Document:

EX-10.38

 Exhibit 10.38 

Execution Version 
 PUT OPTION
AGREEMENT 
 by and among 

WvF 2 W. 56, INC., 
 a
Delaware corporation, 
 WvF, INC., 

a Delaware corporation, 
 WvF,
L.P., 
 a Delaware limited partnership, 

WvF 718, L.P., 
 a Delaware
limited partnership, 
 collectively, as Optionee 

and 
 712 FIFTH AVENUE, L.P.,

 a New York limited partnership, 

as Optionor 
 Dated as of
September 10, 2014 

 PUT OPTION AGREEMENT 

THIS PUT OPTION AGREEMENT (this “Agreement”), dated as of September 10, 2014, is entered into by and among WvF 2 W. 56,
Inc., a Delaware corporation (“WvF GP”), WvF, Inc., a Delaware corporation (“WvF Inc.”), WvF, L.P., a Delaware limited partnership (“WvF LP”), WvF 718, L.P., a Delaware limited partnership
(“WvF 718 LP” and, together with WvF GP, WvF Inc. and WvF LP, collectively, “Optionee”), and 712 Fifth Avenue, L.P., a New York limited partnership (“Optionor”). Optionee and Optionor are herein
sometimes referred to each as a “party” and collectively as the “parties”. 
 RECITALS 

WHEREAS, pursuant to that certain Purchase and Sale Agreement of Ownership Interests (as the same may be amended, modified, and/or
supplemented from time to time, the “Purchase Agreement”), dated as of September 10, 2014, by and between WvF GP, WvF 718 LP, 2 West 56th GP, LLC (“GP”), Forum Rental Investments, Inc. (as successor-in-interest
to Forum Assoc., L.P.) (“Forum”), Milton 712, LLC (“Milton”), and Imperial Rental Investments, Inc. (“Imperial” and, together with GP, Forum and Milton, collectively, “Seller”), WvF
GP and WvF 718 LP purchased from Seller all right, title and interest in and to the Partnership (as defined below) owned by Seller; 

WHEREAS, Each Optionee is a party to that certain Amended and Restated Limited Partnership Agreement (as amended, the
“Partnership Agreement”) of 2 WEST 56th STREET, L.P., a New York limited partnership (the “Partnership”), dated as of the date hereof; 

WHEREAS, pursuant to the Partnership Agreement, WvF GP owns a one percent (1.0%) general partner interest in the Partnership, WvF
Inc. owns a one percent (1.0%) general partner interest in the Partnership, WvF LP owns a forty-nine percent (49%) limited partner interest in the Partnership and WvF 718 LP owns a forty-nine percent (49%) limited partner interest in
the Partnership and accordingly, collectively, Optionee owns one hundred percent (100%) of the interests in the Partnership (the one hundred percent (100%) interest collectively owned by Optionee together with all economic, voting and
other rights and interests appurtenant thereto, the “Partnership Interest”); 
 WHEREAS, Bruce Winston
(“BW”) and Ronald Winston (“RW”), as tenants-in-common, entered into that certain Co-Owner’s Agreement, dated January 21, 2004 (the “Co-Owner’s Agreement”), as supplemented by that
certain Supplement to Co-Owners Agreement (Sale or Permitted Transfer of Property Interest) dated June 24, 2008, between the Partnership and RW, pursuant to which the Partnership, as successor in interest to the TIC Interest (as defined below)
owned by RW, agreed to be bound by all the terms and provisions of the Co-Owner’s Agreement; 

 WHEREAS, each of the Partnership and Bruce Winston (“BW”) own a fifty
percent (50%) undivided tenancy-in-common interest (each, a “TIC Interest”) in certain land, with the buildings and improvements thereon, in the City of New York, Borough of Manhattan, generally known by the street address 718
Fifth Avenue, New York, New York and more particularly described on Exhibit A annexed hereto and made a part hereof (such land being herein called the “718 Land,” said buildings and improvements, being herein called the
“718 Building,” and the 718 Land and the 718 Building being herein collectively called the “718 Premises”); 

WHEREAS, Optionor is the owner of certain land, with the buildings and improvements thereon, in the City of New York, Borough of
Manhattan, generally known by the street address 712 Fifth Avenue, New York, New York and more particularly described on Exhibit B annexed hereto and made a part hereof (such land being herein called the “712 Land,” said
buildings and improvements, being herein called the “712 Building,” and the 712 Land and the 712 Building being herein collectively called the “712 Premises”); and 

WHEREAS, pursuant to that certain Agreement (the “July 3rd
Transaction Agreement”) dated July 3, 2014, among Paramount Group, Inc. (“Paramount”), the Otto Parties (as defined therein) and the WvF Parties (as defined therein), the Otto Parties granted to the WvF Parties, and
the WvF Parties accepted from the Otto Parties, the right to require Optionor to purchase the entire direct or indirect interests held by the WvF Parties or any affiliate(s) thereof in the 718 Premises under certain conditions, as more specifically
described in and in accordance with the terms of such July 3rd Transaction Agreement. 

NOW THEREFORE, for and in consideration of the premises, the mutual covenants and agreements contained herein and for other good and
valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows: 

ARTICLE 1 
 THE PUT OPTION

 Section 1.1 Optionor hereby reaffirms its agreement under the July 3rd
Transaction Agreement to grant a put right to Optionee, and Optionor hereby grants to Optionee the one-time right (subject to Section 6.1 hereof) (the “Put Option”) to require Optionor to purchase, and Optionor does
hereby agree to purchase, upon the exercise of the Put Option in accordance with the terms hereof, all, but not less than all, of the interests directly or indirectly owned by Optionee or any affiliate(s) of Optionee in the 718 Premises or the
Partnership (as determined in Optionee’s sole discretion) as of the date of Optionee’s exercise of the Put Option (the “Option Interest”), and Optionee does hereby agree to accept the Put Option from Optionor as an option
solely and without undertaking to exercise such Put Option. 

  
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 Section 1.2 Optionor and Optionee hereby agree that the mutual covenants and agreements
contained in July 3rd Transaction Agreement, the Purchase Agreement and this Agreement, and the transactions contemplated therein and herein, respectively (the “Option
Consideration”), are adequate and sufficient for purposes of the grant of the Put Option by Optionor to Optionee. 

Section 1.3 Optionee shall exercise the Put Option by delivering twelve (12) months’ prior written notice (the “Option
Notice”) to Optionor at any time after the date which is four (4) years following of the date of this Agreement (the date of such Option Notice, the “Option Notice Date”). The Option Notice shall (i) state
Optionee’s desire to exercise the Put Option in accordance with the terms and conditions set forth in this Agreement and (ii) specify a closing date (the “Closing Date”) on which the closing (the
“Closing”) of the sale of the Option Interest to Optionor shall occur (the “Transaction”), which shall not be earlier than twelve (12) months following the Option Notice Date. Notwithstanding anything contained
herein to the contrary, the Closing Date shall not occur earlier than the date which is five (5) years following the date of this Agreement. 

ARTICLE 2 
 PURCHASE AND SALE
OF THE OPTION INTEREST 
 Section 2.1 Upon Optionee’s due and timely exercise of the Put Option, Optionee shall be bound to
sell, convey and assign to Optionor, and Optionor shall be bound to purchase, acquire and assume from Optionee, on the Closing Date and subject to the terms and conditions of this Agreement, the Option Interest, together with all economic, voting
and other rights appurtenant to such Option Interest. 
 Section 2.2 The purchase price of the Option Interest (the “Purchase
Price”) shall be equal to the fair market value of the Option Interest as of the Option Notice Date, taking into account all relevant factors (the “Fair Market Value”). The Option Notice delivered by Optionee to Optionor
pursuant to Section 1.3 shall specify Optionee’s initial determination of Fair Market Value. Within thirty (30) days after receipt of the Option Notice, unless Optionor agrees with Optionee’s initial determination of Fair
Market Value, Optionor shall deliver a written notice to Optionee (the “Optionor Response”) stating Optionor’s disagreement with Optionee’s initial determination of the Fair Market Value and setting forth Optionor’s
initial determination of Fair Market Value. Upon receipt of the Optionor Response, Optionor and Optionee shall thereafter use good faith efforts to agree on the Fair Market Value for a period of thirty (30) days (as the same may be extended
from time to time by Optionor and Optionee, each in its sole discretion, the “Negotiation Period”) following the date of delivery of the Optionor Response. If Optionor shall fail to send the Optionor Response notifying Optionee of
Optionor’s disagreement with Optionee’s initial determination of Fair Market Value during the thirty (30) day period after receipt by Optionor of the Option Notice, the Optionee’s initial determination of Fair Market Value shall
be the Fair Market Value for the Option Interest. 
 Section 2.3 If, upon the expiration of the Negotiation Period, Optionee and
Optionor shall have failed to reach an agreement on the determination of the Fair Market 

  
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Value, then the Fair Market Value shall be determined by baseball style arbitration. Arbitration proceedings, including the selection of an arbitrator, shall be conducted pursuant to the rules,
regulations and procedures from time to time in effect as promulgated by the American Arbitration Association (the “AAA”) by a single arbitrator in the City, County and State of New York and otherwise in accordance with the
Commercial Arbitration Rules of the AAA, as then in effect, with hearings conducted as expeditiously as practicable and with no undue delay, and in no event later than thirty (30) days after the date of either party’s demand for
arbitration, such demand not to be made prior to the expiration of the Negotiation Period. Prior written notice of application by either party for arbitration shall be given to the other at least ten (10) days before submission of the
application to the AAA’s office in the City, County and State of New York. The arbitrator shall be a commercial real estate broker unaffiliated with either party and who (x) shall not have worked for or on behalf of either party within the
last five (5) years and (y) shall have at least ten (10) years’ experience in the sale of first class retail and office space in Manhattan. Within ten (10) days of the formal engagement of the single arbitrator each of
Optionee and Optionor shall submit to the arbitrator a complete statement setting forth in detail such party’s determination of the Fair Market Value (it being understood that Optionee’s and Optionor’s respective proposed
determinations may differ from any initial determinations of Fair Market Value given by Optionee or Optionor to the other party in accordance with Section 2.2 above and, in such event, the arbitrator shall not take into account any
determinations of such Fair Market Value previously given by Optionee or Optionor, as the case may be, to the other party). The arbitrator shall thereafter (i) hear the Optionee and Optionor and their respective witnesses, (ii) examine the
records relating to the 718 Premises and such other documents and records as may, in his or her judgment, be necessary (including, without limitation, existing environmental and property condition reports, if any, with respect to the 718 Premises in
the possession of Optionee, the books and records relating to the 718 Premises, and, if the Option Interest is the interest in the Partnership owned by Optionee, the tax returns of the Partnership), and (iii) select the one determination of
Optionee or Optionor that, in his/her opinion, is closest to his/her determination of the Fair Market Value of the Option Interest. The arbitrator shall have no power to vary or modify the provisions of this Agreement or to determine any matter
other than the Fair Market Value. The determination of the arbitrator shall be final and binding on Optionee and Optionor and may be enforced in any court of competent jurisdiction. 

ARTICLE 3 
 CLOSING 

Section 3.1 At the Closing, Optionor shall pay to Optionee or its designee an amount equal to the Purchase Price (as adjusted pursuant to
Section 3.2 below) by bank wire transfer of immediately available funds to an account designated by the Optionee in writing in the amount set forth in a closing statement in form and substance reasonably acceptable to Optionor and
Optionee. 
 Section 3.2 Optionor and Optionee shall apportion, as of 11:59 p.m. of the day immediately preceding the Closing (the
“Proration Time”), the following in respect of 

  
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the Option Interest and the Optionee’s rights thereto (to the extent actually paid or received by the Optionee), and the net amount thereof shall be added to (if such net amount is in
Optionee’s favor) or deducted from (if such net amount is in Optionor’s favor) the Purchase Price: (i) rents (including any prepaid rents) and other sums and charges paid by tenants or subtenants in connection with their occupancy of
the 718 Premises and for services furnished to them in connection therewith including, without limitation, deposits and payments by the tenants and subtenants under the leases and subleases for utility costs, operating expenses, insurance costs and
other escalation charges, and the current estimated payments therefor, (ii) real estate taxes, personal property taxes and other governmental taxes, charges or assessments levied against the 718 Premises, if any (other than those required to be
paid directly to the taxing authorities by any tenant under its lease or any subtenant under its sublease), (iii) water, electricity, and sewer charges and rents and vault taxes, fees and charges, if any (other than those required to be paid
directly to the utility companies by any tenant under its lease or any subtenant under its sublease), on the basis of the fiscal period for which assessed, but if any of such charges shall be payable on the basis of meter readings, then such charges
shall be apportioned on the basis of meter readings made on a date (prior to the Closing) which is as close to the Closing Date as is reasonably practicable; (iv) fuel used in heating the 718 Premises on the basis of the written estimate by the
718 Premises’s fuel supplier of the quantity on or about the day preceding the Closing and the Optionee’s cost therefor (including sales tax, if any); (v) charges (other than those required to be paid directly by any tenant under its
lease or any subtenant under its sublease) and transferable deposits under service contracts, equipment leases, licenses and permits, (vi) charges due under any equipment leases, (vii) any outstanding liabilities with respect to existing
leases and existing management agreements in effect at the time, and (viii) all other items of revenue or expense with respect to the 718 Premises or as may be otherwise applicable to the Option Interest (including if the Option Interest is an
interest in an entity owning an interest in the 718 Premises, in each case, documented to Optionor’s reasonable satisfaction) which are customarily apportioned by purchasers and sellers of property similar to the 718 Premises in New York City,
New York. 
 Section 3.3 At the Closing, in addition to the Purchase Price, each party hereto shall execute and deliver to each other
party (i) appropriate certified corporate resolutions, consents and other appropriate proof of their authority to execute, deliver and perform their obligations under this Agreement and the supplemental documents described in clause
(ii) below to which they are a party (and any opinions of counsel related thereto as may reasonably be requested by the other party), and (ii) all other necessary and customary documentation reasonably required by the parties hereto in
order to effectuate the Transaction contemplated hereunder, including documentation containing representations and warranties substantially similar to those provided by Purchaser and Seller (each as defined in the Purchase Agreement) in Article
5 and Article 7 of the Purchase Agreement, respectively, and the indemnification provisions provided for in Article 9 of the Purchase Agreement (the foregoing (i) and (ii) together, the “Closing
Documents”). 

  
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 ARTICLE 4 

REPRESENTATIONS AND WARRANTIES OF OPTIONEE 

Section 4.1 Optionee hereby represents, warrants and covenants to Optionor as of the date hereof that: 

(a) Optionee is a duly organized and validly existing under the laws of the State of Delaware. Optionee has the full power and authority to
(a) exercise the Put Option, (b) enter into the Transaction contemplated by this Agreement, (c) sell the Option Interest, and (d) to execute, deliver, and perform this Agreement and the Closing Documents. 

(b) There are no suits, actions, or proceedings pending or, to the knowledge of Optionee, threatened against or affecting Optionee, the
Partnership or the 718 Premises before or by any court or administrative agency or officer or in arbitration or mediation, to prohibit or enjoin the consummation of the Transaction provided for herein or which could materially and adversely affect
the ability of Optionee to exercise the Put Option, sell the Option Interest and perform its obligations under this Agreement and the Closing Documents. 

(c) No consent, approval, or other action of or filing or registration with, any governmental agency or commission is required in connection
with the execution, delivery, observance, or performance by Optionee of this Agreement or the Transaction provided for herein. 
 (d) The
execution and delivery of this Agreement and the other Closing Documents, the exercise of the Put Option, the sale of the Option Interest, the Transaction provided for herein and the transactions provided for in the Closing Documents, respectively,
and compliance with or fulfillment of the terms hereof and thereof, will not violate any law, rule, regulation, judgment, order, decree, writ, or injunction applicable to Optionee or any subsidiary of Optionee. 

(e) Optionee represents that Optionee is not a Prohibited Person, as such term is hereinafter defined. “Prohibited Person”
means any of the following, (a) a person or entity that is listed in the Annex to, or otherwise subject to the provisions of, Executive Order No. 13224 on Terrorist Financing (effective September 24, 2001) (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
that is named as a “specially designated national” or “blocked person” or persons or entities with whom a citizen of the United States is restricted from doing business with by any trade embargo, economic sanction, or other
prohibition of United States law, regulation, or Executive Order of the President of the United States including those listed on the most current list published by the U.S. Treasury Department’s Office of Foreign Assets Control; or (d) a
person or entity that is affiliated with any person or entity identified in clause (a), (b), and/or (c) above. 

  
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 (f) There has not been filed by or against Optionee, or any corporation, partnership, limited
liability company, or other entity with respect to which Optionee is a principal shareholder, controlling person, general partner, or managing member, as the case may be, a petition in bankruptcy or insolvency proceedings or for reorganization, or
for the appointment of a receiver or trustee, nor has any such entity made an assignment for the benefit of creditors or filed a petition for an arrangement or entered into an arrangement with creditors or admitted in writing the inability to pay
its debts as they become due. 
 (g) Optionee has good and marketable title to the Option Interest, free and clear of all debts, liens,
legal and/or equitable claims, and other encumbrances and Optionee has not consented to or been requested to consent to any encumbering of, or placement of, any lien or other encumbrance on, the Option Interest. 

(h) Except for this Agreement, there are no commitments, agreements, or obligations, including, without limitation, options, warrants, rights
to subscribe for, rights of first refusal or rights of first offer, by Optionee to issue, sell, transfer or otherwise convey all or any portion of the Option Interest. 

(i) Optionee has not assigned, transferred, pledged, or otherwise disposed of, or agreed to assign, transfer, pledge, or otherwise dispose of,
the Option Interest. 
 (j) No person or entity has any voting or management rights with respect to the Option Interest except for Optionee.

 (k) No documents govern the rights and obligations of Optionee with respect to the Option Interest and/or the Partnership other than this
Agreement, the organizational documents of Optionee, and the Partnership Agreement; provided, however, that with respect to the organizational documents of Optionee, nothing contained in such organizational documents makes any other
representation made herein untrue or prohibits Optionee from executing and delivering this Agreement or any of the Closing Documents, exercising the Put Option or consummating the Transaction. 

ARTICLE 5 
 REPRESENTATIONS AND
WARRANTIES OF OPTIONOR 
 Section 5.1 Optionor hereby represents, warrants and covenants to Optionee as of the date hereof that: 

(a) Optionor is duly organized and validly existing under the laws of the State of New York. Optionor has the full power and authority to
(a) grant the Put Option, (b) enter into the Transaction contemplated by this Agreement, (b) acquire the Option Interest, and (c) execute, deliver, and perform this Agreement and the Closing Documents. 

(b) There are no suits, actions, or proceedings pending or, to the knowledge of Optionor, threatened against or affecting Optionor before or
by any court 

  
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or administrative agency or officer, to prohibit or enjoin the consummation of the Transaction provided for herein or which could materially and adversely affect the ability of Optionor to grant
the Put Option, purchase the Option Interest and perform its obligations under the Closing Documents. 
 (c) No consent, approval, or other
action of, or filing or registration with, any governmental agency or commission is required in connection with the execution, delivery, observance, or performance by Optionor of this Agreement or the Transaction provided for herein. 

(d) The execution and delivery of this Agreement and the other Closing Documents, the grant of the Put Option, the purchase of the Option
Interest, the Transaction provided for herein and the transactions provided for in the Closing Documents, respectively, and compliance with or fulfillment of the terms hereof and thereof, will not violate any law, rule, regulation, judgment, order,
decree, writ, or injunction applicable to Optionor or any subsidiary of Optionor. 
 (e) Optionor represents that Optionor is not a
Prohibited Person. 
 (f) There has not been filed by or against Optionor, or any corporation, partnership, limited liability company, or
other entity with respect to which Optionor is a principal shareholder, controlling person, general partner, or managing member, as the case may be, a petition in bankruptcy or insolvency proceedings or for reorganization, or for the appointment of
a receiver or trustee, nor has any such entity made an assignment for the benefit of creditors or filed a petition for an arrangement or entered into an arrangement with creditors or admitted in writing the inability to pay its debts as they become
due. 
 ARTICLE 6 
 CASUALTY;
CONDEMNATION 
 Section 6.1 If the 718 Premises is damaged by fire or other casualty or if any entity possessing the right of
eminent domain shall give notice of an intention to take or acquire a substantial part of the 718 Premises, and such notice is given or such damage by fire or other casualty occurs after the Option Notice Date and before the Closing Date, the
following shall apply: 
 (a) If the 718 Premises is damaged resulting in Substantial Damage (as hereinafter defined) or the taking or
acquisition will result in Substantial Condemnation (as hereinafter defined), then within thirty (30) days of the date on which insurance or condemnation proceeds are determined, as applicable, Optionor shall have the option to either
(i) consummate the Transaction in which event any insurance or condemnation proceeds, settlements, and awards or the relevant part thereof shall be retained by or assigned to Optionor, and Optionee shall not be entitled to any portion thereof,
or (ii) elect not to close the Transaction on the Closing Date set forth in the Option Notice and, in such case, Optionee shall not be prejudiced by Optionor’s election not to close and 

  
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Optionee shall not be required to reimburse Optionor for any out-of-pocket costs and expenses incurred in connection with the Transaction contemplated hereunder. For the avoidance of doubt, if
Optionor elects not to close the Transaction on the Closing Date after the occurrence of Substantial Damage or Substantial Condemnation in accordance with this Section 6.1(a), such election shall in no way limit or restrict Optionee’s
right to exercise the Put Option on a future date and shall in no way limit the obligation of Optionor to acquire the Option Interest after any such future exercise of the Put Option by Optionee. As used herein “Substantial Damage”
shall be deemed to mean damage which is estimated to cost twenty percent (20%) of the Purchase Price or more to repair. As used herein “Substantial Condemnation” shall be deemed to mean any taking or acquisition resulting in a
permanent substantial reduction in the income-producing capacity of the 718 Premises in an amount equal to twenty percent (20%) of the Purchase Price or more. 

(b) In all other cases, Optionor shall be required to complete the Transaction and the insurance or condemnation proceeds, settlements, or
awards or the relevant part thereof shall be retained by or assigned to Optionor, and Optionee shall not be entitled to any portion thereof. 

ARTICLE 7 
 REMEDIES 

Section 7.1 In the event Optionor is ready, willing and able to close and perform all of its obligations hereunder, and the Optionee,
having exercised the Put Option, defaults for any reason or no reason, Optionor shall not be entitled to damages and Optionor’s sole and exclusive remedy hereunder shall be reimbursement for any and all reasonable out-of-pocket costs and
expenses incurred by Optionor hereunder. 
 Section 7.2 In the event the Optionee has exercised the Put Option and is ready, willing
and able to close and perform its obligations hereunder, and Optionor breaches or defaults in the performance of the terms and provisions of this Agreement, Optionee shall be entitled to institute and prosecute proceedings in any court of competent
jurisdiction against Optionor, either at law or in equity, to enforce the specific performance of the terms and conditions of this Agreement and to enjoin further violations of the provisions of this Agreement and/or to obtain damages. Such remedies
shall however be cumulative and not exclusive and shall be in addition to any other remedies which Optionee may have under this Agreement or at law. 

ARTICLE 8 
 COSTS AND EXPENSES

 Section 8.1 Optionee shall pay, when and if due, any transfer taxes due and owing with respect to the Transaction and the
transfer of the Option Interest from Optionee to Optionor. 

  
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 Section 8.2 All costs and expenses incident to this Agreement, the Transaction, and the
Closing shall be paid by the party incurring same, including, without limitation, its own attorneys’ fees and disbursements. All costs and expenses incurred in connection with any arbitration brought pursuant to Section 2.3 hereof
shall be shared 50-50 by Optionor and Optionee. In the event of any litigation arising out of this Agreement, any and all reasonable out-of-pocket costs and expenses incurred by Optionor or Optionee in the enforcement of the Agreement due to a
material default by any party to this Agreement (including reasonable attorney fees and disbursements) shall be borne entirely by said defaulting party as determined by final adjudication by a court of competent jurisdiction. The provisions of this
Article 8 shall survive the Closing hereunder or the expiration of this Agreement. 
 ARTICLE 9 

BROKERS AND ADVISORS 

Section 9.1 Optionee and Optionor each represents and warrants for itself that, as of the date hereof, it has not dealt with any broker,
agent, finder, or advisor in connection with this Agreement and the Transaction contemplated hereby. Each party hereto agrees to indemnify and hold the other parties hereto free and harmless from all losses, damages, costs, and expenses (including
reasonable attorneys’ fees and disbursements) that the other parties may suffer as a result of claims made or suits brought by any broker, agent, finder, or advisor who shall claim to have introduced the indemnifying party to this Transaction
or who shall claim to have dealt with or had discussions with the indemnifying party with respect to this Transaction. The provisions of this Article 9 shall survive the Closing hereunder indefinitely. 

ARTICLE 10 
 NOTICES 

Section 10.1 Any notice pursuant to this Agreement shall be given in writing by (a) personal delivery, (b) reputable national
overnight delivery service with proof of delivery, (c) United States Mail, postage prepaid, registered or certified mail, return receipt requested, (d) telecopy or (e) electronic mail (if an address to such party has been set forth
below), sent to the intended addressee at the address set forth below, or to such address or to the attention of such other person as the addressee shall have designated by written notice sent in accordance herewith, and shall be deemed to have been
given upon receipt or refusal to accept delivery. Unless changed in accordance with the preceding sentence, the addresses for notice given pursuant to this Agreement shall be as follows: 

If to Optionee: 
 Wilhelm von
Finck Hauptverwaltung GmbH 
 Gut Keferloh 

85630 Grasbrunn 

  
 11 

 Federal Republic of Germany 

Attention: Günter Koller 

Facsimile: 49-89-456963-59 

E-mail:      g.koller@wvf-hv.de 

with a copy to: 
 Davis
Polk & Wardwell LLP 
 450 Lexington Avenue 

New York, New York 10017 

Attention: Thomas Patrick Dore, Jr. 

Facsimile: (212) 450-5573 

E-mail:      pat.dore@davispolk.com 

If to Optionor: 
 c/o Paramount
Group, Inc. 
 1633 Broadway, Suite 1801 

New York, New York 10019 

Attention: Albert P. Behler 

Facsimile: (212) 974-6435 

E-mail:      abehler@paramount-group.com 

with a copy to: 
 Paramount
Group, Inc. 
 1633 Broadway, Suite 1801 

New York, New York 10019 

Attention: General Counsel 

Facsimile: (212) 237-3197 

E-mail:      gjohnson@paramount-group.com 

with an additional copy to: 

Willkie Farr & Gallagher LLP 

787 Seventh Avenue 
 New York, New
York 10019 
 Attention: Thomas J. Henry, Esq. 

Facsimile: (212) 728-9750 

E-mail:      thenry@willkie.com 

Section 10.2 Notices may be delivered by counsel to either Optionee or Optionor, as applicable. The provisions of this Article 10 shall
survive the Closing or the expiration of this Agreement. 

  
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 ARTICLE 11 

GENERAL PROVISIONS 

Section 11.1 Each of the parties hereby agrees to execute, acknowledge (if necessary), and deliver such other documents or instruments as
the other may reasonably require from time to time to carry out the intents and purposes of this Agreement. This provision shall survive the Closing indefinitely. 

Section 11.2 This Agreement, the covenants, agreements, terms and conditions and the rights and obligations created hereby shall run with
the land and be binding upon and inure to the benefit of the Optionor and Optionee and their respective successors and assigns. At either Optionor’s or Optionee’s election, a memorandum of this Agreement shall be recorded in the New York
City real property records. 
 Section 11.3 Whenever the context so requires, references herein to the neuter gender shall include the
masculine and/or feminine gender, and the singular number shall include the plural. 
 Section 11.4 THIS AGREEMENT IS PERFORMABLE IN
THE STATE OF NEW YORK AND SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE SUBSTANTIVE FEDERAL LAWS OF THE UNITED STATES AND THE LAWS OF SUCH STATE. OPTIONEE AND OPTIONOR HEREBY IRREVOCABLY SUBMIT TO THE JURISDICTION OF
ANY STATE OR FEDERAL COURT SITTING IN THE CITY AND STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND HEREBY IRREVOCABLY AGREE THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING SHALL BE HEARD AND
DETERMINED IN A STATE OR FEDERAL COURT SITTING IN THE CITY AND STATE OF NEW YORK. OPTIONOR AND OPTIONEE AGREE THAT THE PROVISIONS OF THIS SECTION 11.4 SHALL SURVIVE THE CLOSING OF THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT OR THE
EXPIRATION OF THIS AGREEMENT INDEFINITELY. 
 Section 11.5 The parties acknowledge that the parties and their counsel have reviewed and
revised this Agreement and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any exhibits or amendments hereto. 

Section 11.6 This Agreement and the instruments referred to herein may not be amended, waived, or discharged except by an instrument in
writing executed by the party against whom enforcement of such amendment, waiver, or discharge is sought. 
 Section 11.7 This
Agreement shall not be binding or effective until Optionor and Optionee have executed and delivered a counterpart of the same, each of which shall constitute an original, but all of which taken together shall constitute one agreement. This Agreement
may be executed in one or more counterparts (whether original, facsimile, portable document format, or otherwise), each of which shall be deemed an original, but all of which shall together constitute one and the same instrument. 

  
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 Section 11.8 If any provisions of this Agreement shall be held to be illegal, unenforceable,
or inapplicable in any respect, each such holding shall not affect the enforceability of any other provisions of this Agreement or the enforcement of this Agreement under any other circumstances. Without limiting the foregoing, if any option, right,
restriction, condition, covenant, or other provision of this Agreement or any application thereof would otherwise be invalid or unenforceable by reason of the rule against perpetuities, any similar statutory rule or the application thereof, the same
shall be effective only until, and not after, twenty-one (21) years less one day have elapsed after the death of the last descendant surviving on the date hereof of John D. Rockefeller, Jr. 

Section 11.9 The captions and headings throughout this Agreement are for convenience and reference only and they shall in no way be held
or deemed to define, modify, or alter the meaning, scope, or intent of any provision of this Agreement. Words such as “herein”, “hereinafter”, “hereof”, and “hereunder” refer to this Agreement as a whole and
not merely to the paragraph, Article, Section or other subdivision in which such words appear, unless the context otherwise requires. References to “Articles” or “Sections” are to Articles or Sections of this Agreement,
respectively, unless otherwise specifically provided. 
 Section 11.10 As used herein, “Business Day” shall mean any
day other than a Saturday, Sunday or bank holiday in the State of New York. 
 Section 11.11 Except as otherwise expressly provided, no
delay or omission by any party hereto to exercise any right or power occurring upon any noncompliance or failure of performance by the other party under the provisions of this Agreement shall impair any such right or power or be construed to be a
waiver thereof. A waiver by any party hereto of any of the terms, covenants, conditions, or agreements hereof to be performed by the other party shall not be construed to be a waiver of any succeeding breach thereof or of any other term, covenant,
condition, or agreement herein contained. No provision of this Agreement shall be deemed to have been waived by a party unless such waiver is in writing signed by such party. 

Section 11.12 Each party agrees that the information contained herein, and any information exchanged between the parties in connection
with the proposed transactions described herein, is strictly confidential. No party shall disclose the existence of, nor any of the terms contained in, this Agreement, nor the substance of any other discussions between the parties, to any other
person or entity except to the extent required by any applicable securities or other laws; provided, however, that each party may share any and all information it deems pertinent with regulators, lenders, prospective lenders, investors, prospective
investors, counsel, consultants, accountants, advisors, but shall require that such persons and entities shall keep such information confidential and shall be responsible for any breach of such confidentiality by such persons or entities. This
Section 10.12 shall not inhibit any disclosure to any governmental authority, whether domestic or foreign, to assure compliance with any applicable laws. The provisions of this Section 10.12 shall survive the Closing
hereunder or the expiration of this Agreement indefinitely. 
 [Remainder of Page Intentionally Left Blank; Signatures to Follow] 

  
 14 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the parties as of the date first
written above. 
 OPTIONOR: 
  

							
	712 FIFTH AVENUE, L.P., a Delaware limited partnership
		
	By:	 	712 FIFTH AVENUE G.P., L.L.C., its general partner
			
		 	By:	 	 /s/ Vito Messina

		 		 	Name:	 	Vito Messina
		 		 	Title:	 	Vice President

 [Signatures continue on the following page] 

  
 [Signature Page to
Put Option Agreement] 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the parties as of the date first
written above. 
  

					
	OPTIONOR:
	
	712 FIFTH AVENUE, L.P., a New York limited partnership
			
		 	By:	 	712 FIFTH AVENUE G.P., L.L.C., its general partner
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Acknowledged and accepted by:
	
	WvF, Inc., a Delaware corporation
		
	By:	 	 /s/ Thomas Patrick Dore, Jr.

	Name:	 	Thomas Patrick Dore, Jr.
	Title:	 	Vice President and Secretary

  
 16 

					
	OPTIONEE:
	
	WvF, INC., a Delaware corporation
		
	By:	 	 /s/ Thomas Patrick Dore, Jr.

	Name:	 	Thomas Patrick Dore, Jr.
	Title:	 	Vice President and Secretary
	
	WvF 2 W. 56, INC., a Delaware Corporation
		
	By:	 	 /s/ Thomas Patrick Dore, Jr.

	Name:	 	Thomas Patrick Dore, Jr.
	Title:	 	Vice President and Secretary
	
	WvF 718, L.P., a Delaware limited partnership
			
		 	By:	 	WvF 718, Inc., its general partner
		
	By:	 	 /s/ Thomas Patrick Dore, Jr.

	Name:	 	Thomas Patrick Dore, Jr.
	Title:	 	Vice President and Secretary
	
	WvF, L.P., a Delaware limited partnership
			
		 	By:	 	WvF, Inc., its general partner
		
	By:	 	 /s/ Thomas Patrick Dore, Jr.

	Name:	 	Thomas Patrick Dore, Jr.
	Title:	 	Vice President and Secretary

  
 [Signature Page to
Put Option Agreement] 

 EXHIBIT A 

718 PREMISES 
 All that
certain plot, piece or parcel of land, situate, lying and being in the Borough of Manhattan, City, County and State of New York, known as 718 Fifth Avenue and bounded and described as follows: 

BEGINNING at the corner formed by the intersection of the southerly side of 56th Street with the westerly side of Fifth Avenue; 

Running thence SOUTHERLY, along the westerly side of Fifth Avenue, 27 feet; 

Thence WESTERLY, parallel with 56th Street and part of the distance through a party wall, 100 feet; 

Thence NORTHERLY, parallel with Fifth Avenue 27 feet to the southerly side of 56th Street; and 

Thence EASTERLY, along the southerly side of 56th Street, 100 feet to the point or place of BEGINNING. 

 EXHIBIT B 

712 PREMISES 
 Parcels 1 through 6: 

All that certain plot, piece or parcel of land, situate, lying and being in the Borough of Manhattan, County of New York, City and State of New York, bounded
and described as follows: 
 BEGINNING at a point on the southerly side of West 56th Street distant 100 feet westerly from the corner formed by the
intersection of the southerly side of West 56th Street and the westerly side of Fifth Avenue; 
 RUNNING THENCE southerly and parallel with the westerly
side of Fifth Avenue a distance of 27 feet; 
 THENCE easterly and parallel with the southerly side of West 56th Street, and part of the distance through a
party wall a distance of 100 feet to the westerly side of Fifth Avenue; 
 THENCE southerly along the westerly side of Fifth Avenue a distance of 76 feet 1
inch to a point which is distant 97 feet 9 inches northerly from the corner formed by the northerly side of West 55th Street with the westerly side of Fifth Avenue; 

THENCE westerly and part of the distance through a party wall a distance of 36 feet 4 inches; 

THENCE northerly and parallel with Fifth Avenue 0 feet 2  3⁄4
inches; 
 THENCE westerly parallel with 56th Street 11 feet 2 inches; 

THENCE northerly parallel with Fifth Avenue 1 foot 8  3⁄4 inches;

 THENCE westerly parallel with West 56th Street 102 feet 6 inches; 

THENCE northerly parallel with Fifth Avenue 1 foot 1  1⁄2 inches;

 THENCE westerly and parallel with West 56th Street 50 feet; 

THENCE northerly and parallel with Fifth Avenue 100 feet to the southerly side of West 56th Street said point being distant 720 feet easterly from the corner
formed by the easterly side of Avenue of the Americas and the southerly side of West 56th Street; 
 THENCE easterly along the southerly side of West 56th
Street 100 feet to the point or place of BEGINNING. 

 Parcel 7: 
 All
that certain plot, piece or parcel of land, situate, lying and being in the Borough of Manhattan, County of New York, City and State of New York, bounded and described as follows: 

BEGINNING at a point on the westerly side of Fifth Avenue, distant 103 feet 1 inch southerly from the corner formed by the intersection of the southerly side
of West 56th Street and the westerly side of Fifth Avenue; 
 RUNNING THENCE Southerly along the westerly side of Fifth Avenue 97 feet 9 inches to the
corner formed by the intersection of the westerly side of Fifth Avenue and the northerly side of West 55th Street; 
 THENCE Westerly along the northerly
side of West 55th street, 200 feet to a point; 
 THENCE Northerly parallel with the westerly side of Fifth Avenue 100 feet 10 inches to a point; 

THENCE Easterly parallel with the northerly side of West 55th Street 50 feet to a point; 

THENCE Southerly parallel with the westerly side of Fifth Avenue 1 foot 1
 1⁄2 inches to a point; 
 THENCE Easterly parallel with the
northerly side of West 55th Street, 102 feet 6 inches to a point; 
 THENCE Southerly parallel with the westerly side of Fifth Avenue 1 foot 8  3⁄4 inches to a point; 
 THENCE Easterly parallel with the northerly
side of West 55th Street 11 feet 2 inches to a point; 
 THENCE Southerly parallel with the westerly side of Fifth Avenue 0 feet 2  3⁄4 inches to a point; 
 THENCE Easterly parallel with the northerly
side of West 55th Street 36 feet 4 inches to the westerly side of Fifth Avenue, the point or place of BEGINNING. 
 Parcels 1 through 7 form one contiguous
plot. 

  
 19EX-10.39

 Exhibit 10.39 
  

 
  

Published CUSIP Number: 69924LAA9 

CREDIT AGREEMENT 
 Dated as
of                     , 2014 
 among

 PARAMOUNT GROUP OPERATING PARTNERSHIP LP, 

as the Borrower, 
 and 

PARAMOUNT GROUP, INC. 
 and

 CERTAIN SUBSIDIARIES OF 

PARAMOUNT GROUP, INC. 

FROM TIME TO TIME PARTY HERETO, 

as Guarantors 
 BANK OF AMERICA,
N.A., 
 as Administrative Agent and Swing Line Lender 

MORGAN STANLEY SENIOR FUNDING, INC. 

and 
 WELLS FARGO BANK, NATIONAL
ASSOCIATION 
 as Co-Syndication Agents 

U.S. BANK NATIONAL ASSOCIATION 

as Documentation Agent 
 BANK OF
AMERICA, N.A., 
 MORGAN STANLEY BANK, N.A.. 

and 
 WELLS FARGO BANK, NATIONAL
ASSOCIATION 
 as L/C Issuers 

and 
 THE LENDERS FROM TIME TO
TIME PARTY HERETO 
 BANK OF AMERICA MERRILL LYNCH, 

MORGAN STANLEY SENIOR FUNDING, INC. 

and 
 WELLS FARGO SECURITIES, LLC

 as Joint Lead Arrangers and Joint Bookrunners 
  

 
  

 TABLE OF CONTENTS 

 

							
	 Section
	 	 	  	Page	 
			
	 ARTICLE I.
	 	 DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	  
	 1.01
	 	 Defined Terms
	  	 	1	  
	 1.02
	 	 Other Interpretive Provisions
	  	 	42	  
	 1.03
	 	 Accounting Terms
	  	 	43	  
	 1.04
	 	 Rounding
	  	 	44	  
	 1.05
	 	 Times of Day; Rates
	  	 	44	  
	 1.06
	 	 Letter of Credit Amounts
	  	 	44	  
	 ARTICLE II.
	 	 THE COMMITMENTS AND CREDIT EXTENSIONS
	  	 	45	  
	 2.01
	 	 Committed Loans
	  	 	45	  
	 2.02
	 	 Borrowings, Conversions and Continuations of Committed Loans
	  	 	45	  
	 2.03
	 	 Bid Loans
	  	 	47	  
	 2.04
	 	 Facility A Letters of Credit
	  	 	50	  
	 2.05
	 	 REIT L/Cs
	  	 	61	  
	 2.06
	 	 Swing Line Loans
	  	 	70	  
	 2.07
	 	 Prepayments
	  	 	74	  
	 2.08
	 	 Termination or Reduction of Revolving Credit Facility
	  	 	75	  
	 2.09
	 	 Repayment of Loans
	  	 	75	  
	 2.10
	 	 Interest
	  	 	76	  
	 2.11
	 	 Fees
	  	 	76	  
	 2.12
	 	 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate
	  	 	77	  
	 2.13
	 	 Evidence of Debt
	  	 	78	  
	 2.14
	 	 Payments Generally; Administrative Agent’s Clawback
	  	 	78	  
	 2.15
	 	 Sharing of Payments by Lenders
	  	 	80	  
	 2.16
	 	 Extension of Revolver A Maturity Date
	  	 	81	  
	 2.17
	 	 Extension of Revolver B Maturity Date
	  	 	82	  
	 2.18
	 	 Increase in Commitments
	  	 	83	  
	 2.19
	 	 Cash Collateral
	  	 	85	  
	 2.20
	 	 Defaulting Lenders
	  	 	86	  
	 ARTICLE III.
	 	 TAXES, YIELD PROTECTION AND ILLEGALITY
	  	 	90	  
	 3.01
	 	 Taxes
	  	 	90	  
	 3.02
	 	 Illegality
	  	 	95	  
	 3.03
	 	 Inability to Determine Rates
	  	 	95	  
	 3.04
	 	 Increased Costs; Reserves on Eurodollar Rate Loans
	  	 	96	  
	 3.05
	 	 Compensation for Losses
	  	 	98	  
	 3.06
	 	 Mitigation Obligations; Replacement of Lenders
	  	 	99	  
	 3.07
	 	 Survival
	  	 	99	  
	 ARTICLE IV.
	 	 CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
	  	 	99	  
	 4.01
	 	 Conditions of Initial Credit Extension
	  	 	99	  
	 4.02
	 	 Conditions to all Credit Extensions
	  	 	102	  
	 ARTICLE V.
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	102	  
	 5.01
	 	 Existence, Qualification and Power
	  	 	102	  
	 5.02
	 	 Authorization; No Contravention
	  	 	103	  

  
 i 

							
	 5.03
	 	 Governmental Authorization; Other Consents
	  	 	103	  
	 5.04
	 	 Binding Effect
	  	 	103	  
	 5.05
	 	 Financial Statements; No Material Adverse Effect
	  	 	103	  
	 5.06
	 	 Litigation
	  	 	104	  
	 5.07
	 	 No Default
	  	 	104	  
	 5.08
	 	 Ownership of Property
	  	 	104	  
	 5.09
	 	 Environmental Compliance
	  	 	104	  
	 5.10
	 	 Insurance
	  	 	105	  
	 5.11
	 	 Taxes
	  	 	105	  
	 5.12
	 	 ERISA Compliance
	  	 	105	  
	 5.13
	 	 Subsidiaries; Equity Interests
	  	 	106	  
	 5.14
	 	 Margin Regulations; Investment Company Act
	  	 	106	  
	 5.15
	 	 Disclosure
	  	 	106	  
	 5.16
	 	 Compliance with Laws
	  	 	107	  
	 5.17
	 	 [Reserved]
	  	 	107	  
	 5.18
	 	 Solvency
	  	 	107	  
	 5.19
	 	 OFAC
	  	 	107	  
	 5.20
	 	 Anti-Money Laundering Laws; Anti-Corruption Laws
	  	 	107	  
	 5.21
	 	 REIT Status; Stock Exchange Listing
	  	 	107	  
	 5.22
	 	 Unencumbered Properties
	  	 	108	  
	 5.23
	 	 Subsidiary Guarantors
	  	 	108	  
	 ARTICLE VI.
	 	 AFFIRMATIVE COVENANTS
	  	 	108	  
	 6.01
	 	 Financial Statements
	  	 	108	  
	 6.02
	 	 Certificates; Other Information
	  	 	109	  
	 6.03
	 	 Notices
	  	 	111	  
	 6.04
	 	 Payment of Taxes
	  	 	111	  
	 6.05
	 	 Preservation of Existence, Etc.
	  	 	111	  
	 6.06
	 	 Maintenance of Properties
	  	 	112	  
	 6.07
	 	 Maintenance of Insurance
	  	 	112	  
	 6.08
	 	 Compliance with Laws
	  	 	112	  
	 6.09
	 	 Books and Records
	  	 	112	  
	 6.10
	 	 Inspection Rights
	  	 	112	  
	 6.11
	 	 Use of Proceeds
	  	 	113	  
	 6.12
	 	 Additional Guarantors
	  	 	113	  
	 6.13
	 	 Compliance with Environmental Laws
	  	 	114	  
	 6.14
	 	 Minimum Property Condition
	  	 	114	  
	 6.15
	 	 Further Assurances
	  	 	114	  
	 6.16
	 	 Anti-Corruption Laws
	  	 	114	  
	 6.17
	 	 Maintenance of REIT Status; Stock Exchange Listing
	  	 	114	  
	 ARTICLE VII.
	 	 NEGATIVE COVENANTS
	  	 	114	  
	 7.01
	 	 Liens
	  	 	114	  
	 7.02
	 	 Investments
	  	 	115	  
	 7.03
	 	 Indebtedness
	  	 	116	  
	 7.04
	 	 Minimum Property Condition
	  	 	116	  
	 7.05
	 	 Fundamental Changes; Dispositions
	  	 	116	  
	 7.06
	 	 Restricted Payments
	  	 	117	  

  
 ii 

							
	 7.07
	 	 Change in Nature of Business
	  	 	117	  
	 7.08
	 	 Transactions with Affiliates
	  	 	118	  
	 7.09
	 	 Burdensome Agreements
	  	 	118	  
	 7.10
	 	 Use of Proceeds
	  	 	118	  
	 7.11
	 	 Financial Covenants
	  	 	118	  
	 7.12
	 	 Amendments of Organization Documents
	  	 	119	  
	 7.13
	 	 Accounting Changes
	  	 	119	  
	 7.14
	 	 Anti-Money Laundering; Sanctions; Anti-Corruption Laws
	  	 	119	  
	 7.15
	 	 Compliance with Environmental Laws
	  	 	120	  
	 7.16
	 	 Parent Covenants
	  	 	120	  
	 ARTICLE VIII.
	 	 EVENTS OF DEFAULT AND REMEDIES
	  	 	121	  
	 8.01
	 	 Events of Default
	  	 	121	  
	 8.02
	 	 Remedies Upon Event of Default
	  	 	123	  
	 8.03
	 	 Application of Funds
	  	 	124	  
	 ARTICLE IX.
	 	 ADMINISTRATIVE AGENT
	  	 	124	  
	 9.01
	 	 Appointment and Authority
	  	 	124	  
	 9.02
	 	 Rights as a Lender
	  	 	125	  
	 9.03
	 	 Exculpatory Provisions
	  	 	125	  
	 9.04
	 	 Reliance by Administrative Agent
	  	 	126	  
	 9.05
	 	 Delegation of Duties
	  	 	126	  
	 9.06
	 	 Resignation of Administrative Agent
	  	 	126	  
	 9.07
	 	 Non-Reliance on Administrative Agent and Other Lenders
	  	 	128	  
	 9.08
	 	 No Other Duties, Etc
	  	 	128	  
	 9.09
	 	 Administrative Agent May File Proofs of Claim
	  	 	129	  
	 9.10
	 	 Guaranty Matters
	  	 	129	  
	 ARTICLE X.
	 	 CONTINUING GUARANTY
	  	 	129	  
	 10.01
	 	 Guaranty
	  	 	129	  
	 10.02
	 	 Rights of Lenders
	  	 	130	  
	 10.03
	 	 Certain Waivers
	  	 	130	  
	 10.04
	 	 Obligations Independent
	  	 	131	  
	 10.05
	 	 Subrogation
	  	 	131	  
	 10.06
	 	 Termination; Reinstatement
	  	 	131	  
	 10.07
	 	 Subordination
	  	 	131	  
	 10.08
	 	 Stay of Acceleration
	  	 	132	  
	 10.09
	 	 Condition of the Borrower
	  	 	132	  
	 10.10
	 	 Contribution
	  	 	132	  
	 10.11
	 	 REIT Recourse Limitation
	  	 	133	  
	 ARTICLE XI.
	 	 MISCELLANEOUS
	  	 	133	  
	 11.01
	 	 Amendments, Etc
	  	 	133	  
	 11.02
	 	 Notices; Effectiveness; Electronic Communication
	  	 	136	  
	 11.03
	 	 No Waiver; Cumulative Remedies; Enforcement
	  	 	139	  
	 11.04
	 	 Expenses; Indemnity; Damage Waiver
	  	 	139	  
	 11.05
	 	 Payments Set Aside
	  	 	141	  
	 11.06
	 	 Successors and Assigns
	  	 	142	  
	 11.07
	 	 Treatment of Certain Information; Confidentiality
	  	 	148	  
	 11.08
	 	 Right of Setoff
	  	 	149	  

  
 iii 

							
	 11.09
	 	 Interest Rate Limitation
	  	 	150	  
	 11.10
	 	 Counterparts; Integration; Effectiveness
	  	 	150	  
	 11.11
	 	 Survival of Representations and Warranties
	  	 	150	  
	 11.12
	 	 Severability
	  	 	151	  
	 11.13
	 	 Replacement of Lenders
	  	 	151	  
	 11.14
	 	 Governing Law; Jurisdiction; Etc
	  	 	152	  
	 11.15
	 	 Waiver of Jury Trial
	  	 	153	  
	 11.16
	 	 No Advisory or Fiduciary Responsibility
	  	 	153	  
	 11.17
	 	 Electronic Execution of Assignments and Certain Other Documents
	  	 	154	  
	 11.18
	 	 USA PATRIOT Act
	  	 	154	  
	 11.19
	 	 Releases of Guarantors
	  	 	155	  
	 11.20
	 	 ENTIRE AGREEMENT
	  	 	157	  
	 SIGNATURES
	  	 	S1	  

  
 iv 

 SCHEDULES 
  

			
	1.01A	  	Closing Date Unencumbered Eligible Properties
	1.01B	  	Disqualified Assignees
	1.01C	  	REIT L/Cs
	2.01	  	Commitments and Applicable Percentages
	5.13	  	Subsidiaries; Equity Interests; Loan Parties
	11.02	  	Administrative Agent’s Office; Certain Addresses for Notices

 EXHIBITS 
  

			
	 	  	Form of
		
	A	  	Committed Loan Notice
	B-1	  	Competitive Bid Request
	B-2	  	Competitive Bid
	C	  	Swing Line Loan Notice
	D-1	  	Revolving A Note
	D-2	  	Revolving B Note
	E	  	Compliance Certificate
	F-1	  	Assignment and Assumption
	F-2	  	Administrative Questionnaire
	G	  	Forms of U.S. Tax Compliance Certificates
	H	  	Form of Joinder Agreement
	I	  	Solvency Certificate

  
 v 

 CREDIT AGREEMENT 

This CREDIT AGREEMENT (“Agreement”) is entered into as of
                    , 2014, among PARAMOUNT GROUP OPERATING PARTNERSHIP LP, a Delaware limited partnership (the “Borrower”),
PARAMOUNT GROUP, INC., a Maryland corporation (the “REIT”), and certain subsidiaries of the REIT from time to time party hereto, as Guarantors, 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 Swing Line Lender, and the financial institutions party hereto as L/C Issuers. 

The Borrower has requested that the Lenders provide revolving credit facilities to the Borrower, 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: 

“Absolute Rate” means a fixed rate of interest expressed in multiples of 1/100th of one basis point. 

“Absolute Rate Loan” means a Bid Loan that bears interest at a rate determined with reference to an Absolute Rate. 

“Accepting Lenders” has the meaning specified in Section 11.01. 

“Acquisition” means (a) the purchase or other acquisition of all or substantially all of the Equity Interests of another
Person or (b) the purchase or other acquisition (in one transaction or a series of transactions) of all or substantially all of the assets of another Person that constitute a business unit. 

“Adjusted Consolidated EBITDA” means, for any period, an amount equal to (a) Consolidated EBITDA for such period,
minus (b) the aggregate Capital Expenditure Amount for all Properties for such period. 
 “Adjusted Unencumbered
NOI” means, for any period for any Unencumbered Eligible Property, (a) Unencumbered NOI for such Unencumbered Eligible Property for such period, less (b) the Capital Expenditure Amount for such Unencumbered Eligible Property,
provided, that: 
 (i) not more than 25% of the aggregate Adjusted Unencumbered NOI for all Unencumbered Eligible Properties at any
time may come from any single tenant, with any excess over the foregoing limit being excluded from such aggregate Adjusted Unencumbered NOI; and 

(ii) not more than 20% of the aggregate Adjusted Unencumbered NOI for all Unencumbered Eligible Properties at any time may be in respect of
Properties that are not office properties, with any excess over the foregoing limit being excluded from such aggregate Adjusted Unencumbered NOI. 

 “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’s Office” means
the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 11.02, or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the Lenders. 

“Administrative Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit F-2 or any
other form approved by the Administrative Agent. 
 “Affected Facility” has the meaning specified in
Section 11.01. 
 “Affiliate” means, with respect to a specified Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. In no event shall the Administrative Agent or any Lender be deemed to be an Affiliate of the REIT or any of its
Subsidiaries. 
 “Agreement” means this Credit Agreement. 

“Anti-Corruption Laws” means the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder
(the “FCPA”) or any other applicable anti-corruption law. 
 “Applicable Percentage” means (a) in
respect of the Revolving A Credit Facility, with respect to any Revolving A Lender at any time, the percentage (carried out to the ninth decimal place) of the Revolving A Credit Facility represented by such Revolving A Lender’s Revolving A
Credit Commitment at such time, subject to adjustment as provided in Section 2.20; provided, that if the commitment of each Revolving A Lender to make Revolving A Credit Loans and the obligation of the Facility A L/C Issuers to
make Facility A L/C Credit Extensions have been terminated pursuant to Section 8.02 or if the Revolving A Credit Commitments have expired, then the Applicable Percentage of each Revolving A Lender in respect of the Revolving A Credit
Facility shall be determined based on the Applicable Percentage of such Revolving A Lender in respect of the Revolving A Credit Facility most recently in effect, giving effect to any subsequent assignments made in accordance with the terms of this
Agreement, (b) in respect of the Revolving B Credit Facility, with respect to any Revolving B Lender at any time, the percentage (carried out to the ninth decimal place) of the Revolving B Credit Facility represented by such Revolving B
Lender’s Revolving B Credit Commitment at such time, subject to adjustment as provided in Section 2.20; provided, that if the commitment of each Revolving B Lender to make Committed Revolving B Credit Loans and the obligation
of each Facility B L/C Issuer to make Facility B L/C Credit Extensions have been terminated pursuant to Section 8.02 or if the Revolving B Credit Commitments have expired, then the Applicable Percentage of each Revolving B Lender in
respect of the Revolving B Credit Facility shall be determined based on the Applicable Percentage of such Revolving B Lender in respect of the Revolving B Credit Facility most recently in effect, giving effect to any subsequent assignments made in
accordance with the terms of this Agreement and (c) in respect of the Revolving Credit Facility, with respect 

  
 2 

 
to any Revolving Lender at any time, the percentage (carried out to the ninth decimal place) of the Revolving Credit Facility represented by such Revolving Lender’s Revolving Credit
Commitments at such time, subject to adjustment as provided in Section 2.20; provided, that if the commitment of each Revolving Lender to make Revolving Credit Loans and the obligation of each L/C Issuer to make L/C Credit
Extensions have been terminated pursuant to Section 8.02 or if the Revolving Credit Commitments have expired, then the Applicable Percentage of each Revolving Lender in respect of the Revolving Credit Facility shall be determined based
on the Applicable Percentage of such Revolving Lender in respect of the Revolving Credit Facility 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 or New Lender Joinder Agreement pursuant to which such Lender becomes a party hereto, as applicable . 

“Applicable Rate” means, for any day, with respect to any Eurodollar Rate Loan, Base Rate Loan, Letter of Credit Fee and
Facility Fee, as the case may be: 
 (a) until the Investment Grade Pricing Effective Date, the applicable rate per annum set
forth below, based upon the range into which the Consolidated Leverage Ratio then falls in accordance with the following table (the “Leverage-Based Applicable Rate”): 

 

																			
	 Pricing Level
	  	Consolidated
Leverage Ratio	  	Facility Fee	 	 	Eurodollar Rate
Margin for
Committed
Revolving A Credit
Loans and Facility
A Letter of Credit
Fees	 	 	Base Rate
Margin	 	 	Eurodollar Rate
Margin for
Committed
Revolving B Credit
Loans and Facility
B Letter of Credit
Fees	 
	 Category 1
	  	£ 35%	  	 	0.20	% 	 	 	1.20	% 	 	 	0.20	% 	 	 	0.80	% 
	 Category 2
	  	> 35% and £ 45%	  	 	0.25	% 	 	 	1.25	% 	 	 	0.25	% 	 	 	0.85	% 
	 Category 3
	  	> 45% and £ 50%	  	 	0.25	% 	 	 	1.45	% 	 	 	0.45	% 	 	 	1.05	% 
	 Category 4
	  	> 50% and £ 55%	  	 	0.30	% 	 	 	1.55	% 	 	 	0.55	% 	 	 	1.15	% 
	 Category 5
	  	> 55% and £ 60%	  	 	0.35	% 	 	 	1.70	% 	 	 	0.70	% 	 	 	1.30	% 

 The Consolidated Leverage Ratio shall be determined as of the end of each fiscal quarter based on the
financial statements and related Compliance Certificate delivered pursuant to Section 6.01 and Section 6.02(b), respectively, in respect of such fiscal quarter or fiscal year, and each change in rates resulting from a change
in the Consolidated Leverage Ratio shall be effective from and including the first Business Day immediately following the date when the Administrative Agent receives such financial statements and related Compliance Certificate indicating such change
but excluding the effective date of the next such change. Notwithstanding the foregoing, if either the financial statements or related Compliance Certificate are not delivered when due in accordance with Section 6.01 and
Section 6.02(b), respectively, then the highest pricing (at Pricing Level Category 5) shall apply as of the first Business Day after the date on which such financial statements and related Compliance

  
 3 

 
Certificate were required to have been delivered and shall continue to apply until the first Business Day immediately following the date such financial statements and related Compliance
Certificate are delivered in accordance with Section 6.01 and Section 6.02(b), respectively, whereupon the Applicable Rate shall be adjusted based upon the calculation of the Consolidated Leverage Ratio contained in such
Compliance Certificate. The Applicable Rate in effect from the Closing Date through the first Business Day immediately following the date financial statements and a Compliance Certificate are required to be delivered pursuant to
Section 6.01 and Section 6.02(b), respectively, for the fiscal quarter ending December 31, 2014 shall be at Pricing Level Category 3. 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 2.12(b); or 

(b) at all times on and after the Investment Grade Pricing Effective Date, the applicable rate per annum set forth below, based
upon such Debt Ratings as set forth below applicable on such date (the “Ratings-Based Applicable Rate”): 
  

																			
	 Pricing Level
	  	Debt Rating
(S&P/Moody’s)	  	Facility Fee	 	 	Eurodollar Rate
Margin for
Committed
Revolving A Credit
Loans and Facility
A Letter of Credit
Fees	 	 	Base Rate
Margin	 	 	Eurodollar Rate
Margin for
Committed
Revolving B Credit
Loans and Facility
B Letter of Credit
Fees	 
	 Category 1
	  	3 A- / A3	  	 	0.125	% 	 	 	0.875	% 	 	 	0.00	% 	 	 	0.475	% 
	 Category 2
	  	BBB+ / Baa1	  	 	0.150	% 	 	 	0.925	% 	 	 	0.00	% 	 	 	0.525	% 
	 Category 3
	  	BBB/ Baa2	  	 	0.200	% 	 	 	1.050	% 	 	 	0.05	% 	 	 	0.650	% 
	 Category 4
	  	BBB- / Baa3	  	 	0.250	% 	 	 	1.250	% 	 	 	0.25	% 	 	 	0.850	% 
	 Category 5
	  	< BBB- / Baa3
 (or unrated)
	  	 	0.300	% 	 	 	1.650	% 	 	 	0.65	% 	 	 	1.250	% 

 For purposes hereof, “Debt Rating” means, as of any date of determination, the rating as
determined by S&P and/or Moody’s of the Borrower’s or the REIT’s non-credit enhanced, senior unsecured long-term debt; provided if at any time the Borrower or the REIT, as applicable, has two (2) Debt Ratings, and such Debt
Ratings are not equivalent, then: (A) if the difference between such Debt Ratings is one ratings category (e.g. Baa2 by Moody’s and BBB- by S&P), the Applicable Rate shall be determined based on the higher of the Debt Ratings; and
(B) if the difference between such Debt Ratings is two ratings categories (e.g. Baa1 by Moody’s and BBB- by S&P) or more, the Applicable Rate shall be determined based on the Debt Rating that is one higher than the lower of the
applicable Debt Ratings. If at any time the Borrower or the REIT, as applicable, has no Debt Ratings, then the Applicable Rate shall be at Pricing Level Category 5. 

“Applicable Revolving A Credit Percentage” means, with respect to any Revolving A Lender at any time, such Revolving A
Lender’s Applicable Percentage in respect of the Revolving A Credit Facility at such time. 

  
 4 

 “Applicable Revolving B Credit Percentage” means, with respect to any Revolving
B Lender at any time, such Revolving B Lender’s Applicable Percentage in respect of the Revolving B Credit Facility at such time. 

“Appropriate Lender” means, at any time, (a) with respect to the Revolving A Credit Facility, a Lender that has a
Revolving A Credit Commitment and/or a Revolving A Credit Loan at such time, (b) with respect to the Revolving B Credit Facility, a Lender that has a Revolving B Credit Commitment and/or a Committed Revolving B Credit Loan at such time,
(c) with respect to the Facility A Letter of Credit Sublimit, (i) the Facility A L/C Issuers and (ii) if any Facility A Letters of Credit have been issued pursuant to Section 2.04(a), the Revolving A Lenders, (d) with
respect to the Swing Line Sublimit, (i) the Swing Line Lender and (ii) if any Swing Line Loans are outstanding pursuant to Section 2.06(a), the Revolving A Lenders and (e) with respect to the REIT L/Cs, the Facility B L/C
Issuers and the Revolving B Lenders. 
 “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. 

“Arrangers” means Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley Senior Funding, Inc. and Wells
Fargo Securities, LLC, each in its capacity as a joint lead arranger and joint bookrunner. 
 “Assignment and Assumption”
means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 11.06(b)), and accepted by the Administrative Agent, in substantially the form of
Exhibit F-1 or any other form (including electronic documentation generated by use of an electronic platform) approved by the 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 the audited consolidated balance sheet of the REIT and its Subsidiaries for the fiscal
year ended December 31, 2013, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year of the REIT and its Subsidiaries, including the notes thereto. 

“Availability Period” means at any time (a) in respect of the Revolving A Credit Facility, the period from and including
the Closing Date to the earliest of (i) the Revolver A Maturity Date, (ii) the date of termination of the Revolving A Credit Facility pursuant to Section 2.08, and (iii) the date of termination of the commitment of each
Revolving A Lender to make Revolving A Credit Loans and of the obligation of the Facility A L/C Issuers to make Facility A L/C Credit Extensions pursuant to Section 8.02, (b) with respect to the Revolving B Credit Commitment of a
Revolving B Lender, the period from and including the Closing Date to the earliest of (i) the 

  
 5 

 
Revolver B Maturity Date in effect with respect to such Revolving B Lender, (ii) the date of termination of the Revolving B Credit Facility pursuant to Section 2.08, and
(iii) the date of termination of the Revolving B Credit Commitments of all Revolving B Lenders and (c) in respect of the Revolving Credit Facility, the period from and including the Closing Date to the later of (i) the termination or
expiration of the Availability Period in respect of the Revolving A Credit Facility and (ii) the termination or expiration of each Revolving B Lender’s Availability Period in respect of the Revolving B Credit Facility. 

“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 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 for an Interest Period of one month plus
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 Committed Loan” means a Committed Loan that is a Base Rate Loan. 

“Base Rate Loan” means a Loan that bears interest based on the Base Rate. 

“Bid Borrowing” means a borrowing consisting of simultaneous Bid Loans of the same Type from each of the Revolving A Lenders
whose offer to make one or more Bid Loans as part of such borrowing has been accepted under the auction bidding procedures described in Section 2.03. 

“Bid Loan” has the meaning specified in Section 2.03(a). 

“Bid Loan Lender” means, in respect of any Bid Loan, the Revolving A Lender making such Bid Loan to the Borrower. 

“Bid Loan Sublimit” means an amount equal to 50% of the Revolving A Credit Facility. The Bid Loan Sublimit is part of, and
not in addition to, the Revolving A Credit Facility. 
 “Bid Request” means a written request for one or more Bid Loans
substantially in the form of Exhibit B-1. 
 “Borrower” has the meaning specified in the introductory paragraph
hereto. 
 “Borrower Materials” has the meaning specified in Section 6.02. 

“Borrowing” means a Revolving A Committed Borrowing, a Revolving B Committed Borrowing, a Bid Borrowing or a Swing Line
Borrowing, as the context may require. 

  
 6 

 “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 the 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 Expenditure Amount” means, for any Property for any period, an amount equal to the greater of
(a) $0.25 per weighted average gross leasable square foot from such Property and (b) actual capital expenditures made with respect to such Property during such period (other than expenditures that are accounted for as capital expenditures
by a Loan Party and that actually are paid for by a Person (including property sellers paying via closing credits and insurers) other than a Loan Party and for which no Loan Party has provided or is required to provide or incur, directly or
indirectly, any consideration or obligation to such Person or any other Person (whether before, during or after such period)); provided that the Consolidated Group’s Ownership Share of the Capital Expenditure Amount with respect to any
Real Property owned or ground leased by an Unconsolidated Affiliate during any period will be included in the calculation of Capital Expenditure Amount for such period on a basis consistent with the above described treatment for Properties, and the
Capital Expenditure Amount with respect to any Property that is owned by a non-Wholly-Owned Subsidiary of the Borrower or a non-Wholly-Owned Subsidiary of the REIT (other than Borrower and its Subsidiaries) shall be adjusted to account for Minority
Interests in such non-Wholly-Owned Subsidiary. 
 “Capitalization Rate” means 6.00%. 

“Capitalized Lease” means a lease under which the discounted future rental payment obligations of the lessee or the obligor
are required to be capitalized on the balance sheet of such Person in accordance with GAAP as in effect on the Closing Date. 

“Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more
of the L/C Issuers or the Lenders, as collateral for L/C Obligations or obligations of the applicable Lenders to fund participations in respect of L/C Obligations, cash or deposit account balances or, if the Administrative Agent and the applicable
L/C Issuer(s) shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and the applicable L/C Issuer(s). “Cash Collateral”
shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. 

“Cash Equivalents” means any of the following types of Investments: 

(a) readily marketable obligations issued or directly and fully guaranteed or insured by the United States or any agency or
instrumentality thereof having maturities of not more than 360 days from the date of acquisition thereof; provided that the full faith and credit of the United States is pledged in support thereof; 

(b) demand or time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that
(A) is a Lender or (B) (i) is organized under the laws of the United States, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding company organized under the laws of the

  
 7 

 
United States, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described
in clause (c) of this definition and (iii) has combined capital and surplus of at least $1,000,000,000, in each case with maturities of not more than 90 days from the date of acquisition thereof; 

(c) commercial paper issued by any Person organized under the laws of any state of the United States and rated at least
“Prime-1” (or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P, in each case with maturities of not more than 180 days from the date of acquisition thereof; and 

(d) investments, classified in accordance with GAAP as current assets of the Borrower or any of its Subsidiaries, in money
market investment programs registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating obtainable from either Moody’s or S&P, and the portfolios of which are limited
solely to Investments of the character, quality and maturity described in clauses (a), (b) and (c) of this definition. 

“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, implementation or application thereof by any Governmental Authority or (c) the making or
issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the
date enacted, adopted or issued. 
 “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 to have “beneficial ownership” of all securities 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 35% or more of the equity securities of the REIT entitled to vote for members of the board of directors
or equivalent governing body of the Borrower on a fully-diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right); 

  
 8 

 (b) during any period of 24 consecutive months, a majority of the members of the
board of directors or other equivalent governing body of the REIT 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) the REIT shall (i) cease to be the sole general partner of the Borrower or
shall otherwise cease to exclusively Control the Borrower; or (ii) cease to own, directly, (x) 100% of the general partnership interests of the Borrower and (y) Equity Interests of the Borrower representing at least 80% of the total
economic interests of the Equity Interests of the Borrower, in each case free and clear of all Liens. 
 “Closing Date”
means the first date all the conditions precedent in Section 4.01 are satisfied or waived in accordance with Section 11.01. 

“Code” means the Internal Revenue Code of 1986. 

“Committed Borrowing” means a Revolving A Committed Borrowing or a Revolving B Committed Borrowing. 

“Committed Loan” means a Committed Revolving A Credit Loan or a Committed Revolving B Credit Loan. 

“Committed Loan Notice” means a notice of (a) a Revolving A Committed Borrowing, (b) a Revolving B Committed
Borrowing, (c) a conversion of Committed Loans from one Type to the other, or (d) a continuation of Eurodollar Rate Committed Loans, pursuant to Section 2.02(a), substantially in the form of Exhibit A or such other
form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the
Borrower. 
 “Committed Revolving A Credit Loan” has the meaning specified in Section 2.01(a). 

“Committed Revolving B Credit Loan” has the meaning specified in Section 2.01(b). 

“Competitive Bid” means a written offer by a Revolving A Lender to make one or more Bid Loans, substantially in the form of
Exhibit B-2, duly completed and signed by a Revolving A Lender. 

  
 9 

 “Compliance Certificate” means a certificate substantially in the form of
Exhibit E. 
 “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income
(however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated Affiliate” means any Person
that is not a Subsidiary of the REIT (a) in which any member of the Consolidated Group, directly or indirectly, holds an Equity Interest and (b) whose financial results are consolidated with the financial results of the REIT under GAAP.

 “Consolidated EBITDA” means, for any period, an amount determined in accordance with GAAP equal to:
(a) Consolidated Net Income of the REIT for such period; plus (b) the sum of the following (without duplication and to the extent reflected as a charge or deduction in the statement of such Consolidated Net Income for such period):
(i) depreciation and amortization expense, (ii) Consolidated Interest Expense, (iii) income tax expense, (iv) amortization of intangibles (including goodwill) and organization costs, (v) any non-recurring expenses or losses,
(vi) any expense or loss resulting from termination of a Swap Contract during such period, (vii) any other non-cash charges (including non-cash impairment charges), (viii) all commissions, guaranty fees, discounts and other fees and
charges owed 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,
(ix) the Consolidated Group’s Ownership Share of the foregoing items and components referenced in clauses (b)(i) through (b)(viii) above attributable to Unconsolidated Affiliates, and (x) reasonable transaction fees and expenses
incurred in respect of the IPO, the Senior Credit Facility and any Acquisition or debt incurrence (in each case whether or not consummated); 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 non-recurring income or gains, (iii) any gain resulting from termination of a Swap Contract during
such period, (iv) any non-cash income (including non-cash income arising from changes in fair market value of an asset), (v) any cash payments made during such period in respect of items described in clause (b)(vii) 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, and (vi) the Consolidated Group’s Ownership Share of the foregoing items and components referenced in
clauses (c)(i) through (c)(v) above attributable to Unconsolidated Affiliates; provided that without duplication to the extent already excluded pursuant to the foregoing, Consolidated EBITDA shall not include the portion of the foregoing
items and components referenced in clauses (b) and (c) above that is attributable to Minority Interests. 
 “Consolidated
Fixed Charges” means, for any period, the sum (without duplication) of (a) Consolidated Interest Expense for such period, (b) all regularly scheduled principal payments made or required to be made with respect to Indebtedness of
the REIT and its subsidiaries during such period, other than any balloon or bullet payments necessary to repay maturing Indebtedness in full, (c) Restricted Payments with respect to preferred Equity Interests of the REIT or a Subsidiary thereof
that are paid in cash during such period to a Person that is not a Wholly-Owned Subsidiary of the REIT, and (d) the Consolidated Group’s Ownership Share of the foregoing items and components referenced in clauses (b) and
(c) attributable to the 

  
 10 

 
Consolidated Group’s interests in Unconsolidated Affiliates; provided that Consolidated Fixed Charges shall not include the portion of the foregoing items and components referenced in
clauses (a) through (c) above that is attributable to Minority Interests. 
 “Consolidated Group” means the Loan
Parties and their consolidated subsidiaries, as determined in accordance with GAAP. 
 “Consolidated Interest Expense”
means, for any period, without duplication, the sum of (i) total interest expense of the REIT and its consolidated Subsidiaries determined in accordance with GAAP (including for the avoidance of doubt interest attributable to Capitalized
Leases) excluding the portion thereof that is attributable to Minority Interests and (ii) the Consolidated Group’s Ownership Share of the Interest Expense of Unconsolidated Affiliates. 

“Consolidated Leverage Ratio” means, as of any date of determination, the quotient (expressed as a percentage) of
(i) Consolidated Total Indebtedness, divided by (ii) Total Asset Value. 
 “Consolidated Net Income” means, with
respect to any Person for any period and without duplication, the sum of (i) the consolidated net income (or loss) of such Person and its subsidiaries, determined in accordance with GAAP, excluding the portion thereof that is attributable to
Minority Interests and (ii) the Consolidated Group’s Ownership Share of the net income (or loss) attributable to Unconsolidated Affiliates. 

“Consolidated Secured Indebtedness” means, at any time, Consolidated Total Indebtedness that is Secured Indebtedness. 

“Consolidated Secured Recourse Indebtedness” means, at any time, Consolidated Secured Indebtedness that is not Non-Recourse
Indebtedness. 
 “Consolidated Tangible Net Worth” means, as of any date of determination, Shareholders’ Equity,
minus the Intangible Assets of the REIT and its subsidiaries, plus all accumulated depreciation and amortization of the REIT and its subsidiaries, in each case determined on a consolidated basis in accordance with GAAP. 

“Consolidated Total Indebtedness” means, as of any date of determination, the then aggregate outstanding amount of all
Indebtedness of the REIT and its subsidiaries on a consolidated basis. Notwithstanding the foregoing, Consolidated Total Indebtedness at any time shall be reduced by an amount equal to the lesser of (i) the then Consolidated Group’s
Ownership Share of PPF Paramount One Market Plaza Owner, L.P., multiplied by the then outstanding amount of Indebtedness of PPF Paramount One Market Plaza Owner, L.P. owed to the beneficiary of the REIT L/Cs and (ii) the then aggregate undrawn
face amount of the REIT L/Cs. 
 “Consolidated Unsecured Indebtedness” means, at any time, Consolidated Total Indebtedness
that is Unsecured Indebtedness. 
 “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. 

  
 11 

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

 “Credit Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit Extension. 

“Creditor Parties” means, collectively, the Administrative Agent, the Lenders, the L/C Issuers, and each co-agent or
sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.05, and the other Persons to whom the Obligations are owing. 

“Customary Non-Recourse Carve-outs” means, with respect to any Non-Recourse Indebtedness, exclusions from the exculpation
provisions with respect to such Non-Recourse Indebtedness for fraud, misrepresentation, misapplication of funds, waste, environmental claims, voluntary bankruptcy, collusive involuntary bankruptcy, prohibited transfers, violations of single purpose
entity covenants and other circumstances customarily excluded by institutional lenders from exculpation provisions and/or included in separate indemnification agreements in non-recourse financings of real estate. 

“Debt Rating” has the meaning specified in the definition of “Applicable Rate.” 

“Debtor Relief Laws” means the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States of America or other applicable jurisdictions from time to time in effect and
affecting the rights of creditors generally. 
 “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) 2% per
annum; provided, however, 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 2% per
annum, and (b) when used with respect to Letter of Credit Fees, a rate equal to the Applicable Rate plus 2% per annum. 

“Defaulting Lender” means, subject to Section 2.20(b), any Lender that (a) has failed to (i) fund all
or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s
determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the
Administrative Agent, any L/C Issuer, the Swing Line Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swing Line Loans) within two Business Days of the
date when due, (b) has 

  
 12 

 
notified the Borrower, the Administrative Agent, any L/C Issuer or the Swing Line Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public
statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding
(which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative
Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this
clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor
Relief Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the
Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity
Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States
or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the
Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such
Lender shall be deemed to be a Defaulting Lender (subject to Section 2.20(b)) as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent
to the Borrower, each L/C Issuer, the Swing Line Lender and each other Lender promptly following such determination. 
 “Designated
Jurisdiction” means any country or territory to the extent that such country or territory itself is the subject of any Sanction. 

“Disposition” or “Dispose” means the sale, transfer, license, lease 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 for
purposes hereof the unwinding of any Swap Contract. 
 “Disqualified Assignee” means a Person that is a competitor of the
Borrower that is specifically identified by name on Schedule 1.01B, as such schedule may be updated from time to time after the Closing Date upon the written request of the Borrower to the Administrative Agent and consented to in writing
by the Administrative Agent, such consent not to be unreasonably withheld, conditioned or delayed (but no such identification shall apply retroactively to a Person that already acquired and continues to hold (or has and remains committed to acquire,
without giving retroactive effect to any such commitment) an assignment or participation interest). 

  
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 “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)). 
 “Eligible
Ground Lease” means a ground lease with a Wholly-Owned Subsidiary of the REIT as lessee as to which no default or event of default has occurred or with the passage of time or the giving of notice would occur and containing the following
terms and conditions: (a) a remaining term (inclusive of any unexercised extension options) of thirty (30) years or more from the date the Property is included as an Unencumbered Eligible Property; (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 mortgagees making a loan secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease. 

“Environmental Laws” means any and all 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 Hazardous Material into the environment,
including those related to hazardous substances or wastes, air emissions and discharges to waste or public systems. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), of the Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the
generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or
(e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“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. 
 “ERISA” means the Employee Retirement Income Security Act of 1974. 

  
 14 

 “ERISA Affiliate” means the REIT and any trade or business (whether or not
incorporated) under common control with the 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 the Borrower 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 the Borrower 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 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 a plan 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 the Borrower or any ERISA Affiliate. 
 “Escrow Agreement” means the Escrow
Agreement, dated as of September     , 2014, among the Loan Parties, the Lenders, the Administrative Agent and Kaye Scholer LLP as escrow agent thereunder. 

“Eurodollar Bid Margin” means the margin above or below the Eurodollar Rate to be added to or subtracted from the Eurodollar
Rate applicable to a Eurodollar Margin Bid Loan, which margin shall be expressed in multiples of 1/100th of one basis point. 

“Eurodollar Margin Bid Loan” means a Bid Loan that bears interest at a rate based upon the Eurodollar Rate. 

“Eurodollar Rate” means: 

(a) for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered Rate
(“LIBOR”) or a comparable or successor rate, which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be
designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business 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; and 
 (b) for any interest calculation with respect to a Base Rate Loan on any date, the rate
per annum equal to LIBOR, at or about 11:00 a.m., London time determined two Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day; 

  
 15 

 
provided that to the extent a comparable or successor rate is approved by the Administrative Agent in connection herewith, the approved rate shall be applied in a manner consistent with
market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the
Administrative Agent. 
 Notwithstanding anything to the contrary contained herein, at any time that the Eurodollar Rate determined in accordance with the
foregoing is less than zero, such rate shall be deemed zero for purposes of this Agreement. 
 “Eurodollar Rate Committed
Loan” means a Committed Loan that bears interest at a rate based on clause (a) of the definition of “Eurodollar Rate.” 

“Eurodollar Rate Loan” means a Eurodollar Rate Committed Loan or a Eurodollar Margin Bid Loan. 

“Event of Default” has the meaning specified in Section 8.01. 

“Excluded Subsidiary” means any Subsidiary of Borrower that: 

(a) does not own or ground lease all or any portion of any Unencumbered Eligible Property; 

(b) does not, directly or indirectly, own all or any portion of the Equity Interests of any Subsidiary of Borrower that owns an
Unencumbered Eligible Property; and 
 (c) is: 

(i) not a Wholly-Owned Subsidiary of Borrower; or 

(ii) a borrower or guarantor of Secured Indebtedness owed to a non-Affiliate of the REIT (or a direct or indirect parent of
such borrower or guarantor (other than Borrower or the REIT)), and the terms of such Secured Indebtedness prohibit such Subsidiary from becoming a Guarantor; or 

(iii) an Immaterial Subsidiary. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or
deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws
of, or having its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a
Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such
interest in the Loan or Commitment (other than pursuant to an assignment request by the 

  
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Borrower under Section 11.13) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 3.01, amounts with respect
to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to
comply with Section 3.01(e) and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA. 
 “Facility A
Individual L/C Sublimit” means (i) with respect to Bank of America, an amount equal to $33,333,333.33, (ii) with respect to Morgan Stanley, an amount equal to $33,333,333.34 and (iii) with respect to Wells Fargo, an amount
equal to $33,333,333.33. The Facility A Individual L/C Sublimit of each Facility A L/C Issuer is part of, and not in addition to, the Facility A L/C Sublimit. 

“Facility A L/C Advance” means, with respect to each Revolving A Lender, such Revolving A Lender’s funding of its
participation in any Facility A L/C Borrowing in accordance with its Applicable Revolving A Credit Percentage. 
 “Facility A L/C
Borrowing” means an extension of credit resulting from a drawing under any Facility A Letter of Credit which has not been reimbursed on the date when made or refinanced as a Revolving A Committed Borrowing. 

“Facility A L/C Credit Extension” means, with respect to any Facility A Letter of Credit, the issuance thereof or extension
of the expiry date thereof, or the increase of the amount thereof. 
 “Facility A L/C Issuers” means, collectively,
(i) Bank of America, (ii) Morgan Stanley and (iii) Wells Fargo, in each case in its capacity as issuer of a Facility A Letter of Credit hereunder. 

“Facility A L/C Obligations” means, as at any date of determination, the aggregate amount available to be drawn under all
outstanding Facility A Letters of Credit plus the aggregate of all Facility A Unreimbursed Amounts, including all Facility A L/C Borrowings. For purposes of computing the amount available to be drawn under any Facility A Letter of Credit, the
amount of such Facility A 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 Facility 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 Facility A Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 

“Facility A L/C Sublimit” means an amount equal to $100,000,000. The Facility A Letter of Credit Sublimit is part of, and not
in addition to, the Revolving A Credit Facility. 
 “Facility A Letter of Credit” means any standby letter of credit issued
hereunder under the Revolving A Credit Facility providing for the payment of cash upon the honoring of a presentation thereunder. 

“Facility A Letter of Credit Expiration Date” means the day that is seven days prior to the Revolver A Maturity Date (or, if
such day is not a Business Day, the next preceding Business Day). 

  
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 “Facility A Letter of Credit Fee” has the meaning specified in
Section 2.04(h). 
 “Facility A Unreimbursed Amount” has the meaning specified in
Section 2.04(c)(i). 
 “Facility B Individual L/C Sublimit” means (i) with respect to Bank of America, an
amount equal to $66,666,666.67, (ii) with respect to Morgan Stanley, an amount equal to $66,666,666.66 and (iii) with respect to Wells Fargo, an amount equal to $66,666,666.67. The Facility B Individual L/C Sublimit of each Facility B L/C
Issuer is part of, and not in addition to, the Facility B L/C Sublimit. 
 “Facility B L/C Advance” means, with respect to
each Revolving B Lender, such Revolving B Lender’s funding of its participation in any Facility B L/C Borrowing in accordance with its Applicable Revolving B Credit Percentage. 

“Facility B L/C Borrowing” means an extension of credit resulting from a drawing under a REIT L/C which has not been
reimbursed on the date when made or refinanced as a Revolving B Committed Borrowing. 
 “Facility B L/C Credit Extension”
means, with respect to a REIT L/C, the issuance thereof or extension of the expiry date thereof. 
 “Facility B L/C
Issuers” means, collectively, (i) Bank of America, (ii) Morgan Stanley and (iii) Wells Fargo, in each case in its capacity as issuer of a REIT L/C hereunder. 

“Facility B L/C Obligations” means, as at any date of determination, the aggregate amount available to be drawn under all
outstanding REIT L/Cs plus the aggregate of all Facility B Unreimbursed Amounts, including all Facility B L/C Borrowings. For purposes of computing the amount available to be drawn under any REIT L/C, the amount of such REIT L/C shall be
determined in accordance with Section 1.06. For all purposes of this Agreement, if on any date of determination a REIT L/C 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 REIT L/C shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 
 “Facility
B L/C Sublimit” means an amount equal to $200,000,000. The Facility B Letter of Credit Sublimit is part of, and not in addition to, the Revolving B Credit Facility. 

“Facility B Letter of Credit Expiration Date” means the day that is one day prior to the Revolver B Maturity Date (or, if
such day is not a Business Day, the next preceding Business Day). 
 “Facility B Letter of Credit Fee” has the meaning
specified in Section 2.05(h). 
 “Facility B Unreimbursed Amount” has the meaning specified in
Section 2.05(c)(i). 
 “FASB ASC” means the Accounting Standards Codification of the Financial Accounting
Standards Board. 

  
 18 

 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this
Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement entered into pursuant to
Section 1471 (b) (1) of the Code. 
 “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, 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, 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 the Administrative Agent. 
 “Fee Letter” means the letter agreement, dated
August 25, 2014, among the Borrower, the Administrative Agent and the Arrangers. 
 “Foreign Lender” means (a) if
the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax
purposes. 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, (a) with respect to the Facility A L/C Issuers,
such Defaulting Lender’s Applicable Revolving A Credit Percentage of the outstanding Facility A L/C Obligations other than Facility A L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to
other Revolving A Lenders or Cash Collateralized in accordance with the terms hereof, (b) with respect to the Facility B L/C Issuers, such Defaulting Lender’s Applicable Revolving B Credit Percentage of the outstanding Facility B L/C
Obligations other than Facility B L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Revolving B Lenders or Cash Collateralized in accordance with the terms hereof and (c) with
respect to the Swing Line Lender, such Defaulting Lender’s Applicable Revolving A Credit Percentage of Swing Line Loans other than Swing Line Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other
Revolving A Lenders in accordance with the terms hereof. 
 “Full Recourse Election Notice” means a written notice provided
by the REIT to the Administrative Agent to the effect that the REIT has irrevocably elected to terminate the limitation on recourse otherwise applicable to its Guaranty pursuant to the first sentence of Section 10.11. 

  
 19 

 “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. 

“GAAP” means generally accepted accounting principles in the United States of America 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 of America, that are applicable to the circumstances as of the date of determination, consistently applied. 

“Governmental Authority” means the government of the United States of America or any other nation, or of any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 
 “Granting
Lender” has the meaning specified in Section 11.06(f). 
 “Guarantee” means, as to any Person,
(a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any
manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to
purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working
capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for
the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien
on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness
to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or
determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 

“Guarantors” means, collectively, the REIT and each Subsidiary Guarantor. 

  
 20 

 “Guaranty” means the Guaranty made by the Guarantors under Article X in
favor of the Creditor Parties. 
 “Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, 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. 
 “IFRS” means international accounting standards within the
meaning of IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements delivered under or referred to herein. 

“Immaterial Subsidiary” means, on any date of determination, a Subsidiary of the REIT whose total assets as of the last day
of the then most recently ended fiscal quarter were less than 1.5% of Total Asset Value. 
 “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) net obligations of such Person under any Swap Contract; 

(d) 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 that are not past due for more than 60 days after the date on which such trade account payable was created); 

(e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person
(including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; 

(f) Capitalized Leases and Synthetic Lease Obligations; 

(g) 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; 

(h) all Off-Balance Sheet Arrangements of such Person; and 

(i) all Guarantees of such Person in respect of any of the foregoing, excluding guarantees of Non-Recourse Indebtedness for
which recourse is limited to liability for Customary Non-Recourse Carveouts. 

  
 21 

 For all purposes hereof, (i) Indebtedness shall include the Consolidated Group’s
Ownership Share of the foregoing items and components attributable to Indebtedness of Unconsolidated Affiliates, (ii) the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture
that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person and (iii) Indebtedness shall not include the
portion of the foregoing items and components referenced in clauses (a) through (i) above attributable to Minority Interests. 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 Capitalized Lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date. 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on
account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Indemnitees” has the meaning specified in Section 11.04(b). 

“Information” has the meaning specified in Section 11.07. 

“Initial Revolver A Maturity Date” means October     , 2018. 

“Initial Revolver B Maturity Date” means October     , 2015 [one year following the Closing Date].

 “Intangible Assets” means assets that are considered to be intangible assets under GAAP, excluding lease intangibles but
including customer lists, goodwill, computer software, copyrights, trade names, trademarks, patents, franchises, licenses, unamortized deferred charges, unamortized debt discount and capitalized research and development costs. 

“Interest Expense” means, for any period with respect to any Person, without duplication, total interest expense of such
Person and its consolidated subsidiaries determined in accordance with GAAP (including for the avoidance of doubt interest attributable to Capitalized Leases). 

“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 Revolver A Maturity Date or Revolver B Maturity Date, as applicable; provided, however, that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates that fall every
three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan (including a Swing Line Loan), the last Business Day of each March, June, September and December and the Revolver A
Maturity Date or Revolver B Maturity Date, as applicable. 

  
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 “Interest Period” means (a) as to each Eurodollar Rate Loan, the period
commencing on the date such Eurodollar Rate Loan is disbursed or (in the case of any Eurodollar Rate Committed Loan) converted to or continued as a Eurodollar Rate Loan and ending on the date one, two, three or six months thereafter, as selected by
the Borrower in its Committed Loan Notice or Bid Request, as the case may be, or, in the case of Eurodollar Rate Committed Loans, such other period that is twelve months or less requested by the Borrower and consented to by all the Revolving A
Lenders (in the case of a requested Eurodollar Rate Committed Loan that is Committed Revolving A Credit Loan) or all Revolving B Lenders (in the case of a requested Eurodollar Rate Committed Loan that is Committed Revolving B Credit Loan); and
(b) as to each Absolute Rate Loan, a period of not less than 14 days and not more than 180 days as selected by the Borrower in its Bid Request; 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 pertaining to a Eurodollar Rate Loan 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 Revolver A Maturity Date or Revolver B Maturity Date, as applicable. 

“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 capital stock or other securities 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. 
 “Investment Grade Credit Rating” means receipt of a
Debt Rating of BBB- or better from S&P or Baa3 or better from Moody’s. 
 “Investment Grade Pricing Effective
Date” means the first Business Day following the date on which (a) the Borrower has obtained an Investment Grade Credit Rating and (b) the Borrower has delivered to the Administrative Agent an Officer’s Certificate
(i) certifying that an Investment Grade Credit Rating has been obtained and is in effect (which certification shall also set forth the Debt Rating(s) received, if any, from each of S&P and Moody’s as of such date) and
(ii) notifying the Administrative Agent that the Borrower has irrevocably elected to have the Ratings-Based Applicable Rate apply to the pricing of the Facilities. 

  
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 “Investment Grade Release” has the meaning specified in
Section 11.19(a). 
 “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 an L/C Issuer and the Borrower (or any Subsidiary thereof) or in favor of such L/C Issuer and relating to such Letter of Credit. 

“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 Borrowing” means a Facility A L/C Borrowing or a Facility B L/C Borrowing. 

“L/C Credit Extension” means a Facility A L/C Credit Extension or a Facility B L/C Credit Extension. 

“L/C Issuers” means, collectively, the Facility A L/C Issuers and the Facility B L/C Issuers. 

“L/C Obligations” means, collectively, the Facility A L/C Obligations and the Facility B L/C Obligations. 

“Lease” means each existing or future lease, sublease (to the extent of any rights thereunder of Borrower or any Unencumbered
Property Subsidiary), license, or other agreement (other than an Eligible Ground Lease) under the terms of which any Person has or acquires any right to occupy or use any real 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 and, unless the context requires otherwise, includes the Swing Line Lender. 
 “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 the Borrower and the Administrative Agent, which office may
include any Affiliate of such Lender or any domestic or foreign branch of such Lender or such Affiliate. Unless the context otherwise requires each reference to a Lender shall include its applicable Lending Office. 

  
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 “Letter of Credit” means any Facility A Letter of Credit or any REIT L/C. 

“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 the applicable L/C Issuer. 
 “Letter of Credit Fees” means, collectively, the Facility A
Letter of Credit Fees and the Facility B Letter of Credit Fees. 
 “Leverage-Based Applicable Rate” has the meaning
specified in the definition of “Applicable Rate.” 
 “LIBOR” has the meaning specified in the definition of
Eurodollar Rate. 
 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien
(statutory or other), charge, negative pledge or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title
retention agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing). 

“Loan” means an extension of credit by a Lender to the Borrower under Article II in the form of a Committed Loan, a
Bid Loan or a Swing Line Loan. 
 “Loan Documents” means this Agreement, each Note, the Escrow Agreement, each Issuer
Document, any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.19 of this Agreement, and the Fee Letter. 

“Loan Modification Offer” has the meaning specified in Section 11.01. 

“Loan Parties” means, collectively, (a) Borrower, (b) the REIT, (c) at all times prior to an Investment Grade
Release, each Subsidiary Guarantor and (d) upon and at all times following an Investment Grade Release, each Unencumbered Property Subsidiary. 

“London Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London
interbank eurodollar market. 
 “Management Fees” means, with respect to each Property for any period, an amount equal to
the greater of (i) actual management fees payable with respect thereto and (ii) three percent (3.0%) per annum on the aggregate base rent and percentage rent due and payable under leases with respect to such Property. 

“Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect on, the operations,
business or financial condition of the REIT and its subsidiaries, or the Borrower and its subsidiaries, taken as a whole; (b) a material adverse effect on the rights and remedies of the Administrative Agent or any Lender under any Loan
Documents, or of the ability of the Loan Parties taken as a whole to perform their obligations under any Loan Document; 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 

  
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 “Minimum Collateral Amount” means, at any time, (i) with respect to Cash
Collateral consisting of cash or deposit account balances provided to reduce or eliminate Fronting Exposure during the existence of a Defaulting Lender, an amount equal to 103% of the Fronting Exposure of the applicable L/C Issuer with respect to
Letters of Credit issued by it that are outstanding at such time and (ii) with respect to Cash Collateral consisting of cash or deposit account balances provided in accordance with the provisions of Section 2.19(a)(i),
(a)(ii) or (a)(iii), or Section 8.02(c) an amount equal to 103% of the Outstanding Amount of all LC Obligations. 

“Minimum Property Condition” means, at any time (i) that there are at least three (3) Unencumbered Eligible
Properties and (ii) the aggregate Unencumbered Asset Value of all Unencumbered Eligible Properties is at least $1,250,000,000. 

“Minority Interest” means, with respect to any non-Wholly-Owned Subsidiary or Consolidated Affiliate, direct or indirect, of
(i) the Borrower or (ii) the REIT (other than the Borrower and its subsidiaries), the Ownership Share of such Subsidiary that is held by a Person other than the REIT, the Borrower or a Wholly-Owned Subsidiary of the REIT or the Borrower.

 “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto. 

“Morgan Stanley” means Morgan Stanley Bank, N.A. 

“Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the
Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions. 

“Multiple Employer Plan” means a Plan which has two or more contributing sponsors (including the Borrower or any ERISA
Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA. 
 “Net
Equity Proceeds” means all cash or other assets received by the REIT or the Borrower as a result of the sale of common shares, preferred shares, convertible securities or other ownership or equity interests in the REIT or the Borrower, less
customary costs and discounts of issuance paid by the REIT or the Borrower to Persons that are not Affiliates of the REIT. 
 “New
Lender Joinder Agreement” has the meaning specified in Section 2.18(c). 
 “NOI” means, with respect
to any Property for any period, (a) property rental and other income derived from the operation of such Property from tenants paying rent as determined in accordance with GAAP, minus (b) the amount of all expenses (as determined in
accordance with GAAP) incurred in connection with and directly attributable to the ownership and operation of such Property for such period, including, without limitation, Management Fees and amounts accrued for the payment of real estate taxes and
insurance premiums, but excluding (i) the portion of the foregoing items and components that is attributable to Minority Interests, (ii) any 

  
 26 

 
general and administrative expenses related to the operation of the REIT and its subsidiaries, (iii) any interest expense or other debt service charges and (iv) any non-cash charges
such as depreciation or amortization of financing costs minus (c) solely in the case of the Specified Property, all amounts paid during such period pursuant to the Specified LP Agreement to the “Class B Limited Partner” (as
defined in the Specified LP Agreement). 
 “Non-Consenting Lender” means any Lender that does not approve any consent,
waiver or amendment that (i) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 11.01 and (ii) has been approved by the Required Lenders. 

“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time. 

“Non-Recourse Indebtedness” means, with respect to a Person, (a) any Indebtedness of such Person in which the holder of
such Indebtedness may not look to such Person personally for repayment, other than to the extent of any security therefor or pursuant to Customary Non-Recourse Carve-Outs, (b) if such Person is a Single Asset Entity, any Indebtedness of such
Person (other than Indebtedness described in the immediately following clause (c)), or (c) if such Person is a Single Asset Holding Company, any Indebtedness of such Single Asset Holding Company resulting from a Guarantee of, or lien securing,
Indebtedness of a Single Asset Entity that is a Subsidiary of such Single Asset Holding Company, so long as, in each case, either (i) the holder of such Indebtedness may not look to such Single Asset Holding Company personally for repayment,
other than to the Equity Interests held by such Single Asset Holding Company in such Single Asset Entity or pursuant to Customary Non-Recourse Carve-Outs or (ii) such Single Asset Holding Company has no assets other than Equity Interests in
such Single Asset Entity and cash or cash equivalents and other assets of nominal value incidental to the ownership of such Single Asset Entity. 

“Note” means a Revolving A Credit Note or a Revolving B Credit Note, as the context may require. 

“Obligations” means (a) 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, and (b) all costs and expenses incurred in connection with enforcement and collection of the foregoing, including the fees, charges and disbursements of
counsel, in each case 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 Obligor 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. 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

“Off-Balance Sheet Arrangement” means any transaction, agreement or other contractual arrangement to which an entity
unconsolidated with the REIT is a party, under which the REIT or the Borrower has: 
 (a) any obligation under a guarantee
contract that has any of the characteristics identified in FASB ASC 460-10-15-4; 

  
 27 

 (b) a retained or contingent interest in assets transferred to an unconsolidated
entity or similar arrangement that serves as credit, liquidity or market risk support to such entity for such assets; 
 (c)
any obligation, including a contingent obligation, under a contract that would be accounted for as a derivative instrument, except that it is both indexed to the REIT’s Equity Interests and classified in stockholders’ equity in the
REIT’s statement of financial position, as described in FASB ASC 815-10-15-74; or 
 (d) any obligation, including a
contingent obligation, arising out of a variable interest (as defined in the FASB ASC Master Glossary) in an unconsolidated entity that is held by, and material to, the REIT or the Borrower, where such entity provides financing, liquidity, market
risk or credit risk support to, or engages in leasing, hedging or research and development services with, the REIT or its Subsidiaries. 

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

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.06). 

“Outstanding Amount” means (i) with respect to Committed Loans, Bid Loans and Swing Line Loans on any date, the
aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Committed Loans, Bid Loans and Swing Line Loans, as the case may be, occurring on such date; and (ii) with respect to any L/C

  
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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 the Borrower of Unreimbursed Amounts. 

“Ownership Share” means, with respect to any Subsidiary or Consolidated Affiliate of a Person (other than a Wholly-Owned
Subsidiary thereof) or any Unconsolidated Affiliate of a Person, the greater of (a) such Person’s relative nominal direct and indirect ownership interest (expressed as a percentage) in such Subsidiary, Consolidated Affiliate or
Unconsolidated Affiliate or (b) such Person’s relative direct and indirect economic interest (calculated as a percentage) in such Subsidiary, Consolidated Affiliate or Unconsolidated Affiliate determined in accordance with the applicable
provisions of the declaration of trust, articles or certificate of incorporation, articles of organization, partnership agreement, joint venture agreement or other applicable organizational document of such Subsidiary, Consolidated Affiliate or
Unconsolidated Affiliate. 
 “Participant” has the meaning specified in Section 11.06(d). 

“Participant Register” 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. 
 “Permitted
Amendments” means, with respect to any Affected Facility, an extension of the final maturity date of the applicable Loans and/or Commitments of the Accepting Lenders thereof on customary terms (provided that such extensions may not result
in having more than two maturity dates at any time with respect to the Revolving A Credit Facility without the consent of the Administrative Agent) and, in connection therewith, a change in the Applicable Rate with respect to the applicable Loans
and/or Commitments of the Accepting Lenders thereof (including by implementation of a “LIBOR floor”) and the payment of additional fees to such Accepting Lenders. 

“Permitted Equity Encumbrances” means: 

(a) Liens pursuant to any Loan Document; 

(b) Liens imposed by law for taxes, assessments, governmental charges or levies that are not yet overdue for a period of more
than thirty (30) days or are being contested in compliance with Section 6.04; and 

  
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 (c) solely with respect to the Specified Property, encumbrances on the Equity
Interests of PGREF V 1301 Participating LP arising under the Specified LP Agreement as in effect on the Closing Date; provided that the Borrower, either directly or through one or more Wholly Owned Subsidiaries, at all times maintains
exclusive control over the Specified Property, including control over the operation of, the disposition of, the granting of Liens in, and the incurrence, repayment and prepayment of Indebtedness with respect to, the Specified Property. 

“Permitted Property Encumbrances” means: 

(a) Liens pursuant to any Loan Document; 

(b) easements, zoning restrictions, rights of way, sewers, electric lines, telegraph and telephone lines, encroachments,
protrusions and similar encumbrances on real property imposed by law or arising in the ordinary course of business or other title and survey exceptions disclosed in the applicable title insurance policies, in any such case that do not secure any
monetary obligations and do not materially detract from the value of the affected property or materially interfere with the ordinary conduct of business of the REIT or any Subsidiary thereof; 

(c) mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business that
are not yet overdue for a period of more than thirty (30) days or are being contested in good faith and by appropriate proceedings diligently conducted (which proceedings have the effect of preventing the forfeiture or sale of the property of
assets subject to any such Lien), if adequate reserves with respect thereto are maintained on the books of the applicable Person; 

(d) any interest of a lessee of a Property under leases entered into in the ordinary course of business of the applicable
lessor; and 
 (e) rights of lessors under Eligible Ground Leases. 

“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 the 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. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan” means any employee benefit plan within the meaning of
Section 3(3) of ERISA (including a Pension Plan), maintained for employees of the Borrower or any ERISA Affiliate or any such Plan to which the Borrower or any ERISA Affiliate is required to contribute on behalf of any of its employees. 

“Platform” has the meaning specified in Section 6.02. 

  
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 “Pro Forma Basis” means, for purposes of calculating compliance with
Section 7.11 or determining the Leveraged Based Applicable Rate (as defined in the definition of Applicable Rate) in respect of a proposed Pro Forma Transaction, such transaction shall be deemed to have occurred as of the first day of
the four (4) fiscal-quarter period ending as of the most recent fiscal quarter end preceding the date of such transaction with respect to which the Administrative Agent has received the Required Financial Information (such period, the
“Measuring Period”). As used herein, “Pro Forma Transaction” means (a) any incurrence or assumption of Indebtedness, (b) any removal of a Property as an Unencumbered Eligible Property (including a release
of any Unencumbered Property Subsidiary from its obligations under the Guaranty) or any direct or indirect Disposition of any Person or Property (including through a merger, dissolution, liquidation or consolidation thereof), or (c) the making
of any Investment or any other acquisition of any Person (including by merger) or property (including any property for which a ground lease was entered into). In connection with any calculation relating to Section 7.11 upon giving effect
to a Pro Forma Transaction on a Pro Forma Basis for the applicable Measuring Period, in each case to the extent applicable and in a manner reasonably satisfactory to the Administrative Agent: 

(i) any Indebtedness (x) that is to be incurred in connection with such Pro Forma Transaction, and the aggregate amount of
all other Indebtedness incurred since the last day of such Measuring Period, shall be included and deemed to have been incurred as of the first day of the applicable period, and (y) that is to be retired or repaid in connection with such Pro
Forma Transaction, and the aggregate amount of all other Indebtedness retired or repaid since the last day of such Measuring Period, shall be excluded and deemed to have been retired as of the first day of such Measuring Period; 

(ii) income statement items (whether positive or negative) attributable to (x) any Person or Property being directly or
indirectly Disposed of or removed in connection with such Pro Forma Transaction, and all other Persons and Properties directly or indirectly Disposed of or removed since the last day of such Measuring Period, shall be excluded and (y) any
Person or Property being acquired in connection with such Pro Forma Transaction, and all other Persons and Properties acquired since the last day of such Measuring Period, shall be included as of the first day of such Measuring Period; 

(iii) Total Asset Value shall (x) exclude the portion of Total Asset Value attributable to any Person or Property being
directly or indirectly Disposed of or removed in connection with such Pro Forma Transaction and all other Persons and Properties directly or indirectly Disposed of or removed since the last day of such Measuring Period, and (y) include, as of
the first day of such Measuring Period, the acquisition price of any Person or Property being acquired in connection with such Pro Forma Transaction and the acquisition price paid for all other Persons and Properties acquired since the last day of
such Measuring Period; 
 (iv) Unencumbered Asset Value shall (x) exclude the portion of Unencumbered Asset Value
attributable to any Unencumbered Eligible Property being directly or indirectly Disposed of or removed in connection with such Pro Forma Transaction and all other Unencumbered Properties directly or indirectly Disposed of or

  
 31 

 
removed since the last day of such Measuring Period, and (ii) include, as of the first day of such Measuring Period, the acquisition price of any Property being acquired in connection with
such Pro Forma Transaction (to the extent such property will be an Unencumbered Eligible Property upon the acquisition thereof) and the acquisition price paid for all other Unencumbered Eligible Properties acquired since the last day of such
Measuring Period; and 
 (v) to the extent any other pro forma adjustments are to be included in connection with any such
calculation, such adjustments are (A) directly attributable to such Pro Forma Transaction, (B) expected to have a continuing impact on the Consolidated Group and (C) factually supportable (in the judgment of the Administrative Agent).

 “Property” means any Real Property which is owned or ground leased, directly or indirectly, by the REIT or a Subsidiary
thereof. 
 “Public Lender” has the meaning specified in Section 6.02. 

“Real Property” as to any Person means all of the right, title, and interest of such Person in and to land, improvements, and
fixtures. 
 “Recipient” means the Administrative Agent, any Lender, the L/C Issuer or any other recipient of any payment
to be made by or on account of any obligation of any Loan Party hereunder. 
 “Recourse Indebtedness” means Indebtedness
that is not Non-Recourse Indebtedness; provided that personal recourse for Customary Non-Recourse Carve-Outs shall not, by itself, cause such Indebtedness to be characterized as Recourse Indebtedness. 

“Register” has the meaning specified in Section 11.06(c). 

“REIT L/Cs” means, collectively, the standby letters of credit listed on Schedule 1.01C to be issued by the Facility B
L/C Issuers on the Closing Date, and “REIT L/C” means any one of them. 
 “REIT IPO” has the meaning
specified in Section 4.01(a)(xi). 
 “REIT Status” means, with respect to any Person, (a) the
qualification of such Person as a real estate investment trust under the provisions of Sections 856 et seq. of the Code and (b) the applicability to such Person and its shareholders of the method of taxation provided for in Sections 857 et seq.
of the Code. 
 “Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners,
directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates. 

“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day
notice period has been waived. 

  
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 “Request for Credit Extension” means (a) with respect to a Borrowing,
conversion or continuation of Committed Loans, a Committed Loan Notice, (b) with respect to a Bid Loan, a Bid Request, (c) with respect to an L/C Credit Extension, a Letter of Credit Application, and (d) with respect to a Swing Line
Loan, a Swing Line Loan Notice. 
 “Required Financial Information” means, with respect to each fiscal period or quarter of
the REIT (a) the financial statements required to be delivered to the Administrative Agent pursuant to Section 6.01(a) or Section 6.01(b) and (b) the Compliance Certificate and other calculations required to be
delivered to the Administrative Agent pursuant to Section 6.02(b). 
 “Required Lenders” means, at any time,
Lenders having Total Credit Exposures representing more than 50% of the Total Credit Exposures of all Lenders or, if the commitment of each Lender to make Loans and the obligation of the L/C Issuers to make L/C Credit Extensions have been terminated
pursuant to Section 8.02, Lenders holding in the aggregate more than 50% of the Total Outstandings (with the aggregate amount of each Lender’s participation in L/C Obligations and Swing Line Loans being deemed “held” by
such Lender for purposes of this computation). The Total Credit Exposure of, and Total Outstandings held by, any Defaulting Lender shall be disregarded in determining Required Lenders at any time; provided that, the amount of any
participation in any Swing Line Loan and Unreimbursed Amounts that such Defaulting Lender has failed to fund that have not been reallocated to and funded by another Lender shall be deemed to be held by the Lender that is the Swing Line Lender or the
applicable L/C Issuer, as the case may be, in making such determination. 
 “Required Revolving A Lenders” means, at any
time, Revolving A Lenders having Total A Credit Exposures in the aggregate representing more than 50% of the Total A Credit Exposures of all Revolving A Lenders or, if the commitment of each Revolving A Lender to make Committed Revolving A Credit
Loans and the obligation of the Facility A L/C Issuers to make Facility A L/C Credit Extensions have been terminated pursuant to Section 8.02, Revolving A Lenders holding in the aggregate more than 50% of the Total A Outstandings (with
the aggregate amount of each Revolving A Lender’s participation in Facility A L/C Obligations and Swing Line Loans being deemed “held” by such Revolving A Lender for purposes of this computation). The Total A Credit Exposure of, and
Total A Outstandings held by, any Defaulting Lender shall be disregarded in determining Required Revolving A Lenders at any time; provided that, the amount of any participation in any Swing Line Loan and Facility A Unreimbursed Amounts that
such Defaulting Lender has failed to fund that have not been reallocated to and funded by another Revolving A Lender shall be deemed to be held by the Revolving A Lender that is the Swing Line Lender or the applicable Facility A L/C Issuer, as the
case may be, in making such determination. 
 “Required Revolving B Lenders” means, at any time, Revolving B Lenders having
Total B Credit Exposures in the aggregate representing more than 50% of the Total B Credit Exposures of all Revolving B Lenders or, if the commitment of each Revolving B Lender to make Revolving B Credit Loans has been terminated pursuant to
Section 8.02, Revolving B Lenders holding in the aggregate more than 50% of the Total B Outstandings (with the aggregate amount of each Revolving B Lender’s participation in Facility B L/C Obligations being deemed “held”
by such Revolving B Lender for purposes of this computation). The Total B Credit Exposure of, and Total B Outstandings held by, any Defaulting Lender shall be disregarded in 

  
 33 

 
determining Required Revolving B Lenders at any time; provided that the amount of any participation in any Facility B Unreimbursed Amounts that such Defaulting Lender has failed to fund
shall be deemed to be held by the applicable Facility B L/C Issuer in making such determination. 
 “Responsible Officer”
means the chief executive officer, president, chief financial officer, treasurer, assistant treasurer or controller of a Loan Party, solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, the secretary
or any assistant secretary of a Loan Party and, solely for purposes of notices given pursuant to Article II, any other officer or employee of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative
Agent or any other officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the 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. 
 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other
property) with respect to any capital stock or other Equity Interest of any Person or any Subsidiary thereof, or any payment (whether in cash, securities 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 such Person’s stockholders, partners or members (or the equivalent Person thereof).

 “Revolver A Maturity Date” means the later of (i) the Initial Revolver A Maturity Date and (ii) if the Initial
Revolver A Maturity Date is extended pursuant to Section 2.16, such extended maturity date as determined pursuant to such Section; provided, however, that, in each case, if such date is not a Business Day, the Revolver A
Maturity Date shall be the next preceding Business Day. 
 “Revolver B Maturity Date” means, with respect to the Revolving
B Credit Commitment of any Revolving B Lender and the Total B Outstandings owing to such Lender, the later of (i) the Initial Revolver B Maturity Date and (ii) if the Initial Revolver B Maturity Date is extended pursuant to
Section 2.17, such extended maturity date as determined pursuant to such Section; provided, however, that, in each case, if such date is not a Business Day, the Revolver B Maturity Date shall be the next preceding Business
Day. 
 “Revolving A Committed Borrowing” means a borrowing consisting of simultaneous Committed Revolving A Credit Loans
of the same Type and, in the case of Eurodollar Rate Committed Loans, having the same Interest Period made by each of the Revolving A Lenders pursuant to Section 2.01(a). 

“Revolving A Credit Commitment” means, as to each Revolving A Lender, its obligation to (a) make Committed Revolving A
Credit Loans to the Borrower pursuant to Section 2.01(a), (b) purchase participations in Facility A L/C Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time
outstanding not to exceed 

  
 34 

 
the amount set forth opposite such Revolving A Lender’s name on Schedule 2.01 or in the Assignment and Assumption or New Lender Joinder Agreement pursuant to which such Revolving
A Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. 

“Revolving A Credit Exposure” means, as to any Revolving A Lender at any time, the aggregate principal amount at such time of
its outstanding Revolving A Credit Loans and such Revolving A Lender’s participation in Facility A L/C Obligations and Swing Line Loans at such time. 

“Revolving A Credit Facility” means, at any time, the aggregate amount of the Revolving A Lenders’ Revolving A Credit
Commitments at such time. On the Closing Date, the amount of the Revolving A Credit Facility is $800,000,000. 
 “Revolving A Credit
Loan” means an extension of credit by a Revolving A Lender to the Borrower under Article II in the form of a Committed Revolving A Credit Loan, a Bid Loan or a Swing Line Loan. 

“Revolving A Lender” means, at any time, any Lender that has a Revolving A Credit Commitment or holds a Revolving A Credit
Loan, a participation in a Facility A Letter of Credit or a participation in a Swing Line Loan at such time. 
 “Revolving A
Note” means a promissory note made by the Borrower in favor of a Revolving A Lender evidencing Revolving A Credit Loans made by such Revolving A Lender, substantially in the form of Exhibit D-1. 

“Revolving B Committed Borrowing” means a borrowing consisting of simultaneous Committed Revolving B Credit Loans of the same
Type and, in the case of Eurodollar Rate Committed Loans, having the same Interest Period made by each of the Revolving B Lenders pursuant to Section 2.01(b). 

“Revolving B Credit Commitment” means, as to each Revolving B Lender, its obligation to (a) make Committed Revolving B
Credit Loans to the Borrower pursuant to Section 2.01(b) and (b) purchase participations in Facility B L/C Obligations, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such
Revolving B Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Revolving B Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this
Agreement. 
 “Revolving B Credit Exposure” means, as to any Revolving B Lender at any time, the aggregate principal amount
at such time of its outstanding Committed Revolving B Credit Loans and such Revolving B Lender’s participation in Facility B L/C Obligations at such time. 

“Revolving B Credit Facility” means, at any time, the aggregate amount of the Revolving B Lenders’ Revolving B Credit
Commitments at such time. On the Closing Date, the amount of the Revolving B Credit Facility is $200,000,000. 

  
 35 

 “Revolving B Lender” means, at any time, any Lender that has a Revolving B
Credit Commitment or holds a Committed Revolving B Credit Loan or a participation in a Facility B Letter of Credit. 
 “Revolving B
Note” means a promissory note made by the Borrower in favor of a Revolving B Lender evidencing Committed Revolving B Credit Loans made by such Revolving B Lender, substantially in the form of Exhibit D-2. 

“Revolving Credit Commitment” means a Revolving A Credit Commitment or a Revolving B Credit Commitment or both, as the
context may require. 
 “Revolving Credit Exposure” means, as to any Lender at any time, the aggregate amount at such time
such Lender’s Revolving A Credit Exposure and Revolving B Credit Exposure. 
 “Revolving Credit Facility” means, at
any time, the aggregate amount of the Revolving A Credit Facility and the Revolving B Credit Facility at such time. 
 “Revolving
Credit Loan” means a Revolving A Credit Loan or a Committed Revolving B Credit Loan or both, as the context may require. 

“Revolving Lender” means, at any time, a Revolving A Lender or a Revolving B Lender or both, as the context may require. 

“Sanction(s)” means any economic sanction administered or enforced by the United States Government (including without
limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority. 

“S&P” means Standard & Poor’s Financial Services LLC, a Subsidiary of The McGraw-Hill Companies, Inc. and
any successor thereto. 
 “SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to
any of its principal functions. 
 “Secured Indebtedness” means Indebtedness of any Person that is secured by a Lien on any
asset (including without limitation any Equity Interest) owned or leased by the REIT, any Subsidiary thereof or any Unconsolidated Affiliate, as applicable. 

“Secured Leverage Ratio” means, as of any date of determination, the quotient (expressed as a percentage) of
(a) Consolidated Secured Indebtedness, divided by (b) Total Asset Value. 
 “Shareholders’ Equity” means, as
of any date of determination, consolidated shareholders’ equity of the REIT and its Subsidiaries as of that date determined in accordance with GAAP. 

“Significant Subsidiary” means, on any date of determination, each Subsidiary or group of Subsidiaries of the REIT whose
total assets as of the last day of the then most recently ended fiscal quarter were equal to or greater than 5% of the Total Asset Value (it being understood that such calculations shall be determined in the aggregate for all Subsidiaries of the
REIT subject to any of the events specified in clause (e), (f), (g) or (h) of Section 8.01). 

  
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 “Single Asset Entity” means a Person (other than an individual) that
(a) only owns or ground leases pursuant to an Eligible Ground Lease a Property and/or cash or cash equivalents and other assets of nominal value incidental to such Person’s ownership of such 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 or more other
Single Asset Entities and (ii) cash or cash equivalents and other assets of nominal value incidental to such Person’s ownership of the other Single Asset Entities, such Person shall also be deemed to be a Single Asset Entity for purposes
hereof (such an entity, a “Single Asset Holding Company”). 
 “Single Asset Holding Company” has the
meaning specified in the definition of Single Asset Entity. 
 “Solvency Certificate” means a solvency certificate of the
chief financial officer or the chief accounting officer of the Borrower, substantially in the form of Exhibit I. 

“Solvent” and “Solvency” mean, with respect to any Person on any date of determination, that on such date
(a) the fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value of the assets of such Person is not less than the
amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such
Person’s ability to pay such debts and liabilities as they mature, (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute
an unreasonably small capital, and (e) such Person is able to pay its debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business. The amount of contingent liabilities at any time shall
be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

“SPC” has the meaning specified in Section 11.06(f). 

“Specified Guarantors” means, collectively, 1301 Properties Owner LP and PGREF V 1301 Participating LP. 

“Specified LP Agreement” means that certain Limited Partnership Agreement of PGREF V 1301 Participating LP, entered into as
of the 13th day of August, 2008 by and among 1301 Participating GP LLC f/k/a 1301 Participating GP Inc., PGREF V 1301 Sixth Holding LP and German American Capital Corporation. 

“Specified Property” means the Property located at 1301 Avenue of the Americas, New York, New York. 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity
of which a majority of the shares of securities or other interests 

  
 37 

 
having ordinary voting power for the election of directors or other governing body (other than securities or 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 the REIT. 
 “Subsidiary Guarantor” means,
(a) at all times prior to an Investment Grade Release, all existing and future direct and indirect Subsidiaries of the REIT other than Excluded Subsidiaries and (b) upon and at all times following an Investment Grade Release, each
Unencumbered Property Subsidiary (if any) that is (i) a borrower or guarantor of, or otherwise obligated in respect of, any Indebtedness of the REIT or the Borrower or (ii) a Specified Guarantor, unless, in each case under clauses
(a) and (b), released in accordance with Section 11.19(b) or (c), as applicable, or otherwise with the consent of the Administrative Agent and Required Lenders. 

“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 nationally recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender). 
 “Swing Line
Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.06. 
 “Swing Line Lender”
means Bank of America in its capacity as provider of Swing Line Loans, or any successor swing line lender hereunder. 
 “Swing Line
Loan” has the meaning specified in Section 2.06(a). 

  
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 “Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to
Section 2.06(b), which shall be substantially in the form of Exhibit C or such other form as approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approve
by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower. 
 “Swing Line
Sublimit” means an amount equal to the lesser of (a) $50,000,000 and (b) the Revolving A Credit Facility. The Swing Line Sublimit is part of, and not in addition to, the Revolving A Credit Facility. 

“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). 
 “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 $50,000,000. 

“Total A Credit Exposure” means, as to any Revolving A Lender at any time, the unused Revolving A Credit Commitment and
Revolving A Credit Exposure of such Revolving A Lender at such time. 
 “Total A Outstandings” means the aggregate
Outstanding Amount of all Committed Revolving A Credit Loans, Bid Loans, Swing Line Loans and all Facility A L/C Obligations. 

“Total Asset Value” means, at any time, the sum of (a) the Consolidated Group’s Ownership Share of NOI for the
period of four fiscal quarters most recently ended on or prior to such date of determination, and divided by the Capitalization Rate (excluding the Consolidated Group’s Ownership Share of the NOI for any Property not owned for the entirety of
such four fiscal quarter period), (b) the acquisition price paid for any Property (other than land, or properties that are under construction or otherwise under development and not yet substantially complete) acquired that has not been owned
for a period of four full fiscal quarters as of such date of determination, (c) cash and Cash Equivalents as of the end of the fiscal quarter most recently ended on or prior to such date of determination, (d) the aggregate GAAP book value
of all unimproved land owned as of the last day of the fiscal quarter most recently ended on or prior to such date of determination, (e) the aggregate GAAP book value of all mortgage notes receivable as of the last day of the fiscal quarter
most recently ended on or prior to such date of determination, and (f) the aggregate GAAP book value of all Properties that are under construction or otherwise under development and not substantially complete as of the last day of the fiscal
quarter most recently ended on or prior to such date of determination; provided that the Consolidated Group’s Ownership Share of assets held by Unconsolidated Affiliates (excluding assets of the type described in clause (c) above)
will be included in the calculation of Total Asset Value on a basis consistent with the above described treatment for Wholly-Owned assets, and Total Asset Value shall not include the portion of the foregoing items and components referenced in
clauses (a) through (f) above that is attributable to Minority Interests. 

  
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 “Total B Credit Exposure” means, as to any Revolving B Lender at any time, the
unused Revolving B Credit Commitment and Revolving B Credit Exposure of such Revolving B Lender at such time. 
 “Total B
Outstandings” means the aggregate Outstanding Amount of all Committed Revolving B Credit Loans and all Facility B L/C Obligations. 

“Total Credit Exposure” means, as to any Lender at any time, the aggregate amount of such Lender’s Total A Credit
Exposure and Total B Credit Exposure at such time. 
 “Total Outstandings” means the aggregate Outstanding Amount of all
Loans and all L/C Obligations. 
 “Type” means (a) with respect to a Committed Loan, its character as a Base Rate Loan
or a Eurodollar Rate Loan, and (b) with respect to a Bid Loan, its character as an Absolute Rate Loan or a Eurodollar Margin Bid Loan. 

“UCP” means, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International
Chamber of Commerce (“ICC”) Publication No. 600 (or such later version thereof as may be in effect at the time of issuance). 

“Unconsolidated Affiliates” means any Person (a) in which any member of the Consolidated Group, directly or indirectly,
holds an Equity Interest, which investment is accounted for in the consolidated financial statements of the REIT on an equity basis of accounting and (b) whose financial results are not consolidated with the financial results of the REIT under
GAAP. 
 “Unencumbered Asset Value” means, as of any date of determination, the sum of (a) (i) the aggregate
Adjusted Unencumbered NOI from Unencumbered Eligible Properties owned or ground leased pursuant to an Eligible Ground Lease for the period of four full fiscal quarters most recently ended on or prior to such date of determination, divided by
(ii) the Capitalization Rate, plus (b) the aggregate acquisition cost of all Unencumbered Eligible Properties owned or ground leased pursuant to an Eligible Ground Lease as of the last day of the fiscal quarter most recently ended
on or prior to such date of determination for a period less than four full fiscal quarters; provided, however that not more than fifteen percent (15%) of the Unencumbered Asset Value at any time may be in respect of Unencumbered Eligible
Properties that are subject to Eligible Ground Leases (rather than Wholly-Owned in fee simple), with any excess over the foregoing limit being excluded from Unencumbered Asset Value. 

“Unencumbered Eligible Property” has the meaning specified in the definition of “Unencumbered Property Criteria,”
and on the Closing Date shall include the Properties listed on Schedule 1.01A. For the avoidance of doubt, each Unencumbered Eligible Property that is owned or ground leased directly or indirectly by (i) an Unencumbered Property
Subsidiary that is the subject of a release pursuant to Section 11.19(b) or (ii) a Specified Guarantor that is the subject of a release pursuant to Section 11.19(c) will immediately upon such release cease to be an
Unencumbered Eligible Property. 

  
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 “Unencumbered Interest Coverage Ratio” means, as of the last day of each fiscal
quarter, the ratio of (a) the aggregate Adjusted Unencumbered NOI with respect to all Unencumbered Eligible Properties for such fiscal quarter, to (b) the portion of Consolidated Interest Expense for such fiscal quarter that is
attributable to Unsecured Indebtedness. 
 “Unencumbered NOI” means, as of the last day of any period, the aggregate NOI
for such period attributable to all Unencumbered Eligible Properties owned or ground leased pursuant to an Eligible Ground Lease during such period. 

“Unencumbered Property Criteria” means, in order for any Property to be included as an Unencumbered Eligible Property it must
meet and continue to satisfy each of the following criteria (each such property that meets such criteria being referred to as an “Unencumbered Eligible Property”): 

(a) The Property is an office property (and may include retail components). 

(b) The Property is Wholly-Owned in fee simple directly by, or is ground leased pursuant to an Eligible Ground Lease directly to the Borrower,
a Subsidiary Guarantor or an Unencumbered Property Subsidiary that is not required to be a Subsidiary Guarantor. 
 (c) Each Unencumbered
Property Subsidiary with respect to the Property must be organized in a state within the United States of America or in the District of Columbia, and the Property itself must be located in a state within the United States of America or in the
District of Columbia. 
 (d) The Equity Interests of each Unencumbered Property Subsidiary with respect to such Property are not subject to
any Liens or other encumbrances (other than Permitted Equity Encumbrances). 
 (e) The Property is not subject to any ground lease (other
than an Eligible Ground Lease), Lien and/or encumbrance or any restriction on the ability of the REIT, the Borrower and each Unencumbered Property Subsidiary with respect to such Property to transfer or encumber such Property or income therefrom or
proceeds thereof (other than Permitted Property Encumbrances). 
 (f) The Property does not have any title, survey, environmental,
structural, architectural or other defects that would interfere with the use of such properties for their intended purpose in any material respect and shall not be subject to any condemnation or similar proceeding. 

(g) No Unencumbered Property Subsidiary with respect to such Property is subject to any proceedings under any Debtor Relief Law. 

(h) No Unencumbered Property Subsidiary with respect to such Property shall incur or otherwise be liable for any Indebtedness (other than
(x) Indebtedness under the Facility, 

  
 41 

 
(y) guaranties of Indebtedness of the Borrower or the REIT so long as such Unencumbered Property Subsidiary is a Subsidiary Guarantor and (z) in the case of an Unencumbered Property
Subsidiary that indirectly owns all or any portion of an Unencumbered Eligible Property (an “Indirect Owner”), unsecured guaranties of Non-Recourse Indebtedness of a Subsidiary thereof for which recourse to such Indirect Owner is
contractually limited to liability for Customary Non-Recourse Carve-Outs). 
 In addition, the Administrative Agent may in its discretion agree to include
as an Unencumbered Eligible Property (a) a Property that is not an office property, subject to (i) compliance with all other Unencumbered Property Criteria, as same may be adjusted by the Administrative Agent, acting in consultation with
the Borrower, to reflect the type of Property to be included and (ii) adjustment of the definitions of Capital Expenditure Amount and Capitalization Rate and such other terms and conditions of this Agreement as the Administrative Agent, acting
in consultation with the Borrower, reasonably deems appropriate to reflect the type of Property to be included (b) a Property that otherwise does not satisfy all the Unencumbered Property Criteria but only to the extent contemplated in
Section 6.12(c). 
 “Unencumbered Property Subsidiary” means each Subsidiary of the Borrower that owns or
ground leases, directly or indirectly, all or a portion of any Unencumbered Eligible Property. 
 “United States” and
“U.S.” mean the United States of America. 
 “Unsecured Indebtedness” means Indebtedness of any Person
that is not Secured Indebtedness. 
 “U.S. Person” means any Person that is a “United States Person” as defined
in Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance Certificate” has the meaning specified in
Section 3.01(e)(ii)(B)(III). 
 “Wells Fargo” means Wells Fargo Bank, National Association. 

“Wholly-Owned” means, with respect to the ownership by any Person of any Property, that one hundred percent (100%) of
the title to such Property is held in fee directly or indirectly by, or one hundred percent (100%) of such Property is ground leased pursuant to an Eligible Ground Lease directly or indirectly by, such Person. 

“Wholly-Owned Subsidiary” means, with respect to any Person on any date, any corporation, partnership, limited liability
company or other entity of which one hundred percent (100%) of the Equity Interests and one hundred percent (100%) of the ordinary voting power are, as of such date, owned and Controlled, directly or indirectly, by such Person. 

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: 
 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 

  
 42 

 
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, (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, securities, accounts and contract rights and (vii) the phrase “would not reasonably be expected to have a Material Adverse Effect” and words of similar import shall be
construed to mean “would not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect” and the phrase “would reasonably be expected to have a Material Adverse Effect” and words of similar
import shall be construed to mean “would, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.” 

(a) 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.” 

(b) 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. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the
computation of any financial covenant) contained herein or determining the Leveraged Based Applicable Rate (as defined in the definition of Applicable Rate), Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of
the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded. 

  
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 (b) Changes in GAAP. If at any time any change in GAAP (including the adoption of IFRS)
would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith
to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (A) such ratio or requirement shall
continue to be computed in accordance with GAAP prior to such change therein and (B) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably
requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. Without limiting the foregoing, leases shall continue to be classified and accounted for
on a basis consistent with that reflected in the Audited Financial Statements for all purposes of this Agreement, notwithstanding any change in GAAP relating thereto, unless the parties hereto shall enter into a mutually acceptable amendment
addressing such changes, as provided for above. 
 (c) Consolidation of Variable Interest Entities. All references herein to
consolidated financial statements of the REIT and its Subsidiaries or to the determination of any amount for the REIT and its Subsidiaries on a consolidated basis or any similar reference shall, in each case, be deemed to include each variable
interest entity that the REIT 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 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; Rates. Unless otherwise specified, all references herein to times of day shall be references to
Eastern time (daylight or standard, as applicable). 
 The Administrative Agent does not warrant, nor accept responsibility,
nor shall the Administrative Agent have any liability with respect to the administration, submission or any other matter related to the rates in the definition of “Eurodollar Rate” or with respect to any comparable or successor rate
thereto. 
 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, however, 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 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. 

  
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 ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS 

2.01 Committed Loans. 

(a) Committed Revolving A Credit Loans. Subject to the terms and conditions set forth herein, each Revolving A Lender severally agrees
to make loans denominated in Dollars (each such loan, a “Committed Revolving A Credit Loan”) to the Borrower from time to time, on any Business Day during the Availability Period in respect of the Revolving A Credit Facility, in an
aggregate amount not to exceed at any time outstanding the amount of such Revolving A Lender’s Revolving A Credit Commitment; provided, however, that after giving effect to any Revolving A Committed Borrowing, (i) the Total A
Outstandings shall not exceed the Revolving A Credit Facility and (ii) the Revolving A Credit Exposure of any Revolving A Lender shall not exceed such Revolving A Lender’s Revolving A Credit Commitment. Within the limits of each Revolving
A Lender’s Revolving A Credit Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01(a), prepay under Section 2.07, and reborrow under this
Section 2.01(a). Committed Revolving A Credit Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 

(b) Committed Revolving B Credit Loans. Subject to the terms and conditions set forth herein, each Revolving B Lender severally agrees
to make loans denominated in Dollars (each such loan, a “Committed Revolving B Credit Loan”) to the Borrower from time to time, on any Business Day during the Availability Period in respect of the Revolving B Credit Facility, in an
aggregate amount not to exceed at any time outstanding the amount of such Revolving B Lender’s Revolving B Credit Commitment; provided, however, that after giving effect to any Revolving B Committed Borrowing, (i) the Total B
Outstandings shall not exceed the Revolving B Credit Facility and (ii) the Revolving B Credit Exposure of any Revolving B Lender shall not exceed such Revolving B Lender’s Revolving B Credit Commitment. Within the limits of each Revolving
B Lender’s Revolving B Credit Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01(b), prepay under Section 2.07, and reborrow under this
Section 2.01(b). Committed Revolving B Credit Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 

2.02 Borrowings, Conversions and Continuations of Committed Loans. 

(a) Each Committed Borrowing, each conversion of Committed Loans from one Type to the other, and each continuation of Eurodollar Rate
Committed Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by (A) telephone, or (B) a Committed Loan Notice; provided that any telephonic notice must be confirmed immediately
by delivery to the Administrative Agent of a Committed Loan Notice. Each such Committed Loan Notice must be received by the Administrative Agent not later than 11:00 a.m. (i) three Business Days prior to the requested date of any Borrowing of,
conversion to or continuation of Eurodollar Rate Committed Loans or of any conversion of Eurodollar Rate Committed Loans to Base Rate Committed Loans, and (ii) on the requested date of any Borrowing of Base Rate Committed Loans;
provided, however, that if the Borrower wishes to request Eurodollar Rate Committed Loans having an Interest Period other than one, two, three or six months in duration as provided in the definition of “Interest Period,” the
applicable notice must be received by the Administrative Agent not later than 11:00 a.m. four Business Days prior to the requested date of such Borrowing, conversion or continuation, whereupon the Administrative Agent shall give prompt notice to the
Appropriate Lenders of such request and 

  
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determine whether the requested Interest Period is acceptable to all of them. Not later than 11:00 a.m., three Business Days before the requested date of such Borrowing, conversion or
continuation, the Administrative Agent shall notify the Borrower (which notice may be by telephone) whether or not the requested Interest Period has been consented to by all the Appropriate Lenders. Each Borrowing of, conversion to or continuation
of Eurodollar Rate Committed Loans shall be in a minimum principal amount of $5,000,000. Except as provided in Sections 2.04(c), 2.05(c) and 2.06(c), each Borrowing of or conversion to Base Rate Committed Loans shall be in a
minimum principal amount of $500,000. Each Committed Loan Notice shall specify (i) whether the Borrower is requesting a Revolving A Committed Borrowing or a Revolving B Committed Borrowing, a conversion of Committed Revolving A Credit Loans or
Committed Revolving B Credit Loans from one Type to the other, or a continuation of Eurodollar Rate Committed Loans that are Committed Revolving A Credit Loans or Committed Revolving B Credit 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 Committed Loans to be borrowed, converted or continued, (iv) the Type of Committed Loans to be borrowed or to which existing
Committed Revolving A Credit Loans or Committed Revolving B Credit Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Committed Loan in a
Committed Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Committed A Revolving A Credit Loans or Committed Revolving B Credit Loans shall be made as, or converted to, Base
Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Committed Loans. If the Borrower requests a Borrowing of,
conversion to, or continuation of Eurodollar Rate Committed Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. 

(b) Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Appropriate Lender of the amount of its
Applicable Revolving A Credit Percentage or Applicable Revolving B Credit Percentage, as applicable, of the applicable Committed Revolving A Credit Loans or Committed Revolving B Credit Loans, and if no timely notice of a conversion or continuation
is provided by the Borrower, the Administrative Agent shall notify each Appropriate Lender of the details of any automatic conversion to Base Rate Loans described in the preceding subsection. In the case of a Committed Borrowing, each Appropriate
Lender shall make the amount of its Committed Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m. on the Business Day specified in the applicable Committed Loan
Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial Credit Extension, Section 4.01), the Administrative Agent shall make all funds so received available to
the Borrower in like funds as received by the Administrative Agent either by (i) crediting the account of the 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) the Administrative Agent by the Borrower; provided, however, that (x) if, on the date a Committed Loan Notice with respect to a Revolving A Committed
Borrowing is given by the Borrower, there are Facility A L/C Borrowings outstanding, then the proceeds of such Borrowing, first, shall be applied to the payment in full of any such Facility A L/C Borrowings, and second, shall be made
available to the Borrower as 

  
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provided above and (y) if, on the date a Committed Loan Notice with respect to a Revolving B Committed Borrowing is given by the Borrower, there are Facility B L/C Borrowings outstanding,
then the proceeds of such Borrowing, first, shall be applied to the payment in full of any such Facility B L/C Borrowings, and second, shall be made available to the Borrower as provided above. 

(c) Except as otherwise provided herein, a Eurodollar Rate Committed Loan may be continued or converted only on the last day of an Interest
Period for such Eurodollar Rate Committed Loan. During the existence of a Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Committed Loans without the consent of the Required Lenders. 

(d) The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period for
Eurodollar Rate Committed Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the 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 Committed Borrowings,
all conversions of Committed Loans from one Type to the other, and all continuations of Committed Loans as the same Type, there shall not be more than ten Interest Periods in effect with respect to Committed Loans. 

2.03 Bid Loans. 
 (a)
General. Subject to the terms and conditions set forth herein, each Revolving A Lender agrees that the Borrower may from time to time on and after the Investment Grade Pricing Effective Date, request the Revolving A Lenders to submit offers
to make loans (each such loan, a “Bid Loan”) to the Borrower prior to the Revolver A Maturity Date pursuant to this Section 2.03; provided, however, that after giving effect to any Bid Borrowing,
(i) the Total A Outstandings shall not exceed the Revolving A Credit Facility, and (ii) the aggregate Outstanding Amount of all Bid Loans shall not exceed the Bid Loan Sublimit. There shall not be more than ten different Interest Periods
in effect with respect to Bid Loans at any time. 
 (b) Requesting Competitive Bids. The Borrower may request the submission of
Competitive Bids by delivering a Bid Request to the Administrative Agent not later than 12:00 noon (i) one Business Day prior to the requested date of any Bid Borrowing that is to consist of Absolute Rate Loans, or (ii) four Business Days
prior to the requested date of any Bid Borrowing that is to consist of Eurodollar Margin Bid Loans. Each Bid Request shall specify (i) the requested date of the Bid Borrowing (which shall be a Business Day), (ii) the aggregate principal
amount of Bid Loans requested (which must be $10,000,000 or a whole multiple of $1,000,000 in excess thereof), (iii) the Type of Bid Loans requested, and (iv) the duration of the Interest Period with respect thereto, and shall be signed by
a Responsible Officer of the Borrower. No Bid Request shall contain a request for (i) more than one Type of Bid Loan or (ii) Bid Loans having more than three different Interest Periods. Unless the Administrative Agent otherwise agrees in
its sole discretion, the Borrower may not submit a Bid Request if it has submitted another Bid Request within the prior five Business Days. 

  
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 (c) Submitting Competitive Bids.  

(i) The Administrative Agent shall promptly notify each Revolving A Lender of each Bid Request received by it from the Borrower
and the contents of such Bid Request. 
 (ii) Each Revolving A Lender may (but shall have no obligation to) submit a
Competitive Bid containing an offer to make one or more Bid Loans in response to such Bid Request. Such Competitive Bid must be delivered to the Administrative Agent not later than 10:30 a.m. (A) on the requested date of any Bid Borrowing that
is to consist of Absolute Rate Loans, and (B) three Business Days prior to the requested date of any Bid Borrowing that is to consist of Eurodollar Margin Bid Loans; provided, however, that any Competitive Bid submitted by Bank of
America in its capacity as a Revolving A Lender in response to any Bid Request must be submitted to the Administrative Agent not later than 10:15 a.m. on the date on which Competitive Bids are required to be delivered by the other Revolving A
Lenders in response to such Bid Request. Each Competitive Bid shall specify (A) the proposed date of the Bid Borrowing; (B) the principal amount of each Bid Loan for which such Competitive Bid is being made, which principal amount
(x) may be equal to, greater than or less than the Revolving A Credit Commitment of the bidding Revolving A Lender, (y) must be $10,000,000 or a whole multiple of $1,000,000 in excess thereof, and (z) may not exceed the principal
amount of Bid Loans for which Competitive Bids were requested; (C) if the proposed Bid Borrowing is to consist of Absolute Rate Loans, the Absolute Rate offered for each such Bid Loan and the Interest Period applicable thereto; (D) if the
proposed Bid Borrowing is to consist of Eurodollar Margin Bid Loans, the Eurodollar Bid Margin with respect to each such Eurodollar Margin Bid Loan and the Interest Period applicable thereto; and (E) the identity of the bidding Revolving A
Lender. 
 (iii) Any Competitive Bid shall be disregarded if it (A) is received after the applicable time specified in
clause (ii) above, (B) is not substantially in the form of a Competitive Bid as specified herein, (C) contains qualifying, conditional or similar language, (D) proposes terms other than or in addition to those set forth in
the applicable Bid Request, or (E) is otherwise not responsive to such Bid Request. Any Revolving A Lender may correct a Competitive Bid containing a manifest error by submitting a corrected Competitive Bid (identified as such) not later than
the applicable time required for submission of Competitive Bids. Any such submission of a corrected Competitive Bid shall constitute a revocation of the Competitive Bid that contained the manifest error. The Administrative Agent may, but shall not
be required to, notify any Revolving A Lender of any manifest error it detects in such Lender’s Competitive Bid. 
 (iv)
Subject only to the provisions of Sections 3.02, 3.03 and 4.02 and clause (iii) above, each Competitive Bid shall be irrevocable. 

(d) Notice to Borrower of Competitive Bids. Not later than 11:00 a.m. (i) on the requested date of any Bid Borrowing that is to
consist of Absolute Rate Loans, or (ii) three Business Days prior to the requested date of any Bid Borrowing that is to consist of Eurodollar Margin Bid Loans, the Administrative Agent shall notify the Borrower of the identity of each Revolving
A Lender that has submitted a Competitive Bid that complies with Section 2.03(c) and of the terms of the offers contained in each such Competitive Bid. 

  
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 (e) Acceptance of Competitive Bids. Not later than 11:30 a.m. (i) on the requested
date of any Bid Borrowing that is to consist of Absolute Rate Loans, and (ii) three Business Days prior to the requested date of any Bid Borrowing that is to consist of Eurodollar Margin Bid Loans, the Borrower shall notify the Administrative
Agent of its acceptance or rejection of the offers notified to it pursuant to Section 2.03(d). The Borrower shall be under no obligation to accept any Competitive Bid and may choose to reject all Competitive Bids. In the case of
acceptance, such notice shall specify the aggregate principal amount of Competitive Bids for each Interest Period that is accepted. The Borrower may accept any Competitive Bid in whole or in part; provided that: 

(i) the aggregate principal amount of each Bid Borrowing may not exceed the applicable amount set forth in the related Bid
Request; 
 (ii) the principal amount of each Bid Loan must be $10,000,000 or a whole multiple of $1,000,000 in excess
thereof; 
 (iii) the acceptance of offers may be made only on the basis of ascending Absolute Rates or Eurodollar Bid
Margins within each Interest Period; and 
 (iv) the Borrower may not accept any offer that is described in
Section 2.03(c)(iii) or that otherwise fails to comply with the requirements hereof. 
 (f) Procedure for Identical Bids.
If two or more Revolving A Lenders have submitted Competitive Bids at the same Absolute Rate or Eurodollar Bid Margin, as the case may be, for the same Interest Period, and the result of accepting all of such Competitive Bids in whole (together with
any other Competitive Bids at lower Absolute Rates or Eurodollar Bid Margins, as the case may be, accepted for such Interest Period in conformity with the requirements of Section 2.03(e)(iii)) would be to cause the aggregate outstanding
principal amount of the applicable Bid Borrowing to exceed the amount specified therefor in the related Bid Request, then, unless otherwise agreed by the Borrower, the Administrative Agent and such Revolving A Lenders, such Competitive Bids shall be
accepted as nearly as possible in proportion to the amount offered by each such Revolving A Lender in respect of such Interest Period, with such accepted amounts being rounded to the nearest whole multiple of $1,000,000. 

(g) Notice to Lenders of Acceptance or Rejection of Bids. The Administrative Agent shall promptly notify each Revolving A Lender having
submitted a Competitive Bid whether or not its offer has been accepted and, if its offer has been accepted, of the amount of the Bid Loan or Bid Loans to be made by it on the date of the applicable Bid Borrowing. Any Competitive Bid or portion
thereof that is not accepted by the Borrower by the applicable time specified in Section 2.03(e) shall be deemed rejected. 

(h) Notice of Eurodollar Rate. If any Bid Borrowing is to consist of Eurodollar Margin Bid Loans, the Administrative Agent shall
determine the Eurodollar Rate for the relevant Interest Period, and promptly after making such determination, shall notify the Borrower and the Revolving A Lenders that will be participating in such Bid Borrowing of such Eurodollar Rate. 

  
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 (i) Funding of Bid Loans. Each Revolving A Lender that has received notice pursuant to
Section 2.03(g) that all or a portion of its Competitive Bid has been accepted by the Borrower shall make the amount of its Bid Loan(s) available to the Administrative Agent in immediately available funds at the Administrative
Agent’s Office not later than 1:00 p.m. on the date of the requested Bid Borrowing. Upon satisfaction of the applicable conditions set forth in Section 4.02, the Administrative Agent shall make all funds so received available to the
Borrower in like funds as received by the Administrative Agent. 
 (j) Notice of Range of Bids. After each Competitive Bid auction
pursuant to this Section 2.03, the Administrative Agent shall notify each Revolving A Lender that submitted a Competitive Bid in such auction of the ranges of bids submitted (without the bidder’s name) and accepted for each Bid Loan
and the aggregate amount of each Bid Borrowing. 
 2.04 Facility A Letters of Credit. 

(a) The Facility A Letter of Credit Commitment. 

(i) Subject to the terms and conditions set forth herein, (A) each Facility A L/C Issuer agrees, in reliance upon the
agreements of the Revolving A Lenders set forth in this Section 2.04, (1) from time to time on any Business Day during the period from the Closing Date until the Facility A Letter of Credit Expiration Date, to issue Facility A
Letters of Credit for the account of the Borrower or its Subsidiaries, and to amend or extend Facility A Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the
Facility A Letters of Credit; and (B) the Revolving A Lenders severally agree to participate in Facility A Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after
giving effect to any Facility A L/C Credit Extension with respect to any Facility A Letter of Credit, (w) the Total A Outstandings shall not exceed the Revolving A Credit Facility, (x) the Revolving A Credit Exposure of any Revolving A
Lender shall not exceed such Revolving A Lender’s Revolving A Credit Commitment, (y) the Outstanding Amount of the Facility A L/C Obligations with respect to Facility A Letters of Credit issued by each Facility A L/C Issuer shall not
exceed such Facility A L/C Issuer’s Facility A Individual L/C Sublimit, and (z) the Outstanding Amount of the Facility A L/C Obligations shall not exceed the Facility A Letter of Credit Sublimit. Each request by the Borrower for the
issuance or amendment (including any extension) of a Facility A Letter of Credit shall be deemed to be a representation by the Borrower that the Facility A 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, the Borrower’s ability to obtain Facility A Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing
period, obtain Facility A Letters of Credit to replace Facility A Letters of Credit that have expired or that have been drawn upon and reimbursed. 

(ii) No Facility A L/C Issuer shall issue any Facility A Letter of Credit, if: 

(A) subject to Section 2.04(b)(iii), the expiry date of the requested Facility A Letter of Credit would occur more
than twelve months after the date of 

  
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issuance or last extension, unless the Administrative Agent, the applicable Facility A L/C Issuer and the Required Revolving A Lenders have approved such expiry date; or 

(B) the expiry date of the requested Facility A Letter of Credit would occur after the Facility A Letter of Credit Expiration
Date, unless the Administrative Agent, the applicable Facility A L/C Issuer and all the Revolving A Lenders have approved such expiry date. 

(iii) No Facility A L/C Issuer shall be under any obligation to issue any Facility A 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
such Facility A L/C Issuer from issuing the Facility A Letter of Credit, or any Law applicable to such Facility A L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over
such Facility A L/C Issuer shall prohibit, or request that such Facility A L/C Issuer refrain from, the issuance of letters of credit generally or the Facility A Letter of Credit in particular or shall impose upon such Facility A L/C Issuer with
respect to the Facility A Letter of Credit any restriction, reserve or capital requirement (for which such Facility A L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such Facility A L/C
Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which such Facility A L/C Issuer in good faith deems material to it; 

(B) the issuance of the Facility A Letter of Credit would violate one or more policies of such Facility A L/C Issuer applicable
to letters of credit generally; 
 (C) except as otherwise agreed by the Administrative Agent and such Facility A L/C Issuer,
the Facility A Letter of Credit is in an initial stated amount less than $50,000; 
 (D) the Facility A Letter of Credit is
to be denominated in a currency other than Dollars; or 
 (E) any Revolving A Lender is at that time a Defaulting Lender,
unless such Facility A L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to such Facility A L/C Issuer (in its sole discretion) with the Borrower or such Revolving A Lender to eliminate such Facility A
L/C Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.20(a)(iv)) with respect to the Defaulting Lender arising from either the Facility A Letter of Credit then proposed to be issued or that Facility A
Letter of Credit and all other Facility A L/C Obligations as to which such Facility A L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion. 

  
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 (iv) No Facility A L/C Issuer shall amend any Facility A Letter of Credit if such
Facility A L/C Issuer would not be permitted at such time to issue the Facility A Letter of Credit in its amended form under the terms hereof. 

(v) No Facility A L/C Issuer shall be under any obligation to amend any Facility A Letter of Credit if (A) such Facility A
L/C Issuer would have no obligation at such time to issue the Facility A Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of the Facility A Letter of Credit does not accept the proposed amendment to the
Facility A Letter of Credit. 
 (vi) Each Facility A L/C Issuer shall act on behalf of the Revolving A Lenders with respect
to any Facility A Letters of Credit issued by it and the documents associated therewith, and such Facility A L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article IX with respect to
any acts taken or omissions suffered by such Facility A L/C Issuer in connection with Facility A Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Facility A Letters of Credit as fully as if the
term “Administrative Agent” as used in Article IX included such Facility A L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to each Facility A L/C Issuer. 

(b) Procedures for Issuance and Amendment of Facility A Letters of Credit; Auto-Extension Facility A Letters of Credit. 

(i) Each Facility A Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered
to a Facility A L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrower. Such Letter of Credit Application may be sent by
facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by such Facility A L/C Issuer, by personal delivery or by any other means acceptable to such Facility A L/C Issuer. Such Letter of Credit
Application must be received by the applicable Facility A L/C Issuer and the Administrative Agent not later than 11:00 a.m. at least five Business Days (or such later date and time as the Administrative Agent and such Facility A L/C Issuer may 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 Facility A Letter of Credit, such Letter of Credit Application
shall specify in form and detail satisfactory to the applicable Facility A L/C Issuer: (A) the proposed issuance date of the requested Facility A 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; (G) the purpose and nature of the requested Facility A Letter of Credit; and (H) such other matters as the applicable Facility A L/C Issuer may require. In the case of a request for an amendment of any
outstanding Facility A Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the applicable Facility A L/C Issuer (A) the Facility A Letter of Credit to be amended; (B) the proposed date of
amendment thereof (which shall be a 

  
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Business Day); (C) the nature of the proposed amendment; and (D) such other matters as the applicable Facility A L/C Issuer may require. Additionally, the Borrower shall furnish to the
applicable Facility A L/C Issuer and the Administrative Agent such other documents and information pertaining to such requested Facility A Letter of Credit issuance or amendment, including any Issuer Documents, as the applicable Facility A L/C
Issuer or the Administrative Agent may require. 
 (ii) Promptly after receipt of any Letter of Credit Application for a
Facility A Letter of Credit, the applicable Facility A L/C Issuer will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Borrower and,
if not, such Facility A L/C Issuer will provide the Administrative Agent (who shall in turn make available same to the Revolving A Lenders) with a copy thereof. Unless such Facility A L/C Issuer has received written notice from any Revolving A
Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to the requested date of issuance or amendment of the applicable Facility A Letter of Credit, that one or more applicable conditions contained in Article IV
shall not then be satisfied, then, subject to the terms and conditions hereof, such Facility A L/C Issuer shall, on the requested date, issue a Facility A Letter of Credit for the account of the Borrower (or the applicable Subsidiary) or enter into
the applicable amendment, as the case may be, in each case in accordance with such Facility A L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each Facility A Letter of Credit by a Facility A L/C Issuer,
each Revolving A Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from such Facility A L/C Issuer a risk participation in such Facility A Letter of Credit in an amount equal to the product of such Revolving A
Lender’s Applicable Revolving A Credit Percentage times the amount of such Facility A Letter of Credit. 
 (iii)
If the Borrower so requests in any applicable Letter of Credit Application in respect of a Facility A Letter of Credit, the applicable Facility A L/C Issuer may, in its sole discretion, agree to issue a Facility A Letter of Credit that has automatic
extension provisions (each, an “Auto-Extension Facility A Letter of Credit”); provided that any such Auto-Extension Facility A Letter of Credit must permit such Facility A L/C Issuer to prevent any such extension at least
once in each twelve-month period (commencing with the date of issuance of such Facility A 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-month period to be agreed upon at the time such Facility A Letter of Credit is issued. Unless otherwise directed by such Facility A L/C Issuer, the Borrower shall not be required to make a specific request to such Facility A L/C Issuer for
any such extension. Once an Auto-Extension Facility A Letter of Credit has been issued, the Revolving A Lenders shall be deemed to have authorized (but may not require) such Facility A L/C Issuer to permit the extension of such Facility A Letter of
Credit at any time to an expiry date not later than the Facility A Letter of Credit Expiration Date; provided, however, that such Facility A L/C Issuer shall not permit any such extension if (A) such Facility A L/C Issuer has
determined that it would not be permitted, or would have no obligation, at such time to issue such Facility A Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or

  
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(iii) of Section 2.04(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the
Non-Extension Notice Date (1) from the Administrative Agent that the Required Revolving A Lenders have elected not to permit such extension or (2) from the Administrative Agent, any Revolving A Lender or the Borrower that one or more of
the applicable conditions specified in Section 4.02 is not then satisfied, and in each such case directing such Facility A L/C Issuer not to permit such extension. 

(iv) If the Borrower so requests in any applicable Letter of Credit Application for a Facility A Letter of Credit, the
applicable Facility A L/C Issuer may, in its sole discretion, agree to issue a Facility A Letter of Credit that permits the automatic reinstatement of all or a portion of the stated amount thereof after any drawing thereunder (each, an
“Auto-Reinstatement Facility A Letter of Credit”). The Borrower shall not be required to make a specific request to such Facility A L/C Issuer to permit such reinstatement. Once an Auto-Reinstatement Facility A Letter of Credit has
been issued, except as provided in the following sentence, the Revolving A Lenders shall be deemed to have authorized (but may not require) such Facility A L/C Issuer to reinstate all or a portion of the stated amount thereof in accordance with the
provisions of such Facility A Letter of Credit. Notwithstanding the foregoing, if such Auto-Reinstatement Facility A Letter of Credit permits such Facility A L/C Issuer to decline to reinstate all or any portion of the stated amount thereof after a
drawing thereunder by giving notice of such non-reinstatement within a specified number of days after such drawing (the “Non-Reinstatement Deadline”), such Facility A L/C Issuer shall not permit such reinstatement if it has received
a notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-Reinstatement Deadline (A) from the Administrative Agent that the Required Revolving A Lenders have elected not to permit such
reinstatement or (B) from the Administrative Agent, any Revolving A Lender or the Borrower that one or more of the applicable conditions specified in Section 4.02 is not then satisfied (treating such reinstatement as a Facility A
L/C Credit Extension for purposes of this clause) and, in each case, directing such Facility A L/C Issuer not to permit such reinstatement. 

(v) Promptly after its delivery of any Facility A Letter of Credit or any amendment to a Facility A Letter of Credit to an
advising bank with respect thereto or to the beneficiary thereof, the applicable Facility A L/C Issuer will also deliver to the Borrower and the Administrative Agent a true and complete copy of such Facility A Letter of Credit or amendment. 

(c) Drawings and Reimbursements; Funding of Participations. 

(i) Upon receipt from the beneficiary of any Facility A Letter of Credit of any compliant notice of a drawing under such
Facility A Letter of Credit, the applicable Facility A L/C Issuer shall notify the Borrower and the Administrative Agent thereof (such notification provided by a Facility A L/C Issuer to the Borrower and the Administrative Agent being referred to
herein as a “Facility A L/C Draw Notice”). If a Facility A L/C Draw Notice with respect to a Facility A Letter of Credit is received by the Borrower (x) on or prior to 11:00 a.m. on the date of any payment by such Facility A

  
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L/C Issuer under a Facility A Letter of Credit (each such date, a “Facility A L/C Honor Date”), then, not later than 1:00 p.m. on the Facility A L/C Honor Date, the Borrower
shall reimburse such Facility A L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing or (y) after 11:00 a.m. on the Facility A L/C Honor Date, then, not later than 11:00 a.m. on the first Business Day
following the Facility A L/C Honor Date, the Borrower shall reimburse the Facility A L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing (such date on which the Borrower, pursuant to clauses (x) and
(y) of this sentence, is required to reimburse the Facility A L/C Issuer for a drawing under a Facility A Letter of Credit is referred to herein as the “Facility A L/C Reimbursement Date”); provided, however, that
if the Facility A L/C Reimbursement Date for a drawing under a Facility A Letter of Credit is the Business Day following the Facility A L/C Honor Date pursuant to clause (y) of this sentence, the Facility A Unreimbursed Amount shall accrue
interest from and including the Facility A L/C Honor Date until such time as the Facility A L/C Issuer is reimbursed in full therefor (whether through payment by the Borrower and/or through a Committed Revolving A Credit Loan or Facility A L/C
Borrowing made in accordance with paragraph (ii) or (iii) of this Section 2.04(c)) at a rate equal to (A) for the period from and including the Facility A L/C Honor Date to but excluding the first Business Day to occur
thereafter, the rate of interest then applicable to a Revolving A Credit Loan that is a Base Rate Loan and (B) thereafter, at the Default Rate applicable to a Revolving A Credit Loan that is a Base Rate Loan. Interest accruing on the Facility A
Unreimbursed Amount pursuant to the proviso to the immediately preceding sentence shall be payable by the Borrower upon demand to the Administrative Agent, solely for the account of the applicable Facility A L/C Issuer. If the Borrower fails to
reimburse the applicable Facility A L/C Issuer for the full amount of the Facility A Unreimbursed Amount in accordance with the preceding sentence on the applicable L/C Reimbursement Date, the Administrative Agent shall promptly notify each
Revolving A Lender that a payment was made on the Facility A Letter of Credit, the Facility A L/C Honor Date, the Facility A L/C Reimbursement Date (if different from the Facility A L/C Honor Date), the amount of the unreimbursed drawing (the
“Facility A Unreimbursed Amount”), and the amount of such Revolving A Lender’s Applicable Revolving A Credit Percentage thereof. In such event, the Borrower shall be deemed to have requested a Revolving A Committed Borrowing of
Base Rate Loans to be disbursed on the Facility A L/C Honor Date in an amount equal to the Facility A 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 Revolving A Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by a Facility A L/C Issuer or the
Administrative Agent pursuant to this Section 2.04(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. 
 (ii) Each Revolving A Lender shall upon any notice pursuant to Section 2.04(c)(i) make funds
available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable Facility A L/C Issuer at the Administrative Agent’s Office in an amount equal to its Applicable Revolving A Credit
Percentage of the Facility A Unreimbursed Amount not later than 1:00 p.m. on the 

  
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Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii), each Revolving A Lender that so makes funds available
shall be deemed to have made a Committed Revolving A Credit Loan consisting of a Base Rate Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the applicable Facility A L/C Issuer. 

(iii) With respect to any Facility A Unreimbursed Amount that is not fully refinanced by a Revolving A Committed Borrowing of
Base Rate Loans because the conditions set forth in Section 4.02 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from the applicable Facility A L/C Issuer a Facility A L/C Borrowing in the
amount of the Facility A Unreimbursed Amount that is not so refinanced, which Facility A L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate applicable to a Commitment Revolving A
Credit Loan that is a Base Rate Loan. In such event, each Revolving A Lender’s payment to the Administrative Agent for the account of the applicable Facility A L/C Issuer pursuant to Section 2.04(c)(ii) shall be deemed payment in
respect of its participation in such Facility A L/C Borrowing and shall constitute a Facility A L/C Advance from such Revolving A Lender in satisfaction of its participation obligation under this Section 2.04. 

(iv) Until each Revolving A Lender funds its Committed Revolving A Credit Loan or Facility A L/C Advance pursuant to this
Section 2.04(c) to reimburse the applicable Facility A L/C Issuer for any amount drawn under any Facility A Letter of Credit, interest in respect of such Revolving A Lender’s Applicable Revolving A Credit Percentage of such amount
shall be solely for the account of such Facility A L/C Issuer. 
 (v) Each Revolving A Lender’s obligation to make
Committed Revolving A Credit Loans or Facility A L/C Advances to reimburse the applicable Facility A L/C Issuers for amounts drawn under any Facility A Letters of Credit, as contemplated by this Section 2.04(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 Revolving A Lender may have against such Facility A L/C Issuer, the 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, however, that each Revolving A
Lender’s obligation to make Committed Revolving A Credit Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Borrower of a Committed Loan Notice). No
such making of a Facility A L/C Advance shall relieve or otherwise impair the obligation of the Borrower to reimburse the applicable Facility A L/C Issuer for the amount of any payment made by such Facility A L/C Issuer under any Facility A Letter
of Credit issued by such Facility A L/C Issuer, together with interest as provided herein. 
 (vi) If any Revolving A Lender
fails to make available to the Administrative Agent for the account of the applicable Facility A L/C Issuer any amount required to be paid by such Revolving A Lender pursuant to the foregoing provisions of this Section 2.04(c) by the
time specified in Section 2.04(c)(ii), then, without limiting the other 

  
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provisions of this Agreement, such Facility A L/C Issuer shall be entitled to recover from such Revolving A Lender (acting through the 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 such Facility A L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by such
Facility A L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by such Facility A L/C Issuer in connection with the foregoing. If such Revolving A
Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Revolving A Lender’s Committed Revolving A Credit Loan included in the relevant Revolving A Committed Borrowing or Facility A L/C Advance in
respect of the relevant Facility A L/C Borrowing, as the case may be. A certificate of the applicable Facility A L/C Issuer submitted to any Revolving A Lender (through the 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 a Facility A L/C Issuer has made a payment under any Facility A Letter of Credit and has received from
any Revolving A Lender such Revolving A Lender’s Facility A L/C Advance in respect of such payment in accordance with Section 2.04(c), if the Administrative Agent receives for the account of such Facility A L/C Issuer any payment in
respect of the related Facility A Unreimbursed Amount or interest thereon (whether directly from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute
to such Revolving A Lender its Applicable Revolving A Credit Percentage thereof in the same funds as those received by the Administrative Agent. 

(ii) If any payment received by the Administrative Agent for the account of a Facility A L/C Issuer pursuant to
Section 2.04(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 such Facility A L/C Issuer in its discretion), each Revolving A
Lender shall pay to the Administrative Agent for the account of such Facility A L/C Issuer its Applicable Revolving A Credit Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date
such amount is returned by such Revolving A Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Revolving A 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 the Borrower to reimburse each Facility A L/C
Issuer for each drawing under each Facility A Letter of Credit issued by such Facility A L/C Issuer and to repay each Facility A 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
Facility A Letter of Credit, this Agreement, or any other Loan Document; 

  
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 (ii) the existence of any claim, counterclaim, setoff, defense or other right
that the Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of such Facility A Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), such Facility A L/C Issuer or
any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Facility A 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 Facility A 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 Facility A
Letter of Credit; 
 (iv) waiver by such Facility A L/C Issuer of any requirement that exists for such Facility A L/C
Issuer’s protection and not the protection of the Borrower or any waiver by such Facility A L/C Issuer which does not in fact materially prejudice the Borrower; 

(v) honor of a demand for payment presented electronically even if such Facility A Letter of Credit requires that demand be in
the form of a draft; 
 (vi) any payment made by such Facility A L/C Issuer in respect of an otherwise complying item
presented after the date specified as the expiration date of, or the date by which documents must be received under such Facility A Letter of Credit if presentation after such date is authorized by the UCC, the ISP or the UCP, as applicable; 

(vii) any payment by such Facility A L/C Issuer under such Facility A Letter of Credit against presentation of a draft or
certificate that does not strictly comply with the terms of such Facility A Letter of Credit; or any payment made by such Facility A L/C Issuer under such Facility A 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 Facility A Letter of Credit, including any arising in connection with any
proceeding under any Debtor Relief Law; or 
 (viii) 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, the Borrower or any Loan Party. 

The Borrower shall promptly examine a copy of each Facility A Letter of Credit and each amendment thereto that is delivered to it and, in the
event of any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will immediately notify the applicable Facility A L/C Issuer. The Borrower shall be conclusively deemed to have waived any such claim
against such Facility A L/C Issuer and its correspondents unless such notice is given as aforesaid. 

  
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 (f) Role of Facility A L/C Issuer. Each Revolving A Lender and the Borrower agrees that,
in paying any drawing under a Facility A Letter of Credit, the applicable Facility A L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by such Facility A
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 the Facility A L/C Issuers, the Administrative Agent, any of their
respective Related Parties nor any correspondent, participant or assignee of any Facility A L/C Issuer shall be liable to any Revolving A Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of
the Revolving A Lenders, the Required Revolving A Lenders or the 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 Facility A Letter of Credit or Issuer Document. The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any
Facility A Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under
any other agreement. None of the Facility A L/C Issuers, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of any Facility A L/C Issuer shall be liable or responsible for any of the
matters described in clauses (i) through (viii) of Section 2.04(e); provided, however, that anything in such clauses to the contrary notwithstanding, the Borrower may have a claim against a Facility
A L/C Issuer, and a Facility A L/C Issuer may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower which the Borrower proves were caused by such
Facility A L/C Issuer’s willful misconduct or gross negligence or such Facility A L/C Issuer’s willful failure to pay under any Facility A 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 Facility A Letter of Credit. In furtherance and not in limitation of the foregoing, any Facility A 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 such Facility A 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 Facility 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. Any Facility A L/C Issuer may send a Facility A Letter of Credit or
conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) message or overnight courier, or any other commercially reasonable means of communicating with a
beneficiary. 
 (g) Applicability of ISP and UCP; Limitation of Liability. Unless otherwise expressly agreed by the applicable
Facility A L/C Issuer and the Borrower when a Facility A Letter of Credit is issued, the rules of the ISP shall apply to each standby Facility A Letter of Credit. Notwithstanding the foregoing, no Facility A L/C Issuer shall be responsible to the
Borrower for, and no Facility A L/C Issuer’s rights and remedies against the Borrower shall be impaired by, any action or inaction of such Facility A L/C Issuer required or permitted under any 

  
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law, order, or practice that is required or permitted to be applied to any Facility A Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where such Facility A
L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade -
International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Facility A Letter of Credit chooses such law or practice. 

(h) Facility A Letter of Credit Fees. The Borrower shall pay to the Administrative Agent for the account of each Revolving A Lender in
accordance, subject to Section 2.20, with its Applicable Revolving A Credit Percentage a Facility A Letter of Credit fee (the “Facility A Letter of Credit Fee”) for each Facility A Letter of Credit equal to the
Applicable Rate times the daily amount available to be drawn under such Facility A Letter of Credit. For purposes of computing the daily amount available to be drawn under any Facility A Letter of Credit, the amount of such Facility A Letter
of Credit shall be determined in accordance with Section 1.06. Facility A Letter of Credit Fees shall be (i) due and payable on the first Business Day after the end of each March, June, September and December, commencing with the
first such date to occur after the issuance of such Facility A Letter of Credit, on the Facility A 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 Facility A 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 the Required Revolving A Lenders, while any Event of Default exists, all Facility A Letter of Credit Fees shall accrue at the Default Rate. 

(i) Fronting Fee and Documentary and Processing Charges Payable to Facility A L/C Issuers. The Borrower shall pay directly to each
Facility A L/C Issuer for its own account a fronting fee with respect to each Facility A Letter of Credit issued by such Facility A L/C Issuer, at the rate per annum specified in the Fee Letter, computed on the daily amount available to be drawn
under such Facility A Letter of Credit on a quarterly basis in arrears Such fronting fee shall be due and payable on the tenth 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 such date to occur after the issuance of such Facility A Letter of Credit, on the Facility A Letter of Credit Expiration Date and thereafter on demand. For
purposes of computing the daily amount available to be drawn under any Facility A Letter of Credit, the amount of such Facility A Letter of Credit shall be determined in accordance with Section 1.06. In addition, the Borrower shall pay
directly to each Facility A L/C Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of such Facility A 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 on 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. 

  
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 (k) Facility A Letters of Credit Issued for Subsidiaries. Notwithstanding that a Facility
A Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Borrower shall be obligated to reimburse the applicable Facility A L/C Issuer hereunder for any and all drawings
under such Facility A Letter of Credit. The Borrower hereby acknowledges that the issuance of Facility A Letters of Credit for the account of Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives
substantial benefits from the businesses of such Subsidiaries. 
 (l) Periodic Notification of Outstanding Facility A Letters of
Credit. Within five Business Days following the last day of each calendar month, each Facility A L/C Issuer shall provide to the Administrative Agent a written report or statement (each an “L/C Statement”) listing all Facility A
Letters of Credit that were issued by such Facility A L/C Issuer and were outstanding as of the last day of such month. Each L/C Statement shall include such detail as is necessary to identify the beneficiary of each Letter of Credit listed thereon
and the outstanding face amount thereof. In addition, each Facility A L/C Issuer shall from time to time provide to the Administrative Agent an updated L/C Statement upon the Administrative Agent’s reasonable request. 

2.05 REIT L/Cs. 
 (a)
The Facility B Letter of Credit Commitment. 
 (i) Subject to the terms and conditions set forth herein, (A) each
Facility B L/C Issuer agrees, in reliance upon the agreements of the Revolving B Lenders set forth in this Section 2.05, (1) to issue a REIT L/C for the account of PPF Paramount One Market Plaza Owner, LP, a Delaware limited
partnership and a Subsidiary of the Borrower, on the Closing Date as set forth on Schedule 1.01C, and to amend or extend such REIT L/C issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the
REIT L/C issued by it; and (B) the Revolving B Lenders severally agree to participate in the REIT L/Cs and any drawings thereunder; provided that after giving effect to any Facility B L/C Credit Extension with respect to any REIT L/C,
(x) the Total B Outstandings shall not exceed the Revolving B Credit Facility and (y) the Revolving B Credit Exposure of any Revolving B Lender shall not exceed such Revolving B Lender’s Revolving B Credit Commitment. The request by
the Borrower for the issuance or amendment of a REIT L/C shall be deemed to be a representation by the Borrower that the Facility B L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence.

 (ii) Each Facility B L/C Issuer shall act on behalf of the Revolving B Lenders with respect to the REIT L/C issued by it
and the documents associated therewith, and such Facility B L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article IX with respect to any acts taken or omissions suffered by such
Facility B L/C Issuer in connection with the REIT L/C issued by it and Issuer Documents pertaining to such REIT L/C as fully as if the term “Administrative Agent” as used in Article IX included such Facility B L/C Issuer with
respect to such acts or omissions, and (B) as additionally provided herein with respect to each Facility B L/C Issuer. 

  
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 (iii) No Facility B L/C Issuer shall issue any Letter of Credit, if: 

(A) subject to Section 2.05(b)(iii), the expiry date of the requested Letter of Credit would occur more than twelve
months after the date of issuance or last extension, unless the Required Revolving B Lenders have approved such expiry date; or 

(B) the expiry date of the requested Letter of Credit would occur after the Facility B Letter of Credit Expiration Date. 

(iv) No Facility B L/C Issuer shall 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
such Facility B L/C Issuer from issuing the Letter of Credit, or any Law applicable to such Facility B L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such
Facility B L/C Issuer shall prohibit, or request that such Facility B L/C Issuer refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon such Facility B L/C Issuer with respect to the
Letter of Credit any restriction, reserve or capital requirement (for which such Facility B L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such Facility B L/C Issuer any unreimbursed loss,
cost or expense which was not applicable on the Closing Date and which such Facility B L/C Issuer in good faith deems material to it; or 

(B) any Revolving B Lender is at that time a Defaulting Lender, unless such Facility B L/C Issuer has entered into
arrangements, including the delivery of Cash Collateral, satisfactory to such Facility B L/C Issuer (in its sole discretion) with the Borrower or such Revolving B Lender to eliminate such Facility B L/C Issuer’s actual or potential Fronting
Exposure (after giving effect to Section 2.20(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 the
Facility B L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion. 
 (b) Procedures for Issuance
and Amendment of REIT L/Cs; Auto-Extension. 
 (i) Each REIT L/C shall be issued or amended, as the case may be, upon the
request of the Borrower delivered to the applicable Facility B L/C Issuer (with a copy to the Administrative Agent and, in the case of a request for an amendment to a REIT L/C, each of the Revolving B Lenders) in the form of a Letter of Credit
Application, appropriately completed and signed by a Responsible Officer of the Borrower. Such Letter of Credit Application may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided
by such Facility B L/C Issuer, by personal delivery or by any other means acceptable to such Facility B 

  
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L/C Issuer. Such Letter of Credit Application must be received by the applicable Facility B L/C Issuer, the Administrative Agent and, if applicable, the Required B Lenders not later than 11:00
a.m. at least (i) five Business Days prior to the Closing Date (in the case of the issuance of a REIT L/C) or (ii) five Business Days (or such later date and time as the Administrative Agent, such Facility B L/C Issuer and the Revolving B
Lenders may agree in a particular instance in their sole discretion) prior to the date of amendment of a REIT L/C. In the case of the request for the issuance of a REIT L/C, such Letter of Credit Application shall specify in form and detail
satisfactory to the applicable Facility B L/C Issuer: (A) the proposed issuance date of the requested REIT L/C (which shall be the Closing Date); (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; (G) the
purpose and nature of the requested REIT L/C; and (H) such other matters as the applicable Facility B L/C Issuer may require. In the case of a request for an amendment of any outstanding REIT L/C, such Letter of Credit Application shall specify
in form and detail satisfactory to the applicable Facility B L/C Issuer (A) the REIT L/C 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 the applicable Facility B L/C Issuer may reasonably require. Additionally, the Borrower shall furnish to the applicable Facility B L/C Issuer, the Administrative Agent and the Revolving B Lenders such other documents
and information pertaining to such requested REIT L/C issuance or amendment, including any Issuer Documents, as the applicable Facility B L/C Issuer, the Administrative Agent or any Revolving B Lender may reasonably require. 

(ii) Each Facility B L/C Issuer shall, on the Closing Date, issue the REIT L/C to be issued by it. Immediately upon the
issuance of a REIT L/C by a Facility B L/C Issuer, each Revolving B Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from such Facility B L/C Issuer a risk participation in such REIT L/C in an amount equal to
the product of such Revolving B Lender’s Applicable Revolving B Credit Percentage times the amount of such REIT L/C. 

(iii) Promptly after receipt of any Letter of Credit Application for the amendment of a REIT L/C, the applicable Facility B L/C
Issuer will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Borrower and, if not, such Facility B L/C Issuer will provide the
Administrative Agent (who shall in turn provide the Revolving B Lenders) with a copy thereof. The applicable Facility B L/C Issuer and each Revolving B Lender shall, at least two (2) Business Days prior to the requested date of the amendment to
the applicable REIT L/C, notify the Administrative Agent in writing as to whether or not it consents to the requested amendment to such REIT L/C; provided, that if the applicable Facility B L/C Issuer or any Revolving B Lender fails to so
notify the Administrative Agent on or prior to such time, such Facility B L/C Issuer or Revolving B Lender shall be deemed to not have consented to the requested amendment. The Administrative Agent shall notify the applicable Facility B Lender
within one (1) Business Day prior to the requested date of such amendment as to whether or not the written consents of such Facility B L/C Issuer and all of the Revolving B Lenders to such 

  
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amendment have been received. The applicable Facility B L/C Issuer shall only make the requested amendment to such REIT L/C if such Facility B L/C Issuer and all of the Revolving B Lenders have
provided their written consent to such amendment. 
 (iv) Each Facility B L/C Issuer agrees that the REIT L/C to be issued by
it on the Closing Date will have automatic extension provisions that permit such Facility B L/C Issuer to prevent any such extension at least once in each twelve-month period by giving prior notice to the beneficiary thereof on the date specified in
such REIT L/C (the “REIT L/C Non-Extension Notice Date”). The Borrower shall not be required to make a specific request to such Facility B L/C Issuer for any such extension. Once a REIT L/C has been issued, the Revolving B Lenders
shall be deemed to have authorized (but may not require) the applicable Facility B L/C Issuer to permit the extension of such REIT L/C at any time to an expiry date not later than the Facility B Letter of Credit Expiration Date; provided,
however, that (1) such Facility B L/C Issuer may, in its sole discretion, prevent the extension of the REIT L/C issued by it and (2) on or prior to the date that is five Business Days prior to the REIT L/C Non-Extension Notice Date,
each Facility B L/C Issuer shall notify the Administrative Agent in writing (who shall in turn notify each of the Facility B L/C Issuers) as to whether or not such Facility B L/C Issuer will prevent the extension of the REIT L/C issued by it and, if
any Facility B L/C Issuer notifies the Administrative Agent that it will be preventing the extension of the REIT L/C issued by it, any Facility B L/C Issuer that previously indicated that it would not prevent the extension of the REIT L/C issued by
it may change its election and prevent the extension of the REIT L/C issued by it as well. 
 (v) Promptly after its delivery
of a REIT L/C or any amendment to a REIT L/C to an advising bank with respect thereto or to the beneficiary thereof, the applicable Facility B L/C Issuer will also deliver to the Borrower and the Administrative Agent a true and complete copy of such
REIT L/C or amendment. 
 (c) Drawings and Reimbursements; Funding of Participations. 

(i) Upon receipt from the beneficiary of any REIT L/C of any compliant notice of a drawing under such REIT L/C, the applicable
Facility B L/C Issuer shall notify the Borrower and the Administrative Agent thereof (such notification provided by a Facility B L/C Issuer to the Borrower and the Administrative Agent being referred to herein as a “Facility B L/C Draw
Notice”). If a Facility B L/C Draw Notice with respect to a REIT L/C is received by the Borrower (x) on or prior to 11:00 a.m. on the date of any payment by such Facility B L/C Issuer under a REIT L/C (each such date, a
“Facility B L/C Honor Date”), then, not later than 1:00 p.m. on the Facility B L/C Honor Date, the Borrower shall reimburse such Facility B L/C Issuer through the Administrative Agent in an amount equal to the amount of such
drawing or (y) after 11:00 a.m. on the Facility B L/C Honor Date, then, not later than 11:00 a.m. on the first Business Day following the Facility B L/C Honor Date, the Borrower shall reimburse the Facility B L/C Issuer through the
Administrative Agent in an amount equal to the amount of such drawing (such date on which the Borrower, pursuant to clauses (x) and (y) of this sentence, is required to reimburse the Facility B L/C Issuer for a drawing under a REIT L/C is
referred to herein as the “Facility B L/C Reimbursement Date”); provided, however, that 

  
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if the Facility B L/C Reimbursement Date for a drawing under a REIT L/C is the Business Day following the Facility B L/C Honor Date pursuant to clause (y) of this sentence, the Facility B
Unreimbursed Amount shall accrue interest from and including the Facility B L/C Honor Date until such time as the Facility B L/C Issuer is reimbursed in full therefor (whether through payment by the Borrower and/or through a Committed Revolving B
Credit Loan or Facility B L/C Borrowing made in accordance with paragraph (ii) or (iii) of this Section 2.05(c)) at a rate equal to (A) for the period from and including the Facility B L/C Honor Date to but excluding the
first Business Day to occur thereafter, the rate of interest then applicable to a Committed Revolving B Credit Loan that is a Base Rate Loan and (B) thereafter, at the Default Rate applicable to a Committed Revolving B Credit Loan that is a
Base Rate Loan. Interest accruing on the Facility B Unreimbursed Amount pursuant to the proviso to the immediately preceding sentence shall be payable by the Borrower upon demand to the Administrative Agent, solely for the account of the applicable
Facility B L/C Issuer. If the Borrower fails to reimburse the applicable Facility B L/C Issuer for the full amount of the Facility B Unreimbursed Amount in accordance with the preceding sentence on the applicable Facility B L/C Reimbursement Date,
the Administrative Agent shall promptly notify each Revolving B Lender that a payment was made on the REIT L/C, the Facility B L/C Honor Date, the Facility B L/C Reimbursement Date (if different from the Facility B L/C Honor Date), the amount of the
unreimbursed drawing (the “Facility B Unreimbursed Amount”), and the amount of such Revolving B Lender’s Applicable Revolving B Credit Percentage thereof. In such event, the Borrower shall be deemed to have requested a
Revolving B Committed Borrowing of Base Rate Loans to be disbursed on the Facility B L/C Honor Date in an amount equal to the Facility B 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 Revolving B Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice
given by a Facility B L/C Issuer or the Administrative Agent pursuant to this Section 2.05(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. 
 (ii) Each Revolving B Lender shall upon any notice pursuant to
Section 2.05(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable Facility B L/C Issuer at the Administrative Agent’s Office in an amount
equal to its Applicable Revolving B Credit Percentage of the Facility B Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of
Section 2.05(c)(iii), each Revolving B Lender that so makes funds available shall be deemed to have made a Committed Revolving B Credit Loan consisting of a Base Rate Loan to the Borrower in such amount. The Administrative Agent shall
remit the funds so received to the applicable Facility B L/C Issuer. 
 (iii) With respect to any Facility B Unreimbursed
Amount that is not fully refinanced by a Revolving B Committed Borrowing of Base Rate Loans because the conditions set forth in Section 4.02 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from
the applicable Facility B L/C Issuer a 

  
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Facility B L/C Borrowing in the amount of the Facility B Unreimbursed Amount that is not so refinanced, which Facility B L/C Borrowing shall be due and payable on demand (together with interest)
and shall bear interest at the Default Rate applicable to a Committed Revolving B Credit Loan that is a Base Rate Loan. In such event, each Revolving B Lender’s payment to the Administrative Agent for the account of the applicable Facility B
L/C Issuer pursuant to Section 2.05(c)(ii) shall be deemed payment in respect of its participation in such Facility B L/C Borrowing and shall constitute a Facility B L/C Advance from such Revolving B Lender in satisfaction of its
participation obligation under this Section 2.05. 
 (iv) Until each Revolving B Lender funds its Committed
Revolving B Credit Loan or Facility B L/C Advance pursuant to this Section 2.05(c) to reimburse the applicable Facility B L/C Issuer for any amount drawn under the applicable REIT L/C, interest in respect of such Revolving B
Lender’s Applicable Revolving B Credit Percentage of such amount shall be solely for the account of such Facility B L/C Issuer. 

(v) Each Revolving B Lender’s obligation to make Committed Revolving B Credit Loans or Facility B L/C Advances to
reimburse the applicable Facility B L/C Issuers for amounts drawn under any REIT L/Cs, as contemplated by this Section 2.05(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 Revolving B Lender may have against such Facility B L/C Issuer, the 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, however, that each Revolving B Lender’s obligation to make Committed Revolving B Credit Loans pursuant to this
Section 2.05(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Borrower of a Committed Loan Notice). No such making of a Facility B L/C Advance shall relieve or otherwise impair the
obligation of the Borrower to reimburse the applicable Facility B L/C Issuer for the amount of any payment made by such Facility B L/C Issuer under the REIT L/C issued by such Facility B L/C Issuer, together with interest as provided herein. 

(vi) If any Revolving B Lender fails to make available to the Administrative Agent for the account of the applicable Facility B
L/C Issuer any amount required to be paid by such Revolving B Lender pursuant to the foregoing provisions of this Section 2.05(c) by the time specified in Section 2.05(c)(ii), then, without limiting the other provisions of
this Agreement, such Facility B L/C Issuer shall be entitled to recover from such Revolving B Lender (acting through the 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 such Facility B L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by such Facility B L/C Issuer in accordance with banking industry rules on
interbank compensation, plus any administrative, processing or similar fees customarily charged by such Facility B L/C Issuer in connection with the foregoing. If such Revolving B Lender pays such amount (with interest and fees as aforesaid), the
amount so paid shall constitute such Revolving B Lender’s Revolving B Credit Loan included in the relevant Revolving B Committed Borrowing or Facility B L/C Advance in respect of the relevant Facility B

  
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L/C Borrowing, as the case may be. A certificate of the applicable Facility B L/C Issuer submitted to any Revolving B Lender (through the 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 a Facility B L/C Issuer has made a payment under the REIT L/C issued by it and has received from any
Revolving B Lender such Revolving B Lender’s Facility B L/C Advance in respect of such payment in accordance with Section 2.05(c), if the Administrative Agent receives for the account of such Facility B L/C Issuer any payment in
respect of the related Facility B Unreimbursed Amount or interest thereon (whether directly from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute
to such Revolving B Lender its Applicable Revolving B Credit Percentage thereof in the same funds as those received by the Administrative Agent. 

(ii) If any payment received by the Administrative Agent for the account of a Facility B L/C Issuer pursuant to
Section 2.05(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 such Facility B L/C Issuer in its discretion), each Revolving B
Lender shall pay to the Administrative Agent for the account of such Facility B L/C Issuer its Applicable Revolving B Credit Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date
such amount is returned by such Revolving B Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Revolving B 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 the Borrower to reimburse each Facility B L/C
Issuer for each drawing under the REIT L/C issued by such Facility B L/C Issuer and to repay each Facility B 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 REIT L/C, this
Agreement, or any other Loan Document; 
 (ii) the existence of any claim, counterclaim, setoff, defense or other right that
the Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of such REIT L/C (or any Person for whom any such beneficiary or any such transferee may be acting), such Facility B L/C Issuer or any other Person,
whether in connection with this Agreement, the transactions contemplated hereby or by such REIT L/C or any agreement or instrument relating thereto, or any unrelated transaction; 

(iii) any draft, demand, certificate or other document presented under such REIT L/C 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 REIT L/C; 

  
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 (iv) waiver by such Facility B L/C Issuer of any requirement that exists for such
Facility B L/C Issuer’s protection and not the protection of the Borrower or any waiver by such Facility B L/C Issuer which does not in fact materially prejudice the Borrower; 

(v) honor of a demand for payment presented electronically even if such REIT L/C requires that demand be in the form of a
draft; 
 (vi) any payment made by such Facility B L/C Issuer in respect of an otherwise complying item presented after the
date specified as the expiration date of, or the date by which documents must be received under such REIT L/C if presentation after such date is authorized by the UCC, the ISP or the UCP, as applicable; 

(vii) any payment by such Facility B L/C Issuer under such REIT L/C against presentation of a draft or certificate that does
not strictly comply with the terms of such REIT L/C; or any payment made by such Facility B L/C Issuer under such REIT L/C 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 REIT L/C, including any arising in connection with any proceeding under any Debtor Relief Law; or 

(viii) 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, the Borrower or any Loan Party. 
 The Borrower
shall promptly examine a copy of each REIT L/C and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will promptly notify the
applicable Facility B L/C Issuer. The Borrower shall be conclusively deemed to have waived any such claim against such Facility B L/C Issuer and its correspondents unless such notice is given as aforesaid. 

(f) Role of Facility B L/C Issuers. Each Revolving B Lender and the Borrower agrees that, in paying any drawing under a REIT L/C, the
applicable Facility B L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by such REIT L/C) 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 the Facility B L/C Issuers, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of any
Facility B L/C Issuer shall be liable to any Revolving B Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Revolving B Lenders, the Required Revolving B Lenders or the 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 REIT L/C or Issuer
Document. The 

  
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Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any REIT L/C; provided, however, that this assumption is not
intended to, and shall not, preclude the Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of the Facility B L/C Issuers, the Administrative Agent, any of
their respective Related Parties nor any correspondent, participant or assignee of any Facility B L/C Issuer shall be liable or responsible for any of the matters described in clauses (i) through (viii) of
Section 2.05(e); provided, however, that anything in such clauses to the contrary notwithstanding, the Borrower may have a claim against a Facility B L/C Issuer, and a Facility B L/C Issuer may be liable to the Borrower, to
the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower which the Borrower proves were caused by such Facility B L/C Issuer’s willful misconduct or gross negligence or such
Facility B L/C Issuer’s willful failure to pay under any REIT L/C after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a REIT L/C. In furtherance and not in
limitation of the foregoing, any Facility B 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 such Facility B 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 REIT L/C 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. Any Facility B L/C Issuer may send a REIT L/C or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) message
or overnight courier, or any other commercially reasonable means of communicating with a beneficiary. 
 (g) Applicability of ISP and
UCP; Limitation of Liability. Unless otherwise expressly agreed by the applicable Facility B L/C Issuer and the Borrower when a REIT L/C is issued, the rules of the ISP shall apply to such REIT L/C. Notwithstanding the foregoing, no Facility B
L/C Issuer shall be responsible to the Borrower for, and no Facility B L/C Issuer’s rights and remedies against the Borrower shall be impaired by, any action or inaction of such Facility B L/C Issuer required or permitted under any law, order,
or practice that is required or permitted to be applied to any REIT L/C or this Agreement, including the Law or any order of a jurisdiction where such Facility B L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as
applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of
International Banking Law & Practice, whether or not any REIT L/C chooses such law or practice. 
 (h) Facility B Letter of
Credit Fees. The Borrower shall pay to the Administrative Agent for the account of each Revolving B Lender in accordance, subject to Section 2.20, with its Applicable Revolving B Credit Percentage a Facility B Letter of Credit Fee
(the “Facility B Letter of Credit Fee”) for each REIT L/C equal to the Applicable Rate times the daily amount available to be drawn under such REIT L/C. For purposes of computing the daily amount available to be drawn under
any REIT L/C, the amount of such REIT L/C shall be determined in accordance with Section 1.06. Facility B Letter of Credit Fees shall be (i) due and payable on the first Business Day after the end of each March, June, September and
December, commencing with the first such date to occur after the issuance of such REIT L/C, on the Facility B Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in

  
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arrears. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each REIT L/C 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 the Required Revolving B Lenders, while any Event of Default exists, all Facility
B Letter of Credit Fees shall accrue at the Default Rate. 
 (i) Fronting Fee and Documentary and Processing Charges Payable to Facility
B L/C Issuers. The Borrower shall pay directly to each Facility B L/C Issuer for its own account a fronting fee with respect to the REIT L/C issued by such Facility B L/C Issuer, at the rate per annum specified in the Fee Letter, computed on the
daily amount available to be drawn under such REIT L/C on a quarterly basis in arrears Such fronting fee shall be due and payable on the tenth 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 such date to occur after the issuance of such REIT L/C, on the Facility B Letter of Credit Expiration Date and thereafter on demand.
For purposes of computing the daily amount available to be drawn under any REIT L/C, the amount of such REIT L/C shall be determined in accordance with Section 1.06. In addition, the Borrower shall pay directly to each Facility B L/C
Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of such Facility B 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 on 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) REIT L/Cs
Issued for the REIT. Notwithstanding that a REIT L/C issued or outstanding hereunder is in support of any obligations of, or is for the account of, the REIT, the Borrower shall be obligated to reimburse the applicable Facility B L/C Issuer
hereunder for any and all drawings under such REIT L/C. The Borrower hereby acknowledges that the issuance of REIT L/Cs for the account of REIT inures to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits
from the businesses of the REIT. 
 (l) Periodic Notification of Outstanding Facility B Letters of Credit. Within five Business Days
following the last day of each calendar month, each Facility B L/C Issuer shall provide to the Administrative Agent a written report or statement (each an “L/C Statement”) listing all Facility B Letters of Credit that were issued by
such Facility B L/C Issuer and were outstanding as of the last day of such month. Each L/C Statement shall include such detail as is necessary to identify the beneficiary of each Letter of Credit listed thereon and the outstanding face amount
thereof. In addition, each Facility B L/C Issuer shall from time to time provide to the Administrative Agent an updated L/C Statement upon the Administrative Agent’s reasonable request. 

2.06 Swing Line Loans. 

(a) The Swing Line. Subject to the terms and conditions set forth herein, the Swing Line Lender, in reliance upon the agreements of the
other Revolving A Lenders set forth in this 

  
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Section 2.06, agrees to make loans (each such loan, a “Swing Line Loan”) to the Borrower from time to time on any Business Day during the Availability Period for the
Revolving A Credit Facility in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated with the Applicable Revolving A Credit Percentage of
the Outstanding Amount of Committed Revolving A Credit Loans, Bid Loans and Facility A L/C Obligations of the Revolving A Lender acting as Swing Line Lender, may exceed the amount of such Revolving A Lender’s Revolving A Credit Commitment;
provided, however, that (x) after giving effect to any Swing Line Loan, (i) the Total A Outstandings shall not exceed the Revolving A Credit Facility, and (ii) the Revolving A Credit Exposure of any Revolving A Lender
shall not exceed such Revolving A Lender’s Revolving A Credit Commitment, (y) the Borrower shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan, and (z) the Swing Line Lender shall not be
under any obligation to make any Swing Line Loan if it shall determine (which determination shall be conclusive and binding absent manifest error) that it has, or by such Credit Extension may have, Fronting Exposure. Within the foregoing limits, and
subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.06, prepay under Section 2.07, and reborrow under this Section 2.06. Each Swing Line Loan shall be a Base Rate Loan.
Immediately upon the making of a Swing Line Loan, each Revolving A Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal
to the product of such Revolving A Lender’s Applicable Revolving A Credit Percentage times the amount of such Swing Line Loan. 

(b) Borrowing Procedures. Each Swing Line Borrowing shall be made upon the Borrower’s irrevocable notice to the Swing Line Lender
and the Administrative Agent, which may be given by (A) telephone or (B) by a Swing Line Loan Notice; provided that any telephonic notice must be confirmed promptly by delivery to the Swing Line Lender and the Administrative Agent
of a Swing Line Loan Notice. Each such Swing Line Loan Notice must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed,
which shall be a minimum of $100,000, and (ii) the requested borrowing date, which shall be a Business Day. Promptly after receipt by the Swing Line Lender of any Swing Line Loan Notice, the Swing Line Lender will confirm with the
Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent (by telephone or in writing) of the contents
thereof. Unless the Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Revolving A Lender) prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing
(A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the first proviso to the first sentence of Section 2.06(a), or (B) that one or more of the applicable conditions
specified in Article IV is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not later than 3:00 p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing
Line Loan available to the Borrower. 

  
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 (c) Refinancing of Swing Line Loans. 

(i) The Swing Line Lender at any time in its sole discretion may request, on behalf of the Borrower (which hereby irrevocably
authorizes the Swing Line Lender to so request on its behalf), that each Revolving A Lender make a Committed Revolving A Credit Loan that is a Base Rate Loan in an amount equal to such Revolving A Lender’s Applicable Revolving A Credit
Percentage of the amount of Swing Line Loans then outstanding. Such request shall be made in writing (which written request shall be deemed to be a Committed Loan Notice for purposes hereof) and in accordance with the requirements of
Section 2.02, without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized portion of the Revolving A Credit Facility and the conditions set forth in
Section 4.02. The Swing Line Lender shall furnish the Borrower with a copy of the applicable Committed Loan Notice promptly after delivering such notice to the Administrative Agent. Each Revolving A Lender shall make an amount equal to
its Applicable Revolving A Credit Percentage of the amount specified in such Committed Loan Notice available to the Administrative Agent in immediately available funds (and the Administrative Agent may apply Cash Collateral available with respect to
the applicable Swing Line Loan) for the account of the Swing Line Lender at the Administrative Agent’s Office not later than 1:00 p.m. on the day specified in such Committed Loan Notice, whereupon, subject to Section 2.06(c)(ii),
each Revolving A Lender that so makes funds available shall be deemed to have made a Committed Revolving A Credit Loan that is a Base Rate Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the Swing
Line Lender. 
 (ii) If for any reason any Swing Line Loan cannot be refinanced by such a Revolving A Committed Borrowing in
accordance with Section 2.06(c)(i), the request for Committed Revolving A Credit Loans that are Base Rate Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by the Swing Line Lender that each of
the Revolving A Lenders fund its risk participation in the relevant Swing Line Loan and each Revolving A Lender’s payment to the Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.06(c)(i) shall be
deemed payment in respect of such participation. 
 (iii) If any Revolving A Lender fails to make available to the
Administrative Agent for the account of the Swing Line Lender any amount required to be paid by such Revolving A Lender pursuant to the foregoing provisions of this Section 2.06(c) by the time specified in Section 2.06(c)(i),
the Swing Line Lender shall be entitled to recover from such Revolving A Lender (acting through the 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 the Swing Line Lender at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the Swing Line Lender in accordance with banking industry rules on interbank compensation, plus any
administrative, processing or similar fees customarily charged by the Swing Line Lender in connection with the foregoing. If such Revolving A Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such
Revolving A Lender’s Committed Revolving A Credit Loan included in the relevant 

  
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Revolving A Committed Borrowing or funded participation in the relevant Swing Line Loan, as the case may be. A certificate of the Swing Line Lender submitted to any Revolving A Lender (through
the Administrative Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest error. 

(iv) Each Revolving A Lender’s obligation to make Committed Revolving A Credit Loans or to purchase and fund risk
participations in Swing Line Loans pursuant to this Section 2.06(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 Revolving A Lender may have against the Swing Line Lender, the 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, however, that each Revolving A Lender’s obligation to make Committed Revolving A Credit Loans pursuant to this Section 2.06(c) is subject to the conditions set forth in
Section 4.02. No such funding of risk participations shall relieve or otherwise impair the obligation of the Borrower to repay Swing Line Loans, together with interest as provided herein. 

(d) Repayment of Participations. 

(i) At any time after any Revolving A Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing
Line Lender receives any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Revolving A Lender its Applicable Revolving A Credit Percentage thereof in the same funds as those received by the Swing Line Lender.

 (ii) If any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is
required to be returned by the Swing Line Lender under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered into by the Swing Line Lender in its discretion), each Revolving A Lender shall pay
to the Swing Line Lender its Applicable Revolving A Credit Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the Federal
Funds Rate. The Administrative Agent will make such demand upon the request of the Swing Line Lender. The obligations of the Revolving A Lenders under this clause shall survive the payment in full of the Obligations and the termination of this
Agreement. 
 (e) Interest for Account of Swing Line Lender. The Swing Line Lender shall be responsible for invoicing the Borrower
for interest on the Swing Line Loans. Until each Revolving A Lender funds its Committed Revolving A Credit Loan or risk participation pursuant to this Section 2.06 to refinance such Revolving A Lender’s Applicable Revolving A Credit
Percentage of any Swing Line Loan, interest in respect of such Applicable Percentage shall be solely for the account of the Swing Line Lender. 

(f) Payments Directly to Swing Line Lender. The Borrower shall make all payments of principal and interest in respect of the Swing Line
Loans directly to the Swing Line Lender. 

  
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 2.07 Prepayments. 

(a) The Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay Committed Loans in whole or
in part without premium or penalty; provided that (i) such notice must be in a form acceptable to the Administrative Agent and be received by the Administrative Agent not later than 11:00 a.m. (A) three Business Days prior to any
date of prepayment of Eurodollar Rate Committed Loans and (B) on the date of prepayment of Base Rate Committed Loans; (ii) any prepayment of Eurodollar Rate Committed Loans shall be in a minimum principal amount of $2,000,000; and
(iii) any prepayment of Base Rate Committed Loans shall be in a minimum principal amount of $500,000 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 Committed Loans to be prepaid and, if Eurodollar Rate Committed Loans are to be prepaid, the Interest Period(s) of such Loans, and whether such prepayment applies to Committed Revolving A Credit Loans and/or Committed
Revolving B Credit Loans (and if such prepayment applies to Committed Revolving A Credit Loans and Committed Revolving B Credit Loans, the allocation between such Loans). The Administrative Agent will promptly notify each Appropriate Lender of its
receipt of each such notice, and of the amount of such Lender’s Applicable Revolving A Credit Percentage and/or Applicable Revolving B Credit Percentage, as applicable, of such prepayment. If such notice is given by the Borrower, the 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 2.20, each such prepayment received (i) at a time that no Event of Default is continuing shall be applied to the Committed Loans of the
Appropriate Lenders in accordance with their respective Applicable Revolving A Credit Percentages and/or Applicable Revolving B Credit Percentages, as applicable and (ii) at a time that an Event of Default is continuing shall be applied to or,
in the case of L/C Obligations that consist of the aggregate amount available to be drawn under all outstanding Letters of Credit, Cash Collateralize, the Revolving Credit Exposure of all Lenders in accordance with their respective Applicable
Percentages. 
 (b) The Borrower may, upon notice to the Swing Line Lender (with a copy to the Administrative Agent), at any time or from
time to time, voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the date
of the prepayment, and (ii) any such prepayment shall be in a minimum principal amount of $100,000. Each such notice shall specify the date and amount of such prepayment. If such notice is given by the Borrower, the Borrower shall make such
prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. 
 (c) If for any reason
the Total A Outstandings at any time exceed the Revolving A Credit Facility then in effect, the Borrower shall immediately prepay Revolving A Credit Loans and/or Cash Collateralize the Facility A L/C Obligations in an aggregate amount equal to such
excess; provided, however, that the Borrower shall not be required to Cash Collateralize the Facility A L/C Obligations pursuant to this Section 2.07(c) unless after the prepayment in full of the Committed Revolving A
Credit Loans and Swing Line Loans the Total A Outstandings exceed the Revolving A Credit Facility then in effect. 

  
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 (d) If for any reason the Total B Outstandings at any time exceed the Revolving B Credit Facility
then in effect, the Borrower shall immediately prepay Committed Revolving B Credit Loans and/or Cash Collateralize the Facility B L/C Obligations in an aggregate amount equal to such excess; provided, however, that the Borrower shall
not be required to Cash Collateralize the Facility B L/C Obligations pursuant to this Section 2.07(d) unless after the prepayment in full of the Committed Revolving B Credit Loans the Total B Outstandings exceed the Revolving B Credit
Facility then in effect. 
 (e) No Bid Loan may be prepaid without the prior consent of the applicable Bid Loan Lender. 

2.08 Termination or Reduction of Revolving Credit Facility. The Borrower may, upon notice to the Administrative Agent, terminate
the Revolving A Credit Facility or the Revolving B Credit Facility, or from time to time permanently reduce the Revolving A Credit Facility or the Revolving B Credit Facility; provided that (i) any such notice shall be received by the
Administrative Agent not later than 11:00 a.m. three Business Days 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) the Borrower shall not terminate or reduce the Revolving A Credit Facility if, after giving effect thereto and to any concurrent prepayments hereunder, the Total A Outstandings would exceed the Revolving A Credit Facility,
(iv) the Borrower shall not terminate or reduce the Revolving B Credit Facility if, after giving effect thereto and to any concurrent prepayments hereunder, the Total B Outstandings would exceed the Revolving B Credit Facility, and
(iv) if, after giving effect to any reduction of the Revolving A Credit Facility, the Bid Loan Sublimit, the Facility A Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Revolving A Credit Facility, such sublimit
shall be automatically reduced by the amount of such excess. The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Revolving A Credit Facility and/or the Revolving B Credit Facility. Any
reduction of the Revolving A Credit Facility and/or the Revolving B Credit Facility shall be applied to the Revolving A Credit Commitment and/or the Revolving B Credit Commitment, as applicable, of each Appropriate Lender according to its Applicable
Revolving A Credit Percentage and/or Revolving B Credit Percentage, as applicable (and any reduction of the Facility A Letter of Credit Sublimit shall be applied to the Facility A Individual L/C Sublimit of each Facility A L/C Issuer pro rata). For
the avoidance of doubt, nothing in this Section 2.08 is intended to limit or otherwise affect any termination of the Revolving B Credit Commitment of a Revolving B Lender that results pursuant to Section 2.17 from the
occurrence of the Revolver B Maturity Date with respect to such Lender’s Revolving B Credit Commitment. All fees accrued until the effective date of any termination of the Revolving A Credit Commitment and/or the Revolving B Credit Commitment,
as applicable, shall be paid on the effective date of such termination. 
 2.09 Repayment of Loans. 

(a) The Borrower shall repay to the Revolving A Lenders on the Revolver A Maturity Date the aggregate principal amount of Committed Revolving
A Credit Loans outstanding on such date. 

  
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 (b) The Borrower shall repay to the Revolving B Lenders on the Revolver B Maturity Date the
aggregate principal amount of Committed Revolving B Credit Loans outstanding on such date. 
 (c) The Borrower shall repay each Swing Line
Loan on the earlier to occur of (i) the date five Business Days after such Loan is made and (ii) the Revolver A Maturity Date. 

(d) The Borrower shall repay each Bid Loan on the last day of the Interest Period in respect thereof. 

2.10 Interest. 
 (a)
Subject to the provisions of subsection (b) below, (i) each Eurodollar Rate Committed 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; (ii) each Base Rate Committed 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; (iii) each Swing Line 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; and (iv) each
Bid Loan shall bear interest on the outstanding principal amount thereof for the Interest Period therefor at a rate per annum equal to the Eurodollar Rate for such Interest Period plus (or minus) the Eurodollar Bid Margin, or at the
Absolute Rate for such Interest Period, as the case may be. 
 (b) (i) While any Event of Default exists under Section 8.01(a),
Section 8.01(b) with respect to Section 7.11, Section 8.01(f) or Section 8.01(g), the 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 (subject, in all cases other than an Event of Default under Section 8.01 in the payment of principal when due or Event of
Default under Section 8.01(f) or Section 8.01(g), to the request of the Required Lenders). 
 (ii)
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. 
 2.11 Fees. In addition to
certain fees described in subsections (h) and (i) of Section 2.04 and subsections (h) and (i) of Section 2.05: 

(a) Facility Fee. The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable
Percentage of the Revolving Credit Facility, a facility fee equal to the Applicable Rate times the actual daily amount of the Revolving Credit Facility (or, if the Revolving Credit Facility has terminated, on the Outstanding Amount of all

  
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Committed Loans, Bid Loans, Swing Line Loans and L/C Obligations), regardless of usage, subject to adjustment as provided in Section 2.20. The facility fee payable pursuant to this
paragraph shall accrue at all times during the Availability Period (and thereafter so long as any Committed Loans, Swing Line Loans or L/C Obligations remain outstanding), including at any time during which one or more of the conditions in
Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day 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 in respect of the Revolving Credit Facility (and, if applicable, thereafter on demand). The facility fee payable pursuant to this paragraph shall be calculated quarterly in arrears, and if there is any change in the Applicable
Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. 

(b) Other Fees. (i) The Borrower shall pay to the Arrangers and the Administrative Agent for their own respective accounts fees in
the amounts and at the times specified in the Fee Letter. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever absent manifest error. 

(ii) The Borrower shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and at
the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever absent manifest error. 

2.12 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 2.14(a), bear interest for one day. Each determination by the 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 the REIT or for any other reason, the Borrower or the Lenders determine that (i) the Consolidated Leverage Ratio as calculated by the 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, the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders or L/C
Issuers, as the case may be, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, automatically and
without further action by the Administrative Agent, any Lender or the L/C Issuer), an amount equal to the excess of the amount of interest and fees 

  
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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 the Administrative Agent, any Lender or
any L/C Issuer, as the case may be, under Section 2.04(c)(iii), 2.04(h), 2.05(c)(iii), 2.05(h) or 2.10(b) or under Article VIII. The Borrower’s obligations under this paragraph shall survive the
termination of the Revolving Credit Facility and the repayment of all other Obligations hereunder. 
 2.13 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 the
Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the
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 the Borrower hereunder to pay any amount owing with respect to the Obligations. In the
event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of
manifest error. On the Closing Date, upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Revolving A Credit Note and/or Revolving B Credit
Note, as applicable, which shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its Note(s) and endorse thereon the date, Type (if applicable), amount and maturity of its applicable
Loans and payments with respect thereto. 
 (b) In addition to the accounts and records referred to in subsection (a) above,
each Lender and the 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 and Swing Line Loans. In the event of any
conflict between the accounts and records maintained by the Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest
error. 
 2.14 Payments Generally; Administrative Agent’s Clawback. 

(a) General. All payments to be made by the Borrower or any other Loan Party shall be made free and clear of and without condition or
deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower or any other Loan Party hereunder shall be made to the Administrative Agent, for the account of the respective
Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein. The Administrative Agent will promptly distribute to each
Appropriate Lender its Applicable Percentage in respect of the Revolving A Credit Facility or Revolving B Credit Facility, as applicable (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to
such Lender’s Lending Office. All payments received by the Administrative Agent after 2:00 p.m., at the option of the Administrative Agent, shall be 

  
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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 the Borrower or any other Loan Party 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. 

(b) (i) Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a
Lender prior to the proposed date of any Committed Borrowing of Eurodollar Rate Loans (or, in the case of any Committed Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Committed Borrowing) that such Lender will not make
available to the Administrative Agent such Lender’s share of such Committed Borrowing, the 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 Committed 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 the Borrower a
corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Committed Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative
Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, but, in the case of the Borrower, without duplication of any interest otherwise payable hereunder, for each day from and including the date
such amount is made available to the Borrower to but excluding the date of payment to the 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 the
Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case
of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall
promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Committed Borrowing to the Administrative Agent, then the amount so paid shall constitute such
Lender’s Committed Loan included in such Committed Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.

 (ii) Payments by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have
received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of any of the Lenders or any of the L/C Issuers hereunder that the Borrower will not make such payment, the Administrative
Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the applicable Lenders or applicable L/C Issuers, as the case may be, the amount due. In such
event, if the Borrower has not in fact made such payment, then each of the applicable Lenders or applicable L/C Issuers, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such
Lender or such 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 

  
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date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation. 
 A notice of the Administrative Agent to any Lender or the 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 the 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 the Borrower by the Administrative Agent because the
conditions to the applicable Credit Extension set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the 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 Committed Loans, to
fund participations in Letters of Credit and Swing Line Loans and to make payments pursuant to Section 11.04(c) are several and not joint. The failure of any Lender to make any Committed Loan required to be made by such Lender, to fund
any such participation required to be funded by such Lender or to make any payment under Section 11.04(c) 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 Committed Loan, to purchase its participation or to make its payment under Section 11.04(c). 

(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. 

2.15 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 Committed Loans made by it, or the participations in L/C Obligations or in Swing Line Loans held by it resulting in such Lender’s receiving payment of a proportion of the
aggregate amount of such Committed 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 the Administrative Agent of
such fact, and (b) purchase (for cash at face value) participations in the Committed Loans and subparticipations in L/C Obligations and Swing Line Loans of the other applicable Lenders, or make such other adjustments as shall be equitable, so
that the benefit of all such payments shall be shared by all applicable Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Committed 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 

  
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 (ii) the provisions of this Section shall not be construed to apply to
(w) any payment made by or on behalf of the Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (x) allocation of optional
prepayments among the Committed Loans made in accordance with Section 2.07(a), (y) the application of Cash Collateral provided for in Section 2.19, or (z) any payment obtained by a Lender as consideration for the
assignment of or sale of a participation in any of its Committed Loans or subparticipations in L/C Obligations or Swing Line Loans to any assignee or participant, other than an assignment to the 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 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. 
 2.16 Extension of Revolver A Maturity Date. 

(a) Notification of Extension. The Borrower may, by written notice to the Administrative Agent (such notice, an “Extension
Notice”) not earlier than 90 days and not later than 30 days prior to the Initial Revolver A Maturity Date, elect to extend the Revolver A Maturity Date for an additional twelve (12) months from the Initial Revolver A Maturity Date.
The Administrative Agent shall distribute any such Extension Notice promptly to the Lenders following its receipt thereof. 
 (b)
Conditions Precedent to Effectiveness of Revolver A Maturity Date Extension. As conditions precedent to such extension, the Borrower shall, on or prior to the Initial Revolver A Maturity Date, satisfy each of the following requirements for
such extension to become effective: 
 (i) The Administrative Agent shall have received an Extension Notice within the period required
under clause (a) above; 
 (ii) On the date of such Extension Notice and both immediately before and immediately after giving effect
to such extension of the Revolver A Maturity Date, no Default shall have occurred and be continuing; 
 (iii) The Borrower shall have paid
to the Administrative Agent, for the pro rata benefit of the Revolving Credit Lenders based on their respective Applicable Percentages in respect to the Revolving Credit Facility as of such date, an extension fee in an amount equal to 0.15% of the
Revolving Credit Facility as in effect on the Initial Revolver A Maturity Date (it being agreed that such Extension Fee shall be fully earned when paid and shall not be refundable for any reason); 

(iv) The Administrative Agent shall have received a certificate of the Borrower dated as of the Initial Revolver A Maturity Date signed by a
Responsible Officer of the Borrower (i) (x) certifying and attaching the resolutions adopted by each Loan Party approving 

  
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or consenting to such extension or (y) certifying that, as of the Initial Revolver A Maturity Date, the resolutions delivered to the Administrative Agent and the Lenders on the Closing Date
(which resolutions include approval for an extension of the Revolver A Maturity Date in respect of the Revolving Credit Facility for an additional twelve (12) months from the Initial Revolver A Maturity Date) are and remain in full force and
effect and have not been modified, rescinded or superseded since the date of adoption and (ii) certifying that, before and after giving effect to such extension, (A) the representations and warranties contained in Article V and the other
Loan Documents are true and correct in all material respects on and as of the Initial Revolver A Maturity Date, except (x) 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, (y) any representation or warranty that is already by its terms qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and
correct in all respects as of such date after giving effect to such qualification and (z) for purposes of this Section 2.16, the representations and warranties contained in subsections (a) and (b) of
Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01, and (B) no Default exists; and 

(v) The Borrower and the other Loan Parties shall have delivered to the Administrative Agent such reaffirmations of their respective
obligations under the Loan Documents (after giving effect to the extension), and acknowledgments and certifications that they have no claims, offsets or defenses with respect to the payment or performance of any of the Obligations. 

(c) Conflicting Provisions. This Section shall supersede any provisions in Section 11.01 to the contrary. 

2.17 Extension of Revolver B Maturity Date. 

(a) Each Revolving B Lender agrees that the Revolver B Maturity Date in effect at any time with respect to such Lender’s Revolving B
Credit Commitment will automatically be extended for a period of one year without the Borrower being required to make a specific request for such extension in the event and to the extent that the expiry date of the REIT L/C issued by such Revolving
B Lender (in its capacity as a Facility B L/C Issuer) is extended in accordance with Section 2.05. In the event that a Revolving B Lender prevents the extension of the expiry date of the REIT L/C issued by such Revolving B Lender (in its
capacity as a Facility B Issuer) in accordance with Section 2.05, then the Revolver B Maturity Date then in effect with respect to such Lender’s Revolving B Credit Commitment shall not be extended. 

(b) In the event that the entire remaining undrawn amount of the REIT L/C issued by a Revolving B Lender (in its capacity as a Facility B L/C
Issuer) is drawn prior to the REIT L/C Non-Extension Notice Date applicable to such REIT L/C, the Revolver B Maturity Date then in effect with respect to such Lender’s Revolving B Credit Commitment will remain in effect, and automatically be
extended for a period of one year, without the Borrower being required to make a specific request for such extension unless on or prior to the fiftieth (50th) day prior to the then applicable
Revolving B Maturity Date with respect to such Lender’s Revolving B Credit Commitment, such Revolving B Lender notifies the Administrative Agent in writing (who shall in turn notify each of the other Revolving B Lenders) and the Borrower that
such 

  
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Revolving B Lender will not extend the then applicable Revolver B Maturity Date with respect to such Lender’s Revolving B Credit Commitment (in which case such Revolver B Maturity Date will
not be extended). 
 (c) In the event that the Revolver B Maturity Date with respect to any Lender’s Revolving B Credit Commitment has
been extended in accordance with clause (b) of this Section 2.17, the Revolver B Maturity Date then in effect with respect to such Lender’s Revolving B Credit Commitment will automatically be extended for each successive
one year period without the Borrower being required to make a specific request for any such extension unless on or prior to the date that is fifty (50) days prior to the Revolver B Maturity Date then in effect with respect to such Lender’s
Revolving B Credit Commitment, such Revolving B Lender notifies the Administrative Agent in writing (who shall in turn notify each of the other Revolving B Lenders) and the Borrower that such Revolving B Lender will not extend the then applicable
Revolver B Maturity Date with respect to such Lender’s Revolving B Credit Commitment (in which case such Revolver B Maturity Date will not be extended). 

(d) Notwithstanding anything to the contrary contained herein, in no event shall the Revolver B Maturity Date in effect at any time with
respect to any Lender’s Revolving B Credit Commitment be extended beyond the fifth anniversary of the Closing Date. 
 (e) In the event
that the REIT L/C issued by a Revolving B Lender (in its capacity as a Facility B L/C Issuer) expires or terminates without a draw having been made thereunder, the Revolver B Maturity Date then in effect with respect to such Lender’s Revolving
B Credit Commitment shall terminate upon such expiration or termination. 
 (f) Each Revolving B Lender (in its capacities as a Lender and
as a Facility B L/C Issuer) agrees to notify the Administrative Agent in writing (who shall in turn notify each of the other Revolving B Lenders) as soon as practicable upon a draw under, or the cancellation or termination of, or any notice of
non-renewal or non-extension of, the REIT L/C issued by such Revolving B Lender (in its capacity as a Facility B L/C Issuer) or the Revolving Maturity Date with respect to such Lender’s Revolving B Credit Commitment. 

2.18 Increase in Commitments. 

(a) Request for Increase. Provided that no Default shall have occurred and is then continuing, upon written notice to the
Administrative Agent (which shall promptly notify the Revolving A Lenders), the Borrower may from time to time, request an increase in the Revolving A Credit Facility (or through establishment of new pari passu term loan tranches) to an amount not
exceeding $1,250,000,000 in the aggregate after giving effect to such increase; provided that any such request for an increase shall be in a minimum amount of $25,000,000 (or such lesser amount as the Borrower and the Administrative Agent may
agree). At the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Revolving A Lender is requested to respond (which shall in no event be less than ten Business
Days from the date of delivery of such notice to the Revolving A Lenders). 

  
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 (b) Revolving A Lender Elections to Increase. Each Revolving A Lender shall notify the
Administrative Agent within such time period whether or not it agrees to increase its Revolving A Credit Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable Revolving A Credit Percentage of such requested
increase. Any Revolving A Lender not responding within such time period shall be deemed to have declined to increase its Revolving A Credit Commitment. 

(c) Notification by Administrative Agent; Additional Revolving A Lenders. The Administrative Agent shall notify the Borrower and each
Revolving A Lender of the Revolving A Lenders’ responses to each request made hereunder. To achieve the full amount of a requested increase and subject to the approval of the Administrative Agent, the Facility A L/C Issuers and the Swing Line
Lender, the Borrower may also invite additional Eligible Assignees to become Revolving A Lenders pursuant to a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent and its counsel (a “New Lender Joinder
Agreement”). 
 (d) Effective Date and Allocations. If the Revolving A Credit Facility is increased in accordance with this
Section, the Administrative Agent and the Borrower shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase. The Administrative Agent shall promptly notify the Revolving A Lenders
of the final allocation of such increase and the Increase Effective Date. The Administrative Agent is authorized and directed to amend and distribute to the Lenders, including any party becoming a Lender on the Increase Effective Date, a revised
Schedule 2.01 that gives effect to the increase and the allocation among the Lenders. 
 (e) Conditions to Effectiveness of
Increase. As conditions precedent to each such increase, (i) the Borrower shall deliver to the Administrative Agent a certificate of each Loan Party dated as of the Increase Effective Date (in sufficient copies for each Revolving A Lender)
signed by a Responsible Officer of such Loan Party (x) (1) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such increase or (2) certifying that, as of such Increase Effective Date, the
resolutions delivered to the Administrative Agent and the Revolving A Lenders on the Closing Date (which resolutions include approval to increase the aggregate principal amount of the Revolving A Facility to an amount at least equal to
$1,250,000,000) are and remain in full force and effect and have not been modified, rescinded or superseded since the date of adoption, and (y) in the case of the Borrower, certifying that, before and after giving effect to such increase,
(A) the representations and warranties contained in Article V and the other Loan Documents are true and correct in all material respects on and as of such Increase Effective Date, except to the extent that (1) 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, (2) any representation or warranty that is already by its terms qualified as to
“materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects as of such applicable date (including such earlier date set forth in the foregoing clause (1)) after giving effect to
such qualification and (3) for purposes of this Section 2.18, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent
statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01, and (B) no Default shall have occurred and is then continuing, (ii) the Administrative Agent shall have received
(x) a New Lender Joinder Agreement duly executed by the Borrower and each Eligible Assignee that is becoming a Revolving A Lender in 

  
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connection with such increase, which New Lender Joinder Agreement shall be acknowledged and consented to in writing by the Administrative Agent, the Swing Line Lender and each Facility A L/C
Issuer and (y) written confirmation from each existing Revolving A Lender, if any, participating in such increase of the amount by which its Revolving A Credit Commitment will be increased, which confirmation shall be acknowledged and consented
to in writing by the Swing Line Lender and each L/C Issuer and (iii) the Borrower shall have paid to the Arrangers the fee required to be paid pursuant to the Fee Letter in connection therewith. 

(f) Settlement Procedures. On each Increase Effective Date, promptly following fulfillment of the conditions set forth in clause
(e) of this Section 2.18, the Administrative Agent shall notify the Revolving A Lenders of the occurrence of the increase of the Revolving A Credit Facility effected on such Increase Effective Date and the amount of the Revolving A
Credit Commitment and Applicable Revolving A Credit Percentage of each Revolving A Lender as a result thereof. In the event that the increase in the Revolving A Credit Facility results in any change to the Applicable Revolving A Credit Percentage of
any Revolving A Lender, then on the Increase Effective Date (i) the participation interests of the Revolving A Lenders in any outstanding Facility A Letters of Credit and Swing Line Loans shall be automatically reallocated among the Revolving A
Lenders in accordance with their respective Applicable Revolving A Credit Percentages after giving effect to such increase, (ii) any new Revolving A Lender, and any existing Revolving A Lender whose Revolving A Credit Commitment has increased,
shall pay to the Administrative Agent such amounts as are necessary to fund its new or increased Applicable Revolving A Credit Percentage of all existing Committed Revolving A Credit Loans, (iii) the Administrative Agent will use the proceeds
thereof to pay to all existing Revolving Credit A Lenders whose Applicable Revolving A Credit Percentage is decreasing such amounts as are necessary so that each Revolving A Credit Lender’s participation in existing Committed Revolving A Credit
Loans will be equal to its adjusted Applicable Revolving A Credit Percentage, and (iv) if the Increase Effective Date occurs on a date other than the last day of an Interest Period applicable to any outstanding Revolving A Credit Loan that is a
Eurodollar Rate Loan, then the Borrower shall pay any amounts required pursuant to Section 3.05 on account of the payments made pursuant to clause (iii) of this sentence. 

(g) Conflicting Provisions. This Section shall supersede any provisions in Section 2.15 or 11.01 to the contrary.

 2.19 Cash Collateral. 

(a) Certain Credit Support Events. If (i) any 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, (ii) as of the Facility A Letter of Credit Expiration Date, any Facility A L/C Obligation for any reason remains outstanding, (iii) as of the Facility B Letter of Credit Expiration
Date, any Facility B L/C Obligation for any reason remains outstanding, (iv) the Borrower shall be required to provide Cash Collateral pursuant to Section 8.02(c), or (v) there shall exist a Defaulting Lender, the Borrower
shall immediately (in the case of clause (ii) or (iii) above) or within one Business Day (in all other cases) following any request by the Administrative Agent or the applicable L/C Issuer, provide Cash Collateral in an
amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral provided pursuant to clause (v) above, after giving effect to Section 2.19(a)(iv) and any Cash Collateral provided by
the Defaulting Lender). 

  
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 (b) Grant of Security Interest. The Borrower, and to the extent provided by any Defaulting
Lender, such Defaulting Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuers and the Lenders, and agrees to maintain, a first priority security 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 2.19(c). If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent or the L/C Issuers as herein provided, or that the
total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to
eliminate such deficiency. 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. The Borrower shall pay on demand therefor
from time to time all customary account opening, activity and other administrative fees and charges in connection with the maintenance and disbursement of Cash Collateral. 

(c) Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this
Section 2.19 or Sections 2.04, 2.05, 2.07, 2.20 or 8.02 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 otherwise
be provided for herein. 
 (d) Release. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or
to secure 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) the determination by the Administrative Agent and the applicable L/C Issuer(s) that there exists excess Cash Collateral; provided,
however, (x) Cash Collateral furnished by or on behalf of a Loan Party shall not be released during the continuance of a Default (and following application as provided in this Section 2.19 may be otherwise applied in
accordance with Section 8.03), and (y) the Person providing Cash Collateral and the applicable L/C Issuer(s) may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure or
other obligations. 
 2.20 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. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definitions of “Required Lenders”, “Required
Revolving A Lenders”, “Required Revolving B Lenders” and Section 11.01. 

  
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 (ii) Defaulting Lender Waterfall. Any payment of principal, interest, fees
or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received by the Administrative Agent from a Defaulting
Lender pursuant to Section 11.08 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent
hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to a L/C Issuer or the Swing Line Lender hereunder; third, to Cash Collateralize any L/C Issuer’s Fronting Exposure with respect
to such Defaulting Lender in accordance with Section 2.20; fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to
fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to
(x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the applicable L/C Issuers’ future Fronting Exposure with respect to such Defaulting
Lender with respect to future Letters of Credit issued by such LC Issuer(s) under this Agreement, in accordance with Section 2.20; sixth, to the payment of any amounts owing to the Lenders, the L/C Issuers or Swing Line Lender as
a result of any judgment of a court of competent jurisdiction obtained by any Lender, any L/C Issuer or the Swing Line Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement;
seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a
result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a
payment of the principal amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the
conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to, all applicable Non-Defaulting Lenders on a pro rata basis prior to being applied to the
payment of any Loans of, or L/C Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations and Swing Line Loans are held by the Appropriate Lenders pro rata in accordance with
the applicable Revolving Credit Commitments hereunder without giving effect to Section 2.20(a)(iv). 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 2.20(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

  
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 (iii) Certain Fees. 

(A) No Lender that is a Defaulting Lender shall be entitled to receive any fee payable under Section 2.11(a) for
any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender). 

(B) (1) Each Revolving A Lender that is a Defaulting Lender shall be entitled to receive Facility A Letter of Credit Fees for
any period during which that Revolving A Lender is a Defaulting Lender only to the extent allocable to its Applicable Revolving A Credit Percentage of the stated amount of Facility A Letters of Credit for which it has provided Cash Collateral
pursuant to Section 2.19 and (2) each Revolving B Lender that is a Defaulting Lender shall be entitled to receive Facility B Letter of Credit Fees for any period during which that Revolving B Lender is a Defaulting Lender only to
the extent allocable to its Applicable Revolving B Credit Percentage of the stated amount of REIT LC’s for which it has provided Cash Collateral pursuant to Section 2.19. 

(C) With respect to any fee payable under Section 2.11(a) or any Facility A Letter of Credit Fee or Facility B
Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such
Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations or Swing Line Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to the applicable
L/C Issuers and Swing Line Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such L/C Issuer’s or Swing Line Lender’s Fronting Exposure to such Defaulting Lender, and
(z) not be required to pay the remaining amount of any such fee. 
 (iv) Reallocation of Applicable Percentages to
Reduce Fronting Exposure. 
 (A) All or any part of such Defaulting Lender’s participation in Facility A L/C
Obligations and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders that are Revolving A Lenders in accordance with their respective Applicable Revolving A Credit Percentages (calculated without regard to such Defaulting
Lender’s Revolving A Credit Commitment) but only to the extent that (x) the conditions set forth in Section 4.02 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the
Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving A Credit Exposure of any
Non-Defaulting Lender that is a Revolving A Lender to exceed such Non-Defaulting Lender’s Revolving A Credit Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a

  
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Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure
following such reallocation. 
 (B) All or any part of such Defaulting Lender’s participation in Facility B L/C
Obligations shall be reallocated among the Non-Defaulting Lenders that are Revolving B Lenders in accordance with their respective Applicable Revolving B Credit Percentages (calculated without regard to such Defaulting Lender’s Revolving B
Credit Commitment) but only to the extent that (x) the conditions set forth in Section 4.02 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent at such
time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving B Credit Exposure of any Non-Defaulting Lender that is a
Revolving B Lender to exceed such Non-Defaulting Lender’s Revolving B Credit Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender
having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 

(v) Cash Collateral, Repayment of Swing Line Loans. 

(A) If the reallocation described in clause (a)(iv)(A) above cannot, or can only partially, be effected, the Borrower
shall, without prejudice to any right or remedy available to it hereunder or under applicable Law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lenders’ Fronting Exposure and (y) second, Cash Collateralize
the Facility A L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in Section 2.19. 

(B) If the reallocation described in clause (a)(iv)(B) above cannot, or can only partially, be effected, the Borrower
shall, without prejudice to any right or remedy available to it hereunder or under applicable Law, Cash Collateralize the Facility B L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in Section 2.19. 

(b) Defaulting Lender Cure. If the Borrower, the Administrative Agent, Swing Line Lender and the L/C Issuers agree in writing that a
Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with
respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the
Committed Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages (without giving effect to
Section 2.20(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments 

  
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made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties,
no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

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 any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion of the
Administrative Agent) require the deduction or withholding of any Tax from any such payment by the Administrative Agent or a Loan Party, then the Administrative Agent or such Loan Party shall be entitled to make such deduction or withholding, upon
the basis of the information and documentation to be delivered pursuant to subsection (e) below. 
 (ii) If any
Loan Party or the 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) the Administrative Agent shall
withhold or make such deductions as are determined by the Administrative Agent to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) the Administrative Agent 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, the sum payable by the applicable Loan
Party 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 3.01) the applicable Recipient receives
an amount equal to the sum it would have received had no such withholding or deduction been made. 
 (iii) If any Loan Party
or the Administrative Agent shall be required by any applicable Laws other than the Code to withhold or deduct any Taxes from any payment, then (A) such Loan Party or the Administrative Agent, as required by such Laws, shall withhold or make
such deductions as are determined by it to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) such Loan Party or the Administrative Agent, to the extent required by such
Laws, shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by
the applicable Loan Party 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 3.01) the applicable
Recipient 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 the Borrower. Without limiting the provisions of
subsection (a) above, the Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 

(c) Tax Indemnifications. (i) Each of the Loan Parties shall, and does hereby, jointly and severally indemnify each Recipient, and
shall make payment in respect thereof within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01)
payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or an L/C Issuer (with a copy to the Administrative Agent), or by the
Administrative Agent on its own behalf or on behalf of a Lender or an L/C Issuer, shall be conclusive absent manifest error. Each of the Loan Parties shall, and does hereby, jointly and severally indemnify the Administrative Agent, and shall make
payment in respect thereof within 10 days after demand therefor, for any amount which a Lender or an L/C Issuer for any reason fails to pay indefeasibly to the Administrative Agent as required pursuant to Section 3.01(c)(ii) below. For
the avoidance of doubt, (A) to the extent the Administrative Agent indefeasibly receives payment in full from the Borrower pursuant to the immediately preceding sentence for an amount that a Lender or the L/C Issuer was required to indemnify
the Administrative Agent for pursuant to clause (y) or (z) of Section 3.01(c)(ii), and subsequent thereto the Administrative Agent receives payment from such Lender or the L/C Issuer (including by way of set off pursuant to the
last sentence of Section 3.01(c)(ii)) for that same indemnity that was previously paid in full by the Borrower, the Administrative Agent will promptly turn over to the Borrower the amount so received (including by way of set off pursuant
to the last sentence of Section 3.01(c)(ii)) from such Lender or the L/C Issuer (but in any event not in excess of the amount previously paid by the Borrower to the Administrative Agent in respect of such indemnity) and (B) to the
extent the Administrative Agent receives a payment from the Borrower pursuant to the immediately preceding sentence for an amount that a Lender or the L/C Issuer was required to indemnify the Administrative Agent for pursuant to clause (y) or
(z) of Section 3.01(c)(ii), such Lender or the L/C Issuer, as applicable, shall be liable to the Borrower for reimbursement of such payment. 

(ii) Each Lender and each L/C Issuer shall, and does hereby, severally indemnify, and shall make payment in respect thereof
within 10 days after demand therefor, (x) the Administrative Agent against any Indemnified Taxes attributable to such Lender or L/C Issuer (but only to the extent that any Loan Party has not already indemnified the Administrative Agent
for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (y) the Administrative Agent and the Loan Parties, as applicable, against any Taxes attributable to such Lender’s failure to comply with
the provisions of Section 11.06(d) relating to the maintenance of a Participant Register and (z) the Administrative Agent and the Loan Parties, as applicable, against any Excluded Taxes attributable to such Lender or such L/C
Issuer, in each case, that are payable or paid by the Administrative Agent or a Loan Party in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto,

  
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whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender
by the Administrative Agent shall be conclusive absent manifest error. Each Lender and each L/C Issuer hereby authorizes the 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 the Administrative Agent under this clause (ii). 

(d) Evidence of Payments. Upon request by the Borrower or the Administrative Agent, as the case may be, after any payment of Taxes by
the Borrower or by the Administrative Agent to a Governmental Authority as provided in this Section 3.01, the Borrower shall deliver to the Administrative Agent or the Administrative Agent shall deliver to the 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 the Borrower
or the Administrative Agent, as the case may be. 
 (e) Status of Lenders; Tax Documentation. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower
or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other
documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or
information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in
Section 3.01(e)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or
expense or would materially prejudice the legal or commercial position of such Lender. 
 (ii) Without limiting the
generality of the foregoing, in the event that the Borrower is a U.S. Person, 
 (A) any Lender that is a U.S. Person shall
deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent),
executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 

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

(II) executed copies of IRS Form W-8ECI; 

(III) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c)
of the Code, (x) a certificate substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of
the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed
copies of IRS Form W-8BEN-E; or 
 (IV) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS
Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other certification documents from each beneficial owner,
as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance
Certificate substantially in the form of Exhibit G-4 on behalf of each such direct and indirect partner; 
 (C) any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a
reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to
be made; and 

  
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 (D) if a payment made to a Lender under any Loan Document would be subject to
U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall
deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as
prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their
obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement. 
 (iii) Each Lender agrees that if any form or
certification it previously delivered pursuant to this Section 3.01 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in
writing of its legal inability to do so. 
 (f) Treatment of Certain Refunds. Unless required by applicable Laws, at no time shall
the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender or an L/C Issuer, or have any obligation to pay to any Lender or any 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 any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified by any Loan Party or with respect
to which any Loan Party has paid additional amounts pursuant to this Section 3.01, it shall pay to the Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by a Loan
Party under this Section 3.01 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund), provided that the Loan Party, upon the request of the Recipient, agrees to repay the amount paid over to the Loan Party (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will the applicable Recipient be
required to pay any amount to the Loan Party pursuant to this subsection the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient would have been in if the Tax subject to indemnification and
giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed to require any Recipient to
make available its tax returns (or any other information relating to its taxes that it deems confidential) to any Loan Party or any other Person. 

  
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 (g) L/C Issuers and Swing Line Lender. For purposes of this Section 3.01, the
term “Lender” shall include each L/C Issuer and the Swing Line Lender. 
 (h) Survival. Each party’s obligations under
this Section 3.01 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender or an L/C Issuer, the termination of the Commitments and the repayment,
satisfaction or discharge of all other Obligations. 
 (i) Defined Terms. For purposes of this Section 3.01, the term
“applicable law” includes FATCA. 
 3.02 Illegality. If any Lender determines in good faith that any Law has made it
unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its 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 in
reasonable detail by such Lender to the Borrower through the Administrative Agent, (i) any obligation of such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Committed Loans to Eurodollar Rate Committed 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 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 the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate, in each case until such Lender notifies the Administrative
Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon the Borrower’s receipt of such notice, (x) the Borrower shall, upon demand from such Lender (with a copy to the 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 the 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, the 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 the 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, the Borrower shall also pay accrued interest on the amount so prepaid or converted. 

3.03 Inability to Determine Rates. If in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation
thereof, (a) the Administrative Agent determines that (i) Dollar deposits are not being offered to banks in the London interbank Eurodollar market 

  
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for the applicable amount for the applicable Interest Period of such Eurodollar Rate Loan, or (ii) adequate and reasonable means do not exist for determining the Eurodollar Rate for any
requested Interest Period with respect to a proposed Eurodollar Rate Committed Loan or in connection with an existing or proposed Base Rate Loan accruing interest based on clause (b) of the definition of Eurodollar Rate (in each case with
respect to clause (a) (i) above, “Impacted Loans”), or (b) the Administrative Agent or the affected Lenders determine that for any reason the Eurodollar Rate for any requested Interest Period with respect to a
proposed Eurodollar Rate Committed Loan does not adequately and fairly reflect the cost to such Lenders of funding such Eurodollar Rate Loan, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the
obligation of the Lenders to make or maintain Eurodollar Rate Committed Loans shall be suspended, (to the extent of the affected Eurodollar Rate Loans or Interest Periods), 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 the Administrative Agent (in each case of a suspension at
the request of the affected Lender upon the instruction of the affected Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans
(to the extent of the affected Eurodollar Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Committed Borrowing of Base Rate Loans in the amount specified therein. 

Notwithstanding the foregoing, if the Administrative Agent has made the determination described in clause (a) (i) of this
section, the Administrative Agent, in consultation with the Borrower and the affected Lenders, may establish an alternative interest rate for the Impacted Loans, in which case, such alternative rate of interest shall apply with respect to the
Impacted Loans until (1) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under clause (a) of the first sentence of this section, (2) the Administrative Agent or the affected Lenders notify the
Administrative Agent and the Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (3) any Lender determines that any Law has made it unlawful, or that any
Governmental Authority has asserted that it is unlawful, for such Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of interest or to determine or charge
interest rates based upon such rate or any Governmental Authority has imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the Administrative Agent and the Borrower written notice thereof. 

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 any L/C Issuer; 

  
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 (ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes,
(B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves,
other liabilities or capital attributable thereto; or 
 (iii) impose on any Lender or any 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, converting to, continuing 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 such 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 the L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon
request of such Lender or such L/C Issuer, the Borrower will pay to such Lender or such L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or such L/C Issuer, as the case may be, for such additional
costs incurred or reduction suffered. 
 (b) Capital Requirements. If any Lender or any L/C Issuer determines that any Change in Law
affecting such Lender or such L/C Issuer or any Lending Office of such Lender or such Lender’s or such L/C Issuer’s holding company, if any, regarding capital or liquidity 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 such 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 or Swing Line Loans held by, such Lender, or the Letters of Credit issued by such L/C Issuer, to a level below that which such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s holding
company could have achieved but for such Change in Law (taking into consideration such Lender’s or such L/C Issuer’s policies and the policies of such Lender’s or such L/C Issuer’s holding company with respect to capital
adequacy), then from time to time the Borrower will pay to such Lender or such L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s
holding company for any such reduction suffered. 
 (c) Certificates for Reimbursement. A certificate of a Lender or an L/C Issuer
setting forth the amount or amounts necessary to compensate such Lender or such 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 the Borrower shall
be conclusive absent manifest error. The Borrower shall pay such Lender or such L/C Issuer, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 

(d) Delay in Requests. Failure or delay on the part of any Lender or any L/C Issuer to demand compensation pursuant to the foregoing
provisions of this Section 3.04 shall not constitute a waiver of such Lender’s or such L/C Issuer’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender or an L/C
Issuer 

  
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pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than six months prior to the date that such Lender or such L/C Issuer, as the
case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or such 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 six-month period referred to above shall be extended to include the period of retroactive effect thereof). 

(e) Reserves on Eurodollar Rate Loans. The 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 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 the Borrower shall have received at least 10 days’ prior notice (with a copy to the Administrative Agent) of such additional interest from such Lender. If a Lender fails to give notice 10 days prior to the relevant Interest
Payment Date, such additional interest shall be due and payable 10 days from receipt of such notice. 
 (f) Notwithstanding the foregoing, a
Lender will not be entitled to demand, and the Borrower will not be obligated to pay, any amount under this Section 3.04 to the extent that such demand is applied to the Loan Parties in a discriminatory manner. 

3.05 Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the 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 the 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 the 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 the Borrower pursuant to Section 11.13; 

including any loss or expense arising from the liquidation or reemployment of funds (but not loss of profits) obtained by it to maintain such Loan or from
fees payable to terminate the deposits from which such funds were obtained. The Borrower shall also pay any customary administrative fees charged by such Lender in connection with the foregoing. 

For purposes of calculating amounts payable by the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded
each Eurodollar Rate Committed 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 Committed Loan was in fact so funded. 

  
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 3.06 Mitigation Obligations; Replacement of Lenders. 

(a) Designation of a Different Lending Office. Each Lender may make any Credit Extension to the Borrower through any Lending Office,
provided that the exercise of this option shall not affect the obligation of the Borrower to repay the Credit Extension in accordance with the terms of this Agreement. If any Lender requests compensation under Section 3.04, or requires
the Borrower to pay any Indemnified Taxes or additional amounts to any Lender, any L/C Issuer, or any Governmental Authority for the account of any Lender or any L/C Issuer pursuant to Section 3.01, or if any Lender gives a notice
pursuant to Section 3.02, then at the request of the Borrower such Lender or such 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 judgment of such Lender or such 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 such L/C Issuer, as
the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or such L/C Issuer, as the case may be. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender or any
L/C Issuer in connection with any such designation or assignment. 
 (b) Replacement of Lenders. If any Lender requests compensation
under Section 3.04, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01 and, in each case, such
Lender has declined or is unable to designate a different lending office in accordance with Section 3.06(a), the Borrower may replace such Lender in accordance with Section 11.13. 

3.07 Survival. All of the Borrower’s obligations under this Article III shall survive termination of the Revolving Credit
Facility, repayment of all other Obligations hereunder, and resignation of the Administrative Agent. 
 ARTICLE IV. CONDITIONS PRECEDENT
TO CREDIT EXTENSIONS 
 4.01 Conditions of Initial Credit Extension. The obligation of each L/C Issuer and each Lender to make
its initial Credit Extension hereunder is subject to satisfaction of the following conditions precedent: 
 (a) The Administrative
Agent’s receipt of the following, each of which shall be originals, email (in a .pdf format) 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 reasonably satisfactory to the Administrative Agent and each of the Lenders: 

(i) executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and
the Borrower; 

  
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 (ii) a Revolving A Note and/or Revolving B Note executed by the Borrower in favor
of each Lender requesting such Note; 
 (iii) such certificates of resolutions or other action, incumbency certificates
and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent may reasonably 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 the 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 (A) its
jurisdiction of organization and (B) 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 reasonably be expected
to have a Material Adverse Effect; 
 (v) a favorable opinion of (i) Willkie Farr & Gallagher LLP, counsel to
the Loan Parties and (ii) Venable LLP, counsel to the Loan Parties, addressed to the Administrative Agent and each Lender, as to such matters concerning the Loan Parties and the Loan Documents as the 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 the Borrower certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, and (B) only in the event that the Closing Date occurs prior to the REIT IPO,
(x) 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 and (y) that no
action, suit, investigation or proceeding is pending or, to the knowledge of any Loan Party, threatened in writing in any court or before any arbitrator or Governmental Authority that (1) challenges the validity or enforceability of this
Agreement or any other Loan Document, or any of the transactions contemplated hereby or thereby, or (2) would reasonably be expected to have a Material Adverse Effect; 

(viii) a Solvency Certificate from the Borrower certifying that, after giving effect to the transactions to occur on the
Closing Date (including, without limitation, all Credit Extensions to occur on the Closing Date), the Loan Parties and their Subsidiaries, taken as a whole and on a consolidated basis, are Solvent; 

  
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 (ix) a duly completed Compliance Certificate, giving pro forma effect to the
transactions to occur on the Closing Date (including, without limitation, all Credit Extensions to occur on the Closing Date); 

(x) evidence that at least $1.6 billion of Secured Indebtedness of the Consolidated Group, including all Indebtedness of any
Unencumbered Property Subsidiary and all Indebtedness secured by or relating to any Unencumbered Eligible Property (including all unpaid principal, interest, fees, expenses and other amounts owing thereunder or in connection therewith) shall have
been repaid in full and all commitments therefor shall have been, or concurrently with the Closing Date are being, terminated; 

(xi) evidence of a successful initial public offering by the REIT (“REIT IPO”), with minimum net proceeds of
$2.0 billion therefrom after giving effect to concurrent payment of transaction expenses incurred in connection with the REIT IPO and the Revolving Credit Facility; 

(xii) the financial statements referenced in Section 5.05(a) and (b); and 

(xiii) such additional assurances or certifications with respect to satisfaction of the conditions precedent in Article
IV as the Administrative Agent, the L/C Issuer, the Swing Line Lender or the Required Lenders reasonably may require. 
 (b) The
Administrative Agent and each Lender shall have received all documentation and other information that the 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 USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)). 

(c) Any fees required to be paid to the Administrative Agent, the Arrangers and the Lenders on or before the Closing Date shall have been
paid. 
 (d) Unless waived by the Administrative Agent, the Borrower shall have paid all fees, charges and disbursements of counsel to the
Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced (which invoice may be in summary form) at least two Business Days prior to or on 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 the Borrower and the Administrative Agent). 
 Without limiting the generality of the provisions of the
last paragraph of Section 9.03, for purposes of determining compliance with the conditions specified in this Section 4.01, 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 the Administrative Agent shall have received written notice from such Lender prior to the
proposed Closing Date specifying its objection thereto. 

  
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 4.02 Conditions to all Credit Extensions. The obligation of each Lender to honor any
Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Committed Loans to the other Type, or a continuation of Eurodollar Rate Committed Loans) is subject to the following conditions precedent: 

(a) The representations and warranties of the Borrower and each other Loan Party contained in Article V 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 (i) 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, (ii) any representation or warranty that is already by its terms qualified as
to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects as of such applicable date (including such earlier date set forth in the foregoing clause (i)) after giving effect to such
qualification and (iii) that for purposes of this Section 4.02, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent
statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01. 
 (b) No Default
shall exist, or would result from such proposed Credit Extension or from the application of the proceeds thereof. 
 (c) The Administrative
Agent and, if applicable, the applicable L/C Issuer or the Swing Line Lender shall have received a Request for Credit Extension in accordance with the requirements hereof. 

Each Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Committed Loans to the other Type or a
continuation of Eurodollar Rate Committed Loans) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of
the applicable Credit Extension. 
 ARTICLE V. REPRESENTATIONS AND WARRANTIES 

Each Loan Party represents and warrants to the Administrative Agent and the Lenders that: 

5.01 Existence, Qualification and Power. Each Loan Party and each Subsidiary thereof (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, except, solely in the case of a Subsidiary that is not a Loan Party, to the extent that the failure of such Subsidiary to be duly
organized or formed and in good standing would not reasonably be expected to have a Material Adverse Effect, (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) 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 

  
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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 reasonably be expected to have a Material Adverse Effect. 

5.02 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 (other than under the Loan Documents) 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, except with
respect to any breach or contravention or payment referred to in clauses (b) and (c), to the extent that such conflict, breach, contravention or payment would not reasonably be expected to have a Material Adverse Effect. 

5.03 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 (other than as
have been duly obtained and are in full force and effect). 
 5.04 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 such enforceability may be limited by bankruptcy insolvency, reorganization, receivership, moratorium or other laws
affecting creditors’ rights generally and by general principles of equity. 
 5.05 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 consolidated financial condition of the REIT and its Subsidiaries as of the date thereof and the consolidated results of their operations for the
period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or contingent, of the
REIT and its Subsidiaries as of the date thereof required to be disclosed therein in accordance with GAAP. 
 (b) The unaudited consolidated
balance sheet of the REIT and its Subsidiaries dated June 30, 2014, and the related consolidated 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 

  
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expressly noted therein, and (ii) fairly present the consolidated financial condition of the REIT and its Subsidiaries as of the date thereof and the consolidated results of their 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) Since the date of the Audited Financial Statements, there has been no event or circumstance, either individually or in the aggregate, that
has had or would reasonably be expected to have a Material Adverse Effect. 
 (d) The consolidated pro forma balance sheet of the REIT and
its Subsidiaries as at                     ,             , and the related consolidated
pro forma statements of income of the REIT and its Subsidiaries for the                      period then ended, certified by the chief financial
officer or treasurer of the REIT, copies of which have been furnished to the Administrative Agent and the Lenders, fairly present the consolidated pro forma financial condition of the REIT and its Subsidiaries as at such date and the consolidated
pro forma results of operations of the REIT and its Subsidiaries for the period ended on such date. 
 (e) The consolidated forecasted
balance sheet and statements of income and cash flows of the REIT and its Subsidiaries delivered pursuant to Section 6.01(c) were prepared in good faith on the basis of the assumptions stated therein, which assumptions were fair in light
of the conditions existing at the time of delivery of such forecasts, and represented, at the time of delivery, the REIT’s best estimate of its future financial condition and performance; provided, such forecasts are not to be viewed as
facts and that actual results during the period or periods covered by such forecasts may differ from such forecasts and that the differences may be material. 

5.06 Litigation. There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of any Loan Party after due
and diligent investigation, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against any Loan Party or any of its Subsidiaries 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) either individually or in the aggregate would reasonably be expected to have a Material Adverse Effect. 

5.07 No Default. Neither any Loan Party nor any Subsidiary thereof 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 or would result from the consummation of the transactions contemplated by this Agreement or any
other Loan Document. 
 5.08 Ownership of Property . Each Loan Party and each Subsidiary thereof has good record and marketable title
in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business, except for such defects in title as would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
 5.09 Environmental Compliance . The Loan Parties and their respective Subsidiaries are in compliance with
all applicable Environmental Laws, except where failure to be in compliance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
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 5.10 Insurance. The properties of the REIT and its Subsidiaries that are necessary for the
operation of their businesses are insured with financially sound insurance companies not Affiliates of the REIT, 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 REIT or the applicable Subsidiary operates. 
 5.11 Taxes. The REIT and each of its
Subsidiaries have filed all Federal and material state and other tax returns and reports required to be filed, and have paid all Federal and material 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 (a) which are not overdue for more than thirty (30) days or (b) which are being contested in good faith by appropriate proceedings diligently conducted and
for which adequate reserves have been provided in accordance with GAAP. There is no proposed tax assessment against the REIT or any Subsidiary thereof that would, if made, have a Material Adverse Effect. Neither any Loan Party nor any Subsidiary
thereof is party to any tax sharing agreement. 
 5.12 ERISA Compliance. 

(a) Except as would not reasonably be expected to have a Material Adverse Effect, each Plan is in compliance with the applicable provisions of
ERISA, the Code and other Federal or state laws. Each Plan (other than a Multiemployer 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 each Loan Party, nothing has occurred that would prevent or cause the loss of such tax-qualified status. 

(b) Except as would not reasonably be expected to have a Material Adverse Effect, there are no pending or, to the best knowledge of any Loan
Party, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted
or would reasonably be expected to result in a Material Adverse Effect. 
 (c) Except as would not reasonably be expected to have a Material
Adverse Effect, (i) no ERISA Event has occurred, and no Loan Party is aware of any fact, event or circumstance that would reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan; (ii) each Loan
Party 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 no Loan Party knows of any facts or circumstances that would
reasonably be expected to cause the funding target attainment 

  
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percentage for any such plan to drop below 60% as of the most recent valuation date; (iv) neither any Loan Party 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 any Loan Party 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 reasonably be expected to cause the PBGC to institute proceedings under
Title IV of ERISA to terminate any Pension Plan. 
 (d) Except as would not reasonably be expected to have a Material Adverse Effect,
neither the Borrower nor any ERISA Affiliate maintains or contributes to, or has any unsatisfied obligation to contribute to, or liability under, any active or terminated Pension Plan other than Pension Plans not otherwise prohibited by this
Agreement. 
 5.13 Subsidiaries; Equity Interests. Set forth on Schedule 5.13 (a) is a complete and accurate list of all
Subsidiaries of the REIT, showing as of the Closing Date (as to each such Person) the jurisdiction of its incorporation or organization, the type of organization it is and its true and correct U.S. taxpayer ID number and (b) sets forth the
REIT’s true and correct U.S. taxpayer ID number. 
 5.14 Margin Regulations; Investment Company Act. 

(a) No Loan Party is engaged, and no Loan Party will engage, principally or as one of its 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. Following the application of the proceeds of each Borrowing or drawing under each Letter of
Credit, not more than 25% of the value of the assets (of the Borrower only or of the Borrower and its Subsidiaries on a consolidated basis) will be margin stock. 

(b) None of the REIT, any Person Controlling the REIT, or any Subsidiary of the REIT is or is required to be registered as an “investment
company” under the Investment Company Act of 1940. 
 5.15 Disclosure. No report, financial statement, certificate or other
written information furnished by or on behalf of any Loan Party to the 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) at the time so furnished taken as a whole contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions
believed to be reasonable at the time (it being understood that such projected financial information is not a guarantee of future performance and actual results may differ from those set forth in such projected financial information). 

  
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 5.16 Compliance with Laws. Each Loan Party and each Subsidiary thereof is in compliance in
all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees binding on them or on their 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 reasonably be expected to have a Material Adverse Effect. 

5.17 [Reserved]. 
 5.18
Solvency. The Loan Parties and their Subsidiaries, taken as a whole and on a consolidated basis, are Solvent. 
 5.19
OFAC. None of the Loan Parties, any of their respective Subsidiaries, or, to the knowledge of the Borrower and its Subsidiaries, any director, officer, employee, agent, affiliate or representative thereof, is an individual or entity that
is, or is owned or controlled by any individual or entity that is (i) currently the subject or target of any Sanctions or (ii) located, organized or resident in a Designated Jurisdiction. No Loan, nor the proceeds from any Loan, has been
used, directly or indirectly, to lend, contribute, provide or has otherwise made available to fund any activity or business in any Designated Jurisdiction or to fund any activity or business of the REIT or any Subsidiary thereof or, to the knowledge
of any Loan Party, any other Person located, organized or residing in any Designated Jurisdiction or who is the subject of any Sanctions, or in any other manner that will result in any violation by any Person (including any Lender, the Arrangers,
the Administrative Agent, the L/C Issuer or the Swing Line Lender) of Sanctions. 
 5.20 Anti-Money Laundering Laws; Anti-Corruption
Laws. 
 (a) Neither the Borrower, nor any of its Subsidiaries, nor, to the knowledge of the Borrower and its Subsidiaries, any Related
Party thereof (i) has violated or is in violation of any applicable anti-money laundering law or (ii) has engaged or engages in any transaction, investment, undertaking or activity that conceals the identity, source or destination of the
proceeds from any category of offenses designated in any applicable law, regulation or other binding measure implementing the “Forty Recommendations” and “Nine Special Recommendations” published by the Organisation for Economic
Cooperation and Development’s Financial Action Task Force on Money Laundering. 
 (b) The Borrower and its Subsidiaries have conducted
their businesses in compliance with applicable Anti-Corruption Laws and have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws. 

5.21 REIT Status; Stock Exchange Listing. 

(a) The REIT is organized and operated in a manner that allows it to qualify for REIT Status. 

(b) The REIT is publicly traded with securities listed on the New York Stock Exchange or The NASDAQ Stock Market. 

  
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 5.22 Unencumbered Properties. Each Property included in any calculation of
Unencumbered Asset Value or Unencumbered NOI satisfied, at the time of such calculation, all of the requirements contained in the definition of “Unencumbered Property Criteria.” 

5.23 Subsidiary Guarantors. Prior to the Investment Grade Pricing Effective Date, each Subsidiary of the REIT, other than
Excluded Subsidiaries, is a Subsidiary Guarantor. On and after the Investment Grade Pricing Effective Date, each Unencumbered Property Subsidiary (if any) that is (a) a borrower or guarantor of, or otherwise obligated in respect of, any
Indebtedness of the REIT or the Borrower or (b) a Specified Guarantor, is a Subsidiary Guarantor. 
 ARTICLE VI. AFFIRMATIVE
COVENANTS 
 So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or
unsatisfied, or any Letter of Credit shall remain outstanding, each Loan Party shall, and shall cause each of its Subsidiaries to (or, solely in the case of the covenants set forth in Sections 6.01, 6.02, 6.03, and 6.12
the Borrower shall, and solely in the case of the covenants set forth in Section 6.17, the REIT shall): 
 6.01 Financial
Statements. Deliver to the Administrative Agent for further distribution to each Lender: 
 (a) as soon as available, but in any event
within 90 days after the end of each fiscal year of the REIT (or, if earlier, 15 days after the date required to be filed with the SEC (without giving effect to any extension permitted by the SEC)) (commencing with the fiscal year ended
December 31, 2014), a consolidated balance sheet of the REIT and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, changes in shareholders’ equity, and cash flows for such
fiscal year, setting forth in each case, to the extent required to be included in the REIT’s filings with the SEC, in comparative form the figures as of the end of and for the previous fiscal year (which comparative shall in the form and to the
extent required to be included in the REIT’s filings with the SEC), all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of an independent certified public accountant of nationally
recognized standing reasonably acceptable to the 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; 
 (b) as soon as available, but in any event within 45 days
after the end of each of the first three fiscal quarters of each fiscal year of the REIT (or, if earlier, 5 days after the date required to be filed with the SEC (without giving effect to any extension permitted by the SEC)) (commencing with the
fiscal quarter ended March 31, 2015), a consolidated balance sheet of the REIT and its Subsidiaries as at the end of such fiscal quarter, the related consolidated statements of income or operations for such fiscal quarter and for the portion of
the REIT’s fiscal year then ended, and the related consolidated statements of changes in shareholders’ equity, and cash flows for the portion of the REIT’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, certified by the 

  
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chief executive officer, chief financial officer, treasurer or controller of the REIT as fairly presenting in all material respects the financial condition, results of operations,
shareholders’ equity and cash flows of the REIT and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes; and 

(c) as soon as available, but in any event within 45 days after the end of each fiscal year of the REIT, forecasts prepared by management of
the REIT, in form reasonably satisfactory to the Administrative Agent, of consolidated balance sheets and statements of income or operations and cash flows of the REIT and its Subsidiaries on a quarterly basis for such fiscal year (including the
fiscal year in which the Revolver A Maturity Date occurs). 
 As to any information contained in materials furnished pursuant to
Section 6.02(d), the Borrower shall not be separately required to furnish such information under subsection (a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Borrower to
furnish the information and materials described in subsections (a) and (b) above at the times specified therein. 

6.02 Certificates; Other Information. Deliver to the Administrative Agent for further distribution to each Lender: 

(a) [reserved]; 
 (b)
concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and (b), a duly completed Compliance Certificate signed by the chief executive officer, chief financial officer, treasurer or controller of
the REIT (which delivery may, unless the Administrative Agent 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), including a
calculation, in form and substance reasonably satisfactory to the Administrative Agent, of Unencumbered Asset Value as of the last day of the fiscal period covered by such Compliance Certificate; 

(c) promptly after any request by the Administrative Agent, copies of any detailed audit reports, management letters or recommendations
submitted to the board of directors (or the audit committee of the board of directors) of any Loan Party by independent accountants in connection with the accounts or books of the REIT or any Subsidiary thereof, or any audit of any of them; 

(d) promptly after the same are available, (i) copies of each annual report, proxy or financial statement or other report or
communication sent to the stockholders of the REIT, (ii) copies of each annual report, proxy or financial statement or other financial report sent to the limited partners of the Borrower and (iii) copies of all annual, regular, periodic
and special reports and registration statements which the REIT 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 the Administrative Agent
pursuant hereto; 
 (e) promptly after the furnishing thereof, copies of any material statement or report furnished to any holder of debt
securities of any Loan Party or any Subsidiary thereof pursuant to the terms of any material indenture, loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant to Section 6.01 or any other
clause of this Section 6.02; 

  
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 (f) promptly, and in any event within five Business Days after receipt thereof by any Loan Party
or any Subsidiary thereof, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by such agency
regarding material issues concerning financial or other operational results of any Loan Party or any Subsidiary thereof; and 
 (g)
promptly, such additional material information regarding the business, financial or corporate affairs of any Loan Party or any Subsidiary thereof, or compliance with the terms of the Loan Documents, as the Administrative Agent (including at the
direction of the Required Lenders) may from time to time reasonably request. 
 Documents required to be delivered pursuant to
Section 6.01(a) or (b) or Section 6.02(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 the REIT posts such documents, or provides a link thereto on the REIT’s website on the Internet at the website address listed on Schedule 11.02 (as such website address may be updated by the
Borrower from time to time by written notice to the Administrative Agent); or (ii) on which such documents are posted on the REIT’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have
access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that: (i) the REIT shall deliver paper copies of such documents to the Administrative Agent or any Lender upon its request to
the REIT to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) the REIT shall notify the Administrative Agent (by facsimile or electronic mail) of the
posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. The 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 the REIT 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. 
 Each Loan Party hereby acknowledges that (a) the Administrative Agent and/or the
Arrangers may, but shall not be obligated to, make available to the Lenders and the L/C Issuers materials and/or information provided by or on behalf of any Loan Party hereunder (collectively, “Borrower Materials”) by posting the
Borrower Materials on Debt Domain, IntraLinks, Syndtrak, ClearPar, 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 the REIT or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such
Persons’ securities. Each Loan Party hereby agrees that (w) they will identify that portion of the Borrower Materials that may 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,” each Loan Party shall be deemed to have authorized the Administrative

  
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Agent, the Arrangers, the L/C Issuers and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to the Loan Parties or their respective
securities for purposes of United States Federal and state securities laws (provided, however, 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) the Administrative Agent and the 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.” 

6.03 Notices. Promptly notify the Administrative Agent for further distribution to each Lender: 

(a) of the occurrence of any Default; 

(b) of any matter that has resulted or would reasonably be expected to result in a Material Adverse Effect; 

(c) of the occurrence of any ERISA Event that would reasonably be expected to result in a liability in excess of the Threshold Amount; 

(d) of any material change in accounting policies or financial reporting practices by the Borrower or any Subsidiary, including any
determination by the Borrower referred to in Section 2.12(b);  
 (e) of each permanent reduction in the amount of
Indebtedness owed by PPF Paramount One Market Plaza Owner, L.P. to the beneficiary of the REIT L/Cs; and 
 (f) of any announcement by
Moody’s or S&P of any change or possible change in a Debt Rating; provided, that the provisions of this clause (f) shall not apply until such time, if any, as the REIT or the Borrower obtains an Investment Grade Credit Rating.

 Each notice pursuant to this Section 6.03 (other than Sections 6.03(e) and (f)) shall be accompanied by a statement of
a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action the Loan Parties have taken and proposes to take with respect thereto. Each notice pursuant to Section 6.03(a)
shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 
 6.04
Payment of Taxes. Pay and discharge as the same shall become due and payable, all its obligations and liabilities, including all Federal and material state and other tax liabilities, assessments and governmental charges or levies upon it 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 Loan Party or such Subsidiary. 

6.05 Preservation of Existence, Etc. (a) Preserve, renew and maintain in full force and effect its legal existence and good
standing under the Laws of the jurisdiction of its 

  
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organization except in a transaction permitted by Section 7.04 or 7.05 and except, solely in the case of a Subsidiary that is not a Loan Party, where the failure to do so would
not reasonably be expected to have a Material Adverse Effect or constitute an Event of Default; (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 reasonably be expected to have a Material Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the
non-preservation of which would reasonably be expected to have a Material Adverse Effect. 
 6.06 Maintenance of Properties.
(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, ordinary wear and tear excepted; (b) make all necessary repairs thereto and
renewals and replacements thereof; and (c) use the standard of care typical in the industry in the operation and maintenance of its facilities, except in each case of the foregoing clauses (a) through (c) where the failure to do so
would not reasonably be expected to have a Material Adverse Effect. 
 6.07 Maintenance of Insurance. Maintain with financially sound
insurance companies not Affiliates of the REIT, insurance with respect to its properties and its business against general liability, property casualty and such casualties and contingencies as shall be commercially reasonable and in accordance with
the customary and general practices of businesses having similar operations in similar geographic areas and in amounts, containing such terms, in such forms and for such periods as may be reasonable and prudent for such businesses. 

6.08 Compliance with Laws. 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 reasonably be expected to have a Material Adverse Effect. 
 6.09 Books and
Records. (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 the
Borrower or such Subsidiary, 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 such Loan Party or such
Subsidiary, as the case may be. 
 6.10 Inspection Rights. Permit representatives and independent contractors of the Administrative
Agent and each Lender to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors,
officers, and independent public accountants, all at the expense of the Borrower and at such reasonable times during normal business hours, upon reasonable advance notice to the Borrower; provided, that unless an Event of Default has occurred
and is continuing, such visits shall be limited to once in any calendar year and only one such visit by the Administrative Agent per calendar year shall be at the expense of the Borrower. 

  
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 6.11 Use of Proceeds. Use the proceeds of the Credit Extensions for general corporate
purposes, including for refinancing Indebtedness, working capital, payment of capital expenses, acquisitions, development and redevelopment of real property owned by any Subsidiary of the Borrower, in each case not in contravention of any Law or of
any Loan Document. 
 6.12 Additional Guarantors. 

(a) Prior to the Investment Grade Release, notify the Administrative Agent at the time that any Person becomes a Subsidiary of the REIT or no
longer qualifies as an Excluded Subsidiary, and promptly thereafter (and in any event within 30 days or such longer period as the Administrative Agent shall agree), cause such Subsidiary (unless such Subsidiary is an Excluded Subsidiary) to
(i) become a Guarantor by executing and delivering to the Administrative Agent a joinder agreement in substantially the form attached hereto as Exhibit H or such other document as the Administrative Agent shall deem appropriate for such
purpose, (ii) if requested by the Administrative Agent, (x) deliver to the Administrative Agent documents of the types referred to in Section 4.01(a)(iii), (iv) and (vi) with respect to such Subsidiary
and (y) favorable opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to in clause (a)), all in form, content and scope
reasonably satisfactory to the Administrative Agent, (iii) provide the Administrative Agent with the U.S. taxpayer identification for such Subsidiary and (iv) provide the Administrative Agent with all documentation and other information
that the Administrative Agent, or any Lender through the Administrative Agent, reasonably requests in order to comply with its obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the
Act, and the results of any such “know your customer” or similar investigation conducted by the Administrative Agent or any Lender shall be reasonably satisfactory to the Administrative Agent or such Lender. 

(b) On and after the Investment Grade Release, notify the Administrative Agent at the time that any Unencumbered Property Subsidiary becomes a
borrower or a guarantor of, or otherwise obligated in respect of, any Indebtedness of the Borrower or the REIT, and promptly thereafter (and in any event within 30 days or such longer period as the Administrative Agent shall agree), cause such
Person to (i) become a Guarantor by executing and delivering to the Administrative Agent a joinder agreement in substantially the form attached hereto as Exhibit H or such other document as the Administrative Agent shall reasonably deem
appropriate for such purpose, and (ii) if reasonably requested by the Administrative Agent, (x) deliver to the Administrative Agent documents of the types referred to in Section 4.01(a)(iii), (iv) and
(vi) with respect to such Subsidiary and (y) favorable opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to in
clause (a)), all in form, content and scope reasonably satisfactory to the Administrative Agent, (iii) provide the Administrative Agent with the U.S. taxpayer identification for such Subsidiary and (iv) provide the Administrative
Agent and each Lender with all documentation and other information that the Administrative Agent or such Lender reasonably requests in order to comply with its obligations under applicable “know your customer” and anti-money laundering
rules and regulations, including the Act, and the results of any such “know your customer” or similar investigation conducted by the Administrative Agent or any Lender shall be reasonably satisfactory to the Administrative Agent or such
Lender. 

  
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 (c) Notwithstanding anything to the contrary contained in this Agreement, in the event that the
results of any such “know your customer” or similar investigation conducted by the Administrative Agent or any Lender with respect to any Subsidiary of the REIT are not reasonably satisfactory to the Administrative Agent or any Lender,
such Subsidiary shall not be permitted to become a Guarantor, and for the avoidance of doubt no Property owned or ground leased by such Subsidiary shall be included as an Unencumbered Eligible Property unless (i) such Property satisfies all of
the Unencumbered Property Criteria (other than the criterion requiring such Subsidiary to be a Guarantor) and (ii) the Administrative Agent provides its prior written consent. 

6.13 Compliance with Environmental Laws. Except as would not reasonably be expected to have a Material Adverse Effect, comply,
and use commercially reasonable efforts to cause all lessees and other Persons operating or occupying its properties to comply, in all material respects, with all applicable Environmental Laws and Environmental Permits; obtain and renew all
Environmental Permits necessary for its operations and properties; and conduct any investigation, study, sampling and testing, and undertake any cleanup, removal, remedial or other action necessary to remove and clean up all Hazardous Materials from
any of its properties, in accordance with the requirements of all applicable Environmental Laws; provided, however, that neither the REIT nor any of its Subsidiaries shall be required to undertake any such cleanup, removal, remedial or
other action to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP. 

6.14 Minimum Property Condition. The Loan Parties shall maintain compliance with the Minimum Property Condition at all times. 

6.15 Further Assurances. Promptly upon request by the Administrative Agent, correct any material defect or manifest error that may be
discovered in any Loan Document. 
 6.16 Anti-Corruption Laws. Conduct its businesses in compliance with applicable
Anti-Corruption Laws and maintain policies and procedures designed to promote and achieve compliance with such laws. 
 6.17 Maintenance
of REIT Status; Stock Exchange Listing. The REIT will, at all times (i) continue to be organized and operated in a manner that will allow it to qualify for REIT Status and (ii) remain publicly traded with securities listed on the New
York Stock Exchange or the NASDAQ Stock Market. 
 ARTICLE VII. NEGATIVE COVENANTS 

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any
Letter of Credit shall remain outstanding, no Loan Party shall, nor shall it permit any Subsidiary to, directly or indirectly: 
 7.01
Liens. Create, incur, assume or suffer to exist any Lien on any (i) Unencumbered Eligible Property (or any income from or proceeds of any thereof) other than Permitted Property Encumbrances or (ii) any Equity Interest of the
Borrower or any Unencumbered Property Subsidiary other than Permitted Equity Encumbrances; or sign, file or authorize under the 

  
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Uniform Commercial Code of any jurisdiction a financing statement that includes in its collateral description any portion of any Unencumbered Eligible Property or any Equity Interest of the
Borrower or any Unencumbered Property Subsidiary. 
 7.02 Investments. Make any Investments, except: 

(a) Investments in the form of cash or Cash Equivalents, and Investments in the ordinary course of business consisting of Uniform Commercial
Code Article 3 endorsements for collection or deposit; 
 (b) Investments in any Subsidiary of the REIT that is consolidated with the
REIT for financial reporting purposes under GAAP; 
 (c) Investments consisting of extensions of credit in the nature of accounts receivable
or notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors; 

(d) Guarantees and Swap Contracts permitted by Section 7.03; 

(e) Investments in unimproved land holdings (including through the purchase or other acquisition of all of the Equity Interests of any Person
that owns unimproved land holdings) so long as the aggregate amount of Investments made in reliance on this clause (e) does not at any time exceed (i) 10% of the Total Asset Value and (ii) taken together with the aggregate
amount of Investments made in reliance on clauses (f) through (i) of this Section 7.02, 30% of the Total Asset Value; 

(f) Investments consisting of mortgage, mezzanine loans and notes receivable so long as the aggregate amount of Investments made in reliance
on this clause (f) does not at any time exceed (i) 10% of the Total Asset Value and (ii) taken together with the aggregate amount of Investments made in reliance on clauses (e), (g), (h) and
(i) of this Section 7.02, 30% of the Total Asset Value; 
 (g) Investments in respect of real property assets that
are under construction or development, but not yet substantially complete (excluding for the avoidance of doubt, Properties under renovation) so long as the aggregate amount of Investments made pursuant to this clause (g) does not at any
time exceed (i) 15% of the Total Asset Value and (ii) taken together with the aggregate amount of Investments made in reliance on clauses (e), (f), (h) and (i) of this Section 7.02, 30% of
the Total Asset Value; 
 (h) Investments in any Unconsolidated Affiliates (including through the purchase or other acquisition of Equity
Interests of any Unconsolidated Affiliate) so long as the aggregate amount of Investments made pursuant to this clause (i) does not at any time exceed (i) 25% of the Total Asset Value and (ii) taken together with the aggregate
amount of Investments made in reliance on clauses (e), (f), (g) and (i) of this Section 7.02, 30% of the Total Asset Value; 

(i) Investments in real property assets that are not office properties (it being understood that office properties may include retail
components) so long as the aggregate 

  
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amount of Investments made pursuant to this clause (i) does not at any time exceed (i) 15% of the Total Asset Value and (ii) taken together with the aggregate amount of
Investments made in reliance on clauses (e) through (h) of this Section 7.02, 30% of the Total Asset Value; and 

(j) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with,
customers and suppliers, in each case in the ordinary course of business; 
 provided, that notwithstanding the foregoing, in no event shall any
Investment pursuant to clause (b) or clauses (d) through (i) of this Section 7.02 be consummated if, (i) immediately before or immediately after giving effect thereto, an Event of Default shall
have occurred and be continuing or would result therefrom or (ii) the REIT and its Subsidiaries would not be in compliance, on a Pro Forma Basis, with the provisions of Section 7.11. 

7.03 Indebtedness. Create, incur, assume or suffer to exist any Indebtedness unless (a) no Event of Default has occurred and is
continuing immediately before and after the incurrence of such Indebtedness and (b) immediately after giving effect to the incurrence of such Indebtedness, the REIT and its Subsidiaries shall be in compliance, on a Pro Forma Basis, with the
provisions of Section 7.11. 
 7.04 Minimum Property Condition. Fail to satisfy the Minimum Property Condition at
any time. 
 7.05 Fundamental Changes; Dispositions. Merge, dissolve, liquidate, consolidate with or into another Person, make any
Disposition or, in the case of any Subsidiary of the REIT, issue, sell or otherwise Dispose of any of such Subsidiary’s Equity Interests to any Person, unless: 

(a) no Event of Default has occurred and is continuing immediately before and after such transaction; 

(b) immediately upon giving effect thereto, the REIT and its Subsidiaries shall be in compliance, on a Pro Forma Basis, with
the provisions of Section 7.11; 
 (c) the representations and warranties contained in Article V or any
other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, are true and correct in all material respects on and as of the date thereof and immediately after giving effect thereto,
except (1) 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, (2) any representation or warranty that
is already by its terms qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects as of such applicable date (including such earlier date set forth in the foregoing
clause (1)) after giving effect to such qualification and (3) for purposes of this Section 7.05, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall
be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01; and 

(d) in the event of any Disposition of an Unencumbered Eligible Property for which a Direct Owner or an Indirect Owner is a
Subsidiary Guarantor hereunder or a Disposition of any such Direct Owner or Indirect Owner, the provisions of Section 11.19(b) or (c), as applicable, shall be satisfied. 

  
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 Notwithstanding anything to the contrary contained herein, in no event shall the Borrower be permitted to
(i) merge, dissolve or liquidate or consolidate with or into any other Person unless after giving effect thereto the Borrower is the sole surviving Person of such transaction and no Change of Control results therefrom or (ii) engage in any
transaction pursuant to which it is reorganized or reincorporated in any jurisdiction other than a State of the United States of America or the District of Columbia. 

7.06 Restricted Payments. Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or
otherwise) to do so, except that the following shall be permitted: 
 (a) each Subsidiary of the Borrower may declare and make Restricted
Payments ratably to the holders of such Subsidiary’s Equity Interests according to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being made; 

(b) the REIT and each Subsidiary thereof may declare and make dividend payments or other distributions payable solely in Equity Interests of
such Person; 
 (c) with respect to the fiscal year ending December 31, 2014, the Borrower may make Restricted Payments in cash in an
aggregate amount equal to the amount required to be paid by the REIT to its equityholders in order for the REIT to (x) maintain its REIT Status and (y) avoid the payment of federal or state income or excise tax; provided,
however, no Restricted Payments shall be permitted under this clause (c) following an acceleration of the Obligations pursuant to Section 8.02 or following the occurrence of an Event of Default under
Section 8.01(a), (f) or (g); 
 (d) with respect to the fiscal year ending December 31, 2015 and each fiscal year
thereafter, the Borrower may make Restricted Payments in cash in an aggregate amount equal to the greater of (i) 95% of Funds From Operations for such fiscal year beginning with the first full fiscal year following the fiscal year during which
one or more classes of the REIT’s Equity Interests are first listed publicly on a securities exchange and (ii) the amount of Restricted Payments required to be paid by the REIT to its equityholders in order for the REIT to
(x) maintain its REIT Status and (y) avoid the payment of federal or state income or excise tax; provided, however, no Restricted Payments shall be permitted under this clause (d) following an acceleration of the
Obligations pursuant to Section 8.02 or following the occurrence of an Event of Default under Section 8.01(a), (f) or (g); and 

(e) the REIT shall be permitted to make Restricted Payments with any amounts received by it from the Borrower pursuant to
Section 7.06(c) and Section 7.06(d). 
 7.07 Change in Nature of Business. Engage in any material line of
business substantially different from those lines of business conducted by the REIT and its Subsidiaries on the date hereof or any business substantially related or incidental thereto. 

  
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 7.08 Transactions with Affiliates. Enter into any transaction of any kind with any
Affiliate of the REIT, whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to the REIT or such Subsidiary as would be obtainable by the REIT or such Subsidiary at the time in a
comparable arm’s length transaction with a Person other than an Affiliate; provided that the foregoing restriction shall not apply to (i) Investments and Restricted Payments expressly permitted hereunder, (ii) transactions by
and among the Loan Parties and (iii) fees and compensation (whether in the form of cash, equity or otherwise) paid or provided to, and any indemnity provided on behalf of, officers, directors or employees of the REIT or any Subsidiary thereof
as determined in good faith by the board of directors of the REIT and in the ordinary course of business. 
 7.09 Burdensome
Agreements. Enter into any Contractual Obligation (other than this Agreement or any other Loan Document) that limits the ability of (i) any Subsidiary to make Restricted Payments to the REIT, the Borrower, any Subsidiary Guarantor or to
otherwise transfer property to the REIT, the Borrower or any Subsidiary Guarantor, (ii) the REIT or any Subsidiary of the Borrower (other than an Excluded Subsidiary) to Guarantee any Obligations or (iii) any Loan Party to create, incur,
assume or suffer to exist Liens on property of such Person to secure any Obligations; provided, that clauses (i) and (iii) of this Section 7.09 shall not prohibit any (A) limitation on Restricted Payments or
negative pledges incurred or provided in favor of any holder of Secured Indebtedness that is owned to a non-Affiliate of the REIT and that is permitted under Section 7.03 (provided that such limitation on negative pledges shall
only be effective against the assets or property securing such Indebtedness), (B) negative pledges contained in any agreement in connection with a Disposition permitted by Section 7.05 (provided that such limitation shall
only be effective against the assets or property that are the subject of Disposition), (C) limitation on Restricted Payments by reason of customary provisions in joint venture agreements or other similar agreements applicable to Subsidiaries
that are not Wholly-Owned Subsidiaries, (D) any limitation on Restricted Payments or negative pledges by reason of customary provisions limiting the disposition or distribution of assets or property in asset sale agreements, sale-leaseback
agreements, stock sale agreements and other similar agreements in the ordinary course of business, which limitation is applicable only to the assets that are the subject of such agreements, and (E) limitation on Restricted Payments by reason of
restrictions on cash or other deposits or net worth imposed by customers, suppliers or landlords or required by insurance, surety or bonding companies, in each case, under contracts entered into in the ordinary course of business; provided,
further, that notwithstanding the foregoing, in no event shall any negative pledge be permitted with respect to any Unencumbered Eligible Property or any Equity Interests of any Unencumbered Property Subsidiary. 

7.10 Use of Proceeds. 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.

 7.11 Financial Covenants. 

(a) Maximum Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio to exceed 60% as of any date. 

  
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 (b) Maximum Secured Leverage Ratio. Permit the Secured Leverage Ratio to
exceed (i) 50% as of any date prior to June 30, 2015 and (ii) 45% as of any date on or after June 30, 2015. 

(c) Minimum Tangible Net Worth. Permit Consolidated Tangible Net Worth at any time to be less than the sum of
(i) [insert amount equal to 75% of Consolidated Tangible Net Worth as of the Closing Date] plus (ii) an amount equal to 75% of the aggregate Net Equity Proceeds received by the REIT or the Borrower after the Closing Date (other than
proceeds received in connection with a customary dividend reinvestment program). 
 (d) Minimum Fixed Charge Coverage
Ratio. Permit the ratio of Adjusted Consolidated EBITDA to Consolidated Fixed Charges for any fiscal quarter to be less than 1.50:1.00 as of the last day of such fiscal quarter of the REIT. 

(e) Maximum Unsecured Leverage Ratio. Permit the ratio of Consolidated Unsecured Indebtedness to Unencumbered Asset
Value to exceed 60% as of any date. 
 (f) Minimum Unencumbered Interest Coverage Ratio. Permit the Unencumbered
Interest Coverage Ratio for any fiscal quarter to be less than 1.75:1.00 as of the last day of such fiscal quarter of the REIT. 

(g) Maximum Secured Recourse Indebtedness. Permit Consolidated Secured Recourse Indebtedness to exceed 5% of Total Asset
Value as of any date. 
 7.12 Amendments of Organization Documents. At any time cause or permit any of its Organization
Documents to be modified, amended or supplemented in any respect whatsoever, without, in each case, the express prior written consent or approval of the Administrative Agent, if such changes would adversely affect in any material respect the rights
of the Administrative Agent, any of the L/C Issuers or any of the Lenders hereunder or under any of the other Loan Documents. 
 7.13
Accounting Changes. Make any change in (a) accounting policies or reporting practices, except as required or permitted by GAAP, or (b) fiscal year. 

7.14 Anti-Money Laundering; Sanctions; Anti-Corruption Laws. 

(a) Directly or indirectly, engage in any transaction, investment, undertaking or activity that conceals the identity, source or destination
of the proceeds from any category of prohibited offenses designated in any applicable law, regulation or other binding measure by the Organisation for Economic Cooperation and Development’s Financial Action Task Force on Money Laundering or
violate these laws or any other applicable anti-money laundering law or engage in these actions. 
 (b) Directly or indirectly use the
proceeds of any Credit Extension for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, or other similar legislation in other jurisdictions. 

  
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 (c) Directly or indirectly, use the proceeds of any Credit Extension, or lend, contribute or
otherwise make available such proceeds to any Subsidiary, joint venture partner or other individual or entity, to fund any activities of or business with any individual or entity, or in any Designated Jurisdiction, that, at the time of such funding,
is the subject of Sanctions, or in any other manner that will result in a violation by any individual or entity (including any individual or entity participating in the transaction, whether as Lender, Arranger, Administrative Agent, L/C Issuer,
Swing Line Lender, or otherwise) of Sanctions. 
 7.15 Compliance with Environmental Laws. Do, or permit any other Person to
generate, use, treat, store, release or dispose of, or permit the generation, use, treatment, storage, release or disposal of, Hazardous Materials on any Real Property or transport or permit the transportation of Hazardous Materials to or from any
such Real Property other than in compliance with applicable Environmental Laws and in the ordinary course of business, except with respect to any Real Property other than an Unencumbered Eligible Property where any such use, generation, conduct or
other activity has not had and would not reasonably be expected to have a Material Adverse Effect. 
 7.16 Parent Covenants.
Notwithstanding anything to the contrary contained herein or elsewhere, at all times prior to receipt by the Administrative Agent of a Full Recourse Election Notice, the REIT shall not: 

(a) directly or indirectly enter into or conduct any business other than in connection with the ownership, acquisition and disposition of
interests in the Borrower and, if applicable, direct interests in the Borrower, and the management of the business of the Borrower, and such activities as are incidental thereto, all of which shall be solely in furtherance of the business of the
Borrower; 
 (b) own any assets other than (i) interests, rights, options, warrants or convertible or exchangeable securities of the
Borrower, (ii) assets that have been distributed to the REIT by its Subsidiaries in accordance with Section 7.06 that are held for ten (10) Business Days or less pending further distribution to equity holders of the REIT,
(iii) assets received by the REIT from third parties (including the Net Equity Proceeds from any issuance and sale by the REIT of any its Equity Interests), that are held for ten (10) Business Days or less pending contribution of same to
the Borrower, (iv) such bank accounts or similar instruments as it deems necessary to carry out its responsibilities under the Organization Documents of the Borrower and (v) other tangible and intangible assets that, taken as a whole, are
de minimis in relation to the net assets of the Borrower and its Subsidiaries, but which shall in no event include any Equity Interests other than those permitted in clauses (i) and (iii) of this clause (b); 

(c) incur any Indebtedness unless the terms and conditions thereof expressly provide that recourse of the holders of such Indebtedness is
limited to the REIT’s interests in the Borrower; 
 (d) make any Investment other than as permitted under clause (b) of this
Section 7.16; and 
 (e) permit any Liens on any of its assets other than Liens in favor of a banking or other financial
institution arising as a matter of law or under customary general terms and conditions encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry. 

  
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 ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES 

8.01 Events of Default. Any of the following shall constitute an Event of Default: 

(a) Non-Payment. The 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 three 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 days after the same becomes due, 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 6.01, 6.02(b), 6.02(f), 6.03(a), 6.03(b), 6.03(c), 6.05, 6.08, 6.11, 6.12, 6.14 or Article VII or
Article X; or 
 (c) Other Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified
in subsection (a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after the earlier of (x) the date upon which a Responsible Officer of any Loan
Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent; or 

(d) Representations and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on
behalf of the 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 in any material respect when made or deemed made or any
representation or warranty that is already by its terms qualified as to “materiality”, “Material Adverse Effect” or similar language shall be incorrect or misleading in any respect after giving effect to such qualification when
made or deemed made; or 
 (e) Cross-Default. (i) The Borrower, the REIT or any Significant Subsidiary (A) fails to make
any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) 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 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 

  
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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 the Borrower, the REIT or such
Significant Subsidiary 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 the Borrower, the REIT or such Significant Subsidiary is an Affected Party (as
so defined) and, in either event, the Swap Termination Value owed by the Borrower, the REIT or such Significant Subsidiary as a result thereof is greater than the Threshold Amount; or 

(f) Insolvency Proceedings, Etc. The Borrower, the REIT or any Significant Subsidiary 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 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 60
calendar days, or an order for relief is entered in any such proceeding; or 
 (g) Inability to Pay Debts; Attachment. (i) The
Borrower, the REIT or any Significant Subsidiary 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 30 days after its issue or levy; or 

(h) Judgments. There is entered against the Borrower, the REIT or any Significant Subsidiary (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 reasonably be expected to 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 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 

(i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or would reasonably
be expected to result in liability of any Loan Party 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) any Loan Party 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 

  
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 (j) Invalidity of Loan Documents. Any Loan 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 provision of any Loan 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 provision of any Loan Document; or 

(k) Change of Control. There occurs any Change of Control. 

(l) REIT Status. The REIT shall, for any reason, fail to maintain its REIT Status. 

8.02 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request
of, or may, with the consent of, the Required Lenders, take any or all of the following actions: 
 (a) declare the commitment of each
Lender to make Loans and any obligation of the L/C Issuers 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 the Loan Parties; 

(c) require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the Minimum Collateral Amount with respect
thereto); and 
 (d) exercise on behalf of itself, the Lenders and the L/C Issuers all rights and remedies available to it, the Lenders and
the L/C Issuers under the Loan Documents; 
 provided, however, that upon the occurrence of an actual or deemed entry of an order for relief
with respect to the any Loan Party under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans and any obligation of each 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 the Borrower to Cash Collateralize the L/C Obligations as aforesaid shall automatically become
effective, in each case without further act of the Administrative Agent or any Lender. 

  
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 8.03 Application of Funds. After the exercise of remedies provided for in
Section 8.02 (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 8.02), any
amounts received on account of the Obligations shall, subject to the provisions of Sections 2.19 and 2.20, be applied by the 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 the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; 

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 the L/C Issuers (including fees, charges and disbursements of counsel to the respective Lenders and L/C Issuers 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, Facility Fees and interest on the Loans, L/C Borrowings and other Obligations, ratably among the Lenders and the L/C Issuers 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 and
L/C Borrowings, ratably among the Lenders, the L/C Issuers, in proportion to the respective amounts described in this clause Fourth held by them; 

Fifth, to the Administrative Agent for the account of the L/C Issuers, 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 the Borrower pursuant to Sections 2.04, 2.05 and 2.19; and 

Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required
by Law. 
 Subject to Sections 2.04(c), 2.05(c) and 2.19, 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 applied to the other Obligations, if any, in the order set forth above. 
 ARTICLE IX.
ADMINISTRATIVE AGENT 
 9.01 Appointment and Authority. Each of the Lenders and L/C Issuers hereby irrevocably appoints Bank of
America to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the 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 the Administrative Agent, the Lenders and the L/C Issuers, and neither the
Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with
reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to
create or reflect only an administrative relationship between contracting parties. 

  
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 9.02 Rights as a Lender. The Person serving as the 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 the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly
indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the
financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to
account therefor to the Lenders. 
 9.03 Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations
except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the 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 the Administrative Agent is required to exercise as directed in writing by the 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 the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to
liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or
termination of property of a Defaulting Lender in violation of any Debtor Relief 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 the Borrower or any of its Affiliates that is communicated to or obtained by the
Person serving as the Administrative Agent or any of its Affiliates in any capacity. 
 The Administrative Agent shall not be liable for any
action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Sections 11.01 and 8.02) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable
judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given in writing to the Administrative Agent by the Borrower, a Lender or an L/C Issuer. 

  
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 The 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 IV or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to the Administrative Agent. 
 9.04 Reliance by Administrative Agent. The 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. The 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, extension, renewal or increase of a Letter of Credit, that by its
terms must be fulfilled to the satisfaction of a Lender or an L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender or such L/C Issuer unless the Administrative Agent shall have received notice to the
contrary from such Lender or such L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the 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. 

9.05 Delegation of Duties. The 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 the Administrative Agent. The Administrative Agent and any such sub-agent may
perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the
Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as
activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non appealable judgment
that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents. 
 9.06 Resignation
of Administrative Agent. 
 (a) The Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuers
and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with the consent of the Borrower (which consent of the Borrower shall not be required during the existence of an Event of Default, shall not
be 

  
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unreasonably withheld or delayed and shall be deemed given if the Borrower fails to respond within ten (10) Business Days), 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 the Required Lenders (and, if required, consented to by the Borrower) and shall have accepted such
appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring
Administrative Agent may (but shall not be obligated to) on behalf of the Lenders and the L/C Issuers, appoint a successor Administrative Agent meeting the qualifications set forth above. Whether or not a successor has been appointed, such
resignation shall become effective in accordance with such notice on the Resignation Effective Date. 
 (b) If the Person serving as
Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such Person as
Administrative Agent and, with the consent of the Borrower (which consent of the Borrower shall not be required during the existence of an Event of Default, shall not be unreasonably withheld or delayed and shall be deemed given if the Borrower
fails to respond within ten (10) Business Days), appoint a successor. If no such successor shall have been so appointed by the Required Lenders (and, if required, consented to by the Borrower) and shall have accepted such appointment within 30
days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date. 

(c) With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (1) the retiring or removed
Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (2) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent, all payments,
communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and each L/C Issuer directly, until such time, if any, as the Required Lenders appoint a successor
Administrative Agent as provided for above. 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 removed) Administrative Agent (other than as provided in Section 3.01(g) and other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective
Date or the Removal Effective Date, as applicable), and the retiring or removed 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 the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or
removed Administrative Agent’s resignation or removal 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 or removed 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 or removed Administrative Agent was acting as Administrative
Agent. 

  
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 (d) Any resignation by Bank of America as Administrative Agent pursuant to this Section shall
also constitute its resignation as an L/C Issuer and Swing Line Lender. If Bank of America resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and duties of an L/C Issuer hereunder with respect to all Letters of Credit
issued by it that are outstanding as of the effective date of its resignation as an L/C Issuer and all L/C Obligations with respect thereto, including the right to require (i) the Revolving A Lenders to make Committed Revolving A Credit Loans
that are Base Rate Loans or fund risk participations in Facility A Unreimbursed Amounts pursuant to Section 2.04(c) and (ii) the Revolving B Lenders to make Committed Revolving B Credit Loans that are Base Rate Loans or fund risk
participations in Facility B Unreimbursed Amounts pursuant to Section 2.05(c). If Bank of America resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing
Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Revolving A Lenders to make Committed Revolving A Credit Loans that are Base Rate Loans or fund risk participations in outstanding
Swing Line Loans pursuant to Section 2.06(c). Upon the appointment by the Borrower of an L/C Issuer that is the successor L/C Issuer to Bank of America or a successor Swing Line Lender hereunder (which successor shall in all cases be a
Lender other than a Defaulting Lender), (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of an L/C Issuer or the Swing Line Lender, as applicable, (b) the retiring L/C Issuer and
the retiring Swing Line Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (c) any successor L/C Issuer to Bank of America shall issue letters of credit in
substitution for the Letters of Credit issued by Bank of America, 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. 
 9.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender and L/C Issuer acknowledges that
it has, independently and without reliance upon the 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 the 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. 

9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Arrangers, Syndication Agent or other titles
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 the Administrative Agent, a Lender or an L/C Issuer hereunder. 

  
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 9.09 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, the 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 the Administrative Agent shall have made any demand on the 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, the L/C Issuers and the Administrative Agent (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuers and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuers and the Administrative Agent
under Sections 2.04(i) and (j), Sections 2.05(i) and (j), 2.10 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 each L/C Issuer to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders and the L/C Issuers, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.11 and
11.04. 
 Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or
adopt on behalf of any Lender or any L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or any L/C Issuer to authorize the Administrative Agent to vote in respect of
the claim of any Lender or any L/C Issuer in any such proceeding. 
 9.10 Guaranty Matters. Without limiting the provisions of
Section 9.09, each Lender and each L/C Issuer irrevocably authorize the Administrative Agent, at its option and in its discretion to release any Guarantor from its obligations under the Guaranty if required or permitted pursuant to the
terms hereof. Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release any Guarantor from its obligations under the Guaranty pursuant to this
Section 9.10. 
 ARTICLE X. CONTINUING GUARANTY 

10.01 Guaranty. Each Guarantor, jointly and severally with the other Guarantors, hereby absolutely, irrevocably and unconditionally
guarantees, as a guaranty of payment and performance and not a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all
of the Obligations, whether for principal, interest, premiums, fees, indemnities, damages, costs, expenses or otherwise, and whether arising hereunder or under any other Loan Document (including all renewals, extensions, amendments, refinancings and
other modifications thereof and all costs, reasonable and documented attorneys’ fees and expenses 

  
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incurred in connection with the collection or enforcement thereof) (for each Guarantor, subject to the proviso in this sentence, its “Guaranteed Obligations”) the liability of
each Guarantor individually with respect to this Guaranty shall be limited to an aggregate amount equal to the largest amount (taking into account any amounts payable to such Guarantor under Section 10.10) that would not render its
obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code of the United States or any comparable provisions of any applicable state law. The Administrative Agent’s books and records showing the amount of the
Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon the Guarantors, and conclusive for the purpose of establishing the amount of the Guaranteed Obligations. This Guaranty shall not be affected by the
genuineness, validity, regularity or enforceability of the Guaranteed Obligations or any instrument or agreement evidencing any Guaranteed Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any
collateral therefor, or by any fact or circumstance relating to the Guaranteed Obligations which might otherwise constitute a defense to the obligations of any Guarantor under this Guaranty, and each Guarantor hereby, to the extent permitted by
applicable Law, waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing. 
 10.02
Rights of Lenders. Each Guarantor consents and agrees that the Creditor Parties may, at any time and from time to time, without notice or demand, without the consent of such Guarantor, and without affecting the enforceability or continuing
effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Guaranteed Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release,
sell, or otherwise dispose of, or impair or fail to perfect any Lien on, any security for the payment of this Guaranty or any Guaranteed Obligations; (c) apply such security and direct the order or manner of sale thereof as the Administrative
Agent, the L/C Issuers and the Lenders in their sole discretion may determine; and (d) release or substitute any other Guarantor or one or more of any endorsers or other guarantors of any of the Guaranteed Obligations. Without limiting the
generality of the foregoing, each Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of the Guarantors under this Guaranty or which, but for this provision, might operate as
a discharge of one or more of the Guarantors. 
 10.03 Certain Waivers. Each Guarantor hereby, to the extent permitted by applicable
Law, waives (a) any defense arising by reason of any disability or other defense of the Borrower, any other Loan Party or any other guarantor of the Guaranteed Obligations or any part thereof, or the cessation from any cause whatsoever
(including any act or omission of any Creditor Party) of the liability of the Borrower (other than the defense of prior payment in full of the Guaranteed Obligations); (b) any defense based on any claim that such Guarantor’s obligations
exceed or are more burdensome than those of the Borrower; (c) the benefit of any statute of limitations affecting such Guarantor’s liability hereunder; (d) any requirement to proceed against the Borrower or any other Loan Party,
proceed against or exhaust any security for the Guaranteed Obligations, or pursue any other remedy in the power of any Creditor Party whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by any
Creditor Party; and (f) to the fullest extent permitted by law, any and all other defenses (other than the defense of prior payment in full of the Guaranteed Obligations) or benefits that may be derived from or afforded by applicable law
limiting the liability of or exonerating guarantors or sureties. Each Guarantor expressly waives all setoffs and counterclaims and all presentments, demands 

  
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for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with
respect to the Guaranteed Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Guaranteed Obligations. 

10.04 Obligations Independent. The obligations of each Guarantor hereunder are those of primary obligor, and not merely as surety, and
are independent of the Guaranteed Obligations and the obligations of any other guarantor of the Guaranteed Obligations or any part thereof, and a separate action may be brought against any Guarantor to enforce this Guaranty whether or not the
Borrower or any other Person is joined as a party. 
 10.05 Subrogation. No Guarantor shall exercise any right of subrogation,
contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until all of the Guaranteed Obligations and any amounts payable under this Guaranty (other than contingent obligations for which no
claim has been made) have been paid and performed in full and all Revolving Credit Commitments are terminated, and all Letters of Credit have been cancelled, have expired or terminated or have been collateralized to the satisfaction of the
Administrative Agent and the L/C Issuers that issued such Letters of Credit. If any amounts are paid to any Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust by such Guarantor for the benefit of the
Creditor Parties and shall forthwith be paid to the Administrative Agent for the benefit of the Creditor Parties to reduce the amount of the Guaranteed Obligations, whether matured or unmatured. 

10.06 Termination; Reinstatement. This Guaranty is a continuing and irrevocable guaranty of all Guaranteed Obligations now or hereafter
existing and shall remain in full force and effect until all Revolving Credit Commitments are terminated, all Obligations and any other amounts payable under this Guaranty are indefeasibly paid in full in cash and all Letters or Credit have been
cancelled, have expired or terminated or have been collateralized to the satisfaction of the Administrative Agent and the L/C Issuers that issued such Letters of Credit. Notwithstanding the foregoing, this Guaranty shall continue in full force and
effect or be revived, as the case may be, if any payment by or on behalf of the Borrower or any other Guarantor is made, or any of the Creditor Parties exercises its right of setoff, in respect of the Guaranteed Obligations 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 any of the Creditor Parties in their discretion) to be
repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not the Creditor Parties are in
possession of or have released this Guaranty and regardless of any prior revocation, rescission, termination or reduction. The obligations of the Guarantors under this paragraph shall survive termination of this Guaranty. 

10.07 Subordination. Each Guarantor hereby subordinates the payment of all obligations and indebtedness of the Borrower owing to such
Guarantor, whether now existing or hereafter arising, including but not limited to any obligation of the Borrower to such Guarantor as subrogee of the Creditor Parties or resulting from such Guarantor’s performance under this Guaranty, to the
payment in full in cash of all Guaranteed Obligations. If the Creditor Parties so request, any such obligation or indebtedness of the Borrower to any Guarantor shall be enforced 

  
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and performance received by such Guarantor as trustee for the Creditor Parties and the proceeds thereof shall be paid over to the Administrative Agent on account of the Guaranteed Obligations,
but without reducing or affecting in any manner the liability of any Guarantor under this Guaranty. 
 10.08 Stay of Acceleration. If
acceleration of the time for payment of any of the Guaranteed Obligations is stayed, in connection with any case commenced by or against the Borrower under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by the
Guarantors immediately upon demand by the Creditor Parties. 
 10.09 Condition of the Borrower. Each Guarantor acknowledges and
agrees that it has the sole responsibility for, and has adequate means of, obtaining from the Borrower and any other guarantor of the Guaranteed Obligations such information concerning the financial condition, business and operations of the Borrower
and any such other guarantor as such Guarantor requires, and that none of the Creditor Parties has any duty, and such Guarantor is not relying on the Creditor Parties at any time, to disclose to such Guarantor any information relating to the
business, operations or financial condition of the Borrower or any other guarantor of the Guaranteed Obligations (such Guarantor waiving any duty on the part of the Creditor Parties to disclose such information and any defense relating to the
failure to provide the same). 
 10.10 Contribution. At any time a payment in respect of the Guaranteed Obligations is made under
this Guaranty, the right of contribution of each Guarantor against each other Guarantor shall be determined as provided in the immediately following sentence, with the right of contribution of each Guarantor to be revised and restated as of each
date on which a payment (a “Relevant Payment”) is made on the Guaranteed Obligations under this Guaranty. At any time that a Relevant Payment is made by a Guarantor that results in the aggregate payments made by such Guarantor in
respect of the Guaranteed Obligations to and including the date of the Relevant Payment exceeding such Guarantor’s Contribution Percentage (as defined below) of the aggregate payments made by all Guarantors in respect of the Guaranteed
Obligations to and including the date of the Relevant Payment (such excess, the “Aggregate Excess Amount”), each such Guarantor shall have a right of contribution against each other Guarantor who either has not made any payments or
has made payments in respect of the Guaranteed Obligations to and including the date of the Relevant Payment in an aggregate amount less than such other Guarantor’s Contribution Percentage of the aggregate payments made to and including the
date of the Relevant Payment by all Guarantors in respect of the Guaranteed Obligations (the aggregate amount of such deficit, the “Aggregate Deficit Amount”) in an amount equal to (x) a fraction the numerator of which is the
Aggregate Excess Amount of such Guarantor and the denominator of which is the Aggregate Excess Amount of all Guarantors multiplied by (y) the Aggregate Deficit Amount of such other Guarantor. A Guarantor’s right of contribution pursuant to
the preceding sentences shall arise at the time of each computation, subject to adjustment at the time of each computation; provided, that no Guarantor may take any action to enforce such right until after all Guaranteed Obligations and any other
amounts payable under this Guaranty (other than contingent obligations for which no claim has been made) are paid in full in cash and all Revolving Credit Commitments are terminated and all Letters of Credit have been cancelled, have expired or
terminated or have been collateralized to the satisfaction of the Administrative Agent and the L/C Issuers that issued such Letters of Credit, it being expressly recognized and agreed by all parties hereto that any Guarantor’s right of
contribution arising 

  
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pursuant to this Section 10.10 against any other Guarantor shall be expressly junior and subordinate to such other Guarantor’s obligations and liabilities in respect of the
Guaranteed Obligations and any other obligations owing under this Guaranty. As used in this Section 10.10, (i) each Guarantor’s “Contribution Percentage” shall mean the percentage obtained by dividing (x) the
Adjusted Net Worth (as defined below) of such Guarantor by (y) the aggregate Adjusted Net Worth of all Guarantors; (ii) the “Adjusted Net Worth” of each Guarantor shall mean the greater of (x) the Net Worth (as defined
below) of such Guarantor and (y) zero; and (iii) the “Net Worth” of each Guarantor shall mean the amount by which the fair saleable value of such Guarantor’s assets on the date of any Relevant Payment exceeds its existing
debts and other liabilities (including contingent liabilities, but without giving effect to any Guaranteed Obligations arising under this Guaranty) on such date. All parties hereto recognize and agree that, except for any right of contribution
arising pursuant to this Section 10.10, each Guarantor who makes any payment in respect of the Guaranteed Obligations shall have no right of contribution or subrogation against any other Guarantor in respect of such payment until after
all Guaranteed Obligations and any other amounts payable under this Guaranty (other than contingent obligations for which no claim has been made) are paid in full in cash and all Revolving Credit Commitments are terminated and all Letters of Credit
have been cancelled, have expired or terminated or have been collateralized to the satisfaction of the Administrative Agent and the L/C Issuers that issued such Letters of Credit. Each of the Guarantors recognizes and acknowledges that the rights to
contribution arising hereunder shall constitute an asset in favor of the party entitled to such contribution. In this connection, each Guarantor has the right to waive its contribution right against any Guarantor to the extent that after giving
effect to such waiver such Guarantor would remain Solvent, in the determination of the Administrative Agent or the Required Lenders. 

10.11 REIT Recourse Limitation. Notwithstanding anything to the contrary contained herein or elsewhere, at all times prior to receipt
by the Administrative Agent of a Full Recourse Election Notice, recourse against the REIT and its assets under this Guaranty shall be limited to the REIT’s interests in the Borrower. For the avoidance of doubt, upon and at all times following
receipt by the Administrative Agent of a Full Recourse Election Notice, the limitation on recourse described in the preceding sentence shall not apply. 

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 the Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the 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, however, that (i) the Administrative Agent and the Borrower may, without the consent of any
Lender or any Guarantor then party hereto, amend this Agreement to add a Subsidiary as a “Guarantor” hereunder pursuant to a joinder agreement in substantially the form of Exhibit H and (ii) notwithstanding the foregoing
provisions of this Section 11.01 (including the first proviso above), no such amendment, waiver or consent shall: 
 (a) in the
case of the initial Credit Extension, waive any condition set forth in Section 4.01 or Section 4.02 without the written consent of each Lender; 

  
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 (b) without limiting the generality of clause (a) above, (i) waive any condition set
forth in Section 4.02 as to any Credit Extension under the Revolving A Credit Facility without the written consent of the Required A Revolving Lenders or (ii) waive any condition set forth in Section 4.02 as to any
Credit Extension under the Revolving B Credit Facility without the written consent of the Required Revolving B Lenders (it being understood and agreed that a waiver or an amendment to a covenant, default or any other provision of this Agreement or
any other Loan Document (other than Section 4.02) shall not constitute a waiver of any condition set forth in Section 4.02); 

(c) extend (except as provided in Section 2.16) or increase any Revolving Credit Commitment of any Lender (or reinstate any
Revolving Credit Commitment terminated pursuant to Section 8.02) without the written consent of such Lender; 
 (d) postpone any
date fixed by this Agreement or any other Loan Document for any payment of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender directly
affected thereby; 
 (e) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to
clause (v) 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,
however, that only the consent of the Required Lenders shall be necessary (i) to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest or Letter of Credit Fees at the Default Rate or
(ii) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan or L/C Borrowing or to reduce any fee payable hereunder; 

(f) change Section 2.15 or Section 8.03 in a manner that would alter the pro rata sharing of payments required thereby
without the written consent of each Lender; 
 (g) change (i) any provision of this Section 11.01 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 (other than the
definitions specified in clause (ii) and (iii) of this Section 11.01(g)), without the written consent of each Lender directly and adversely affected thereby, (ii) the definition of “Required Revolving A Lenders”
or “Appropriate Lenders” (as it applies to the Revolving A Credit Facility) without the written consent of each Revolving A Lender or (ii) the definition of “Required Revolving B Lenders” or “Appropriate Lenders”
(as it applies to the Revolving B Credit Facility) without the written consent of each Revolving B Lender; 

  
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 (h) release all or substantially all of the value of the Guaranty, without the written consent of
each Lender, except as expressly provided in the Loan Documents; or 
 (i) at any time that both a revolving credit facility and a term loan
facility exist under this Agreement, waive conditions precedent to extensions of credit under one such facility or impose any greater restriction on the ability of any Lender under one such facility to assign any of its rights or obligations
hereunder without, in each case, the written consent of each Lender under such facility; 
 and, provided further, that (i) no amendment,
waiver or consent shall, unless in writing and signed by the applicable L/C Issuer in addition to the Lenders required above, affect the rights or duties of such 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 the Swing Line Lender in addition to the Lenders required above, affect the rights or duties of the Swing Line Lender under this
Agreement; (iii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any
other Loan Document; (iv) Section 11.06(f) may not be amended, waived or otherwise modified without the consent of each Granting Lender all or any part of whose Loans are being funded by an SPC at the time of such amendment, waiver
or other modification; and (v) 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) any Revolving Credit Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the
consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting Lender. 

Notwithstanding any provision herein to the contrary, the Administrative Agent, with the consent of the Borrower, may amend, modify or
supplement any Loan Document without the consent of any Lender or the Required Lenders in order to correct, amend or cure any ambiguity, inconsistency or defect or correct any typographical error or other manifest error in any Loan Document;
provided that the Administrative Agent shall promptly give the Lenders notice of any such amendment, modification or supplement. 

Notwithstanding any provision herein to the contrary, this Agreement may be amended with the written consent of the Administrative Agent and
the Borrower (i) to add one or more additional revolving credit or term loan facilities to this Agreement, in each case as contemplated by, and subject to the limitations, of Section 2.18, and to permit the extensions of credit and
all related obligations and liabilities arising in connection therewith from time to time outstanding to share ratably (or on a basis subordinated to the existing facilities hereunder) in the benefits of this Agreement and the other Loan Documents
with the obligations and liabilities from time to time outstanding in respect of the existing facilities hereunder, (ii) to permit the Lenders providing such additional facilities to participate in any required vote or action required to be

  
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approved by the Required Lenders or by any other number, percentage or class of Lenders hereunder, and (iii) to the extent that an additional facility shall take the form of a term loan
facility or a revolving credit facility on terms that are not identical to the terms of the then existing facilities hereunder, to include such terms as are then customary for the type of facility being added; provided that the final maturity
date of any such facility shall not be earlier than the than the Revolver A Maturity Date. 
 In addition, notwithstanding any provision
herein to the contrary, the Borrower may, by written notice to the Administrative Agent from time to time, make one or more offers (each, a “Loan Modification Offer”) to all the Lenders of one or more of the facilities hereunder
(including any revolving credit or term loan additional facilities added hereto pursuant to the immediately preceding paragraph) (each facility subject to such a Loan Modification Offer, an “Affected Facility”) to make one or more
Permitted Amendments pursuant to procedures reasonably specified by the Administrative Agent and reasonably acceptable to the Borrower, as the case may be. Such notice shall set forth (i) the terms and conditions of the requested Permitted
Amendment and (ii) the date on which such Permitted Amendment is requested to become effective (which shall not be less than 10 Business Days nor more than 30 Business Days after the date of such notice, unless otherwise agreed to by the
Administrative Agent). Permitted Amendments shall become effective (i) only with respect to the Loans and/or Revolving Credit Commitments of the Lenders of the Affected Facility that accept the applicable Loan Modification Offer (such Lenders,
the “Accepting Lenders”) (provided that any Lender that fails to provide such written notice by the date a Permitted Amendment is to become effective shall be deemed to be a non-Accepting Lender for all purposes hereunder),
(ii) only to the extent the Accepting Lenders constitute at least a majority of the Lenders of the Affected Facility, (iii) in the case of any Accepting Lender, only with respect to such Lender’s Loans and Revolving Credit Commitments
of such Affected Facility as to which such Lender’s acceptance has been made and (iv) only if (x) all Accepting Lenders shall be treated on a consistent basis and (y) all non-Accepting Lenders shall be treated on a consistent
basis. Upon the acceptance of a Loan Modification Offer by the requisite Lenders, the applicable Loan Parties and each Accepting Lender shall execute and deliver to the Administrative Agent such documentation (which may include legal opinions, board
resolutions and/or certificates consistent with those delivered on the Closing Date) as the Administrative Agent shall reasonably specify to evidence the acceptance of the Permitted Amendments and the terms and conditions thereof. The Administrative
Agent shall promptly notify each Lender as to the effectiveness of such Permitted Amendments. Each of the parties hereto hereby agrees that, upon the effectiveness of any Permitted Amendments, this Agreement shall be deemed amended to the extent
(but only to the extent) necessary to reflect the existence and terms of such Permitted Amendment and only with respect to the Loans and Revolving Credit Commitments of the Accepting Lenders of the Affected Facility. For avoidance of doubt,
notwithstanding a Permitted Amendment with Accepting Lenders, non-Accepting Lenders rights, remedies and existing obligations will in no way be deemed as modified or waived and are otherwise not affected by the Permitted Amendment. 

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), 

  
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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
facsimile or electronic mail 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 the Borrower or any other Loan Party, the Administrative Agent, any L/C Issuer or the Swing Line Lender, to the
address, facsimile 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, facsimile 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 the 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 facsimile 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). 
 (b) Electronic Communications. Notices and other communications to the Lenders and the L/C Issuers
hereunder may be delivered or furnished by electronic communication (including e-mail, FpML messaging, and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent,
provided that the foregoing shall not apply to notices to any Lender or any L/C Issuer pursuant to Article II if such Lender or such L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving
notices under such Article by electronic communication. The Administrative Agent, the Swingline Lender, any L/C Issuer or the Borrower may each, 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 the 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), 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; provided that, for both clauses (i) and (ii), if such notice, email or other communication is not sent during the normal business hours of the
recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient. 

  
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 (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 the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender, any 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 the Borrower’s, any Loan Party’s or the Administrative Agent’s transmission of Borrower Materials or notices through
the Platform, any other electronic platform or electronic messaging service, or through the Internet. 
 (d) Change of Address, Etc.
Each of the Borrower, the Administrative Agent, each L/C Issuer and the Swing Line Lender may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender
may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the Borrower, the Administrative Agent, the L/C Issuers and the Swing Line Lender. In addition, each Lender agrees to notify the
Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be
sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one 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 the Borrower or
its securities for purposes of United States Federal or state securities laws. 
 (e) Reliance by Administrative Agent, L/C Issuers and
Lenders. The Administrative Agent, the L/C Issuers and the Lenders shall be entitled to rely and act upon any notices (including telephonic notices, Committed Loan Notices, Letter of Credit Applications and Swing Line Loan Notices) purportedly
given by or on behalf of the 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. The Borrower shall indemnify the Administrative Agent, each 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 the Borrower. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of
the parties hereto hereby consents to such recording. 

  
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 11.03 No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, any L/C
Issuer or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document 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, and provided
under each other Loan Document, 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, the
Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders and the L/C Issuers; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its
own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any L/C Issuer or the Swing Line Lender from exercising the rights and remedies that
inure to its benefit (solely in its capacity as an L/C Issuer or the Swing Line Lender, as the case may be) 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 2.15), 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) the Required Lenders shall have the rights otherwise ascribed to the
Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.15, any Lender may,
with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders. 

11.04 Expenses; Indemnity; Damage Waiver. 

(a) Costs and Expenses. The Borrower shall pay, or cause to be paid, (i) all reasonable and documented out-of-pocket fees and
expenses incurred by the Administrative Agent, the Arrangers and their respective Affiliates (including the reasonable and documented fees, charges and disbursements of one primary counsel for the Administrative Agent and the Arrangers), in
connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, amendments and restatements,
modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by each L/C Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit issued by it or any demand for payment thereunder and (iii) all
reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, any Lender or any L/C Issuer (including the fees, charges and disbursements of any
counsel for the Administrative Agent, any Lender or any 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

  
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under this Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such reasonable and documented out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 

(b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), the Arrangers,
each Lender and each 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 (and will reimburse each Indemnitee as the same
are incurred for) any and all losses, claims, damages, liabilities and reasonable and documented out-of-pocket expenses (including the reasonable and documented fees, charges and disbursements of one primary counsel to all Indemnitees and, if
necessary, one local counsel in each relevant jurisdiction, unless conflicts of interests require the retention of an additional counsel and settlement costs to the extent the Borrower approves the settlement (such approval not to be withheld or
delayed unreasonably)), incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrower or any other Loan Party) other than such Indemnitee and its Related Parties arising out of, in connection with, or as a
result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the
consummation of the transactions contemplated hereby or thereby, or, in the case of the 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 any 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 the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the 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 the Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR
ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages,
liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of, or material breach of any agreement contained in any Loan
Document by, such Indemnitee or resulting from any dispute solely among Indemnitees other than (A) any claims against the Administrative Agent (and any sub-agent thereof) or any Arranger in their respective capacities, as or in fulfilling their
respective roles, as an administrative agent or arranger in respect of this Agreement and the transactions contemplated hereby and (B) any claims arising out of any act or omission on the part of the Borrower or its Affiliates. Without limiting
the provisions of Section 3.01(c), this Section 11.04(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 

  
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 (c) Reimbursement by Lenders. To the extent that the Borrower for any reason fails to
indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), any L/C Issuer, the Swing Line Lender or any Related Party of any of
the foregoing (and without any obligation to do so), each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the Arrangers, such L/C Issuer, the Swing Line Lender or such Related Party, as the case may be, such
Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share of the Total Credit Exposure at such time) of such unpaid amount (including any such
unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among them based on such Lenders’ Applicable Percentage in respect of the Revolving Credit Facility (determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought), provided, further that, the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the
Administrative Agent (or any such sub-agent), any L/C Issuer or the Swing Line Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), any L/C Issuer or the
Swing Line Lender in connection with such capacity. The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.13(d). 

(d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, the Borrower shall not assert, and hereby
waives, and acknowledges that no other Person shall have, 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. 

(e) Payments. All amounts due under this Section shall be payable not later than ten Business Days after demand therefor. 

(f) Survival. The agreements in this Section 11.04 shall survive the resignation of the Administrative Agent, any L/C
Issuer and the Swing Line Lender, the replacement of any Lender, the termination of the Revolving Credit Facility 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 the Borrower is made to the Administrative Agent, any L/C
Issuer or any Lender, or the Administrative Agent, any 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 

  
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entered into by the Administrative Agent, such 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 each L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the 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 the L/C Issuers 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 the Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior
written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an 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
(e) 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 the Administrative Agent,
the L/C Issuers and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) Assignments
by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Revolving Credit Commitment(s) and the Loans (including for purposes of
this subsection (b), participations in L/C Obligations and in Swing Line Loans) at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

(i) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Revolving A Credit Commitment,
Revolving B Credit Commitment, the Revolving A Credit Loans and/or the Committed Revolving B Credit Loans at the time owing to it or contemporaneous assignments to related Approved Funds that equal at least the amount specified in paragraph
(b)(i)(B) of this Section in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

  
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 (B) in any case not described in subsection (b)(i)(A) of this Section, the
aggregate amount of the Revolving Credit Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Revolving Credit 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 the 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 the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed).

 (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 Revolving Credit Commitment assigned, except that this clause (ii) shall not (x) apply to the Swing Line Lender’s rights
and obligations in respect of Swing Line Loans or (y) prohibit any Lender from assigning all or a portion of its rights and obligations under the Revolving A Credit Facility and the Revolving B Credit Facility on a non-pro rata basis; 

(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 the Borrower (such consent not to be unreasonably
withheld or delayed) 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 with respect to such
Lender; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof;

 (B) the consent of the 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; 
 (C) the consent of each Facility A L/C Issuer and the Swing Line
Lender shall be required for any assignment of a Revolving A Credit Commitment; and 
 (D) the consent of each Facility B L/C
Issuer shall be required for any assignment of a Revolving B Credit Commitment. 
 (iv) Assignment and Assumption. The
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that the 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 the Administrative Agent an Administrative Questionnaire. 

  
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 (v) No Assignment to Certain Persons. No such assignment shall be made
(A) to the Borrower or any of the Borrower’s Affiliates or Subsidiaries, (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), (C) to a Disqualified Assignee or (D) to a natural Person. The Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce,
compliance with the provisions of this Agreement or any other Loan Document relating to Disqualified Assignees. Without limiting the generality of the foregoing, the Administrative Agent shall not (x) be obligated to ascertain, monitor or
inquire as to whether any Lender or Participant or prospective Lender or Participant is a Disqualified Assignee or (y) have any liability with respect to or arising out of any assignment or participation of Loans or Revolving Credit
Commitments, or disclosure of confidential information, to any Disqualified Assignee. Promptly following any revision to Schedule 1.01B, the Administrative Agent shall make available to the Lenders copies of Schedule 1.01B as so
revised. 
 (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 the Administrative Agent in an
aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the
Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and
satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, any L/C Issuer 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 and Swing Line Loans in accordance with its Applicable Percentage in respect of the Revolving A Credit Facility or Revolving B Credit Facility, as applicable. Notwithstanding the foregoing, in the
event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a
Defaulting Lender for all purposes of this Agreement until such compliance occurs. 
 Subject to acceptance and recording thereof by the Administrative
Agent pursuant to 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 

  
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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; provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a
Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Upon request, the Borrower (at its expense) shall execute and deliver a Revolving A Note or
Revolving B Note, as applicable, 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. 
 (c)
Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrower (and such agency being solely for tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption
delivered to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Revolving A Credit Commitments and Revolving B Credit Commitments of, and principal amounts (and
stated interest) 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 absent manifest error, and the Borrower, the
Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower
and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 (d) Participations. Any Lender may at
any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural Person, a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates or Subsidiaries)
(each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Revolving Credit Commitment(s) and/or the Loans (including such Lender’s
participations in L/C Obligations and/or Swing Line Loans) owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other
parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the Lenders and the L/C Issuers shall continue to deal solely and directly with such Lender in connection with such Lender’s rights
and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 11.04(c) without regard to the existence of any participation. 

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. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01,
3.04 and 3.05 (subject to requirements and limitations therein) to the same extent as if it were a Lender and had acquired its interest by assignment 

  
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pursuant to subsection (b) of this Section (it being understood that the documentation required under Section 3.01(e) shall be delivered to the Lender who sells the
participation) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections
3.06 and 11.13 as if it were an assignee under paragraph (b) of this Section and (B) shall not be entitled to receive any greater payment under Sections 3.01 or 3.04, with respect to any participation, than the
Lender from whom it acquired the applicable participation would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable
participation. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 3.06 with respect to any
Participant. 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 that such Participant agrees to be subject to Section 2.15 as
though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts
(and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any
portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person
except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the
Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any
notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(e) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this
Agreement (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 or any other central 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. 

(f) Special Purpose Funding Vehicles. Notwithstanding anything to the contrary contained herein, any Lender (a “Granting
Lender”) may grant to a special purpose funding vehicle identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower (an “SPC”) the option to provide all or any part of
any Committed Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to fund any Committed Loan, and (ii) if an SPC
elects not to exercise such option or otherwise fails to make all or any part of such Committed Loan, the Granting Lender shall be obligated to make such Committed Loan pursuant to the terms hereof or, if it fails to do so, to make such payment to
the Administrative Agent as is required under Section 2.12(b)(ii). Each party hereto hereby agrees that (i) neither the grant to any SPC nor the exercise by any SPC of such option shall

  
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increase the costs or expenses or otherwise increase or change the obligations of the Borrower under this Agreement (including its obligations under Section 3.04), (ii) no SPC
shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting Lender shall for all purposes, including the approval of any amendment, waiver or other modification
of any provision of any Loan Document, remain the lender of record hereunder. The making of a Committed Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Committed Loan were made by such
Granting Lender. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding
commercial paper or other senior debt of any SPC, it will not institute against, or join any other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceeding under the laws of the
United States or any State thereof. Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but without prior consent of the Borrower and the Administrative Agent and with the payment of a processing fee in
the amount of $3,500 (which processing fee may be waived by the Administrative Agent in its sole discretion), assign all or any portion of its right to receive payment with respect to any Committed Loan to the Granting Lender and (ii) disclose
on a confidential basis any non-public information relating to its funding of Committed Loans to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity enhancement to such SPC. 

(g) Resignation as an L/C Issuer or Swing Line Lender after Assignment. 

(i) Notwithstanding anything to the contrary contained herein, if at any time Bank of America or any other Facility A L/C
Issuer assigns all of its Revolving A Credit Commitments and Revolving A Credit Loans pursuant to subsection (b) above, Bank of America or such other Facility A L/C Issuer, as the case may be, may, (i) upon 30 days’ notice to
the Borrower and the Revolving A Lenders, resign as a Facility A L/C Issuer and/or (ii) in the case of Bank of America, upon 30 days’ notice to the Borrower, resign as Swing Line Lender. In the event of any such resignation as a
Facility A L/C Issuer or Swing Line Lender, the Borrower shall be entitled to appoint from among the Revolving A Lenders a successor Facility A L/C Issuer and/or Swing Line Lender, as applicable, hereunder to replace such retiring Facility A L/C
Issuer or Swing Line Lender; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of Bank of America or such other Facility A L/C Issuer, as applicable, as a Facility A L/C
Issuer or Swing Line Lender, as the case may be. If Bank of America or any other Facility A L/C Issuer resigns as a Facility A L/C Issuer, it shall retain all the rights, powers, privileges and duties of an L/C Issuer hereunder with respect to all
Facility A Letters of Credit issued by it that are outstanding as of the effective date of its resignation as a Facility A L/C Issuer and all Facility A L/C Obligations with respect thereto (including the right to require the Revolving A Lenders to
make Committed Revolving A Credit Loans that are Base Rate Loans or fund risk participations in Facility A Unreimbursed Amounts pursuant to Section 2.04(c)). If Bank of America resigns as Swing Line Lender, it shall retain all the rights
of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Revolving A Lenders to make Committed Revolving A Credit
Loans that are Base Rate Loans or fund risk 

  
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participations in outstanding Swing Line Loans pursuant to Section 2.06(c). Upon the appointment of a successor Facility A L/C Issuer and/or Swing Line Lender, (a) such successor
shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Facility A L/C Issuer or Swing Line Lender, as the case may be, and (b) the successor Facility A L/C Issuer shall issue letters of credit
in substitution for the Facility A Letters of Credit, if any, issued by the retiring Facility A L/C Issuer that are outstanding at the time of such succession or make other arrangements satisfactory to such retiring Facility A L/C Issuer to
effectively assume the obligations of such retiring Facility A L/C Issuer with respect to the outstanding Facility A Letters of Credit issued by it. 

(ii) Notwithstanding anything to the contrary contained herein, if at any time Bank of America or any other Facility B L/C
Issuer assigns all of its Revolving B Credit Commitments and Committed Revolving B Credit Loans pursuant to subsection (b) above, Bank of America or such other Facility B L/C Issuer, as the case may be, may, upon 30 days’
notice to the Borrower and the Revolving B Lenders, resign as a Facility B L/C Issuer. In the event of any such resignation as a Facility B L/C Issuer, the Borrower shall be entitled to appoint from among the Revolving B Lenders a successor Facility
B L/C Issuer hereunder to replace such retiring Facility B L/C Issuer; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of Bank of America or such other Facility B L/C
Issuer, as applicable, as a Facility B L/C Issuer. If Bank of America or any other Facility B L/C Issuer resigns as a Facility B L/C Issuer, it shall retain all the rights, powers, privileges and duties of an L/C Issuer hereunder with respect to the
REIT L/C issued by it that are outstanding as of the effective date of its resignation as a Facility B L/C Issuer and all Facility B L/C Obligations with respect thereto (including the right to require the Revolving B Lenders to make Committed
Revolving B Credit Loans that are Base Rate Loans or fund risk participations in Facility B Unreimbursed Amounts pursuant to Section 2.05(c)). Upon the appointment of a successor Facility B L/C Issuer, (a) such successor shall
succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Facility B L/C Issuer, and (b) the successor Facility B L/C Issuer shall issue a letter of credit in substitution for the REIT L/C issued by the
retiring Facility B L/C Issuer or make other arrangements satisfactory to such retiring Facility B L/C Issuer to effectively assume the obligations of such retiring Facility B L/C Issuer with respect to the REIT L/C issued by it. 

11.07 Treatment of Certain Information; Confidentiality. Each of the Administrative Agent, the Lenders and the L/C Issuers agrees to
maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed
of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties
(including any self-regulatory authority, such as the National Association of Insurance Commissioners), (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 

  
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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 and obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 2.18(c) or
Section 11.01 or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or
payments hereunder, (g) on a confidential basis to (i) any rating agency in connection with rating the REIT, the Borrower or its Subsidiaries or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar
agency in connection with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder, (h) with the consent of the Borrower or (i) 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 the Administrative Agent, any Lender, any L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a
source other than the Borrower or another Loan Party. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the
lending industry and service providers to the Administrative Agent, the Syndication Agents and the Lenders in connection with the administration of this Agreement, the other Loan Documents, and the Commitments. For purposes of this Section,
“Information” means all information received from the REIT or any Subsidiary thereof relating to the REIT or any Subsidiary thereof or any of their respective businesses, other than any such information that is available to the
Administrative Agent, any Lender or any L/C Issuer on a nonconfidential basis prior to disclosure by the REIT or any Subsidiary thereof, provided that, in the case of information received from the REIT or any Subsidiary thereof 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 at least the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

Each of the Administrative Agent, the Lenders and the L/C Issuers acknowledges that (a) the Information may include material non-public
information concerning the 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. 
 11.08 Right of Setoff. If an Event of
Default shall have occurred and be continuing, each Lender, each 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 the 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, such L/C Issuer or any such Affiliate to or for the credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such Loan Party now or hereafter existing under this Agreement
or any other Loan Document to such Lender or such L/C Issuer or their respective Affiliates, irrespective of whether or not such Lender, L/C Issuer or Affiliate shall have made any demand under this Agreement or any other Loan Document and although
such 

  
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obligations of the Borrower or such Loan Party may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender or such L/C Issuer different from the branch, office or
Affiliate 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 the
Administrative Agent for further application in accordance with the provisions of Section 2.20 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the
Administrative Agent, the L/C Issuers and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it
exercised such right of setoff. The rights of each Lender, each 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, such L/C Issuer or their
respective Affiliates may have. Each Lender and each L/C Issuer agrees to notify the Borrower and the 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 the 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 the Borrower. In determining whether the interest contracted
for, charged, or received by the 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, the other Loan Documents, and any separate letter agreements with respect to fees payable
to the Administrative Agent or the L/C Issuers, 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 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the 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 facsimile or other electronic imaging means (e.g. “pdf” or “tif”) 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 

  
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upon by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the 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 the Administrative Agent, any L/C Issuer or the Swing Line Lender, as applicable, then such
provisions shall be deemed to be in effect only to the extent not so limited. 
 11.13 Replacement of Lenders. If the Borrower is
entitled to replace a Lender pursuant to the provisions of Section 3.06, or if any Lender is a Defaulting Lender or a Non-Consenting Lender or if any other circumstance exists hereunder that gives the Borrower the right to replace a
Lender as a party hereto, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the
restrictions contained in, and consents required by, Section 11.06), all of its interests, rights (other than its existing rights to payments pursuant to Sections 3.01 and 3.04) and obligations under this Agreement and the
related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: 

(a) the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 11.06(b); 

(b) such Lender shall have received payment of an amount equal to 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 the 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; 

(d) such assignment does not conflict with applicable Laws; and 

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

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

11.14 Governing Law; Jurisdiction; Etc. 

(a) GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN
CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 (b) SUBMISSION TO JURISDICTION. EACH PARTY HERETO
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST ANY OTHER PARTY IN ANY WAY RELATING TO
THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW
YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE BROUGHT, HEARD
AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH PARTY HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. 
 (c) WAIVER OF VENUE. EACH PARTY
HERETO 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 PARTY 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. 

  
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 (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. 

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), the Borrower and each other Loan Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the
arranging and other services regarding this Agreement provided by the Administrative Agent, the Arrangers, and the Lenders are arm’s-length commercial transactions between the Borrower, each other Loan Party and their respective
Affiliates, on the one hand, and the Administrative Agent, the Arrangers, and the Lenders, on the other hand, (B) each of the Borrower and the other Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent
it has deemed appropriate, and (C) the Borrower and each other Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents;
(ii) (A) the Administrative Agent, the Arrangers and each Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor,
agent or fiduciary for the Borrower, any other Loan Party or any of their respective Affiliates, or any other Person and (B) neither the Administrative Agent, any Arranger nor any Lender has any obligation to the Borrower, any other Loan Party
or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Arrangers and the Lenders
and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower, the other Loan Parties and their respective Affiliates, and neither the Administrative Agent, the
Arrangers, nor any Lender has any obligation to disclose any of such interests to the Borrower, any other Loan Party 

  
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or any of their respective Affiliates. To the fullest extent permitted by law, each of the Borrower and each other Loan Party hereby waives and releases any claims that it may have against the
Administrative Agent, the Arrangers or any Lender 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 “execute,” “execution,”
“signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including without limitation Assignment and Assumptions,
amendments or other modifications, Committed Loan Notices, Swingline Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms
approved by the Administrative Agent, 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; provided that notwithstanding anything contained herein to the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless
expressly agreed to by the Administrative Agent pursuant to procedures approved by it. 
 11.18 USA PATRIOT Act. Each Lender that is
subject to the Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Loan Parties 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 such Loan Party, which information includes the name and address of such Loan Party and other information that will
allow such Lender or the Administrative Agent, as applicable, to identify the Loan Parties in accordance with the Act. The Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide or cause to be provided all
documentation and other information that the 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. 

  
 154 

 11.19 Releases of Guarantors. 

(a) Investment Grade Release. If at any time the Borrower or the REIT obtains an Investment Grade Credit Rating, the Administrative
Agent shall (at the sole cost of the Borrower and pursuant to documentation reasonably satisfactory to the Administrative Agent) promptly release all of the Unencumbered Property Subsidiaries (other than any Unencumbered Property Subsidiary that is
(i)a borrower or guarantor of, or otherwise obligated in respect of, any Indebtedness of the REIT or the Borrower or (ii) a Specified Guarantor) from their obligations under the Guaranty (the “Investment Grade Release”),
subject to satisfaction of the following conditions: 
 (i) The Borrower shall have delivered to the Administrative Agent, on
or prior to the date that is ten (10) Business Days (or such shorter period of time as agreed to by the Administrative Agent) before the date on which the Investment Grade Release is to be effected, an Officer’s Certificate, 

(A) certifying that the Borrower has obtained an Investment Grade Credit Rating, and 

(B) notifying the Administrative Agent and the Lenders that it is requesting the Investment Grade Release; and 

(C) certifying that no Subsidiary Guarantor to be released is (x) a borrower or guarantor of, or otherwise obligated in
respect of, any Indebtedness of the REIT or the Borrower or (y) a Specified Guarantor; and 
 (ii) The Borrower shall
have submitted to the Administrative Agent and the Lenders, within one (1) Business Day prior to the date on which the Investment Grade Release is to be effected, an Officer’s Certificate certifying to the Administrative Agent and the
Lenders that, immediately before and immediately after giving effect to the Investment Grade Release, 
 (A) no Default has
occurred and is continuing or would result therefrom (including as a result of the failure to satisfy the Minimum Property Condition), and 

(B) the representations and warranties contained in Article V or any other Loan Document, or which are contained in any
document furnished at any time under or in connection herewith or therewith, are true and correct in all material respects on and as of the date of such release and immediately after giving effect to such release, except (1) 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, (2) any representation or warranty that is already by its terms qualified
as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects as of such applicable date (including such earlier date set forth in the foregoing clause (1)) after giving effect
to such qualification and (3) for purposes of this Section 11.19(a), the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent
statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01. 
 (b) Release upon
Disposition of Equity Interests. In the event that all of the capital stock or other Equity Interests of any Subsidiary that is a Guarantor is sold or otherwise disposed of in a transaction permitted by Section 7.05 (except to the
extent that such sale or disposition is to the Borrower or any other Loan Party), then, at the request of the Borrower, such Guarantor shall be released from its obligations under the Guaranty, subject to satisfaction of the following conditions:

 (i) the Borrower shall have delivered to the Administrative Agent, at least five (5) Business Days prior to the date
of the proposed release (or such shorter period of time as agreed to by the Administrative Agent in writing), a written request for such release (a “Guarantor Release Notice”) which shall identify the Subsidiary to which it applies
and the proposed date of the release, 

  
 155 

 (ii) the representations and warranties contained in Article V and the
other Loan Documents are true and correct in all material respects on and as of the effective date of such release and, both before and after giving effect to such release, except (A) 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, (B) any representation or warranty that is already by its terms qualified as to “materiality”,
“Material Adverse Effect” or similar language shall be true and correct in all respects as of such applicable date (including such earlier date set forth in the foregoing clause (A)) after giving effect to such qualification and
(C) for purposes of this Section 11.19(b), the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished
pursuant to subsections (a) and (b), respectively, of Section 6.01, 
 (iii) immediately after
giving effect to such release the REIT and its Subsidiaries shall be in compliance, on a Pro Forma Basis, with the provisions of Section 7.11, 

(iv) no Default shall have occurred and be continuing or would result under any other provision of this Agreement after giving
effect to such release (including as a result of the failure to satisfy the Minimum Property Condition), and 
 (v) the
Borrower shall have delivered to the Administrative Agent an Officer’s Certificate certifying that the conditions in clauses (ii) through (iv) above have been satisfied. 

The Administrative Agent will (at the sole cost of the Borrower) following receipt of such Guarantor Release Notice and Officer’s
Certificate, and each of the Lenders and the L/C Issuers irrevocably authorizes the Administrative Agent to, execute and deliver such documents as the Borrower or such Unencumbered Property Subsidiary may reasonably request to evidence the release
of such Unencumbered Property Subsidiary from its obligations under the Guaranty, which documents shall be reasonably satisfactory to the Administrative Agent. 

(c) Release following an Investment Grade Release. At any time following an Investment Grade Release, at the request of the Borrower
the Administrative Agent may release any Unencumbered Property Subsidiary from its obligations under the Guaranty, subject to satisfaction of the following conditions: 

(i) the Borrower shall have delivered to the Administrative Agent, at least five (5) Business Days prior to the date of
the proposed release (or such shorter period of time as agreed to by the Administrative Agent in writing), a Guarantor Release Notice (which notice shall specify, inter alia, that the Unencumbered Property Subsidiary to

  
 156 

 
which such notice relates will not be a borrower or guarantor of, or otherwise obligated in respect of, any Indebtedness of the REIT or the Borrower after giving effect to the requested release),

 (ii) the representations and warranties contained in Article V and the other Loan Documents are true and correct in
all material respects on and as of the effective date of such release and, both before and after giving effect to such release, except (A) 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, (B) any representation or warranty that is already by its terms qualified as to “materiality”, “Material Adverse Effect” or similar language
shall be true and correct in all respects as of such applicable date (including such earlier date set forth in the foregoing clause (A)) after giving effect to such qualification and (C) for purposes of this Section 11.19(c), the
representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of
Section 6.01, 
 (iii) immediately after giving effect to such release the Companies shall be in compliance, on a
Pro Forma Basis, with the provisions of Section 7.11, 
 (iv) no Default shall have occurred and be continuing
(unless such Default relates solely to an Unencumbered Eligible Property owned or leased by such Unencumbered Property Subsidiary and such Unencumbered Eligible Property will not be included for purposes of determining Unencumbered Asset Value after
giving effect to such release) or would result under any other provision of this Agreement after giving effect to such release (including as a result of the failure to satisfy the Minimum Property Condition), and 

(v) the Borrower shall have delivered to the Administrative Agent an Officer’s Certificate certifying that the conditions
in clauses (ii) through (iv) above have been satisfied. 
 The Administrative Agent will (at the sole cost of the Borrower)
following receipt of such Guarantor Release Notice and Officer’s Certificate, and each of the Lenders and the L/C Issuers irrevocably authorizes the Administrative Agent to, execute and deliver such documents as the Borrower or such
Unencumbered Property Subsidiary may reasonably request to evidence the release of such Unencumbered Property Subsidiary from its obligations under the Guaranty, which documents shall be reasonably satisfactory to the Administrative Agent. 

(d) The Administrative Agent shall promptly notify the Lenders of any such release hereunder, and this Agreement and each other Loan Document
shall be deemed amended to delete the name of any Guarantor released pursuant to this Section 11.19. 
 11.20 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. 

  
 157 

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

			
	PARAMOUNT GROUP OPERATING PARTNERSHIP LP
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

			
	Paramount Group, Inc., a Maryland corporation, as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	1301 Properties Owner LP, a Delaware limited partnership, as a Guarantor
	
	By: 1301 Properties GP LLC, a Delaware limited liability company
	Its: General Partner
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	1301 Properties GP LLC, a Delaware limited liability company, as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	1301 Mezzanine Borrower LP, a Delaware limited partnership, as a Guarantor
	
	By: 1301 Properties Mezz GP LLC, a Delaware limited liability company
	Its: General Partner
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	1301 Properties Mezz GP LLC, a Delaware limited liability company, as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:

			
	1301 Properties LP, a Delaware limited partnership, as a Guarantor
	
	By: 1301 Managing Member, L.L.C., a Delaware limited liability company
	Its: General Partner
		
	By:	 	  

		 	Name:
		 	Title:
	
	1301 Managing Member, L.L.C., a Delaware limited liability company, as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	1301 Avenue of the Americas Limited Partnership, a Delaware limited partnership, as a Guarantor
	
	By: 1301 Avenue of the Americas GP LLC, a Delaware limited liability company
	Its: General Partner
		
	By:	 	  

		 	Name:
		 	Title:
	
	1301 Avenue of the Americas GP LLC, a Delaware limited liability company, as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:

			
	PGREF V 1301 Sixth Avenue Acquisition LP, a Delaware limited partnership, as a Guarantor
	
	By: 1301 Sixth Acquisition GP LLC, a Delaware limited liability company
	Its: General Partner
		
	By:	 	  

		 	Name:
		 	Title:
	
	1301 Sixth Acquisition GP LLC, a Delaware limited liability company, as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	1301 Sixth Avenue Mezzanine I LP, a Delaware limited partnership, as a Guarantor
	
	By: 1301 Sixth Mezz I GP LLC, a Delaware limited liability company
	Its: General Partner
		
	By:	 	  

		 	Name:
		 	Title:
	
	1301 Sixth Mezz I GP LLC, a Delaware limited liability company, as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	1301 Sixth Avenue Mezzanine II LP, a Delaware limited partnership, as a Guarantor
	
	By: 1301 Sixth Mezz II GP LLC, a Delaware limited liability company
	Its: General Partner
		
	By:	 	  

		 	Name:
		 	Title:

			
	1301 Sixth Mezz II GP LLC, a Delaware limited liability company, as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	1301 Sixth Avenue Mezzanine III LP, a Delaware limited partnership, as a Guarantor
	
	By: 1301 Sixth Mezz III GP LLC, a Delaware limited liability company
	Its: General Partner
		
	By:	 	  

		 	Name:
		 	Title:
	
	1301 Sixth Mezz III GP LLC, a Delaware limited liability company, as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	1301 Sixth Avenue Mezzanine IV LP, a Delaware limited partnership, as a Guarantor
	
	By: 1301 Sixth Mezz IV GP LLC, a Delaware limited liability company
	Its: General Partner
		
	By:	 	  

		 	Name:
		 	Title:
	
	1301 Sixth Mezz IV GP LLC, a Delaware limited liability company, as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:

			
	PGREF V 1301 Participating LP, a Delaware limited partnership, as a Guarantor
	
	By: 1301 Participating GP LLC, a Delaware limited liability company
	Its: General Partner
	
	By: Paramount Group Operating Partnership LP, a Delaware limited partnership
	Its: Manager
	
	By: Paramount Group, Inc., a Maryland corporation
	Its: General Partner
		
	By:	 	  

		 	Name:
		 	Title:
	
	1301 Participating GP LLC, a Delaware limited liability company, as a Guarantor Partner
	
	By: Paramount Group Operating Partnership LP, a Delaware limited partnership
	Its: Manager
	
	By: Paramount Group, Inc., a Maryland corporation
	Its: General Partner
		
	By:	 	  

		 	Name:
		 	Title:
	
	PGREF V 1301 Sixth Holding LP, a Delaware limited partnership, as a Guarantor
	
	By: PGREF V 1301 Sixth Investors GP LLC, a Delaware limited liability company
	Its: General Partner
		
	By:	 	  

		 	Name:
		 	Title:

					
	PGREF V 1301 Sixth Investors GP LLC, a Delaware limited liability company, as a Guarantor
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	PGREF V 1301 Sixth Investors II LP, a Delaware limited partnership, as a Guarantor
	
	By: PGREF V 1301 Sixth Investors GP LLC, a Delaware limited liability company
	Its: General Partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

					
	PGREF V 1301 Sixth Investors III LP, a Delaware limited partnership, as a Guarantor
	
	By: PGREF V 1301 Sixth Investors GP LLC, a Delaware limited liability company
	Its: General Partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	PGREF V 1301 Sixth Investors IV LP, a Delaware limited partnership, as a Guarantor
	
	By: PGREF V 1301 Sixth Investors GP LLC, a Delaware limited liability company
	Its: General Partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	PGREF V 1301 Sixth Investors V LP, a Delaware limited partnership, as a Guarantor
	
	By: PGREF V 1301 Sixth Investors GP LLC, a Delaware limited liability company
	Its: General Partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Paramount Group Real Estate Fund V (CIP) Sub LP, a Delaware limited partnership, as a Guarantor
	
	By: Paramount Group Real Estate Fund V (CIP) Sub GP LLC, a Delaware limited liability company
	Its: General Partner
	
	By: Paramount Group Operating Partnership LP, a Delaware limited partnership
	Its: Manager
	
	By: Paramount Group, Inc., a Maryland corporation
	Its: General Partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

					
	Paramount Group Real Estate Fund V (CIP) Sub GP LLC, a Delaware limited partnership, as a Guarantor
	
	By: Paramount Group Operating Partnership LP, a Delaware limited partnership
	Its: Manager
	
	By: Paramount Group, Inc., a Maryland corporation
	Its: General Partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Paramount Group Real Estate Fund V (Core) Sub LP, a Delaware limited partnership, as a Guarantor
	
	By: Paramount Group Real Estate Fund V (Core) Sub GP LLC, a Delaware limited liability company
	Its: General Partner
	
	By: Paramount Group Operating Partnership LP, a Delaware limited partnership
	Its: Manager
	
	By: Paramount Group, Inc., a Maryland corporation
	Its: General Partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Paramount Group Real Estate Fund V (Core) Sub GP LLC, as a Guarantor
	
	By: Paramount Group Operating Partnership LP, a Delaware limited partnership
	Its: Manager
	
	By: Paramount Group, Inc., a Maryland corporation
	Its: General Partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

					
	PGREF V Parallel Fund Sub Holdco, LP, a Delaware limited partnership, as a Guarantor
	
	By: PGREF V Parallel Fund Sub Holdco GP, LLC, a Delaware limited liability company
	Its: General Partner
	
	By: Paramount Group Operating Partnership LP, a Delaware limited partnership
	Its: Manager
	
	By: Paramount Group, Inc., a Maryland corporation
	Its: General Partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	PGREF V Parallel Fund Sub Holdco GP, LLC, a Delaware limited liability company, as a Guarantor
	
	By: Paramount Group Operating Partnership LP, a Delaware limited partnership
	Its: Manager
	
	By: Paramount Group, Inc., a Maryland corporation
	Its: General Partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	PGREF IV Holdco LP, a Delaware limited partnership, as a Guarantor
	
	By: PGREF IV Holdco GP LLC, a Delaware limited liability company
	Its: General Partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

					
	PGREF IV Holdco GP LLC, a Delaware limited liability company, as a Guarantor
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Paramount Group Real Estate Fund IV Sub LP, a Delaware limited partnership, as a Guarantor
	
	By: Paramount Group Real Estate Fund IV Sub GP LLC, a Delaware limited liability company
	Its: General Partner
	
	By: Paramount Group Operating Partnership LP, a Delaware limited partnership
	Its: Manager
	
	By: Paramount Group, Inc., a Maryland corporation
	Its: General Partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Paramount Group Real Estate Fund IV Sub GP LLC, a Delaware limited liability company, as a Guarantor
	
	By: Paramount Group Operating Partnership LP, a Delaware limited partnership
	Its: Manager
	
	By: Paramount Group, Inc., a Maryland corporation
	Its: General Partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

					
	PGREF IV Parallel Fund Sub Holdco, LP, a Delaware limited partnership, as a Guarantor
	
	By: PGREF IV Parallel Fund Sub Holdco GP, LLC, a Delaware limited liability company
	Its: General Partner
	
	By: Paramount Group Operating Partnership LP, a Delaware limited partnership
	Its: Manager
	
	By: Paramount Group, Inc., a Maryland corporation
	Its: General Partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	PGREF IV Parallel Fund Sub Holdco GP, LLC, a Delaware limited liability company, as a Guarantor
	
	By: Paramount Group Operating Partnership LP, a Delaware limited partnership
	Its: Manager
	
	By: Paramount Group, Inc., a Maryland corporation
	Its: General Partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	1325 Avenue of the Americas, L.P, a New York limited partnership, as a Guarantor
	
	By: 1325 Rental GP, L.L.C., a Delaware limited liability company
	Its: General Partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

					
	1325 Rental GP, L.L.C., a Delaware limited liability company, as a Guarantor
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	MRI-1325 Rental, LLC, a Delaware limited liability company, as a Guarantor
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

							
	2099 Owner LP, a Delaware limited partnership, as a Guarantor
	
	By: PGREF IV 2099 Penn Investors GP LLC, a Delaware limited liability company
	Its: General Partner
			
		 		 	By: Paramount Group Operating Partnership LP, a Delaware limited partnership
		 		 	Its: Manager
			
		 		 	By: Paramount Group, Inc., a Maryland corporation
		 		 	Its: General Partner
		
	By:	 	  

		 	Name:	 		 	
		 	Title:	 		 	
	
	PGREF IV 2099 Penn Investors GP LLC, a Delaware limited liability company, as a Guarantor
			
		 		 	By: Paramount Group Operating Partnership LP, a Delaware limited partnership
		 		 	Its: Manager
			
		 		 	By: Paramount Group, Inc., a Maryland corporation
		 		 	Its: General Partner
		
	By:	 	  

		 	Name:	 		 	
		 	Title:	 		 	
	
	425 Eye Street NW, L.P., a Delaware limited partnership, as a Guarantor
	
	By: PGREF I 425 GP, Inc.
	Its: General Partner
		
	By:	 	  

		 	Name:	 		 	
		 	Title:	 		 	
	
	PGREF I 425 GP, Inc., a Delaware corporation, as a Guarantor
		
	By:	 	  

		 	Name:	 		 	
		 	Title:	 		 	

					
	Paramount Group Real Estate Fund I Sub LP, a Delaware limited partnership, as a Guarantor
	
	By: Paramount Group Real Estate Fund I Sub GP LLC, a Delaware limited liability company
	Its: General Partner
	
	By: Paramount Group Operating Partnership LP, a Delaware limited partnership
	Its: Manager
	
	By: Paramount Group, Inc., a Maryland corporation
	Its: General Partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Paramount Group Real Estate Fund I Sub GP LLC, a Delaware limited liability company, as a Guarantor
	
	By: Paramount Group Operating Partnership LP, a Delaware limited partnership
	Its: Manager
	
	By: Paramount Group, Inc., a Maryland corporation
	Its: General Partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

					
	Arcade Associates GP, a Delaware general partnership, as a Guarantor
	
	By: Paramount Group Operating Partnership LP, a Delaware limited partnership
	Its: General Partner
	
	By: Paramount Group, Inc., a Maryland corporation
	Its: General Partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	By: New Arcade GP, LLC, a Delaware limited liability company
	Its: General Partner
	
	By: Paramount Group Operating Partnership LP, a Delaware limited partnership
	Its: Manager
	
	By: Paramount Group, Inc., a Maryland corporation
	Its: General Partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 
			
	BANK OF AMERICA, N.A., as
	Administrative Agent
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 
			
	BANK OF AMERICA, N.A., as a Lender, L/C Issuer and Swing Line Lender
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 
			
	MORGAN STANLEY BANK, N.A., as a Lender and L/C Issuer
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender and L/C Issuer
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 
			
	 DEUTSCHE BANK AG, NEW YORK

BRANCH, as a Lender

		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 
			
	CITIBANK, N.A., as a Lender
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 
			
	GOLDMAN SACHS BANK USA, as a Lender
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 
			
	JPMORGAN CHASE BANK, N.A., as a Lender
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 
			
	ROYAL BANK OF CANADA, as a Lender
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 
			
	UBS AG, STAMFORD BRANCH, as a Lender
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 
			
	THE BANK OF NEW YORK MELLON, as a Lender
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 
			
	HSBC BANK USA, NATIONAL ASOCIATION, as a Lender
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 
			
	U.S. BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	  

		
	Name:	 	  

		
	Title:

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