans
outstanding at such time. Except to the extent that the Swingline Exposure of a Defaulting Lender has been reallocated in accordance with Section 3.11(c), the Swingline Exposure of any Lender at any time shall be its Commitment Percentage of
the total Swingline Exposure at such time. 
 “Swingline Lender” means JPMorgan Chase Bank,
N.A., together with its successors and assigns. 
 “Swingline Loan” means a loan made by the
Swingline Lender to the Borrower pursuant to Section 2.2(a). 
 “Swingline Note” means the
promissory note of the Borrower payable to the order of the Swingline Lender in a principal amount equal to the amount of the Swingline Commitment as originally in effect and otherwise duly completed, substantially in the form of Exhibit I.

 “Syndication Agent” means PNC Bank, National Association. 

“Tangible Net Worth” means, as of a given date, (a) the Shareholder Equity of the REIT Guarantor
and its Subsidiaries determined on a consolidated basis plus (b) accumulated depreciation and amortization expense minus (c) the following (to the extent reflected in determining Shareholder Equity of the REIT Guarantor and
its Subsidiaries): (i) the amount of any write-up in the book value of any assets contained in any balance sheet resulting from revaluation thereof or any write-up in excess of the cost of such assets acquired, and (ii) all amounts
appearing on the assets side of any such balance sheet for assets which would be classified as intangible assets under GAAP (except for allocations of property purchase prices pursuant to FAS 141), all determined on a consolidated basis. 

 

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 “Taxes” has the meaning given to that term in
Section 3.12. 
 “Termination Date” means May 7, 2013, or if the Commitments are
earlier terminated pursuant to Section 2.11, such earlier termination date. 
 “Titled
Agent” means any entity given the title of “Lead Arranger and Bookrunner”, “Syndication Agent”, or “Documentation Agent” with respect to this Agreement, together with their respective successors and permitted
assigns. 
 “Total Asset Value” means as of any date of determination the sum (without
duplication) of all of the following of the Borrower, the Guarantors and their Subsidiaries on a consolidated basis determined in accordance with GAAP applied on a consistent basis: (a) cash and Cash Equivalents, plus (b) with
respect to each Property (other than Development Properties) owned for two (2) consecutive fiscal quarters by the Borrower, a Guarantor or any of their respective Subsidiaries, the quotient of (i) Net Operating Income less Capital Reserves
attributable to such Property (without regard to its occupancy) for the prior fiscal quarter of the Borrower most recently ended times four (4), divided by (ii) the applicable Capitalization Rate, plus (c) the GAAP book value
of Properties acquired during the most recent two (2) fiscal quarters of the Borrower, plus (d) the GAAP book value for Construction in Process for Development Properties, plus (e) the GAAP book value of Unimproved Land.
The Borrower’s pro rata share of assets held by Unconsolidated Affiliates (excluding assets of the type described in the immediately preceding clause (a)) will be included in Total Asset Value calculations consistent with the above described
treatment for wholly owned assets. For purposes of determining Total Asset Value, Net Operating Income from Properties acquired or disposed of by the Borrower, any Subsidiary of Borrower or any Unconsolidated Affiliate during the immediately
preceding two (2) fiscal quarters of the Borrower shall be excluded from clause (b) above. 

“Total Commitment” means, as of any date, the sum of the then current Commitments of the Lenders. As of
the Effective Date, the Total Commitment (including the Swingline Commitment) is $500,000,000. 
 “Total
Indebtedness” means all Indebtedness of the Borrower, the REIT Guarantor and all of their respective Subsidiaries determined on a consolidated basis and in the case of the Borrower, shall include (without duplication), the Borrower’s
pro rata share of the Indebtedness of its Unconsolidated Affiliates. 
 “Type” with respect to
any Loan, refers to whether such Loan is a LIBOR Rate Loan or Base Rate Loan. 
 “Unconsolidated
Affiliate” means, in respect of any Person, any other Person (a) in whom such Person holds an Investment, which Investment is accounted for in the financial statements of such Person on an equity basis of accounting and whose financial
results would not be consolidated under GAAP with the financial results of such first Person on the consolidated financial statements of such first Person, or (b) which is not a Subsidiary of such first Person. 

“Unencumbered Adjusted NOI” means, for any period, (a) NOI from all Unencumbered Assets (without
regard to the occupancy of an individual Unencumbered Asset, 
  

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but subject to the terms of Section 9.14) for the immediately preceding calendar quarter less (b) Capital Reserves attributable to such Unencumbered Assets for such period. 

“Unencumbered Asset” means a Property which satisfies all of the following requirements: (a) such
Property is fully developed and operational principally as an industrial or office property unless such property is a Development Property; (b) the Property is owned, or leased under an Eligible Ground Lease or Approved Bond Transaction,
entirely by the Borrower and/or a wholly-owned Guarantor; (c) neither such Property, nor any interest of the Borrower or any Guarantor therein, is subject to any Lien (other than those described in clauses (a), (c) and (d) of the
definition of Permitted Liens) or a Negative Pledge; (d) if such Property is owned or leased by a Guarantor (i) none of the Borrower’s or any other Guarantor’s direct or indirect ownership interest in such Guarantor is subject to
any Lien (other than those described in clauses (a), (c) and (d) of the definition of Permitted Liens) or to a Negative Pledge; and (ii) the Borrower directly or indirectly through a Subsidiary, has the right to take the following
actions without the need to obtain the consent of any Person: (x) to sell, transfer or otherwise dispose of such Property and (y) to create a Lien on such Property as security for Indebtedness of the Borrower or such Guarantor, as
applicable; (e) such Property is free of all structural defects or major architectural deficiencies, title defects, environmental conditions or other adverse matters except for defects, deficiencies, conditions or other matters individually or
collectively which are not material to the profitable operation of such Property; (f) if such Property constitutes a Development Property and construction of above-ground improvements has commenced, such construction has not been terminated,
suspended, or otherwise interrupted for more than one hundred twenty (120) consecutive days (unless such delay is a result of force majeure); (g) such Property is located entirely in a state within the contiguous 48 states of the
continental United States, Hawaii or the District of Columbia; (h) such Property has been designated as an “Unencumbered Asset” on Schedule 6.1(y) or in an Unencumbered Asset Certificate and in either event has not been removed
as an Unencumbered Asset pursuant to Section 8.5(b) and (i) with respect to which Property (x) the Agent shall have received an officer’s certificate from the Borrower certifying that the Property satisfies all the requirements
for an Unencumbered Asset set forth in this definition, (y) at the time such Property is accepted as an Unencumbered Asset under this Agreement, the aggregate occupancy level for the preceding calendar quarter of tenants in possession and
paying rent (not more than sixty (60) days past due) and which are not otherwise in default under their respective leases was at least eighty percent (80%) of the aggregate rentable area within such Property and (z) the Weighted
Average Duration of all leases for such Property in effect as of the Effective Date (or such later date on which such Property is to become an Unencumbered Asset) shall be at least three (3) years. For purposes of this definition, the
“Weighted Average Duration” of any Property shall be calculated as follows: on any date of determination with respect to such Property, the number obtained by (i) summing the products obtained by multiplying (a) the remaining
duration at such time of each lease with respect to such Property by (b) the rentable square footage of the Property subject to such lease and (ii) dividing such sum by the aggregate rentable square footage of such Property subject to
leases in effect as of such date. Weighted Average Duration shall be calculated, with respect to any Property, without regard to any unexercised extension options contained in any lease for such Property. 

“Unencumbered Asset Certificate” has the meaning given to that term in Section 8.3. 

 

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 “Unencumbered Asset Coverage Ratio” means the ratio of
(a) the Unencumbered Asset Value as of the date of determination to (b) the Unsecured Debt of the Obligors and their Subsidiaries as of such date of determination. 

“Unencumbered Asset Value” means as of any date of determination the sum (without duplication) of
(a) the Unencumbered Adjusted NOI from Properties included in Unencumbered Assets (excluding NOI attributable to (x) Development Properties included within Unencumbered Assets and (y) Properties included in the calculation of book
value of Unencumbered Assets in clause (b) of this definition) for the calendar quarter most recently ended times four (4) divided by the applicable Capitalization Rate, plus (b) the GAAP book value of all Unencumbered
Assets acquired during the two (2) fiscal quarters of the Borrower most recently ended, plus (c) the GAAP book value of Construction-In-Process for Development Properties included within Unencumbered Assets, until the earlier of
(i) the date such Property is no longer a Development Property or (ii) the second calendar quarter after such Property becomes a Stabilized Property. To the extent that the aggregate Unencumbered Asset Value attributable to
(A) Properties subject to an Eligible Ground Lease (other than Properties subject to an Approved Bond Transaction) exceeds ten percent (10%) of the Unencumbered Asset Value or (B) Development Properties exceeds ten percent
(10%) of the Unencumbered Asset Value, any such excess shall be excluded. 
 “Unencumbered Interest
Coverage Ratio” means the ratio of (a) the Unencumbered Adjusted NOI to (b) the Unsecured Interest Expense for the immediately preceding calendar quarter. 

“Unfunded Liabilities” means, with respect to any Plan at any time, the amount (if any) by which
(a) the value of all benefit liabilities under such Plan, determined on a plan termination basis using the assumptions prescribed by the PBGC for purposes of Section 4044 of ERISA, exceeds (b) the fair market value of all Plan assets
allocable to such liabilities under Title IV of ERISA (excluding any accrued but unpaid contributions), all determined as of the then most recent valuation date for such Plan, but only to the extent that such excess represents a potential liability
of a member of the ERISA Group to the PBGC or any other Person under Title IV of ERISA. 
 “Unimproved
Land” means land on which no development (other than improvements that are not material and are temporary in nature) has occurred and on which no development is scheduled to occur within the following twelve (12) months. 

“Unsecured Debt” means (a) Indebtedness of the Obligors and their Subsidiaries on a consolidated
basis outstanding at any time which is (a) not Secured Debt or (b) secured in any manner by any Lien on any partnership, membership or other equity interests unless also secured by a Lien on Property. 

“Unsecured Interest Expense” means, for a given period, all Interest Expense of the Obligors and their
Subsidiaries on a consolidated basis attributable to Unsecured Debt of the Obligors and their Subsidiaries for such period. 
  

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 “Wholly Owned Subsidiary” means any Subsidiary of the
Borrower or the REIT Guarantor in respect of which all of the equity securities or other ownership interests (other than, in the case of a corporation, directors’ qualifying shares) are at the time directly or indirectly owned by the Borrower
or the REIT Guarantor. 
 Section 1.2 General; References to Times. 

REFERENCES IN THIS AGREEMENT TO “SECTIONS”, “ARTICLES”, “EXHIBITS” AND
“SCHEDULES” ARE TO SECTIONS, ARTICLES, EXHIBITS AND SCHEDULES HEREIN AND HERETO UNLESS OTHERWISE INDICATED. REFERENCES IN THIS AGREEMENT TO ANY DOCUMENT, INSTRUMENT OR AGREEMENT (A) SHALL INCLUDE ALL EXHIBITS, SCHEDULES AND OTHER
ATTACHMENTS THERETO, (B) SHALL INCLUDE ALL DOCUMENTS, INSTRUMENTS OR AGREEMENTS ISSUED OR EXECUTED IN REPLACEMENT THEREOF, TO THE EXTENT PERMITTED HEREBY AND (C) SHALL MEAN SUCH DOCUMENT, INSTRUMENT OR AGREEMENT, OR REPLACEMENT OR
PREDECESSOR THERETO, AS AMENDED, SUPPLEMENTED, RESTATED OR OTHERWISE MODIFIED AS OF THE DATE OF THIS AGREEMENT AND FROM TIME TO TIME THEREAFTER TO THE EXTENT NOT PROHIBITED HEREBY AND IN EFFECT AT ANY GIVEN TIME. WHEREVER FROM THE CONTEXT IT APPEARS
APPROPRIATE, EACH TERM STATED IN EITHER THE SINGULAR OR PLURAL SHALL INCLUDE THE SINGULAR AND PLURAL, AND PRONOUNS STATED IN THE MASCULINE, FEMININE OR NEUTER GENDER SHALL INCLUDE THE MASCULINE, THE FEMININE AND THE NEUTER. TITLES AND CAPTIONS OF
ARTICLES, SECTIONS, SUBSECTIONS AND CLAUSES IN THIS AGREEMENT ARE FOR CONVENIENCE ONLY, AND NEITHER LIMIT NOR AMPLIFY THE PROVISIONS OF THIS AGREEMENT. UNLESS OTHERWISE INDICATED, ALL REFERENCES TO TIME ARE REFERENCES TO NEW YORK, NEW YORK TIME.

 Section 1.3 Accounting Terms; GAAP. 

Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in
accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in
GAAP or in the application thereof on the operation of such provision (or if the Agent notifies the Borrower that the Requisite Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given
before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been
withdrawn or such provision amended in accordance herewith. 
  

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 ARTICLE II. CREDIT FACILITY 

Section 2.1 Revolving Loans. 

(a) Generally. Subject to the terms and conditions hereof (including Section 2.13), during the period from
the Effective Date to but excluding the Termination Date, each Lender severally and not jointly agrees to make Revolving Loans to the Borrower in an aggregate principal amount at any one time outstanding up to, but not exceeding, the amount of such
Lender’s Commitment. Subject to the terms and conditions of this Agreement, during the period from the Effective Date to but excluding the Termination Date, the Borrower may borrow, repay and reborrow Revolving Loans hereunder. 

(b) Requesting Revolving Loans. The Borrower shall give the Agent notice pursuant to a Notice of Borrowing or
telephonic notice of each borrowing of Revolving Loans. Each Notice of Borrowing shall be delivered to the Agent (i) before 11:00 a.m. in the case of LIBOR Rate Loans, on the date three (3) Business Days prior to the proposed
date of such borrowing and (ii) in the case of Base Rate Loans, on the date one (1) Business Day prior to the proposed date of such borrowing. Any such telephonic notice shall include all information to be specified in a written Notice of
Borrowing and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Borrowing sent to the Agent by telecopy on the same day of the giving of such telephonic notice. The Agent will transmit by telecopy the Notice of Borrowing
(or the information contained in such Notice of Borrowing) or the information contained in a telephonic notice of borrowing (if such telephonic notice is received prior to a Notice of Borrowing) to each Lender promptly upon receipt by the Agent.
Each Notice of Borrowing or telephonic notice of each borrowing shall be irrevocable once given and binding on the Borrower. 

(c) Disbursements of Revolving Loan Proceeds. No later than 12:00 p.m. on the date specified in the Notice of
Borrowing (provided such date complies with the requirements in Section 2.1(b)), each Lender will make available for the account of its applicable Lending Office to the Agent at the Principal Office, in immediately available funds, the proceeds
of the Revolving Loan to be made by such Lender. Subject to satisfaction of the applicable conditions set forth in Article V for such borrowing, the Agent will make the proceeds of such borrowing available to the Borrower in Dollars, in
immediately available funds, no later than 2:00 p.m. on the date and at the account specified by the Borrower in such Notice of Borrowing. 

Section 2.2 Swingline Loans. 

(a) Swingline Loans. Subject to the terms and conditions hereof (including Section 2.13), during the period
from the Effective Date to but excluding the Termination Date, the Swingline Lender agrees to make Swingline Loans to the Borrower in an aggregate principal amount at any one time outstanding up to, but not exceeding, the amount of the Swingline
Commitment. If at any time the aggregate principal amount of the Swingline Loans outstanding at such time exceeds the Swingline Commitment in effect at such time, the Borrower shall immediately pay the Agent for the account of the Swingline Lender
the amount of such excess. The Swingline Lender shall not be obligated to make a Swingline Loan to refinance an outstanding Swingline Loan. Subject to the terms and conditions of this Agreement, the Borrower may borrow, repay and reborrow Swingline
Loans hereunder. 
  

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 (b) Procedure for Borrowing Swingline Loans. The Borrower shall give
the Agent and the Swingline Lender notice pursuant to a Notice of Swingline Borrowing or telephonic notice of each borrowing of a Swingline Loan. Each Notice of Swingline Borrowing shall be delivered to the Swingline Lender no later than 11:00 a.m.
on the proposed date of such borrowing. Any such telephonic notice shall include all information to be specified in a written Notice of Swingline Borrowing and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Swingline
Borrowing sent to the Swingline Lender by telecopy on the same day of the giving of such telephonic notice. On the date of the requested Swingline Loan and subject to satisfaction of the applicable conditions set forth in Article V for such
borrowing, the Swingline Lender will make the proceeds of such Swingline Loan available to the Borrower in Dollars, in immediately available funds, at the account specified by the Borrower in the Notice of Swingline Borrowing not later than 2:00
p.m. on such date. 
 (c) Interest. Swingline Loans shall bear interest at a per annum rate equal to the
Alternate Base Rate plus Applicable Margin (utilizing the applicable “Base Rate - Applicable Margin” as identified in the definition of “Applicable Margin”). Except as provided in the last sentence of Section 2.2(e),
Interest payable on Swingline Loans is solely for the account of the Swingline Lender. All accrued and unpaid interest on Swingline Loans shall be payable on the dates and in the manner provided in Section 2.4 with respect to interest on Base
Rate Loans (except as the Swingline Lender and the Borrower may otherwise agree in writing in connection with any particular Swingline Loan). 

(d) Swingline Loan Amounts, Etc. Each Swingline Loan shall be in the minimum amount of $1,000,000 and integral
multiples of $500,000 or such other minimum amounts agreed to by the Swingline Lender and the Borrower. Any voluntary prepayment of a Swingline Loan must be in integral multiples of $100,000 or the aggregate principal amount of all outstanding
Swingline Loans (or such other minimum amounts upon which the Swingline Lender and the Borrower may agree) and in connection with any such prepayment, the Borrower must give the Swingline Lender prior written notice thereof no later than
10:00 a.m. on the date of such prepayment. The Swingline Loans shall, in addition to this Agreement, be evidenced by the Swingline Note. 

(e) Repayment and Participations of Swingline Loans. The Borrower agrees to repay each Swingline Loan on demand,
but in any event within five (5) Business Days after the date such Swingline Loan was made. Notwithstanding the foregoing, the Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the
Swingline Loans on the Termination Date (or such earlier date as the Swingline Lender and the Borrower may agree in writing). In lieu of demanding repayment of any outstanding Swingline Loan from the Borrower in respect of which the Agent has not
either (x) received a Notice of Borrowing indicating that such Swingline Loan is to be repaid with the proceeds thereof within five (5) Business Days of the date such Swingline Loan was made or (y) received notice from the Borrower
that it intends to repay such Swingline Loan within five (5) Business Days of the date such Swingline Loan was made and, in the case of this clause (y) only, such Swingline Loan is not repaid by 10:00 a.m. on such date, the Swingline
Lender may, on behalf of the Borrower (which hereby irrevocably direct the Swingline Lender to act on their behalf), request a borrowing of Revolving Loans (which shall be Base Rate Loans) from the Lenders in an amount equal to the principal balance
of such Swingline Loan. The limitations of Section 3.5(a) shall not 
  

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apply to any borrowing of Base Rate Loans made pursuant to this subsection. The Swingline Lender shall give notice to the Agent of any such borrowing of Base Rate Loans not later than 11:00 a.m.
on the proposed date of such borrowing, and the Agent shall promptly give notice to the Lenders of any such borrowing of Base Rate Loans. No later than 1:00 p.m. on such date, each Lender will make available to the Agent at the Principal Office
for the account of Swingline Lender, in immediately available funds, the proceeds of the Base Rate Loan to be made by such Lender. The Agent shall pay the proceeds of such Base Rate Loans to the Swingline Lender, which shall apply such proceeds to
repay such Swingline Loan. Immediately upon the making of a Swingline Loan, each Lender will be deemed to, and hereby irrevocably and unconditionally agrees to, purchase, without recourse or warranty, an undivided participation interest in the
Swingline Loan in an amount equal to its Commitment Percentage of such Swingline Loan. If the Lenders are prohibited from making Loans required to be made under this subsection for any reason, including without limitation, the occurrence of any of
the Events of Default described in Sections 10.1(f) or 10.1(g), each Lender shall fund its participation interest (regardless of whether the conditions precedent thereto set forth in Section 5.2 are then satisfied, whether or not the
Borrower has submitted a Notice of Borrowing and whether or not the Commitments are then in effect, any Event of Default exists or all the Loans have been accelerated) by paying the proceeds thereof to the Agent for the account of the Swingline
Lender in Dollars and in immediately available funds. If such amount is not in fact made available to the Swingline Lender by any Lender, the Swingline Lender shall be entitled to recover such amount on demand from such Lender, together with accrued
interest thereon for each day from the date of demand thereof, at the Federal Funds Effective Rate. If such Lender does not pay such amount forthwith upon the Swingline Lender’s demand therefor, and until such time as such Lender makes the
required payment, the Swingline Lender shall be deemed to continue to have outstanding Swingline Loans in the amount of such unpaid participation obligation for all purposes of the Loan Documents (other than those provisions requiring the other
Lenders to purchase a participation therein). Further, such Lender shall be deemed to have assigned any and all payments made of principal and interest on its Revolving Loans, and any other amounts due to it hereunder, to the Swingline Lender to
fund Swingline Loans in the amount of the participation in Swingline Loans that such Lender failed to purchase pursuant to this Section until such amount has been purchased (as a result of such assignment or otherwise). Each Lender acknowledges that
its obligation to purchase such a participation in a Swingline Loan shall be absolute and unconditional and shall not be affected by any circumstance whatsoever, including without limitation, (i) any claim of setoff, counterclaim, recoupment,
defense or other right which such Lender or any other Person may have or claim against the Agent, the Swingline Lender or any other Person whatsoever, (ii) the occurrence or continuation of a Default or Event of Default (including without
limitation, any of the Defaults or Events of Default described in Sections 10.1(f) or 10.1(g)) or the termination of any Lender’s Commitment, (iii) the existence (or alleged existence) of an event or condition which has had or could
have a Material Adverse Effect, (iv) any breach of any Loan Document by the Agent, any Lender or the Borrower or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. Upon the receipt by
Swingline Lender of any payment in respect of any Swingline Loan, Swingline Lender shall promptly pay to each Lender that has acquired and funded a participation therein under this Section 2.2(e) such Lender’s Commitment Percentage of such
payment; provided, however, that in the event that such payment received by the Swingline 
  

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Lender is required to be returned, such Lender will return to the Swingline Lender any portion thereof previously distributed by the Swingline Lender to it. 

Section 2.3 Letters of Credit. 

(a) Letters of Credit. Subject to the terms and conditions of this Agreement (including Section 2.13), the
Issuing Lender, on behalf of the Lenders, agrees to issue for the account of the Borrower during the period from and including the Effective Date to, but excluding, the date fifteen (15) days prior to the Termination Date one or more Letters of
Credit up to a maximum aggregate Stated Amount that will not result in the aggregate amount of all Letter of Credit Liabilities exceeding the L/C Commitment Amount. 

(b) Terms of Letters of Credit. At the time of issuance, the amount, form, terms and conditions of each Letter of
Credit, and of any drafts or acceptances thereunder, shall be subject to approval by the Issuing Lender and the Borrower. Notwithstanding the foregoing, in no event may (i) the amount of any Letter of Credit be less than $300,000, or
(ii) the expiration date of any Letter of Credit extend beyond the date that is (A) one (1) year from the issuance date of such Letter of Credit (other than evergreen letters of credit) or (B) more than one (1) year beyond
the Termination Date. 
 (c) Requests for Issuance of Letters of Credit. The Borrower shall give the
Issuing Lender and the Agent written notice (or telephonic notice promptly confirmed in writing) at least five (5) Business Days prior to the requested date of issuance of a Letter of Credit, such notice to describe in reasonable detail the
proposed terms of such Letter of Credit and the nature of the transactions or obligations proposed to be supported by such Letter of Credit, and in any event shall set forth with respect to such Letter of Credit (i) the proposed initial Stated
Amount, (ii) the beneficiary or beneficiaries, and (iii) the proposed expiration date. The Borrower shall also execute and deliver such customary letter of credit application forms as requested from time to time by the Issuing Lender.
Provided the Borrower has given the notice prescribed by the first sentence of this subsection and subject to Section 2.13 and the other terms and conditions of this Agreement, including, without limitation, the satisfaction of any applicable
conditions precedent set forth in Article V, and Issuing Lender has not received written notice from any Lender, the Agent or the Borrower, at least one (1) Business Day prior to the requested date of issuance or amendment of the
applicable Letter of Credit, that one or more applicable conditions contained in Article V shall not be satisfied, the Issuing Lender shall issue the requested Letter of Credit on the requested date of issuance for the benefit of the stipulated
beneficiary. The Issuing Lender shall deliver to the Borrower a copy of each issued Letter of Credit within a reasonable time after the date of issuance thereof. To the extent any term of a Letter of Credit Document is inconsistent with a term of
any Loan Document, the term of such Loan Document shall control. 
 (d) Reimbursement Obligations. Upon
receipt by the Issuing Lender from the beneficiary of a Letter of Credit of any demand for payment under such Letter of Credit, the Issuing Lender shall promptly notify the Borrower and the Agent of the amount to be paid by the Issuing Lender as a
result of such demand and the date on which payment is to be made by the Issuing Lender to such beneficiary in respect of such demand; provided, however, the Issuing Lender’s failure to give, or delay in giving, such notice shall
not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby unconditionally 
  

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and irrevocably agrees to pay and reimburse the Agent for the account of the Issuing Lender for the amount of each demand for payment under such Letter of Credit on or prior to the date on which
payment is to be made by the Issuing Lender to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by the Issuing Lender of any payment in respect of any Reimbursement Obligation, the
Issuing Lender shall promptly pay to each Lender that has acquired and funded a participation therein under the second sentence of Section 2.3(i) such Lender’s Commitment Percentage of such payment; provided, however, that in
the event that such payment received by the Issuing Lender is required to be returned, such Lender will return to the Issuing Lender any portion thereof previously distributed by the Issuing Lender to it. 

(e) Manner of Reimbursement. Upon its receipt of a notice referred to in Section 2.3(d), the Borrower shall
advise the Agent and the Issuing Lender whether or not the Borrower intends to borrow hereunder to finance its obligation to reimburse the Issuing Lender for the amount of the related demand for payment. If the Borrower fails to so advise the Agent
and the Issuing Lender, or if the Borrower fails to reimburse the Issuing Lender for a demand for payment under a Letter of Credit by the date of such payment, then (i) if the applicable conditions contained in Article V would permit the
making of Revolving Loans, the Borrower shall be deemed to have requested a borrowing of Revolving Loans (which shall be Base Rate Loans which shall bear interest at the Alternate Base Rate plus the Applicable Margin (utilizing the applicable
“Base Rate - Applicable Margin” as identified in the definition of “Applicable Margin”)) in an amount equal to the unpaid Reimbursement Obligation and the Agent shall give each Lender prompt notice (which shall be no later than
12:00 p.m.) of the amount of the Revolving Loan to be made available to the Agent for the account of the Issuing Lender not later than 2:00 p.m. and (ii) if such conditions would not permit the making of Revolving Loans, the
provisions of Section 2.3(j) shall apply. The limitations of Section 3.5(a) shall not apply to any borrowing of Base Rate Loans under this subsection. 

(f) Effect of Letters of Credit on Commitments. Upon the issuance by the Issuing Lender of any Letter of Credit
and until such Letter of Credit shall have expired or been terminated, the Commitment of each Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Lender’s Commitment
Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) any related Reimbursement Obligations then outstanding. 

(g) Issuing Lender’s Duties Regarding Letters of Credit; Unconditional Nature of Reimbursement Obligation. In
examining documents presented in connection with drawings under Letters of Credit and making payments under such Letters of Credit against such documents, the Issuing Lender shall only be required to use the same standard of care as it uses in
connection with examining documents presented in connection with drawings under letters of credit in which it has not sold participations and making payments under such letters of credit. The Borrower assumes all risks of the acts and omissions of,
or misuse of the Letters of Credit by, the respective beneficiaries of such Letters of Credit; provided, however, this assumption is not intended to, and shall not, preclude the Borrower from pursuing such remedies as it may have
against the beneficiaries or transferees under law or any other agreement. In furtherance and not in limitation of the foregoing, neither the Agent, the Issuing Lender nor any of the Lenders shall be responsible for (i) the form, validity,
sufficiency, accuracy, genuineness or legal effects of any 
  

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document submitted by any party in connection with the application for and issuance of or any drawing honored under any Letter of Credit even if it should in fact prove to be in any or all
respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit, or the rights or benefits thereunder or
proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) failure of the beneficiary of any Letter of Credit to strictly comply with conditions required in order to draw upon such Letter of
Credit; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telex, telecopy or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms;
(vi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit, or of the proceeds thereof; (vii) the misapplication by the beneficiary of any Letter of Credit, or the
proceeds of any drawing under any Letter of Credit; or (viii) any consequences arising from causes beyond the control of the Agent, the Issuing Lender or the Lenders. None of the above shall affect, impair or prevent the vesting of any of the
Agent’s, the Issuing Lender’s or any Lender’s rights or powers hereunder. Any action taken or omitted to be taken by the Issuing Lender under or in connection with any Letter of Credit, if taken or omitted in the absence of gross
negligence or willful misconduct, shall not create against the Agent, the Issuing Lender or any Lender any liability to the Borrower or any Lender. In this connection, the obligation of the Borrower to reimburse the Issuing Lender for any drawing
made under any Letter of Credit shall be absolute, unconditional and irrevocable and shall be paid strictly in accordance with the terms of this Agreement under all circumstances whatsoever, including without limitation, the following circumstances:
(A) any lack of validity or enforceability of any Letter of Credit Document or any term or provisions therein; (B) any amendment or waiver of or any consent to departure from all or any of the Letter of Credit Documents; (C) the
existence of any claim, setoff, defense or other right which the Borrower may have at any time against the Agent, any Lender, the Issuing Lender, any beneficiary or transferee of a Letter of Credit or any other Person, whether in connection with
this Agreement, the transactions contemplated hereby or in the Letter of Credit Documents or any unrelated transaction; (D) any breach of contract or dispute between the Borrower, any beneficiary or transferee of a Letter of Credit, the Agent,
the Issuing Lender, any Lender or any other Person; (E) any draft, certificate, demand, statement or any other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement
therein or made in connection therewith being untrue or inaccurate in any respect whatsoever; (F) any non-application or misapplication by the beneficiary or transferee of a Letter of Credit or any other Person of the proceeds of any drawing
under such Letter of Credit; (G) payment by the Issuing Lender under any Letter of Credit against presentation of a draft, certificate, demand, statement or other document which does not strictly comply with the terms of such Letter of Credit;
(H) any improper use which may be made of any Letter of Credit or any improper acts or omissions of any beneficiary or transferee of any Letter of Credit in connection therewith; (I) any irregularity in the transaction with respect to
which any Letter of Credit is issued, including any fraud by the beneficiary or any transferee of such Letter of Credit; (J) the legality, validity, form, regularity or enforceability of the Letter of Credit; (K) the failure of any payment
by Issuing Lender to conform to the terms of a Letter of Credit (if, in Issuing Lender’s good faith judgment, such payment is determined to be appropriate); (L) the surrender or impairment of any security for the performance or observance
of any of the terms of any of the Loan Documents; (M) the occurrence of any Default or Event of Default; and (N) any other act, 

 

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omission to act, delay or circumstance whatsoever that might, but for the provisions of this Section, constitute a legal or equitable defense to or discharge of the Borrower’s Reimbursement
Obligations. Notwithstanding anything to the contrary contained in this Section or Section 12.9, but not in limitation of the Borrower’s unconditional obligation to reimburse the Issuing Lender for any drawing made under a Letter of Credit
as provided in this Section, the Borrower shall have no obligation to indemnify the Agent, the Issuing Lender or any Lender in respect of any liability incurred by the Issuing Lender arising solely out of the gross negligence or willful misconduct
of the Issuing Lender in respect of a Letter of Credit (including, without limitation, a failure of Issuing Lender to comply with the terms of a Letter of Credit) as actually and finally determined by a court of competent jurisdiction. Except as
otherwise provided in this Section, nothing in this Section shall affect any rights the Borrower may have with respect to the Issuing Lender’s gross negligence or willful misconduct with respect to any Letter of Credit. 

(h) Amendments, Etc. The issuance by the Issuing Lender of any extension, amendment, supplement or other
modification to any Letter of Credit shall be subject to the same conditions applicable under this Agreement to the issuance of new Letters of Credit (including, without limitation, that the request therefor be made through the Issuing Lender), and
no such extension, amendment, supplement or other modification shall be issued unless either (i) the respective Letter of Credit affected thereby would have complied with such conditions had it originally been issued hereunder in such extended,
amended, supplemented or modified form or (ii) the Requisite Lenders shall have consented thereto. In connection with any such extension, amendment, supplement or other modification, the Borrower shall pay the Fees, if any, payable under
Section 3.6(b). 
 (i) Lenders’ Participation in Letters of Credit. Immediately upon the
issuance by the Issuing Lender of any Letter of Credit each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation to the
extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety,
and shall be unconditionally obligated to the Issuing Lender to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing Lender’s liability under such Letter of Credit. In addition, upon the making of each payment by
a Lender to the Agent for the account of the Issuing Lender in respect of any Letter of Credit pursuant to Section 2.3(j), such Lender shall, automatically and without any further action on the part of the Agent, the Issuing Lender or such
Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such
Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender pursuant to Section 3.6(b)(ii)). 

(j) Payment Obligation of Lenders. Each Lender severally agrees to pay to the Agent for the account of the Issuing
Lender on demand in immediately available funds in Dollars the amount of such Lender’s Commitment Percentage of each drawing paid by the Issuing Lender under each Letter of Credit to the extent such amount is not reimbursed by the Borrower
pursuant to Section 2.3(d). Each such Lender’s obligation to make such payments to the Agent for the account of the Issuing Lender under this subsection, and the Issuing Lender’s right to

  

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receive the same, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any
other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other Obligor, (iii) the existence of any Default or Event of Default, including any Event of Default described in
Section 10.1(f) or 10.1(g), or (iv) the termination of the Commitments. Each such payment to the Agent for the account of the Issuing Lender shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing
Lender shall make any disbursement on account of drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving
the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate
per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall apply. 

(k) Information to Lenders. Within thirty (30) days after the end of each calendar quarter, the Issuing
Lender shall deliver to the Lenders an accounting of each Letter of Credit then outstanding. Upon the request of any Lender from time to time, the Issuing Lender shall deliver to such Lender information reasonably requested by such Lender with
respect to each Letter of Credit then outstanding. Other than as set forth in this subsection, the Issuing Lender shall have no duty to notify the Lenders regarding the issuance or other matters regarding Letters of Credit issued hereunder. The
failure of the Issuing Lender to perform its requirements under this subsection shall not relieve any Lender from its obligations under Section 2.3(j). 

(l) Replacement of the Issuing Lender. The Issuing Lender may be replaced at any time by written agreement among
the Borrower, the Agent, the replaced Issuing Lender and the successor Issuing Lender. The Agent shall notify the Lenders of any such replacement of the Issuing Lender. At the time any such replacement shall become effective, the Borrower shall pay
all unpaid fees accrued for the account of the replaced Issuing Lender pursuant to Section 3.6(b). From and after the effective date of any such replacement, (i) the successor Issuing Lender shall have all the rights and obligations of the
Issuing Lender under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Lender” shall be deemed to refer to such successor or to any previous Issuing Lender, or to
such successor and all previous Issuing Lenders, as the context shall require. After the replacement of an Issuing Lender hereunder, the replaced Issuing Lender shall remain a party hereto and shall continue to have all the rights and obligations of
an Issuing Lender under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. 

Section 2.4 Rates and Payment of Interest on Loans. 

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

 

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 (i) during such periods as such Loan is a Base Rate Loan, at
the Alternate Base Rate (as in effect from time to time) plus the Applicable Margin (utilizing the applicable “Base Rate - Applicable Margin” as identified in the definition of “Applicable Margin”); and 

(ii) during such periods as such Loan is a LIBOR Rate Loan, at the LIBOR Rate for the Interest Period in
effect for such Loan plus the Applicable Margin (using the applicable “LIBOR Rate - Applicable Margin” as identified in the definition of “Applicable Margin”). 

Notwithstanding the foregoing, during the continuance of an Event of Default, the Borrower shall pay to the Agent for the account of each
Lender interest at the Post-Default Rate on the outstanding principal amount of any Loan made by such Lender, on all outstanding Reimbursement Obligations and on any other amount payable by the Borrower hereunder or under the Notes held by such
Lender to or for the account of such Lender (including without limitation, accrued but unpaid interest to the extent permitted under Applicable Law). 

(b) Payment of Interest. Accrued interest on Base Rate Loans (other than a Swingline Loan) shall be payable in
arrears on the first day of each calendar month. Accrued interest on LIBOR Rate Loans shall be payable in arrears on the last day of each Interest Period and, in the case of a LIBOR Rate Loan with an Interest Period longer than three
(3) months, on each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period. Accrued interest on Swingline Loans shall be payable in arrears on the
date that such Swingline Loan is required to be repaid. Accrued Interest on all Loans shall also be payable in arrears upon termination of the Commitments. In addition, upon any Conversion of any LIBOR Rate Loan prior to the end of the current
Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such Conversion. Interest payable at the Post-Default Rate shall be payable from time to time on demand. Promptly after the determination of any
interest rate provided for herein or any change therein, the Agent shall give notice thereof to the Lenders to which such interest is payable and to the Borrower. All determinations by the Agent of an interest rate hereunder shall be conclusive and
binding on the Lenders and the Borrower for all purposes, absent manifest error. 
 Section 2.5 Number
of Interest Periods. 
 There may be no more than ten (10) different Interest Periods for LIBOR Rate
Loans that are Revolving Loans outstanding at the same time. 
 Section 2.6 Repayment of Loans. The
Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Loans, together with all other amounts then outstanding under this Agreement, on the Termination Date. 

Section 2.7 Prepayments. 

(a) Optional. Subject to Section 3.5 and Section 4.4, the Borrower may prepay any Loan at any time
without premium or penalty. The Borrower shall notify the Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a LIBOR
Rate Loan, not later than 
  

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11:00 a.m., New York City time, three Business Days before the date of prepayment, (ii) in the case of prepayment of a Base Rate Loan, not later than 11:00 a.m., New York City time, one
Business Day before the date of prepayment or (iii) in the case of prepayment of a Swingline Loan, not later than 12:00 noon, New York City time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment
date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by
Section 2.11, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.11. Promptly following receipt of any such notice relating to a Revolving Loan, the Agent shall advise the
Lenders of the contents thereof. Each partial prepayment of any Revolving Loan shall be in accordance with Section 3.5. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.4. 

(b) Mandatory. If at any time the aggregate principal amount of all outstanding Revolving Loans, together with the
aggregate amount of all Letter of Credit Liabilities and the aggregate principal amount of all outstanding Swingline Loans, exceeds the Total Commitment, the Borrower shall, within one (1) Business Days, pay to the Agent for the accounts of the
Lenders the amount of such excess. Such payment shall be applied by the Agent to pay all amounts of principal outstanding on the Revolving Loans and any Reimbursement Obligations pro rata in accordance with Section 3.2 and if any Letters of
Credit are outstanding at such time the remainder, if any, shall be deposited by the Agent into the Collateral Account for application to any Reimbursement Obligations. If the Borrower is required to pay any outstanding LIBOR Rate Loans by reason of
this Section prior to the end of the applicable Interest Period therefor, the Borrower shall pay all amounts due under Section 4.4. 

Section 2.8 Continuation. 

So long as no Default or Event of Default shall have occurred and be continuing, the Borrower may on
any Business Day, with respect to any Revolving Loan that is a LIBOR Rate Loan, elect to maintain such LIBOR Rate Loan or any portion thereof as a LIBOR Rate Loan by selecting a new Interest Period for such LIBOR Rate Loan. Each new Interest Period
selected under this Section shall commence on the last day of the immediately preceding Interest Period. Each selection of a new Interest Period shall be made by the Borrower’s giving to the Agent a Notice of Continuation not later than
11:00 a.m. on the third (3rd) Business Day prior
to the date of any such Continuation. Such notice by the Borrower of a Continuation shall be by telephone or telecopy, confirmed immediately in writing if by telephone, in the form of a Notice of Continuation, specifying (a) the proposed date
of such Continuation, (b) the LIBOR Rate Loans and portions thereof subject to such Continuation and (c) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all
limitations on Loans outstanding hereunder. Each Notice of Continuation shall be irrevocable by and binding on the Borrower once given. Promptly after receipt of a Notice of Continuation, the Agent shall notify each applicable Lender by telecopy, or
other similar form of transmission, of the proposed Continuation. If the Borrower shall fail to select in a timely manner a new Interest Period for any such LIBOR Rate Loan in accordance with this Section, or shall fail to give a timely Notice of
Continuation with respect to a Base Rate Loan, or if a Default or Event of Default shall have occurred and be continuing, such Loan will automatically, on the last day of the current Interest Period therefor, Convert into (or, with respect to a Base
Rate Loan, continue 
  

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as) a Base Rate Loan notwithstanding the first sentence of Section 2.9 or the Borrower’s failure to comply with any of the terms of such Section. 

Section 2.9 Conversion. 

So long as no Default or Event of Default shall have occurred and be continuing, the Borrower may on
any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Agent, Convert all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Any Conversion of a Revolving Loan that is a LIBOR Rate Loan
into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Rate Loan and, upon Conversion of a Base Rate Loan into a LIBOR Rate Loan, the Borrower shall pay accrued interest to the date of Conversion on
the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the
third (3rd) Business Day prior to the date of any
proposed Conversion into LIBOR Rate Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each applicable Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions
specified above, each Notice of Conversion shall be by telephone (confirmed immediately in writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Revolving Loan to
be Converted, (c) the portion of such Type of Revolving Loan to be Converted, (d) the Type of Revolving Loan such Revolving Loan is to be Converted into and (e) if such Conversion is into a LIBOR Rate Loan, the requested duration of
the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. 

Section 2.10 Notes. 

(a) Revolving Note. The Revolving Loans made by each Lender shall, in addition to this Agreement, also be
evidenced by a promissory note of the Borrower substantially in the form of Exhibit J (each a “Revolving Note”), payable to the order of such Lender in a principal amount equal to the amount of its Commitment as originally in effect
and otherwise duly completed. 
 (b) Records. The date, amount, interest rate, Type and duration of
Interest Periods (if applicable) of each Loan made by each Lender to the Borrower, and each payment made on account of the principal thereof, shall be recorded by such Lender on its books and such entries shall be binding on the Borrower absent
manifest error. 
 (c) Lost, Stolen, Destroyed or Mutilated Notes. Upon receipt by the Borrower of
(i) written notice from a Lender that a Note of such Lender has been lost, stolen, destroyed or mutilated, and (ii) (A) in the case of loss, theft or destruction, an unsecured agreement of indemnity from such Lender in form reasonably
satisfactory to the Borrower, or (B) in the case of mutilation, upon surrender and cancellation of such Note, the Borrower shall at its own expense execute and deliver to such Lender a new Note dated the date of such lost, stolen, destroyed or
mutilated Note. 
  

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 Section 2.11 Voluntary Reductions of the Commitment. 

The Borrower shall have the right to terminate or reduce the aggregate unused amount of the Commitments (for which
purpose use of the Commitments shall be deemed to include the outstanding principal amount of the Revolving Loans, the aggregate amount of Letter of Credit Liabilities and the aggregate principal amount of all outstanding Swingline Loans, in each
case after giving effect to any concurrent prepayment of Loans) at any time and from time to time without penalty or premium upon not less than five (5) Business Days prior written notice to the Agent of each such termination or reduction,
which notice shall specify the effective date thereof and the amount of any such reduction (in accordance with Section 3.5) and shall be irrevocable once given and effective only upon receipt by the Agent; provided that a notice of
termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Agent on or prior to the
specified effective date) if such condition is not satisfied. The Agent will promptly transmit such notice to each Lender. The Commitments may not be reduced below $50,000,000 in the aggregate unless the Borrower terminates the Commitments in their
entirety, and, once terminated or reduced, the Commitments may not be increased or reinstated. 

Section 2.12 Expiration or Maturity Date of Letters of Credit Past Termination Date. 

If on any date within sixty (60) days prior to the Termination Date there are any Letters of Credit outstanding
hereunder having an expiration date beyond the Termination Date, without limiting the terms of Section 2.3(b), the Borrower shall, on such date, pay to the Agent an amount of money equal to the Stated Amount of such Letter(s) of Credit for
deposit into the Collateral Account. If a drawing pursuant to any such Letter of Credit occurs on or prior to the expiration date of such Letter of Credit, the Borrower authorizes the Issuing Lender to notify the Agent, and authorize the Agent to
pay to the Issuing Lender monies deposited in the Collateral Account for Issuing Lender to make payment to the beneficiary with respect to such drawing or the payee with respect to such presentment. If no drawing occurs on or prior to the expiration
date of such Letter of Credit, the Agent shall withdraw the monies deposited in the Collateral Account with respect to such outstanding Letter of Credit on or before the date ten (10) Business Days after the expiration date of such Letter of
Credit and apply such funds to the Obligations, if any, then due and payable or pay such funds to the Borrower in the order prescribed by Section 10.3. No amount drawn under a Letter of Credit shall be subject to reinstatement. 

Section 2.13 Amount Limitations. 

Notwithstanding any other term of this Agreement or any other Loan Document, at no time may (a) the aggregate
principal amount of all outstanding Revolving Loans, together with the aggregate principal amount of all outstanding Swingline Loans and the aggregate amount of all Letter of Credit Liabilities, exceed the Total Commitment or (b) the
Outstanding Credit Exposure of any Lender exceed the Commitment of such Lender . 
  

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 Section 2.14 [Reserved]. 

Section 2.15 Advances by Agent. 

Unless the Agent shall have been notified by any Lender prior to the specified date of borrowing that such Lender does
not intend to make available to the Agent the Loan to be made by such Lender on such date, the Agent may assume that such Lender will make the proceeds of such Loan available to the Agent on the date of the requested borrowing and the Agent may (but
shall not be obligated to), in reliance upon such assumption, make available to the Borrower the amount of such Loan to be provided by such Lender and such Lender shall be liable to Agent for the amount of such advance. If such Lender does not pay
such corresponding amount upon the Agent’s demand therefor, the Agent will promptly notify the Borrower, and the Borrower shall promptly pay such corresponding amount to the Agent. The Agent shall also be entitled to recover from the Lender or
the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Agent to the Borrower to the date such corresponding amount is recovered by the Agent at
a per annum rate equal to (i) from the Borrower at the applicable rate for such Loan or (ii) from a Lender at the Federal Funds Effective Rate. Subject to the terms of this Agreement (including, without limitation, Section 12.15), the
Borrower does not waive any claim that it may have against a Defaulting Lender. 
 ARTICLE III. PAYMENTS, FEES AND OTHER
GENERAL PROVISIONS 
 Section 3.1 Payments. 

Except to the extent otherwise provided herein, all payments of principal, interest and other amounts to be made by the
Borrower under this Agreement or any other Loan Document shall be made in Dollars, in immediately available funds, without deduction, set-off or counterclaim, to the Agent at its Principal Office, not later than 12:00 p.m. on the date on which
such payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day). Subject to Sections 3.2 and 3.3., the Agent may (but shall not be obligated to) debit
the amount of any such payment which is not made by such time from any special or general deposit account of Borrower with the Agent, other than accounts as to which the Agent has expressly waived offset rights in writing. The Borrower shall, at the
time of making each payment under this Agreement or any Note, specify to the Agent the amounts payable by the Borrower hereunder to which such payment is to be applied. Each payment received by the Agent for the account of a Lender under this
Agreement or any Note shall be paid to such Lender at the applicable Lending Office of such Lender no later than one (1) Business Day after receipt. If the due date of any payment under this Agreement or any other Loan Document would otherwise
fall on a day which is not a Business Day such date shall be extended to the next succeeding Business Day and interest shall be payable for the period of such extension. If a court of competent jurisdiction shall adjudge that any amount received and
distributed by the Agent is to be repaid, each Person to whom any such distribution shall have been made shall either repay to the Agent its proportionate share of the amount so adjudged to be repaid or shall pay over the same in such manner and to
such Persons as shall be determined by such court. 
  

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 Section 3.2 Pro Rata Treatment. 

(a) Except to the extent otherwise provided herein: (i) each borrowing from the Lenders under Section 2.1(a)
shall be made from the Lenders, each payment of the Fees under Section 3.6(a), Section 3.6(b)(ii) and Section 3.6(d) shall be made for the account of the Lenders, and each termination or reduction of the amount of the Commitments
under Section 2.13 shall be applied to the respective Commitments of the Lenders, pro rata according to the amounts of their respective Commitments; (ii) each payment or prepayment of principal of Revolving Loans by the Borrower shall be
made for the account of the Lenders pro rata in accordance with the respective unpaid principal amounts of the Revolving Loans held by them, provided that if immediately prior to giving effect to any such payment in respect of any Revolving
Loans the outstanding principal amount of the Revolving Loans shall not be held by the Lenders pro rata in accordance with their respective Commitments in effect at the time such Revolving Loans were made, then such payment shall be applied to the
Revolving Loans in such manner as shall result, as nearly as is practicable, in the outstanding principal amount of the Revolving Loans being held by the Lenders pro rata in accordance with their respective Commitments; (iii) each payment of
interest on Revolving Loans by the Borrower shall be made for the account of the Lenders pro rata in accordance with the amount of interest on such Revolving Loans then due and payable to the respective Lenders; (iv) the making, Conversion and
Continuation of Revolving Loans of a particular Type (other than Conversions provided for by Section 4.6) shall be made pro rata among the Lenders according to the amounts of their respective Commitments (in the case of making of Revolving
Loans) or their respective Revolving Loans (in the case of Conversions and Continuations of Revolving Loans) and the then current Interest Period for each Lender’s portion of each Revolving Loan of such Type shall be coterminous; (v) the
Lenders’ participation in, and payment obligations in respect of, Letters of Credit under Section 2.4, shall be pro rata in accordance with their respective Commitments; and (vi) the Lenders’ participation in, and payment
obligations in respect of, Swingline Loans under Section 2.2, shall be pro rata in accordance with their respective Commitments. All payments of principal, interest, fees and other amounts in respect of the Swingline Loans shall be for the
account of the Swingline Lender only (except to the extent any Lender shall have acquired a participating interest in any such Swingline Loan pursuant to Section 2.2(e)). 

(b) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.1(c),
Section 2.2(e), Section 2.3(e), Section 2.3(i), Section 2.3(j), Section 2.15 or Section 11.7, then the Agent shall (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter received by the
Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid and/or (ii) hold any such amounts in a segregated account as cash collateral for, and
application to, any future funding obligations of such Lender under such Sections; in the case of each of (i) and (ii) above, in any order as determined by the Agent in reasonable discretion. 

Section 3.3 Sharing of Payments, Etc. 

If a Lender shall obtain payment of any principal of, or interest on, any Loan made by it to the Borrower under this
Agreement, or shall obtain payment on any other Obligation owing by the Borrower or any other Obligor through the exercise of any right of set-off, banker’s lien or counterclaim or similar right or otherwise or through voluntary prepayments
directly to a Lender 
  

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or other payments made by the Borrower to a Lender not in accordance with the terms of this Agreement and such payment should be distributed to some or all of the Lenders pro rata in accordance
with Section 3.2 or Section 10.3, as applicable, such Lender shall promptly purchase from the other applicable Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Loans made by such other
Lenders or other Obligations owed to such other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable, to the end that all the applicable Lenders shall share the benefit of such payment (net of any
reasonable expenses which may be incurred by such Lender in obtaining or preserving such benefit) pro rata in accordance with Section 3.2 or Section 10.3. To such end, all the applicable Lenders shall make appropriate adjustments among
themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. The Borrower agrees that any Lender so purchasing a participation (or direct interest) in the Loans or other Obligations owed
to such other Lenders may exercise all rights of set-off, banker’s lien, counterclaim or similar rights with respect to such participation as fully as if such Lender were a direct holder of Loans in the amount of such participation. Nothing
contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness or obligation of the Borrower.

 Section 3.4 Several Obligations. 

No Lender shall be responsible for the failure of any other Lender to make a Loan or to perform any other obligation to
be made or performed by such other Lender hereunder, and the failure of any Lender to make a Loan or to perform any other obligation to be made or performed by it hereunder shall not relieve the obligation of any other Lender to make any Loan or to
perform any other obligation to be made or performed by such other Lender. 
 Section 3.5 Minimum
Amounts. 
 (a) Borrowings and Conversions. Each borrowing of Base Rate Loans shall be in an
aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess thereof. Each borrowing and each Conversion of LIBOR Rate Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $1,000,000 in excess
of that amount. 
 (b) Prepayments. Each voluntary prepayment of Revolving Loans shall be in an aggregate
minimum amount of $1,000,000 and integral multiples of $500,000 in excess thereof (or the aggregate principal amount of Revolving Loans then outstanding). 

(c) Reductions of Commitments. Each reduction of the Commitments under Section 2.13 shall be in an aggregate
minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof. 
 Section 3.6
Fees. 
 (a) Facility Fees. The Borrower agrees to pay to the Agent for the account of each Lender a
facility fee (the “Facility Fee”) calculated at a per annum percentage (“Facility Fee Rate”) of the Total Commitment; provided, however, that in the case of any Defaulting Lender, such Facility Fee
shall not be payable with respect to such Defaulting Lender’s Commitment but 
  

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shall only be payable with respect to the aggregate outstanding principal amount of such Defaulting Lender’s Revolving Loans. The Facility Fee Rate shall vary from time to time as set forth
in the definition of Applicable Margin, and the Facility Fee shall be payable quarterly in arrears on the last day of each calendar quarter hereafter beginning June 30, 2010 and on the Termination Date. 

(b) Letter of Credit Fees. 

(i) The Borrower shall pay to the Agent for the account of the Issuing Lender only, and not the account of
any other Lender, a one-time fee in respect of each Letter of Credit at the rate equal to one-eighth of one percent (0.125%) of the Stated Amount of each Letter of Credit. Such fee shall be non-refundable and payable upon issuance of such Letter of
Credit. 
 (ii) The Borrower agrees to pay to the Agent for the account of each Lender a letter
of credit fee at a rate per annum equal to the then current Applicable Margin (utilizing the applicable “LIBOR Rate - Applicable Margin” as identified in the definition of “Applicable Margin”) times the daily average Stated
Amount of each Letter of Credit for the period from and including the date of issuance or extension of such Letter of Credit (A) to and including the date such Letter of Credit expires or is terminated or (B) to but excluding the date such
Letter of Credit is drawn in full. Such fees shall be nonrefundable and payable in arrears on the last Business Day of March, June, September and December in each year, on the Termination Date, and on the date the Commitments are terminated or
reduced to zero. During the continuance of an Event of Default, the Letter of Credit fee payable pursuant to this Section 3.6(b)(ii) shall be payable at a rate per annum equal to the sum of (x) the Applicable Margin (utilizing the
applicable “LIBOR Rate - Applicable Margin” as identified in the definition of “Applicable Margin”) plus (y) two percent (2.0%), and such fees shall be due and payable upon demand. 

(iii) The Borrower shall pay directly to the Issuing Lender from time to time on demand all commissions,
charges, costs and expenses in the amounts customarily charged by the Issuing Lender from time to time in like circumstances with respect to the issuance of each Letter of Credit, drawings, amendments and other transactions relating thereto.

 (c) Administrative and Other Fees. The Borrower agrees to pay the reasonable administrative and other
fees of the Agent as may be agreed to in writing from time to time. 
 Section 3.7 Computations. 

 Unless otherwise expressly set forth herein, any accrued interest on any Loan, any Fees or any other
Obligations due hereunder shall be computed on the basis of a year of 360 days (or a year of 365 or 366 days, as applicable, in the case of Base Rate Loans when the Alternate Base Rate is based on the Prime Rate or the Federal Funds Effective Rate)
and the actual number of days elapsed. 
  

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 Section 3.8 Usury. 

In no event shall the amount of interest due or payable on the Loans or other Obligations exceed the maximum rate of
interest allowed by Applicable Law and, if any such payment is paid by the Borrower or received by any Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the respective Lender in writing that
the Borrower elects to have such excess sum returned to it forthwith. It is the express intent of the parties hereto that the Borrower not pay and the Lenders not receive, directly or indirectly, in any manner whatsoever, interest in excess of that
which may be lawfully paid by the Borrower under Applicable Law. 
 Section 3.9 Agreement Regarding
Interest and Charges. 
 The parties hereto hereby agree and stipulate that the only charge imposed upon the
Borrower for the use of money in connection with this Agreement is and shall be the interest specifically described in Section 2.2(c), Section 2.3 and Section 2.4(a)(i), (ii) and (iii). Notwithstanding the foregoing, the parties
hereto further agree and stipulate that all agency fees, syndication fees, arrangement fees, amendment fees, up-front fees, commitment fees, facility fees, unused fee, closing fees, letter of credit fees, underwriting fees, default charges, late
charges, funding or “breakage” charges, increased cost charges, attorneys’ fees and reimbursement for costs and expenses paid by the Agent or any Lender to third parties or for damages incurred by the Agent or any Lender, or any other
similar amounts are charges made to compensate the Agent or any such Lender for underwriting or administrative services and costs or losses performed or incurred, and to be performed or incurred, by the Agent and the Lenders in connection with this
Agreement and shall under no circumstances be deemed to be charges for the use of money. The Borrower hereby acknowledges and agrees that the Lenders have imposed no minimum borrowing requirements, reserve or escrow balances or compensating balances
related in any way to the Obligations. Any use by the Borrower of certificates of deposit issued by any Lender or other accounts maintained with any Lender has been and shall be voluntary on the part of the Borrower. All charges other than charges
for the use of money shall be fully earned and nonrefundable when due. 
 Section 3.10 Statements of
Account. 
 The Agent will account to the Borrower monthly with a statement of Loans, Letters of Credit,
accrued interest and Fees, charges and payments made pursuant to this Agreement and the other Loan Documents, and such account rendered by the Agent shall be deemed conclusive upon the Borrower absent manifest error. The failure of the Agent to
deliver such a statement of accounts shall not relieve or discharge the Borrower from any of its obligations hereunder. 

Section 3.11 Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender
becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

(a) fees shall cease to accrue on the unused portion of the Commitment of such Defaulting Lender pursuant to
Section 3.6 and fees shall continue to accrue on the aggregate outstanding principal amount of such Defaulting Lender’s Revolving Loans pursuant to Section 

 

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3.6 but shall not be payable to such Defaulting Lender at any time (including, without limitation, on the Termination Date), by the Borrower until such Defaulting Lender ceases to be a Defaulting
Lender pursuant to the terms of this Agreement; 
 (b) the Commitment and Outstanding Credit Exposure of such
Defaulting Lender shall not be included in determining whether all Lenders or the Requisite Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 12.6), provided that
any waiver, amendment or modification that increases the Commitment of a Defaulting Lender, forgives all or any portion of the principal amount of any Loan or Reimbursement Obligation or interest thereon owing to a Defaulting Lender, reduces the
Applicable Margin on the underlying interest rate options owing to a Defaulting Lender or extends the Termination Date shall require the consent of such Defaulting Lender; 

(c) if any Swingline Exposure or Letter of Credit Exposure exists at the time a Lender becomes a Defaulting Lender then:

 (i) all or any part of such Swingline Exposure and Letter of Credit Exposure shall be
reallocated among the non-Defaulting Lenders in accordance with their respective Commitment Percentages but only to the extent (x) the sum of all non-Defaulting Lenders’ Outstanding Credit Exposures plus such Defaulting Lender’s
Swingline Exposure and Letter of Credit Exposure does not exceed the total of all non-Defaulting Lenders’ Commitments, (y) each non-Defaulting Lender’s Outstanding Credit Exposure would not exceed its Commitment and (z) the
conditions set forth in Sections 5.2(a) and (b) are satisfied at such time; and 
 (ii) if
the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall (x) first, within one (1) Business Day following notice by the Agent, prepay such Swingline Exposure and (y) second,
within ten (10) Days following notice by the Agent, cash collateralize such Defaulting Lender’s Letter of Credit Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) by depositing amounts into the
Collateral Account in accordance with the procedures set forth in Sections 2.12, 10.2(a) and/or 10.4 (as applicable) for so long as such Letter of Credit Exposure is outstanding; 

(iii) if the Borrower cash collateralizes any portion of such Defaulting Lender’s Letter of Credit
Exposure pursuant to Section 3.11(c), the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 3.6(b) with respect to such Defaulting Lender’s Letter of Credit Exposure during the period such
Defaulting Lender’s Letter of Credit Exposure is cash collateralized; 
 (iv) if the Letter
of Credit Exposure of the non-Defaulting Lenders is reallocated pursuant to Section 3.11(c), then the fees payable to the Lenders pursuant to Section 3.6(b) shall be adjusted in accordance with such non-Defaulting

  

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Lenders’ Commitment Percentages and the fees payable to the Defaulting Lenders pursuant to Section 3.6(b) shall be reduced accordingly; or 

(v) if any Defaulting Lender’s Letter of Credit Exposure is neither cash collateralized nor
reallocated pursuant to Section 3.11(c), then, without prejudice to any rights or remedies of the Issuing Bank or any Lender hereunder, all letter of credit fees payable under Section 3.6(b) with respect to such Defaulting Lender’s
Letter of Credit Exposure shall be payable to the Issuing Bank until such Letter of Credit Exposure is cash collateralized and/or reallocated. 

(d) so long as any Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan
and the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure will be one hundred percent (100%) covered by the Commitments of the non-Defaulting Lenders and/or
cash collateral will be provided by the Borrower in the amount of the Defaulting Lender’s Letter of Credit Exposure in accordance with Section 3.11(c), and participating interests in any such newly issued or increased Letter of Credit or
newly made Swingline Loan shall be allocated among non-Defaulting Lenders in a manner consistent with Section 3.11(c)(i) (and Defaulting Lenders shall not participate therein). 

(e) Defaulting Lender Cure. In the event that the Agent, the Borrower, the Issuing Bank and the Swingline Lender
each reasonably determines that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and Letter of Credit Exposure of the Lenders shall be readjusted to reflect the
inclusion of such Lender’s Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders (other than Swingline Loans) as the Agent shall determine may be necessary in order for such Lender to hold such
Loans in accordance with its Commitment Percentage. 
 (f) In no event shall the provisions of this
Section 3.11 result in any Lender’s Outstanding Credit Exposure exceeding its Commitment. 

Section 3.12 Taxes. 

(a) Taxes Generally. All payments by the Borrower of principal of, and interest on, the Loans and all other
Obligations shall be made free and clear of and without deduction for any present or future excise, stamp or other taxes, fees, duties, levies, imposts, charges, deductions, withholdings or other charges of any nature whatsoever imposed by any
taxing authority, but excluding (i) franchise taxes, and (ii) any taxes imposed on or measured by any Lender’s assets, net income, receipts or branch profits (such non-excluded items being collectively called “Taxes”). If
any withholding or deduction from any payment to be made by the Borrower hereunder is required in respect of any Taxes pursuant to any Applicable Law, then the Borrower will: 

(i) pay directly to the relevant Governmental Authority the full amount required to be so withheld or
deducted; 
  

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 (ii) promptly forward to the Agent an official receipt or
other documentation satisfactory to the Agent evidencing such payment to such Governmental Authority; and 

(iii) pay to the Agent for its account or the account of the applicable Lender, as the case may be, such
additional amount or amounts as is necessary to ensure that the net amount actually received by the Agent or such Lender will equal the full amount that the Agent or such Lender would have received had no such withholding or deduction been required.

 (b) Tax Indemnification. If the Borrower fails to pay any Taxes when due to the appropriate
Governmental Authority or fails to remit to the Agent, for its account or the account of the respective Lender, as the case may be, the required receipts or other required documentary evidence, the Borrower shall indemnify the Agent and the Lenders
for any incremental Taxes, interest or penalties that may become payable by the Agent or any Lender as a result of any such failure. For purposes of this Section, a distribution hereunder by the Agent or any Lender to or for the account of any
Lender shall be deemed a payment by the Borrower. 
 (c) Tax Forms. Prior to the date that any Lender or
participant organized under the laws of a jurisdiction outside the United States of America becomes a party hereto, such Person shall deliver to the Borrower and the Agent (but only so long as such Lender or participant is or remains lawfully able
to do so) such certificates, documents or other evidence, as required by the Internal Revenue Code or Treasury Regulations issued pursuant thereto (including Internal Revenue Service Forms W-8ECI and W-8BEN, as applicable, or appropriate
successor forms), properly completed, currently effective and duly executed by such Lender or participant indicating whether payments to it hereunder and under the Notes are (i) not subject to United States Federal backup withholding tax or
(ii) not subject to United States Federal withholding tax under the Internal Revenue Code because such payment is either effectively connected with the conduct by such Lender or participant of a trade or business in the United States or totally
exempt from United States Federal withholding tax by reason of the application of the provisions of a treaty to which the United States is a party or such Lender is otherwise wholly exempt; provided that nothing herein (including, without
limitation, the failure or inability to provide any of such certificates, documents or other evidence) shall relieve the Borrower of its obligations under this Section 3.12. In addition, any such Lender or participant shall deliver to the
Borrower and the Agent (but only so long as such Lender or participant is or remains lawfully able to do so) further copies of any such certificate, document or other evidence on or before the date that any such certificate, document or other
evidence expires or becomes obsolete. 
 ARTICLE IV. YIELD PROTECTION, ETC. 

Section 4.1 Additional Costs; Capital Adequacy. 

(a) Additional Costs. The Borrower shall promptly pay to the Agent for the account of a Lender from time to time
such amounts as such Lender may determine to be necessary to compensate such Lender for any costs incurred by such Lender that it reasonably determines are attributable to its making or maintaining of any LIBOR Rate Loans or its obligation to make
any LIBOR Rate Loans hereunder, any reduction in any amount receivable by such Lender under this 
  

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Agreement or any of the other Loan Documents in respect of any of such Loans or such obligation or the maintenance by such Lender of capital in respect of its Loans or its Commitment (such
increases in costs and reductions in amounts receivable being herein called “Additional Costs”), resulting from any Regulatory Change that: (i) changes the basis of taxation of any amounts payable to such Lender under this Agreement
or any of the other Loan Documents in respect of any of such Loans or its Commitment (other than taxes which are excluded from the definition of Taxes pursuant to the first sentence of Section 3.12(a)); or (ii) imposes or modifies any
reserve, special deposit or similar requirements (other than Regulation D of the Board of Governors of the Federal Reserve System or other reserve requirement to the extent utilized in the determination of the LIBOR Base Rate for such Loan) relating
to any extensions of credit or other assets of, or any deposits with or other liabilities of, such Lender, or any commitment of such Lender (including, without limitation, the Commitments of such Lender hereunder); or (iii) has or would have
the effect of reducing the rate of return on capital of such Lender to a level below that which such Lender could have achieved but for such Regulatory Change (taking into consideration such Lender’s policies with respect to capital adequacy).

 (b) Lender’s Suspension of LIBOR Rate Loans. Without limiting the effect of the provisions of
Section 4.1(a), if, by reason of any Regulatory Change, any Lender either (i) incurs Additional Costs based on or measured by the excess above a specified level of the amount of a category of deposits or other liabilities of such Lender
that includes deposits by reference to which the interest rate on LIBOR Rate Loans is determined as provided in this Agreement or a category of extensions of credit or other assets of such Lender that includes LIBOR Rate Loans or (ii) becomes
subject to restrictions on the amount of such a category of liabilities or assets that it may hold, then, if such Lender so elects by notice to the Borrower (with a copy to the Agent), the obligation of such Lender to make or Continue, or to Convert
any other Type of Loans into, LIBOR Rate Loans hereunder shall be suspended until such Regulatory Change ceases to be in effect (in which case the provisions of Section 4.6 shall apply). 

(c) Additional Costs in Respect of Letters of Credit. Without limiting the obligations of the Borrower under the
preceding subsections of this Section (but without duplication), if as a result of any Regulatory Change or any risk-based capital guideline or other requirement heretofore or hereafter issued by any Governmental Authority there shall be imposed,
modified or deemed applicable any tax, reserve, special deposit, capital adequacy or similar requirement against or with respect to or measured by reference to Letters of Credit and the result shall be to increase the cost to the Issuing Lender of
issuing (or any Lender of purchasing participations in) or maintaining its obligation hereunder to issue (or purchase participations in) any Letter of Credit or reduce any amount receivable by the Issuing Lender or any Lender hereunder in respect of
any Letter of Credit, then, upon demand by the Issuing Lender or such Lender, the Borrower shall pay promptly, and in any event within thirty (30) days of demand, to the Agent for its account or the account of the Issuing Lender or such Lender,
as applicable, from time to time as specified by the Issuing Lender or a Lender, such additional amounts as shall be sufficient to compensate the Issuing Lender or such Lender for such increased costs or reductions in amount. 

(d) Notification and Determination of Additional Costs. Each of the Agent and each Lender agrees to notify the
Borrower of any event occurring after the Agreement Date entitling the Agent or such Lender to compensation under any of the preceding subsections of this Section 

 

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as promptly as practicable; provided, however, the failure of the Agent or any Lender to give such notice shall not release the Borrower from any of its obligations hereunder;
provided, however, that notwithstanding the foregoing provisions of this Section, the Agent or a Lender, as the case may be, shall not be entitled to compensation for any such amount relating to any period ending more than twelve
(12) months prior to the date that the Agent or such Lender, as applicable, first notifies the Borrower in writing thereof. The Agent and or such Lender agrees to furnish to the Borrower a certificate setting forth the basis and amount of each
request by the Agent or such Lender for compensation under this Section. Absent manifest error, determinations by the Agent or any Lender of the effect of any Regulatory Change shall be conclusive, provided that such determinations are made on a
reasonable basis and in good faith. 
 Section 4.2 Suspension of LIBOR Rate Loans. 

Anything herein to the contrary notwithstanding, if, on or prior to the determination of any LIBOR Base Rate or LIBOR
Rate for any Interest Period: 
 (a) the Agent reasonably determines (which determination shall be conclusive)
that by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the LIBOR Rate for such Interest Period, or 

(b) the Agent reasonably determines (which determination shall be conclusive) that the LIBOR Rate as determined by the
Agent will not adequately and fairly reflect the cost to the Lenders of making or maintaining LIBOR Rate Loans for such Interest Period; 

then the Agent shall give the Borrower and each Lender prompt notice thereof and, so long as such condition remains in effect, the
Lenders shall be under no obligation to, and shall not, make additional LIBOR Rate Loans, Continue LIBOR Rate Loans or Convert Loans into LIBOR Rate Loans (in which case the provisions of Section 4.6 shall be applicable) and the Borrower shall,
on the last day of each current Interest Period for each outstanding LIBOR Rate Loan, either repay such Loan or Convert such Loan into a Base Rate Loan. 

Section 4.3 Illegality. 

Notwithstanding any other provision of this Agreement, if it becomes unlawful for any Lender to honor its obligation to
make or maintain LIBOR Rate Loans hereunder, then such Lender shall promptly notify the Borrower thereof (with a copy to the Agent) and such Lender’s obligation to make or Continue, or to Convert Loans of any other Type into, LIBOR Rate Loans
shall be suspended until such time as such Lender may again make and maintain LIBOR Rate Loans (in which case the provisions of Section 4.6 shall be applicable). 

Section 4.4 Compensation. 

The Borrower shall pay to the Agent for the account of each Lender, upon the request of such Lender through the Agent,
such amount or amounts as shall be sufficient (in the reasonable opinion of such Lender) to compensate it for any loss, cost or expense that such Lender determines is attributable to: 

 

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 (a) any payment or prepayment (whether mandatory or optional) of a LIBOR
Rate Loan, or Conversion of a LIBOR Rate Loan, made by such Lender for any reason (including, without limitation, acceleration) on a date other than the last day of the Interest Period for such Loan; or 

(b) any failure by the Borrower for any reason (including, without limitation, the failure of any of the applicable
conditions precedent specified in Article V to be satisfied) to borrow a LIBOR Rate Loan from such Lender on the date for such borrowing, or to Convert a Base Rate Loan into a LIBOR Rate Loan or Continue a LIBOR Rate Loan on the requested date
of such Conversion or Continuation. 
 Upon the Borrower’s request, any Lender requesting compensation under this Section
shall provide the Borrower with a statement setting forth the basis for requesting such compensation and the method for determining the amount thereof. Each Lender may use any reasonable averaging and attribution methods generally applied by such
Lender and may include, without limitation, administrative costs as a component of such loss, cost or expense. Absent manifest error, determinations by any Lender in any such statement shall be conclusive, provided that such determinations are made
on a reasonable basis and in good faith. 
 Section 4.5 Affected Lenders. 

If (a) a Lender requests compensation pursuant to Section 3.12 or 4.1, and the Requisite Lenders are not also
doing the same, (b) the obligation of any Lender to make LIBOR Rate Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Rate Loans shall be suspended pursuant to Section 4.1(b) or 4.3 but the obligation of the Requisite Lenders
shall not have been suspended under such Sections, or (c) a Lender becomes a Defaulting Lender, then, so long as there does not then exist any Default or Event of Default, the Borrower, within thirty (30) days of such request for
compensation or suspension, as applicable, may either (i) demand that such Lender (the “Affected Lender”), and upon such demand the Affected Lender shall promptly, assign its Commitments to an Eligible Assignee subject to and in
accordance with the provisions of Section 12.5(d) for a purchase price equal to the aggregate principal balance of Loans then owing to the Affected Lender plus any accrued but unpaid interest thereon and accrued but unpaid fees owing to the
Affected Lender, or (ii) except in the case of a Defaulting Lender, pay to the Affected Lender the aggregate principal balance of Loans then owing to the Affected Lender plus any accrued but unpaid interest thereon and accrued but unpaid fees
owing to the Affected Lender, whereupon the Affected Lender shall no longer be a party hereto or have any rights or obligations hereunder or under any of the other Loan Documents. Each of the Agent and the Affected Lender shall reasonably cooperate
in effectuating the replacement of such Affected Lender under this Section, but at no time shall the Agent, such Affected Lender nor any other Lender be obligated in any way whatsoever to initiate any such replacement or to assist in finding an
Eligible Assignee. The exercise by the Borrower of its rights under this Section shall be at the Borrower’s sole cost and expense and at no cost or expense to the Agent, the Affected Lender or any of the other Lenders. The terms of this Section
shall not in any way limit the Borrower’s obligation to pay to any Affected Lender compensation owing to such Affected Lender pursuant to Section 3.12, 4.1 or 4.4. 

 

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 Section 4.6 Treatment of Affected Loans. 

If the obligation of any Lender to make LIBOR Rate Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Rate
Loans shall be suspended pursuant to Section 4.1(b), 4.2 or 4.3, then such Lender’s LIBOR Rate Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Rate Loans (or,
in the case of a Conversion required by Section 4.1(b) or 4.3, on such earlier date as such Lender may specify to the Borrower with a copy to the Agent) and, unless and until such Lender gives notice as provided below that the circumstances
specified in Section 4.1 or 4.3 that gave rise to such Conversion no longer exist: 
 (a) to the extent
that such Lender’s LIBOR Rate Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Rate Loans shall be applied instead to its Base Rate Loans; and 

(b) all Loans that would otherwise be made or Continued by such Lender as LIBOR Rate Loans shall be made or Continued
instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Rate Loans shall remain as Base Rate Loans. 

If such Lender gives notice to the Borrower (with a copy to the Agent) that the circumstances specified in Section 4.1 or 4.3 that
gave rise to the Conversion of such Lender’s LIBOR Rate Loans pursuant to this Section no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Rate Loans made by other Lenders are
outstanding, then such Lender’s Revolving Loans that are Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Rate Loans, to the extent necessary so that,
after giving effect thereto, all Revolving Loans held by the Lenders holding LIBOR Rate Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments. 

Section 4.7 Change of Lending Office. 

Each Lender agrees that it will use reasonable efforts to designate an alternate Lending Office with respect to any of
its Loans affected by the matters or circumstances described in Sections 3.12, 4.1 or 4.3 to reduce the liability of the Borrower or avoid the results provided thereunder, so long as such designation is not disadvantageous to such Lender as
determined by such Lender in its sole discretion, except that such Lender shall have no obligation to designate a Lending Office located in the United States of America. 

Section 4.8 Assumptions Concerning Funding of LIBOR Rate Loans. 

Calculation of all amounts payable to a Lender under this Article IV shall be made as though such Lender had
actually funded LIBOR Rate Loans through the purchase of deposits in the relevant market bearing interest at the rate applicable to such LIBOR Rate Loans in an amount equal to the amount of the LIBOR Rate Loans and having a maturity comparable to
the relevant Interest Period; provided, however, that each Lender may fund each of its LIBOR Rate 
  

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Loans in any manner it sees fit and the foregoing assumption shall be used only for calculation of amounts payable under this Article IV. 

ARTICLE V. CONDITIONS PRECEDENT 

Section 5.1 Initial Conditions Precedent. 

The obligation of the Lenders to effect or permit the occurrence of the first Credit Event hereunder, whether as the
making of a Loan or the issuance of a Letter of Credit, is subject to the following conditions precedent: 
 (a)
The Agent shall have received each of the following, in form and substance satisfactory to the Agent: 

(i) Counterparts of this Agreement executed by each of the parties hereto; 

(ii) Revolving Notes executed by the Borrower payable to each Lender and complying with the applicable
provisions of Section 2.12, and the Swingline Note executed by the Borrower payable to the Agent (which Notes shall be promptly forwarded by the Agent to the applicable Lender); 

(iii) The Guaranty executed by each Guarantor existing as of the Effective Date; 

(iv) A favorable opinion of counsel to the Obligors, addressed to the Agent, the Lenders and the Swingline
Lender, addressing such matters as Agent may reasonably require; 
 (v) The Governing Documents
of the Borrower, each Guarantor and each general partner, managing member (or Person performing similar functions) of such Persons certified as of a recent date by the Secretary of State of the State of formation of the applicable Person;

 (vi) A good standing certificate with respect to the Borrower, each Guarantor and each general
partner, managing member (or Person performing similar functions) of such Persons issued as of a recent date by the appropriate Secretary of State (and any state department of taxation, as applicable) and certificates of qualification to transact
business or other comparable certificates issued by the Secretary of State (and any state department of taxation, as applicable), of each state in which such Person is organized, in which the Unencumbered Assets owned (or leased pursuant to an
Eligible Ground Lease) by such Person are located, and wherever such Person is required to be so qualified and where the failure to be so qualified would have, in each instance, a Material Adverse Effect; 

(vii) A certificate of incumbency signed by the general partner, secretary (or Person performing similar
functions) of the Borrower, each 
  

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Guarantor and their respective general partners, managing members (or Person performing similar functions) as to each of the partners, officers or other Persons authorized to execute and deliver
the Loan Documents to which any of them is a party and the officers or other representatives of the Borrower then authorized to deliver Notices of Borrowing, Notices of Continuation, Notices of Conversion and Notices of Swingline Borrowings and to
request the issuance of Letters of Credit; 
 (viii) Copies, certified by the general partner,
secretary or other authorized Person of each of the Borrower, the Guarantors and their respective general partners, managing members (or Persons performing similar functions) of such Persons of all partnership, limited liability company, corporate
(or comparable) action taken by such Person to authorize the execution, delivery and performance of the Loan Documents to which such Persons are a party; 

(ix) The Fees then due and payable under Section 3.6, and any other Fees payable to the Agent and the
Lenders on or prior to the Effective Date; 
 (x) A pro forma Compliance Certificate calculated
as of December 31, 2009; 
 (xi) A certificate signed by a Responsible Officer of the
Borrower certifying that each Property to be treated as an Unencumbered Asset on the Effective Date satisfies all of the requirements for an Unencumbered Asset set forth in the definition thereof; 

(xii) A pay-off letter setting forth the amount necessary to repay and cancel in full the existing credit
facility under that certain Amended and Restated Credit Agreement, dated as of May 7, 2009, among the Borrower, the Lenders signatory thereto and Wachovia Bank, National Association (the “Original Credit Agreement”), in form
and substance reasonably satisfactory to the Agent, which amount set forth in such pay-off letter shall be paid on (or simultaneously with) the Effective Date; and 

(xiii) Such other documents, agreements and instruments as the Agent on behalf of the Lenders may
reasonably request. 
 (b) In the good faith judgment of the Agent and the Lenders: 

(i) There shall not have occurred or become known to the Agent or any of the Lenders any event, condition,
situation or status since the date of the information contained in the financial and business projections, budgets, pro forma data and forecasts concerning the Borrower, the other Obligors, and their respective Subsidiaries delivered to the Agent
and the Lenders prior to the Agreement Date that has had or could reasonably be expected to result in a Material Adverse Effect; 
  

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 (ii) No litigation, action, suit, investigation or other
arbitral, administrative or judicial proceeding shall be pending or threatened which could reasonably be expected to (1) result in a Material Adverse Effect or (2) restrain or enjoin, impose materially burdensome conditions on, or
otherwise materially and adversely affect the ability of the Borrower or any other Obligor to fulfill the respective obligations under the Loan Documents to which it is a party; 

(iii) The Borrower, the other Obligors and their respective Subsidiaries shall have received all
approvals, consents and waivers, and shall have made or given all necessary filings and notices as shall be required to consummate the transactions contemplated hereby without the occurrence of any default under, conflict with or violation of
(1) any Applicable Law or (2) any agreement, document or instrument to which the Borrower or any other Obligor is a party or by which any of them or their respective properties is bound, except for such approvals, consents, waivers,
filings and notices the receipt, making or giving of which would not reasonably be likely to (A) have a Material Adverse Effect, or (B) restrain or enjoin, impose materially burdensome conditions on, or otherwise materially and adversely
affect the ability of the Borrower or any other Obligor to fulfill their respective obligations under the Loan Documents to which it is a party; and 

(iv) There shall not have occurred or exist any other material disruption of financial or capital markets
that could reasonably be expected to materially and adversely affect the transactions contemplated by the Loan Documents. 

Section 5.2 Conditions Precedent to All Loans and Letters of Credit. 

The obligations of the Lenders to make any Loans, of the Issuing Lender to issue Letters of Credit, and of the Swingline
Lender to make any Swingline Loan are all subject to the further condition precedent that: (a) no Default or Event of Default shall have occurred and be continuing as of the date of the making of such Loan or date of issuance of such Letter of
Credit or would exist immediately after giving effect thereto; (b) the representations and warranties made or deemed made by the Borrower and each other Obligor in the Loan Documents to which any of them is a party, shall be true and correct in
all material respects (and without regard to any qualifications limiting such representations to knowledge or belief) on and as of the date of the making of such Loan or date of issuance of such Letter of Credit with the same force and effect as if
made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate on and as of such earlier date)
and except for changes in factual circumstances specifically and expressly permitted hereunder, and (c) in the case of the borrowing of Revolving Loans, the Agent shall have received a timely Notice of Borrowing. Each Credit Event shall
constitute a certification by the Borrower to the effect set forth in the preceding sentence (both as of the date of the giving of notice relating to such Credit Event and, unless the Borrower otherwise notifies the Agent and the Issuing Lender, as
applicable, prior to the date of such Credit Event, as of the date of the occurrence of such Credit Event). In addition, if such Credit Event is the making of a Loan, the Borrower shall be deemed to have represented

  

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to the Agent and the Lenders at the time such Loan is made that all applicable conditions to the making of such Loan contained in Article V have been satisfied. 

Section 5.3 Conditions as Covenants. 

If the Lenders make any Loans, or the Issuing Lender issues a Letter of Credit, prior to the satisfaction of all
applicable conditions precedent set forth in Sections 5.1 and 5.2, the Borrower shall nevertheless cause such condition or conditions to be satisfied within five (5) Business Days after the date of the making of such Loans or the issuance
of such Letter of Credit. Unless set forth in writing to the contrary, the making of its initial Loan by a Lender shall constitute a certification by such Lender to the Agent and the other Lenders that the Borrower has satisfied the conditions
precedent for initial Loans set forth in Sections 5.1 and 5.2 or such Lender has waived such conditions. 
 ARTICLE VI.
REPRESENTATIONS AND WARRANTIES 
 Section 6.1 Representations and Warranties. 

In order to induce the Agent and each Lender to enter into this Agreement and to make Loans and issue Letters of Credit,
the Borrower represents and warrants to the Agent and each Lender as follows: 
 (a) Organization; Power;
Qualification. Each of the Borrower, the other Obligors and their respective Subsidiaries is a corporation, partnership or other legal entity, duly organized or formed, validly existing and in good standing under the jurisdiction of its
incorporation or formation, has the power and authority to own or lease its respective properties and to carry on its respective business as now being and hereafter proposed to be conducted and is duly qualified and is in good standing as a foreign
corporation, partnership or other legal entity, and authorized to do business, in each jurisdiction in which the character of its properties or the nature of its business requires such qualification or authorization and where the failure to be so
qualified or authorized could reasonably be expected to have, in each instance, a Material Adverse Effect. 

(b) Ownership Structure. As of the Agreement Date, Part I of Schedule 6.1(b) is a complete and
correct list or diagram of all Subsidiaries of the Borrower and the other Obligors setting forth for each such Subsidiary (i) the jurisdiction of organization of such Subsidiary, (ii) each Obligor which holds any Equity Interests in such
Subsidiary, (iii) the nature of the Equity Interests held by each such Person, (iv) the percentage of ownership of such Subsidiary represented by such Equity Interests and (v) whether such Subsidiary is a Material Subsidiary and/or an
Excluded Subsidiary. Except as disclosed in such Schedule, as of the Agreement Date (i) each Obligor and its Subsidiaries owns, free and clear of all Liens (other than Permitted Liens) and Negative Pledges (except as permitted by
Section 9.5), and has the unencumbered right to vote, all outstanding Equity Interests in each Person shown to be held by it on such Schedule, (ii) all of the issued and outstanding capital stock of each such Person organized as a
corporation is validly issued, fully paid and nonassessable, and (iii) other than options with respect to the stock of the REIT Guarantor granted to outside directors of the REIT Guarantor in the ordinary course of business, there are no
outstanding subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind (including, without limitation, any 

 

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stockholders’ or voting trust agreements) for the issuance, sale, registration or voting of, or outstanding securities convertible into, any additional shares of capital stock of any class,
or partnership or other ownership interests of any type in, any such Person. As of the Agreement Date, Part II of Schedule 6.1(b) correctly sets forth or diagrams all Unconsolidated Affiliates of the Borrower, including the
correct legal name of such Person, the type of legal entity which each such Person is, and all Equity Interests in such Person held directly or indirectly by the Borrower. 

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

(e) Compliance with Law; Governmental Approvals, Agreements. The Borrower, each other Obligor, and each of their
respective Subsidiaries is in compliance with its Governing Documents, each agreement, judgment, decree or order to which any of them is a party or by which any of them or their properties may be bound, each Governmental Approval applicable to it
and in compliance with all other Applicable Law (including without limitation, Environmental Laws) relating to such Person except for noncompliances which, and Governmental Approvals the failure to possess which, would not, individually or in the
aggregate, cause a Default or an Event of Default or have a Material Adverse Effect. 
 (f) Title to
Properties; Liens; Title Insurance. As of the Agreement Date, Part I of Schedule 6.1(f) sets forth all of the real property owned or leased by the Borrower, each other Obligor and each of their respective Subsidiaries. Each such
Person has good, marketable and legal title to, or a valid leasehold interest in, its respective assets, except with respect to the each 

 

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Subsidiary of the Borrower and each Subsidiary of an Obligor whose failure to have such good, marketable and legal title to, or such valid leasehold interest in, its respective assets, has not
had or could not reasonably be expected to have a Material Adverse Effect on either the Borrower or the REIT Guarantor. Each of the Borrower, the other Obligors and their respective Subsidiaries have title to their properties sufficient for the
conduct of their business. As of the Agreement Date, there are no Liens or Negative Pledges against any Unencumbered Assets except for Permitted Liens. The Borrower or another Obligor is, with respect to all Unencumbered Assets and other real
property reasonably necessary for the operation of its business, the named insured under a policy of title insurance issued by a title insurer operating in the jurisdiction where such real property is located. As to each such policy of title
insurance (i) the coverage amount equals or exceeds the acquisition cost of the related real property and any improvements added thereto by such Person (ii) no claims are pending that, if adversely determined, have had or could reasonably
be expected to have a Material Adverse Effect; and (iii) no title insurer has given notice to the insured Person that such policy of title insurance is no longer in effect. Neither the Borrower, any other Obligor nor any of their respective
Subsidiaries has knowledge of any defect in title of any Property that, individually or in the aggregate, has had or could reasonably be expected to have a Material Adverse Effect. 

(g) Existing Indebtedness. Schedule 6.1(g) is, as of May     , 2010, a complete
and correct listing of all Indebtedness of the Borrower, the other Obligors and their respective Subsidiaries, including without limitation, Contingent Liabilities (to the extent included in the definition of Indebtedness) of the Borrower and the
other Obligors and their respective Subsidiaries, and indicating whether such Indebtedness is Secured Debt or Unsecured Debt. During the period from such date to the Agreement Date, neither the Borrower, any other Obligor nor any of their respective
Subsidiaries incurred any material Indebtedness except as set forth in such Schedule. As of the Agreement Date, the Borrower, the other Obligors, and their respective Subsidiaries have performed and are in compliance with all of the material terms
of all Indebtedness of such Persons and all instruments and agreements relating thereto, and no default or event of default, or event or condition which with the giving of notice, the lapse of time, or both, would constitute such a default or event
of default, exists with respect to any such Indebtedness. 
 (h) Material Contracts. Each of the
Borrower, the other Obligors and their respective Subsidiaries that is a party to any Material Contract is in compliance with all of the material terms of such Material Contract, and no default or event of default, or event or condition which with
the giving of notice, the lapse of time, or both, would constitute such a default or event of default, exists with respect to any such Material Contract. 

(i) Litigation. Except as set forth on Schedule 6.1(i), there are no actions, suits or proceedings
pending (nor, to the knowledge of the Borrower, are there any actions, suits or proceedings threatened, nor is there any basis therefor) against or in any other way relating adversely to or affecting the Borrower, any other Obligor, any of their
respective Subsidiaries or any of their respective property in any court, or before any tribunal, administrative agency, board, arbitrator or mediator of any kind or before or by any other Governmental Authority which has had or could reasonably be
expected to have a Material Adverse Effect or which question the validity or enforceability of any of the Loan Documents. There are no strikes, slow downs, work stoppages or walkouts or other labor disputes in progress or threatened relating to

  

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the Borrower, any other Obligor, or any of their respective Subsidiaries which has had or could be reasonably expected to have a Material Adverse Effect. There are no judgments outstanding
against or affecting the Borrower, any other Obligor, any of their respective Subsidiaries or any of their respective properties individually or in the aggregate involving amounts in excess of $10,000,000. 

(j) Taxes. All federal, state and other tax returns of the Borrower, any other Obligor or any of their respective
Subsidiaries required by Applicable Law to be filed have been duly filed, and all federal, state and other taxes, assessments and other governmental charges or levies upon the Borrower, each other Obligor, any of their respective Subsidiaries and
their respective properties, income, profits and assets which are due and payable have been paid, except any such nonpayment which is at the time permitted under Section 7.6. As of the Agreement Date, none of the United States income tax
returns of the Borrower, any other Obligor or any of their respective Subsidiaries is under audit. All charges, accruals and reserves on the books of the Borrower, any other Obligor and each of their respective Subsidiaries in respect of any taxes
or other governmental charges are in accordance with GAAP. 
 (k) Financial Statements. The Borrower has
furnished to each Lender copies of the audited consolidated balance sheet of the REIT Guarantor and its consolidated Subsidiaries for the fiscal year ending December 31, 2009 and the related audited consolidated statements of income,
shareholders’ equity and cash flow for the fiscal year ending on such date with the opinion thereof of Deloitte & Touche, LLP. Such financial statements (including in each case related schedules and notes) are complete and correct and
present fairly, in accordance with GAAP consistently applied throughout the periods involved, the consolidated financial position of the REIT Guarantor and its consolidated Subsidiaries as at their respective dates and the results of operations and
the cash flow for such periods. Neither the Borrower, the REIT Guarantor, nor any Subsidiary of the Borrower or the REIT Guarantor has on the Agreement Date any material contingent liabilities, liabilities, liabilities for taxes, or unusual or
long-term commitments or unrealized or forward anticipated losses from any unfavorable commitments, except as referred to or reflected or provided for in said financial statements or except as set forth on Schedule 6.1(k). 

(l) No Material Adverse Change. Since December 31, 2009, there has been no material adverse change in the
consolidated financial condition, results of operations, business or prospects of the Borrower, the Obligors or their respective Subsidiaries. Each of the (i) Borrower, (ii) the other Obligors and (iii) the Borrower and its
Subsidiaries, taken as a whole, are Solvent. 
 (m) ERISA. Each member of the ERISA Group is in
compliance with its obligations, if any, under the minimum funding standards of ERISA and the Internal Revenue Code with respect to each Plan and is in compliance with the presently applicable provisions of ERISA and the Internal Revenue Code with
respect to each Plan, except in each case for noncompliances which could not reasonably be expected to have a Material Adverse Effect. As of the Agreement Date, no member of the ERISA Group has (i) sought a waiver of the minimum funding
standard under Section 412 of the Internal Revenue Code in respect of any Plan, (ii) failed to make any contribution or payment to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement, or made any amendment to any Plan
or Benefit Arrangement, which has resulted 
  

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or could result in the imposition of a Lien or the posting of a bond or other security under ERISA or the Internal Revenue Code or (iii) incurred any liability under Title IV of ERISA other
than a liability to the PBGC for premiums under Section 4007 of ERISA. 
 (n) No Plan Assets; No
Prohibited Transaction. None of the assets of the Borrower, any other Obligor or their respective Subsidiaries constitute “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated
thereunder. The execution, delivery and performance of this Agreement and the other Loan Documents, and the borrowing and repayment of amounts hereunder, do not and will not constitute “prohibited transactions” under ERISA or the Internal
Revenue Code. 
 (o) Absence of Defaults. None of the Borrower, any other Obligor or any of their
respective Subsidiaries is in default under its Governing Documents, and no event has occurred, which has not been remedied, cured or irrevocably waived: (i) which constitutes a Default or an Event of Default; or (ii) which constitutes, or
which with the passage of time, the giving of notice, a determination of materiality, the satisfaction of any condition, or any combination of the foregoing, would constitute, a default or event of default by Borrower, any other Obligor or any of
their respective Subsidiaries under any agreement (other than this Agreement) or judgment, decree or order to which the Borrower, any other Obligor or any of their respective Subsidiaries is a party or by which the Borrower, any other Obligor, any
of their respective Subsidiaries or any of their respective properties may be bound where such default or event of default could, individually or in the aggregate, involve (x) Indebtedness or other obligations or liabilities (other than
Nonrecourse Indebtedness) in excess of $10,000,000 or (y) any Nonrecourse Indebtedness in excess of $20,000,000. 

(p) Environmental Matters. 

(i) The Borrower, each other Obligor and each of their respective Subsidiaries is in compliance with the
requirements of all applicable Environmental Laws except for the matters set forth on Schedule 6.1(p) and such other non-compliance which, in any event, either individually or in the aggregate, has not had and could not reasonably be expected
to have a Material Adverse Effect. 
 (ii) No Hazardous Materials have been (i) generated or
manufactured on, transported to or from, treated at, stored at or discharged from any Property in violation of any Environmental Laws; (ii) discharged into subsurface waters under any Property in violation of any Environmental Laws; or
(iii) discharged from any Property on or into property or waters (including subsurface waters) adjacent to any Property in violation of any Environmental Laws, except for the matters set forth on Schedule 6.1(p) and other violations
which violations, in any event, in the case of any of (i), (ii) or (iii), either individually or in the aggregate, has had or could reasonably be expected to have a Material Adverse Effect. 

(iii) Except for the matters set forth on Schedule 6.1(p) and any of the following matters or
liabilities that, in any event, either individually or in the aggregate, have not had and could not reasonably be expected to have a Material 

 

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Adverse Effect, neither the Borrower, any other Obligor nor any of their respective Subsidiaries (i) has received notice (written or oral) or otherwise learned of any claim, demand, suit,
action, proceeding, event, condition, report, directive, lien, violation, non-compliance or investigation indicating or concerning any potential or actual liability (including, without limitation, potential liability for enforcement, investigatory
costs, cleanup costs, government response costs, removal costs, remedial costs, natural resources damages, property damages, personal injuries or penalties) arising in connection with (x) any non-compliance with or violation of the requirements
of any applicable Environmental Laws, or (y) the presence of any Hazardous Materials on any Property (or any Property previously owned by any of such Persons) or the release or threatened release of any Hazardous Materials into the environment,
(ii) has any threatened or actual liability in connection with the presence of any Hazardous Materials on any Property (or any Property previously owned by any of such Persons) or the release or threatened release of any Hazardous Materials
into the environment, (iii) has received notice of any federal or state investigation evaluating whether any remedial action is needed to respond to the presence of any Hazardous Materials on any Property (or any Property previously owned by
any of such Persons) or a release or threatened release of any Hazardous Materials into the environment for which the Borrower, any Obligor or any of their respective Subsidiaries is or may be liable, or (iv) has received notice that the
Borrower, any Obligor or any of their respective Subsidiaries is or may be liable to any Person under any Environmental Law. 

(iv) To the best of the Borrower’s knowledge after due inquiry, no Property is located in an area
identified by the Secretary of Housing and Urban Development as an area having special flood hazards, or if any such Property is located in such a special flood hazard area, then the Borrower has obtained all insurance that is required to be
maintained by law or which is customarily maintained by Persons engaged in similar businesses and owning similar Properties in the same general areas in which the Borrower operates except where such failure individually or in the aggregate has not
had and could not reasonably be expected to have a Material Adverse Effect. 
 (q) Investment Company; Public
Utility Holding Company. None of the Borrower, any other Obligor or any of their respective Subsidiaries, is (i) an “investment company” or a company “controlled” by an “investment company” within the meaning
of the Investment Company Act of 1940, as amended, and (ii) subject to any other Applicable Law which purports to regulate or restrict its ability to borrow money or to consummate the transactions contemplated by this Agreement or to perform
its obligations under any Loan Document to which it is a party. 
 (r) Margin Stock. None of the
Borrower, any other Obligor or any of their respective Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying
“margin stock” or a “margin security” within the meaning of Regulations T, U and X of the Board of Governors of the Federal Reserve System. 

 

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 (s) Affiliate Transactions. Except as permitted by Section 9.10,
none of the Borrower, any other Obligor or any of their respective Subsidiaries is a party to or bound by any agreement or arrangement (whether oral or written) to which any Affiliate (but not any Subsidiary of Borrower) of any Borrower, any other
Obligor or any of their respective Subsidiaries is a party. 
 (t) Intellectual Property. Except as has
not had and could not be reasonably expected to have a Material Adverse Effect, (i) the Borrower, each other Obligor and each of their respective Subsidiaries owns or has the right to use, under valid license agreements or otherwise, all
material patents, licenses, franchises, trademarks, trademark rights, trade names, trade name rights, trade secrets and copyrights (collectively, “Intellectual Property”) used in the conduct of their respective businesses as now conducted
and as contemplated by the Loan Documents, without known conflict with any patent, license, franchise, trademark, trade secret, trade name, copyright, or other proprietary right of any other Person; (ii) the Borrower, each other Obligor and
each of their respective Subsidiaries has taken all such steps as they deem reasonably necessary to protect their respective rights under and with respect to such Intellectual Property; (iii) no claim has been asserted by any Person with
respect to the use of any Intellectual Property by the Borrower, any other Obligor or any of their respective Subsidiaries, or challenging or questioning the validity or effectiveness of any Intellectual Property; and (iv) the use of such
Intellectual Property by the Borrower, the other Obligors and each of their respective Subsidiaries, does not infringe on the rights of any Person, subject to such claims and infringements as do not, in the aggregate, give rise to any liabilities on
the part of the Borrower, the other Obligors or any of their respective Subsidiaries. 
 (u) Business.
The Borrower, the other Obligors and each of their respective Subsidiaries are engaged substantially in the business of the acquisition, disposition, financing, ownership, development rehabilitation, leasing, operation and management of office and
industrial buildings and other business activities incidental thereto. 
 (v) Broker’s Fees. No
broker’s or finder’s fee, commission or similar compensation will be payable with respect to the transactions contemplated hereby. No other similar fees or commissions will be payable by any Obligor for any other services rendered to the
Borrower, any of the Subsidiaries of the Borrower or any other Obligor or any other Obligor ancillary to the transactions contemplated hereby. 

(w) Accuracy and Completeness of Information. No written information, report or other papers or data (excluding
financial projections and other forward looking statements) furnished to the Agent or any Lender by, on behalf of, or at the direction of, the Borrower, any other Obligor or any of their respective Subsidiaries in connection with or relating in any
way to this Agreement, contained any untrue statement of a fact material to the creditworthiness of the Borrower, any other Obligor or any of their respective Subsidiaries or omitted to state a material fact necessary in order to make such
statements contained therein, in light of the circumstances under which they were made, not misleading. The written information, reports and other papers and data with respect to the Borrower, any other Obligor or any of their respective
Subsidiaries or the Unencumbered Assets (other than projections and other forward-looking statements) furnished to the Agent or the Lenders in connection with or relating in any way to this Agreement was, at the time so furnished, complete and
correct in all material respects, or has been subsequently supplemented by other written information, reports or other papers or data, to 

 

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the extent necessary to give in all material respects a true and accurate knowledge of the subject matter. All financial statements furnished to the Agent or any Lender by, on behalf of, or at
the direction of, the Borrower, any other Obligor or any of their respective Subsidiaries in connection with or relating in any way to this Agreement, present fairly, in accordance with GAAP consistently applied throughout the periods involved, the
financial position of the Persons involved as at the date thereof and the results of operations for such periods. All financial projections and other forward looking statements prepared by, or on behalf of the Borrower, any other Obligor or any of
their respective Subsidiaries that have been or may hereafter be made available to the Agent or any Lender were or will be prepared in good faith based on reasonable assumptions. No fact or circumstance is known to the Borrower which has had, or may
in the future have (so far as the Borrower can reasonably foresee), a Material Adverse Effect which has not been set forth in the financial statements referred to in Section 6.1(k) or in such information, reports or other papers or data or
otherwise disclosed in writing to the Agent and the Lenders prior to the Effective Date. 
 (x) REIT
Status. The REIT Guarantor qualifies, and has since the year ending December 31, 2003 qualified, as a REIT, has elected to be treated as a REIT, and is in compliance with all requirements and conditions imposed under the Internal Revenue
Code to allow the REIT Guarantor to maintain its status as a REIT. 
 (y) Unencumbered Assets. As of the
Agreement Date, Schedule 6.1(y) is a correct and complete list of all Unencumbered Assets. Each of the Unencumbered Assets included by the Borrower in calculations of the Unencumbered Asset Value satisfies all of the requirements
contained in this Agreement for the same to be included therein. 
 (z) Insurance. The Borrower, the
other Obligors and their respective Subsidiaries have insurance covering the Borrower, the other Obligors and their respective Subsidiaries and their respective Properties in such amounts and against such risks and casualties as are customary for
Persons or Properties of similar character and location, due regard being given to the type of improvements thereon, their construction, location, use and occupancy. As of the Agreement Date, none of the Borrower, any other Obligor or any of their
respective Subsidiaries has received notice that any such insurance has been cancelled, not renewed, or impaired in any way. 

(aa) Ownership of Borrower. The REIT Guarantor is the sole general partner of the Borrower and
owns free of any Lien or other claim not less than a sixty-six and two-thirds percent
(66 2/3%) Equity Interest in the Borrower as
the general partner thereof. 
 (bb) No Bankruptcy Filing. None of the Borrower, any Obligor or
any of their respective Subsidiaries is contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or the liquidation of its assets or property, and the Borrower has no knowledge of any Person
threatening the filing of any such petition against any of the Borrower, any Obligor or any of their respective Subsidiaries. 

(cc) No Fraudulent Intent. Neither the execution and delivery of this Agreement or any of the other Loan Documents
nor the performance of any actions required hereunder or thereunder is being undertaken by the Borrower or any other Obligor with or as a result of any 

 

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actual intent by any of such Persons to hinder, delay or defraud any entity to which any of such Persons is now or will hereafter become indebted. 

(dd) Transaction in Best Interests of Borrower and Obligors; Consideration. The transaction evidenced by this
Agreement and the other Loan Documents is in the best interests of the Borrower and the other Obligors and the creditors of such Persons. The direct and indirect benefits to inure to the Borrower and the other Obligors pursuant to this Agreement and
the other Loan Documents constitute materially more than “reasonably equivalent value” (as such term is used in §548 of the Bankruptcy Code) and “valuable consideration,” “fair value,” and “fair
consideration” (as such terms are used in any applicable state fraudulent conveyance law), in exchange for the benefits to be provided by the Borrower and the other Obligors pursuant to this Agreement and the other Loan Documents, and but for
the willingness of each Guarantor to guaranty the Obligations, the Borrower would be unable to obtain the financing contemplated hereunder which financing will enable the Borrower and the other Obligors to have available financing to conduct and
expand their business. The Borrower and the other Obligors constitute a single integrated financial enterprise and each receives a benefit from the availability of credit under this Agreement to the Borrower. 

(ee) Property. All of the Borrower’s, the other Obligors’ and their respective Subsidiaries’
properties are in good repair and condition, subject to ordinary wear and tear, other than (x) with respect to deferred maintenance existing as of the date of acquisition of such property as permitted in this Section, and (y) where the
failure of the properties of any Subsidiary of the Borrower or any Subsidiary of an Obligor to be in good repair and condition has not had or could not be reasonably expected to have a Material Adverse Effect on either the Borrower or the REIT
Guarantor. The Borrower has completed or caused to be completed an appropriate investigation of the environmental condition of each Property as of the later of the date of the Borrower’s, the Obligors’ or the applicable Subsidiary’s
purchase thereof or the date upon which such property was last security for Indebtedness of such Persons, including preparation of a “Phase I” report and, if appropriate, a “Phase II” report, in each case prepared by a recognized
environmental engineer in accordance with customary standards which discloses that such property is not in violation of the representations and covenants set forth in this Agreement, unless such violation has been disclosed in writing to the Agent
and remediation actions satisfactory to Agent are being taken. There are no unpaid or outstanding real estate or other taxes or assessments on or against any property of the Borrower, the other Obligors or their respective Subsidiaries which are
delinquent. Except as set forth in Schedule 6.1(ee) hereto, there are no pending eminent domain proceedings against any property of the Borrower, the other Obligors or their respective Subsidiaries or any part thereof, and, to the knowledge
of the Borrower, no such proceedings are presently threatened or contemplated by any taking authority which, in all such events, individually or in the aggregate have had or could reasonably be expected to have a Material Adverse Effect. None of the
property of the Borrower, the other Obligors or their respective Subsidiaries is now damaged or injured as a result of any fire, explosion, accident, flood or other casualty in any manner which individually or in the aggregate has had or could
reasonably be expected to have any Material Adverse Effect. 
 (ff) No Event of Default. No Default or
Event of Default has occurred and is continuing. 
  

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 (gg) Subordination. None of the Borrower or any other Obligor is a
party to or bound by any agreement, instrument or indenture that may require the subordination in right or time of payment of any of the Obligations to any other indebtedness or obligation of any of such Persons. 

(hh) Anti-Terrorism Laws. 

(i) None of the Borrower or any other Obligor or any of their Affiliates is in violation of any laws or
regulations relating to terrorism or money laundering (“Anti-Terrorism Laws”), including Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (the “Executive Order”) and the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56. 

(ii) None of the Borrower, any other Obligor or any of their Affiliates, or any of their brokers or other
agents acting or benefiting from the Loan is a Prohibited Person. A “Prohibited Person” is any of the following: 

(A) a person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive
Order; 
 (B) a person or entity owned or controlled by, or acting for or on behalf of, any person or entity
that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order; 
 (C) a
person or entity with whom any Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; 

(D) a person or entity who commits, threatens or conspires to commit or supports “terrorism” as defined in the
Executive Order; or 
 (E) a person or entity that is named as a “specially designated national and
blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Asset Control at its official website or any replacement website or other replacement official publication of such list. 

(iii) None of the Borrower or any other Obligor, any of their Affiliates or any of their agents acting in
any capacity in connection with the Loan (1) to the best of the Borrower’s knowledge, conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Prohibited Person,
(2) to the best of the Borrower’s knowledge, deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order, or (3) engages in or conspires to engage in any
transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. 

 

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 (iv) The Borrower and the other Obligors shall not
(1) knowingly conduct any business or engage in making or receiving any contribution of funds, goods or services to or for the benefit of any Prohibited Person, (2) knowingly deal in, or otherwise engage in any transaction relating to, any
property or interests in property blocked pursuant to the Executive Order or any other Anti-Terrorism Law, or (3) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts
to violate, any of the prohibitions set forth in any Anti-Terrorism Law (and the Borrower shall deliver to Agent any certification or other evidence requested from time to time by Agent in its reasonable discretion, confirming the Borrower’s
and the other Obligors’ compliance herewith). 
 Section 6.2 Survival of Representations and
Warranties, Etc. 
 All statements contained in any certificate, financial statement or other instrument
delivered by or on behalf of the Borrower, any other Obligor or any of their respective Subsidiaries to the Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including, but not limited to, any
such statement made in or in connection with any amendment thereto or any statement contained in any certificate, financial statement or other instrument delivered by or on behalf of the Borrower prior to the Agreement Date and delivered to the
Agent or any Lender in connection with closing the transactions contemplated hereby) shall constitute representations and warranties made by the Borrower under this Agreement. All representations and warranties made under this Agreement and the
other Loan Documents shall be deemed to be made at and as of the Agreement Date, the Effective Date and the date of the occurrence of any Credit Event, except to the extent that such representations and warranties expressly relate solely to an
earlier date (in which case such representations and warranties shall have been true and accurate on and as of such earlier date) and except for changes in factual circumstances specifically permitted hereunder. All such representations and
warranties shall survive the effectiveness of this Agreement, the execution and delivery of the Loan Documents and the making of the Loans and the issuance of the Letters of Credit. 

ARTICLE VII. AFFIRMATIVE COVENANTS 

For so long as this Agreement and the Commitments are in effect and any Obligations are outstanding, unless the Requisite
Lenders (or, if required pursuant to Section 12.6, all of the Lenders) shall otherwise consent in the manner provided for in Section 12.6, the Borrower shall comply with the following covenants: 

Section 7.1 Preservation of Existence and Similar Matters. 

Except as otherwise permitted under Section 9.7, the Borrower shall preserve and maintain, and cause each other
Obligor and each Subsidiary of the Borrower or any other Obligor to preserve and maintain, their respective existence, rights, franchises, licenses and privileges in the jurisdiction of its incorporation or formation and qualify and remain qualified
and authorized to do business in each jurisdiction in which it is organized, in each jurisdiction in which any Unencumbered Asset owned (or leased pursuant to an Eligible Ground Lease or 

 

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Approved Bond Transaction) by it is located, and in each other jurisdiction in which the character of its properties or the nature of its business requires such qualification and authorization
and where the failure to be so authorized and qualified could reasonably be expected to have a Material Adverse Effect. The Borrower shall, and shall cause the other Obligors and each Subsidiary of the Borrower or any other Obligor to, develop and
implement such programs, policies and procedures as are necessary to comply with the Patriot Act and shall promptly advise Agent in writing in the event that any of such Persons shall determine that any investors in such Persons are in violation of
such act. 
 Section 7.2 Compliance with Applicable Law and Contracts. 

The Borrower shall comply, and cause each other Obligor and each Subsidiary of the Borrower or any other Obligor to
comply, with (a) all Applicable Law, including the obtaining of all Governmental Approvals, (b) their respective Governing Documents, and (c) all mortgages, indentures, contracts, agreements and instruments to which it is a party or
by which any of its properties may be bound, the failure, in any such event, with which to comply could reasonably be expected to have a Material Adverse Effect. 

Section 7.3 Maintenance of Property. 

In addition to the requirements of any of the other Loan Documents, the Borrower shall, and shall cause each other
Obligor to, (a) protect and preserve all of its properties or cause to be protected and preserved, and maintain or cause to be maintained in good repair, working order and condition all tangible properties, ordinary wear and tear excepted, and
(b) make or cause to be made all needed and appropriate repairs, renewals, replacements and additions to such properties, so that the business carried on in connection therewith may be properly and advantageously conducted at all times. With
respect to each Subsidiary of the Borrower and each Subsidiary of an Obligor, in addition to the requirements of any of the other Loan Documents, the Borrower shall cause each such Subsidiary to comply with clauses (a) and (b) above to the
extent that the failure, in any such event, with which to comply could reasonably be expected to have a Material Adverse Effect on either the Borrower or the REIT Guarantor. 

Section 7.4 Conduct of Business. 

The Borrower shall at all times carry on, and cause the other Obligors and the Subsidiaries of the Borrower and the other
Obligors to carry on, their respective businesses as now conducted and in accordance with Section 6.1(u). 

Section 7.5 Insurance. 

In addition to the requirements of any of the other Loan Documents, the Borrower shall, and shall cause each other
Obligor and each Subsidiary of the Borrower and each other Obligor to, maintain or cause to be maintained commercially reasonable insurance with financially sound and reputable insurance companies covering such Persons and their respective
properties in such amounts and against such risks and casualties as are customary for Persons or properties of similar character and location, due regard being given to the type of improvements thereon, their construction, location, use and
occupancy, and from time to time deliver to the Agent or any Lender upon its request a detailed list stating the names of the insurance companies, the amounts 

 

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and rates of the insurance, the dates of the expiration thereof and the properties and risks covered thereby, together with copies of all policies or certificates of the insurance then in effect.

 Section 7.6 Payment of Taxes and Claims. 

The Borrower shall, and shall cause each other Obligor to, pay and discharge or cause to be paid and discharged when due
(a) all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or upon any properties belonging to it, and (b) all lawful claims of materialmen, mechanics, carriers, warehousemen and landlords
for labor, materials, supplies and rentals which, if unpaid, might become a Lien on any properties of such Person; provided, however, that this Section shall not require the payment or discharge of any such tax, assessment, charge,
levy or claim which is being contested in good faith by appropriate proceedings which operate to suspend the collection thereof and for which adequate reserves have been established on the books of such Person, in accordance with GAAP;
provided further that upon the commencement of proceedings to foreclose any Lien that may have attached as security therefor, such Person either (A) will provide a bond or other security sufficient under applicable law to stay all
such proceedings or (B) if no such bond is provided, will pay each such tax, assessment, governmental charge, levy or claim. With respect to each Subsidiary of the Borrower and each Subsidiary of an Obligor, the Borrower shall cause each such
Subsidiary to pay, discharge or cause to be paid and discharged when due the items set forth in clauses (a) and (b) above subject to the provisos contained therein and where the failure to make such payments or cause such payments to be
made could reasonably be expected to have a Material Adverse Effect on either the Borrower or the REIT Guarantor. 

Section 7.7 Visits and Inspections. 

The Borrower shall, and shall cause each other Obligor and each Subsidiary of the Borrower and each other Obligor to,
permit representatives or agents of any Lender or the Agent, from time to time, as often as may be reasonably requested, but only during normal business hours and at the expense of such Lender or the Agent (unless a Default or Event of Default shall
be continuing, in which case the exercise by the Agent or such Lender of its rights under this Section shall be at the expense of the Borrower), as the case may be, to: (a) visit and inspect all properties of the Borrower, such Subsidiary or
other Obligor (but subject to the rights of tenants under their leases) to the extent any such right to visit or inspect is within the control of such Person; (b) inspect and make extracts from their respective books and records, including but
not limited to management letters prepared by independent accountants; and (c) discuss with its principal officers, and its independent accountants, its business, properties, condition (financial or otherwise), results of operations and
performance. If requested by the Agent, the Borrower shall execute an authorization letter addressed to its accountants authorizing the Agent or any Lender to discuss the financial affairs of the Borrower, any other Obligor or any Subsidiary of
Borrower or any other Obligor with its accountants. 
 Section 7.8 Use of Proceeds; Letters of Credit.

 The Borrower shall use the proceeds of all Loans and all Letters of Credit for general business purposes
only. The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of Borrower or any other Obligor to, use any part of such proceeds or Letters of 

 

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Credit to purchase or carry, or to reduce or retire or refinance any credit incurred to purchase or carry, any margin stock (within the meaning of Regulations T, U or X of the Board of Governors
of the Federal Reserve System) or to extend credit to others for the purpose of purchasing or carrying any such margin stock. 

Section 7.9 Environmental Matters. 

The Borrower shall, and shall cause all other Obligors and each Subsidiary of the Borrower and each other Obligor to,
comply or cause to be complied with, all Environmental Laws in all material respects; provided, however, that with respect to each Subsidiary of the Borrower and each Subsidiary of an Obligor, the failure, in any such event, with which
to comply could reasonably be expected to have a Material Adverse Effect on either the Borrower or the REIT Guarantor. If the Borrower, any other Obligor or any Subsidiary of the Borrower or any other Obligor shall (a) receive written notice
that any material violation of any Environmental Law may have been committed or is about to be committed by such Person, (b) receive written notice that any administrative or judicial complaint or order has been filed or is about to be filed
against the Borrower, or any other Obligor or any of their respective Subsidiaries alleging material violations of any Environmental Law or requiring the Borrower, any other Obligor or any of their respective Subsidiaries to take any action in
connection with the release of Hazardous Materials, or (c) receive any written notice from a Governmental Authority or private party alleging that the Borrower, any other Obligor or any of their respective Subsidiaries may be liable or
responsible for costs associated with a response to or cleanup of a release of Hazardous Materials or any damages caused thereby individually or in the aggregate in excess of $10,000,000, the Borrower shall provide the Agent and each Lender with a
copy of such notice within thirty (30) days after the receipt thereof by such Person. The Borrower shall, and shall cause the other Obligors and each Subsidiary of the Borrower or any other Obligor to, take or cause to be taken promptly all
actions necessary to prevent the imposition of any Liens on any of their respective properties arising out of or related to any Environmental Laws; provided, however, that if any such Lien arises due to the acts or omissions of third
parties and such Lien (x) together with all other such Liens then in existence, could not reasonably be expected to have a Material Adverse Effect, (y) does not relate to any Unencumbered Asset, or (z) has not resulted in foreclosure
proceedings with respect to the property in question, the Borrower may pursue claims against such third parties prior to removing such Lien. 

Section 7.10 Books and Records. 

The Borrower shall, and shall cause each of the other Obligors and each Subsidiary of the Borrower or any other Obligor
to, maintain true and accurate books and records pertaining to their respective business operations in which full, true and correct entries will be made in accordance with GAAP. The Borrower shall, and shall cause each of the Obligors and their
respective Subsidiaries to, maintain its current accounting procedures unless approved by the Agent. 

Section 7.11 Further Assurances. 

The Borrower shall, at the Borrower’s cost and expense and upon request of the Agent, execute and deliver or cause
to be executed and delivered, to the Agent such further instruments, 
  

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documents and certificates, and do and cause to be done such further acts that may be reasonably necessary or advisable in the reasonable opinion of the Agent to carry out more effectively the
provisions and purposes of this Agreement and the other Loan Documents. 
 Section 7.12 Guarantors. 

 (a) Material Subsidiaries. Within fifteen (15) days of any Person becoming a Material Subsidiary
(other than an Excluded Subsidiary) after the Effective Date, the Borrower shall deliver to the Agent each of the following items, each in form and substance satisfactory to the Agent: (i) a Joinder Agreement executed by such Material
Subsidiary and (ii) the items that would have been delivered under Sections 5.1(a)(iv) through (viii) if such Material Subsidiary had been one on the Effective Date. Additionally, in the event that any Subsidiary of the Borrower or
the REIT Guarantor, whether presently existing or hereafter formed or acquired, which is not a Guarantor at such time, shall after the date hereof become a guarantor under any existing or future Unsecured Debt of the Borrower or any other Obligor,
then the Borrower shall cause such Subsidiary to execute and deliver the items described in this Section 7.12(a). 

(b) Release of a Guarantor. The Borrower may request in writing that the Agent release, and upon receipt of such
request the Agent shall release, the applicable Guarantor from the Guaranty so long as: (i) such Guarantor is not otherwise required to be a party to the Guaranty under this Section 7.12; (ii) no Default or Event of Default shall then
be in existence or would occur as a result of such release, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in this Section 7.12; (iii) the Agent shall have received
such written request at least ten (10) Business Days prior to the requested date of release and (iv) Borrower shall deliver to the Agent evidence reasonably satisfactory to the Agent either that (A) the Guarantor has ceased to qualify
as a Material Subsidiary or (B) the Guarantor qualifies as an Excluded Subsidiary. Delivery by the Borrower to the Agent of any such request for a release shall constitute a representation by the Borrower that the matters set forth in the
preceding sentence (both as of the date of the giving of such request and as of the date of the effectiveness of such request) are true and correct with respect to such request. Notwithstanding the foregoing, the foregoing provisions shall not apply
to the REIT Guarantor, which may only be released upon the prior written consent of Agent and all of the Lenders. Concurrently with any request by the Borrower to release any Guarantor from its Guaranty, the Borrower shall deliver to the Agent a pro
forma Compliance Certificate giving effect to the transaction or other event which forms the basis for the release of the Guarantor from the Guaranty and the removal of the assets of such Guarantor from the calculation of Unencumbered Asset Value,
as appropriate, which Compliance Certificate shall show continued compliance with each of the covenants contained in Sections 9.1 through 9.3, 9.6 and 9.14. 

Section 7.13 REIT Status. 

The Borrower shall cause REIT Guarantor to at all times maintain its status as, and elect to receive status as, a REIT.

  

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 Section 7.14 Distribution of Income to the Borrower. 

The Borrower shall cause all of its Wholly-Owned Subsidiaries to promptly distribute to the Borrower (but not less
frequently than once each fiscal quarter of the Borrower unless otherwise approved by the Agent), whether in the form of dividends, distributions or otherwise, all profits, proceeds or other income relating to or arising from such Subsidiaries’
use, operation, financing, refinancing, sale or other disposition of their respective assets and properties after (a) the payment by each such Subsidiary of its debt service, operating expenses and other obligations for such quarter and
(b) payment, or the establishment of reasonable reserves for the payment, of operating expenses and other obligations not paid on at least a quarterly basis and capital improvements and repairs (including tenant improvements) to be made to such
Subsidiary’s assets and properties pursuant to leases, Secured Debt or required by law or otherwise approved by such Subsidiary in the ordinary course of business consistent with prudent business practices, (c) funding of reserves required
by the terms of any Secured Debt encumbering property of the Subsidiary, including, without limitation, any lockbox, “cash-trap” or similar restriction on distribution of cash flow from such Subsidiary’s assets and properties;
(d) payment or establishment of reserves for payment to minority equity interest holders of amounts required to be paid in respect of such equity interest; (e) payment of closing costs relating to the acquisition, financing, refinancing or
disposition of such Subsidiary’s assets and properties; and (f) payments in reduction or extinguishment of Secured Debt of such Subsidiary, including, without limitation, balances due at maturity, or upon the refinancing, of such Secured
Debt or upon the sale of such Subsidiary; unless such distribution is prohibited by the terms of any Secured Debt so long as such prohibition applies only to the Subsidiary obligated on such Secured Debt. 

Section 7.15 Reporting Company 

The Borrower shall cause the REIT Guarantor to maintain its status as a reporting company pursuant to the Securities
Exchange Act of 1934. 
 Section 7.16 Maintenance of Rating 

The Borrower shall maintain Ratings from each of S&P and Moody’s; provided that if the Rating obtained
from such Rating Agency is a private letter rating that is not monitored and automatically updated by such Rating Agency, then the Borrower shall obtain an annual update of such Rating on or before each anniversary of the Closing Date. 

ARTICLE VIII. INFORMATION 

For so long as this Agreement and the Commitments are in effect and any Obligations are outstanding, unless the Requisite
Lenders (or, if required pursuant to Section 12.6, all of the Lenders) shall otherwise consent in the manner set forth in Section 12.6, the Borrower shall furnish to each Lender (or to the Agent if so provided below) at its Lending Office:

 Section 8.1 Quarterly Financial Statements. 

As soon as available and in any event not later than the first to occur of (a) the date that is five (5) days
following the filing of the REIT Guarantor’s 10-Q Report with the Securities and 
  

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Exchange Commission and (b) the date that is fifty (50) days after the close of each of the first, second and third calendar quarters of the REIT Guarantor, the unaudited consolidated
balance sheet of the REIT Guarantor and its Subsidiaries as at the end of such period and the related unaudited consolidated statements of income, shareholders’ equity and cash flows of the REIT Guarantor and its Subsidiaries for such period
and an unaudited statement of Funds from Operations, setting forth in each case in comparative form the figures as of the end of and for the corresponding periods of the previous calendar year, all of which shall be certified by a Responsible
Officer of the REIT Guarantor, in his or her opinion, to present fairly, in accordance with GAAP as then in effect, the consolidated financial position of the REIT Guarantor and its Subsidiaries as at the date thereof and the results of operations
for such period (subject to normal year-end audit adjustments). Together with such financial statements, the Borrower and the REIT Guarantor shall deliver reports, in form and detail satisfactory to the Agent, setting forth (i) all capital
expenditures made during the calendar quarter then ended; (ii) a description of all Properties acquired during such calendar quarter, including the Net Operating Income of each such Property, acquisition costs and related mortgage debt;
(iii) a description of all Properties sold during the calendar quarter then ended, including the Net Operating Income from such Properties and the sales price; (iv) a statement of the Net Operating Income contribution by each Property for
the preceding calendar quarter; (v) a listing of summary information for all Unencumbered Assets including, without limitation, the Net Operating Income of each Property (not addressed in clause (ii) or (iii) above), occupancy rates,
square footage, property type, date acquired or built with respect to each Property included as an Unencumbered Asset in form and substance reasonably satisfactory to the Agent and (vi) such other information as the Agent may request. At the
time the financial statements are required to be furnished at the close of the second calendar quarter of the REIT Guarantor, the Borrower shall furnish to the Agent pro forma quarterly financial information for the REIT Guarantor and its
Subsidiaries for the next two (2) calendar quarters, including pro forma covenant calculations, EBITDA, sources and uses of funds, capital expenditures, Net Operating Income for the Properties, and other income and expenses. 

Section 8.2 Year-End Statements. 

As soon as available and in any event not later than the first to occur of (a) the date that is five (5) days
following the filing of the REIT Guarantor’s 10-K Report with the Securities and Exchange Commission and (b) the date that is ninety (90) days after the end of each respective calendar year of the REIT Guarantor and its Subsidiaries,
the audited consolidated balance sheet of the REIT Guarantor and its Subsidiaries as at the end of such calendar year and the related audited consolidated statements of income, shareholders’ equity and cash flows of the REIT Guarantor and its
Subsidiaries for such calendar year and an unaudited statement of Funds from Operations, setting forth in comparative form the figures as at the end of and for the previous calendar year, all of which shall be certified by (i) a Responsible
Officer of the REIT Guarantor, in his or her opinion, to present fairly, in accordance with GAAP as then in effect, the consolidated financial position of REIT Guarantor and its Subsidiaries as at the date thereof and the results of operations for
such period, and (ii) independent certified public accountants of recognized national standing acceptable to the Agent, whose certificate shall be unqualified and in scope and substance satisfactory to the Agent and who shall have authorized
the REIT Guarantor to deliver such financial statements and certification thereof to the Agent and the Lenders pursuant to this Agreement. Together with such financial statements, the REIT 

 

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Guarantor shall deliver a written statement from such accountants to the effect that they have read a copy of this Agreement and the Guaranty, and that in making the examination necessary to such
certification, they have obtained no knowledge of any Default of Event of Default, or if such accountants shall have obtained knowledge of any then existing Default or Event of Default they shall disclose in such statement any such Default or Event
of Default; provided that such accountants shall not be liable to Agent or the Lenders should they fail to obtain knowledge of any Default or Event of Default. In addition, the REIT Guarantor shall deliver with such year-end statements the
reports described in Section 8.1(i)-(iv) together with pro forma quarterly financial information for the REIT Guarantor and its Subsidiaries for the next four (4) calendar quarters, including pro forma covenant calculations, EBITDA,
sources and uses of funds, capital expenditures, Net Operating Income for the Properties, and other income and expenses. 

Section 8.3 Compliance Certificate. 

At the time financial statements are required to be furnished pursuant to Sections 8.1 and 8.2 and within
ten (10) Business Days of the Agent’s request with respect to any other fiscal period, a certificate substantially in the form of Exhibit K (a “Compliance Certificate”) executed by a Responsible Officer of the REIT
Guarantor: (a) setting forth in reasonable detail as at the end of such quarterly accounting period, calendar year, or other fiscal period, as the case may be, the calculations required to establish whether or not the Borrower and the REIT
Guarantor are in compliance with the covenants contained in Sections 9.1 through 9.3, 9.6 and 9.14; and (b) stating that no Default or Event of Default exists, or, if such is not the case, specifying such Default or Event of Default and
its nature, when it occurred, whether it is continuing and the steps being taken by the Borrower and/or the REIT Guarantor with respect to such event, condition or failure. With each Compliance Certificate, Borrower shall also deliver a certificate
(an “Unencumbered Asset Certificate”) executed by the chief financial officer of the REIT Guarantor that: (i) sets forth a list of all Unencumbered Assets together with a calculation of the Unencumbered Asset Value; and
(ii) certifies that (A) all Unencumbered Assets so listed fully qualify as such under the applicable criteria for inclusion as Unencumbered Assets, and (B) all acquisitions, dispositions or other removals of Unencumbered Assets
completed during such quarterly accounting period, calendar year, or other fiscal period were permitted under this Agreement, and (C) the acquisition cost or principal balance of any Unencumbered Assets, as applicable, acquired during such
period and any other information that Agent may require to determine the Unencumbered Asset Value of such Unencumbered Asset, and the Unencumbered Asset Value of any Unencumbered Assets removed during such period. In addition, with each such
Compliance Certificate, the Borrower shall deliver the following information: (w) a development schedule of the announced development pipeline, including for each announced development project, the project name and location, the square footage
to be developed, the expected construction start date, the expected date of delivery, the expected stabilization date and the total anticipated cost; (x) a schedule of all outstanding Indebtedness of the Borrower and its Subsidiaries and the
REIT Guarantor and its Subsidiaries, showing for each component of Indebtedness, the lender, the total commitment, the total indebtedness outstanding, the interest rate, if fixed, or the applicable margin over an index, if the interest rate floats,
the term, the required amortization (if any) and the security (if any); (y) a schedule of all interest rate protection agreements to which the Borrower, the REIT Guarantor or any of their respective Subsidiaries are a party, showing for each
such agreement, the total dollar amount, the type of agreement (i.e. cap, collar, swap, etc.) and the term thereof and (z) a copy of all management 

 

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reports, if any, submitted to the Borrower or the REIT Guarantor or its management by its independent public accountants. 

Section 8.4 Other Information. 

(a) Securities Filings. Within five (5) Business Days of the filing thereof, written notice and a listing of
all registration statements, reports on Forms 10-K, 10-Q and 8-K (or their equivalents) and all other periodic reports which the Borrower, any other Obligor or any of their respective Subsidiaries shall file with the Securities and Exchange
Commission (or any Governmental Authority substituted therefor) or any national securities exchange; 
 (b)
Shareholder Information. Promptly upon the mailing thereof to the shareholders of the REIT Guarantor, copies of all financial statements, reports and proxy statements so mailed and promptly upon the issuance thereof copies of all press
releases issued by the Borrower, any other Obligor or any of their respective Subsidiaries, in each case to the extent not otherwise publicly available; 

(c) ERISA. If and when any member of the ERISA Group (i) gives or is required to give notice to the PBGC of
any “reportable event” (as defined in Section 4043 of ERISA) with respect to any Plan which might constitute grounds for a termination of such Plan under Title IV of ERISA, or knows that the plan administrator of any Plan has given or
is required to give notice of any such reportable event, a copy of the notice of such reportable event given or required to be given to the PBGC; (ii) receives notice of complete or partial withdrawal liability under Title IV of ERISA or notice
that any Multiemployer Plan is in reorganization, is insolvent or has been terminated, a copy of such notice; (iii) receives notice from the PBGC under Title IV of ERISA of an intent to terminate, impose liability (other than for premiums under
Section 4007 of ERISA) in respect of, or appoint a trustee to administer any Plan, a copy of such notice; (iv) applies for a waiver of the minimum funding standard under Section 412 of the Internal Revenue Code, a copy of such
application; (v) gives notice of intent to terminate any Plan under Section 4041(c) of ERISA, a copy of such notice and other information filed with the PBGC; (vi) gives notice of withdrawal from any Plan pursuant to Section 4063
of ERISA, a copy of such notice; or (vii) fails to make any payment or contribution to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement or makes any amendment to any Plan or Benefit Arrangement which has resulted or could
result in the imposition of a Lien or the posting of a bond or other security, a certificate of the chief financial officer of the REIT Guarantor setting forth details as to such occurrence and the action, if any, which the Borrower or applicable
member of the ERISA Group is required or proposes to take; 
 (d) Litigation. To the extent the Borrower,
any other Obligor or any of their respective Subsidiaries is aware of the same, prompt notice of the commencement of any proceeding or investigation by or before any Governmental Authority and any action or proceeding in any court or other tribunal
or before any arbitrator against or in any other way relating adversely to, or adversely affecting, the Borrower, any other Obligor, any of their respective Subsidiaries or any of their respective properties, assets or businesses which involve
claims individually or in the aggregate in excess of $5,000,000, and prompt notice of the receipt of notice that any United States income tax returns of the Borrower, any other Obligor, or any of their respective Subsidiaries are being audited;

  

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 (e) Modification of Governing Documents. A copy of any amendment to a
Governing Document of the Borrower or any other Obligor promptly upon, and in any event within fifteen (15) Business Days of, the effectiveness thereof; 

(f) Change of Management or Financial Condition. Prompt notice of any change in the senior management of the
company that manages the properties on behalf of the Borrower (which, as the date hereof, is deemed to be the following persons: Leo F. Wells, III, Douglas P. Williams, Randall D. Fretz, Don Henry and Nelson Mills), any change in the business,
assets, liabilities, financial condition, results of operations or business prospects of the Borrower, any other Obligor, or any of their respective Subsidiaries which has had or could reasonably be expected to have a Material Adverse Effect, or any
other event or circumstance which has had or could reasonably be expected to have a Material Adverse Effect; 

(g) Default. Notice of the occurrence of any of the following promptly upon a Responsible Officer obtaining
knowledge thereof: (i) any Default or Event of Default (which notice shall state that it is a “notice of default” for the purposes of Section 11.3 below) or (ii) any event which constitutes or which with the passage of time,
the giving of notice, or otherwise, would constitute a default or event of default by the Borrower, any other Obligor, or any of their respective Subsidiaries under any (x) Indebtedness (other than Nonrecourse Indebtedness) of such Person
individually or in the aggregate in excess of $10,000,000 or (y) Nonrecourse Indebtedness of such Person individually or in the aggregate in excess of $20,000,000, or (z) Material Contract to which any such Person is a party or by which
any such Person or any of its respective properties may be bound; 
 (h) Judgments. Prompt notice of any
order, judgment or decree in excess of $10,000,000 (or, with respect to any Nonrecourse Indebtedness, $20,000,000) having been entered against the Borrower, any other Obligor, or any of their respective Subsidiaries or any of their respective
properties or assets; 
 (i) Notice of Violations of Law. Prompt notice if the Borrower, any other
Obligor, or any of their respective Subsidiaries shall receive any notification from any Governmental Authority alleging a violation of any Applicable Law or any inquiry which could reasonably be expected to have a Material Adverse Effect;

 (j) Material Assets Sales. Prompt notice of the sale, transfer or other disposition of any material
assets of the Borrower, any other Obligor, or any of their respective Subsidiaries to any Person other than the Borrower, any other Obligor, or any of their respective Subsidiaries; 

(k) Material Contracts. Promptly upon (i) entering into any Material Contract after the Agreement Date, a
copy to the Agent of such Material Contract, together with a copy of all related or ancillary documentation and (ii) the giving or receipt thereof by the Borrower, any other Obligor, or any of their respective Subsidiaries notice alleging that
any party to any Material Contract is in default of its obligations thereunder; 
 (l) Material
Subsidiary. Prompt notice of any Person becoming a Material Subsidiary; and 
  

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 (m) Other Information. From time to time and promptly upon each
request, such data, certificates, reports, statements, documents or further information regarding the business, assets, liabilities, financial condition, results of operations or business prospects or updated projections of the Borrower, any or
other Obligor or any of their respective Subsidiaries as the Agent or any Lender may reasonably request. 

Section 8.5 Additions and Substitutions to and Removals From Unencumbered Assets 

(a) Additions and Substitutions to Unencumbered Assets. 

(i) Following the Effective Date, the Borrower may, by written notice to the Agent, add one or more new
Properties as an Unencumbered Asset or substitute one or more new Properties for one or more Properties (such newly added or substituted Property, the “Potential Unencumbered Asset(s)”) then included as an Unencumbered Asset. Any such
notice of addition or substitution shall be delivered to the Agent (which the Agent shall promptly furnish to the Lenders) and shall include the following items (it being understood that the Agent shall have no obligation to verify the truth,
accuracy or completeness of any information contained therein): 
 (A) an Unencumbered Asset
Certificate reflecting such addition or substitution, together with a statement of: (x) the acquisition cost of such Potential Unencumbered Asset(s); and (y) the same information that the Borrower would be required to include in a
Compliance Certificate, together with a certification that, after giving effect to such addition or substitution, the Borrower will be in compliance with each of the covenants contained in Sections 9.1 through 9.3, 9.6 and 9.14 on a pro-forma basis
based upon the most recent financial statements available under either Section 8.1 or 8.2, together with all supporting calculations; 

(B) with respect to any such addition or substitution, an officer’s certificate from the Borrower
certifying that such Potential Unencumbered Asset(s) satisfies all of the requirements set forth in clauses (a) through (i) of the definition of “Unencumbered Assets”; and 

(C) with respect to any such substitution, a Minimum Unencumbered Asset Certificate demonstrating
compliance with the Minimum Unencumbered Asset Requirements immediately following such substitution. 

Upon delivery of such information, such addition or substitution shall become effective. 

(b) Removals from Unencumbered Assets. 

(i) Subject to Section 8.5(c), upon any Unencumbered Asset ceasing to qualify as an Unencumbered
Asset, such Unencumbered Asset shall no longer 
  

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be included in the calculation of the Unencumbered Asset Value. Within ten (10) Business Days after any such disqualification, the Borrower shall deliver to the Agent an Unencumbered Asset
Certificate reflecting such disqualification, together with a statement of: (i) the identity of the disqualified Unencumbered Asset, and (ii) the Unencumbered Asset Value attributable to such Unencumbered Asset and (iii) the
certificates required by Section 8.5(b)(iv). 
 (ii) Subject to Section 8.5(c), the
Borrower may voluntarily remove any Property from Unencumbered Assets (including as a result of any financing, sale, transfer or other disposition of any Unencumbered Asset in accordance with the terms of the Loan Documents) by delivering to the
Agent, no later than ten (10) Business Days prior to the date on which such removal is to be effected (or, in the event such removal shall result from the financing, sale, transfer or other disposition of an Unencumbered Asset, ten
(10) Business Days prior to such proposed sale, transfer or disposition), (x) an Unencumbered Asset Certificate reflecting such removal, together with a statement (A) that no Default or Event of Default then exists or would, upon the
occurrence of such event or with the passage of time, result from such removal, (B) of the identity of the Unencumbered Asset being removed, and (C) the Unencumbered Asset Value attributable to such Unencumbered Asset and (y) the
certificates required by Section 8.5(b)(iv). 
 (iii) Notwithstanding anything to the
contrary in this Agreement, in the event that a Property (a “Defaulted Property”) included in the calculation of the Unencumbered Asset Value fails to satisfy the requirements set forth in clause (e) of the definition of
“Unencumbered Asset” as a result of conditions existing or effecting such Property for any period of time prior to the acquisition thereof by the Borrower, any other Obligor or any of their respective Subsidiaries of which the Borrower had
no knowledge (any such failure a “Replacement Event”), then, if such Replacement Event results in a Default, the Borrower shall have thirty (30) days from the earlier of (x) the date the Agent notifies the Borrower that a
Replacement Event has occurred or (y) the date the Borrower notifies the Agent that a Replacement Event has occurred in which to identify one or more Potential Unencumbered Asset(s) to cure such Default by replacing the Defaulted Property as an
Unencumbered Asset and delivering to the Agent those items specified in Sections 8.5(a)(i)(A) - (C) and Section 8.5(b)(iv) with respect thereto and otherwise satisfy all conditions to such Property being accepted as an Unencumbered
Asset pursuant to this Agreement (the “Replacement Conditions”). 
 For the avoidance of doubt, in the
event the Borrower fails to comply with the Replacement Conditions within the time periods set forth above, the right of the Borrower to cure such Default as provided in Section 8.5(b)(iii)(C) shall cease, and thereupon the Agent and the
Lenders shall have any and all rights and remedies with respect to such Replacement Event as may be available under this Agreement and the other Loan Documents. 
  

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 (iv) Simultaneously with the delivery of the items required
pursuant to Sections 8.5(b)(i), (ii) and (iii), the Borrower shall deliver to the Agent (A) a pro forma Compliance Certificate demonstrating, upon giving effect to such removal, replacement or disqualification, compliance with the
covenants contained in Sections 9.1 through 9.3, 9.6 and 9.14 on a pro forma basis based upon the most recent financial statements available under Section 8.1 or 8.2, together with supporting calculations and (B) a Minimum
Unencumbered Asset Certificate. 
 (c) Minimum Unencumbered Assets. Subject to this Section 8.5, the
Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to, 

(i) sell, transfer, encumber with a Lien or otherwise dispose of any Unencumbered Asset included in the
calculation of the Unencumbered Asset Value; or 
 (ii) remove any Unencumbered Asset from the
calculation of the Unencumbered Asset Value (whether as a result of such Property failing to satisfy the requirements set forth in the definition thereof or otherwise); or 

(iii) substitute any Potential Unencumbered Asset(s) for any existing Unencumbered Asset or Assets;

 unless, immediately following such sale, transfer, disposition, removal or substitution (x) there shall be at least
eight (8) Unencumbered Assets included in the calculation of the Unencumbered Asset Value and (y) the Unencumbered Asset Value would be at least $500,000,000 (the “Minimum Unencumbered Asset Requirements”). Simultaneously with
any such proposed sale, transfer, disposition removal or substitution, the Borrower shall deliver to the Agent a certificate (a “Minimum Unencumbered Asset Certificate”) of a Responsible Officer of the REIT Guarantor certifying compliance
with the Minimum Unencumbered Asset Requirements. 
 ARTICLE IX. NEGATIVE COVENANTS 

For so long as this Agreement and the Commitments are in effect and any Obligations are outstanding, unless the Requisite
Lenders (or, if required pursuant to Section 12.6, all of the Lenders) shall otherwise consent in the manner set forth in Section 12.6, the REIT Guarantor or the Borrower, as applicable, shall comply with the following covenants:

 Section 9.1 Financial Covenants. 

The Borrower shall not permit, on a consolidated basis in accordance with GAAP, tested as at the end of each fiscal
quarter: 
 (a) the Secured Debt to Total Asset Value Ratio to exceed forty percent (40%); 

(b) the Fixed Charge Coverage Ratio to be less than 1.75:1.00; 

(c) the Debt to Total Asset Value Ratio to exceed fifty percent (50%); 

 

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 (d) the Unencumbered Interest Coverage Ratio to be less than 2.0:1.0;

 (e) the Unencumbered Asset Coverage Ratio to be less than 2.0:1.0; 

(f) the Secured Recourse Debt to Total Asset Value Ratio to exceed ten percent (10%); 

(g) the ratio of (i) Unencumbered Adjusted NOI for the preceding four (4) consecutive fiscal quarters to
(ii) the Unsecured Debt of the Obligors and their Subsidiaries as of such date of determination to be less than thirteen percent (13%); and 

(h) Tangible Net Worth to be less than the sum of (i) $2,830,515,823 and (ii) seventy percent (70%) of the
Gross Cash Proceeds of all Equity Issuances by REIT Guarantor, Borrower or any other Guarantor consummated after December 31, 2009 (other than Gross Cash Proceeds received contemporaneously with or within ninety (90) days after the
redemption, retirement or repurchase of Equity Interests in Borrower or REIT Guarantor, subject to the restrictions on purchases or redemptions in Section 9.6, up to the amount paid by Borrower or REIT Guarantor in connection with such
redemption, retirement or repurchase, where, for the avoidance of doubt, the net effect is that there shall not have been any increase in Shareholder Equity as a result of any such proceeds). 

Section 9.2 Indebtedness. 

The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of Borrower or any other Obligor to,
create, incur, assume, or permit or suffer to exist, or assume or guarantee, directly or indirectly, contingently or otherwise, or become or remain liable with respect to any Indebtedness other than the following: 

(a) the Obligations; 

(b) intercompany Indebtedness among the Borrower and its Wholly Owned Subsidiaries; provided, however, that
the obligations of the Borrower and each Guarantor in respect of such intercompany Indebtedness shall be subordinate to the Obligations; 

(c) any other Indebtedness existing, created, incurred or assumed so long as immediately prior to the existence,
creation, incurring or assumption thereof (other than with respect to any Indebtedness incurred for purposes of prepayment of other Indebtedness as permitted by the proviso in Section 9.12), and immediately thereafter and after giving effect
thereto, no Default or Event of Default is or would be in existence, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1. 

Section 9.3 Certain Permitted Investments of Obligors, etc. 

The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to,
make any Investment in or otherwise own or hold the following items (whether through the Borrower, an Obligor, a Subsidiary of the Borrower or an Obligor, or their respective Unconsolidated Affiliates) which would cause the aggregate value of such
holdings of the Borrower, such Subsidiaries and the other Obligors to exceed the percentage of Total Asset Value set forth below at any time: 
  

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 (a) Investments in Unimproved Land shall not exceed five percent
(5%) of Total Asset Value; 
 (b) Investments in Mortgage Receivables shall not exceed ten percent
(10%) of Total Asset Value; 
 (c) Investments in Unconsolidated Affiliates shall not exceed twenty percent
(20%) of Total Asset Value; 
 (d) the aggregate Construction Budget for Construction-in-Process shall not
exceed fifteen percent (15%) of Total Asset Value; 
 (e) Investments made in Properties that are not
primarily either office or industrial Properties shall not exceed ten percent (10%) of Total Asset Value; 

(f) Investments in respect of Equity Interests (other than Equity Interests of Subsidiaries or Unconsolidated Affiliates)
shall not exceed five percent (5%) of Total Asset Value; and 
 (g) Investments made in properties not
located in a State of the United States of America or the District of Columbia shall not exceed five percent (5%) of Total Asset Value. 

Notwithstanding the foregoing, in no event shall the aggregate value of the holdings of the Borrower, any other Obligor and their
Subsidiaries in the Investments described in clauses (a) through (g) exceed thirty percent (30%) of Total Asset Value at any time. For the purposes of this Section 9.3, a Property shall be considered Construction-in-Process until
the issuance of a permanent certificate of occupancy for such Property or phase thereof. 
 For the purposes of
this Section 9.3, the Investment of the Borrower, any other Obligor or their Subsidiaries in any Unconsolidated Affiliates will equal (without duplication) the sum of (i) such Person’s pro rata share of Construction-in-Process of
their Unconsolidated Affiliates, plus (ii) such Person’s pro rata share of their Unconsolidated Affiliate’s Investment in Unimproved Land; plus (iii) such Person’s pro rata share of any other Investments valued
at the lower of GAAP book value or market value. 
 Section 9.4 Investments Generally. 

The Borrower shall not, and shall not permit any other Obligor or any of their Subsidiaries to, directly or indirectly,
acquire, make or purchase any Investment, or permit any Investment of such Person to be outstanding on and after the Agreement Date, other than the following: 

(a) Investments in Subsidiaries and Unconsolidated Affiliates in existence on the Agreement Date and disclosed on Part I
of Schedule 6.1(b); 
 (b) Investments to acquire Equity Interests of a Subsidiary or any other Person
who after giving effect to such acquisition would be a Subsidiary, so long as in each case (i) immediately after giving effect to such Investment, no Default or Event of Default is or would be in existence

  

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and (ii) if such Subsidiary is (or after giving effect to such Investment would become) a Material Subsidiary, the terms and conditions set forth in Section 7.12 are satisfied;

 (c) Investments permitted under Section 9.3; 

(d) Investments in Cash Equivalents; 

(e) subject to the terms of Section 9.3 and 9.4, Investments in Properties that are primarily office or industrial
Properties; and 
 (f) intercompany Indebtedness among the Borrower, the REIT Guarantor and their Wholly Owned
Subsidiaries, provided that such Indebtedness is permitted by the terms of Section 9.2. 

Section 9.5 Liens; Negative Pledges; Other Matters. 

(a) The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor
to, create, assume, or incur any Lien (other than Permitted Liens) upon any of its properties, assets, income or profits of any character whether now owned or hereafter acquired if immediately prior to the creation, assumption or incurring of such
Lien, or immediately thereafter, a Default or Event of Default is or would be in existence, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1;
provided, however, that nothing contained in this Section 9.5 shall prohibit the refinancing of Secured Debt of the Borrower, any other Obligor or any of their respective Subsidiaries in the event an Event of Default is then in
existence so long as such refinancing (i) is otherwise permitted under this Agreement and (ii) will not create any additional, or exacerbate any existing, Default or Event of Default. 

(b) The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor
to, enter into, assume or otherwise be bound by any Negative Pledge except for a Negative Pledge contained in (i) any agreement (A) evidencing Indebtedness which the Borrower or such Subsidiary or Obligor may create, incur, assume, or
permit or suffer to exist under Section 9.2, (B) which Indebtedness is secured by a Lien permitted to exist pursuant to this Agreement, and (C) which prohibits the creation of any other Lien on only the property securing such
Indebtedness as of the date such agreement was entered into; or (ii) a Governing Document of a Non-Wholly Owned Subsidiary which requires consent to, or places limitations on, the imposition of Liens on such Subsidiary’s assets or
properties. 
 (c) The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the
Borrower or any other Obligor to, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction (other than pursuant to the Loan Documents) of any kind on (i) the ability of the Borrower, any other
Obligor or any Subsidiary of the Borrower or any other Obligor to: (A) pay dividends or make any other distribution on any of such Person’s capital stock or other equity interests owned by the Borrower, any other Obligor, or any of their
respective Subsidiaries, (B) pay any Indebtedness owed to the Borrower, any other Obligor, or any of their respective Subsidiaries, (C) make loans or advances to the Borrower, any other Obligor, or any of their respective Subsidiaries, or
(D) transfer any of its property or assets to the Borrower, any Obligor, or any of their respective Subsidiaries, other 
  

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than any such restrictions described in this subpart (i) which are contained in (x) agreements evidencing Secured Debt and which relate solely to the assets pledged as collateral
security for such Secured Debt or (y) any Governing Document of a Non-Wholly Owned Subsidiary and which relate solely to such Subsidiary (other than any such Subsidiary that owns, in whole or in part, any Unencumbered Asset), or (ii) the
ability of the Borrower or any other Obligor to amend this Agreement or pledge the Unencumbered Assets as security for the Obligations. 

Section 9.6 Restricted Payments; Stock Repurchases. 

(a) The Borrower will not make any Restricted Payment to the REIT Guarantor and the REIT Guarantor will not make any
Restricted Payments during any calendar quarter which, based upon the prior twelve (12) months from the date of calculation, except for Net Dividends not to exceed the greater of (i) ninety percent (90%) of the Funds From Operations
of the REIT Guarantor on a consolidated basis through the date of any such Restricted Payment; provided that in no event shall such Restricted Payments exceed one hundred percent (100%) of Funds from Operations for the two most recently
completed fiscal quarters of the Borrower; or (ii) the minimum amount required in order for the REIT Guarantor to maintain its status as a REIT, as set forth in a certification to Agent from the chief financial officer of the REIT Guarantor.
Redemption of Equity Interests of the REIT Guarantor pursuant to the Share Redemption Program shall be permitted pursuant to Section 9.6(b). Redemption of limited partnership interests of the Borrower shall be permitted to the extent such
redemption is made with respect to such limited partnership interests issued to a seller in connection with the purchase by the Borrower, any other Obligor or any of their respective Subsidiaries of any Property and such redemption is effectuated by
the conversion of such limited partnership interests into common stock of the REIT Guarantor. If a Default or Event of Default shall have occurred and be continuing, then neither the Borrower nor the REIT Guarantor shall make any Restricted Payments
to any Person whatsoever without the prior written consent of the Requisite Lenders other than cash distributions by the Borrower to its partners (and corresponding distributions by the REIT Guarantor to its shareholders) in a minimum amount
required in order for the REIT Guarantor to maintain its status as a REIT, as set forth in a certification to Agent from the chief financial officer of the REIT Guarantor; provided that the Borrower shall not make any Restricted Payments to
any Person whatsoever if a Default or an Event of Default of the type described in Section 10.1(a), (b), (f) or (g) shall have occurred and be continuing or would result therefrom. 

(b) Neither the Borrower nor the REIT Guarantor shall at any time buy back, redeem, retire or otherwise acquire, directly
or indirectly, any shares of its capital stock if a Default or Event of Default exists or immediately thereafter and after giving effect thereto, a Default or Event of Default is or would be in existence and, with respect to any acquisition of
shares of capital stock of the REIT Guarantor, (i) such acquisition shall be consummated in accordance with the terms and conditions of its Share Redemption Program and (ii) the aggregate amount of redemptions by the REIT Guarantor in any
calendar year shall not exceed the amount permitted to be redeemed in any calendar year under the Share Redemption Program as in effect on the Agreement Date. 
  

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 Section 9.7 Merger, Consolidation, Sales of Assets and Other
Arrangements. 
 (a) The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of
Borrower or any other Obligor to: (i) enter into any transaction of merger, consolidation, reorganization or other business combination; (ii) liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution); or
(iii) convey, sell, lease, sublease, transfer or otherwise dispose of, in one transaction or a series of transactions, all or any substantial part of its business or assets, whether now owned or hereafter acquired, or discontinue or eliminate
any business line or segment (any such event described in clause (iii), a “Sale”); provided, however, that a Person may merge with the Borrower or any of its Subsidiaries, so long as (i) such Person was organized under
the laws of the United States of America or one of its states; (ii) if such merger involves the Borrower, the Borrower is the survivor of such merger; (iii) if such merger involves a Subsidiary of the Borrower that is a Guarantor, subject
to Section 9.7(b)(ii), such Subsidiary is the survivor of such merger; (iv) immediately prior to such merger, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence;
(v) the Borrower shall have given the Agent and the Lenders at least ten (10) Business Days’ prior written notice of such merger (except that such prior notice shall not be required in the case of the merger of a Subsidiary of the
Borrower with and into the Borrower); (vi) such merger is completed as a result of negotiations with the approval of the board of directors or similar body of such Person and is not a so called “hostile takeover”; (vii) following
such merger, the Borrower and its Subsidiaries will continue to be engaged solely in the business of the ownership, development, management and investment in real estate; and (viii) such merger, together with all other mergers permitted by this
Section 9.7 and consummated in the same fiscal year as such merger, shall not increase the Total Asset Value by more than twenty-five percent (25%) of the Total Asset Value as of the end of the previous fiscal year. 

(b) The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of Borrower or any other Obligor to,
sell, dispose of or transfer any Property or other assets if a Default or an Event of Default has occurred and is continuing, or would occur as a result of such transaction. 

Section 9.8 Fiscal Year. 

Neither the Borrower nor the REIT Guarantor shall change its fiscal year from that in effect as of the Agreement Date
without the Agent’s prior written consent. 
 Section 9.9 Modifications to Certain Agreements. 

 (a) The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any
other Obligor to, enter into any amendment or modification to any Material Contract which could reasonably be expected to have a Material Adverse Effect without the Agent’s prior written consent. 

(b) The Borrower shall not enter into any material amendment or other modification to the Share Redemption Program
without the Agent’s prior written consent. 
  

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 Section 9.10 Transactions with Affiliates. 

The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to,
permit to exist or enter into, any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate (but not including any Subsidiary of the Borrower), except (i) transactions in
the ordinary course of and pursuant to the reasonable requirements of the business of such Person and upon fair and reasonable terms which are no less favorable to such Person than would be obtained in a comparable arm’s length transaction with
a Person that is not an Affiliate and (ii) transactions in connection with (A) the Advisory Agreement, dated as of August 1, 2009, between Wells Real Estate Investment Trust II, Inc. and Wells Capital, Inc., (B) the Master
Property Management, Leasing and Construction Management Agreement, dated as of October 22, 2004, between the Borrower, the REIT Guarantor and Wells Management Company, Inc., as amended by Amendment No. 1 to the Master Property Management,
Leasing and Construction Management Agreement dated April 1, 2007, and (C) the Master Property Management, Leasing and Construction Management Agreement, dated as of April 1, 2007, between the Borrower, the REIT Guarantor and Wells
Real Estate Advisory Services, Inc., as amended by Amendment No. 1 to the Master Property Management, Leasing and Construction Management Agreement dated December 31, 2008, and renewals thereof on substantially similar terms and
conditions. 
 Section 9.11 ERISA Exemptions. 

The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to,
permit any of its respective assets to become or be deemed to be “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. 

Section 9.12 Restriction on Prepayment of Indebtedness. 

Without the prior written consent of the Agent, neither the Borrower, any other Obligor, nor any Subsidiary of the
Borrower or any other Obligor shall prepay, redeem or purchase the principal amount, in whole or in part, of any Indebtedness other than the Obligations after the occurrence of any Event of Default; provided, however, that this
Section 9.12 shall not prohibit the prepayment of Indebtedness which is financed solely from the proceeds of a new loan which would otherwise be permitted by the terms of this Agreement. 

Section 9.13 Modifications to Governing Documents. 

The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to
enter into any amendment or modification of any Governing Document of the Borrower, such Subsidiary, or such Obligor which would have a Material Adverse Effect without the Agent’s prior written consent. 

Section 9.14 Occupancy of Unencumbered Assets. 

The Unencumbered Assets that are Properties (excluding those Unencumbered Assets which are Development Properties) shall
consist solely of Properties which have an aggregate occupancy level for the preceding calendar quarter of tenants in possession and paying rent (not 

 

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more than sixty (60) days past due), or subject to free rent for periods of ninety (90) days or less, and which are not otherwise in default in any material manner under their
respective leases, of at least eighty-five percent (85%) of the aggregate rentable area within such Unencumbered Assets. In the event of a breach or violation of this Section 9.14, such breach or violation shall not be an Event of Default
so long as the Borrower immediately notifies the Agent thereof and, within thirty (30) days of receipt of such notice by the Agent (subject to extension for up to an additional thirty (30) days by the Agent in its sole and absolute
discretion), the Borrower adds, substitutes or removes one or more Properties as an Unencumbered Asset as contemplated by Section 8.5 such that immediately following such addition, substitution or removal, the occupancy level required by this
Section 9.14 is satisfied. 
 ARTICLE X. DEFAULT 

Section 10.1 Events of Default. 

Each of the following shall constitute an Event of Default, whatever the reason for such event and whether it shall be
voluntary or involuntary or be effected by operation of Applicable Law or pursuant to any judgment or order of any Governmental Authority: 

(a) Default in Payment of Principal. The Borrower shall fail to pay when due (whether at maturity, by reason of
acceleration or otherwise) the principal of any of the Loans, or any Reimbursement Obligation. 
 (b) Default
in Payment of Interest and Other Obligations. The Borrower shall fail to pay when due any interest on any of the Loans or any of the other payment Obligations owing by the Borrower under this Agreement or any other Loan Document, or any other
Obligor shall fail to pay when due any payment Obligation owing by such other Obligor under any Loan Document to which it is a party, and such failure shall continue for a period of three (3) Business Days from the date such payment was due.

 (c) Default in Performance. (i) The Borrower shall fail to perform or observe any term, covenant,
condition or agreement contained in Section 7.1 (with respect to the existence of the REIT Guarantor and the Borrower), 7.8, 7.12, 7.13, 8.3 or 8.5 or in Article IX, or (ii) the Borrower or any other Obligor shall fail to perform or
observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section and such failure under this Section 10.1(c)(ii) shall continue for a
period of thirty (30) days after the date upon which the Borrower has received written notice of such failure from the Agent. 

(d) Misrepresentations. Any written statement, representation or warranty made or deemed made by or on behalf of
the Borrower or any other Obligor under this Agreement or under any other Loan Document, or any amendment hereto or thereto, or in any other writing or statement at any time furnished or made or deemed made by or on behalf of the Borrower or any
other Obligor to the Agent or any Lender, shall at any time prove to have been incorrect or misleading (and without regard to any qualifications limiting such representations to knowledge or belief), in light of the circumstances in which made or
deemed made, in any material respect 
  

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(or, in the case of any representation, warranty or statement qualified by materiality, in any respect) when furnished or made or deemed made. 

(e) Indebtedness Cross-Default. 

(i) The Borrower, any other Obligor, or any of their respective Subsidiaries shall fail to pay when due
and payable, the principal of, or interest on, (x) any Indebtedness or obligations under Derivative Contracts (other than (A) the Obligations and (B) Nonrecourse Indebtedness) having an aggregate outstanding principal amount (or, in
the case of any Derivatives Contract, the marked to market value of such Derivative Contract if the Borrower is out of the money) greater than or equal to $10,000,000 or (y) any Nonrecourse Indebtedness having an aggregate outstanding principal
amount greater than or equal to $20,000,000 (all such Indebtedness or obligations under Derivative Contracts being “Material Indebtedness”); or 

(ii) (x) The maturity of any Material Indebtedness shall have been accelerated in accordance with the
provisions of any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Material Indebtedness or (y) any Material Indebtedness shall have been required to be prepaid or repurchased prior to the
stated maturity thereof (which for the purposes hereof shall include any termination event or other event resulting in the settling of payments due under a Derivative Contract); or 

(iii) Any other event shall have occurred and be continuing which would permit any holder or holders of
Material Indebtedness, any trustee or agent acting on behalf of such holder or holders or any other Person, to accelerate the maturity of any such Material Indebtedness or require any such Material Indebtedness to be prepaid or repurchased prior to
its stated maturity (which for the purposes hereof shall include any termination event or other event resulting in the settling of payments due under a Derivative Contract). 

(f) Voluntary Bankruptcy Proceeding. The Borrower, any other Obligor, or any of their respective Subsidiaries
shall: (i) commence a voluntary case under the Bankruptcy Code, or other federal bankruptcy laws (as now or hereafter in effect); (ii) file a petition seeking to take advantage of any other Applicable Laws, domestic or foreign, relating to
bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; (iii) consent to, or fail to contest in a timely and appropriate manner, any petition filed against it in an involuntary case under such bankruptcy laws
or other Applicable Laws or consent to any proceeding or action described in the immediately following subsection; (iv) apply for or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of
possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign; (v) admit in writing its inability to pay its debts as they become due; (vi) make a general assignment
for the benefit of creditors; (vii) make a conveyance fraudulent as to creditors under any Applicable Law; or (viii) take any corporate or partnership action for the purpose of effecting any of the foregoing; provided,
however, that the events described in this Section 10.1(f) as to any Subsidiary of any Obligor that is not also an Obligor shall not constitute 

 

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an Event of Default unless more than $10,000,000 of the Total Asset Value is attributable to (x) such Subsidiary(ies) and (y) any Subsidiary(ies) which is/are the subject of an Event of
Default under Section 10.1(g). 
 (g) Involuntary Bankruptcy Proceeding. A case or other proceeding
shall be commenced against Borrower, any other Obligor or any of their respective Subsidiaries in any court of competent jurisdiction seeking: (i) relief under the Bankruptcy Code, or other federal bankruptcy laws (as now or hereafter in
effect) or under any other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; or (ii) the appointment of a trustee, receiver, custodian, liquidator or the
like of such Person, or of all or any substantial part of the assets, domestic or foreign, of such Person, and such case or proceeding shall continue undismissed or unstayed for a period of sixty (60) consecutive calendar days, or an order
granting the remedy or other relief requested in such case or proceeding against such Person (including, but not limited to, an order for relief under such Bankruptcy Code or such other federal bankruptcy laws) shall be entered; provided,
however, that the events described in this Section 10.1(g) as to any Subsidiary of any Obligor that is not also an Obligor shall not constitute an Event of Default unless more than $10,000,000 of the Total Asset Value is attributable to
(x) such Subsidiary(ies) and (y) any Subsidiary(ies) which is/are the subject of an Event of Default under Section 10.1(f). 

(h) Litigation; Enforceability. The Borrower or any other Obligor shall disavow, revoke or terminate (or attempt
to terminate) any Loan Document to which it is a party or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity or enforceability of this Agreement, any Note or any
other Loan Document or this Agreement, any Note, the Guaranty or any other Loan Document shall cease to be in full force and effect (except as a result of the express terms thereof). 

(i) Judgment. A judgment or order for the payment of money or for an injunction shall be entered against the
Borrower, any other Obligor, or any of their respective Subsidiaries by any court or other tribunal and (i) such judgment or order shall continue for a period of thirty (30) days without being paid, stayed or dismissed through appropriate
appellate proceedings, and (ii) either (A) the amount of such judgment or order for which insurance has not been acknowledged in writing by the applicable insurance carrier (or the amount as to which the insurer has denied liability)
exceeds, individually or together with all other such outstanding judgments or orders entered against the Borrower, such other Obligor or such Subsidiary, $10,000,000 (or, in the case of any judgment or order with respect to any Nonrecourse
Indebtedness, which judgment or order is issued solely to permit the holder(s) of such Indebtedness to foreclose on any collateral securing the same, $20,000,000), or (B) in the case of an injunction or other non-monetary judgment, such
judgment could reasonably be expected to have a Material Adverse Effect. 
 (j) Attachment. A warrant,
writ of attachment, execution or similar process shall be issued against any property of the Borrower, any other Obligor, or any of their respective Subsidiaries which exceeds, individually or together with all other such warrants, writs, executions
and processes for the Borrower, such Obligor or such Subsidiary, $10,000,000 (or, in the case of any warrant, writ of attachment, execution or similar process with respect to any Nonrecourse Indebtedness, which warrant, writ of attachment, execution
or process is issued 
  

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solely to permit the holder(s) of such Indebtedness to foreclose on any collateral securing the same, $20,000,000), and such warrant, writ, execution or process shall not be discharged, vacated,
stayed or bonded for a period of thirty (30) days; provided, however, that if a bond has been issued in favor of the claimant or other Person obtaining such warrant, writ, execution or process, the issuer of such bond shall
execute a waiver or subordination agreement in form and substance satisfactory to the Agent pursuant to which the issuer of such bond subordinates its right of reimbursement, contribution or subrogation to the Obligations and waives or subordinates
any Lien it may have on the assets of any Obligor. 
 (k) ERISA. Any member of the ERISA Group shall fail
to pay when due an amount or amounts aggregating in excess of $5,000,000 which it shall have become liable to pay under Title IV of ERISA; or notice of intent to terminate a Material Plan shall be filed under Title IV of ERISA by any member of the
ERISA Group, any plan administrator or any combination of the foregoing; or the PBGC shall institute proceedings under Title IV of ERISA to terminate, to impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or
to cause a trustee to be appointed to administer, any Material Plan; or a condition shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any Material Plan must be terminated; or there shall occur a complete
or partial withdrawal from, or a default, within the meaning of Section 4219(c)(5) of ERISA, with respect to, one or more Multiemployer Plans which could cause one or more members of the ERISA Group to incur a current payment obligation in
excess of $5,000,000. 
 (l) Loan Documents. An Event of Default (as defined therein) shall occur under
any of the other Loan Documents. 
 (m) Change of Control. A Change of Control shall occur. 

(n) Federal Tax Lien. A federal tax lien shall be filed against the Borrower, any Obligor, or any of their
respective Subsidiaries under Section 6323 of the Internal Revenue Code or a lien of the PBGC shall be filed against the Borrower, any other Obligor, or any of their respective Subsidiaries under Section 4068 of ERISA and in either case
such lien shall remain undischarged (or otherwise unsatisfied) for a period of twenty-five (25) days after the date of filing. 

Section 10.2 Remedies Upon Event of Default. 

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

(a) Acceleration; Termination of Facilities. 

(i) Automatic. Upon the occurrence of an Event of Default specified in Sections 10.1(f) or
10.1(g) with respect to the Borrower, (A)(i) the principal of, and all accrued interest on, the Loans and the Notes at the time outstanding, (ii) an amount equal to the Stated Amount of all Letters of Credit outstanding as of the date of the
occurrence of such Event of Default, and (iii) all of the other Obligations of the Borrower, including, but not limited to, the other amounts owed to the Lenders, the Swingline Lender, the Issuing Lender and the Agent under this Agreement, the
Notes or any of the other Loan Documents shall become immediately and automatically due and payable by the Borrower without 
  

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presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Borrower, (B) all of the Commitments, the obligation of the Lenders to make Revolving
Loans, the Swingline Commitment, the obligation of the Swingline Lender to make Swingline Loans, and the obligation of the Issuing Lender to issue Letters of Credit hereunder, shall all immediately and automatically terminate and (C) the
Borrower shall be obligated to deposit cash collateral into the Collateral Account in accordance with Section 10.4 in an amount equal to the Letter of Credit Liabilities as of such date plus any accrued and unpaid interest thereon, which
deposit shall be due and payable immediately and without demand or notice of any kind. 
 (ii)
Optional. If any other Event of Default shall have occurred and be continuing, the Agent shall, at the direction of the Requisite Lenders: (A) declare (1) the principal of, and accrued interest on, the Loans and the Notes at the
time outstanding, (2) an amount equal to the Stated Amount of all Letters of Credit outstanding as of the date of the occurrence of such other Event of Default, and (3) all of the other Obligations, including, but not limited to, the other
amounts owed to the Lenders and the Agent under this Agreement, the Notes or any of the other Loan Documents, to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other
notice of any kind, all of which are expressly waived by the Borrower, (B) terminate the Commitments and the obligation of the Lenders to make Revolving Loans hereunder and the obligation of the Issuing Lender to issue Letters of Credit
hereunder and (C) demand the deposit of cash collateral to the Collateral Account in accordance with Section 10.4 in an amount equal to the Letter of Credit Liabilities as of such date plus any accrued and unpaid interest thereon. Further,
if the Agent has exercised any of the rights provided under the preceding sentence, the Swingline Lender shall: (x) declare the principal of, and accrued interest on, the Swingline Loans and the Swingline Note at the time outstanding, and all
of the other Obligations owing to the Swingline Lender, to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived
by the Borrower and (y) terminate the Swingline Commitment and the obligation of the Swingline Lender to make Swingline Loans. 

(b) Loan Documents. The Requisite Lenders may direct the Agent to, and the Agent if so directed shall, exercise
any and all of its rights under any and all of the other Loan Documents. 
 (c) Applicable Law. The
Requisite Lenders may direct the Agent to, and the Agent if so directed shall, exercise all other rights and remedies it may have under any Applicable Law. 

(d) Appointment of Receiver. To the extent permitted by Applicable Law, the Agent and the Lenders shall be
entitled to the appointment of a receiver for the assets and properties of the Borrower, the other Obligors and their respective Subsidiaries, without notice of any kind whatsoever and without regard to the adequacy of any security for the
Obligations or the 
  

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solvency of any party bound for its payment, to take possession of all or any portion of the business operations of the Borrower, the other Obligors and their respective Subsidiaries and to
exercise such power as the court shall confer upon such receiver. 
 Section 10.3 Allocation of
Proceeds. 
 If an Event of Default shall have occurred and be continuing and maturity of any of the
Obligations has been accelerated, all payments received by the Agent under any of the Loan Documents, in respect of any principal of or interest on the Obligations or any other amounts payable by the Borrower hereunder or thereunder, shall be
applied in the following order and priority: 
 (a) amounts due to the Agent and the Lenders in respect of fees
and expenses due under Sections 3.6 and 12.2; 
 (b) payments of interest on Swingline Loans; 

(c) payments of interest on all other Loans and Reimbursement Obligations, to be applied for the ratable benefit of the
Lenders, pro rata among the Lenders based upon the aggregate outstanding Revolving Loans and Reimbursement Obligations (and as to the Revolving Loans, first to Base Rate Loans and then to LIBOR Rate Loans); 

(d) payments of principal of Swingline Loans; 

(e) payments of principal of all other Loans and Reimbursement Obligations, to be applied for the ratable benefit of the
Lenders, pro rata among the Lenders based upon the aggregate outstanding Revolving Loans and Reimbursement Obligations (and as to the Revolving Loans, first to Base Rate Loans and then to LIBOR Rate Loans); 

(f) amounts to be deposited into the Collateral Account in respect of Letters of Credit (to be applied as provided in
Section 10.4); 
 (g) amounts due the Agent and the Lenders pursuant to Sections 11.7 and 12.9;

 (h) payments of all other amounts due and owing by the Borrower under any of the Loan Documents, if any, to
be applied for the ratable benefit of the Lenders and Agent; and 
 (i) any amount remaining after application
as provided above, shall be paid to the Borrower or whomever else may be legally entitled thereto. 

Section 10.4 Collateral Account. 

(a) As collateral security for the prompt payment in full when due of all Letter of Credit Liabilities and the other
Obligations, the Borrower hereby pledges and grants to the Agent, for the ratable benefit of the Lenders as provided herein, a security interest in all of its right, title and interest in and to the Collateral Account and the balances from time to
time in the Collateral Account (including the investments and reinvestments therein provided for below). The balances from time to time in the Collateral Account shall not constitute payment of any Letter

  

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of Credit Liabilities until applied by the Agent as provided herein. Anything in this Agreement to the contrary notwithstanding, funds held in the Collateral Account shall be subject to
withdrawal only as provided in this Section and in Section 2.12. Amounts shall be deposited into the Collateral Account as provided in Sections 2.7(b), 2.12 and 3.11. 

(b) Amounts on deposit in the Collateral Account shall be invested and reinvested by the Agent in such Cash Equivalents
as the Agent shall determine in its sole discretion. All such deposits, investments and reinvestments shall be held in the name of and be under the sole dominion and control of the Agent. The Borrower irrevocably authorizes Agent to exercise any and
all rights of the Borrower in respect of the Collateral Account and to give all instructions, directions and entitlement orders in respect thereof as Agent shall deem necessary or desirable. Agent is authorized by the Borrower to file such financing
statements as Agent may deem necessary in connection with the perfection of the security interests in the Collateral Account. The Borrower agrees to do such further acts and things, and to execute and deliver such additional documents as Agent may
reasonably request at any time in connection with the administration or enforcement of its rights with respect to the Collateral Account. For the purposes of the Uniform Commercial Code, New York shall be deemed to be the location and jurisdiction
of Agent, the Collateral Account and any securities entitlements relating thereto. The Agent shall exercise reasonable care in the custody and preservation of any funds held in the Collateral Account and shall be deemed to have exercised such care
if such funds are accorded treatment substantially equivalent to that which the Agent accords other funds deposited with the Agent, it being understood that the Agent shall not have any responsibility for taking any necessary steps to preserve
rights against any parties with respect to any funds held in the Collateral Account. 
 (c) If an Event of
Default shall have occurred and be continuing, the Requisite Lenders may, in their discretion, at any time and from time to time, instruct the Agent to liquidate any such investments and reinvestments and credit the proceeds thereof to the
Collateral Account and apply or cause to be applied such proceeds and any other balances in the Collateral Account for the ratable benefit of the Lenders to the payment of any of the Letter of Credit Liabilities due and payable. 

(d) If (i) no Default or Event of Default has occurred and is continuing and (ii) all of the Letter of Credit
Liabilities have been paid in full, the Agent shall, from time to time, at the request of the Borrower, deliver to the Borrower, against receipt but without any recourse, warranty or representation whatsoever, such of the balances in the Collateral
Account as exceed the aggregate amount of Letter of Credit Liabilities at such time. 
 (e) The Borrower shall
pay to the Agent from time to time such fees as the Agent normally charges for similar services in connection with the Agent’s administration of the Collateral Account and investments and reinvestments of funds therein. 

Section 10.5 Performance by Agent. 

If the Borrower shall fail to perform any covenant, duty or agreement contained in any of the Loan Documents, the Agent
may perform or attempt to perform such covenant, duty or agreement on behalf of the Borrower after the expiration of any cure or grace periods set forth 

 

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herein. In such event, the Borrower shall, at the request of the Agent, promptly pay any amount reasonably expended by the Agent in such performance or attempted performance to the Agent,
together with interest thereon at the applicable Post-Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, neither the Agent nor any Lender shall have any liability or responsibility whatsoever for the
performance of any obligation of the Borrower under this Agreement or any other Loan Document. 

Section 10.6 Rights Cumulative. 

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

ARTICLE XI. THE AGENT 

Section 11.1 Authorization and Action. 

Each Lender hereby appoints and authorizes the Agent to take such action as contractual representative on such
Lender’s behalf and to exercise such powers under this Agreement and the other Loan Documents as are specifically delegated to the Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. Not in
limitation of the foregoing, each Lender authorizes and directs the Agent to enter into the Loan Documents for the benefit of the Lenders. Each Lender hereby agrees that, except as otherwise set forth herein, any action taken by the Requisite
Lenders in accordance with the provisions of this Agreement or the Loan Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be
authorized and binding upon all of the Lenders. Nothing herein (including the use of the term “Agent”) shall be construed to deem the Agent a trustee or fiduciary for any Lender nor to impose on the Agent duties or obligations other than
those expressly provided for herein. At the request of a Lender, the Agent will forward to such Lender copies or, where appropriate, originals of the documents delivered to the Agent pursuant to this Agreement or the other Loan Documents. The Agent
will also furnish to any Lender, upon the request of such Lender, a copy of any certificate or notice furnished to the Agent by the Borrower, any Obligor or any other Affiliate of the Borrower or any Obligor, pursuant to this Agreement or any other
Loan Document not already delivered to such Lender pursuant to the terms of this Agreement or any such other Loan Document. As to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement or collection
of any of the Obligations), the Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the
instructions of the Requisite Lenders (or all of the Lenders if explicitly required under any other provision of this Agreement), and such instructions shall be binding upon all Lenders and all holders of any of the Obligations; provided,
however, that, notwithstanding anything in this Agreement to the contrary, the Agent shall not be required to take any action which exposes the 

 

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Agent to personal liability or which is contrary to this Agreement or any other Loan Document or Applicable Law. Not in limitation of the foregoing, the Agent shall not exercise any right or
remedy it or the Lenders may have under any Loan Document upon the occurrence of a Default or an Event of Default unless the Requisite Lenders have so directed the Agent to exercise such right or remedy. The Borrower may rely on written amendments
or waivers executed by Agent or acts taken by Agent as being authorized by the Lenders or the Requisite Lenders, as applicable, to the extent Agent does not advise Borrower that it has not obtained such authorization from the Lenders or the
Requisite Lenders, as applicable. 
 Section 11.2 Agent’s Reliance, Etc. 

Notwithstanding any other provisions of this Agreement or any other Loan Documents, neither the Agent nor any of its
directors, officers, agents, employees or counsel shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement, except for its or their own gross negligence or willful misconduct. Without
limiting the generality of the foregoing, the Agent: (a) may treat the payee of any Note as the holder thereof until the Agent receives written notice of the assignment or transfer thereof signed by such payee and in form satisfactory to the
Agent; (b) may consult with legal counsel (including its own counsel or counsel for the Borrower or any other Obligor), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to
be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (c) makes no warranty or representation to any Lender or any other Person and shall not be responsible to any Lender or any other Person for any
statements, warranties or representations made by any Person in or in connection with this Agreement or any other Loan Document; (d) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms,
covenants or conditions of any of this Agreement or any other Loan Document or the satisfaction of any conditions precedent under this Agreement or any Loan Document on the part of the Borrower or other Persons or inspect the property, books or
records of the Borrower or any other Person; (e) shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan Document, any other
instrument or document furnished pursuant thereto or any collateral covered thereby or the perfection or priority of any Lien in favor of the Agent on behalf of the Lenders in any such collateral; and (f) shall incur no liability under or in
respect of this Agreement or any other Loan Document by acting upon any notice, consent, certificate or other instrument or writing (which may be by telephone or telecopy) believed by it to be genuine and signed, sent or given by the proper party or
parties. 
 Section 11.3 Notice of Defaults. 

The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default, except with
respect to defaults in the payment of principal, interest and fees required to be paid to Agent for the account of the Lenders, unless the Agent has received notice from a Lender or the Borrower referring to this Agreement, describing with
reasonable specificity such Default or Event of Default and stating that such notice is a “notice of default.” If any Lender (excluding the Lender which is also serving as the Agent) becomes aware of any Default or Event of Default, it
shall promptly send to the Agent such a “notice of 
  

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default.” Further, if the Agent receives such a “notice of default”, the Agent shall give prompt notice thereof to the Lenders. 

Section 11.4 JPMorgan Chase Bank, N.A. as Lender. 

JPMCB, as a Lender, shall have the same rights and powers under this Agreement and any other Loan Document as any other
Lender and may exercise the same as though it were not the Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include JPMCB in each case in its individual capacity. JPMCB and its affiliates may
each accept deposits from, maintain deposits or credit balances for, invest in, lend money to, act as trustee under indentures of, serve as financial advisor to, and generally engage in any kind of business with, the Borrower, any other Obligor or
any other affiliate thereof as if it were any other bank and without any duty to account therefor to the other Lenders. Further, the Agent and any affiliate may accept fees and other consideration from the Borrower for services in connection with
this Agreement and otherwise without having to account for the same to the other Lenders. 

Section 11.5 Approvals of Lenders. 

All communications from the Agent to any Lender requesting such Lender’s determination, consent, approval or
disapproval, including amendments, waivers and consents under Section 12.6, (a) shall be given in the form of a written notice to such Lender, (b) shall be accompanied by a description of the matter or issue as to which such
determination, approval, consent or disapproval is requested, or shall advise such Lender where information, if any, regarding such matter or issue may be inspected, or shall otherwise describe the matter or issue to be resolved, (c) shall
include, if reasonably requested by such Lender and to the extent not previously provided to such Lender, written materials and a summary of all oral information provided to the Agent by the Borrower in respect of the matter or issue to be resolved,
and (d) shall include the Agent’s recommended course of action or determination in respect thereof. Each Lender shall reply promptly, but in any event within twenty (20) Business Days (or such lesser or greater period as may be
specifically required under the Loan Documents) of receipt of such communication. Except as otherwise provided in this Agreement and except with respect to items requiring the unanimous consent or approval of the Lenders under Section 12.6,
unless a Lender shall give written notice to the Agent that it specifically objects to the recommendation or determination of the Agent (together with a written explanation of the reasons behind such objection) within the applicable time period for
reply, such Lender shall be deemed to have conclusively approved of or consented to such recommendation or determination. 

Section 11.6 Lender Credit Decision, Etc. 

Each Lender expressly acknowledges and agrees that neither the Agent nor any of its officers, directors, employees,
agents, counsel, attorneys-in-fact or other affiliates has made any representations or warranties as to the financial condition, operations, creditworthiness, solvency or other information concerning the business or affairs of the Borrower, any
other Obligor, any of their respective Subsidiaries or any other Person to such Lender and that no act by the Agent hereafter taken, including any review of the affairs of the Borrower, shall be deemed to constitute any such representation or
warranty by the Agent to any Lender. Each Lender acknowledges that it has, independently and without reliance upon the Agent, any other Lender 

 

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or counsel to the Agent, or any of their respective officers, directors, employees and agents, and based on the financial statements of the Borrower, the other Obligors, and their respective
Subsidiaries, or any other Affiliate thereof, and inquiries of such Persons, its independent due diligence of the business and affairs of the Borrower, the Obligors, their respective Subsidiaries and other Persons, its review of the Loan Documents,
the legal opinions required to be delivered to it hereunder, the advice of its own counsel and such other documents and information as it has deemed appropriate, made its own credit and legal analysis and decision to enter into this Agreement and
the transaction contemplated hereby. Each Lender also acknowledges that it will, independently and without reliance upon the Agent, any other Lender or counsel to the Agent or any of their respective officers, directors, employees and agents, and
based on such review, advice, documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under the Loan Documents. Except for notices, reports and other documents and
information expressly required to be furnished to the Lenders by the Agent under this Agreement or any of the other Loan Documents, the Agent shall have no duty or responsibility to provide any Lender with any credit or other information concerning
the business, operations, property, financial and other condition or creditworthiness of the Borrower, any other Obligor, any of their respective Subsidiaries or any other Affiliate thereof which may come into possession of the Agent or any of its
officers, directors, employees, agents, attorneys-in-fact or other Affiliates. Each Lender acknowledges that the Agent’s legal counsel in connection with the transactions contemplated by this Agreement is only acting as counsel to the Agent and
is not acting as counsel to such Lender. 
 Section 11.7 Indemnification of Agent. 

Each Lender agrees to indemnify the Agent (to the extent not reimbursed by the Borrower and without limiting the
obligation of the Borrower to do so) pro rata in accordance with such Lender’s respective Commitment Percentage, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind or nature whatsoever which may at any time be imposed on, incurred by, or asserted against the Agent (in its capacity as Agent but not as a Lender) in any way relating to or arising out of the Loan Documents, any
transaction contemplated hereby or thereby or any action taken or omitted by the Agent under the Loan Documents (collectively, “Indemnifiable Amounts”); provided, however, that no Lender shall be liable for any portion of
such Indemnifiable Amounts to the extent resulting from the Agent’s gross negligence or willful misconduct or if the Agent fails to follow the written direction of the Requisite Lenders unless such failure is pursuant to the reasonable advice
of counsel of which the Lenders have received notice. Without limiting the generality of the foregoing but subject to the preceding provision, each Lender agrees to reimburse the Agent (to the extent not reimbursed by the Borrower and without
limiting the obligation of the Borrower to do so) promptly upon demand for its ratable share of any out-of-pocket expenses (including reasonable counsel fees of the counsel(s) of the Agent’s own choosing) incurred by the Agent in connection
with the preparation, negotiation, execution, administration or enforcement of, or legal advice with respect to the rights or responsibilities of the parties under, the Loan Documents, any suit or action brought by the Agent to enforce the terms of
the Loan Documents and/or collect any Obligations, any “lender liability” suit or claim brought against the Agent and/or the Lenders, and any claim or suit brought against the Agent and/or the Lenders arising under any Environmental Laws.
Such out-of-pocket expenses (including counsel fees) shall be advanced by the Lenders on the request of 
  

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the Agent notwithstanding any claim or assertion that the Agent is not entitled to indemnification hereunder upon receipt of an undertaking by the Agent that the Agent will reimburse the Lenders
if it is actually and finally determined by a court of competent jurisdiction that the Agent is not so entitled to indemnification. The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder or
under the other Loan Documents and the termination of this Agreement. If the Borrower shall reimburse the Agent for any Indemnifiable Amount following payment by any Lender to the Agent in respect of such Indemnifiable Amount pursuant to this
Section, the Agent shall share such reimbursement on a ratable basis with each Lender making any such payment. 

Section 11.8 Successor Agent. 

The Agent may resign at any time as Agent under the Loan Documents by giving written notice thereof to the Lenders and
the Borrower. The Agent may be removed as Agent under the Loan Documents by the Requisite Lenders (other than the Lender then acting as Agent) as a result of (i) its gross negligence or willful misconduct or (ii) it being a Defaulting
Lender or meeting the criteria of a Defaulting Lender. Any such removal or resignation shall also constitute Agent’s resignation as Swingline Lender and may, at such Agent’s option, also constitute its resignation as Issuing Lender. Upon
any such resignation or removal, the Requisite Lenders (other than the Lender then acting as Agent, in the case of the removal of the Agent under the immediately preceding sentence) shall have the right to appoint a successor Agent and Swingline
Lender, which shall be a Lender, if any Lender shall be willing to serve, and otherwise shall be a commercial bank having total combined assets of at least $5,000,000,000, which appointment shall, provided no Default or Event of Default shall have
occurred and be continuing, 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) holding
at least ten percent (10%) of the Total Commitments (calculated at the time Agent gives notice of its resignation) as a successor Agent and Swingline Lender). If no successor Agent shall have been so appointed in accordance with the immediately
preceding sentence, and shall have accepted such appointment, within thirty (30) days after the resigning Agent’s giving of notice of resignation or the Lenders’ removal of the resigning Agent, then the resigning or removed Agent may,
on behalf of the Lenders, appoint a successor Agent, which shall be a Lender, if any Lender shall be willing to serve, and otherwise shall be a commercial bank having total combined assets of at least $5,000,000,000. Upon the acceptance of any
appointment as Agent or Swingline Lender hereunder by a successor Agent, such successor Agent and Swingline Lender shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the
retiring Agent shall be discharged from its duties and obligations under the Loan Documents as Agent and Swingline Lender. After any Agent’s resignation or removal hereunder as Agent, the provisions of this Article XI and all provisions of
this Agreement relating to Swingline Loans shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent or Swingline Lender under the Loan Documents. 

Section 11.9 Titled Agents. 

Each of the Titled Agents in each such respective capacity, assumes no responsibility or obligations hereunder,
including, without limitation, for servicing enforcement or collection of 
  

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any of the Loans, nor any duties as an agent hereunder for the Lenders. The titles of “Sole Lead Arranger and Book Manager”, “Documentation Agent” and “Syndication
Agent” are solely honorific and imply no fiduciary responsibility on the part of the Titled Agents to the Agent, the Borrower or any Lender and the use of such titles does not impose on the Titled Agents any duties or obligations greater than
those of any other Lender or entitle the Titled Agents to any rights other than those to which any other Lender is entitled. 

Section 11.10 Other Loans by Lenders to Obligors. 

The Lenders agree that one or more of them may now or hereafter have other loans to and derivative contracts and/or
business arrangements with one or more of the Obligors which are not subject to this Agreement. The Lenders agree that the Lender(s) which may have such other loan(s) to the Obligors may collect payments on such loan(s) and may secure such loan(s)
(so long as such loan does not itself expressly violate this Agreement). Further, the Lenders agree that the Lender(s) which may have such other loan(s) to the Obligors shall have no obligation to attempt to collect payments under the Loans or
Reimbursement Obligations in preference and priority over the collection and/or enforcement of such other loan(s). 
 ARTICLE
XII. MISCELLANEOUS 
 Section 12.1 Notices. 

Unless otherwise provided herein, communications provided for hereunder shall be in writing and shall be mailed,
telecopied or delivered by hand or by nationally-recognized overnight courier as follows: 
  

	
	 If to the Borrower:

	
	 Wells Operating Partnership II, L.P.

	 6200 The Corners Parkway

	 Norcross, Georgia 30092-3365

	 Attention: Douglas P. Williams

	 Telecopy Number:    (770) 243-8124

	 Telecopy Number:    (770) 449-7800

	
	 With a copy to:

	
	 DLA Piper LLP (US)

	 203 North LaSalle Street, Suite 1900

	 Chicago, Illinois 60601

	 Attention: James M. Phipps

	 Telecopy Number:      (312) 251-5735

	 Telephone Number:    (312) 368-4088

	
	 If to the Agent, the Issuing Lender or the Swingline Lender:

	
	 JPMorgan Chase Bank, N.A.

	 1111 Fannin, 10th Floor

  

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	 Houston, Texas 77002
	 	
	 Attention: Loan and Agency Services Group
	 	
	 Telephone Number:  (713) 750-2892
	 	
		
	 With a copy to:
	 	
		
	 JPMorgan Chase Bank, N.A.
	 	
	 383 Madison Avenue, 24th Floor
	 	
	 New York, New York 10179
	 	
	 Attention: Kimberly Turner
	 	
	 Telecopy Number:    (212) 270-2157
	 	
	 Telephone Number:  (212) 622-8177
	 	
		
	 And with a copy to:
	 	
		
	 Bingham McCutchen LLP
	 	
	 One Federal Street
	 	
	 Boston, Massachusetts 02110-1726
	 	
	 Attention: Stephen M. Miklus
	 	
	 Telecopy Number:    (617) 428-6387
	 	
	 Telephone Number:  (617) 951-8364
	 	
		
	 If to a Lender:
	 	
		
	 To such Lender’s address or telecopy number, as applicable, set forth on its signature page hereto (or, if not set forth thereon,
as specified in its Administrative Questionnaire provided to the Agent)or in the applicable Assignment and Acceptance Agreement.
	 	

 or, as to each party at such other address as shall be designated by such party in a written notice
to the other parties delivered in compliance with this Section. All such notices and other communications shall be effective (i) if mailed, when received; (ii) if telecopied, when transmitted; or (iii) if hand delivered or sent by
overnight courier, when delivered. Notwithstanding the immediately preceding sentence, all notices or communications to the Agent or any Lender under Article II shall be effective only when actually received. Neither the Agent nor any Lender
shall incur any liability to the Borrower (nor shall the Agent incur any liability to the Lenders) for acting upon any telephonic notice referred to in this Agreement which the Agent or such Lender, as the case may be, believes in good faith to have
been given by a Person authorized to deliver such notice or for otherwise acting in good faith hereunder. 

Section 12.2 Expenses. 

The Borrower agrees (a) to pay or reimburse the Agent for all of its reasonable out-of-pocket costs and expenses
incurred in connection with the preparation, negotiation, execution, 
  

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administration and interpretation of, and any amendment, supplement or modification to, any of the Loan Documents (including due diligence expenses and travel expenses relating to closing), and
the consummation of the transactions contemplated thereby, including the reasonable fees and disbursements of counsel to the Agent (such expenses to include ongoing charges for Intralinks, SyndTrak Online or any similar system), (b) to pay or
reimburse JPMorgan Chase Bank, N.A. and J.P. Morgan Securities, Inc. or their reasonable out-of-pocket costs and expenses incurred in connection with the initial syndication of the Loans by JPMorgan Chase Bank, N.A. and J.P. Morgan Securities, Inc.,
(c) to pay or reimburse the Agent and the Lenders for all their costs and expenses incurred in connection with the enforcement or preservation of any rights under the Loan Documents, including the reasonable fees and disbursements of their
respective counsel (including the allocated fees and expenses of in-house counsel) and any payments in indemnification or otherwise payable by the Lenders to the Agent pursuant to the Loan Documents, (d) to pay, and indemnify and hold harmless
the Agent and the Lenders from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any failure to pay or delay in paying, documentary, stamp, excise and other similar taxes, if any, which may be
payable or determined to be payable in connection with the execution and delivery of any of the Loan Documents, or consummation of any amendment, supplement or modification of, or any waiver or consent under or in respect of, any Loan Document, and
(e) to the extent not already covered by any of the preceding subsections, to pay or reimburse the Agent and the Lenders for all their costs and expenses incurred in connection with any bankruptcy or other proceeding of the type described in
Sections 10.1(f) or 10.1(g), including the reasonable fees and disbursements of counsel to the Agent and any Lender, whether such fees and expenses are incurred prior to, during or after the commencement of such proceeding or the confirmation
or conclusion of any such proceeding. If the Borrower shall fail to pay any amounts required to be paid by it pursuant to this Section, the Agent and/or the Lenders may pay such amounts on behalf of the Borrower and either deem the same to be Loans
outstanding hereunder or otherwise Obligations owing hereunder. 
 Section 12.3 Setoff. 

Subject to Section 3.3 and in addition to any rights now or hereafter granted under Applicable Law and not by way of
limitation of any such rights, the Agent and each Lender and Participant is hereby authorized by the Borrower, at any time or from time to time during the continuance of an Event of Default, without prior notice to the Borrower or to any other
Person, any such notice being hereby expressly waived, but in the case of a Lender and Participant subject to receipt of the prior written consent of the Agent exercised in its sole discretion, to set off and to appropriate and to apply any and all
deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Agent, such Lender or Participant or any
affiliate of the Agent or such Lender or Participant, to or for the credit or the account of the Borrower against and on account of any of the Obligations, irrespective of whether or not any or all of the Loans and all other Obligations have been
declared to be, or have otherwise become, due and payable as permitted by Section 10.2, and although such obligations shall be contingent or unmatured. Promptly following any such set-off the Agent shall notify the Borrower thereof and of the
application of such set-off, provided that the failure to give such notice shall not invalidate such set-off. The foregoing shall not apply to any account governed by a written 

 

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agreement containing express waivers by the Agent or any Lender with respect to rights of setoff. 

Section 12.4 Governing Law; Litigation; Jurisdiction; Other Matters; Waivers. 

(a) THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACT ENTERED INTO PURSUANT TO THE LAWS OF THE STATE OF NEW YORK AND SHALL
IN ALL RESPECTS BE GOVERNED, CONSTRUED, APPLIED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (OTHER THAN THOSE CONFLICT OF LAW PROVISIONS THAT WOULD DEFER TO THE SUBSTANTIVE LAWS OF ANOTHER JURISDICTION). WITHOUT IN ANY WAY
LIMITING THE PRECEDING CHOICE OF LAW, THE PARTIES ELECT TO BE GOVERNED BY NEW YORK LAW IN ACCORDANCE WITH, AND ARE RELYING (AT LEAST IN PART) ON, SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK. 

(b) WITH RESPECT TO ANY CLAIM OR ACTION ARISING HEREUNDER OR UNDER THIS AGREEMENT, THE NOTES, OR THE OTHER LOAN
DOCUMENTS, BORROWER (A) IRREVOCABLY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK, NEW YORK, AND APPELLATE COURTS FROM ANY
THEREOF, AND (B) IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY HAVE AT ANY TIME TO THE LAYING ON VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE NOTES OR THE OTHER LOAN DOCUMENTS BROUGHT IN ANY SUCH
COURT, IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING IN THIS AGREEMENT, THE NOTES OR THE OTHER LOAN DOCUMENTS WILL BE DEEMED TO PRECLUDE LENDER FROM
BRINGING AN ACTION OR PROCEEDING WITH RESPECT HERETO IN ANY OTHER JURISDICTION. WITHOUT IN ANY WAY LIMITING THE PRECEDING CONSENTS TO JURISDICTION AND VENUE, THE PARTIES AGREE TO SUBMIT TO THE JURISDICTION OF SUCH NEW YORK COURTS IN ACCORDANCE WITH
SECTION 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK OR ANY CORRESPONDING OR SUCCEEDING PROVISIONS THEREOF. 

(c) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR
NOTICES IN SECTION 12.1. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

Section 12.5 Successors and Assigns. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns, except that the Borrower 
  

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may not assign or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of all Lenders and any such assignment or other transfer to which all
of the Lenders have not so consented shall be null and void. 
 (b) Any Lender may make, carry or transfer Loans
at, to or for the account of any of its branch offices or the office of an affiliate of such Lender except to the extent such transfer would result in increased costs to the Borrower. 

(c) Any Lender may at any time grant to one or more banks or other financial institutions (each a
“Participant”) participating interests in its Commitment or the Obligations owing to such Lender; provided, however, (i) any such participating interest must be for a constant and not a varying percentage interest,
(ii) no Lender may grant a participating interest in its Commitment, or if the Commitments have been terminated, the aggregate outstanding principal balance of Revolving Notes held by it, in an amount less than $5,000,000 and (iii) after
giving effect to any such participation by a Lender, the amount of its Commitment or if the Commitments have been terminated, the aggregate outstanding principal balance of Revolving Notes held by it, in which it has not granted any participating
interests must be equal to $5,000,000 and integral multiples of $1,000,000 in excess thereof. No Participant shall have any rights or benefits under this Agreement or any other Loan Document. In the event of any such grant by a Lender of a
participating interest to a Participant, such Lender shall remain responsible for the performance of its obligations hereunder, and the Borrower and the Agent shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement. Any agreement pursuant to which any Lender may grant such a participating interest shall provide that such Lender shall retain the sole right and responsibility to enforce the obligations of
the Borrower hereunder including, without limitation, the right to approve any amendment, modification or waiver of any provision of this Agreement; provided, however, such Lender may agree with the Participant that it will not,
without the consent of the Participant, agree to (i) increase, or extend the term or extend the time or waive any requirement for the reduction or termination of, such Lender’s Commitment, (ii) extend the date fixed for the payment of
principal of or interest on the Loans or portions thereof owing to such Lender, (iii) reduce the amount of any such payment of principal, (iv) reduce the rate at which interest is payable thereon or (v) release all or substantially
all of the Guarantors (except as otherwise permitted under Section 7.12(b)). An assignment or other transfer which is not permitted by Section 12.5(d) or (e) below shall be given effect for purposes of this Agreement only to the
extent of a participating interest granted in accordance with this subsection (c). The selling Lender shall notify the Agent and the Borrower of the sale of any participation hereunder and, if requested by the Agent, certify to the Agent that
such participation is permitted hereunder. 
 (d) Any Lender may with the prior written consent of the Agent,
the Issuing Lender and the Swingline Lender (which consent shall not be unreasonably withheld or delayed), assign to one or more Eligible Assignees (each an “Assignee”) all or a portion of its Commitment and its other rights and
obligations under this Agreement and the Notes; provided, however, (i) no such consent by the Agent, the Swingline Lender or the Issuing Lender shall be required in the case of any assignment to another Lender or any affiliate of
such Lender or of another Lender unless such Lender is a Defaulting Lender; (ii) any partial assignment of a Commitment shall be in an amount at least equal to $5,000,000 and integral multiples of $1,000,000 in excess thereof and after giving
effect to such partial assignment the assigning Lender retains a portion of the 
  

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Commitment so assigned, or if any of the Commitments have been terminated, holds Revolving Notes having an aggregate outstanding principal balance, of at least $5,000,000 and integral multiples
of $1,000,000 in excess thereof (provided, however, the conditions set forth in this subsection (ii) shall not apply to any full assignment by any Lender of its Commitment); and (iii) each such assignment shall be effected by
means of an Assignment and Acceptance Agreement. Upon execution and delivery of such instrument and payment by such Assignee to such transferor Lender of an amount equal to the purchase price agreed between such transferor Lender and such Assignee,
such Assignee shall be deemed to be a Lender party to this Agreement as of the effective date of the Assignment and Acceptance Agreement and shall have all the rights and obligations of a Lender with a Commitment as set forth in such Assignment and
Acceptance Agreement, and the transferor Lender shall be released from its obligations hereunder to a corresponding extent, and no further consent or action by any party shall be required. Upon the consummation of any assignment pursuant to this
subsection (d), the transferor Lender, the Agent and the Borrower shall make appropriate arrangements so that new Notes are issued to the Assignee and such transferor Lender, as appropriate, and any other documents reasonably required by a
Lender in connection with such assignment shall be executed by the Borrower. In connection with any such assignment, the transferor Lender shall pay to the Agent an administrative fee for processing such assignment in the amount of $3,500.

 (e) The Agent shall maintain at the Principal Office a copy of each Assignment and Acceptance Agreement
delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders and the Commitment of each Lender from time to time (the “Register”). The Agent shall give each Lender and the Borrower notice of
the assignment by any Lender of its rights as contemplated by this Section. The Borrower, the Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement. The Register
and copies of each Assignment and Acceptance Agreement shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice to the Agent. Upon its receipt of an Assignment and
Acceptance Agreement executed by an assigning Lender, together with each Note subject to such assignment, the Agent shall, if such Assignment and Acceptance Agreement has been completed and if the Agent receives the processing and recording fee
described in Section 12.5(d) above, (i) accept such Assignment and Acceptance Agreement, (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the Borrower. 

(f) In addition to the assignments and participations permitted under the foregoing provisions of this Section, any
Lender may assign and pledge all or any portion of its Loans and its Notes to any Federal Reserve Bank as collateral security pursuant to Regulation A and any Operating Circular issued by such Federal Reserve Bank, and such Loans and Notes shall be
fully transferable as provided therein. No such assignment shall release the assigning Lender from its obligations hereunder. 

(g) A Lender may furnish any information concerning the Borrower, any other Obligor or any of their respective
Subsidiaries or Affiliates in the possession of such Lender from time to time to Assignees and Participants (including prospective Assignees and Participants) subject to compliance with Section 12.8. 

 

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 (h) Anything in this Section to the contrary notwithstanding, no Lender may
assign or participate any interest in any Loan held by it hereunder to the Borrower, any other Obligor or any of their respective Affiliates or Subsidiaries. 

(i) Each Lender agrees that, without the prior written consent of the Borrower and the Agent, it will not make any
assignment hereunder in any manner or under any circumstances that would require registration or qualification of, or filings in respect of, any Loan or Note under the Securities Act or any other securities laws of the United States of America or of
any other jurisdiction. 
 Section 12.6 Amendments. 

Except as otherwise expressly provided in this Agreement, any consent or approval required or permitted by this Agreement
or any other Loan Document to be given by the Lenders may be given, and any term of this Agreement or of any other Loan Document may be amended, and the performance or observance by the Borrower or any other Obligor or any of their respective
Subsidiaries of any terms of this Agreement or such other Loan Document or the continuance of any Default or Event of Default may be waived (either generally or in a particular instance and either retroactively or prospectively) with, but only with,
the written consent of the Requisite Lenders (and, in the case of an amendment to any Loan Document, the written consent of the Borrower). Notwithstanding the foregoing, no amendment, waiver or consent shall do any of the following:
(i) increase the Commitments (or any component thereof) of any of Lenders without the written consent of each Lender affected thereby; (ii) reduce the principal of, or interest rates that have accrued or that will be charged on the
outstanding principal amount of, any Loans or Fees or other Obligations without the written consent of each Lender affected thereby; (iii) reduce the amount of any Fees payable hereunder without the written consent of each Lender affected
thereby; (iv) postpone any date fixed for any payment of any principal of, or interest on, any Loans or any other Obligations, or, except as provided in Section 2.3, extend the expiration date of any Letter of Credit beyond the Termination Date
without the written consent of each Lender affected thereby; (v) (A) change the Commitment Percentages (or any component thereof) (except as a result of any increase or decrease in the aggregate amount of the Commitments contemplated by
Section 4.5 or as a result of any reallocation contemplated by Section 3.11) without the written consent of each Lender affected thereby or (B) amend or otherwise modify the provisions of Section 3.2(a) without the written
consent of each Lender affected thereby; (vi) modify the definition of the term “Requisite Lenders”, modify in any other manner the number or percentage of the Lenders (including all of the Lenders) required to make any determinations
or waive any rights hereunder or to modify any provision hereof, including without limitation, any modification of this Section if such modification would have such effect without the written consent of each Lender; or (vii) release any
Guarantor from its obligations under the Guaranty (except as otherwise permitted under Section 7.12(b)) without the written consent of each Lender. Further, no amendment, waiver or consent unless in writing and signed by the Agent, in addition
to the Lenders required hereinabove to take such action, shall affect the rights or duties of the Agent under this Agreement or any of the other Loan Documents. Any amendment, waiver or consent relating to Section 2.2, Section 3.11 or the
obligations of the Swingline Lender under this Agreement or any other Loan Document shall, in addition to the Lenders required hereinabove to take such action, require the written consent of the Swingline Lender. Any amendment, waiver or consent
relating to Section 2.3, Section 3.11 or the 
  

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obligations or rights of the Issuing Lender under this Agreement or any other Loan Documents shall, in addition to the Lenders required hereinabove to take such action, require the written
consent of the Issuing Lender. No waiver shall extend to or affect any obligation not expressly waived or impair any right consequent thereon and any amendment, waiver or consent shall be effective only in the specific instance and for the specific
purpose set forth therein. No course of dealing or delay or omission on the part of the Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto. Except as otherwise explicitly provided for
herein or in any other Loan Document, no notice to or demand upon the Borrower shall entitle the Borrower to any other or further notice or demand in similar or other circumstances. 

Section 12.7 Nonliability of Agent and Lenders. 

The relationship between the Borrower and the Lenders and the Agent shall be solely that of borrower and lender. Neither
the Agent nor any Lender shall have any fiduciary responsibilities to the Borrower and no provision in this Agreement or in any of the other Loan Documents, and no course of dealing between or among any of the parties hereto, shall be deemed to
create any fiduciary duty owing by the Agent or any Lender to any Lender, the Borrower, any other Obligor or any of their respective Subsidiaries. Neither the 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. 

Section 12.8 Confidentiality. 

(a) Each of the Agent, the Issuing Lender and the Lenders agrees to maintain the confidentiality of the Information (as
defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority, (c) to the extent
required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to
this Agreement or the enforcement of rights hereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or
Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent
of the Borrower or (h) 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 the Agent, the Issuing Lender or any Lender on a nonconfidential
basis from a source other than the Borrower; provided that the source of such information was not known by the Agent, the Issuing Lender or any Lender to be bound by a confidentiality agreement or other legal or contractual obligation of
confidentiality with respect to such information. 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
available to the Agent, the Issuing Lender or any Lender on a nonconfidential basis prior to disclosure by the Borrower. Any Person required to maintain the 

 

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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. 
 (b) EACH
LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12(a) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS
THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE
SECURITIES LAWS. 
 (c) ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE
BORROWER OR THE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES.
ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER AND THE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS
COMPLIANCE PROCEDURES AND APPLICABLE LAW. 
 Section 12.9 Indemnification. 

(a) Borrower shall and hereby agrees to indemnify, defend and hold harmless the Agent, any affiliate of the Agent and
each of the Lenders and their respective directors, officers, shareholders, agents, employees and counsel (each referred to herein as an “Indemnified Party”) from and against any and all losses, costs, claims, damages, liabilities,
deficiencies, judgments or expenses of every kind and nature (including, without limitation, amounts paid in settlement, court costs and the reasonable fees and disbursements of counsel incurred in connection with any litigation, investigation,
claim or proceeding or any advice rendered in connection therewith, but excluding losses, costs, claims, damages, liabilities, deficiencies, judgments or expenses indemnification in respect of which is specifically covered by Section 3.12 or
4.1 or expressly excluded from the coverage of such Sections) incurred by an Indemnified Party in connection with, arising out of, or by reason of, any suit, cause of action, claim, arbitration, investigation or settlement, consent decree or other
proceeding (the foregoing referred to herein as an “Indemnity Proceeding”) which is in any way related directly or indirectly to: (i) this Agreement or any other Loan Document or the transactions contemplated thereby; (ii) the
making of any Loans or issuance of Letters of Credit hereunder; (iii) any actual or proposed use by the Borrower of the proceeds of the Loans or Letters of Credit; (iv) the Agent’s or any Lender’s entering into this Agreement;
(v) the fact that the Agent and the Lenders have established the credit facility evidenced hereby in favor of the Borrower; (vi) the fact that the Agent and the Lenders are creditors of the Borrower and have or are alleged to have
information regarding the financial 
  

 - 106 - 

 
condition, strategic plans or business operations of the Borrower, the other Obligors, or their respective Subsidiaries; (vii) the fact that the Agent and the Lenders are material creditors
of the Borrower and are alleged to influence directly or indirectly the business decisions or affairs of the Borrower, the other Obligors and their respective Subsidiaries or their financial condition; (viii) the exercise of any right or remedy
the Agent or the Lenders may have under this Agreement or the other Loan Documents; or (ix) any violation or non-compliance by the Borrower, any other Obligor, or any of their respective Subsidiaries of any Applicable Law (including any
Environmental Law) including, but not limited to, any Indemnity Proceeding commenced by (A) the Internal Revenue Service or state taxing authority or (B) any Governmental Authority or other Person under any Environmental Law, including any
Indemnity Proceeding commenced by a Governmental Authority or other Person seeking remedial or other action to cause the Borrower, the Obligors or their respective Subsidiaries (or their respective properties) (or the Agent and/or the Lenders as
successors to the Borrower, any other Obligor or their respective Subsidiaries) to be in compliance with such Environmental Laws; provided, however, that the Borrower shall not be obligated to indemnify any Indemnified Party
(x) for any acts or omissions of such Indemnified Party that constitute gross negligence or willful misconduct, as finally determined by a court of competent jurisdiction after the expiration of all applicable appeal periods or (y) in
connection with any losses, costs, claims, damages, liabilities, deficiencies, judgments or expenses arising out of any action, claim, arbitration, investigation or settlement, consent decree or other proceeding brought by any Indemnified Party
against any other Indemnified Party in connection with, arising out of, or by reason of this Agreement or any other Loan Document or the transactions contemplated thereby or the making of any Loans or issuance of Letters of Credit hereunder. In
addition, the foregoing indemnification in favor of any director, officer, shareholder, agent, employee or counsel of the Agent, any affiliate of the Agent or any Lender shall be solely in their respective capacities as such director, officer,
shareholder, agent, employee, or counsel. Borrower shall not be liable for payment of any settlement of any Indemnity Proceeding effected without Borrower’s written consent, but if the same is settled with such consent, Borrower agrees that
such settlement is covered by the foregoing indemnity. 
 (b) The Borrower’s indemnification obligations
under this Section shall apply to all Indemnity Proceedings arising out of, or related to, the foregoing whether or not an Indemnified Party is a named party in such Indemnity Proceeding. In this connection, this indemnification shall cover all
reasonable costs and expenses of any Indemnified Party in connection with any deposition of any Indemnified Party or compliance with any subpoena (including any subpoena requesting the production of documents). This indemnification shall, among
other things, apply to any Indemnity Proceeding commenced by other creditors of the Borrower, any other Obligor, or any of their respective Subsidiaries, any shareholder, partner or other equity holder of the Borrower, any other Obligor or any of
their respective Subsidiaries (whether such shareholder(s) or such other Persons are prosecuting such Indemnity Proceeding in their individual capacity or derivatively on behalf of such Person), any account debtor of the Borrower, any other Obligor,
or any of their respective Subsidiaries or by any Governmental Authority. 
 (c) This indemnification shall
apply to any Indemnity Proceeding arising during the pendency of any bankruptcy proceeding filed by or against Borrower and/or an Obligor or any of their respective Subsidiaries. 

 

 - 107 - 

 (d) All out-of-pocket fees and expenses of, and all amounts paid to
third-persons by, an Indemnified Party with respect to an Indemnified Proceeding shall be advanced by the Borrower at the request of such Indemnified Party notwithstanding any claim or assertion by the Borrower that such Indemnified Party is not
entitled to indemnification hereunder upon receipt of an undertaking by such Indemnified Party that such Indemnified Party will reimburse the Borrower if it is actually and finally determined by a court of competent jurisdiction that such
Indemnified Party is not so entitled to indemnification hereunder. 
 (e) An Indemnified Party may conduct its
own investigation and defense of, and may formulate its own strategy with respect to, any Indemnified Proceeding covered by this Section and, as provided above, all reasonable costs and expenses incurred by such Indemnified Party shall be reimbursed
by the Borrower. No action taken by legal counsel chosen by an Indemnified Party in investigating or defending against any such Indemnified Proceeding shall vitiate or in any way impair the obligations and duties of the Borrower hereunder to
indemnify and hold harmless each such Indemnified Party. 
 (f) If and to the extent that the obligations of the
Borrower hereunder are unenforceable for any reason, the Borrower hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under Applicable Law. 

(g) The Borrower’s obligations hereunder shall survive any termination of this Agreement and the other Loan
Documents and the payment in full in cash of the Obligations, and are in addition to, and not in substitution of, any other of their obligations set forth in this Agreement or any other Loan Document to which it is a party. 

Section 12.10 Termination; Survival. 

At such time as (a) all of the Commitments have been terminated, (b) all Letters of Credit have terminated,
(c) none of the Lenders, the Swingline Lender nor the Issuing Lender is obligated any longer under this Agreement to make any Loans or issue Letters of Credit and (d) all Obligations (other than obligations which survive as provided in the
following sentence) have been paid and satisfied in full, this Agreement shall terminate. The indemnities to which the Agent, the Lenders and the Swingline Lender are entitled under the provisions of Sections 3.12, 4.1, 4.4, 11.7, 12.2 and 12.9
and any other provision of this Agreement and the other Loan Documents, and the provisions of Section 12.4, shall continue in full force and effect and shall protect the Agent, the Lenders and the Swingline Lender (i) notwithstanding any
termination of this Agreement, or of the other Loan Documents, against events arising after such termination as well as before and (ii) at all times after any such party ceases to be a party to this Agreement with respect to all matters and
events existing on or prior to the date such party ceased to be a party to this Agreement. 

Section 12.11 Severability of Provisions. 

Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining provisions or affecting the validity or enforceability of such provision in any other jurisdiction.

  

 - 108 - 

 Section 12.12 [Intentionally Omitted]. 

Section 12.13 Counterparts. 

This Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all of which counterparts together shall constitute but one and the same instrument. Except as provided in
Section 5.1, this Agreement shall become effective when it shall have been executed by the Agent and when the Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and
thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic means shall be
effective as delivery of a manually executed counterpart of this Agreement. 
 Section 12.14 Obligations
with Respect to Obligors and Subsidiaries. 
 The obligations of the Borrower to direct or prohibit the
taking of certain actions by the other Obligors and the Subsidiaries of the Borrower and the other Obligors as specified herein shall be absolute and not subject to any defense the Borrower may have that the Borrower does not control such Obligors
or Subsidiaries. 
 Section 12.15 Limitation of Liability. 

Neither the Agent nor any Lender, nor any affiliate, officer, director, employee, attorney, or agent of the Agent or any
Lender shall have any liability with respect to, and the Borrower hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by the Borrower in
connection with, arising out of, or in any way related to, this Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Agreement or any of the other Loan Documents. The Borrower hereby waives, releases, and
agrees not to sue the Agent or any Lender or any of the Agent’s or any Lender’s affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way
related to, this Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Agreement or financed hereby. 

Section 12.16 Entire Agreement. 

This Agreement, the Notes, and the other Loan Documents referred to herein and any separate letter agreements with
respect to fees embody the final, entire agreement among the parties hereto and supersede any and all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the subject matter hereof and thereof and
may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions of the parties hereto. There are no oral agreements among the parties hereto. 

 

 - 109 - 

 Section 12.17 Construction. 

The Agent, the Borrower and each Lender acknowledge that each of them has had the benefit of legal counsel of its own
choice and has been afforded an opportunity to review this Agreement and the other Loan Documents with its legal counsel and that this Agreement and the other Loan Documents shall be construed as if jointly drafted by the Agent, the Borrower and
each Lender. 
 Section 12.18 Time of the Essence. 

Time is of the essence with respect to each and every covenant, agreement and obligation of the Borrower under this
Agreement and the other Loan Documents. 
 Section 12.19 Patriot Act. 

Each Lender that is subject to the Patriot Act (as hereinafter defined) and the Agent (for itself and not on behalf of
any Lender) hereby notifies the Borrower and the Guarantors that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to
obtain, verify and record information that identifies the Borrower and each of the Guarantors, which information includes the name and address of the Borrowers and each of the Guarantors and other information that will allow such Lender or the
Agent, as applicable, to identify the Borrower and each of the Guarantors Loan Party in accordance with the Patriot Act. 
  

 - 110 - 

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

					
	BORROWER:
	
	 WELLS OPERATING PARTNERSHIP II,

L.P., a Delaware limited partnership

		
	By:	 	 Wells Real Estate Investment Trust II, Inc.,

its General Partner

			
		 	By:	 	 /s/ Douglas P. Williams

		 	Name:	 	Douglas P. Williams
		 	Title:	 	Executive Vice President
		
		 	 Address:
 Wells
Operating Partnership II, L.P.
 6200 The Corners Parkway

Norcross, Georgia 30092-3365
 Attention: Douglas
P. Williams
 Telecopy Number:        (770) 243-8124

Telephone Number:      (770) 449-7800

 

 [Signature Page to Credit Agreement] 

S-1 

			
	 JPMORGAN CHASE BANK, N.A., AS AGENT,

AS A LENDER, AS SWINGLINE LENDER AND
 AS ISSUING
LENDER

		
	By:	 	 /s/ Kimberly L. Turner

	Name:	 	Kimberly L. Turner
	Title:	 	Executive Director
	
	 Lending Office (all Types of Loans):

	
	 JPMorgan Chase Bank, N.A.

1111 Fannin, 10th Floor
 Houston, Texas 77002

 Attention: Loan and Agency
 Services
Group
 Telephone Number: (713) 750-2892

 

 [Signature Page to Credit Agreement] 

S-2 

			
	 PNC BANK, NATIONAL ASSOCIATION, AS

A LENDER AND AS A SYNDICATION AGENT

		
	By:	 	 /s/ Chad McMasters

	Name:	 	Chad McMasters
	Title:	 	Senior Vice President
	
	Lending Office (all Types of Loans):
	
	 PNC Bank, National Association

600 Galleria Parkway
 Suite 8900

Atlanta, Georgia 30339
 Attention: Chad McMasters

 Telecopy Number:        (770) 953-6046

Telephone Number:      (770) 303-6256

 

 [Signature Page to Credit Agreement] 

S-3 

			
	 REGIONS BANK, AS A LENDER AND AS A

DOCUMENTATION AGENT

		
	By:	 	 /s/ Paul E. Burgan

	Name:	 	Paul E. Burgan
	Title:	 	Vice President
	
	Lending Office (all Types of Loans):
	
	 Regions Bank
 3050
Peachtree Road NW, Suite 400
 Atlanta, Georgia 30305

Attention: Paul E. Burgan
 Telecopy
Number:        (404) 279-7475
 Telephone
Number:      (404) 995-7648

  

 [Signature Page to Credit Agreement] 

S-4 

			
	 U.S. BANK NATIONAL ASSOCIATION, AS A

LENDER AND AS A DOCUMENTATION

AGENT

		
	By:	 	 /s/ Joseph L. Hord

	Name:	 	Joseph L. Hord
	Title:	 	Vice President
	
	Lending Office (all Types of Loans):
	
	 U.S. Bank National Association

Building 500 Northpark
 1100 Abernathy Road,
Suite 1250
 Atlanta, Georgia 30328

Attention: Joseph L. Hord
 Telecopy
Number:        (770) 512-3130
 Telephone
Number:      (770) 512-3117

  

 [Signature Page to Credit Agreement] 

S-5 

			
	BANK OF MONTREAL, AS A LENDER
		
	By:	 	 /s/ Aaron S. Lanski

	Name:	 	Aaron S. Lanski
	Title:	 	Director
	
	Lending Office (all Types of Loans):
	
	 Bank of Montreal

115 South LaSalle Street
 Chicago, IL
60603
 Attention: Aaron S. Lanski

Telecopy Number:        (312) 461-2968

Telephone Number:      (312) 461-6364

 

 [Contribution Agreement - Signature Page] 

S-6 

			
	 BANK OF TAIWAN, NEW YORK AGENCY,

AS A LENDER

		
	By:	 	 /s/ Thomas K.C. Wu

	Name:	 	Thomas K.C. Wu
	Title:	 	VP & General Manager
	
	 Lending Office (all Types of Loans):

	
	 Bank of Taiwan, New York Agency

	 100 Wall Street, 11th Floor

	 New York, NY 10005

	 Attention: Thomas K.C. Wu

	 Telecopy Number:        (212) 968-8370

	 Telephone Number:      (212) 968-8128

 

 [Contribution Agreement - Signature Page] 

S-7 

			
	 FIFTH THIRD BANK, AN OHIO BANKING

CORPORATION, AS A LENDER

		
	By:	 	 /s/ Michael Glandt

	Name:	 	Michael Glandt
	Title:	 	Vice President

  

	
	Lending Office (all Types of Loans):
	
	Fifth Third Bank, an Ohio Banking Corporation
	222 S. Riverside Plaza, 30th Floor
	Chicago, IL 60606
	Attention: Michael Glandt
	Telecopy Number:        (312) 704-7364
	Telephone Number:      (312) 704-5914

  

 [Contribution Agreement - Signature Page] 

S-8 

			
	UNION BANK, NA, AS A LENDER
		
	By:	 	 /s/ Bob Ryan

	Name:	 	Bob Ryan
	Title:	 	Vice President

  

	
	Lending Office (all Types of Loans):
	
	Union Bank, NA
	222 West Adams Street, #1850
	Chicago, IL 60606
	Attention: Bob Ryan
	Telecopy Number:        (312) 601-3955
	Telephone Number:      (312) 601-3941

  

 [Contribution Agreement - Signature Page] 

S-9 

			
	 SUMITOMO MITSUI BANKING

CORPORATION, AS A LENDER

		
	By:	 	 /s/ William G. Karl

	Name:	 	William G. Karl
	Title:	 	General Manager

  

	
	Lending Office (all Types of Loans):
	
	Sumitomo Mitsui Banking Corporation
	277 Park Avenue
	New York, NY 10172
	Attention: Charles J. Sullivan
	Telecopy Number:        (212) 224-4887
	Telephone Number:      (212) 223-4178

  

 [Contribution Agreement - Signature Page] 

S-10 

			
	 ING REAL ESTATE FINANCE (USA) LLC, AS

A LENDER

		
	By:	 	 /s/ R. William Knickerbocker

	Name:	 	R. William Knickerbocker
	Title:	 	Director

  

			
	By:	 	 /s/ Karen L. Ramos

	Name:	 	Karen L. Ramos
	Title:	 	Vice President

  

	
	Lending Office (all Types of Loans):
	
	ING Real Estate Finance (USA) LLC
	230 Park Avenue, 9th Floor
	New York, NY 10169
	Attention: Bill Knickerbocker
	Telecopy Number:        (212) 883-2792
	Telephone Number:      (212) 883-2745

  

 [Contribution Agreement - Signature Page] 

S-11 

			
	 MORGAN STANLEY BANK, N.A., AS A

LENDER

		
	By:	 	 /s/ Ryan Vetsch

	Name:	 	Ryan Vetsch
	Title:	 	Vice President

  

	
	Lending Office (all Types of Loans):
	
	Morgan Stanley Bank, N.A.
	1 Pierrepont Plaza, 9th Floor
	Brooklyn, NY 11201
	Attention: Daniel McKenna
	Telecopy Number:        (718) 233-2132
	Telephone Number:      (718) 754-2610

  

 [Contribution Agreement - Signature Page] 

S-12 

			
	 CHEVY CHASE BANK, A DIVISION OF

CAPITAL ONE N.A., AS A LENDER

		
	By:	 	 /s/ Paula W. Simon

	Name:	 	Paula W. Simon
	Title:	 	Vice President

  

	
	Lending Office (all Types of Loans):
	
	Chevy Chase Bank, A division of Capital One N.A.
	7501 Wisconsin Avenue, 12th Floor
	Bethesda, MD 20814
	Attention: Sadhvi K. Subramanian
	Telecopy Number:        (240) 497-7714
	Telephone Number:      (240) 497-7702

  

 [Contribution Agreement - Signature Page] 

S-13 

			
	COMERICA BANK, AS A LENDER
		
	By:	 	 /s/ Casey L. Stevenson

	Name:	 	Casey L. Stevenson
	Title:	 	Vice President

  

	
	Lending Office (all Types of Loans):
	
	Comerica Bank.
	500 Woodward Ave, 7th Floor, MC 3256
	Detroit, MI 48226
	Attention: Casey Stevenson
	Telecopy Number:        (313) 222-9295
	Telephone Number:      (313) 222-5286

  

 [Contribution Agreement - Signature Page] 

S-14 

			
	 THE BANK OF NOVA SCOTIA., AS A

LENDER

		
	By:	 	 /s/ George M. Sherman

	Name:	 	George M. Sherman
	Title:	 	Director

  

	
	Lending Office (all Types of Loans):
	
	The Bank of Nova Scotia
	1 Liberty Plaza, 22-26 Floor
	165 Broadway
	New York, NY 10006
	Attention: Jon Burckin
	Telecopy Number:        (212) 225-5166
	Telephone Number:      (212) 225-5330

  

 [Contribution Agreement - Signature Page] 

S-15 

			
	TD BANK, N.A., AS A LENDER
		
	By:	 	 /s/ Howard E. Belliveau

	Name:	 	Howard E. Belliveau
	Title:	 	Vice President

  

	
	Lending Office (all Types of Loans):
	
	TD Bank, N.A.
	1441 Main Street
	Springfield, MA 01103
	Attention: Howard E. Belliveau
	Telecopy Number:        (413) 748-8450
	Telephone Number:      (413) 748-8135

  

 [Contribution Agreement - Signature Page] 

S-16 

 SCHEDULE I 

COMMITMENTS 
  

				
	 Lender Name
	  	Commitment Amount
		
	 PNC Bank, National Association
	  	$	55,000,000
		
	 JPMorgan Chase Bank, N.A.
	  	$	45,000,000
		
	 Regions Bank
	  	$	45,000,000
		
	 US Bank National Association
	  	$	45,000,000
		
	 Bank of Montreal
	  	$	45,000,000
		
	 Union Bank, NA
	  	$	36,000,000
		
	 ING Real Estate Finance (USA) LLC
	  	$	31,000,000
		
	 The Bank of Nova Scotia
	  	$	31,000,000
		
	 Sumitomo Mitsui Banking Corporation
	  	$	31,000,000
		
	 TD Bank, N.A.
	  	$	31,000,000
		
	 Chevy Chase Bank, A division of Capital One N.A.
	  	$	25,000,000
		
	 Comerica Bank
	  	$	25,000,000
		
	 Morgan Stanley Bank, N.A.
	  	$	25,000,000
		
	 Fifth Third Bank, an Ohio banking corporation
	  	$	20,000,000
		
	 Bank of Taiwan, New York Agency
	  	$	10,000,000
		
	 TOTAL:
	  	$	500,000,000

  

 Sch. I - 1 

 SCHEDULE 6.1(b) 

OWNERSHIP STRUCTURE 

(see also attached organizational chart) 
  

							
	 Subsidiaries of Wells REIT II:
	  	 	  	 	  	 
	 Wells Operating Partnership II, L.P.
	  	7/3/03	  	Delaware	  	
	 Wells REIT II - 80 M Street, LLC
	  	3/30/04	  	Delaware	  	
	 Wells REIT II - Texas, Inc.
	  	11/2/05	  	Texas	  	Excluded Sub
	 Wells REIT II - 100 East Pratt LLC
	  	5/5/05	  	Delaware	  	Excluded Sub
	 Wells REIT II - 2000 Park Lane Business Trust
	  	12/19/05	  	Pennsylvania	  	
	 Wells TRS II, LLC
	  	10/4/05	  	Delaware	  	
	 Wells REIT II - Park Lane Parcel 19 Business Trust
	  	12/19/06	  	Pennsylvania	  	
	 Wells REIT II - 1200 Morris Business Trust
	  	8/30/07	  	Pennsylvania	  	Material Sub
	 Wells REIT II - Cranberry Woods Development, Inc.
	  	7/13/07	  	Pennsylvania	  	Excluded Sub
	 Wells REIT II - KCP, LLC
	  	10/2/08	  	Delaware	  	Material Sub
				
	 Subsidiaries of Wells OP II
	  	 	  	 	  	 
	 Wells REIT II - Manhattan Towers, LLC
	  	11/14/06	  	Delaware	  	Excluded Sub
				
	 Wells REIT II - Emerald Point, LLC
	  	9/30/04	  	Delaware	  	
	 Wells REIT II - Emerald Point, L.P.
	  	9/30/04	  	Delaware	  	
				
	 Wells REIT II - Highland Landmark III, LLC
	  	11/12/04	  	Delaware	  	Excluded Sub
	 Wells REIT II - Lincoln Highland Landmark III, LLC
	  	10/25/04	  	Delaware	  	Excluded Sub
				
	 Wells Robbins Road, LLC
	  	8/11/05	  	Delaware	  	Excluded Sub
	 Nashoba View Ownership, LLC
	  	8/11/05	  	Delaware	  	Excluded Sub
				
	 Wells REIT II - Republic Drive, LLC
	  	3/24/04	  	Delaware	  	Material Sub
	 Wells REIT II-180 Park Avenue B 105, LLC
	  	3/14/05	  	Delaware	  	
	 Wells REIT II - Tampa Commons, LLC
	  	12/8/05	  	Delaware	  	
	 Wells REIT II - 9 Technology Drive, LLC    
	  	4/23/04	  	Delaware	  	Material Sub
	 Wells Governor’s Pointe 4241 Irwin Simpson, LLC
	  	2/25/05	  	Delaware	  	Material 

  

 Sch. 6.1(b) - 1 

							
		  		  		  	Sub
	 Wells Governor’s Pointe 8990 Duke, LLC
	  	2/25/05	  	Delaware	  	Material Sub
	 Wells REIT II - LakePointe 5, LLC
	  	12/9/05	  	Delaware	  	Material Sub
	 Wells REIT II - Lake Pointe 3, LLC
	  	12/9/05	  	Delaware	  	Material Sub
	 Wells REIT II-180 Park Avenue , LLC
	  	5/5/04	  	Delaware	  	Material Sub
	 Wells One West Fourth, LLC
	  	6/14/04	  	Delaware	  	Excluded Sub
	 Wells REIT II - 5995 Opus Parkway, LLC
	  	3/11/05	  	Delaware	  	
	 Wells REIT II - SanTan Corporate Center I, LLC
	  	4/3/06	  	Delaware	  	Excluded Sub
	 Wells REIT II - SanTan Corporate Center II, LLC
	  	4/3/06	  	Delaware	  	Excluded Sub
	 Wells REIT II - Opus/Finley Portfolio, LLC
	  	7/8/04	  	Delaware	  	Material Sub
	 Wells REIT II - 215 Diehl Road, LLC
	  	3/28/05	  	Delaware	  	Excluded Sub
	 Wells REIT II - Wildwood Properties, LLC
	  	9/8/04	  	Delaware	  	Excluded Sub
	 Wells REIT II-8909 Purdue Road, LLC
	  	5/17/05	  	Delaware	  	Material Sub
	 Wells REIT II - 263 Shuman Boulevard, LLC
	  	7/10/06	  	Delaware	  	Excluded Sub
	 Wells REIT II - Gaithersburg MD LLC
	  	6/30/03	  	Delaware	  	Excluded Sub
				
	 Wells REIT II - 180 East 100 South, LLC
	  	5/10/05	  	Delaware	  	
	 Wells REIT II - Utah Parking, LLC
	  	6/27/05	  	Delaware	  	
				
	 Wells REIT II - 11950 Corporation Boulevard, LLC
	  	7/28/06	  	Delaware	  	
	 Wells REIT II - Corridors III, LLC
	  	9/7/04	  	Delaware	  	Material Sub
	 Wells REIT II - Edgewater Corporate Center One, LLC
	  	7/20/06	  	Delaware	  	Material Sub
				
	 2420 Lakemont Avenue MM, LLC
	  	8/16/05	  	Delaware	  	Material Sub
	 2420 Lakemont Avenue, LLC
	  	8/16/05	  	Delaware	  	Material Sub
				
	 Wells REIT II - University Circle, LLC
	  	8/9/05	  	Delaware	  	Material Sub
	 Wells REIT II-University Circle, L.P.
	  	8/9/05	  	Delaware	  	Material

  

 Sch. 6.1(b) - 2 

							
		  		  		  	Sub
	 Wells REIT II - Key Center, LLC
	  	11/15/05	  	Delaware	  	Material Sub
	 Key Center Properties, LLC
	  	11/2/05	  	Delaware	  	Material Sub
				
	 Wells REIT II - MacArthur Ridge I, LLC
	  	11/1/05	  	Delaware	  	Material Sub
	 Wells REIT II - MacArthur Ridge I, L.P.
	  	11/1/05	  	Delaware	  	Material Sub
				
	 Wells REIT II - 5 Houston Center, L.P.
	  	10/14/05	  	Delaware	  	Excluded Sub
				
	 Wells REIT II - 80 Park Plaza, LLC
	  	8/8/06	  	Delaware	  	Excluded Sub
	 Wells REIT II - International Financial Tower, LLC
	  	10/6/06	  	Delaware	  	Material Sub
	 Wells REIT II - One Century Place, LLC
	  	12/19/06	  	Delaware	  	
	 Wells REIT II - Eagle Rock Executive Office Center IV, LLC
	  	3/23/07	  	Delaware	  	
	 Wells REIT II - 7031 Columbia Gateway Drive, LLC
	  	7/3/07	  	Delaware	  	Material Sub
	 Wells REIT II - 222 East 41st Street, LLC
	  	7/17/07	  	Delaware	  	Excluded Sub
				
	 Wells REIT II - Sterling Commerce, LLC
	  	11/15/06	  	Delaware	  	Material Sub
	 Wells REIT II - Sterling Commerce, L.P.
	  	11/15/06	  	Delaware	  	Material Sub
				
	 Wells REIT II - 4300 Centreway Place, LLC
	  	9/1/06	  	Delaware	  	
	 Wells Reit II - 4300 Centreway Place, L.P.
	  	9/11/06	  	Delaware	  	
				
	 Wells REIT II - Pasadena Corporate Park, LLC
	  	6/15/07	  	Delaware	  	
	 Wells REIT II - Pasadena Corporate Park, LP
	  	6/15/07	  	Delaware	  	
				
	 Wells REIT II - Bannockburn Lake III, LLC
	  	9/4/07	  	Delaware	  	
	 Wells REIT II - South Jamaica Street, LLC
	  	9/18/07	  	Delaware	  	Material Sub
	 Wells REIT II - 15815 25th Avenue, LLC
	  	10/16/07	  	Delaware	  	Material Sub
	 Wells REIT II - 16201 25th Avenue, LLC
	  	10/16/07	  	Delaware	  	
	 Wells REIT II - 13655 Riverport Drive, LLC
	  	1/24/08	  	Delaware	  	Material Sub

  

 Sch. 6.1(b) - 3 

							
	 Wells REIT II - 11200 W. Parkland, LLC
	  	2/26/08	  	Delaware	  	Material Sub
				
	 Wells REIT II - Parkside/Atlanta, LLC
	  	2/29/2008	  	Delaware	  	Material Sub
	 Wells REIT II - 1277 LPB Atlanta, LLC
	  	2/29/2008	  	Delaware	  	Material Sub
				
	 Wells REIT II-Lindbergh Center, LLC
	  	6/24/08	  	Delaware	  	Material Sub
				
	 Wells REIT II - 1580 A & B West Nursery, LLC
	  	6/30/08	  	Delaware	  	Excluded Sub
				
	 Wells REIT II - 1580 A & B West Nursery Land, LLC
	  	7/1/08	  	Delaware	  	
				
	 Wells REIT II - Three Glenlake, LLC
	  	6/5/08	  	Delaware	  	Excluded Sub
	 Three Glenlake Building, LLC
	  	7/11/08	  	Delaware	  	Excluded Sub
				
	 Wells International Real Estate II (CY) Limited
	  	7/10/07	  	Republic of Cypress	  	Excluded Sub
	 Landlink Limited
	  	6/16/07	  	Republic of Cypress	  	Excluded Sub
				
	 Wells REIT II - 147 South State UT, LLC
	  	8/14/09	  	Delaware	  	
	 Wells REIT II - Lakehurst Britton, LLC
	  	12/8/09	  	Delaware	  	Material Sub
	 Wells REIT II - 550 King Street, LLC
	  	3/19/10	  	Delaware	  	

  

 Sch. 6.1(b) - 4 

 SCHEDULE 6.1(f) 

PROPERTIES 
  

			
	 Weatherford Center
	  	 3000 Park Lane Land

	 New Manchester One
	  	 San Tan Corporate Center I

	 One Glenlake
	  	 San Tan Corporate Center II

	 80 M Street
	  	 263 Shuman Boulevard

	 Key Center Tower
	  	 215 Diehl Road

	 Key Center Marriott
	  	 222 East 41st Street

	 Emerald Point
	  	 2500 Windy Ridge Parkway

	 333 & 777 Republic Drive
	  	 4100 & 4300 Wildwood Parkway

	 4241 Irwin Simpson Road
	  	 4200 Wildwood Parkway

	 8990 Duke Road
	  	 5 Houston Center

	 180 Park Avenue, Building 103
	  	 One Robbins Road

	 180 Park Avenue, Building 104
	  	 Four Robbins Road

	 5995 Opus Parkway
	  	 3 Glenlake

	 8909 Purdue Road
	  	 1580 A&B West Nursery

	 180 East 100 South and Garage
	  	 One Century Place

	 Corridors III
	  	 Highland Landmark III

	 1900 University Avenue
	  	 Sterling Commerce (Texas)

	 1950 University Avenue
	  	 180 Park Avenue, Building 105

	 2000 University Avenue
	  	 Tampa Commons

	 International Financial Tower
	  	 3333 Finley Road

	 7031 Columbia Gateway Drive
	  	 919 Hidden Ridge

	 9127 South Jamaica Street
	  	 11950 Corporate Boulevard

	 9189 South Jamaica Street
	  	 Edgewater Corporate Center One

	 9191 South Jamaica Street
	  	 Eagle Rock

	 9193 South Jamaica Street
	  	 Baldwin Point

	 Lindbergh Center
	  	 1501 Opus Place

	 1200 Morris
	  	 Lake Pointe 3 and 5

	 Cranberry Woods Development
	  	 Bannockburn Lake III

	 2000 Park Lane
	  	 4300 Centreway Place

	 100 East Pratt Street
	  	 80 Park Plaza

	 9 Technology Drive
	  	 13655 Riverport Drive

	 800 North Frederick
	  	 15815 25th Avenue

	 Manhattan Towers
	  	 16201 25th Avenue

	 One West Fourth Street
	  	 3465 East Foothill Boulevard

	 1025 Lenox Park Boulevard
	  	 3475 East Foothill Boulevard

	 1055 Lenox Park Boulevard
	  	 3453-3455 East Foothill Boulevard

	 1057 Lenox Park Boulevard
	  	 11200 Parkland Avenue

	 1277 Lenox Park Boulevard
	  	 Dvintsev (Moscow)

	 2180 Lake Boulevard
	  	 147-149 South State Street (Land)

	 Sterling Commerce (Ohio)
	  	

  

 Sch. 6.1(f) - 1 

 SCHEDULE 6.1(g) 

EXISTING INDEBTEDNESS 

Unsecured Debt 
  

							
	 Property and Maker
	  	Face Amount	 	 	 Date Incurred

			
	 The Obligations
	  				 	
	
	Secured Debt
			
	 Property and Maker
	  	 	Face Amount	  	 	 Date Incurred

			
	 One West Fourth

Wells One West Fourth, LLC
	  	$	51,300,000	  	 	July 23, 2004
			
	 800 North Frederick

(IBM Gaithersburg)

Wells REIT II – Gaithersburg MD, LLC
	  	$	46,400,000	  	 	October 22, 2004
			
	 2500 Windy Ridge Parkway

4100 & 4300 Wildwood Parkway

4200 Wildwood Parkway

Wells REIT II – Wildwood Properties, LLC
	  	$	90,000,000	  	 	November 16, 2004
			
	 Highland Landmark III

Wells REIT II/Lincoln-Highland

Landmark III, LLC
	  	$	33,840,000	  	 	December 28, 2004
			
	 One Robbins Road and

Four Robbins Road

Wells REIT II – Robbins Road, LLC
	  	$	23,000,000	  	 	August 18, 2005
			
	 100 East Pratt Street

Wells REIT II – 100 East Pratt, LLC
	  	$	105,000,000	  	 	September 6, 2005
			
	 80 Park Plaza

Wells REIT II – 80 Park Plaza, LLC
	  	$	57,635,027	* 	 	September 21, 2006
			
	 San Tan Corporate Center I

Wells REIT II – Santan Corporate

Center I, LLC
	  	$	18,000,000	  	 	September 28, 2006
			
	 San Tan Corporate Center II

Wells REIT II – Santan Corporate

Center II, LLC
	  	$	21,000,000	  	 	September 28, 2006

  

 Sch. 6.1(g) - 1 

 Secured Debt (Continued) 

 

							
	 Property and Maker
	  	Face Amount	 	 	 Date Incurred

			
	 Manhattan Towers

Wells REIT II – Manhattan Towers, LLC
	  	$	75,000,000	  	 	December 21, 2006
			
	 263 Shuman Boulevard

Wells REIT II – 263 Shuman Boulevard, LLC
	  	$	49,000,000	  	 	June 18, 2007
			
	 215 Diehl Road

Wells REIT II – 215 Diehl Road, LLC
	  	$	21,000,000	  	 	June 18, 2007
			
	 222 East
41st Street

Wells REIT II – 222 East
41st Street, LLC
	  	$	154,895,596	* 	 	August 16, 2007
			
	 3 Glenlake

Three Glenlake Building, LLC
	  	$	27,500,000	  	 	July 31, 2008
			
	 1580 A&B West Nursery Road

(West Quest)

Wells REIT II 1580 A&B West

Nursery, LLC
	  	$	19,809,042	  	 	September 5, 2008
			
	 5 Houston Center

Wells REIT II – 5 Houston Center, L.P.
	  	$	90,000,000	  	 	September 8, 2008
			
	 Dvinstev

Landlink Limited
	  	$	12,961,538	  	 	as of 3/31/10
			
	 Cranberry Woods Development

Wells REIT II – Cranberry Woods

Development, Inc.
	  	$	85,000,000	  	 	December 22, 2009

  

	*	 Accruing loan. Balance is as of March 31, 2010 

  

 Sch. 6.1(g) - 2 

 SCHEDULE 6.1(i) 

LITIGATION 

None 
  

 Sch. 6.1(i) - 1 

 SCHEDULE 6.1(k) 

FINANCIAL STATEMENTS 

None 
  

 Sch. 6.1(k) - 1 

 SCHEDULE 6.1(p) 

ENVIRONMENTAL MATTERS 

None 
  

 Sch. 6.1(p) - 1 

 SCHEDULE 6.1(y) 

LIST OF UNENCUMBERED ASSETS 

11200 West Parkland Avenue 
 1200 Morris Drive

 13655 Riverport Drive 

15815
25th Avenue West 

180 Park Avenue 103 & 104 

333 & 777 Republic Drive 
 4241 Irwin
Simpson Road 
 7031 Columbia Gateway Drive 

8990 Duke Boulevard 
 9 Technology Drive

 Axciom 
 Baldwin Point 

College Park Plaza 
 Edgewater Corporate
Boulevard 
 International Financial Tower 

Key Center Tower 
 Lakepointe 3 

Lakepointe 5 
 Lenox Park Buildings 

Lindbergh Center 
 MacArthur Ridge 

One Glenlake 
 South Jamaica Street Buildings

 Sterling Commerce (Texas) 
 Sterling
Commerce (Ohio) 
 The Corridors III 

University Circle 
  

 Sch. 6.1(y) - 1 

 SCHEDULE 6.1(ee) 

EMINENT DOMAIN PROCEEDINGS 

Sterling Commerce (Ohio) – at acquisition on March 8, 2010, the property was subject to a taking by the City of
Columbus for 0.248 acres of the property for lane expansion along Emerald Parkway. Wells REIT II – Lakehurst Britton, LLC will not be compensated for the taking; however, the City will relocate all landscaping, utilities, etc. at no cost to the
owner. 
  

 Sch. 6.1(ee) - 1 

 EXHIBIT A 

FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT 

THIS ASSIGNMENT AND ACCEPTANCE AGREEMENT DATED AS OF
            , 201     (THE “AGREEMENT”) BY AND AMONG
                                         
            (THE “ASSIGNOR”),
                                         
            (THE “ASSIGNEE”), AND JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT (THE “AGENT”). 

WHEREAS, the Assignor is a Lender under that certain Credit Agreement dated as of May 7, 2010 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Wells Operating Partnership II, L.P., a Delaware limited partnership (the “Borrower”), the financial institutions party thereto and their
assignees under Section 12.5 thereof (the “Lenders”), the Agent, and the other parties thereto; 

WHEREAS, the Assignor desires to assign to the Assignee, among other things, all or a portion of the Assignor’s
Commitment under the Credit Agreement, all on the terms and conditions set forth herein; and 
 WHEREAS, the
Agent, the Issuing Lender, and the Swingline Lender consent to such assignment on the terms and conditions set forth herein; 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged by the
parties hereto, the parties hereto hereby agree as follows: 
 Section 1. Assignment. 

(a) Subject to the terms and conditions of this Agreement and in consideration of the payment to be made by the Assignee
to the Assignor pursuant to Section 2 of this Agreement, effective as of             , 201     (the “Assignment Date”), the Assignor hereby
irrevocably sells, transfers and assigns to the Assignee, without recourse, the following (such interest being assigned, the “Assigned Commitment”): 
  

							
	 Assigned Facility
	  	Amount Assigned	  	Amount Retained	  	Commitment Percentage of
Interest Assigned
				
	 Revolving Loan
	  		  		  	

 and all voting rights of the Assignor associated with the Assigned Commitment, all rights to
receive interest on such amount of such Loans and all commitment and other Fees with respect to the Assigned Commitment and other rights of the Assignor under the Credit Agreement and the other Loan Documents with respect to the Assigned Commitment,
all as if the Assignee were an original Lender under and signatory to the Credit Agreement having a Commitment, as set forth above, equal to the amount of the Assigned Commitment. The Assignee, subject to the terms and conditions hereof, hereby
assumes all obligations of the Assignor with respect to the Assigned Commitment as if the Assignee were an original Lender under, and signatory to, the 

 

 Exh. A - 1 

 
Credit Agreement having a Commitment, as set forth above, equal to the Assigned Commitment, which obligations shall include, but shall not be limited to, if a Commitment is part of the Assigned
Commitment, the obligation of the Assignor to make Revolving Loans to the Borrower with respect to the Assigned Commitment, the obligation to pay amounts due in respect of Swingline Loans as required under Section 2.2 of the Credit Agreement,
the obligation to pay amounts due in respect of draws under Letters of Credit as required under Section 2.3 of the Credit Agreement, and in any case the obligation to indemnify the Agent as provided therein (the foregoing enumerated
obligations, together with all other similar obligations more particularly set forth in the Credit Agreement and the other Loan Documents, shall be referred to hereinafter, collectively, as the “Assigned Obligations”). The Assignor shall
have no further duties or obligations with respect to, and shall have no further interest in, the Assigned Obligations or the Assigned Commitment from and after the Assignment Date. 

(b) The assignment by the Assignor to the Assignee hereunder is without recourse to the Assignor. The Assignee makes and
confirms to the Agent, the Assignor, and the other Lenders all of the representations, warranties and covenants of a Lender under Article XI of the Credit Agreement. Not in limitation of the foregoing, the Assignee acknowledges and agrees that,
except as set forth in Section 4 below, the Assignor is making no representations or warranties with respect to, and the Assignee hereby releases and discharges the Assignor for any responsibility or liability for: (i) the present or
future solvency or financial condition of the Borrower, any other Obligor or any of their respective Subsidiaries, (ii) any representations, warranties, statements or information made or furnished by the Borrower, any other Obligor or any of
their respective Subsidiaries in connection with the Credit Agreement or otherwise, (iii) the validity, efficacy, sufficiency, or enforceability of the Credit Agreement, any other Loan Document or any other document or instrument executed in
connection therewith, or the collectability of the Assigned Obligations, (iv) the perfection, priority or validity of any Lien with respect to any collateral at any time securing the Obligations or the Assigned Obligations under the Notes or
the Credit Agreement and (v) the performance or failure to perform by the Borrower or any other Obligor of any obligation under the Credit Agreement or any other Loan Document to which it is a party. Further, the Assignee acknowledges that it
has, independently and without reliance upon the Agent, or on any affiliate or subsidiary thereof, the Assignor or any other Lender and based on the financial statements supplied by the Borrower and such other documents and information as it has
deemed appropriate, made its own credit analysis and decision to become a Lender under the Credit Agreement. The Assignee also acknowledges that it will, independently and without reliance upon the 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 Credit Agreement or any other Loan Documents or pursuant to any other obligation. Except
as expressly provided in the Credit Agreement, the Agent shall have no duty or responsibility whatsoever, either initially or on a continuing basis, to provide the Assignee with any credit or other information with respect to the Borrower or any
other Obligor or to notify the Assignee of any Default or Event of Default. The Assignee has not relied on the Agent as to any legal or factual matter in connection therewith or in connection with the transactions contemplated thereunder.

 Section 2. Payment by Assignee. In consideration of the assignment made pursuant to
Section 1 of this Agreement, the Assignee agrees to pay to the Assignor on the Assignment Date, an amount equal to $             representing (i) the aggregate principal
amount 
  

 Exh. A - 2 

 
outstanding of the Loans owing to the Assignor under the Credit Agreement and the other Loan Documents being assigned hereby plus (ii) if applicable, the aggregate amount of payments
previously made by Assignor to fund participations in Swing Loans and Letters of Credit under Sections 2.2 and 2.3 of the Credit Agreement which have not been repaid and which are being assigned hereby. 

Section 3. Payments by Assignor. The Assignor agrees to pay to the Agent on the Assignment Date the
administration fee, if any, payable under the applicable provisions of the Credit Agreement. 
 Section 4.
Representations and Warranties of Assignor. The Assignor hereby represents and warrants to the Assignee that (a) as of the Assignment Date (i) the Assignor is a Lender under the Credit Agreement having a Commitment under the Credit
Agreement (without reduction by any assignments thereof which have not yet become effective), equal to $             and that the Assignor is not in default of its obligations under
the Credit Agreement; and (ii) the outstanding balance of Revolving Loans owing to the Assignor (without reduction by any assignments thereof which have not yet become effective) is
$            ; and (b) it is the legal and beneficial owner of the Assigned Commitment which is free and clear of any adverse claim created by the Assignor. 

Section 5. Representations, Warranties and Agreements of Assignee. The Assignee (a) represents and
warrants that it is (i) legally authorized to enter into this Agreement, (ii) an “accredited investor” (as such term is used in Regulation D of the Securities Act) and (iii) an Eligible Assignee; (b) confirms that it
has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant thereto and such other documents and information (including without limitation the Loan Documents) as it has deemed
appropriate to make its own credit analysis and decision to enter into this Agreement; (c) appoints and authorizes the Agent to take such action as contractual representative on its behalf and to exercise such powers under the Loan Documents as
are delegated to the Agent by the terms thereof together with such powers as are reasonably incidental thereto; and (d) agrees that it will become a party to and shall be bound by the Credit Agreement and the other Loan Documents to which the
other Lenders are a party on the Assignment Date and will perform in accordance therewith all of the obligations which are required to be performed by it as a Lender. 

Section 6. Recording and Acknowledgment by the Agent. Following the execution of this Agreement, the Assignor
will deliver to the Agent (a) a duly executed copy of this Agreement for acknowledgment and recording by the Agent in the Register and (b) the Assignor’s Revolving Note. Upon such acknowledgment and recording, from and after the
Assignment Date, the Agent shall make all payments in respect of the interest assigned hereby (including payments of principal, interest, Fees and other amounts) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in
payments under the Credit Agreement for periods prior to the Assignment Date directly between themselves. 

Section 7. Addresses. The Assignee specifies as its address for notices and its Lending Office for all Loans,
the offices set forth below: 
  

 Exh. A - 3 

					
	 Notice Address:
	 	  
	  	
		 	  
	  	
		 	  
	  	
	 Telephone No.:
	 	  
	  	
	 Telecopy No.:
	 	  
	  	
			
	 Lending Office:
	 	  
	  	
		 	  
	  	
		 	  
	  	
	 Telephone No.:
	 	  
	  	
	 Telecopy No.:
	 	  
	  	

 Section 8. Payment Instructions. All payments to be made to the
Assignee under this Agreement by the Assignor, and all payments to be made to the Assignee under the Credit Agreement, shall be made as provided in the Credit Agreement in accordance with the following instructions: 

Section 9. Effectiveness of Assignment. This Agreement, and the assignment and assumption contemplated
herein, shall not be effective until (a) this Agreement is executed and delivered by each of the Assignor, the Assignee, the Agent, the Issuing Lender and the Swingline Lender and (b) the payment to the Assignor of the amounts, if any,
owing by the Assignee pursuant to Section 2 hereof and (c) the payment to the Agent of the amounts, if any, owing by the Assignor pursuant to Section 3 hereof. Upon recording and acknowledgment of this Agreement by the Agent, from and
after the Assignment Date, (i) the Assignee shall be a party to the Credit Agreement and, to the extent provided in this Agreement, have the rights and obligations of a Lender thereunder and (ii) the Assignor shall, to the extent provided
in this Agreement, relinquish its rights (except as otherwise provided in Section 12.10 of the Credit Agreement) and be released from its obligations under the Credit Agreement; provided, however, that if the Assignor does not
assign its entire interest under the Loan Documents, it shall remain a Lender entitled to all of the benefits and subject to all of the obligations thereunder with respect to its retained Commitment. 

Section 10. Governing Law. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HERETO HEREBY
UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION
5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 Section 11. Counterparts. This Agreement may be
executed in any number of counterparts each of which, when taken together, shall constitute one and the same agreement. 

Section 12. Headings. Section headings have been inserted herein for convenience only and shall not be
construed to be a part hereof. 
 Section 13. Amendments; Waivers. This Agreement may not be
amended, changed, waived or modified except by a writing executed by the Assignee and the Assignor the identity 
  

 Exh. A - 4 

 
of the Assignee may not be changed without the approval of the Borrower; provided, however, any amendment, waiver or consent which shall affect the rights or duties of the Agent
under this Agreement shall not be effective unless signed by the Agent. 
 Section 14. Entire
Agreement. This Agreement embodies the entire agreement between the Assignor and the Assignee with respect to the subject matter hereof and supersedes all other prior arrangements and understandings relating to the subject matter hereof.

 Section 15. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns. 
 Section 16. Definitions.
Terms not otherwise defined herein are used herein with the respective meanings given them in the Credit Agreement. 

[Signatures on Following Page] 
  

 Exh. A - 5 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Assignment
and Acceptance Agreement as of the date and year first written above. 
  

			
	 ASSIGNOR:

	
	 [NAME OF ASSIGNOR]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 ASSIGNEE:

	
	 [NAME OF ASSIGNEE]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 Accepted as of the date first written above. 

AGENT: 
  

					
	 JPMORGAN CHASE BANK, N.A.,

	 as Agent

			
		 	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	

  

 Exh. A - 6 

 EXHIBIT B 

FORM OF CONTRIBUTION AGREEMENT 

THIS CONTRIBUTION AGREEMENT (this “Agreement”) is entered into as of the 7th day of May 2010, by and among
WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership (the “Borrower”), and the parties executing this agreement as Guarantors (such parties are hereinafter referred to collectively as the “Guarantors”; the
Borrower and the Guarantors are sometimes hereinafter referred to individually as a “Contributing Party” and collective as the “Contributing Parties”). 

WHEREAS, pursuant to that certain Credit Agreement dated as of May 7, 2010, by and among the Borrower, the Lenders a
party thereto and JPMorgan Chase Bank, N.A., as Agent (the “Agent”) (such agreement, as the same may have been or may from time to time be amended, modified, restated or extended, being hereinafter referred to as the “Credit
Agreement”), the Lenders have agreed to extend financial accommodations to the Borrower; 
 WHEREAS, as a
condition to the execution of the Credit Agreement, the Lenders have required that Guarantors execute and deliver that certain Guaranty, dated of even date herewith (such agreement, as the same may have been or may from time to time be amended,
modified, restated or extended, being hereinafter referred to as the “Guaranty”); 
 WHEREAS, pursuant
to the Guaranty, Guarantors have jointly and severally agreed to guarantee the obligations described in the Guaranty (the “Guaranteed Obligations”); 

WHEREAS, either (i) the Borrower or its 99% general partner is the owner, directly or indirectly, of at least a
majority of the issued and outstanding Equity Interests in each Guarantor, or (ii) the REIT Guarantor is the owner, directly or indirectly of a substantial amount of the Equity Interests in the Borrower; 

WHEREAS, the Borrower and each of the Guarantors, though separate legal entities, are mutually dependent upon each other
in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interest to obtain financing from the Agent and the Lenders through their collective efforts; and 

WHEREAS, the Borrower and Guarantors will derive substantial direct or indirect economic benefit from the effectiveness
and existence of the Credit Agreement; 
 NOW, THEREFORE, in consideration of the premises and the covenants
hereinafter contained, and to induce the Borrower to enter into the Credit Agreement and the Guarantors to enter into the Guaranty, it is agreed as follows: 
  

	 	1.	 Definitions. Capitalized terms used herein that are not otherwise defined herein shall have the meanings ascribed thereto in the Credit
Agreement. 

  

	 	2.	 Contribution. To the extent that a Contributing Party shall, under the Guaranty, make a payment (a “Guarantor Payment”) of a
portion of the Guaranteed Obligations, then such Guarantor shall be entitled to contribution and 

  

 Exh. B - 1 

	 	 
indemnification from, and be reimbursed by, the other Contributing Parties in an amount equal to the amount derived by subtracting from any such Guarantor Payment the “Allocable Amount”
(as defined herein) of such Contributing Party; provided, however, that no Contributing Party shall be liable hereunder for contribution, indemnification, subrogation or reimbursement with respect to any Guarantor Payment for any
amounts in excess of the “Allocable Amount” (as defined herein) for such Contributing Party. 

As of any date of determination, the “Allocable Amount” of each Contributing Party shall be equal to the
maximum amount of liability which could be asserted against such Contributing Party hereunder with respect to the applicable Guarantor Payment without (i) rendering such Contributing Party “insolvent” within the meaning of
Section 101(32) of the Federal Bankruptcy Code (the “Bankruptcy Code”) or Section 2 of either the Uniform Fraudulent Transfer Act (the “UFTA”) or the Uniform Fraudulent Conveyance Act (the “UFCA”) or the
fraudulent conveyance and transfer laws of the State of New York or such other jurisdiction whose laws shall be determined to apply to the transactions contemplated by this Agreement (the “Applicable State Fraudulent Conveyance Laws”),
(ii) leaving such Contributing Party with unreasonably small capital, within the meaning of Section 548 of the Bankruptcy Code or Section 4 of the UFTA or Section 5 of the UFCA or the Applicable State Fraudulent Conveyance Laws,
or (iii) leaving such Contributing Party unable to pay its debts as they become due within the meaning of Section 548 of the Bankruptcy Code or Section 4 of the UFTA or Section 6 of the UFCA or the Applicable State Fraudulent
Conveyance Laws. 
  

	 	3.	 No Impairment. This Agreement is intended only to define the relative rights of the Contributing Parties, and nothing set forth in this
Agreement is intended to or shall reduce or impair the obligations of the Guarantors to pay any amounts, as and when the same shall become due and payable in accordance with the terms of the Guaranty. The parties hereto acknowledge that the rights
of contribution and indemnification hereunder shall constitute assets in favor of Guarantors to which such contribution and indemnification is owing. 

  

	 	4.	 Effectiveness. This Agreement shall become effective upon its execution by each of the parties hereto and shall continue in full force and
effect and may not be amended, terminated or otherwise revoked by any Contributing Party until all of the Guaranteed Obligations shall have been indefeasibly paid in full (in lawful money of the United States of America) and discharged and the
Credit Agreement and financing arrangements evidenced and governed by the Credit Agreement shall have been terminated, except as to any Guarantor upon its release from the Guaranty under the terms of the Credit Agreement or as approved by all of the
Lenders. Each Contributing Party agrees that if, notwithstanding the foregoing, such Contributing Party shall have any right under applicable law to terminate or revoke this Agreement, and such Contributing Party shall attempt to exercise such
right, then such termination or revocation shall not be effective until a written notice of such revocation or termination, specifically referring hereto and signed by such Contributing Party, is actually received by each of the other Contributing
Parties and by the Agent at its notice address set forth in the Credit Agreement. Such notice shall not affect the right or power of any Contributing Party to 

 

 Exh. B - 2 

	 	 
enforce rights arising prior to receipt of such written notice by each of the other Contributing Parties and the Agent. If any Lender or the Agent grants additional loans or financial
accommodations to the Borrower or takes other action giving rise to additional Guaranteed Obligations after any Contributing Party has exercised any right to terminate or revoke this Agreement but before the Agent receives such written notice, the
rights of the other Contributing Parties to contribution and indemnification hereunder in connection with any Guarantor Payments made with respect to such loans or Guaranteed Obligations shall be the same as if such termination or revocation had not
occurred. 

  

	 	5.	 Governing Law. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HERETO HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO
ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

  

	 	6.	 Third Party Beneficiary. The Contributing Parties agree that Agent has a valid interest in the terms of this Agreement pursuant to the Credit
Agreement and Guaranty. The Contributing Parties further agree that until all obligations of the Contributing Parties under the Credit Agreement and Guaranty are fully performed and the obligations of the Lenders to extend Loans and issue Letters of
Credit has terminated, Agent shall be an express third party beneficiary of this Agreement with the right to enforce the terms and provisions hereof. 

  

	 	7.	 Counterparts. This Agreement and any amendment hereof may be executed in several counterparts and by each party on a separate counterpart,
each of which when so executed and delivered shall be an original, and all of which together shall constitute one instrument. In proving the Agreement it shall not be necessary to produce or account for more than one such counterpart signed by the
party against whom enforcement is sought. 

 [Signatures on Following Pages] 

 

 Exh. B - 3 

 IN WITNESS WHEREOF, each party has executed and delivered this Agreement,
under seal, as of the date first above written. 
  

					
	BORROWER:
	
	WELLS OPERATING PARTNERSHIP II, L.P.,
	 a Delaware limited partnership

		
	 By:
	 	 Wells Real Estate Investment Trust II, Inc.,

its sole General Partner

			
		 	 By:
	 	  

		 	 Name:
	 	 Douglas P. Williams

		 	 Title:
	 	 Executive Vice President

			
		 		 	 [SEAL]

  

 Exh. B - 4 

			
	GUARANTORS:
	
	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation

		
	 By:
	 	  

	 Name:
	 	 Douglas P. Williams

	 Title:
	 	 Executive Vice President

	
	 WELLS REIT II – 9 TECHNOLOGY DRIVE, LLC, a Delaware limited liability company

		
	 By:
	 	  

	 Name:
	 	 Douglas P. Williams

	 Title:
	 	 President

  

			
	 WELLS REIT II – CORRIDORS III, LLC,

a Delaware limited liability company

		
	 By:
	 	  

	 Name:
	 	 Douglas P. Williams

	 Title:
	 	 President

  

 Exh. B - 5 

							
	 WELLS REIT II – REPUBLIC DRIVE, LLC,

a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title:
	 	 Executive Vice President

  

							
	 WELLS GOVERNOR’S POINTE 4241 IRWIN
SIMPSON, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title:
	 	 Executive Vice President

  

 Exh. B - 6 

							
	 WELLS GOVERNOR’S POINTE 8990 DUKE,
LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title:
	 	 Executive Vice President

  

							
	 WELLS REIT II–180 PARK AVENUE, LLC,

a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member and Member-Manager

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title:
	 	 Executive Vice President

  

 Exh. B - 7 

							
	 WELLS REIT II–8909 PURDUE ROAD, LLC,

a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title:
	 	 Executive Vice President

  

					
	 WELLS REIT II–UNIVERSITY CIRCLE, L.P.

a Delaware limited partnership

		
	 By:
	 	 WELLS REIT II - University Circle, LLC, a Delaware limited liability company, its General Partner

			
		 	 By:
	 	  

		 	 Name:
	 	 Douglas P. Williams

		 	 Title:
	 	 President

  

			
	 WELLS REIT II - UNIVERSITY CIRCLE, LLC,

a Delaware limited liability company

		
	 By:
	 	  

	 Name:
	 	 Douglas P. Williams

	 Title:
	 	 President

  

 Exh. B - 8 

							
	 WELLS REIT II – SOUTH JAMAICA STREET,
LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title:
	 	 Executive Vice President

  

							
	 WELLS REIT II –7031 COLUMBIA GATEWAY
DRIVE, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title:
	 	 Executive Vice President

  

 Exh. B - 9 

							
	 WELLS REIT II – INTERNATIONAL
FINANCIAL TOWER, LLC, a Delaware limited
liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By: 
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title:
	 	 Executive Vice President

  

							
	 WELLS REIT II – 11200 W. PARKLAND, LLC,
a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title:
	 	 Executive Vice President

  

 Exh. B - 10 

							
	 WELLS REIT II – KCP, LLC, a Delaware limited
liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By: 
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title:
	 	 Executive Vice President

 

							
	 WELLS REIT II – KEY CENTER, LLC, a
Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title:
	 	 Executive Vice President

  

 Exh. B - 11 

									
	 KEY CENTER PROPERTIES LLC, a Delaware
limited liability company

		
	 By:
	 	 WELLS REIT II – KEY CENTER LLC, a Delaware limited liability company, its managing member

			
		 	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

				
		 		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

					
		 		 		 	 By:
	 	  

		 		 		 	 Name:
	 	 Douglas P. Williams

		 		 		 	 Title:
	 	 Executive Vice President

  

							
	 WELLS REIT II–LINDBERGH CENTER, LLC,
a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title:
	 	 Executive Vice President

  

 Exh. B - 12 

					
	 WELLS REIT II – 1200 MORRIS BUSINESS
TRUST, a Pennsylvania business trust

		
	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its Trustee

			
		 	 By:
	 	  

		 	 Name:
	 	 Douglas P. Williams

		 	 Title:
	 	 Executive Vice President

  

									
	 2420 LAKEMONT AVENUE, LLC, a Delaware
limited liability company

		
	 By:
	 	 2420 LAKEMONT AVENUE MM, LLC, a Delaware limited liability company, its Manager

			
		 	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

				
		 		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

					
		 		 		 	 By:
	 	  

		 		 		 	 Name:
	 	 Douglas P. Williams

		 		 		 	 Title:
	 	 Executive Vice President

  

									
	 2420 LAKEMONT AVENUE MM, LLC, a
Delaware limited liability company

			
	 By:
	 		 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

				
		 		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

					
		 		 		 	 By:
	 	  

		 		 		 	 Name:
	 	 Douglas P. Williams

		 		 		 	 Title:
	 	 Executive Vice President

  

 Exh. B - 13 

							
	 WELLS REIT II – EDGEWATER CORPORATE
CENTER ONE, LLC, a Delaware limited liability
company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title:
	 	 Executive Vice President

  

							
	
	 WELLS REIT II – 1277 LPB ATLANTA, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title:
	 	 Executive Vice President

  

							
	 WELLS REIT II – 13655 RIVERPORT DRIVE,
LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	By:	 	  

		 		 	Name:	 	Douglas P. Williams
		 		 	Title:	 	Executive Vice President

  

 Exh. B - 14 

							
	WELLS REIT II – 15815 25TH AVENUE, LLC, a
	 Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a

		 	 Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT

		 		 	 TRUST II, INC., a Maryland corporation, its

		 		 	 General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title:
	 	 Executive Vice President

	
	WELLS REIT II – LAKEHURST BRITTON, LLC, a
	 Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a

		 	 Delaware limited partnership, its sole member

			
		 	 By: 
	 	 WELLS REAL ESTATE INVESTMENT

TRUST II, INC., a Maryland corporation, its

General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title:
	 	 Executive Vice President

	
	 WELLS REIT II – LAKEPOINTE 3, LLC, a Delaware

 limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a

		 	 Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT

		 		 	 TRUST II, INC., a Maryland corporation, its

		 		 	 General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title:
	 	 Executive Vice President

  

 Exh. B - 15 

							
	WELLS REIT II – LAKEPOINTE 5, LLC, a Delaware
	 limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a

		 	 Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT

		 		 	 TRUST II, INC., a Maryland corporation, its

		 		 	 General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title:
	 	 Executive Vice President

  

 Exh. B - 16 

									
	 WELLS REIT II – MACARTHUR RIDGE I, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a

		 	 Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT

TRUST II, INC., a Maryland corporation, its

General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title:
	 	 Executive Vice President

	
	 WELLS REIT II – MACARTHUR RIDGE I, L.P., a

Delaware limited partnership

		
	 By:
	 	 WELLS REIT II – MACARTHUR RIDGE I, LLC,

		 	 a Delaware limited liability company, its General

Partner

			
		 	 By:
	 	 WELLS OPERATING PARTNERSHIP II,

		 		 	 L.P., a Delaware limited partnership, its sole

		 		 	 member

				
		 		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT

		 		 		 	 TRUST II, INC., a Maryland corporation,

		 		 		 	 its General Partner

					
		 		 		 	 By:
	 	  

		 		 		 	 Name:
	 	 Douglas P. Williams

		 		 		 	 Title:
	 	 Executive Vice President

  

 Exh. B - 17 

							
	WELLS REIT II – OPUS/FINLEY PORTFOLIO,
	 LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a

		 	 Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT

		 		 	 TRUST II, INC., a Maryland corporation, its

		 		 	 General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title:
	 	 Executive Vice President

	
	 WELLS REIT II – PARKSIDE/ATLANTA, LLC, a

	 Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a

		 	 Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT

		 		 	 TRUST II, INC., a Maryland corporation, its

		 		 	 General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title:
	 	 Executive Vice President

	
	WELLS REIT II – STERLING COMMERCE, LLC, a
	 Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT

		 		 	 TRUST II, INC., a Maryland corporation, its

		 		 	 General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title:
	 	 Executive Vice President

  

 Exh. B - 18 

									
	 WELLS REIT II – STERLING COMMERCE, L.P., a

Delaware limited partnership

		
	 By:
	 	 WELLS REIT II – STERLING COMMERCE,

LLC, a Delaware limited liability company, its

General Partner

			
		 	 By:
	 	 WELLS OPERATING PARTNERSHIP II,

L.P., a Delaware limited partnership, its sole

member

				
		 		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT

TRUST II, INC., a Maryland corporation,

its General Partner

					
		 		 		 	 By:
	 	  

		 		 		 	 Name:
	 	 Douglas P. Williams

		 		 		 	 Title:
	 	 Executive Vice President

  

 Exh. B - 19 

 EXHIBIT C 

FORM OF GUARANTY 

THIS GUARANTY dated as of May 7, 2010, executed and delivered by each of the undersigned and the other Persons from
time to time party hereto pursuant to the execution and delivery of a Joinder Agreement (all of the undersigned, together with such other Persons each a “Guarantor” and collectively, the “Guarantors”) in favor of
(a) JPMORGAN CHASE BANK, N.A., in its capacity as Agent (the “Agent”) for the Lenders under that certain Credit Agreement dated as of May 7, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), by and among WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership (the “Borrower”), the financial institutions party thereto and their assignees under Section 12.5 thereof (the
“Lenders”), the Agent, and the other parties thereto, and (b) the Lenders, the Issuing Lender and the Swingline Lender (the parties described in (a) and (b) are hereinafter referred to collectively as the “Credit
Parties”). 
 WHEREAS, pursuant to the Credit Agreement, the Credit Parties have agreed to make available
to the Borrower certain financial accommodations on the terms and conditions set forth in the Credit Agreement; 

WHEREAS, either (i) Borrower or its 99% general partner is the owner, directly or indirectly, of at least a majority
of the issued and outstanding Equity Interests in each Guarantor, or (ii) the REIT Guarantor is the owner, directly or indirectly of a substantial amount of the Equity Interests in the Borrower; 

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

WHEREAS, each Guarantor acknowledges that it will receive direct and indirect benefits from the Credit Parties making
such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, each Guarantor is willing to guarantee the Borrower’s obligations to the Credit Parties on the terms and conditions contained herein; and

 WHEREAS, each Guarantor’s execution and delivery of this Guaranty is a condition to the Credit Parties
making, and continuing to make, such financial accommodations to the Borrower. 
 NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each Guarantor, each Guarantor agrees as follows: 

Section 1. Guaranty. Each Guarantor hereby absolutely, irrevocably and unconditionally guaranties the due and
punctual payment and performance when due and payable, whether at stated maturity, by acceleration or otherwise, of all of the following (collectively referred to as the “Guarantied Obligations”): (a) all indebtedness, obligations,
and liabilities of whatever nature, whether now existing or hereafter incurred, owing by the Borrower to any Credit Party under or in connection with the Credit Agreement and any other Loan 

 

 Exh. C - 1 

 
Document, including without limitation, the repayment of all principal of the Revolving Loans, Swingline Loans and the Reimbursement Obligations, and the payment of all interest, including,
without limitation, interest accruing after the commencement of a proceeding under bankruptcy, insolvency, or similar laws of any jurisdiction at the rate or rates provided in the loan documents, Fees, charges, expenses, indemnification,
attorneys’ fees and other amounts payable to any Credit Party thereunder or in connection therewith whether created directly or acquired by the credit parties by assignment or otherwise, whether matured or unmatured and whether absolute or
contingent; (b) any and all extensions, renewals, modifications, amendments or substitutions of the foregoing; (c) all expenses, including, without limitation, reasonable attorneys’ fees and disbursements, that are incurred by the
Credit Parties in the enforcement of any of the foregoing or any obligation of such Guarantor hereunder; and (d) all other Obligations. 

Section 2. Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment, and not of
collection, and a debt of each Guarantor for its own account. Accordingly, none of the Credit Parties shall be obligated or required before enforcing this Guaranty against any Guarantor: (a) to pursue any right or remedy any of them may have
against the Borrower, any other Guarantor or any other Person or commence any suit or other proceeding against the Borrower, any other Guarantor or any other Person in any court or other tribunal; (b) to make any claim in a liquidation or
bankruptcy of the Borrower, any other Guarantor or any other Person; or (c) to make demand of the Borrower, any other Guarantor or any other Person or to enforce or seek to enforce or realize upon any collateral security held by a Credit Party
which may secure any of the Guarantied Obligations. 
 Section 3. Guaranty Absolute. Each Guarantor
guarantees that the Guarantied Obligations will be paid strictly in accordance with the terms of the documents evidencing the same, regardless of any Applicable Law now or hereafter in effect in any jurisdiction affecting any of such terms or the
rights of the Credit Parties with respect thereto. The liability of each Guarantor under this Guaranty shall be absolute, irrevocable and unconditional in accordance with its terms and shall remain in full force and effect without regard to, and
shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever, including without limitation, the following (whether or not such Guarantor consents thereto or has notice thereof):

 (a) (i) any change in the amount, interest rate or due date or other term of any of the Guarantied
Obligations, (ii) any change in the time, place or manner of payment of all or any portion of the Guarantied Obligations, (iii) any amendment or waiver of, or consent to the departure from or other indulgence with respect to, the Credit
Agreement, any other Loan Document, or any other document or instrument evidencing or relating to any Guarantied Obligations, or (iv) any waiver, renewal, extension, addition, or supplement to, or deletion from, or any other action or inaction
under or in respect of, the Credit Agreement, any of the other Loan Documents, or any other documents, instruments or agreements relating to the Guarantied Obligations or any other instrument or agreement referred to therein or evidencing any
Guarantied Obligations or any assignment or transfer of any of the foregoing; 
 (b) any illegality, lack of
validity or enforceability of the Credit Agreement, any of the other Loan Documents, or any other document, instrument or agreement referred to therein or evidencing any Guarantied Obligations or any assignment or transfer of any of the foregoing;

  

 Exh. C - 2 

 (c) any furnishing to a Credit Party of any security for the Guarantied
Obligations, or any sale, exchange, release or surrender of, or realization on, any collateral securing any of the Obligations; 

(d) any settlement or compromise of any of the Guarantied Obligations, any security therefor, or any liability of any
other party with respect to the Guarantied Obligations, or any subordination of the payment of the Guarantied Obligations to the payment of any other liability of the Borrower or any other Obligor; 

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

(f) any nonperfection or impairment of any security interest or other Lien on any collateral, if any, securing in any way
any of the Obligations; 
 (g) any application of sums paid by the Borrower, any other Guarantor or any other
Person with respect to the liabilities of the Credit Parties, regardless of what liabilities of the Borrower remain unpaid; 

(h) to the fullest extent permitted by law, any statute of limitations in any action hereunder or for the collection of
the Notes or the Reimbursement Obligations or for the payment or performance of the Guarantied Obligations; 

(i) the incapacity, lack of authority, death or disability of Borrower or any other person or entity, or the failure of
any Credit Party to file or enforce a claim against the estate (either in administration, bankruptcy or in any other proceeding) of the Borrower or any Guarantor or any other person or entity; 

(j) the dissolution or termination of existence of the Borrower, any Guarantor or any other Person; 

(k) the voluntary or involuntary liquidation, sale or other disposition of all or substantially all of the assets of the
Borrower or any other Person; 
 (l) the voluntary or involuntary receivership, insolvency, bankruptcy,
assignment for the benefit of creditors, reorganization, assignment, composition, or readjustment of, or any similar proceeding affecting, the Borrower or any Guarantor or any other person, or any of the Borrower’s or any Guarantor’s or
any other Person’s or entity’s properties or assets; 
 (m) the damage, destruction, condemnation,
foreclosure or surrender of all or any part of any Property or any of the improvements located thereon; 
 (n)
the failure of a Credit Party to give notice of the existence, creation or incurring of any new or additional indebtedness or obligation or of any action or nonaction on the part of any other person whomsoever in connection with any Guarantied
Obligation; 
  

 Exh. C - 3 

 (o) any failure or delay of a Credit Party to commence an action against the
Borrower or any other Person, to assert or enforce any remedies against the Borrower under the Notes or the Loan Documents, or to realize upon any security; 

(p) any failure of any duty on the part of a Credit Party to disclose to any Guarantor any facts it may now or hereafter
know regarding the Borrower, any other Person or the Properties or any of the improvements located thereon, whether such facts materially increase the risk to Guarantors or not; 

(q) failure to accept or give notice of acceptance of this Guaranty by the Credit Parties; 

(r) failure to make or give notice of presentment and demand for payment of any of the indebtedness or performance of any
of the Guarantied Obligations; 
 (s) failure to make or give protest and notice of dishonor or of default to
Guarantors or to any other party with respect to the indebtedness or performance of the Guarantied Obligations; 

(t) except as otherwise specifically provided in this Guaranty, any and all other notices whatsoever to which Guarantors
might otherwise be entitled; 
 (u) any lack of diligence by the Credit Parties in collection, protection or
realization upon any collateral securing the payment of the indebtedness or performance of the Guaranteed Obligations; 

(v) the compromise, settlement, release or termination of any or all of the obligations of the Borrower under the Notes
or the Loan Documents; 
 (w) any transfer by the Borrower or any other Person of all or any part of the
security encumbered by the Loan Documents; 
 (x) claims or rights of set-off defense or counterclaim
whatsoever, whether based in contract, tort, or any other theory, that any Guarantor may have provided, however, that the foregoing shall not be deemed a waiver of any Guarantor’s right to assert any compulsory counterclaim, if such
counterclaim is compelled under local law or rule of procedure, nor shall the foregoing be deemed a waiver of any Guarantor’s right to assert any claim which would constitute a defense, setoff, counterclaim or crossclaim of any nature
whatsoever against Agent or any Lender in any separate action or proceeding; 
 (y) any law, regulation, decree
or order of any jurisdiction or any event affecting any provision of the Guarantied Obligations; or 
 (z) to
the fullest extent permitted by law, any other legal, equitable or surety defenses whatsoever to which Guarantors might otherwise be entitled or any other circumstances which might otherwise constitute a discharge of a Guarantor (other than
indefeasible payment in full or as to a Guarantor, a release of such Guarantor pursuant to and as provided in the Credit 

 

 Exh. C - 4 

 
Agreement or as approved by all of the Lenders), it being the intention that the obligations of Guarantors hereunder are absolute, unconditional and irrevocable. 

Section 4. Action with Respect to Guarantied Obligations. The Credit Parties may, at any time and from time
to time, without the consent of, or notice to, any Guarantor, and without discharging any Guarantor from its obligations hereunder, take any and all actions described in Section 3 and may otherwise: (a) amend, modify, alter or supplement
the terms of any of the Guarantied Obligations, including, but not limited to, extending or shortening the time of payment of any of the Guarantied Obligations or changing the interest rate that may accrue on any of the Guarantied Obligations;
(b) amend, modify, alter or supplement the Credit Agreement or any other Loan Document; (c) sell, exchange, release or otherwise deal with all, or any part, of any collateral securing any of the Obligations; (d) release any other
Obligor or other Person liable in any manner for the payment or collection of the Guarantied Obligations; (e) exercise, or refrain from exercising, any rights against the Borrower, any other Guarantor or any other Person; and (f) apply any
sum, by whomsoever paid or however realized, to the Guarantied Obligations in such order as the Agent shall elect. 

Section 5. Representations and Warranties. Each Guarantor hereby makes to the Credit Parties all of the
representations and warranties made by the Borrower with respect to or in any way relating to such Guarantor in the Credit Agreement and the other Loan Documents, as if the same were set forth herein in full. In addition to making all of the
representations and warranties made by the Borrower with respect to each Guarantor in the Credit Agreement, the Guarantor represents and warrants that: (a) this Guaranty: (i) has been authorized by all necessary action of the Guarantor;
(ii) (a) does not conflict with or result in a breach of, or constitute a default under, any agreement or other instrument to which any Guarantor is a party; and (b) does not violate any Applicable Law applicable to the Guarantor;
(iii) does not require any Governmental Approval relating to any Guarantor; and (iv) is the legal, valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms except to the extent that
enforcement may be limited by applicable bankruptcy, insolvency and other similar laws affecting creditor’s rights generally and the availability of equitable remedies for the enforcement of certain obligations (other than the payment of
principal) contained herein or therein may be limited by equitable principles generally; and (b) in executing and delivering this Guaranty, the Guarantor has (i) without reliance on the Credit Parties or any information received from the
Credit Parties and based upon such documents and information it deems appropriate, made an independent investigation of the transactions contemplated hereby and the Borrower, the Borrower’s business, assets, operations, prospects and condition,
financial or otherwise, and any circumstances which may bear upon such transactions, the Borrower or the obligations and risks undertaken herein with respect to the Guaranteed Obligations; (ii) adequate means to obtain from the Borrower on a
continuing basis information concerning the Borrower; (iii) has full and complete access to the Credit Agreement and the other Loan Documents; and (iv) not relied and will not rely upon any representations or warranties of the Credit
Parties not embodied herein or any acts heretofore or hereafter taken by the Credit Parties (including but not limited to any review by the Credit Parties of the affairs of the Borrower). The REIT Guarantor hereby represents and warrants that the
REIT Guarantor owns (directly or indirectly) a substantial amount of the stock or other ownership interests of the Borrower and is financially interested in its affairs. All representations and warranties made under this Guaranty shall be deemed to
be made at and as of the date of this Guaranty, the Effective Date and the date of the 
  

 Exh. C - 5 

 
occurrence of any Credit Event, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall
have been true and accurate on and as of such earlier date) and except for changes in factual circumstances specifically permitted hereunder or under the Credit Agreement. 

Section 6. Covenants. Each Guarantor will perform and comply with all covenants applicable to such Guarantor,
or which the Borrower is required to cause such Guarantor to comply with under the terms of the Credit Agreement or any of the other Loan Documents as if the same were more fully set forth herein. 

Section 7. Waiver. Each Guarantor, to the fullest extent permitted by Applicable Law, hereby waives notice of
acceptance hereof or any presentment, demand, protest or notice of any kind, and any other act or thing, or omission or delay to do any other act or thing, which in any manner or to any extent might vary the risk of such Guarantor or which otherwise
might operate to discharge such Guarantor from its obligations hereunder. The Guarantor also waives the right to require the Agent to proceed first against the Borrower upon the Guaranteed Obligations before proceeding against the Guarantor
hereunder. 
 Section 8. Reinstatement of Guarantied Obligations. If a claim is ever made on a
Credit Party for repayment or recovery of any amount or amounts received in payment or on account of any of the Guarantied Obligations, and such Credit Party repays all or part of said amount by reason of (a) any judgment, decree or order of
any court or administrative body of competent jurisdiction, or (b) any settlement or compromise of any such claim effected by such Credit Party with any such claimant (including the Borrower or a trustee in bankruptcy for the Borrower), then
and in such event each Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be binding on it, notwithstanding any revocation hereof, any release herefrom, or the cancellation of the Credit Agreement, any of the
other Loan Documents, or any other instrument evidencing any liability of the Borrower, this Guaranty shall continue to be effective or be reinstated and such Guarantor shall be and remain liable to the Credit Parties for the amounts so repaid or
recovered to the same extent as if such amount had never originally been paid to such Credit Party. 

Section 9. Avoidance. As of any date of determination, the maximum obligation of each Guarantor shall equal,
but not exceed, the maximum amount of liability which could be asserted against such Guarantor hereunder (or any other obligations of such Guarantor to the Credit Parties) without (i) rendering such Guarantor “insolvent” within the
meaning of Section 101(32) of the Federal Bankruptcy Code (the “Bankruptcy Code”) or Section 2 of either the Uniform Fraudulent Transfer Act (the “UFTA”) or the Uniform Fraudulent Conveyance Act (the “UFCA”)
or the fraudulent conveyance and transfer laws of the State of New York or such other jurisdiction whose laws shall be determined to apply to the transactions contemplated by this Agreement (the “Applicable State Fraudulent Conveyance
Laws”), (ii) leaving such Guarantor with unreasonably small capital, within the meaning of Section 548 of the Bankruptcy Code or Section 4 of the UFTA or Section 5 of the UFCA or the Applicable State Fraudulent Conveyance
Laws, or (iii) leaving such Guarantor unable to pay its debts as they become due within the meaning of Section 548 of the Bankruptcy Code or Section 4 of the UFTA or Section 6 of the UFCA or the Applicable State Fraudulent
Conveyance Laws. This Section is intended solely to preserve the rights of the Credit Parties hereunder to the maximum extent that would not cause 

 

 Exh. C - 6 

 
the obligations of each Guarantor hereunder to be unenforceable or subject to avoidance, and neither a Guarantor nor any other Person shall have any right or claim under this Section as against
the Credit Parties that would not otherwise be available to such Person.
 Section 10. No Contest with
Credit Parties; Subordination. So long as any Guarantied Obligation remains unpaid or undischarged, Guarantors will not, by paying any sum recoverable hereunder (whether or not demanded by any Credit Party) or by any means or on any other
ground, claim any set-off or counterclaim against the Borrower in respect of any liability of Guarantors to the Borrower or, in proceedings under federal bankruptcy law or insolvency proceedings of any nature, prove in competition with any Credit
Party in respect of any payment hereunder or be entitled to have the benefit of any counterclaim or proof of claim or dividend or payment by or on behalf of the Borrower or the benefit of any other security for any obligation hereby guaranteed
which, now or hereafter, any Credit Party may hold or in which it may have any share. Except as expressly provided in the Contribution Agreement, Guarantors hereby expressly waive any right of contribution from or indemnity against the Borrower,
whether at law or in equity, arising from any payments made by Guarantors pursuant to the terms of this Guaranty, and Guarantors acknowledge that Guarantors have no right whatsoever to proceed against the Borrower for reimbursement of any such
payments. In connection with the foregoing, Guarantors expressly waive any and all rights of subrogation to the Credit Parties against the Borrower, and Guarantors hereby waive any rights to enforce any remedy which a Credit Party may have against
the Borrower and any rights to participate in any collateral for the Borrower’s obligations under the Loan Documents. Guarantors hereby subordinate any and all indebtedness of the Borrower now or hereafter owed to Guarantors to all indebtedness
of the Borrower to the Credit Parties, and agree with the Credit Parties that (a) Guarantors shall not demand or accept any payment from the Borrower on account of such indebtedness, (b) Guarantors shall not claim any offset or other
reduction of Guarantors’ obligations hereunder because of any such indebtedness, and (c) Guarantors shall not take any action to obtain any interest in any of the security described in and encumbered by the Loan Documents because of any
such indebtedness; provided, however, that, if a Credit Party so requests, such indebtedness shall be collected, enforced and received by Guarantors as trustee for the Credit Parties and be paid over to the Credit Parties on account of
the indebtedness of the Borrower to the Credit Parties, but without reducing or affecting in any manner the liability of Guarantors under the other provisions of this Guaranty except to the extent the principal amount of such outstanding
indebtedness shall have been reduced by such payment. 
 Section 11. Payments Free and Clear. All
sums payable by each Guarantor hereunder, whether of principal, interest, Fees, expenses, premiums or otherwise, shall be paid in full, without set-off or counterclaim or any deduction or withholding whatsoever (including any Taxes), and if any
Guarantor is required by Applicable Law or by a Governmental Authority to make any such deduction or withholding, such Guarantor shall pay to the Credit Parties such additional amount as will result in the receipt by the Credit Parties of the full
amount payable hereunder had such deduction or withholding not occurred or been required. Whenever any Tax is paid by the Guarantor, as promptly as possible thereafter, the Guarantor shall send the Agent an official receipt showing payment thereof,
together with such additional documentary evidence as may be required from time to time by the Agent. 
  

 Exh. C - 7 

 Section 12. Set-off. In addition to any rights now or hereafter
granted under any of the other Loan Documents or Applicable Law and not by way of limitation of any such rights, each Guarantor hereby authorizes the Credit Parties, at any time during the continuance of an Event of Default, without any prior notice
to such Guarantor or to any other Person, any such notice being hereby expressly waived, but in the case of a Credit Party other than the Agent subject to receipt of the prior written consent of the Agent exercised in its sole discretion, to set off
and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by such
Credit Party or any affiliate of such Credit Party, to or for the credit or the account of such Guarantor held at any of the offices of the Agent or J.P. Morgan Securities, Inc., against and on account of any of the Guarantied Obligations, although
such obligations shall be contingent or unmatured. Each Guarantor agrees, to the fullest extent permitted by Applicable Law, that any Participant may exercise rights of set off or counterclaim and other rights with respect to its participation as
fully as if such Participant were a direct creditor of such Guarantor in the amount of such participation. The foregoing shall not apply to any account governed by a written agreement containing an express waiver by such Participant of such
Participant’s rights of setoff. 
 Section 13. Business Failure, Bankruptcy or Insolvency. In
the event of the business failure of any Guarantor or if there shall be pending any bankruptcy or insolvency case or proceeding with respect to any Guarantor under federal bankruptcy law or any other applicable law or in connection with the
insolvency of any Guarantor, or if a liquidator, receiver, or trustee shall have been appointed for any Guarantor or any Guarantor’s properties or assets, the Credit Parties may file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of such Person allowed in any proceedings relative to such Guarantor, or any of such Guarantor’s properties or assets, and, irrespective of whether the indebtedness or other obligations of the
Borrower guaranteed hereby shall then be due and payable, by declaration or otherwise, the Credit Parties shall be entitled and empowered to file and prove a claim for the whole amount of any sums or sums owing with respect to the indebtedness or
other obligations of the Borrower guaranteed hereby, and to collect and receive any moneys or other property payable or deliverable on any such claim. Guarantors covenant and agree that upon the commencement of a voluntary or involuntary bankruptcy
proceeding by or against the Borrower, Guarantors shall not seek a supplemental stay or otherwise pursuant to 11 U.S.C. §105 or any other provision of the Bankruptcy Reform Act of 1978, as amended (the “Bankruptcy Code”), or any other
debtor relief law (whether statutory, common law, case law, or otherwise) of any jurisdiction whatsoever, now or hereafter in effect, which may be or become applicable, to stay, interdict, condition, reduce or inhibit the ability of the Credit
Parties to enforce any rights of such Person against Guarantors by virtue of this Guaranty or otherwise. If a Credit Party is prevented under Applicable Law or otherwise from demanding or accelerating payment of any of the Guarantied Obligations by
reason of any automatic stay or otherwise, the Credit Parties shall be entitled to receive from each Guarantor, upon demand therefor, the sums which otherwise would have been due had such demand or acceleration occurred. 

SECTION 14. ADDITIONAL GUARANTORS; RELEASE OF GUARANTORS. SECTION 7.12 OF THE CREDIT AGREEMENT PROVIDES
THAT CERTAIN SUBSIDIARIES MUST BECOME GUARANTORS BY, AMONG OTHER THINGS, EXECUTING AND DELIVERING TO AGENT A JOINDER AGREEMENT. ANY 

 

 Exh. C - 8 

 
SUBSIDIARY WHICH EXECUTES AND DELIVERS TO THE AGENT A JOINDER AGREEMENT SHALL BE A GUARANTOR FOR ALL PURPOSES HEREUNDER. UNDER CERTAIN CIRCUMSTANCES DESCRIBED IN SECTION 7.12(B) OF THE
CREDIT AGREEMENT, CERTAIN SUBSIDIARIES MAY OBTAIN FROM THE AGENT A WRITTEN RELEASE FROM THIS GUARANTY PURSUANT TO THE PROVISIONS OF SUCH SECTION, AND UPON OBTAINING SUCH WRITTEN RELEASE, ANY SUCH SUBSIDIARY SHALL NO LONGER BE A GUARANTOR HEREUNDER.
EACH OTHER GUARANTOR CONSENTS AND AGREES TO ANY SUCH RELEASE AND AGREES THAT NO SUCH RELEASE SHALL AFFECT ITS OBLIGATIONS HEREUNDER. 

Section 15. Information. Each Guarantor assumes all responsibility for being and keeping itself informed of
the financial condition of the Borrower and the other Guarantors, and of all other circumstances bearing upon the risk of nonpayment of any of the Guarantied Obligations and the nature, scope and extent of the risks that such Guarantor assumes and
incurs hereunder, and agrees that none of the Credit Parties shall have any duty whatsoever to advise any Guarantor of information regarding such circumstances or risks. 

Section 16. Governing Law. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HERETO HEREBY
UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS GUARANTY. THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 Section 17. WAIVER OF JURY TRIAL; ETC. 

(a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG ANY GUARANTOR, THE AGENT OR ANY OTHER
CREDIT PARTY WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE CREDIT PARTIES AND EACH GUARANTOR HEREBY WAIVES ITS
RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER
SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE AGENT OR ANY OTHER CREDIT PARTY OF ANY KIND OR NATURE. TO THE EXTENT THAT THE GUARANTOR HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM
ANY LEGAL PROCESS (WHETHER FROM SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OF A JUDGMENT, EXECUTION OR OTHERWISE), THE GUARANTOR HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS
GUARANTY. 
 (b) EACH OF THE GUARANTORS, THE AGENT AND EACH OTHER CREDIT PARTY HEREBY IRREVOCABLY SUBMITS TO THE
NONEXCLUSIVE JURISDICTION 
  

 Exh. C - 9 

 
OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK, NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF TO HEAR AND DETERMINE
ANY CLAIMS OR DISPUTES BETWEEN OR AMONG ANY GUARANTOR, THE AGENT OR ANY OTHER CREDIT PARTY, PERTAINING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, THE LOANS, THE LETTERS OF CREDIT, THE NOTES OR ANY OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM
OR THEREFROM. EACH GUARANTOR AND EACH CREDIT PARTY EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE
VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO
PRECLUDE THE BRINGING OF ANY ACTION BY THE AGENT OR ANY OTHER CREDIT PARTY OR THE ENFORCEMENT BY THE AGENT OR ANY OTHER CREDIT PARTY OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 

(c) THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL
UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS AND THE TERMINATION OF THIS GUARANTY. 

Section 18. Loan Accounts. Each Credit Party may maintain books and accounts setting forth the amounts of
principal, interest and other sums paid and payable with respect to the Guarantied Obligations, and in the case of any dispute relating to any of the outstanding amount, payment or receipt of any of the Guarantied Obligations or otherwise, the
entries in such books and accounts shall be deemed prima facie evidence of the amounts and other matters set forth herein. The failure of a Credit Party to maintain such books and accounts shall not in any way relieve or discharge any Guarantor of
any of its obligations hereunder. 
 Section 19. Waiver of Remedies. No delay or failure on the part
of a Credit Party in the exercise of any right or remedy it may have against any Guarantor hereunder or otherwise shall operate as a waiver thereof, and no single or partial exercise by a Credit Party of any such right or remedy shall preclude any
other or further exercise thereof or the exercise of any other such right or remedy. The remedies provided in this guaranty are not cumulative. 

Section 20. Termination. This Guaranty shall remain in full force and effect until indefeasible payment in
full of the Guarantied Obligations, the cancellation of all Letters of Credit and the other Obligations and the termination or cancellation of the Credit Agreement in accordance with its terms. 

Section 21. Successors and Assigns. Each reference herein to the Agent or the other Credit Parties shall be
deemed to include such Person’s respective successors and assigns 
  

 Exh. C -10 

 
(including, but not limited to, any holder of the Guarantied Obligations) in whose favor the provisions of this Guaranty also shall inure, and each reference herein to each Guarantor shall be
deemed to include such Guarantor’s permitted successors and assigns, upon whom this Guaranty also shall be binding. The Lenders, the Issuing Lender and the Swingline Lender may, in accordance with the applicable provisions of the Credit
Agreement, assign, transfer or sell any Guarantied Obligation, or grant or sell participations in any Guarantied Obligations, to any Person without the consent of, or notice to, any Guarantor and without releasing, discharging or modifying any
Guarantor’s obligations hereunder. Each Guarantor hereby consents to the delivery by the Agent or any Lender to any Assignee or Participant (or any prospective Assignee or Participant) of any financial or other information regarding the
Borrower or any Guarantor. No Guarantor may assign or transfer its obligations hereunder to any Person without the prior written consent of all Lenders and any such assignment or other transfer to which all of the Lenders have not so consented shall
be null and void. 
 Section 22. JOINT AND SEVERAL OBLIGATIONS. THE OBLIGATIONS OF THE GUARANTORS
HEREUNDER SHALL BE JOINT AND SEVERAL, AND ACCORDINGLY, EACH GUARANTOR CONFIRMS THAT IT IS LIABLE FOR THE FULL AMOUNT OF THE “GUARANTIED OBLIGATIONS” AND ALL OF THE OBLIGATIONS AND LIABILITIES OF EACH OF THE OTHER GUARANTORS HEREUNDER.

 Section 23. Amendments. This Guaranty may not be amended except in writing signed by the
Requisite Lenders (or all of the Lenders if required under the terms of the Credit Agreement), the Agent and each Guarantor. 

Section 24. Payments. All payments to be made by any Guarantor pursuant to this Guaranty shall be made in
Dollars, in immediately available funds to the Agent at the Principal Office, not later than 12:00 p.m. on the date of demand therefore. 

Section 25. Expenses. The Guarantor shall reimburse the Agent on demand for all costs, expenses and charges
(including without limitation fees and charges of external legal counsel for the Agent and costs allocated by its internal legal department) incurred by the Agent in connection with the preparation, performance or enforcement of this Guaranty. The
obligations of the Guarantor under this Section shall survive the termination of this Guaranty. 

Section 26. Notices. All notices, requests and other communications hereunder shall be in writing (including
facsimile transmission or similar writing) and shall be given (a) to each Guarantor at its address set forth below its signature hereto, (b) to the Agent, any Lender, the Issuing Lender or the Swingline Lender at its respective address for
notices provided for in the Credit Agreement, or (c) as to each such party at such other address as such party shall designate in a written notice to the other parties. Each such notice, request or other communication shall be effective
(i) if mailed, when received; (ii) if telecopied, when transmitted; or (iii) if hand delivered, when delivered; provided, however, that any notice of a change of address for notices shall not be effective until received.

 Section 27. Severability. In case any provision of this Guaranty shall be invalid, illegal or
unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  

 Exh. C - 11 

 Section 28. Headings. Section headings used in this Guaranty are
for convenience only and shall not affect the construction of this Guaranty. 
 Section 29. Limitation
of Liability. 
 Neither the Agent, any other Credit Party nor any affiliate, officer, director, employee,
attorney, or agent of such Persons, shall have any liability with respect to, and each Guarantor hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or
incurred by a Guarantor in connection with, arising out of, or in any way related to, this Guaranty or any of the other Loan Documents, or any of the transactions contemplated by this Guaranty, the Credit Agreement or any of the other Loan
Documents. Each Guarantor hereby waives, releases, and agrees not to sue the Agent, any other Credit Party or any of such Person’s affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in
connection with, arising out of, or in any way related to, this Guaranty, the Credit Agreement or any of the other Loan Documents, or any of the transactions contemplated by Credit Agreement or financed thereby. 

Section 30. Integration; Effectiveness. This Guaranty sets forth the entire understanding of the Guarantor
and the Credit Parties relating to the guarantee of the Guaranteed Obligations and constitutes the entire contract between the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or
written, relating to the subject matter hereof. This Guaranty shall become effective when it shall have been executed and delivered by the Guarantor to the Agent. Delivery of an executed signature page of this Guaranty by telecopy shall be effective
as delivery of a manually executed signature page of this Guaranty. 
 Section 31. Definitions.

 Capitalized terms used herein that are not otherwise defined herein shall have the meanings given them in the
Credit Agreement. 
 [Signatures Begin on Next Page] 

 

 Exh. C - 12 

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

			
	 GUARANTORS:

	
	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation

		
	 By:
	 	  

	 Name:
	 	 Douglas P. Williams

	 Title: 
	 	 Executive Vice President

	
	 WELLS REIT II – 9 TECHNOLOGY DRIVE, LLC, a Delaware limited liability company

		
	 By:
	 	  

	 Name:
	 	 Douglas P. Williams

	 Title: 
	 	 President

	
	 WELLS REIT II – CORRIDORS III, LLC, a Delaware limited liability company

		
	 By:
	 	  

	 Name:
	 	 Douglas P. Williams

	 Title: 
	 	 President

  

 Exh. C - 13 

									
	 WELLS REIT II – REPUBLIC DRIVE, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 		 	 Name:
	 	 Douglas P. Williams

		 		 		 	 Title: 
	 	 Executive Vice President

  

									
	 WELLS GOVERNOR’S POINTE 4241 IRWIN SIMPSON, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 		 	 Name:
	 	 Douglas P. Williams

		 		 		 	 Title: 
	 	 Executive Vice President

  

 Exh. C - 14 

									
	 WELLS GOVERNOR’S POINTE 8990 DUKE, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

					
		 		 		 	 By:
	 	  

		 		 		 	 Name:
	 	 Douglas P. Williams

		 		 		 	 Title: 
	 	 Executive Vice President

	
	 WELLS REIT II–180 PARK AVENUE, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member and Member-Manager

				
		 		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

					
		 		 		 	 By:
	 	  

		 		 		 	 Name:
	 	 Douglas P. Williams

		 		 		 	 Title: 
	 	 Executive Vice President

  

 Exh. C - 15 

							
	 WELLS REIT II–8909 PURDUE ROAD, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title:
	 	 Executive Vice President

	
	 WELLS REIT II–UNIVERSITY CIRCLE, L.P. a Delaware limited partnership

		
	 By:
	 	 WELLS REIT II - University Circle, LLC, a Delaware limited liability company, its General Partner

			
		 	 By:
	 	  

		 	 Name:
	 	 Douglas P. Williams

		 	 Title:
	 	 President

	
	 WELLS REIT II—UNIVERSITY CIRCLE, LLC, a Delaware limited liability company

		
	 By:
	 	  

	 Name:
	 	 Douglas P. Williams

	 Title: 
	 	 President

  

 Exh. C - 16 

							
	 WELLS REIT II – SOUTH JAMAICA STREET, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title: 
	 	 Executive Vice President

	
	 WELLS REIT II – 7031 COLUMBIA GATEWAY DRIVE, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title: 
	 	 Executive Vice President

  

 Exh. C - 17 

							
	 WELLS REIT II – INTERNATIONAL FINANCIAL TOWER, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name: 
	 	 Douglas P. Williams

		 		 	 Title: 
	 	 Executive Vice President

	
	 WELLS REIT II – 11200 W. PARKLAND, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title: 
	 	 Executive Vice President

  

 Exh. C - 18 

							
	 WELLS REIT II – KCP, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title: 
	 	 Executive Vice President

	
	 WELLS REIT II – KEY CENTER, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title: 
	 	 Executive Vice President

  

 Exh. C - 19 

									
	 KEY CENTER PROPERTIES LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS REIT II – KEY CENTER LLC, a Delaware limited liability company, its managing member

			
		 	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

				
		 		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

					
		 		 		 	 By:
	 	  

		 		 		 	 Name:
	 	 Douglas P. Williams

		 		 		 	 Title: 
	 	 Executive Vice President

	
	 WELLS REIT II–LINDBERGH CENTER, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

				
		 		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

					
		 		 		 	 By:
	 	  

		 		 		 	 Name:
	 	 Douglas P. Williams

		 		 		 	 Title:
	 	 Executive Vice President

  

 Exh. C - 20 

											
	 WELLS REIT II – 1200 MORRIS BUSINESS TRUST, a Pennsylvania business trust

		
	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its Trustee

			
		 	 By:
	 	  

		 	 Name:
	 	 Douglas P. Williams

		 	 Title: 
	 	 Executive Vice President

	
	 2420 LAKEMONT AVENUE, LLC, a Delaware limited liability company

		
	 By:
	 	 2420 LAKEMONT AVENUE MM, LLC, a Delaware limited liability company, its Manager

			
		 	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

				
		 		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

					
		 		 		 	 By:
	 	  

		 		 		 	 Name:
	 	 Douglas P. Williams

		 		 		 	 Title: 
	 	 Executive Vice President

  

 Exh. C - 21 

							
	 2420 LAKEMONT AVENUE MM, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title: 
	 	 Executive Vice President

	
	 WELLS REIT II – EDGEWATER CORPORATE CENTER ONE, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title: 
	 	 Executive Vice President

	
	 WELLS REIT II – 1277 LPB ATLANTA, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title: 
	 	 Executive Vice President

  

 Exh. C - 22 

							
	 WELLS REIT II – 13655 RIVERPORT DRIVE, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title: 
	 	 Executive Vice President

	
	 WELLS REIT II – 15815 25TH AVENUE, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title: 
	 	 Executive Vice President

	
	 WELLS REIT II – LAKEHURST BRITTON, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title: 
	 	 Executive Vice President

  

 Exh. C - 23 

							
	 WELLS REIT II – LAKEPOINTE 3, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title: 
	 	 Executive Vice President

	
	 WELLS REIT II – LAKEPOINTE 5, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title: 
	 	 Executive Vice President

  

 Exh. C - 24 

							
	 WELLS REIT II – MACARTHUR RIDGE I, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title: 
	 	 Executive Vice President

									
	
	 WELLS REIT II – MACARTHUR RIDGE I, L.P., a Delaware limited partnership

		
	 By:
	 	 WELLS REIT II – MACARTHUR RIDGE I, LLC, a Delaware limited liability company, its General Partner

			
		 	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

				
		 		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

					
		 		 		 	 By:
	 	  

		 		 		 	 Name:
	 	 Douglas P. Williams

		 		 		 	 Title: 
	 	 Executive Vice President

  

 Exh. C - 25 

							
	 WELLS REIT II – OPUS/FINLEY PORTFOLIO, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title: 
	 	 Executive Vice President

  

							
	 WELLS REIT II – PARKSIDE/ATLANTA, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title: 
	 	 Executive Vice President

  

							
	 WELLS REIT II – STERLING COMMERCE, LLC, a Delaware limited liability company

		
	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

			
		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Douglas P. Williams

		 		 	 Title: 
	 	 Executive Vice President

  

 Exh. C - 26 

									
	 WELLS REIT II – STERLING COMMERCE, L.P., a Delaware limited partnership

		
	 By:
	 	 WELLS REIT II – STERLING COMMERCE, LLC, a Delaware limited liability company, its General Partner

			
		 	 By:
	 	 WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership, its sole member

				
		 		 	 By:
	 	 WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation, its General Partner

					
		 		 		 	 By:
	 	  

		 		 		 	 Name:
	 	 Douglas P. Williams

		 		 		 	 Title: 
	 	 Executive Vice President

  

 Exh. C - 27 

 EXHIBIT D 

FORM OF JOINDER AGREEMENT 

THIS JOINDER AGREEMENT dated as of
                    , 201  , executed and delivered by
                                , a
                         (the “New Subsidiary”), in favor of (a) JPMORGAN CHASE BANK, N.A., in its capacity
as Agent (the “Agent”) for the Lenders under that certain Credit Agreement dated as of May 7, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among WELLS
OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership (the “Borrower”), the financial institutions party thereto and their assignees under Section 12.5 thereof (the “Lenders”), the Agent, and the other parties
thereto, and (b) the Lenders, the Issuing Lender and the Swingline Lender (the parties described in (a) and (b) above are hereinafter referred to collectively as the “Credit Parties”). 

WHEREAS, pursuant to the Credit Agreement, the Credit Parties have agreed to make available to the Borrower certain
financial accommodations on the terms and conditions set forth in the Credit Agreement; 
 WHEREAS, the Borrower
or its 99% general partner owns, directly or indirectly, at least a majority of the issued and outstanding Equity Interests in the New Subsidiary; 

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

WHEREAS, the New Subsidiary acknowledges that it will receive direct and indirect benefits from the Credit Parties making
such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, the New Subsidiary is willing to guarantee the Borrower’s obligations to the Credit Parties on the terms and conditions contained herein; and

 WHEREAS, the New Subsidiary’s execution and delivery of this Agreement is a condition to the Credit
Parties continuing to make such financial accommodations to the Borrower. 
 NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the New Subsidiary, the New Subsidiary agrees as follows: 

Section 1. Joinder to Guaranty. The New Subsidiary hereby agrees that it is a “Guarantor” under
that certain Guaranty dated as of May 7, 2010 (as amended, supplemented, restated or otherwise modified from time to time, the “Guaranty”), made by Wells Real Estate Investment Trust II, Inc., a Maryland corporation, and each other
Person a party thereto in favor of the Credit Parties and assumes all obligations, representations, warranties, covenants, terms, conditions, duties and waivers of a “Guarantor” thereunder, all as if the New Subsidiary had been an original
signatory to the Guaranty. Without limiting the generality of the foregoing, the New Subsidiary hereby: 
  

 Exh. D - 1 

 (a) irrevocably and unconditionally guarantees the due and punctual payment
and performance when due, whether at stated maturity, by acceleration or otherwise, of all Guarantied Obligations (as defined in the Guaranty); 

(b) makes to the Credit Parties as of the date hereof each of the representations and warranties contained in
Section 5 of the Guaranty and agrees to be bound by each of the covenants contained in Section 6 of the Guaranty; and 

(c) consents and agrees to each provision set forth in the Guaranty. 

Section 2. Joinder to Contribution Agreement. The New Subsidiary hereby agrees that it is a
“Guarantor” under that certain Contribution Agreement dated as of May 7, 2010 (as amended, supplemented, restated or otherwise modified from time to time, the “Contribution Agreement”), made by the Borrower and the other
Persons a party thereto and assumes all obligations, representations, warranties, covenants, terms, conditions, duties and waivers of a “Guarantor” thereunder, all as if the New Subsidiary had been an original signatory to the Contribution
Agreement. Without limiting the generality of the foregoing, the New Subsidiary hereby agrees to be bound by each of the covenants contained in the Contribution Agreement, and consents and agrees to each provision set forth in the Contribution
Agreement. 
 Section 3. GOVERNING LAW. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF THE PARTIES
HERETO HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT
TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 Section 4. Further Assurances. The New
Subsidiary agrees to execute and deliver such other instruments and documents and take such other action, as the Agent may reasonably request, in connection with the transactions contemplated by this Joinder Agreement. 

Section 5. Definitions. Capitalized terms used herein and not otherwise defined herein shall have their
respective defined meanings given them in the Credit Agreement. 
 (Signatures on Following Page) 

 

 Exh. D - 2 

 IN WITNESS WHEREOF, the New Subsidiary has caused this Joinder Agreement to
be duly executed and delivered under seal by its duly authorized officers as of the date first written above. 
  

			
	 [NEW SUBSIDIARY]

		
	 By:
	 	  

			
	 Name:
	 	
	 Title:
	 	

			
	
	[SEAL]
	
	 Address for Notices:

		
	 Attention:
	 	  

			
	 Telecopy Number:
	 	  

			
	 Telephone Number:
	 	  

Accepted: 
  

			
	 JPMORGAN CHASE BANK, N.A., as Agent

		
	 By:
	 	  

			
	 Name:
	 	
	 Title:
	 	

  

 Exh. D - 3 

 EXHIBIT E 

FORM OF NOTICE OF BORROWING 

(REVOLVING LOANS) 

            , 201     

JPMorgan Chase Bank, N.A., 
 as Agent 

1111 Fannin, 10th Floor 
 Houston, TX 77002

 Attention: Loan and Agency Services Group 

JPMorgan Chase Bank, N.A., 
 383 Madison Avenue,
24th Floor 
 New York, NY 10179 

Attention: Kimberly Turner 

Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement (as amended, restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”) dated as of May 7, 2010, by and among Wells Operating Partnership II, L.P. (the “Borrower”), the financial institutions a party thereto and their assignees under Section 12.5 thereof (the
“Lenders”), JPMorgan Chase Bank, N.A., as Agent (“Agent”) and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. The
Borrower hereby requests that the Lenders make Revolving Loans to the Borrower pursuant to Section 2.1(b) of the Credit Agreement in the amount of $             [minimum of
$1,000,000.00 and in multiples of $250,000.00 for Base Rate Loans; minimum of $1,000,000.00 and in multiples of $1,000,000.00 for LIBOR Rate Loans]. 
  

					
	 Aggregate Commitments
	  	$	500,000,000	  
		
	 Less the amount of all outstanding Revolving Loans
	  	($	                    	) 
		
	 Less the aggregate amount of all Letter of Credit Liabilities
	  	($	                    	) 
		
	 Less outstanding Swingline Loans
	  	($	                    	) 
		
	 Available Amount
	  	$	                    	  
		
	 Less amount requested
	  	($	                    	) 
		
	 Amount remaining to be advanced
	  	$	                    	  

 The advance is
to be made as follows: 
  

	A.	 Base Rate Loan: 

  

 Exh. E - 1 

			
	 1.      Amount of Base Rate Loan:
	  	 $                    

		
	 2.      Proposed Date of Base Rate Loan
	  	
                      

 

	B.	 LIBOR Rate Loan: 

  

			
	 1.      Amount of LIBOR Rate Loan:
	  	 $                    

		
	 2.      Number of LIBOR Rate Loans now in effect: [cannot exceed
10]
	  	 $                    

		
	 3.      Proposed Date of new LIBOR Rate Loan:
	  	
		
	 4.      Interest Period for new LIBOR Rate Loan:
	  	 [Check one box only]

		  	  

 ̈       One
month
  

 ̈       Two
months
  

 ̈       Three
months
  

 ̈       Six
months

 The proceeds of this borrowing of Revolving Loans will be used for general business
purposes. 
 The Borrower hereby certifies to the Agent and the Lenders that as of the date hereof and as of the
date of the making of the requested Revolving Loans and after giving effect thereto, (a) no Default or Event of Default has or shall have occurred and be continuing, and (b) the representations and warranties made or deemed made by the
Borrower and each other Obligor in the Loan Documents to which any of them is a party are and shall be true and correct in all material respects, except to the extent that such representations and warranties expressly relate solely to an earlier
date (in which case such representations and warranties were true and accurate on and as of such earlier date). In addition, the Borrower certifies to the Agent and the Lenders that all conditions to the making of the requested Revolving Loans
contained in Article V of the Credit Agreement will have been satisfied at the time such Revolving Loans are made. 
  

 Exh. E - 2 

 If notice of the requested borrowing of Revolving Loans was previously given
by telephone, this notice is to be considered the written confirmation of such telephone notice required by Section 2.1(b) of the Credit Agreement. 

 

					
	 Sincerely,

	
	 WELLS OPERATING PARTNERSHIP II, L.P.,

a Delaware limited partnership

		
	 By:
	 	 Wells Real Estate Investment Trust II, Inc., its sole General Partner

			
		 	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	

  

 Exh. E - 3 

 EXHIBIT F 

FORM OF NOTICE OF CONTINUATION 

            , 201     

JPMorgan Chase Bank, N.A., 
 as Agent

 1111 Fannin, 10th Floor 
 Houston, TX
77002 
 Attention: Loan and Agency Services Group 

JPMorgan Chase Bank, N.A., 
 383 Madison Avenue,
24th Floor 
 New York, NY 10179 

Attention: Kimberly Turner 

Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement dated as of May 7, 2010 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”), by and among Wells Operating Partnership II, L.P. (the “Borrower”), the financial institutions party thereto and their assignees under Section 12.5 thereof (the
“Lenders”), JPMorgan Chase Bank, N.A., as Agent (the “Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement.

 Pursuant to Section 2.8 of the Credit Agreement, the Borrower hereby requests a Continuation of a
borrowing of Revolving Loans, as LIBOR Rate Loans under the Credit Agreement, and in that connection sets forth below the information relating to such Continuation as required by such Section of the Credit Agreement: 

 

	 	1.	 The proposed date of such Continuation is             ,
            . 

  

	 	2.	 The aggregate principal amount of Revolving Loans subject to the requested Continuation is
$             and was originally borrowed by the Borrower on             , 201    .

  

	 	3.	 The portion of such principal amount subject to such Continuation is
$            . 

  

	 	4.	 The current Interest Period for each of the Revolving Loans subject to such Continuation ends on
                    , 201    . 

 

 Exh. F - 1 

	 	5.	 The duration of the new Interest Period for each of such Revolving Loans or portion thereof subject to such Continuation is:

  

			
	 Interest
Period1

	  	
	  ̈       One
month
	  	 [check one box only]

	  ̈       Two
months
	  	
	  ̈       Three
months
	  	
	  ̈       Six
months
	  	

 The Borrower hereby certifies to the Agent and the Lenders that as of the date
hereof, as of the proposed date of the requested Continuation, and after giving effect to such Continuation, no Default or Event of Default has or shall have occurred and be continuing. 

If notice of the requested Continuation was given previously by telephone, this notice is to be considered the written
confirmation of such telephone notice required by Section 2.8 of the Credit Agreement. 
 [Signatures on Following Page]

  

	1
	 If more than one Interest Period is desired, indicate the principal amount of the Revolving Loans requested for each Interest Period.

  

 Exh. F - 2 

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

					
	WELLS OPERATING PARTNERSHIP II, L.P.,
	 a Delaware limited partnership

		
	 By:
	 	 Wells Real Estate Investment Trust II, Inc., its sole General Partner

			
		 	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	

  

 Exh. F - 3 

 EXHIBIT G 

FORM OF NOTICE OF CONVERSION 

            , 201     

JPMorgan Chase Bank, N.A., 
 as Agent

 1111 Fannin, 10th Floor 
 Houston, TX
77002 
 Attention: Loan and Agency Services Group 

JPMorgan Chase Bank, N.A., 
 383 Madison Avenue,
24th Floor 
 New York, NY 10179 

Attention: Kimberly Turner 

Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement dated as of May 7, 2010 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”), by and among Wells Operating Partnership II, L.P. (the “Borrower”), the financial institutions party thereto and their assignees under Section 12.5 thereof (the
“Lenders”), JPMorgan Chase Bank, N.A., as Agent (the “Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement.

 Pursuant to Section 2.9 of the Credit Agreement, the Borrower hereby requests a Conversion of a
borrowing of Revolving Loans of one Type into Revolving Loans of another Type under the Credit Agreement, and in that connection sets forth below the information relating to such Conversion as required by such Section of the Credit Agreement:

  

	 	1.	 The proposed date of such Conversion is             ,
201    . 

  

	 	2.	 The Revolving Loans to be Converted pursuant hereto are currently: 

 

			
	[Check one box only]	  	  ̈       Base Rate
Loans

		  	  ̈       LIBOR Rate
Loans

  

	 	3.	 The aggregate principal amount of Revolving Loans subject to the requested Conversion is
$                     and was originally borrowed by the Borrowers on
            , 201    . 

  

	 	4.	 The portion of such principal amount subject to such Conversion is
$                    . 

  

 Exh. G - 1 

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

[Check one box only] 

 

	 	 ̈	 Base Rate Loans 

  

	 	 ̈	 LIBOR Rate Loans, each with an initial Interest Period for a duration of: 

 

			
	Interest 
Period1	  	
	
 ̈       One month
	  	
	
 ̈       Two months
	  	 [Check one box only]

	
 ̈       Three months
	  	
	
 ̈       Six months
	  	

 The Borrowers hereby certify to the Agent and the Lenders that as of the date
hereof and as of the date of the requested Conversion and after giving effect thereto no Default or Event of Default has or shall have occurred and be continuing. 

If notice of the requested Conversion was given previously by telephone, this notice is to be considered the written
confirmation of such telephone notice required by Section 2.9 of the Credit Agreement. 
 [Signatures on Following Page]

  

	1
	 If more than one Interest Period is desired, indicate the principal amount of the Revolving Loans requested for each Interest Period.

  

 Exh. G - 2 

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

					
	WELLS OPERATING PARTNERSHIP II, L.P.,
	 a Delaware limited partnership

		
	 By:
	 	 Wells Real Estate Investment Trust II, Inc., its sole General Partner

			
		 	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	

  

 Exh. G - 3 

 EXHIBIT H 

FORM OF NOTICE OF SWINGLINE BORROWING 

                    , 
            
 JPMorgan Chase Bank, N.A., 

as Agent 
 1111 Fannin, 10th Floor 

Houston, TX 77002 
 Attention: Loan and Agency
Services Group 
 JPMorgan Chase Bank, N.A., 

383 Madison Avenue, 24th Floor 
 New York, NY
10179 
 Attention: Kimberly Turner 

Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement dated as of May 7, 2010 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”), by and among WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership (the “Borrower”), the financial institutions party thereto and their assignees under
Section 12.5 thereof (the “Lenders”), JPMorgan Chase Bank, N.A., as Agent (the “Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given
them in the Credit Agreement. 
 1. Pursuant to Section 2.2(b) of the Credit Agreement, the Borrower hereby
requests that the Swingline Lender make a Swingline Loan to the Borrower in an amount equal to $                    . 

 

	 	2.	 The Borrower requests that such Swingline Loan be made available to the Borrower on
            , 201    . 

  

	 	3.	 The proceeds of this Swingline Loan will be used for general business purposes. 

 

	 	4.	 The Borrower requests that the proceeds of such Swingline Loan be made available to the Borrower by
                                    .

 The Borrower hereby certifies to the Agent, the Swingline Lender and the Lenders that as of
the date hereof, as of the date of the making of the requested Swingline Loan, and after making such Swingline Loan, (a) no Default or Event of Default has or shall have occurred and be continuing, and (b) the representations and
warranties made or deemed made by the Borrower and each other Obligor in the Loan Documents to which any of them is a party are and shall be true and correct in all material respects, except to the extent that such representations and warranties
expressly relate solely to an earlier date (in which case such representations and warranties were true and accurate on and as of such earlier date). In addition, the Borrower 

 

 Exh. H - 1 

 
certifies to the Agent, the Swingline Lender and the Lenders that all conditions to the making of the requested Swingline Loan contained in Article V of the Credit Agreement will have been
satisfied at the time such Swingline Loan is made. 
 If notice of the requested borrowing of this Swingline
Loan was previously given by telephone, this notice is to be considered the written confirmation of such telephone notice required by Section 2.2(b) of the Credit Agreement. 

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

					
	WELLS OPERATING PARTNERSHIP II, L.P.,
	 a Delaware limited partnership

		
	 By:
	 	 Wells Real Estate Investment Trust II, Inc., its sole General Partner

			
		 	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	

 [SEAL] 

 

 Exh. H - 2 

 EXHIBIT I 

FORM OF SWINGLINE NOTE 
  

			
	 $15,000,000
	 	May 7, 2010

FOR VALUE RECEIVED, the undersigned, WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership (the
“Borrower”), hereby promises to pay to the order of JPMORGAN CHASE BANK, N.A. (the “Swingline Lender”) in care of Agent to Agent’s address at 383 Madison Avenue, New York, NY 10179, or at such other address as may be
specified in writing by the Agent to the Borrower, the principal sum of FIFTEEN MILLION AND NO/100 DOLLARS ($15,000,000) (or such lesser amount as shall equal the aggregate unpaid principal amount of Swingline Loans made by the Swingline Lender to
the Borrower under the Credit Agreement), on the dates and in the principal amounts provided in the Credit Agreement, and to pay interest on the unpaid principal amount owing hereunder, at the rates and on the dates provided in the Credit Agreement.

 The date, amount of each Swingline Loan, and each payment made on account of the principal thereof, shall be
recorded by the Swingline Lender on its books and, prior to any transfer of this Note, endorsed by the Swingline Lender on the schedule attached hereto or any continuation thereof, provided that the failure of the Swingline Lender to make any
such recordation or endorsement shall not affect the obligations of the Borrower to make a payment when due of any amount owing under the Credit Agreement or hereunder in respect of the Swingline Loans. 

This Note is the Swingline Note referred to in the Credit Agreement dated as of May 7, 2010 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, the financial institutions party thereto and their assignees under Section 12.5 thereof (the “Lenders”), JPMorgan
Chase Bank, N.A., as Agent (the “Agent”), and the other parties thereto, and evidences Swingline Loans made to the Borrower thereunder. Terms used but not otherwise defined in this Note have the respective meanings assigned to them in the
Credit Agreement. 
 The Credit Agreement provides for the acceleration of the maturity of this Note upon the
occurrence of certain events and for prepayments of Swingline Loans upon the terms and conditions specified therein. 

Except as permitted by Sections 11.8 and 12.5(d) of the Credit Agreement, this Note may not be assigned by the Swingline
Lender to any other Person. 
 TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HERETO HEREBY
UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS NOTE. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE
NEW YORK GENERAL OBLIGATIONS LAW. 
  

 Exh. I - 1 

 The Borrower hereby waives presentment for payment, demand, notice of
demand, notice of non-payment, protest, notice of protest and all other similar notices. Time is of the essence for this Note. 

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

					
	WELLS OPERATING PARTNERSHIP II, L.P.,
	 a Delaware limited partnership

		
	 By:
	 	 Wells Real Estate Investment Trust II, Inc., its sole General Partner

			
		 	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	

 [SEAL] 

 

 Exh. I - 2 

 SCHEDULE OF SWINGLINE LOANS 

This Note evidences Swingline Loans made under the within-described Credit Agreement to the Borrower, on the dates and in
the principal amounts set forth below, subject to the payments and prepayments of principal set forth below: 
  

									
	 Date of

Loan
	 	 Principal

Amount of Loan
	 	 Amount Paid

or Prepaid
	 	 Unpaid Principal

Amount
	 	 Notation

Made By

 

 Exh. I - 3 

 EXHIBIT J 

FORM OF REVOLVING NOTE 
  

			
	 $                    
	 	May 7, 2010

FOR VALUE RECEIVED, the undersigned, WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership (the
“Borrower”), hereby promises to pay to the order of                              (the
“Lender”), in care of Agent to Agent’s address at 383 Madison Avenue, New York, NY 10179, or at such other address as may be specified in writing by the Agent to the Borrower, the principal sum of
                     AND
                    /100 DOLLARS
($                    ) (or such lesser amount as shall equal the aggregate unpaid principal amount of Revolving Loans made by the Lender
to the Borrower under the Credit Agreement (as herein defined)), on the dates and in the principal amounts provided in the Credit Agreement, and to pay interest on the unpaid principal amount owing hereunder, at the rates and on the dates provided
in the Credit Agreement. 
 The date, amount of each Revolving Loan made by the Lender to the Borrower, and each
payment made on account of the principal thereof, shall be recorded by the Lender on its books and, prior to any transfer of this Note, endorsed by the Lender on the schedule attached hereto or any continuation thereof, provided that the
failure of the Lender to make any such recordation or endorsement shall not affect the obligations of the Borrower to make a payment when due of any amount owing under the Credit Agreement or hereunder in respect of the Revolving Loans made by the
Lender. 
 This Note is one of the Revolving Notes referred to in the Credit Agreement dated as of May 7,
2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower the financial institutions party thereto and their assignees under Section 12.5 thereof (the
“Lenders”), JPMorgan Chase Bank, N.A., as Agent (the “Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement.

 The Credit Agreement provides for the acceleration of the maturity of this Note upon the occurrence of
certain events and for prepayments of Loans upon the terms and conditions specified therein. 
 Except as
permitted by Section 12.5(d) of the Credit Agreement, this Note may not be assigned by the Lender to any other Person. 

TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HERETO HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY
CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS NOTE. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

  

 Exh. J - 1 

 The Borrower hereby waives presentment for payment, demand, notice of
demand, notice of non-payment, protest, notice of protest and all other similar notices. Time is of the essence for this Note. 

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

					
	 WELLS OPERATING PARTNERSHIP II, L.P.,

	 a Delaware limited partnership

		
	 By:
	 	 Wells Real Estate Investment Trust II, Inc.,its sole General Partner

			
		 	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	
		 		 	[SEAL]

  

 Exh. J - 2 

 SCHEDULE OF REVOLVING LOANS 

This Note evidences Revolving Loans made under the within-described Credit Agreement to the Borrower, on the dates and in
the principal amounts set forth below, subject to the payments and prepayments of principal set forth below: 
  

									
	 Date of Loan
	 	 Principal

Amount of Loan
	 	 Amount Paid

or Prepaid
	  	 Unpaid Principal
Amount
	  	 Notation

Made By

 

 Exh. J - 3 

 EXHIBIT K 

FORM OF COMPLIANCE CERTIFICATE 

                    , 201_

 JPMorgan Chase Bank, N.A., 
 as
Agent 
 383 Madison Avenue, 24th Floor 

New York, NY 10179 
 Attention: Kimberly Turner

 Each of the Lenders Party to the Credit Agreement referred to below 

Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement dated as of May 7, 2010 as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”), by and among WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership (the “Borrower”), the financial institutions party thereto and their assignees under
Section 12.5 thereof (the “Lenders”), JPMorgan Chase Bank, N.A., as Agent (the “Agent”) and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given
them in the Credit Agreement. 
 Pursuant to Section 8.3 of the Credit Agreement, the undersigned hereby
certifies to the Agent and the Lenders as follows: 
 (1) The undersigned is the chief financial officer of the
REIT Guarantor. 
 (2) The undersigned is responsible for and has made or caused to be made under his/her
supervision a detailed review of the applicable activities of the Obligors and their Subsidiaries in connection with the preparation of this Certificate. 

(3) The undersigned has examined the books and records of the Borrower and has conducted such other examinations and
investigations as are reasonably necessary to provide this Compliance Certificate. 
 (4) No Default or Event of
Default exists [if such is not the case, specify such Default or Event of Default and its nature, when it occurred and whether it is continuing and the steps being taken by the Borrower with respect to such event, condition or failure].

 (5) The representations and warranties made or deemed made by the Borrower and the other Obligors in the Loan
Documents to which any is a party, are true and correct in all material respects on and as of the date hereof except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such
representations and warranties shall have been true and accurate on and as of such earlier date). 
  

 Exh. K - 1 

 (6) Attached hereto as Schedule 1 are detailed calculations
establishing whether or not the Borrower was in compliance with the covenants contained in Sections 9.1 through 9.3, 9.6 and 9.14 of the Credit Agreement. 

(7) The undersigned has delivered the Unencumbered Asset Certificate set forth in Section 8.3 of the Credit
Agreement. 
 IN WITNESS WHEREOF, the undersigned has executed this certificate as of the date first above
written. 
  

					
	WELLS OPERATING PARTNERSHIP II, L.P.,
	 a Delaware limited partnership

		
	 By:
	 	 Wells Real Estate Investment Trust II, Inc.,its sole General Partner

			
		 	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	

 [Calculations to be Attached] 

 

 Exh. K - 2Revolving Secured Credit Facility

 EXHIBIT 10.8 

 
  

Published CUSIP Number:
                     

CREDIT AGREEMENT 

Dated as of         , 2010 

among 
 DLC
REALTY, L.P., 
 as Borrower, 

DLC REALTY TRUST, INC., 

as a Guarantor, 

BANK OF AMERICA, N.A., 

as Administrative Agent and L/C Issuer, 

BARCLAYS CAPITAL, 

as Syndication Agent 

and 
 The Other
Lenders Party Hereto 
 BANC OF AMERICA SECURITIES LLC, 

and 

BARCLAYS CAPITAL 

as 
 Joint Lead
Arrangers and Joint Book Managers 
  
  

 TABLE OF CONTENTS 

 

							
	  	 	 Section
	  	 	  	Page
		
	Article I. Definitions and Accounting Terms	  	1
		 	1.01	  	Defined Terms	  	1
		 	1.02	  	Other Interpretive Provisions	  	27
		 	1.03	  	Accounting Terms	  	27
		 	1.04	  	Rounding	  	28
		 	1.05	  	Times of Day	  	28
		 	1.06	  	Letter of Credit Amounts	  	28
		
	Article II. The Commitments and Credit Extensions	  	28
		 	2.01	  	Loans	  	28
		 	2.02	  	Borrowings, Conversions and Continuations of Loans	  	28
		 	2.03	  	Letters of Credit	  	30
		 	2.04	  	Prepayments	  	37
		 	2.05	  	Termination or Reduction of Commitments	  	38
		 	2.06	  	Repayment of Loans	  	38
		 	2.07	  	Interest	  	38
		 	2.08	  	Fees	  	39
		 	2.09	  	Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate	  	39
		 	2.10	  	Evidence of Debt	  	40
		 	2.11	  	Payments Generally; Administrative Agent’s Clawback	  	40
		 	2.12	  	Sharing of Payments by Lenders	  	42
		 	2.13	  	Extension of Maturity Date	  	43
		 	2.14	  	Increase in Commitments	  	43
		 	2.15	  	Cash Collateral	  	44
		 	2.16	  	Defaulting Lenders	  	45
		 	2.17	  	Guaranties	  	47
		
	Article III. Taxes, Yield Protection and Illegality	  	47
		 	3.01	  	Taxes	  	47
		 	3.02	  	Illegality	  	50
		 	3.03	  	Inability to Determine Rates	  	51
		 	3.04	  	Increased Costs; Reserves on Eurodollar Rate Loans	  	51
		 	3.05	  	Compensation for Losses	  	53
		 	3.06	  	Mitigation Obligations; Replacement of Lenders	  	53
		 	3.07	  	Survival	  	54
		
	Article IV. Borrowing Base	  	54
		 	4.01	  	Initial Borrowing Base	  	54
		 	4.02	  	Changes in Borrowing Base Calculation	  	54
		 	4.03	  	Requests for Admission into Borrowing Base	  	54
		 	4.04	  	Eligibility	  	54
		 	4.05	  	Approval of Borrowing Base Properties	  	55
		 	4.06	  	Liens on Borrowing Base Properties	  	55
		 	4.07	  	Notice of Admission of New Borrowing Base Properties	  	55
		 	4.08	  	Appraisals of Borrowing Base Properties	  	55
		 	4.09	  	Release of Borrowing Base Property	  	56
		 	4.10	  	Documentation Required with Respect to Borrowing Base Properties	  	56

							
	  	  	 Section
	  	 	  	Page
				
		  	4.11	  	Florida Equity Pledge Property	  	57
		  	4.12	  	New York Equity Pledge Properties	  	58
		
	Article V. Conditions Precedent to Credit Extensions	  	59
		  	5.01	  	Conditions of Initial Credit Extension	  	59
		  	5.02	  	Conditions to all Credit Extensions	  	60
		
	Article VI. Representations and Warranties	  	61
		  	6.01	  	Existence, Qualification and Power; Compliance with Laws	  	61
		  	6.02	  	Authorization; No Contravention	  	61
		  	6.03	  	Governmental Authorization; Other Consents	  	61
		  	6.04	  	Binding Effect	  	61
		  	6.05	  	Financial Statements; No Material Adverse Effect	  	61
		  	6.06	  	Litigation	  	62
		  	6.07	  	No Default	  	62
		  	6.08	  	Ownership of Property; Liens; Equity Interests	  	62
		  	6.09	  	Environmental Compliance	  	63
		  	6.10	  	Insurance	  	63
		  	6.11	  	Taxes	  	64
		  	6.12	  	ERISA Compliance	  	64
		  	6.13	  	Margin Regulations; Investment Company Act	  	64
		  	6.14	  	Disclosure	  	65
		  	6.15	  	Compliance with Laws	  	65
		  	6.16	  	Taxpayer Identification Number	  	65
		  	6.17	  	Intellectual Property; Licenses, Etc.	  	65
		  	6.18	  	Representations Concerning Leases	  	65
		  	6.19	  	Solvency	  	65
		  	6.20	  	REIT Status of Parent	  	66
		  	6.21	  	Labor Matters	  	66
		  	6.22	  	Ground Lease Representation	  	66
		  	6.23	  	Borrowing Base Properties	  	66
		
	Article VII. Affirmative Covenants	  	67
		  	7.01	  	Financial Statements	  	67
		  	7.02	  	Certificates; Other Information	  	68
		  	7.03	  	Notices	  	69
		  	7.04	  	Payment of Obligations	  	70
		  	7.05	  	Preservation of Existence, Etc.	  	70
		  	7.06	  	Maintenance of Properties	  	71
		  	7.07	  	Maintenance of Insurance	  	71
		  	7.08	  	Compliance with Laws	  	72
		  	7.09	  	Books and Records	  	73
		  	7.10	  	Inspection Rights	  	73
		  	7.11	  	Use of Proceeds	  	73
		  	7.12	  	Environmental Matters	  	73
		  	7.13	  	Condemnation, Casualty and Restoration	  	75
		  	7.14	  	Ground Leases	  	79
		  	7.15	  	Borrowing Base Properties	  	80
		  	7.16	  	Subsidiary Guarantor Organizational Documents	  	80

  

 ii 

							
	  	 	 Section
	 	 	  	Page
		
	Article VIII. Negative Covenants	  	80
		 	8.01	 	Liens	  	80
		 	8.02	 	Investments	  	82
		 	8.03	 	Fundamental Changes	  	82
		 	8.04	 	Restricted Payments	  	82
		 	8.05	 	Change in Nature of Business	  	83
		 	8.06	 	Transactions with Affiliates	  	83
		 	8.07	 	Burdensome Agreements	  	83
		 	8.08	 	Use of Proceeds	  	83
		 	8.09	 	Borrowing Base Properties; Ground Leases	  	83
		 	8.10	 	Lease Approval	  	84
		 	8.11	 	Environmental Matters	  	84
		 	8.12	 	Negative Pledge	  	85
		 	8.13	 	Financial Covenants	  	85
		
	Article IX. Events of Default and Remedies	  	86
		 	9.01	 	Events of Default	  	86
		 	9.02	 	Remedies Upon Event of Default	  	88
		 	9.03	 	Application of Funds	  	88
		
	Article X. Administrative Agent	  	89
		 	10.01	 	Appointment and Authority	  	89
		 	10.02	 	Rights as a Lender	  	89
		 	10.03	 	Exculpatory Provisions	  	90
		 	10.04	 	Reliance by Administrative Agent	  	90
		 	10.05	 	Delegation of Duties	  	91
		 	10.06	 	Resignation of Administrative Agent	  	91
		 	10.07	 	Non-Reliance on Administrative Agent and Other Lenders	  	92
		 	10.08	 	No Other Duties, Etc	  	92
		 	10.09	 	Administrative Agent May File Proofs of Claim	  	92
		 	10.10	 	Collateral and Guaranty Matters	  	93
		 	10.11	 	Administrative Agent Advances	  	93
		
	Article XI. Miscellaneous	  	94
		 	11.01	 	Amendments, Etc.	  	94
		 	11.02	 	Notices; Effectiveness; Electronic Communication	  	95
		 	11.03	 	No Waiver; Cumulative Remedies; Enforcement	  	97
		 	11.04	 	Expenses; Indemnity; Damage Waiver	  	98
		 	11.05	 	Payments Set Aside	  	101
		 	11.06	 	Successors and Assigns	  	101
		 	11.07	 	Treatment of Certain Information; Confidentiality	  	105
		 	11.08	 	Right of Setoff	  	106
		 	11.09	 	Interest Rate Limitation	  	106
		 	11.10	 	Counterparts; Integration; Effectiveness	  	106
		 	11.11	 	Survival of Representations and Warranties	  	106
		 	11.12	 	Severability	  	107
		 	11.13	 	Replacement of Lenders	  	107
		 	11.14	 	Governing Law; Jurisdiction; Etc.	  	107
		 	11.15	 	Waiver of Jury Trial	  	108
		 	11.16	 	No Advisory or Fiduciary Responsibility	  	109
		 	11.17	 	Electronic Execution of Assignments and Certain Other Documents	  	109

  

 iii 

							
	  	 	 Section
	  	 	  	Page
				
		 	11.18	  	USA PATRIOT Act	  	109
		 	11.19	  	ENTIRE AGREEMENT	  	109
		
	SIGNATURES	  	S-1

  

 iv 

							
	  	 	 Section
	 	 	  	Page
		
	SCHEDULES	  	
				
		 	2.01	 	Commitments and Applicable Percentages	  	
		 	4.01	 	Initial Borrowing Base Properties	  	
		 	6.06	 	Litigation	  	
		 	6.09	 	Environmental Matters	  	
		 	6.17	 	Intellectual Property Matters	  	
		 	8.01	 	Existing Liens	  	
		 	11.02	 	Administrative Agent’s Office; Certain Addresses for Notices	  	
		
	EXHIBITS	  	
			
		 	Form of	  	
				
		 	A	 	Loan Notice	  	
		 	B	 	Note	  	
		 	C	 	Compliance Certificate	  	
		 	D-1	 	Assignment and Assumption	  	
		 	D-2	 	Administrative Questionnaire	  	
		 	E	 	Borrowing Base Report	  	
		 	F	 	New York Mortgage	  	

  

 v 

 CREDIT AGREEMENT 

This CREDIT AGREEMENT (“Agreement”) is entered into as
of             , 2010, among DLC REALTY, L.P., a Delaware limited partnership (“Borrower”), DLC REALTY TRUST, INC., a Maryland corporation and the sole
general partner of Borrower (“Parent”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and BANK OF AMERICA, N.A., as
Administrative Agent and L/C Issuer. 
 Borrower has requested that the Lenders provide a revolving credit facility, and the
Lenders are willing to do so on the terms and conditions set forth herein. 
 In consideration of the mutual covenants and
agreements herein contained, the parties hereto covenant and agree as follows: 
 Article I. 

Definitions and Accounting Terms 

1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 

“Acceptable Appraisal” means an MAI appraisal that is (a) compliant with the Financial Institutions Reform,
Recovery and Enforcement Act of 1989, all other Laws applicable to Administrative Agent or Lenders, and the Uniform Standards of Professional Appraisal Practice, (b) in form and substance reasonably acceptable to Administrative Agent and
Required Lenders, and (c) prepared by an independent appraisal firm selected by Administrative Agent and reasonably acceptable to Required Lenders. 

“Acceptable Environmental Report” means, with respect to a Property, either (a) an ASTM E1527-05 compliant
Phase I environmental site assessment with respect to such Property stating, among other things, that such Property is free of Recognized Environmental Conditions (as defined in ASTM E1527-05), relating to Hazardous Materials (other than with
respect to de minimis conditions as that term is referenced in ASTM E1527-05), or (b) if the presence of Hazardous Materials (other than with respect to de minimis conditions) has been detected, an environmental report, which includes at a
minimum, an ASTM E1903-97(2002) compliant Phase II environmental site assessment, indicating the nature and extent of the remediation necessary to address that contamination on such Property and, in each case, by a licensed environmental engineering
firm, and of scope and in form and substance reasonably acceptable to Administrative Agent. All final written reports from such engineering firm shall promptly be made available and communicated to Administrative Agent. 

“Acceptable Ground Lease” means a ground lease with respect to an Acceptable Property executed by a Mortgagor, as
lessee, that has a remaining lease term (including extension or renewal rights) of at least twenty-five (25) years, calculated as of the date such Acceptable Property is admitted into the Borrowing Base, and that Administrative Agent
determines, in its reasonable discretion, is a financeable ground lease. 
 “Acceptable Property” means
a Property (a) that is approved by Administrative Agent and Required Lenders, or (b) that is approved by Administrative Agent and meets the following requirements: 

(i) such Property is wholly-owned by, or ground leased pursuant to an Acceptable Ground Lease to, Borrower or a Subsidiary Guarantor free
and clear of any Liens (other than Liens permitted by Section 8.01); 

 (ii) such Property is a multi-tenant retail property located within the United States; and

 (iii) if such Property is owned by, or ground leased pursuant to an Acceptable Ground Lease to, a Subsidiary Guarantor, then
the Equity Interests of such Subsidiary Guarantor are owned, directly or indirectly by Borrower, free and clear of any Liens other than Liens permitted by Section 8.01. 

“Adjusted NOI” means, with respect to any Property for any period, an amount equal to (a) the aggregate
gross revenues from the operations of such Property during such period, minus (b) the sum of (i) all expenses and other proper charges incurred in connection with the operation of such Property during such period (including real
estate taxes, but excluding any management fees, debt service charges, income taxes, depreciation, amortization and other non-cash expenses), (ii) a management fee equal to the greater of (A) three percent (3%) of the aggregate net
revenues from the operations of such Property during such period and (B) actual management fees paid, and (iii) a replacement reserve of $0.15 per square foot. Notwithstanding anything to the contrary contained herein, (x) Adjusted
NOI for any Property for the period ending September 30, 2010 shall be the Adjusted NOI for such Property for the three (3) month period then ended times four (4), (y) Adjusted NOI for any Property for the period ending
December 31, 2010 shall be the Adjusted NOI for such Property for the six (6) month period then ended times two (2), and (z) Adjusted NOI for any Property for the period ending March 31, 2011 shall be the Adjusted NOI for such
Property for the nine (9) month period then ended times 1.33. 
 “Administrative Agent” means Bank
of America in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent. 

“Administrative Agent Advances” has the meaning specified in Section 10.11(a). 

“Administrative Agent’s Office” means Administrative Agent’s address and, as appropriate, account as
set forth on Schedule 11.02, or such other address or account as Administrative Agent may from time to time notify Borrower and the Lenders. 

“Administrative Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit
D-2 or any other form approved by Administrative Agent. 
 “Affiliate” means, with respect to
any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Aggregate Commitments” means the Commitments of all the Lenders. 

“Agreement” means this Credit Agreement. 

“Applicable Percentage” means, with respect to any Lender at any time, the percentage (carried out to the ninth
decimal place) of the Aggregate Commitments represented by such Lender’s Commitment at such time, subject to adjustment as provided in Section 2.16. If the commitment of each Lender to make Loans and the obligation of L/C
Issuer to make L/C Credit Extensions have been terminated pursuant to Section 9.02 or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage
of such Lender most-recently in effect, giving effect to any subsequent assignments. The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and
Assumption pursuant to which such Lender becomes a party hereto, as applicable. 
  

 2 

 “Applicable Rate” means the following percentages per annum, based
upon the Consolidated Leverage Ratio as set forth in the most-recent Compliance Certificate received by Administrative Agent pursuant to Section 7.02(b): 

Applicable Rate 
  

												
	 Pricing Level
	  	 Consolidated

Leverage Ratio
	  	Letters of
Credit	 	 	Eurodollar
Rate +	 	 	Base Rate +	 
	 1
	  	£ 0.50:1	  	3.00	% 	 	3.00	% 	 	2.00	% 
	 2
	  	> 0.50:1 but £ 0.60:1	  	3.25	% 	 	3.25	% 	 	2.25	% 
	 3
	  	> 0.60:1	  	4.00	% 	 	4.00	% 	 	3.00	% 

Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio shall
become effective as of the first (1st) Business Day
immediately following the date a Compliance Certificate is delivered pursuant to Section 7.02(b); provided that if a Compliance Certificate is not delivered when due in accordance with such Section, then, upon the request
of Required Lenders, Pricing Level 3 shall apply as of the first
(1st) Business Day after the date on which such
Compliance Certificate was required to have been delivered and shall remain in effect until the date on which such Compliance Certificate is delivered. The Applicable Rate in effect from the Closing Date until adjusted as set forth above shall be
set at Pricing Level      (based upon the Pro Forma Financial Statements). 
 Notwithstanding
anything to the contrary contained in this definition, the determination of the Applicable Rate for any period shall be subject to the provisions of Section 2.09(b). 

“Appraised Value” means, with respect to any Property as of any date, the appraised value of such Property on an
“as-is” basis as set forth in the most-recent Acceptable Appraisal as received by Administrative Agent pursuant to Section 4.08 or Section 4.10(h), as applicable. 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a
Lender, or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Assignee
Group” means two (2) or more Eligible Assignees that are Affiliates of one another or two (2) or more Approved Funds managed by the same investment advisor. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the
consent of any party whose consent is required by Section 11.06(b)), and accepted by Administrative Agent, in substantially the form of Exhibit D-1 or any other form approved by Administrative Agent. 

“Attributable Indebtedness” means, on any date, (a) in respect of any Capital Lease of any Person, the
capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease payments under
the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a capital lease. 

“Audited Financial Statements” means (a) prior to the delivery of the financial statements of Parent
required pursuant to Section 7.01(a) for the fiscal year ending December 31, 2010, the audited consolidated balance sheet of Parent for the fiscal year ended December 31, 2009, and the related consolidated
statements of income or operations, shareholders’ equity and cash flows for such fiscal year 
  

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of Parent, including the notes thereto, and (b) after the delivery of the financial statements of Parent required pursuant to Section 7.01(a) for the fiscal year ending
December 31, 2010, the most-recent financial statements furnished pursuant to Section 7.01(a). 

“Availability Period” means the period from and including the Closing Date to the earliest of (a) the
Maturity Date, (b) the date of termination of the Aggregate Commitments pursuant to Section 2.05, and (c) the date of termination of the commitment of each Lender to make Loans and of the obligation of L/C Issuer to make
L/C Credit Extensions pursuant to Section 9.02. 
 “Available Loan Amount” means, as
of any date of determination, the lesser of (a) the Aggregate Commitments and (b) the Borrowing Base. 

“Award” means any compensation paid by any Governmental Authority in connection with a Condemnation in respect of
all or any part of any Borrowing Base Property. 
 “Bank of America” means Bank of America, N.A. and its
successors. 
 “Base Rate” means for any day a fluctuating rate per annum equal to
the highest of (a) the Federal Funds Rate plus one half of one percent
( 1/2 of 1%), (b) the rate of interest in
effect for such day as publicly announced from time to time by Bank of America as its “prime rate,” and (c) the Eurodollar Rate plus one percent (1.00%). The “prime rate” is a rate set by Bank of America based upon
various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any
change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change. 

“Base Rate Loan” means a Loan that bears interest based on the Base Rate. 

“Borrower” has the meaning specified in the introductory paragraph hereto. 

“Borrower Materials” has the meaning specified in Section 7.02. 

“Borrowing” means a borrowing consisting of simultaneous Loans of the same Type and, in the case of Eurodollar
Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01. 

“Borrowing Base” means, as of any date of determination, the lesser of (a) the product of (i) sixty
percent (60%) times (ii) the aggregate Appraised Values of the Borrowing Base Properties, and (b) the Implied Loan Amount. 

Notwithstanding the foregoing, the calculation of the Borrowing Base shall be limited as follows: 

(i) the amount of the Borrowing Base attributable to any individual Borrowing Base Property shall not exceed twenty-five percent
(25%) of the Borrowing Base; and 
 (ii) the amount of the Borrowing Base attributable to all Borrowing Base Properties
subject to Acceptable Ground Leases shall not exceed twenty-five percent (25%) of the Borrowing Base. 

“Borrowing Base Properties” means each Acceptable Property that either (a) is an Initial Borrowing Base
Property or (b) becomes a Borrowing Base Property pursuant to Section 4.03, but excluding any Acceptable Properties that have been released from the Borrowing Base pursuant to Section 4.09, and
“Borrowing Base Property” means any one of the Borrowing Base Properties. 
  

 4 

 “Borrowing Base Report” means a report in substantially the form of
Exhibit E (or such other form approved by Administrative Agent) certified by a Responsible Officer of Borrower. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized
to close under the Laws of, or are in fact closed in, the state where Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan, means any such day that is also a London Banking Day. 

“Capital Lease” means, with respect to any Person, the obligations of such Person to pay rent or other amounts
under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under
GAAP. 
 “Capital Lease Obligations” means, with respect to any Person for any period, the capitalized
amount of obligations under Capital Leases for such Person for such period as determined in accordance with GAAP. 

“Capitalization Rate” means eight and three-quarter percent (8.75%); provided that if Borrower elects to
exercise its option to extend the Initial Maturity Date to the Extended Maturity Date pursuant to Section 2.13, Required Lenders may (but are not obligated to), on a one-time basis, increase the Capitalization Rate by up to one
half of one percent (0.50%) on the effective date of such extension. Administrative Agent shall notify Borrower of any increase in the Capitalization Rate within ten (10) Business Days of receipt of the request for extension from Borrower
pursuant to Section 2.13. 
 “Cash Collateralize” means to pledge and deposit with or
deliver to Administrative Agent, for the benefit of Administrative Agent or L/C Issuer (as applicable) and the Lenders, as collateral for L/C Obligations or obligations of Lenders to fund participations in respect thereof (as the context may
require), cash or deposit account balances or, if L/C Issuer benefitting from such collateral shall agree in its sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to
(a) Administrative Agent and (b) L/C Issuer. The term “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. 

“Casualty” has the meaning specified in Section 7.13(b). 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the
adoption or taking effect of any Law, rule, regulation or treaty; (b) any change in any Law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority; or (c) the making or
issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority. 

“Change of Control” means an event or series of events by which: 

(a) any “person” or “group” (as such terms are used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its Subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan)
becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed 

 

 5 

 
to have “beneficial ownership” of all Equity Interests that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of
time (such right, an “option right”)), directly or indirectly, of thirty-five percent (35%) or more of the Equity Interests of Parent entitled to vote for members of the board of directors or equivalent governing body of
Parent on a fully-diluted basis (and taking into account all such Equity Interests that such person or group has the right to acquire pursuant to any option right); 

(b) during any period of twelve (12) consecutive months, a majority of the members of the board of directors or other
equivalent governing body of Parent cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent
governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or
nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of
that board or equivalent governing body (excluding, in the case of both clause (ii) and clause (iii), any individual whose initial nomination for, or assumption of office as, a member of that board or equivalent
governing body occurs as a result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more directors by any person or group other than a solicitation for the election of one or more directors by or on
behalf of the board of directors); or 
 (c) Parent shall cease to (i) be the sole general partner of
Borrower or (ii) own, directly or indirectly, greater than fifty percent (50%) of the Equity Interests of Borrower; or 

(d) Borrower shall cease to own, directly or indirectly, one hundred percent (100%) of the Equity Interests of any
Subsidiary Guarantor free and clear of any Liens (other than Liens in favor of Administrative Agent) unless Borrower removes the Borrowing Base Property owned by such Subsidiary Guarantor from the Borrowing Base in accordance with
Section 4.09. 
 “Closing Date” means the first date all the conditions precedent in
Section 5.01 are satisfied or waived in accordance with Section 11.01. 

“Code” means the Internal Revenue Code of 1986. 

“Collateral” means the Real Estate Collateral, the Personal Property Collateral, the Equity Interest Collateral,
and all other property of the Companies on which Liens have been granted to Administrative Agent, for the benefit of the Lenders, to secure the Obligations. 

“Commitment” means, as to each Lender, its obligation to (a) make Loans to Borrower pursuant to
Section 2.01 and (b) purchase participations in L/C Obligations, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on
Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 

“Companies” means, without duplication, Parent and its Subsidiaries (including Borrower), and
“Company” means any one of the Companies. 
 “Compliance Certificate” means a
certificate substantially in the form of Exhibit C. 
  

 6 

 “Condemnation” means a temporary or permanent taking by any
Governmental Authority as the result, in lieu, or in anticipation, of the exercise of the right of condemnation or eminent domain of all or any part of any Borrowing Base Property, or any interest therein or right accruing thereto, including any
right of access thereto or any change of grade affecting any Borrowing Base Property or any part thereof. 

“Condemnation Proceeds” has the meaning specified in the definition of Restoration Net Proceeds. 

“Consolidated Debt Service Coverage Ratio” means, as of any date of determination, the ratio of (a) the
aggregate Adjusted NOI with respect to the Borrowing Base Properties for the four-(4-)quarter period most-recently ended for which financial statements are available divided by (b) pro forma debt service on an amount equal to Total Outstandings
assuming a thirty-(30-)year amortization and an interest rate equal to the greater of (i) eight percent (8.0%) per annum and (ii) the sum of (A) the most-recent rate published on such date in the United States Federal Reserve
Statistical Release (H.15) for ten-(10-)year Treasury Constant Maturities plus (B) three percent (3.0%). 

“Consolidated EBITDA” means, for any Person for any period, an amount equal to (a) Consolidated Net Income,
plus (b) the sum of the following (without duplication and to the extent reflected as a charge in the statement of such Consolidated Net Income for such period): (i) income tax expense; (ii) interest expense, amortization or
write-off of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated with Indebtedness; (iii) depreciation and amortization expense; (iv) amortization of intangibles (including goodwill) and
organization costs; (v) any extraordinary, unusual or non-recurring expenses or losses (including, whether or not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, losses on sales of
assets outside of the ordinary course of business); and (vi) any other non-cash charges, minus (c) the sum of the following (to the extent included in the statement of such Consolidated Net Income for such period): (i) interest
income (except to the extent deducted in determining such Consolidated Net Income); (ii) any extraordinary, unusual or non-recurring income or gains (including, whether or not otherwise includable as a separate item in the statement of such
Consolidated Net Income for such period, gains on the sales of assets outside of the ordinary course of business); (iii) any other non-cash income; and (iv) any cash payments made during such period in respect of items described in
clause (b)(v) above subsequent to the fiscal quarter in which the relevant non-cash expenses or losses were reflected as a charge in the statement of Consolidated Net Income. 

“Consolidated Fixed Charges” means, for any Person for any period, the sum (without duplication) of
(a) Consolidated Interest Expense, (b) provision for cash income taxes made by such Person on a consolidated basis in respect of such period, (c) scheduled principal payments made during such period on account of Indebtedness of such
Person, and (d) Restricted Payments paid in cash with respect to preferred Equity Interests of such Person during such period. 

“Consolidated Floating Rate Debt” means, for any Person as of any date of determination, Consolidated Total Debt
of such Person bearing interest based on an index that floats, or otherwise changes from time to time without the benefit of an interest rate hedge or other interest rate protection agreement that fixes the rate through the Maturity Date.

 “Consolidated Interest Expense” means, for any Person for any period, the total interest expense
(including that attributable to Capital Lease Obligations) of such Person for such period with respect to all outstanding Indebtedness of such Person (including all commissions, discounts and other fees and charges owed by such Person with respect
to letters of credit and bankers’ acceptance financing and net costs of such Person under Swap Contracts in respect of interest rates to the extent such net costs are allocable to such period in accordance with GAAP). 

 

 7 

 “Consolidated Leverage Ratio” means, as of any date of
determination, the quotient (expressed as a percentage) of (a) Consolidated Total Debt, divided by (b) Total Asset Value. 

“Consolidated Net Income” means, for any Person for any period, the consolidated net income (or loss) of such
Person for such period, determined on a consolidated basis; provided that in calculating Consolidated Net Income of the Companies for any period, there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date
it becomes a Subsidiary or is merged into or consolidated with Parent or any of its Subsidiaries, (b) the income (or deficit) of any Person (other than a Company) in which any Company has an ownership interest, except to the extent that any
such income is actually received by such Company in the form of dividends or similar distributions, and (c) the undistributed earnings of any Subsidiary of any Company to the extent that the declaration or payment of dividends or similar
distributions by such Subsidiary is not at the time permitted by the terms of any Contractual Obligation (other than under any Loan Document) or requirement of Law applicable to such Subsidiary. 

“Consolidated Total Debt” means, as of any date of determination, the aggregate principal amount of all
Indebtedness of the Companies on such date, determined on a consolidated basis in accordance with GAAP. 

“Construction in Progress” means each Property that is either (a) new ground up construction or
(b) under renovation in which (i) greater than thirty percent (30%) of the square footage of such Property is unavailable for occupancy due to renovation and (ii) no rents are being paid on such square footage. A Property will
cease to be classified as “Construction in Progress” on the earlier to occur of (A) the time that such Property has an Occupancy Rate of greater than seventy percent (70%), or (B) one hundred eighty (180) days after
completion of construction or renovation of such Property, as applicable. 
 “Contamination” means the
presence of Hazardous Materials in amounts exceeding regulatory action levels. 
 “Contractual
Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

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

 “Credit Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit
Extension. 
 “Customary Recourse Exceptions” means, with respect to any Indebtedness, personal recourse
that is limited to fraud, misrepresentation, misapplication of cash, waste, environmental claims and liabilities, prohibited transfers, violations of single purposes entity covenants, and other circumstances customarily excluded by institutional
lenders from exculpation provisions and/or included in separate guaranty or indemnification agreements in non-recourse financing of Real Property. 

“Daily Usage” means, as of any date, the quotient (expressed as a percentage) of (a) the Total Outstandings
on such date, divided by (b) the Aggregate Commitments on such date. 
 “Debtor Relief Laws” means
the Bankruptcy Code of the United States, 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 and affecting the rights of creditors generally. 
  

 8 

 “Default” means any event or condition that constitutes an Event of
Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. 

“Default Rate” means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest
rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans plus (iii) two percent (2%) per annum; provided that with respect to a Eurodollar Rate Loan, the Default
Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus two percent (2%) per annum, and (b) when used with respect to Letter of Credit Fees, a rate equal to
the Applicable Rate plus two percent (2%) per annum. 
 “Defaulting Lender” means, subject
to Section 2.16(b), any Lender that, as reasonably determined by Administrative Agent, (a) has failed to perform any of its funding obligations hereunder, including in respect of its Loans or participations in respect of
Letters of Credit, within three (3) Business Days of the date required to be funded by it hereunder, unless such obligation is the subject of a good faith dispute, (b) has notified Borrower, Administrative Agent or any Lender that it will
not comply with its funding obligations or has made an express public statement to that effect with respect to its funding obligations hereunder unless the subject of a good faith dispute or under other agreements in which it commits to extend
credit, (c) has failed, within three (3) Business Days after request by Administrative Agent (based on the belief that such Lender may not fulfill its funding obligations), to confirm in a manner reasonably satisfactory to Administrative
Agent that it will comply with its funding obligations unless the subject of a good faith dispute, provided that any such Lender shall cease to be a Defaulting Lender under this clause (c) upon receipt by Administrative Agent of
such confirmation, or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit
of creditors or similar Person charged with reorganization or liquidation of its business or a custodian appointed for it, or (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such
proceeding or appointment; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental
Authority. 
 “Disposition” or “Dispose” means the sale, transfer, license,
lease (other than a real estate lease entered into in the ordinary course of business as part of Property leasing operations) or other disposition (including any sale and leaseback transaction) of any property by any Person, including any sale,
assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith but excluding any arrangement constituting a Lien. 

“Dollar” and “$” mean lawful money of the United States. 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under
Section 11.06(b)(iii) and (v) (subject to such consents, if any, as may be required under Section 11.06(b)(iii)). 

“Environmental Assessment” has the meaning specified in Section 7.12(b). 

“Environmental Claim” means any investigative, enforcement, cleanup, removal, containment, remedial, or other
private or governmental or regulatory action at any time instituted or completed pursuant to any applicable Environmental Requirement against any Company or against or with respect to any Real Property or any condition, use, or activity on any Real
Property (including any such action 
  

 9 

 
against Administrative Agent or any Lender), and any claim at any time made by any Person against any Company or against or with respect to any Real Property or any condition, use, or activity on
any Real Property (including any such claim against Administrative Agent or any Lender), relating to damage, contribution, cost recovery, compensation, loss, or injury resulting from or in any way arising in connection with any Hazardous Material or
any Environmental Requirement. 
 “Environmental Damages” means all liabilities (including strict
liability), losses, damages (including consequential, special, exemplary or punitive damages), judgments, penalties, fines, costs and expenses (including fees, Costs and expenses of attorneys, consultants, contractors, experts and laboratories), of
any and every kind or character, at law or in equity, contingent or otherwise, matured or unmatured, foreseeable or unforeseeable, made, incurred, suffered, brought, or imposed at any time and from time to time, whether before or after the Release
Date and arising in whole or in part from: 
 (a) the presence of any Hazardous Material on any Borrowing Base
Property, or any escape, seepage, leakage, spillage, emission, release, discharge or disposal of any Hazardous Material on or from any Borrowing Base Property, or the migration or release or threatened migration or release of any Hazardous Material
to, from or through any Borrowing Base Property, on or before the Release Date; or 
 (b) any act, omission,
event or circumstance existing or occurring in connection with the handling, treatment, containment, removal, storage, decontamination, clean up, transport or disposal of any Hazardous Material which is at any time on or before the Release Date
present on any Borrowing Base Property; or 
 (c) the breach of any representation, warranty, covenant or
agreement contained in this Agreement because of any event or condition occurring or existing on or before the Release Date; or 

(d) any violation on or before the Release Date, of any Environmental Requirement in effect on or before the Release Date,
regardless of whether any act, omission, event or circumstance giving rise to the violation constituted a violation at the time of the occurrence or inception of such act, omission, event or circumstance; or 

(e) any Environmental Claim, or the filing or imposition of any environmental Lien against any Borrowing Base Property,
because of, resulting from, in connection with, or arising out of any of the matters referred to in subparagraphs (a) through (d) preceding; 

and regardless of whether any of the foregoing was caused by Borrower, any other Loan Party or their respective tenant or subtenant, or a prior owner of
a Borrowing Base Property or its tenant or subtenant, or any third party including (i) injury or damage to any person, property or natural resource occurring on or off of a Borrowing Base Property including the cost of demolition and rebuilding
of any improvements on any Real Property; (ii) the investigation or remediation of any such Hazardous Material or violation of Environmental Requirement including the preparation of any feasibility studies or reports and the performance of any
cleanup, remediation, removal, response, abatement, containment, closure, restoration, monitoring or similar work required by any Environmental Requirement or necessary to have full use and benefit of Borrowing Base Properties as contemplated by the
Loan Documents (including any of the same in connection with any foreclosure action or transfer in lieu thereof); (iii) all liability to pay or indemnify any Person or Governmental Authority for costs expended in connection with any of the
foregoing; (iv) the investigation and defense of any claim, whether or not such claim is ultimately withdrawn or defeated; and (v) the settlement of any claim or judgment. “Costs” as used in this definition shall
also include any diminution in the value of the security afforded by the Borrowing Base Property or any future reduction of the sales price of any Borrowing Base Property by reason of any matter set forth in Section 7.12 or
Section 8.11. 
  

 10 

 “Environmental Laws” means any and all applicable Federal, state,
local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or
the release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges to waste or public systems. 

“Environmental Requirement” means any Environmental Law, agreement or restriction, as the same now exists or may
be changed or amended or come into effect in the future, which pertains to any Hazardous Material or the environment including ground or air or water or noise pollution or contamination, and underground or aboveground tanks. 

“Equity Interest Collateral” means one hundred percent (100%) of the Equity Interests in each Mortgagor.

 “Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other
ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities
convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all
of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any
date of determination. 
 “Equity Issuance” means the issuance or sale by any Person of any of its
Equity Interests or any capital contribution to such Person by the holders of its Equity Interests. 
 “Equity Pledge
Properties” means the Florida Equity Pledge Property and the New York Equity Pledge Properties, and “Equity Pledge Property” means any one of the Equity Pledge Properties. 

“ERISA” means the Employee Retirement Income Security Act of 1974. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with Borrower
within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 

“ERISA Event” means: (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of
Parent or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation
of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by Parent or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in
reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to
terminate a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042(a)(1) or (2) of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (g) the
determination that any Pension Plan is considered an at-risk plan or notification that a Multiemployer Plan is in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or
Sections 303, 304 and 305 of ERISA; or (h) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon Parent or any ERISA
Affiliate. 
  

 11 

 “Eurodollar Rate” means: 

(a) for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the
greater of (i) one percent (1.00%) and (ii) (A) the British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by Reuters (or such other commercially available source providing quotations of
BBA LIBOR as may be designated by Administrative Agent from time to time) at approximately 11:00 a.m., London time, two (2) London Banking Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first
day of such Interest Period) with a term equivalent to such Interest Period or, (B) if such rate is not available at such time for any reason, then the rate per annum determined by Administrative Agent to be the rate at which deposits in
Dollars for delivery on the first (1st) day of such
Interest Period in same day funds in the approximate amount of the Eurodollar Rate Loan being made, continued or converted and with a term equivalent to such Interest Period would be offered by Bank of America’s London Branch to major banks in
the London interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two (2) London Banking Days prior to the commencement of such Interest Period; and 

(b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to (i) BBA
LIBOR, at approximately 11:00 a.m., London time determined two (2) London Banking Days prior to such date for Dollar deposits being delivered in the London interbank market for a term of one (1) month commencing that day or (ii) if
such published rate is not available at such time for any reason, then the rate per annum determined by Administrative Agent to be the rate at which deposits in Dollars for delivery on the date of determination in same day funds in the approximate
amount of the Base Rate Loan being made or maintained and with a term equal to one (1) month would be offered by Bank of America’s London Branch to major banks in the London interbank Eurodollar market at their request at the date and time
of determination. 
 “Eurodollar Rate Loan” means a Loan that bears interest at a rate based on
clause (a) of the definition of “Eurodollar Rate.” 
 “Event of
Default” has the meaning specified in Section 9.01. 
 “Excluded Funded
Debt” means Indebtedness that is unsecured and has an initial tenor of five (5) years or greater. 

“Excluded Taxes” means, with respect to Administrative Agent, any Lender, L/C Issuer or any other recipient of
any payment to be made by or on account of any obligation of Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the
jurisdiction (or any political subdivision thereof) under the Laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable Lending Office is located, (b) any branch
profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction in which Borrower is located, (c) any backup withholding tax that is required by the Code to be withheld from amounts payable to a Lender that has
failed to comply with clause (A) of Section 3.01(e)(ii), (d) any withholding Taxes implied by Section 501 of the Hiring Incentives to Restore Employment Act (HR284), and (e) in the case of
a Foreign Lender (other than an assignee pursuant to a request by Borrower under Section 11.13), any withholding tax that (i) is required to be imposed on amounts payable to such Foreign Lender pursuant to

  

 12 

 
the Laws in force at the time such Foreign Lender becomes a party hereto (or designates a new Lending Office) or (ii) is attributable to such Foreign Lender’s failure or inability
(other than as a result of a Change in Law) to comply with clause (B) of Section 3.01(e)(ii), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a
new Lending Office (or assignment), to receive additional amounts from Borrower with respect to such withholding tax pursuant to Section 3.01(a)(ii) or (c). 

“Extended Maturity Date” means             ,
2014. 
 “FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards
Board. 
 “Federal Funds Rate” means, for any day, the rate per annum equal to the
weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding
such day; provided that (a) if such day is not a Business Day, then the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and
(b) if no such rate is so published on such next succeeding Business Day, then the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of
 1/100 of 1%) charged to Bank of America on such day
on such transactions as determined by Administrative Agent. 
 “Fee Letter” means the letter
agreement, dated May 5, 2010, among Borrower, Administrative Agent and the Joint Lead Arrangers. 
 “Florida
Equity Pledge Property” means the Borrowing Base Property referred to as Highland Square, Jacksonville, Florida. 

“Florida Mortgage” has the meaning specified in Section 4.11(a). 

“Foreign Lender” means any Lender that is organized under the Laws of a jurisdiction other than that in which
Borrower is resident for tax purposes (including such a Lender when acting in the capacity of L/C Issuer). For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single
jurisdiction. 
 “FRB” means the Board of Governors of the Federal Reserve System of the United States.

 “Fronting Exposure” means, at any time there is a Defaulting Lender, with respect to L/C Issuer, such
Defaulting Lender’s Applicable Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders, Cash Collateralized in accordance
with the terms hereof, or cancelled in accordance with the terms hereof. 
 “Fund” means any Person
(other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

“Funds from Operations” means, for any Person for any period, the sum of (a) Consolidated Net Income
plus (b) depreciation and amortization expense determined in accordance with GAAP excluding amortization expense attributable to capitalized debt costs; provided that there shall not be included in such calculation (i) any
proceeds of any insurance policy other than rental or business interruption 
  

 13 

 
insurance received by such Person, (ii) any gain or loss which is classified as “extraordinary” in accordance with GAAP, (iii) any capital gains and taxes on capital gains,
(iv) income (or loss) associated with third-party ownership of non-controlling Equity Interests, and (v) gains or losses on the sale of discontinued operations as detailed in the most-recent financial statements delivered pursuant to
Section 7.01(a) or (b), as applicable. 
 “GAAP” means generally
accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied.

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

“Guarantee” means, as to any Person (the “guaranteeing person”), any obligation,
including a reimbursement, counterindemnity or similar obligation, of the guaranteeing person that guarantees or in effect guarantees, or which is given to induce the creation of a separate obligation by another Person (including any bank under any
letter of credit) that guarantees or in effect guarantees any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any
manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (a) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (b) to
advance or supply funds (i) for the purchase or payment of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor,
(c) to purchase property, Equity Interests 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 (d) otherwise to
assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided that the term Guarantee shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The
amount of any Guarantee of any guaranteeing person shall be deemed to be the lesser of (y) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee is made and (z) the maximum amount
for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable,
in which case the amount of such Guarantee shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by Borrower in good faith. The term “Guarantee” as a verb has a
corresponding meaning. 
 “Guaranties” means the Parent Guaranty and the Subsidiary Guaranties, and
“Guaranty” means any one of the Guaranties. 
 “Guarantors” means, collectively,
Parent and each Subsidiary Guarantor, and “Guarantor” means any one of the Guarantors. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic
substances, wastes or other pollutants regulated pursuant to any Environmental Law, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all
other substances or wastes of any nature regulated pursuant to any Environmental Law. 
  

 14 

 “Implied Loan Amount” means, as of any date of determination, the
amount of Indebtedness that would result, on a proforma basis, in a Consolidated Debt Service Coverage Ratio as of such date of determination equal to 1.60 to 1.0; provided that in calculating such proforma Consolidated Debt Service Coverage
Ratio, the Adjusted NOI of any Borrowing Base Property shall not exceed twenty-five percent (25%) of the aggregate Adjusted NOI for all Borrowing Base Properties. 

“Improvements” means any Mortgagor’s interest in and to all on site improvements to the Borrowing Base
Properties, together with all fixtures, tenant improvements, and appurtenances now or later to be located on the Borrowing Base Properties and/or in such improvements. 

“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether
or not included as indebtedness or liabilities in accordance with GAAP: 
 (a) all obligations of such Person for
borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 

(b) all direct or contingent obligations of such Person arising under letters of credit (including standby and
commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; 
 (c) all
obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business and, in each case, either (i) not past due for more than one hundred and eighty
(180) days after the date on which such trade account payable was created or (ii) being contested in good faith by appropriate proceedings diligently conducted); 

(d) Capital Lease Obligations and Synthetic Lease Obligations; 

(e) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any
Equity Interest in such Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; 

(f) all Guarantees of such Person in respect of any of the foregoing; 

(g) all obligations of the kind referred to in clauses (a) through (f) above secured
by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on Property (including accounts and contract rights) owned by such Person, whether or not such Person has assumed or become
liable for the payment of such obligation, but limited to the lesser of (i) the fair market value of the property subject to such Lien and (ii) the aggregate amount of the obligations so secured; and 

(h) for purposes of Section 9.01(f) only, all obligations of such Person under Swap Contracts.

 For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any other entity (including any
partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such 

 

 15 

 
entity, except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor. The amount of any net obligation under any Swap Contract on any date shall
be deemed to be the Swap Termination Value thereof as of such date. The amount of any Capital Lease Obligations or Synthetic Lease Obligation on any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such
date. 
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 

“Indemnitees” has the meaning specified in Section 11.04(b). 

“Information” has the meaning specified in Section 11.07. 

“Initial Borrowing Base Properties” means the Acceptable Properties listed on Schedule 4.01, and
“Initial Borrowing Base Property” means any one of the Initial Borrowing Base Properties. 

“Initial Maturity Date” means             ,
2013. 
 “Insurance Proceeds” has the meaning specified in the definition of Restoration Net Proceeds.

 “Interest Payment Date” means (a) as to any Loan other than a Base Rate Loan, the last day of
each Interest Period applicable to such Loan and the Maturity Date; provided that if any Interest Period for a Eurodollar Rate Loan exceeds three (3) months, then the respective dates that fall every three (3) months after the
beginning of such Interest Period shall also be Interest Payment Dates, and (b) as to any Base Rate Loan, the last Business Day of each March, June, September, and December and the Maturity Date. 

“Interest Period” means as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate
Loan is disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the date one (1), two (2), three (3), or six (6) months thereafter, as selected by Borrower in its Loan Notice; provided that: 

(i) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next
succeeding Business Day unless, in the case of a Eurodollar Rate Loan, such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 

(ii) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 

(iii) no Interest Period shall extend beyond the Maturity Date. 

“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by
means of (a) the purchase or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity
participation or interest in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor Guarantees Indebtedness of such other Person, or (c) the purchase or other
acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for
subsequent increases or decreases in the value of such Investment. 
  

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 “IPO” means the initial public offering of Parent’s common
Equity Interests (a) pursuant to which Parent has received net cash proceeds of at least $375,000,000, and (b) resulting in such common Equity Interests being traded on the New York Stock Exchange. 

“IP Rights” has the meaning specified in Section 6.17. 

“IRS” means the United States Internal Revenue Service. 

“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published
by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance). 

“Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit Application, and any other
document, agreement and instrument entered into by L/C Issuer and Borrower (or any Subsidiary) or in favor of L/C Issuer and relating to such Letter of Credit. 

“Joint Lead Arrangers” means Banc of America Securities LLC and Barclays Capital, the investment banking division
of Barclays Bank PLC, in their capacity as joint lead arranger and joint book manager. 
 “Laws” means,
collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof
by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental
Authority, in each case whether or not having the force of law. 
 “L/C Advance” means, with respect to
each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage. 

“L/C Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit which has not
been reimbursed on the date when made or refinanced as a Borrowing. 
 “L/C Credit Extension” means,
with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof. 

“L/C Issuer” means Bank of America in its capacity as issuer of Letters of Credit hereunder, or any successor
issuer of Letters of Credit hereunder. 
 “L/C Obligations” means, as at any date of determination, the
aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of
Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may
still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 

 

 17 

 “Lease” means each existing or future lease, sublease (to the extent
of any Mortgagor’s rights thereunder), license, or other agreement (other than an Acceptable Ground Lease) under the terms of which any Person has or acquires any right to occupy or use any Property, or any part thereof, or interest therein,
and each existing or future guaranty of payment or performance thereunder. 
 “Lender” has the meaning
specified in the introductory paragraph hereto. 
 “Lending Office” means, as to any Lender, the office
or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify Borrower and Administrative Agent. 

“Letter of Credit” means any standby letter of credit issued hereunder. 

“Letter of Credit Application” means an application and agreement for the issuance or amendment of a Letter of
Credit in the form from time to time in use by L/C Issuer. 
 “Letter of Credit Expiration Date” means
the day that is seven (7) days prior to the Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day). 

“Letter of Credit Fee” has the meaning specified in Section 2.03(h). 

“Letter of Credit Sublimit” means, as of any date, an amount equal to fifteen percent (15%) of the Aggregate
Commitments as of such date. The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Commitments. 

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory
or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any Capital
Lease having substantially the same economic effect as any of the foregoing). 
 “Loan” has the meaning
specified in Section 2.01. 
 “Loan Documents” means this Agreement, each Note, the
Security Documents, each Issuer Document, any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.15 of this Agreement, the Fee Letter, and the Guaranties. 

“Loan Notice” means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other,
or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A. 

“Loan Parties” means, collectively, Borrower, each Guarantor, and each Pledgor, and “Loan
Party” means any one of the Loan Parties. 
 “London Banking Day” means any day on which
dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market. 
 “Major
Lease” means each Lease of a Borrowing Base Property (or any portion thereof) covering in excess of either (a) 20,000 square feet or (b) twenty percent (20%) of the rentable square footage of such Borrowing Base Property.

  

 18 

 “Material Adverse Effect” means: (a) a material adverse change
in, or a material adverse effect upon, the business, assets, operations, or financial condition of the Companies, taken as a whole; (b) a material impairment of the ability of the Loan Parties, taken as a whole, to perform their obligations
under the Loan Documents; or (c) a material adverse effect upon the legality, validity, binding effect, or enforceability against any Loan Party of any Loan Document to which it is a party. 

“Material Title Defects” means, with respect to any Borrowing Base Property, defects, Liens (other than Liens for
local real estate taxes and similar local governmental charges), and other encumbrances in the nature of easements, servitudes, restrictions, and rights-of-way that would customarily be deemed unacceptable title exceptions for a prudent lender
(i.e., a prudent lender would reasonably determine that such exceptions, individually or in the aggregate, materially impair the value or operations of such Borrowing Base Property, would prevent such Borrowing Base Property from being used in the
manner in which it is currently being used, or would result in a violation of any Law which would have a material and adverse effect on such Borrowing Base Property); provided that Material Title Defects shall not include any Liens or other
encumbrances that existed as of the date of this Agreement and that are reflected in the Title Insurance Commitments or that are listed on Schedule 8.01. 

“Maturity Date” means (a) if the Initial Maturity Date is not extended to the Extended Maturity Date
pursuant to Section 2.13, then the Initial Maturity Date, and (b) if the Initial Maturity Date is extended to the Extended Maturity Date pursuant to Section 2.13, then the Extended Maturity Date;
provided that in each case, if such date is not a Business Day, then the Maturity Date shall be the next preceding Business Day. 

“Mortgages” means each Mortgage (or Deed of Trust or Deed to Secure Debt, as applicable), Security Agreement,
Financing Statement, and Assignment of Leases or similarly titled document, each executed by a Mortgagor, to or for the benefit of Administrative Agent, for the benefit of the Lenders, covering the Real Estate Collateral and Personal Property
Collateral. 
 “Mortgagors” means, collectively, each Subsidiary Guarantor either (a) executing a
Mortgage (including the Florida Mortgage) or (b) required to execute a Mortgage after the occurrence of an Event of Default pursuant to Section 4.12, and “Mortgagor” means any one of the Mortgagors.

 “Multiemployer Plan” means any employee benefit plan described in Section 4001(a)(3) of
ERISA, to which Parent or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five (5) plan years, has made or been obligated to make contributions. 

“Multiple Employer Plan” means a Plan which has two (2) or more contributing sponsors (including Parent or
any ERISA Affiliate) at least two (2) of whom are not under common control, as such a plan is described in Section 4064 of ERISA. 

“New York Equity Pledge Properties” means the following Borrowing Base Properties: 

(a) Mid Valley Mall, Newburgh, New York; and 

(b) Mall at 59, Nanuet, New York. 

“New York Mortgages” has the meaning specified in Section 4.12(b). 

“Non-Recourse Indebtedness” means, for any Person, any Indebtedness of such Person in which (a) recourse of
the applicable holder of such Indebtedness for non-payment is limited to such holder’s Liens on a particular asset or group of assets (except to the extent that the assets on which such holder has a Lien and to which its recourse for
non-payment is limited consists solely of cash or cash equivalents, to 
  

 19 

 
which extent such Indebtedness shall not be deemed to be Non-Recourse Indebtedness), or (b) the holder may look to such Person personally for repayment (but not to any constituent owner of
such Person or any other Company other than for Customary Recourse Exceptions) and such Person is a special purpose entity owning only Real Property and related assets that secures such Indebtedness. 

“Note” means a promissory note made by Borrower in favor of a Lender evidencing Loans made by such Lender,
substantially in the form of Exhibit B. 
 “Obligations” means all advances to, and debts,
liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent,
due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the
debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding; provided that all references to the “Obligations” in the Subsidiary Guaranty and the Security Documents, and any
other Guaranties, security agreements, or pledge agreements delivered to Administrative Agent to Guarantee, or create or evidence Liens securing, the Obligations shall, in addition to the foregoing, include all present and future indebtedness,
liabilities, and obligations now or hereafter owed to Administrative Agent, any Lender, or any Affiliate of Administrative Agent or any Lender arising from, by virtue of, or pursuant to any Swap Contract that relates solely to the Obligations.

 “Occupancy Rate” means, for any Property, the percentage of the rentable area of such Property
occupied by bona fide tenants of such Property or leased by tenants pursuant to bona fide tenant Leases, in each case, which tenants are current on all rent or other similar payments due under such Leases and paying cash rent. 

“Organization Documents” means, (a) with respect to any corporation, the certificate or articles of
incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction), (b) with respect to any limited liability company, the certificate or articles of formation or organization and
operating agreement, and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing
or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or
organization of such entity. 
 “Other Taxes” means all present or future stamp or documentary taxes or
any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan
Document. 
 “Outstanding Amount” means (a) with respect to Loans on any date, the aggregate
outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Loans occurring on such date, and (b) with respect to any L/C Obligations on any date, the amount of such L/C Obligations on such date
after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by Borrower of Unreimbursed Amounts. 

“Parent” has the meaning specified in the introductory paragraph hereto. 

 

 20 

 “Parent Guaranty” means the Guaranty Agreement executed by Parent in
favor of Administrative Agent, for the benefit of the Lenders, in form and substance acceptable to Administrative Agent. 

“Participant” has the meaning specified in Section 11.06(d). 

“PBGC” means the Pension Benefit Guaranty Corporation. 

“Pension Act” means the Pension Protection Act of 2006. 

“Pension Funding Rules” means the rules of the Code and ERISA regarding minimum required contributions (including
any installment payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior
to the Pension Act and, thereafter, Section 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA. 

“Pension Plan” means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer
Plan) that is maintained or is contributed to by Borrower and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code. 

“Permitted Distributions” means (a) for Parent for any fiscal year of Parent, Restricted Payments in an
amount not to exceed in the aggregate the greater of (i)(A) one hundred percent (100%) of Funds from Operations of the Companies during the period from the Closing Date through
            , 2011, and (B) ninety-five percent (95%) of Funds from Operations of the Companies thereafter, and (ii) the amount of distributions required to be paid by
Parent in order for Parent to qualify as a REIT, and (b) for Borrower for any fiscal year of Borrower, Restricted Payments in an amount not to exceed in the aggregate the greater of (i)(A) one hundred percent (100%) of Funds from
Operations of Borrower during the period from the Closing Date through             , 2011, and (B) ninety-five percent (95%) of Funds from Operations of Borrower and its
Subsidiaries thereafter, and (ii) the amount of distributions required to be paid by Borrower to Parent in order for Parent to qualify as a REIT. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association,
company, partnership, Governmental Authority or other entity. 
 “Personal Property” has the meaning
specified in the granting clause of the Mortgages. 
 “Personal Property Collateral” means the Personal
Property of a Mortgagor in which security interests are granted to Administrative Agent, for the benefit of the Lenders, under the Mortgages. 

“Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA (including a
Pension Plan), maintained for employees of Parent or any ERISA Affiliate or any such Plan to which Parent or any ERISA Affiliate is required to contribute on behalf of any of its employees. 

“Plans” means the plans and specifications for the Borrowing Base Properties, including existing or proposed
Improvements, and all modifications thereof and additions thereto that are included as part of the Plans in accordance with the terms of this Agreement. 

“Platform” has the meaning specified in Section 7.02. 

 

 21 

 “Pledge Agreement” means each Pledge Agreement or similarly titled
document, executed by a Pledgor, to or for the benefit of Administrative Agent, for the benefit of the Lenders, covering the Equity Interest Collateral. 

“Pledgors” means, collectively, each Person that owns Equity Interests in a Mortgagor and the general partner of
each Mortgagor that is a limited partnership, and “Pledgor” means any one of the Pledgors. 

“Pro Forma Financial Statements” has the meaning specified in Section 6.05(c). 

“Property” means any Real Property which is owned or ground leased, directly or indirectly, by a Company.

 “Property Information” has the meaning specified in Section 4.03. 

“Public Lender” has the meaning specified in Section 7.02. 

“Real Estate Collateral” means each Borrowing Base Property owned by a Mortgagor that has been pledged or
mortgaged to Administrative Agent, for the benefit of the Lenders. 
 “Real Property” of any Person
means all of the right, title, and interest of such Person in and to land, improvements, and fixtures. 
 “Recourse
Indebtedness” ” means Indebtedness that is not Non-Recourse Indebtedness; provided that personal recourse for Customary Recourse Exceptions shall not, by itself, cause such Indebtedness to be characterized as Recourse
Indebtedness. 
 “Register” has the meaning specified in Section 11.06(c).

 “REIT” means a “real estate investment trust” in accordance with Section 856 of
the Code. 
 “Related Parties” means, with respect to any Person, such Person’s Affiliates and the
partners, directors, officers, employees, agents, trustees and advisors of such Person and of such Person’s Affiliates. 

“Release Date” means the earlier of: (a) the date on which the Obligations have been paid in full and the
Mortgages have been released; and (b) the date on which the Liens of the Mortgages are fully and finally foreclosed or a conveyance by deed in lieu of such foreclosure is fully and finally effective and possession of the Borrowing Base
Properties has been given to and accepted by the purchaser or Administrative Agent free of occupancy and claims to occupancy by the Companies and their respective heirs, devisees, representatives, successors, and assigns; provided that if
such payment, performance, release, foreclosure, or conveyance is challenged, in bankruptcy proceedings or otherwise, the Release Date shall be deemed not to have occurred until such challenge is validly released, dismissed with prejudice, or
otherwise barred by Law from further assertion. 
 “Reportable Event” means any of the events set forth
in Section 4043(c) of ERISA, other than events for which the thirty (30) day notice period has been waived. 

“Request for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Loans, a
Loan Notice and (b) with respect to an L/C Credit Extension, a Letter of Credit Application. 
  

 22 

 “Required Lenders” means, as of any date of
determination, Lenders having more than sixty-six and two-thirds percent
(66- 2/3%) of the Aggregate Commitments or, if the
commitment of each Lender to make Loans and the obligation of L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 9.02, Lenders holding in the aggregate more than sixty-six and two-thirds percent
(66- 2/3%) of the Total Outstandings (with the
aggregate amount of each Lender’s risk participation and funded participation in L/C Obligations being deemed “held” by such Lender for purposes of this definition); provided that the Commitment of, and the portion of the Total
Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. 

“Responsible Officer” means the chief executive officer, president, chief financial officer, chief accounting
officer, treasurer, assistant treasurer or controller of a Loan Party, and solely for purposes of the delivery of incumbency certificates pursuant to Section 5.01, the secretary or any assistant secretary of a Loan Party and,
solely for purposes of notices given pursuant to Article II, any other officer of the applicable Loan Party so designated by any of the foregoing officers in a notice to Administrative Agent. Any document delivered hereunder that is
signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively
presumed to have acted on behalf of such Loan Party. 
 “Restoration” means, following the occurrence of
a Casualty or a Condemnation which is of a type necessitating the repair of a Borrowing Base Property, the completion of the repair and restoration of such Borrowing Base Property to a condition no worse than such Borrowing Base Property was in
immediately prior to such Casualty or Condemnation, with such alterations as may be reasonably approved by Administrative Agent, and in accordance with applicable Laws. 

“Restoration Net Proceeds” means: (a) the net amount of all insurance proceeds received by Administrative
Agent as a result of a Casualty, after deduction of the reasonable costs and expenses (including reasonable counsel fees), if any, in collecting the same (“Insurance Proceeds”); or (b) the net amount of the Award as a
result of a Condemnation, after deduction of the reasonable costs and expenses (including reasonable counsel fees), if any, in collecting the same (“Condemnation Proceeds”), whichever the case may be. 

“Restricted Payment” means any dividend or other distribution (whether in cash, Equity Interests or other
property) with respect to any capital stock or other Equity Interest of Borrower or any Subsidiary, or any payment (whether in cash, Equity Interests or other property), including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, acquisition, cancellation or termination of any such capital stock or other Equity Interest, or on account of any return of capital to Borrower’s stockholders, partners or members (or the equivalent Person thereof).

 “SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any
of its principal functions. 
 “Security Documents” means: 

(a) the Pledge Agreements; 

(b) the Mortgages; 

(c) to the extent required by the Law of the state where a Borrowing Base Property is located, Assignments of Leases and Rents executed
by the applicable Mortgagor; 
  

 23 

 (d) financing statements to be filed with the appropriate state and/or county offices for
the perfection of a security interest in any of the Collateral; 
 (e) estoppel letters, consents, comfort letters, or other
confirming agreements and/or subordination, non-disturbance and attornment agreements executed by each tenant under a Major Lease; and 

(f) all other agreements, documents, and instruments securing the Obligations or any part thereof, as shall from time to time be executed
and delivered by Borrower, Subsidiary Guarantors, or any other Person in favor of Administrative Agent. 

“Share” means, for any Person, such Person’s share of the assets, liabilities, revenues, income, losses, or
expenses of any Unconsolidated Affiliate based upon such Person’s percentage ownership of Equity Interest of such Unconsolidated Affiliate. 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other
business entity of which a majority of the Equity Interests having ordinary voting power for the election of directors or other governing body (other than Equity Interests having such power only by reason of the happening of a contingency) are at
the time beneficially owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a
“Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of Borrower. 

“Subsidiary Guarantors” means, as of any date, all Subsidiaries of Borrower owning a Borrowing Base Property and
the general partner of any such Subsidiary that is a limited partnership, and “Subsidiary Guarantor” means any one of the Subsidiary Guarantors. 

“Subsidiary Guaranty” means the Guaranty Agreement executed by each Subsidiary Guarantor in favor of
Administrative Agent, for the benefit of the Lenders, in form and substance acceptable to Administrative Agent. 

“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. 

“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). 
  

 24 

 “Synthetic Lease Obligation” means the monetary obligation of a
Person under (a) a so-called synthetic, off-balance sheet, or tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such Person but which, upon the
insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). 

“Tangible Net Worth” means, as of any date, (a) Total Asset Value minus (b) the sum of
(i) Consolidated Total Debt and (ii) to the extent included in the calculation of Total Asset Value, goodwill and other intangible assets. 

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

“Threshold Amount” means (a) $20,000,000 with respect to Recourse Indebtedness, (b) $100,000,000 with
respect to all Non-Recourse Indebtedness, and (c) $20,000,000 with respect to all other amounts. 
 “Title
Company” means Stewart Title Guaranty Company or such other title insurance company reasonably acceptable to Administrative Agent. 

“Title Insurance Commitments” means the commitments to issue the Title Insurance Policies, issued by the Title
Company for each Borrowing Base Property, along with copies of all instruments creating or evidencing exceptions or encumbrances to title. 

“Title Insurance Policies” means an ALTA title insurance policy (or a title insurance policy promulgated by the
Laws of the state in which the Property is located if an ALTA insurance policy is not available), issued by the Title Company in an amount equal to sixty percent (60%) of the Appraised Value of the relevant Property, insuring that the Mortgages
constitute a valid lien covering the Property and all Improvements thereon, having the priority required by Administrative Agent and subject only to those exceptions and encumbrances (regardless of rank or priority) Administrative Agent approves, in
a form acceptable to Administrative Agent, and as satisfactory to Administrative Agent with all “standard” exceptions which can be deleted, including the exception for matters which a current survey would show, deleted to the fullest
extent authorized under applicable title insurance rules, and Borrower shall (or shall cause the applicable Mortgagor to) satisfy all requirements therefor permitted; containing no exception for standby fees or real estate taxes or assessments other
than those for the year in which the closing occurs to the extent the same are not then due and payable and endorsed “not yet due and payable” and for subsequent years; providing full coverage against mechanics’ and materialmens’
liens to the extent authorized under applicable title insurance rules, and Borrower shall (or shall cause the applicable Mortgagor to) satisfy all requirements therefor; insuring that no restrictive covenants shown in the Title Insurance Policy have
been violated, and that no violation of the restrictions will result in a reversion or forfeiture of title; insuring all appurtenant easements; insuring that fee simple indefeasible or marketable (as coverage is available) fee simple (or, for ground
leasehold, valid leasehold) title to the Property and Improvements is vested in Borrower; containing such affirmative coverage and endorsements as Administrative Agent may require and are available under applicable title insurance rules, and
Borrower shall (or shall cause the applicable Mortgagor to) satisfy all requirements therefor; insuring any easements, leasehold estates or other matters appurtenant to or benefiting the Property and/or the Improvements as part of the insured
estate; insuring the right of access to the Property to the extent 
  

 25 

 
authorized under applicable title insurance rules, and Borrower shall (or shall cause the applicable Mortgagor to) satisfy all requirements therefor; containing provisions acceptable to
Administrative Agent regarding advances and/or re-advances of Loan funds after closing, and “Title Insurance Policy” means any one of the Title Insurance Policies. Borrower and Borrower’s counsel shall not have any
interest, direct or indirect, in the Title Company (or its agent) or any portion of the premium paid for the Title Insurance Policies. 

“Total Asset Value” means, for the Companies, on a consolidated basis, as on any date, the sum of (a) an
amount equal to (i) aggregate Adjusted NOI with respect to all Properties (without duplication from the assets in clauses (b) through (g) below) for the period of the four (4) fiscal quarters
most-recently ended, divided by (ii) the Capitalization Rate, plus (b) the acquisition cost of each Property acquired during the period of the four (4) fiscal quarters most-recently ended, plus (c) the acquisition
cost of Construction in Progress and the costs of improvements thereon and renovations thereof, plus (d) unrestricted cash and cash equivalents on such date, plus (e) the Companies Share of the forgoing items and components
attributable to Unconsolidated Affiliates, plus (f) an amount equal to the book value of mortgage loans, construction loans, capital improvement loans, and other loans, in each case that are not in default and owned by a Company,
plus (g) fifty percent (50%) of the book value of any undeveloped land. Notwithstanding the above and without duplication, so long as no Default has occurred and is continuing, Borrower may at any time, for purposes of calculating
of the covenants set forth in Sections 8.02, 8.13(a), 8.13(d), and 8.13(e) elect to calculate amounts attributable to all (but not less than all) Borrowing Base Properties at either their
aggregate Appraised Values or pursuant to clause (a) above. 
 “Total Funded Debt”
means, as of any date, Consolidated Total Debt excluding intra-company Indebtedness, deferred income taxes, security deposits, accounts payable and accrued liabilities, and any prepaid rents, in each case determined in accordance with GAAP.

 “Total Outstandings” means, as of any date, the aggregate Outstanding Amount of all Loans and all L/C
Obligations. 
 “Type” means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar
Rate Loan. 
 “Unconsolidated Affiliate” means any Person in which a Company has an Equity Interest and
whose financial results would not be consolidated under GAAP with the financial results of Parent on the consolidated financial statements of Parent. 

“United States” and “U.S.” mean the United States of America. 

“Unrecorded Mortgages” has the meaning specified in Section 4.12(b). 

“Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i). 

“Unused Rate” means the following percentages per annum based upon the Daily Usage as set forth below:

  

					
	 Daily Usage
	 	 	Unused Rate	 
	<50	% 	 	0.50	% 
	350	% 	 	0.35	% 

  

 26 

 1.02 Other Interpretive Provisions. With reference to this Agreement and each other
Loan Document, unless otherwise specified herein or in such other Loan Document: 
 (a) The definitions of terms
herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word
“shall.” Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed as referring to such agreement,
instrument or other document as from time to time amended, supplemented, or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference
herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,” and words of similar
import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending,
replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset”
and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, Equity Interests, accounts and contract rights. 

(b) In the computation of periods of time from a specified date to a later specified date, the word
“from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and
including.” 
 (c) Section headings herein and in the other Loan Documents are included for convenience
of reference only and shall not affect the interpretation of this Agreement or any other Loan Document. 
 1.03 Accounting
Terms. 
 (a) Generally. All accounting terms not specifically or completely defined herein shall be
construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in
effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. 

(b) Changes in GAAP. 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 Borrower or Required Lenders shall so request, Administrative Agent, the Lenders and 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 Required Lenders); provided 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) Borrower shall provide to 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. 
  

 27 

 (c) Consolidation of Variable Interest Entities. All references
herein to consolidated financial statements of the Companies or to the determination of any amount for the Companies on a consolidated basis or any similar reference shall, in each case, be deemed to include each variable interest entity that Parent
is required to consolidate pursuant to FASB ASC 810 as if such variable interest entity were a Subsidiary as defined herein. 

1.04 Rounding. Any financial ratios required to be maintained by Borrower pursuant to this Agreement shall be calculated by
dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there
is no nearest number). 
 1.05 Times of Day. Unless otherwise specified, all references herein to times of day shall be
references to Eastern time (daylight or standard, as applicable). 
 1.06 Letter of Credit Amounts. Unless otherwise
specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided that with respect to any Letter of Credit that, by its terms or the terms of any
Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall, for purposes of determining the Total Outstandings, be deemed to be the maximum stated amount of
such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time. 

Article II. 

The Commitments and Credit Extensions 

2.01 Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a
“Loan”) to Borrower from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Commitment; provided
that after giving effect to any Borrowing, (a) the Total Outstandings shall not exceed the Available Loan Amount, and (b) the aggregate Outstanding Amount of the Loans of any Lender plus such Lender’s Applicable Percentage
of the Outstanding Amount of all L/C Obligations shall not exceed such Lender’s Commitment. Within the limits of each Lender’s Commitment and the Available Loan Amount, and subject to the other terms and conditions hereof, Borrower may
borrow under this Section 2.01, prepay under Section 2.04, and reborrow under this Section 2.01. Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 

2.02 Borrowings, Conversions and Continuations of Loans. 

(a) Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurodollar Rate Loans
shall be made upon Borrower’s irrevocable notice to Administrative Agent, which may be given by telephone. Each such notice must be received by Administrative Agent not later than 11:00 a.m. (i) three (3) Business Days prior to the
requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii) on the requested date of any Borrowing of Base Rate Loans. Each telephonic
notice by Borrower pursuant to this Section 2.02(a) must be confirmed promptly by delivery to Administrative Agent of a written Loan Notice, appropriately completed and signed by a Responsible Officer of Borrower. Each Borrowing
of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal 
  

 28 

 
amount of $2,500,000 or a whole multiple of $500,000 in excess thereof. Except as provided in Section 2.03(c), each Borrowing of or conversion to Base Rate Loans shall be in a
principal amount of $250,000 or a whole multiple of $50,000 in excess thereof. Each Loan Notice (whether telephonic or written) shall specify (i) whether Borrower is requesting a Borrowing, a conversion of Loans from one Type to the other, or a
continuation of Eurodollar Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued,
(iv) the Type of Loans to be borrowed or to which existing Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If Borrower fails to specify a Type of Loan in a Loan Notice or if
Borrower fails to give a timely notice requesting a conversion or continuation, then (I) so long as no Event of Default exists, the applicable Loans shall be made as, or continued to, a Loan of the same Type and with an Interest Period of one
(1) month and (II) if an Event of Default exists, then the applicable Loans shall be made as, or converted to, Base Rate Loans. If Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Loan
Notice, but fails to specify an Interest Period, then it will be deemed to have specified an Interest Period of one (1) month. 

(b) Following receipt of a Loan Notice, Administrative Agent shall promptly notify each Lender of the amount of its
Applicable Percentage of the applicable Loans, and if no timely notice of a conversion or continuation is provided by Borrower, Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans described in
the preceding subsection. In the case of a Borrowing, each Lender shall make the amount of its Loan available to Administrative Agent in immediately available funds at Administrative Agent’s Office not later than 12:00 noon on the Business Day
specified in the applicable Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 5.02 (and, if such Borrowing is the initial Credit Extension, Section 5.01), Administrative Agent
shall make all funds so received available to Borrower by 1:00 p.m. in like funds as received by Administrative Agent either by (i) crediting the account of Borrower on the books of Bank of America with the amount of such funds or
(ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) Administrative Agent by Borrower; provided that if, on the date the Loan Notice with respect to such Borrowing is
given by Borrower, there are L/C Borrowings outstanding, then the proceeds of such Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to Borrower as provided above.

 (c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last
day of an Interest Period for such Eurodollar Rate Loan. During the existence of an Event of Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without the consent of Required Lenders. 

(d) Administrative Agent shall promptly notify Borrower and the Lenders of the interest rate applicable to any Interest
Period for Eurodollar Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, Administrative Agent shall notify Borrower and the Lenders of any change in Bank of America’s prime rate used in
determining the Base Rate promptly following the public announcement of such change. 
 (e) After giving effect
to all Borrowings, all conversions of Loans from one Type to the other, and all continuations of Loans as the same Type, there shall not be more than ten (10) Interest Periods in effect with respect to Loans. 

 

 29 

 2.03 Letters of Credit. 

(a) The Letter of Credit Commitment. 

(i) Subject to the terms and conditions set forth herein, (A) L/C Issuer agrees, in reliance upon the agreements of
the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of Borrower
or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree
to participate in Letters of Credit issued for the account of Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total
Outstandings shall not exceed the Available Loan Amount, (y) the aggregate Outstanding Amount of the Loans of any Lender plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations shall not exceed such
Lender’s Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation
by Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, Borrower’s ability to obtain
Letters of Credit shall be fully revolving, and accordingly Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. 

(ii) L/C Issuer shall not issue any Letter of Credit, if: 

(A) subject to Section 2.03(b)(iii), the initial stated expiry date of the requested Letter of Credit
(notwithstanding “evergreen” renewal provisions) would occur more than twelve (12) months after the date of issuance or last extension, unless Required Lenders have approved such expiry date; or 

(B) the expiry date of the requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all
the Lenders have approved such expiry date. 
 (iii) L/C Issuer shall not be under any obligation to issue any
Letter of Credit if: 
 (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by
its terms purport to enjoin or restrain L/C Issuer from issuing the Letter of Credit, or any Law applicable to L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over L/C
Issuer shall prohibit, or request that L/C Issuer refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon L/C Issuer with respect to the Letter of Credit any restriction, reserve or
capital requirement (for which L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which L/C
Issuer in good faith deems material to it; 
  

 30 

 (B) the issuance of the Letter of Credit would violate one or more policies
of L/C Issuer applicable to letters of credit generally; 
 (C) except as otherwise agreed by Administrative
Agent and L/C Issuer, the Letter of Credit is in an initial stated amount less than $100,000; 
 (D) the Letter
of Credit is to be denominated in a currency other than Dollars; 
 (E) any Lender is at that time a Defaulting
Lender, unless L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to L/C Issuer (in its sole discretion) with Borrower or such Lender to eliminate L/C Issuer’s actual or potential Fronting Exposure
(after giving effect to Section 2.16(a)(iv)) with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which L/C Issuer
has actual or potential Fronting Exposure, as it may elect in its sole discretion; or 
 (F) the Letter of
Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder. 

(iv) L/C Issuer shall not amend any Letter of Credit if L/C Issuer would not be permitted at such time to issue the Letter
of Credit in its amended form under the terms hereof. 
 (v) L/C Issuer shall be under no obligation to amend any
Letter of Credit if (A) L/C Issuer would have no obligation at such time to issue the Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of the Letter of Credit does not accept the proposed amendment to the
Letter of Credit. 
 (vi) L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit
issued by it and the documents associated therewith, and L/C Issuer shall have all of the benefits and immunities (A) provided to Administrative Agent in Article X with respect to any acts taken or omissions suffered by L/C Issuer
in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in Article X
included L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to L/C Issuer. 

(b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit. 

(i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of Borrower delivered to L/C
Issuer (with a copy to Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of Borrower. Such Letter of Credit Application must be received by L/C Issuer and Administrative
Agent not later than 11:00 a.m. at least two (2) Business Days (or such later date and time as Administrative Agent and L/C Issuer may 

 

 31 

 
agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter
of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof;
(C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by
such beneficiary in case of any drawing thereunder; and (G) the purpose and nature of the requested Letter of Credit. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify
in form and detail satisfactory to L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other
matters as L/C Issuer may require. Additionally, Borrower shall furnish to L/C Issuer and Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents,
as L/C Issuer or Administrative Agent may reasonably require. 
 (ii) Promptly after receipt of any Letter of
Credit Application, L/C Issuer will confirm with Administrative Agent (by telephone or in writing) that Administrative Agent has received a copy of such Letter of Credit Application from Borrower and, if not, L/C Issuer will provide Administrative
Agent with a copy thereof. Unless L/C Issuer has received written notice from any Lender, Administrative Agent or any Loan Party, at least one (1) Business Day prior to the requested date of issuance or amendment of the applicable Letter of
Credit, that one or more applicable conditions contained in Article V shall not then be satisfied, then, subject to the terms and conditions hereof, L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of
Borrower (or the applicable Subsidiary) or enter into the applicable amendment, as the case may be, in each case in accordance with L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each Letter of Credit,
each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Lender’s Applicable Percentage times
the amount of such Letter of Credit. 
 (iii) If Borrower so requests in any applicable Letter of Credit
Application, then L/C Issuer may, in its sole discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension
Letter of Credit must permit L/C Issuer to prevent any such extension at least once in each twelve-(12-)month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a
day (the “Non-Extension Notice Date”) in each such twelve-(12-)month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by L/C Issuer, Borrower shall not be required to make a
specific request to L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) L/C Issuer to permit the extension of such Letter of Credit at any
time to an expiry date not later than the Letter of Credit Expiration Date; provided that L/C Issuer shall not permit any such extension if (A) L/C Issuer has determined that it would not be permitted, or would have no obligation, at
such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.03(a) or
otherwise), or (B) it has received notice (which may be by telephone 
  

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or in writing) on or before the day that is seven (7) Business Days before the Non-Extension Notice Date (1) from Administrative Agent that Required Lenders have elected not to permit
such extension or (2) from Administrative Agent, any Lender or Borrower that one or more of the applicable conditions specified in Section 5.02 is not then satisfied, and in each such case directing L/C Issuer not to permit
such extension. 
 (iv) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of
Credit to an advising bank with respect thereto or to the beneficiary thereof, L/C Issuer will also deliver to Borrower and Administrative Agent a true and complete copy of such Letter of Credit or amendment. 

(c) Drawings and Reimbursements; Funding of Participations. 

(i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, L/C
Issuer shall exercise commercially reasonable efforts to notify Borrower and Administrative Agent thereof within two (2) Business Days after receipt of such notice and of the date required for payment of such drawing under such Letter of
Credit. Not later than 11:00 a.m. on the date of any payment by L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), Borrower shall reimburse L/C Issuer through Administrative Agent in an amount equal to the
amount of such drawing. If Borrower fails to so reimburse L/C Issuer by such time, Administrative Agent shall promptly notify each Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”),
and the amount of such Lender’s Applicable Percentage thereof. In such event, Borrower shall be deemed to have requested a Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without
regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Commitments and the conditions set forth in
Section 5.02 (other than the delivery of a Loan Notice). Any notice given by L/C Issuer or Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately confirmed in writing;
provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. If such Base Rate Loans are so disbursed to pay an Unreimbursed Amount, then no Default or Event of Default shall
be deemed to have occurred. 
 (ii) Each Lender shall upon any notice pursuant to
Section 2.03(c)(i) make funds available (and Administrative Agent may apply Cash Collateral provided for this purpose) for the account of L/C Issuer at Administrative Agent’s Office in an amount equal to its Applicable
Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by Administrative Agent, whereupon, subject to the provisions of Section 2.03(c)(iii), each Lender that so makes funds
available shall be deemed to have made a Base Rate Loan to Borrower in such amount. Administrative Agent shall remit the funds so received to L/C Issuer. 

(iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing of Base Rate Loans because the
conditions set forth in Section 5.02 cannot be satisfied or for any other reason, Borrower shall be deemed to have incurred from L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which
L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Lender’s payment to Administrative Agent for the account of L/C Issuer pursuant to
Section 2.03(c)(ii) shall 
  

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be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this
Section 2.03. 
 (iv) Until each Lender funds its Loan or L/C Advance pursuant to this
Section 2.03(c) to reimburse L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Percentage of such amount shall be solely for the account of L/C Issuer. 

(v) Each Lender’s obligation to make Loans or L/C Advances to reimburse L/C Issuer for amounts drawn under Letters of
Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender
may have against L/C Issuer, Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing;
provided that each Lender’s obligation to make Loans pursuant to this Section 2.03(c) is subject to the conditions set forth in Section 5.02 (other than delivery by Borrower of a Loan Notice). No
such making of an L/C Advance shall relieve or otherwise impair the obligation of Borrower to reimburse L/C Issuer for the amount of any payment made by L/C Issuer under any Letter of Credit, together with interest as provided herein. 

(vi) If any Lender fails to make available to Administrative Agent for the account of L/C Issuer any amount required to be
paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii), then, without limiting the other provisions of this Agreement, L/C Issuer shall be
entitled to recover from such Lender (acting through Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to L/C Issuer
at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by
L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Loan included in the relevant Borrowing or L/C Advance in respect of the
relevant L/C Borrowing, as the case may be. A certificate of L/C Issuer submitted to any Lender (through Administrative Agent) with respect to any amounts owing under this clause (vi) shall be conclusive absent manifest error.

 (d) Repayment of Participations. 

(i) At any time after L/C Issuer has made a payment under any Letter of Credit and has received from any Lender such
Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if Administrative Agent receives for the account of L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon
(whether directly from Borrower or otherwise, including proceeds of Cash Collateral applied thereto by Administrative Agent), Administrative Agent will distribute to such Lender its Applicable Percentage thereof in the same funds as those received
by Administrative Agent. 
  

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 (ii) If any payment received by Administrative Agent for the account of L/C
Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered into by L/C Issuer in its discretion),
each Lender shall pay to Administrative Agent for the account of L/C Issuer its Applicable Percentage thereof on demand of Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Lender,
at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement. 

(e) Obligations Absolute. The obligation of Borrower to reimburse L/C Issuer for each drawing under each
Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following: 

(i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

 (ii) the existence of any claim, counterclaim, setoff, defense or other right that Borrower or any Subsidiary
may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), L/C Issuer or any other Person, whether in connection with this Agreement,
the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 

(iii) any draft, demand, certificate or other document presented under such 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; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of
Credit; 
 (iv) any payment by L/C Issuer under such Letter of Credit against presentation of a draft or
certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit
of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or 

(v) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other
circumstance that might otherwise constitute a defense available to, or a discharge of, Borrower or any Subsidiary. 
 Borrower
shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with Borrower’s instructions or other irregularity, Borrower will promptly, and in any
event within three (3) Business Days, notify L/C Issuer. Borrower shall be conclusively deemed to have waived any such claim against L/C Issuer and its correspondents unless such notice is given as aforesaid. 

(f) Role of L/C Issuer. Each Lender and Borrower agree that, in paying any drawing under a Letter of Credit,
L/C Issuer shall not have any responsibility to obtain any 
  

 35 

 
document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the
authority of the Person executing or delivering any such document. None of L/C Issuer, Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of L/C Issuer shall be liable to any Lender for
(i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or
(iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee
with respect to its use of any Letter of Credit; provided that this assumption is not intended to, and shall not, preclude Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee or any other
Person at law or under any other agreement. None of L/C Issuer, Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of L/C Issuer shall be liable or responsible for any of the matters
described in clauses (i) through (v) of Section 2.03(e); provided that anything in such clauses to the contrary notwithstanding, Borrower may have a claim against L/C Issuer, and L/C Issuer
may be liable to Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by Borrower which Borrower proves were caused by L/C Issuer’s willful misconduct or gross negligence or
L/C Issuer’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in
limitation of the foregoing, L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and L/C Issuer shall not be responsible
for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or
ineffective for any reason. 
 (g) Applicability of ISP. Unless otherwise expressly agreed by L/C
Issuer and Borrower when a Letter of Credit is issued, the rules of the ISP shall apply to each standby Letter of Credit. 

(h) Letter of Credit Fees. Borrower shall pay to Administrative Agent for the account of each
Lender in accordance with its Applicable Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate times the daily amount available to be drawn under such
Letter of Credit; provided that any Letter of Credit Fees otherwise payable for the account of a Defaulting Lender with respect to any Letter of Credit as to which such Defaulting Lender has not provided Cash Collateral satisfactory to L/C
Issuer pursuant to this Section 2.03 shall be payable, to the maximum extent permitted by applicable Law, to the other Lenders in accordance with the upward adjustments in their respective Applicable Percentages allocable to such
Letter of Credit pursuant to Section 2.16(a)(iv), with the balance of such fee, if any, payable to L/C Issuer for its own account. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the
amount of such Letter of Credit shall be determined in accordance with Section 1.06. Letter of Credit Fees shall be (i) due and payable on the tenth
(10th) Business Day after the end of each March,
June, September and December, commencing with the first
(1st) such date to occur after the issuance of such
Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in arrears. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under
each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, upon the request of
Required Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate. 
  

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 (i) Fronting Fee and Documentary and Processing
Charges Payable to L/C Issuer. Borrower shall pay directly to L/C Issuer for its own account a fronting fee with respect to each Letter of Credit, at a rate per annum equal to one eighth of one percent (0.125%), computed on the daily
amount available to be drawn under such Letter of Credit on a quarterly basis in arrears. Such fronting fee shall be due and payable on the tenth
(10th) Business Day after the end of each March,
June, September and December in respect of the most-recently ended quarterly period (or portion thereof, in the case of the first payment), commencing with the first
(1st) such date to occur after the issuance of such
Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance
with Section 1.06. In addition, Borrower shall pay directly to L/C Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of L/C Issuer relating
to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable within five (5) Business Days of demand and are nonrefundable. 

(j) Conflict with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any
Issuer Document, the terms hereof shall control. 
 (k) Letters of Credit Issued for Subsidiaries.
Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, Borrower shall be obligated to reimburse L/C Issuer hereunder for any and all drawings under such
Letter of Credit. Borrower hereby acknowledges that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of Borrower, and that Borrower’s business derives substantial benefits from the businesses of such
Subsidiaries. 
 2.04 Prepayments. 

(a) Borrower may, upon notice to Administrative Agent, at any time or from time to time voluntarily prepay Loans in whole
or in part without premium or penalty; provided that (i) such notice must be received by Administrative Agent not later than 11:00 a.m. (A) three (3) Business Days prior to any date of prepayment of Eurodollar Rate Loans and
(B) on the date of prepayment of Base Rate Loans; (ii) any prepayment of Eurodollar Rate Loans shall be in a principal amount of $2,500,000 or a whole multiple of $500,000 in excess thereof; and (iii) any prepayment of Base Rate Loans
shall be in a principal amount of $250,000 or a whole multiple of $50,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and
the Type(s) of Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans. Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such
Lender’s Applicable Percentage of such prepayment. If such notice is given by Borrower, then Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any
prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Subject to Section 2.16, each such
prepayment shall be applied to the Loans of the Lenders in accordance with their respective Applicable Percentages. 
  

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 (b) If for any reason the Total Outstandings at any time exceed the
Available Loan Amount, then Borrower shall, within one (1) Business Day, prepay Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided that Borrower shall not be required to Cash
Collateralize the L/C Obligations pursuant to this Section 2.04(b) unless after the prepayment in full of the Loans the Total Outstandings exceed the Available Loan Amount. 

2.05 Termination or Reduction of Commitments. 

(a) Voluntary. Borrower may, upon notice to Administrative Agent, terminate the Aggregate Commitments, or from time
to time permanently reduce the Aggregate Commitments; provided that (i) any such notice shall be received by Administrative Agent not later than 11:00 a.m. three (3) Business Days (or such shorter period agreed to by
Administrative Agent in writing) prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) Borrower shall not
terminate or reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Available Loan Amount, and (iv) if, after giving effect to any reduction of the
Aggregate Commitments, the Letter of Credit Sublimit exceeds the amount of the Aggregate Commitments, then the Letter of Credit Sublimit shall be automatically reduced by the amount of such excess. Administrative Agent will promptly notify the
Lenders of any such notice of termination or reduction of the Aggregate Commitments. Any reduction of the Aggregate Commitments shall be applied to the Commitment of each Lender according to its Applicable Percentage. All fees accrued until the
effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination. 

(b) Mandatory. If at any time (i) the Available Loan Amount is less than $50,000,000 or (ii) there are
less than four (4) Borrowing Base Properties in the Borrowing Base, then on the date that is five (5) Business Days after Administrative Agent notifies Borrower and Lenders that Required Lenders have elected to terminate the Aggregate
Commitments, Borrower shall repay to the Lenders the aggregate principal amount of Loans on such date together with all other Obligations. All fees accrued until the effective date of the termination of the Aggregate Commitments provided for in this
Section shall be paid on the effective date of such termination. 
 2.06 Repayment of Loans. Borrower shall
repay to the Lenders on the Maturity Date the aggregate principal amount of Loans outstanding on such date. 
 2.07
Interest. 
 (a) Subject to the provisions of subsection (b) below, (i) each
Eurodollar Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate; and (ii) each Base Rate
Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate. 

(b) (i) If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods),
whether at stated maturity, by acceleration or otherwise, then such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

 

 38 

 (ii) If any amount (other than principal of any Loan) payable by Borrower
under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of Required Lenders, such amount shall thereafter bear interest at a
fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(iii) Upon the request of Required Lenders, while any Event of Default exists, Borrower shall pay interest on the
principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(iv) Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable
upon demand. 
 (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date
applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any
Debtor Relief Law. 
 2.08 Fees. In addition to certain fees described in
subsections (h) and (i) of Section 2.03, Borrower shall pay to Administrative Agent for the account of each Lender in accordance with its Applicable Percentage, an unused fee equal to the Unused
Rate times the actual daily amount by which the Aggregate Commitments exceed the sum of (i) the Outstanding Amount of Loans and (ii) the Outstanding Amount of L/C Obligations, subject to adjustment as provided in
Section 2.16. The commitment fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions in Article V is not met, and shall be due and payable
quarterly in arrears on the tenth (10th) Business Day
after the end of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the last day of the Availability Period. The commitment fee shall be calculated quarterly in arrears. 

2.09 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate. 

(a) All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurodollar
Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees
or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan
or such portion is paid; provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.11(a), bear interest for one (1) day. Each determination by Administrative Agent of an
interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. 
 (b)
If, as a result of any restatement of or other adjustment to the financial statements of Parent or for any other reason, then Parent, Borrower, Administrative Agent, or the Lenders determine that (i) the Consolidated Leverage Ratio as
calculated by Parent and Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, Borrower shall immediately and retroactively be
obligated to pay to Administrative Agent for the account of the applicable 
  

 39 

 
Lenders or L/C Issuer, as the case may be, promptly on demand by Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to any Company
under the Bankruptcy Code of the United States, automatically and without further action by Administrative Agent, any Lender or L/C Issuer), an amount equal to the excess of the amount of interest and fees that should have been paid for such period
over the amount of interest and fees actually paid for such period. This paragraph shall not limit the rights of Administrative Agent, any Lender or L/C Issuer, as the case may be, under Section 2.03(c)(iii), 2.03(i)
or 2.07(b) or under Article IX. Borrower’s obligations under this paragraph shall survive the termination of the Aggregate Commitments and the repayment of all other Obligations hereunder. 

2.10 Evidence of Debt. 

(a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such
Lender and by Administrative Agent in the ordinary course of business. The accounts or records maintained by Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to
Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of Borrower hereunder to pay any amount owing with respect to the Obligations. In the
event of any conflict between the accounts and records maintained by any Lender and the accounts and records of Administrative Agent in respect of such matters, the accounts and records of Administrative Agent shall control in the absence of
manifest error. Upon the request of any Lender made through Administrative Agent, Borrower shall execute and deliver to such Lender (through Administrative Agent) a Note, which shall evidence such Lender’s Loans in addition to such accounts or
records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto. 

(b) In addition to the accounts and records referred to in subsection (a), each Lender and
Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit. In the event of any conflict between the accounts and records
maintained by Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of Administrative Agent shall control in the absence of manifest error. 

2.11 Payments Generally; Administrative Agent’s Clawback. 

(a) General. All payments to be made by Borrower shall be made without condition or deduction for any counterclaim,
defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by Borrower hereunder shall be made to Administrative Agent, for the account of the respective Lenders to which such payment is owed, at Administrative
Agent’s Office in Dollars and in immediately available funds not later than 3:00 p.m. on the date specified herein. Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable share as provided
herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. If and to the extent Administrative Agent shall not make such payments to a Lender when due as set forth in the preceding sentence, then such
unpaid amounts shall accrue interest, payable by Administrative Agent, at the Federal Funds Rate from the due date until (but not including) the date on which Administrative Agent makes such payments to such Lender. All payments received by
Administrative Agent after 3:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by Borrower shall come due on a day other than a Business Day,
payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be. 
  

 40 

 (b) Clawback. 

(i) Funding by Lenders; Presumption by Administrative Agent. Unless Administrative Agent shall have received notice
from a Lender prior to the proposed date of any Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 1:00 p.m. on the date of such Borrowing) that such Lender will not make available to Administrative
Agent such Lender’s share of such Borrowing, Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that
such Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make available to Borrower a corresponding amount. In such event, if a Lender has
not in fact made its share of the applicable Borrowing available to Administrative Agent, then the applicable Lender and Borrower severally agree to pay to Administrative Agent forthwith on demand such corresponding amount in immediately available
funds with interest thereon, for each day from and including the date such amount is made available to Borrower to but excluding the date of payment to Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater
of the Federal Funds Rate and a rate determined by Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by Administrative Agent in
connection with the foregoing, and (B) in the case of a payment to be made by Borrower, the interest rate applicable to Base Rate Loans. If Borrower and such Lender shall pay such interest to Administrative Agent for the same or an overlapping
period, then Administrative Agent shall promptly remit to Borrower the amount of such interest paid by Borrower for such period. If such Lender pays its share of the applicable Borrowing to Administrative Agent, then the amount so paid shall
constitute such Lender’s Loan included in such Borrowing. Any payment by Borrower shall be without prejudice to any claim Borrower may have against a Lender that shall have failed to make such payment to Administrative Agent. 

(ii) Payments by Borrower; Presumptions by Administrative Agent. Unless Administrative Agent shall have received
notice from Borrower prior to the date on which any payment is due to Administrative Agent for the account of the Lenders or L/C Issuer hereunder that Borrower will not make such payment, Administrative Agent may assume that Borrower has made such
payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or L/C Issuer, as the case may be, the amount due. In such event, if Borrower has not in fact made such payment, then each of the
Lenders or L/C Issuer, as the case may be, severally agrees to repay to Administrative Agent forthwith on demand the amount so distributed to such Lender or L/C Issuer, in immediately available funds with interest thereon, for each day from and
including the date such amount is distributed to it to but excluding the date of payment to Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by Administrative Agent in accordance with banking industry rules on
interbank compensation, within one (1) Business Day. If and to the extent Administrative Agent shall not return such funds to a Lender when due as set forth in the preceding sentence, then such unpaid amounts shall accrue interest, payable by
Administrative Agent, at the Federal Funds Rate from the due date until (but not including) the date on which Administrative Agent returns such funds to such Lender. 

 

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 A notice of Administrative Agent to any Lender or Borrower with respect to
any amount owing under this subsection (b) shall be conclusive, absent manifest error. 
 (c)
Failure to Satisfy Conditions Precedent. If any Lender makes available to Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made
available to Borrower by Administrative Agent because the conditions to the applicable Credit Extension set forth in Article V are not satisfied or waived in accordance with the terms hereof, then Administrative Agent shall return such
funds (in like funds as received from such Lender) to such Lender, without interest. 
 (d) Obligations of
Lenders Several. The obligations of the Lenders hereunder to make Loans, to fund participations in Letters of Credit and to make payments pursuant to Section 11.04(d) are several and not joint. The failure of any Lender to
make any Loan, to fund any participation or to make any payment under Section 11.04(d) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be
responsible for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under Section 11.04(d). 

(e) Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any
particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 

2.12 Sharing of Payments by Lenders. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain
payment in respect of any principal of or interest on any of the Loans made by it, or the participations in L/C Obligations held by it resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Loans or
participations and accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify Administrative Agent of such fact, and (b) purchase (for cash at
face value) participations in the Loans and subparticipations in L/C Obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in
accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them, provided that: 

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

(ii) the provisions of this Section shall not be construed to apply to (x) any payment made by or on
behalf of Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (y) the application of Cash Collateral provided for in
Section 2.15, or (z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or subparticipations in L/C Obligations to any assignee or participant, other than an
assignment to Borrower or any Affiliate thereof (as to which the provisions of this Section shall apply). 

Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that
any Lender acquiring a participation pursuant to the foregoing 
  

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arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Loan Party in the
amount of such participation. 
 2.13 Extension of Maturity Date. 

(a) Requests for Extension. Parent and Borrower may, by written notice to Administrative Agent (who shall promptly
notify the Lenders) not earlier than sixty (60) days and not later than thirty (30) days prior to the Initial Maturity Date, request that the Initial Maturity Date be extended to the Extended Maturity Date. 

(b) Effectiveness of Extension. If so extended, then the Initial Maturity Date shall be extended to the Extended
Maturity Date, effective as of the Initial Maturity Date (such Initial Maturity Date being the “Extension Effective Date”). Administrative Agent, Parent, and Borrower shall promptly confirm to the Lenders such extension. As a
condition precedent to such extension, (i) Parent and Borrower shall deliver to Administrative Agent a certificate of each Loan Party dated as of the Extension Effective Date (in sufficient copies for each Lender) signed by a Responsible
Officer of each Loan Party (A) providing evidence satisfactory to Administrative Agent that each Loan Party has taken all necessary action to authorize such extension and (B) in the case of Parent and Borrower, certifying that, before and
after giving effect to such extension, (I) the representations and warranties contained in the Loan Documents are true and correct in all material respects on and as of the Extension Effective Date, except to the extent that such
representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and except that for purposes of this Section 2.13, the representations and
warranties contained in Section 6.05(b) shall be deemed to refer to the most-recent statements furnished pursuant to Section 7.01(b), and (II) no Default exists before or after giving effect
to such extension and (ii) Borrower shall have paid to Administrative Agent, for the account of each Lender, an extension fee in an amount equal to thirty-five basis points (0.35%) times such Lender’s Commitment. 

(c) Conflicting Provisions. This Section shall supersede any provisions in
Section 11.01 to the contrary. 
 2.14 Increase in Commitments. 

(a) Request for Increase. Provided there exists no Default, upon notice to Administrative Agent (which shall
promptly notify the Lenders), Parent and Borrower may from time to time, request an increase in the Aggregate Commitments to an amount not exceeding $300,000,000 (less the amount of any permanent reductions in the Aggregate Commitments pursuant to
Section 2.05); provided that (i) any such request for an increase shall be in a minimum amount of $10,000,000, and (ii) Parent and Borrower may make a maximum of three (3) such requests. At the time of
sending such notice, Parent and Borrower (in consultation with Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten (10) Business Days from the date of
delivery of such notice to the Lenders). 
 (b) Lender Elections to Increase. Each Lender shall notify
Administrative Agent within such time period whether or not it agrees to increase its Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable Percentage of such requested increase. Any Lender not responding
within such time period shall be deemed to have declined to increase its Commitment, and no Lender shall have any obligation to increase its Commitment. 
  

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 (c) Notification by Administrative Agent; Additional Lenders.
Administrative Agent shall promptly notify Parent, Borrower, and each Lender of the Lenders’ responses to each request made hereunder. To achieve the full amount of a requested increase and subject to the approval of Administrative Agent and
L/C Issuer (which approvals shall not be unreasonably withheld), Parent and Borrower may also invite additional Eligible Assignees to become Lenders pursuant to a joinder agreement in form and substance satisfactory to Administrative Agent and its
counsel. 
 (d) Effective Date and Allocations. If the Aggregate Commitments are increased in accordance
with this Section 2.14, then Administrative Agent, Parent, and Borrower shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase. Administrative Agent
shall promptly notify Parent, Borrower, and the Lenders of the final allocation of such increase and the Increase Effective Date. 

(e) Conditions to Effectiveness of Increase. As a condition precedent to such increase, Parent and Borrower shall
deliver to Administrative Agent a certificate of each Loan Party dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by a Responsible Officer of such Loan Party (i) certifying and attaching the resolutions
adopted by such Loan Party approving or consenting to such increase, and (ii) in the case of Parent and Borrower, certifying that, before and after giving effect to such increase, (A) the representations and warranties contained in
Article VI and the other Loan Documents are true and correct in all material respects on and as of the Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in
which case they are true and correct in all material respects as of such earlier date, and except that for purposes of this Section 2.14, the representations and warranties contained in Section 6.05(b)
shall be deemed to refer to the most-recent statements furnished pursuant to Section 7.01(b), and (B) no Default exists. Borrower shall prepay any Loans outstanding on the Increase Effective Date (and pay any
additional amounts required pursuant to Section 3.05) to the extent necessary to keep the outstanding Loans ratable with any revised Applicable Percentages arising from any nonratable increase in the Commitments under this
Section 2.14. 
 (f) Conflicting Provisions. This Section shall supersede
any provisions in Section 2.12 or 11.01 to the contrary. 
 2.15 Cash Collateral.

 (a) Certain Credit Support Events. Upon the request of Administrative Agent or L/C Issuer (i) if
L/C Issuer has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, or (ii) if, as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains
outstanding, Borrower shall, in each case, immediately Cash Collateralize the then Outstanding Amount of all L/C Obligations. At any time that there shall exist a Defaulting Lender, immediately upon the request of Administrative Agent or L/C Issuer,
Borrower shall deliver to Administrative Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure (after giving effect to Section 2.16(a)(iv), Section 11.13, and any Cash
Collateral provided by the Defaulting Lender). 
 (b) Grant of Security Interest. All Cash Collateral
(other than credit support not constituting funds subject to deposit) shall be maintained in blocked, non-interest bearing deposit accounts at Bank of America. Borrower, and to the extent provided by any Lender, such Lender, hereby grants to (and
subjects to the control of) Administrative Agent, for the benefit of Administrative Agent, L/C Issuer and the Lenders, and agrees to maintain, a first priority security 

 

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interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for
the obligations to which such Cash Collateral may be applied pursuant to Section 2.15(c). If at any time Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than Administrative
Agent as herein provided, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure and other obligations secured thereby, Borrower or the relevant Defaulting Lender will, promptly upon demand by Administrative
Agent, pay or provide to Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency. 

(c) Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided
under any of this Section 2.15 or Sections 2.03, 2.04, 2.16 or 9.02 in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C
Obligations, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any
other application of such property as may be provided for herein. 
 (d) Release. Cash Collateral (or the
appropriate portion thereof) provided to reduce Fronting Exposure or other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the
termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with Section 11.06(b)(vi))) or (ii) Administrative Agent’s good faith determination that there
exists excess Cash Collateral; provided that (x) that Cash Collateral furnished by or on behalf of a Loan Party shall not be released during the continuance of a Default or Event of Default (and following application as provided in this
Section 2.15 may be otherwise applied in accordance with Section 9.03), and (y) the Person providing Cash Collateral and L/C Issuer may agree that Cash Collateral shall not be released but instead held to
support future anticipated Fronting Exposure or other obligations. 
 2.16 Defaulting Lenders. 

(a) Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a
Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law: 

(i) Waivers and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or
consent with respect to this Agreement shall be restricted as set forth in Section 11.01. 

(ii) Reallocation of Payments. Any payment of principal, interest, fees or other amounts received by Administrative
Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article IX or otherwise, and including any amounts made available to Administrative Agent by that Defaulting Lender pursuant to
Section 11.08), shall be applied at such time or times as may be determined by Administrative Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to Administrative Agent hereunder;
second, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to L/C Issuer hereunder; third, if so determined by Administrative Agent or requested by L/C Issuer, to be held as Cash Collateral for future
funding obligations of that Defaulting Lender of any participation in any Letter of Credit; fourth, as Borrower may request (so 

 

 45 

 
long as no Event of Default exists), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by
Administrative Agent; fifth, if so determined by Administrative Agent and Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund Loans under this
Agreement; sixth, to the payment of any amounts owing to the Lenders or L/C Issuer as a result of any judgment of a court of competent jurisdiction obtained by any Lender or L/C Issuer against that Defaulting Lender as a result of that
Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Event of Default exists, to the payment of any amounts owing to Borrower as a result of any judgment of a court of competent jurisdiction obtained
by Borrower against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction;
provided that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such Loans or L/C Borrowings were
made at a time when the conditions set forth in Section 5.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all non-Defaulting Lenders on a pro rata basis prior to
being applied to the payment of any Loans of, or L/C Borrowings owed to, that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender
or to post Cash Collateral pursuant to this Section 2.16(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto. 

(iii) Certain Fees. That Defaulting Lender (x) shall not be entitled to receive any commitment fee pursuant to
Section 2.08 for any period during which that Lender is a Defaulting Lender (and Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender) pursuant to
Section 2.08 for any period during which that Lender is a Defaulting Lender only to extent allocable to the sum of (1) the Outstanding Amount of the Loans funded by it and (2) its Applicable Percentage of the stated
amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.03, Section 2.15, or Section 2.16(a)(ii), as applicable (and Borrower shall (A) be required to
pay to L/C Issuer the amount of such fee allocable to its Fronting Exposure arising from that Defaulting Lender and (B) not be required to pay the remaining amount of such fee that otherwise would have been required to have been paid to that
Defaulting Lender) and (y) shall be limited in its right to receive Letter of Credit Fees as provided in Section 2.03(h). 

(iv) Reallocation of Applicable Percentages to Reduce Fronting Exposure. During any period in which there is a
Defaulting Lender, for purposes of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit pursuant to Section 2.03, the “Applicable
Percentage” of each non-Defaulting Lender shall be computed without giving effect to the Commitment of that Defaulting Lender; provided that (i) each such reallocation shall be given effect only if, at the date the applicable Lender
becomes a Defaulting Lender, no Event of Default exists; and (ii) the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit shall not exceed the positive difference, if any, of
(1) the Commitment of that non-Defaulting Lender minus (2) the aggregate Outstanding Amount of the Loans of that Lender. 
  

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 (b) Defaulting Lender Cure. If Borrower, Administrative Agent and L/C
Issuer agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and
subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions
as Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages (without giving effect
to Section 2.16(a)(iv)), whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of Borrower while
that Lender was a Defaulting Lender; and provided, further, that, except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release
of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 
 2.17 Guaranties.
Pursuant to the Parent Guaranty, Parent (and any other owner of Equity Interests in Borrower, if any) shall unconditionally Guarantee in favor of Administrative Agent and Lenders the full payment and performance of the Obligations. Pursuant to the
Subsidiary Guaranty or an addendum thereto in the form attached to the Subsidiary Guaranty, Parent and Borrower shall cause each Subsidiary Guarantor to execute a Subsidiary Guaranty unconditionally guarantying in favor of Administrative Agent and
Lenders the full payment and performance of the Obligations. 
 Article III. 

Taxes, Yield Protection and Illegality 

3.01 Taxes. 

(a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. 

(i) Any and all payments by or on account of any obligation of Borrower hereunder or under any other Loan Document shall
to the extent permitted by applicable Laws be made free and clear of and without reduction or withholding for any Taxes. If, however, applicable Laws require Borrower or Administrative Agent to withhold or deduct any Tax, such Tax shall be withheld
or deducted in accordance with such Laws as determined by Borrower or Administrative Agent, as the case may be, upon the basis of the information and documentation to be delivered pursuant to subsection (e) below. 

(ii) If Borrower or Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including both
United States Federal backup withholding and withholding taxes, from any payment, then (A) Administrative Agent or Borrower, as applicable, shall withhold or make such deductions as are determined by Administrative Agent to be required based
upon the information and documentation it has received pursuant to subsection (e) below, (B) Administrative Agent or Borrower, as applicable, shall timely pay the full amount withheld or deducted to the relevant Governmental
Authority in accordance with the Code, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by Borrower shall be increased as necessary so that after any required
withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section) Administrative Agent, Lender or L/C Issuer, as the case may be, receives an amount equal to the sum it
would have received had no such withholding or deduction been made. 
  

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 (b) Payment of Other Taxes by Borrower. Without limiting the
provisions of subsection (a) above, Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Laws. 

(c) Tax Indemnifications. 

(i) Without limiting the provisions of subsection (a) or (b) above, Borrower shall, and
does hereby, indemnify Administrative Agent, each Lender and L/C Issuer, and shall make payment in respect thereof within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified
Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) withheld or deducted by Borrower or Administrative Agent or paid by Administrative Agent, such Lender or L/C Issuer, as the case may be,
and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. Borrower shall
also, and does hereby, indemnify Administrative Agent, and shall make payment in respect thereof within 10 days after demand therefor, for any amount which a Lender or L/C Issuer for any reason fails to pay indefeasibly to Administrative Agent as
required by clause (ii) of this subsection. A certificate as to the amount of any such payment or liability delivered to Borrower by a Lender or L/C Issuer (with a copy to Administrative Agent), or by Administrative
Agent on its own behalf or on behalf of a Lender or L/C Issuer, shall be conclusive absent manifest error. 

(ii) Without limiting the provisions of subsection (a) or (b) above, each Lender and L/C
Issuer shall, and does hereby, indemnify Borrower and Administrative Agent, and shall make payment in respect thereof within ten (10) days after demand therefor, against any and all Taxes and any and all related losses, claims, liabilities,
penalties, interest and expenses (including the fees, charges and disbursements of any counsel for Borrower or Administrative Agent) incurred by or asserted against Borrower or Administrative Agent by any Governmental Authority as a result of the
failure by such Lender or L/C Issuer, as the case may be, to deliver, or as a result of the inaccuracy, inadequacy or deficiency of, any documentation required to be delivered by such Lender or L/C Issuer, as the case may be, to Borrower or
Administrative Agent pursuant to subsection (e). Each Lender and L/C Issuer hereby authorizes Administrative Agent to set off and apply any and all amounts at any time owing to such Lender or L/C Issuer, as the case
may be, under this Agreement or any other Loan Document against any amount due to Administrative Agent under this clause (ii). The agreements in this clause (ii) shall survive the resignation and/or replacement
of Administrative Agent, any assignment of rights by, or the replacement of, a Lender or L/C Issuer, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all other Obligations. 

(d) Evidence of Payments. Upon request by Borrower or Administrative Agent, as the case may be, after any payment
of Taxes by Borrower or by Administrative Agent to a Governmental Authority as provided in this Section 3.01, Borrower shall deliver to Administrative Agent or Administrative Agent shall deliver to Borrower, as the case may be,
the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory to Borrower or
Administrative Agent, as the case may be. 
  

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 (e) Status of Lenders; Tax Documentation. 

(i) Each Lender shall deliver to Borrower and to Administrative Agent, at the time or times prescribed by applicable Laws
or when reasonably requested by Borrower or Administrative Agent, such properly completed and executed documentation prescribed by applicable Laws or by the taxing authorities of any jurisdiction and such other reasonably requested information as
will permit Borrower or Administrative Agent, as the case may be, to determine (A) whether or not payments made hereunder or under any other Loan Document are subject to Taxes, (B) if applicable, the required rate of withholding or
deduction, and (C) such Lender’s entitlement to any available exemption from, or reduction of, applicable Taxes in respect of all payments to be made to such Lender by Borrower pursuant to this Agreement or otherwise to establish such
Lender’s status for withholding tax purposes in the applicable jurisdiction. 
 (ii) Without limiting the
generality of the foregoing, if Borrower is resident for tax purposes in the United States, 
 (A) any Lender
that is a “United States person” within the meaning of Section 7701(a)(30) of the Code shall deliver to Borrower and Administrative Agent executed originals of Internal Revenue Service Form W-9 or such other documentation or
information prescribed by applicable Laws or reasonably requested by Borrower or Administrative Agent as will enable Borrower or Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding or
information reporting requirements; and 
 (B) each Foreign Lender that is entitled under the Code or any
applicable treaty to an exemption from or reduction of withholding tax with respect to payments hereunder or under any other Loan Document shall deliver to Borrower and Administrative Agent (in such number of copies as shall be requested by the
recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of Borrower or Administrative Agent, but only if such Foreign Lender is legally entitled to do
so), whichever of the following is applicable: 
 (1) executed originals of Internal Revenue Service Form W-8BEN
claiming eligibility for benefits of an income tax treaty to which the United States is a party, 
 (2) executed
originals of Internal Revenue Service Form W-8ECI, 
 (3) executed originals of Internal Revenue Service Form
W-8IMY and all required supporting documentation, 
 (4) in the case of a Foreign Lender claiming the benefits
of the exemption for portfolio interest under section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (A) a “bank” 

 

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within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of Borrower within the meaning of section 881(c)(3)(B) of the
Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) executed originals of Internal Revenue Service Form W-8BEN, or 

(5) executed originals of any other form prescribed by applicable Laws as a basis for claiming exemption from or a
reduction in United States Federal withholding tax together with such supplementary documentation as may be prescribed by applicable Laws to permit Borrower or Administrative Agent to determine the withholding or deduction required to be made.

 (iii) Each Lender shall promptly (A) notify Borrower and Administrative Agent of any change in
circumstances which would modify or render invalid any claimed exemption or reduction, and (B) take such steps as shall not be materially disadvantageous to it, in the reasonable judgment of such Lender, and as may be reasonably necessary
(including the re-designation of its Lending Office) to avoid any requirement of applicable Laws of any jurisdiction that Borrower or Administrative Agent make any withholding or deduction for taxes from amounts payable to such Lender. 

(f) Treatment of Certain Refunds. Unless required by applicable Laws, at no time shall Administrative Agent have
any obligation to file for or otherwise pursue on behalf of a Lender or L/C Issuer, or have any obligation to pay to any Lender or L/C Issuer, any refund of Taxes withheld or deducted from funds paid for the account of such Lender or L/C Issuer, as
the case may be. If Administrative Agent, any Lender or L/C Issuer determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by Borrower or with respect to which Borrower has
paid additional amounts pursuant to this Section, it shall pay to Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by Borrower under this Section with
respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses incurred by Administrative Agent, such Lender or L/C Issuer, as the case may be, and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund), provided that Borrower, upon the request of Administrative Agent, such Lender or L/C Issuer, agrees to repay the amount paid over to Borrower (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) to Administrative Agent, such Lender or L/C Issuer in the event Administrative Agent, such Lender or L/C Issuer is required to repay such refund to such Governmental Authority. This
subsection shall not be construed to require Administrative Agent, any Lender or L/C Issuer to make available its tax returns (or any other information relating to its taxes that it deems confidential) to Borrower or any other Person.

 3.02 Illegality. If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has
asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to the Eurodollar Rate, or to determine or charge interest rates based upon the Eurodollar Rate,
or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to Borrower through
Administrative Agent, (i) any obligation of such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended, and (ii) if such notice asserts the illegality of such Lender
making or maintaining Base Rate Loans the interest rate on which is determined 
  

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by reference to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by
Administrative Agent without reference to the Eurodollar Rate component of the Base Rate, in each case until such Lender notifies Administrative Agent and Borrower that the circumstances giving rise to such determination no longer exist. Upon
receipt of such notice, (x) Borrower shall, upon demand from such Lender (with a copy to Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate
Loans of such Lender shall, if necessary to avoid such illegality, be determined by Administrative Agent without reference to the Eurodollar Rate component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender may
lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans and (y) if such notice asserts the illegality of such Lender determining or
charging interest rates based upon the Eurodollar Rate, Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the Eurodollar Rate component thereof until Administrative
Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Eurodollar Rate. Upon any such prepayment or conversion, Borrower shall also pay accrued interest on the
amount so prepaid or converted. 
 3.03 Inability to Determine Rates. If Required Lenders determine that for any reason
in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof that (a) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period
of such Eurodollar Rate Loan, (b) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an existing or proposed
Base Rate Loan, or (c) the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, then Administrative Agent will
promptly so notify Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended, and (y) in the event of a determination described in the preceding sentence with
respect to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in determining the Base Rate shall be suspended, in each case until Administrative Agent (upon the instruction of Required Lenders) revokes
such notice. Upon receipt of such notice, Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans or, failing that, will be deemed to have converted such request into a request for a
Borrowing of Base Rate Loans in the amount specified therein. 
 3.04 Increased Costs; Reserves on Eurodollar Rate Loans.

 (a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar
requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by Section 3.04(e)) or L/C Issuer; 

(ii) subject any Lender or L/C Issuer to any tax of any kind whatsoever with respect to this Agreement, any Letter of
Credit, any participation in a Letter of Credit or any Eurodollar Rate Loan made by it, or change the basis of taxation of payments to such Lender or L/C Issuer in respect thereof (except for Indemnified Taxes or Other Taxes covered by
Section 3.01 and the imposition of, or any change in the rate of, any Excluded Tax payable by such Lender or L/C Issuer); or 
  

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 (iii) impose on any Lender or L/C Issuer or the London interbank market any
other condition, cost or expense affecting this Agreement or Eurodollar Rate Loans made by such Lender or any Letter of Credit or participation therein; 

and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Loan the interest on
which is determined by reference to the Eurodollar Rate (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of
maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon request
of such Lender or L/C Issuer, then Borrower will pay to such Lender or L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or L/C Issuer, as the case may be, for such additional costs incurred or
reduction suffered. 
 (b) Capital Requirements. If any Lender or L/C Issuer determines that any Change in
Law affecting such Lender or L/C Issuer or any Lending Office of such Lender or such Lender’s or L/C Issuer’s holding company, if any, regarding capital requirements has or would have the effect of reducing the rate of return on such
Lender’s or L/C Issuer’s capital or on the capital of such Lender’s or L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of
Credit held by, such Lender, or the Letters of Credit issued by L/C Issuer, to a level below that which such Lender or L/C Issuer or such Lender’s or L/C Issuer’s holding company could have achieved but for such Change in Law (taking into
consideration such Lender’s or L/C Issuer’s policies and the policies of such Lender’s or L/C Issuer’s holding company with respect to capital adequacy), then from time to time Borrower will pay to such Lender or L/C Issuer, as
the case may be, such additional amount or amounts as will compensate such Lender or L/C Issuer or such Lender’s or L/C Issuer’s holding company for any such reduction suffered. 

(c) Certificates for Reimbursement. A certificate of a Lender or L/C Issuer setting forth the amount or amounts
necessary to compensate such Lender or L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to Borrower shall be conclusive absent
manifest error. Borrower shall pay such Lender or L/C Issuer, as the case may be, the amount shown as due on any such certificate within fifteen (15) days after receipt thereof. 

(d) Delay in Requests. Failure or delay on the part of any Lender or L/C Issuer to demand compensation pursuant to
the foregoing provisions of this Section shall not constitute a waiver of such Lender’s or L/C Issuer’s right to demand such compensation, provided that Borrower shall not be required to compensate a Lender or L/C
Issuer pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than nine (9) months prior to the date that such Lender or L/C Issuer, as the case may be, notifies Borrower
of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is
retroactive, then the nine-(9-)month period referred to above shall be extended to include the period of retroactive effect thereof). 

(e) Reserves on Eurodollar Rate Loans. Borrower shall pay to each Lender, as long as such Lender shall be required
to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each
Eurodollar Rate Loan 
  

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equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and
payable on each date on which interest is payable on such Loan, provided that Borrower shall have received at least ten (10) days’ prior notice (with a copy to Administrative Agent) of such additional interest from such Lender. If a
Lender fails to give notice ten (10) days prior to the relevant Interest Payment Date, such additional interest shall be due and payable ten (10) days from receipt of such notice. 

3.05 Compensation for Losses. Upon demand of any Lender (with a copy to Administrative Agent) from time to time, Borrower shall
promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 

(a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the
last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 

(b) any failure by Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow,
continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by Borrower; or 

(c) any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result
of a request by Borrower pursuant to Section 11.13; 
 excluding any loss of anticipated profits and including any loss or
expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. Borrower shall also pay any customary administrative fees charged
by such Lender in connection with the foregoing. 
 For purposes of calculating amounts payable by Borrower to the Lenders under this
Section 3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable
amount and for a comparable period, whether or not such Eurodollar Rate Loan was in fact so funded. 
 3.06 Mitigation
Obligations; Replacement of Lenders. 
 (a) Designation of a Different Lending Office. If any Lender
requests compensation under Section 3.04, or Borrower is required to pay any additional amount to any Lender, L/C Issuer, or any Governmental Authority for the account of any Lender or L/C Issuer pursuant to
Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then such Lender or L/C Issuer shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking
its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender or L/C Issuer, such designation or assignment (i) would eliminate or reduce
amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would
not subject such Lender or L/C Issuer, as the case may be, to any material unreimbursed cost or expense and would not otherwise be materially disadvantageous to such Lender or L/C Issuer, as the case may be. Borrower hereby agrees to pay all
reasonable costs and expenses incurred by any Lender or L/C Issuer in connection with any such designation or assignment. 
  

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 (b) Replacement of Lenders. If any Lender requests compensation under
Section 3.04, or if Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, then Borrower may replace such Lender in
accordance with Section 11.13. 
 3.07 Survival. All of Borrower’s obligations under this
Article III shall survive termination of the Aggregate Commitments, repayment of all other Obligations hereunder, and resignation of Administrative Agent. 

Article IV. 

Borrowing Base 

4.01 Initial Borrowing Base. As of the Closing Date, the Borrowing Base shall consist of the Initial Borrowing Base Properties.

 4.02 Changes in Borrowing Base Calculation. Each change in the Borrowing Base shall be effective upon receipt of a new
Borrowing Base Report pursuant to Section 7.02(b); provided that any increase in the Borrowing Base reflected in such Borrowing Base Report shall not become effective until the fifth (5th) Business Day following
delivery thereof and provided, further, that any change in the Borrowing Base as a result of the receipt of a new Acceptable Appraisal pursuant to Section 4.08 shall be effective upon the date that Administrative Agent and
Required Lenders approve such Acceptable Appraisal, and any change in the Borrowing Base as a result of the admission of an Acceptable Property into the Borrowing Base pursuant to Section 4.03 shall be effective upon the date that
such Acceptable Property is admitted into the Borrowing Base. 
 4.03 Requests for Admission into Borrowing Base.
Borrower shall provide Administrative Agent with a written request for an Acceptable Property to be admitted into the Borrowing Base. Such request shall be accompanied by information regarding such Acceptable Property (the
“Property Information”) including the following, in each case acceptable to Administrative Agent: (a) a general description of such Acceptable Property’s location, market, and amenities; (b) a
property description; (c) if such Acceptable Property was or will be acquired within three (3) months prior to admission into the Borrowing Base, purchase information (including any contracts of sale and closing statements); (d) cash
flow projections for the next three (3) years and operating statements for at least the previous three (3) years or since opening or acquisition if open or acquired for less than three (3) years; (e) copies of all zoning reports,
property condition reports, quality assurance reports, and inspection reports; (f) a copy of the most-recent appraisal, if any, obtained by Borrower; (g) UCC searches related to the applicable Mortgagor and the owners of the Equity
Interests of such Mortgagor; (h) the documents and information with respect to such Acceptable Property listed in Section 4.10; (i) an Acceptable Environmental Report; (j) a Borrowing Base Report setting forth in
reasonable detail the calculations required to establish the amount of the Borrowing Base (subject to the receipt of an Acceptable Appraisal) with such Acceptable Property included in the Borrowing Base; and (k) a Compliance Certificate setting
forth in reasonable detail the calculations required to show that the Companies will be in compliance with the terms of this Agreement with the inclusion of such Acceptable Property included the calculation of the Borrowing Base. 

4.04 Eligibility. In order for an Acceptable Property to be eligible for inclusion in the Borrowing Base, such Acceptable Property
shall satisfy the following: 
 (a) all Property Information with respect to such Acceptable Property shall be
reasonably acceptable to Administrative Agent; 
  

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 (b) no Material Title Defect with respect to such Acceptable Property shall
exist; 
 (c) such Acceptable Property shall have reasonably satisfactory access to public utilities; 

(d) the admission of such Acceptable Property into the Borrowing Base shall not breach any obligation of any Company under
any Contractual Obligation; 
 (e) such Acceptable Property shall have an Occupancy Rate of at least seventy
percent (70%); and 
 (f) the property condition report and structural engineering report with respect to such
Acceptable Property shall not reveal any material defects. 
 4.05 Approval of Borrowing Base Properties. Each Acceptable
Property shall be subject to Administrative Agent’s approval for admission into the Borrowing Base; provided that if the Appraised Value of such Acceptable Property (other than any Initial Borrowing Base Property) exceeds twenty percent
(20%) of the Borrowing Base after giving effect to the admission of such Acceptable Property into the Borrowing Base, then the amount of the Borrowing Base attributable to such Borrowing Base Property shall not exceed twenty percent
(20%) of the Borrowing Base without the prior written approval of Required Lenders. Notwithstanding the foregoing guidelines, Administrative Agent hereby approves all Initial Borrowing Base Properties for admission into the Borrowing Base.

 4.06 Liens on Borrowing Base Properties. An Acceptable Property shall not be admitted into the Borrowing Base until:
(a) the applicable Mortgagor shall have executed and delivered (or caused to be executed and delivered) to Administrative Agent, for the benefit of the Lenders, the Subsidiary Guaranty and Security Documents covering such Acceptable Property;
(b) the applicable Pledgors shall have executed and delivered (or caused to be executed and delivered) a Pledge Agreement covering the Equity Interests with respect to the applicable Mortgagor and such Mortgagor’s general partner, if such
Mortgagor is a limited partnership; (c) Administrative Agent shall have a perfected, first priority Lien on such Acceptable Property (subject to Liens permitted under Section 8.01), for the benefit of the Lenders and such
Mortgagor shall have caused to be delivered to Administrative Agent Title Insurance Policies covering such Acceptable Property; and (d) Borrower and the applicable Mortgagor shall have delivered to Administrative Agent all of the Property
Information listed in Section 4.10. 
 4.07 Notice of Admission of New Borrowing Base Properties. If,
after the date of this Agreement, an Acceptable Property meets all the requirements to be included in the Borrowing Base set forth in this Article IV, then Administrative Agent shall notify Borrower and Lenders in writing (a) that
such Acceptable Property is admitted into the Borrowing Base, and (b) of any changes to the Borrowing Base as a result of the admission of such Acceptable Property into the Borrowing Base. 

4.08 Appraisals of Borrowing Base Properties. 

(a) Administrative Agent will be entitled to obtain, at Borrower’s expense, a new Acceptable Appraisal for any
Borrowing Base Property whose most-recent Acceptable Appraisal is more than eighteen (18) months old; provided that in addition to the foregoing, Administrative Agent will be entitled to obtain, and at the request of Required Lenders
shall obtain, at Borrower’s expense, additional Acceptable Appraisals of any Borrowing Base Property or any part thereof if (i) an Event of Default has occurred and is continuing at the time Administrative Agent orders such Acceptable
Appraisal, (ii) Borrower has exercised the option to extend the Maturity Date pursuant to Section 2.13, or (iii) an appraisal is required under applicable Law. 

 

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 (b) Borrower may at its option request that Administrative Agent obtain, at
Borrower’s expense, an Acceptable Appraisal of any Borrowing Base Property or any part thereof, and Administrative Agent shall notify Borrower and Lenders in writing of any changes to the Borrowing Base as a result of the receipt of such
Acceptable Appraisal. 
 4.09 Release of Borrowing Base Property. Upon the written request of Borrower, Administrative
Agent shall release a Borrowing Base Property from the Borrowing Base and any and all Liens in such Borrowing Base Property and, where appropriate, in the Equity Interests of the applicable Mortgagor granted pursuant to the Security Documents and,
where appropriate, release such Mortgagor from the Subsidiary Guaranty; provided that no Default exists before and after giving effect thereto (other than Defaults solely with respect to such Borrowing Base Property that would no longer exist
after giving effect to the release of such Borrowing Base Property from the Borrowing Base); provided, further, that Administrative Agent shall have no obligation to release any such Liens or obligations without a Borrowing Base Report
setting forth in reasonable detail the calculations required to establish the amount of the Borrowing Base without such Borrowing Base Property and a Compliance Certificate setting forth in reasonable detail the calculations required to show that
the Companies are in compliance with the terms of this Agreement without the inclusion of such Borrowing Base Property in the calculation of the Borrowing Base, in each case as of the date of such release and after giving effect to any such release.

 4.10 Documentation Required with Respect to Borrowing Base Properties. Borrower shall deliver, or shall cause the
applicable Mortgagor to deliver, each of the following with respect to each Acceptable Property to be admitted to the Borrowing Base: 

(a) unless otherwise agreed or approved by Administrative Agent: (i) two (2) prints of an original survey of
each Borrowing Base Property and improvements thereon, as is satisfactory to Administrative Agent and the Title Company; and (ii) a flood insurance policy in an amount required by Administrative Agent, but in no event less than the amount
sufficient to meet the requirements of applicable Law and the Flood Disaster Protection Act of 1973, or evidence satisfactory to Administrative Agent that such Acceptable Property is not located in a flood hazard area; 

(b) (i) true and correct copies of each Major Lease and any Guarantees thereof and (ii) estoppel certificates
and subordination and attornment agreements (including nondisturbance agreements if and to the extent agreed by Administrative Agent in its discretion) (“SNDA’s”), with respect to each Major Lease, in form and content
reasonably satisfactory to Administrative Agent, from the tenants and subtenants as Administrative Agent may reasonably require (provided that existing SNDA’s will be reviewed by Administrative Agent prior to the admission of such Acceptable
Property into the Borrowing Base and such SNDA’s will be deemed acceptable to Administrative Agent if such SNDA’s are reasonably satisfactory to Administrative Agent); 

(c) (i) evidence satisfactory to Administrative Agent that no portion of the Improvements of such Acceptable Property are
located within “wetlands” under any applicable Law (unless all necessary approvals and permits have been obtained and remain in full force and effect) and (ii) an Acceptable Environmental Report for such Acceptable Property addressed
to Administrative Agent (or subject to a reliance letter reasonably satisfactory to Administrative Agent), made within one hundred and eighty (180) days prior to the date such Acceptable Property is admitted to the Borrowing Base, showing that
such Acceptable Property is in compliance with Environmental Requirements, and (iii) a certificate certified by a Responsible Officer of Borrower that Borrower or the applicable Mortgagor is complying in good faith with the recommendations set
forth in the Acceptable Environmental Report; 
  

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 (d) evidence that all applicable zoning ordinances, restrictive covenants,
and Laws affecting such Acceptable Property (i) permit the use for which such Acceptable Property is intended and (ii) have been or will be complied with without the existence of any variance, non-complying use, nonconforming use (other
than a legally non-conforming use) or other special exception or if a variance, permit or special exception is required, such has been obtained and remains in full force and effect; 

(e) (i) executed, acknowledged, and/or sworn to, as required, counterparts of the Mortgages (other than the New York
Mortgages), which, other than for the Unrecorded Mortgages, shall have been delivered to the Title Company and released for recordation in the official records of the city or county in which such Acceptable Property is located, and (ii) UCC-1
financing statements which shall have been furnished for filing in all filing offices that Administrative Agent may require; 

(f) other than with respect to Equity Pledge Properties, a pro forma Title Insurance Policy in the amounts set forth in
the definition of Title Insurance Policies or a commitment to issue such Title Insurance Policy from the Title Company (Borrower and Borrower’s counsel shall not have any interest, direct or indirect, in the Title Company (or its agent) or any
portion of the premium paid for the Title Insurance Policy); 
 (g) (i) evidence that no contractor’s,
supplier’s, mechanic’s or materialman’s Lien claim or notice, lis pendens, judgment, or other claim or encumbrance against such Acceptable Property has been filed for record in the county where such Acceptable Property is
located or in any other public record which by Law provides notice of claims or encumbrances regarding such Acceptable Property (unless otherwise permitted under Section 8.01); (ii) a certificate or certificates of a
reporting service acceptable to Administrative Agent, reflecting the results of searches made not earlier than forty five (45) days prior to the date such Acceptable Property is admitted to the Borrowing Base, (A) of the central and local
Uniform Commercial Code records, showing no filings against any of the Collateral or against Borrower or the applicable Mortgagor related to the Acceptable Property otherwise, except as consented to by Administrative Agent; and (B) if required
by Administrative Agent, of the appropriate judgment and tax Lien records, showing no outstanding judgment or tax Lien against Borrower or the applicable Mortgagor, in each case, unless otherwise permitted under Section 8.01;

 (h) an Acceptable Appraisal of such Acceptable Property; 

(i) if such Acceptable Property is held pursuant to an Acceptable Ground Lease: (i) true and correct copies of such
Acceptable Ground Lease and any Guarantees thereof; and (ii) to the extent required by Administrative Agent in its discretion, recognition agreements and estoppel certificates executed by the lessor under such Acceptable Ground Lease, in form
and content satisfactory to Administrative Agent; 
 (j) a true and correct rent roll for such Acceptable
Property; and 
 (k) evidence of the current property condition including a structural engineering report
performed by an engineer satisfactory to Administrative Agent. 
 4.11 Florida Equity Pledge Property. 

(a) Notwithstanding anything contained in Section 4.06(b) or (c) or
Section 4.10(e) or (f), (i) the Mortgage (the “Florida Mortgage”) with respect the Florida Equity Pledge Property 

 

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shall not be recorded and shall be delivered to Administrative Agent in escrow, and (ii) Borrower shall not be required to deliver Title Insurance Policies covering the Florida Equity Pledge
Property, in each case except as provided in clause (b) below. 
 (b) If an Event of Default
has occurred and is continuing at the time of filing thereof, then (i) Administrative Agent shall be permitted to immediately file the Florida Mortgage in each of the offices that Administrative Agent may deem necessary or desirable,
(ii) Borrower shall (or shall cause the applicable Mortgagor to) execute and deliver to Administrative Agent all further instruments and documents as Administrative Agent may reasonably request, and shall take all further actions that may be
necessary or desirable, or that Administrative Agent may reasonably request, to perfect and protect the Liens in favor of Administrative Agent, for the benefit of the Lenders, in the Florida Equity Pledge Property, (iii) Borrower shall deliver
(or shall cause to be delivered) to Administrative Agent Title Insurance Policies covering the Florida Equity Pledge Property, and (iv) Borrower expressly agrees that it shall pay (or shall cause to be paid) all mortgage taxes, recordation and
filing fees, all title insurance premiums and charges, and all other expenses in connection with the filing of the Florida Mortgage and the issuance of the Title Insurance Policies with respect thereto. 

(c) Notwithstanding the fact that the Florida Mortgage may not be filed unless an Event of Default has occurred and is
continuing at the time of filing thereof, Borrower acknowledges that the Florida Mortgage is binding and enforceable against the applicable Mortgagor as of the date executed by such Mortgagor. 

4.12 New York Equity Pledge Properties. 

(a) Notwithstanding anything contained in Section 4.06(b) or (c) or
Section 4.10(e) or (f), (i) Borrower shall not be required to deliver (or cause to be delivered) the New York Mortgages to Administrative Agent unless there is an Event of Default, and (ii) Borrower shall
not be required to deliver Title Insurance Policies covering the New York Equity Pledge Properties, in each case except as provided in clause (b) below. 

(b) If an Event of Default has occurred and is continuing, then (i) Borrower shall cause the applicable Mortgagors to
execute and deliver to Administrative Agent Mortgages in substantially the form of Exhibit F (the “New York Mortgages” and together with the Florida Mortgage, the “Unrecorded Mortgages”)
with respect to the New York Equity Pledge Properties, (ii) Administrative Agent shall be permitted to immediately file the New York Mortgages in each of the offices that Administrative Agent may deem necessary or desirable, (iii) Borrower
shall (or shall cause the applicable Mortgagor to) execute and deliver to Administrative Agent all further instruments and documents as Administrative Agent may reasonably request, and shall take all further actions that may be necessary or
desirable, or that Administrative Agent may reasonably request, to perfect and protect the Liens in favor of Administrative Agent, for the benefit of the Lenders, in the New York Equity Pledge Properties, (iv) Borrower shall deliver (or shall
cause to be delivered) to Administrative Agent Title Insurance Policies covering the New York Equity Pledge Properties, and (v) Borrower expressly agrees that it shall pay (or shall cause to be paid) all mortgage taxes, recordation and filing
fees, all title insurance premiums and charges, and all other expenses in connection with the filing of the New York Mortgages and the issuance of the Title Insurance Policies with respect thereto. 

 

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 Article V. 

Conditions Precedent to Credit Extensions 

5.01 Conditions of Initial Credit Extension. The obligation of L/C Issuer and each Lender to make its initial Credit Extension
hereunder is subject to satisfaction of the following conditions precedent: 
 (a) Administrative Agent’s
receipt of the following, each of which shall be originals or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the
case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory to Administrative Agent and each of the Lenders: 

(i) executed counterparts of this Agreement, the Guaranties, and the applicable Pledge Agreements, sufficient in number
for distribution to Administrative Agent, each Lender, and Borrower; 
 (ii) a Note executed by Borrower in favor
of each Lender requesting a Note; 
 (iii) such certificates of resolutions or other action, incumbency
certificates and/or other certificates of Responsible Officers of each Loan Party as Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in
connection with this Agreement and the other Loan Documents to which such Loan Party is a party; 
 (iv) such
documents and certifications as Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in good standing and qualified to engage in business in each
jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to do so would not have a Material Adverse Effect; 

(v) a favorable opinion of Clifford Chance US LLP, New York counsel to the Loan Parties and local counsel to the Loan
Parties in the jurisdictions in which the Initial Borrowing Base Properties are located, in each case, addressed to Administrative Agent and each Lender, as to such matters concerning the Loan Parties and the Loan Documents as Administrative Agent
may reasonably request; 
 (vi) a certificate of a Responsible Officer of each Loan Party either
(A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and such
consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required; 

(vii) a certificate signed by a Responsible Officer of Borrower certifying (A) that the conditions specified in
Sections 5.02(a) and (b) have been satisfied, and (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to have, either
individually or in the aggregate, a Material Adverse Effect; 
  

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 (viii) a duly completed Borrowing Base Report and Compliance Certificate as
of the Closing Date, signed by a Responsible Officer of Borrower; 
 (ix) the Property Information with respect
to each of the Initial Borrowing Base Properties; 
 (x) evidence that all insurance required to be maintained
pursuant to the Loan Documents has been obtained and is in effect; and 
 (xi) such other assurances,
certificates, documents, consents or opinions as Administrative Agent, L/C Issuer or Required Lenders reasonably may require. 

(b) Any fees required to be paid on or before the Closing Date shall have been paid. 

(c) Unless waived by Administrative Agent, Borrower shall have paid all fees, charges and disbursements of counsel to
Administrative Agent (directly to such counsel if requested by Administrative Agent) to the extent invoiced prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate
of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between Borrower and Administrative Agent).

 (d) The IPO shall have occurred. 

Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining
compliance with the conditions specified in this Section 5.01, 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 unless Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 

5.02 Conditions to all Credit Extensions. The obligation of each Lender to honor any Request for Credit Extension (other than a
Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurodollar Rate Loans) is subject to the following conditions precedent: 

(a) The representations and warranties of Borrower and each other Loan Party contained in Article VI or any
other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the date of such Credit Extension, except to the extent
that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, and except that for purposes of this
Section 5.02, the representations and warranties contained in Section 6.05(b) shall be deemed to refer to the most-recent statements furnished pursuant to Section 7.01(b).

 (b) No Default shall exist, or would result from such proposed Credit Extension or from the application of the
proceeds thereof. 
 (c) Administrative Agent and, if applicable, L/C Issuer shall have received a Request for
Credit Extension in accordance with the requirements hereof. 
  

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 (d) After giving effect to such proposed Credit Extension, the Total
Outstandings do not exceed the Available Loan Amount. 
 Each Request for Credit Extension (other than a Loan Notice requesting
only a conversion of Loans to the other Type or a continuation of Eurodollar Rate Loans) submitted by Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 5.02(a),
(b), and (d) have been satisfied on and as of the date of the applicable Credit Extension. 

Article VI. 

Representations and Warranties 

Each of Parent and Borrower represents and warrants to Administrative Agent and the Lenders that: 

6.01 Existence, Qualification and Power; Compliance with Laws. Each Company (a) is duly organized or formed, validly existing
and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to
(i) own or lease its assets and carry on its business and (ii) in the case of the Loan Parties, execute, deliver, and perform its obligations under the Loan Documents to which it is a party, and (c) is duly qualified and is licensed
and, as applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in each case referred to in
clause (b)(i) or (c) to the extent that failure to do so would not have a Material Adverse Effect. 

6.02 Authorization; No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document to which
such Person is party, have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with or result in
any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its
Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law. 

6.03 Governmental Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to,
or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document except for
those that have been obtained, taken or made, as the case may be, and those specified herein. 
 6.04 Binding Effect.
This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will
constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in accordance with its terms, except as enforcement may be limited by Debtor Relief Laws or general equitable principles
relating to or limiting creditors’ rights generally. 
 6.05 Financial Statements; No Material Adverse Effect.

 (a) The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied
throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of Parent as of the date thereof and their results 

 

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of operations for each period covered thereby in accordance with GAAP consistently applied throughout the each period covered thereby, except as otherwise expressly noted therein; and
(iii) show all material indebtedness and other liabilities, direct or contingent, of Parent as of the date thereof, including liabilities for taxes, material commitments and Indebtedness. 

(b) The unaudited consolidated and consolidating balance sheets of Parent dated March 31, 2010, and the related
consolidated and consolidating statements of income or operations, shareholders’ equity and cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period covered
thereby, except as otherwise expressly noted therein, and (ii) fairly present the financial condition of Parent as of the date thereof and its results of operations for the period covered thereby, subject, in the case of
clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments. 

(c) The consolidated and consolidating pro forma balance sheets of Parent as of the Closing Date, and the related
consolidated and consolidating pro forma statements of income and cash flows for the portion of the fiscal year then ended (the “Pro Forma Financial Statements”), certified by the chief financial officer or treasurer of
Parent, copies of which have been furnished to each Lender, fairly present the consolidated and consolidating pro forma financial condition of Parent as of such date and the consolidated and consolidating pro forma results of operations of Parent
for the period ended on such date, all in accordance with GAAP. 
 (d) Since the date of the Pro Forma Financial
Statements, there has been no event or circumstance, either individually or in the aggregate, that has had or would have a Material Adverse Effect. 

6.06 Litigation. There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of any Company after
due and diligent investigation, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against any Company or against any of their properties or revenues that (a) purport to affect or pertain
to this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) except as specifically disclosed in Schedule 6.06, either individually or in the aggregate, if determined adversely, would
have a Material Adverse Effect, and there has been no adverse change in the status, or financial effect on any Company, of the matters described on Schedule 6.06. 

6.07 No Default. No Company is in default under or with respect to any Contractual Obligation that could, either individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing. 
 6.08
Ownership of Property; Liens; Equity Interests. Each Loan Party has good record and marketable title in fee simple to, or valid leasehold interests in, all Properties necessary or used in the ordinary conduct of its business, except for such
defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each applicable Mortgagor has good record and marketable fee simple title (or, in the case of Acceptable Ground Leases, a
valid leasehold) to the Borrowing Base Property owned by such Mortgagor, subject only to Liens permitted by Section 8.01. All of the outstanding Equity Interests in each Mortgagor have been validly issued, are fully paid and
nonassessable and are owned by the applicable Pledgors free and clear of all Liens (other than Liens permitted by Section 8.01). 
  

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 6.09 Environmental Compliance. 

(a) The Companies conduct in the ordinary course of business a review of the effect of existing Environmental Laws and
claims alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses, operations and properties, and as a result thereof Parent and Borrower have reasonably concluded that, except as
specifically disclosed in Schedule 6.09, such Environmental Laws and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(b) After due inquiry and investigation in accordance with good commercial or customary practices to determine whether
Contamination is present on any Property, without regard to whether Administrative Agent or any Lender has or hereafter obtains any knowledge or report of the environmental condition of such Property, except, with respect to the Borrowing Base
Properties, as may be indicated in the Acceptable Environmental Report delivered to Administrative Agent: (i) such Property has not been used (A) for landfilling, dumping, or other waste or Hazardous Material disposal activities or
operations, or (B) for generation, storage, use, sale, treatment, processing, or recycling of any Hazardous Material, or for any other use that has resulted in Contamination, and in each case, to each Company’s knowledge, no such use on
any adjacent property occurred at any time prior to the date hereof; (ii) there is no Hazardous Material, storage tank (or similar vessel) whether underground or otherwise, sump or well currently on any Property; (iii) no Company has
received any notice of, or has knowledge of, any Environmental Claim or any completed, pending, proposed or threatened investigation or inquiry concerning the presence or release of any Hazardous Material on any Property or any adjacent property or
concerning whether any condition, use or activity on any Property or any adjacent property is in violation of any Environmental Requirement; (iv) the present conditions, uses, and activities on each Property do not violate any Environmental
Requirement and the use of any Property which any Company (and each tenant and subtenant) makes and intends to make of any Property complies and will comply with all applicable Environmental Requirements; (v) no Property appears on the National
Priorities List, any federal or state “superfund” or “superlien” list, or any other list or database of properties maintained by any local, state, or federal agency or department showing properties which are known to contain or
which are suspected of containing a Hazardous Material; (vi) no Company has ever applied for and been denied environmental impairment liability insurance coverage relating to any Property; (vii) no Company has, nor, to any Company’s
knowledge, have any tenants or subtenants, obtained any permit or authorization to construct, occupy, operate, use, or conduct any activity on any Property by reason of any Environmental Requirement; and (viii) to any Company’s knowledge,
there are no underground or aboveground storage tanks on such Property. 
 (c) Even though a Loan Party may have
provided Administrative Agent with an Acceptable Environmental Report or other environmental report or assessment together with other relevant information regarding the environmental condition of the Borrowing Base Properties, Borrower acknowledges
and agrees that Administrative Agent is not accepting the Borrowing Base Properties as security for the Obligations based solely on that report, assessment, or information. Rather Administrative Agent has relied on the assessments, reports, and
representations and warranties of Borrower in this Agreement and Administrative Agent is not waiving any of its rights and remedies in the environmental provisions of this Agreement, the Mortgages, or any other Loan Document. 

6.10 Insurance. The properties of the Loan Parties are insured with financially sound and reputable insurance companies not
Affiliates of any Loan Party, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Loan Parties operate.

  

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 6.11 Taxes. The Companies have filed all material Federal, state and other tax
returns and reports required to be filed, and have paid all material Federal, state and other taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except
those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP or which would not result in a Material Adverse Effect. There is no proposed tax
assessment against any Company that would, if made, have a Material Adverse Effect. 
 6.12 ERISA Compliance. 

(a) Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other
Federal or state laws. Each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination letter from the Internal Revenue Service to the effect that the form of such Plan is
qualified under Section 401(a) of the Code and the trust related thereto has been determined by the Internal Revenue Service to be exempt from federal income tax under Section 501(a) of the Code, or an application for such a
letter is currently being processed by the Internal Revenue Service. To the best knowledge of Parent and Borrower, nothing has occurred that would prevent or cause the loss of such tax-qualified status. Parent and each ERISA Affiliate have made all
required contributions to each Plan subject to Section 412 of the Code, and no application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any
Plan. 
 (b) There are no pending or, to the best knowledge of Parent and Borrower, threatened claims, actions or
lawsuits, or action by any Governmental Authority, with respect to any Plan that would have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has
resulted or would have a Material Adverse Effect. 
 (c) (i) No ERISA Event has occurred, and neither Parent
nor any ERISA Affiliate is aware of any fact, event or circumstance that would constitute or result in an ERISA Event with respect to any Pension Plan; (ii) Parent and each ERISA Affiliate has met all applicable requirements under the Pension
Funding Rules in respect of each Pension Plan, and no waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained; (iii) as of the most-recent valuation date for any Pension Plan, the funding target
attainment percentage (as defined in Section 430(d)(2) of the Code) is 60% or higher and neither Parent nor any ERISA Affiliate knows of any facts or circumstances that would cause the funding target attainment percentage for any such
plan to drop below 60% as of the most-recent valuation date; (iv) neither Parent nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums, and there are no premium payments which have become due that
are unpaid; (v) neither Parent nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; and (vi) no Pension Plan has been terminated by the plan
administrator thereof nor by the PBGC, and no event or circumstance has occurred or exists that would cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension Plan, in each case, that would result in a liability,
individually, or in the aggregate, in excess of the Threshold Amount. 
 6.13 Margin Regulations; Investment Company Act.

 (a) Neither Parent nor Borrower is engaged and will not engage, principally or as one of their important
activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. 

 

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 (b) None of Parent, Borrower, any Person Controlling Borrower, or any other
Company is or is required to be registered as an “investment company” under the Investment Company Act of 1940. 

6.14 Disclosure. Parent and Borrower have disclosed to Administrative Agent and the Lenders all agreements, instruments and
corporate or other restrictions to which any Company is subject, and all other matters known to them, that, individually or in the aggregate, would have a Material Adverse Effect. The reports, financial statements, certificates or other information
furnished (whether in writing or orally) by or on behalf of any Company to Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other
Loan Document (in each case, as modified or supplemented by other information so furnished), taken as a whole, do not contain any material misstatement of fact or fail to state any material fact necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading; provided that with respect to projected financial information, Parent and Borrower represent only that such information was prepared in good faith based upon assumptions believed
to be reasonable at the time. 
 6.15 Compliance with Laws. Each Company is in compliance in all material respects with
the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good
faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, would not have a Material Adverse Effect. 

6.16 Taxpayer Identification Number. As of the date hereof, each Loan Party’s true and correct U.S. taxpayer identification
number is set forth on Schedule 11.02. 
 6.17 Intellectual Property; Licenses, Etc. Each Loan Party
owns, or possesses the right to use, all of the trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights (collectively, “IP Rights”) that are
reasonably necessary for the operation of their respective businesses, without conflict with the rights of any other Person except, in each case, where the failure to do so would not have a Material Adverse Effect. To the best knowledge of each Loan
Party, no slogan or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed, by any Loan Party infringes upon any rights held by any other Person except where such
infringement would not have a Material Adverse Effect. Except as specifically disclosed in Schedule 6.17, no claim or litigation regarding any of the foregoing is pending or, to the best knowledge of each Loan Party, threatened,
which, either individually or in the aggregate, would have a Material Adverse Effect. 
 6.18 Representations Concerning
Leases. (a) A true and correct copy of each Major Lease, and each Guarantee thereof (if any), affecting any part of the Borrowing Base Properties has been delivered to Administrative Agent and no Lease or Guarantee thereof (if any) contains
any option to purchase all or any portion of any Borrowing Base Property or any interest therein or contains any right of first refusal relating to any sale of any Borrowing Base Property or any portion thereof or interest therein; and
(b) Borrower and the applicable Mortgagors have delivered true and correct copies of each rent roll as required by Section 4.10(j). 

6.19 Solvency. No Loan Party (a) has entered into the transaction or executed this Agreement or any other Loan Document with
the actual intent to hinder, delay or defraud any creditor and (b) has not 
  

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received reasonably equivalent value in exchange for its obligations under the Loan Documents. After giving effect to any Loan, the fair saleable value of each Loan Party’s assets exceeds
and will, immediately following the making of any such Loan, exceed such Loan Party’s total liabilities, including subordinated, unliquidated, disputed and contingent liabilities. No Loan Party’s assets constitute unreasonably small
capital to carry out its business as conducted or as proposed to be conducted, nor will its assets constitute unreasonably small capital immediately following the making of any Loan. No Loan Party intends to incur debt and liabilities (including
contingent liabilities and other commitments) beyond its ability to pay such debt and liabilities as they mature (taking into account the timing and amounts of cash to be received by such Loan Party and the amounts to be payable on or in respect of
obligations of such Loan Party). 
 6.20 REIT Status of Parent. Parent will elect to qualify as a REIT commencing with
its taxable year ending December 31, 2010 and each taxable year thereafter. 
 6.21 Labor Matters. There is
(a) no significant unfair labor practice complaint pending against any Company or, to the best of each Company’s knowledge, threatened against any Company, before the National Labor Relations Board, and no significant grievance or
significant arbitration proceeding arising out of or under any collective bargaining agreement is pending on the date hereof against any Company or, to best of any Company’s knowledge, threatened against any Company which, in either case, would
result in a Material Adverse Effect, and (b) no significant strike, labor dispute, slowdown or stoppage is pending against any Company or, to the best of any Company’s knowledge, threatened against any Company which would result in a
Material Adverse Effect. 
 6.22 Ground Lease Representation. 

(a) The applicable Mortgagor has delivered to Administrative Agent true and correct copies of each Acceptable Ground Lease
as required by Section 4.10(i). 
 (b) Each Acceptable Ground Lease is in full force and
effect. 
 6.23 Borrowing Base Properties. Except where the failure of any of the following to be true and correct would
not have a material and adverse affect on the value of the applicable Borrowing Base Property: 
 (a) Each
Borrowing Base Property complies with all Laws, including all subdivision and platting requirements, without reliance on any adjoining or neighboring property. No Loan Party has received any notice or claim from any Person that a Borrowing Base
Property, or any use, activity, operation, or maintenance thereof or thereon, is not in compliance with any Law, and has no knowledge of any such noncompliance except as disclosed in writing to Administrative Agent; 

(b) The Loan Parties have not directly or indirectly conveyed, assigned, or otherwise disposed of, or transferred (or
agreed to do so) any development rights, air rights, or other similar rights, privileges, or attributes with respect to a Borrowing Base Property, including those arising under any zoning or property use ordinance or other Laws; 

(c) All utility services necessary for the use of each Borrowing Base Property and the operation thereof for their
intended purpose are available at each Borrowing Base Property; 
 (d) The current and anticipated use of each
Borrowing Base Property complies in all material respects with all applicable zoning ordinances, regulations, and restrictive covenants 

 

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affecting such Borrowing Base Property without the existence of any variance, non-complying use, nonconforming use, or other special exception, all use restrictions of any Governmental Authority
having jurisdiction have been satisfied, and no violation of any Law exists with respect thereto; and 
 (e) No
Borrowing Base Property is the subject of any pending or, to any Loan Party’s knowledge, threatened Condemnation or adverse zoning proceeding for which Administrative Agent has not been notified in accordance with Section 7.13.

 Article VII. 

Affirmative Covenants 

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder (excluding contingent indemnification
obligations to the extent no unsatisfied claim giving rise thereto has been asserted) shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding: 

7.01 Financial Statements. Each of Parent and Borrower shall deliver to Administrative Agent and each Lender, in form and detail
satisfactory to Administrative Agent and Required Lenders: 
 (a) as soon as available, but in any event within
ninety (90) days after the end of each fiscal year of Parent (or, if earlier, fifteen (15) days after the date required to be filed with the SEC) (commencing with the fiscal year ended December 31, 2010), a consolidated and
consolidating balance sheet of Parent as at the end of such fiscal year, and the related consolidated and consolidating statements of income or operations, changes in shareholders’ equity, and cash flows for such fiscal year, setting forth in
each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, such consolidated statements to be audited and accompanied by a report and opinion of an independent certified
public accountant of nationally recognized standing reasonably acceptable to Required Lenders, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going
concern” or like qualification or exception or any qualification or exception as to the scope of such audit, and such consolidating statements to be certified by the chief executive officer, chief financial officer, treasurer or controller of
Parent to the effect that such statements are fairly stated in all material respects when considered in relation to the consolidated financial statements of Parent; 

(b) as soon as available, but in any event within forty-five (45) days after the end of each of the first three
(3) fiscal quarters of each fiscal year of Parent (or, if earlier, five (5) days after the date required to be filed with the SEC) (commencing with the fiscal quarter ended September 30, 2010), a consolidated and consolidating balance
sheet of Parent as at the end of such fiscal quarter, the related consolidated and consolidating statements of income or operations for such fiscal quarter and for the portion of Parent’s fiscal year then ended, and the related consolidated and
consolidating statements of changes in shareholders’ equity, and cash flows for the portion of Parent’s fiscal year then ended, in each case setting forth in comparative form, as applicable, the figures for the corresponding fiscal quarter
of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail, such consolidated statements to be certified by the chief executive officer, chief financial officer, treasurer or controller of Parent
as fairly presenting the financial condition, results of operations, shareholders’ equity and cash flows of Parent in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes and such consolidating
statements to be certified by the chief executive officer, chief financial officer, treasurer or controller of Parent to the effect that such statements are fairly stated in all material respects when considered in relation to the consolidated
financial statements of Parent; and 
  

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 (c) concurrently with the delivery of the financial statements referred to
in Sections 7.01(a) and (b), (i) a statement of all income and expenses in connection with each Borrowing Base Property, and (ii) a rent roll, each certified in writing as true and correct by Responsible
Officer of Parent. 
 As to any information contained in materials furnished pursuant to Section 7.02, Parent
and Borrower shall not be separately required to furnish such information under clause (a) or (b) above, but the foregoing shall not be in derogation of the obligation of Parent and Borrower to furnish the
information and materials described in clauses (a) and (b) above at the times specified therein. 

7.02 Certificates; Other Information. Each of Parent and Borrower shall deliver to Administrative Agent and each Lender, in form
and detail satisfactory to Administrative Agent and Required Lenders: 
 (a) concurrently with the delivery of
the financial statements referred to in Sections 7.01(a) and (b), a duly completed Compliance Certificate signed by the chief executive officer, chief financial officer, treasurer or controller of Borrower (which
delivery may, unless Administrative Agent or a Lender requests executed originals, be by electronic communication including fax or email and shall be deemed to be an original authentic counterpart thereof for all purposes); 

(b) concurrently with the delivery of the financial statements referred to in Sections 7.01(a) and
(b), upon the receipt by Administrative Agent of any new Acceptable Appraisal, upon the admission of an Acceptable Property into the Borrowing Base, and upon the removal of any Property from the Borrowing Base, a duly completed
Borrowing Base Report signed by the chief executive officer, chief financial officer, treasurer or controller of Borrower (which delivery may, unless Administrative Agent or a Lender requests executed originals, be by electronic communication
including fax or email and shall be deemed to be an original authentic counterpart thereof for all purposes); 

(c) promptly after any request by Administrative Agent, copies of any detailed audit reports submitted to the board of
directors (or the audit committee of the board of directors) of Parent by independent accountants in connection with the accounts or books of Parent; 

(d) promptly after the same are available, copies of each annual report, proxy or financial statement or other report or
communication sent to the stockholders of Parent, and copies of all annual, regular, periodic and special reports and registration statements which Borrower may file or be required to file with the SEC under Section 13 or 15(d) of
the Securities Exchange Act of 1934, and not otherwise required to be delivered to Administrative Agent pursuant hereto; 

(e) as soon as reasonably practicable, but in any event within ninety (90) days after the beginning of each fiscal
year of Parent, an annual budget for Parent, on a consolidated basis prepared by Parent in the ordinary course of its business; 

(f) promptly after the furnishing thereof, copies of any statement or report furnished to any holder of debt securities of
Parent or Borrower pursuant to the terms of any indenture, loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant to Section 7.01 or any other clause of this
Section 7.02; 
  

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 (g) promptly, and in any event within five (5) Business Days after
receipt thereof by any Company, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any material investigation or other material inquiry by such agency
regarding financial or other operational results of any Company unless restricted from doing so by such agency; and 

(h) promptly, such additional information regarding the business, financial or corporate affairs of any Company or any
Borrowing Base Property, or compliance with the terms of the Loan Documents, as Administrative Agent or any Lender may from time to time reasonably request. 

Documents required to be delivered pursuant to Section 7.01(a) or (b) or Section 7.02(d)
(to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which Parent and Borrower posts
such documents, or provides a link thereto on Parent and Borrower’s website on the Internet at the website address listed on Schedule 11.02; or (ii) on which such documents are posted on Parent and Borrower’s behalf
on an Internet or intranet website, if any, to which each Lender and Administrative Agent have access (whether a commercial, third-party website or whether sponsored by Administrative Agent). Administrative Agent shall have no obligation to request
the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by Parent and Borrower with any such request by a Lender for delivery, and each Lender shall be
solely responsible for requesting delivery to it or maintaining its copies of such documents. 
 Parent and Borrower hereby
acknowledge that (a) Administrative Agent and/or the Joint Lead Arrangers will make available to the Lenders and L/C Issuer materials and/or information provided by or on behalf of Parent and Borrower hereunder (collectively,
“Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public
Lender”) may have personnel who do not wish to receive material non-public information with respect to Parent, Borrower or their Affiliates, or the respective Equity Interests of any of the foregoing, and who may be engaged in
investment and other market-related activities with respect to such Persons’ Equity Interests. Parent and Borrower hereby agree that (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and
conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” Parent and Borrower shall be
deemed to have authorized Administrative Agent, Joint Lead Arrangers, L/C Issuer and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to Parent and Borrower or their Equity Interests for
purposes of United States Federal and state securities laws (provided that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 11.07); (y) all Borrower Materials
marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z) Administrative Agent and the Joint Lead Arrangers shall be entitled to treat any Borrower
Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.” 

7.03 Notices. Each of Parent and Borrower shall, and shall cause each other Loan Party to, promptly notify Administrative Agent
who shall notify each Lender: 
 (a) of the occurrence of any Default; 

 

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 (b) of any matter that has resulted or would have a Material Adverse Effect;

 (c) of the occurrence of any ERISA Event which has resulted or would result in liabilities of any Company in
an aggregate amount in excess of the Threshold Amount; 
 (d) of any material litigation, arbitration or
governmental investigation or proceeding instituted or threatened in writing against any Borrowing Base Property, and any material development therein; 

(e) of any actual or threatened in writing Condemnation of any portion of any Borrowing Base Property, any negotiations
with respect to any such taking, or any material loss of or substantial damage to any Borrowing Base Property; 

(f) of any Casualty with respect to any Borrowing Base Property; 

(g) of any material permit, license, certificate or approval required with respect to any Borrowing Base Property lapses
or ceases to be in full force and effect or claim from any person that any Borrowing Base Property, or any use, activity, operation or maintenance thereof or thereon, is not in compliance with any Law except to the extent that the same would not
result in a material and adverse affect on such Borrowing Base Property; 
 (h) of any material change in
accounting policies or financial reporting practices by any Company, including any determination by Borrower referred to in Section 2.09(b); and 

(i) of any labor controversy pending or threatened against any Company, and any material development in any labor
controversy except to the extent that the same would not have a Material Adverse Effect. 
 Each notice pursuant to this
Section 7.03 shall be accompanied by a statement of a Responsible Officer of Parent and Borrower setting forth details of the occurrence referred to therein and stating what action Parent and/or Borrower has taken and proposes to
take with respect thereto. Each notice pursuant to Section 7.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 

7.04 Payment of Obligations. Each of Parent and Borrower shall, and shall cause each other Company to, pay and discharge as the
same shall become due and payable, all its obligations and liabilities, including: (a) all tax liabilities, assessments and governmental charges or levies upon a Company or its properties or assets, unless the same are being contested in good
faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by such Company; (b) all lawful claims which, if unpaid, would by law become a Lien upon its property other than Liens of
the type permitted under Sections 8.01(a) through (g); and (c) all Indebtedness, as and when due and payable except, in each case, where the failure to do so would not result in a Material Adverse Effect.

 7.05 Preservation of Existence, Etc. Each of Parent and Borrower shall, and shall cause each other Company to
(a) preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 8.03; (b) take all
reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so would not have a Material Adverse Effect; and
(c) preserve or renew all of its IP Rights, the non-preservation of which would have a Material Adverse Effect. 
  

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 7.06 Maintenance of Properties. Each of Parent and Borrower shall, and shall cause
each other Company to (a) maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and condition except to the extent the failure to do so would not result in a
Material Adverse Effect; (b) make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so would not have a Material Adverse Effect; (c) use the standard of care typical in the industry in the
operation and maintenance of its facilities; and (d) keep the Borrowing Base Properties in good order, repair, operating condition, and appearance, causing all necessary repairs, renewals, replacements, additions, and improvements to be
promptly made, and not allow any of the Borrowing Base Properties to be misused, abused or wasted or to deteriorate (ordinary wear and tear excepted). 

7.07 Maintenance of Insurance. 

(a) Each of Parent and Borrower shall, and shall cause each other Company to, maintain with financially sound and
reputable insurance companies not Affiliates of any Company, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and
in such amounts as are customarily carried under similar circumstances by such other Persons. 
 (b) Without
limiting the foregoing, each of Parent and Borrower shall, and shall cause each other Loan Party to, obtain and maintain, at Borrower’s or the applicable Mortgagor’s sole expense: (i) property insurance with respect to all insurable
property, against loss or damage by fire, lightning, windstorm, explosion, hail, tornado and such additional hazards as are presently included in special form (also known as “all-risk”) coverage and against any and all acts of terrorism
and such other insurable hazards as Administrative Agent may require, in an amount not less than one hundred percent (100%) of the full replacement cost, including the cost of debris removal, without deduction for depreciation and sufficient to
prevent any Company and Administrative Agent and Lenders from becoming coinsurers; (ii) if and to the extent any portion of any Borrowing Base Property or the Improvements is, under the Flood Disaster Protection Act of 1973 (for purposes of
this Section, “FDPA”), as it may be amended from time to time, in a Special Flood Hazard Area, within a Flood Zone designated A or V in a participating community, a flood insurance policy in an amount required by
Administrative Agent, but in no event less than the amount sufficient to meet the requirements of applicable Law and the FDPA, as such requirements may from time to time be in effect; (iii) general liability insurance, on an
“occurrence” basis against claims for “personal injury” liability, including bodily injury, death, or property damage liability, for the benefit of the applicable Loan Parties as named insureds and Administrative Agent, for the
benefit of Lenders, as additional insured; (iv) statutory workers’ compensation insurance with respect to any work on or about any of the Borrowing Base Properties (including employer’s liability insurance, if required by
Administrative Agent), covering all employees and contractors of each applicable Loan Party; and (v) such other insurance on the Borrowing Base Properties and endorsements as may from time to time be required by Administrative Agent (including
soft cost coverage, automobile liability insurance, business interruption insurance, or delayed rental insurance, boiler and machinery insurance, earthquake insurance, wind insurance, sinkhole coverage, and/or permit to occupy endorsement) and
against other insurable hazards or casualties which at the time are commonly insured against in the case of premises similarly situated, due regard being given to the height, type, construction, location, use and occupancy of buildings and
Improvements. All insurance policies shall be issued and maintained by insurers, in amounts, with deductibles, limits and retentions, and in forms satisfactory to Administrative Agent. All insurance companies providing insurance required pursuant to
this Agreement or any other Loan Document must be licensed to do business 
  

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in the state in which the applicable Borrowing Base Property is located and must have an A. M. Best Company financial and performance ratings of A-:IX or better. All insurance policies
maintained, or caused to be maintained, with respect to the Borrowing Base Properties, except for general liability insurance, shall provide that each such policy shall be primary without right of contribution from any other insurance that may be
carried, Administrative Agent or any Lender and that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured. If any insurer which has issued a policy
of hazard, liability, or other insurance required pursuant to this Agreement or any other Loan Document becomes insolvent or is the subject of any petition, case, proceeding or other action pursuant to any Debtor Relief Law, or if in Administrative
Agent’s reasonable opinion the financial responsibility of such insurer is or becomes inadequate, then each applicable Loan Party shall in each instance promptly upon its discovery thereof or upon the request of Administrative Agent therefor,
promptly obtain and deliver to Administrative Agent a like policy (or, if and to the extent permitted by Administrative Agent, acceptable evidence of insurance) issued by another insurer, which insurer and policy meet the requirements of this
Agreement or such other Loan Document, as the case may be. 
 (c) Each of Parent and Borrower shall, and shall
cause each other Loan Party to, cause all certificates of insurance or other evidence of each initial insurance policy to be delivered to Administrative Agent on or prior to the Closing Date, with all premiums fully paid current, and each renewal or
substitute policy (or evidence of insurance) shall be delivered to Administrative Agent, with all premiums fully paid current, at least ten (10) days after the termination of the policy it renews or replaces. 

(d) Each of Parent and Borrower shall, and shall cause each other Loan Party to, pay all premiums on policies required
hereunder as they become due and payable and promptly deliver to Administrative Agent evidence satisfactory to Administrative Agent of the timely payment thereof. If any loss occurs at any time when the Loan Parties have failed to perform the Loan
Parties’ covenants and agreements in this Section 7.07 with respect to any insurance payable because of loss sustained to any part of any Borrowing Base Property or otherwise, whether or not such insurance is required by
Administrative Agent and the Lenders, then Administrative Agent and the Lenders shall nevertheless be entitled to the benefit of all insurance covering the loss and held by or for a Loan Party, to the same extent as if it had been made payable to
Administrative Agent for the benefit of Lenders. 
 (e) Each of Parent and Borrower shall, and shall cause each
other Loan Party to, cause all insurance policies provided for or contemplated by this Section 7.07 with respect to the assets and properties of the Loan Parties that constitute Collateral to name the applicable Loan Party as the
insured and Administrative Agent as the additional insured or loss payee, as its interests may appear, in form and substance satisfactory to Administrative Agent, providing that the loss thereunder shall be payable directly to Administrative Agent.
In addition, such insurance policies shall provide for at least thirty (30) days’ prior written notice to Administrative Agent of any termination, lapse, modification, or cancellation of such policy or ten (10) days notice in the case
of non-payment of any premium. 
 7.08 Compliance with Laws. Each of Parent and Borrower shall, and shall cause each
other Company to, comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or
order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith would not have a Material Adverse Effect. 

 

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 7.09 Books and Records. Each of Parent and Borrower shall, and shall cause each other
Company to: (a) maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of each
Company, as the case may be; and (b) maintain such books of record and account in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over any Company, as the case may be.

 7.10 Inspection Rights. Subject to the rights of tenants, each of Parent and Borrower shall, and shall cause each
other Loan Party to, permit representatives and independent contractors of Administrative Agent and each Lender to visit and inspect and photograph any Borrowing Base Property and any of its other properties, to examine its corporate, financial and
operating records, and all recorded data of any kind or nature, regardless of the medium of recording including all software, writings, plans, specifications and schematics, and make copies thereof or abstracts therefrom, and to discuss its affairs,
finances and accounts with its directors and officers all at the expense of Borrower and at such reasonable times during normal business hours, upon reasonable advance notice to the applicable Loan Party and no more often than once in any period of
twelve (12) consecutive months unless an Event of Default has occurred and is continuing; provided that when an Event of Default has occurred and is continuing Administrative Agent or any Lender (or any of their respective
representatives or independent contractors) may do any of the foregoing at the expense of Borrower at any time during normal business hours and without advance notice, subject to the rights of tenants. Any inspection or audit of the Borrowing Base
Properties or the books and records, including recorded data of any kind or nature, regardless of the medium of recording including software, writings, plans, specifications and schematics of any Company, or the procuring of documents and financial
and other information, by Administrative Agent on behalf of itself or on behalf of Lenders shall be for Administrative Agent’s and Lenders’ protection only, and shall not constitute any assumption of responsibility to any Company or anyone
else with regard to the condition, construction, maintenance or operation of the Borrowing Base Properties nor Administrative Agent’s approval of any certification given to Administrative Agent nor relieve any Company of Borrower’s or any
other Company’s obligations. 
 7.11 Use of Proceeds. Each of Parent and Borrower shall, and shall cause each other
Company to, use the proceeds of the Credit Extensions (a) to refinance the obligations of the Companies under existing facilities, (b) to finance the acquisition of Properties, (c) to pay development expenses with respect to the
Borrowing Base Properties, and (d) for general corporate purposes, in each case, not in contravention of any Law or of any Loan Document. 

7.12 Environmental Matters. Each of Parent and Borrower shall, and shall cause each other Loan Party to: 

(a) Violations; Notice to Administrative Agent. Use reasonable efforts to: 

(i) Keep the Borrowing Base Properties free of Contamination; 

(ii) Promptly deliver to Administrative Agent a copy of each report pertaining to any Property or to any Loan Party
prepared by or on behalf of such Loan Party pursuant to a material violation of any Environmental Requirement; and 

(iii) As soon as practicable advise Administrative Agent in writing of any Environmental Claim or of the discovery of any
Contamination on any Borrowing Base Property, as soon as any Loan Party first obtains knowledge thereof, including a description of the nature and extent of the Environmental Claim and/or Hazardous Material and all relevant circumstances.

  

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 (b) Site Assessments and Information. If Parent or Borrower fails to
comply with Section 7.12(a) or if any other Event of Default shall have occurred and be continuing, or upon the occurrence of the Release Date (other than the event in clause (a) of the definition of Release
Date), then if requested by Administrative Agent, at Borrower’s expense, deliver to Administrative Agent from time to time, but no more frequently than once per calendar year unless an Event of Default exists, in each case within thirty
(30) days after Administrative Agent’s request, then an Environmental Assessment (hereinafter defined) made after the date of Administrative Agent’s request. As used in this Agreement, the term “Environmental
Assessment” means a report of an environmental assessment of any or all Borrowing Base Properties and of such scope so as to be compliant with the guidelines established by the ASTM (including the taking of soil borings and air and
groundwater samples and other above and below ground testing) as Administrative Agent may reasonably request to be performed by a licensed environmental consulting firm reasonably acceptable to Administrative Agent. Each applicable Loan Party shall
cooperate with each consulting firm making any such Environmental Assessment and shall supply to the consulting firm all information available to such Loan Party to facilitate the completion of the Environmental Assessment. If any Loan Party fails
to furnish Administrative Agent within thirty (30) days after Administrative Agent’s request with a copy of an agreement with an acceptable environmental consulting firm to provide such Environmental Assessment, or if any Loan Party fails
to furnish to Administrative Agent such Environmental Assessment within seventy five (75) days after Administrative Agent’s request, upon written notice to Parent and Borrower, Administrative Agent may cause any such Environmental
Assessment to be made at Borrower’s expense and risk. Administrative Agent and its designees are hereby granted access to the Borrowing Base Properties upon written notice, and a license which is coupled with an interest and irrevocable, to
make or cause to be made such Environmental Assessments. Administrative Agent may disclose to interested parties any information Administrative Agent ever has about the environmental condition or compliance of the Borrowing Base Properties, but
shall be under no duty to disclose any such information except as may be required by Law. Administrative Agent shall be under no duty to make any Environmental Assessment of the Borrowing Base Properties, and in no event shall any such Environmental
Assessment by Administrative Agent be or give rise to a representation that any Hazardous Material is or is not present on the Borrowing Base Properties, or that there has been or shall be compliance with any Environmental Requirement, nor shall any
Company or any other Person be entitled to rely on any Environmental Assessment made by Administrative Agent or at Administrative Agent’s request but Administrative Agent shall deliver a copy of such report to Parent and Borrower. Neither
Administrative Agent nor any Lender owes any duty of care to protect any Company or any other Person against, or to inform them of, any Hazardous Material or other adverse condition affecting the Borrowing Base Properties. 

(c) Remedial Actions. If any Contamination is discovered on any Borrowing Base Property at any time and regardless
of the cause, (i) promptly at the applicable Loan Parties’ sole expense, remove, treat, and dispose of the Hazardous Material, to background levels, in compliance with all applicable Environmental Requirements or if restoration to
applicable background levels is not feasible, take whatever action is required by any Environmental Requirement provided, however, that any cleanup standard approved by the applicable regulatory authority that is based on
institutional or engineering controls must first be submitted for approval to Administrative Agent, such approval not to be unreasonably withheld or delayed, in addition to taking such other action as is necessary to have the full use and benefit of
such Borrowing Base Property as contemplated by the Loan Documents, and provide Administrative Agent with satisfactory evidence thereof; and (ii) if requested by Administrative Agent, provide to Administrative Agent within thirty (30) days
of Administrative Agent’s request a bond, letter of credit, or other financial assurance, including self-assurance, evidencing to Administrative 

 

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Agent’s satisfaction that all necessary funds are readily available to pay the costs and expenses of the actions required by the preceding clause (i) and to discharge any
assessments or liens established against such Borrowing Base Property as a result of the presence of the Hazardous Material on the Borrowing Base Property. After completion of such remedial actions, the applicable Loan Party shall promptly request
regulatory approval, take all reasonable measures to expedite issuance of such approval and upon receipt thereof deliver to Administrative Agent a letter indicating that no further action is required with respect to the applicable Borrowing Base
Property or similar confirmation by the applicable regulator that all required remedial action as stated above has been taken and successfully completed to the satisfaction of the applicable regulator. The Loan Parties shall not be deemed to have
satisfied their remedial obligations under this provision until they have provided the Administrative Agent such confirmation. Administrative Agent on behalf of Lenders may, but shall never be obligated to, remove or cause the removal of any
Hazardous Material from any Borrowing Base Property (or if removal is prohibited by any Environmental Requirement, take or cause the taking of such other action as is required by any Environmental Requirement) if the Loan Parties fail to commence
such remedial actions in accordance with the terms hereof and thereafter diligently prosecute the same to completion in accordance with the terms hereof (without limitation of the rights of Administrative Agent on behalf of Lenders to declare an
Event of Default and to exercise all rights and remedies available by reason thereof); and Administrative Agent and its designees are hereby granted access to the Borrowing Base Properties at any time or times, upon reasonable notice (which may be
written or oral), and a license which is coupled with an interest and irrevocable, to remove or cause such removal or to take or cause the taking of any such other action. In such instance, the Administrative Agent and its designees and the Lenders
are acting as authorized agents of the Loan Parties, who shall be responsible for, and shall sign any required manifests for, offsite disposal. 

7.13 Condemnation, Casualty and Restoration. Each of Parent and Borrower shall, and shall cause each other Loan Party to:

 (a) Give Administrative Agent notice of the actual or threatened commencement of any proceeding for the
Condemnation of any Borrowing Base Property upon the applicable Mortgagor’s receipt of written notice thereof and deliver to Administrative Agent copies of any and all papers served in connection with such proceedings. Administrative Agent has
the right (but not the obligation) to participate in any such proceedings and to be represented by counsel of its own choice, and the applicable Loan Parties shall from time to time deliver to Administrative Agent all instruments requested by it to
permit such participation. Each applicable Loan Party shall, at its expense, diligently prosecute any such proceedings, and shall consult with Administrative Agent, its attorneys, and experts, and cooperate with them in the carrying on or defense of
any such proceedings. Notwithstanding any taking by any public or quasi-public authority through Condemnation or otherwise (including any transfer made in lieu of or in anticipation of the exercise of such taking), Borrower shall continue to pay the
Obligations at the time and in the manner provided for in this Agreement and the Obligations shall not be reduced until any Award shall have been actually received and applied by Administrative Agent, after the deduction of expenses of collection,
to the reduction or discharge of the Obligations. All costs and expenses (including attorney’s fees and costs) incurred by Administrative Agent in connection with any condemnation shall be a demand obligation owing by Borrower (which Borrower
hereby promises to pay) to Administrative Agent pursuant to this Agreement. If any Borrowing Base Property or any portion thereof is taken by a condemning authority, then to the extent such Property is not removed by Borrower as a Borrowing Base
Property in accordance with Section 4.09, the applicable Mortgagor shall promptly commence and diligently prosecute the Restoration of such Borrowing Base Property and otherwise comply with the provisions of clause
(d) below, provided that Administrative Agent makes any Restoration Net Proceeds available pursuant to clause (d) below. 
  

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 (b) If any Borrowing Base Property shall be damaged or destroyed, in whole
or in part, by fire or other casualty (a “Casualty”), and the aggregate cost of repair of such damage or destruction shall be equal to or in excess of the greater of (i) $5,000,000 and (ii) twenty five percent
(25%) of the Appraised Value of such Borrowing Base Property, give prompt notice of such Casualty to Administrative Agent. To the extent such Property is not removed by Borrower as a Borrowing Base Property in accordance with
Section 4.09, the applicable Loan Party shall diligently prosecute the Restoration of such Borrowing Base Property in accordance with clause (d) below, so long as Administrative Agent makes any Restoration Net
Proceeds available pursuant to clause (d) below. The applicable Loan Party shall pay all costs of such Restoration whether or not such costs are covered by insurance. Administrative Agent may, but shall not be obligated to, make
proof of loss if not made promptly by the applicable Loan Party. If an Event of Default has occurred and is then continuing, then the applicable Loan Party shall adjust all claims for Insurance Proceeds in consultation with, and approval of,
Administrative Agent. 
 (c) Administrative Agent, for the benefit of Lenders, shall be entitled to receive all
sums which may be awarded or become payable to a Loan Party for the Condemnation of any Borrowing Base Property, or any part thereof, and any insurance proceeds of a Casualty and the applicable Loan Party shall, upon request of Administrative Agent,
promptly execute such additional assignments and other documents as may be necessary from time to time to permit such participation and to enable Administrative Agent to collect and receipt for any such sums. All such sums are hereby assigned to
Administrative Agent, for the benefit of Lenders, and shall released or applied to the Restoration in accordance with clause (d) below. In any event the unpaid portion of the Obligations shall remain in full force and effect
and the payment thereof shall not be excused. Administrative Agent shall not be, under any circumstances, liable or responsible for failure to collect or to exercise diligence in the collection of any such sum or for failure to see to the proper
application of any amount paid over to the applicable Loan Party. 
 (d) If the Restoration Net Proceeds and the
costs of completing the Restoration shall be less than the greater of (A) $5,000,000 and (B) twenty five percent (25%) of the Appraised Value of such Borrowing Base Property, then the Restoration Net Proceeds will be disbursed by
Administrative Agent to the applicable Loan Party upon receipt, provided that all of the conditions set forth in clause (i) below are met and such Loan Party delivers to Administrative Agent a written undertaking to
expeditiously commence and to satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement and if the Restoration Net Proceeds or the costs of completing the Restoration are equal to or greater than the
greater of (A) $5,000,000 and (B) twenty five percent (25%) of the Appraised Value of such Borrowing Base Property, then Administrative Agent shall make the Restoration Net Proceeds available for the Restoration in accordance with the
provisions of this Section 7.13(d). 
 (i) The Restoration Net Proceeds shall be made
available to the applicable Loan Party for Restoration; provided that each of the following conditions are met: 

(A) no Event of Default shall have occurred and be continuing; 

(B) (1) in the event the Restoration Net Proceeds are Insurance Proceeds, less than twenty-five percent (25%) of the
rentable area of the Improvements on such Borrowing Base Property has been damaged, destroyed, or rendered unusable as a result of a Casualty or (2) in the event the Restoration 

 

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Net Proceeds are Condemnation Proceeds, less than ten percent (10%) of the land constituting such Borrowing Base Property is taken, such land is located along the perimeter or periphery of
the Borrowing Base Property, and no portion of the Improvements is located on such land; 
 (C) Administrative
Agent shall be reasonably satisfied that any operating deficits, including all scheduled payments of principal and interest hereunder, which will be incurred with respect to such Borrowing Base Property as a result of the occurrence of any such
Casualty or Condemnation, whichever the case may be, will be covered out of the insurance coverage referred to in Section 7.07 above or other security provided by Loan Parties; 

(D) Administrative Agent shall be satisfied that the Restoration will be completed twelve (12) months after
commencement of the Restoration; 
 (E) such Borrowing Base Property and the use thereof after the Restoration
will be in compliance in all material respects with all Laws; 
 (F) the applicable Loan Party shall cause the
Restoration to be done and completed in an expeditious and diligent fashion and in compliance in all material respects with all applicable Laws; 

(G) such Casualty or Condemnation, as applicable, does not result in the complete loss of access to such Borrowing Base
Property or the Improvements; 
 (H) the applicable Loan Party shall deliver, or cause to be delivered, to
Administrative Agent a signed detailed budget approved in writing by the applicable Loan Party’s architect or engineer stating the entire cost of completing the Restoration, which budget shall be reasonably acceptable to Administrative Agent;
and 
 (I) the Restoration Net Proceeds together with any cash or cash equivalent deposited by Borrower with
Administrative Agent are sufficient in Administrative Agent’s reasonable judgment to cover the cost of the Restoration. 

(ii) The Restoration Net Proceeds shall be held by Administrative Agent until disbursements commence, and, until disbursed
in accordance with the provisions of this Section 7.13(d), shall constitute additional security for the Obligations. The Restoration Net Proceeds shall be disbursed by Administrative Agent to, or as directed by, Borrower from time
to time during the course of the Restoration, upon receipt of evidence satisfactory to Administrative Agent that (A) all the conditions precedent to such advance, including those set forth in clause (i) above, have been
satisfied, (B) all materials installed and work and labor performed (except to the extent that they are to be paid for out of the requested disbursement and except for the Restoration Retainage (defined below)) in connection with the related
Restoration item have been paid for in full, and (C) there exist no notices of pendency, stop orders, contractor’s, supplier’s, mechanic’s or materialman’s Liens, or notices of intention to file same, or any other Liens or
encumbrances of any nature whatsoever on such Borrowing Base Property (other than Liens permitted under Section 8.01) which have not either been fully bonded to the satisfaction of Administrative Agent and discharged of record or in
the alternative fully insured to the satisfaction of Administrative Agent by the Title Company. 
  

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 (iii) All plans and specifications required in connection with the
Restoration shall be subject to prior review and acceptance in all respects by Administrative Agent and by an independent consulting engineer selected by Administrative Agent (the “Restoration Consultant”) which acceptance
shall not be unreasonably withheld or delayed. Administrative Agent shall have the use of the plans and specifications and all permits, licenses and approvals required or obtained in connection with the Restoration. The identity of the contractors,
subcontractors, and materialmen engaged in the Restoration, as well as the contracts in excess of $500,000 under which they have been engaged, shall be subject to prior review and acceptance by Administrative Agent and the Restoration Consultant
which acceptance shall not be unreasonably withheld or delayed. All reasonable costs and expenses incurred by Administrative Agent in connection with making the Restoration Net Proceeds available for the Restoration, including reasonable counsel
fees and disbursements and the Restoration Consultant’s fees, shall be paid by Borrower. 
 (iv) In no event
shall Administrative Agent be obligated to make disbursements of the Restoration Net Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Restoration
Consultant, minus the Restoration Retainage. The term “Restoration Retainage” means an amount equal to ten percent (10%) of the costs actually incurred for work in place as part of the Restoration, as certified by
the Restoration Consultant, until the Restoration has been completed. The Restoration Retainage shall be reduced to five percent (5%) of the costs incurred upon receipt by Administrative Agent of satisfactory evidence that fifty percent
(50%) of the Restoration has been completed. The Restoration Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this Section 7.13(d), be less than the amount actually held back by the
applicable Loan Party from contractors, subcontractors, and materialmen engaged in the Restoration. The Restoration Retainage shall not be released until the Restoration Consultant certifies to Administrative Agent that the Restoration has been
completed in accordance with the provisions of this Section 7.13(d) and that all approvals necessary for the re-occupancy and use of such Borrowing Base Property have been obtained from all appropriate Governmental Authorities,
and Administrative Agent receives evidence satisfactory to Administrative Agent that the costs of the Restoration have been paid in full or will be paid in full out of the Restoration Retainage; provided, however, that Administrative Agent
will release the portion of the Restoration Retainage being held with respect to any contractor, subcontractor, or materialman engaged in the Restoration as of the date upon which the Restoration Consultant certifies to Administrative Agent that the
contractor, subcontractor or materialman has satisfactorily completed all work and has supplied all materials in accordance with the provisions of the contractor’s, subcontractor’s, or materialman’s contract, the contractor,
subcontractor, or materialman delivers the Lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor, or materialman as may be reasonably requested by Administrative Agent or by the Title Company issuing the Title
Insurance Policies, and Administrative Agent receives an endorsement to the Title Insurance Policies insuring the continued priority of the lien of the applicable Mortgage and evidence of payment of any premium payable for such endorsement. If
required by Administrative Agent, the release of any such portion of the Restoration Retainage shall be approved by the surety company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor, or
materialman. 
  

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 (v) Administrative Agent shall not be obligated to make disbursements of the
Restoration Net Proceeds more frequently than twice every calendar month. 
 (vi) If at any time the Restoration
Net Proceeds or the undisbursed balance thereof shall not, in the reasonable opinion of Administrative Agent in consultation with the Restoration Consultant, be sufficient to pay in full the balance of the costs which are estimated by the
Restoration Consultant to be incurred in connection with the completion of the Restoration, the Loan Parties shall deposit the deficiency (the “Net Proceeds Deficiency”) with Administrative Agent before any further
disbursement of the Restoration Net Proceeds shall be made. The Net Proceeds Deficiency deposited with Administrative Agent shall be held by Administrative Agent and shall be disbursed for costs actually incurred in connection with the Restoration
on the same conditions applicable to the disbursement of the Restoration Net Proceeds, and until so disbursed pursuant to this Section 7.13(d) shall constitute additional security for the Obligations. 

(vii) The excess, if any, of the Restoration Net Proceeds and the remaining balance, if any, of the Net Proceeds
Deficiency deposited with Administrative Agent after the Restoration Consultant certifies to Administrative Agent that the Restoration has been completed in accordance with the provisions of this Section 7.13(d), and the receipt
by Administrative Agent of evidence satisfactory to Administrative Agent that all costs incurred in connection with the Restoration have been paid in full, shall be remitted by Administrative Agent to Borrower, provided no Default exists.

 All Restoration Net Proceeds not required (i) to be made available for a Restoration or (ii) to be returned to
Borrower as excess Restoration Net Proceeds pursuant to clause (vii) above may (x) be retained and applied by Administrative Agent toward the payment of the Obligations whether or not then due and payable in such order,
priority, and proportions as Administrative Agent in its sole discretion shall deem proper, or (y) at the sole discretion of Administrative Agent, the same may be paid, either in whole or in part, to the applicable Loan Party for such purposes
and upon such conditions as Administrative Agent shall designate. Notwithstanding the foregoing, in the event that any Borrowing Base Property requiring Restoration is released from the Borrowing Base pursuant to Section 4.09, then
Administrative Agent shall deliver the Restoration Net Proceeds to the applicable Loan Party upon such release from the Borrowing Base. 

Notwithstanding the foregoing, if the terms and conditions of any SNDA provide that Administrative Agent shall make Restoration Net
Proceeds available for Restoration of a Borrowing Base Property, then Administrative Agent will make such Restoration Net Proceeds available for Restoration in accordance with the terms of the applicable SNDA (provided that neither
Administrative Agent nor Lenders shall have waived any Default or Event of Default arising from the Loan Parties failure to comply with this Section 7.13). 

7.14 Ground Leases. Each of Parent and Borrower shall, and shall cause each other Loan Party to: 

(a) Diligently perform and observe in all material respects all of the terms, covenants, and conditions any Acceptable
Ground Lease as tenant under such Acceptable Ground Lease; and 
  

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 (b) Promptly notify Administrative Agent of (i) the giving to the
applicable Mortgagor of any notice of any default by such Mortgagor under any Acceptable Ground Lease and deliver to Administrative Agent a true copy of each such notice within five (5) Business Days of such Mortgagor’s receipt thereof,
and (ii) any bankruptcy, reorganization, or insolvency of the landlord under any Acceptable Ground Lease or of any notice thereof, and deliver to Administrative Agent a true copy of such notice within five (5) Business Days of the
applicable Mortgagor’s receipt. 
 7.15 Borrowing Base Properties. Except where the failure to comply with any of
the following would not have a material and adverse affect on the value of the applicable Borrowing Base Property, each of Parent and Borrower shall, and shall cause each other Loan Party to: 

(a) Pay all real estate and personal property taxes, assessments, water rates or sewer rents, ground rents, maintenance
charges, impositions, and any other charges, including vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Borrowing Base Property, now or hereafter levied or assessed or imposed against any Borrowing Base
Property or any part thereof (except those which are being contested in good faith by appropriate proceedings diligently conducted). 

(b) Promptly pay (or cause to be paid) when due all bills and costs for labor, materials, and specifically fabricated
materials incurred in connection with any Borrowing Base Property (except those which are being contested in good faith by appropriate proceedings diligently conducted), and in any event never permit to be created or exist in respect of any
Borrowing Base Property or any part thereof any other or additional Lien or security interest other than Liens permitted by Section 8.01. 

(c) Operate the Borrowing Base Properties in a good and workmanlike manner and in accordance with all Laws in accordance
with such Loan Party’s prudent business judgment. 
 Except where the failure would not have a material and adverse affect
on the value of the Borrowing Base Properties, taken as whole, each of Parent and Borrower shall, and shall cause each other Loan Party to, to the extent owned and controlled by a Loan Party, preserve, protect, renew, extend and retain all material
rights and privileges granted for or applicable to each Borrowing Base Property. 
 7.16 Subsidiary Guarantor Organizational
Documents. Each of Parent and Borrower shall, and shall cause each other Pledgor to, at its expense, maintain the Organization Documents of each Subsidiary Guarantor in full force and effect, without any cancellation, termination, amendment,
supplement, or other modification of such Organization Documents, except as explicitly required by their terms (as in effect on the date hereof), except for amendments, supplements, or other modifications that do not adversely affect the interests
of the Lenders under the applicable Pledge Agreement in any material respect, and except for Organization Documents in respect of Equity Interests of partnerships or limited liability companies that have been released from the applicable
Pledgor’s Pledge Agreement. 
 Article VIII. 

Negative Covenants 

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder (excluding contingent indemnification
obligations to the extent no unsatisfied claim giving rise thereto has been asserted) shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding: 

8.01 Liens. Each of Parent and Borrower shall not, nor shall it permit any other Loan Party to, directly or indirectly, create,
incur, assume or suffer to exist any Lien upon any Collateral other than, with respect to the Borrowing Base Properties, the following: 

(a) Liens pursuant to any Loan Document; 
  

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 (b) Liens existing on the date hereof and listed on
Schedule 8.01; 
 (c) Liens for taxes not yet due and payable or which are being contested in
good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 

(d) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising
in the ordinary course of business which are not overdue for a period of more than thirty (30) days or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are
maintained on the books of the applicable Person; 
 (e) easements, rights-of-way, restrictions, restrictive
covenants, encroachments, protrusions and other similar encumbrances affecting real property disclosed in the Title Insurance Policies and which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from
the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person; 

(f) Liens securing judgments for the payment of money not constituting an Event of Default under
Section 9.01(i); 
 (g) the rights of tenants under leases or subleases not interfering with
the ordinary conduct of business of such Person; 
 (h) Liens securing obligations in the nature of personal
property financing leases for furniture, furnishings or similar assets, Capital Leases Obligations and other purchase money obligations for fixed or capital assets; provided that (i) such Liens do not at any time encumber any property
other than the property financed by such Indebtedness, (ii) the obligations secured thereby does not exceed the cost or fair market value, whichever is lower, of the property being acquired on the date of acquisition, and (iii) with
respect to Capital Leases, such Liens do not at any time extend to or cover any assets other than the assets subject to such Capital Leases; 

(i) Liens securing obligations in the nature of the performance of bids, trade contracts and leases (other than
Indebtedness), statutory obligations, surety bonds (other than bonds related to judgments or litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(j) all Liens, encumbrances and other matters disclosed in the Title Insurance Policies issued in connection with the
Mortgages; and 
 (k) such other title and survey exceptions as Administrative Agent has approved in writing in
Administrative Agent’s reasonable discretion; 
 and, with respect to all other Collateral, Liens described in clauses (a)
and (c) above. 
  

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 8.02 Investments. Each of Parent and Borrower shall not permit the Companies’
aggregate Investments in: 
 (a) unimproved land holdings to at any time exceed five percent (5%) of Total
Asset Value; 
 (b) Unconsolidated Affiliates to at any time exceed twenty-five (25%) of Total Asset Value;

 (c) mortgages and mezzanine loans to at any time exceed twenty-five percent (25%) of Total Asset Value;

 (d) Construction in Progress to at any time exceed thirty percent (30%) of Total Asset Value; or

 (e) assets of the types described in clauses (a) through (d) above to at
any time exceed thirty-five percent (35%) of Total Asset Value. 
 8.03 Fundamental Changes. Each of Parent and
Borrower shall not, nor shall it permit any other Loan Party to, directly or indirectly, merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or
substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Event of Default has occurred and is continuing or would result therefrom: 

(a) any Loan Party (other Parent or Borrower) may merge with (i) Borrower, provided that Parent or Borrower,
as applicable, shall be the continuing or surviving Person, or (ii) any other Loan Party; 
 (b) any Loan
Party (other than Parent or Borrower) may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to another Loan Party; and 

(c) any Loan Party may Dispose of a Property owned by such Loan Party in the ordinary course of business and for fair
value; provided that if such Property is a Borrowing Base Property, then Borrower shall have complied with Section 4.09. 

8.04 Restricted Payments. Each of Parent and Borrower shall not, nor shall it permit any other Company to, directly or indirectly,
declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, or issue or sell any Equity Interests, except that, so long as no Default shall have occurred and be continuing at the time
of any action described below or would result therefrom: 
 (a) each Subsidiary may make Restricted Payments to
Parent, Borrower, and any other Person that owns an Equity Interest in such Subsidiary, ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being made; 

(b) any Company may declare and make dividend payments or other distributions payable solely in the common Equity
Interests or other Equity Interests of such Company including (i) “cashless exercises” of options granted under any share option plan adopted by Parent, (ii) distributions of rights or equity securities under any rights plan
adopted by Borrower or Parent, and (iii) distributions (or effect stock splits or reverse stock splits) with respect to its Equity Interests payable solely in additional shares of its Equity Interests; 

 

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 (c) Borrower and each Subsidiary may purchase, redeem or otherwise acquire
Equity Interests issued by it with the proceeds received from the substantially concurrent issue of new shares of its common Equity Interests or other Equity Interests; and 

(d) Parent and Borrower may make any Permitted Distributions. 

8.05 Change in Nature of Business. Each of Parent and Borrower shall not, nor shall it permit any other Loan Party to, directly or
indirectly, engage in any material line of business substantially different from those lines of business conducted by the Companies on the date hereof or any business substantially related or incidental thereto. 

8.06 Transactions with Affiliates. Each of Parent and Borrower shall not, nor shall it permit any other Loan Party to, directly or
indirectly, enter into any transaction of any kind with any Affiliate of a Company, whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to such Loan Party as would be obtainable by
such Company at the time in a comparable arm’s length transaction with a Person other than an Affiliate. 
 8.07
Burdensome Agreements. Each of Parent and Borrower shall not, nor shall it permit any other Loan Party to, directly or indirectly, enter into any Contractual Obligation (other than this Agreement or any other Loan Document) that directly or
indirectly prohibits any Company from (a) creating or incurring any Lien on any Borrowing Base Property, or (b) subject to rights of tenants under leases (i) that are approved in writing by Administrative Agent, (ii) that are
subordinate to the Mortgage on the applicable Borrowing Base Property, or (iii) that do not materially and adversely affect Administrative Agent’s Liens on the applicable Borrowing Base Property or Administrative Agent’s ability to
exercise its rights and remedies with respect to such Liens, transferring ownership of any Borrowing Base Property. 
 8.08
Use of Proceeds. Each of Parent and Borrower shall not, nor shall it permit any other Company to, directly or indirectly, use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally or
ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose.

 8.09 Borrowing Base Properties; Ground Leases. Each of Parent and Borrower shall not, nor shall it permit any other
Loan Party to, directly or indirectly: 
 (a) Allow the aggregate Occupancy Rate for (i) any individual
Borrowing Base Property to be less than seventy percent (70%) unless such Borrowing Base Property is removed from the Borrowing Base in accordance with Section 4.09, or (ii) all Borrowing Base Properties to be less than
eighty percent (80%); 
 (b) Use or occupy or conduct any activity on, or allow the use or occupancy of or the
conduct of any activity on any Borrowing Base Properties in any manner which violates any Law or which constitutes a public or private nuisance or which makes void, voidable, or cancelable any insurance then in force with respect thereto or makes
the maintenance of insurance in accordance with Section 7.07 commercially unreasonable (including by way of increased premium); 
  

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 (c) Without the prior written consent of Administrative Agent, initiate or
permit any zoning reclassification of any Borrowing Base Property or seek any variance under existing zoning ordinances applicable to any Borrowing Base Property or use or permit the use of any Borrowing Base Property in such a manner which would
result in such use becoming a nonconforming use under applicable zoning ordinances or other Laws; 
 (d) Without
the prior written consent of Administrative Agent, (i) impose any material easement, restrictive covenant, or encumbrance upon any Borrowing Base Property, (ii) execute or file any subdivision plat or condominium declaration affecting any
Borrowing Base Property, or (iii) consent to the annexation of any Borrowing Base Property to any municipality; 

(e) Do any act, or suffer to be done any act by any Company or any of its Affiliates, which would reasonably be expected
to materially decrease the value of any Borrowing Base Property as reflected in the most-recent Acceptable Appraisal (including by way of negligent act); 

(f) Without the prior written consent of Administrative Agent, permit any drilling or exploration for or extraction,
removal or production of any mineral, hydrocarbon, gas, natural element, compound or substance (including sand and gravel) from the surface or subsurface of any Borrowing Base Property regardless of the depth thereof or the method of mining or
extraction thereof; or 
 (g) Without the prior consent of Administrative Agent, surrender the leasehold estate
created by any Acceptable Ground Lease or terminate or cancel any Acceptable Ground Lease or modify, change, supplement, alter, or amend any Acceptable Ground Lease, either orally or in writing. 

8.10 Lease Approval. Each of Parent and Borrower shall not, nor shall it permit any other Loan Party to, directly or indirectly,
permit any Mortgagor to enter into any Major Lease unless approved by Administrative Agent prior to execution (such approval not to be unreasonably withheld or delayed). The applicable Mortgagor shall provide to Administrative Agent a correct and
complete copy of each Major Lease, including any exhibits, and any Guarantees thereof, prior to execution. 
 8.11
Environmental Matters. Each of Parent and Borrower shall not knowingly directly or indirectly: 
 (a)
Cause, commit, permit, or allow to continue (i) any violation of any Environmental Requirement by or with respect to any Borrowing Base Property or any use of or condition or activity on any Borrowing Base Property, or (ii) the attachment
of any environmental Liens on any Borrowing Base Property, in each case, that could materially and adversely effect any Borrowing Base Property; and 

(b) Place, install, dispose of, or release, or cause, permit, or allow the placing, installation, disposal, spilling,
leaking, dumping, or release of, any Hazardous Material on any Property in any manner that might reasonably be expected to result in or does result in Contamination. Any Hazardous Material disclosed in the Acceptable Environmental Report or
otherwise permitted pursuant to any Lease affecting any Borrowing Base Property shall be permitted on any Borrowing Base Property so long as such Hazardous Material is maintained in compliance in all material respects with all applicable
Environmental Requirements. 
  

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 (c) Place or install, or allow the placing or installation of any storage
tank (or similar vessel) on any Property. Any storage tank (or similar vessel or any replacement thereof) disclosed in the Acceptable Environmental Report or otherwise permitted pursuant to any Lease affecting any Borrowing Base Property shall be
permitted on any Borrowing Base Property so long as such storage tank (or similar vessel) is maintained in compliance in all material respects with all applicable Environmental Requirements. 

(d) Use any Hazardous Material on any Borrowing Base Property except: (i) as reasonably necessary in the ordinary
course of business; (ii) in compliance with applicable Environmental Requirements; and (iii) in such a manner as to not give rise to liability under any Environmental Requirements or the common law. 

8.12 Negative Pledge; Indebtedness. Each of Parent and Borrower shall not permit: 

(a) The Equity Interests of Borrower held by Parent to be subject to any Lien. 

(b) Any Person (other than Parent or Borrower) that directly or indirectly owns Equity Interests in any Subsidiary
Guarantor to (i) incur any Indebtedness (whether Recourse Indebtedness or Non-Recourse Indebtedness), (ii) provide Guarantees to support Indebtedness, or (iii) have its Equity Interests subject to any Lien or other encumbrance (other
than in favor of the Administrative Agent). 
 (c) Any Mortgagor that owns an Equity Pledge Property to
(i) incur any Indebtedness (whether Recourse Indebtedness or Non-Recourse Indebtedness) or (ii) provide Guarantees to support Indebtedness (other than, in each case, Indebtedness secured by Liens permitted by
Section 8.01). 
 8.13 Financial Covenants. Each of Parent and Borrower shall not, directly or
indirectly, permit: 
 (a) Maximum Leverage Ratio. As of the last day of any fiscal quarter, the
Consolidated Leverage Ratio to exceed sixty-five percent (65%). 
 (b) Maximum Consolidated Recourse
Indebtedness. As of the last day of any fiscal quarter, Recourse Indebtedness of the Companies (excluding Indebtedness under this Agreement and Excluded Funded Debt) to exceed five percent (5%) of Total Funded Debt of the Companies.

 (c) Minimum Fixed Charge Ratio. As of the last day of any fiscal quarter, the ratio of
(i) Consolidated EBITDA to (ii) Consolidated Fixed Charges, in each case for the Companies, on a consolidated basis, for the period of the four (4) fiscal quarters then ended, to be less than 1.65 to 1.0. Notwithstanding the
foregoing, (x) Consolidated EBITDA and Consolidated Fixed Charges for the period ending September 30, 2010 shall be the Consolidated EBITDA and Consolidated Fixed Charges for the three (3) month period then ended times four (4),
(y) Consolidated EBITDA and Consolidated Fixed Charges for the period ending December 31, 2010 shall be the Consolidated EBITDA and Consolidated Fixed Charges for the six (6) month period then ended times two (2), and
(z) Consolidated EBITDA and Consolidated Fixed Charges for the period ending March, 2011 shall be the Consolidated EBITDA and Consolidated Fixed Charges for the nine (9) month period then ended times 1.33. 

 

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 (d) Minimum Tangible Net Worth. As of the last day of any fiscal
quarter, Tangible Net Worth of the Companies, on a consolidated basis, to be less than the sum of (i) $360,000,000, plus (ii) seventy-five percent (75%) of net proceeds of any Equity Issuances by the Companies after the
Closing Date. 
 (e) Maximum Consolidated Floating Rate Debt. As of the last day of any fiscal quarter,
the Consolidated Floating Rate Debt of the Companies to exceed thirty-five percent (35%) of Total Asset Value. 
 Article
IX. 
 Events of Default and Remedies 

9.01 Events of Default. Any of the following shall constitute an Event of Default: 

(a) Non-Payment. Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any
amount of principal of any Loan or any L/C Obligation, or (ii) within five (5) days after the same becomes due, any interest on any Loan or on any L/C Obligation, or any fee due hereunder, or (iii) within five (5) days after
notice from Administrative Agent, any other amount payable hereunder or under any other Loan Document; or 
 (b)
Specific Covenants. Any Loan Party fails to perform or observe any term, covenant or agreement contained in any of Section 7.11 or Article VIII (other than Sections 8.09(a) or
8.11(b)), or Parent fails to perform or observe any term, covenant or agreement contained in the Parent Guaranty or any Subsidiary Guarantor fails to perform or observe any term, covenant or agreement contained in the Subsidiary
Guaranty; or 
 (c) Any Loan Party fails to perform or observe any term, covenant or agreement contained in any
of Section 7.01, 7.02, 7.03, or 7.10 and such failure continues unremedied for ten (10) Business Days after such failure occurs; or 

(d) Other Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in
subsection (a), (b), or (c) above) contained in any Loan Document on its part to be performed or observed and such failure continues unremedied for thirty (30) days after the earlier of notice from
Administrative Agent or the actual knowledge of any Loan Party; or 
 (e) Representations and Warranties.
Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be
incorrect or misleading when made or deemed made and shall not be cured or remedied so that such representation, warranty, certification or statement of fact is no longer incorrect or misleading within ten (10) days after the earlier of notice
from Administrative Agent or the actual knowledge of any Loan Party thereof; or 
 (f) Cross-Default.
(i) Any Company (A) fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise), after the expiration of any applicable grace periods, in respect of any Indebtedness or
Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated
credit arrangement) of more than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to 

 

 86 

 
any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is
to cause, or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice
if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated
maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of
default under such Swap Contract as to which any Company is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which any Company is an Affected Party (as so
defined) and, in either event, the Swap Termination Value owed by such Company as a result thereof is greater than the Threshold Amount; or 

(g) Insolvency Proceedings, Etc. Any Loan Party institutes or consents to the institution of any proceeding under
any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any
material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for
sixty (60) calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed for sixty
(60) calendar days, or an order for relief is entered in any such proceeding; or 
 (h) Inability to Pay
Debts; Attachment. (i) Any Loan Party becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or
levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within thirty (30) days after its issue or levy; or 

(i) Judgments. There is entered against any Loan Party (i) one or more final judgments or orders for the
payment of money in an aggregate amount (as to all such judgments or orders) exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the insurer does not dispute coverage), or (ii) any one or
more non-monetary final judgments that have, or would have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or
(B) there is a period of ten (10) consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or 

(j) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted
or would result in liability of any Company under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) Parent or any ERISA Affiliate fails to pay when due, after
the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of the Threshold Amount; or

  

 87 

 (k) Invalidity of Loan Documents. Any Loan Document or any Lien on a
material portion of the Collateral granted under any Security Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases
to be in full force and effect; or any Loan Party or any other Person contests in any manner the validity or enforceability of any Loan Document or any Lien granted under any Security Document; or any Loan Party denies that it has any or further
liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any Loan Document or any Lien granted under any Security Document; or 

(l) REIT Status of Parent. Parent ceases to be treated as a REIT in any taxable year after December 31, 2010;
or 
 (m) Change of Control. There occurs any Change of Control. 

9.02 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, Administrative Agent shall, at the request
of, or may, with the consent of, Required Lenders, take any or all of the following actions: 
 (a) declare the
commitment of each Lender to make Loans and any obligation of L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated; 

(b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other
amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by Borrower; 

(c) require that Borrower Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount
thereof); and 
 (d) exercise on behalf of itself, the Lenders and L/C Issuer all rights and remedies available
to it, the Lenders and L/C Issuer under the Loan Documents; 
 provided that upon the occurrence of an actual or deemed
entry of an order for relief with respect to Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans and any obligation of L/C Issuer to make L/C Credit Extensions shall automatically terminate, the
unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of Borrower to Cash Collateralize the L/C Obligations as aforesaid shall automatically
become effective, in each case without further act of Administrative Agent or any Lender. 
 9.03 Application of Funds.
After the exercise of remedies provided for in Section 9.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth
in the proviso to Section 9.02), any amounts received on account of the Obligations shall, subject to the provisions of Sections 2.15 and 2.16, be applied by Administrative Agent in the following
order: 
 First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts
(including fees, charges and disbursements of counsel to Administrative Agent and amounts payable under Article III) payable to Administrative Agent in its capacity as such; 

 

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 Second, to payment of that portion of the Obligations constituting fees, indemnities
and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders and L/C Issuer and amounts payable under Article
III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; 

Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the
Loans, L/C Borrowings, Administrative Agent Advances, and other Obligations, ratably among the Lenders and L/C Issuer in proportion to the respective amounts described in this clause Third payable to them;

 Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans, Administrative Agent
Advances, and L/C Borrowings, ratably among the Lenders and L/C Issuer in proportion to the respective amounts described in this clause Fourth held by them; 

Fifth, to Administrative Agent for the account of L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of
the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by Borrower pursuant to Sections 2.03 and 2.15; and 

Last, the balance, if any, after all of the Obligations have been paid in full, to Borrower or as otherwise required by Law.

 Subject to Sections 2.03(c) and 2.15, amounts used to Cash Collateralize the aggregate
undrawn amount of Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all
Letters of Credit have either been fully drawn or expired, such remaining amount shall be promptly applied to the other Obligations, if any, in the order set forth above. 

Article X. 

Administrative Agent 

10.01 Appointment and Authority. Each of the Lenders and L/C Issuer hereby irrevocably appoints Bank of America to act on its
behalf as Administrative Agent hereunder and under the other Loan Documents and authorizes Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to Administrative Agent by the terms hereof or thereof,
together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of Administrative Agent, the Lenders and L/C Issuer, and neither Borrower nor any other Company shall
have rights as a third party beneficiary of any of such provisions other than with respect to Section 10.06. 

10.02 Rights as a Lender. The Person serving as Administrative Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless
the context otherwise requires, include the Person serving as Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory
capacity for and generally engage in any kind of business with any Company or other Affiliate thereof as if such Person were not Administrative Agent hereunder and without any duty to account therefor to the Lenders. 

 

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 10.03 Exculpatory Provisions. Administrative Agent shall not have any duties or
obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, Administrative Agent: 

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is
continuing; 
 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers,
except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that Administrative Agent is required to exercise as directed in writing by Required Lenders (or such other number or percentage of the Lenders as
shall be expressly provided for herein or in the other Loan Documents), provided that Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose Administrative Agent to
liability or that is contrary to any Loan Document or applicable Law; and 
 (c) shall not, except as expressly
set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to Parent, Borrower or any of their respective Affiliates that is communicated to or obtained
by the Person serving as Administrative Agent or any of its Affiliates in any capacity. 
 Administrative Agent shall not be
liable for any action taken or not taken by it (i) with the consent or at the request of Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Sections 11.01 and 9.02) or (ii) in the absence of its own gross negligence or willful misconduct. Administrative Agent shall be deemed not to have knowledge of
any Default unless and until notice describing such Default is given to Administrative Agent by Borrower, a Lender or L/C Issuer. 

Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any
other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article V or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to
Administrative Agent. 
 10.04 Reliance by Administrative Agent. Administrative Agent shall be entitled to rely upon, and
shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it
to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall
not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or L/C Issuer,
Administrative Agent may presume that such condition is satisfactory to such Lender or L/C Issuer unless Administrative Agent shall have received notice to the contrary from such Lender or L/C Issuer prior to the making of such Loan or the issuance
of such Letter of Credit. Administrative Agent may consult with legal counsel (who may be counsel for Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance
with the advice of any such counsel, accountants or experts. 
  

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 10.05 Delegation of Duties. Administrative Agent may perform any and all of its
duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by Administrative Agent. Administrative Agent and any such sub-agent may perform any and all of its duties and
exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of Administrative Agent
and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 

10.06 Resignation of Administrative Agent. 

(a) Administrative Agent may at any time give notice of its resignation to the Lenders, L/C Issuer, Parent and Borrower.
Upon receipt of any such notice of resignation, Required Lenders shall have the right, with the consent of Parent and Borrower (such consent not to be unreasonably withheld or delayed) so long as no Event of Default exists, to appoint a successor,
which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by Required Lenders and shall have accepted such appointment within
thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders and L/C Issuer, appoint a successor Administrative Agent meeting the qualifications
set forth above; provided that if Administrative Agent shall notify Parent, Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such
notice and (1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by Administrative Agent on behalf of the
Lenders or L/C Issuer under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (2) all payments, communications and
determinations provided to be made by, to or through Administrative Agent shall instead be made by or to each Lender and L/C Issuer directly, until such time as Required Lenders appoint a successor Administrative Agent as provided for above in this
Section. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired)
Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section).
The fees payable by Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder
and under the other Loan Documents, the provisions of this Article and Section 11.04 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties
in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. 

(b) Any resignation by Bank of America as Administrative Agent pursuant to this Section shall also
constitute its resignation as L/C Issuer. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of
the retiring L/C Issuer, (b) the 
  

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retiring L/C Issuer shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (c) the successor L/C Issuer shall issue letters
of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring L/C Issuer to effectively assume the obligations of the retiring L/C Issuer with respect
to such Letters of Credit. 
 10.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender and L/C Issuer
acknowledges that it has, independently and without reliance upon Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Agreement. Each Lender and L/C Issuer also acknowledges that it will, independently and without reliance upon Administrative Agent or any other Lender or any of their Related Parties and based on such documents and
information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or
thereunder. 
 10.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Syndication
Agent, Joint Lead Arrangers and Joint Book Managers listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as Administrative
Agent, a Lender or L/C Issuer hereunder. 
 10.09 Administrative Agent May File Proofs of Claim. In case of the pendency
of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or
by declaration or otherwise and irrespective of whether Administrative Agent shall have made any demand on Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans,
L/C Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, L/C Issuer and Administrative Agent (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Lenders, L/C Issuer and Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, L/C Issuer and Administrative Agent under
Sections 2.03(i) and (j), 2.08 and 11.04) allowed in such judicial proceeding; and 

(b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the
same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Lender and L/C Issuer to make such payments to Administrative Agent and, in the event that Administrative Agent shall consent to the making of such payments directly to the Lenders and L/C Issuer, to pay to
Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of Administrative Agent and its agents and counsel, and any other amounts due Administrative Agent under Sections 2.08 and
11.04. 
 Nothing contained herein shall be deemed to authorize Administrative Agent to authorize or consent to or
accept or adopt on behalf of any Lender or L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or L/C Issuer to authorize Administrative Agent to vote in respect of the
claim of any Lender or L/C Issuer in any such proceeding. 
  

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 10.10 Collateral and Guaranty Matters. The Lenders and L/C Issuer irrevocably
authorize Administrative Agent, at its option and in its discretion, 
 (a) to transfer or release any Lien on
any Collateral (i) upon termination of the Aggregate Commitments and payment and satisfaction in full of all Obligations (other than contingent indemnification obligations) and the expiration or termination of all Letters of Credit (other than
Letters of Credit as to which other arrangements satisfactory to Administrative Agent and L/C Issuer shall have been made), (ii) that is sold or to be sold as part of or in connection with any sale permitted hereunder or under any other Loan
Document, (iii) subject to Section 11.01, if approved, authorized or ratified in writing by Required Lenders, (iv) in accordance with the provisions of Section 4.09, or (v) after foreclosure or
other acquisition of title if approved by Required Lenders; 
 (b) to release any Subsidiary Guarantor from its
obligations under any Subsidiary Guaranty if such Person ceases to own a Borrowing Base Property; and 
 (c) if
all or any portion of the Collateral is acquired by foreclosure or by deed in lieu of foreclosure, Administrative Agent shall take title to the collateral in its name or by an Affiliate of Administrative Agent, but for the benefit of all Lenders in
their Applicable Percentages on the date of the foreclosure sale or recordation of the deed in lieu of foreclosure. Administrative Agent and all Lenders hereby expressly waive and relinquish any right of partition with respect to any Collateral so
acquired. 
 Upon request by Administrative Agent at any time, Required Lenders will confirm in writing Administrative Agent’s authority to
release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this Section 10.10. 

10.11 Administrative Agent Advances. 

(a) Administrative Agent is hereby authorized by Parent, Borrower, and Lenders, from time to time, in Administrative
Agent’s sole discretion, to make advances under this Agreement, or otherwise expend funds, on behalf of Lenders (“Administrative Agent Advances”), (i) to pay any costs, fees, and expenses as described in
Sections 4.11(b) and 4.12(b) associated with the filing of the Unrecorded Mortgages or receiving Title Insurance Policies related thereto, (ii) to pay any costs, fees, and expenses as described in
Section 11.04(a), and (iii) when Administrative Agent deems necessary or desirable to preserve or protect the Collateral or any portion thereof (including with respect to property taxes, insurance premiums, and any costs,
fees, or expenses in connection with the operation, management, improvements, maintenance, repair, sale, or disposition of any Borrowing Base Property) (A) after the occurrence of a Default, or (B) subject to Section 10.10,
after acquisition of all or a portion of the Collateral by foreclosure or otherwise; provided that Administrative Agent Advances (other than to pay taxes and insurance with respect to the Borrowing Base Properties or to record the Unrecorded
Mortgages) shall not exceed $5,000,000 in the aggregate without the prior consent of Required Lenders.` 
 (b)
Administrative Agent Advances shall constitute obligatory advances of Lenders under this Agreement, shall be repayable by Borrower on demand, secured by the Collateral, and 

 

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shall bear interest as provided for herein. Administrative Agent shall notify each Lender in writing of each Administrative Agent Advance. Upon receipt of notice from Administrative Agent of its
making of an Administrative Agent Advance, each Lender shall make the amount of such Lender’s Applicable Percentage of the outstanding principal amount of such Administrative Agent Advance available to Administrative Agent, in same day funds,
to such account of Administrative Agent as Administrative Agent may designate, (i) on or before 4:00 p.m. on the day Administrative Agent provides Lenders with notice of the making of such Administrative Agent Advance if Administrative Agent
provides such notice on or before 1:00 p.m., or (ii) on or before 1:00 p.m. on the Business Day immediately following the day Administrative Agent provides Lenders with notice of the making of such advance if Administrative Agent provides
notice after 1:00 p.m. 
 Article XI. 

Miscellaneous 

11.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any
departure by Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by Required Lenders and Borrower or the applicable Loan Party, as the case may be, and acknowledged by Administrative Agent, and each such waiver or
consent shall be effective only in the specific instance and for the specific purpose for which given; provided that no such amendment, waiver or consent shall: 

(a) waive any condition set forth in Section 5.01(a) without the written consent of each Lender;

 (b) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to
Section 9.02) without the written consent of such Lender; 
 (c) postpone any date fixed by
this Agreement or any other Loan Document for any payment or mandatory prepayment of principal, interest, fees or other amounts due to a Lender or any scheduled or mandatory reduction of the Aggregate Commitments hereunder or under any other Loan
Document without the written consent of each Lender directly affected thereby; 
 (d) reduce or forgive the
principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (iii) of the second proviso to this Section 11.01) any fees or other amounts payable
hereunder or under any other Loan Document, or change the manner of computation of any financial ratio (including any change in any applicable defined term) used in determining the Applicable Rate that would result in a reduction of any interest
rate on any Loan or any fee payable hereunder without the written consent of each Lender directly affected thereby; provided that only the consent of Required Lenders shall be necessary to amend the definition of “Default
Rate” or to waive any obligation of Borrower to pay interest or Letter of Credit Fees at the Default Rate; 

(e) change Section 9.03 in a manner that would alter the pro rata sharing of payments required thereby
without the written consent of each Lender; 
 (f) change any provision of this Section or the
definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent
hereunder, without the written consent of each Lender; 
  

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 (g) release all or substantially all of the value of the Collateral without
the written consent of each Lender, except to the extent the release of such Collateral is permitted pursuant to Sections 4.09 or 10.10 (in which case such release may be made by Administrative Agent acting
alone); or 
 (h) release all or substantially all of the value of the Guaranties without the written consent of
each Lender, except to the extent the release of any Guarantor is permitted pursuant to Sections 4.09 or 10.10 (in which case such release may be made by Administrative Agent acting alone); 

and, provided, further, that (i) no amendment, waiver or consent shall, unless in writing and signed by L/C Issuer in addition to the Lenders
required above, affect the rights or duties of L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by
Administrative Agent in addition to the Lenders required above, affect the rights or duties of Administrative Agent under this Agreement or any other Loan Document; and (iii) the Fee Letter may be amended, or rights or privileges thereunder
waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or
consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be
increased or extended without the consent of such Lender, (y) the Obligations owed to any Defaulting Lender may not be reduced or forgiven without the consent of such Lender, and (z) any waiver, amendment or modification requiring the
consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender. 

11.02 Notices; Effectiveness; Electronic Communication. 

(a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by
telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or
registered mail or sent by telecopier as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

(i) if to Borrower, Administrative Agent or L/C Issuer, to the address, telecopier number, electronic mail address or
telephone number specified for such Person on Schedule 11.02; and 
 (ii) if to any other
Lender, to the address, telecopier number, electronic mail address or telephone number specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative
Questionnaire then in effect for the delivery of notices that may contain material non-public information relating to Borrower). 
 Notices and
other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by telecopier shall be deemed to have been given when
sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices and other communications delivered through electronic
communications to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b). 
  

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 (b) Electronic Communications. Notices and other communications to
the Lenders and L/C Issuer hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by Administrative Agent, provided that the foregoing shall not
apply to notices to any Lender or L/C Issuer pursuant to Article II if such Lender or L/C Issuer, as applicable, has notified Administrative Agent that it is incapable of receiving notices under such Article by electronic
communication. Administrative Agent or Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such
procedures may be limited to particular notices or communications. 
 Unless Administrative Agent otherwise prescribes,
(i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as
available, return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at
the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as
described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. 

(c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS
DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED
OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR
THE PLATFORM. In no event shall Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to Borrower, any Lender, L/C Issuer or any other Person for losses, claims, damages,
liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of Borrower’s or Administrative Agent’s transmission of Borrower Materials through the Internet, except to the extent that such losses, claims,
damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided that in no event shall
any Agent Party have any liability to Borrower, any Lender, L/C Issuer or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages). 

(d) Change of Address, Etc. Each of Borrower, Administrative Agent and L/C Issuer may change its address,
telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, telecopier or telephone number for notices and other communications hereunder by notice to
Borrower, Administrative Agent and L/C Issuer. In addition, each Lender agrees to notify Administrative Agent from time to time to ensure that Administrative Agent has on record (i) an effective address, contact name, telephone number,
telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire 

 

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instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one (1) individual at or on behalf of such Public Lender to at all times have selected the
“Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable
Law, including United States Federal and state securities Laws, to make reference to Borrower Materials that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public
information with respect to Borrower or its Equity Interests for purposes of United States Federal or state securities laws. 

(e) Reliance by Administrative Agent, L/C Issuer and Lenders. Administrative Agent, L/C Issuer and the
Lenders shall be entitled to rely and act upon any notices (including telephonic Loan Notices) purportedly given by or on behalf of Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not
preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. Borrower shall indemnify Administrative Agent, L/C Issuer, each Lender and the
Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of Borrower. All telephonic notices to and other telephonic communications
with Administrative Agent may be recorded by Administrative Agent, and each of the parties hereto hereby consents to such recording. 

11.03 No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, L/C Issuer or Administrative Agent to exercise, and
no delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law. 

Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies
hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by,
Administrative Agent in accordance with Section 9.02 for the benefit of all the Lenders and L/C Issuer; provided that the foregoing shall not prohibit (a) Administrative Agent from exercising on its own behalf the
rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) L/C Issuer from exercising the rights and remedies that inure to its benefit (solely in its
capacity as L/C Issuer) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 11.08 (subject to the terms of Section 2.12), or (d) any
Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no
Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) Required Lenders shall have the rights otherwise ascribed to Administrative Agent pursuant to Section 9.02 and (ii) in addition
to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.12, any Lender may, with the consent of Required Lenders, enforce any
rights and remedies available to it and as authorized by Required Lenders. 
  

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 11.04 Expenses; Indemnity; Damage Waiver. 

(a) Costs and Expenses. Each Loan Party shall jointly and severally pay (i) all reasonable out-of-pocket expenses incurred by
Administrative Agent and its Affiliates (including (a) the reasonable fees, charges and disbursements of counsel for Administrative Agent; (b) fees and charges of each consultant, inspector, and engineer; (c) appraisal, re appraisal
and survey costs; (d) title insurance charges and premiums; (e) title search or examination costs, including abstracts, abstractors’ certificates and uniform commercial code searches; (f) judgment and tax lien searches for
Borrower and each Guarantor; (g) escrow fees; (h) fees and costs of environmental investigations site assessments and remediations; (i) recordation taxes, documentary taxes, transfer taxes and mortgage taxes; (j) filing and
recording fees; and (k) loan brokerage fees), in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions
hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by L/C Issuer in connection with the issuance, amendment, renewal or extension of any
Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by Administrative Agent, any Lender or L/C Issuer (including the reasonable fees, charges and disbursements of any counsel for Administrative
Agent, any Lender or L/C Issuer), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in
connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 

(b) Indemnification. Each Loan Party shall jointly and severally indemnify Administrative Agent (and any sub-agent thereof), each
Lender and L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities
and related expenses (including the reasonable fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by Borrower or any other Loan Party resulting from
any action, suit, or proceeding relating to (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective
obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby, or, in the case of Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the
other Loan Documents (including in respect of any matters addressed in Section 3.01), (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by L/C Issuer
to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous
Materials on or from any property owned or operated by Borrower or any of its Subsidiaries, or any Environmental Damages related in any way to Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto;
provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and
nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by Borrower or any other Loan Party against an

  

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Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if Borrower or such other Loan Party has obtained a final and nonappealable
judgment in its favor on such claim as determined by a court of competent jurisdiction. 
 (c) Environmental Indemnity.
Each Loan Party hereby, jointly and severally, assumes liability for, and covenants and agrees at its sole cost and expense to protect, defend (at trial and appellate levels), indemnify and hold the Indemnitees harmless from and against, and, if and
to the extent paid, reimburse them on demand for, any and all Environmental Damages. WITHOUT LIMITATION, THE FOREGOING INDEMNITY SHALL APPLY TO EACH INDEMNITEE WITH RESPECT TO ENVIRONMENTAL DAMAGES WHICH IN WHOLE OR IN PART ARE CAUSED BY OR ARISE
OUT OF, OR ARE CLAIMED TO BE CAUSED BY OR ARISE OUT OF, THE NEGLIGENCE OR STRICT LIABILITY OF SUCH (AND/OR ANY OTHER) INDEMNITEE. HOWEVER, SUCH INDEMNITY SHALL NOT APPLY TO A PARTICULAR INDEMNITEE TO THE EXTENT THAT THE SUBJECT OF THE
INDEMNIFICATION IS CAUSED BY OR ARISES OUT OF THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF THAT PARTICULAR INDEMNITEE AS DETERMINED IN A NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION. Upon demand by Administrative Agent, L/C Issuer
or any Lender, the applicable Loan Party shall diligently defend any Environmental Claim which affects a Borrowing Base Property or is made or commenced against Administrative Agent, L/C Issuer or Lenders, whether alone or together with any other
Loan Party or any other person, all at the Loan Parties’ own cost and expense and by counsel to be approved by Administrative Agent, L/C Issuer and/or any Lender in the exercise of its reasonable judgment which shall not be unreasonably
withheld or delayed. In the alternative, at any time Administrative Agent, L/C Issuer or any Lender may elect to conduct its own defense through counsel selected by Administrative Agent, L/C Issuer or any Lender and at the cost and expense of the
Loan Parties. Notwithstanding anything to the contrary contained above: 
 (i) The Indemnitees will endeavor to
give Borrower notice of any Environmental Damage within thirty (30) days after an Indemnitee receives written notice of that Environmental Damage. However, if the Indemnitees fail to give Borrower timely notice of such Environmental Damage or
otherwise default in their obligations under this Section 11.04(c) or Section 7.12, the Indemnitees shall retain the right to defend and control the settlement of the Environmental Damage. The Loan Parties’ sole
remedy for such a default by the Indemnitees shall be to offset against the indemnification liability otherwise payable by the Loan Parties to the Indemnitees the amount of damages actually suffered by the Loan Parties as a result of the late notice
or other default by the Indemnitees under this Section 11.04(c). 
 (ii) The Loan Parties
shall have the right to elect to defend and control the settlement of any Environmental Damage if each of the following conditions is satisfied: 

(A) The Environmental Damage seeks only monetary damages and does not seek any injunction or other equitable relief
against the Indemnitees; 
 (B) The Loan Parties unconditionally acknowledge in writing, in a notice of election
to contest or defend the Environmental Damage given to the Indemnitees within ten (10) days after the Indemnitees give the Borrower notice of the Environmental Damage, that the Loan Parties are obligated to indemnify the Indemnitees in full as
set forth in this Section 11.04(c) above with respect to the Environmental Damage, irrespective of any limitation of liability that may be contained elsewhere in the Loan Documents; 

 

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 (C) Neither Borrower nor any other Loan Party is then in default in any of
their respective other obligations to the Indemnitees under the Loan Documents; 
 (D) The counsel chosen by the
Loan Parties to defend the Environmental Damage is reasonably satisfactory to the Indemnitees; and 
 (E) The
Loan Parties furnish the Indemnitees with a letter of credit, surety bond, or similar security in form and substance satisfactory to the Indemnitees in an amount sufficient to secure the Loan Parties’ potential indemnity liability to the
Indemnitees in the full amount of the Environmental Damage. 
 (iii) If the Loan Parties elect to defend against
an Environmental Damage, the Indemnitees shall, at their own expense, be entitled to participate in (but not control) the defense of, and receive copies of all pleadings and other papers in connection with, such Environmental Damage. If the Loan
Parties do not, or are not entitled to, elect to defend an Environmental Damage in conformity with the requirements of this Section, the Indemnitees shall be entitled to defend or settle (or both) that Environmental Damage on such terms as the
Indemnitees for that Environmental Damage shall be satisfied in the manner provided for in this Section 11.04(c). 

(iv) The Indemnitees will permit the Loan Parties to control the settlement of an Environmental Damage only if:
(A) the terms of the settlement require no more than the payment of money - that is, the settlement does not require the Indemnitees to admit any wrongdoing or take or refrain from taking any action; (B) the full amount of the monetary
settlement will be paid by the Loan Parties; and (C) the Indemnitees receive, as part of the settlement, a legally binding and enforceable unconditional satisfaction or release, which is in form and substance satisfactory to the Indemnitees,
providing that the Environmental Damage and any claimed liability of the Indemnitees with respect to it being fully satisfied because of the settlement and that the Indemnitees are being released from any and all obligations or liabilities they may
have with respect to the Environmental Damage. 
 (d) Reimbursement by Lenders. To the extent that the Loan Parties for
any reason fails to indefeasibly pay any amount required under subsection (a), (b) or (c) of this Section to be paid by the Loan Parties to Administrative Agent (or any sub-agent
thereof), L/C Issuer or any Related Party of any of the foregoing (and without limiting their obligation to do so), each Lender severally agrees to pay to Administrative Agent (or any such sub-agent), L/C Issuer or such Related Party, as the case
may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim,
damage, liability or related expense, as the case may be, was incurred by or asserted against Administrative Agent (or any such sub-agent) or L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for
Administrative Agent (or any such sub-agent) or L/C Issuer in connection with such capacity. The obligations of the Lenders under this subsection (d) are subject to the provisions of Section 2.11(d). 

 

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 (e) Waiver of Consequential Damages, Etc. To the fullest extent
permitted by applicable Law, no Loan Party shall assert, and each Loan Party hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual
damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of
the proceeds thereof. No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients
by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual
damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction. 

(f) Payments. All amounts due under this Section shall be payable not later than ten Business Days
after demand therefor. 
 (g) Survival. The agreements in this Section shall survive the
resignation of Administrative Agent and L/C Issuer, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations. 

11.05 Payments Set Aside. To the extent that any payment by or on behalf of Borrower is made to Administrative Agent, L/C Issuer
or any Lender, or Administrative Agent, L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or
required (including pursuant to any settlement entered into by Administrative Agent, L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law
or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not
occurred, and (b) each Lender and L/C Issuer severally agrees to pay to Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by Administrative Agent, plus interest thereon from
the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders and L/C Issuer under clause (b) of the preceding sentence
shall survive the payment in full of the Obligations and the termination of this Agreement. 
 11.06 Successors and
Assigns. 
 (a) Successors and Assigns Generally. The provisions of this Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder
without the prior written consent of Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of
subsection (b) of this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of
a security interest subject to the restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or
implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section
and, to the extent expressly contemplated hereby, the Related Parties of each of Administrative Agent, L/C Issuer and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

 

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 (b) Assignments by Lenders. Any Lender may at any time assign to one or more
assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b), participations in L/C Obligations) at the
time owing to it); provided that any such assignment shall be subject to the following conditions: 
 (i) Minimum
Amounts. 
 (A) in the case of an assignment of the entire remaining amount of the assigning Lender’s
Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

(B) in any case not described in subsection (b)(i)(A) of this Section, the aggregate
amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined
as of the date the Assignment and Assumption with respect to such assignment is delivered to Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000
unless each of Administrative Agent and, so long as no Event of Default has occurred and is continuing, Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided that concurrent assignments to
members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining
whether such minimum amount has been met. 
 (ii) Proportionate Amounts. Each partial assignment shall be
made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned. 

(iii) Required Consents. No consent shall be required for any assignment except to the extent required by
subsection (b)(i)(B) of this Section and, in addition: 
 (A) the consent of
Borrower (such consent not to be unreasonably withheld) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an
Approved Fund; provided that Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to Administrative Agent within five (5) Business Days after having received notice thereof;

 (B) the consent of Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be
required if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and 
  

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 (C) the consent of L/C Issuer (such consent not to be unreasonably withheld
or delayed) shall be required for any assignment that increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding). 

(iv) Assignment and Assumption. The parties to each assignment shall execute and deliver to Administrative Agent an
Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided that Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any
assignment. The assignee, if it is not a Lender, shall deliver to Administrative Agent an Administrative Questionnaire. 

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

Subject to acceptance and recording thereof by Administrative Agent pursuant to subsection (c) of this
Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the
rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of
an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of
Sections 3.01, 3.04, 3.05, and 11.04 with respect to facts and circumstances occurring prior to the effective date of such assignment. Upon request, Borrower (at its expense) shall execute
and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such
Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section. 
  

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 (c) Register. Administrative Agent, acting solely for this purpose as
an agent of Borrower (and such agency being solely for tax purposes), shall maintain at Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the
Lenders, and the Commitments of, and principal amounts of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive,
and Borrower, Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. In
addition, Administrative Agent shall maintain on the Register information regarding the designation, and revocation of designation, of any Lender as a Defaulting Lender. The Register shall be available for inspection by Borrower and any
Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 (d) Participations.
Any Lender may at any time, without the consent of, or notice to, Borrower or Administrative Agent, sell participations to any Person (other than a natural person, a Defaulting Lender or Parent or Borrower or any of their Affiliates or Subsidiaries)
(each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in
L/C Obligations) owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such
obligations and (iii) Borrower, Administrative Agent, the Lenders and L/C Issuer shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. 

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole
right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant,
agree to any amendment, waiver or other modification described in the first proviso to Section 11.01 that affects such Participant. Subject to subsection (e) of this Section, Borrower agrees that
each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to
subsection (b) of this Section. To the extent permitted by Law, each Participant also shall be entitled to the benefits of Section 11.08 as though it were a Lender, provided such Participant
agrees to be subject to Section 2.12 as though it were a Lender. 
 (e) Limitations upon
Participant Rights. A Participant shall not be entitled to receive any greater payment under Section 3.01 or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation
sold to such Participant, unless the sale of the participation to such Participant is made with Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of
Section 3.01 unless Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of Borrower, to comply with Section 3.01(e) as though it were a Lender.

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

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 (g) Resignation as L/C Issuer after Assignment. Notwithstanding
anything to the contrary contained herein, if at any time Bank of America assigns all of its Commitment and Loans pursuant to subsection (b) above, Bank of America may, upon 30 days’ notice to Borrower and the Lenders, resign
as L/C Issuer. In the event of any such resignation as L/C Issuer, Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer hereunder; provided that no failure by Borrower to appoint any such successor shall affect
the resignation of Bank of America as L/C Issuer. If Bank of America resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective
date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to
Section 2.03(c)). Upon the appointment of a successor L/C Issuer, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer and (b) the
successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank
of America with respect to such Letters of Credit. 
 11.07 Treatment of Certain Information; Confidentiality. Each of
Administrative Agent, the Lenders and L/C Issuer agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective
partners, directors, officers, employees, agents, trustees, advisors and representatives (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 purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to
the extent required by applicable Laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action
or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to
(i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 2.14(c) or
(ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to Borrower and its obligations, (g) with the consent of Borrower or (h) to the extent such Information (x) becomes
publicly available other than as a result of a breach of this Section or (y) becomes available to Administrative Agent, any Lender, L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a source other
than Borrower. For purposes of this Section, “Information” means all information received from any Company relating to any Company or any of their respective businesses, other than any such information that is
available to Administrative Agent, any Lender or L/C Issuer on a nonconfidential basis prior to disclosure by any Company, provided that in the case of information received from any Company after the date hereof, such information is clearly
identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has
exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

Each of Administrative Agent, the Lenders and L/C Issuer acknowledges that (a) the Information may include material non-public
information concerning Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance
with applicable Law, including United States Federal and state securities Laws. 
  

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 11.08 Right of Setoff. If an Event of Default shall have occurred and be continuing,
each Lender, L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of Administrative Agent, to the fullest extent permitted by applicable Law, to set off
and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, L/C Issuer or any such Affiliate to or
for the credit or the account of Borrower or any other Loan Party against any and all of the obligations of Borrower or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or L/C Issuer,
irrespective of whether or not such Lender or L/C Issuer shall have made any demand under this Agreement or any other Loan Document and although such obligations of Borrower or such Loan Party may be contingent or unmatured or are owed to a branch
or office of such Lender or L/C Issuer different from the branch or office holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all
amounts so set off shall be paid over immediately to Administrative Agent for further application in accordance with the provisions of Section 2.16 and, pending such payment, shall be segregated by such Defaulting Lender from its
other funds and deemed held in trust for the benefit of Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to Administrative Agent a statement describing in reasonable detail the Obligations owing to such
Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, L/C Issuer and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff)
that such Lender, L/C Issuer or their respective Affiliates may have. Each Lender and L/C Issuer agrees to notify Borrower and Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice
shall not affect the validity of such setoff and application. 
 11.09 Interest Rate Limitation. Notwithstanding anything
to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If
Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to Borrower. In determining
whether the interest contracted for, charged, or received by Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an
expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated
term of the Obligations hereunder. 
 11.10 Counterparts; Integration; Effectiveness. This Agreement may be executed in
counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents constitute the
entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 5.01,
this Agreement shall become effective when it shall have been executed by Administrative Agent and when Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.
Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement. 

11.11 Survival of Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document
or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by Administrative Agent
and each 
  

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Lender, regardless of any investigation made by Administrative Agent or any Lender or on their behalf and notwithstanding that Administrative Agent or any Lender may have had notice or knowledge
of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding. 

11.12 Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or
unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations
to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 11.12, if and to the extent that the enforceability of any provisions in
this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by Administrative Agent or L/C Issuer then such provisions shall be deemed to be in effect only to the extent not so limited.

 11.13 Replacement of Lenders. If any Lender requests compensation under Section 3.04,
or if Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, if any Lender is a Defaulting Lender or if any other
circumstance exists hereunder that gives Borrower the right to replace a Lender as a party hereto, then Borrower may, at its sole expense and effort, upon notice to such Lender and Administrative Agent, require such Lender to assign and delegate,
without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 11.06), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an
assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: 

(a) Borrower shall have paid to Administrative Agent the assignment fee specified in Section 11.06(b);

 (b) such Lender shall have received payment of an amount equal to 100% of the outstanding principal of its
Loans and L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from the assignee (to the extent of such
outstanding principal and accrued interest and fees) or Borrower (in the case of all other amounts); 
 (c) in
the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such
compensation or payments thereafter; and 
 (d) such assignment does not conflict with applicable Laws.

 A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such
Lender or otherwise, the circumstances entitling Borrower to require such assignment and delegation cease to apply. 
 11.14
Governing Law; Jurisdiction; Etc. 
 (a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
  

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 (b) SUBMISSION TO JURISDICTION. EACH OF PARENT, BORROWER, AND EACH
OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN
DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE
PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER
LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ADMINISTRATIVE AGENT, ANY LENDER OR L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST BORROWER OR ANY OTHER LOAN PARTY OR ITS
PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 (c) WAIVER OF VENUE. EACH OF PARENT, BORROWER, AND EACH
OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (b) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF
AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 
 (d) SERVICE OF
PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER
MANNER PERMITTED BY APPLICABLE LAW. 
 11.15 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT
OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 
  

 108 

 11.16 No Advisory or Fiduciary Responsibility. In connection with all aspects of each
transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), Parent, 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 Administrative Agent and each Joint Lead Arranger are arm’s-length commercial transactions between Parent, Borrower, each
other Loan Party and their respective Affiliates, on the one hand, and Administrative Agent and each Joint Lead Arranger, on the other hand, (B) each of Parent, 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) 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) Administrative Agent and each Joint Lead Arranger 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 Parent, Borrower, any other Loan Party, or any of their respective Affiliates, or any other Person and (B) neither Administrative Agent nor any Joint Lead Arranger has any obligation to Parent, 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) Administrative Agent and the Joint
Lead Arrangers and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of Parent, Borrower, the other Loan Parties, and their respective Affiliates, and neither Administrative
Agent nor any Joint Lead Arranger has any obligation to disclose any of such interests to Parent, Borrower, any other Loan Party, or any of their respective Affiliates. To the fullest extent permitted by Law, each of Parent, Borrower, and the other
Loan Parties hereby waives and releases any claims that it may have against Administrative Agent and the Joint Lead Arrangers with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction
contemplated hereby. 
 11.17 Electronic Execution of Assignments and Certain Other Documents. The words
“execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption or in any amendment or other modification hereof (including waivers and consents) shall be deemed to include electronic
signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent
and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic
Transactions Act. 
 11.18 USA PATRIOT Act. Each Lender that is subject to the Act (as hereinafter defined) and
Administrative Agent (for itself and not on behalf of any Lender) hereby notifies Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“Act”), it is required to obtain, verify and record information that identifies Borrower, which information includes the name and address of Borrower and other information that will allow such Lender or Administrative Agent,
as applicable, to identify Borrower in accordance with the Act. Borrower shall, promptly following a request by Administrative Agent or any Lender, provide all documentation and other information that Administrative Agent or such Lender requests in
order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act. 

11.19 ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT
BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

[Remainder of Page Intentionally Left Blank; 

Signature Pages Follow] 
  

 109 

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

							
	BORROWER:
	
	DLC REALTY, L.P., a Delaware limited partnership
		
	By:	 	 DLC Realty Trust, Inc.,

its General Partner

			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

	
	PARENT:
	
	DLC REALTY TRUST, INC., a Maryland corporation
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

Signature Page to 

DLC Credit Agreement 

					
	 BANK OF AMERICA, N.A.,

as Administrative Agent

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

Signature Page to 

DLC Credit Agreement 

					
	 BANK OF AMERICA, N.A.,

as a Lender and L/C Issuer

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

Signature Page to 

DLC Credit Agreement 

					
	 BARCLAYS BANK PLC,

as a Lender

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

Signature Page to 

DLC Credit Agreement 

					
	 U.S. BANK NATIONAL ASSOCIATION,

as a Lender

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

Signature Page to 

DLC Credit Agreement 

					
	 M & T BANK CORPORATION,

as a Lender

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

Signature Page to 

DLC Credit Agreement 

					
	 RAYMOND JAMES BANK, FSB,

as a Lender

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

Signature Page to 

DLC Credit Agreement 

					
	 ROYAL BANK OF CANADA,

as a Lender

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

Signature Page to 

DLC Credit Agreement 

					
	 DEUTSCHE BANK AG, NEW YORK BRANCH,

as a Lender

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

Signature Page to 

DLC Credit Agreement 

					
	 PNC BANK, NATIONAL ASSOCIATION,

as a Lender

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

Signature Page to 

DLC Credit Agreement 

					
	 CHEVY CHASE BANK, a division of Capital One, N.A.,

as a Lender

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

Signature Page to 

DLC Credit Agreement 

 SCHEDULE 2.01 

COMMITMENTS 

AND APPLICABLE PERCENTAGES 
  

							
	 Lender
	  	Commitment	  	Applicable
Percentage	 
	 BANK OF AMERICA, N.A.
	  	$	30,000,000	  	15.00	% 
			
	 BARCLAYS BANK PLC
	  	$	30,000,000	  	15.00	% 
			
	 U.S. BANK NATIONAL ASSOCIATION
	  	$	30,000,000	  	15.00	% 
			
	 M & T BANK CORPORATION
	  	$	22,500,000	  	11.25	% 
			
	 RAYMOND JAMES BANK, FSB
	  	$	17,500,000	  	8.75	% 
			
	 ROYAL BANK OF CANADA
	  	$	17,500,000	  	8.75	% 
			
	 DEUTSCHE BANK AG, NEW YORK BRANCH
	  	$	17,500,000	  	8.75	% 
			
	 PNC BANK, NATIONAL ASSOCIATION
	  	$	17,500,000	  	8.75	% 
			
	 CHEVY CHASE BANK, a division of Capital One, N.A.,
	  	$	17,500,000	  	8.75	% 
			
	 Total
	  	$	200,000,000	  	100.000000000	% 

  

			
	D-Exhibit 10 8	  	Schedule 2.01

 SCHEDULE 4.01 

INITIAL BORROWING BASE PROPERTIES 
  

					
	 Property
	  	 Location
	  	Owner
			
	 Highland Square
	  	Jacksonville, FL	  	Highland Improvements, LLC
			
	 Levittown Town Center
	  	Levittown, PA	  	Levittown, L.P.
			
	 Mid Valley Mall
	  	Newburgh, NY	  	Mid-Valley Redux, LLC
			
	 Cedars Square
	  	Lebanon, TN	  	Lebanon Improvements, LLC
			
	 Centre at Riverchase
	  	Birmingham, AL	  	Riverchase Improvements, LLC
			
	 Sprayberry Square
	  	Marietta, GA	  	Sprayberry Improvements, LLC
			
	 High Ridge Centre
	  	Racine, WI	  	High Ridge Improvements, LLC
			
	 Tower Shopping Center
	  	Raleigh, NC	  	Tower Improvements, LLC
			
	 Crossroads South
	  	Jonesboro, GA	  	CS Improvements, LLC (DE)
			
	 Mall at 59
	  	Nanuet, NY	  	Nanuet Improvements, LLC
			
	 Greystone Village
	  	Raleigh, NC	  	Greystone Improvements, LLC
			
	 Peachtree Parkway Plaza
	  	Norcross, GA	  	Peachtree Improvements, LLC
			
	 Riverdale Crossing
	  	Riverdale, GA	  	Riverdale Improvements, LLC
			
	 Five Forks Corners
	  	Liburn, GA	  	Five Forks Improvements, LLC
			
	 Tree Trail Village
	  	Norcross, GA	  	Tree Trail Improvements, LLC
			
	 Brookwood Village
	  	Atlanta, GA	  	Brookwood Improvements, LLC

  

			
	D-Exhibit 10 8	  	Schedule 4.01

 SCHEDULE 6.06 

LITIGATION 

None. 
  

			
	D-Exhibit 10 8	  	Schedule 6.06

 SCHEDULE 6.09 

ENVIRONMENTAL MATTERS 

None. 
  

			
	D-Exhibit 10 8	  	Schedule 6.09

 SCHEDULE 6.17 

INTELLECTUAL PROPERTY MATTERS 

None. 
  

			
	D-Exhibit 10 8	  	Schedule 6.17

 SCHEDULE 8.01 

EXISTING LIENS 

None. 
  

			
	D-Exhibit 10 8	  	Schedule 8.01

 SCHEDULE 11.02 

ADMINISTRATIVE AGENT’S OFFICE; 

CERTAIN ADDRESSES FOR NOTICES 

PARENT AND BORROWER: 
 580 White Plains
Road 
 Tarrytown, NY 10591 
 Attention:
Adam Ifshin, Chief Executive Officer and President 
 Telephone: 914-631-3131 

Telecopier: 914-631-6533 
 Electronic Mail:
            @             

Website Address: www.dlcreit.com 
 U.S. Taxpayer
Identification Number for Parent: 27-2197602 
 U.S. Taxpayer Identification Number for Borrower: 27-2275091 

ADMINISTRATIVE AGENT: 

Administrative Agent’s Office  

(for payments and Requests for Credit Extensions): 

Bank of America, N.A. 
 901 Main St, 14th Floor

 TX1-492-14-12 
 Dallas, TX 75202-3714

 Attention: Ramon Presas 
 Telephone:
214 209-9262 
 Telecopier: 214 290-8364 

Electronic Mail: ramon.presas@baml.com 
 Account
No.: 1292000883 
 Ref: DLC Realty 

ABA# 026009593 
 Other Notices as
Administrative Agent: 
 Bank of America, N.A. 

Agency Management 
 901 Main St, 64th Floor

 TX1-492-64-01 
 Dallas, TX 75202-3714

 Attention: Steven Renwick 

Telephone: 214-209-1867 
 Telecopier:
214-209-0085 
 Electronic Mail: steven.p.renwick@baml.com 
  

			
	D-Exhibit 10 8	  	Schedule 11.02

 Bank of America, N.A. 

Agency Management 
 901 Main St, 14th Floor

 TX1-492-14-11 
 Dallas, TX 75202-3714

 Attention: Sheri Starbuck 

Telephone: 214-209-3712 
 Telecopier:
214-290-8392 
 Electronic Mail: sheri.starbuck@baml.com 

L/C ISSUER: 
 Bank of America, N.A.

 Global Trade Operation 
 1000 W
Temple St 
 Los Angeles, CA 90012-1514 

Attention: Stella Rosales 
 Telephone:
1-800-541-6096 option 1 
 Telecopier: 213-457-8841 

Electronic Mail: los_angeles_standby_lc@bankofamerica.com 
  

			
	D-Exhibit 10 8	  	Schedule 11.02

 EXHIBIT A 

FORM OF LOAN NOTICE 

Date:             ,
         
  

	To:	Bank of America, N.A., as Administrative Agent 

Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement, dated as of August __, 2010 (as amended, restated, extended, supplemented, or
otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among DLC Realty, L.P., a Delaware limited partnership (“Borrower”),
DLC Realty Trust, Inc., a Maryland corporation and the sole general partner of Borrower (“Parent”), the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent and L/C Issuer. 

The undersigned hereby requests (select one): 

 ̈    A Borrowing of
Loans     ̈    A conversion or continuation of Loans 

1. On
                                        
(a Business Day). 
 2. In the amount of
$                    . 

3. Comprised of
                                         
                   . 
 [Type
of Loan requested] 
 4. For Eurodollar Rate Loans: with an Interest Period of [one (1)][three (3)][six (6)] month(s).

 The Borrowing, if any, requested herein complies with the provisos to the first sentence of Section 2.01 of the
Agreement. 
  

							
	BORROWER:
	
	DLC REALTY, L.P., a Delaware limited partnership
		
	By:	 	DLC Realty Trust, Inc.,
		 	its General Partner
			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

 

 A - 1 

Form of Committed Loan Notice 

 EXHIBIT B 

FORM OF NOTE 

FOR VALUE RECEIVED, the undersigned (“Borrower”), hereby promises to pay to
                                        
or registered assigns (“Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of each Loan from time to time made by the Lender to Borrower under that certain Credit
Agreement, dated as of August __, 2010 (as amended, restated, extended, supplemented, or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among
Borrower, DLC Realty Trust, Inc., a Maryland corporation and the sole general partner of Borrower (“Parent”), the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent and L/C Issuer.

 Borrower promises to pay interest on the unpaid principal amount of each Loan from the date of such Loan until such principal
amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall be made to Administrative Agent for the account of Lender in Dollars in immediately available funds at
Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after
judgment) computed at the per annum rate set forth in the Agreement. 
 This Note is one of the Notes referred to in the
Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein. This Note is also entitled to the benefits of the Guaranties and is secured by the Collateral. Upon the
occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable all as provided in the Agreement.
Loans made by Lender shall be evidenced by one or more loan accounts or records maintained by Lender in the ordinary course of business. Lender may also attach schedules to this Note and endorse thereon the date, amount and maturity of its Loans and
payments with respect thereto. 
 Borrower, for itself, its successors and assigns, hereby waives diligence, presentment,
protest and demand and notice of protest, demand, dishonor and non-payment of this Note. 
 THIS NOTE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  

							
	BORROWER:	 	
	
	DLC REALTY, L.P., a Delaware limited partnership
		
	By:	 	DLC Realty Trust, Inc.,
		 	its General Partner
			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

 

 B - 1 

Form of Note 

 LOANS AND PAYMENTS WITH RESPECT THERETO 

 

													
	 Date
	  	Type of
Loan Made	  	Amount of
Loan Made	  	End of
Interest
Period	  	Amount of
Principal or
Interest
Paid This
Date	  	Outstanding
Principal
Balance
This Date	  	Notation
Made By
		  		  		  		  		  		  	
	 	  	 	  	 	  	 	  	 	  	 	  	 
		  		  		  		  		  		  	
	 	  	 	  	 	  	 	  	 	  	 	  	 
		  		  		  		  		  		  	
	 	  	 	  	 	  	 	  	 	  	 	  	 
		  		  		  		  		  		  	
	 	  	 	  	 	  	 	  	 	  	 	  	 
		  		  		  		  		  		  	
	 	  	 	  	 	  	 	  	 	  	 	  	 
		  		  		  		  		  		  	
	 	  	 	  	 	  	 	  	 	  	 	  	 
		  		  		  		  		  		  	
	 	  	 	  	 	  	 	  	 	  	 	  	 
		  		  		  		  		  		  	
	 	  	 	  	 	  	 	  	 	  	 	  	 
		  		  		  		  		  		  	
	 	  	 	  	 	  	 	  	 	  	 	  	 
		  		  		  		  		  		  	
	 	  	 	  	 	  	 	  	 	  	 	  	 
		  		  		  		  		  		  	
	 	  	 	  	 	  	 	  	 	  	 	  	 
		  		  		  		  		  		  	
	 	  	 	  	 	  	 	  	 	  	 	  	 

  

 B - 2 

Form of Note 

 EXHIBIT C 

FORM OF COMPLIANCE CERTIFICATE 

Financial Statement Date:             ,
         
  

	To:	Bank of America, N.A., as Administrative Agent 

Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement, dated as of August     , 2010 (as amended, restated,
extended, supplemented, or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among DLC Realty, L.P., a Delaware limited partnership
(“Borrower”), DLC Realty Trust, Inc., a Maryland corporation and the sole general partner of Borrower (“Parent”), the Lenders from time to time party thereto, and Bank of America, N.A., as
Administrative Agent and L/C Issuer. 
 The undersigned Responsible Officer hereby certifies as of the date hereof that he/she
is the
                                        
of Parent, and that, as such, he/she is authorized to execute and deliver this Certificate to Administrative Agent on the behalf of Parent, for itself and as general partner of Borrower, and that: 

[Use following paragraph 1 for fiscal year-end financial statements] 

1. Parent has delivered the year-end audited financial statements required by Section 7.01(a) of the Agreement for the fiscal
year of Parent ended as of the above date, together with the report and opinion of an independent certified public accountant required by such section. 

[Use following paragraph 1 for fiscal quarter-end financial statements] 

1. Parent has delivered the unaudited financial statements required by Section 7.01(b) of the Agreement for the fiscal
quarter of Parent ended as of the above date. Such financial statements fairly present the financial condition, results of operations and cash flows of the Companies in accordance with GAAP as at such date and for such period, subject only to normal
year-end audit adjustments and the absence of footnotes. 
 2. The undersigned has reviewed and is familiar with the terms of
the Agreement and has made, or has caused to be made under his/her supervision, a detailed review of the transactions and condition (financial or otherwise) of the Companies during the accounting period covered by such financial statements.

 3. A review of the activities of the Companies during such fiscal period has been made under the supervision of the
undersigned with a view to determining whether during such fiscal period the Companies performed and observed all of their Obligations under the Loan Documents, and 

[select one:] 

[during such fiscal period each Company has performed and observed each covenant and condition of the Loan Documents applicable to it,
and no Default has occurred and is continuing.] 
  

 C - 1 

Form of Compliance Certificate 

 —or— 

[during such fiscal period the following covenants or conditions have not been performed or observed and the following is a list of
each such Default and its nature and status:] 
 4. The financial covenant analyses and information set forth on
Schedules 1 and 2 attached hereto are true and accurate on and as of the date of this Certificate. 

IN WITNESS WHEREOF, the undersigned has executed this Certificate as of
            , 20    . 
  

							
	BORROWER:
	
	DLC REALTY, L.P., a Delaware limited partnership
		
	By:	 	DLC Realty Trust, Inc.,
		 	its General Partner
			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

	
	PARENT:
	
	DLC REALTY TRUST, INC., a Maryland corporation
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 

 C - 2 

Form of Compliance Certificate 

 For the Quarter/Year ended
                                        
(“Statement Date”) 
 SCHEDULE 1 

to the Compliance Certificate 

($ in 000’s) 
  

									
	I.	 	Section 8.13(a) – Maximum Leverage Ratio.	  			
				
		 	A.	 	Consolidated Total Debt as of the Statement Date:	  	$	                    	  
				
		 	B.	 	Total Asset Value as of the Statement Date (See Schedule 2):	  	$	                    	  
				
		 	C.	 	Consolidated Leverage Ratio (Line I.A divided by Line I.B):	  	 	                    	% 
				
		 		 	Maximum permitted:	  	 	65	% 
			
	II.	 	Section 8.13(b) – Maximum Consolidated Recourse Indebtedness.	  			
				
		 	A.	 	Recourse Indebtedness as of the Statement Date:	  	$	                    	  
				
		 	B.	 	Excluded Funded Debt as of the Statement Date:	  	$	                    	  
				
		 	C.	 	Indebtedness under the Agreement as of the Statement Date:	  	$	                    	  
				
		 	D.	 	Adjusted Recourse Indebtedness (Line II.A minus (Line II.B plus Line II.C)):	  	$	                    	  
				
		 	E.	 	Total Funded Debt as of the Statement Date:	  	$	                    	  
				
		 	F.	 	Ratio of Line II.D divided by Line II.E:	  	 	                    	% 
				
		 		 	Maximum permitted:	  	 	5	% 
			
	III.	 	Section 8.13(c) – Minimum Fixed Charge Ratio.	  			
				
		 	A.	 	Consolidated EBITDA for the four (4) fiscal quarters ending on the Statement Date (the “Subject Period”) (See
Schedule 2):	  	$	                    	  
				
		 	B.	 	Consolidated Fixed Charges for the Subject Period (See Schedule 2):	  	$	                    	  
				
		 	C.	 	Fixed Charge Ratio (Line III.A. divided by Line III.B):	  	 	              to 1	  
				
		 		 	Minimum required:	  	 	1.65 to 1	  
			
	IV.	 	Section 8.13(d) – Minimum Tangible Net Worth.	  			
				
		 	A.	 	Tangible Net Worth as of the Closing Date multiplied by 75%:	  	$	                    	  
				
		 	B.	 	Net proceeds of Equity Issuances by the Companies from the Closing Date to the Statement Date multiplied by 75%:	  	$	                    	  
				
		 	C.	 	Minimum Tangible Net Worth (Line IV.A plus Line IV.B):	  	$	                    	  
				
		 	D	 	Tangible Net Worth as of the Statement Date:	  	$	                    	  
				
		 	E.	 	[Excess][Deficiency] for covenant compliance (Line IV.D minus Line IV.C):	  	$	                    	  

  

 C - 3 

Form of Compliance Certificate 

									
	V.	 	Section 8.13(e) – Maximum Consolidated Floating Rate Debt.	  			
				
		 	 A.
	 	 Consolidated Floating Rate Debt as of the Statement Date:
	  	$	                    	  
				
		 	 B.
	 	 Total Asset Value as of the Statement Date (See Schedule 2):
	  	$	                    	  
				
		 	 C.
	 	 Ratio of Line V.A divided by Line V.B:
	  	 	                    	% 
				
		 	 D.
	 	 Maximum Permitted:
	  	 	35	% 

  

 C - 4 

Form of Compliance Certificate 

 For the Quarter/Year ended
                                        
(“Statement Date”) 
 SCHEDULE 2 

to the Compliance Certificate 

($ in 000’s) 

CALCULATION OF TOTAL ASSET VALUE, CONSOLIDATED EBITDA, ADJUSTED NOI, 

CONSOLIDATED FIXED CHARGES, ETC. 

(all in accordance with the definition for such term 

as set forth in the Agreement) 

[Provide Various Calculations] 
  

 C - 5 

Form of Compliance Certificate 

 EXHIBIT D-1 

ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the
Effective Date set forth below and is entered into by and between
[the][each]1 Assignor identified in item 1 below
([the][each, an] “Assignor”) and
[the][each]2 Assignee identified in item 2 below
([the][each, an] “Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the
Assignees]3 hereunder are several and not
joint.]4 Capitalized terms used but not defined herein
shall have the meanings given to them in the Credit Agreement identified below (the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in
Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and
[the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by
Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other
documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all such outstanding rights and obligations of [the Assignor][the respective Assignors] under the Commitment
described below (including the Letters of Credit included in such Commitment) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a
Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or
the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to
the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and
(ii) above being referred to herein collectively as [the][an] “Assigned Interest”). Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this
Assignment and Assumption, without representation or warranty by [the][any] Assignor. 
  

					
	 1. Assignor[s]:
	  	  
	  	
			
		  	  
	  	
			
	 2. Assignee[s]:
	  	  
	  	
			
		  	  
	  	

  

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

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

	3
	 Select as appropriate. 

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

 

 D-1 - 1 

Form of Assignment and Assumption 

 [for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]]

 3. Borrower: DLC Realty, L.P., a Delaware limited partnership 

4. Administrative Agent: Bank of America, N.A., as the administrative agent under the Credit Agreement 

5. Credit Agreement: Credit Agreement, dated as of August     , 2010 (as amended, restated, extended, supplemented, or
otherwise modified in writing from time to time, the “Credit Agreement, among Borrower, DLC Realty Trust, Inc., Maryland corporation and the sole general partner of Borrower (“Parent”), the Lenders from
time to time party thereto, and Bank of America, N.A., as Administrative Agent and L/C Issuer 
 6. Assigned Interest[s]:
5 

 

														
	 Assignor[s]6
	  	Assignee[s]7	  	Aggregate
Amount
of
Commitment/
Loans
for all Lenders8	  	Amount of
Commitment/
Loans Assigned	  	Percentage
Assigned
of
Commitment/
Loans9	 	 	CUSIP
Number
		  		  	$	                    	  	$	                    	  	        	% 	 	
		  		  	$	                    	  	$	                    	  	        	% 	 	
		  		  	$	                    	  	$	                    	  	        	% 	 	

 [7. Trade Date:
                    
]10 

Effective Date:             , 20     [TO BE INSERTED BY
ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The terms
set forth in this Assignment and Assumption are hereby agreed to: 
  

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Name:
		 	Title:

  

 

	5
	 The reference to “Loans” in the table should be used only if the Credit Agreement provides for Term Loans. 

	6
	 List each Assignor, as appropriate. 

	7
	 List each Assignee, as appropriate. 

	8
	 Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take into account any payments or prepayments
made between the Trade Date and the Effective Date. 

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

	10
	 To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date.

  

 D-1 - 2 

Form of Assignment and Assumption 

			
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Name:
		 	Title:

  

 D-1 - 3 

Form of Assignment and Assumption 

			
	[Consented to
and]11
 Accepted:
	
	 BANK OF AMERICA, N.A.,

as Administrative Agent

		
	By:	 	  

		 	Name:
		 	Title:

  

	11
	To be added only if the consent of Administrative Agent is required by the terms of the Credit Agreement. 

 

 D-1 - 1 

Form of Assignment and Assumption 

							
	[Consented
to:]12
	
	DLC REALTY, L.P., a Delaware limited partnership
		
	By:	 	DLC Realty Trust, Inc.,
		 	its General Partner
			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

 

	12
	 To be added only if the consent of Borrower and/or other parties (e.g. L/C Issuer) is required by the terms of the Credit Agreement.

  

 D-1 - 1 

Form of Assignment and Assumption 

 ANNEX 1 TO ASSIGNMENT AND ASSUMPTION 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 
 1.
Representations and Warranties. 
 1.1. Assignor. [The][Each] Assignor (a) represents and warrants that (i) it
is the legal and beneficial owner of [the][[the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or
in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition
of Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their
respective obligations under any Loan Document. 
 1.2. Assignee. [The][Each] Assignee (a) represents and warrants
that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement,
(ii) it meets all the requirements to be an assignee under Section 11.06(b)(iii) and (v) of the Credit Agreement (subject to such consents, if any, as may be required under Section 11.06(b)(iii) of the Credit
Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender
thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by [the][such] Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire [the][such] Assigned
Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most-recent financial statements delivered pursuant to
Section 7.01(a) and (b) thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase
[the][such] Assigned Interest, (vi) it has, independently and without reliance upon Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to
enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, and (vii) if it is a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement,
duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance upon Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan
Documents are required to be performed by it as a Lender. 
 2. Payments. From and after the Effective Date, Administrative Agent shall
make all payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to [the][the
relevant] Assignee for amounts which have accrued from and after the Effective Date. 
  

 D-1 - 2 

Form of Assignment and Assumption 

 3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit
of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page
of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the
State of New York. 
  

 D-1 - 3 

Form of Assignment and Assumption 

 EXHIBIT D-2 

FORM OF ADMINISTRATIVE QUESTIONNAIRE 

ADMINISTRATIVE DETAILS REPLY FORM – US DOLLAR ONLY 

CONFIDENTIAL 
  

FAX ALONG WITH SIGNATURE PAGE TO:
                                         
        
 FAX # 415-503-5001 

I. Borrower Name: 
  

							
		  	$                           
         	 	Type of Credit Facility             

II. Legal Name of Lender of Record for Signature Page: 
  

 
  

					
	 •  Signing Credit Agreement
	 	          YES	 	           NO

	 •  Coming in via Assignment
	 	          YES	 	          NO

  

			
	III. Type of Lender:	 	  

(Bank, Asset Manager, Broker/Dealer, CLO/CDO, Finance Company, Hedge Fund, Insurance, Mutual Fund, Pension Fund, Other Regulated Investment Fund,
Special Purpose Vehicle, Other – please specify) 
  

			
	IV. Domestic Address:	  	V. Eurodollar Address:
	  
	  	  

	  
	  	  

	  
	  	  

	  
	  	  

VI. Contact Information: 

Syndicate level information (which may contain material non-public information about the Borrower and its related parties or their respective
securities will be made available to the Credit Contact(s). The Credit Contacts identified must be able to receive such information in accordance with his/her institution's compliance procedures and applicable laws, including Federal and State
securities laws. 
  

											
	 	  	 Credit Contact
	  	 	  	 Primary

Operations Contact
	  	 	  	Secondary Operations Contact
						
	 Name:
	  	 	  		  	 	  		  	 
						
	 Title:
	  	 	  		  	 	  		  	 
						
	 Address:
	  	 	  		  	 	  		  	 
						
		  	 	  		  	 	  		  	 
						
	 Telephone:
	  	 	  		  	 	  		  	 
						
	 Facsimile:
	  	 	  		  	 	  		  	 
						
	 E Mail Address:
	  	 	  		  	 	  		  	 

 Does Secondary Operations Contact
need copy of notices?          YES          NO 
  

  

					
	

	 	1	  	

  

 D-2 - 1 

Form of Assignment and Assumption 

 ADMINISTRATIVE DETAILS REPLY FORM – US DOLLAR ONLY 

CONFIDENTIAL 
  

 

											
	 	  	 Letter of Credit

Contact
	  	 	  	 Draft Documentation

Contact
	  	 	  	Legal Counsel
						
	 Name:
	  	 	  		  	 	  		  	 
						
	 Title:
	  	 	  		  	 	  		  	 
						
	 Address:
	  	 	  		  	 	  		  	 
						
	 Telephone:
	  	 	  		  	 	  		  	 
						
	 Facsimile:
	  	 	  		  	 	  		  	 
						
	 E Mail Address:
	  	 	  		  	 	  		  	 

 VII. Lender’s Standby Letter of
Credit, Commercial Letter of Credit, and Bankers’ Acceptance Fed Wire Payment Instructions (if applicable): 
  

					
	Pay to:	  		  	
		  	  
	  	
		  	(Bank Name)	  	
		  	  
	  	
		  	(ABA #)	  	
		  	  
	  	
		  	(Account #)	  	
		  	  
	  	
		  	(Attention)	  	

 VIII. Lender’s Fed Wire Payment Instructions: 

 

					
	Pay to:	  		  	
		  	  

		  	(Bank Name)	  	
		  	  

		  	(ABA#)	  	(City/State)
		  	  

		  	(Account #)	  	(Account Name)
		  	  

		  	(Attention)	  	

  

  
  

					
	
 

	 	2	  	

 ADMINISTRATIVE DETAILS REPLY FORM – US DOLLAR ONLY 

CONFIDENTIAL 
  

 

 IX. Organizational Structure and Tax Status 

Please refer to the enclosed withholding tax instructions below and then complete this section accordingly: 

 

			
	Lender Taxpayer Identification Number (TIN):	  	          -               
              

 Tax Withholding Form Delivered
to Bank of America*: 
              W-9 

             W-8BEN 

             W-8ECI 

             W-8EXP 

             W-8IMY 

NON–U.S. LENDER INSTITUTIONS 
 1.
Corporations: 
 If your institution is incorporated outside of the United States for U.S. federal income tax purposes, and is the beneficial
owner of the interest and other income it receives, you must complete one of the following three tax forms, as applicable to your institution: a.) Form W-8BEN (Certificate of Foreign Status of Beneficial Owner), b.) Form W-8ECI (Income Effectively
Connected to a U.S. Trade or Business), or c.) Form W-8EXP (Certificate of Foreign Government or Governmental Agency). 
 A U.S. taxpayer
identification number is required for any institution submitting a Form W-8 ECI. It is also required on Form W-8BEN for certain institutions claiming the benefits of a tax treaty with the U.S. Please refer to the instructions when completing the
form applicable to your institution. In addition, please be advised that U.S. tax regulations do not permit the acceptance of faxed forms. An original tax form must be submitted. 

2. Flow-Through Entities 
 If your institution
is organized outside the U.S., and is classified for U.S. federal income tax purposes as either a Partnership, Trust, Qualified or Non-Qualified Intermediary, or other non-U.S. flow-through entity, an original Form W-8IMY (Certificate of Foreign
Intermediary, Foreign Flow-Through Entity, or Certain U.S. branches for United States Tax Withholding) must be completed by the intermediary together with a withholding statement. Flow-through entities other than Qualified Intermediaries are
required to include tax forms for each of the underlying beneficial owners. 
 Please refer to the instructions when completing this form. In
addition, please be advised that U.S. tax regulations do not permit the acceptance of faxed forms. Original tax form(s) must be submitted. 
  

  
  

					
	
 

	 	3	  	

 ADMINISTRATIVE DETAILS REPLY FORM – US DOLLAR ONLY 

CONFIDENTIAL 
  

 

 U.S. LENDER INSTITUTIONS: 

If your institution is incorporated or organized within the United States, you must complete and return Form W-9 (Request for Taxpayer Identification
Number and Certification). Please be advised that we require an original form W-9. 
 Pursuant to the language contained in the tax
section of the Credit Agreement, the applicable tax form for your institution must be completed and returned on or prior to the date on which your institution becomes a lender under this Credit Agreement. Failure to provide the proper tax form when
requested will subject your institution to U.S. tax withholding. 
 *Additional guidance and instructions as to where to submit this
documentation can be found at this link: 

 

 

 X. Bank of America Payment Instructions: 

 

							
	 Pay to:
	  		  	Bank of America, N.A.	  	
		  		  	ABA # 026009593	  	
		  		  	New York, NY	  	
		  		  	Acct. #	  	
		  		  	Attn: Corporate Credit Services	  	
		  		  	Ref:	  	

  

  
  

					
	
 

	 	4	  	

			
	 

  
 IRS Tax Form Toolkit
	  	 Please mail or courier original form to:

Credit Services Department. – Attn: Tax Desk

101 North Tryon St. Mail Code: NC1-001-15-03

Charlotte, NC 28255
  

In advance, if you wish to confirm form validity, you may send an electronic version of the completed form to Shelly Sanders for review at

Fax: 704-602-5746     Phone 704 387-2407

E-mail: shelly.h.sanders@bankofamerica.com
  

Once validated, original form must be delivered to the Tax Desk as specified above.

ALL PARTICPANTS MUST HAVE
AN ORIGINAL AND VALID TAX FORM (EITHER A W-9 OR A W-8) ON
FILE WITH THE AGENT: 
  

	 	n	 	 Domestic Investors 

  

	 	n	 	 W-9: Request for Taxpayer Identification Number and Certification 

 

	 	n	 	 Link to launch
Form/Instructions:                                    
http://www.irs.gov/pub/irs-pdf/fw9.pdf 

                       
                                         
                          http://www.irs.gov/pub/irs-pdf/iw9.pdf 

 

	 	n	 	 Examples: Citibank, N.A., General Electric Credit Corporation, Wachovia Bank National Association 

 

	 	n	 	 Non-Domestic Investors will file one of four W-8 Forms 

 

	 	n	 	 W-8ECI: Certificate of Foreign Person’s Claim for Exemption from Withholding on Income Effectively Connected with the Conduct of a Trade or
Business in the United States 

  

	 	n	 	 Link to launch
Form/Instructions:                                    
http://www.irs.gov/pub/irs-pdf/fw8eci.pdf 

                       
                                         
                          http://www.irs.gov/pub/irs-pdf/iw8eci.pdf 

 

	 	n	 	 Example: loans booked with US branches of Foreign Banks like BNP Paribas, New York Branch, Mizuho Corporate Bank, San Francisco Branch

  

	 	n	 	 W-8BEN: Certificate of Foreign Status of Beneficial Owner 

 

	 	n	 	 “A beneficial owner solely claiming foreign status or treaty benefits” 

 

	 	n	 	 Link to launch
Form/Instructions:                                    
http://www.irs.gov/pub/irs-pdf/fw8ben.pdf 

                       
                                         
                          http://www.irs.gov/pub/irs-pdf/iw8ben.pdf 

 

	 	n	 	 Example: Loans booked with a foreign “person” such as BNP Paribas, Paris, France, Allied Irish Bank, Dublin 

Infrequently Used Forms Listed Below: 
  

 
  

	 	n	 	 W-8IMY: Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches 

 

	 	n	 	 “A person acting as an intermediary; a foreign partnership or foreign trust”. 

 

	 	n	 	 If a non-qualified intermediary, it is quite likely you will also need to get a withholding form from all of the entities that have an ownership share
therein. 

  

	 	n	 	 Link to launch
Form/Instructions:                                    
http://www.irs.gov/pub/irs-pdf/fw8imy.pdf 

                       
                                         
                          http://www.irs.gov/pub/irs-pdf/iw8imy.pdf 

 

	 	n	 	 Example: Grand Cayman Asset Management LLC 

  

	 	n	 	 W-8EXP: Certificate of Foreign Government or Other Foreign Organization 

 

	 	n	 	 “A foreign government, international organization, foreign central of issue, foreign tax-exempt organization, foreign private foundation, or
government of a U.S possession” 

  

	 	n	 	 Link to launch Form/Instructions:
                                    
http://www.irs.gov/pub/irs-pdf/fw8exp.pdf 

                       
                                         
                           http://www.irs.gov/pub/irs-pdf/iw8exp.pdf 

n    Example: UNESCO 

 
  

Bank of America, N.A. 

September 2006 

 EXHIBIT E 

BORROWING BASE REPORT 
  

	To:	Bank of America, N.A., as Administrative Agent 

Date:             ,
         
  

				
	 A.     Aggregate Appraised Value of all Borrowing Base Properties (See Schedule
I):
	  	$	                    
		
	 B.     Appraised Value Borrowing Base Amount (Line A multiplied by 60%):
	  	$	                    
		
	 C.     Implied Loan Amount (See Schedule II):
	  	$	                    
		
	 D.     Unadjusted Borrowing Base (Lesser of Line B and Line C):
	  	$	                    
		
	 E.     The amount of Unadjusted Borrowing Base attributable to any individual Borrowing Base Property
that exceeds twenty-five percent (25%) of the Borrowing Base:
	  	$	                    
		
	 F.      The amount of Unadjusted Borrowing Base attributable to all Borrowing Base Properties
subject to Acceptable Ground Leases that exceeds twenty-five percent (25%) of the Borrowing Base:
	  	$	                    
		
	 G.     Adjustments to Borrowing Base (Line E plus Line F):
	  	$	                    
		
	 H.     Borrowing Base (Line D minus Line G):
	  	$	                    
		
	 I.       Aggregate Commitments:
	  	$	                    
		
	 J.      Available Loan Amount (Lesser of Line G and Line H):
	  	$	                    
		
	 K.     Total Outstandings:
	  	$	                    
		
	 L.     [Borrowing Availability][Borrowing Base Deficiency] (Line J minus Line K):
	  	$	                    

This report (this “Report”) is submitted pursuant to that certain Credit Agreement, dated as of August
        , 2010 (as amended, restated, extended, supplemented, or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as
therein defined), among DLC Realty, L.P., a Delaware limited partnership (“Borrower”), DLC Realty Trust, Inc., Maryland corporation and the sole general partner of Borrower (“Parent”), the Lenders from
time to time party thereto, and Bank of America, N.A., as Administrative Agent and L/C Issuer. Pursuant to the Security Documents, the Administrative Agent has been granted a security interest in all of the Collateral referred to in this Report and
has a valid perfected first priority security interest in the Borrowing Base Properties. 
  

 E - 1 

Borrowing Base Report 

 The undersigned hereby certify, as of the date first written above, that (a) the
amounts and calculations herein and in Schedule I and Schedule II accurately reflect the Borrowing Base, Available Loan Amount, and Total Outstandings and (b) no Default has occurred or is continuing.

  

							
	BORROWER:
	
	DLC REALTY, L.P., a Delaware limited partnership
		
	By:	 	DLC Realty Trust, Inc.,
		 	its General Partner
			
		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

	
	PARENT:
	
	DLC REALTY TRUST, INC., a Maryland corporation
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 

 E - 2 

Borrowing Base Report 

 SCHEDULE I 

to Borrowing Base Report 

Appraised Value of each Borrowing Base Property 

 

				
	 Borrowing Base Property
	  	Appraised Value
	 1.
	  	$	                    
	 2.
	  	$	                    
	 3.
	  	$	                    
	 4.
	  	$	                    
	 5.
	  	$	                    
	 6.
	  	$	                    
	 7.
	  	$	                    
	 8.
	  	$	                    
	 9.
	  	$	                    
	 10.
	  	$	                    
	 11.
	  	$	                    
	 12.
	  	$	                    
	 13.
	  	$	                    
	 14.
	  	$	                    
	 15.
	  	$	                    
	 16.
	  	$	                    
		
	 Aggregate Appraised Value of all Borrowing Base Properties:
	  	$	                    

 

 E - 3 

Borrowing Base Report 

 SCHEDULE II 

to Borrowing Base Report 

Implied Loan Amount 

[Provide Calculation] 
  

 E - 3 

Borrowing Base Report 

 EXHIBIT F 

FORM OF NEW YORK MORTGAGE 

PREPARED BY AND UPON 
 RECORDATION RETURN TO:

 Robert S. Ladd 
 Haynes and Boone,
LLP 
 1221 McKinney Street, Suite 1221 

Houston, Texas 77010 
 Parcel Identification
Number: Tax Map # 75-1-11 and Tax Map # 75-1-13.1 
  
  

(Space above this line for recording purposes only.) 

ATTENTION: COUNTY CLERK—THIS INSTRUMENT COVERS GOODS THAT ARE OR ARE TO BECOME FIXTURES ON THE REAL PROPERTY DESCRIBED HEREIN AND IS TO BE FILED FOR
RECORD IN THE RECORDS WHERE MORTGAGES ON REAL ESTATE ARE RECORDED. ADDITIONALLY, THIS INSTRUMENT SHOULD BE APPROPRIATELY INDEXED, NOT ONLY AS A MORTGAGE, BUT ALSO AS A FINANCING STATEMENT COVERING GOODS THAT ARE OR ARE TO BECOME FIXTURES ON THE REAL
PROPERTY DESCRIBED HEREIN. THE MAILING ADDRESSES OF THE DEBTOR, DEFINED AS MORTGAGOR HEREIN, AND SECURED PARTY, DEFINED AS MORTGAGEE HEREIN, ARE SET FORTH IN THIS INSTRUMENT. 

[                      
                  ], 
 as mortgagor

 to 

BANK OF AMERICA, N.A., 

as Administrative Agent, as mortgagee 
  

 
 MORTGAGE, ASSIGNMENT OF LEASES
AND RENTS, 
 SECURITY AGREEMENT AND FIXTURE FILING 

 
  
  

							
		 	Dated:	  	As of [                , [2010]	 	
				
		 	Location:	  	[                             
           ]	 	
		 		  	[                             
           ]	 	
		 	County:	  	[                             
           ]	 	

 Mortgage (NY)/Mid-Valley Mall 
  

 F - 1 

Form of New York Mortgage 

 THIS MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT,
AND FIXTURE FILING (this “Security Instrument”) is made as of this              day of
[                , 2010], by [                ], a
[                ], having an address at c/o DLC Realty, Inc., 580 White Plains Road, Third Floor, Tarrytown, New York 10591 (together with its permitted
successors and assigns, individually or collectively (as the context requires) referred to herein as “Mortgagor”), as mortgagor, to BANK OF AMERICA, N.A., having an address to which notices may be mailed or delivered of 901
Main Street, 64th Floor, Dallas, Texas 75202-3714, acting
in its capacity as Administrative Agent (the “Mortgagee”) for the Lenders defined below, as mortgagee. 

RECITALS: 

A. Mortgagor is a wholly-owned subsidiary of DLC Realty, L.P., a Delaware limited partnership (“Borrower”), which is a
party to that certain Credit Agreement, entered into as of August __, 2010 (as from time to time may be amended, modified, or restated, the “Credit Agreement”), by and among Borrower, DLC Realty Trust, Inc., a Maryland
corporation (“DLC”), Mortgagee, as Administrative Agent and as L/C Issuer, and each lender, including Mortgagee, from time to time party thereto (“Lenders”). 

B. Under the terms of the Credit Agreement, Lenders agreed to provide certain revolving loans (“Revolving Loans”) to
Borrower from time to time upon Borrower’s request. Furthermore, Mortgagee agreed to issue letters of credit (“L/Cs”) to and for the account of Borrower (the Revolving Loans and the L/Cs are referred to collectively as the
“Loans”). The Loans may be evidenced by certain promissory notes (“Notes”) executed by Borrower from time to time in connection with the Credit Agreement and in conjunction with the Loans. 

C. Mortgagor and certain other subsidiaries of Borrower (collectively, together with any subsidiaries hereafter acquired or created which
become guarantors of the obligations under the Credit Agreement, “Subsidiary Guarantors”) have guaranteed, pursuant to that certain Subsidiary Guaranty Agreement, executed as of August __, 2010 (as amended, supplemented or
otherwise modified from time to time, the “Subsidiary Guaranty”), the Guaranteed Obligations (as defined in the Subsidiary Guaranty), including, without limitation, any and all existing and future indebtedness and liabilities of
every kind, nature and character, direct or indirect, absolute or contingent, liquidated or unliquidated, voluntary or involuntary, of Borrower to the Credit Parties (as defined below) under the Credit Agreement and the other Loan Documents (as
defined in the Credit Agreement) (collectively, the “Subsidiary Guarantor Obligations”). 
 D. Pursuant to the
terms of the Credit Agreement, Borrower agreed to cause Subsidiary Guarantors to grant liens against the Borrowing Base Properties (as such term is defined in the Credit Agreement) as secured collateral for Mortgagee and Lenders for the Subsidiary
Guarantor Obligations. 
 E. Mortgagor, as a Subsidiary Guarantor and subsidiary of Borrower, is required pursuant to
Section 4.06 of the Credit Agreement to grant to Mortgagee as security for the full payment and performance of the Subsidiary Guarantor Obligations, a valid, enforceable, first priority lien on each of the Borrowing Base Properties owned by
Mortgagor. 
 F. Lenders’ commitments under the Credit Agreement and the Notes to make advances of the Loans or issue L/Cs
shall initially be in the aggregate maximum amount of Two Hundred Million Dollars ($200,000,000), but such maximum amount may be increased upon the satisfaction of certain conditions described in the Credit Agreement to an aggregate maximum amount
of Three Hundred Million Dollars ($300,000,000), and it is the intention of Mortgagor and Mortgagee that the Subsidiary Guarantor Obligations include and apply to all such amounts and that this Security Instrument secure the payment and performance
of all such Subsidiary Guarantor Obligations. 
  

					
	Mortgage (NY)	 	Page 1	  	

 G. This Security Instrument is given pursuant to the Credit Agreement, and payment,
fulfillment, and performance of the Subsidiary Guarantor Obligations are secured hereby in accordance with the terms hereof. 

H. It is in the best interest of Mortgagor to execute this Security Instrument inasmuch as Mortgagor will derive substantial direct and
indirect benefits from the Loans made from time to time to Borrower pursuant to the Credit Agreement. 
 Article 1 —
GRANTS OF SECURITY 
 Section 1.1. PROPERTY
MORTGAGED. Mortgagor, for good and valuable consideration, does hereby irrevocably grant, bargain, sell, pledge, assign, warranty, transfer, convey and grant a security interest to Mortgagee and its successors and
assigns in and to the following property, rights, interests and estates, each to the extent now owned, or hereafter acquired by Mortgagor (collectively, “Mortgaged Property”): 

(a) Land. The real property described in Exhibit A attached hereto and made a part hereof (collectively, the
“Land”); 
 (b) Additional Land. All additional lands, estates and development rights
hereafter acquired by Mortgagor for use in connection with the Land and the development of the Land and all additional lands and estates therein which may, from time to time, by supplemental mortgage or otherwise be expressly made subject to the
Lien (as such term is defined in the Credit Agreement) of this Security Instrument; 
 (c) Improvements.
The buildings, structures, fixtures, additions, alterations, appurtenances, enlargements, extensions, modifications, repairs, replacements and improvements now or hereafter erected or located on the Land (collectively, the
“Improvements”); 
 (d) Easements. All easements, rights-of-way or use, rights, strips
and gores of land, streets, ways, alleys, passages, sewer rights, water, water courses, water rights and powers, air rights and development rights, and all estates, rights, titles, interests, privileges, liberties, servitudes, tenements,
hereditaments and appurtenances of any nature whatsoever, in any way now or hereafter belonging, relating or pertaining to the Land and the Improvements, and the reversions and remainders, and all land lying in the bed of any street, road or avenue,
opened or proposed, in front of or adjoining the Land, to the center line thereof and all the estates, rights, titles, interests, rights of dower, rights of curtesy, property, possession, claim and demand whatsoever, both at law and in equity, of
Mortgagor of, in and to the Land and the Improvements, and every part and parcel thereof, with the appurtenances thereto; 

(e) Fixtures and Personal Property. All machinery, equipment, furniture, furnishings, appliances, goods, fixtures
(including, but not limited to, all heating, air-conditioning, plumbing, lighting, communications and elevator fixtures, inventory and goods), inventory, articles of personal property and accessions thereof and renewals, replacements thereof and
substitutions therefor (including, but not limited to, electric and electronic equipment, computer equipment, lighting and plumbing fixtures, fire prevention and extinguishing apparatus, cooling and air-conditioning systems, elevators, escalators,
fittings, plants, apparatus, machinery, engines, motors, boilers, incinerators, conduits, compressors and any and all software embedded 

 

					
	Mortgage (NY)	 	Page 2	  	

 
in or used in connection with any of the foregoing), other customary equipment and other tangible property of every kind and nature whatsoever owned by Mortgagor, or in which Mortgagor has or
shall have an interest (to the extent Mortgagor is not prohibited from granting a security interest therein), now or hereafter located upon the Land and the Improvements, or appurtenant thereto, or used in connection with the present or future
planning, development, use, operation and occupancy of the Land and the Improvements, and all building equipment, materials and supplies of any nature whatsoever owned by Mortgagor, or in which Mortgagor has or shall have an interest (to the extent
Mortgagor is not prohibited from granting a security interest therein), now or hereafter located upon the Land and the Improvements for use or installation in or on the Land or the Improvements, or appurtenant thereto, or used in connection with the
present or future planning, development, use, operation and occupancy of the Land and the Improvements (hereinafter collectively called the “Personal Property”), including the right, title and interest of Mortgagor in and to any of
the Personal Property which may be subject to any security interests, as defined in the Uniform Commercial Code, as adopted and enacted by the state or states where any of the Property is located (the “Uniform Commercial Code”), or
equipment leases superior in lien to the Lien of this Security Instrument and all proceeds and products of all of the above; 

(f) Leases and Rents. All existing or future leases, subleases, rental agreements and other agreements whether or
not in writing for the use or occupancy of the Land and/or the Improvements, or any part thereof, heretofore or hereafter entered into and all extensions, renewals, amendments, replacements, and modifications thereto or thereof, and each existing or
future guaranty of payment or performance thereunder, whether before or after the filing by or against Mortgagor of any petition for relief under Creditors Rights Laws (defined below) (collectively, the “Leases”) and all right,
title and interest of Mortgagor, its successors and assigns therein and thereunder, including, without limitation, any guaranties of the lessees’ obligations thereunder, cash or securities deposited or letters of credit delivered thereunder to
secure the performance by the lessees of their obligations thereunder and all rents, additional rents, bonuses, revenues, issues, proceeds, and profits (including all rents, revenues, bonus money, royalties, rights, and benefits accruing to
Mortgagor under all present and future oil, gas and mineral leases on any parts of the Land and the Improvements) from the Land and the Improvements, all income, rents, issues, profits, revenues, deposits, accounts and other benefits from operation
of the Improvements on the Land and/or the Improvements, including, without limitation, all receivables, customer obligations, installment payment obligations and other obligations now existing or hereafter arising or created out of sale, Lease,
sublease, license, concession or other grant of the right of the possession, use or occupancy of all or any portion of the Land or Improvements (or both), or personalty located thereon, or rendering of services by Mortgagor or any operator or
manager of the Improvements or the commercial space located in the Improvements or acquired from others including, without limitation, from business interruption or other loss of income insurance relating to the use, enjoyment or occupancy of the
Land or the Improvements (or both) whether paid or accruing before or after the filing by or against Mortgagor of any petition for relief under Creditors Rights Laws and all proceeds and other amounts paid or owing to Mortgagor under or pursuant to
any and all contracts and bonds relating to the construction or renovation of the Property (collectively, the “Rents”) and all proceeds from the sale or other disposition of the Leases and the right to receive and apply the Rents to
the payment of the Secured Obligations (as such term is defined in Section 2.3 hereinbelow). As used herein, the term “Creditors Rights Laws” shall mean any applicable existing or future law of any jurisdiction,
domestic or foreign, relating to bankruptcy, insolvency, reorganization, conservatorship, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to its debts or debtors; 

 

					
	Mortgage (NY)	 	Page 3	  	

 (g) Insurance Proceeds. Subject to Mortgagor’s rights with
respect to Restoration (as defined in the Credit Agreement), all insurance proceeds in respect of the Mortgaged Property under any insurance policies covering the Mortgaged Property, including, without limitation, the right to receive and apply the
proceeds of any insurance, judgments, or settlements made in lieu thereof, for damage to the Mortgaged Property (collectively, the “Insurance Proceeds”); 

(h) Condemnation Awards. Subject to Mortgagor’s rights with respect to Restoration (as defined in the Credit
Agreement), all condemnation awards, including interest thereon, which may heretofore and hereafter be made with respect to the Mortgaged Property by reason of any taking or condemnation, whether from the exercise of the right of eminent domain
(including, but not limited to, any transfer made in lieu of or in anticipation of the exercise of the right), or for a change of grade, or for any other injury to or decrease in the value of the Mortgaged Property (collectively, the
“Awards”); 
 (i) Tax Certiorari. All refunds, rebates or credits in connection with
reduction in real estate taxes and assessments charged against the Mortgaged Property as a result of tax certiorari or any applications or proceedings for reduction; 

(j) [Intentionally Omitted]. 

(k) Agreements. To the extent assignable in accordance with their express terms, all agreements, contracts,
certificates, instruments, franchises, permits, licenses, and other documents, now or hereafter entered into, and all rights therein and thereto, respecting or pertaining to the use, occupation, design, construction, development, management or
operation of the Land and any part thereof and any Improvements or any business or activity conducted on the Land and any part thereof (including, without limitation, all permits, licenses, variances and other rights and approvals issued by or
obtained from any Governmental Authority (as such term is defined in the Credit Agreement) or other Person in connection with the development of the Land or the construction or repair of the Improvements) and all right, title and interest of
Mortgagor therein and thereunder, including, without limitation, the right, upon the occurrence or during the continuance of an Event of Default, to receive and collect any sums payable to Mortgagor thereunder; 

(l) Intangibles. All trade names, trademarks, service marks, logos and copyrights, goodwill, books and records,
advertising materials, telephone exchange numbers identified in such materials, and all other general intangibles and payment intangibles relating to or used in connection with the operation of the Land, the Improvements and the Personal Property;
provided that Mortgagor does not hereby mortgage, grant, bargain, sell, pledge, assign, warranty, transfer or convey, and Mortgagee shall not have any rights to use, the names DLC, DLC Realty, any derivations thereof, or any trade names, trademarks,
service marks, logos or copyrights associated therewith; 
 (m) Mortgagor Accounts. All right, title and
interest of Mortgagor, if any, arising from the operation of the Land and the Improvements in and to all payments for goods or property sold or leased or for services rendered, whether or not yet earned by performance, and whether or not evidenced
by an instrument or chattel paper, (hereinafter referred to as “Accounts Receivable”) including, without limiting the generality of the foregoing, (i) all accounts, contract rights, book debts, and notes arising from the
operation of the Improvements on the Land or arising from the sale, lease or exchange of goods or other property and/or the performance of services, (ii) Mortgagor’s rights in, to and under all purchase orders for goods, services or other
property to be used in connection with the operation of the Improvements on the Land, 
  

					
	Mortgage (NY)	 	Page 4	  	

 
(iii) Mortgagor’s rights to any goods, services or other property to be used in connection with the operation of the Improvements on the Land represented by any of the foregoing,
(iv) monies due to or to become due to Mortgagor under all contracts for the sale, lease or exchange of Personal Property, and (v) all collateral security and guaranties of any kind given by any Person with respect to any of the foregoing.
Accounts Receivable shall include those now existing or hereafter created, substitutions therefor, proceeds (whether cash or non-cash, movable or immovable, tangible or intangible) received upon the sale, exchange, transfer, collection or other
disposition or substitution thereof and any and all of the foregoing and proceeds therefrom; 
 (n) Reserve
Accounts. All reserves, escrows and deposit accounts required in relation to the Land and the Improvements under the Credit Agreement or the other Loan Documents and all cash, checks, drafts, certificates, securities, investment property,
financial assets, instruments and other property held therein from time to time and all proceeds, products, distributions or dividends or substitutions thereon and thereof; 

(o) Miscellaneous. All (i) plans and specifications (to the extent owned by Mortgagor) for the Improvements;
(ii) Mortgagor’s rights, but not liability for any breach by Mortgagor, under all insurance policies (or additional or supplemental coverage related thereto, including from an insurance provider meeting the requirements of the Loan
Documents or from or through any state or federal government sponsored program or entity); (iii) deposits and deposit accounts arising from or related to any transactions related to the Land or the Improvements (including but not limited to
Mortgagor’s rights in deposits with respect to utility services to the Land or the Improvements), rebates or refunds of impact fees or other taxes, assessments or charges, money, accounts (including deposit accounts), instruments, documents,
promissory notes and chattel paper (whether tangible or electronic) arising from or by virtue of any transactions related to the Land or the Improvements, and any account or deposit account from which Borrower may from time to time authorize
Mortgagee to debit and/or credit payments due with respect to the Loans; (iv) permits, licenses, franchises, certificates, development rights, commitments and rights for utilities, and other rights and privileges obtained in connection with the
Land or the Improvements; (v) subject to the rights of others therein, as-extracted collateral produced from or allocated to the Land including, without limitation, oil, gas and other hydrocarbons and other minerals and all products processed
or obtained therefrom, and the proceeds thereof; and (vi) engineering, title, and other related data concerning the Mortgaged Property which are in the possession of Mortgagor and in which Mortgagor can grant a security interest. 

(p) Proceeds. All proceeds of any of the foregoing items set forth in Sections 1.1(a) through
1.1(o) including, without limitation, Insurance Proceeds and Awards, into cash or liquidation claims; 

(q) Other Rights. Any and all other rights of Mortgagor in and to the items set forth in Sections 1.1(a)
through 1.1(p) above. 
 Section 1.2. ASSIGNMENT OF
RENTS. Mortgagor hereby absolutely and unconditionally assigns, sells, transfers and conveys to Mortgagee, for the benefit of Lenders, all Rents and all of Mortgagor’s rights in and under all Leases. This
assignment is an absolute assignment and not an assignment for additional security only. So long as no Event of Default has occurred and is continuing, Mortgagor shall have a license (which license shall terminate automatically and without notice
upon the occurrence of an Event of Default) to collect, but not prior to accrual, the Rents under the Leases and, where applicable, subleases, such Rents to be held in trust for Mortgagee and to otherwise deal with all Leases as permitted by this
Security Instrument. Each month, provided no Event of Default has occurred 
  

					
	Mortgage (NY)	 	Page 5	  	

 
and is continuing, Mortgagor may retain such Rents as were collected that month and held in trust for Mortgagee for the ratable benefit of Lenders; provided, however, that all Rents
collected by Mortgagor shall be applied to the ordinary and necessary expenses of owning and operating the Mortgaged Property or for any purpose not prohibited by the Credit Agreement. Upon the revocation of such license upon the occurrence of an
Event of Default, and for so long as such Event of Default shall be continuing, all Rents shall be paid directly to Mortgagee and not through Mortgagor, all without the necessity of any further action by Mortgagee, including, without limitation, any
action to obtain possession of the Land, Improvements or any other portion of the Mortgaged Property or any action for the appointment of a receiver. Mortgagor hereby authorizes and directs the tenants under the Leases to pay Rents to Mortgagee upon
written demand by Mortgagee, without further consent of Mortgagor, without any obligation on the part of such tenants to determine whether an Event of Default has in fact occurred and regardless of whether Mortgagee has taken possession of any
portion of the Mortgaged Property, and the tenants may rely upon any written statement delivered by Mortgagee to the tenants. Any such payments to Mortgagee shall constitute payments to Mortgagor under the Leases, and Mortgagor hereby irrevocably
appoints Mortgagee as its attorney-in-fact to do all things, during the continuance of an Event of Default, which Mortgagor might otherwise do with respect to the Mortgaged Property and the Leases thereon, including, without limitation,
(a) collecting Rents with or without suit and applying the same, less expenses of collection, to any of the Secured Obligations or to expenses of operating and maintaining the Mortgaged Property (including reasonable reserves for anticipated
expenses), at the option of Mortgagee, all in such manner as may be determined by Mortgagee, or at the option of Mortgagee, holding the same as security for the payment of the Secured Obligations, and (b) employing agents therefor and paying
such agents reasonable compensation for their services. The curing of such Event of Default, unless other Events of Default also then exist, shall entitle Mortgagor to recover its aforesaid license to do any such things which Mortgagor might
otherwise do with respect to the Mortgaged Property and the Leases thereon and to again collect such Rents. However, notwithstanding the provisions of this Section 1.2, no credit shall be given by Mortgagee for any sum or sums
received from the Rents of the Mortgaged Property until the money collected is actually received by Mortgagee at its principal office, or at such other place as Mortgagee shall designate in writing, and no such credit shall be given for any
uncollected Rents or other uncollected amounts or bills, nor shall such credit be given for any Rents derived from the Mortgaged Property after foreclosure or other transfer of the Mortgaged Property (or part thereof from which Rents are derived
pursuant to this Security Instrument or by agreement) to Mortgagee or any other third party. Receipt of Rents by Mortgagee shall not be deemed to constitute a pro-tanto payment of the indebtedness evidenced by, or arising under, this Security
Instrument, the Notes, the Credit Agreement or any of the other Loan Documents, but shall be applied as provided above. The powers and rights granted in this Section 1.2 shall be in addition to the other remedies herein provided
for upon the occurrence of an Event of Default and may be exercised independently of or concurrently with any of said remedies. Nothing in the foregoing shall be construed to impose any obligation upon Mortgagee to exercise any power or right
granted in this Section 1.2 or to assume any liability under any lease of any part of the Mortgaged Property and no liability shall attach to Mortgagee for failure or inability to collect any Rents under any such Lease. Rents
shall not be credited against the Secured Obligations except to the extent actually received by Mortgagee. The assignment contained in this Section 1.2 shall become null and void upon the release of this Security Instrument.
Mortgagee’s acceptance of this assignment shall not be deemed to constitute Mortgagee as a “mortgagee in possession,” nor obligate Mortgagee to appear in or defend any proceeding relating to any Lease or to the Mortgaged Property, or
to take any action hereunder, expend any money, incur any expenses, or perform any obligation or liability under any Lease, or assume any obligation for any deposit delivered to Mortgagor by any tenant and not as such delivered to and accepted by
Mortgagee. Mortgagee shall not be liable, for any injury or damage to person or property in or about the Mortgaged Property, or for Mortgagee’s failure to collect or to exercise diligence in collecting Rents, but shall be accountable only for
Rents that it shall actually receive. Neither the assignment of Leases and Rents nor enforcement of Mortgagee’s rights regarding Leases and Rents (including collection of Rents) nor possession of the Mortgaged Property by Mortgagee nor
Mortgagee’s 
  

					
	Mortgage (NY)	 	Page 6	  	

 
consent to or approval of any Lease (nor all of the same), shall render Mortgagee liable on any obligation under or with respect to any Lease or constitute affirmation of, or any subordination
to, any Lease, occupancy, use or option. If Mortgagee seeks or obtains any judicial relief regarding Rents or Leases, the same shall in no way prevent the concurrent or, to the extent permitted by applicable law, subsequent employment of any other
appropriate rights or remedies nor shall same constitute an election of judicial relief for any foreclosure or any other purpose. Mortgagee neither has nor assumes any obligations as lessor or landlord with respect to any Lease. The rights of
Mortgagee under this Section 1.2 shall be cumulative of all other rights of Mortgagee under the Credit Agreement, the Loan Documents, or otherwise. 

Section 1.3. SECURITY AGREEMENT. This Security Instrument is both a real
property mortgage and a “security agreement” within the meaning of the Uniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature,
of Mortgagor in the Mortgaged Property. By executing and delivering this Security Instrument, Mortgagor hereby grants to Mortgagee, as security for the Secured Obligations (hereinafter defined), a security interest in the Personal Property to the
full extent that the Personal Property may be subject to the Uniform Commercial Code. This Security Instrument shall also be effective as a financing statement covering as-extracted minerals or the like (including oil and gas) and accounts subject
to Section 9-502 of the New York Uniform Commercial Code, as amended, and is to be filed for record in the real estate records of the county where the Mortgaged Property is situated. The mailing address of Mortgagor and the address of Mortgagee
from which information concerning the security interest may be obtained are set forth above. 
 Section 1.4.
FIXTURE FILING. Without in any manner limiting the generality of any of the other provisions of this Security Instrument: (a) some portions of the goods described or to which reference is
made herein are or are to become fixtures on the Land described or to which reference is made herein or on Exhibit A attached to this Security Instrument; (b) this Security Instrument is to be filed of record in the real estate records
as a financing statement and shall constitute a “fixture filing” for purposes of the Uniform Commercial Code; and (c) Mortgagor is the record owner of the real estate or interests in the real estate constituting the Mortgaged Property
hereunder. Information concerning the security interest herein granted may be obtained at the addresses set forth on the first page hereof. The address of the Debtor (Mortgagor) is set forth on the first page hereof and the address of the Secured
Party (Mortgagee) is set forth below. In that regard, the following information is provided: 
  

			
	Name of Debtor:	 	
[                         
               ]

		
	Type of Organization:	 	[                             
           ]
		
	State:	 	
[                         
               ]

		
	Debtor’s FEIN:	 	[                             
           ]
		
	Organizational ID Number:	 	[                             
           ]
		
	Name of Secured Party:	 	Bank of America, N.A., as Administrative Agent.
		
	Address of Secured Party:	 	901 Main Street,
64th Floor, Dallas, Texas
75202-3714

 Section 1.5. CONDITIONS TO
GRANT. TO HAVE AND TO HOLD the above granted and described Mortgaged Property unto and to the use and benefit of Mortgagee and Lenders, as described herein, and their successors and assigns, forever; PROVIDED,
HOWEVER, these presents are upon the 
  

					
	Mortgage (NY)	 	Page 7	  	

 
express condition that, if Lenders shall be paid the Obligations at the time and in the manner provided in the Credit Agreement, the Notes, and this Security Instrument, if Mortgagor, Borrower,
as applicable, and each applicable Loan Party (as such term is defined in the Credit Agreement) shall perform the Other Obligations as set forth in this Security Instrument, these presents and the estate hereby granted shall cease, terminate and be
void, and Mortgagee shall promptly execute and deliver to Mortgagor for recording at Mortgagor’s expense among the appropriate public records a release of this Security Instrument in recordable form. 

Section 1.6. GRANTS TO MORTGAGEE. This Security Instrument and the
grants, assignments and transfers made to Mortgagee in this Article 1 shall inure to Mortgagee solely in its capacity as Lenders’ administrative agent under the Credit Agreement. 

Article 2 – DEBT AND OBLIGATIONS SECURED

 Section 2.1. OBLIGATIONS. This Security Instrument and the grants,
assignments and transfers made in Article 1 are given for the purpose of securing the Subsidiary Guarantor Obligations. 

Section 2.2. OTHER OBLIGATIONS. This Security Instrument and the grants,
assignments and transfers made in Article 1 of this Security Instrument are also given for the purpose of securing the performance of the following (collectively, the “Other Obligations”): (a) all other
obligations of Mortgagor contained herein; and (b) such future or additional indebtedness of Mortgagor to Mortgagee or any Lender or such future or additional advances for construction, improvements, preservation, maintenance and operation of
the Mortgaged Property and the security for payment of the Subsidiary Guarantor Obligations as may be made by Mortgagee or any Lender, in each case, in connection with or pursuant to the Credit Agreement or the other Loan Documents, whether such
future advances are obligatory or are to be made at Mortgagee’s or such Lender’s option, to Mortgagor, Borrower, or any Loan Party for any purpose. 

Section 2.3. OBLIGATIONS AND OTHER
OBLIGATIONS. Borrower’s and each other Loan Party’s (as applicable) obligations for the payment of the Subsidiary Guarantor Obligations and the Other Obligations shall be referred to collectively herein as
the “Secured Obligations.” 
 Section 2.4. PAYMENT OF
OBLIGATIONS AND FINAL MATURITY DATE. Mortgagor will pay or, as applicable, perform the Secured Obligations at the time and in the manner provided in the
Subsidiary Guaranty and this Security Instrument. 
 Section 2.5. INTENTIONALLY
OMITTED. 
 Article 3 – PROPERTY COVENANTS 

 Mortgagor covenants and agrees that: 

Section 3.1. INSURANCE. Mortgagor shall obtain and maintain, or cause to be obtained and
maintained, in full force and effect at all times insurance with respect to Mortgagor and the Mortgaged Property as required pursuant to the Credit Agreement. 

Section 3.2. TAXES AND OTHER CHARGES.
Mortgagor shall pay all real estate and personal property taxes, assessments, water rates or sewer rents (collectively, “Taxes”), ground rents, maintenance charges, impositions (other than Taxes), and any other charges, including,
without limitation, vault charges and license fees for the use of vaults, chutes and similar areas adjoining the Mortgaged Property (collectively, “Other Charges”), now or hereafter levied or assessed or imposed against the
Mortgaged Property or any part thereof in accordance with the Credit Agreement. 
  

					
	Mortgage (NY)	 	Page 8	  	

 Section 3.3. LEASES. Mortgagor shall not
(and shall not permit any other applicable Person to) enter in any Leases for all or any portion of the Mortgaged Property unless in accordance with the provisions of the Credit Agreement. 

Section 3.4. WARRANTY OF TITLE. Mortgagor has good,
indefeasible, and insurable title to the Mortgaged Property and has the right to mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey the same. Mortgagor possesses an unencumbered fee simple absolute estate in the Land and
the Improvements except for the Permitted Encumbrances (defined below). This Security Instrument, when properly recorded in the appropriate records, together with any Uniform Commercial Code financing statements required to be filed in connection
therewith, will create (a) a valid, perfected first priority Lien on the Mortgaged Property, subject only to Permitted Encumbrances and (b) perfected security interests in and to, and perfected collateral assignments of, all of
Mortgagor’s right, title and interest in and to all personalty located on the Mortgaged Property (including the Leases), all in accordance with the terms thereof, in each case subject only to any applicable Permitted Encumbrances. Subject to
the Permitted Encumbrances, Mortgagor shall forever warrant, defend and preserve the title and the validity and priority of the Lien of this Security Instrument and shall forever warrant and defend the same to Mortgagee and Lenders against the
claims of all Persons whomsoever. As used herein, the term “Permitted Encumbrances” shall mean, collectively, (i) the Lien and security interests created by the Loan Documents, (ii) all Liens, encumbrances and other
matters disclosed in Mortgagee’s title insurance policy issued in connection with the Loan, (iii) Liens, if any, for Taxes imposed by any governmental authority not yet due or delinquent, (iv) such other title and survey exceptions as
Mortgagee has approved or may approve in writing in Mortgagee’s reasonable discretion, and (v) all other Liens permitted under Section 8.01 of the Credit Agreement. Notwithstanding the above, Mortgagor may grant, without
Mortgagee’s consent, easements and other rights necessary or desirable for the operation and development of the Mortgaged Property on the condition that the granting of such easements and other rights shall not, individually or in the
aggregate, interfere with the benefits intended to be provided by this Security Instrument, adversely affect the marketability of the Mortgaged Property, or impair the use or operation of the Mortgaged Property, and any such easement or other right
shall constitute a Permitted Encumbrance. 
 Section 3.5. [INTENTIONALLY
OMITTED]. 
 Section 3.6. ADDITIONS TO
SECURITY. All right, title and interest of Mortgagor in and to all Improvements hereafter constructed or placed on the Mortgaged Property and in and to any Personal Property hereafter acquired shall, without any
further mortgage, conveyance, assignment or other act by Mortgagor, become subject to the Lien of this Security Instrument as fully and completely, and with the same effect, as though now owned by Mortgagor and specifically described in the granting
clauses hereof. Mortgagor agrees, however, to execute and deliver to Mortgagee such further documents as may be required by the terms of the Credit Agreement and the other Loan Documents. 

Article 4 – FURTHER ASSURANCES 

Section 4.1. AUTHORIZATION TO FILE FINANCING
STATEMENTS; POWER OF ATTORNEY. Mortgagor hereby authorizes Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and
continuation statements as authorized by applicable law, as applicable to all or part of the Personal Property and as necessary or required in connection herewith. For purposes of such filings, Mortgagor agrees to furnish any information requested
by Mortgagee promptly upon request by Mortgagee. Mortgagor hereby irrevocably constitutes and appoints Mortgagee and any 

 

					
	Mortgage (NY)	 	Page 9	  	

 
officer or agent of Mortgagee, with full power of substitution, as Mortgagor’s true and lawful attorneys-in-fact with full irrevocable power and authority in the place and stead of Mortgagor
or in Mortgagor’s own name to execute in Mortgagor’s name any such documents and otherwise to carry out the purposes of this Section 4.1, to the extent that Mortgagor’s authorization above is not sufficient and
Mortgagor fails or refuses to promptly execute such documents. To the extent permitted by law, Mortgagor hereby ratifies all acts said attorneys-in-fact have lawfully done in the past or shall lawfully do or cause to be done in the future by virtue
hereof. This power of attorney is a power coupled with an interest and shall be irrevocable. 
 Article 5 –
DUE ON SALE/ENCUMBRANCE 
 Section 5.1.
NO SALE/ENCUMBRANCE. Except in accordance with the express terms and conditions contained in the Credit Agreement, Mortgagor shall not cause or permit a sale, conveyance,
mortgage, grant, bargain, encumbrance, pledge, assignment, or grant of any options with respect to, or any other transfer or disposition (directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, and whether or not for
consideration or of record) of a legal or beneficial interest in the Mortgaged Property or any part thereof. 
 Article 6
– RELEASE OF PROPERTY 
 Section 6.1.
INTENTIONALLY OMITTED. 
 Section 6.2.
RELEASE OF PROPERTY. Mortgagor shall not be entitled to a release of any portion of the Mortgaged Property from the Lien of this Security Instrument except in accordance with
Section 1.5 hereof or otherwise in accordance with the terms and conditions of the Credit Agreement. 

Article 7 – DEFAULT 

Section 7.1. EVENT OF DEFAULT. The term “Event of
Default” as used in this Security Instrument shall have the meaning assigned to such term in the Credit Agreement. 

Article 8 – RIGHTS AND REMEDIES UPON DEFAULT

 Section 8.1. REMEDIES. Upon the occurrence and during the continuance of
any Event of Default, Mortgagor agrees that Mortgagee may take such action, without notice or demand, as it deems advisable to protect and enforce its rights against Mortgagor, any other Loan Party (as applicable) and in and to the Mortgaged
Property, including, but not limited to, any one or more of the following actions, each of which may be pursued concurrently or otherwise, at such time and in such order as Mortgagee may determine, in its sole discretion, without impairing or
otherwise affecting the other rights and remedies of Mortgagee: 
 (a) declare the entire unpaid Secured
Obligations to be immediately due and payable; 
 (b) institute proceedings, judicial or otherwise, for the
complete foreclosure of this Security Instrument under any applicable provision of law, in which case the Mortgaged Property or any interest therein may be sold for cash or upon credit in one or more parcels or in several interests or portions and
in any order or manner; 
 (c) with or without entry, to the extent permitted and pursuant to the procedures
provided by applicable law, institute proceedings for the partial foreclosure of this Security 
  

					
	Mortgage (NY)	 	Page 10	  	

 
Instrument for the portion of the Secured Obligations then due and payable, subject to the continuing Lien and security interest of this Security Instrument for the balance of the Secured
Obligations not then due, unimpaired and without loss of priority; 
 (d) sell for cash or upon credit the
Mortgaged Property or any part thereof and all estate, claim, demand, right, title and interest of Mortgagor therein and rights of redemption thereof, pursuant to power of sale or otherwise, at one or more sales, as an entirety or in parcels, at
such time and place, upon such terms and after such notice thereof as may be required or permitted by law; 
 (e)
institute an action, suit or proceeding in equity for the specific performance of any covenant, condition or agreement contained herein, in the Subsidiary Guaranty, Credit Agreement, or in the other Loan Documents; 

(f) recover judgment on the Subsidiary Guaranty either before, during or after any proceedings for the enforcement of this
Security Instrument or the other Loan Documents; 
 (g) apply to a court of competent jurisdiction for the
appointment of a receiver, trustee, liquidator or conservator of the Mortgaged Property, without notice and without regard for the adequacy of the security for the Secured Obligations and without regard for the solvency of Mortgagor or any other
Loan Party (as applicable) or any other Person (as such term is defined in the Credit Agreement) liable for the payment of the Secured Obligations; 

(h) the license granted to Mortgagor under Section 1.2 hereof shall automatically be revoked (for so
long as an Event of Default shall be continuing) and Mortgagee may enter into or upon the Mortgaged Property, either personally or by its agents, nominees or attorneys and dispossess Mortgagor and its agents and servants therefrom, without liability
for trespass, damages or otherwise and exclude Mortgagor and its agents or servants wholly therefrom, and take possession of all books, records and accounts relating thereto and Mortgagor agrees to surrender possession of the Mortgaged Property and
of such books, records and accounts to Mortgagee upon demand, and thereupon Mortgagee may (i) use, operate, manage, control, insure, maintain, repair, restore and otherwise deal with all and every part of the Mortgaged Property and conduct the
business thereat; (ii) complete any construction undertaken by Mortgagor on the Mortgaged Property in such manner and form as Mortgagee deems advisable; (iii) make alterations, additions, renewals, replacements and improvements to or on
the Mortgaged Property; (iv) exercise all rights and powers of Mortgagor with respect to the Mortgaged Property, whether in the name of Mortgagor or otherwise, including, without limitation, the right to make, cancel, enforce or modify Leases,
obtain and evict tenants, and demand, sue for, collect and receive all Rents of the Mortgaged Property and every part thereof; (v) require Mortgagor to pay monthly in advance to Mortgagee, or any receiver appointed to collect the Rents, the
fair and reasonable rental value for the use and occupation of such part of the Mortgaged Property as may be occupied by Mortgagor; (vi) require Mortgagor to vacate and surrender possession of the Mortgaged Property to Mortgagee or to such
receiver and, in default thereof, Mortgagor may be evicted by summary proceedings or otherwise; and (vii) apply the receipts from the Mortgaged Property to the payment of the Secured Obligations, in such order, priority and proportions as
Mortgagee shall deem appropriate in its sole discretion after deducting therefrom all expenses (including reasonable attorneys’ fees) incurred in connection with the aforesaid operations and all amounts necessary to pay the Taxes, Other
Charges, insurance and other expenses in connection with the Mortgaged Property, as well as just and reasonable compensation for the services of Mortgagee and Lenders, and their respective counsel, agents and employees; 

 

					
	Mortgage (NY)	 	Page 11	  	

 (i) exercise any and all rights and remedies granted to a secured party upon
default under the Uniform Commercial Code, including, without limiting the generality of the foregoing: (i) the right to take possession of the Personal Property or any part thereof, and to take such other measures as Mortgagee may deem
necessary for the care, protection and preservation of the Personal Property, and (ii) request Mortgagor at its expense to assemble the Personal Property and make it available to Mortgagee at a convenient place acceptable to Mortgagee. Any
notice of sale, disposition or other intended action by Mortgagee with respect to the Personal Property sent to Mortgagor in accordance with the provisions hereof at least ten (10) days prior to such action shall constitute commercially
reasonable notice to Mortgagor; 
 (j) apply any sums then deposited or held in escrow or otherwise by or on
behalf of Mortgagee in accordance with the terms of the Credit Agreement, this Security Instrument or any of the other Loan Documents to the payment of the following items in any order in its sole discretion: (i) Taxes and Other Charges;
(ii) insurance premiums; (iii) interest on the unpaid principal balance of the Notes; (iv) amortization of the unpaid principal balance of the Notes; (v) all other sums payable pursuant to the Credit Agreement, the Subsidiary
Guaranty, this Security Instrument and the other Loan Documents, including without limitation advances made by Mortgagee or any Lender pursuant to the terms of this Security Instrument; 

(k) surrender the insurance policies maintained pursuant to the Credit Agreement, collect the unearned insurance premiums
for such insurance policies and apply such sums as a credit on the Secured Obligations in such priority and proportion as Mortgagee in its discretion shall deem proper, and in connection therewith, Mortgagor hereby appoints Mortgagee as agent and
attorney-in-fact (which is coupled with an interest and is therefore irrevocable) for Mortgagor to collect such insurance premiums; 

(l) apply the undisbursed balance of any deposit made by Mortgagor with Mortgagee in connection with the restoration of
the Mortgaged Property after a casualty thereto or condemnation thereof, together with interest thereon, to the payment of the Secured Obligations in such order, priority and proportions as Mortgagee shall deem to be appropriate in its discretion;
or 
 (m) pursue such other remedies as Mortgagee may have under applicable law. 

In the event of a sale, by foreclosure, power of sale or otherwise, of less than all of Mortgaged Property, this Security Instrument shall continue as a
Lien and security interest on the remaining portion of the Mortgaged Property unimpaired and without loss of priority. 

Section 8.2. APPLICATION OF PROCEEDS. The purchase money,
proceeds and avails of any disposition of the Mortgaged Property, and or any part thereof, or any other sums collected by Mortgagee on behalf of Lenders pursuant to the Credit Agreement, the Subsidiary Guaranty, this Security Instrument or the other
Loan Documents, shall be applied by Mortgagee in accordance with the Credit Agreement. 
 Section 8.3.
RIGHT TO CURE DEFAULTS. Upon the occurrence and during the continuance of any Event of Default, Mortgagee may, but without any obligation to do so and without
notice to or demand on Mortgagor and without releasing Mortgagor from any obligation hereunder, make any payment or do any act required of Mortgagor hereunder in such manner and to such extent as Mortgagee may deem necessary to protect the security
hereof. Mortgagee is authorized to enter upon the Mortgaged Property for such purposes, or appear in, defend, or bring any action or proceeding to protect its interest in the Mortgaged Property or to foreclose this Security Instrument or collect the
Secured Obligations, and the cost and expense thereof (including reasonable attorneys’ fees to the extent permitted by law), with 

 

					
	Mortgage (NY)	 	Page 12	  	

 
interest as provided in this Section 8.3, shall constitute a portion of the Secured Obligations and shall be due and payable to Mortgagee on behalf of Lenders upon demand. All
such costs and expenses incurred by Mortgagee or any Lender in remedying such Event of Default or such failed payment or act or in appearing in, defending, or bringing any such action or proceeding shall bear interest at any default rate specified
in the Credit Agreement, if any (the “Default Rate”), for the period after notice from Mortgagee or any Lender that such cost or expense was incurred to the date of payment to Mortgagee or such Lender. All such costs and expenses
incurred by Mortgagee or any Lender together with interest thereon calculated at the Default Rate shall be deemed to constitute a portion of the Secured Obligations and be secured by this Security Instrument and the other Loan Documents and shall be
immediately due and payable upon demand by Mortgagee or such Lender therefor. 
 Section 8.4.
ACTIONS AND PROCEEDINGS. Mortgagee has the right to appear in and defend any action or proceeding brought with respect to the Mortgaged Property and to bring any action or
proceeding, in the name and on behalf of Mortgagor, which Mortgagee, in its discretion, decides should be brought to protect its interest in the Mortgaged Property. 

Section 8.5. RECOVERY OF SUMS REQUIRED TO
BE PAID. Mortgagee and Lenders shall have the right from time to time to take action to recover any sum or sums which constitute a part of the Secured Obligations as the same become due, without
regard to whether or not the balance of the Secured Obligations shall be due, and without prejudice to the right of Mortgagee and Lenders thereafter to bring an action of foreclosure, or any other action, for a default or defaults by Mortgagor
existing at the time such earlier action was commenced. 
 Section 8.6. OTHER
RIGHTS, ETC. 
 (a) The failure of Lenders or Mortgagee to
insist upon strict performance of any term hereof shall not be deemed to be a waiver of any term of this Security Instrument. Mortgagor shall not be relieved of Mortgagor’s obligations hereunder by reason of (i) the failure of Lenders or
Mortgagee to comply with any request of Mortgagor or any guarantor or indemnitor with respect to the Loans to take any action to foreclose this Security Instrument or otherwise enforce any of the provisions hereof or of the Credit Agreement, the
Notes or the other Loan Documents, (ii) the release, regardless of consideration, of the whole or any part of the Mortgaged Property, or of any Person liable for the Secured Obligations or any portion thereof, or (iii) any agreement or
stipulation by Mortgagee or Lenders extending the time of payment or otherwise modifying or supplementing the terms of the Credit Agreement, the Subsidiary Guaranty, this Security Instrument or the other Loan Documents. 

(b) It is agreed that the risk of loss or damage to the Mortgaged Property is on Mortgagor, and neither Mortgagee nor
Lenders shall have any liability whatsoever for decline in the value of the Mortgaged Property, for failure to maintain the insurance policies required to be maintained pursuant to the Credit Agreement, or for failure to determine whether insurance
in force is adequate as to the amount of risks insured. Possession by Mortgagee shall not be deemed an election of judicial relief if any such possession is requested or obtained with respect to any Mortgaged Property or collateral not in
Mortgagee’s possession. 
 (c) Mortgagee or Lenders may resort for the payment of the Secured Obligations to
any other security held by Mortgagee or Lenders in such order and manner as Mortgagee or Lenders, in their discretion, may elect. Mortgagee or Lenders may take action to recover the Secured Obligations, or any portion thereof, or to enforce any
covenant hereof without prejudice to the right of Mortgagee or Lenders thereafter to foreclose this Security Instrument. The rights of Mortgagee and Lenders under this Security Instrument shall be separate, distinct and

  

					
	Mortgage (NY)	 	Page 13	  	

 
cumulative and none shall be given effect to the exclusion of the others. No act of Lenders or Mortgagee shall be construed as an election to proceed under any one provision herein to the
exclusion of any other provision. None of Lenders or Mortgagee shall be limited exclusively to the rights and remedies herein stated but shall be entitled to every right and remedy now or hereafter afforded at law or in equity. 

(d) In the event of a foreclosure sale the Personal Property and the Mortgaged Property may, at the option of Mortgagee,
be sold as a whole. 
 Section 8.7. RIGHT TO RELEASE
ANY PORTION OF THE PROPERTY. Mortgagee may release any portion of the Mortgaged Property for such consideration as Mortgagee may require without, as to the
remainder of the Mortgaged Property, in any way impairing or affecting the Lien or priority of this Security Instrument, or improving the position of any subordinate lienholder with respect thereto, except to the extent that the obligations
hereunder shall have been reduced by the actual monetary consideration, if any, received by Mortgagee or any Lender for such release, and may accept by assignment, pledge or otherwise any other property in place thereof as Mortgagee may require
without being accountable for so doing to any other lienholder. This Security Instrument shall continue as a Lien and security interest in the remaining portion of the Mortgaged Property. 

Section 8.8. RIGHT OF ENTRY. Upon reasonable notice to
Mortgagor and subject to the rights of any tenants or other occupants then in occupancy of all or any part of the Mortgaged Property, Mortgagee and its agents shall have the right to enter and inspect the Mortgaged Property at all reasonable times.

 Section 8.9. BANKRUPTCY. 

(a) Upon the occurrence and during the continuance of an Event of Default, Mortgagee shall have the right to proceed in
its own name or in the name of Lenders or in the name of Mortgagor in respect of any claim, suit, action or proceeding relating to the rejection of any Lease, including, without limitation, the right to file and prosecute, to the exclusion of
Mortgagor, any proofs of claim, complaints, motions, applications, notices and other documents, in any case in respect of the lessee under such Lease under the Bankruptcy Code (defined below). 

(b) If there shall be filed by or against Mortgagor a petition under 11 U.S.C. §101 et seq., as the same may be
amended from time to time (the “Bankruptcy Code”), and Mortgagor, as lessor under any Lease, shall determine to reject such Lease pursuant to Section 365(a) of the Bankruptcy Code, then Mortgagor shall give Mortgagee not less
than ten (10) days’ prior notice of the date on which Mortgagor shall apply to the bankruptcy court for authority to reject the Lease. Mortgagee shall have the right, but not the obligation, to serve upon Mortgagor within such ten-day
period a notice stating that (i) Mortgagee demands that Mortgagor assume and assign the Lease to Mortgagee pursuant to Section 365 of the Bankruptcy Code and (ii) Mortgagee covenants to cure or provide adequate assurance of future
performance under the Lease. If Mortgagee serves upon Mortgagor the notice described in the preceding sentence, Mortgagor shall not seek to reject the Lease and shall comply with the demand provided for in clause (i) of the
preceding sentence within thirty (30) days after the notice shall have been given, subject to the performance by Mortgagee of the covenant provided for in clause (ii) of the preceding sentence. 

 

					
	Mortgage (NY)	 	Page 14	  	

 Article 9 – INTENTIONALLY OMITTED

 Article 10 – WAIVERS 

Section 10.1. MARSHALLING AND OTHER
MATTERS. Mortgagor hereby waives, to the extent permitted by law, the benefit of all Legal Requirements now or hereafter in force regarding appraisement, valuation, stay, extension, reinstatement and redemption and
all rights of marshalling in the event of any sale hereunder of the Mortgaged Property or any part thereof or any interest therein. Further, to the extent permitted by law, Mortgagor hereby expressly waives any and all rights of redemption from sale
under any order or decree of foreclosure of this Security Instrument on behalf of Mortgagor, and on behalf of each and every Person acquiring any interest in or title to the Mortgaged Property subsequent to the date of this Security Instrument and
on behalf of all Persons to the extent permitted by Legal Requirements. 
 Section 10.2. WAIVER
OF NOTICE. Mortgagor shall not be entitled to any notices of any nature whatsoever from Lenders or Mortgagee except with respect to matters for which this Security Instrument, the Credit Agreement or any of the
other Loan Documents specifically and expressly provides for the giving of notice by Lenders or Mortgagee to Mortgagor and except with respect to matters for which Mortgagor is not permitted by Legal Requirements to waive its right to receive
notice, and Mortgagor hereby expressly waives the right to receive any notice from Lenders or Mortgagee with respect to any matter for which this Security Instrument, the Credit Agreement or any of the other Loan Documents does not specifically and
expressly provide for the giving of notice by Mortgagee to Mortgagor. 
 Section 10.3. SOLE
DISCRETION OF MORTGAGEE. Whenever pursuant to this Security Instrument, Mortgagee exercises any right given to it to approve or disapprove, or any arrangement or term is to be
satisfactory to Mortgagee, the decision of Mortgagee to approve or disapprove or to decide whether arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise specifically herein provided) be in the sole (but reasonable)
discretion of Mortgagee and shall be final and conclusive. 
 Section 10.4. WAIVER
OF TRIAL BY JURY. TO THE EXTENT PERMITTED BY APPLICABLE LAW, MORTGAGOR AND MORTGAGEE EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY
JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO
TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY MORTGAGOR AND MORTGAGEE, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH OF MORTGAGEE AND MORTGAGOR IS
HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION 10.4 IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY MORTGAGOR AND MORTGAGEE. 

Section 10.5. WAIVER OF FORECLOSURE
DEFENSE. To the extent permissible under applicable law, Mortgagor hereby waives any defense Mortgagor might assert or have by reason of Mortgagee’s failure to make any tenant or lessee of the Mortgaged
Property a party defendant in any foreclosure proceeding or action instituted by Mortgagee. 
 Article 11 –
CROSS-COLLATERALIZATION 
 Section 11.1.
CROSS-COLLATERALIZATION. Mortgagor acknowledges that the Secured Obligations are secured by this Security Instrument together with those certain other Mortgages (as

  

					
	Mortgage (NY)	 	Page 15	  	

 
defined in the Credit Agreement) given by Mortgagor and/or certain other Loans Parties (as applicable) to Mortgagee (whether one or more, collectively, the “Other Mortgages”)
encumbering the real and personal property more particularly described in the Other Mortgages (such real and personal property, collectively, the “Other Properties”), all as more specifically set forth in the Credit Agreement. Upon
the occurrence and during the continuance of an Event of Default, Mortgagee shall have the right to institute a proceeding or proceedings for the total or partial foreclosure of this Security Instrument and any or all of the Other Mortgages whether
by court action, power of sale or otherwise, under any applicable provision of law, for all of the Secured Obligations and the Lien and the security interest created by the Other Mortgages shall continue in full force and effect without loss of
priority as a Lien and security interest securing the payment of that portion of the Secured Obligations then due and payable but still outstanding. Mortgagor acknowledges and agrees that the Mortgaged Property and the Other Properties are located
in one or more States and/or counties, and therefore Mortgagee shall be permitted to enforce payment of the Secured Obligations and the performance of any term, covenant or condition of the Credit Agreement, the Subsidiary Guaranty, this Security
Instrument, the other Loan Documents or the Other Mortgages and exercise any and all rights and remedies under the Credit Agreement, the Subsidiary Guaranty, this Security Instrument, the other Loan Documents or the Other Mortgages, or as provided
by law or at equity, by one or more proceedings, whether contemporaneous, consecutive or both, to be determined by Mortgagee, in its sole discretion, in any one or more of the States or counties in which the Mortgaged Property or any of the Other
Properties are located. Neither the acceptance of this Security Instrument, the other Loan Documents or the Other Mortgages nor the enforcement thereof in any one State or county, whether by court action, foreclosure, power of sale or otherwise,
shall prejudice or in any way limit or preclude enforcement by court action, foreclosure, power of sale or otherwise, of the Credit Agreement, the Subsidiary Guaranty, the Notes, this Security Instrument, the other Loan Documents, or any Other
Mortgages through one or more additional proceedings in that State or county or in any other State or county. Any and all sums received by Mortgagee or any Lender under the Credit Agreement, the Subsidiary Guaranty, the Notes, this Security
Instrument and the other Loan Documents shall be applied to the Secured Obligations in such order and priority as Mortgagee shall determine, in its sole discretion, without regard to any portion of the Loans allocated to any Mortgaged Property or
any of the Other Properties or the appraised value of the Mortgaged Property or any of the Other Properties. 
 Article 12
– MORTGAGEE AND NOTICES 
 Section 12.1.
FAILURE TO ACT. Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, the failure of Mortgagee to take any action hereunder or under any of the other
Loan Documents shall not (a) be deemed to be a waiver of any term or condition of this Security Instrument or any of the other Loan Documents, (b) adversely affect any rights of Mortgagee or any Lender hereunder or under any of the other
Loan Documents, or (c) relieve Mortgagor of any of Mortgagor’s obligations hereunder or under any of the other Loan Documents. 

Section 12.2. NOTICES. All notices or other written communications hereunder shall be
delivered in accordance with the applicable terms and conditions of the Credit Agreement. Notices to Mortgagee hereunder and under each other Loan Document shall be sent as follows: 

Bank of America, N.A., as Administrative Agent 

901 Main St.,
64th Floor 

Dallas, Texas 75202-3714 

Attn: Steven Renwick 

Fax No.: 214.209.0085 
  

					
	Mortgage (NY)	 	Page 16	  	

 Notices to Mortgagor hereunder and under each of the other Loan Documents shall be sent as
follows: 

[                      
          ] 
 c/o DLC Realty, Inc. 

580 White Plains Road, Third Floor 

Tarrytown, New York 10591 

Attn: Jonathan Wigser 

Fax No.: 914.206.4014 

Article 13 – APPLICABLE LAW 

Section 13.1. GOVERNING LAW. EXCEPT TO THE EXTENT THE UNIFORM
COMMERCIAL CODE REQUIRES APPLICATION OF THE LAW OF ANOTHER JURISDICTION, THIS SECURITY INSTRUMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED ACCORDING TO THE LAWS (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF) OF THE STATE OF
NEW YORK. WHENEVER REFERENCE IS MADE TO THE CREDIT AGREEMENT, SUBSIDIARY GUARANTY OR OTHER LOAN DOCUMENTS, THOSE INSTRUMENTS SHALL BE DEEMED TO BE GOVERNED BY AND CONSTRUED ACCORDING TO THE INTERNAL LAWS OF THE STATE OF NEW YORK, AS EACH INSTRUMENT
SO PROVIDES. 
 Section 13.2. PROVISIONS SUBJECT TO
APPLICABLE LAW. All rights, powers and remedies provided in this Security Instrument may be exercised only to the extent that the exercise thereof does not violate any applicable provisions of law and
are intended to be limited to the extent necessary so that they will not render this Security Instrument invalid, unenforceable or not entitled to be recorded, registered or filed under the provisions of any applicable law. If any term of this
Security Instrument or any application thereof shall be invalid or unenforceable, the remainder of this Security Instrument and any other application of the term shall not be affected thereby. 

Article 14 – DEFINITIONS 

Section 14.1. GENERAL DEFINITIONS. Unless the context clearly indicates a
contrary intent or unless otherwise specifically provided herein, words used in this Security Instrument may be used interchangeably in singular or plural form and 

(a) the word “Mortgagor” shall mean each Mortgagor and any subsequent owner or owners of the Mortgaged
Property or any part thereof or any interest therein; 
 (b) the words “Loan Party” shall mean
each Loan Party and any subsequent owner or owners of any of the applicable Other Properties or any part thereof or any interest therein; 

(c) the word “Mortgagee” shall mean Mortgagee and any of Mortgagee’s successors and assigns;

 (d) the word “Lenders” shall mean all or each of the Lenders and any of their or its
respective successors and assigns; 
 (e) the word “Notes” shall mean the Notes and any other
evidence of indebtedness guaranteed by the Subsidiary Guaranty; 
 (f) the words “Mortgaged
Property” shall include any portion of the Mortgaged Property and any interest therein; 
  

					
	Mortgage (NY)	 	Page 17	  	

 (g) the words “Other Properties” shall include any portion
of the Other Properties and any interest therein; and 
 (h) the phrases “attorneys’ fees,”
“legal fees,” and “counsel fees” shall include any and all attorneys’, paralegal and law clerk fees and disbursements, including, but not limited to, fees and disbursements at the pre-trial, trial and appellate levels
incurred or paid by Mortgagee in protecting its interest in the Mortgaged Property, the Leases and the Rents and enforcing its rights hereunder. 

Article 15 – MISCELLANEOUS PROVISIONS 

Section 15.1. NO ORAL CHANGE. This Security Instrument,
and any provisions hereof, may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part of Mortgagor or Mortgagee, but only by an agreement in writing signed by Mortgagor and
Mortgagee in accordance with the Credit Agreement. 
 Section 15.2. SUCCESSORS AND
ASSIGNS. This Security Instrument shall be binding upon and inure to the benefit of Mortgagor, Mortgagee and Lenders and their respective successors and assigns forever. 

Section 15.3. INAPPLICABLE PROVISIONS. If any term, covenant or condition
of the Credit Agreement, the Subsidiary Guaranty, the Notes or this Security Instrument is held to be invalid, illegal or unenforceable in any respect, the Credit Agreement, the Subsidiary Guaranty, the Notes and this Security Instrument shall be
construed without such provision. 
 Section 15.4. HEADINGS,
ETC. The headings and captions of various Sections of this Security Instrument are for convenience of reference only and are not to be construed as defining or limiting, in any way, the scope or intent of the
provisions hereof. 
 Section 15.5. NUMBER AND
GENDER. Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice
versa. 
 Section 15.6. ENTIRE AGREEMENT. This Security
Instrument, the Subsidiary Guaranty and the other Loan Documents contain the entire agreement of the parties hereto and thereto in respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties,
whether oral or written, are superseded by the terms of this Security Instrument, the Subsidiary Guaranty and the other Loan Documents. 

Section 15.7. LIMITATION ON MORTGAGEE’S OR
LENDERS’ RESPONSIBILITY. No provision of this Security Instrument shall operate to place any obligation or liability for the control, care, management or repair of the Mortgaged Property upon
Lenders or Mortgagee, nor shall it operate to make Lenders or Mortgagee responsible or liable for any waste committed on the Mortgaged Property by the tenants or any other Person, or for any dangerous or defective condition of the Mortgaged
Property, or for any negligence in the management, upkeep, repair or control of the Mortgaged Property resulting in loss or injury or death to any tenant, licensee, employee or stranger. Nothing herein contained shall be construed as constituting
Lenders or Mortgagee a “mortgagee in possession.” 
 Section 15.8. AGREEMENT
OF THE PARTIES. EACH OF THE PARTIES HERETO SPECIFICALLY ACKNOWLEDGES AND AGREES (a) THAT IT HAS A DUTY TO READ THIS SECURITY INSTRUMENT AND THAT IT IS CHARGED WITH NOTICE AND
KNOWLEDGE OF 
  

					
	Mortgage (NY)	 	Page 18	  	

 
THE TERMS HEREOF, (b) THAT IT HAS IN FACT READ THIS SECURITY INSTRUMENT AND IS FULLY INFORMED AND HAS FULL NOTICE AND KNOWLEDGE OF THE TERMS, CONDITIONS AND EFFECTS OF THIS SECURITY
INSTRUMENT, (c) THAT IT HAS BEEN REPRESENTED BY LEGAL COUNSEL OF ITS CHOICE THROUGHOUT THE NEGOTIATIONS PRECEDING ITS EXECUTION OF THIS SECURITY INSTRUMENT AND HAS RECEIVED THE ADVICE OF SUCH COUNSEL IN CONNECTION WITH ENTERING INTO THIS
SECURITY INSTRUMENT, AND (d) THAT IT RECOGNIZES THAT CERTAIN OF THE TERMS OF THIS SECURITY INSTRUMENT PROVIDE FOR (i) CERTAIN WAIVERS AND FOR (ii) THE ASSUMPTION BY ONE PARTY OF, AND/OR RELEASE OF THE OTHER PARTY FROM, CERTAIN
LIABILITIES THAT SUCH PARTY MIGHT OTHERWISE BE RESPONSIBLE FOR UNDER THE LAW. EACH PARTY HERETO FURTHER AGREES AND COVENANTS THAT IT WILL NOT CONTEST THE VALIDITY OR ENFORCEABILITY OF ANY SUCH PROVISIONS OF THIS SECURITY INSTRUMENT ON THE BASIS THAT
THE PARTY HAD NO NOTICE OR KNOWLEDGE OF SUCH PROVISION OR THAT SUCH PROVISIONS ARE NOT “CONSPICUOUS.” 

Section 15.9. CONFLICT. In the event of any inconsistencies between the terms and
conditions of this Security Instrument and the terms and conditions of the Credit Agreement, the terms and conditions of the Credit Agreement shall control and be binding. 

Article 16 – STATUS OF MORTGAGOR 

Section 16.1. STATUS OF MORTGAGOR. Mortgagor’s exact
legal name is correctly set forth in the first paragraph of this Security Instrument and the signature block at the end of this Security Instrument. Mortgagor is an organization of the type specified in the first paragraph of this Security
Instrument. Mortgagor is incorporated in or organized under the laws of the state specified in Section 1.4 of this Security Instrument. Mortgagor’s principal place of business and chief executive office, and the place where
Mortgagor kept its principal books and records, including recorded data of any kind or nature, regardless of the medium or recording, including software, and writings, has been for the preceding four months (or, if less, the entire period of the
existence of Mortgagor) the address shown on the first page of this Security Instrument. Mortgagor’s organizational identification number, if any, assigned by the state of incorporation or organization is correctly set forth in
Section 1.4 of this Security Instrument. Mortgagor will not change or permit to be changed (a) Mortgagor’s name, (b) Mortgagor’s identity (including its trade name or names), (c) Mortgagor’s principal
place of business set forth on the first page of this Security Instrument, (d) the corporate, partnership or other organizational structure of Mortgagor, (e) Mortgagor’s state of organization, or (f) Mortgagor’s
organizational number, in each case, without notifying Mortgagee of such change in writing at least thirty (30) days prior to the effective date of such change and, in the case of a change in Mortgagor’s structure, without first obtaining
the prior written consent of Mortgagee. If Mortgagor does not now have an organizational identification number and later obtains one, Mortgagor promptly shall notify the Mortgagee of such organizational identification number. 

Article 17 – STATE SPECIFIC PROVISIONS 

Section 17.1. TRUST FUND. Pursuant to Section 13 of the New York Lien Law, Borrower
shall receive the advances secured hereby and shall hold the right to receive the advances as a trust fund to be applied first for the purpose of paying the cost of any improvement and shall apply the advances first to the payment of the cost of any
such improvement on the Property before using any part of the total of the same for any other purpose. 
  

					
	Mortgage (NY)	 	Page 19	  	

 Section 17.2. TYPE OF
PROPERTY. This Mortgage does not cover real property principally improved or to be improved by one or more structures containing in the aggregate not more than six residential dwelling units, each having their own
separated cooking facilities. 
 Section 17.3. SECTION 291-F. Reference is
made to Section 291-f of the Real Property Law of New York for purposes of obtaining the benefit of said Section in connection with this Security Instrument. 

Section 17.4. STATUTORY CONSTRUCTION. The clauses and covenants contained in this
Security Instrument that are construed by Section 254 of the New York Real Property Law shall be construed as provided in those sections. The additional clauses and covenants contained in this Security Instrument shall afford rights
supplemental to and not exclusive of the rights conferred by the clauses and covenants construed by Section 254 and shall not impair, modify, alter or defeat such rights, notwithstanding that such additional clauses and covenants may relate to
the same subject matter or provide for different or additional rights in the same or similar contingencies as the clauses and covenants construed by Section 254. In the event of any inconsistencies between the provisions of Section 254 and
the provisions of this Security Instrument, the provisions of this Security Instrument shall prevail. 
 Section 17.5.
MAXIMUM PRINCIPAL SECURED. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, THE MAXIMUM AMOUNT OF PRINCIPAL INDEBTEDNESS SECURED BY THIS MORTGAGE AT THE TIME OF
EXECUTION OR WHICH UNDER ANY CONTINGENCY MAY HEREAFTER BECOME SECURED HEREBY AT ANY TIME IS
                                        
DOLLARS ($                    ); PROVIDED THAT SUCH LIMITATION SHALL NOT LIMIT THE SECURITY OF THIS MORTGAGE WITH RESPECT TO
(I) INTEREST ON THE AFORESAID MAXIMUM AMOUNT OF PRINCIPAL INDEBTEDNESS AT THE RATES SET FORTH IN THE LOAN AGREEMENT, (II) SUMS TO PAY TAXES, (III) SUMS TO PAY PREMIUMS ON INSURANCE POLICIES COVERING THE MORTGAGED PROPERTY,
(IV) EXPENSES INCURRED DURING THE CONTINUANCE AN EVENT OF DEFAULT IN UPHOLDING OR ENFORCING THE LIEN OF THIS MORTGAGE, INCLUDING BUT NOT LIMITED TO, THE EXPENSES OF THIS MORTGAGE, (V) ANY AMOUNT, COSTS OR CHARGE TO WHICH MORTGAGEE BECOMES
SUBROGATED, UPON PAYMENT, WHETHER UNDER RECOGNIZED PRINCIPLES OF LAW OR EQUITY, OR UNDER EXPRESS STATUTORY AUTHORITY AND (VI) ANY OTHER AMOUNT SECURED BY THIS MORTGAGE WHICH, IF NOT LIMITED BY SUCH LIMITATION, WOULD NOT INCREASE THE AMOUNT OF
MORTGAGE RECORDING TAXES, IF ANY, PAYABLE WITH RESPECT TO THIS MORTGAGE. 
 Section 17.6.
NON-JUDICIAL FORECLOSURE. During the continuance of an Event of Default and acceleration of the indebtedness secured hereby, Mortgagee shall have the right to sell the Mortgaged
Property (or any portion thereof), including, without limitation, pursuant to Article 14 of the New York Real Property Actions and Proceedings Law, as same may have been or may hereafter be amended. 

[Remainder of page intentionally left blank. Signature page(s) to follow.] 

 

					
	Mortgage (NY)	 	Page 20	  	

 IN WITNESS WHEREOF, this Security Instrument has been executed by the undersigned as
of the day and year first above written. 
  

							
	[                           
             ], a [                         
               ]
		
	By:	 	DLC Realty, L.P., a Delaware limited partnership, its
[                                        ]

			
		 	By:	 	 DLC Realty Trust, Inc., a Delaware corporation, its General Partner

				
		 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

 

					
	 State of New York
	  	)	  	
			
	
County of                     

	  	)	  	ss.:

 On the
                     day of
                             in the year 2010, before me, the undersigned, personally appeared
                                         
       , personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument. 

 

	
	  

	Signature and Office of Individual
	taking acknowledgment
	
	The Address of Mortgagee is:
	
	Bank of America, N.A., as Administrative Agent
	901 Main St.,
64th Floor
	Dallas, Texas 75202

 (Signature Page to
Mortgage, Assignment of Leases and Rents, 
 Security Agreement, and Fixture Filing) 

 Exhibit A 

PROPERTY DESCRIPTION 
  

			
	Mortgage (NY)/Mid Valley Mall	  	Exhibit A - Page 1

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