Document:

EX-10.2

 Exhibit 10.2 

LOAN AGREEMENT 
 Dated as
of February 1, 2018 
 Between 

2477 DEERFIELD DRIVE, LLC, 

as Borrower 
 and 

UBS AG, BY AND THROUGH ITS BRANCH OFFICE AT 

1285 AVENUE OF THE AMERICAS, NEW YORK, NEW YORK, 

as Lender 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
		
	ARTICLE I – DEFINITIONS; PRINCIPLES OF CONSTRUCTION	  	 	1	 
	Section 1.1	 	 Definitions
	  	 	1	 
	Section 1.2	 	 Principles of Construction
	  	 	35	 
		
	ARTICLE II – GENERAL TERMS	  	 	36	 
	Section 2.1	 	 Loan Commitment; Disbursement to Borrower
	  	 	36	 
	2.1.1	 	 Agreement to Lend and Borrow
	  	 	36	 
	2.1.2	 	 Single Disbursement to Borrower
	  	 	36	 
	2.1.3	 	 The Note, Security Instrument and Loan Documents
	  	 	36	 
	2.1.4	 	 Use of Proceeds
	  	 	36	 
	Section 2.2	 	 Interest Rate
	  	 	36	 
	2.2.1	 	 Interest Rate
	  	 	36	 
	2.2.2	 	 Interest Calculation
	  	 	36	 
	2.2.3	 	 Default Rate
	  	 	36	 
	2.2.4	 	 Usury Savings
	  	 	37	 
	Section 2.3	 	 Loan Payment
	  	 	37	 
	Section 2.4	 	 Prepayments
	  	 	37	 
	Section 2.5	 	 Intentionally Omitted
	  	 	37	 
	Section 2.6	 	 Release of Property
	  	 	37	 
	Section 2.7	 	 Clearing Account/Cash Management
	  	 	38	 
	2.7.1	 	 Clearing Account
	  	 	38	 
	2.7.2	 	 Cash Management Account
	  	 	39	 
	2.7.3	 	 Payments Received under the Cash Management Agreement
	  	 	40	 
		
	ARTICLE III – CONDITIONS PRECEDENT	  	 	40	 
	Section 3.1	 	 Conditions Precedent to Closing
	  	 	40	 
		
	ARTICLE IV – REPRESENTATIONS AND WARRANTIES	  	 	40	 
	Section 4.1	 	 Borrower Representations
	  	 	40	 
	4.1.1	 	 Organization
	  	 	41	 
	4.1.2	 	 Proceedings
	  	 	41	 
	4.1.3	 	 No Conflicts
	  	 	41	 
	4.1.4	 	 Litigation
	  	 	41	 
	4.1.5	 	 Agreements
	  	 	42	 
	4.1.6	 	 Title
	  	 	42	 
	4.1.7	 	 Solvency
	  	 	42	 
	4.1.8	 	 Full and Accurate Disclosure
	  	 	43	 
	4.1.9	 	 No Plan Assets
	  	 	43	 
	4.1.10	 	 Compliance
	  	 	43	 
	4.1.11	 	 Financial Information
	  	 	44	 
	4.1.12	 	 Condemnation
	  	 	44	 
	4.1.13	 	 Federal Reserve Regulations
	  	 	44	 
	4.1.14	 	 Utilities and Public Access
	  	 	44	 

							
	4.1.15	 	 Not a Foreign Person
	  	 	44	 
	4.1.16	 	 Separate Lots
	  	 	45	 
	4.1.17	 	 Assessments
	  	 	45	 
	4.1.18	 	 Enforceability
	  	 	45	 
	4.1.19	 	 No Prior Assignment
	  	 	45	 
	4.1.20	 	 Insurance
	  	 	45	 
	4.1.21	 	 Use of Property
	  	 	45	 
	4.1.22	 	 Certificate of Occupancy; Licenses
	  	 	45	 
	4.1.23	 	 Flood Zone
	  	 	46	 
	4.1.24	 	 Physical Condition
	  	 	46	 
	4.1.25	 	 Boundaries
	  	 	46	 
	4.1.26	 	 Leases
	  	 	46	 
	4.1.27	 	 Survey
	  	 	47	 
	4.1.28	 	 Inventory
	  	 	47	 
	4.1.29	 	 Filing and Recording Taxes
	  	 	47	 
	4.1.30	 	 Special Purpose Entity/Separateness
	  	 	47	 
	4.1.31	 	 Management Agreement
	  	 	47	 
	4.1.32	 	 Illegal Activity
	  	 	47	 
	4.1.33	 	 No Change in Facts or Circumstances; Disclosure
	  	 	47	 
	4.1.34	 	 Investment Company Act
	  	 	48	 
	4.1.35	 	 Embargoed Person
	  	 	48	 
	4.1.36	 	 Principal Place of Business; State of Organization
	  	 	48	 
	4.1.37	 	 Environmental Representations and Warranties
	  	 	49	 
	4.1.38	 	 Cash Management Account
	  	 	49	 
	Section 4.2	 	 Survival of Representations
	  	 	50	 
		
	ARTICLE V – BORROWER COVENANTS	  	 	50	 
	Section 5.1	 	 Affirmative Covenants
	  	 	50	 
	5.1.1	 	 Existence; Compliance with Legal Requirements
	  	 	50	 
	5.1.2	 	 Taxes and Other Charges
	  	 	51	 
	5.1.3	 	 Litigation
	  	 	52	 
	5.1.4	 	 Access to Property
	  	 	53	 
	5.1.5	 	 Notice of Default
	  	 	53	 
	5.1.6	 	 Cooperate in Legal Proceedings
	  	 	53	 
	5.1.7	 	 Perform Loan Documents
	  	 	53	 
	5.1.8	 	 Award and Insurance Benefits
	  	 	53	 
	5.1.9	 	 Further Assurances
	  	 	53	 
	5.1.10	 	 Principal Place of Business, State of Organization
	  	 	54	 
	5.1.11	 	 Financial Reporting
	  	 	54	 
	5.1.12	 	 Business and Operations
	  	 	57	 
	5.1.13	 	 Title to the Property
	  	 	57	 
	5.1.14	 	 Costs of Enforcement
	  	 	57	 
	5.1.15	 	 Estoppel Statement
	  	 	57	 
	5.1.16	 	 Loan Proceeds
	  	 	58	 
	5.1.17	 	 Performance by Borrower
	  	 	58	 
	5.1.18	 	 Confirmation of Representations
	  	 	58	 
	5.1.19	 	 Environmental Covenants
	  	 	58	 

  
 ii 

							
	5.1.20	 	 Leasing Matters
	  	 	61	 
	5.1.21	 	 Alterations
	  	 	62	 
	5.1.22	 	 Operation of Property
	  	 	64	 
	5.1.23	 	 Embargoed Person
	  	 	64	 
	5.1.24	 	 Post-Closing Obligations
	  	 	65	 
	5.1.25	 	 Supplemental Mortgage Affidavits
	  	 	65	 
	5.1.26	 	 Purchase Agreement
	  	 	65	 
	Section 5.2	 	 Negative Covenants
	  	 	65	 
	5.2.1	 	 Operation of Property
	  	 	65	 
	5.2.2	 	 Liens
	  	 	66	 
	5.2.3	 	 Dissolution
	  	 	66	 
	5.2.4	 	 Change In Business
	  	 	66	 
	5.2.5	 	 Debt Cancellation
	  	 	67	 
	5.2.6	 	 Zoning
	  	 	67	 
	5.2.7	 	 No Joint Assessment
	  	 	67	 
	5.2.8	 	 Intentionally omitted
	  	 	67	 
	5.2.9	 	 ERISA
	  	 	67	 
	5.2.10	 	 Transfers
	  	 	67	 
	Section 5.3	 	 Major Tenant’s Obligations
	  	 	77	 
		
	ARTICLE VI – INSURANCE; CASUALTY; CONDEMNATION	  	 	77	 
	Section 6.1	 	 Insurance
	  	 	77	 
	Section 6.2	 	 Casualty
	  	 	80	 
	Section 6.3	 	 Condemnation
	  	 	81	 
	Section 6.4	 	 Restoration
	  	 	82	 
		
	ARTICLE VII – RESERVE FUNDS	  	 	87	 
	Section 7.1	 	 Required Repairs
	  	 	87	 
	7.1.1	 	 Performance of Required Repairs
	  	 	87	 
	Section 7.2	 	 Tax and Insurance Escrow Fund
	  	 	88	 
	Section 7.3	 	 Capital Expenditure Funds
	  	 	89	 
	7.3.1	 	 Deposits of Capital Expenditure Funds
	  	 	89	 
	7.3.2	 	 Release of Capital Expenditure Funds
	  	 	90	 
	7.3.3	 	 Failure to Perform Capital Expenditure Works
	  	 	91	 
	Section 7.4	 	 Rollover Funds
	  	 	91	 
	7.4.1	 	 Deposits of Rollover Funds
	  	 	91	 
	7.4.2	 	 Release of Rollover Funds
	  	 	92	 
	Section 7.5	 	 Excess Cash Flow Reserve Fund
	  	 	93	 
	7.5.1	 	 Deposits to Excess Cash Flow Reserve Account
	  	 	93	 
	7.5.2	 	 Release of Excess Cash Flow Reserve Funds
	  	 	93	 
	Section 7.6	 	 Reserve Funds, Generally
	  	 	93	 
	Section 7.7	 	 Major Tenant Rollover Funds
	  	 	94	 
	7.7.1	 	 Deposits of Major Tenant Rollover Funds
	  	 	94	 
	7.7.2	 	 Release of Major Tenant Rollover Funds
	  	 	95	 
	Section 7.8	 	 Unfunded Obligations Funds
	  	 	96	 
	7.8.1	 	 Deposit of the Unfunded Obligations Funds
	  	 	96	 
	7.8.2	 	 Release of the Unfunded Obligations Funds
	  	 	97	 

  
 iii 

							
	ARTICLE VIII – DEFAULTS	  	 	98	 
	Section 8.1	 	 Event of Default
	  	 	98	 
	Section 8.2	 	 Remedies
	  	 	101	 
	Section 8.3	 	 Remedies Cumulative; Waivers
	  	 	103	 
		
	ARTICLE IX – SPECIAL PROVISIONS	  	 	103	 
	Section 9.1	 	 Securitization
	  	 	103	 
	9.1.1	 	 Sale of Notes and Securitization
	  	 	103	 
	9.1.2	 	 Securitization Costs
	  	 	105	 
	Section 9.2	 	 Intentionally omitted
	  	 	105	 
	Section 9.3	 	 Exculpation
	  	 	105	 
	Section 9.4	 	 Matters Concerning Manager
	  	 	110	 
	Section 9.5	 	 Servicer
	  	 	110	 
		
	ARTICLE X – MISCELLANEOUS	  	 	111	 
	Section 10.1	 	 Survival
	  	 	111	 
	Section 10.2	 	 Lender’s Discretion
	  	 	111	 
	Section 10.3	 	 Governing Law
	  	 	111	 
	Section 10.4	 	 Modification, Waiver in Writing
	  	 	113	 
	Section 10.5	 	 Delay Not a Waiver
	  	 	113	 
	Section 10.6	 	 Notices
	  	 	113	 
	Section 10.7	 	 Trial by Jury
	  	 	114	 
	Section 10.8	 	 Headings
	  	 	115	 
	Section 10.9	 	 Severability
	  	 	115	 
	Section 10.10	 	 Preferences
	  	 	115	 
	Section 10.11	 	 Waiver of Notice
	  	 	115	 
	Section 10.12	 	 Remedies of Borrower
	  	 	115	 
	Section 10.13	 	 Expenses; Indemnity
	  	 	115	 
	Section 10.14	 	 Schedules Incorporated
	  	 	117	 
	Section 10.15	 	 Offsets, Counterclaims and Defenses
	  	 	117	 
	Section 10.16	 	 No Joint Venture or Partnership; No Third Party Beneficiaries
	  	 	117	 
	Section 10.17	 	 Publicity
	  	 	117	 
	Section 10.18	 	 Waiver of Marshalling of Assets
	  	 	118	 
	Section 10.19	 	 Waiver of Counterclaim
	  	 	118	 
	Section 10.20	 	 Conflict; Construction of Documents; Reliance
	  	 	118	 
	Section 10.21	 	 Brokers and Financial Advisors
	  	 	118	 
	Section 10.22	 	 Prior Agreements
	  	 	119	 
	Section 10.23	 	 Liability
	  	 	119	 
	Section 10.24	 	 Certain Additional Rights of Lender (VCOC)
	  	 	119	 
	Section 10.25	 	 (OFAC)
	  	 	120	 
	Section 10.26	 	 Successor Parties
	  	 	120	 
	Section 10.27	 	 Duplicate Originals; Counterparts
	  	 	120	 

  
 iv 

 SCHEDULES 
  

					
	Schedule I	  	–	  	Intentionally Omitted
			
	Schedule II	  	–	  	Intentionally Omitted
			
	Schedule III	  	–	  	Organizational Chart of Borrower
			
	Schedule IV	  	–	  	Form of Tenant Direction Letter
			
	Schedule V	  	–	  	Intentionally Omitted
			
	Schedule VI	  	–	  	Liquid Assets
			
	Schedule VII	  	–	  	Exceptions to Representations
			
	Schedule VIII	  	–	  	Qualified Fund Managers
			
	Schedule IX	  	–	  	Post-Closing Obligations
			
	Schedule X	  	–	  	Required Repairs
		
	Schedule XI	  	Disbursement of Rent Allowance Portion of Unfunded Obligations Funds

  
 v 

 LOAN AGREEMENT 

THIS LOAN AGREEMENT is made as of February 1, 2018 (this “Agreement”), between UBS AG, by and through its
branch office at 1285 Avenue of the Americas, New York, New York, having an address at 1285 Avenue of the Americas, 11th Floor, New York, New York 10019 (together with its successors and
assigns, collectively, “Lender”) and 2477 DEERFIELD DRIVE, LLC, a Delaware limited liability company, having its principal place of business at c/o Rodin Global Property Trust, 110 East 59th Street, New York, New York 10022, Attention: General Counsel (“Borrower”). 

RECITALS: 
 A. Borrower
desires to obtain the Loan (as hereinafter defined) from Lender. 
 B. Lender is willing to make the Loan to Borrower, subject to and in
accordance with the terms of this Agreement and the other Loan Documents (as hereinafter defined). 
 NOW THEREFORE, for valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I
– DEFINITIONS; PRINCIPLES OF CONSTRUCTION. 
 Section 1.1 Definitions. For all purposes of this Agreement,
except as otherwise expressly required or unless the context clearly indicates a contrary intent: 
 “Acceptable Major Tenant Lease
Extension” shall mean an extension or renewal of a Major Tenant Lease with respect to all or a material portion of the applicable Major Tenant Space upon terms and conditions reasonably acceptable to Lender; provided that, after any such
extension or renewal of all or a portion of the Major Tenant Space, the then Debt Service Coverage Ratio is equal to, or greater then, 2.20 to 1.00. 

“Acceptable Major Tenant Space Re-tenanting Event” shall mean the leasing of all or a material portion of the
applicable Major Tenant Space to one or more replacement Tenants pursuant to a Lease(s) entered into in accordance with the terms and conditions of this Agreement on terms reasonably acceptable to Lender; provided that, after any such re-letting of
all or a portion of the Major Tenant Space, the then Debt Service Coverage Ratio is equal to, or greater then, 2.20 to 1.0. 

“Accrual Period” means, with respect to any Payment Date, the period commencing on and including the eleventh
(11th) day of the preceding calendar month and ending on and including the tenth (10th) day of the calendar month in which such Payment Date occurs; provided, however, that the initial Accrual Period shall begin on the Closing Date and
shall end on the immediately following tenth (10th) day of a calendar month. 
 “Accrued Interest” shall have
the meaning set forth in the Note. 
 “Action” has the meaning set forth in Section 10.3 hereof. 

 “Affiliate” means, as to any Person, any other Person that, directly or
indirectly, is in Control of, is Controlled by or is under common Control with such Person or is a director or officer of such Person. 

“Affiliated Manager” means any Manager in which Borrower, Principal, or Guarantor has, directly or indirectly, any
legal, beneficial or economic interest. 
 “Agent” means Wells Fargo Bank, N.A., or any successor Eligible
Institution acting as Agent under the Cash Management Agreement. 
 “Alteration Conditions” shall mean that
such alterations are performed in a good and workman like manner, on a lien-free basis, in accordance with applicable laws, ordinances and building codes, and are diligently prosecuted to completion. 

“Annual Budget” means an operating budget, including all planned Capital Expenditures, for the Property prepared by Borrower
in accordance with Section 5.1.11(d) hereof for the applicable Fiscal Year or other period. 
 “Anticipated Repayment
Date” shall mean February 6, 2028. 
 “Applicable Interest Rate” shall mean (i) prior to the
Anticipated Repayment Date, the Initial Interest Rate and (ii) on and after the Anticipated Repayment Date, the Revised Interest Rate. 

“Approved Accounting Method” shall mean GAAP, the cash basis of accounting method, the accrual basis of accounting method or
the income tax basis of accounting method utilized by Borrower and Guarantor in the preparation of financial data, so long as the same is and remains in general use by significant segments of the United States accounting profession and is
consistently applied throughout the full stated term of the Loan (both as to the application of the rules governing such accounting method and the choice of which accounting method to apply). 

“Approved Annual Budget” has the meaning set forth in Section 5.1.11(d) hereof. 

“ARD Trigger Event” shall mean the failure to pay the Loan on or prior to the Permitted Par Prepayment Date. 

“Award” means Borrower’s right, title and interest in and to any compensation paid by any Governmental Authority
in connection with a Condemnation in respect of all or any part of the Property. 
 “Bankruptcy Action” means
with respect to any Person (a) such Person filing a voluntary petition under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law; (b) the filing of an involuntary petition against such Person under the Bankruptcy
Code or any other Federal or state bankruptcy or insolvency law; (c) such Person filing an answer consenting to or joining in any involuntary petition filed against it, by any other Person under the Bankruptcy Code or any other Federal or state
bankruptcy or insolvency law; (d) such Person consenting to or joining in an application for the appointment of a custodian,  

  
 2 

 
receiver, trustee, or examiner for such Person or any portion of the Property; (e) such Person making an assignment for the benefit of creditors, or admitting, in writing in any legal
proceeding its insolvency or inability to pay its debts as they become due (unless failure to make such admission would be a violation of law, or in the context of required financial reporting or settlement discussions with Lender). 

“Bankruptcy Code” means Title 11 of the United States Code, 11 U.S.C. §101, et seq., as the same
may be amended from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable foreign laws relating to bankruptcy, insolvency or creditors’ rights or any other
Federal or state bankruptcy or insolvency law. 
 “Borrower” has the meaning set forth in the introductory
paragraph hereto, together with its successors and permitted assigns. 
 “Business Day” shall mean a day on
which commercial banks are not authorized or required by applicable law to close in New York, New York. 
 “Capital
Expenditure Account” shall have the meaning set forth in Section 7.3.1 hereof. 
 “Capital Expenditure Reserve
Waiver Conditions Precedent” shall collectively mean the following conditions precedent: (i) no Event of Default has occurred and is continuing, (ii) all of the Property shall be demised pursuant to the Daimler Lease,
(iii) the Daimler Lease is in full force and effect, (iv) no Major Tenant Trigger Event shall have occurred and be continuing, (v) Daimler is expressly obligated pursuant to the terms and conditions of the Daimler Lease to maintain
the Property in a condition reasonably acceptable to Lender, and (vi) Daimler performs its obligation as described in clause (v) above in a timely manner and Borrower provides evidence, in form and substance reasonably satisfactory to
Lender, of such performance by Daimler in a timely manner. Lender acknowledges that as of the Closing Date, the Daimler Lease satisfies clause (v) of this definition. 

“Capital Expenditure Funds” shall have the meaning set forth in Section 7.3.1 hereof. 

“Capital Expenditure Work” shall mean any labor performed or materials provided or installed in connection with any Capital
Expenditures. 
 “Capital Expenditures” means, for any period, the amount expended for items capitalized under GAAP
(or an Approved Accounting Method or other basis reasonably acceptable to Lender, consistently applied including expenditures for building improvements or major repairs, leasing commissions and tenant improvements). 

“Cash Management Account” has the meaning set forth in Section 2.7.2 hereof. 

“Cash Management Agreement” means that certain a Cash Management Agreement, by and among Borrower, Lender and Agent,
as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

  
 3 

 “Cash Sweep Event” means the occurrence of: (a) an Event of Default;
(b) any Bankruptcy Action of Borrower, Guarantor, Sponsor or Manager; (c) a DSCR Trigger Event or (d) an ARD Trigger Event. 

“Cash Sweep Event Cure” means 

(a) if the Cash Sweep Event is caused solely by an Event of Default, such Event of Default no longer exists, 

(b) if the Cash Sweep Event is caused solely by a Bankruptcy Action of Guarantor or Manager, the replacement of Guarantor or Manager (as
applicable) with a Qualified Replacement Guarantor, provided that such Qualified Replacement Guarantor assumes all obligations of Guarantor under the Loan Documents or a Qualified Manager (as applicable), or, in the case of a Bankruptcy Action of
Manager, termination of the Management Agreement and Borrower’s delivery of written notice to Lender that it shall self-manage the Property, 

(c) if the Cash Sweep Event is caused solely by the occurrence of a DSCR Trigger Event, the achievement of a Debt Service Coverage Ratio of
1.25 to 1.00 or greater, in each case for two (2) consecutive calendar quarters based upon the trailing three (3) month period immediately preceding the date of determination, 

provided, however, that, such Cash Sweep Event Cure set forth in this definition shall be subject to the following conditions, (i) no Event
of Default shall have occurred and be continuing under this Agreement or any of the other Loan Documents and (ii) Borrower shall have paid all of Lender’s reasonable expenses incurred in connection with such Cash Sweep Event Cure
including, reasonable out of pocket attorney’s fees and expenses. Notwithstanding any provision in this Agreement to the contrary, in no event shall Borrower have the right to cure any Cash Sweep Event caused by a Bankruptcy Action of Borrower
or an ARD Trigger Event except as expressly set forth hereinabove (unless it is a Bankruptcy Action described under clause (c) of the definition thereof, in which case Borrower shall have a period of ninety (90) days to cause such
Bankruptcy Action to be dismissed or discharged, and in such event, the Cash Sweep Trigger Event shall be deemed to be cured). 

“Cash Sweep Period” means each period commencing on the delivery of notice to Borrower that a Cash Sweep Event has
occurred, and continuing until the earlier of (a) the Payment Date next occurring following the related Cash Sweep Event Cure (or, if such day is not a Business Day, the immediately preceding Business Day), or (b) until payment in full of
all principal and interest on the Loan and all other amounts payable under the Loan Documents or defeasance of the Loan in accordance with the terms and provisions of the Loan Documents. 

“Casualty” has the meaning set forth in Section 6.2 hereof. 

“Casualty Consultant” has the meaning set forth in Section 6.4(b)(iii) hereof. 

“Casualty Retainage” has the meaning set forth in Section 6.4(b)(iv) hereof. 

“CF Companies” shall mean collectively, (i) CFLP, (ii) Cantor Fitzgerald Investors, LLC, a Delaware limited
liability company, and (iii) any other Person controlled by CFLP (but specifically excluding Sponsor) whose assets include assets other than the direct and indirect interests in Borrower. Each of the foregoing, individually is referred to
herein as a “CF Company”. 

  
 4 

 “CF Corporate Transaction” shall mean (i) any merger, liquidation,
winding-up, consolidation of, or other Transfer of direct and/or indirect interests in, any of the CF Companies, or any direct or indirect owner, manager, or other beneficial interest holder of any CF Company, or (ii) a Transfer of any direct
or indirect interest in any of the CFLP Subsidiaries, in connection with the sale, assignment or other Transfer of any type, whether in one transaction or in a series of transactions, provided that such sale, assignment or other Transfer of any
type, include more than just the direct or indirect interests in Borrower, whether now owned or hereafter acquired, or (iii) a pledge of any direct or indirect interest in any CF Company or CFLP Subsidiary (but specifically excluding a pledge
of direct interests in Sponsor), in connection with a financing secured by the assets of the subject entity or one or more of its subsidiaries, provided such assets include more than just the direct or indirect interests of such entity in Borrower,
or (iv) any entry into any agreement to do any of the foregoing. 
 “CFLP” shall mean Cantor Fitzgerald, L.P.,
a Delaware limited partnership. 
 “CFLP Subsidiaries” means collectively, (i) CF Real Estate Holdings, LLC, a
Delaware limited liability company and (ii) Sponsor. Each of the foregoing are individually referred to herein as a “CFLP Subsidiary”. 

“Clearing Account” has the meaning set forth in Section 2.7.1 hereof. 

“Clearing Account Agreement” means a clearing account agreement, deposit account control agreement or similar
agreement among Borrower, Lender and Clearing Bank, which account shall at all times maintain a minimum balance of $5,000, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to funds
deposited in the Clearing Account. 
 “Clearing Bank” means Wells Fargo Bank, N.A., or any other clearing
bank which establishes, maintains and holds the Clearing Account, which shall be an Eligible Institution acceptable to Lender in its discretion. 

“Closing Date” means the date of the funding of the Loan. 

“Code” means the Internal Revenue Code of 1986, as amended, as it may be further amended from time to time, and any
successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. 

“Condemnation” means a temporary or permanent taking by any Governmental Authority as the result or in lieu or in
anticipation of the exercise of the right of condemnation or eminent domain, of all or any part of the Property, or any interest therein or right accruing thereto, including any right of access thereto or any change of grade affecting the Property
or any part thereof. 
 “Condemnation Proceeds” has the meaning set forth in Section 6.4(b) hereof. 

  
 5 

 “Control” means the possession, directly or indirectly, of the power to
direct or cause the direction of management, policies or activities of a Person, whether through ownership of voting securities, by contract or otherwise. “Controlled” and “Controlling” have correlative meanings. The requirement
of one Person to obtain consent of any other Person which is a direct or indirect owner of the Person to be controlled shall not be disqualifying for purposes of determining whether Control is maintained by the first Person. 

“Daimler” shall mean Daimler Trucks North America LLC, a Delaware limited liability company. 

“Daimler Lease” shall mean that certain Lease Agreement dated December 14, 2007 between Borrower (as
successor-in-interest to LIC Charlotte Office Building, Inc.) and Daimler, covering the Property, as amended by that certain First Amendment to Lease Agreement, dated August 11, 2008, as further amended by that certain Second Amendment to Lease
Agreement dated June 15, 2010, as further amended by that certain Third Amendment to Lease Agreement dated March 31, 2014, as further amended by that certain Fourth Amendment to Lease Agreement dated July 31, 2017, as may hereafter
amended from time to time in accordance with the terms hereof.  
 “Daimler Premises” shall mean the entire premises
leased to Daimler pursuant to the terms of the Daimler Lease. 
 “Debt” means the outstanding principal amount of
the Loan set forth in, and evidenced by, this Agreement and the Note together with all interest accrued and unpaid thereon and all other sums (including the Defeasance Collateral and any Yield Maintenance Premium (each as defined in the Note), as
applicable) due to Lender in respect of the Loan under the Note, this Agreement, the Security Instrument or any other Loan Document. 

“Debt Service” means, with respect to any particular period of time, the scheduled principal (if any) and interest
payments due under this Agreement and the Note. 
 “Debt Service Coverage Ratio” means a ratio for the applicable
period in which: 
 (a) the numerator is the Net Operating Income (excluding interest on credit accounts and using annualized operating
expenses for any recurring expenses not paid monthly (e.g., Taxes and Insurance Premiums)) for such period as set forth in the statements required hereunder, without deduction for (i) actual management fees incurred in connection with the
operation of the Property, or (ii) amounts paid to the Reserve Funds (iii) or Capital Expenses, or (iv) non-cash items such as depreciation and amortization, less (A) management fees equal to the greater of (1) assumed
management fees of 3.0% of Gross Income from Operations (after giving effect to an annual vacancy allowance as contemplated by clause (C) that follows) and (2) the actual property management fees incurred, and (B) annual reserve
contributions for capital replacements equal to $0.15 per square foot of gross leasable area at the Property, and (C) an annual vacancy allowance equal to 5.0% of Gross Income from Operations; and 

(b) the denominator is the aggregate amount of Debt Service for such period. 

  
 6 

 “Default” means the occurrence of any event hereunder or under any other
Loan Document which, but for the giving of notice and/or passage of time, or both, would be an Event of Default. 

“Default Rate” means, with respect to the Loan, a rate per annum equal to the lesser of (a) the Maximum Legal
Rate or (b) four percent (4%) above the Applicable Interest Rate. 
 “Disclosure Documents” means,
collectively and as applicable, any offering circular, prospectus, prospectus supplement, private placement memorandum or other offering document, in each case, in connection with a Securitization. 

“DSCR Trigger Event” means, that as of the date of determination, the Debt Service Coverage Ratio, in the immediately
preceding calendar quarter, based on the trailing three (3) month period immediately preceding the date of such determination is less than 1.20 to 1.00. 

“Eligible Account” means a separate and identifiable account from all other funds held by the holding institution that
is either (a) an account or accounts maintained with a federal or state-chartered depository institution or trust company which complies with the definition of Eligible Institution or (b) a segregated trust account or accounts maintained
with a federal or state chartered depository institution or trust company acting in its fiduciary capacity which, in the case of a state chartered depository institution or trust company, is subject to regulations substantially similar to 12 C.F.R.
§9.10(b), having in either case a combined capital and surplus of at least $50,000,000.00 and subject to supervision or examination by federal and state authority. An Eligible Account will not be evidenced by a certificate of deposit, passbook
or other instrument. 
 “Eligible Costs” shall have the meaning ascribed to such term in the Daimler Lease. 

“Eligible Institution” means Wells Fargo Bank, N.A. or a depository institution or trust company insured by the
Federal Deposit Insurance Corporation, the short term unsecured debt obligations or commercial paper of which are rated at least “A-1+” by S&P, “P-1” by Moody’s and “F-1+” by Fitch in the case of accounts in
which funds are held for thirty (30) days or less (or, in the case of accounts in which funds are held for more than thirty (30) days, the long-term unsecured debt obligations of which are rated at least “AA-” by Fitch and
S&P and “Aa3” by Moody’s). 
 “Embargoed Person” means any person, entity or government
subject to trade restrictions under U.S. law, including The USA PATRIOT Act (including the anti-terrorism provisions thereof), the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701, et seq., The Trading with the Enemy
Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder including those related to Specially Designated Nationals and Specially Designated Global Terrorists, with the result that the investment in Borrower,
Principal or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan made by the Lender is in violation of law. 

“Environmental Indemnity” means that certain Environmental Indemnity Agreement, dated as of the date hereof, executed
by Borrower and Guarantor in connection with the Loan for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

  
 7 

 “Environmental Law” means any present and future federal, state and local
laws, statutes, ordinances, rules, regulations and the like, as well as common law, relating to protection of human health or the environment, relating to Hazardous Substances, relating to liability for or costs of Remediation or prevention of
Releases of Hazardous Substances or relating to liability for or costs of other actual or threatened danger to human health or the environment as a result of a Release of Hazardous Substances. Environmental Law includes the following statutes, as
amended, any successor thereto, and any regulations promulgated pursuant thereto, and any state or local statutes, ordinances, rules, regulations and the like addressing similar issues: the Comprehensive Environmental Response, Compensation and
Liability Act; the Emergency Planning and Community Right-to-Know Act; the Hazardous Substances Transportation Act; the Resource Conservation and Recovery Act (including Subtitle I relating to underground storage tanks); the Solid Waste Disposal
Act; the Clean Water Act; the Clean Air Act; the Toxic Substances Control Act; the Safe Drinking Water Act; the Occupational Safety and Health Act; the Federal Water Pollution Control Act; the Federal Insecticide, Fungicide and Rodenticide Act; the
Endangered Species Act; the National Environmental Policy Act; and the River and Harbors Appropriation Act. Environmental Law also includes any present and future federal, state and local laws, statutes, ordinances, rules, regulations and the like,
as well as common law: conditioning transfer of property upon a negative declaration or other approval of a Governmental Authority of the environmental condition of the Property; requiring notification or disclosure of Releases of Hazardous
Substances or other environmental condition of the Property to any Governmental Authority or other Person, whether or not in connection with transfer of title to or interest in property; imposing conditions or requirements in connection with permits
or other authorization for lawful activity in relation to Hazardous Substances; relating to nuisance, trespass or other causes of action related to the environmental conditions of the Property; or relating to wrongful death, personal injury, or
property or other damage in connection with any condition or use or presence of Hazardous Substances on or at the Property. 

“Environmental Liens” has the meaning set forth in Section 5.1.19 hereof. 

“Environmental Report” has the meaning set forth in Section 4.1.37 hereof. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations
promulgated and the rulings issued thereunder. 
 “Event of Default” has the meaning set forth in
Section 8.1(a) hereof. 
 “Excess Cash Flow” has the meaning set forth in the Cash Management Agreement. 

“Excess Cash Flow Reserve Account” has the meaning set forth in Section 7.5 hereof. 

“Excess Cash Flow Reserve Fund” has the meaning set forth in Section 7.5 hereof. 

“Exchange Act” shall have the meaning set forth in Section 9.1.1(d) hereof. 

“Extraordinary Expense” has the meaning set forth in Section 5.1.11(e) hereof. 

  
 8 

 “Extraordinary Lease Payments” shall have the meaning set forth in
Section 7.4.1 hereof. 
 “Fiscal Year” means each twelve (12) month period commencing on
January 1 and ending on December 31 during each year of the term of the Loan. 
 “Fitch” means Fitch, Inc.

 “Foreclosure Sale” has the meaning set forth in Section 9(c) of the Note. 

“GAAP” means generally accepted accounting principles in the United States of America as of the date of the applicable
financial report. 
 “Governing State” has the meaning set forth is Section 10.3 hereof. 

“Governmental Authority” means any court, board, agency, commission, office or other authority of any nature
whatsoever for any governmental unit (foreign, federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence. 

“Gross Income from Operations” means, during any period, all income as reported on the financial statements delivered
by Borrower in accordance with this Agreement, computed in accordance with GAAP (or an Approved Accounting Method or other basis reasonably acceptable to Lender, consistently applied), derived from the ownership and operation of the Property from
whatever source during such period, including (i) Rents from Tenants that are paying contractual rent without right of offset or credit, (ii) utility charges, (iii) escalations, (iv) forfeited security deposits,
(v) interest on credit accounts, (vi) service fees or charges, (vii) license fees, (viii) parking fees, (ix) rent concessions or credits, (x) income from vending machines, (xi) business interruption or other loss
of income or rental insurance proceeds, (xii) other required pass-throughs and (xiii) interest on Reserve Funds, if any, but excluding (i) Rents from month-to-month Tenants, Tenants during a free-rent period, or Tenants that
are included in any Bankruptcy Action (unless such Tenant has affirmed its Lease and is paying unabated, post-petition Rent), (ii) sales, use and occupancy or other taxes on receipts required to be accounted for by Borrower to any Governmental
Authority, (iii) refunds and uncollectible accounts, (iv) sales of furniture, fixtures and equipment, (v) Insurance Proceeds (other than business interruption or other loss of income or rental insurance), (vi) Awards,
(vii) unforfeited security deposits, (viii) utility and other similar deposits and (ix) any disbursements to Borrower from the Reserve Funds, if any. Gross income shall not be diminished as a result of the Security Instrument or the
creation of any intervening estate or interest in the Property or any part thereof. Notwithstanding the foregoing, so long as the Major Tenant Lease is in full force and effect, “Gross Income from Operations” shall mean the average Rents
over the initial ten year term of the Major Tenant Lease divided by 10 (for an annual calculation) or 120 (for a monthly calculation). 

“Guarantor” means, CF Real Estate Holdings, LLC, a Delaware limited liability company, and any replacement
guarantor(s) permitted hereunder. 
 “Guaranty” means that certain Guaranty Agreement, dated as of the date
hereof, executed and delivered by Guarantor in connection with the Loan to and for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

  
 9 

 “Hazardous Substances” means any and all substances (whether solid,
liquid or gas) defined, listed, or otherwise classified as pollutants, hazardous wastes, hazardous substances, hazardous materials, extremely hazardous wastes, or words of similar meaning or regulatory effect under any present or future
Environmental Laws or that may have a negative impact on human health or the environment, including petroleum and petroleum products, asbestos and asbestos-containing materials, polychlorinated biphenyls, lead, radon, radioactive materials,
flammables, explosives, mold, mycotoxins, microbial matter and airborne pathogens (naturally occurring or otherwise), but excluding substances of kinds and in amounts ordinarily and customarily used or stored in similar properties for the purpose of
cleaning or other maintenance or operations or sold by the Major Tenant in the ordinary course of its business and otherwise in compliance with all Environmental Laws. 

“HVAC Allowance” shall have the meaning ascribed to such term in the Daimler Lease. 

“HVAC Allowance Portion” shall have the meaning set forth in Section 7.8.1 hereof. 

“HVAC Work” shall have the meaning ascribed to such term in the Daimler Lease. 

“Improvements” has the meaning set forth in the granting clause of the Security Instrument. 

“Indebtedness” of a Person, at a particular date, means the sum (without duplication) at such date of (a) all
indebtedness or liability of such Person (including amounts for borrowed money and indebtedness in the form of mezzanine debt or Preferred Equity); (b) obligations evidenced by bonds, debentures, notes, or other similar instruments;
(c) obligations for the deferred purchase price of property or services (including trade obligations); (d) obligations under letters of credit; (e) obligations under acceptance facilities; (f) all guaranties, endorsements (other
than for collection or deposit in the ordinary course of business) and other contingent obligations to purchase, to provide funds for payment, to supply funds, to invest in any Person or entity, or otherwise to assure a creditor against loss; and
(g) obligations secured by any Liens, whether or not the obligations have been assumed (other than the Permitted Encumbrances). 

“Indemnified Liabilities” has the meaning set forth in Section 10.13(b) hereof. 

“Indemnified Parties” means Lender, its designee, (whether or not it is the Lender), any Affiliate of Lender that has
filed any registration statement relating to the Securitization or has acted as the sponsor or depositor in connection with the Securitization, any Affiliate of Lender that acts as an underwriter, placement agent or initial purchaser of Securities
issued in the Securitization, any other co-underwriters, co placement agents or co initial purchasers of Securities issued in the Securitization, and each of their respective officers, directors, partners, employees, representatives, agents and
Affiliates and each Person or entity who Controls any such Person within the meaning of Section 15 of the Securities Act of 1933 as amended or Section 20 of the Security Exchange Act of 1934 as amended, any Person who is or will have been
involved in the origination of the Loan, any Person who is or will have been involved in the  

  
 10 

 
servicing of the Loan secured hereby, any Person in whose name the encumbrance created by the Security Instrument is or will have been recorded, any Person who may hold or acquire or will have
held a full or partial interest in the Loan secured hereby (including investors or prospective investors in the Securities, as well as custodians, trustees and other fiduciaries who hold or have held a full or partial interest in the Loan secured
hereby for the benefit of third parties) as well as the respective directors, officers, shareholders, partners, employees, agents, servants, representatives, contractors, subcontractors, affiliates, subsidiaries, participants, successors and assigns
of any and all of the foregoing (including any other Person who holds or acquires or will have held a participation or other full or partial interest in the Loan, whether during the term of the Loan or as a part of or following a foreclosure of the
Loan and including any successors by merger, consolidation or acquisition of all or a substantial portion of Lender’s assets and business). 

“Independent Director” means a natural Person who (a) is not at the time of initial appointment, or at any time
while serving in such capacity, and is not, and has never been, and shall not while serving as Independent Director be: (i) a stockholder, director (with the exception of serving as the Independent Director of Borrower or its Affiliate(s)),
officer, employee, partner, member (other than a “special member” or “springing member”), manager, attorney or counsel of Borrower, equity owners of Borrower or Guarantor or any Affiliate of Borrower or Guarantor; (ii) a
customer, supplier or other person who derives any of its purchases or revenues from its activities with Borrower or Guarantor, equity owners of Borrower or Guarantor or any Affiliate of Borrower or Guarantor (with the exception of serving as the
Independent Director of Borrower or its Affiliate(s); (iii) a Person Controlling or under common Control with any such stockholder, director, officer, employee, partner, member, manager, attorney, counsel, equity owner, customer, supplier or
other Person; or (iv) a member of the immediate family of any such stockholder, director, officer, employee, partner, member, manager, attorney, counsel, equity owner, customer, supplier or other Person and (b) has (i) prior
experience as an independent director or independent manager for a corporation, a trust or limited liability company whose charter documents required the unanimous consent of all independent directors or independent managers thereof before such
corporation, trust or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy and
(ii) at least three years of employment experience with CT Corporation, Corporation Service Company, National Registered Agents, Inc., Wilmington Trust Company, Stewart Management Company, Lord Securities Corporation or, if none of those
companies is then providing professional independent directors, independent managers and independent members, another nationally-recognized company reasonably approved by Lender, that provides, inter alia, professional independent directors or
independent managers in the ordinary course of their respective business to issuers of securitization or structured finance instruments, agreements or securities or lenders originating commercial real estate loans for inclusion in securitization or
structured finance instruments, agreements or securities (a “Professional Independent Director”) and is at all times during his or her service as an Independent Director of Borrower an employee of such a company or companies. A natural
Person who satisfies the foregoing definition except for being (or having been) the independent director or independent manager or Trustee of a “special purpose entity” affiliated with Borrower (provided such affiliate does not or did not
own a direct or indirect equity interest in an Borrower) shall not be disqualified from serving as an Independent Director, provided that such natural Person satisfies all other criteria set forth above 

  
 11 

 
and that the fees such individual earns from serving as independent director or independent manager of affiliates of Borrower or in any given year constitute in the aggregate less than five
percent (5%) of such individual’s annual income for that year. A natural Person who satisfies the foregoing definition other than subparagraph (a)(ii) shall not be disqualified from serving as an Independent Director of Borrower if such
individual is a Professional Independent Director and such individual complies with the requirements of the previous sentence. 

“Initial Interest Payment Per Diem” has the meaning set forth in the Loan Terms Table of the Note. 

“Initial Interest Rate” means a rate of 4.4329%. 

“Institutional Controls” means any legal or physical restrictions or limitations on the use of, or access to, the
Property to eliminate or minimize potential exposures to any Hazardous Substance, to prevent activities that could interfere with the effectiveness of any Remediation, or to ensure maintenance of a level of environmental risk to human health or the
environment, including physical modifications to the Property such as slurry walls, capping, hydraulic controls for ground water, or point of use water treatment, restrictive covenants, environmental protection easements, or property use
limitations. 
 “Insurance Premiums” has the meaning set forth in Section 6.1(b) hereof. 

“Insurance Proceeds” has the meaning set forth in Section 6.4(b) hereof. 

“Land” has the meaning set forth in the granting clause of the Security Instrument. 

“Lease” means any lease, sublease or subsublease, letting, license, concession or other agreement (whether written or
oral and whether now or hereafter in effect) pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or any portion of any space in the Property by or on behalf of Borrower, and (a) every modification,
amendment or other agreement relating to such lease, sublease, subsublease, or other agreement entered into in connection with such lease, sublease, subsublease, or other agreement and (b) every guarantee of the performance and observance of
the covenants, conditions and agreements to be performed and observed by the other party thereto. 
 “Legal
Requirements” means, all federal, state, county, municipal and other governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting the Property or any part
thereof, or the construction, use, alteration or operation thereof, or any part thereof, whether now or hereafter enacted and in force, and all permits, licenses and authorizations and regulations relating thereto, and all covenants, agreements,
restrictions and encumbrances contained in any instruments, either of record or known to Borrower, at any time in force affecting Borrower, the Property or any part thereof, including any which may (a) require repairs, modifications or
alterations in or to the Property or any part thereof, or (b) in any way limit the use and enjoyment thereof. 

“Lender” has the meaning set forth in the introductory paragraph hereto, together with its successors and assigns. 

  
 12 

 “Lien” means any mortgage, deed of trust, deed to secure debt, indemnity
deed of trust, lien, pledge, hypothecation, assignment, security interest, or any other encumbrance, charge or transfer of, on or affecting Borrower, the Property, any portion thereof or any interest therein, including any conditional sale or other
title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement, and mechanic’s, materialmen’s and other similar liens and encumbrances.

 “Liquid Assets” means a Person’s unrestricted or unencumbered (A) cash and (B) any of the following:
(x) marketable direct obligations issued or unconditionally guaranteed by the United States Government or issued by an agency thereof and backed by the full faith and credit of the United States; (y) marketable direct obligations issued by
any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof which, at the time of acquisition, has one of the two highest ratings obtainable from any two (2) of
Standard & Poor’s Corporation, Moody’s Investors Service, Inc. or Fitch Investors and is not listed for possible down-grade in any publication of any of the foregoing rating services; (z) domestic certificates of deposit or
domestic time deposits or repurchase agreements issued by any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia having combined capital and surplus of not less than
$1,000,000,000.00, which commercial bank has a rating of at least either AA or such comparable rating from Standard & Poor’s Corporation or Moody’s Investors Service, Inc., respectively; (aa) money market funds having assets under
management in excess or $2,000,000,000.00 and/or (bb) any unrestricted stock, shares, certificates, bonds, debentures, notes or other instrument which constitutes a “security” under the Security Act of 1933 (other than Guarantor, Borrower
and/or any of their affiliates) which are freely tradable on any nationally recognized securities exchange and are not otherwise encumbered by such Person. Lender acknowledges that the assets described on Exhibit VI hereof are deemed to be Liquid
Assets. 
 “Loan” means the loan in the Original Principal Amount made by Lender to Borrower pursuant to this
Agreement. 
 “Loan Documents” means, collectively, this Agreement, the Note, the Security Instrument, the
Environmental Indemnity, the Guaranty, the Clearing Account Agreement, the Cash Management Agreement, and all other documents executed or delivered in connection with the Loan. 

“Loan to Value Ratio” shall mean, as of the date of its calculation, the ratio of (i) the Outstanding Principal
Balance as of the date of such calculation to (ii) the fair market value (for purposes of the REMIC provisions, counting only real property and excluding any personal property or going concern value) of the Property, as determined, in
Lender’s reasonable discretion, by any commercially reasonable method permitted to a REMIC Trust. 
 “Major
Tenant” shall mean Daimler, and any replacement tenant that is acceptable to Lender pursuant to the terms of this Agreement.  

“Major Tenant Lease” shall mean (i) the Daimler Lease, and any replacement Lease that is acceptable to Lender
pursuant to the terms of this Agreement, or (ii) any Lease which, either individually or when taken together with any other Lease with the same Tenant or any  

  
 13 

 
Affiliate of such Tenant, and assuming the exercise of all expansion rights and preferential rights to lease additional space contained in such Lease or Leases, (a) covers (or, after giving
effect to any such proposed Lease, would cover) no less than 35% of the total rentable square footage at the Property or (b) requires (or, after giving effect to any such proposed Lease, would require) the payment of base rent that is no less
than 35% of the total in-place base rent at the Property, in each case under clause (i) or (ii), as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time in accordance with the terms and conditions of
this Agreement. 
 “Major Tenant Rollover Account” shall have the meaning set forth in Section 7.7.1 hereof.

 “Major Tenant Rollover Funds” shall have the meaning set forth in Section 7.7.1 hereof. 

“Major Tenant Rollover Funds Cap” shall have the meaning set forth in Section 7.7.1 hereof. 

“Major Tenant Satisfactory Extension or Re-tenanting Conditions” shall mean (i) an Acceptable Major Tenant Lease
Extension with respect to all of the applicable Major Tenant Space or (ii) one or more Acceptable Major Tenant Space Re-tenanting Events with respect to all of the applicable Major Tenant Space; provided that (a) in connection with such
Acceptable Major Tenant Lease Extension, (1) the applicable Major Tenant Lease shall be in full force and effect and no Major Tenant Trigger Event shall have occurred and then be continuing with respect to such Major Tenant Lease or the related
Major Tenant (or, if applicable, any guarantor with respect to such Major Tenant Lease), (2) the applicable Major Tenant shall be in actual, physical possession of and utilizing (i.e., not “dark”) the space demised to the applicable
Major Tenant Space in the conduct of its normal business operations (which utilization, for purposes of this definition, shall include remodeling or renovation of all or a portion of such space in order for such Major Tenant to continue its normal
business operations) and paying full unabated rent (including reimbursements, if any) under such Major Tenant Lease (or the full amount of any such abatement given by Borrower to such Major Tenant has then been deposited by Borrower into the
Unfunded Obligations Account) as evidenced by a tenant estoppel certificate in form and substance reasonably acceptable to Lender, (3) all tenant improvement work required to be completed or caused to be completed by Borrower in connection with
such Acceptable Major Tenant Lease Extension shall have been completed in all material respects in a good and workmanlike manner on a lien free basis in accordance with the terms and conditions of such Major Tenant Lease and this Agreement, and
(4) all tenant allowances, leasing commissions and costs and expenses in connection with such Acceptable Major Tenant Lease Extension shall have been paid in full, and all other concessions shall have been satisfied, in accordance with the
terms and conditions of such Major Tenant Lease and this Agreement (or the full amount of any such allowances, leasing commissions or other concessions given by Borrower to such Major Tenant has then been deposited by Borrower into the Unfunded
Obligations Account) and (b) in connection with each applicable Acceptable Major Tenant Space Re-tenanting Event, (1) the applicable replacement Lease shall be in full force and effect, no event of default shall have occurred and be then
continuing thereunder and, if any such replacement Lease is a Major Tenant Lease, no Major Tenant Trigger Event shall have occurred and then be continuing with 

  
 14 

 
respect to such Major Tenant Lease or the related Major Tenant (or, if applicable, any guarantor with respect to such Major Tenant Lease), (2) the Tenant under the applicable replacement
Lease shall be in actual, physical possession of and utilizing (i.e., not “dark”) the space demised under such replacement Lease in the conduct of its normal business operations (which utilization, for purposes of this definition, shall
include remodeling or renovation of all or a portion of such space in order for such Tenant to commence or continue its normal business operations) and paying full unabated rent (including reimbursements, if any) under such replacement Lease (or the
full amount of any such abatement given by Borrower to such Tenant has then been deposited by Borrower into the Unfunded Obligations Account) as evidenced by a tenant estoppel certificate in form and substance reasonably acceptable to Lender,
(3) all tenant improvement work required to be completed or caused to be completed by Borrower in connection with the applicable replacement Lease shall have been completed in all material respects in a good and workmanlike manner on a lien
free basis in accordance with the terms and conditions of the applicable replacement Lease and this Agreement, and (4) all tenant allowances, leasing commissions and costs and expenses in connection with the applicable replacement Lease shall
have been paid in full, and all other concessions shall have been satisfied, in accordance with the terms and conditions of the applicable replacement Lease and this Agreement (or the full amount of any such allowances, leasing commissions or other
concessions given by Borrower to such Tenant has then been deposited by Borrower into the Unfunded Obligations Account). 

“Major Tenant Space” shall mean the Property or the portion of the Property, as applicable, demised to a Tenant
pursuant to a Major Tenant Lease (or previously demised to a Tenant pursuant to a Major Tenant Lease that has expired or terminated and, following such expiration or termination and as of the date of determination, has not been demised to a
replacement Tenant pursuant to a Lease entered into in accordance with the terms and conditions of this Agreement). 
 “Major
Tenant Trigger Event” shall mean: 
 (i) if a Major Tenant gives written notice to Borrower of its intention to
terminate or cancel its Major Tenant Lease or of its intention not to extend or renew its Major Tenant Lease; 
 (ii) if, on
or prior to the date that is 12 months prior to the then applicable expiration date under its Major Tenant Lease, a Major Tenant does not extend or renew such Major Tenant Lease on terms and conditions reasonably acceptable to Lender (it being
understood and agreed that an extension or renewal of a Major Tenant Lease strictly in accordance with the terms and conditions thereof applicable to such extension or renewal (including, for example, terms and conditions pursuant to which the rent
applicable to the extension or renewal term are determined) shall be deemed to be reasonably acceptable to Lender); 
 (iii)
if, on or prior to the date by which a Major Tenant is required under its Major Tenant Lease to notify Borrower of its election to extend or renew such Major Tenant Lease, such Major Tenant does not give such notice; 

  
 15 

 (iv) if a monetary or material non-monetary event of default under a Major Tenant
Lease occurs and continues beyond any applicable notice and cure period; 
 (v) if a Major Tenant (or, if applicable, any
lease guarantor with respect to a Major Tenant Lease) becomes insolvent or a debtor in a Bankruptcy Action; 
 (vi) if a
Major Tenant Lease is terminated or is no longer in full force and effect; or 
 (vii) if a Major Tenant “goes
dark”, vacates, ceases to occupy or ceases to conduct business in the ordinary course at the Major Tenant Space demised under its Major Tenant Lease (other than temporary cessation of operations in connection with remodeling, renovation or
restoration of their leased premises). 
 For purposes of clarification and without limitation, it is understood and agreed that, with
respect to any Major Tenant (or, if applicable, any lease guarantor with respect to the applicable Major Tenant Lease) or the applicable Major Tenant Lease, (a) more than one Major Tenant Trigger Event may exist at any time, (b) more than
one Major Tenant Trigger Event may exist at any time pursuant to clause (iv) of this definition of “Major Tenant Trigger Event”, and (c) more than one Major Tenant Trigger Event may exist at any time pursuant to clause
(v) of this definition of “Major Tenant Trigger Event”. 
 “Major Tenant Trigger Event Cure” shall mean:

 (i) if the Major Tenant Trigger Event is caused solely by the occurrence of clause (i) in the definition of
“Major Tenant Trigger Event”, (a) the unconditional revocation or rescission by the applicable Major Tenant of all termination or cancellation notices with respect to its Major Tenant Lease (or, if applicable, the unconditional
revocation or rescission by the applicable Major Tenant of all notices of any intention to terminate or cancel, or to not extend or renew, its Major Tenant Lease), (b) an Acceptable Major Tenant Lease Extension with respect to the applicable
Major Tenant Space; provided that each of the Major Tenant Satisfactory Extension or Re-tenanting Conditions applicable thereto shall have been satisfied, or (c) one or more Acceptable Major Tenant Space Re-tenanting Events with respect
to the applicable Major Tenant Space; provided that each of the Major Tenant Satisfactory Extension or Re-tenanting Conditions applicable thereto shall have been satisfied; 

(ii) if the Major Tenant Trigger Event is caused solely by the occurrence of clause (ii) in the definition of “Major
Tenant Trigger Event”, (a) an Acceptable Major Tenant Lease Extension with respect to all of the applicable Major Tenant Space; provided that each of the Major Tenant Satisfactory Extension or Re-tenanting Conditions applicable
thereto shall have been satisfied or (b) one or more Acceptable Major Tenant Space Re-tenanting Events with respect to all of the applicable Major Tenant Space; provided that each of the Major Tenant Satisfactory Extension or
Re-tenanting Conditions applicable thereto shall have been satisfied; 
 (iii) if the Major Tenant Trigger Event is caused
solely by the occurrence of clause (iii) in the definition of “Major Tenant Trigger Event”, (a) an Acceptable Major 

  
 16 

 
Tenant Lease Extension with respect to all of the applicable Major Tenant Space; provided that each of the Major Tenant Satisfactory Extension or Re-tenanting Conditions applicable thereto
shall have been satisfied or (b) one or more Acceptable Major Tenant Space Re-tenanting Events with respect to all of the applicable Major Tenant Space; provided that each of the Major Tenant Satisfactory Extension or Re-tenanting
Conditions applicable thereto shall have been satisfied; 
 (iv) if the Major Tenant Trigger Event is caused solely by the
occurrence of clause (iv) in the definition of “Major Tenant Trigger Event,” a cure of the applicable event of default under the applicable Major Tenant Lease, as determined by Lender in its reasonable discretion; 

(v) if the Major Tenant Trigger Event is caused solely by the occurrence of clause (v) in the definition of “Major
Tenant Trigger Event,” the affirmation of the applicable Major Tenant Lease in the applicable bankruptcy proceeding; provided that the applicable Major Tenant shall be actually paying all contractual rents and other amounts due under its
Major Tenant Lease (or, if applicable, the discharge or dismissal of the applicable lease guarantor from the applicable bankruptcy proceeding; 

(vi) if the Major Tenant Trigger Event is caused solely by the occurrence of clause (vi) in the definition of “Major
Tenant Trigger Event,” one or more Acceptable Major Tenant Space Re-tenanting Events with respect to all of the applicable Major Tenant Space; provided that each of the Major Tenant Satisfactory Extension or Re-tenanting Conditions
applicable thereto shall have been satisfied; and 
 (vii) if the Major Tenant Trigger Event is caused solely by the occurrence of
clause (vii) in the definition of “Major Tenant Trigger Event,” Borrower has provided Lender with written evidence, reasonably acceptable to Lender in all respects, that such (A) Major Tenant has re-opened for business or
(B) one or more Acceptable Major Tenant Space Re-tenanting Events with respect to all of the applicable Major Tenant Space; provided that in each case, each of the Major Tenant Satisfactory Extension or Re-tenanting Conditions applicable
thereto shall have been satisfied, 
 provided that each Major Tenant Trigger Event Cure set forth above shall be subject to
the following conditions: (1) after giving effect to such Major Tenant Trigger Event Cure, no other Major Tenant Trigger Event shall have occurred and remain outstanding with respect to any Major Tenant, any lease guarantor with respect to any
Major Tenant Lease or any Major Tenant Lease, and (2) Borrower shall have paid all of Lender’s reasonable out-of-pocket costs and expenses incurred in connection with such Major Tenant Trigger Event Cure (including, without limitation,
reasonable attorneys’ fees and expenses). 
 “Major Tenant Trigger Event Excess Cash Flow” has the meaning set forth
in the Cash Management Agreement. 
 “Management Agreement” means, that certain Property Management Agreement by and
between Manager and Borrower, dated as of the date hereof, pursuant to which such Manager is to provide management and other services to the Property, as the same may be amended, modified, supplemented or replaced in accordance with the terms
hereof. 

  
 17 

 “Manager” means (i) RDN Property Management, LLC, a Delaware limited
liability company or (ii) a Qualified Manager, in each case, who is managing the Property in accordance with the terms and provisions of this Agreement pursuant to a Management Agreement. 

“Material Action” means to consolidate or merge Borrower with or into any Person, or sell all or substantially all of
the assets of Borrower in violation of this Agreement, or to institute proceedings to have Borrower be adjudicated bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings against Borrower or file a petition
seeking, or consent to, reorganization or relief with respect to Borrower under any applicable federal or state law relating to bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar
official) of Borrower or a substantial part of its property, or make any assignment for the benefit of creditors of Borrower except upon the request of Lender, or admitting, in writing in any legal proceeding Borrower’s inability to pay its
debts generally as they become due (unless failure to make such admission would be a violation of law, or in the context of required financial reporting or settlement discussions with Lender), or intentionally take action in furtherance of any such
action, except as the request of Lender, or, to the fullest extent permitted by law, dissolve or liquidate Borrower. 

“Material Owner Transfer” shall mean a Transfer wherein a Transferee that did not (together with its Affiliates) own a
ten percent (10%) or more direct or indirect interest in Borrower on the Closing Date will own ten percent (10%) or more of the direct or indirect interests in Borrower immediately following such Transfer. 

“Materiality Threshold” shall mean 10% of the Outstanding Principal Balance. 

“Maturity Date” shall mean (x) provided (i) the Daimler Lease remains in full force and effect, and
(ii) no Major Tenant Trigger Event has occurred with respect to the Daimler Lease, and (iii) no Cash Sweep Trigger Event (other than an ARD Trigger Event) has occurred and is continuing, December 31, 2028; or (y) in the event
that (i) the Daimler Lease is no longer in full force and effect, or (ii) a Major Tenant Trigger Event has occurred with respect to the Daimler Lease, or (iii) a Cash Sweep Trigger Event (other than an ARD Trigger Event) has occurred
and is continuing, the Anticipated Repayment Date; or (z) such other date on which the final payment of principal of the Note becomes due and payable as therein or herein provided, whether at such stated maturity date, by declaration of
acceleration, or otherwise.  
 “Maximum Legal Rate” has the meaning set forth in Section 7 of the Note. 

“Minimum Disbursement Amount” shall mean Ten Thousand and No/100 Dollars ($10,000). 

“Monthly Capital Expenditure Deposit” shall have the meaning set forth in Section 7.3.1 hereof. 

  
 18 

 “Monthly Debt Service Payment Amount” means an amount equal to the
interest which has accrued on the Loan through the end of the Accrual Period ending on the day immediately preceding the related Payment Date. 

“Monthly Major Tenant Rollover Deposit” shall have the meaning set forth in Section 7.7.1 hereof. 

“Monthly Rollover Deposit” shall have the meaning set forth in Section 7.4.1 hereof. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Morningstar” shall mean Morningstar Credit Ratings, LLC. 

“Net Cash Flow” means, with respect to the Property for any period, the amount obtained by subtracting Operating
Expenses and Capital Expenditures for such period from Gross Income from Operations for such period. 
 “Net Operating
Income” means the amount obtained by subtracting Operating Expenses from Gross Income from Operations. 
 “Net
Proceeds” has the meaning set forth in Section 6.4(b) hereof. 
 “Net Proceeds Deficiency” has the
meaning set forth in Section 6.4(b)(vi) hereof. 
 “Non-Recourse Parties” has the meaning set forth in
Section 9.3(e) hereof. 
 “Note” means that certain Promissory Note, dated the date hereof, in the
Original Principal Amount, made by Borrower in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“OFAC” has the meaning set forth in Section 10.25 hereof. 

“Officer’s Certificate” means a certificate delivered to Lender by Borrower which is signed by an authorized
officer of Borrower or the general partner, managing member, trustee, manager or sole member of Borrower, as applicable. 

“Operating Expenses” means the total of all expenditures incurred by Borrower (if any), computed in accordance with
GAAP (or an Approved Accounting Method), of whatever kind relating to the operation, maintenance and management of the Property that are incurred on a regular monthly or other periodic basis, including, ground rent (if any), bad debt, utilities,
ordinary repairs and maintenance, insurance, license fees, property taxes and assessments, advertising expenses, all fees and compensation payable to Manager pursuant to the terms of the Management Agreement, payroll and related taxes, computer
processing charges, operational equipment or other lease payments as reasonably approved by Lender and other similar costs to the extent incurred by Borrower (as opposed to Tenant), but excluding depreciation and other non-cash items, Debt Service,
Capital Expenditures and contributions to the Reserve Funds. 

  
 19 

 “Operating Partnership” means Rodin Global Property Trust Operating Partnership,
L.P., a Delaware limited partnership. 
 “Original Principal Amount” means $21,000,000.00]. 

“Other Charges” means all ground rents, maintenance charges, impositions other than Taxes, and any other charges,
including vault charges and license fees for the use of vaults, chutes and similar areas adjoining the Property, now or hereafter levied or assessed or imposed against the Property or any part thereof to the extent incurred by Borrower (as opposed
to Tenant). 
 “Other Obligations” shall have the meaning as set forth in the Security Instrument. 

“Outstanding Principal Balance” means the portion of the Original Principal Amount that remains outstanding from time
to time. 
 “Payment Date” shall mean the sixth (6th) day
of every calendar month occurring during the term of the Loan. 
 “Permitted Encumbrances” means collectively,
(a) the Liens and security interests created by the Loan Documents, (b) all Liens, encumbrances and other matters disclosed in the Title Insurance Policy, (c) Liens, if any, for Taxes imposed by any Governmental Authority not yet due
or delinquent (or that Borrower is contesting in accordance with the terms of Section 5.1.2 hereof), (d) easements or other encumbrances granted pursuant to Section 5.2.10 hereof, (e) the Leases (and matters
permitted to be undertaken thereunder by Tenant, other than matters for which Borrower’s consent is required and which would otherwise constitute a violation hereof), (f) other Liens that Borrower is contesting in accordance with the terms
hereof, and (g) such other title and survey exceptions as Lender has approved or may approve in writing in Lender’s reasonable discretion, which Permitted Encumbrances (excluding (e)), individually or in the aggregate, do not materially
and adversely affect the value, operation or use of the Property or Borrower’s ability to repay the Loan. 

“Permitted Investments” means any one or more of the following obligations or securities acquired at a purchase price
of not greater than par, including those issued by Servicer, the trustee under any Securitization or any of their respective Affiliates, payable on demand or having a maturity date not later than the Business Day immediately prior to the first
Payment Date following the date of acquiring such investment and meeting one of the appropriate standards set forth below: 

(i) obligations of, or obligations fully guaranteed as to payment of principal and interest by, the United States or any agency
or instrumentality thereof provided such obligations are backed by the full faith and credit of the United States of America including obligations of: the U.S. Treasury (all direct or fully guaranteed obligations), the Farmers Home Administration
(certificates of beneficial ownership), the General Services Administration (participation certificates), the U.S. Maritime Administration (guaranteed Title XI financing), the Small Business Administration (guaranteed participation certificates and
guaranteed pool certificates), the U.S. Department of Housing and Urban Development (local authority bonds) and the Washington 

  
 20 

 
Metropolitan Area Transit Authority (guaranteed transit bonds); provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of
principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to
a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 

(ii) Federal Housing Administration debentures; 

(iii) obligations of the following United States government sponsored agencies: Federal Home Loan Mortgage Corp. (debt
obligations), the Farm Credit System (consolidated systemwide bonds and notes), the Federal Home Loan Banks (consolidated debt obligations), the Federal National Mortgage Association (debt obligations), the Financing Corp. (debt obligations), and
the Resolution Funding Corp. (debt obligations); provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if
rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and
must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 

(iv) federal funds, unsecured certificates of deposit, time deposits, bankers’ acceptances and repurchase agreements with
maturities of not more than 365 days of any bank, the short term obligations of which at all times are rated in the highest short term rating category by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating
Agency in the highest short term rating category and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or,
if higher, then current ratings assigned to the Securities); provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change,
(B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if
any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 

(v) fully Federal Deposit Insurance Corporation-insured demand and time deposits in, or certificates of deposit of, or
bankers’ acceptances issued by, any bank or trust company, savings and loan association or savings bank, the short term obligations of which at all times are rated in the highest short term rating category by each Rating Agency (or, if not
rated by all Rating Agencies, rated by at least one Rating Agency in the highest short term rating category and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a
downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities); provided, however, that the investments described in this 

  
 21 

 
clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to
their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments
must not be subject to liquidation prior to their maturity; 
 (vi) debt obligations with maturities of not more than 365
days and at all times rated by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of
itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities) in its highest long-term unsecured rating category; provided, however, that the investments
described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such
investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to
liquidation prior to their maturity; 
 (vii) commercial paper (including both non-interest bearing discount obligations and
interest-bearing obligations payable on demand or on a specified date not more than one year after the date of issuance thereof) with maturities of not more than 365 days and that at all times is rated by each Rating Agency (or, if not rated by all
Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial,
or, if higher, then current ratings assigned to the Securities) in its highest short-term unsecured debt rating; provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of
principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to
a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 

(viii) units of taxable money market funds, which funds are regulated investment companies, seek to maintain a constant net
asset value per share and invest solely in obligations backed by the full faith and credit of the United States, which funds have the highest rating available from each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one
Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings
assigned to the Securities) for money market funds; and 
 (ix) any other security, obligation or investment which has been
approved as a Permitted Investment in writing by (a) Lender and (b) each Rating Agency, as evidenced by a written confirmation that the designation of such security, obligation or investment as a Permitted Investment will not, in and of
itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities by such Rating Agency; 

  
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 provided, however, that no obligation or security shall be a Permitted Investment if (A) such
obligation or security evidences a right to receive only interest payments or (B) the right to receive principal and interest payments on such obligation or security are derived from an underlying investment that provides a yield to maturity in
excess of 120% of the yield to maturity at par of such underlying investment. 
 “Permitted Par Prepayment Date” means
August 6, 2027. 
 “Permitted Transfer” means any of the following: (a) any transfer, directly as a result
of the death of a natural person, of stock, membership interests, partnership interests, beneficial interests or other ownership interests previously held by a decedent to the Person or Persons lawfully entitled thereto, (b) any transfer,
directly as a result of the legal incapacity of a natural person, of stock, membership interests, partnership interests, beneficial interests or other ownership interests previously held by such natural person to the Person or Persons lawfully
entitled thereto, (c) a transfer for estate planning purposes of any Person’s interests in a Restricted Party, whether direct or indirect, (d) a CF Corporate Transaction, (e) [intentionally omitted], (f) any public issuance,
sale, redemption, pledge or Transfer of interests, directly or indirectly, in any Person provided that such stock, shares or other beneficial interests are listed on the New York Stock Exchange or another nationally or internationally recognized
stock exchange, (g) Transfers of shares in a publicly traded mutual fund, and (h) transfers of non-voting “accommodation” interests in a real estate investment trust to not more than 128 Persons to qualify such entity for tax
treatment as a real estate investment trust, provided, in each case, Borrower shall continue to comply with the representations, warranties and covenants under Sections 4.1.30 (Special Purpose Entity), 4.1.34 (Investment Company Act), 4.1.35
(Embargoed Persons), 5.1.23 (Embargoed Persons) and 5.2.9 (ERISA).  
 “Person” means any individual,
corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity
on behalf of any of the foregoing. 
 “Personal Property” has the meaning set forth in the granting clause of the
Security Instrument. 
 “Physical Conditions Report” shall mean a report prepared by a company satisfactory to
Lender regarding the physical condition of the Property, satisfactory in form and substance to Lender in its sole discretion, which report shall, among other things, (a) confirm that the Property and its use complies, in all material respects,
with all applicable Legal Requirements (including, without limitation, zoning, subdivision and building laws) and (b) include a copy of a final certificate of occupancy with respect to all Improvements on the Property. 

“Policies” has the meaning specified in Section 6.1(b) hereof. 

“Policy” has the meaning specified in Section 6.1(b) hereof. 

  
 23 

 “Preferred Equity” shall mean a class of equity investment that is
distinguishable from other classes of equity because it offers the holder of such equity a fixed rate of return and is required to be redeemed by a date certain, and if the return requirement or redemption requirement is not satisfied, results in
change of control or material dilution of the other classes of equity. It is acknowledged that the equity interests in Sponsor shall not constitute Preferred Equity. 

“Prepayment Date” shall mean the date on which Borrower shall prepay the Note, in whole or in part, in accordance with
the terms of Article 9 of the Note.  
 “Principal” means the Special Purpose Entity that is the general
partner of Borrower, if Borrower is a limited partnership or managing member or manager of Borrower, if Borrower is a multi-member limited liability company. If Borrower is a limited liability company formed in Delaware with only one member or
multiple members and includes a “springing member”, there shall be no Principal. 
 “Property”
shall mean the parcel of real property, the Improvements now or hereafter erected, situated or installed thereon and all personal property owned by Borrower and encumbered by the Security Instrument, together with all rights pertaining to such
property (real and personal) and the Improvements, all as more particularly described in the granting clauses of the Security Instrument. 

“Provided Information” means any and all financial and other information provided at any time prepared by, or on
behalf of, Borrower, Principal, Guarantor and/or Manager. 
 “Purchase and Sale Agreement” shall mean that
certain Purchase and Sale Agreement dated as of December 19, 2017 between Cantor Real Estate Investment Management Investments, LLC, a Delaware limited liability company, as purchaser and LIC Charlotte Office Building, Inc., a Delaware
corporation, as seller as amended by that certain First Amendment to Purchase and Sale Agreement dated as of January 16, 2018, as assigned by purchaser to Borrower pursuant to that certain Assignment and Assumption of Purchase and Sale
Agreement dated as of February 1, 2018 between Cantor Real Estate Investment Management Investments, LLC, a Delaware limited liability company, and Borrower.  

“Qualified CF Equity Holder” shall mean CFLP, and/or an entity Controlled by CFLP. 

“Qualified Fund Manager” shall mean any Person that on the date of determination is not subject to a Bankruptcy Action
and is (i) one of the Persons listed on Schedule VIII or (ii) another nationally recognized manager of commercial real estate debt or equity funds investing through a fund with committed capital of at least $200,000,000. 

“Qualified Manager” shall mean (a) Manager, (b) an entity majority owned and controlled by a Qualified CF
Equity Holder that is (or was formed to be) engaged in the management of commercial real estate assets, (c) Newmark Grubb Knight Frank, or (d) a reputable and experienced management organization reasonably satisfactory to Lender, which
organization or its principals possess at least ten (10) years of experience in managing properties similar in scope, size, use and value of the Property, provided that, as to clause (d) of this definition, (i) if a Securitization has
occurred, Borrower shall, at Lender’s option, obtain prior  

  
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written confirmation from the Rating Agencies that management of the Property by such entity will not cause a downgrading, withdrawal or qualification of the then current rating of the Securities
issued pursuant to the Securitization, and (ii) if a Securitization has not occurred, Borrower shall have obtained the prior written consent of Lender. 

“Qualified Real Estate Investor” shall mean a Person (i) with a net worth of at least $100,000,000,
(ii) with not less than five (5) years’ experience in commercial real estate investments, (iii) that satisfies the provisions of Section 4.1.35 hereof, (iv) with respect to which Borrower delivers to Lender, at
Borrower’s sole cost and expense, searches pertaining to litigations, judgments, liens and bankruptcy history and “know your customer” searches pertaining to criminal history, OFAC and Patriot Act requirements, reasonably acceptable
to Lender, and (v) who satisfies other non-discretionary, administrative requirements of Lender. 
 “Qualified
Replacement Guarantor” shall mean (a) CFLP, (b) Sponsor, (c) a Qualified Fund Manager, (d) a Qualified Real Estate Investor, (e) an entity Controlled by CFLP, Sponsor, a Qualified Fund Manager or a Qualified Real
Estate Investor; provided that, in each case with respect to this clause (e), the applicable Person (i) satisfies the provisions of Section 4.1.35 hereof [Embargoed Person] and (ii) Borrower delivers to Lender, at Borrower’s sole
cost and expense, searches pertaining to litigations, judgments, liens and bankruptcy history and “know your customer” searches pertaining to criminal history, OFAC and Patriot Act requirements reasonably acceptable to Lender, or
(f) a Person (i) with not less than five (5) years’ experience in commercial real estate investments, (ii) that satisfies the provisions of Section 4.1.35 hereof [Embargoed Person], and (iii) with respect to which
Borrower delivers to Lender, at Borrower’s sole cost and expense, searches pertaining to litigations, judgments, liens and bankruptcy history and “know your customer” searches pertaining to criminal history, OFAC and Patriot Act
requirements reasonably acceptable to Lender; provided that, in each case with respect to clauses (a), (b), (c), (d), (e) and (f), (A) the applicable Person satisfies other non-discretionary, administrative requirements of Lender,
if any, and (B)(x) in the case of a Person other than Sponsor, has a net worth equal to or greater than $21,000,000.00 (excluding any equity in the Property), and Liquid Assets of not less than $2,100,000.00 or (y) in the case of Sponsor only,
has a net worth equal to or greater than $10,000,000.00 (excluding any equity in the Property), and Liquid Assets of not less than $1,000,000.00; and provided further that, in each case with respect to clauses (a), (b), (c), (d), (e) and
(f), the applicable Person assumes all obligations of Guarantor under the Loan Documents. In each case, a “Qualified Replacement Guarantor” shall Control Borrower or be under common Control with the entity that Controls Borrower. 

 “Rating Agencies” means each of S&P, Moody’s, Fitch and Morningstar, Kroll Bond Rating Agency, Inc.
or any other nationally recognized statistical rating agency which has been approved by Lender and designated by Lender to assign a rating to the Securities. 

“Reimbursement Allowance” shall have the meaning ascribed to such term in the Daimler Lease. 

“Reimbursement Allowance Portion” shall have the meaning set forth in Section 7.8.1 hereof. 

  
 25 

 “Reimbursement Request Documentation” shall mean, with respect to each request
for disbursement of funds from the Unfunded Obligations Account, an Officer’s Certificate, certifying to Lender that, (i) Daimler has satisfied all of the conditions in the Daimler Lease it is required to satisfy in order for it to receive
the requested Reimbursement Allowance and/or HVAC Allowance, as applicable, (ii) all conditions set forth in the Purchase and Sale Agreement for the disbursement of the Reimbursement Allowance and/or HVAC Allowance, as applicable, have been
satisfied, (iii) in connection with any amounts representing a Reimbursement Allowance, that the requested disbursement relates to reimbursing Daimler for Eligible Costs, (iv) in connection with any amounts representing a HVAC Allowance,
that the requested disbursement relates to reimbursing Daimler for HVAC Work, (v) the amount of the requested disbursement and the date such amount must be paid to Daimler pursuant to the terms of the Daimler Lease, and (v) that all prior
disbursements from the Unfunded Obligations Account have been paid by Borrower to Daimler in accordance with the Daimler Lease and Purchase and Sale Agreement. 

“Reimbursement Request” shall have the meaning ascribed to such term in the Daimler Lease. 

“Release” shall mean any release, deposit, discharge, emission, leaking, spilling, seeping, migrating, injecting,
pumping, pouring, emptying, escaping, dumping, disposing or other movement of Hazardous Substances. 
 “Relevant
Documents” has the meaning set forth in Section 9.3(e) hereof. 
 “Relevant Restoration Threshold”
shall mean 5% of the Outstanding Principal Balance. 
 “Remediation” includes any response, remedial, removal, or
corrective action, any activity to cleanup, detoxify, decontaminate, contain or otherwise remediate any Hazardous Substance, any actions to prevent, cure or mitigate any Release of any Hazardous Substance, any action to comply with any Environmental
Laws or with any permits issued pursuant thereto, any inspection, investigation, study, monitoring, assessment, audit, sampling and testing, laboratory or other analysis, or evaluation relating to any Hazardous Substances. 

“REMIC Requirements” shall mean any applicable legal requirements relating to any REMIC Trust (including, without
limitation, those relating to the continued treatment of the Loan (or the applicable portion thereof or interest therein) as a “qualified mortgage” held by such REMIC Trust, the continued qualification of such REMIC Trust as such under the
Code, the non-imposition of any tax on such REMIC Trust under the Code (including, without limitation, taxes on “prohibited transactions and “contributions”) and any other REMIC Trust-related constraints, rules or other regulations or
requirements relating to the servicing, modification or other similar matters with respect to the Loan (or any portion thereof and/or interest therein) that may now or hereafter exist under applicable legal requirements (including, without
limitation under the Code)). 
 “REMIC Trust” means a “real estate mortgage investment conduit”
within the meaning of Section 860D of the Code that holds the Note or a portion thereof. 
 “Rent Allowance
Portion” shall have the meaning set forth in Section 7.8.2 hereof. 

  
 26 

 “Rents” shall mean all rents (including percentage rents), rent
equivalents, moneys payable as damages or in lieu of rent or rent equivalents (including, without limitation, any and all termination fees payable to Borrower under, or in connection with, any Major Tenant Lease), royalties (including, without
limitation, all oil and gas or other mineral royalties and bonuses), income, receivables, receipts, revenues, deposits (including, without limitation, security, utility and other deposits), accounts, cash, issues, profits, charges for services
rendered, all other amounts payable as rent under any Lease or other agreement relating to the Property, including, without limitation, charges for electricity, oil, gas, water, steam, heat, ventilation, air-conditioning and any other energy,
telecommunication, telephone, utility or similar items or time use charges, HVAC equipment charges, sprinkler charges, escalation charges, license fees, maintenance fees, charges for Taxes, operating expenses or other reimbursables payable to
Borrower under any Lease, and other consideration of whatever form or nature received by or paid to or for the account of or benefit of Borrower or its agents or employees from any and all sources arising from or attributable to the Property, and
proceeds, if any, from business interruption or other loss of income insurance. 
 “Required Repairs” shall have the
meaning set forth in Section 7.1.1 hereof. 
 “Reserve Funds” means, collectively, the Tax and Insurance
Escrow Fund, the Unfunded Obligations Funds, the Capital Expenditure Funds, the Rollover Funds, the Excess Cash Flow Reserve Fund, the Major Tenant Rollover Funds and any other escrow fund established by the Loan Documents. 

“Restricted Party” means, collectively, (a) Borrower and any Guarantor, and (b) any shareholder, partner,
member, non-member manager, any direct or indirect legal or beneficial owner of Borrower or any Guarantor. 
 “Revised
Interest Rate” three percent (3.0%) per annum plus the greater of (i) the Initial Interest Rate, or (ii) the ten (10) year swap yield as of the first
(1st) Business Day after the Anticipated Repayment Date (as determined by Lender in its sole discretion). 

“Rollover Account” shall have the meaning set forth in Section 7.4.1 hereof. 

“Rollover Funds” shall have the meaning set forth in Section 7.4.1 hereof. 

“S&P” means Standard & Poor’s Ratings Group, a division of the McGraw-Hill Companies. 

“Sale or Pledge” means a voluntary or involuntary sale, conveyance, assignment, transfer, encumbrance, pledge, grant
of option or other transfer or disposal of a legal or beneficial interest, whether direct or indirect. 

“Securities” has the meaning set forth in Section 9.1 hereof. 

“Securitization” has the meaning set forth in Section 9.1 hereof. 

“Securitization Vehicle” means each REMIC Trust or Grantor Trust into which all or a portion of the Loan or an interest
therein has been transferred. 

  
 27 

 “Security Instrument” means that certain first priority Mortgage, or
similar instrument, dated the date hereof, executed and delivered by Borrower to Lender as security for the Loan and encumbering the Property, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 “Servicer” has the meaning set forth in Section 9.5 hereof. 

“Severed Loan Documents” has the meaning set forth in Section 8.2(c) hereof. 

“Special Purpose Entity” means a corporation, limited partnership or limited liability company that, at all times on
and after the date hereof, has complied with and shall at all times comply with the following requirements unless it has received either prior consent to do otherwise from Lender or a permitted administrative agent thereof, or, while the Loan is
securitized, confirmation from each of the applicable Rating Agencies that such noncompliance would not result in the requalification, withdrawal, or downgrade of the ratings of any Securities or any class thereof: 

(i) is and shall be organized solely for the purpose of (A) in the case of Borrower, acquiring, developing, owning,
holding, selling, leasing, transferring, exchanging, financing, managing, operating, and disposing of the Property, entering into and performing its obligations under the Loan Documents with Lender, refinancing the Property in connection with a
permitted repayment of the Loan, and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing; or (B) in the case of a Principal, acting as a general partner of the limited partnership that owns the
Property or as managing member or manager of the limited liability company that owns the Property, and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing; 

(ii) has not engaged and shall not engage in any business unrelated to (A) the purposes set forth in clause
(1) above, or (B) in the case of a Principal, acting as general partner of the limited partnership that owns the Property or as a managing member or manager of the limited liability company that owns the Property, as applicable; 

(iii) has not owned and shall not own any real property other than, in the case of Borrower, the Property; 

(iv) does not have, shall not have and at no time had any assets other than (A) in the case of Borrower, the Property and
personal property necessary or incidental to its ownership and operation of the Property or (B) in the case of a Principal, its partnership interest in the limited partnership that owns the Property or the managing member or manager interest in
the limited liability company that owns the Property, and personal property necessary or incidental to its ownership of such interests; 

(v) has not engaged in, sought, consented or permitted to and shall not engage in, seek, consent to or permit (A) any
dissolution, winding up, liquidation, consolidation or merger, (B) any sale or other transfer of all or substantially all of its assets or any sale of assets outside the ordinary course of its business, except as permitted by the Loan
Documents, or (C) in the case of a Principal, any transfer of its partnership, membership or trustee interests; 

  
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 (vi) shall not cause, consent to or permit any amendment of its limited
partnership agreement, articles of incorporation, articles of organization, certificate of formation, operating agreement, trust agreement or other formation document or organizational document (as applicable) with respect to the matters set forth
in this definition; 
 (vii) if such entity is a limited partnership, has and shall have at least one general partner and has
and shall have, as its only general partners, Special Purpose Entities each of which (A) is a corporation or single-member Delaware limited liability company (or multi-member Delaware limited liability company), (B) has one
(1) Independent Director and (C) holds a direct interest as general partner in the limited partnership of not less than 0.5%; 

(viii) if such entity is a corporation, has and shall have at least one (1) Independent Director, and shall not cause or
permit the board of directors of such entity to take any Material Action either with respect to itself or, if the corporation is a Principal, with respect to Borrower or any action requiring the unanimous affirmative vote of one hundred percent
(100%) of the members of its board of directors or managers unless one (1) Independent Director shall have participated in such vote and shall have voted in favor of such action; 

(ix) (A) if such entity is a limited liability company (other than a limited liability company meeting all of the
requirements applicable to a single-member (or multi-member) limited liability company set forth in this definition of “Special Purpose Entity”), has and shall have at least one (1) member that is a Special Purpose Entity that
is a corporation that directly owns at least one-half-of-one percent (0.5%) of the equity of the limited liability company and that has at least one (1) Independent Director; and (B) if such entity is a single-member limited liability
company (or multi-member limited liability company), (I) is and shall be a Delaware limited liability company, (II) has and shall have at least one (1) Independent Director serving as manager of such company, (III) shall not take any
Material Action and shall not cause or permit the members or managers of such entity to take any Material Action, either with respect to itself or, if the company is a Principal, with respect to Borrower, in each case, without the unanimous consent
of its board of directors or managers including the consent of the Independent Director then serving as manager of the company, and (IV) has and shall have either (x) a member which owns no economic interest in the company, has signed the
company’s limited liability company agreement and has no obligation to make capital contributions to the company, or (y) two natural persons or one entity that is not a member of the company, that has signed its limited liability
company agreement and that, under the terms of such limited liability company agreement becomes a member of the company immediately prior to the withdrawal or dissolution of the last remaining member of the company; 

(x) [reserved]; 

  
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 (xi) has not and shall not (and, if such entity is (a) a limited liability
company, has and shall have a limited liability agreement or an operating agreement, as applicable, (b) a limited partnership, has a limited partnership agreement or (c) a corporation, has a certificate of incorporation or articles that,
in each case, provide that such entity shall not: (1) dissolve, merge, liquidate, consolidate; (2) sell all or substantially all of its assets except as permitted by the Loan Documents; (3) amend its organizational documents with
respect to the matters set forth in this definition without the consent of Lender; or (4) without the unanimous consent of its board of directors or managers including the vote of the Independent Director, or the consent of a Principal that is
its member or general partner (which Principal shall have obtained the affirmative vote of the Independent Director), take any Material Action; 

(xii) is, as of the Closing Date, and intends to remain solvent and paying its debts and liabilities (including, as applicable,
shared personnel and overhead expenses) from its assets as the same become due, and is, as of the Closing Date, and intends to remain maintaining adequate capital for the normal obligations reasonably foreseeable within the following thirty
(30) day period for a business of its size and character and in light of its contemplated business operations (unless any such insolvency, or failure to pay its debts and liabilities, or failure to maintain adequate capital is due to an
insufficiency in Gross Income from Operations, or Borrower’s lack of access thereto due to the exercise of rights or remedies by Lender or any party acting on behalf of or for the benefit of Lender,); provided, however, that the
foregoing shall not require any member, partner or beneficiary, direct or indirect, any Guarantor, or any other Person to make additional capital contributions (nor shall it prohibit the provision of any such capital by such Persons); 

(xiii) has not failed and shall not fail to correct any known misunderstanding regarding the separate identity of such entity
and has not identified and shall not identify itself as a division of any other Person; 
 (xiv) has maintained and shall
maintain its books of account, books and records, and bank accounts (subject to clause (xix) below) separate from those of any other Person and, to the extent that it is required to file tax returns under applicable law, has filed and shall
file its own tax returns, except to the extent that it is required by law to file consolidated tax returns and, if it is a corporation, has not filed and shall not file a consolidated federal income tax return with any other corporation, except to
the extent that it is required by law to file consolidated tax returns, or to the extent that the Borrower is treated as a “disregarded entity” for tax purposes and is not required to file tax returns under applicable law; 

(xv) has maintained and shall maintain its own records, books, resolutions and agreements; 

(xvi) has not commingled and shall not commingle its funds or assets with those of any other Person and has not participated
and shall not participate in any cash management system with any other Person, except as required by the Loan Documents and except with respect to a custodial account maintained by the Manager on behalf of

  
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Borrower and certain other Affiliates of Guarantor in which the funds have been and are separately accounted, and will continue to be separately accounted, for each item of income and expense
applicable to the Property and the Borrower; 
 (xvii) has held and shall hold its assets in its own name; 

(xviii) has conducted and shall conduct its business in its name or in a name franchised or licensed to it by an entity other
than an Affiliate of itself or of Borrower, except for business conducted on behalf of itself by another Person under a business management services agreement that is on commercially-reasonable terms, so long as the manager, or equivalent thereof,
under such business management services agreement holds itself out as an agent of Borrower; 
 (xix) (A) has maintained
and shall maintain its financial statements, accounting records and other entity documents separate from those of any other Person; (B) has shown and shall show, in its financial statements, its asset and liabilities separate and apart from
those of any other Person; and (C) has not permitted and shall not permit its assets to be listed as assets on the financial statement of any of its Affiliates except as required by GAAP (or an Approved Accounting Method or other basis
reasonably acceptable to Lender, consistently applied); or if such entity is disregarded for federal tax purposes, permitted by GAAP (or an Approved Accounting Method or other basis reasonably acceptable to Lender, consistently applied); provided,
however, that any such consolidated financial statement contains a note indicating that the Special Purpose Entity’s separate assets and credit are not available to pay the debts of such Affiliate and that the Special Purpose Entity’s
liabilities do not constitute obligations of the consolidated entity; 
 (xx) has paid and intends to pay its own liabilities
and expenses, including the salaries of its own employees, out of its own funds and assets, and has maintained and shall maintain a sufficient number of employees in light of its contemplated business operations, which may be none, (unless any
failure to do so is due to an insufficiency in Gross Income from Operations, or Borrower’s lack of access thereto due to the exercise of rights or remedies by Lender or any party acting on behalf of or for the benefit of Lender); provided,
however, that the foregoing shall not require any member, partner or beneficiary, direct or indirect, any Guarantor, or any other Person to make additional capital contributions (nor shall it prohibit the provision of any such capital by such
Persons); 
 (xxi) has observed and shall observe all partnership, corporate, trust or limited liability company formalities,
as applicable; 
 (xxii) has not incurred Indebtedness other than (i) acquisition financing with respect to the
Property; construction financing with respect to the Improvements and certain off-site improvements required by municipal and other authorities as conditions to the construction of the Improvements; and first mortgage financings secured by the
Property; and Indebtedness pursuant to letters of credit, guaranties, interest rate protection agreements and other similar instruments executed and delivered in connection 

  
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with such financings, (ii) unsecured trade payables and operational debt not evidenced by a note, and (iii) Indebtedness incurred in the financing of equipment and other personal
property used on the Property, and (D) obligations under the Leases and Permitted Encumbrances; 
 (xxiii) will have no
Indebtedness other than (A) the Loan, (B) liabilities incurred in the ordinary course of business relating to the ownership and operation of the Property and the routine administration of Borrower, which liabilities are (1) not more
than sixty (60) days past the later of the date incurred or invoiced (unless disputed in accordance with applicable law), (2) not evidenced by a note, (3) paid when due, (4) reasonable under the circumstances, and (5) in an
aggregate amount with respect to the Property not exceeding three percent (3.0%) of the Outstanding Principal Balance at any time, (C) [intentionally omitted], (D) such other liabilities that are permitted pursuant to this Agreement,
and (E) obligations under the Leases and Permitted Encumbrances; provided, however, a breach of clauses (1), (3) and/or (5) above that is due to an insufficiency in Gross Income from Operations, Borrower’s lack of access thereto
due to the exercise of rights or remedies by Lender or any party acting on behalf of or for the benefit of Lender shall not result in recourse under Section 9.3 hereof; and further provided, however, that the foregoing shall not be
deemed to require any member, partner or beneficiary, direct or indirect, any Guarantor, or any other Person to make additional capital contributions (nor shall it prohibit the provision of any such capital by such Persons); 

(xxiv) has not assumed, guaranteed or become obligated and shall not assume or guarantee or become obligated for the debts of
any other Person, has not held out and shall not hold out its credit as being available to satisfy the obligations of any other Person or has not pledged and shall not pledge its assets for the benefit of any other Person, in each case except as
permitted pursuant to this Agreement; 
 (xxv) has not acquired and shall not acquire obligations or securities of its
partners, members, beneficiaries or shareholders or any other owner or Affiliate; 
 (xxvi) has allocated and shall allocate
fairly and reasonably any overhead expenses that are shared with any of its Affiliates, constituents, or owners, or any guarantors of any of their respective obligations, or any Affiliate of any of the foregoing, including, but not limited to,
paying for shared office space and for services performed by any employee of an Affiliate; 
 (xxvii) has maintained and used
and shall maintain and use separate invoices and checks bearing its name and not bearing the name of any other entity unless such entity is clearly designated as being the Special Purpose Entity’s agent; 

(xxviii) has not pledged and shall not pledge its assets to or for the benefit of any other Person other than with respect to
loans secured by the Property; 
 (xxix) has held itself out and identified itself and shall hold itself out and identify
itself as a separate and distinct entity under its own name or in a name franchised or licensed to it by an entity other than an Affiliate of Borrower and not as a division or part of any other Person except as provided in (xvi) above; 

  
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 (xxx) has maintained and shall maintain its assets in such a manner that it shall
not be costly or difficult to segregate, ascertain or identify its individual assets from those of any other Person except as provided in (xvi) above; 

(xxxi) has not made and shall not make loans to any Person and has not held and shall not hold evidence of indebtedness issued
by any other Person or entity (other than cash and investment-grade securities issued by an entity that is not an Affiliate of or subject to common ownership with such entity); 

(xxxii) has not identified and shall not identify its partners, members or shareholders, or any Affiliate of any of them, as a
division or part of it, and has not identified itself and shall not identify itself as a division of any other Person; 

(xxxiii) other than capital contributions and distributions permitted under the terms of its organizational documents, has not
entered into or been a party to, and shall not enter into or be a party to, any transaction with any of its partners, members, shareholders or Affiliates except in the ordinary course of its business and on terms which are commercially reasonable
terms comparable or at least no less advantageous to those of an arm’s-length transaction with an unrelated third party; 

(xxxiv) has not had and shall not have any obligation to, and has not indemnified and shall not indemnify its partners,
officers, directors or members, as the case may be, in each case unless such an obligation or indemnification is fully subordinated to the Debt; 

(xxxv) has not had and shall not have any of its obligations guaranteed by any Affiliate except as provided by the Loan
Documents; 
 (xxxvi) has not formed, acquired or held and shall not form, acquire or hold any subsidiary except in the case
of Principal, the interests as Manager of Borrower; 
 (xxxvii) is in compliance with and shall comply with all of the terms
and provisions contained in its organizational documents. 
 (xxxviii) [intentionally omitted]; 

(xxxix) has not permitted and shall not permit any Affiliate or constituent party independent access to its bank accounts,
except as provided in (xvi) above; 
 (xl) is, has always been and shall continue to be duly formed, validly existing,
and in good standing in the state of its incorporation or formation and in all other jurisdictions where it is qualified to do business; 

(xli) has paid all taxes which it owes provided that the foregoing shall not require any member, partner or beneficiary to make
additional capital contributions, nor prohibit them from doing the same; 

  
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 (xlii) has paid any and all judgments against it provided that the foregoing
shall not require any member, partner or beneficiary to make additional capital contributions, nor prohibit them from doing the same; and 

(xliii) has no material contingent or actual obligations not related to the Property provided that the foregoing shall not
require any member, partner or beneficiary to make additional capital contributions, nor prohibit them from doing the same. 

“Sponsor” shall mean Rodin Global Property Trust, Inc., a Maryland corporation. 

“State” means, the State or Commonwealth in which the Land or any part thereof is located. 

“Survey” means a survey of the Property prepared by a surveyor licensed in the State and satisfactory to Lender and
the company or companies issuing the Title Insurance Policy, and containing a certification of such surveyor satisfactory to Lender. 

“Tax and Insurance Escrow Fund” has the meaning set forth in Section 7.2 hereof. 

“Taxes” means all real estate and personal property taxes, assessments, water rates or sewer rents, now or hereafter
levied or assessed or imposed against the Property or part thereof. 
 “Tenant” means the lessee of all or a portion
of the Property under a Lease. 
 “Tenant Direction Letter” shall have the meaning set forth in
Section 2.7.1(b) hereof. 
 “Tenant Work” shall have the meaning ascribed to such term in the Daimler Lease.

 “Threshold Amount” shall mean 5% of the Outstanding Principal Balance. 

“Title Insurance Policy” means the mortgagee title insurance policy issued with respect to the Property and insuring
the lien of the Security Instrument. 
 “Transfer” has the meaning set forth in Section 5.2.10(a)
hereof. 
 “Transferee” has the meaning set forth in Section 5.2.10(d) hereof. 

“Transferee’s Principals” means collectively, (A) Transferee’s managing members, general partners or
principal shareholders and (B) such other single member, partner or shareholder which directly or indirectly shall own a fifty-one percent (51%) or greater economic and voting interest in Transferee, provided, however, if Transferee is a
fund managed by a Qualified Fund Manager, the foregoing clause (B) shall not apply. 
 “UCC” or
“Uniform Commercial Code” means the Uniform Commercial Code as in effect in the State in which the Property is located. 

“Unfunded Obligations Account” shall have the meaning set forth in Section 7.8.1 hereof. 

  
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 “Unfunded Obligations Funds” shall have the meaning set forth in
Section 7.8.1 hereof. 
 “Upstream Borrower” shall mean any CF Company whose interest in Guarantor comprises
not more than 10% of the total asset value under its ownership and/or management. 
 “Upstream Loan” has the meaning
set forth in Section 5.2.10(h) hereof. 
 “U.S. Obligations” means non-redeemable, non-prepayable,
non-callable securities evidencing an obligation to timely pay principal or interest in a full and timely manner that constitute “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as
amended, and are (a) direct obligations of the United States of America for the payment of which its full faith and credit is pledged, or (b) to the extent acceptable to the Rating Agencies, other “government securities” within
the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended. 
 Section 1.2 Principles of
Construction. The following rules of construction shall be applicable for all purposes of this Agreement and all documents or instruments supplemental hereto, unless the context otherwise clearly requires: 

(a) any pronoun used herein shall be deemed to cover all genders, and words importing the singular number shall mean and include the plural
number, and vice versa; 
 (b) the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase
“and/or”; 
 (c) an Event of Default shall “continue” or be “continuing” until such Event of Default has been
waived in writing by Lender; 
 (d) no inference in favor of or against any party shall be drawn from the fact that such party has drafted
any portion hereof or any other Loan Document; 
 (e) the cover page (if any) of, all recitals set forth in, and all Exhibits to, this
Agreement are hereby incorporated herein; 
 (f) all references to sections and schedules are to sections and schedules in or to this
Agreement unless otherwise specified; 
 (g) all uses of the words “include,” “including” and similar terms shall be
construed as if followed by the phrase “without being limited to” unless the context shall indicate otherwise; 
 (h) unless
otherwise specified, the words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement;
and 
 (i) unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both the singular and
plural forms of the terms so defined. 

  
 35 

 ARTICLE II – GENERAL TERMS 

Section 2.1 Loan Commitment; Disbursement to Borrower. 

2.1.1 Agreement to Lend and Borrow. Subject to and upon the terms and conditions set forth herein, Lender hereby agrees to make
and Borrower hereby agrees to accept the Loan on the Closing Date. 
 2.1.2 Single Disbursement to Borrower. Borrower may
request and receive only one (1) borrowing hereunder in respect of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be reborrowed. Borrower acknowledges and agrees that the Loan has been fully funded as of
the Closing Date. 
 2.1.3 The Note, Security Instrument and Loan Documents. The Loan shall be evidenced by the Note and
secured by the Security Instrument and the other Loan Documents. 
 2.1.4 Use of Proceeds. Borrower shall use the proceeds of
the Loan to (a) acquire the Property or repay and discharge any existing loans relating to the Property, (b) pay all past due basic carrying costs, if any, with respect to the Property, (c) make deposits into the Reserve Funds on the
Closing Date in the amounts provided herein, (d) pay costs and expenses incurred in connection with the closing of the Loan, as approved by Lender, (e) fund any working capital requirements of the Property and (f) distribute the
balance, if any, to Borrower. 
 Section 2.2 Interest Rate. 

2.2.1 Interest Rate. Interest on the Outstanding Principal Balance shall accrue from (and including) the Closing Date to (but
excluding) the Anticipated Repayment Date at the Initial Interest Rate or as otherwise set forth in this Agreement or in the Note. Interest on the Outstanding Principal Balance (including any Accrued Interest) shall accrue from (and including) the
Anticipated Repayment Date to (but excluding) the Maturity Date at the Revised Interest Rate or as otherwise set forth in this Agreement or in the Note. 

2.2.2 Interest Calculation. Interest on the Outstanding Principal Balance shall be calculated by multiplying (a) the actual
number of days elapsed in the relevant Accrual Period by (b) a daily rate based on the Applicable Interest Rate and a three hundred sixty (360) day year by (c) the Outstanding Principal Balance. Borrower acknowledges that the
calculation method for interest described herein results in a higher effective interest rate than the numeric Applicable Interest Rate and Borrower hereby agrees to this calculation method. 

2.2.3 Default Rate. Upon the occurrence of an Event of Default (including the failure of Borrower to make full payment on the
Maturity Date), Lender shall be entitled to receive and Borrower shall pay interest on the Outstanding Principal Balance at the Default Rate. Interest shall accrue and be payable at the Default Rate from the occurrence of an Event of Default until
all Events of Default have been waived in writing by Lender in its discretion. Such accrued interest shall be added to the Outstanding Principal Balance, and interest shall accrue thereon at the Default Rate until fully paid. Such accrued interest
shall be secured by the Security Instrument and other Loan Documents. Borrower agrees that Lender’s right to collect interest at the Default Rate is given for the purpose of compensating Lender at reasonable amounts for 

  
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Lender’s added costs and expenses that occur as a result of Borrower’s default and that are difficult to predict in amount, such as increased general overhead, concentration of
management resources on problem loans, and increased cost of funds. Lender and Borrower agree that Lender’s collection of interest at the Default Rate is not a fine or penalty, but is intended to be and shall be deemed to be reasonable
compensation to Lender for increased costs and expenses that Lender will incur if there occurs an Event of Default hereunder. Collection of interest at the Default Rate shall not be construed as an agreement or privilege to extend the Maturity Date
or to limit or impair any rights and remedies of Lender under any Loan Documents. If judgment is entered on the Note, interest shall continue to accrue post-judgment at the greater of (a) the Default Rate or (b) the applicable statutory
judgment rate. 
 2.2.4 Usury Savings. This Agreement, the Note and the other Loan Documents are subject to the express
condition that at no time shall Borrower be obligated or required to pay interest on the principal balance of the Loan at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of the Maximum Legal
Rate. If, by the terms of this Agreement or the other Loan Documents, Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the Maximum Legal Rate, the Applicable Interest Rate or
the Default Rate, as the case may be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal (without
prepayment premium of any amount) and not on account of the interest due hereunder. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable law,
be amortized, prorated, allocated, and spread throughout the full stated term of the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in
effect and applicable to the Loan for so long as the Loan is outstanding. 
 Section 2.3 Loan Payment. Payments of
principal, interest, and Late Charges (as defined in the Note) shall be made as provided in the Note. 
 Section 2.4
Prepayments. Except as otherwise provided in Section 9 and Section 10 of the Note, Borrower shall not have the right to prepay the Loan in whole or in part prior to the Anticipated Repayment Date. 

Section 2.5 Intentionally Omitted. 

Section 2.6 Release of Property. Except as set forth in Section 9 of the Note or Section 10 of the
Note, as applicable and this Section 2.6, no repayment, prepayment or defeasance of all or any portion of the Loan shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the Security Instrument
on the Property. 
 (a) If Borrower has the right to and has elected to prepay in full or defease the Loan in accordance with this Agreement
and the Note, upon satisfaction of the requirements of Section 2.4 hereof and Section 9 of the Note (in the case of a yield maintenance prepayment, if then permitted under this Agreement and the Note) or Section 10 of
the Note (in the case of a full defeasance, if then permitted under this Agreement and the Note), as applicable, and this Section 2.6, the entire Property shall be released from the Lien of the Security Instrument. 

  
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 (b) In connection with the release of the Security Instrument, Borrower shall submit to Lender,
not less than ten (10) days prior to the Prepayment Date, a release of Lien (and related Loan Documents) for the Property for execution by Lender. Such release shall be in a form appropriate in the jurisdiction in which the Property is located
and that would be satisfactory to a prudent lender and contains standard provisions, if any, protecting the rights of the releasing lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by
Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such releases in accordance with the terms of
this Agreement. Borrower shall reimburse Lender and Servicer for any costs and expenses Lender and Servicer incur arising from such release (including reasonable attorneys’ fees and expenses) and Borrower shall pay, in connection with such
release, all recording charges, filing fees, taxes or other expenses payable in connection therewith. Upon the release of the Property in accordance with this Section 2.6 following a full defeasance of the Loan in accordance with the
terms and conditions of Section 10 of the Note, Borrower shall have no further right to prepay the Note prior to the Permitted Par Prepayment Date. 

Section 2.7 Clearing Account/Cash Management. 

2.7.1 Clearing Account. (a) During the term of the Loan, Borrower shall establish and maintain an Eligible Account (the
“Clearing Account”) with Clearing Bank for the benefit of Lender, which Clearing Account shall be under the sole dominion and control of Lender. The Clearing Account shall be entitled in the name of Borrower for the benefit of
Lender. Borrower hereby grants to Lender a first-priority security interest in the Clearing Account and all deposits at any time contained therein and the proceeds thereof and shall take all actions necessary to maintain in favor of Lender a
perfected first priority security interest in the Clearing Account, including filing UCC-1 Financing Statements and continuations thereof. Lender and Servicer shall have the sole right to make withdrawals from the Clearing Account. All costs and
expenses for establishing and maintaining the Clearing Account shall be paid by Borrower. All monies now or hereafter deposited into the Clearing Account shall be deemed additional security for the Debt. The Clearing Account Agreement and Clearing
Account shall remain in effect until the Loan has been repaid or defeased in full. 
 (b) Borrower shall (i) on or prior to the
Closing Date with respect to the Daimler Lease in existence on the date hereof and (ii) simultaneously with the execution of any Lease entered into after the date hereof, deliver a written notice substantially in the form attached hereto as
Schedule IV to all Tenants to deliver all Rents payable under their respective Leases directly to the Clearing Account (a “Tenant Direction Letter”). Without the prior written consent of Lender, neither Borrower nor any
Manager shall (i) terminate, amend, revoke or modify any Tenant Direction Letter in any manner or (ii) direct or cause any Tenant to pay any amount in any manner other than as provided in the Tenant Direction Letter. Borrower shall, and
shall cause any Manager to, deposit all amounts received by Borrower or such Manager constituting Rents into the Clearing Account within two (2) Business Days after receipt thereof. Until so deposited, all Rents received by Borrower or Manager
shall be held in trust for the benefit of Lender and shall not be commingled with any other funds or property of Borrower or Manager. 

  
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 (c) Pursuant to the terms of the Clearing Account Agreement, the Clearing Bank shall transfer on
each Business Day during the term of the Loan, all amounts on deposit in the Clearing Account to the Cash Management Account in immediately available funds by federal wire transfer once every Business Day. 

(d) Upon the occurrence of an Event of Default or any Bankruptcy Action of Borrower, Lender may, in addition to any and all other rights and
remedies available to Lender, apply any sums then present in the Clearing Account to the payment of the Debt in any order in its discretion. 

(e) The Clearing Account shall not be commingled with other monies held by Borrower, any Affiliate of Borrower or Clearing Bank, except as
provided in clause (xvi) of the definition of “Special Purpose Entity”. 
 (f) Borrower shall not further pledge, assign or
grant any security interest in the Clearing Account or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements, except those naming Lender as the secured
party, to be filed with respect thereto. 
 (g) Borrower shall indemnify Lender and hold Lender harmless from and against any and all
actions, suits, claims, demands, liabilities, losses, damages, obligations and costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses) arising from or in any way connected with the Clearing Account or the
Clearing Account Agreement (unless arising from the gross negligence or willful misconduct of Lender) or the performance of the obligations for which the Clearing Account was established. 

(h) Upon (i) Clearing Bank ceasing to be an Eligible Institution, (ii) the Clearing Account ceasing to be an Eligible Account,
(iii) any resignation by Clearing Bank or termination of the Clearing Account Agreement by Clearing Bank or Lender or (iv) the occurrence and continuance of an Event of Default, Borrower shall, within fifteen (15) days of
Lender’s written request, (A) terminate the existing Clearing Account Agreement, (B) appoint a new Clearing Bank (which such Clearing Bank shall (I) be an Eligible Institution, (II) other than during the continuance of an Event
of Default, be selected by Borrower and approved by Lender and (III) during the continuance of an Event of Default, be selected by Lender), (C) cause such Clearing Bank to open a new Clearing Account (which such account shall be an
Eligible Account) and enter into a new Clearing Account Agreement with Lender on substantially the same terms and conditions as the previous Clearing Account Agreement and (D) send new Tenant Direction Notices and the other notices required
pursuant to the terms hereof relating to such new Clearing Account Agreement and Clearing Account. Borrower constitutes and appoints Lender its true and lawful attorney-in-fact with full power of substitution to complete or undertake any action
required of Borrower under this Section 2.7.1 in the name of Borrower in the event Borrower fails to do the same. Such power of attorney shall be deemed to be a power coupled with an interest and cannot be revoked. 

2.7.2 Cash Management Account. (a) On or about the date hereof, a segregated Eligible Account (the “Cash Management
Account”) shall be established and maintained with Agent in Borrower’s name for the benefit of Lender in accordance with the Cash Management  

  
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Agreement, which Cash Management Account shall be under the sole dominion and control of Lender. Borrower hereby grants to Lender a first priority security interest in the Cash Management Account
and all deposits at any time contained therein and the proceeds thereof and shall take all actions necessary to maintain in favor of Lender a perfected first priority security interest in the Cash Management Account, including filing UCC-1 Financing
Statements and continuations thereof. Lender and Servicer shall have the sole right to make withdrawals from the Cash Management Account and all costs and expenses for establishing and maintaining the Cash Management Account shall be paid by
Borrower. 
 (b) Borrower shall instruct Clearing Bank to transfer on each Business Day during the term of the Loan, all amounts on deposit
in the Clearing Account to the Cash Management Account to be applied in accordance with the Cash Management Agreement. The insufficiency of funds on deposit in the Cash Management Account shall not relieve Borrower from the obligation to make any
payments, as and when due pursuant to this Agreement and the other Loan Documents, and such obligations shall be separate and independent, and not conditioned on any event or circumstance whatsoever. 

(c) All funds on deposit in the Cash Management Account following the occurrence of an Event of Default and Lender’s acceleration of the
Debt or any Bankruptcy Action of Borrower may be applied by Lender in such order and priority as Lender shall determine. 
 (d) Borrower
hereby agrees that Lender may modify the Cash Management Agreement for the purpose of establishing additional sub-accounts in connection with any payments otherwise required under this Agreement and the other Loan Documents and Lender shall provide
notice thereof to Borrower. 
 2.7.3 Payments Received under the Cash Management Agreement. Notwithstanding anything to the
contrary contained in this Agreement or the other Loan Documents, and provided no Event of Default has occurred and is continuing, Borrower’s obligations with respect to the payment of the Monthly Debt Service Payment Amount and amounts
required to be deposited into the Reserve Funds, if any, shall be deemed satisfied to the extent sufficient amounts are deposited in the Cash Management Account to satisfy such obligations pursuant to this Agreement on the dates each such payment is
required, regardless of whether any of such amounts are so applied by Lender. 
 ARTICLE III – CONDITIONS PRECEDENT 

Section 3.1 Conditions Precedent to Closing. The obligation of Lender to make the Loan hereunder is subject to the
fulfillment by Borrower or waiver by Lender of all of the conditions precedent to closing set forth in the application or term sheet for the Loan delivered by Borrower to Lender and the commitment or commitment rider, if any, to the application or
term sheet for the Loan issued by Lender. 

  
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 ARTICLE IV – REPRESENTATIONS AND WARRANTIES 

Section 4.1 Borrower Representations. Subject to the disclosures on Schedule VII attached hereto, Borrower
represents and warrants as of the date hereof that: 
 4.1.1 Organization. Borrower has been duly organized and is validly
existing and in good standing with requisite power and authority to own the Property and to transact the businesses in which it is now engaged. Borrower is duly qualified to do business and is in good standing in the each jurisdiction where it is
required to be so qualified in connection with its businesses and operations, or has made all necessary filings, paid all requisite fees and taken all other required steps to obtain such qualification and will be so qualified following the
completion of certain ministerial, non-discretionary acts by the applicable jurisdiction. Borrower possesses all rights, licenses, permits and authorizations, governmental or otherwise, necessary to entitle it to own the Property and to transact the
businesses in which it is now engaged, and the sole business of Borrower is the ownership, management and operation of the Property. The direct and indirect ownership interests in Borrower are as set forth on the organizational chart attached hereto
as Schedule III. 
 4.1.2 Proceedings. Borrower has taken all necessary action to authorize the execution, delivery and
performance of this Agreement and the other Loan Documents. This Agreement and such other Loan Documents have been duly executed and delivered by or on behalf of Borrower and constitute legal, valid and binding obligations of Borrower enforceable
against Borrower in accordance with their respective terms, except as such enforcement may be limited by (i) bankruptcy, insolvency, fraudulent transfer, reorganization or other similar laws affecting the enforcement of creditors’ rights
generally, and (ii) general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law). 

4.1.3 No Conflicts. The execution, delivery and performance of this Agreement and the other Loan Documents by Borrower will not
conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance (other than pursuant to the Loan Documents) upon any of the property
or assets of Borrower pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, partnership agreement, management agreement or other agreement or instrument to which Borrower is a party or by which the Property or
Borrower’s assets is subject, nor will such action result in any violation of the provisions of any statute or any order, rule or regulation of any Governmental Authority having jurisdiction over Borrower or any of Borrower’s properties or
assets, and any consent, approval, authorization, order, registration or qualification of or with any court or any such Governmental Authority required for the execution, delivery and performance by Borrower of this Agreement or any other Loan
Documents has been obtained and is in full force and effect. 
 4.1.4 Litigation. There are no actions, suits or proceedings
at law or in equity, arbitrations, or governmental investigations by or before any Governmental Authority or other agency now pending, filed, or, to Borrower’s knowledge, threatened against or affecting Borrower, Guarantor, Principal or, to
Borrower’s knowledge, the Property, which actions, suits or proceedings, or governmental investigations, if determined against Borrower, Guarantor, Principal or the Property, would reasonably be expected to materially adversely affect
(a) title to the Property; (b) the validity or enforceability of the Security Instrument; (c) Borrower’s ability to perform their respective obligations, if any, under the Loan; (d) Guarantor’s ability to perform under
the Guaranty and/or the Environmental Indemnity; (e) the use, operation or value of the Property; (f) the principal benefit of the security intended to be provided by the Loan Documents; (g) the current ability of the Property to
generate net cash flow sufficient to service the Loan; or (h) the current principal use of the Property. 

  
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 4.1.5 Agreements. Except for those instruments and agreements set forth as
Permitted Exceptions in the Title Insurance Policy, Borrower is not a party to any agreement or instrument or subject to any restriction which would reasonably be expected to materially and adversely affect Borrower or the Property, or
Borrower’s business, properties or assets, operations or condition, financial or otherwise. To Borrower’s knowledge, Borrower is not in default in any material respect in the performance, observance or fulfillment of any of the
obligations, covenants or conditions contained in any agreement or instrument to which it is a party or by which Borrower or the Property is bound which would reasonably be expected to materially and adversely affect Borrower or the Property, or
Borrower’s business, properties or assets, operations or condition, financial or otherwise. Borrower has no material financial obligation under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which
Borrower is a party or by which Borrower or the Property is otherwise bound, other than (a) obligations incurred in the ordinary course of the operation of the Property and/or as otherwise permitted pursuant to clause (xxiii) of the
definition of “Special Purpose Entity” set forth in Section 1.1 hereof and (b) obligations under the Loan Documents. 

4.1.6 Title. Borrower has good, marketable and insurable fee simple title to the real property comprising part of the Property
and good title to the balance of the Property, free and clear of all Liens whatsoever except the Permitted Encumbrances, such other Liens as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. To the best of
Borrower’s knowledge, the Permitted Encumbrances in the aggregate do not materially and adversely affect the value, operation or use of the Property (as currently used) or Borrower’s ability to repay the Loan. The Security Instrument, when
properly recorded in the appropriate records, together with any Uniform Commercial Code financing statements required to be filed in connection therewith, will create (a) a valid, perfected first priority lien on the Property, subject only to
Permitted Encumbrances and the Liens created by the Loan Documents and (b) perfected security interests in and to, and perfected collateral assignments of, all personalty (including the Leases), all in accordance with the terms thereof, in each
case subject only to any applicable Permitted Encumbrances, such other Liens as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. To Borrower’s actual knowledge after due inquiry, there are no claims for
payment for work, labor or materials affecting the Property which are or may become a Lien prior to, or of equal priority with, the Liens created by the Loan Documents, other than matters insured by the Title Insurance Policy. 

4.1.7 Solvency. Borrower has (a) not entered into this transaction or executed the Note, this Agreement or any other Loan
Documents with the actual intent to hinder, delay or defraud any creditor and (b) received reasonably equivalent value in exchange for its obligations under such Loan Documents. Giving effect to the Loan, the fair saleable value of
Borrower’s assets exceeds and will, immediately following the making of the Loan, exceed Borrower’s total liabilities, including subordinated, unliquidated, disputed and contingent liabilities. The fair saleable value of Borrower’s
assets is and will, immediately following the making of the Loan, be greater than Borrower’s probable liabilities, including the maximum amount of its contingent liabilities on its debts as such debts become absolute and matured.
Borrower’s assets do not and, immediately following the making of the Loan will not, constitute unreasonably small capital to 

  
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carry out its business as conducted or as proposed to be conducted. Borrower does not intend to, and does not believe that it will, incur debt and liabilities (including contingent liabilities
and other commitments) beyond its ability to pay such debt and liabilities as they mature (taking into account the timing and amounts of cash to be received by Borrower and the amounts to be payable on or in respect of obligations of Borrower). No
petition in bankruptcy has been filed against Borrower or any constituent Person in the last seven (7) years, and neither Borrower nor any constituent Person in the last seven (7) years has ever made an assignment for the benefit of
creditors or taken advantage of any insolvency act for the benefit of debtors. Neither Borrower nor any of its constituent Persons are contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or
the liquidation of all or a major portion of Borrower’s assets or property, and Borrower has no knowledge of any Person contemplating the filing of any such petition against it or such constituent Persons. 

4.1.8 Full and Accurate Disclosure. To Borrower’s knowledge, no statement of fact made by Borrower in this Agreement or in
any of the other Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained herein or therein not misleading. There is no material fact presently known to Borrower which
has not been disclosed to Lender which adversely affects, nor as far as Borrower can reasonably foresee, would reasonably be expected to materially adversely affect, the Property or the business, operations or condition (financial or otherwise) of
Borrower. 
 4.1.9 No Plan Assets. Borrower does not sponsor, is not obligated to contribute to, and is not itself an
“employee benefit plan,” as defined in Section 3(3) of ERISA, subject to Title I of ERISA or Section 4975 of the Code, and none of the assets of Borrower constitutes or will constitute “plan assets” of one or more
such plans within the meaning of 29 C.F.R. Section 2510.3-101. In addition, (a) Borrower is not a “governmental plan” within the meaning of Section 3(32) of ERISA and (b) transactions by or with Borrower are not subject
to any state or other statute , regulation or other restriction regulating investments of, or fiduciary obligations with respect to, governmental plans within the meaning of Section 3(32) of ERISA which is similar to the provisions of
Section 406 of ERISA or Section 4975 of the Code and which prohibit or otherwise restrict the transactions contemplated by this Agreement, including the exercise by Lender of any of its rights under the Loan Documents. 

4.1.10 Compliance. Except as disclosed in the zoning information delivered to Lender in connection with the origination of the
Loan (but only to the extent that Borrower has no actual knowledge after due inquiry of any inconsistencies contained therein), Borrower and the Property and the use thereof comply in all material respects with all applicable Legal Requirements,
including, without limitation, building and zoning ordinances and codes. Borrower is not in default or violation of any order, writ, injunction, decree or demand of any Governmental Authority. There has not been committed by Borrower or, to
Borrower’s actual knowledge after due inquiry, any other Person in occupancy of or involved with the operation or use of the Property any act or omission affording the federal government or any other Governmental Authority the right of
forfeiture as against the Property or any part thereof or any monies paid in performance of Borrower’s obligations under any of the Loan Documents. Except as disclosed in the zoning information delivered to Lender in connection with the
origination of the Loan (but only to the extent that Borrower has no actual knowledge after due inquiry of any inconsistencies contained therein), the Improvements at the Property were in material compliance with applicable law on the Closing Date.

  
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 4.1.11 Financial Information. All financial data, including, without limitation,
the statements of cash flow and income and operating expense, that have been delivered to Lender in connection with the Loan (a) are true, complete and correct in all material respects, (b) accurately represent the financial condition of
Borrower and the Property, as applicable, as of the date of such reports, and (c) to the extent prepared or audited by an independent certified public accounting firm, have been prepared in accordance with GAAP (or an Approved Accounting Method
or other basis reasonably acceptable to Lender, consistently applied) throughout the periods covered, except as disclosed therein; provided, however, that if any financial data is delivered to Lender with respect to any Person other than Borrower,
Guarantor or any Affiliate of Borrower or Guarantor, then the foregoing representations with respect to such financial data shall be to the best of Borrower’s knowledge, after due inquiry. Except for Permitted Encumbrances and Indebtedness
otherwise permitted hereby, Borrower does not have any contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments that are known to Borrower and
reasonably likely to have a material adverse effect on the Property or the operation thereof as retail property, except as referred to or reflected in said financial statements. Since the date of such financial statements, there has been no material
adverse change in the financial condition, operations or business of Borrower from that set forth in said financial statements. 
 4.1.12
Condemnation. No Condemnation or other similar proceeding has been commenced or, to Borrower’s best knowledge (except as previously disclosed to Lender in writing), is threatened or contemplated with respect to all or any portion of
the Property or for the relocation of roadways providing access to the Property. 
 4.1.13 Federal Reserve Regulations. No
part of the proceeds of the Loan will be used for the purpose of purchasing or acquiring any “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or for any other purpose which
would be inconsistent with such Regulation U or any other Regulations of such Board of Governors, or for any purposes prohibited by Legal Requirements or by the terms and conditions of this Agreement or the other Loan Documents. 

4.1.14 Utilities and Public Access. The Property has rights of access to public ways and is served by water, sewer, sanitary
sewer and storm drain facilities adequate to service the Property for its respective intended uses. All public utilities necessary or convenient to the full use and enjoyment of the Property are located either in the public right of way abutting the
Property (which are connected so as to serve the Property without passing over other property) or in recorded easements serving the Property and such easements are set forth in and insured by the Title Insurance Policy. All roads necessary for the
use of the Property for its current purposes have been completed and dedicated to public use and accepted by all Governmental Authorities. 

4.1.15 Not a Foreign Person. Borrower is not a “foreign person” within the meaning of §1445(f)(3) of the Code.

  
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 4.1.16 Separate Lots. The Property is comprised of one (1) or more parcels
which constitute a separate tax lot or lots and does not constitute a portion of any other tax lot not a part of the Property. 
 4.1.17
Assessments. There are no pending or, to Borrower’s knowledge, proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there, to the best of Borrower’s knowledge, after due
inquiry, any contemplated improvements to the Property that may result in such special or other assessments for which the Major Tenant is not responsible under the Major Tenant Lease. 

4.1.18 Enforceability. The Loan Documents are enforceable by Lender (or any subsequent holder thereof) in accordance with their
respective terms, subject to principles of equity and bankruptcy, insolvency and other laws generally applicable to creditors’ rights and the enforcement of debtor’s obligations. The Loan Documents are not subject to any right of
rescission, set off, counterclaim or defense by Borrower or Guarantor, including the defense of usury, nor would the operation of any of the terms of the Loan Documents, or the exercise of any right thereunder, render the Loan Documents
unenforceable (subject to principles of equity and bankruptcy, insolvency and other laws generally affecting creditors’ rights and the enforcement of debtors’ obligations), and neither Borrower nor Guarantor has asserted any right of
rescission, set off, counterclaim or defense with respect thereto. 
 4.1.19 No Prior Assignment. There are no prior
assignments of the Leases or any portion of the Rents due and payable or to become due and payable which are presently outstanding. 

4.1.20 Insurance. Borrower (or Major Tenant, as applicable) has obtained and has delivered to Lender certificates of insurance
reflecting the insurance coverages, amounts and other requirements set forth in this Agreement. To the best of Borrower’s knowledge, no claims have been made or are currently pending, outstanding or otherwise remain unsatisfied under any such
Policy, which would materially and adversely affect the value, operation or use of the Property or Borrower’s ability to repay the Loan, and no Person, including Borrower, has done, by act or omission, anything which would impair the coverage
of any such Policy. 
 4.1.21 Use of Property. The Property is used exclusively for retail purposes and other appurtenant and
related uses. 
 4.1.22 Certificate of Occupancy; Licenses. To the best of Borrower’s knowledge after due inquiry, all
certifications, permits, licenses and approvals, including without limitation, certificates of completion and occupancy permits required to be obtained by any Person other than Borrower for the legal use, occupancy and operation of the Property for
retail purposes, have been obtained and are in full force and effect to the extent the failure to do so would reasonably be expected to materially adversely affect Borrower or the continued use and occupancy of the Property. To the best of
Borrower’s knowledge after due inquiry, the use being made of the Property is in conformity with the certificate of occupancy issued for the Property to the extent the failure to do so would reasonably be expected to materially adversely affect
Borrower or the continued use and occupancy of the Property. 

  
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 4.1.23 Flood Zone. None of the Improvements on the Property are located in an area
as identified by the Federal Emergency Management Agency as an area having special flood hazards, or, if so located, the flood insurance required pursuant to Section 6.1(a) is in full force and effect with respect to the Property. 

4.1.24 Physical Condition. Except as disclosed in the Physical Conditions Reports delivered to Lender in connection with the
Loan, to Borrower’s knowledge, the Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems,
equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the
Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same
or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond. 

4.1.25 Boundaries. Except as shown on the Surveys, to Borrower’s knowledge, all of the improvements which were included in
determining the appraised value of the Property lie wholly within the boundaries and building restriction lines of the Property, and to Borrower’s knowledge, no improvements on adjoining properties encroach upon the Property, and no easements
or other encumbrances upon the Property encroach upon any of the Improvements, so as to affect the value or marketability of the Property except those which are insured against by the Title Insurance Policy. 

4.1.26 Leases. The Property is not subject to any leases other than the Daimler Lease. Borrower has delivered to Lender a true,
correct and complete copy of the Daimler Lease. Borrower is the owner and lessor of landlord’s interest in the Daimler Lease. No Person has any possessory interest in the Property or right to occupy the same except under and pursuant to the
provisions of the Daimler Lease. The Daimler Lease is in full force and effect, and, to Borrower’s knowledge after due inquiry, there are no defaults thereunder by either party and there are no conditions that, with the passage of time or the
giving of notice, or both, would constitute defaults thereunder. No Rent has been paid more than one (1) month in advance of its due date. All security deposits are held by Borrower in accordance with applicable law. All work to be performed by
Borrower under the Daimler Lease has been performed as required and has been accepted by Daimler, and any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by Borrower to
Daimler has already been received by Daimler. There has been no prior sale, transfer or assignment, hypothecation or pledge of the Daimler Lease or of the Rents received therein which is outstanding. To Borrower’s knowledge after due inquiry,
Daimler has not assigned the Daimler Lease or sublet all or any portion of the premises demised thereby, Daimler does not hold its leased premises under assignment or sublease, nor does anyone except Daimler (including any subtenants permitted under
its Lease) and its employees occupy such leased premises, other than licensees, concessionaires and similar occupants as permitted under the Daimler Lease. Daimler does not have a right or option pursuant to the Daimler Lease or otherwise to
purchase all or any part of the leased premises or the building of which the leased premises are a part. Daimler does not have any right or option for additional existing space in the Improvements. 

  
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 4.1.27 Survey. To Borrower’s knowledge, the Survey for the Property delivered
to Lender in connection with this Agreement does not fail to reflect any material matter affecting the Property or the title thereto. 

4.1.28 Inventory. Subject to and except as provided in the Lease, Borrower is the owner of all of the Equipment, Fixtures and
Personal Property (as such terms are defined in the Security Instrument) located on or at the Property and shall not lease any Equipment, Fixtures or Personal Property other than as permitted hereunder. 

4.1.29 Filing and Recording Taxes. All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer
taxes required to be paid by any Person under applicable Legal Requirements currently in effect in connection with the acquisition of the Property by Borrower have been paid or are simultaneously being paid. All mortgage, mortgage recording, stamp,
intangible or other similar tax required to be paid by any Person under applicable Legal Requirements currently in effect in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Loan
Documents, including, without limitation, the Security Instrument, have been paid. 
 4.1.30 Special Purpose
Entity/Separateness. 
 (a) Until the Debt has been paid in full, Borrower hereby represents, warrants and covenants that
(i) Borrower has been since its formation, is now, and shall continue to be a Special Purpose Entity and (ii) Principal (if applicable) has been since its formation, is now, and shall continue to be a Special Purpose Entity. 

(b) The representations, warranties and covenants set forth in Section 4.1.30(a) shall survive for so long as any amount remains
payable to Lender under this Agreement or any other Loan Document. 
 (c) Borrower covenants and agrees that Borrower shall provide Lender
with thirty (30) days’ prior written notice prior to the removal of an Independent Director of Borrower. 
 4.1.31
Management Agreement. The Management Agreement is in full force and effect and there is no default thereunder by any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a
default thereunder. 
 4.1.32 Illegal Activity. No portion of the Property has been or will be purchased with proceeds of any
illegal activity. 
 4.1.33 No Change in Facts or Circumstances; Disclosure. All information submitted by and on behalf of
Borrower to Lender and in all financial statements, rent rolls (if any), reports, certificates and other documents submitted in connection with the Loan or in satisfaction of the terms thereof and all statements of fact made by Borrower in this
Agreement or in any other Loan Document, are true, complete and correct in all material respects, provided, however, that if such information was provided to Borrower or on behalf of Borrower by non-affiliated third 

  
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parties, Borrower represents that such information is, to the best of its knowledge after due inquiry, true, complete and correct in all material respects. There has been no material adverse
change in any condition, fact, circumstance or event that would make any such information inaccurate, incomplete or otherwise misleading in any material respect or that otherwise materially and adversely affects or would reasonably be expected to
materially and adversely affect the use, operation or value of the Property or the business operations or the financial condition of Borrower. To the best of Borrower’s knowledge, Borrower has disclosed to Lender all material facts and has not
failed to disclose any material fact that could cause any Provided Information or representation or warranty made herein to be materially misleading. 

4.1.34 Investment Company Act. Borrower is not (a) an “investment company” or a company “controlled” by
an “investment company,” within the meaning of the Investment Company Act of 1940, as amended; (b) a “holding company” or a “subsidiary company” of a “holding company” or an “affiliate” of
either a “holding company” or a “subsidiary company” within the meaning of the Public Utility Holding Company Act of 1935, as amended; or (c) subject to any other federal or state law or regulation which purports to restrict
or regulate its ability to borrow money. 
 4.1.35 Embargoed Person. As of the date hereof and at all times throughout the
term of the Loan, including after giving effect to any Transfers permitted pursuant to the Loan Documents, (a) none of the funds or other assets of Borrower or Guarantor constitute property of, or are beneficially owned, directly or indirectly,
by any Embargoed Person; (b) no Embargoed Person has any interest of any nature whatsoever in Borrower or Guarantor, as applicable, with the result that the investment in Borrower or Guarantor, as applicable (whether directly or indirectly), is
prohibited by law or the Loan is in violation of law; and (c) none of the funds of Borrower or Guarantor, as applicable, have been derived from any unlawful activity with the result that the investment in Borrower or Guarantor, as applicable
(whether directly or indirectly), is prohibited by law or the Loan is in violation of law. Notwithstanding the foregoing, to the extent that an Embargoed Person acquires a non-controlling interest in Borrower, either (1) without the knowledge
of Borrower or Guarantor, through a transaction brokered by a FINRA and SEC registered broker dealer, provided such broker dealer has executed a dealer agreement or selling agreement with Guarantor or an affiliate of Guarantor in which it covenants
to, among other things, comply with The USA PATRIOT Act (or any successor legislation), or (2) without the knowledge of Borrower or Guarantor, after the initial sale or offering of such interests in Borrower, the resulting breach of the
foregoing representations shall be deemed to be unintentional and not willful or grossly negligent for purposes of Section 9.3 hereof. 

4.1.36 Principal Place of Business; State of Organization. Borrower’s principal place of business as of the date hereof is
the address set forth in the introductory paragraph of this Agreement. The Borrower is organized under the laws of the State of Delaware and its organizational identification number is 6667612. Borrower shall not change its principal place of
business set forth in the introductory paragraph of this Agreement without first giving Lender thirty (30) days prior written notice. Borrower shall not change the place of its organization without the prior written consent of Lender, which
consent shall not be unreasonably withheld, conditioned or delayed. Upon Lender’s request, Borrower shall execute and deliver additional financing statements, security agreements and other instruments which may be necessary to effectively
evidence or perfect Lender’s security interest in the Property as a result of such change of principal place of business or place of organization. 

  
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 4.1.37 Environmental Representations and Warranties. Except as otherwise disclosed
by that certain Phase I environmental report (or Phase II environmental report, if required) delivered to Lender by Borrower in connection with the origination of the Loan (such report is referred to below as the “Environmental
Report”), (a) to the best of Borrower’s knowledge after due inquiry, there are no Hazardous Substances or underground storage tanks in, on, or under the Property, except those that are (i) in compliance with Environmental
Laws and with permits issued pursuant thereto (to the extent such permits are required under Environmental Law), and (ii) de-minimis amounts necessary to operate the Property for the purposes set forth in this Loan Agreement which will not
result in an environmental condition in, on or under the Property and which are otherwise permitted under and used in compliance with Environmental Law, (b) to the best of Borrower’s knowledge, there are no past, present or threatened
Releases of Hazardous Substances in, on, under or from the Property which has not been fully remediated in accordance with Environmental Law; (c) to the best of Borrower’s knowledge, there is no threat of any Release of Hazardous
Substances migrating to the Property; (d) to the best of Borrower’s knowledge, there is no past or present non-compliance with Environmental Laws, or with permits issued pursuant thereto (including, but not limited to, the payment of any
fees required in connection therewith), in connection with the Property which has not been fully remediated in accordance with Environmental Law; (e) Borrower does not know of, and has not received, any written or oral notice or other
communication from any Person (including but not limited to a Governmental Authority) relating to Hazardous Substances or Remediation thereof, of possible liability of any Person pursuant to any Environmental Law, other environmental conditions in
connection with the Property, or any actual or potential administrative or judicial proceedings in connection with any of the foregoing; and (f) Borrower has truthfully and fully disclosed to Lender, in writing, any and all information relating
to environmental conditions in, on, under or from the Property that is known to Borrower and has provided to Lender all information that has been requested by Lender relating to Hazardous Substances in, on, under or from the Property and/or to the
environmental condition of the Property, to the extent such is contained in Borrower’s files and records. To Borrower’s actual knowledge based on the Environmental Report delivered to Lender in connection herewith, and except as set forth
in such Environmental Report, no hazardous wastes or toxic substances, as defined by applicable federal, state or local statutes, rules and regulations, have been disposed, stored or treated by any tenant under any Lease on or about the leased
premises nor does Borrower have any knowledge of any tenant’s intention to use its leased premises for any activity which, directly or indirectly, involves the use, generation, treatment, storage, disposal or transportation of any petroleum
product or any toxic or hazardous chemical, material, substance or waste, except in either event, in compliance with applicable federal, state or local statues, rules and regulations. 

4.1.38 Cash Management Account. Borrower hereby represents and warrants to Lender that: 

(a) This Agreement, together with the other Loan Documents, create a valid and continuing security interest (as defined in the Uniform
Commercial Code) in the Clearing Account and Cash Management Account in favor of Lender, which security interest is prior to all 

  
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other Liens, other than Permitted Encumbrances, and is enforceable as such against creditors of and purchasers from Borrower. Other than in connection with the Loan Documents and except for
Permitted Encumbrances, Borrower has not sold, pledged, transferred or otherwise conveyed the Clearing Account or Cash Management Account; 

(b) Each of the Clearing Account and Cash Management Account constitutes a “deposit account” or “securities account” within
the meaning of the Uniform Commercial Code); 
 (c) Pursuant and subject to the terms hereof and the other applicable Loan Documents, the
Clearing Bank and Agent have agreed to comply with all instructions originated by Lender, without further consent by Borrower, directing disposition of the Clearing Account and Cash Management Account and all sums at any time held, deposited or
invested therein, together with any interest or other earnings thereon, and all proceeds thereof (including proceeds of sales and other dispositions), whether accounts, general intangibles, chattel paper, deposit accounts, instruments, documents or
securities; 
 (d) The Clearing Account and Cash Management Account are not in the name of any Person other than Borrower, as pledgor, or
Lender, as pledgee. Borrower has not consented to the Clearing Bank and Agent complying with instructions with respect to the Clearing Account and Cash Management Account from any Person other than Lender; and 

(e) The Property is not subject to any cash management system (other than pursuant to the Loan Documents), and any and all existing tenant
instruction letters issued in connection with any previous financing have been duly terminated prior to the date hereof. 

Section 4.2 Survival of Representations. Borrower agrees that all of the representations and warranties of Borrower set
forth in Section 4.1 hereof and elsewhere in this Agreement and in the other Loan Documents, as to their accuracy on the date hereof, shall survive for so long as any amount remains owing to Lender under this Agreement or any of the
other Loan Documents by Borrower. All representations, warranties, covenants and agreements made in this Agreement or in the other Loan Documents by Borrower shall be deemed to have been relied upon by Lender notwithstanding any investigation
heretofore or hereafter made by Lender or on its behalf. 
 ARTICLE V – BORROWER COVENANTS 

Section 5.1 Affirmative Covenants. From the date hereof and until payment and performance in full of all obligations of
Borrower under the Loan Documents or the earlier release of the Lien of the Security Instrument (and all related obligations) in accordance with the terms of this Agreement and the other Loan Documents, Borrower hereby covenants and agrees with
Lender that: 
 5.1.1 Existence; Compliance with Legal Requirements. Borrower shall do or cause to be done all things
necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises and comply with all Legal Requirements applicable to it and the Property, including, without limitation, building and zoning codes
and certificates of occupancy. There shall never be committed by Borrower, and Borrower shall never permit any other Person in occupancy of or involved with the operation or use of the Property to commit any 

  
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act or omission affording the federal government or any state or local government the right of forfeiture against the Property or any part thereof or any monies paid in performance of
Borrower’s obligations under any of the Loan Documents. Borrower hereby covenants and agrees not to commit, permit or suffer to exist any act or omission affording such right of forfeiture. Borrower shall at all times maintain, preserve and
protect all franchises and trade names and preserve all the remainder of its property used or useful in the conduct of its business and shall keep the Property in good working order and repair, and from time to time make, or cause to be made, all
reasonably necessary repairs, renewals, replacements, betterments and improvements thereto, all as more fully provided in the Loan Documents, subject to the rights of the Major Tenant under the Major Tenant Lease. Borrower shall keep (or cause to be
kept) the Property insured at all times by financially sound and reputable insurers, to such extent and against such risks, and maintain liability and such other insurance, as is more fully provided in this Agreement. Borrower shall from time to
time, upon Lender’s request, provide Lender with evidence reasonably satisfactory to Lender that the property complies with all Legal Requirements or is exempt from compliance with Legal Requirements. Borrower shall give prompt notice to Lender
of the receipt by Borrower of any notice related to a violation of any Legal Requirements and of the commencement of any proceedings or investigations which relate to compliance with Legal Requirements. Borrower or Major Tenant, at its own expense,
may contest by appropriate legal proceeding promptly initiated and conducted in good faith and with due diligence, the validity of any Legal Requirement, the applicability of any Legal Requirement to Borrower or the Property or any alleged violation
of any Legal Requirement, provided that (i) such proceeding shall be permitted under and be conducted in accordance with the provisions of any instrument to which Borrower is subject and shall not constitute a default thereunder and such
proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (ii) neither the Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost;
(iii) if Borrower is the party contesting, Borrower shall provide to Lender notice of such contest concurrently with its notice to the governmental body or instrumentality to which the contest is directed; (iv) Borrower or Major Tenant
shall promptly upon final determination thereof comply with any such Legal Requirement determined to be valid or applicable or cure any violation of any Legal Requirement; (v) such proceeding shall suspend the enforcement of the contested Legal
Requirement against Borrower or the Property; and (vi) Borrower or Major Tenant shall furnish such security as may be required in the proceeding to insure compliance with such Legal Requirement, together with all interest and penalties payable
in connection therewith. Lender may apply any such security, as necessary to cause compliance with such Legal Requirement at any time when, in the reasonable judgment of Lender, the validity, applicability or violation of such Legal Requirement is
finally established or the Property (or any part thereof or interest therein) shall be in danger of being sold, forfeited, terminated, cancelled or lost. 

5.1.2 Taxes and Other Charges. 

(a) Borrower shall pay or cause to be paid all Taxes and Other Charges now or hereafter levied or assessed or imposed against the Property or
any part thereof as the same become due and payable: provided, however, Borrower’s obligation to directly pay Taxes shall be suspended for so long as Borrower complies with the terms and provisions of Section 7.2 hereof, or the Daimler
Lease is in full force and effect and Daimler complies with its obligations thereunder to pay such Taxes (subject to any notice and cure periods under the Daimler Lease). 

  
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If the Daimler Lease no longer is in effect, Borrower shall deliver or cause to be delivered to Lender receipts for payment or other evidence that the Taxes and Other Charges have been so paid or
are not then delinquent no later than ten (10) days prior to the date on which the Taxes and/or Other Charges would otherwise be delinquent if not paid (provided, however, Borrower is not required to furnish such receipts for payment of Taxes
in the event that such Taxes have been paid by Lender pursuant to Section 7.2 hereof). Borrower shall not suffer and shall promptly cause to be paid and discharged any Lien or charge whatsoever which may be or become a Lien or charge against
the Property (subject to the rights of the Major Tenant under the Major Tenant Lease to contest the same), and shall promptly pay for all utility services provided to the Property. 

(b) Borrower or Major Tenant, at its own expense, may contest by appropriate legal proceeding, promptly initiated and conducted in good faith
and with due diligence, the amount or validity or application in whole or in part of any Liens, Taxes or Other Charges, provided that (i) if the Major Tenant Lease is no longer in effect, Borrower shall provide prior written notice of any such
contest to Lender; (ii) such proceeding shall be permitted under and be conducted in accordance with the provisions of any other instrument to which Borrower is subject and shall not constitute a default thereunder and such proceeding shall be
conducted in accordance with all applicable statutes, laws and ordinances; (iii) neither the Property nor any part thereof or interest therein will be in imminent danger of being sold, forfeited, terminated, cancelled or lost;
(iv) Borrower or Major Tenant shall promptly upon final determination thereof pay the amount of any such Liens, Taxes or Other Charges, together with all costs, interest and penalties which may be payable in connection therewith; (v) such
proceeding shall suspend the collection of such contested Liens, Taxes or Other Charges from the Property; and (vi) Borrower or Major Tenant shall furnish such security as may be required in the proceeding to insure the payment of any such
Liens, Taxes or Other Charges, together with all interest and penalties thereon. Lender may pay over any such cash deposit or part thereof held by Lender to the claimant entitled thereto at any time when, in the reasonable judgment of Lender, the
entitlement of such claimant is established or the Property (or part thereof or interest therein) shall be in imminent danger of being sold, forfeited, terminated, cancelled or lost or there shall be any danger of the Lien of the Security Instrument
being primed by any related Lien. 
 (c) If at any time, Lender determines that Taxes have not been paid and the Property or any part thereof
or interest therein will be in imminent danger of being sold, Lender shall have the right, without notice to Borrower, to take such action as Lender deems necessary to protect its interest in the Property, including, without limitation, payment of
such Taxes. All amounts incurred by Lender in connection with such action or in paying such Taxes shall be paid by Borrower to Lender upon demand and, until paid, shall be secured by the Security Instrument and shall bear interest at the Default
Rate. 
 5.1.3 Litigation. Borrower shall give prompt written notice to Lender of any litigation or governmental proceedings
pending or threatened against Borrower or Guarantor which might materially adversely affect Borrower’s or Guarantor’s condition (financial or otherwise) or business or the Property. 

  
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 5.1.4 Access to Property. Borrower shall permit agents, representatives and
employees of Lender to inspect the Property or any part thereof at reasonable hours upon reasonable advance notice, subject to the rights of Tenants under their respective Leases. 

5.1.5 Notice of Default. Borrower shall promptly advise Lender of the occurrence of any Default or Event of Default of which
Borrower has knowledge. 
 5.1.6 Cooperate in Legal Proceedings. Borrower shall cooperate fully with Lender with respect to
any proceedings before any court, board or other Governmental Authority which may in any way affect the rights of Lender hereunder or any rights obtained by Lender under any of the other Loan Documents and, in connection therewith, permit Lender, at
its election, to participate in any such proceedings. 
 5.1.7 Perform Loan Documents. Borrower shall observe, perform and
satisfy all the terms, provisions, covenants and conditions of, and shall pay when due all costs, fees and expenses to the extent required under the Loan Documents executed and delivered by, or applicable to, Borrower. 

5.1.8 Award and Insurance Benefits. Subject to the terms of the Major Tenant Lease, Borrower shall cooperate with Lender in
obtaining for Lender the benefits of any Awards or Insurance Proceeds lawfully or equitably payable in connection with the Property, and Lender shall be reimbursed for any expenses incurred in connection therewith (including reasonable
attorneys’ fees and disbursements, and the payment by Borrower of the expense of an appraisal on behalf of Lender in case of Casualty or Condemnation (if such Casualty or Condemnation exceeds the Materiality Threshold or Lender otherwise
determines that an appraisal is required to comply with applicable REMIC rules or regulations) affecting the Property or any part thereof) out of such Insurance Proceeds. 

5.1.9 Further Assurances. Borrower shall, at Borrower’s sole cost and expense (except as otherwise provided herein): 

(a) furnish to Lender all instruments, documents, boundary surveys, footing or foundation surveys, certificates, plans and specifications,
appraisals (to the extent required by applicable REMIC rules on regulations), title and other insurance reports and agreements, and each and every other document, certificate, agreement and instrument required to be furnished by Borrower pursuant to
the terms of the Loan Documents or which are reasonably requested by Lender in connection therewith; 
 (b) execute and deliver to Lender
such documents, instruments, certificates, assignments and other writings, and do such other acts necessary or desirable, to evidence, preserve or protect the collateral at any time securing or intended to secure the obligations of Borrower under
the Loan Documents, as Lender may reasonably require; and 
 (c) do and execute all and such further lawful and reasonable acts, conveyances
and assurances for the better and more effective carrying out of the intents and purposes of this Agreement and the other Loan Documents, as Lender shall reasonably require from time to time. 

  
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 Notwithstanding the foregoing, however, Borrower shall have no obligation to take any actions or execute any
documents pursuant to this Section 5.1.9, which (i) increase Borrower’s or Guarantor’s obligations, (ii) diminish their respective rights, (iii) otherwise adversely affect Borrower, Guarantor or any Affiliate of
Borrower, except (in each case) to a de minimis extent, or (iv) would constitute a default by Borrower, as landlord, under the Major Tenant Lease. 

5.1.10 Principal Place of Business, State of Organization. Borrower will not cause or permit any change to be made in its name,
identity (including its trade name or names), place of organization or formation (unless otherwise permitted hereunder) unless Borrower shall have first notified Lender in writing of such change at least thirty (30) days prior to the effective
date of such change, and shall have first taken all action required by Lender for the purpose of perfecting or protecting the lien and security interests of Lender pursuant to this Agreement, and the other Loan Documents and, in the case of a change
in Borrower’s entity type, without first obtaining the prior written consent of Lender, which consent may be given or denied in Lender’s sole discretion (unless otherwise permitted hereunder). Upon Lender’s request, Borrower shall, at
Borrower’s sole cost and expense, execute and deliver additional security agreements and other instruments which may be necessary to effectively evidence or perfect Lender’s security interest in the Property as a result of such change of
principal place of business or place of organization. Borrower’s principal place of business and chief executive office, and the place where Borrower keeps its books and records, including recorded data of any kind or nature, regardless of the
medium or recording, including software, writings, plans, specifications and schematics, has been for the preceding four months (or, if less, the entire period of the existence of Borrower) and will continue to be the address of Borrower set forth
at the introductory paragraph of this Agreement (unless Borrower notifies Lender in writing at least thirty (30) days prior to the date of such change). Borrower shall promptly notify Lender of any change in its organizational identification
number. If Borrower does not now have an organizational identification number and later obtains one, Borrower promptly shall notify Lender of such organizational identification number. 

5.1.11 Financial Reporting. (a) Borrower will keep and maintain or will cause to be kept and maintained on a Fiscal Year
basis, in accordance with the requirements for a Special Purpose Entity set forth herein and in accordance with an Approved Accounting Method (or another accounting basis reasonably acceptable to Lender, consistently applied) proper and accurate
books, records and accounts reflecting all of the financial affairs of Borrower and all items of income and expense in connection with the operation of the Property. Lender shall have the right from time to time at all times during normal business
hours upon reasonable notice to examine such books, records and accounts at the office of Borrower or any other Person maintaining such books, records and accounts and to make such copies or extracts thereof as Lender shall desire. After the
occurrence and during the continuance of an Event of Default, Borrower shall pay any costs and expenses incurred by Lender to examine Borrower’s accounting records with respect to the Property, as Lender shall reasonably determine to be
necessary or appropriate in the protection of Lender’s interest. 
 (b) Borrower shall furnish, or cause to be furnished, to Lender
annually, within ninety (90) days following the end of each Fiscal Year, annual financial statements of Borrower, certified by an officer of Borrower (but not audited) and prepared in accordance with an Approved Accounting Method (or another
accounting basis reasonably acceptable to Lender, 

  
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consistently applied) covering the Property on a combined basis for such Fiscal Year, together with, upon Lender’s request, certified financial statements relating to the Property. Such
financial statements for the Property for such Fiscal Year shall contain statements of profit and loss for the Borrower and the Property and a balance sheet for the Borrower (which shall reflect the book value of the Property based on its allocated
purchase price, and will not reflect depreciation). Such statements shall set forth the financial condition and the results of Borrower’s operations for the Property for such Fiscal Year, and shall include, but not be limited to, amounts
representing annual Net Cash Flow, Net Operating Income, Gross Income from Operations and Operating Expenses. 
 (c) Borrower will furnish,
or cause to be furnished, to Lender on or before sixty (60) days after the end of each calendar quarter ending in March, June and September the following items, accompanied by an Officer’s Certificate stating that such items are true,
correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrower and the Property (subject to normal year-end adjustments) as applicable: (i) quarterly and year-to-date operating statements
(including Capital Expenditures) prepared for each calendar quarter, noting Net Operating Income, Gross Income from Operations, and Operating Expenses and other information necessary and sufficient to fairly represent the financial position and
results of operation of the Property during such calendar quarter, and containing a comparison of budgeted income and expenses and the actual income and expenses together with a detailed explanation of any variances of five percent (5%) or
more between budgeted and actual amounts for such periods, all in form satisfactory to Lender; and (ii) a calculation reflecting the annual Debt Service Coverage Ratio for the immediately preceding three (3) month period as of the last day
of such period. In addition, such certificate shall also be accompanied by an Officer’s Certificate stating that the representations and warranties of Borrower set forth in Section 4.1.30(a) are true and correct as of the date of
such certificate. 
 (d) For the partial year period commencing on the date hereof and for each Fiscal Year thereafter, Borrower shall submit
to Lender an Annual Budget not later than forty-five (45) days prior to the commencement of such period or Fiscal Year in form reasonably satisfactory to Lender; provided, that if no Event of Default or Cash Sweep Event then exists, Borrower
shall only be required to submit an Annual Budget upon Lender’s request, and shall have an additional sixty (60) days (i.e., for thirty (30) days after the commencement of such period or Fiscal Year) within which to submit the Annual
Budget. During a Cash Sweep Period, the Annual Budget shall be subject to Lender’s written approval (each such Annual Budget, an “Approved Annual Budget”) not to be unreasonably withheld or conditioned. Until the approval of
any such submitted Annual Budget, the Annual Budget for the immediately preceding period or Fiscal Year shall be utilized for all purposes set forth herein. Borrower’s written request for such approval shall be delivered together with such
materials reasonably requested by Lender in order to evaluate such request (it being acknowledged and agreed that no request for consent shall be effective unless and until such materials have been delivered to Lender) and shall conspicuously state,
in large bold type, that “PURSUANT TO SECTION 5.1.11(d) OF THE LOAN AGREEMENT, THIS IS A REQUEST FOR LENDER’S CONSENT. THE PROPOSED ANNUAL BUDGET SHALL BE DEEMED APPROVED IF LENDER DOES NOT RESPOND TO THE CONTRARY WITHIN FIFTEEN
(15) DAYS’ OF LENDER’S RECEIPT OF THIS WRITTEN NOTICE”. In the event that Lender fails to approve or disapprove the foregoing written request within such fifteen (15) day period, then Lender’s

  
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consent shall be deemed to have been granted. In the event that Lender objects to a proposed Annual Budget submitted by Borrower, Lender shall advise Borrower of such objections within fifteen
(15) days after receipt thereof (and deliver to Borrower a reasonably detailed description of such objections) and Borrower shall promptly revise such Annual Budget and resubmit the same to Lender. Such notice shall conspicuously state, in
large bold type, that “PURSUANT TO SECTION 5.1.11(d) OF THE LOAN AGREEMENT, THIS IS A REQUEST FOR LENDER’S CONSENT. THE PROPOSED ANNUAL BUDGET SHALL BE DEEMED APPROVED IF LENDER DOES NOT RESPOND TO THE CONTRARY WITHIN TEN
(10) DAYS’ OF LENDER’S RECEIPT OF THIS WRITTEN NOTICE”. In the event that Lender fails to approve or disapprove the second written request within such ten (10) day period, then Lender’s consent shall be deemed to
have been granted. Lender shall advise Borrower of any objections to such revised Annual Budget within ten (10) days after receipt thereof (and deliver to Borrower a reasonably detailed description of such objections) and Borrower shall
promptly revise and resubmit the same to Lender until Lender approves the Annual Budget. During a Cash Sweep Period, until such time that Lender approves a proposed Annual Budget (or such proposed Annual Budget is deemed approved pursuant to this
Section 5.1.11(d)), the most recently Approved Annual Budget shall apply; provided, that, such Approved Annual Budget shall be adjusted to reflect actual increases in Taxes, Insurance Premiums and Other Charges and utility
expenses. 
 (e) During a Cash Sweep Period, in the event that Borrower must incur an extraordinary operating expense or capital expense not
set forth in the Approved Annual Budget (each, an “Extraordinary Expense”), then Borrower shall promptly deliver to Lender a reasonably detailed explanation of such proposed Extraordinary Expense for Lender’s approval, not to
be unreasonably withheld or conditioned. Borrower’s written request therefor shall be delivered together with such materials reasonably requested by Lender in order to evaluate such request (it being acknowledged and agreed that no request for
consent shall be effective unless and until such materials have been delivered to Lender) and shall conspicuously state, in large bold type, that “PURSUANT TO SECTION 5.1.11(e) OF THE LOAN AGREEMENT, THIS IS A REQUEST FOR LENDER’S
CONSENT. THIS REQUEST SHALL BE DEEMED APPROVED IF LENDER DOES NOT RESPOND TO THE CONTRARY WITHIN TEN (10) DAYS’ OF LENDER’S RECEIPT OF THIS WRITTEN NOTICE”. In the event that Lender fails to approve or disapprove the
foregoing written request within such ten (10) day period, then Lender’s consent shall be deemed to have been granted. Notwithstanding the foregoing, this Section 5.1.11(e) does not impose on Lender any obligation to disburse
any funds if an Event of Default then exists. 
 (f) Borrower shall furnish to Lender, within ten (10) Business Days after request (or
as soon thereafter as may be reasonably possible), such further detailed information with respect to the operation of the Property and the financial affairs of Borrower as may be reasonably requested by Lender (to the extent such financial and sales
information is required to be provided under the applicable Lease and same is received by Borrower after request therefor). 
 (g) Borrower
shall deliver to Lender, within ten (10) Business Days after Lender’s request (or as soon thereafter as may be reasonably possible), financial and sales information from each Tenant (to the extent such financial and sales information is
required to be provided under the applicable Lease and same is received by Borrower after request therefor). 

  
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 (h) [intentionally omitted]. 

(i) Any reports, statements or other information required to be delivered under this Agreement shall be delivered (i) in electronic form
or (ii) in any other format reasonably requested by Lender. Borrower agrees that Lender may disclose information regarding the Property and Borrower that is provided to Lender pursuant to this Section 5.1.11(i) in connection with
the Securitization to such parties requesting such information in connection with such Securitization. 
 (j) Notwithstanding anything to the
contrary contained in this Section 5.1.11 to the contrary, Lender acknowledges and agrees that for so long as the Daimler Lease is in full force and effect, financial statements or other information related solely to Daimler’s operation of
the Daimler Premises will be provided to Lender by Borrower only to the extent such reporting is received by, or made available to, Borrower. 

5.1.12 Business and Operations. Borrower will continue to engage in its business as presently conducted. Borrower will qualify
to do business and will remain in good standing under the laws of the jurisdiction of its formation as and to the extent the same are required for the ownership, maintenance, management and operation of the Property. Borrower shall at all times
during the term of the Loan, continue to own the Personal Property that it owns as of the date hereof, if any, which are necessary to operate the Property in the manner required hereunder and in the manner in which it is currently operated. 

5.1.13 Title to the Property. Borrower shall warrant and defend (a) the title to the Property and every part thereof,
subject only to Liens permitted hereunder (including Permitted Encumbrances) and (b) the validity and priority of the Lien of the Security Instrument, subject only to Liens permitted hereunder (including Permitted Encumbrances), in each case
against the claims of all Persons whomsoever. Borrower shall reimburse Lender for any losses, costs, damages or expenses (including reasonable attorneys’ fees and expenses) incurred by Lender if an interest in the Property, other than as
permitted hereunder, is claimed by another Person. 
 5.1.14 Costs of Enforcement. In the event (a) that the Security
Instrument is foreclosed in whole or in part or that the Security Instrument is put into the hands of an attorney for collection, suit, action or foreclosure, (b) of the foreclosure of any mortgage prior to or subsequent to the Security
Instrument in which proceeding Lender is made a party, or (c) of the bankruptcy, insolvency, rehabilitation or other similar proceeding in respect of Borrower or any of its constituent Persons or an assignment by Borrower or any of its
constituent Persons for the benefit of its creditors, Borrower, its successors or assigns, shall be chargeable with and agrees to pay all costs of collection and defense, including reasonable attorneys’ fees and expenses, incurred by Lender or
Borrower in connection therewith and in connection with any appellate proceeding or post judgment action involved therein, together with all required service or use taxes. 

5.1.15 Estoppel Statement. 

(a) After request by Lender, Borrower shall within ten (10) days furnish Lender with a statement, duly acknowledged and certified, setting
forth (i) the original principal amount of 

  
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the Note, (ii) the unpaid principal amount of the Note, (iii) the Applicable Interest Rate of the Note, (iv) the date installments of interest and/or principal were last paid,
(v) any offsets or defenses to the payment of the Debt, if any, claimed by Borrower, and (vi) that the Note, this Agreement, the Security Instrument and the other Loan Documents have not been modified or if modified, giving particulars of
such modification. 
 (b) Borrower shall use commercially reasonable efforts to deliver to Lender upon request, tenant estoppel certificates
from each commercial Tenant leasing space at the Property in form and substance reasonably satisfactory to Lender provided that Borrower shall not be required to use such efforts to deliver such certificates more frequently than one (1) time in
any calendar year, unless an Event of Default then exists and an estoppel signed by the Major Tenant in the form of the estoppel attached as an exhibit or otherwise described in the Major Tenant Lease shall satisfy this requirement. 

(c) Within thirty (30) days of a written request by Borrower, Lender shall deliver to Borrower a statement setting forth the items
described at (a)(i), (ii), (iii), and (iv) of this Section 5.1.15, provided that Lender shall not be required to deliver such certificates more frequently than once in any calendar year. 

5.1.16 Loan Proceeds. Borrower shall use the proceeds of the Loan received by it on the Closing Date only for the purposes set
forth in Section 2.1.4 hereof. 
 5.1.17 Performance by Borrower. Borrower shall in a timely manner observe,
perform and fulfill each and every covenant, term and provision of each Loan Document executed and delivered by, or applicable to, Borrower, and shall not enter into or otherwise suffer or permit any amendment, waiver, supplement, termination or
other modification of any Loan Document executed and delivered by, or applicable to, Borrower without the prior written consent of Lender. 

5.1.18 Confirmation of Representations. Borrower shall deliver, in connection with any Securitization, one (1) or more
Officer’s Certificates certifying as to the accuracy of all representations made by Borrower in the Loan Documents as of the date of the closing of such Securitization in all relevant jurisdictions (subject to any matters set forth on an
updated Schedule VII that will also be provided at such time). 
 5.1.19 Environmental Covenants. Subject to
pre-existing matters described in the Phase I Environmental Report for the Property delivered to Lender prior to the date hereof, if any (a) Borrower covenants and agrees that: (i) all uses and operations on or of the Property, whether by
Borrower or any other person or entity, shall be in compliance with all Environmental Laws and permits issued pursuant thereto; (ii) there shall be no Releases of Hazardous Substances in, on, under or from the Property; (iii) there shall
be no Hazardous Substances in, on, or under the Property, except those that are (A) in compliance with all Environmental Laws and with permits issued pursuant thereto, and (B) in de-minimis amounts necessary to operate the Property for the
purposes set forth in the Loan Agreement which will not result in an environmental condition in, on or under the Property and which are otherwise permitted under and used in compliance with Environmental Law; (iv) subject to a right to contest
under applicable environmental law, provided any such contest stays any enforcement 

  
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proceeding by the applicable authority, Borrower shall keep the Property free and clear of all liens and other encumbrances imposed pursuant to any Environmental Law, whether due to any act
or omission of Borrower or any other person or entity (the “Environmental Liens”); (v) Borrower shall, at its sole cost and expense, fully and expeditiously cooperate in all activities pursuant to subsection (b) below,
including but not limited to providing all relevant information and making knowledgeable persons available for interviews; (vi) Borrower shall, at its sole cost and expense, perform any environmental site assessment or other investigation of
environmental conditions in connection with the Property, pursuant to any reasonable written request of Lender made in the event that Lender has a good faith reason to believe based upon credible evidence or information that an environmental hazard
exists on or affects the Property (including but not limited to sampling, testing and analysis of soil, water, air, building materials, and other materials and substances whether solid, liquid or gas), and share with Lender the reports and other
results thereof, and Lender and other Indemnified Parties shall be entitled to rely on such reports and other results thereof; (vii) Borrower shall, at its sole cost and expense, comply with all reasonable written requests of Lender made in the
event that Lender has a good faith reason to believe based on credible evidence or information that an environmental hazard exists on or affects the Property to (A) reasonably effectuate Remediation of any condition (including but not limited
to a Release of a Hazardous Substance) in, on, under or from the Property pursuant to and in accordance with the applicable law; (B) comply with any Environmental Law; (C) comply with any directive from any Governmental Authority; and
(D) take any other reasonable action necessary or appropriate for protection of human health or the environment as a result of or relating to an environmental hazard at the Property, pursuant to and in accordance with applicable law;
(viii) Borrower shall not do or knowingly allow any tenant or other user of the Property to do any act that materially increases the dangers to human health or the environment, poses an unreasonable risk of harm to any Person (whether on or off
the Property), impairs or may impair the value of the Property, is contrary to any requirement of any insurer, involves Hazardous Substances or an environmental condition and constitutes a public or private nuisance, involves Hazardous Substances or
an environmental condition and constitutes waste, or involves Hazardous Substances or an environmental condition and constitutes and violates any covenant, condition, agreement or easement applicable to the Property; (ix) upon actual knowledge
of the same, Borrower shall immediately notify Lender in writing of (A) any presence or Releases or threatened Releases of Hazardous Substances in, on, under, from or migrating towards the Property; (B) any non-compliance with any
Environmental Laws related in any way to the Property; (C) any actual or potential Environmental Lien; (D) any required or proposed Remediation of environmental conditions relating to the Property; and (E) any written or oral notice
or other communication of which any Borrower becomes aware from any source whatsoever (including but not limited to a governmental entity) relating in any way to Hazardous Substances or Remediation thereof, possible liability of any Person pursuant
to any Environmental Law, other environmental conditions in connection with the Property, or any actual or potential administrative or judicial proceedings in connection with anything referred to in this Section; (x) Borrower shall not install,
use, generate, manufacture, store, treat, release or dispose of, nor knowingly permit the installation, use, generation, storage, treatment, release or disposal of, any Hazardous Substances (except de-minimis amounts necessary to operate the
Property for the purposes set forth in the Loan Agreement which will not result in an environmental condition in, on or under the Property and which are otherwise permitted under and used in compliance with Environmental Law) on, under or about the
Property, and all uses  

  
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and operations on or of the Property, whether by Borrower or any other person or entity, shall be in compliance with all Environmental Laws and permits issued pursuant thereto; (xi) Borrower
shall not make any change in the use or condition of the Property which (A) might lead to the presence on, under or about the Property of any Hazardous Substances which is not in accordance with any applicable Environmental Law, or
(B) would require, under any applicable Environmental Law, notice be given to or approval be obtained from any governmental agency in the event of a transfer of ownership or control of the Property, in each case without the prior written
consent of Lender; (xii) Borrower shall not consent to or otherwise allow any Institutional Control on or to affect the Property without Lender’s prior written consent; and (xiii) Borrower shall take all acts necessary to preserve its
status, if applicable, as an “innocent landowner,” “contiguous property owner,” or “prospective purchaser” as to the Property and as those terms are defined in CERCLA; provided, however, that this covenant does not
limit or modify any of Borrower’s other duties or obligations under this Agreement. 
 (b) Subject to the rights of the tenants, and
any limitations imposed under the Leases, in the event that Lender has reason to believe that an environmental hazard exists on the Property that may, in Lender’s sole discretion, endanger any Tenants or other occupants of the Property or their
guests or the general public, or may materially and adversely affect the value of the Property, upon reasonable notice from Lender, Borrower shall, at Borrower’s expense, promptly cause an engineer or consultant satisfactory to Lender to
conduct an environmental assessment or audit (the scope of which shall be determined in Lender’s sole and absolute discretion) and take any samples of soil, groundwater or other water, air, or building materials or any other invasive testing
requested by Lender and promptly deliver the results of any such assessment, audit, sampling or other testing; provided, however, if such results are not delivered to Lender within a reasonable period or if Lender has reason to believe that an
environmental hazard exists on the Property that, in Lender’s sole judgment, endangers any Tenant or other occupant of the Property or their guests or the general public or may materially and adversely affect the value of the Property, upon
reasonable notice to Borrower, Lender and any other Person designated by Lender, including but not limited to any receiver, any representative of a governmental entity, and any environmental consultant, shall have the right, but not the obligation,
to enter upon the Property at all reasonable times to assess any and all aspects of the environmental condition of the Property and its use, including but not limited to conducting any environmental assessment or audit (the scope of which shall be
determined in Lender’s sole and absolute discretion) and taking samples of soil, groundwater or other water, air, or building materials, and reasonably conducting other invasive testing. Borrower shall cooperate with and provide Lender and any
such Person designated by Lender with access to the Property. 
 (c) Borrower shall promptly perform all necessary remedial work in response
to the presence of any Hazardous Substances on the Property, any violation of any Environmental Laws, or any claims or requirements made by any governmental agency or authority in each case subject to and in accordance with applicable law. All such
work shall be conducted by licensed and reputable contractors pursuant to written plans approved by the agency or authority in question (if applicable), under proper permits and licenses (if applicable) and with such insurance coverage as is
customarily maintained by prudent property owners in similar situations. If the cost of the work to be done by Borrower (as opposed to Major Tenant) exceeds $250,000, then Lender shall have the right of prior approval over the environmental
contractor and plans, which shall not be unreasonably withheld or delayed. All costs and expenses of the 

  
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remedial work shall be promptly paid by Borrower. In the event Borrower fails to undertake the remedial work, or fails to complete the same within a reasonable time period after the same is
undertaken, and if Lender is of the good faith opinion that Lender’s security in the Property is jeopardized thereby, then Lender shall have the right to undertake or complete the remedial work itself. In such event all costs of Lender in doing
so, including all fees and expenses of environmental consultants, engineers, attorneys, accountants and other professional advisors, shall become a part of the Loan and shall be due and payable from Borrower upon demand. Such amount shall be secured
by the Loan Documents, and failure to pay the same shall be an Event of Default under the Loan Documents. In the event any Hazardous Substances are removed from the Property, either by Borrower or Lender, the number assigned by the United States
Environmental Protection Agency to such Hazardous Substances shall be solely in the name of Borrower (or Major Tenant, as required by Environmental Law), and Borrower (or Major Tenant, as required by Environmental Law) shall have any and all
liability for such removed Hazardous Substances. 
 5.1.20 Leasing Matters. 

(a) All Leases and all renewals of Leases executed after the date hereof shall (i) provide for economic terms, including rental rates,
comparable to existing local market rates for similar properties, (ii) be on commercially reasonable terms, (iii) have a term of not less than five (5) years (unless Lender approves in writing a shorter term), (iv) have a term of
not more than fifteen (15) years, including all extensions and renewals (unless Lender approves in writing a longer term), (v) provide that such Lease is subordinate to the Security Instrument and the Assignment of Leases and that the
Tenant thereunder will attorn to Lender and any purchaser at a foreclosure sale, (vi) be with Tenants that are creditworthy as determined by Borrower in the exercise of prudent property management practices, (vii) be written substantially
in accordance with a standard form of Lease which shall have been approved in writing by Lender (subject to any commercially reasonable changes made in the course of negotiations with the applicable Tenant), (viii) not be with any Affiliate of
Borrower, Guarantor or Manager, (ix) is not a Major Lease and (ix) not contain any option to purchase, any right of first option to purchase, any right of first refusal to purchase, any right to terminate, any requirement for a
non-disturbance or recognition agreement, or any other terms which are reasonably likely to materially adversely affect Lender’s rights under the Loan Documents; provided that, in connection with extensions or renewals of Leases existing on the
date hereof, any applicable term that would otherwise breach the requirements set forth in this Section 5.1.20(a) shall be permitted to the extent necessary to implement an extension or renewal term expressly contained in the applicable Lease
and with respect to which Borrower has no discretion. Any non-compliance with the foregoing requirements shall require Lender’s prior written approval, which shall not be unreasonably withheld or delayed. 

(b) Borrower may not enter into Major Leases or modify existing Major Leases demising all or any portion of the Property without the prior
written approval of Lender. Notwithstanding the foregoing, if a Major Tenant enters into Lease or modifies a Lease (including, without limitation, a sublease or an assignment) with respect to all or a portion of its rights under a Major Tenant Lease
without obtaining Borrower’s prior consent pursuant to a right granted to such Major Tenant under such Major Tenant Lease, such action by Major Tenant shall not be deemed to violate this Agreement. For sake of clarity, the foregoing shall not
give Borrower and/or Major Tenant a right to modify or terminate a Major Tenant Lease without the prior written approval of Lender. 

  
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 (c) To the extent Lender’s written approval is required pursuant to this
Section 5.1.20 to any modification of a Lease (excluding a modification that reduces rent or the term of a Lease, or grants any option to terminate or to purchase the Property), Borrower’s written request therefor shall be delivered
together with such materials reasonably requested by Lender in order to evaluate such request (it being acknowledged and agreed that no request for consent shall be effective unless and until such materials have been delivered to Lender) and shall
conspicuously state, in large bold type, that “PURSUANT TO SECTION 5.1.20 OF THE LOAN AGREEMENT, THIS IS A REQUEST FOR LENDER’S CONSENT. LENDER’S RESPONSE IS REQUESTED WITHIN TEN (10) BUSINESS DAYS. LENDER’S FAILURE TO
RESPOND WITHIN SUCH TIME PERIOD WILL ENABLE BORROWER TO DELIVER A SECOND NOTICE REQUESTING LENDER’S CONSENT”. In the event Lender fails to approve or disapprove to such request within ten (10) Business Days’ of the effective
date of such initial request, Borrower may deliver to Lender a second written request for approval, which second written request for approval shall conspicuously state, in large bold type, that “THIS IS A REQUEST FOR LENDER’S CONSENT.
LENDER’S CONSENT IS REQUESTED WITHIN FIVE (5) BUSINESS DAYS. THE LEASE SHALL BE DEEMED APPROVED IF LENDER DOES NOT RESPOND TO THE CONTRARY WITHIN FIVE (5) BUSINESS DAYS’ OF LENDER’S RECEIPT OF THIS WRITTEN NOTICE”.
In the event that Lender fails to approve or disapprove the second written request within such five (5) Business Day period, then Lender’s consent shall be deemed to have been granted. 

(d) Borrower shall furnish Lender with executed copies of all Leases and a copy of the executed Tenant Direction Letter signed by Borrower and
to the extent available, the Tenant. 
 (e) Borrower (i) shall observe and perform the obligations imposed upon the Borrower, as lessor,
under the Leases in a commercially reasonable manner; (ii) shall enforce the terms, covenants and conditions contained in the Major Tenant Lease and any other Leases to which Borrower is a party upon the part of the Tenant thereunder to be
observed or performed in a commercially reasonable manner and in a manner not to impair the value of the Property involved except that, subject to the terms of this Section 5.1.20, no termination by Borrower or acceptance of surrender by
a tenant under the Major Tenant Lease or any other Leases to which Borrower is a party (and for which Major Tenant would not continue to be bound) shall be permitted without the written consent of Lender which consent may be withheld in the sole
discretion of Lender; (iii) shall not collect any of the rents more than one (1) month in advance (other than security deposits); (iv) shall not execute any other assignment of lessor’s interest in the Leases or the Rents (except
as contemplated by the Loan Documents); (v) shall not alter, modify or change the terms of the Major Tenant Lease or any other Leases to which Borrower is a party in a manner inconsistent with the provisions of the Loan Documents; and
(vi) shall execute and deliver at the request of Lender all such further assurances, confirmations and assignments in connection with the Leases as Lender shall from time to time reasonably require. 

5.1.21 Alterations. (a) Subject to the rights of Daimler to make alterations pursuant to the terms of the Daimler Lease,
Borrower shall obtain Lender’s prior written consent 

  
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to any alterations to any Improvements, which consent shall not be unreasonably withheld or delayed except with respect to alterations that may have a material adverse effect on Borrower’s
financial condition, the value of the Property or the Property’s Net Operating Income. Notwithstanding the foregoing, Lender’s consent shall not be required in connection with any alterations to be undertaken by Borrower that will not have
a material adverse effect on Borrower’s financial condition, the value of the Property or the Property’s Net Operating Income, provided that such alterations are made in connection with (a) tenant improvement work performed pursuant
to the terms of any Lease executed on or before the date hereof, or any Lease executed after the date hereof for which Lender’s approval was given, (b) tenant improvement work performed pursuant to the terms and provisions of a Lease and
not adversely affecting any structural component of any Improvements, any utility or HVAC system contained in any Improvements or the exterior of any building constituting a part of any Improvements, (c) alterations performed in connection with
the Restoration of the Property after the occurrence of a Casualty or Condemnation in accordance with the terms and provisions of this Agreement, or (d) any alteration which costs less than the Threshold Amount (in the aggregate for all current
alterations at the Property), provided that, in all of the foregoing clauses (a) through (d), Borrower complies with the Alteration Conditions. If the total unpaid amounts due and payable by Borrower with respect to alterations to the
Improvements at the Property (other than such amounts to be paid or reimbursed by Tenants under the Leases) shall at any time exceed the Threshold Amount, Borrower shall promptly deliver to Lender as security for the payment of such amounts and as
additional security for Borrower’s obligations under the Loan Documents any of the following: (A) cash, (B) U.S. Obligations, (C) other securities having a rating acceptable to Lender and that, at Lender’s option, the
applicable Rating Agencies have confirmed in writing will not, in and of itself, result in a downgrade, withdrawal or qualification of the initial, or, if higher, then current ratings assigned to any Securities or any class thereof in connection
with any Securitization or (D) a completion bond or an irrevocable letter of credit (payable on sight draft only) issued by a financial institution having a rating by S&P of not less than “A-1+” if the term of such bond or letter
of credit is no longer than three (3) months or, if such term is in excess of three (3) months, issued by a financial institution having a rating that is acceptable to Lender and that, at Lender’s option, the applicable Rating
Agencies have confirmed in writing will not, in and of itself, result in a downgrade, withdrawal or qualification of the initial, or, if higher, then current ratings assigned to any Securities or class thereof in connection with any Securitization.
Such security shall be in an amount equal to the excess of the total unpaid amounts with respect to alterations to the Improvements on the Property (other than such amounts to be paid or reimbursed by Tenants under the Leases) over the Threshold
Amount and Lender may apply such security from time to time at the option of Lender to pay for such alterations. 
 (b) Borrower shall not
waive any material terms, covenants and conditions contained in any Major Tenant Lease upon the part of the Tenant thereunder to be observed or performed in connection with any Tenant Work or alterations to be performed by any Tenant under any such
Major Tenant Lease. 
 (c) Borrower covenants and agrees that if Daimler commences any Tenant Work (x) relating to structural
components, the roof, building systems, including, without limitation, utility, HVAC systems, and subsequently discontinues performing such Tenant Work to completion, or (y) following the discontinuance of any Tenant Work, additional work must
be 

  
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performed at the Property to address any life safety matters or to bring the Property into compliance with all Legal Requirements, and either a default has occurred and is continuing (beyond
applicable notice and cure periods thereunder) under the Daimler Lease, the Daimler Lease is no longer in full force and effect or Daimler has vacated the premises, Borrower shall either (i) complete such Tenant Work on a lien-free basis in a
good and workmanlike manner and in compliance with all Legal Requirements, or (ii) restore the Property to substantially the same condition it was in prior to Daimler commencing the applicable Tenant Work, on a lien-free basis in a good and
workmanlike manner and in compliance with all Legal Requirements. 
 (d) Borrower covenants and agrees that, to the extent that Borrower has
any consent or other approval rights under the Daimler Lease in connection with any alterations to the Property, Borrower shall not provide any such consent or approval to such alterations that would materially and adversely affect (i) any
structural components, the roof, any building systems, including, without limitation, utilities and HVAC systems, and/or (ii) the value or use of the Property. 

5.1.22 Operation of Property. (a) Subject to the rights of the Major Tenant under the Major Tenant Lease, Borrower shall
cause the Property to be operated, in all material respects, in accordance with the Management Agreement. In the event that the Management Agreement expires or is terminated (without limiting any obligation of Borrower to obtain Lender’s
consent to any termination or modification of the Management Agreement to the extent such consent is required pursuant to Section 5.2.1 hereof), Borrower shall promptly enter into a replacement Management Agreement with another Qualified
Manager, provided, however, so long as no Event of Default shall then exist, if the Property is encumbered by a Major Tenant Lease, then Borrower shall not be required to enter into a replacement Management Agreement. 

(b) Borrower shall: (i) promptly perform and/or observe, in all material respects, all of the covenants and agreements required to be
performed and observed by it under any Management Agreement and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (ii) promptly notify Lender of any material default under the Management Agreement of
which it is aware; and (iii) enforce the performance and observance of all of the covenants and agreements required to be performed and/or observed by Manager under the Management Agreement, in a commercially reasonable manner. 

5.1.23 Embargoed Person. Borrower has performed and shall perform reasonable due diligence to insure that at all times
throughout the term of the Loan, including after giving effect to any transfers permitted pursuant to the Loan Documents, (a) none of the funds or other assets of Borrower or Guarantor constitute property of, or are beneficially owned, directly
or indirectly, by any Embargoed Person; (b) no Embargoed Person has any interest of any nature whatsoever in Borrower or Guarantor, as applicable, with the result that the investment in Borrower or Guarantor, as applicable (whether directly or
indirectly), is prohibited by law or the Loan is in violation of law; and (c) none of the funds of Borrower or Guarantor, as applicable, have been derived from, or are the proceeds of, any unlawful activity, including money laundering,
terrorism or terrorism activities, with the result that the investment in Borrower or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law, or may cause the Property to be subject to
forfeiture or seizure. Notwithstanding the foregoing, to the extent that an Embargoed Person acquires a non-controlling interest in Borrower, either (1)

  
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without the knowledge of Borrower or Guarantor, through a transaction brokered by a FINRA and SEC registered broker dealer, provided such broker dealer has executed a dealer agreement or selling
agreement with Guarantor or an affiliate of Guarantor in which it covenants to, among other things, comply with The USA PATRIOT Act (or any successor legislation), or (2) provided Borrower performs reasonable due diligence, without the
knowledge of Borrower or Guarantor, after the initial sale or offering of such interests in Borrower, the resulting breach of the foregoing representations shall be deemed to be unintentional and not willful or grossly negligent for purposes of
Section 9.3 hereof. 
 5.1.24 Post-Closing Obligations. Borrower shall deliver, or cause to be delivered, to
Lender, the items listed on Schedule IX, each in form and substance reasonably acceptable to Lender, within the timeframe set forth for each item on Schedule IX. 

5.1.25 Supplemental Mortgage Affidavits. As of the date hereof, Borrower represents that it has paid all state, county and
municipal recording and all other taxes imposed upon the execution and recordation of the Security Instrument. If at any time Lender determines based on applicable law, that Lender is not being afforded the maximum amount of security available from
the Property as a direct or indirect result of applicable taxes not having been paid with respect to the Property and Lender and/or the Rating Agencies, in connection with a Securitization, require the amount secured by the Security Instrument be
increased, Borrower agrees that it will execute, acknowledge and deliver to Lender, immediately upon Lender’s request, supplemental affidavits and/or Security Instrument increasing the amount of the Debt attributable to the Property for which
all applicable taxes have been paid to an amount determined by Lender, and Borrower shall, on demand, pay any additional taxes. 
 5.1.26
Purchase Agreement. Borrower shall comply with all ongoing obligations contained in the Purchase and Sale Agreement including, without limitation, the obligation to deliver to the seller under the Purchase and Sale Agreement, documents
and information relating to the Outstanding Allowances (as defined in the Purchase and Sale Agreement) as more particularly described in the Purchase and Sale Agreement. In addition Borrower shall, simultaneously with any such delivery to seller,
deliver to Lender copies of all documents, updates and/or information it delivers to seller pursuant to the Purchase and Sale Agreement including, without limitation, all documents, updates and information relating to the Outstanding Allowances as
more particularly described in the Purchase and Sale Agreement. 
 5.1.28 Unfunded Obligations Funds. Borrower covenants and
agrees to deliver to Lender, (i) within twenty (20) days following the final disbursement with respect to each of the Reimbursement Allowance Portion and the HVAC Allowance Portion from the Unfunded Obligations Account, or
(ii) following the occurrence and during the continuance of an Event of Default, within ten (10) days of Lender’s request, all documentation and information required under the Daimler Lease to accompany each Reimbursement Request or
disbursement of the HVAC Allowance, as applicable, in connection with Daimler’s request for disbursements of the Reimbursement Allowance and/or HVAC Allowance, as applicable, that have been so provided to Borrower by Daimler. 

Section 5.2 Negative Covenants. From the date hereof until payment and performance in full of all obligations of Borrower
under the Loan Documents or the earlier 

  
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release of the Lien of the Security Instrument and any other collateral in accordance with the terms of this Agreement and the other Loan Documents, Borrower covenants and agrees with Lender that
it shall not do, directly or indirectly, any of the following: 
 5.2.1 Operation of Property. (a) Borrower shall not,
without Lender’s prior written consent (which consent shall not be unreasonably withheld) surrender, terminate, cancel, amend or modify any Management Agreement; provided, that Borrower may, without Lender’s consent, (x) replace the
Manager or appoint a Manager so long as the replacement manager is a Qualified Manager and such Manager executes and delivers to Lender an assignment and subordination of management fees in the same form and substance delivered to Lender at Closing
(as same may be modified thereafter pursuant to a written agreement between Borrower and Lender) or in such other form and substance reasonably acceptable to Lender, and/or (y) amend the Management Agreement, provided no such replacement
agreement or amendment shall (i) reduce or consent to the reduction of the term of the Management Agreement to a term of less than one (1) year (subject to termination for cause); (ii) increase or consent to the increase of the amount
of any charges under the Management Agreement (to an amount in excess of 3.0% of Gross Income from Operations, plus reimbursement for costs and expenses, or (iii) otherwise modify, change, supplement, alter or amend, or waive or release any of
its rights and remedies under, the Management Agreement in any material respect adverse to Borrower. Notwithstanding the foregoing, so long as no Event of Default shall then exist, if the Property is encumbered by a Major Tenant Lease, then Borrower
may terminate an existing Management Agreement upon notice to Lender, but without Lender’s consent. 
 (b) Following the occurrence and
during the continuance of an Event of Default, Borrower shall not exercise any rights, make any decisions, grant any approvals or otherwise take any action under the Management Agreement without the prior written consent of Lender, which consent may
be granted, conditioned or withheld in Lender’s discretion. 
 (c) Subject to the rights of the Major Tenant, if under applicable zoning
provisions the use of all or any portion of the Property is or shall become a nonconforming use, Borrower shall not cause or permit the nonconforming use or Improvement to be discontinued or abandoned without the express written consent of Lender.

 5.2.2 Liens. Borrower shall not create, incur, assume or suffer to exist any Lien on any portion of the Property or permit
any such action to be taken, except for Permitted Encumbrances. 
 5.2.3 Dissolution. Subject to Borrower’s rights under
Section 5.2.10, Borrower shall not (a) engage in any dissolution, liquidation or consolidation or merger with or into any other business entity, (b) engage in any business activity not related to the ownership and operation of
the Property, or (c) transfer, lease or sell, in one transaction or any combination of transactions, the assets or all or substantially all of the properties or assets of Borrower except to the extent permitted by the Loan Documents. 

5.2.4 Change In Business. Borrower shall not enter into any line of business other than the ownership and operation of the
Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business. Nothing contained in this
Section 5.2.4 is intended to expand the rights of Borrower contained in Section 5.2.10(d) hereof. 

  
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 5.2.5 Debt Cancellation. Borrower shall not cancel or otherwise forgive or release
any claim or debt (other than termination of Leases in accordance herewith) owed to Borrower by any Person, except for adequate consideration and in the ordinary course of Borrower’s business. 

5.2.6 Zoning. Subject to the rights of Major Tenant under the Major Tenant Lease, Borrower shall not initiate or consent to any
zoning reclassification of any portion of the Property or seek any variance under any existing zoning ordinance or use or permit the use of any portion of the Property in any manner that could result in such use becoming a non-conforming use under
any zoning ordinance or any other applicable land use law, rule or regulation, without the prior written consent of Lender. 
 5.2.7
No Joint Assessment. Borrower shall not suffer, permit or initiate the joint assessment of the Property (a) with any other real property constituting a tax lot separate from the Property, and (b) which constitutes real property
with any portion of the Property which may be deemed to constitute personal property, or any other procedure whereby the lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to such real
property portion of the Property. 
 5.2.8 Intentionally Omitted. 

5.2.9 ERISA. (a) Borrower shall not engage in any transaction which would cause any obligation, or action taken or to be
taken, hereunder (or the exercise by Lender of any of its rights under the Note, this Agreement or the other Loan Documents) to be a non-exempt (under a statutory or administrative class exemption) prohibited transaction under ERISA. 

(b) Borrower further covenants and agrees to deliver to Lender such certifications or other evidence from time to time throughout the term of
the Loan, as requested by Lender in its discretion, that (A) Borrower is not and does not maintain an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, or a “governmental
plan” within the meaning of Section 3(32) of ERISA; (B) Borrower is not subject to any state statute regulating investment of, or fiduciary obligations with respect to governmental plans and (C) one or more of the following
circumstances is true: 
 (i) Equity interests in Borrower are publicly offered securities, within the meaning of 29 C.F.R.
§2510.3-101(b)(2); 
 (ii) Less than twenty-five percent (25%) of each outstanding class of equity interests in
Borrower are held by “benefit plan investors” within the meaning of 29 C.F.R. §2510.3-101(f)(2); or 

(iii) Borrower qualifies as an “operating company” or a “real estate operating company” within the meaning
of 29 C.F.R. §2510.3-101(c) or (e). 
 5.2.10 Transfers. (a) Borrower acknowledges that Lender has examined and
relied on the creditworthiness and experience of the Restricted Parties, as applicable, in owning and 

  
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operating properties such as the Property in agreeing to make the loan secured by the Security Instrument, and that Lender will continue to rely such Restricted Parties’ direct or indirect
ownership and/or operation of the Property as a means of maintaining the value of the Property as security for repayment of the Debt. Borrower shall not without Lender’s prior written consent (not to be unreasonably withheld, conditioned or
delayed) and except as otherwise expressly provided in this Section 5.2.10: (i) sell, assign, convey, mortgage, grant, pledge, assign, grant options with respect to, transfer or otherwise dispose of its legal or beneficial interests
in the Property or any part thereof other than pursuant to Leases permitted under, and entered into in accordance with, Section 5.1.20 hereof, and/or with respect to other Permitted Encumbrances, (ii) permit any owner, directly or
indirectly, of an ownership interest the Property, to transfer or dispose of such interest, whether by transfer of stock or other interest in a Restricted Party, or otherwise, (iii) [intentionally omitted], (iv) mortgage, hypothecate or
otherwise encumber or grant a security interest in the Property or any part thereof, (v) sell, assign, convey, transfer, mortgage, encumber, grant a security interest in, or otherwise transfer or dispose of any direct or indirect ownership
interest in any Restricted Party, or permit any Restricted Party that owns an interest in another Restricted Party to do the same, or (vi) file a declaration of condominium with respect to the Property (any of the foregoing transactions, a
“Transfer”). Notwithstanding the foregoing, for purposes hereof, a “Transfer” shall not include Permitted Transfers. Further notwithstanding the foregoing, for purposes of determining recourse liability pursuant to
Section 9.3, a “Transfer” shall not include any of the following (1) the granting of, amendment of, extension or renewal of, or any other action taken with respect to any Permitted Encumbrance (without limiting
Borrower’s obligations with respect to any Permitted Encumbrances pursuant to the terms and provisions of this Agreement and the other Loan Documents), (2) the settlement of any claim, dispute, litigation or regulatory proceeding (without
limiting Borrower’s obligations with respect to any such settlements pursuant to the terms and provisions of this Agreement and the other Loan Documents), (3) the expenditure of funds by Borrower or any other Restricted Party (without
limiting Borrower’s obligations with respect to any such expenditures pursuant to the terms and provisions of this Agreement and the other Loan Documents), or (4) the disposition or removal of personal property owned or leased by Major
Tenant to the extent not prohibited under the Major Tenant Lease, provided, however, the foregoing shall not preclude a determination that the foregoing result in recourse liability for reasons other than being deemed a Transfer. 

(b) Notwithstanding Section 5.2.10(a), Lender’s consent shall not be required in connection with (1) one or a series of
Transfers, of up to forty-nine percent (49%) of the stock, limited partnership interests, membership interests or beneficial interests (as the case may be) in a Restricted Party, (2) one or a series of Transfers of the stock in Sponsor,
(3) one or a series of Transfers of the limited partnership interests in Operating Partnership and (4) one or a series of Transfers of the direct membership interests owned as of the Closing Date by CF Deerfield Holdings, LLC in Borrower
to the Operating Partnership; provided, however, (x) after giving effect to each such Transfer described in clauses (1), (2), (3) and (4), Borrower and Guarantor each shall be Controlled, directly or indirectly, by CFLP (or in connection
with any Transfer pursuant to clause (4) above resulting in Operating Partnership acquiring ninety-five percent (95%) of the membership interests owned by CF Deerfield Holdings, LLC in Borrower, Sponsor), and Borrower shall continue to
comply with the representations, warranties and covenants under Sections 4.1.30 (Special Purpose Entity), 4.1.34 (Investment Company Act), 4.1.35 (Embargoed Persons), 5.1.23 (Embargoed Persons) and 5.2.9 (ERISA) and upon

  
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reasonable request of Lender, from time to time, Borrower will reaffirm its ongoing compliance with the same; and (y) as a condition to any Transfers described in clause (4) above, upon
Operating Partnership acquiring ninety-five percent (95%) of the membership interest owned by CF Deerfield Holdings, LLC in Borrower, (A) Sponsor shall have assumed all of the obligations of Guarantor under the Loan Documents and become
the replacement Guarantor in accordance with the terms of the Loan Documents, (B) Borrower shall have delivered prior written notice to Lender of such Transfer and (C) the Operating Partnership shall have become the managing member of
Borrower in accordance with the terms of Borrower’s operating agreement and Operating Partnership shall Control Borrower and the Property. In addition, (i) after giving effect to each such Transfer, Guarantor (or a Qualified Replacement
Guarantor) shall Control the Borrower or be under common Control with the Borrower, and (ii) if such Transfer is a Material Owner Transfer, Borrower shall deliver with respect to each transferee, prior to such transfer and at Borrower’s
sole cost and expense, “know your customer” searches confirming compliance with the sections referenced above, and verifying the transferee has not been convicted of a felony, is not then, nor has it been in the prior seven (7) years,
the subject of a Bankruptcy Action. If a Transfer described in this clause (b) involves a Transfer of a direct interest in Borrower, no such Transfer shall be permitted during the period commencing thirty (30) days prior to a
Securitization and ending thirty (30) days after a Securitization. 
 (c) Notwithstanding Section 5.2.10(a), Lender’s
consent shall not be required in connection with a Transfer of the direct or indirect interests in Borrower; provided, however, that after giving effect to such Transfer, Borrower and Guarantor each shall be Controlled, directly or indirectly, by
CFLP, and after giving effect to such Transfer, Borrower shall continue to comply with the representations, warranties and covenants under Sections 4.1.30 (Special Purpose Entity), 4.1.34 (Investment Company Act), 4.1.35 (Embargoed Persons), 5.1.23
(Embargoed Persons) and 5.2.9 (ERISA). Upon reasonable request of Lender, from time to time, Borrower will reaffirm its ongoing compliance with the same. In addition, (i) Guarantor or a Qualified Replacement Guarantor at all times must continue
to Control the Borrower, or be under common Control with the entity that Controls Borrower, and (ii) if such Transfer is a Material Owner Transfer, Borrower shall deliver with respect to each transferee, prior to such transfer and at
Borrower’s sole cost and expense, “know your customer” searches confirming compliance with the sections referenced above, and verifying the transferee has not been convicted of a felony, is not then, nor has it been in the prior seven
(7) years, the subject of a Bankruptcy Action. If a Transfer described in this clause (c) involves a Transfer of a direct interest in Borrower, no such Transfer shall be permitted during the period commencing thirty (30) days prior to
a Securitization and ending thirty (30) days after a Securitization; 
 (d) Notwithstanding Section 5.2.10(a), at any time
other than during the period commencing thirty (30) days prior to a Securitization and ending thirty (30) days after a Securitization, Borrower may undertake one or more Transfers of the entire Property to an unrelated third party
transferee (or a Transfer of more than fifty percent (50%) of the direct or indirect beneficial interests in Borrower to an unrelated third party transferee in a single Transfer, to the extent such Transfer is not otherwise compliant with
clause (c) above) and assumption of the entire Loan, provided that Lender receives thirty (30) days’ prior written notice of such Transfer and further provided that the following additional requirements are satisfied: 

(i) the proposed transferee of the Property shall be a Special Purpose Entity (the “Transferee”) which at the
time of such transfer will be in compliance with, and must be able to satisfy all of, the representations, warranties and covenants contained in Section 4.1.30, Section 4.1.35, Section 5.1.23 and
Section 5.2.9 and which shall have assumed in writing (subject to the terms of Section 9.3 hereof) and agreed to comply with all the terms, covenants and conditions set forth in this Agreement and the other Loan Documents,
expressly including, without limitation the representations, warranties and covenants contained in Section 4.1.30, Section 4.1.35, Section 5.1.1 and Section 5.1.23 hereof; 

  
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 (ii) if the Loan is held by a REMIC Trust, Borrower shall deliver confirmation in
writing from the Rating Agencies that such proposed Transfer will not cause a downgrading, withdrawal, reduction or qualification of the ratings in effect immediately prior to such Transfer for the Securities, or any class thereof, issued in
connection with a Securitization which are then outstanding; 
 (iii) Transferee and Transferee’s Principals shall, as
of the date of such transfer, be (or be Controlled by) a Person satisfying the requirements for a Qualified Replacement Guarantor, Qualified Fund Manager or Qualified Real Estate Investor, or otherwise be reasonably acceptable to Lender; 

(iv) Lender shall have received with respect to Transferee, prior to such Transfer and at Borrower’s sole cost and
expense, “know your customer” searches confirming compliance with the sections referenced in clause (i) above, and verifying the transferee has not been convicted of a felony, is not then, nor has it been in the prior seven
(7) years, the subject of a Bankruptcy Action; 
 (v) Transferee, Transferee’s Principals and all other entities
which may be owned or Controlled directly or indirectly by Transferee’s Principals must not have been party to any bankruptcy proceedings, voluntary or involuntary, made an assignment for the benefit of creditors or taken advantage of any
insolvency act, or any act for the benefit of debtors within seven (7) years prior to the date of the proposed Transfer, unless otherwise reasonably acceptable to Lender; 

(vi) if the Transfer involves Transfer of the Property, Transferee shall assume all of the obligations of Borrower under the
Loan Documents in a manner reasonably satisfactory to Lender in all respects, including, without limitation, by entering into an assumption agreement in form and substance reasonably satisfactory to Lender; 

(vii) there shall be no material litigation or regulatory action pending or threatened, in writing, against Transferee or
Controlling Transferee’s Principals which in Lender’s reasonable judgment would likely result in a material adverse change in the financial condition, operations or business of Transferee or Guarantor; 

(viii) unless the Property is self-managed, the Property shall be managed by a Qualified Manager pursuant to a replacement
Management Agreement; 

  
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 (ix) Transferee and Controlling Transferee’s Principals shall not have
defaulted under its or their obligations with respect to any other Indebtedness in a manner which is not reasonably acceptable to Lender; 

(x) no Event of Default shall have occurred and be continuing and no Default or Event of Default shall otherwise occur as a
result of such Transfer; 
 (xi) if the Transfer involves a Transfer of the Property, Borrower shall deliver, at its sole
cost and expense, an endorsement to the Title Insurance Policy insuring the Security Instrument, as modified by the assumption agreement, as a valid first lien on the Property and naming Transferee as owner of the fee estate (or leasehold estate, as
applicable) of the Property, which endorsement shall insure that, as of the date of the recording of the assumption agreement, the Property shall not be subject to any additional exceptions or liens other than those contained in the Title Insurance
Policy issued on the date hereof and the Permitted Encumbrances relating thereto; 
 (xii) [Reserved]; 

(xiii) The proposed Transfer shall be permitted under the terms of each Major Lease and Borrower shall have assigned each Major
Lease to Transferee and Transferee shall have assumed, in writing, all obligations of landlord under each Major Lease; 

(xiv) Transferee, at its sole cost and expense, shall deliver opinions regarding existence, authority and enforceability, which
opinions may be relied upon by Lender, the Rating Agencies and their respective counsel, agents and representatives with respect to the proposed transaction; 

(xv) Transferee shall deliver (1) all organizational documentation reasonably requested by Lender, which shall evidence
due formation and existence, and shall comply with Section 4.1.30, and (2) all certificates, agreements or covenants reasonably required by Lender, provided that, in each case, the same do not increase its obligations, decrease its
rights, or otherwise adversely affect Borrower, any other Affiliate of Borrower or Transferee, in each case, except to a de minimis extent; 

(xvi) Prior to any release of Guarantor, if such a release is requested by Borrower, one (1) or more Qualified Replacement
Guarantors (or substitute guarantors reasonably acceptable to Lender) shall have assumed all of the liabilities and obligations first arising thereafter of Guarantor under the Guaranty and Environmental Indemnity executed by Guarantor or execute a
replacement guaranty and environmental indemnity reasonably satisfactory to Lender (and upon the execution of the same, the then-existing Guarantor shall be released from any and all liabilities under the Guaranty and Environmental Indemnity with
respect to events first occurring thereafter); 
 (xvii) Borrower shall have paid an assumption fee equal to
(A) one-half of one percent (0.5%) of the then Outstanding Principal Balance in connection with the first such Transfer, and (B) one percent (1.0%) of the then Outstanding Principal Balance in connection with the any subsequent
Transfer; and 

  
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 (xviii) Borrower shall pay (or cause to be paid) (A) any and all reasonable out-of-pocket costs actually incurred by Lender in connection with such Transfer (including, without limitation, Lender’s reasonable counsel fees and disbursements),
(B) all recording fees, title insurance premiums and mortgage and intangible taxes and (C) all the fees and expenses of the Rating Agencies (if any) pursuant to clause (ii) above. 

With respect to matters above in this Section 5.2.10(d) wherein Lender’s approval, satisfaction or consent is required, it is
agreed that Lender shall not condition its approval, satisfaction or consent upon the payment of any other fee, and Borrower shall not otherwise be required to pay any additional fee or expense to Lender, except as specifically provided in clauses
(xvii) and (xviii). 
 (e) [Reserved.] 

(f) After any Transfer permitted hereunder or consented to by Lender, Borrower shall, upon request, provide Lender an updated organizational
chart certified by Borrower as true, correct and complete. 
 (g) [Reserved.] 

(h) Notwithstanding the provisions of Section 5.2.10(a) above, Lender’s consent shall not be required in connection with a
pledge of the direct or indirect interests in Sponsor by an Upstream Borrower as part of a financing secured by all or substantially all of the assets of such Upstream Borrower (such financing, together with any renewal or replacement financing, an
“Upstream Loan”). 
 (i) Borrower, without the consent of Lender, may grant easements, restrictions, covenants, reservations
and right of way in the ordinary course of business for access, parking, water and sewer lines, telephone and telegraph lines, electric lines and other utilities or for other similar purposes, provided that no such transfer, conveyance or
encumbrance shall materially impair the utility and operation of the Property or materially adversely affect the value of the Property or the Net Operating Income of the Property. In connection with any transfer, conveyance or encumbrance permitted
in the immediately preceding sentence, the Lender shall execute and deliver any instrument reasonably necessary or appropriate to evidence its consent to said action or to subordinate the Lien of the Security Instrument to such easements,
restrictions, covenants, reservations and rights of way or other similar grants upon receipt by the Lender of: (A) a copy of the instrument of transfer; and (B) an Officer’s Certificate stating with respect to any transfer described
above, that such transfer does not materially impair the utility and operation of the Property or materially reduce the value of the Property or the Net Operating Income of the Property. If Borrower shall receive any consideration in connection with
any of said described transfers or conveyances, Borrower shall have the right to use any such proceeds in connection with any alterations performed in connection therewith, or required thereby, provided, however, during a Cash Management Period, to
the extent any such proceeds are not used in connection with alterations (or any such proceeds exceeds the amount required to perform the related alterations), Borrower shall immediately deposit such amount or the remainder thereof, as the case may
be, into the Lockbox Account. 

  
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 (j) Notwithstanding Section 5.2.10(a), at any time other than during the period
commencing thirty (30) days prior to a Securitization and ending thirty (30) days after a Securitization, Borrower may undertake one or more Transfers of the entire Property to a Person that is Controlled by CFLP and assumption of the
entire Loan, provided that Lender receives thirty (30) days’ prior written notice of such Transfer and further provided that the following additional requirements are satisfied: 

(i) the proposed Transferee which at the time of such transfer will be in compliance with, and must be able to satisfy all of,
the representations, warranties and covenants contained in Section 4.1.30, Section 4.1.35, Section 5.1.23 and Section 5.2.9 and which shall have assumed in writing (subject to the terms of
Section 9.3 hereof) and agreed to comply with all the terms, covenants and conditions set forth in this Agreement and the other Loan Documents, expressly including, without limitation the representations, warranties and covenants
contained in Section 4.1.30, Section 4.1.35, Section 5.1.1 and Section 5.1.23 hereof; 

(ii) if the Loan is held by a REMIC Trust, Borrower shall deliver confirmation in writing from the Rating Agencies that such
proposed Transfer will not cause a downgrading, withdrawal, reduction or qualification of the ratings in effect immediately prior to such Transfer for the Securities, or any class thereof, issued in connection with a Securitization which are then
outstanding; 
 (iii) Lender shall have received with respect to Transferee, prior to such Transfer and at Borrower’s
sole cost and expense, “know your customer” searches confirming compliance with the sections referenced in clause (i) above, and verifying the transferee has not been convicted of a felony, is not then, nor has it been in the prior
seven (7) years, the subject of a Bankruptcy Action 
 (iv) Transferee, Transferee’s Principals and all other
entities which may be owned or Controlled directly or indirectly by Transferee’s Principals must not have been party to any bankruptcy proceedings, voluntary or involuntary, made an assignment for the benefit of creditors or taken advantage of
any insolvency act, or any act for the benefit of debtors within seven (7) years prior to the date of the proposed Transfer, unless otherwise reasonably acceptable to Lender; 

(v) Transferee shall assume all of the obligations of Borrower under the Loan Documents in a manner reasonably satisfactory to
Lender in all respects, including, without limitation, by entering into an assumption agreement in form and substance reasonably satisfactory to Lender; 

(vi) there shall be no material litigation or regulatory action pending or threatened, in writing, against Transferee or
Controlling Transferee’s Principals which in Lender’s reasonable judgment would likely result in a material adverse change in the financial condition, operations or business of Transferee or Guarantor; 

  
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 (vii) unless the Property is self-managed (by Borrower or Major Tenant), the
Property shall be managed by a Qualified Manager pursuant to a replacement Management Agreement; 
 (viii) Transferee and
Controlling Transferee’s Principals shall not have defaulted under its or their obligations with respect to any other Indebtedness in a manner which is not reasonably acceptable to Lender; 

(ix) no Event of Default shall have occurred and be continuing and no Default or Event of Default shall otherwise occur as a
result of such Transfer; 
 (x) Borrower shall deliver, at its sole cost and expense, an endorsement to the Title Insurance
Policy insuring the Security Instrument, as modified by the assumption agreement, as a valid first lien on the Property and naming Transferee as owner of the fee estate (or leasehold estate, as applicable) of the Property, which endorsement shall
insure that, as of the date of the recording of the assumption agreement, the Property shall not be subject to any additional exceptions or liens other than those contained in the Title Insurance Policy issued on the date hereof and the Permitted
Encumbrances relating thereto; 
 (xi) [Reserved;] 

(xii) Transferee, at its sole cost and expense, shall deliver opinions regarding existence, authority and enforceability, which
opinions may be relied upon by Lender, the Rating Agencies and their respective counsel, agents and representatives with respect to the proposed transaction; 

(xiii) Transferee shall deliver (1) all organizational documentation reasonably requested by Lender, which shall evidence
due formation and existence, and shall comply with Section 4.1.30, and (2) all certificates, agreements or covenants reasonably required by Lender, provided that, in each case, the same do not increase its obligations, decrease its
rights, or otherwise adversely affect Borrower, any other Affiliate of Borrower or Transferee, in each case, except to a de minimis extent; 

(xiv) Prior to any release of Guarantor, if such a release is requested by Borrower, one (1) or more Qualified Replacement
Guarantors (or substitute guarantors reasonably acceptable to Lender) shall have assumed all of the liabilities and obligations first arising thereafter of Guarantor under the Guaranty and Environmental Indemnity executed by Guarantor or execute a
replacement guaranty and environmental indemnity reasonably satisfactory to Lender (and upon the execution of the same, the then-existing Guarantor shall be released from any and all liabilities under the Guaranty and Environmental Indemnity with
respect to events first occurring thereafter); and 
 (xv) Borrower shall pay (or cause to be paid) (A) any and all
reasonable out-of-pocket costs actually incurred by Lender in connection with such Transfer (including, without limitation, Lender’s reasonable counsel fees and
disbursements), (B) all recording fees, title insurance premiums and mortgage and intangible taxes and (C) all fees and expenses of the Rating Agencies (if any) pursuant to clause (ii) above. 

  
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 (xvi) The proposed Transfer shall be permitted under the terms of each Major
Lease and Borrower shall have assigned each Major Lease to Transferee and Transferee shall have assumed, in writing, all obligations of landlord under each Major Lease; 

With respect to matters above in this Section 5.2.10(j) wherein Lender’s approval, satisfaction or consent is required, it is
agreed that Lender shall not condition its approval, satisfaction or consent upon the payment of any other fee, including any assumption fee, and Borrower shall not otherwise be required to pay any additional fee or expense to Lender, except as
specifically provided in clause (xv). 
 (k) Lender shall approve or disapprove any proposed Transfer governed by this
Section 5.2.10 within twenty (20) days of Lender’s receipt of a written notice from Borrower requesting Lender’s approval, provided such notice includes all information necessary to make such decision, and further provided
that such written notice from Borrower shall conspicuously state, in large bold type, that “PURSUANT TO SECTION 5.2.10 OF THE LOAN AGREEMENT, A RESPONSE IS REQUIRED WITHIN TWENTY (20) DAYS’ OF LENDER’S RECEIPT OF THIS WRITTEN
NOTICE”. If Lender fails to disapprove any proposed Transfer within such period, Borrower shall provide a second written notice requesting approval, which written notice shall conspicuously state, in large bold type, that “PURSUANT
TO SECTION 5.2.10 OF THE LOAN AGREEMENT, THE MATTER DESCRIBED HEREIN SHALL BE DEEMED APPROVED IF LENDER DOES NOT RESPOND TO THE CONTRARY WITHIN TEN (10) DAYS’ OF LENDER’S RECEIPT OF THIS WRITTEN NOTICE”. Thereafter, if Lender
does not disapprove the proposed Transfer within said ten (10) day period, Lender’s consent to the proposed Transfer shall be deemed to have been given; provided, however, and notwithstanding the foregoing, if the Note (or any portion
thereof) is held by a REMIC Trust, no such consent to the proposed Transfer shall be deemed given unless and until Borrower shall have delivered confirmation in writing from the Rating Agencies that such proposed Transfer will not cause a
downgrading, withdrawal, reduction or qualification of the ratings in effect immediately prior to such Transfer for the Securities, or any class thereof, issued in connection with a Securitization which are then outstanding, or Lender has determined
that Rating Agency confirmation is not required. 
 (l) Except as set forth herein, no sale, conveyance, alienation, mortgage, encumbrance,
pledge or transfer all or any part of the Property, shall be permitted during the term of the Loan without Lender’s prior written approval. Lender shall not be required to demonstrate any actual impairment of its security or any increased risk
of default hereunder in order to declare the Debt immediately due and payable upon Borrower’s sale, conveyance, alienation, mortgage, encumbrance, pledge or transfer of the Property without Lender’s consent if such consent is required
herein. This provision shall apply to every sale, conveyance, alienation, mortgage, encumbrance, pledge or transfer of the Property regardless of whether voluntary or not, or whether or not Lender has consented to any previous sale, conveyance,
alienation, mortgage, encumbrance, pledge or transfer of the Property. 
 (m) Lender’s consent to any sale, conveyance, alienation,
mortgage, encumbrance, pledge or transfer of the Property shall not be deemed to be a waiver of Lender’s right to require such consent in the future. Any sale, conveyance, alienation, mortgage, encumbrance, pledge or transfer of the Property
made in contravention of this Section shall be null and void and of no force or effect 

  
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 (n) Borrower agrees to bear and shall pay or reimburse Lender on demand for all reasonable
expenses (including, without limitation, Lender’s actual out-of-pocket attorneys’ fees and disbursements, title search costs, rating agency fees and title insurance endorsement premiums) incurred by Lender in connection with the review,
approval or disapproval, and documentation of any such sale, conveyance, alienation, mortgage, encumbrance, pledge or transfer; provided, however, that Borrower is not obligated to pay any administrative fee, processing fee or other similar fee
unless any such fee is specifically set forth elsewhere in Section 5.2.10. With respect to Transfers for which Lender’s review and/or approval of certain information is required, it is agreed that Lender shall not condition its
approval, satisfaction or consent upon the payment of any assumption or transfer fee (except as otherwise expressly provided herein), and Borrower shall not otherwise be required to pay any additional fee or expense to Lender, other than
Lender’s reasonable out-of-pocket expenses. 
 (o) Notwithstanding anything to the contrary herein, the organizational documents of the
relevant entity may be amended as and to the extent necessary to effectuate a Transfer which is permitted (or not otherwise prohibited) hereby, provided that with respect to Borrower or any other Person required to be a Special Purpose Entity under
the Loan Documents, no such amendment may modify the Special Purpose Entity components of such organizational documents without the prior written consent of Lender (which shall not be unreasonably withheld, conditioned or delayed). 

(p) With respect to Transfers that are not prohibited hereby, or which are expressly permitted hereby, or for which the relevant provision
provides that “Lender’s consent is not required” (or variations thereon), it is agreed that no approval, confirmation or consent from, and no notice to, any other Person shall be required in connection therewith, including without
limitation any servicer, Rating Agency, trustee, bondholder, controlling class holder or other holder of any beneficial interest in the Loan unless expressly provided herein. 

(q) Notwithstanding anything to the contrary herein, if a Transfer of a beneficial interest in Borrower which is permitted hereunder involves a
reverse tax-deferred exchange under Section 1031 of the Code, such Transfer may be effectuated through one or more steps, including by means of an intermediate transfer to a qualified intermediary; provided, however, with respect to any such
Transfer, the ultimate beneficiary satisfies the requirements set forth herein and such step transaction is completed within 180 days from the date the initial step in such Transfer is affected. 

(r) Any Event of Default or event giving rise to recourse under Section 9.3 hereof, resulting from Transfer undertaken by Borrower
or any other Person which, but for the provision of any required notice or documentation to Lender, the Rating Agencies or other Person as required hereby, would be permitted hereunder, shall be deemed cured (and shall not result in recourse under
Section 9.3 hereof) if such notice or documentation is subsequently provided to Lender within ten (10) Business Days after notice by Lender to Borrower (provided that Borrower shall be required to reimburse Lender for actual,
out-of-pocket expenses incurred in connection with such Transfer). 

  
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 (s) If and to the extent that a particular Transfer could be construed as being within more than
one of the categories of Transfers permitted hereunder (including Permitted Transfers), the least restrictive provision as to Borrower’s rights shall apply; it is acknowledged that the Borrower and Lender, for an abundance of clarity,
intentionally included certain provisions for which the rights of Borrower therein may be fully or partially subsumed in another provision. 

Section 5.3 Major Tenant’s Obligations. It is acknowledged and agreed that the Major Tenant Lease is a triple-net
lease, for which the Major Tenant is required to manage and perform all aspects of the daily operation of the Property and pay all expenses relating thereto. Lender acknowledges and agrees that Borrower’s obligations under Sections 3.4 and 3.6
of the Security Instrument shall, in each case, be subject to the rights and obligations of Major Tenant under the Major Tenant Lease. 

ARTICLE VI – INSURANCE; CASUALTY; CONDEMNATION 

Section 6.1 Insurance. 

(a) Borrower shall obtain and maintain, or cause to be maintained, insurance for Borrower and the Property providing at least the following
coverages: 
 (i) comprehensive all risk “special form” insurance including, but not limited to, loss caused by any
type of windstorm/named storm or hail on the Improvements and the Personal Property, in each case (A) in an amount equal to the lesser of (x) one hundred percent (100%) of the “Full Replacement Cost,” which for purposes of
this Agreement shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation or (y) the original principal balance of the Loan with a replacement cost
endorsement; (B) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co insurance provisions; (C) providing for no deductible in excess of Fifty Thousand and No/100 Dollars
($50,000.00), except for wind/named storms and earthquake which shall provide for no deductible in excess of 5% of the total insurable value of the Property, for all such insurance coverage; and (D) containing “Ordinance or Law
Coverage” covering the value of the undamaged portion of the Property, the cost of demolition and increased cost of construction in amounts as requested by Lender if any of the Improvements or the use of the Property shall at any time
constitute legal non-conforming structures or uses. In addition, Borrower shall obtain: (y) if at any time any portion of the Improvements is located in a federally designated “special flood hazard area”, (I) flood hazard
insurance in an amount equal to the maximum amount of building and if applicable, contents insurance available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of
1994, as each may be amended, plus (II) subject to Section 6.1(a) below, such additional excess flood coverage in an amount as Lender shall reasonably require and generally required by prudent institutional commercial mortgage lenders
originating mortgage loans for securitization, notwithstanding that the sum of such primary and excess flood insurance shall not exceed the insurable value attributable to the first floor of the Improvements and loss of rent income in an amount
equal to one hundred percent 

  
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(100%) of the projected gross income from each applicable Property for a twelve (12) month period, and (z) earthquake insurance in amounts and in form and substance satisfactory to
Lender (but in any event, in an amount no more than 200% of the “probable maximum loss”) in the event the Property is located in an area with a high degree of seismic activity and the probable maximum loss (PML) or scenario expected loss
(SEL), as determined by an engineer satisfactory to Lender, is greater than 20% (based on a 475-year return period, an exposure period of 50 years and a 10% probability of exceedance), provided that the insurance pursuant to clauses (y) and
(z) hereof shall be on terms consistent with the comprehensive all risk insurance policy required under this subsection (i); 

(ii) commercial general liability insurance against claims for personal injury, bodily injury, death or property damage
occurring upon, in or about the Property, such insurance (A) to be on the so called “occurrence” form with a combined limit of not less than Two Million and No/100 Dollars ($2,000,000.00) in the aggregate (and, if on a blanket policy,
containing an “Aggregate Per Location” endorsement) and One Million and No/100 Dollars ($1,000,000.00) per occurrence; (B) to continue at not less than the aforesaid limit until required to be changed by Lender in writing by reason of
changed economic conditions making such protection inadequate; and (C) to cover at least the following hazards: (1) premises and operations; (2) products and completed operations on an “if any” basis; (3) independent
contractors; (4) contractual liability for all insured contracts; and (5) contractual liability covering the indemnities contained in Article 9 of the Security Instrument to the extent the same is available; 

(iii) business income/loss of rents insurance (A) with loss payable to Lender; (B) covering all risks required to be
covered by the insurance provided for in subsections (i), (iv), (v), (ix) and the relevant portions of (xi) and (xii) for a period commencing at the time of loss for such length of time as it takes to repair or replace with the
exercise of due diligence and dispatch; (C) in an amount equal to one hundred percent (100%) of the projected gross income from each applicable Property for a twelve (12) month period and (D) containing an extended period of
indemnity endorsement which provides that after the physical loss to the Improvements and the Personal Property has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the
loss, or the expiration of six (6) months from the date that the applicable Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period. The
amount of such business income insurance shall be determined prior to the date hereof and at least once each year thereafter based on Borrower’s reasonable estimate of the gross income from the Property for the succeeding twelve (12) month
period. All proceeds payable to Lender pursuant to this subsection shall be held by Lender and shall be applied in Lender’s sole discretion to the obligations secured by the Loan Documents from time to time due and payable hereunder and under
the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrower of its obligation to pay the obligations secured by the Loan Documents on the respective dates of payment provided for in the Note and the other Loan
Documents except to the extent such amounts are actually paid out of the proceeds of such business income insurance; 

  
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 (iv) at all times during which structural construction, repairs or alterations
are being made with respect to the Improvements, and only if the Property and Liability insurance coverage forms do not otherwise apply, (A) commercial general liability and umbrella liability insurance covering claims related to construction,
repair and alteration at the Property not covered by or under the terms or provisions of the above mentioned commercial general liability insurance and umbrella liability insurance policies; and (B) the insurance provided for in subsection
(i) above written in a so called builder’s risk completed value form in amounts and with deductibles, terms and conditions reasonably required by Lender (1) on a non-reporting basis, (2) against all risks insured against pursuant
to subsections (i), (iii), (iv) and the relevant portions of (ix) and (x) herein, (3) including permission to occupy the Property, and (4) with an agreed amount endorsement waiving co insurance provisions; 

(v) comprehensive boiler and machinery insurance, if steam boilers or other pressure fixed vessels are in operation, in amounts
as shall be reasonably required by Lender on terms consistent with the commercial property insurance policy required under subsection (i) above; 

(vi) at any time Borrower has any direct employees or owns and/or operates any motor vehicles, automobile liability coverage
for all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits per occurrence of One Million Dollars and 00/100 Dollars ($1,000,000.00); 

(vii) at any time Borrower has any direct employees, worker’s compensation subject to the worker’s compensation laws
of the applicable state and employer’s liability insurance with a limit of at least One Million and No/100 Dollars ($1,000,000) per accident and per disease per employee, and One Million and No/100 Dollars ($1,000,000) for disease aggregate in
respect of any work or operations on or about the Property, or in connection with the applicable Property or its operation and insurance against employee dishonesty in an amount required by Lender and with a deductible not greater than Ten Thousand
and No/100 Dollars ($10,000); 
 (viii) umbrella and excess liability insurance in addition to primary coverage in an amount
not less than Five Million and No/100 Dollars ($5,000,000.00) per occurrence on terms consistent with the commercial general liability insurance policy required under subsection (ii) and the commercial auto liability policy under subsection
(vi) above; 
 (ix) the commercial property, general liability, loss of rents, and umbrella liability insurance required
under this Section 6.1(a) shall include coverage for loss resulting from perils and acts of terrorism in amounts and with terms and conditions consistent with the commercial property, general liability, loss of rents, and umbrella liability
insurance required under this Section 6.1(a), or such terrorism coverage shall be provided on a standalone basis. The policy or endorsement providing for such insurance shall be in form and substance satisfactory to Lender and shall satisfy
Rating Agency criteria for securitized loans; and 

  
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 (x) upon sixty (60) days’ written notice, such other reasonable
insurance including, but not limited to, sinkhole or land subsidence insurance, and in such reasonable amounts as Lender from time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for
property similar to the Property located in or around the region in which the Property is located. 
 (b) All insurance provided for in
Section 6.1(a) above shall be obtained under valid and enforceable policies (collectively, the “Policies” or in the singular, the “Policy”), and shall be subject to the approval of Lender as to insurance companies, amounts,
deductibles, loss payees and insureds. The Policies shall be issued by financially sound and responsible insurance companies authorized to do business in the State and having a claims-paying ability rating of “A-X” or better by A.M. Best.
Notwithstanding the foregoing, if S&P rates the Securitization, all Policies shall be issued by financially sound and responsible insurance companies authorized to do business in the State and having a claims-paying ability rating of “A-
X” or better by A.M. Best and “A-” by S&P. The Policies described in Section 6.1 (other than those strictly limited to liability protection) shall designate Lender as mortgagee/loss payee. Prior to the expiration dates of the
Policies theretofore furnished to Lender, Borrower shall provide Lender certificates of insurance evidencing the renewal or successor Policies (and, upon Lender’s written request, certified copies of such Policies or, if certified copies of the
Policies are not then available, as soon after Lender’s request as the Policies become available) accompanied by evidence satisfactory to Lender of payment of the premiums then due thereunder (the “Insurance Premiums”), shall be
delivered by Borrower to Lender. 
 (c) Any blanket insurance Policy shall be subject to Lender’s approval, which approval shall be
conditioned upon, among other things, evidence satisfactory to Lender that such Policy provides the same protection as would a separate Policy insuring only the Property in compliance with the provisions of Section 6.1(a) hereof. 

(d) All Policies of insurance provided for or contemplated by Section 6.1(a) shall be primary coverage and shall name Borrower as a named
insured and, in the case of all liability insurance policies, except for the policies referenced in subsection 6.1(a)(v) and (vii), shall name Lender and its successors and/or assigns as the additional insured, as its interests may appear, and in
the case of property insurance (including, but not limited to, terrorism, boiler and machinery, flood and earthquake insurance), shall name Lender and its successors and/or assigns, as its interests may appear, as mortgagee pursuant to a
non-contributing mortgagee clause in favor of Lender and its successors and/or assigns providing that the loss thereunder shall be payable to Lender and its successors and/or assigns. Borrower shall not procure or permit any of its constituent
entities to procure any other insurance coverage which would be on the same level of payment as the Policies or would adversely impact in any way the ability of Borrower or Lender to collect any proceeds under any of the Policies. 

 

	(e)	All property Policies provided pursuant to Section 6.1(a) shall provide that: 

(i) no act or negligence of Borrower, or of any other insured under the Policy or failure to comply with the provisions of any
Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, or commencement of foreclosure or similar action, shall in any way affect the validity or enforceability of the insurance insofar as Lender is concerned; 

  
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 (ii) the Policy shall not be canceled without at least thirty (30) days
written notice to Lender except 10 days’ notice for nonpayment of premium. If the issuer cannot or will not provide the required notice, Borrower shall provide such notice; 

(iii) the issuers thereof shall give ten (10) days’ written notice to Lender if the issuers elect not to renew the
Policies prior to its expiration. If the issuer cannot or will not provide the required notice, Borrower shall provide such notice; and 

(iv) Lender shall not be liable for any Insurance Premiums thereon or subject to any assessments thereunder. 

(f) If at any time Lender is not in receipt of written evidence that all insurance required hereunder is in full force and effect, Lender shall
have the right, with five (5) Business Days’ notice to Borrower (or without prior notice at any time Lender deems necessary to avoid lapse of any such coverage), to take such action as Lender deems necessary to protect its interest in the
Property (or any portion thereof), including, without limitation, the obtaining of such insurance coverage as Lender in its sole discretion deems appropriate. All costs and expense (including any Insurance Premiums) incurred by Lender in connection
with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand with interest from the date such costs and expenses were incurred to and including the date until paid and received by Lender,
shall be secured by the Security Instrument and shall bear interest at the Default Rate. 
 Section 6.2 Casualty. If the
Property shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall give prompt written notice of such damage to Lender and shall promptly commence and diligently prosecute the
completion of the Restoration of the Property pursuant to Section 6.4 hereof as nearly as possible to the condition the Property was in immediately prior to such Casualty, with such alterations as may be permitted by the Major Tenant
Lease, or as otherwise reasonably approved by Lender and otherwise in accordance with Section 6.4 hereof (a “Restoration”). Borrower shall pay, or cause Major Tenant to pay, all costs of such Restoration whether or not
such costs are covered by insurance. Lender may, but shall not be obligated to make proof of loss if not made promptly by Borrower. In addition, but subject to the rights of the Major Tenant under the Major Tenant Lease, Lender may participate in
any settlement discussions with any insurance companies (and shall approve the final settlement, which approval shall not be unreasonably withheld or delayed) with respect to any Casualty in which the Net Proceeds or the costs of completing the
Restoration are equal to or greater than the Relevant Restoration Threshold and Borrower shall deliver to Lender all instruments required by Lender to permit such participation. 

Section 6.3 Condemnation. Borrower shall promptly give Lender notice of the actual or threatened commencement of any
proceeding for the Condemnation of the Property and shall deliver to Lender copies of any and all papers served in connection with such proceedings. Subject to the rights of the Major Tenant under the Major Tenant Lease, Lender may participate in
any such proceedings, and Borrower shall from time to time deliver to Lender all instruments 

  
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requested by it to permit such participation. Borrower shall, at its expense, diligently prosecute any such proceedings, and shall consult with Lender, its attorneys and experts, and cooperate
with them in the carrying on or defense of any such proceedings. Notwithstanding any taking by any public or quasi-public authority through Condemnation or otherwise (including, but not limited to, any transfer made in lieu of or in anticipation of
the exercise of such taking), Borrower shall continue to pay the Debt at the time and in the manner provided for its payment in the Note and in this Agreement and the Debt shall not be reduced until any Award shall have been actually received and
applied by Lender, after the deduction of expenses of collection, to the reduction or discharge of the Debt. Lender shall not be limited to the interest paid on the Award by the condemning authority but shall be entitled to receive out of the Award
interest at the rate or rates provided herein or in the Note. If any portion of the Property is taken by a condemning authority, Borrower shall promptly commence and diligently prosecute the Restoration of the Property pursuant to
Section 6.4 hereof and otherwise comply with the provisions of Section 6.4 hereof. Subject to the rights of the Major Tenant under the Major Tenant Lease, if the Property is sold, through foreclosure or otherwise, prior to
the receipt by Lender of the Award, Lender shall have the right, whether or not a deficiency judgment on the Note shall have been sought, recovered or denied, to receive the Award, or a portion thereof sufficient to pay the Debt. 

Notwithstanding the foregoing provisions of this Section 6.3, Section 6.4 hereof or in the Major Tenant Lease, if the
Loan or any portion thereof is included in a REMIC Trust and, immediately following a release of any portion of the Lien of the Security Instrument in connection with a Condemnation or Casualty (but taking into account any proposed Restoration on
the remaining portion of the Property), the Loan to Value Ratio is greater than 125%, the principal balance of the Loan must be paid down by the least of the following amounts: (i) the net Condemnation Proceeds, (ii) the fair market value
of the released property at the time of the release, or (iii) an amount such that the Loan to Value Ratio (as so determined by Lender) does not increase after the release, unless the Lender receives an opinion of counsel that if such amount is
not paid, the Securitization will not fail to maintain its status as a REMIC Trust as a result of the related release of such portion of the Lien of the Security Instrument. Any such prepayment shall not require the payment of any yield maintenance
premium or other prepayment penalty. 
 Section 6.4 Restoration. The following provisions shall apply in connection with
the Restoration of the Property: 
 (a) If the Net Proceeds shall be less than the Relevant Restoration Threshold and the costs of completing
the Restoration shall be less than the Relevant Restoration Threshold, the Net Proceeds will be disbursed to Borrower, provided that all of the conditions set forth in Section 6.4(b)(i) (excluding clauses (E), (F), and (K)) hereof are
met and Borrower delivers to Lender a written undertaking to expeditiously commence and to satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement. 

(b) If the Net Proceeds are equal to or greater than the Relevant Restoration Threshold or the costs of completing the Restoration is equal to
or greater than the Relevant Restoration Threshold, Lender shall make the Net Proceeds available for the Restoration in accordance with the provisions of this Section 6.4. The term “Net Proceeds” for purposes of

  
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this Section 6.4 shall mean: (1) the net amount of all insurance proceeds received by Lender pursuant to Section 6.1 (a)(i), (iv), (ix) and
(x) as a result of such damage or destruction, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting same (“Insurance Proceeds”), or
(2) the net amount of the Award, after deduction of its reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting same (“Condemnation Proceeds”), whichever the case may be.

 (i) The Net Proceeds shall be made available to Borrower for Restoration provided that each of the following conditions
are met: 
 (A) no Event of Default shall have occurred and be continuing; 

(B)(1) in the event the Net Proceeds are Insurance Proceeds, and (x) less than twenty-five percent (25%) of the total
floor area of the Improvements on the Property has been damaged, destroyed or rendered unusable as a result of such Casualty or (y) Borrower is required under a Major Tenant Lease to use the Net Proceeds for the Restoration of the Property, or
(2) in the event the Net Proceeds are Condemnation Proceeds, and (x) less than ten percent (10%) of the land constituting the Property is taken, and such land is located along the perimeter or periphery of the Property, and no portion
of the Improvements is located on such land, or (y) Borrower is required under a Major Tenant Lease to use the Net Proceeds for the Restoration of the Property; 

(C) The applicable Major Lease or Leases demising in the aggregate a percentage amount equal to or greater than the Rentable
Space Percentage of the total rentable space in the Property which has been demised under executed and delivered Leases in effect as of the date of the occurrence of such Casualty or Condemnation, whichever the case may be, shall remain in full
force and effect during and after the completion of the Restoration, notwithstanding the occurrence of any such Casualty or Condemnation, whichever the case may be, and Borrower and/or Tenant, as applicable under the respective Lease, will make all
necessary repairs and restorations thereto at their sole cost and expense. The term “Rentable Space Percentage” shall mean (1) in the event the Net Proceeds are Insurance Proceeds, a percentage amount equal to seventy five
percent (75%) and (2) in the event the Net Proceeds are Condemnation Proceeds, a percentage amount equal to seventy five percent (75%); 

(D) Subject to the rights of the Major Tenant under the Major Tenant Lease, Borrower shall commence the Restoration as soon as
reasonably practicable (but in no event later than ninety (90) days after such Casualty or Condemnation, whichever the case may be, occurs) and shall diligently pursue the same to satisfactory completion; 

(E) Lender shall be satisfied that any operating deficits, including all scheduled payments of principal and interest under the
Note, which will be incurred with respect to the Property as a result of the occurrence of any such 

  
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Casualty or Condemnation, whichever the case may be, will be covered out of (1) the Net Proceeds, (2) the insurance coverage referred to in Section 6.1(a)(iii) hereof, if
applicable, or (3) by other funds of Borrower; 
 (F) Lender shall be satisfied that the Restoration will be completed
on or before the earliest to occur of (1) six (6) months prior to the Anticipated Repayment Date, (2) the earliest date required for such completion under the terms of any Leases, (3) such time as may be required under all
applicable Legal Requirements in order to repair and restore the Property to the condition it was in immediately prior to such Casualty or to as nearly as possible the condition it was in immediately prior to such Condemnation, as applicable, or
(4) the expiration of the insurance coverage referred to in Section 6.1(a)(ii) hereof (if the Major Tenant is not otherwise obligated to continue payment rent without offset); 

(G) the Property and the use thereof after the Restoration will be in compliance with and permitted under all applicable Legal
Requirements; 
 (H) the Restoration shall be done and completed by Borrower in an expeditious and diligent fashion and in
compliance with all applicable Legal Requirements; 
 (I) such Casualty or Condemnation, as applicable, does not result in
the loss of access to the Property or the related Improvements; 
 (J) the Debt Service Coverage Ratio for the Property,
after giving effect to the Restoration shall be equal to or greater than 2.20 to 1.0; 
 (K) Borrower shall deliver, or cause
to be delivered, to Lender a signed detailed budget approved in writing by Borrower’s architect or engineer stating the entire cost of completing the Restoration, which budget shall be subject to Lender’s reasonable approval; and 

(L) the Net Proceeds together with any cash or cash equivalent deposited by Borrower with Lender are sufficient in
Lender’s discretion to cover the cost of the Restoration. 
 (ii) The Net Proceeds shall be held by Lender in an
interest-bearing Eligible Account and, until disbursed in accordance with the provisions of this Section 6.4(b), shall constitute additional security for the Debt and Other Obligations under the Loan Documents. The Net Proceeds shall be
disbursed by Lender to, or as directed by, Borrower from time to time during the course of the Restoration, upon receipt of evidence reasonably satisfactory to Lender that (A) all materials installed and work and labor performed (except to the
extent that they are to be paid for out of the requested disbursement) in connection with the Restoration have been paid for in full, and (B) there exist no notices of pendency, stop orders, mechanic’s or materialman’s liens or
notices of intention to file same, or any other liens or encumbrances of any nature whatsoever on the Property which have not either been fully bonded to the satisfaction of Lender and discharged of record or in the alternative fully insured to the
satisfaction of Lender by the title company issuing the Title Insurance Policy. 

  
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 (iii) All plans and specifications required in connection with the Restoration
shall be subject to prior review and acceptance in all respects by Lender and by an independent consulting engineer selected by Lender (the “Casualty Consultant”), such review and acceptance not to be unreasonably withheld or
delayed. Lender shall have the use of the plans and specifications and all permits, licenses and approvals required or obtained in connection with the Restoration. The identity of the contractors, subcontractors and materialmen engaged in the
Restoration, as well as the contracts under which they have been engaged, shall be subject to prior review and approval by Lender and the Casualty Consultant, such review and acceptance not to be unreasonably withheld or delayed. All costs and
expenses incurred by Lender in connection with making the Net Proceeds available for the Restoration including, without limitation, reasonable counsel fees and disbursements and the Casualty Consultant’s fees, shall be paid by Borrower. 

(iv) In no event shall Lender be obligated to make disbursements of the Net Proceeds in excess of an amount equal to the costs
actually incurred from time to time for work in place as part of the Restoration, as certified by the Casualty Consultant, minus the Casualty Retainage. The term “Casualty Retainage” shall mean an amount equal to ten percent
(10%) of the costs actually incurred for work in place as part of the Restoration, as certified by the Casualty Consultant, until the Restoration has been completed. The Casualty Retainage shall in no event, and notwithstanding anything to the
contrary set forth above in this Section 6.4(b), be less than the amount actually held back by Borrower from contractors, subcontractors and materialmen engaged in the Restoration. The Casualty Retainage shall not be released until the
Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Section 6.4(b) and that all approvals necessary for the re-occupancy and use of the Property have been obtained
from all appropriate governmental and quasi-governmental authorities, and Lender receives evidence reasonably satisfactory to Lender that the costs of the Restoration have been paid in full or will be paid in full out of the Casualty Retainage;
provided, however, that Lender will release the portion of the Casualty Retainage being held with respect to any contractor, subcontractor or materialman engaged in the Restoration as of the date upon which the Casualty Consultant certifies to
Lender that the contractor, subcontractor or materialman has satisfactorily completed all work and has supplied all materials in accordance with the provisions of the contractor’s, subcontractor’s or materialman’s contract, the
contractor, subcontractor or materialman delivers the lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor or materialman as may be reasonably requested by Lender or by the title company issuing the Title
Insurance Policy, and Lender receives an endorsement to the Title Insurance Policy insuring the continued priority of the lien of the Security Instrument and evidence of payment of any premium payable for such endorsement. If required by Lender, the
release of any such portion of the Casualty Retainage shall be approved by the surety company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor or materialman. 

  
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 (v) Lender shall not be obligated to make disbursements of the Net Proceeds more
frequently than once every calendar month. 
 (vi) If at any time the Net Proceeds or the undisbursed balance thereof shall
not, in the reasonable opinion of Lender in consultation with the Casualty Consultant, be sufficient to pay in full the balance of the costs which are estimated by the Casualty Consultant to be incurred in connection with the completion of the
Restoration, and the Major Tenant is not otherwise obligated to pay the same, Borrower shall deposit the deficiency (the “Net Proceeds Deficiency”) with Lender before any further disbursement of the Net Proceeds shall be made. The
Net Proceeds Deficiency deposited with Lender shall be held by Lender and shall be disbursed for costs actually incurred in connection with the Restoration on the same conditions applicable to the disbursement of the Net Proceeds, and until so
disbursed pursuant to this Section 6.4(b) shall constitute additional security for the Debt and Other Obligations under the Loan Documents. 

(vii) The excess, if any, of the Net Proceeds (and the remaining balance, if any, of the Net Proceeds Deficiency) deposited
with Lender after the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Section 6.4(b), and the receipt by Lender of evidence reasonably satisfactory to Lender that
all costs incurred in connection with the Restoration have been paid in full, shall be deposited in the Cash Management Account (or, provided no Cash Sweep Event shall have occurred, to Borrower) to be disbursed to Borrower in accordance with this
Agreement, provided no Event of Default shall have occurred and shall be continuing under the Note, this Agreement or any of the other Loan Documents. 

(c) All Net Proceeds not required (i) to be made available for the Restoration or (ii) to be returned to Borrower as excess Net
Proceeds pursuant to Section 6.4(b)(vii) hereof may be retained and applied by Lender toward the payment of the Debt in accordance with the Note, whether or not then due and payable in such order, priority and proportions as Lender in
its sole discretion shall deem proper (provided no Event of Default exists, Borrower shall not be required to pay any yield maintenance or other prepayment penalty in connection with such payment), or, at the discretion of Lender, the same may be
paid, either in whole or in part, to Borrower for such purposes as Lender shall approve, in its discretion. 
 (d) [intentionally omitted].

 (e) In the event of foreclosure of the Security Instrument, or other transfer of title to the Property (or any portion thereof) in
extinguishment in whole or in part of the Debt all right, title and interest of Borrower in and to the Policies then in force concerning the Property (or any portion thereof) and all proceeds payable thereunder shall thereupon vest in the purchaser
at such foreclosure or Lender or other transferee in the event of such other transfer of title. 
 (f) [intentionally omitted]. 

(g) If a Tenant leases all or substantially all of a building located on the Property, and the Improvements thereon suffer a Casualty or
Condemnation, then provided (i) such Tenant is not in monetary or material non-monetary default under its Lease, (ii) such Tenant has not given 

  
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notice of its intention to terminate such Lease as a result of such Casualty or Condemnation, (iii) such Tenant remains liable for the obligations under such Lease (without reduction or
abatement unless covered by business interruption/rent loss insurance) notwithstanding such Casualty or Condemnation, and (iv) such Lease requires Restoration of the Improvements or entitles such Tenant to use or possession of any Net Proceeds
or Awards, such Lease shall govern and control in the event of a conflict between the foregoing provisions of this Section 6.4 regarding disbursement of Net Proceeds or Awards and such Lease. For sake of clarity, if the terms and
conditions of Section 6.4 contain conditions to the disbursement or use of Net Proceeds or Awards which are not conditions in the applicable Lease, such additional conditions herein shall be deemed to be in “conflict” with such
Lease. 
 ARTICLE VII – RESERVE FUNDS 

Section 7.1 Required Repairs. 

7.1.1 Performance of Required Repairs. 

(a) Borrower shall perform or cause to be performed the repairs at the Property as more particularly set forth on Schedule X hereto
(such repairs, collectively, the “Required Repairs”), and shall complete each of the Required Repairs on or before August 1, 2018. 

(b) Nothing in this Section 7.1.1 shall (i) make Lender responsible for making or completing any Required Repairs;
(ii) obligate Lender to commence or proceed with any Required Repairs; (iii) require Lender to expend any funds to complete any Required Repairs; or (iv) obligate Lender to demand from Borrower additional sums to perform or complete
any Required Repairs. 
 (c) Borrower shall permit Lender and its agents and representatives (including, without limitation, Lender’s
engineer or architect) or third parties to enter onto the Property during normal business hours (subject to the rights of Tenants under their Leases) to inspect the progress of any Required Repairs and all materials being used in connection
therewith and to examine all plans, specifications and shop drawings relating to such Required Repairs. Borrower shall cause all contractors, subcontractors and materialmen to cooperate with Lender and its agents and representatives or such other
Persons described above in connection with the inspections, if any, required by Lender in accordance with this Section 7.1.1. 

(d) All Required Repairs and all materials, equipment, fixtures, or any other item comprising a part of any Required Repair shall be
constructed, installed or completed, as applicable, free and clear of all liens, claims and other encumbrances not previously approved by Lender. 

(e) All Required Repairs shall comply with all applicable Legal Requirements of all Governmental Authorities having jurisdiction over the
Property and all applicable insurance requirements (including, without limitation, applicable building codes, special use permits, environmental regulations, and requirements of insurance underwriters). 

  
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 (f) In addition to any insurance required under the Loan Documents, Borrower shall provide or
cause to be provided builder’s risk insurance, workers’ compensation insurance, public liability insurance and other insurance to the extent required by the applicable Legal Requirements in connection with any Required Repair. All such
policies shall be in form and amount reasonably satisfactory to Lender. All such policies which can be endorsed with a non-contributing mortgagee clause (or its equivalent) making loss thereunder payable to Lender and its successors and/or assigns
shall be so endorsed. At Lender’s request, certified copies of such policies shall be delivered to Lender. 
 7.1.2 Failure to
Perform Required Repairs. It shall be an Event of Default if (a) Borrower does not complete the Required Repairs in all material respects by the required deadline for each Required Repair as set forth on Schedule X, or
(b) Borrower fails to comply with any other provision of this Section 7.1 and such failure is not cured within thirty (30) days after notice from Lender. Upon the occurrence of an Event of Default, Lender may, at its option, perform
or complete any Required Repairs and Borrower shall promptly pay to Lender upon demand all reasonable and actual out-of-pocket costs and expenses incurred by Lender in connection with the performance and/or completion of any such Required Repairs.
Such right to perform or complete the Required Repairs shall be in addition to all other rights and remedies provided to Lender under this Agreement and the other Loan Documents. 

Section 7.2 Tax and Insurance Escrow Fund. Borrower shall pay to Lender (a) on the Closing Date an initial deposit and
(b) on each Payment Date thereafter (i) one-twelfth (1/12) of the Taxes and Other Charges that Lender estimates will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay
all such Taxes and Other Charges at least thirty (30) days prior to their respective delinquency dates, and (ii) one-twelfth (1/12) of the Insurance Premiums that Lender estimates will be
payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the
Policies (said amounts in (a) and (b) above hereinafter called the “Tax and Insurance Escrow Fund”). Provided, however, so long as Borrower maintains blanket policies of insurance in accordance with Section 6.1
hereof, the provisions of this Section with regard to Insurance Premiums shall not be applicable, until and unless Lender elects to apply such provisions following (i) the issuance by any insurer or its agent of any notice of cancellation,
termination, or lapse of any insurance coverage required under Section 6.1 hereof, (ii) any cancellation, termination, or lapse of any insurance coverage required under Section 6.1 hereof whether or not any notice is
issued, (iii) Lender having not received from Borrower evidence of insurance coverages as required by and in accordance with the terms of Section 6.1 hereof, or (iv) the occurrence of any Event of Default or the occurrence of
any event which with the giving of notice, the passage of time or both would result in an Event of Default. Lender shall apply the Tax and Insurance Escrow Fund to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to
Section 5.1.2 hereof and under the Security Instrument. In making any payment relating to the Tax and Insurance Escrow Fund, Lender may do so according to any bill, statement or estimate procured from the appropriate public office (with
respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof;
provided, however, Lender shall use reasonable efforts to pay such real property taxes sufficiently early to obtain the benefit of any available discounts to which it has knowledge. If the amount of the Tax and Insurance Escrow Fund shall exceed the
amounts due for Taxes, 

  
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Other Charges and Insurance Premiums pursuant to Section 5.1.2 hereof, Lender shall, in its discretion, return any excess to Borrower or credit such excess against future payments to
be made to the Tax and Insurance Escrow Fund. If at any time Lender reasonably determines that the Tax and Insurance Escrow Fund is not or will not be sufficient to pay Taxes, Other Charges and Insurance Premiums by the dates set forth in
(a) and (b) above, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days
prior to the due date of the Taxes and Other Charges or thirty (30) days prior to expiration of the Policies, as the case may be. 

Notwithstanding anything to the contrary hereinbefore contained, Lender shall waive the requirement set forth herein for Borrower to make
deposits for the payment of Taxes into the Tax and Insurance Escrow Fund so long as (I) if the Daimler Lease is no longer in full force and effect, (a) no Event of Default then exists, (b) the Debt Service Coverage Ratio, based on the
trailing three (3) month period immediately preceding the date of such determination is equal to or greater than 2.20 to 1.00, and (c) Borrower provides to Lender prior to the date on which such Taxes would be delinquent, evidence
satisfactory (as determined by Lender) that such Taxes have been paid, or (II) if the Daimler Lease remains in full force and effect, (a) no Event of Default then exists, (b) Daimler is required under the Daimler Lease to pay, and does pay
in a timely manner, Taxes directly to the appropriate public office (and Lender, upon written request, receives evidence of such payment), (c) no event of default (after applicable notice and cure periods) exists under such Daimler Lease and
(d) no Major Tenant Trigger Event shall have occurred and be continuing. 
 Section 7.3 Capital Expenditure Funds.

 7.3.1 Deposits of Capital Expenditure Funds. 

On each Monthly Payment Date, Borrower shall deposit with Lender an amount equal to One Thousand Eight Hundred Seventy-Seven and 05/100
Dollars ($1,877.05) (the “Monthly Capital Expenditure Deposit”) for annual Capital Expenditures approved by Lender, which approval shall not be unreasonably withheld or delayed. Amounts deposited pursuant to this
Section 7.3.1 are referred to herein as the “Capital Expenditure Funds” and the account in which such amounts are held by Lender shall hereinafter be referred to as the “Capital Expenditure
Account.” Lender may reassess its estimate of the amount necessary for Capital Expenditures from time to time and may require Borrower to increase the monthly deposits required pursuant to this Section 7.3.1 upon
thirty (30) days’ notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary for proper maintenance and operation of the Property. Notwithstanding any provisions of Section 7.3.1 hereof
to the contrary, provided and on condition that each of the Capital Expenditure Reserve Waiver Conditions Precedent are satisfied and remain satisfied at all times, Borrower shall not be required to make the Monthly Capital Expenditure
Deposit on account of Capital Expenditures as provided herein. If at any time any or all of the Capital Expenditure Reserve Waiver Conditions Precedent are no longer met, Borrower shall immediately begin and shall continue to fund the Capital
Expenditure Account on account of Capital Expenditures as provided herein. 

  
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 7.3.2 Release of Capital Expenditure Funds. 

(a) Lender shall disburse Capital Expenditure Funds only for Capital Expenditures. 

(b) Lender shall disburse to Borrower the Capital Expenditure Funds upon satisfaction by Borrower of each of the following conditions:
(i) Borrower shall submit a request for payment to Lender at least thirty (30) days prior to the date on which Borrower requests such payment be made and specifies the Capital Expenditures to be paid, (ii) on the date such request is
received by Lender and on the date such payment is to be made, no Default or Event of Default shall have occurred and remain outstanding, (iii) Lender shall have received an Officer’s Certificate (A) stating that all items to be
funded by the requested disbursement are Capital Expenditures, (B) stating that all Capital Expenditures to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal
Requirements, such certificate to be accompanied by a copy of any license, permit or other approval required by any Governmental Authority in connection with such Capital Expenditures, (C) identifying each Person that supplied materials or
labor in connection with the Capital Expenditures to be funded by the requested disbursement, (D) stating that each such Person has been paid in full or will be paid in full upon such disbursement, such certificate to be accompanied by lien
waivers, conditional lien waivers or other evidence of payment satisfactory to Lender, and (E) stating that the Capital Expenditures to be funded by the requested disbursement have not been the subject of a previous disbursement, (iv) at
Lender’s option, a title search for the Property indicating that the Property is free from all liens, claims and other encumbrances not previously approved by Lender, and (v) Lender shall have received such other evidence as Lender shall
reasonably request that the Capital Expenditures to be funded by the requested disbursement have been completed and are paid for or will be paid for in full upon such disbursement to Borrower. Lender shall not be required to disburse Capital
Expenditure Funds more frequently than once each calendar month, and each disbursement of Capital Expenditure Funds must be in an amount not less than the Minimum Disbursement Amount (or a lesser amount if the total remaining balance of Capital
Expenditure Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining in the Capital Expenditure Account shall be made). 

(c) Nothing in this Section 7.3 shall (i) make Lender responsible for making or completing any Capital Expenditure Work;
(ii) obligate Lender to commence or proceed with any Capital Expenditure Work; (iii) require Lender to expend funds in addition to the Capital Expenditure Funds to complete any Capital Expenditure Work; or (iv) obligate Lender to
demand from Borrower additional sums to perform or complete any Capital Expenditure Work. 
 (d) If a disbursement of Capital Expenditure
Funds will exceed Fifty Thousand and No/100 Dollars ($50,000), Lender may require an inspection of the Property prior to such disbursement in order to verify completion of the Capital Expenditure Work for which reimbursement is sought. Lender
may require that such inspection be conducted by an independent professional selected by Lender and may require a certificate of completion by an independent professional acceptable to Lender prior to such disbursement of Capital Expenditure Funds.

 (e) Borrower shall permit Lender and its agents and representatives (including, without limitation, Lender’s engineer or architect)
or third parties to enter onto the Property during normal business hours (subject to the rights of Tenants under their Leases) to inspect the 

  
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progress of any Capital Expenditure Work and all materials being used in connection therewith and to examine all plans, specifications and shop drawings relating to such Capital Expenditure Work.
Borrower shall cause all contractors, subcontractors and materialmen to cooperate with Lender and its agents and representatives or such other Persons described above in connection with the inspections, if any, required by Lender in accordance with
this Section 7.3.2. 
 (f) All Capital Expenditure Works and all materials, equipment, fixtures, or any other item comprising a
part of any Capital Expenditure Work shall be constructed, installed or completed, as applicable, free and clear of all liens, claims and other encumbrances not previously approved by Lender. 

(g) All Capital Expenditure Works shall comply with all applicable Legal Requirements of all Governmental Authorities having jurisdiction over
the Property and all applicable insurance requirements (including, without limitation, applicable building codes, special use permits, environmental regulations, and requirements of insurance underwriters). 

(h) In addition to any insurance required under the Loan Documents, Borrower shall provide or cause to be provided builder’s risk
insurance, workers’ compensation insurance, public liability insurance and other insurance to the extent required by the applicable Legal Requirements in connection with any Capital Expenditure Work. All such policies shall be in form and
amount reasonably satisfactory to Lender. All such policies which can be endorsed with a non-contributing mortgagee clause (or its equivalent) making loss thereunder payable to Lender and its successors and/or assigns shall be so endorsed. At
Lender’s request, certified copies of such policies shall be delivered to Lender. 
 (i) All reasonable costs and expenses incurred by
Lender in connection with holding and disbursing the Capital Expenditure Funds (including, without limitation, the costs and expenses of the inspections, if any, required hereunder) shall be paid by Borrower. 

7.3.3 Failure to Perform Capital Expenditure Works. It shall be an Event of Default if Borrower fails to comply with any
provision of this Section 7.3 and such failure is not cured within thirty (30) days after notice from Lender. Upon the occurrence of an Event of Default, Lender may, at its option, use the Capital Expenditure Funds (or any portion
thereof) to perform or complete any Capital Expenditure Work as provided in Section 7.3.2 hereof or any other repair or replacement to the Property. Such right to withdraw and apply the Capital Expenditure Funds shall be in addition to
all other rights and remedies provided to Lender under this Agreement and the other Loan Documents. 
 Section 7.4 Rollover
Funds. 
 7.4.1 Deposits of Rollover Funds. 

(a) On each Monthly Payment Date, Borrower shall deposit with Lender an amount equal to Twelve Thousand Five Hundred Thirteen and 67/100
Dollars ($12,513.67) (the “Monthly Rollover Deposit”) for tenant improvements and leasing commissions that may be incurred following the date hereof. Amounts deposited pursuant to this Section 7.4.1 are referred to
herein as the “Rollover Funds” and the account in which such amounts are held by Lender shall hereinafter be referred to as the “Rollover Account.” 

  
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 (b) In addition to the deposits required under Section 7.4.1(a), Borrower
shall deposit, or cause to be deposited, with Lender all amounts paid to Borrower in connection with (i) any modification or amendment of any Lease, (ii) any consent (including any consent to an assignment or sublease of any Lease) or
waiver by Borrower of any term, condition or provision under any Lease, (iii) any settlement of claims of Borrower against third parties in connection with any Lease, (iv) any rejection, termination, surrender, cancellation or buy-out of
any Lease (including in connection with any Bankruptcy Action and including any payment relating to unamortized tenant improvements and/or leasing commissions), and (v) any other extraordinary event pursuant to which Borrower receives payment
(in whatever form) derived from or generated by the use, ownership or operation of the Property not otherwise covered by this Agreement or the Cash Management Agreement (collectively, the “Extraordinary Lease Payments”), in each
case, with respect to clauses (i), (ii), (iii), (iv) and (v), net of reasonable, out-of-pocket costs and expenses, if any, incurred by Borrower. In connection with any amount required to be deposited with Lender pursuant to this
Section 6.5.1(b), Borrower shall provide prior notice to Lender of the amount and the nature thereof and otherwise cooperate with Lender to ensure that such amounts are properly accounted for and held as Rollover Funds.  

(c) Notwithstanding anything to the contrary hereinbefore contained, Lender shall waive the requirement set forth herein for Borrower to make
deposits into the Rollover Account so long as (i) no Event of Default has occurred and is continuing, (ii) all of the Property shall be demised pursuant to the Daimler Lease and (iii) the Daimler Lease is in full force and effect.

 7.4.2 Release of Rollover Funds. 

(a) Lender shall disburse to Borrower the Rollover Funds upon satisfaction by Borrower of each of the following conditions: (i) Borrower
shall submit a request for payment to Lender at least thirty (30) days prior to the date on which Borrower requests such payment be made and specifies the tenant improvement costs and leasing commissions to be paid or reimbursed, (ii) on
the date such request is received by Lender and on the date such payment or reimbursement is to be made, no Default or Event of Default shall have occurred and remain outstanding, (iii) Lender shall have received and, if applicable, approved
the Lease in respect of which Borrower is obligated to pay or reimburse certain tenant improvement costs and leasing commissions, (iv) Lender shall have received and, if applicable, approved a budget for tenant improvement costs and a schedule
of leasing commission payments and the requested disbursement will be used to pay all or a portion of such costs and payments, (v) Lender shall have received an Officer’s Certificate (A) stating that all tenant improvements at the
Property to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval
required by any Governmental Authority in connection with such tenant improvements, (B) identifying (1) each Person that supplied materials or labor in connection with the tenant improvements to be funded by the requested disbursement and
(2) each Person that provided brokerage services in connection with the leasing commissions to be funded by the requested disbursement, (C) stating that each such Person has been paid in full or will be paid in full upon such disbursement,
such certificate to be accompanied by lien waivers or other evidence of payment satisfactory to Lender, and (D) stating that the tenant improvement costs and/or leasing commission payments to be funded have not been the subject of a previous
disbursement, (vi) at Lender’s option, a title search for the 

  
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Property indicating that the Property is free from all liens, claims and other encumbrances not previously approved by Lender, (vii) Lender shall have received an estoppel certificate from
the applicable Tenant stating that (A) (1) all work required to be performed by Borrower have been completed in accordance with the applicable Lease and have been accepted by such Tenant or (2) all work required to be performed by such
Tenant have been completed and a reimbursement of the amount specified in such estoppel certificate is due to such Tenant pursuant to its Lease and (B) such Tenant is in occupancy and paying full unabated rent or has taken possession of the
demised premises, and (viii) Lender shall have received such other evidence as Lender may reasonably request that (A) the tenant improvements at the Property to be funded by the requested disbursement have been completed and are paid for
or will be paid for in full upon such disbursement to Borrower and (B) the leasing commissions to be funded by the requested disbursement have been paid for or will be paid for in full upon such disbursement to Borrower. Lender shall not be
required to disburse Rollover Funds more frequently than once each calendar month, and each disbursement of the Rollover Funds must be in an amount not less than the Minimum Disbursement Amount (or a lesser amount if the total remaining balance of
Rollover Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining in the Rollover Account shall be made). 

(b) All reasonable costs and expenses incurred by Lender in connection with holding and disbursing the Rollover Funds shall be paid by
Borrower. 
 Section 7.5 Excess Cash Flow Reserve Fund. 

7.5.1 Deposits to Excess Cash Flow Reserve Account. During a Cash Sweep Period prior to the Anticipated Repayment Date, Borrower
shall deposit with Lender all Excess Cash Flow in the Cash Management Account, which shall be held by Lender as additional security for the Loan and amounts so held shall be hereinafter referred to as the “Excess Cash Flow Reserve
Fund” and the account to which such amounts are held shall hereinafter be referred to as the “Excess Cash Flow Reserve Account”. If on or prior to the Anticipated Repayment Date Borrower does not pay to Lender the
Outstanding Principal Balance, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Security Instrument and the other Loan Documents, then, on the Anticipated Repayment Date, all funds in the Excess Cash Flow
Reserve Account and all Excess Cash Flow that accrues thereafter shall be applied pursuant to the Note. Following the Anticipated Repayment Date, all Excess Cash Flow in the Cash Management Account shall be applied by Lender pursuant to the Note.

 7.5.2 Release of Excess Cash Flow Reserve Funds. Upon the occurrence of a Cash Sweep Event Cure, all Excess Cash Flow
Reserve Funds shall be deposited into the Cash Management Account to be disbursed to Borrower in accordance with the Cash Management Agreement. Any Excess Cash Flow Reserve Funds remaining after the Debt has been paid in full shall be paid to
Borrower. 
 Section 7.6 Reserve Funds, Generally. (a) Borrower grants to Lender a first-priority perfected security
interest in each of the Reserve Funds and any and all monies now or hereafter deposited in each Reserve Fund as additional security for payment of the Debt. Until expended or applied in accordance herewith, the Reserve Funds shall constitute
additional security for the Debt. 

  
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 (b) Upon the occurrence of an Event of Default, Lender may, in addition to any and all other
rights and remedies available to Lender, apply any sums then present in any or all of the Reserve Funds to the payment of the Debt in any order in its discretion. 

(c) The Reserve Funds shall not constitute trust funds and may be commingled with other monies held by Lender. The Reserve Funds shall be held
in an Eligible Account in Permitted Investments as directed by Lender or Lender’s Servicer. Unless expressly provided for in this Article VII, all interest on a Reserve Fund shall be added to or become a part thereof. Borrower shall be
responsible for payment of any federal, state or local income or other tax applicable to the interest earned on the Reserve Funds credited or paid to Borrower. 

(d) Borrower shall not, without obtaining the prior written consent of Lender, further pledge, assign or grant any security interest in any
Reserve Fund or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements, except those naming Lender as the secured
party, to be filed with respect thereto. 
 (e) Neither Lender nor Lender’s Servicer shall be liable for any loss sustained on the
investment of any funds constituting the Reserve Funds unless caused solely by the gross negligence or willful misconduct of Lender and/or Lender’s Servicer, as applicable. Borrower shall indemnify Lender and Servicer and hold Lender and
Servicer harmless from and against any and all actions, suits, claims, demands, liabilities, losses, damages, obligations and costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses) arising from or in any way
connected with the Reserve Funds or the performance of the obligations for which the Reserve Funds were established unless occasioned solely by the gross negligence or willful misconduct of Lender and/or Lender’s Servicer, as applicable,
provided, however, it being acknowledged and agreed that any default in the payment under a Permitted Investment shall not constitute the gross negligence or willful misconduct of Lender and/or Lender’s Servicer. Borrower shall assign to Lender
all rights and claims Borrower may have against all persons or entities supplying labor, materials or other services which are to be paid from or secured by the Reserve Funds; provided, however, that Lender may not pursue any such right or claim
unless an Event of Default has occurred and remains uncured. 
 (f) The required monthly deposits into the Reserve Funds and the Monthly Debt
Service Payment Amount, shall be added together and shall be paid as an aggregate sum by Borrower to Lender. 
 (g) Upon repayment of the
Debt, in full, Lender shall use commercially reasonable efforts to return any amount remaining in the Reserve Funds to Borrower within five (5) Business Days. 

Section 7.7 Major Tenant Rollover Funds. 

7.7.1 Deposits of Major Tenant Rollover Funds. Upon the occurrence and during the continuation of a Major
Tenant Trigger Event with respect to which a Major Tenant Trigger Event Cure has not occurred, on each Payment Date, Borrower shall deposit with Lender the Major Tenant Trigger Event Excess Cash Flow (the “Monthly Major Tenant Rollover 

  
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Deposit”) for tenant improvements and leasing commissions that may be incurred by Borrower following the occurrence of either (a) an Acceptable Major Tenant Lease Extension or
(b) an Acceptable Re-tenanting Event with respect to the Major Tenant Space. Amounts deposited pursuant to this Section 7.7.1 are referred to herein as the “Major Tenant Rollover Funds” and the account in which such
amounts are held by Lender shall hereinafter be referred to as the “Major Tenant Rollover Account.” With respect to each Major Tenant Trigger Event, the amount of the Major Tenant Rollover Funds on deposit in the Major Tenant
Rollover Account related to such Major Tenant Trigger Event shall not exceed an amount equal to $35.00 per square foot of the gross square footage of the applicable Major Tenant Space (the “Major Tenant Rollover Funds Cap”). Upon
reaching the Major Tenant Rollover Funds Cap, Borrower may cease making the Monthly Major Tenant Rollover Deposit. If at any time thereafter the Major Tenant Rollover Funds shall be less than the Major Tenant Rollover Funds Cap, Borrower shall
recommence and continue making the Monthly Major Tenant Rollover Deposit until the amount of the Major Tenant Rollover Funds equals the Major Tenant Rollover Funds Cap. 

7.7.2 Release of Major Tenant Rollover Funds. 

(a) Lender shall disburse to Borrower the Major Tenant Rollover Funds on deposit in the Major Tenant Rollover Account upon satisfaction by
Borrower of each of the following conditions, only with respect to specified tenant improvements and leasing commissions with respect to the related Major Tenant Lease: (i) an Acceptable Major Tenant Lease Extension or an Acceptable
Re-tenanting Event shall have occurred; (ii) Borrower shall submit a request for payment to Lender at least twenty (20) days prior to the date on which Borrower requests such payment be made and specifies the tenant improvement costs and
leasing commissions to be paid or reimbursed, (iii) on the date such request is received by Lender and on the date such payment or reimbursement is to be made, no Event of Default shall have occurred and remain outstanding, (iv) regarding
an Acceptable Re-tenanting Event, Lender shall have received and approved (which approval shall not be unreasonably withheld, delayed or conditioned) the new Lease in respect of which Borrower is obligated to pay or reimburse for certain tenant
improvement costs and leasing commissions, (v) regarding an Acceptable Major Tenant Lease Extension, Lender shall have received and approved the written notice of extension of the Major Tenant Lease, in respect of which Borrower is obligated to
pay or reimburse for certain tenant improvement costs and leasing commissions, (vi) Lender shall have received and, if applicable, approved a budget for tenant improvement costs and a schedule of leasing commission payments and the requested
disbursement will be used to pay all or a portion of such costs and payments, (vii) Lender shall have received an Officer’s Certificate (A) stating that all tenant improvements at the Property to be funded by the requested
disbursement have been completed in all material respects in a good and workmanlike manner and in accordance with all applicable Legal Requirements, in the case of a final disbursement with respect to the tenant improvements such certificate to be
accompanied by a copy of any license, permit or other approval required by any Governmental Authority in connection with such tenant improvements, (B) identifying (1) each Person that supplied materials or labor in connection with the
tenant improvements to be funded by the requested disbursement and (2) each Person that provided brokerage services in connection with the leasing commissions to be funded by the requested disbursement, (C) stating that each such Person
has been paid in full or will be paid in full upon such disbursement, such certificate to be accompanied by lien waivers or other evidence of payment reasonably satisfactory to Lender, 

  
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and (D) stating that the tenant improvement costs and/or leasing commission payments to be funded have not been the subject of a previous disbursement, (viii) at Lender’s option, a
title search for the Property indicating that the Property is free from all liens, claims and other encumbrances not previously approved by Lender, (ix) regarding an Acceptable Re-tenanting Event, with respect to the last disbursement for the
applicable leased space for which the tenant improvements or leasing commissions are being funded pursuant to this Section 7.7.2, Lender shall have received an estoppel certificate from the applicable replacement Tenant or Tenants
stating that (A) (1) all work required to be performed by Borrower have been completed in all material respects in accordance with the applicable Lease and have been accepted by such Tenant or (2) all work required to be performed by such
Tenant have been completed in all material respects and a reimbursement of the amount specified in such estoppel certificate is due to such Tenant pursuant to its Lease and (B) such Tenant is in occupancy and paying full unabated rent without
offset or has taken possession of the demised premises and is paying full unabated rent without offset, (x) regarding an Acceptable Major Tenant Lease Extension, with respect to the last disbursement for the applicable leased space for which
the tenant improvements or leasing commissions are being funded pursuant to this Section 7.7.2, Lender shall have received an estoppel certificate from Major Tenant stating that (A) (1) all work required to be performed by Borrower
have been completed in all material respects in accordance with the applicable Lease and have been accepted by Major Tenant or (2) all work required to be performed by Major Tenant has been completed and a reimbursement of the amount specified
in such estoppel certificate is due to Major Tenant pursuant to its Lease and (B) Major Tenant is in occupancy and paying full unabated rent without offset or has taken possession of the demised premises and is paying full unabated rent without
offset (unless the full amount of any such offset has been deposited by Borrower into the Unfunded Obligations Account), and (xi) Lender shall have received such other evidence as Lender may reasonably request that (A) the tenant
improvements at the Property to be funded by the requested disbursement have been completed in all material respects and are paid for or will be paid for in full upon such disbursement to Borrower and (B) the leasing commissions to be funded by
the requested disbursement have been paid for or will be paid for in full upon such disbursement to Borrower. Lender shall not be required to disburse Major Tenant Rollover Funds more frequently than once each calendar month, and each disbursement
of the Major Tenant Rollover Funds must be in an amount not less than the Minimum Disbursement Amount (or a lesser amount if the total remaining balance of Major Tenant Rollover Funds is less than the Minimum Disbursement Amount, in which case only
one disbursement of the amount remaining in the Major Tenant Rollover Account shall be made). Upon the occurrence of a Major Tenant Trigger Event Cure and provided no other Major Tenant Trigger Event has occurred and no Cash Sweep Period exists, the
remaining amount in the Major Tenant Rollover Account shall be released in accordance with the Cash Management Agreement. 
 (b) All
reasonable out-of-pocket costs and expenses incurred by Lender in connection with holding and disbursing the Major Tenant Rollover Funds shall be paid by Borrower. 

Section 7.8 Unfunded Obligations Funds. 

7.8.1 Deposit of the Unfunded Obligations Funds. On the Closing Date, Borrower shall deposit into an account with Lender (the
“Unfunded Obligations Account”), an amount equal to Two Million Eight Hundred Fifty-Two Thousand Seven Hundred Eighty-Eight and 

  
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No/100 Dollars ($2,852,788.00) (collectively, the “Unfunded Obligations Funds”), which amount is equal to the sum of (i) Two Million Five Hundred Fifty-Two Thousand
Seven Hundred Eighty-Eight and No/100 Dollars and 00/100 Dollars ($2,552,788.00) representing the Reimbursement Allowance available to Daimler pursuant to the express terms and conditions of the Daimler Lease to be used to reimburse Daimler for
Eligible Costs incurred in connection with Tenant Work (the “Reimbursement Allowance Portion”) and (ii) Three Hundred Thousand and No/100 Dollars ($300,000.00) representing the HVAC Allowance available to Daimler
pursuant to the express terms and conditions of the Daimler Lease to be used to reimburse Daimler for HVAC Work (the “HVAC Allowance Portion”). 

7.8.2 Release of the Unfunded Obligations Funds. (a) To the extent Borrower receives a Reimbursement Request from Daimler
pursuant to the terms of the Daimler Lease, including, without limitation, Section 1(e)(iii) of Exhibit A to the Fourth Amendment to Lease Agreement or Section 2 of Exhibit A to the Fourth Amendment on or before December 31, 2018,
subject to receipt by Lender of the Reimbursement Request Documentation, Lender shall disburse to Borrower, within fourteen (14) days of receipt of the Reimbursement Request Documentation, the applicable portion of the funds on deposit in the
Unfunded Obligations Account which Borrower is then obligated pursuant to the express terms of the Daimler Lease to pay to Daimler to reimburse Daimler for Eligible Costs or HVAC Work, as applicable. In the event that all of the funds in the
Unfunded Obligations Account (I) representing the HVAC Allowance Portion have not been disbursed in accordance with the immediately preceding sentence on or prior to December 31, 2018, upon written request from Borrower and delivery of an
Officer’s Certificate to Lender certifying that, (x) Daimler is no longer entitled to receive any portion of the remaining HVAC Allowance and (y) Borrower is required pursuant to the Purchase and Sale Agreement to pay any remaining
funds attributable to the HVAC Allowance Portion to the seller under the Purchaser and Sale Agreement, Lender shall, within fourteen (14) days of receipt of the related Officer’s Certificate, disburse such remaining amount to Borrower and
Borrower covenants and agrees to apply such funds in accordance with the Purchase and Sale Agreement and (II) representing the Reimbursement Allowance Portion have not been disbursed in accordance with the immediately preceding sentence on or
prior to December 31, 2018, upon written request from Borrower and deliver of an Officer’s Certificate to Lender certifying that, (x) Daimler is no longer entitled to receive any remaining portion of the remaining Reimbursement
Allowance Portion and (y) Borrower is required pursuant to the Purchase and Sale Agreement to pay any remaining funds attributable to the Reimbursement Allowance Portion to the seller under the Purchaser and Sale Agreement, Lender shall, within
fourteen (14) days of receipt of the related Officer’s Certificate, disburse any such amount in excess of $394,180.50 (the “Rent Allowance Portion”) to Borrower and Borrower covenants and agrees to apply such excess
funds in accordance with the Purchase and Sale Agreement and provided no Event of Default shall have occurred and be continuing, the applicable portion of the remaining amount in the Unfunded Obligations Account (up to the Rent Allowance Portion)
shall be deposited by Lender into the Cash Management Account on the Payment Dates occurring in the calendar months set forth in Schedule XI attached hereto, and in the amounts set forth in Schedule XI attached hereto (as such Schedule
may be amended from time to time by Lender based on information provided by Borrower and acceptable to Lender reflecting any future free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements payable to tenants and
any leasing commissions payable in connection with the applicable lease). For the avoidance of doubt, Lender shall have no consent rights in connection with disbursing any of the Unfunded Obligations Funds and upon receipt of the Reimbursement
Request Documentation, shall disburse such funds in accordance with this Section 7.8.2. 

  
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 (b) Lender may rely and shall be protected in acting or refraining from acting with respect to
any actions contemplated by this Section 7.8 upon any notice, request, certificate, report, opinion or document delivered to it by Borrower. Lender shall have no obligation to review or confirm that actions taken pursuant to this
Section 7.8 comply with any other agreement or document to which it is not a party, including, without limitation, the Daimler Lease and/or the Purchase and Sale Agreement. 

(c) Notwithstanding anything to the contrary contained herein, other than the Rent Allowance Portion, the funds in the Unfunded Obligations
Account shall not be deemed collateral for the Loan and Lender shall not be permitted to apply any such funds (other than the Rent Allowance Portion) to the Debt pursuant to Section 7.6(b) hereof. 

(d) All reasonable and actual costs and expenses incurred by Lender in connection with the holding and disbursing of the funds in the Unfunded
Obligations Account shall be paid by Borrower. 
 ARTICLE VIII – DEFAULTS 

Section 8.1 Event of Default. (a) Each of the following events shall constitute an event of default hereunder (an
“Event of Default”), subject to Section 5.3 hereof: 
 (i) if any portion of the Debt, including,
without limitation, the payment of the Monthly Debt Service Payment Amount, is not paid on date on which it is due; 
 (ii)
if any of the Taxes or Other Charges are not paid prior to the date when the same become delinquent, except to the extent that (x) Borrower or Major Tenant is contesting the same in accordance with the terms of Section 5.1.2 hereof,
or (y) during a Cash Sweep Period caused solely by a DSCR Trigger Event, there are sufficient funds in the Tax and Insurance Escrow Account (after deducting funds deposited into such account in respect of Premiums) to pay such Taxes or Other
Charges and Lender fails to or refuses to pay the same to the extent required under this Agreement; 
 (iii) if the Policies
are not kept in full force and effect; 
 (iv) if Borrower Transfers or otherwise encumbers any portion of the Property
without Lender’s prior written consent (to extent such consent is required) or otherwise violates any of the restrictions on Transfer under Section 5.2.10 herein; 

(v) if any representation or warranty made by Borrower herein or in any other Loan Document (including, without limitation, any
representation or covenant contained in Section 4.1.30 hereof), or in any report, certificate, financial statement or other instrument, agreement or document furnished to Lender by or on behalf of Borrower shall have been false or
misleading in any material respect as of the date the representation or warranty was made, provided that, with respect to this clause (v), if such breach (1) was inadvertent or unintentional and is susceptible of cure, (2) should not
increase the risk of 

  
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substantive consolidation of the assets and liabilities of Borrower with those of any other Person as evidenced by a bankruptcy opinion reasonably acceptable to Lender, and (3) if the
representation relates to Borrower’s, Guarantor’s or Major Tenant’s financial condition at the Closing Date, does not materially impair Borrower’s or Guarantor’s ability to perform its obligations hereunder or under the
other Loan Documents, then such breach shall not constitute an Event of Default if Borrower cures such breach within five (5) Business Days after Lender’s written notice to Borrower of such breach; 

(vi) if Borrower or any Principal shall make an assignment for the benefit of creditors; 

(vii) if (A) Borrower, any Principal, Guarantor or any other guarantor or indemnitor under any guarantee issued in
connection with the Loan shall commence any case, proceeding or other action (I) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, conservatorship or relief of
debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with
respect to it or its debts, or (II) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the Borrower, any Principal, Guarantor or any other
guarantor or indemnitor shall make a general assignment for the benefit of its creditors; or (B) there shall be commenced against Borrower, any Principal, Guarantor or any other guarantor or indemnitor any case, proceeding or other action of a
nature referred to in clause (A) above that is not dismissed within ninety (90) days of filing (provided, further, however, that with respect to Guarantor or any other guarantor or indemnitor, it shall be at
Lender’s option to determine whether any of the foregoing shall be an Event of Default); or (C) there shall be commenced against the Borrower, any Principal, Guarantor or any other guarantor or indemnitor any case, proceeding or other
action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets; or (D) the Borrower, any Principal, Guarantor or any other guarantor or indemnitor shall take any
action in furtherance of, or indicating its consent to, approval of, any of the acts set forth in clause (A), (B), or (C) above; 

(viii) if Borrower attempts to assign its rights under this Agreement or any of the other Loan Documents or any interest herein
or therein in contravention of the Loan Documents; 
 (ix) if Borrower breaches any negative covenant contained in
Section 5.2 hereof; 
 (x) with respect to any term, covenant or provision set forth herein which specifically
contains a notice requirement or grace period, if Borrower shall be in default under such term, covenant or condition after the giving of such notice or the expiration of such grace period; 

  
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 (xi) if any of the material terms of any Major Lease are amended or modified
without Lender’s prior written consent; 
 (xii) if there shall be a default by Borrower under the terms of any Major
Lease beyond any applicable notice and cure periods which default could permit the Tenant thereunder to (x) terminate such Major Lease and/or (y) offset Rent under such Major Lease in an amount which would result in the Debt Service
Coverage Ratio to fall below 2.20 to 1:00; 
 (xiii) if Borrower breaches any covenant contained in Section 5.1.24
hereof by failing to comply with the post-closing obligations set forth on Schedule IX hereof. 
 (xiv) if Borrower shall
continue to be in Default under any of the terms, covenants or conditions of Section 9.1 hereof, or fails to cooperate with Lender in connection with a Securitization pursuant to the provisions of Section 9.1 hereof, for five
(5) Business Days after notice to Borrower from Lender; 
 (xv) if Borrower shall continue to be in Default under any of
the other terms, covenants or conditions of this Agreement not specified in subsections (i) to (xiv) above, for ten (10) days after notice to Borrower from Lender, in the case of any Default which can be cured by the
payment of a sum of money, or for thirty (30) days after notice from Lender in the case of any other Default; provided, however, that if Lender determines that such non-monetary Default is susceptible of cure but cannot reasonably be cured
within such thirty (30) day period and provided further that Borrower shall have commenced to cure such Default within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty
(30) day period shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such Default, such additional period not to exceed ninety (90) days; 

(xvi) if there shall be default under any of the other Loan Documents beyond any applicable cure periods contained in such
documents, whether as to Borrower or the Property, or if any other such event shall occur or condition shall exist, if the effect of such default, event or condition is to accelerate the maturity of any portion of the Debt or to permit Lender to
accelerate the maturity of all or any portion of the Debt; or 
 (xvii) Borrower shall be in default under any other deed of
trust, mortgage or security agreement covering any part of the Property whether it be superior or junior in priority to the Security Instrument or this Agreement (it not being implied by this clause that any such encumbrance will be permitted). 

With exception for clause (a)(i) above, the notice rights and/or cure periods in this Section 8.1 are hereby supplemented and/or extended, as the
case may be, to the extent that the Major Tenant under the Major Tenant Lease is afforded a notice and opportunity to cure a particular default which is also a default hereunder but for which there is no notice, or a more limited period of notice
and opportunity to cure hereunder than under the Major Tenant Lease. For example, if the Major Tenant has ten (10) business days to cure a particular non-monetary default, but the Borrower is only afforded five (5) business days, then the
Borrower’s cure period would be automatically extended to ten (10) business days to be consistent with the Major Tenant Lease. 

  
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 (b) Upon the occurrence of an Event of Default (other than an Event of Default described in
clauses (vi), (vii) or (viii) above) and at any time thereafter, in addition to any other rights or remedies available to it pursuant to this Agreement and the other Loan Documents or at law or in equity, Lender may take such action,
without notice or demand, that Lender deems advisable to protect and enforce its rights against Borrower and in and to the Property, including declaring the Debt to be immediately due and payable, and Lender may enforce or avail itself of any or all
rights or remedies provided in the Loan Documents against Borrower and any or all of the Property, including all rights or remedies available at law or in equity; and upon any Event of Default described in clauses (vi), (vii) or
(viii) above, the Debt and Other Obligations of Borrower hereunder and under the other Loan Documents shall immediately and automatically become due and payable, without notice or demand, and Borrower hereby expressly waives any such notice or
demand, anything contained herein or in any other Loan Document to the contrary notwithstanding. 
 (c) With respect to any Event of Default
that pertains to Guarantor (the “Defaulting Party”) such as a Bankruptcy Action with respect to Guarantor, Borrower may cure the same by replacing the Defaulting Party with a Qualified Replacement Guarantor within thirty
(30) days thereafter in accordance with the provisions herein which, but for such Event of Default, would permit the replacement(s). It shall be a condition to such replacement, that Borrower delivers, or causes to be delivered, a
re-affirmation by the Qualified Replacement Guarantor of the obligations under the Guaranty and the Environmental Indemnity, and any other agreement to which Defaulting Party is a party. 

Section 8.2 Remedies. (a) Upon the occurrence of an Event of Default, all or any one or more of the rights, powers,
privileges and other remedies available to Lender against Borrower under this Agreement or any of the other Loan Documents executed and delivered by, or applicable to, Borrower or at law or in equity may be exercised by Lender at any time and from
time to time, whether or not all or any of the Debt shall be declared due and payable, and whether or not Lender shall have commenced any foreclosure proceeding or other action for the enforcement of its rights and remedies under any of the Loan
Documents with respect to all or any part of the Property. Any such actions taken by Lender shall be cumulative and concurrent and may be pursued independently, singularly, successively, together or otherwise, at such time and in such order as
Lender may determine in its discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Lender permitted by law, equity or contract or as set forth herein or in the other Loan
Documents. Without limiting the generality of the foregoing, Borrower agrees that if an Event of Default is continuing (i) Lender is not subject to any “one action” or “election of remedies” law or rule, and (ii) all
liens and other rights, remedies or privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of its remedies against the Property and the Security Instrument has been foreclosed, sold and/or otherwise
realized upon in satisfaction of the Debt or the Debt has been paid in full. 
 (b) With respect to Borrower and the Property, nothing
contained herein or in any other Loan Document shall be construed as requiring Lender to resort to the Property for the 

  
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satisfaction of any of the Debt in any preference or priority, and Lender may seek satisfaction out of the Property, or any part thereof, in its absolute discretion in respect of the Debt. In
addition, to the extent permitted by applicable law, Lender shall have the right from time to time to partially foreclose the Security Instrument in any manner and for any amounts secured by the Security Instrument then due and payable as determined
by Lender in its discretion including the following circumstances: (i) in the event Borrower defaults beyond any applicable grace period in the payment of one or more scheduled payments of principal and interest, Lender may foreclose the
Security Instrument to recover such delinquent payments or (ii) in the event Lender elects to accelerate less than the entire Outstanding Principal Balance, Lender may foreclose the Security Instrument to recover so much of the principal
balance of the Loan as Lender may accelerate and such other sums secured by the Security Instrument as Lender may elect. Notwithstanding one or more partial foreclosures, the Property shall remain subject to the Security Instrument to secure payment
of sums secured by the Security Instrument and not previously recovered. 
 (c) Lender shall have the right from time to time to sever the
Note and the other Loan Documents into one or more separate notes, mortgages and other security documents (the “Severed Loan Documents”) in such denominations as Lender shall determine in its discretion for purposes of evidencing
and enforcing its rights and remedies provided hereunder, provided the same do not (i) increase Borrower’s or Guarantor’s obligations, (ii) diminish their respective rights, or (iii) otherwise adversely affect Borrower,
Guarantor or any Affiliate of Borrower, except (in each case) to a de minimis extent. Borrower shall execute and deliver to Lender from time to time, promptly after the request of Lender, a severance agreement and such other documents as Lender
shall request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to Lender provided the same do not (i) increase Borrower’s or Guarantor’s obligations,
(ii) diminish their respective rights, or (iii) otherwise adversely affect Borrower, Guarantor or any Affiliate of Borrower, except (in each case) to a de minimis extent. Borrower hereby absolutely and irrevocably appoints Lender as its
true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the aforesaid severance, Borrower ratifying all that its said attorney shall do by virtue thereof; provided,
however, Lender shall not make or execute any such documents under such power until three (3) Business Days after notice has been given to Borrower by Lender of Lender’s intent to exercise its rights under such power. If Lender elects to
sever the Note and other Loan Documents during an Event of Default, Borrower shall be obligated to pay any costs or expenses incurred in connection with the preparation, execution, recording or filing of the Severed Loan Documents and the Severed
Loan Documents shall not contain any representations, warranties or covenants not contained in the Loan Documents and any such representations and warranties contained in the Severed Loan Documents will be given by Borrower only as of the Closing
Date. For sake of clarity, so long as Borrower is marketing, has marketed, (or intends to market) the sale of beneficial interests in Borrower as eligible replacement property for a tax-deferred exchange of property under Section 1031 of the
Code, in complying with its obligations under this Section 8.2, Borrower shall not be required to undertake (nor may Lender, on behalf of Borrower, undertake) any action that could, in the reasonable judgment of Borrower’s counsel,
adversely affect the ability to characterize beneficial interests in Borrower as qualified replacement property for purposes of a tax deferred exchange. 

  
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 (d) As used in this Section 8.2, a “foreclosure” shall include, without
limitation, any sale by power of sale. 
 Section 8.3 Remedies Cumulative; Waivers. The rights, powers and remedies of
Lender under this Agreement shall be cumulative and not exclusive of any other right, power or remedy which Lender may have against Borrower pursuant to this Agreement or the other Loan Documents, or existing at law or in equity or otherwise.
Lender’s rights, powers and remedies may be pursued singularly, concurrently or otherwise, at such time and in such order as Lender may determine in Lender’s discretion. No delay or omission to exercise any remedy, right or power accruing
upon an Event of Default shall impair any such remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default
or Event of Default with respect to Borrower shall not be construed to be a waiver of any subsequent Default or Event of Default by Borrower or to impair any remedy, right or power consequent thereon. 

ARTICLE IX – SPECIAL PROVISIONS 

Section 9.1 Securitization. 

9.1.1 Sale of Notes and Securitization. (a) Borrower acknowledges and agrees that Lender may sell all or any portion of the
Loan and the Loan Documents, or issue one or more participations therein, or consummate one or more private or public securitizations of rated single- or multi-class securities (the “Securities”) secured by or evidencing ownership
interests in all or any portion of the Loan and the Loan Documents or a pool of assets that include the Loan and the Loan Documents (such sales, participations or securitizations, collectively, a “Securitization”). 

(b) At the request of Lender, and to the extent not already required to be provided by or on behalf of Borrower under this Agreement, Borrower
shall at no additional cost or expense to Borrower (other than deminimis costs and expenses and costs of Borrower’s counsel), use reasonable efforts to provide information not in the possession of Lender or which may be reasonably required by
Lender or take other actions reasonably required by Lender, in each case in order to satisfy the market standards to which Lender customarily adheres or which may be reasonably required by prospective investors and/or the Rating Agencies in
connection with any such Securitization, other than an amendment to the Loan Document that would (i) increase Borrower’s or Guarantor’s obligations, (ii) diminish their respective rights, or (iii) otherwise adversely affect
Borrower, Guarantor or any Affiliate of Borrower, except (in each case) to a deminimis extent. Lender shall have the right to provide to prospective investors and the Rating Agencies any information in its possession, including financial statements
relating to Borrower, Guarantor, any mezzanine borrower, the Property and any Tenant of the Improvements. Borrower acknowledges that certain information regarding the Loan and the parties thereto and the Property may be included in a private
placement memorandum, prospectus or other disclosure documents. Borrower agrees that each of Borrower, Principal, Guarantor and their respective officers and representatives, shall, at Lender’s request, at Lender’s cost and expense (other
than for fees and expenses incurred by Borrower’s, Principal’s or Guarantor’s outside counsel, which shall be borne by Borrower, Principal or Guarantor, respectively), cooperate with Lender’s efforts to arrange for a
Securitization in accordance with the market standards to which 

  
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Lender customarily adheres and/or which may be required by prospective investors and/or the Rating Agencies in connection with any such Securitization. Borrower, Principal and Guarantor agree to
review, at Lender’s request in connection with the Securitization, the Disclosure Documents as such Disclosure Documents relate to Borrower, Principal, Guarantor, any mezzanine borrower, the Property and the Loan, including, the sections
entitled “Risk Factors,” “Special Considerations,” “Description of the Security Instrument,” “Description of the Mortgage Loan and Mortgaged Property,” “The Manager,” “The Borrower,” and
“Certain Legal Aspects of the Mortgage Loan,” and shall confirm that the factual statements and representations contained in such sections and such other information in the Disclosure Documents (to the extent such information relates to,
or is based on, or includes any information regarding the Property, Borrower, Guarantor, any mezzanine borrower, Manager and/or the Loan) do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements made, in the light of the circumstances under which they were made, not misleading. For sake of clarity, none of Borrower, Guarantor or any of their respective Affiliates, shall be required to review, confirm the accuracy of,
comment and/or approve (a) any general risk factors or disclosures which are not specific to the Property, Borrower, Principal or Guarantor, (b) any summary of the economic Loan terms, (c) any matters pertaining to the securities
issued in connection with the Securitization or other disposition of the Loan (or any part thereof) or (d) any third party materials such as environmental or engineering reports, or summaries thereof or (e) any lease, easement or contract
or other due diligence summaries not prepared by Borrower, an Affiliate of Borrower or their respective counsel, which are applicable to tenants or occupants of the Property, or (f) any information which is publicly available. 

(c) Borrower agrees to make upon Lender’s reasonable written request, without limitation, all structural or other changes to the Loan
(including delivery of one or more new component notes to replace the original note or modify the original note to reflect multiple components of the Loan and such new notes or modified note may have different interest rates and amortization
schedules), modifications to any documents evidencing or securing the Loan, creation of one or more mezzanine loans (including amending Borrower’s organizational structure to provide for one or more mezzanine borrowers), delivery of opinions of
counsel acceptable to the Rating Agencies or potential investors and addressing such matters as the Rating Agencies or potential investors may require; provided, however, that in creating such new notes or modified notes or mezzanine notes Borrower
shall not be required to modify (i) the overall weighted average interest rate of the Note at the time of the creation of such new notes or modified notes or mezzanine notes or at any time thereafter (i.e. the weighted average interest rate
payable under such new notes or modified notes or mezzanine notes shall at all times equal the Applicable Interest Rate), provided, however, that such weighted average interest rate may change as a result of the non-pro-rata application of casualty
or condemnation proceeds or principal following an Event of Default, (ii) the stated maturity of the Note, (iii) the aggregate amortization of principal of the Note, (iv) any other material economic term of the Loan, or
(v) decrease the time periods during which Borrower is permitted to perform its obligations under the Loan Documents or, (vi) any other term that would not (i) increase Borrower’s or Guarantor’s obligations,
(ii) diminish their respective rights, or (iii) otherwise adversely affect Borrower, Guarantor or any Affiliate of Borrower, except (in each case) to a de minimis extent. In connection with the foregoing, Borrower covenants and agrees to
modify the Cash Management Agreement to reflect the newly created components and/or mezzanine loans. 

  
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 (d) If requested by Lender, Borrower shall provide Lender, promptly upon request, with any
financial statements, or financial, statistical or operating information, as Lender shall determine to be required pursuant to Regulation AB under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), or any amendment, modification or replacement thereto or other legal requirements in connection with any private placement memorandum, prospectus or other disclosure documents or any filing pursuant to the Exchange
Act in connection with the Securitization or as shall otherwise be reasonably requested by Lender. 
 (e) Borrower hereby appoints Lender its
attorney-in-fact with full power of substitution (which appointment shall be deemed to be coupled with an interest and to be irrevocable until the Loan is paid and the Security Instrument is discharged of record, with Borrower hereby ratifying all
that its said attorney shall do by virtue thereof) to execute and deliver all documents and do all other acts and things necessary or desirable to effect any Securitization authorized hereunder; provided, however, that unless an Event of Default
exists, Lender shall not execute or deliver any such documents or do any such acts or things under such power until five (5) days after written notice has been given to Borrower by Lender of Lender’s intent to exercise its rights under
such power. Borrower’s failure to deliver any document or to take any other action Borrower is obligated to take hereunder with respect to any Securitization for a period of ten (10) Business Days after such notice by Lender shall, at
Lender’s option, constitute an Event of Default hereunder. 
 (f) For sake of clarity, so long as Borrower is marketing or has marketed
(or intends to market) the sale of beneficial interests in Borrower as eligible replacement property for a tax-deferred exchange of property under Section 1031 of the Code, in complying with its obligations under this Section 9.1.1,
Borrower shall not be required to undertake (nor may Lender, on behalf of Borrower, undertake) any action that could, in the reasonable judgment of Borrower’s counsel, adversely affect the ability to characterize beneficial interests in
Borrower as qualified replacement property for purposes of a tax deferred exchange. 
 9.1.2 Securitization Costs. All
reasonable out of pocket third party costs and expenses incurred by Borrower in connection with Borrower’s complying with requests made by Lender under Section 9.1.1(c), other than fees and expenses of Borrower’s outside
counsel, shall be paid or reimbursed by Lender. 
 Section 9.2 Intentionally omitted. 

Section 9.3 Exculpation. (a) Subject to the qualifications below, Lender shall not enforce the liability and
obligation of Borrower to perform and observe the obligations contained in the Note, this Agreement, the Security Instrument or the other Loan Documents by any action or proceeding wherein a money judgment shall be sought against Borrower, except
that Lender may bring a foreclosure action, an action for specific performance or any other appropriate action or proceeding to enable Lender to enforce and realize upon its interest under the Note, this Agreement, the Security Instrument and the
other Loan Documents, or in the Property, the Rents, or any other collateral given to Lender pursuant to the Loan Documents; provided, however, that, except as specifically provided herein, any judgment in any such action or proceeding shall be
enforceable against Borrower only to the extent of Borrower’s interest in the Property, in the 

  
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Rents and in any other collateral given to Lender, and Lender, by accepting the Note, this Agreement, the Security Instrument and the other Loan Documents, agrees that it shall not sue for, seek
or demand any deficiency judgment against Borrower in any such action or proceeding under or by reason of or under or in connection with the Note, this Agreement, the Security Instrument or the other Loan Documents. The provisions of this Section
shall not, however, (i) constitute a waiver, release or impairment of any obligation evidenced or secured by any of the Loan Documents; (ii) impair the right of Lender to name Borrower as a party defendant in any action or suit for
foreclosure and sale under the Security Instrument (iii) affect the validity or enforceability of or any guaranty made in connection with the Loan or any of the rights and remedies of Lender thereunder; (iv) impair the right of Lender to
obtain the appointment of a receiver; (v) impair the enforcement of any security interest in Rents and Leases under any assignment of leases contained in the Security Instrument and any other Loan Document; (vi) constitute a prohibition
against Lender to seek a deficiency judgment against Borrower in order to fully realize the security granted by the Security Instrument or to commence any other appropriate action or proceeding in order for Lender to exercise its remedies against
all of the Property. 
 (b) Nothing contained herein shall in any manner or way release, affect or impair the right of Lender to recover, and
Borrower shall be fully and personally liable and subject to legal action, for any loss, cost, expense, damage, claim or other obligation (including reasonable attorneys’ fees and court costs), but excluding consequential, special, punitive and
exemplary damages) incurred or suffered by Lender arising out of or in connection with the following: 
 (i) Fraud.
Fraud or intentional misrepresentation by Borrower, any Principal, Guarantor or any Affiliate of the foregoing in connection with the Loan; 

(ii) Misconduct. The willful misconduct of Borrower, any Principal, Guarantor or any Affiliate of the foregoing; 

(iii) Waste. The intentional material physical waste of the Property by Borrower, any Principal, Guarantor or any
Affiliate of the foregoing; 
 (iv) Removal of Property. The removal or disposal of any portion of the Property after
an Event of Default and in violation of the terms of the Loan Documents by Borrower, any Principal, Guarantor or any Affiliate of the foregoing, unless replaced with personal property of the same or greater utility and value; 

(v) Misappropriation. The misapplication, misappropriation or conversion by Borrower, Principal or Guarantor of
(A) any Insurance Proceeds paid by reason of any loss, damage or destruction to the Property, (B) any Awards received in connection with a Condemnation of all or a portion of the Property, (C) any Rents during an Event of Default, or
(D) any Rents paid more than one month in advance (excluding security deposits); 
 (vi) Misapplication of Rents.
Following the occurrence and during the continuance of an Event of Default, the failure to either apply Rents or other income from the Property, collected after such Event of Default, to the ordinary, customary, and necessary expenses of operating
the Property to the extent the Major Tenant is not obligated to pay the same or, upon demand, to deliver such Rents or other income to Lender; 

  
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 (vii) Insurance/Taxes and Other Charges. The failure to maintain insurance
in accordance with, and as required by, the terms of the Loan Documents or to pay taxes and assessments, or to pay charges for labor or materials or other charges or judgments which result in Liens on any portion of the Property which Liens are not
bonded over or discharged in accordance with the terms of the Loan Documents (unless Lender is escrowing funds therefor and fails to make such payments or has taken possession of the Property following an Event of Default, and thereafter fails to
make such payments); 
 (viii) Compliance with Laws. The intentional or knowing breach of the representation by
Borrower that on the Closing Date, the Property and all Improvements at the Property were in material compliance with applicable laws; 

(ix) Security Deposits. Any security deposits, advance deposits or any other deposits collected with respect to the
Property which are not delivered to Lender upon a foreclosure of the Property or action in lieu thereof, except to the extent any such security deposits were applied in accordance with the terms and conditions of any of the Leases prior to such
foreclosure or action in lieu thereof; 
 (x) OFAC; Environmental. Any failure by Borrower to comply with any of the
representations, warranties or covenants set forth in Sections 4.1.34 [Investment Company Act], 4.1.35 [Embargoed Person], 4.1.37 [Environmental Reps] or 5.1.19 [Environmental Covenants] hereof; 

(xi) Insurance Premiums. The failure to pay Insurance Premiums on or prior to the date when due; 

(xii) Outstanding Tenant Allowance. Any matter arising out of, or relating to, the Reimbursement Allowance and/or the
HVAC Allowance, including, without limitation, any fraud or misrepresentation by Borrower, any Principal, Guarantor or any Affiliate of the foregoing in connection with the Officer’s Certificate delivered to Lender in connection with any
disbursements from the Unfunded Obligations Account; 
 (xiii) SPE. If Borrower fails to maintain its status as a
Special Purpose Entity, breaches any representation or fails to comply with any warranty or covenant set forth in Section 4.1.30 hereof; 

(xiv) Voluntary Debt/Liens. If Borrower or any Principal fails to obtain Lender’s prior written consent (to extent
such consent is required) to any Indebtedness not permitted hereunder or any voluntary Lien securing borrowed money; 
 (xv)
Inspections/Financials. If Borrower fails to permit on-site inspections of the Property (subject to the rights of tenants), or fails to provide financial information subject to any applicable cure period (except for financial information
required to be delivered by a tenant pursuant to the applicable Lease that has not been delivered to Borrower, provided Borrower has requested such financial information from such tenant and Borrower has a right to request the same); and 

  
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 (xvi) The failure of Borrower to comply with the terms of
Section 5.1.21(c) or Section 5.1.21(d) hereof. 
 (c) Notwithstanding anything to the contrary in this Agreement, the
Note or any of the other Loan Documents, (A) Lender shall not be deemed to have waived any right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim for the full amount
of the Debt secured by the Security Instrument or to require that all collateral shall continue to secure all of the Debt owing to Lender in accordance with the Loan Documents, and (B) the Debt shall be fully recourse to Borrower (i) in
the event of: 
 (i) Bankruptcy Events. 

(A) Borrower or any Principal filing a voluntary petition under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law;

 (B) the filing of an involuntary petition against Borrower or any Principal (other than by Lender or an Affiliate of Lender) under the
Bankruptcy Code or any other Federal or state bankruptcy or insolvency law in which Borrower or any Principal or Guarantor colludes with, or otherwise assists such Person, or solicits or causes to be solicited petitioning creditors for any
involuntary petition against Borrower or any Principal from any Person; 
 (C) Borrower or any Principal filing an answer consenting to or
joining in any involuntary petition filed against it by any other Person under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law, other than at the request of Lender; 

(D) Borrower or any Principal consenting to or joining in an application for the appointment of a custodian, receiver, trustee, or examiner for
Borrower or any Principal or any portion of the Property (or any portion thereof), other than at the request of Lender; 
 (E) Borrower or
any Principal making an assignment for the benefit of creditors, or admitting in writing in any insolvency or bankruptcy proceeding, its insolvency or inability to pay its debts as they become due, other than at the request of Lender (unless failure
to make such admission would be a violation of law, or in the context of required financial reporting or settlement discussions with Lender); 

(ii) First Payment. If the first full monthly payment under the Note not being paid within five (5) days of notice that such
payment is late (provided, however, that such grace period relates only to the recourse trigger described in this paragraph); 
 (iii)
[intentionally omitted]; 

  
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 (iv) SPE. If Borrower fails to maintain its status as a Special Purpose Entity, breaches
any representation or fails to comply with any warranty or covenant set forth in Section 4.1.30 hereof, and such failure and/or breach was cited as a material factor in the substantive consolidation of the assets of Borrower in a
bankruptcy of Guarantor or any other Person; 
 (v) Voluntary Liens. If Borrower or any Principal fails to obtain Lender’s prior
written consent (to extent such consent is required) to the granting of any (X) (a) voluntary mortgage, deed of trust, or security interest, on, or (b) assignment or pledge of, Borrower’s interest in all or any portion of the
Property, or (Y) pledge of any direct and/or indirect controlling ownership or beneficial interest in Borrower, Guarantor or the Property, except in each case, to the extent expressly permitted by the Loan Documents; 

(vi) Voluntary Transfers. If Borrower fails to obtain Lender’s prior written consent (to extent such consent is required) to
Borrower’s voluntary conveyance of its fee title to all or any portion of the real property comprising part of the Property, or any conveyance by Sponsor, Guarantor or any Affiliate of its direct or indirect interest in Borrower, in each case,
in violation of the terms this Agreement. 
 (d) Notwithstanding anything to the contrary in this Agreement, the Note or any of the other
Loan Documents, Borrower shall have no liability under clauses (b)(iii), (iv), (vii), (viii), (xiii) or (xiv)(other than with respect to Indebtedness for money borrowed in violation of this Agreement) [damages only provisions] or clauses
(c) (iv), (v) or (vi) [full springing recourse provisions] of this Section 9.3, where the circumstance, event or condition that could otherwise give rise to liability thereunder, is directly and to the extent attributable
to one or more of the following: 
 (i) insufficient Rents from the Property; 

(ii) Borrower’s lack of access to revenue from the Property as a result of Lender’s exercise of its remedies with
respect to Property cash flow, or otherwise with respect to collateral securing the Loan. 
 (iii) the insolvency of Borrower
or negative cash flow from the Property and/or the actual or constructive admission of the same by any means in any context; 

(iv) the payment of Borrower’s debts and obligations as they become due and payable from equity contributions; 

(v) failure to pay the Loan or other obligations of Borrower to Lender, as a result of (i) or (ii) or
(iii) above of this Section 9.3(d); 
 (vi) an Event of Default resulting from Transfer undertaken by
Borrower or any other Person which, but for the provision of any required notice or documentation to Lender, the Rating Agencies or other Person as required hereby, would be permitted hereunder, provided such notice or documentation is subsequently
provided to Lender within five (5) Business Days after notice by Lender to Borrower (provided further that Borrower shall be required to reimburse Lender an actual, out-of-pocket expenses incurred in connection with such Transfer). 

  
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 (e) Notwithstanding anything to the contrary contained in this Agreement, in any of the other
Loan Documents, or in any other instruments, certificates, documents or agreements executed in connection with the Loan (collectively, the “Relevant Documents”), no recourse under or upon any obligation, representation, warranty,
promise or other matter whatsoever shall be had against any of the direct or indirect constituent members, partners, shareholders, trustees, other beneficial interest holders, or affiliates of Borrower, Principal, Guarantor, or any other direct or
indirect partners, shareholders, members, trustees, other beneficial interest holders, officers, directors, employees, agents and representatives of such Persons (collectively, the “Non-Recourse Parties”), and Lender expressly
waives and releases, on behalf of itself and its successors and assigns, all right to assert any liability whatsoever under or with respect to the Relevant Documents against, or to satisfy any claim or obligation arising thereunder against, any of
such Non-Recourse Parties or out of any of their assets, provided, however, the foregoing shall not apply to the obligations Guarantor (or any successor guarantor) under the Loan Documents to which it is a party. 

(f) Nothing herein shall be deemed to constitute a waiver by Lender of any right Lender may have under Sections 506(a), 506(b), 1111(b) or any
other provision of the Bankruptcy Code to file a claim for the full amount of the Debt or to require that all collateral shall continue to secure all of the Debt. 

Section 9.4 Matters Concerning Manager. If (a) an Event of Default hereunder has occurred and remains uncured,
(b) Borrower, Guarantor, Sponsor or Manager shall become subject to a Bankruptcy Action, (c) a default occurs under the Management Agreement (beyond any applicable cure period), (d) at any time Manager has engaged in gross negligence,
fraud, willful misconduct or misappropriation of funds or (e) the ARD Trigger Event has occurred, Borrower shall, at the request of Lender, terminate the Management Agreement and replace the Manager with a Qualified Manager pursuant to a
replacement Management Agreement, it being understood and agreed that the management fee for such Qualified Manager shall not exceed then prevailing market rates. In addition and without limiting the rights of Lender hereunder or under any of the
other Loan Documents, in the event that (i) the Management Agreement is terminated, (ii) the Manager no longer manages the Property, or (iii) a receiver, liquidator or trustee shall be appointed for Manager or if Manager shall be
adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or joined by, Manager, or if
any proceeding for the dissolution or liquidation of Manager shall be instituted, then Borrower (at Borrower’s sole cost and expense) shall immediately, in its name, establish new deposit accounts separate from any other Person with a
depository satisfactory to Lender into which all Rents and other income from the Property shall be deposited and shall grant Lender a first priority security interest in such account pursuant to documentation satisfactory in form and substance to
Lender. 
 Section 9.5 Servicer. At the option of Lender, the Loan may be serviced by a master servicer, primary
servicer, special servicer and/or trustee (any such master servicer, primary servicer, special servicer, and trustee, together with its agents, nominees or designees, are 

  
 110 

 
collectively referred to as “Servicer”) selected by Lender and Lender may delegate all or any portion of its responsibilities under this Agreement and the other Loan Documents to
Servicer pursuant to a pooling and servicing agreement, servicing agreement, special servicing agreement or other agreement providing for the servicing of one or more mortgage loans (collectively, the “Servicing Agreement”) between
Lender and Servicer. Borrower shall be responsible for any set up fees or any other initial costs relating to or arising under the Servicing Agreement, but Borrower shall not be responsible for payment of the regular monthly master servicing fee or
trustee fee due to Servicer under the Servicing Agreement or any fees or expenses required to be borne by, and not reimbursable to, Servicer. Notwithstanding the foregoing, Borrower shall promptly reimburse Lender on demand for the following costs
and expenses payable by Lender to Servicer as a result of the Loan becoming specially serviced: (i) any liquidation fees that are due and payable to Servicer under the Servicing Agreement in connection with the exercise of any or all remedies
permitted under this Agreement, (ii) any workout fees and special servicing fees that are due and payable to Servicer under the Servicing Agreement, which fees may be due and payable under the Servicing Agreement on a periodic or continuing
basis, (iii) the costs of all property inspections and/or appraisals of the Property (or any updates to any existing inspection or appraisal) that Servicer may be required to obtain (other than the cost of regular annual inspections required to
be borne by Servicer under the Servicing Agreement), (iv) the costs of all appraisals of the Property (or any updates to any existing appraisal) that Servicer may be required to obtain in connection with a Borrower request, or following an
Event of Default; and (v) other reasonable out of pocket expenses actually incurred, including, without limitation, reasonable attorney’s fees and expenses. 

ARTICLE X – MISCELLANEOUS 

Section 10.1 Survival. This Agreement and all covenants, agreements and warranties made herein and in the certificates
delivered pursuant hereto shall survive the making by Lender of the Loan and the execution and delivery to Lender of the Note, and shall continue in full force and effect so long as all or any of the Debt is outstanding and unpaid unless a longer
period is expressly set forth herein or in the other Loan Documents. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the legal representatives, successors and assigns of such party. All
covenants, promises and agreements in this Agreement, by or on behalf of Borrower, shall inure to the benefit of the legal representatives, successors and assigns of Lender. 

Section 10.2 Lender’s Discretion. Whenever pursuant to this Agreement, Lender exercises any right given to it to
approve or disapprove, or any arrangement or term is to be satisfactory to Lender, the decision of Lender to approve or disapprove or to decide whether arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise
specifically herein provided) be in the sole and absolute discretion of Lender and shall be final and conclusive. 
 Section 10.3
Governing Law. LENDER HAS OFFICES IN THE STATE OF NEW YORK AND THE PROCEEDS OF THE LOAN DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW YORK (“GOVERNING STATE”), WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL
RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION 

  
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EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT, THE NOTE AND THE OTHER LOAN
DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAWS OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND
ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT TO THE SECURITY INSTRUMENT SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT
PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW,
BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 

ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS
MAY AT LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER
HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. BORROWER DOES HEREBY DESIGNATE AND APPOINT:

 Corporation Service Company 

1180 Avenue of the Americas, Suite 210 

New York, New York 10036 

AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION
OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN 

  
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NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE
DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II)
MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS
AUTHORIZED AGENT IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. 
 Section 10.4 Modification, Waiver in Writing. No
modification, amendment, extension, discharge, termination or waiver of any provision of this Agreement, or of the Note, or of any other Loan Document, nor consent to any departure by Borrower therefrom, shall in any event be effective unless the
same shall be in a writing signed by the party against whom enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein,
no notice to, or demand on Borrower, shall entitle Borrower to any other or future notice or demand in the same, similar or other circumstances. 

Section 10.5 Delay Not a Waiver. Neither any failure nor any delay on the part of Lender in insisting upon strict
performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under the Note or under any other Loan Document, or any other instrument given as security therefor, shall operate as or
constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In particular, and not by way of limitation, by accepting payment after
the due date of any amount payable under this Agreement, the Note or any other Loan Document, Lender shall not be deemed to have waived any right either to require prompt payment when due of all other amounts due under this Agreement, the Note or
the other Loan Documents, or to declare a default for failure to effect prompt payment of any such other amount. 
 Section 10.6
Notices. All notices, consents, approvals and requests required or permitted hereunder or under any other Loan Document shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) certified or
registered United States mail, postage prepaid, return receipt requested or (b) expedited prepaid delivery service, either commercial or United States Postal Service, with proof of attempted delivery, or (c) by telecopier (with answer back
acknowledged) and with a second copy to be sent to the intended recipient by any other means permitted under this Section, addressed as follows (or at such other address and Person as shall be designated from time to time by any party hereto, as the
case may be, in a written notice to the other parties hereto in the manner provided for in this Section): 
  

	 If to Lender: 
	UBS AG, by and through its branch office at 

 1285 Avenue of the Americas, New York, New York

  
 113 

	 	 
1285 Avenue of the Americas 

 New York, New York 10019 

Attention: Transaction Management – Henry Chung 

Facsimile No.: (212) 821-2943 
  

	 with a copy to: 
	Alston & Bird LLP 

 90 Park Avenue 

New York, New York 10016 

Attention: Stephen J. Cerniglia, Esq. 

Facsimile No.: (212) 210-9444 
  

	 If to Borrower: 
	2477 Deerfield Drive, LLC 

 c/o Rodin Global Property Trust 

110 East 59th Street 

New York, New York 10022 

Attention: General Counsel 
  

	 With a copy to: 
	Cozen O’Connor LLP 

 277 Park Avenue 

New York, New York 10172 

Attention: Abby M. Wenzel, Esq. 

Facsimile No.: (866) 433-8817 
 A notice
shall be deemed to have been given: in the case of hand delivery, at the time of delivery; in the case of registered or certified mail, when delivered or the first attempted delivery on a Business Day; or in the case of expedited prepaid delivery,
upon the first attempted delivery on a Business Day; or in the case of telecopy, upon sender’s receipt of a machine-generated confirmation of successful transmission after advice by telephone to recipient that a telecopy notice is forthcoming.

 Section 10.7 Trial by Jury. EACH OF BORROWER AND LENDER HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF
RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF
RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY EACH OF BORROWER AND LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH OF BORROWER AND
LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER PARTY. 

  
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 Section 10.8 Headings. The Article or Section headings and the Table of
Contents in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 

Section 10.9 Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Agreement. 
 Section 10.10 Preferences. Lender shall
have the continuing and exclusive right to apply or reverse and reapply any and all payments by Borrower to any portion of the obligations of Borrower hereunder. To the extent Borrower makes a payment or payments to Lender, which payment or proceeds
or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause,
then, to the extent of such payment or proceeds received, the obligations hereunder or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received by Lender. 

Section 10.11 Waiver of Notice. Borrower shall not be entitled to any notices of any nature whatsoever from Lender except
with respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide for the giving of notice by Lender to Borrower and except with respect to matters for which Borrower is not, pursuant to applicable Legal
Requirements, permitted to waive the giving of notice. Borrower hereby expressly waives the right to receive any notice from Lender with respect to any matter for which this Agreement or the other Loan Documents do not specifically and expressly
provide for the giving of notice by Lender to Borrower. 
 Section 10.12 Remedies of Borrower. If a claim or adjudication
is made that Lender or its agents have acted unreasonably or unreasonably delayed acting in any case where by law or under this Agreement or the other Loan Documents, Lender or such agent, as the case may be, has an obligation to act reasonably or
promptly, Borrower agrees that neither Lender nor its agents shall be liable for any monetary damages, and Borrower’s sole remedies shall be limited to commencing an action seeking injunctive relief or declaratory judgment. The parties hereto
agree that any action or proceeding to determine whether Lender has acted reasonably shall be determined by an action seeking declaratory judgment. 

Section 10.13 Expenses; Indemnity. (a) Borrower covenants and agrees to pay or, if Borrower fails to pay, to
reimburse, Lender upon receipt of written notice from Lender for all reasonable costs and expenses (including reasonable attorneys’ fees and expenses) incurred by Lender in connection with (i) the preparation, negotiation, execution and
delivery of this Agreement and the other Loan Documents and the consummation of the transactions contemplated hereby and thereby and all the costs of furnishing all opinions by counsel for Borrower (including without limitation any opinions
requested by Lender as to any legal matters arising under this Agreement or the other Loan Documents with respect to the Property); (ii) Borrower’s ongoing performance of and compliance with Borrower’s respective agreements 

  
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and covenants contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date, including, without limitation, confirming compliance
with environmental and insurance requirements; (iii) Lender’s ongoing performance and compliance with all agreements and conditions contained in this Agreement and the other Loan Documents on its part to be performed or complied with after
the Closing Date (except for those costs and expenses expressly assumed herein or in the other Loan Documents by Lender); (iv) except as otherwise provided in this Agreement, the negotiation, preparation, execution, delivery and administration
of any consents, amendments, waivers or other modifications to this Agreement and the other Loan Documents and any other documents or matters reasonably requested by Lender; (v) securing Borrower’s compliance with any requests made
pursuant to the provisions of this Agreement; (vi) the filing and recording fees and expenses, title insurance and fees and expenses of counsel for providing to Lender all required legal opinions, and other similar expenses incurred in creating
and perfecting the Lien in favor of Lender pursuant to this Agreement and the other Loan Documents; (vii) enforcing or preserving any rights, in response to third party claims or the prosecuting or defending of any action or proceeding or other
litigation, in each case against, under or affecting Borrower, this Agreement, the other Loan Documents, the Property, or any other security given for the Loan; and (viii) enforcing any obligations of or collecting any payments due from
Borrower under this Agreement, the other Loan Documents or with respect to the Property (including, without limitation, any reasonable and customary fees incurred by Servicer that is a master servicer or Servicer in connection with the transfer of
the Loan to a Servicer that is a special servicer prior to or following a Default or an Event of Default) or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a “work
out” or of any insolvency or bankruptcy proceedings; provided, however, that Borrower shall not be liable for the payment of any such costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud or
willful misconduct of Lender. Any cost and expenses due and payable to Lender may be paid from any amounts in the Clearing Account or Cash Management Account, as applicable. 

(b) Borrower shall indemnify, defend and hold harmless the Indemnified Parties from and against any and all other liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the reasonable fees and disbursements of counsel in connection with any investigative, administrative or
judicial proceeding commenced or threatened, whether or not an Indemnified Party shall be designated a party thereto), that may be imposed on, incurred by, or asserted against any Indemnified Party in any manner relating to or arising out of
(i) any breach by Borrower of its obligations under, or any material misrepresentation by Borrower contained in, this Agreement or the other Loan Documents, or (ii) the use or intended use of the proceeds of the Loan (collectively, the
“Indemnified Liabilities”); provided, however, that Borrower shall not have any obligation to any Indemnified Party hereunder to the extent that such Indemnified Liabilities arise from the gross negligence, illegal acts, fraud or
willful misconduct of such Indemnified Party. To the extent that the undertaking to indemnify, defend and hold harmless set forth in the preceding sentence may be unenforceable because it violates any law or public policy, Borrower shall pay the
maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by the Indemnified Parties. 

  
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 (c) Borrower covenants and agrees to pay for or, if Borrower fails to pay, to reimburse Lender
for, any fees and expenses incurred by any Rating Agency in connection with any Rating Agency review of the Loan, the Loan Documents or any transaction contemplated thereby or any consent, approval, waiver or confirmation obtained from such Rating
Agency pursuant to the terms and conditions of this Agreement or any other Loan Document and Lender shall be entitled to require payment of such fees and expenses as a condition precedent to the obtaining of any such consent, approval, waiver or
confirmation. 
 Section 10.14 Schedules Incorporated. The Schedules annexed hereto are hereby incorporated herein as a
part of this Agreement with the same effect as if set forth in the body hereof. 
 Section 10.15 Offsets, Counterclaims and
Defenses. Any assignee of Lender’s interest in and to this Agreement, the Note and the other Loan Documents shall take the same free and clear of all offsets, counterclaims or defenses which are unrelated to such documents which
Borrower may otherwise have against any assignor of such documents, and no such unrelated counterclaim or defense shall be interposed or asserted by Borrower in any action or proceeding brought by any such assignee upon such documents and any such
right to interpose or assert any such unrelated offset, counterclaim or defense in any such action or proceeding is hereby expressly waived by Borrower. 

Section 10.16 No Joint Venture or Partnership; No Third Party Beneficiaries. (a) Borrower and Lender intend that the
relationships created hereunder and under the other Loan Documents be solely that of borrower and lender. Nothing herein or therein is intended to create a joint venture, partnership, tenancy in common, or joint tenancy relationship between Borrower
and Lender nor to grant Lender any interest in the Property other than that of mortgagee, beneficiary or lender. 
 (b) This Agreement and
the other Loan Documents are solely for the benefit of Lender and Borrower and nothing contained in this Agreement or the other Loan Documents shall be deemed to confer upon anyone other than Lender and Borrower any right to insist upon or to
enforce the performance or observance of any of the obligations contained herein or therein. All conditions to the obligations of Lender to make the Loan hereunder are imposed solely and exclusively for the benefit of Lender and no other Person
shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that Lender will refuse to make the Loan in the absence of strict compliance with any or all thereof and no other Person shall
under any circumstances be deemed to be a beneficiary of such conditions, any or all of which may be freely waived in whole or in part by Lender if, in Lender’s discretion, Lender deems it advisable or desirable to do so. 

Section 10.17 Publicity. All news releases, publicity or advertising by Borrower or its Affiliates through any media
intended to reach the general public which refers to the Loan Documents or the financing evidenced by the Loan Documents, to Lender or any of Lender’s Affiliates shall be subject to the prior written approval of Lender and any such named
Affiliate of Lender in their sole discretion. Notwithstanding the foregoing, in connection with the sale of beneficial interests in Borrower and/or marketing of the Property for sale, Borrower may disclose the identity of the Lender and the terms of
the Loan and Loan Documents. All news releases, 

  
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publicity or advertising by Lender through any media intended to reach the general public which refers to the Loan Documents or the financing evidenced by the Loan Documents, to Borrower or any
of its Affiliates shall be subject to the prior approval of Borrower, which shall not unreasonably be withheld, conditioned or delayed, provided, the foregoing shall not apply to a Securitization of all or any portion of the Loan. 

Section 10.18 Waiver of Marshalling of Assets. To the fullest extent permitted by law, Borrower, for itself and its
successors and assigns, waives all rights to a marshalling of the assets of Borrower, Borrower’s partners, members and others with interests in Borrower, and of the Property, and agrees not to assert any right under any laws pertaining to the
marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale of
the Property for the collection of the Debt without any prior or different resort for collection or of the right of Lender to the payment of the Debt out of the net proceeds of the Property in preference to every other claimant whatsoever. 

Section 10.19 Waiver of Counterclaim. Borrower hereby waives the right to assert a counterclaim, other than a compulsory or mandatory
counterclaim, in any action or proceeding brought against it by Lender or its agents. 
 Section 10.20 Conflict; Construction
of Documents; Reliance. In the event of any conflict between the provisions of this Agreement and any of the other Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that they were represented by
competent counsel in connection with the negotiation, drafting and execution of the Loan Documents and that such Loan Documents shall not be subject to the principle of construing their meaning against the party which drafted same. Borrower
acknowledges that, with respect to the Loan, Borrower shall rely solely on its own judgment and advisors in entering into the Loan without relying in any manner on any statements, representations or recommendations of Lender or any parent,
subsidiary or Affiliate of Lender. Lender shall not be subject to any limitation whatsoever in the exercise of any rights or remedies available to it under any of the Loan Documents or any other agreements or instruments which govern the Loan by
virtue of the ownership by it or any parent, subsidiary or Affiliate of Lender of any equity interest any of them may acquire in Borrower, and, to the extent permitted by applicable law, Borrower hereby irrevocably waives the right to raise any
defense or take any action on the basis of the foregoing with respect to Lender’s exercise of any such rights or remedies. Borrower acknowledges that Lender engages in the business of real estate financings and other real estate transactions
and investments which may be viewed as adverse to or competitive with the business of Borrower or its Affiliates. 
 Section 10.21
Brokers and Financial Advisors. Borrower hereby represents that it has dealt with no financial advisors, brokers, underwriters, placement agents, agents or finders in connection with the transactions contemplated by this Agreement, and
Borrower hereby agrees to indemnify, defend and hold Lender harmless from and against any and all claims, liabilities, costs and expenses of any kind (including Lender’s attorneys’ fees and expenses) in any way relating to or arising from
a claim by any Person that such Person acted on behalf of Borrower or Lender in connection with the origination of the Loan contemplated herein. The provisions of this Section 10.21 shall survive the expiration and termination of this
Agreement and the payment of the Debt. 

  
 118 

 Section 10.22 Prior Agreements. This Agreement and the other Loan Documents
contain the entire agreement of the parties hereto and thereto in respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties, whether oral or written, between Borrower and Lender are
superseded by the terms of this Agreement and the other Loan Documents. 
 Section 10.23 Liability. If Borrower consists
of more than one (1) Person the obligations and liabilities of each Person shall be joint and several. Under no circumstances whatsoever shall Lender have any liability for punitive, special, consequential or incidental damages in connection
with, arising out of, or in any way related to or under this Agreement or any other Loan Document or in any way related to the transactions contemplated or any relationship established by this Agreement or any other Loan Document or any act,
omission or event occurring in connection herewith or therewith, and, to the extent not expressly prohibited by applicable laws, Borrower for itself and its Guarantor and indemnitors waives all claims for punitive, special, consequential or
incidental damages. Lender shall have no duties or responsibilities except those expressly set forth in this Agreement, the Security Instrument and the other Loan Documents. Neither Lender nor any of its officers, directors, employees or agents
shall be liable for any action taken or omitted by them as such hereunder or in connection herewith, unless caused by their gross negligence or willful misconduct. This Agreement shall be binding upon and inure to the benefit of Borrower and Lender
and their respective successors and assigns forever. 
 Section 10.24 Certain Additional Rights of Lender (VCOC).
Notwithstanding anything to the contrary contained in this Agreement, Lender shall have: 
 (a) the right to routinely consult with and
advise Borrower’s management regarding the significant business activities and business and financial developments of Borrower; provided, however, that such consultations shall not include discussions of environmental compliance
programs or disposal of hazardous substances. Consultation meetings should occur on a regular basis (no less frequently than quarterly) with Lender having the right to call special meetings at any reasonable times and upon reasonable advance notice;

 (b) the right, in accordance with the terms of this Agreement, to examine the books and records of Borrower at any reasonable times upon
reasonable notice; 
 (c) the right, in accordance with the terms of this Agreement, including Section 5.1.11 hereof, to receive
monthly, quarterly and year-end financial reports, including balance sheets, statements of income, shareholder’s equity and cash flow, a management report and schedules of outstanding indebtedness; and 

(d) the right, without restricting any other rights of Lender under this Agreement (including any similar right), to approve any acquisition by
Borrower of any other significant property (other than personal property required for the day to day operation of the Property). 

  
 119 

 The rights described above in this Section 10.24 may be exercised by any entity which owns and
controls, directly or indirectly, substantially all of the interests in Lender. 
 Section 10.25 (OFAC). Borrower hereby
represents, warrants and covenants that none of Borrower or any Guarantor is (or will be) a person with whom Lender is restricted from doing business under regulations of the Office of Foreign Asset Control (“OFAC”) of the
Department of the Treasury of the United States of America (including, those Persons named on OFAC’s Specially Designated and Blocked Persons list) or under any statute, executive order (including, the September 24, 2001 Executive Order
Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action and is not and shall not engage in any dealings or transactions or otherwise be associated with such
persons. In addition, Borrower hereby covenants to provide Lender with any additional information that Lender deems necessary from time to time in order to ensure compliance with all applicable laws concerning money laundering and similar
activities. 
 Section 10.26 Successor Parties. If any provision in this Agreement refers to a specific Person, said
reference shall be deemed to have been modified and replaced, without further action of the parties, with the name of any Person who, by means of either (A) a Permitted Transfer or (B) a Transfer or other action permitted or not prohibited
hereby, succeeds to the interests of such specifically named Person. 
 Section 10.27 Duplicate Originals; Counterparts.
This Agreement may be executed in any number of duplicate originals and each duplicate original shall be deemed to be an original. This Agreement may be executed in several counterparts, each of which counterpart shall be deemed an original
instrument and all of which together shall constitute a single Agreement. The failure of any party hereto to execute this Agreement, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder. 

[NO FURTHER TEXT ON THIS PAGE] 

  
 120 

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

					
	BORROWER:
	
	2477 DEERFIELD DRIVE, LLC, a Delaware limited liability company
		
	By:	 	/s/ Shawn Matthews
		 	Name:	 	Shawn Matthews
		 	Title:	 	CEO
	
	LENDER:
	
	UBS AG
		
	By:	 	/s/ Jared Randall
		 	Name:	 	Jared Randall
		 	Title:	 	Executive Director
		
	By:	 	/s/ Racquel A.C. Small
		 	Name:	 	Racquel A.C. Small
		 	Title:	 	Executive DirectorExhibit 10.1

 

AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT

 

OF

 

CONCENTRA GROUP HOLDINGS PARENT, LLC

 

Dated as of
 February 1, 2018

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
ARTICLE I.
    	
DEFINED TERMS
    	
2
    
	
 
    	
 
    	
 
    
	
1.1.
    	
Defined Terms
    	
2
    
	
 
    	
 
    	
 
    
	
ARTICLE II.
    	
GENERAL PROVISIONS
    	
13
    
	
 
    	
 
    	
 
    
	
2.1.
    	
Formation
    	
13
    
	
 
    	
 
    	
 
    
	
2.2.
    	
Company Name
    	
13
    
	
 
    	
 
    	
 
    
	
2.3.
    	
Purpose and Business
    	
13
    
	
 
    	
 
    	
 
    
	
2.4.
    	
Powers
    	
13
    
	
 
    	
 
    	
 
    
	
2.5.
    	
Statement of Common   Values
    	
14
    
	
 
    	
 
    	
 
    
	
2.6.
    	
Location of the   Principal Place of Business
    	
14
    
	
 
    	
 
    	
 
    
	
2.7.
    	
Registered Agent and   Registered Office
    	
14
    
	
 
    	
 
    	
 
    
	
2.8.
    	
Term
    	
14
    
	
 
    	
 
    	
 
    
	
2.9.
    	
Recordation and Filing
    	
14
    
	
 
    	
 
    	
 
    
	
2.10.
    	
Title to Assets
    	
14
    
	
 
    	
 
    	
 
    
	
2.11.
    	
Fiscal Year
    	
14
    
	
 
    	
 
    	
 
    
	
ARTICLE III.
    	
COMPANY INTERESTS
    	
15
    
	
 
    	
 
    	
 
    
	
3.1.
    	
Members; Company   Interests.
    	
15
    
	
 
    	
 
    	
 
    
	
3.2.
    	
Termination Call Option
    	
17
    
	
 
    	
 
    	
 
    
	
ARTICLE IV.
    	
MANAGEMENT
    	
18
    
	
 
    	
 
    	
 
    
	
4.1.
    	
Board Composition
    	
18
    
	
 
    	
 
    	
 
    
	
4.2.
    	
Authority, Powers and   Duties of Board
    	
19
    
	
 
    	
 
    	
 
    
	
4.3.
    	
Restrictions on   Proxies, Voting Trusts and Voting Agreements
    	
24
    
	
 
    	
 
    	
 
    
	
4.4.
    	
Indemnification.
    	
24
    

 

i

 

TABLE OF CONTENTS

(continued)

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
4.5.
    	
Limitation on   Liability.
    	
25
    
	
 
    	
 
    	
 
    
	
4.6.
    	
Officers
    	
27
    
	
 
    	
 
    	
 
    
	
4.7.
    	
Members
    	
27
    
	
 
    	
 
    	
 
    
	
ARTICLE V.
    	
DISTRIBUTIONS
    	
28
    
	
 
    	
 
    	
 
    
	
5.1.
    	
Distributions
    	
28
    
	
 
    	
 
    	
 
    
	
5.2.
    	
Limitation on   Distributions
    	
28
    
	
 
    	
 
    	
 
    
	
5.3.
    	
Non-Cash Distributions
    	
28
    
	
 
    	
 
    	
 
    
	
5.4.
    	
Repurchase Agreements   and Adjustment Payments
    	
29
    
	
 
    	
 
    	
 
    
	
ARTICLE VI.
    	
TAX AND ACCOUNTING   MATTERS
    	
29
    
	
 
    	
 
    	
 
    
	
6.1.
    	
Classification as an   Association Taxable as a Corporation
    	
29
    
	
 
    	
 
    	
 
    
	
6.2.
    	
Books of Account
    	
29
    
	
 
    	
 
    	
 
    
	
ARTICLE VII.
    	
TRANSFER OF COMPANY   INTERESTS
    	
29
    
	
 
    	
 
    	
 
    
	
7.1.
    	
Transfers
    	
29
    
	
 
    	
 
    	
 
    
	
7.2.
    	
Transfers to Permitted   Transferees
    	
30
    
	
 
    	
 
    	
 
    
	
7.3.
    	
Securities Law   Compliance.
    	
30
    
	
 
    	
 
    	
 
    
	
7.4.
    	
Distributions   Subsequent to Transfer
    	
31
    
	
 
    	
 
    	
 
    
	
7.5.
    	
Registration Rights
    	
31
    
	
 
    	
 
    	
 
    
	
ARTICLE VIII.
    	
DISSOLUTION,   LIQUIDATION, WINDING-UP AND TERMINATION
    	
31
    
	
 
    	
 
    	
 
    
	
8.1.
    	
Causes of Dissolution
    	
31
    
	
 
    	
 
    	
 
    
	
8.2.
    	
Winding Up and   Liquidation
    	
32
    
	
 
    	
 
    	
 
    
	
8.3.
    	
Documentation of Dissolution   and Termination
    	
32
    
	
 
    	
 
    	
 
    
	
8.4.
    	
Waiver of Partition
    	
32
    

 

ii

 

TABLE OF CONTENTS

(continued)

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
ARTICLE IX.
    	
TAG-ALONG, DRAG-ALONG,   PUT AND CALL AND PREEMPTIVE RIGHTS
    	
32
    
	
 
    	
 
    	
 
    
	
9.1.
    	
Tag-Along Rights
    	
32
    
	
 
    	
 
    	
 
    
	
9.2.
    	
Drag-Along Rights
    	
36
    
	
 
    	
 
    	
 
    
	
9.3.
    	
Put and Call Rights
    	
39
    
	
 
    	
 
    	
 
    
	
9.4.
    	
Preemptive Rights
    	
47
    
	
 
    	
 
    	
 
    
	
9.5.
    	
Treatment of   Class A Additional Capital and Class A Additional Capital Yield
    	
48
    
	
 
    	
 
    	
 
    
	
ARTICLE X.
    	
AMENDMENTS TO AMENDED   AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT
    	
49
    
	
 
    	
 
    	
 
    
	
10.1.
    	
Amendments.
    	
49
    
	
 
    	
 
    	
 
    
	
ARTICLE XI.
    	
QUALIFIED MEMBER   INFORMATION, ACCESS AND MANAGEMENT RIGHTS; CONSOLIDATION; EXPENSES
    	
49
    
	
 
    	
 
    	
 
    
	
11.1.
    	
Qualified Member   Information Rights
    	
49
    
	
 
    	
 
    	
 
    
	
11.2.
    	
Contractual Management   Rights
    	
50
    
	
 
    	
 
    	
 
    
	
11.3.
    	
Consolidation
    	
50
    
	
 
    	
 
    	
 
    
	
11.4.
    	
Confidentiality
    	
51
    
	
 
    	
 
    	
 
    
	
11.5.
    	
Expenses
    	
51
    
	
 
    	
 
    	
 
    
	
ARTICLE XII.
    	
GENERAL PROVISIONS
    	
51
    
	
 
    	
 
    	
 
    
	
12.1.
    	
Confidentiality
    	
51
    
	
 
    	
 
    	
 
    
	
12.2.
    	
Notices
    	
52
    
	
 
    	
 
    	
 
    
	
12.3.
    	
Successors
    	
53
    
	
 
    	
 
    	
 
    
	
12.4.
    	
Effect and   Interpretation
    	
53
    
	
 
    	
 
    	
 
    
	
12.5.
    	
Counterparts
    	
53
    

 

iii

 

TABLE OF CONTENTS

(continued)

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
12.6.
    	
Remedies
    	
53
    
	
 
    	
 
    	
 
    
	
12.7.
    	
Members Not Agents
    	
53
    
	
 
    	
 
    	
 
    
	
12.8.
    	
Entire Understanding;   Etc
    	
53
    
	
 
    	
 
    	
 
    
	
12.9.
    	
Severability
    	
53
    
	
 
    	
 
    	
 
    
	
12.10.
    	
Construction of   Agreement
    	
54
    
	
 
    	
 
    	
 
    
	
12.11.
    	
Third Party   Beneficiaries
    	
55
    
	
 
    	
 
    	
 
    
	
12.12.
    	
Duration of Rights   Under Agreement
    	
55
    
	
 
    	
 
    	
 
    
	
12.13.
    	
Consent to Jurisdiction
    	
55
    
	
 
    	
 
    	
 
    
	
12.14.
    	
Waiver of Jury Trial
    	
55
    
	
 
    	
 
    	
 
    
	
12.15.
    	
Incorporation of Exhibits
    	
56
    
	
 
    	
 
    	
 
    
	
12.16.
    	
Assurances
    	
56
    
	
 
    	
 
    	
 
    
	
12.17.
    	
Exclusivity
    	
56
    

 

iv

 

AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT
 OF
 CONCENTRA GROUP HOLDINGS PARENT, LLC

 

This AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (as the same may be amended, amended and restated, supplemented or otherwise modified from time to time in accordance with its terms, this “Agreement”) is made and entered into as of February 1, 2018, by and among Concentra Group Holdings Parent, LLC, a Delaware limited liability company (the “Company”), and each of the individuals and entities from time to time named on Schedule I hereto, each as Members of the Company, and is joined in by Select Medical Holdings Corporation, a Delaware corporation (“Select Holdings”), solely for the purposes of Sections 4.5 and 9.3(d) hereof.

 

RECITALS

 

WHEREAS, on March 22, 2015, MJ Acquisition Corporation, a Delaware corporation (“MJ Acquisition”), Humana Inc., a Delaware corporation (“Humana”), and Concentra Inc., a Delaware corporation (“Concentra”), entered into a Stock Purchase Agreement, pursuant to which MJ Acquisition acquired from Humana all of the issued and outstanding capital stock of Concentra, with Concentra becoming an indirect wholly owned Subsidiary of MJ Acquisition, which subsequently merged into Concentra with Concentra surviving;

 

WHEREAS, Concentra delivers occupational medicine, urgent care, physical therapy, and wellness services to employees and the general public through its operation of medical centers and worksite medical facilities, which facilities will hereafter also be considered owned and operated by SEM for purposes of the Indenture dated as of May 28, 2013 between SEM and US Bank, National Association;

 

WHEREAS, each of the individuals and entities named on Schedule I hereto (other than Dignity), entered into (or subsequently joined) the Amended and Restated Limited Liability Company Agreement of Concentra Group Holdings, LLC (“Holdings”) dated June 1, 2015 (as subsequently amended on July 7, 2015, September 9, 2015 and March 29, 2016) (the “Existing Agreement”);

 

WHEREAS, prior to the acquisition of U.S. HealthWorks, Inc., a Delaware corporation (“USHW”) (described below), the Company was formed and the Company formed a wholly owned subsidiary that merged with Holdings with Holdings surviving the merger as a wholly owned subsidiary of the Company and each of the members of Holdings at the time of the merger received Company Interests for their membership interests in Holdings (the “Reorganization”);

 

WHEREAS, on October 22, 2017, Holdings, Concentra, Dignity Health Holding Corporation, a Nevada corporation (“Dignity”) wholly owned by Dignity Health, a California not-for-profit public benefit corporation (“Dignity Parent”), USHW and the Company, entered into an Equity Purchase and Contribution Agreement (the “Purchase Agreement”), pursuant to which USHW will become an indirect wholly owned subsidiary of the Company (the

 

 

“Acquisition” and, together with the other transactions to be consummated in connection therewith, the “Transactions”);

 

WHEREAS, in connection with the Acquisition, the parties desire to enter into this Agreement in order to, among other things, admit Dignity as an additional Member in consideration of Dignity’s exchange of the Rollover Shares (as defined in the Purchase Agreement) to the Company for Company Interests pursuant to the Purchase Agreement;

 

WHEREAS, in connection with the Acquisition, Dignity will transfer to Concentra all of Dignity’s right, title and interest in and to all of USHW’s common stock (other than the Rollover Shares) and, subsequently, the Company will contribute the Rollover Shares to Concentra such that USHW becomes a direct wholly owned Subsidiary of Concentra;

 

WHEREAS, USHW is a provider of occupational medicine and urgent care services through its facilities nationwide, which facilities will hereafter also be considered owned and operated by SEM for purposes of the Indenture dated as of May 28, 2013 between SEM and US Bank, National Association; and

 

WHEREAS, the parties hereto desire to provide for certain matters relating to the Company, the Company Interests and any securities directly or indirectly convertible into or exercisable or exchangeable for Company Interests (“Options or Convertible Securities”) that are from time to time held by the Members.

 

NOW, THEREFORE, intending to be legally bound hereby, the parties hereto hereby agree to amend and restate the Limited Liability Company Agreement of the Company in its entirety as follows:

 

AGREEMENTS

 

ARTICLE I.
 DEFINED TERMS

 

1.1.                            Defined Terms.  In addition to the terms defined elsewhere herein, the following terms have the following meanings when used herein with initial capital letters:

 

“Act” means the Delaware Limited Liability Company Act, 6 Del. C. §§ 18-101, et seq, as the same may hereafter be amended or supplemented from time to time and any successor thereto.

 

“Affiliate” means, with respect to any specified Person, a Person that directly, or indirectly through one or more intermediaries, Controls, is Controlled by or is under common Control with, the specified Person; provided, that officers, directors or employees of the Company or any of its Subsidiaries will not be deemed to be Affiliates of any Member solely by reason of being officers, directors or employees of the Company or any of its Subsidiaries; provided, further, that, for purposes of the definition of Third Party contained in Section 9.2(a), no portfolio company of WCAS or Cressey (or of any other investment fund under common Control with WCAS or Cressey) shall be deemed to be an Affiliate of the Company, WCAS or

 

2

 

Cressey unless at least a majority of the outstanding voting securities of such portfolio company are at the time owned by WCAS or Cressey or such other investment fund.

 

“Agreement” shall have the meaning set forth in the preamble hereto.

 

“Amended and Restated Shared Services Agreement” means the agreement, dated as of the date hereof, by and between Concentra and SEM pursuant to which SEM will provide certain goods and services to Concentra, as purchaser of such goods and services, as the same may be amended from time to time in accordance with Section 4.2(e).

 

“Amended and Restated Tax Sharing Agreement” means the Amended and Restated Tax Sharing Agreement, dated as of the date hereof, by and between the Company, Holdings and Select Holdings, as the same may be amended from time to time in accordance with Section 4.2(g).

 

“Applicable Percentage” means, with respect to any Put Exercise, the quotient obtained by dividing (i) the number of Company Interests that WCAS elects to sell to SEM in connection with such Put Exercise by (ii) WCAS’s Put Cap.

 

“Board” means the Board of Directors of the Company.

 

“Board Approval” shall have the meaning set forth in Section 4.2(h).

 

“Business Day” means a day other than a day on which commercial banks in New York, New York are authorized or required by law to close.

 

“Call Price Per Interest” means the quotient obtained by dividing the amount in clause (i) below by the amount in clause (ii) below:

 

(i)                                     the Company Equity Value;

 

(ii)                                  the number of Fully Diluted Company Interests.

 

“Call Valuation Request Period” means (i) for the Fiscal Year beginning on January 1, 2022, the later of (x) the 60 day period beginning on the fourth anniversary of the date of this Agreement and (y) the 60 day period following the delivery of the audited financial statements of the Company for the Fiscal Year ending December 31, 2021 and (ii) for each Fiscal Year beginning on and after January 1, 2023, the 60 day period following the delivery of the audited financial statements of the Company for the immediately preceding Fiscal Year.

 

“Cash” means, with respect to a specified Person as of a given measuring date, the aggregate amount of all cash and cash equivalents of such Person and its consolidated Subsidiaries as of such measuring date, as determined in accordance with GAAP, including the amounts of any received but uncleared checks, drafts and wires issued prior to such time, less the amounts of any issued but uncleared checks, drafts and wires issued prior to such time.

 

3

 

“Certificate of Formation” means the certificate of formation of the Company, as in effect on the date hereof and as the same may be amended, supplemented or otherwise modified in accordance with the terms thereof and the terms of this Agreement.

 

“Class A Additional Capital” means with respect to the Class A Interests held by those Class A Members on Schedule I with an asterisk next to their name, $18,966,735 as reduced by amounts previously distributed to such Members in respect of such Class A Interests pursuant to Section 5.1(b).

 

“Class A Additional Capital Yield” means with respect to the Class A Interests held by those Class A Members on Schedule I with an asterisk next to their name, the compounded yield on the unreturned Class A Additional Capital, which shall begin to accrue on the date hereof on the Class A Additional Capital and any unpaid Class A Additional Capital Yield.  The variable interest rate for purposes of calculating the Class A Additional Capital Yield shall be calculated on the same basis as the calculation of interest under the Concentra revolving facility based on the Alternate Base Rate formula (whether or not there are outstanding borrowings under such facility), minus 0.25%; provided that if at any time the Concentra revolving facility is extinguished and not replaced such interest rate shall be equal to the interest rate based on the Alternate Base Rate formula in place under the Concentra revolving facility as of the date hereof, minus 0.25%.

 

“Class A Interest” means a Company Interest having the relative rights, preferences and obligations specified with respect to the Class A Interests set forth in Section 3.1(b) and elsewhere in this Agreement.

 

“Class A Member” means any Member in its capacity as owner of one or more Class A Interests.

 

“Class B Interest” means a Company Interest having the relative rights, preferences and obligations specified with respect to the Class B Interests set forth in Section 3.1(b) and elsewhere in this Agreement.

 

“Class B Member” means any Member in its capacity as owner of one or more Class B Interests.

 

“Class C Interest” means a Company Interest having the relative rights, preferences and obligations specified with respect to the Class C Interests set forth in Section 3.1(b) and elsewhere in this Agreement.

 

“Class C Member” means any Member in its capacity as owner of one or more Class C Interests.

 

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

 

“Company” has the meaning set forth in the preamble hereto.

 

“Company Business” means the business of owning and operating medical centers and worksite medical facilities that deliver occupational medicine to the employees of third parties

 

4

 

through such centers and facilities and that are not generally open to patients other than such employees.

 

“Company Enterprise Value” means the lesser of (x) the fair market value of the Company and its Subsidiaries (assuming that they were delivered on a debt free, cash free basis) based upon an arm’s-length sale between a willing buyer and a willing seller, without giving effect to minority or illiquidity discounts, as determined by the Investment Bank using a precedent transaction analysis based on the precedent transactions set forth on Part I of Exhibit A to this Agreement using multiples of EBITDA, as Exhibit A may be modified from time to time by the mutual agreement of SEM, Dignity and WCAS in writing, and (y) the amount, without giving effect to any minority or illiquidity discount, equal to the product of (A) the EBITDA multiple set forth on Part II of Exhibit A to this Agreement and (B) the Company’s EBITDA for the period determined in accordance with, and otherwise calculated in accordance with, Section 9.3(e) (provided that for purposes of calculating the Put Price Per Interest or Call Price Per Interest that is paid to a Dignity Member (and any definitions from which such amounts are derived), and only a Dignity Member, in no event shall the EBITDA multiple for such purposes be less than the EBITDA multiple set forth on Part III of Exhibit A to this Agreement).

 

“Company Equity Plans” means all option plans, restricted security purchase plans, option agreements, restricted security purchase agreements and other incentive plans and agreements relating to the issuance of Company Equity Securities, including the Grant Agreements.

 

“Company Equity Securities” means all Company Interests or other equity securities now or hereafter issued by the Company, including all Options or Convertible Securities now or hereafter issued by the Company.

 

“Company Equity Value” means, as of the date of any purchase or sale pursuant to a Put Exercise, Call Exercise, WCAS SEM COC Put Exercise or Dignity SEM COC Put Exercise, the amount equal to (1) Company Enterprise Value determined pursuant to Section 9.3(e) with respect to such Put Exercise, Call Exercise, WCAS SEM COC Put Exercise or Dignity SEM COC Put Exercise, as applicable, minus (2) the Net Debt and Senior Securities of the Company as of the most recent month end prior to such date, plus (3) the exercise price for all in-the-money Options or Convertible Securities outstanding on such date.

 

“Company Interests” means all Class A Interests, Class B Interests and Class C Interests.

 

“Continuing Director” shall mean, with respect to any Person for any period, any individuals (i) who were members of the board of directors or other equivalent governing body of such Person 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 one-half (1/2) of that board or equivalent governing body, or (iii) whose election or nomination to that board or other equivalent governing body was, to the extent required, approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least one-half (1/2) of that board or equivalent governing body.

 

5

 

“Control” (including the terms “Controlling”, “Controlled by” and “under common Control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Costs” shall have the meaning set forth in Section 9.1(a)(iii).

 

“Cressey” means Cressey & Company Fund IV LP.

 

“Cressey Fund” means each of (i) Cressey and (ii) each Member that is a Permitted Transferee of Cressey of the type described in clause (iv)(B) of the definition of Permitted Transferee.

 

“Cressey Member” means each of (i) Cressey and (ii) each Member that is a Permitted Transferee of Cressey.

 

“Debt and Senior Securities” means as of a given measuring date and without duplication, all of the Company’s and its consolidated Subsidiaries’ obligations for principal, interest, premiums or other obligations (including prepayment penalties or breakage costs assuming any of the following is repaid or otherwise settled in its entirety on the measuring date) in respect of (a) indebtedness for borrowed money, (b) all obligations evidenced by bonds, debentures, notes or similar instruments, together with all premiums, penalties and accrued interest thereon and other costs, fees and expenses payable in connection therewith, (c) all obligations for the deferred purchase price of property, goods or services other than accounts payable incurred in the ordinary course of business, (d) all indebtedness created or arising under a conditional sale or other title retention agreement with respect to property acquired, (e) all obligations as lessee or lessees under leases that are recorded as capital leases in accordance with GAAP, (f) all obligations under acceptance, letters of credit, bankers’ acceptances, surety bonds and similar instruments, in each case, to the extent drawn, (g) amounts required to terminate contractual obligations relating to interest rate protection, swap agreements, collar agreements or similar hedging instruments, (h) guarantees of all indebtedness of a Person of the type referred to in clauses (a) through (g) above, (i) all indebtedness of the type referred to in clauses (a) through (h) above that is secured by (or for which the holder of such indebtedness has an existing right, contingent or otherwise, to be secured by) any lien on property (including accounts and contract rights), even though such Person has not assumed, become liable for or guaranteed the payment of such indebtedness, (j) all Company Equity Securities issued after the date hereof which are senior to the Class A Interests with respect to dividends or distributions or upon liquidation, (k) the unreturned Class A Additional Capital plus the aggregate unpaid amount of Class A Additional Capital Yield, (l) amounts with respect to professional liability claims, workers compensation liability claims and employment practices liability claims that are classified and recorded on the financial statements of the Company as a non-current liability, net of any associated receivables or other assets recorded on the financial statements of the Company, in each case as SEM, Dignity and WCAS mutually agree, and (m) the fees, costs and expenses of the Company incurred in connection with the applicable Put Exercise, Dignity Put Exercise, Call Exercise, WCAS SEM COC Put Exercise or Dignity SEM COC Put Exercise (including the fees and expenses of the Investment Bank).  For the avoidance of doubt, Debt and Senior Securities do not include deferred items not described in clause (c), such as deferred income taxes.

 

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“Dignity Member” means (i) Dignity and (ii) each Member that is a Permitted Transferee of Dignity.

 

“Dignity Put Cap” means the number of Class A Interests equal to thirty three and one third percent (33 1/3%) of the number of Class A Interests listed for Dignity as of the date hereof on Schedule I (as the same may be adjusted for any limited liability company interest split, limited liability company interest dividend, distribution, combination or reclassification or similar transaction occurring after the date of this Agreement).

 

“Dignity Start Number” means 89,613,968.8, which is the number of Class A Interests owned by the Dignity Members as of the date of this Agreement (as the same may be adjusted for any limited liability company interest split, limited liability company interest dividend, distribution, combination or reclassification or similar transaction occurring after the date of this Agreement) and representing, as of the date of admission, twenty percent (20%) of the total number of Fully Diluted Company Interests outstanding at such time.

 

“Director” means any member of the Board elected pursuant to Section 4.1.

 

“EBITDA” means, for any period, with respect to the Company, (i) the consolidated net income of the Company and its Subsidiaries for such period, plus (ii) without duplication and to the extent deducted in determining such consolidated net income for such period, the sum of (A) consolidated interest expense (net of consolidated interest income) of the Company and its Subsidiaries for such period, (B) consolidated income tax expense of the Company and its Subsidiaries for such period, (C) all amounts attributable to depreciation and amortization expense of the Company and its Subsidiaries for such period and (D) any non-cash charges or non-recurring charges for such period as SEM, Dignity and WCAS mutually agree (net of any mutually agreed non-cash income or non-recurring income), including mutually agreed charges in respect of (1) management restructuring, (2) start-up losses for new locations or business lines, (3) retention bonuses and other one-time expenses related to acquisitions, (4) out of period items and (5) non-recurring information technology expenses; in each case (x) as each component of EBITDA is determined in accordance with GAAP and (y) as calculated on a pro forma basis giving effect to any acquisitions or dispositions that were consummated during the twelve-month period immediately preceding the end of such calculation period.

 

“Exchange Act” means the Securities Exchange Act of 1934, or any successor federal statute, and the rules and regulations of the United States Securities and Exchange Commission thereunder, as the same may be amended from time to time.

 

“Fair Market Value” means the fair market value based upon an arm’s-length sale between a willing buyer and a willing seller.

 

“Fiscal Year” means any 12-month period commencing on January 1 and ending on December 31.

 

“Fully Diluted Company Interests” means, as of any time, the aggregate number of outstanding Class A Interests, Class B Interests (whether or not vested), Class C Interests (whether or not vested), Class B Interests underlying in-the-money Options or Convertible

 

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Securities outstanding at such time (whether or not vested) and Class C Interests underlying in-the-money Options or Convertible Securities outstanding at such time (whether or not vested).

 

“GAAP” means United States generally accepted accounting principles, as in effect from time to time.

 

“Grant Agreement” shall mean, with respect to any Class B Member or Class C Member, any agreement pursuant to which the Company has granted the Class B Member or Class C Member his or her Class B Interests, Class C Interests or any Options or Convertible Securities.

 

“Governmental Entity” means any (i) multinational, national, federal, provincial, territorial, state, regional, municipal, local or other governmental or public department, central bank, court, arbitral body, commission, commissioner, tribunal, board, bureau, agency, instrumentality, or stock exchange, domestic or foreign, (ii) any subdivision, agent, commission, board or authority of any of the foregoing, (iii) any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the above, or (iv) any self-regulatory agency or organization exercising any regulatory, expropriation or taxing authority.

 

“Indemnitee” means (i) each of the Directors and (ii) each of the Members, but in each case only in his, her or its capacity as such and not in any other capacity.

 

“Initial Public Offering” means the initial Public Offering registered on Form S-1 (or any successor form under the Securities Act).

 

“Investment Bank” means an investment bank chosen in accordance with Section 9.3(e) from the list of investment banks set forth on Exhibit B to this Agreement, as Exhibit B may be modified from time to time by SEM, Dignity and WCAS in writing.

 

“Joinder Agreement” means a written instrument in the form of Exhibit C hereto (with such changes thereto as are from time to time reasonably requested by the Company) whereby a Permitted Transferee of Company Equity Securities becomes a party to, and agrees to be bound (to the same extent as its transferor) by, the terms of this Agreement as a “Member” hereunder.

 

“Liquidator” shall have the meaning set forth in Section 8.2.

 

“Majority-In-Interest of the Members” means one or more Members who hold in the aggregate more than fifty percent (50%) of the Class A Interests then held by the Class A Members.

 

“Member” means those Persons listed under the heading “Members” on the signature pages hereto, their permitted successors and assigns who, at the time of reference thereto, are duly admitted as members of the Company, and any other Person who, at the time of reference thereto, is duly admitted as a member of the Company in accordance with this Agreement, each of the foregoing in its capacity as a member of the Company.

 

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“Net Debt and Senior Securities” means, with respect to the Company and its consolidated Subsidiaries, as of a given measuring date, Debt and Senior Securities less Cash; it being understood that if Cash exceeds Debt and Senior Securities, Net Debt and Senior Securities will be a negative number.

 

“Options or Convertible Securities” shall have the meaning set forth in the recitals hereto.

 

“Permitted Transferee” means (i) in the case of any Member that is not a natural person, any direct or indirect, wholly owned Subsidiary of such Member but only for so long as such Subsidiary is wholly owned by the Member, (ii) in the case of a Member who is a natural person, such Member’s parents, spouse and lineal descendants and the lineal descendants of such Member’s parents or spouse, or trusts solely for the benefit of, or corporations, limited liability companies or partnerships, the stockholders, members or general or limited partners of which are only such Member or such Member’s parents, spouse or lineal descendants or the lineal descendants of such Member’s parents or spouse (it being agreed that lineal descendants shall be deemed to include children by adoption for purposes of this clause (ii)), (iii) in the case of each WCAS Member, (A) each of the other WCAS Members, (B) any other investment fund under common Control with WCAS, (C) WCAS Management Corporation (or any other entity serving as a management company for WCAS or any investment fund referred to in (A) or (B) of this clause (iii)), (D) each partner, manager, member, stockholder, officer, director or employee of or consultant to any of the foregoing referred to in clauses (iii)(A), (iii)(B) or (iii)(C) and (E) JCSC Holding LLC, (iv) in the case of each Cressey Member, (A) each of the other Cressey Members, (B) any other investment fund under common Control with Cressey, (C) any entity serving as a management company for Cressey or any investment fund referred to in (A) or (B) of this clause (iv) and (D) each partner, manager, member, stockholder, officer, director or employee of or consultant to any of the foregoing referred to in clauses (iv)(A), (iv)(B) or (iv)(C), and (v) in the case of any Dignity Member, any direct or indirect wholly owned Subsidiary of Dignity Parent, or any Person (or direct or indirect wholly owned subsidiary of such Person) wholly owning (through a membership interest or otherwise) Dignity Parent as a result of the affiliation, merger or other business combination of Dignity Parent with Catholic Health Initiatives, a Colorado nonprofit corporation (“CHI”) so long as such Person has, at the time such Person acquires such interest in Dignity, at least fifty percent (50%) of its directors composed of persons who would be Continuing Directors of Dignity Parent (and thereafter such board remains composed of at least fifty percent (50%) of directors who, at the time of determination, constitute Continuing Directors of such Person).

 

“Person” means any natural person, corporation, limited liability company, partnership, trust, joint stock company, business trust, unincorporated association, joint venture, governmental authority or other legal entity of any nature whatsoever.

 

“Prior Unsold Interests” means, with respect to any Class B Member, (x) the maximum number of Class B Interests that such Class B Member could have sold pursuant to Section 9.3(a)(i) in connection with all previous WCAS Put Exercises minus (y) the number of Class B Interests that such Class B Member actually sold pursuant to Section 9.3(a)(i) in connection with such WCAS Put Exercises.

 

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“Public Offering” means the sale of Company Equity Securities to the public pursuant to an effective registration statement (other than a registration statement on Form S-4, Form S-8 or any similar or successor form) filed under the Securities Act.

 

“Put Cap” means, (x) with respect to a Class A Member, a number of Class A Interests equal to thirty three and one third percent (33 1/3%) of the number of Class A Interests listed as of the date hereof on Schedule I (as the same may be adjusted for any limited liability company interest split, limited liability company interest dividend, distribution, combination or reclassification or similar transaction occurring after the date of this Agreement); and (y) with respect to a Class B Member, a number of Class B Interests equal to (i) thirty three and one third percent (33 1/3%) of the number of Class B Interests issued listed as of the date hereof on Schedule I (as the same may be adjusted for any limited liability company interest split, limited liability company interest dividend, distribution, combination or reclassification or similar transaction occurring after the date of this Agreement) plus (ii) with respect to any WCAS Put Exercise, the quotient of (A) such Class B Member’s Prior Unsold Interests with respect to all previous WCAS Put Exercises divided by (B) the Applicable Percentage with respect to the applicable WCAS Put Exercises; provided that if any Company Interests listed as of the date hereof on Schedule I are thereafter Transferred to another Member, then, for purposes of determining each Member’s Put Cap only, the owner of such Transferred Company Interests on the date of the WCAS Put Exercise Notice or Additional Put Exercise Notice shall be deemed to have owned such Transferred Company Interests as of the date of this Agreement and the Person who owned such Transferred Company Interests on the date of this Agreement shall be deemed not to have owned such Transferred Company Interests on the date of this Agreement.

 

“Put Price Per Interest” means the quotient obtained by dividing the amount in clause (i) below by the amount in clause (ii) below:

 

(i)                                     the Company Equity Value;

 

(ii)                                  the number of Fully Diluted Company Interests.

 

“Put Valuation Request Period” means (i) for the Fiscal Year beginning on January 1, 2020, the later of (x) the 60 day period beginning on the second anniversary of the date of this Agreement and (y) the 60 day period following the delivery of the audited financial statements of the Company for the Fiscal Year ending December 31, 2019 and (ii) for each Fiscal Year beginning on and after January 1, 2021, the 60 day period following the delivery of the audited financial statements of the Company for the immediately preceding fiscal year.

 

“Qualified Fund Member” means (i) each WCAS Fund and (ii) each Cressey Fund.

 

“Qualified Member” means (i) each SEM Member, (ii) each Dignity Member, (iii) each WCAS Member and (iv) each Cressey Member.

 

“Qualifying SEM Change of Control” means an SEM Change of Control that has not been approved by Dignity and WCAS in writing prior to the consummation thereof.

 

“Representatives” shall have the meaning set forth in Section 12.1.

 

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“Repurchase Agreements” means those agreements providing for Holdings to acquire Class A Interests and/or vested Class B Interests of Holdings as of the date of the Agreement.

 

“Restricted Business” the business of owning and/or operating freestanding (a) occupational medicine clinics or (b) community-based outpatient clinics listed at any time on the U.S. Department of Veterans Affairs’ (the “USDVA”) website (see https://www.va.gov/directory/guide/allstate.asp) (“CBOCs”) which outpatient clinics are operated under contract with the USDVA and under a CBOC program (and related laws, rules regulations and directives) substantially similar to, and with substantially the same scope, as the CBOC program presently in effect; provided, that for the avoidance of doubt, the term “Restricted Business” shall not include any of the following, so long as they do not hold themselves out as primarily occupational medicine clinics or CBOCs: (i) urgent care clinics; (ii) outpatient physical therapy clinics; (iii) physician practices; or (iv) provision of health care services to veterans other than through a CBOC.

 

“SEC” means the United States Securities and Exchange Commission or any other successor agency of the federal government administering the Securities Act and the Exchange Act.

 

“Securities Act” means the Securities Act of 1933, or any successor federal statute, and the rules and regulations of the United States Securities and Exchange Commission thereunder, as the same may be amended from time to time.

 

“SEM” means Select Medical Corporation, a Delaware corporation.

 

“SEM Change of Control” means (a) the sale of all or substantially all of the assets of Select Holdings and its Subsidiaries, taken as a whole (including by Transfer of the capital stock of any Subsidiary of Select Holdings), or (b) a merger, recapitalization or other Transfer or business combination transaction by Select Holdings or SEM, or the stockholders of Select Holdings, with or to any Person (or group of such Persons acting in concert) that results in any Person (or group of such Persons acting in concert) owning, directly or indirectly, more than 50% of the equity interests of Select Holdings, SEM or other holding company holding SEM’s business (or any resulting company after a merger or business combination transaction), but only in the event that, in the case of either (a) or (b), three (3) or more of the SEM NEOs are not officers of SEM or Select Holdings (or the applicable acquirer, successor or any resulting company after a merger or business combination transaction) immediately after the consummation of such transaction.

 

“SEM Common Stock” means the common stock, $0.001 par value per share, of Select Holdings.

 

“SEM Directors” shall have the meaning set forth in Section 4.1(b).

 

“SEM Member” means (i) SEM and (ii) each Member that is a Permitted Transferee of SEM.

 

“SEM NEO” means, as of any reference date, any “named executive officer” (as defined by Item 402(a)(3) of Regulation S-K promulgated by the SEC) of Select Holdings as would be

 

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set forth in a proxy statement of Select Holdings had Select Holdings filed such proxy statement with respect to a period ending on the Business Day immediately preceding such reference date.

 

“Subsidiary” means, with respect to any Person on any date, any Person of which securities or other ownership interests representing more than fifty percent (50%) of the equity interests or more than fifty percent (50%) of the ordinary voting power or, in the case of a partnership, more than fifty percent (50%)  of the general partnership interests or more than fifty percent (50%) of the profits or losses of which are, as of such date, owned or held by the applicable Person or one or more subsidiaries of such Person.

 

“Supermajority Vote” means the receipt of the following: (i) Board Approval, (ii) if the WCAS Members collectively own a number of Company Interests greater than or equal to fifty percent (50%) of the WCAS Start Number, approval of at least one (1) WCAS Director and (iii) if the Dignity Members collectively own a number of Company Interests greater than or equal to fifty percent (50%) of the Dignity Start Number, approval of at least one (1) Dignity Director.

 

“Transfer” means any direct or indirect transfer, sale, assignment, pledge, encumbrance, hypothecation or other disposition (including by operation of law), including pursuant to the creation of a derivative security, the grant of an option or other right or the imposition of a restriction on disposition or voting.  Notwithstanding the foregoing, a “Transfer” does not include (x) any transfer of limited partnership interests in WCAS or any other Member that is an investment fund under common Control with WCAS, (y) any transfer of limited partnership interests in Cressey or any other Member that is an investment fund under common Control with Cressey, or (z) any direct or indirect transfer of ownership interests in Dignity or any Affiliate of Dignity to any Person, if either (i) such Person has, at the time such Person acquires such interest in Dignity or its Affiliate, at least fifty percent (50%) of its directors comprised of persons who would be Continuing Directors of Dignity Parent (and thereafter such board of directors remains comprised of at least fifty percent (50%) of directors who, at the time of determination, constitute Continuing Directors of such Person), (ii) no other Person has the right to appoint a greater number of directors of such Person than the number of directors Dignity Parent or any Subsidiary of Dignity Parent has the right to appoint, or (iii) such transfer is part of a sale or acquisition of control of a majority of the business or assets of Dignity Parent.

 

“WCAS” means Welsh, Carson, Anderson & Stowe XII, L.P., a Delaware limited partnership.

 

“WCAS Directors” shall have the meaning set forth in Section 4.1(b).

 

“WCAS Funds” means (i) WCAS, (ii) Welsh, Carson, Anderson & Stowe XII Delaware, L.P., (iii) Welsh, Carson, Anderson & Stowe XII Delaware II, L.P., (iv) Welsh, Carson, Anderson & Stowe XII Cayman, L.P. and (v) each Member that is a Permitted Transferee of the type described in clause (iii)(B) of the definition of Permitted Transferee of a Person set forth in any of clauses (i) — (iv) of this definition.

 

“WCAS Member” means (i) WCAS, (ii) Welsh, Carson, Anderson & Stowe XII Delaware, L.P., (iii) Welsh, Carson, Anderson & Stowe XII Delaware II, L.P., (iv) Welsh, Carson, Anderson & Stowe XII Cayman, L.P., (v) WCAS XII Co-Investors LLC, (vi) WCAS

 

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Management Corporation and (vii) each Member that is a Permitted Transferee of a Person set forth in any of clauses (i) — (vi) of this definition.

 

“WCAS Start Number” means 114,827,175.8, which is the number of Class A Interests owned by the WCAS Members as of the date of this Agreement (as the same may be adjusted for any limited liability company interest split, limited liability company interest dividend, distribution, combination or reclassification or similar transaction occurring after the date of this Agreement).

 

ARTICLE II.
 GENERAL PROVISIONS

 

2.1.                            Formation.  The Company was formed as a limited liability company on October 11, 2017, upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware.  The Members hereby agree that all actions taken in connection with the formation of the Company are hereby authorized and ratified in all respects.  This Agreement shall constitute the “limited liability company agreement” (as that term is used in the Act) of the Company.  The rights, powers, duties, obligations and liabilities of the Members and Board shall be determined pursuant to the Act and this Agreement.  To the extent that the rights, powers, duties, obligations and liabilities of any Member or the Board are different by reason of any provision of this Agreement than they would be in the absence of such provision, this Agreement shall, to the extent permitted by the Act, control.

 

2.2.                            Company Name.  The name of the Company, and the name under which the business of the Company shall be conducted, shall be Concentra Group Holdings Parent, LLC.  The Board may change the name of the Company or adopt such trade or fictitious names for the Company as it may determine from time to time.

 

2.3.                            Purpose and Business.  The purpose of the Company shall be to conduct any lawful business whatsoever that may be conducted by a limited liability company under the Act including, without limitation, acquiring, directly or indirectly, the issued and outstanding capital stock of Concentra and USHW, managing and supervising such investment and the Company Business and the other businesses of the Company and its direct and indirect Subsidiaries, selling, distributing or otherwise disposing of such investment, in whole or in part, and engaging in any and all activities necessary, desirable, advisable, incidental or ancillary thereto.

 

2.4.                            Powers.  Subject to the limitations set forth in this Agreement, the Company shall have all powers necessary, suitable or convenient for the accomplishment of the purposes of the Company as set forth in Section 2.3, including, without limitation, the following:

 

(a)                                 to acquire, hold, sell or otherwise dispose of, in whole or in part, directly or indirectly, the issued and outstanding capital stock of Concentra, exercise all voting, consent or similar rights in connection therewith, and manage and supervise such investment and the Company Business and the other businesses of the Company and its direct and indirect Subsidiaries;

 

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(b)                                 to enter into the documents in connection with the Transactions to which the Company is a party and to exercise its rights and comply with its obligations thereunder;

 

(c)                                  to make and perform all contracts, enter into all agreements, and engage in all activities and transactions necessary or advisable to carry out the purposes of the Company, including, without limitation, the purchase, sale, transfer, pledge and exercise of all rights, privileges and incidents of ownership or possession with respect to any Company asset or liability; and

 

(d)                                 otherwise to have all the powers available to it as a limited liability company under applicable law.

 

2.5.                            Statement of Common Values. The Company will comply with the Mission, Vision and Values Statement of Common Values attached hereto as Exhibit G.

 

2.6.                            Location of the Principal Place of Business.  The location of the principal place of business of the Company shall be such location as the Board may from time to time select.

 

2.7.                            Registered Agent and Registered Office.  The registered agent of the Company in the State of Delaware shall be The Corporation Trust Company, which maintains an office at 1209 Orange Street, City of Wilmington, County of New Castle, State of Delaware 19801, or such other Person as the Board may from time to time select.  The registered office of the Company in the State of Delaware shall be c/o Corporation Trust Center, 1209 Orange Street, City of Wilmington, County of New Castle, State of Delaware 19801, or such other location as the Board may from time to time select.

 

2.8.                            Term.  The term of the Company shall continue until the Company is dissolved in accordance with the provisions of Article VIII.

 

2.9.                            Recordation and Filing.  The Board or any Person designated by the Board shall have the power to execute, file and record any and all certificates, notices, statements and other documents required under the Act or any other applicable law of any jurisdiction where the Company maintains an office or does business.  At the request of the Board, each Member shall execute, acknowledge, swear to, and deliver all certificates and other instruments conforming with this Agreement that are necessary or appropriate to qualify, continue, and terminate the Company as a foreign entity in all such jurisdictions in which the Company may conduct business, provided that no Member shall be required to file any general consent to service of process or to qualify as a foreign corporation, limited liability company, partnership or other entity in any jurisdiction in which it is not already so qualified.

 

2.10.                     Title to Assets.  Title to Company assets shall be in the name of the Company.  The Members shall not have any interest in any specific assets of the Company.  The interest of the Members in the Company is personal property.

 

2.11.                     Fiscal Year.  The Board may change the Fiscal Year of the Company from time to time, in accordance with applicable law, and will promptly give written notice of any such change to the Members.

 

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ARTICLE III.
 COMPANY INTERESTS

 

3.1.                            Members; Company Interests.

 

(a)                                 Members.  Each of the Persons executing this Agreement as a Member is hereby admitted as a member of the Company.  The names and addresses of the Members, together with the class and number of Company Interests held by each such Member, in each case effective immediately following the execution of this Agreement, are set forth on Schedule I hereto.  The Board shall update Schedule I as required by the Act and this Agreement and ensure that it accurately reflects the information to be provided for therein.  Any amendment or revision to Schedule I made in accordance with this Agreement shall not be deemed an amendment to this Agreement.  Any reference in this Agreement to Schedule I shall be deemed to be a reference to Schedule I as amended and in effect from time to time. Unless delegated such power herein, no Member shall, in its capacity as such, have the authority or power to act for or on behalf of the Company in any manner or to participate in the management or control of the affairs of the Company, to do any act that would be (or could be construed as) binding on the Company, or to make any expenditures on behalf of the Company, and the Members hereby consent to the exercise by the Board of the powers and rights conferred on it by law and by this Agreement.  Except as expressly provided for in this Agreement or as expressly required by the Act to be performed or approved by the act of Members, no Company action or event shall be taken by the vote or approval of the Members or require the approval of the Members.

 

(b)                                 Classes.  Subject to Section 3.1(c), the Company Interests shall be the “Class A Interests” issued to, and owned by, the Class A Members, the “Class B Interests” issued to, and owned by, the Class B Members and the “Class C Interests” issued to, and owned by, the Class C Members.  Class A Interests are voting interests in the Company, and include any and all benefits to which such Class A Member is entitled as provided in this Agreement, together with all obligations of such Class A Member to comply with the terms and provisions of this Agreement.  The Class A Members shall be the only class of Members that have the right to vote with respect to any matter related to the Company.  Each Class A Member shall be entitled to cast one (1) vote per Class A Interest of which such Class A Member is the record owner.  Class B Interests and Class C Interests are non-voting interests in the Company and, except as required by law, Class B Members and Class C Members shall not be entitled to vote with respect to any matter.  Class B Interests include any and all benefits to which such Class B Member is entitled as provided in this Agreement, together with all obligations of such Class B Member to comply with the terms and provisions of this Agreement.  Class C Interests include any and all benefits to which such Class C Member is entitled as provided in this Agreement, together with all obligations of such Class C Member to comply with the terms and provisions of this Agreement.  With respect to any Class B Member or Class C Member, his or her Class B Interests or Class C Interests, respectively, shall be subject to the vesting and other limitations and restrictions as set forth in such Class B Member’s Grant Agreement or Class C Member’s Grant Agreement, as applicable.

 

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(c)                                  Issuances of Additional Company Equity Securities.  Subject to Sections 4.2(b)(vii) and 9.4, the Board is hereby authorized to cause the Company from time to time to create and issue to the Members or other Persons additional Company Equity Securities in one or more classes, or one or more series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to those of the Members, all as shall be determined by the Board in its sole discretion and, without the approval of any of the Members, including (A) the right of each such class of Company Equity Securities to share in distributions made by the Company; and (B) the right of each such class of Company Equity Securities upon the dissolution and/or liquidation of the Company.  If applicable, each Person acquiring such additional Company Equity Securities shall be admitted to the Company as a Member upon the execution of the Joinder Agreement.

 

(d)                                 Interest Certificates.  Unless and until the Board shall determine otherwise, Company Interests shall be uncertificated and recorded in the books and records of the Company (including Schedule I).  To the extent any Company Interest is certificated, such certificate shall be in the form approved by the Board from time to time.  The Board may determine the conditions upon which a new certificate may be issued in place of a certificate that is alleged to have been lost, stolen or destroyed and may, in its sole discretion, require the owner of such certificate or its legal representative to give an agreement of indemnity or a bond, with sufficient surety, to indemnify the Company and each transfer agent and registrar agent, if any, against any and all losses and claims that may arise as a result of the issuance of a new certificate in place of the one so lost, stolen or destroyed.  To the extent any Company Interest is certificated, each certificate will bear a legend substantially to the following effect with such additions thereto or changes therein as the Board may determine are required by law or necessary to give full effect to this Agreement:

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AN AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT, DATED AS OF FEBRUARY 1, 2018, AMONG THE COMPANY AND THE OTHER PARTIES THERETO, AS AMENDED, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.  NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT.  THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE OF THIS CERTIFICATE, AGREES TO BE BOUND BY ALL OF THE PROVISIONS OF SUCH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT, INCLUDING, WITHOUT LIMITATION, THE VOTING AGREEMENT CONTAINED THEREIN, THE RESTRICTIONS ON TRANSFER CONTAINED THEREIN AND THE REPURCHASE AND FORCED SALE PROVISIONS CONTAINED THEREIN.

 

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND NO INTEREST HEREIN MAY BE SOLD, OFFERED, ASSIGNED, DISTRIBUTED,

 

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PLEDGED OR OTHERWISE TRANSFERRED UNLESS (A) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING ANY SUCH TRANSACTION OR (B) THE COMPANY RECEIVES AN OPINION IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY STATING THAT SUCH TRANSACTION IS EXEMPT FROM SUCH REGISTRATION AND IN COMPLIANCE WITH ALL APPLICABLE STATE SECURITIES LAWS OR (C) THE COMPANY AND ITS COUNSEL ARE OTHERWISE SATISFIED THAT SUCH TRANSACTION IS EXEMPT FROM SUCH REGISTRATION AND IN COMPLIANCE WITH ALL STATE SECURITIES LAWS.”

 

In addition, any certificated Company Interests shall bear such legends as may be required under any other applicable securities laws from time to time.

 

3.2.                            Termination Call Option.

 

(a)                                 In the event a Class B Member’s or Class C Member’s employment or other service relationship with the Company or any of its Subsidiaries terminates for any reason (whether by the Company, any of its Subsidiaries or the Class B Member or Class C Member), the Company shall have an option (but not the obligation) to purchase (a “Termination Call Option”) all or a portion of the vested Class B Interests and vested Class C Interests then owned by such Class B Member or Class C Member or any of its Permitted Transferees (all such vested Class B Interests and vested Class C Interests being collectively referred to as the “Subject Interests”) for the applicable Termination Call Option Purchase Price; provided, that all unvested Class B Interests or unvested Class C Interests owned by such Class B Member or Class C Member or any of its Permitted Transferees shall be automatically forfeited without payment of any consideration therefor.  The Company may exercise a Termination Call Option by written notice to the applicable Class B Member or Class C Member within one hundred eighty (180) days after the later of (x) the date that the applicable Class B Member’s or Class C Member’s employment or other service relationship with the Company or its Subsidiaries terminates and (y) the date on which the applicable Subject Interests were acquired by such Class B Member, Class C Member or Permitted Transferee.  Such notice shall set forth a time and place of closing which shall be no earlier than ten (10) days and no later than ninety (90) days after the date such notice is sent.  At the closing, the applicable Class B Member or Class C Member and any other holder of Subject Interests shall deliver any documents that are necessary to transfer to the Company good title to such Person’s Subject Interests, and concurrently with such delivery, the Company shall deliver to the applicable Class B Member, Class C Member or other holder(s), as applicable, the full amount of the Termination Call Option Purchase Price for such Subject Interests in cash.

 

(b)                                 As used in this Agreement, “Termination Call Option Purchase Price” means:

 

(i)                                     if a Class B Member’s or Class C Member’s employment or other service relationship with the Company or any of its Subsidiaries has been

 

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terminated by the Company or its Subsidiaries for “Cause” (as defined in the applicable Company Equity Plan), the lesser of (a) the Fair Market Value of the Subject Interests as determined by the Board in its reasonable good faith judgment and (b) the original purchase price, if any, paid for the Subject Interests; and

 

(ii)                                  in all other cases, the Fair Market Value of the Subject Interests as determined by the Board in its reasonable good faith judgment.

 

ARTICLE IV.
 MANAGEMENT

 

4.1.                            Board Composition.  From and after the date hereof, at each annual or special meeting of Members at which directors are to be elected, and whenever the Members act by written consent with respect to the election of Directors, each Member agrees to vote, or otherwise give such Member’s consent, in respect of all Company Equity Securities at the time owned by such Member or over which such Member has voting control, and take all other necessary actions, and the Company shall take all necessary actions within its control, in order to cause:

 

(a)                                 the authorized number of directors on the Board to be fixed at eleven (11);

 

(b)                                 subject to Sections 4.1(e) and 4.1(f), the election to the Board of:

 

(i)                                     seven (7) directors designated by SEM (the “SEM Directors”), with the initial SEM Directors being Robert A. Ortenzio, Martin F. Jackson, David S. Chernow, John K. Carlyle, Keith Newton, Daniel Thomas and James Greenwood;

 

(ii)                                  two (2) directors designated by WCAS (the “WCAS Directors”), with the initial WCAS Directors being D. Scott Mackesy and Bryan C. Cressey; and

 

(iii)                               two (2) directors designated by Dignity (the “Dignity Directors”), with the initial Dignity Directors being Lisa Zuckerman and Kent Bradley, M.D.;

 

all of which persons shall hold office, subject to their earlier death, resignation or removal in accordance with clause (c) below, until their respective successors shall have been elected and shall have qualified;

 

(c)                                  the removal from the Board (with or without cause) of any Director elected in accordance with clause (b)(i), (b)(ii) or (b)(iii) above upon the written request of the Member that is entitled to designate such Director under clause (b)(i), (b)(ii) or (b)(iii), as applicable, it being agreed that no Member shall vote for or consent to, and the Company shall not take any actions to effect, any other removal (with or without cause) of a Director elected pursuant to clause (b)(i), (b)(ii) or (b)(iii) above without the written consent of the Member that is entitled to designate such Director;

 

(d)                                 upon any vacancy in the Board as a result of any individual designated as provided in clause (b) above ceasing to be a member of the Board, whether by death,

 

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resignation, removal or otherwise, the election to the Board as promptly as possible of an individual designated in accordance with clause (b) above;

 

(e)                                  notwithstanding anything in Section 4.1(b) to the contrary, (i) on and after such time as the WCAS Members collectively own a number of Company Interests that is less than or equal to fifty percent (50%) of the WCAS Start Number, SEM shall have the right to designate an additional director pursuant to Section 4.1(b)(i) (which shall be an “SEM Director” for purposes of this Agreement) and WCAS shall have the right to designate one (1) director pursuant to Section 4.1(b)(ii) (which shall be the “WCAS Director” for purposes of this Agreement) and (ii) on and after such time as the WCAS Members collectively do not own any Company Interests, SEM shall have the right to designate two (2) additional directors pursuant to Section 4.1(b)(i) (each of which shall be an “SEM Director” for purposes of this Agreement) and WCAS shall no longer have the right to designate any directors pursuant to Section 4.1(b)(ii);

 

(f)                                   notwithstanding anything in Section 4.1(b) to the contrary, (i) on and after such time as the Dignity Members collectively own a number of Company Interests that is less than or equal to fifty percent (50%) of the Dignity Start Number, SEM shall have the right to designate an additional director pursuant to Section 4.1(b)(i) (which shall be an “SEM Director” for purposes of this Agreement) and Dignity shall have the right to designate one (1) director pursuant to Section 4.1(b)(iii) (which shall be the “Dignity Director” for purposes of this Agreement) and (ii) on and after such time as the Dignity Members collectively do not own any Company Interests, SEM shall have the right to designate two (2) additional directors pursuant to Section 4.1(b)(i) (each of which shall be an “SEM Director” for purposes of this Agreement) and Dignity shall no longer have the right to designate any directors pursuant to Section 4.1(b)(iii).

 

4.2.                            Authority, Powers and Duties of Board.

 

(a)                                 Subject to the limitations set forth in Sections 4.2(b), (c) and (d), the Board shall have authority with respect to all aspects of the operations of the Company and the exclusive right to manage and control the business and affairs of the Company, and the Board shall have all rights, powers and authority of a manager under the Act and otherwise under applicable law.  Except as otherwise expressly set forth in this Agreement, all determinations, acts and designations to be made by the Company or the Board hereunder shall be made by Board Approval in the Board’s sole discretion.  Third parties dealing with the Company are entitled to rely conclusively on the authority of the Board under the Act and as set forth in this Agreement.  Notwithstanding anything to the contrary in this Agreement, no Director, acting solely in his or her capacity as such, shall have the right, power or authority to act as agent of the Company, to bind the Company or to execute any documents to be signed by the Company unless expressly authorized in writing by Board Approval.

 

(b)                                 For so long as the WCAS Members collectively own a number of Company Interests greater than or equal to fifty percent (50%) of the WCAS Start Number or the Dignity Members collectively own a number of Company Interests greater than or equal to fifty percent (50%) of the Dignity Start Number, in addition to any Board

 

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Approval or vote or consent of the Members required by this Agreement or applicable Law, the Company shall not take, and shall not permit its Subsidiaries to take, directly or indirectly (including by amendment, merger, consolidation or otherwise), any of the following actions except with a prior Supermajority Vote:

 

(i)                                     any change in the number of, or method of designating, directors on the Board;

 

(ii)                                  delegation of rights or powers of the Board requiring a Supermajority Vote hereunder to any committee of the Board (unless Dignity and/ or WCAS, as applicable, maintains an approval right analogous to the Supermajority Vote with respect to actions of such committee) or any other Person;

 

(iii)                               the conduct by the Company or any of its Subsidiaries of any material business other than, or the engagement by the Company or any of its Subsidiaries in any material transaction not substantially related to, either the Company Business or the other businesses of the Company and its direct and indirect Subsidiaries as of the date of this Agreement (and activities related to such businesses);

 

(iv)                              any incurrence, assumption or guarantee of indebtedness for borrowed money (except for any indebtedness incurred under Concentra’s first lien credit agreement and the second lien credit agreement, in each case as in effect on the date of this Agreement and as the same may be amended in accordance with this Section 4.2(b)(iv), including borrowings under the revolving facility thereunder or refinancings of such credit agreements) in excess of $20,000,000 in the aggregate, or any material amendment with respect to any of the foregoing or to Concentra’s first lien credit agreement and the second lien credit agreement (it being agreed that any amendment that increases the amount of indebtedness that may be borrowed under a credit agreement shall be deemed material for these purposes);

 

(v)                                 declare, make or pay any dividend, distribution or transfer (whether in cash, securities or other property) (other than in connection with repayment of the unpaid Class A Additional Capital or the aggregate unpaid amount of Class A Additional Capital Yield) to the Members, or redeem or repurchase any Company Equity Securities (other than Class B Interests and Class C Interests) or any equity securities of its Subsidiaries, unless pro rata among all Members owning such securities;

 

(vi)                              (a) enter into any amendment, modification or other change to the Amended and Restated Tax Sharing Agreement or the Amended and Restated Shared Services Agreement (including approval of amendments adding additional services under the Amendment and Restated Shared Services Agreement) or (b) except for the transactions contemplated by the Repurchase Agreements or as contemplated by Schedule II, enter into or amend any other agreement,

 

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arrangement or transaction with any Member or any Affiliate of any Member in excess of $100,000, including without limitation any amendment, modification or other change to intercompany or related party expenses charged to the Company by any Member or any Affiliate of any Member;

 

(vii)                           issue any Company Equity Securities or admit to the Company any new Member, or issue any equity securities of any Subsidiary of the Company, other than (A) as a result of Transfers of Company Equity Securities by a Member to a Permitted Transferee in accordance with this Agreement or (B) the issuance of Class C Interests pursuant to a management incentive plan, which Class C Interests shall not constitute more than 2.5% of the Fully Diluted Company Interests as of immediately after the execution of this Agreement;

 

(viii)                        dissolve, liquidate or wind up the Company or any of its material Subsidiaries (other than liquidation or dissolution into the Company or a material wholly owned Subsidiary) or commence a voluntary proceeding seeking reorganization or other similar relief;

 

(ix)                              except with respect to a Drag-Along Sale in accordance with Section 9.2, merge, consolidate or enter into any other business combination, or acquire or sell any assets having a value in excess of $10,000,000 in a single or series of related transactions; or

 

(x)                                 enter into any contract, arrangement, understanding or other similar agreement with respect to any of the foregoing paragraphs (i)-(ix) of this Section 4.2(b).

 

Subject to subsection (vii) above, (x) if the Dignity Members then hold 20.6% or more of the Class A Interests, the Company shall not issue any Company Equity Securities that would cause the Dignity Members collectively to own less than 20.0% of the Fully Diluted Company Interests, unless each Dignity Member has been granted the right to purchase such Member’s Proportionate Percentage (as hereinafter defined) of such Company Equity Securities pursuant to and in accordance with Section 9.4 and (y) if the WCAS Members then hold 26.3% or more of the Class A Interests, the Company shall not issue any Company Equity Securities that would cause the WCAS Members collectively to own less than 25.6% of the Fully Diluted Company Interests, unless each WCAS Member has been granted the right to purchase such Member’s Proportionate Percentage (as hereinafter defined) of such Company Equity Securities pursuant to and in accordance with Section 9.4.

 

(c)                                  Notwithstanding Section 4.2(a) and (b) (except for clause (iv) below, which shall be subject to the restrictions set forth in Section 4.2(b)), and subject to the requirement that before taking any action described in this clause without Board approval SEM will have caused such action to have been presented to the Board for discussion at a properly called meeting, and the Board shall have reviewed and provided recommendations to SEM regarding such action, SEM (and not the Board or any other Member) shall have the sole power and authority to direct the Company with respect to the following matters, and the Company shall not take, and shall not permit its

 

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Subsidiaries to take, directly or indirectly (including by amendment, merger, consolidation or otherwise), any of the following actions except with the prior approval of SEM:

 

(i)                                     the appointment or removal of the Chief Executive Officer of the Company and its Subsidiaries;

 

(ii)                                  the approval of the operating budget of the Company and its Subsidiaries;

 

(iii)                               the approval of the capital budget of the Company and its Subsidiaries; and

 

(iv)                              to the extent not otherwise inconsistent with the terms of this Agreement (including Section 4.2(b)), approval of any action that either SEM or its auditors, in their respective judgment, reasonably believes is necessary to enable SEM to consolidate the financial results of the Company with the financial results of SEM in accordance with GAAP.

 

(d)                                 The chairperson of the Board shall be an SEM Director designated by SEM.  The chairperson shall be entitled to call meetings of the Board as described in Section 4.2(f) and shall have general charge of the affairs and meetings of the Board.  The initial chairperson of the Board shall be Keith Newton.

 

(e)                                  The Board shall have the right to delegate any of its rights, powers and authorities to a committee of the Board consisting of some or all of the Directors.  Except as expressly provided in this Section 4.2(e), any such committee shall have (i) a majority of members that are SEM Directors, (ii) for so long as the Board includes at least one (1) Dignity Director, at least one (1) member that is a Dignity Director and (iii) for so long as the Board includes at least one (1) WCAS Director, at least one (1) member that is a WCAS Director.  The chairperson of any such committee shall be an SEM Director or any other Director approved by SEM to serve as chairperson of such committee. Notwithstanding the foregoing or anything else to the contrary contained in this Agreement, for as long as the Board includes at least one (1) Dignity Director, the Board shall maintain a committee of the Board composed of one (1) SEM Director and one (1) Dignity Director charged with overseeing organizational culture, values and employee engagement, expectation and performance.  Notwithstanding the foregoing or anything else to the contrary contained in this Agreement, for as long as the Board includes at least one (1) WCAS Director or (1) Dignity Director, the Board will delegate full authority to act on behalf of the Company to a committee consisting solely of an equal number of WCAS Directors and Dignity Directors (provided that (x) if the Board does not include at least one (1) Dignity Director at such time, the Board will delegate full authority to act on behalf of the Company to a committee consisting solely of the WCAS Directors and (ii) if the Board does not include at least one (1) WCAS Director at such time, the Board will delegate full authority to act on behalf of the Company to a committee consisting solely of the Dignity Directors) when considering or approving any matters pertaining to the Amended and Restated Shared Services Agreement, the Amended and Restated Tax

 

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Sharing Agreement or any subsequent amendments, modifications or changes to (including approval of amendments adding additional services under the Amended and Restated Shared Services Agreement) the foregoing agreements, and the approval of a majority of the members of such committee shall be deemed to be Board Approval for all purposes of this Agreement.  The initial members and chairpersons of each committee of the Board are set forth on Exhibit F.

 

(f)                                   Meetings of the Board may be held at any time and at any place within or without the State of Delaware designated in the notice of the meeting, when called by the chairperson of the Board with notice thereof being given to each Director.  Such notice shall be delivered (i) by overnight delivery at least three (3) Business Days before the meeting addressed to such Director at such Director’s usual or last known business or residence address, (ii) by e-mail at least forty-eight (48) hours before the meeting, or (iii) in person or by telephone at least forty-eight (48) hours before the meeting.  Notice of a meeting need not be given to any Director if a written waiver of notice, executed by such Director before or after the meeting, is filed with the records of the meeting, or to any Director who attends the meeting (in person or otherwise) without protesting prior thereto or at its commencement the lack of notice to such Director.  Neither notice of a meeting nor a waiver of a notice need specify the purposes of the meeting.  Directors may participate in a meeting of the Board (or any committee thereof) by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other or by any other means permitted by law.  Such participation shall constitute presence in person at such meeting.

 

(g)                                  At any meeting of the Board or committee thereof, a majority of the Directors then in office and present in person or by proxy shall constitute a quorum.  Any meeting may be adjourned from time to time by a majority of the votes cast upon the question, whether or not a quorum is present, and the meeting may be held as adjourned without further notice.

 

(h)                                 Subject to Section 4.2(b), a quorum being present, any decisions to be made by the Board shall require the approval of a majority of the Board (“Board Approval”).  Directors may vote in person or by proxy.  The person appointed by a Director as his proxy shall in all cases be another Director.  A proxy must be filed with the Company before or at the time of the meeting.  Unless the writing appointing a proxy otherwise provides, the presence at a meeting of the Director who appointed a proxy shall operate to revoke the appointment.  Any proxy granted by a Director shall also be revocable by notice to the Company, in writing, of the revocation of the appointment of a proxy, but any such revocation shall not affect any vote or action previously taken or authorized.

 

(i)                                     Any action required or permitted to be taken at any meeting of the Board may be taken in writing without a meeting if approved by unanimous written consent of all Directors, and such writing or writings are filed with the records of the meetings of the Board and copies of such are promptly provided to any Director not consenting to such action.  Such consent shall be treated for all purposes as Board Approval.

 

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(j)                                    To the fullest extent permitted by law, the provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities of the Board otherwise existing at law or in equity, are agreed by the Members to modify such duties and liabilities.

 

4.3.                            Restrictions on Proxies, Voting Trusts and Voting Agreements.  No Member shall grant any proxy or enter into or agree to be bound by any voting trust with respect to any voting securities of the Company held by him, her or it, which conflicts or is inconsistent in any manner with the provisions of this Agreement, nor shall any Member enter into any voting agreement or other arrangement of any kind with respect to the voting securities of the Company now held or hereafter acquired by him, her or it, which conflicts or is inconsistent in any manner with the provisions of this Agreement.

 

4.4.                            Indemnification.

 

(a)                                 To the fullest extent permitted by law and subject to the remainder of this Section 4.4(a), the Company shall indemnify and hold harmless each Indemnitee from and against any and all claims, liabilities, damages, losses, costs and expenses (including amounts paid in satisfaction of judgments, in compromises and settlements, as fines and penalties and legal or other costs and reasonable expenses of investigating or defending against any claim or alleged claim and any tax imposed on an Indemnitee in respect of amounts of indemnification received hereunder) of any nature whatsoever, liquidated or unliquidated, that are incurred by any Indemnitee and arise out of or in connection with the affairs or businesses of the Company or its Subsidiaries.  In furtherance of the foregoing, an Indemnitee shall be entitled to indemnification hereunder unless there has been a final, non-appealable determination by a court of competent jurisdiction that the conduct giving rise to such indemnification constituted bad faith, fraud or willful misconduct.  The satisfaction of any indemnification and any holding harmless pursuant to this Section 4.4 shall be from and limited to Company assets (including insurance and any agreements pursuant to which the Company, its officers or employees or any Indemnitee are entitled to indemnification), and no Member shall have any personal liability on account thereof.

 

(b)                                 To the fullest extent permitted by law, expenses reasonably incurred by an Indemnitee in defense or settlement of any claim that may be subject to a right of indemnification hereunder shall be advanced by the Company prior to the final disposition thereof after receipt of an undertaking by or on behalf of the Indemnitee to repay such amount if there is a final adjudication, after all possible appeals have been exhausted, by a court of competent jurisdiction that such Indemnitee is not entitled to be indemnified hereunder.

 

(c)                                  The right of any Indemnitee to the indemnification expressly provided herein shall be cumulative of, and in addition to, any and all rights to which such Indemnitee may otherwise be entitled by contract or as a matter of law or equity and shall extend to such Indemnitee’s successors, assigns and legal representatives.

 

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(d)                                 The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or a plea of nolo contendere or its equivalent shall not, by itself, create a presumption that an Indemnitee is not entitled to indemnification under this Agreement.

 

(e)                                  The Company may purchase and maintain insurance, on behalf of the Indemnitees and such other Persons as the Board shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Company’s activities, regardless of whether the Company would have the obligation to indemnify such Person against such liability under the provisions of this Agreement.  The Company shall purchase such insurance if it is available on terms the Board concludes are reasonable.

 

(f)                                   The Indemnitees may also have certain rights to indemnification by Affiliates of the Company and/or insurance provided by such Affiliates (the “Affiliated Indemnitors”).  The Company and its Subsidiaries, jointly and severally, are the indemnitors of first resort (it being understood, for the avoidance of doubt, that the obligations of the Company hereunder to the Indemnitees are primary, and any obligation of the Affiliated Indemnitors to advance expenses or to provide indemnification to the Indemnitees are secondary).  Each of the Company and its Subsidiaries irrevocably waives, relinquishes and releases the Affiliated Indemnitors from any and all claims against the Affiliated Indemnitors for contribution, subrogation or any other recovery of any kind in respect of advancements or other indemnification payments.  Each of the Company and its Subsidiaries further agrees that no advancement or other indemnification payment by the Affiliated Indemnitors on behalf of any Indemnitee with respect to any claim for which such Indemnitee has sought indemnification or advancement from the Company or any of its Subsidiaries shall affect the foregoing, and the Affiliated Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancements or other indemnification payments.  Nothing in the foregoing shall be deemed a limitation on an Indemnitee’s right to indemnification.

 

(g)                                  The provisions of this Section 4.4 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators, all of whom are express third-party beneficiaries of this Section 4.4.

 

4.5.                            Limitation on Liability.

 

(a)                                 To the fullest extent permitted by law (including Section 18-1101(b), (c), (d) and (e) of the Act):

 

(i)                                     notwithstanding any duty otherwise existing at law or in equity, and notwithstanding any other provision of this Agreement, neither the Directors nor any other Indemnitee shall owe any duty (including fiduciary duties or duties under the corporate opportunity doctrine) to the Company, any of the Members or any other Person that is a party to or is otherwise bound by this Agreement, in connection with any act or failure to act; and

 

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(ii)                                  none of the Directors shall have any personal liability to the Company, any of the Members, or any other Person that is a party to or is otherwise bound by this Agreement for monetary damages in connection with any act or failure to act, or breach, whether hereunder, thereunder or otherwise, other than for conduct that constitutes bad faith, willful misconduct or fraud.

 

(b)                                 If any provision of Section 4.5(a) is held to be invalid, illegal or unenforceable, the duties and personal liability of either the Directors or any other Indemnitee to the Company, any of the Members or any other Person that is a party to or is otherwise bound by this Agreement shall be eliminated to the greatest extent permitted under the Act.

 

(c)                                  The Members expressly acknowledge that the Board is acting on behalf of the Company.  Neither the Board nor any other Indemnitee shall be obligated to consider or not consider the separate interest of any Member or other Person (including the tax consequences to any Member or other Person) in deciding, pursuant to its authority granted under this Agreement, whether to cause the Company to take (or decline to take) any actions that are in the interest of the Company.  Neither the Directors nor any other Indemnitee shall be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Members in connection with such decisions.

 

(d)                                 Notwithstanding anything to the contrary herein, all officers of the Company shall be subject to all fiduciary and other duties under applicable law to the Company and the Members (but not any creditor of the Company).  Without limiting the generality of the foregoing, each officer of the Company shall have fiduciary duties to the Company and the Members (but not any creditor of the Company) to the same extent that officers of a Delaware corporation would have to such corporation and its stockholders.

 

(e)                                  Except as otherwise required by mandatory provisions of applicable law or as expressly set forth herein, no Member shall have any personal liability whatsoever in such Member’s capacity as a Member, whether to the Company, to any of the other Members, to the creditors of the Company or to any other third party, for the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise (including those arising as member, owner or shareholder of another company, partnership or entity).  Under the Act, a member of a limited liability company may, under certain circumstances, be required to return amounts previously distributed to such member.  It is the intent of the Members that no distribution to any Member pursuant to this Agreement shall be deemed to constitute money or other property paid or distributed in violation of the Act, and the Members agree that each such distribution shall constitute a compromise of the Members within the meaning of Section 18-502(b) of the Act, and that the Member receiving such distribution shall not be required to return to any Person any such money or property, unless such distribution was made in error or in contravention of non-waivable provisions of applicable law or in breach of this Agreement.  If, however, any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Member is obligated to make any such payment, such obligation shall be the obligation of such Member and not of the other Members.

 

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(f)                                   The provisions of this Section 4.5 are for the benefit of the Indemnitees and their respective heirs, successors, assigns and administrators, all of whom are third-party beneficiaries of this Section 4.5, and shall not be deemed to create any rights for the benefit of any other Persons.

 

4.6.                            Officers.  The officers of the Company are as follows each of whom shall serve until the earlier of their death, resignation, or removal by the Board, which such removal may be for any reason or no reason:

 

	
Officer
    	
 
    	
Title
    
	
W. Keith Newton
    	
 
    	
President
    
	
Michael E. Tarvin
    	
 
    	
Executive Vice President and Secretary
    
	
Martin F. Jackson
    	
 
    	
Executive Vice President
    
	
John A. Saich
    	
 
    	
Executive Vice President
    
	
John F. Duggan
    	
 
    	
Senior Vice President and Assistant Secretary
    
	
Matthew T. DiCanio
    	
 
    	
Senior Vice President
    
	
Michael F. Malatesta
    	
 
    	
Senior Vice President
    
	
Scott A. Romberger
    	
 
    	
Senior Vice President
    
	
Joel T. Veit
    	
 
    	
Senior Vice President and Treasurer
    
	
Robert Bein
    	
 
    	
Vice President and Assistant Secretary
    
	
John Tyler Hollenbach
    	
 
    	
Vice President
    

 

The Board shall appoint such additional officers who shall have such power and authority as may be specified in a resolution of the Board.  Officers shall serve at the pleasure of the Board.

 

4.7.                            Members.  No Member shall participate in the control of the Company’s business, transact any business in the Company’s name, or have the power to sign documents for or otherwise bind the Company; provided, however, the Members shall have the consent, voting and other rights expressly provided herein. No Member may withdraw from the Company without the prior written consent of the Board, other than as expressly provided in this Agreement.

 

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ARTICLE V.
 DISTRIBUTIONS

 

5.1.                            Distributions.  Distributions, including without limitation, distributions of cash, shall be made to Members only when and if, and in the amounts, the Board shall determine in its sole discretion.  All distributions (other than pursuant to a Termination Call Option) shall be made as follows:

 

(a)                                 First, to the Class A Interests held by those Class A Members on Schedule I with an asterisk next to their name a portion of such distribution equal to the aggregate unpaid amount of Class A Additional Capital Yield determined immediately prior to each distribution, on a pro rata basis in accordance with the relative unreturned Class A Additional Capital Yield of the Class A Interests held by those Class A Members on Schedule I with an asterisk next to their name.

 

(b)                                 Second, to the Class A Interests held by those Class A Members on Schedule I with an asterisk next to their name a portion of such distribution equal to the aggregate unreturned Class A Additional Capital determined immediately prior to each distribution, on a pro rata basis in accordance with the relative unreturned Class A Additional Capital of the Class A Interests held by those Class A Members on Schedule I with an asterisk next to their name.

 

(c)                                  Thereafter, to the Members pro rata in accordance with the number of Company Interests owned by each Member; provided that any unvested Class B Interests and unvested Class C Interests shall be disregarded for purposes of this Section 5.1(c), subject to the provisions of any Company Equity Plan that provide for different treatment.  If the Company makes a cash distribution to any Member that is subject to withholding or other taxes payable by the Company on behalf of such Member, the Company shall be entitled to withhold any such withholding or other taxes, and any such withheld amounts shall be treated as having been distributed to such Member.

 

5.2.                            Limitation on Distributions.  Notwithstanding anything to the contrary contained in this Agreement, the Company, and the Board on behalf of the Company, shall not be required to make a distribution to any Member if such distribution would violate this Agreement, the Act or other applicable law.

 

5.3.                            Non-Cash Distributions.  Whenever a distribution provided for in this Article V is made in property other than cash, the value of such distribution shall be deemed to be the Fair Market Value of such property as determined in the sole discretion of the Board.  If the Company makes such a non-cash distribution to any Member and such distribution is subject to withholding or other taxes payable by the Company on behalf of such Member, the Board shall notify such Member as to the amount of such withholding or other taxes and such Member shall make a prompt payment to the Company of such amount by wire transfer.

 

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5.4.                            Repurchase Agreements and Adjustment Payments.

 

(a)                                 Notwithstanding anything to the contrary herein, any payments made by the Company or any of its Subsidiaries in accordance with Schedule II or the Repurchase Agreements shall not be subject to, or paid in accordance with, this Article V.

 

(b)                                 Each Member hereby agrees (i) that the Company and its Subsidiaries shall take the actions set forth on Schedule II and (ii) in the event the Additional Distribution Amount (as defined on Schedule II) is finally determined to be a negative amount in accordance with the procedures set forth on Schedule II, that such Member will fulfill its obligations thereunder.

 

ARTICLE VI.
 TAX AND ACCOUNTING MATTERS

 

6.1.                            Classification as an Association Taxable as a Corporation.  The parties hereto intend the Company be classified as an association taxable as a corporation for United States federal and all applicable state and local income tax purposes.  The Board shall, for and on behalf of the Company, take all steps as may be required to establish and maintain the Company’s classification as an association taxable as a corporation for United States federal and all applicable state and local income tax purposes, including, but not limited to, making any required election pursuant to Regulations Section 301.7701-3 promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations).

 

6.2.                            Books of Account.  At all times during the continuance of the Company, the Company shall maintain or cause to be maintained books of account that are complete and correct in all material respects, wherein shall be entered particulars of all monies, goods or effects belonging to or owing to or by the Company, or paid, received, sold or purchased in the course of the Company’s business, and all of such other transactions, matters and things relating to the business of the Company as are usually entered in books of account kept by Persons engaged in a business of a like kind and character.  In addition, the Company shall keep all records as required to be kept pursuant to the Act.

 

ARTICLE VII.
 TRANSFER OF COMPANY INTERESTS

 

7.1.                            Transfers.  No Member may Transfer any Company Equity Securities other than (i) Transfers made with the prior written consent of SEM, Dignity and WCAS; (ii) with respect to Class A Interests only, Transfers to Permitted Transferees that are made in accordance with Section 7.2; (iii) with respect to Class A Interests only, Transfers made pursuant to Section 9.1 (Tag-Along Rights); (iv) Transfers of Class B Interests or Class C Interests permitted by the Company Equity Plans and the terms of any applicable Grant Agreement (provided that such Class B Interests or Class C Interests, as applicable, are vested for federal income tax purposes at the time of Transfer); (v) Transfers made pursuant to Section 9.2 (Drag-Along Rights); (vi) Transfers made pursuant to Section 9.3 (Put and Call Rights); and (vii) Transfers made pursuant to Section 3.2 (Termination Call Option).  Any attempted Transfer of Company Equity Securities in violation of the provisions of this Agreement shall be null and void ab initio and of no effect.

 

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7.2.                            Transfers to Permitted Transferees.  Any Class A Member may, at any time, Transfer any or all of the Class A Interests held by such Member to any one or more Permitted Transferees of such Member so long as each such Permitted Transferee duly executes and delivers a Joinder Agreement (such Transfer to be effective only upon the delivery to and acceptance of such Joinder Agreement by the Company); provided, that (A) if the Company so requests in writing, such Joinder Agreement shall not be effective unless and until the Company has been furnished with the opinion contemplated by Section 7.3 below to the effect that such Transfer is exempt from or not subject to the provisions of Section 5 of the Securities Act and made in compliance with any other applicable securities laws, (B) no Transfer under this Section 7.2 shall be permitted if such Transfer would result in (x) there being more than fifteen (15) WCAS Members or (y) there being more than five (5) Cressey Members, and (C) no Transfer under this Section 7.2 shall be permitted if such Transfer would require the Company to register a class of equity securities under Section 12 of the Exchange Act under circumstances where the Company does not then have securities of any class registered under Section 12 of the Exchange Act.  Notwithstanding the foregoing, no party hereto shall avoid the provisions of this Agreement by making one or more Transfers to one or more Permitted Transferees and then disposing of all or any portion of such party’s interest in any such Permitted Transferee.  Each Member hereby agrees that, if any Company Interests are Transferred to a Member’s Permitted Transferee and subsequently such transferee ceases to be a Permitted Transferee of the applicable Member, then all such Company Interests shall, upon such cessation, be automatically Transferred back to the applicable Member without any further action on the part of any Person.

 

7.3.                            Securities Law Compliance.

 

(a)                                 In addition to the requirements set forth in Section 7.1, each Member agrees that it will not effect any Transfer of Company Equity Securities unless such Transfer is made pursuant to an effective registration statement under the Securities Act or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and, in either case, in compliance with all applicable state securities laws.  The Company agrees, and each Member understands and consents, that the Company will not cause or permit the Transfer of any Company Equity Securities to be made on its books (or on any register of securities maintained on its behalf) unless the Transfer is permitted by, and has been made in accordance with the terms of this Agreement and all applicable federal and state securities laws.  Any attempted Transfer in violation of the terms hereof shall be null and void ab initio and of no effect.  Each Member agrees that in connection with any Transfer of Company Equity Securities that is not made pursuant to a Public Offering, the Company may, in its sole discretion, request an opinion in form and substance reasonably satisfactory to the Company of counsel reasonably satisfactory to the Company stating that such transaction is exempt from registration under the Securities Act and made in compliance with all applicable state securities laws.

 

(b)                                 With respect to any Company Equity Securities that are then certificated, the Company shall be obligated to promptly reissue certificates without the second paragraph of the legend set forth in Section 3.1(d) at the request of any holder thereof if the holder shall have obtained an opinion of counsel reasonably acceptable to the Company to the effect that, or the Company is otherwise satisfied that, the securities

 

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proposed to be disposed of may lawfully be so disposed of without registration, qualification or such legend.

 

7.4.                            Distributions Subsequent to Transfer.  A Transfer of a Member’s Company Interests shall be effective on the first day on which the requirements of Section 7.1 hereof are satisfied, or at such earlier time as the Board determines.  Distributions made after the effective date of the Transfer shall be made to the assignee.  Notwithstanding anything to the contrary contained herein, the Company and the Board shall be entitled to treat the assignor of Company Interests or rights attributable to the Company Interests or any Member as the absolute owner thereof in all respects, and shall incur no liability for distributions made in good faith to it, until such time as a written Transfer that conforms to the requirements of this Article VII has been received by and recorded on the books of the Company.

 

7.5.                            Registration Rights.  Prior to the effectiveness of any registration statement of the Company (or any successor to or parent of the Company) filed in connection with an Initial Public Offering, the Company, the SEM Member, Dignity Members and the WCAS Members will enter into a registration rights agreement, in form and substance reasonably satisfactory to the Company (or any successor to or parent of the Company), SEM, Dignity and WCAS, which agreement shall provide for the following: (a) the SEM Member, Dignity Members and WCAS Members would have piggyback registration rights to participate in any secondary shares to be sold in the Initial Public Offering on a pro rata basis, (b) after the Initial Public Offering, SEM would be entitled to three demand registration rights and unlimited shelf registration rights, (c) after the Initial Public Offering, the Dignity Members and the WCAS Members would each be entitled to three demand registration rights and unlimited shelf registration rights, (d) the SEM Member, Dignity Members and WCAS Members would have customary piggyback registration rights to participate in all other Public Offerings, (e) in connection with the Initial Public Offering, the SEM Member, Dignity Members and WCAS Members would be subject to the same lock-up as other investors (not to exceed 180 days following the date of the Initial Public Offering) and would be released from the lock-up pro rata to the extent that other investors are so released and (f) such other terms and conditions as are then reasonable and customary to include in such agreements.

 

ARTICLE VIII.
 DISSOLUTION, LIQUIDATION, WINDING-UP
 AND TERMINATION

 

8.1.                            Causes of Dissolution.  The Company shall be dissolved upon the first to occur of the following:

 

(a)                                 the sale or other disposition of all of the Company’s assets; and

 

(b)                                 the decree of the dissolution of the Company by a court of competent jurisdiction;

 

provided, that the Company would not be dissolved as a result of the foregoing if the Board determines that it is in the best interests of the Company or the Members to continue the Company’s existence (to the extent permissible under the Act).

 

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To the fullest extent permitted by law, the Members agree that no act, thing, occurrence, event or circumstance shall cause or result in the dissolution or termination of the Company except as provided above in this Section 8.1.

 

8.2.                            Winding Up and Liquidation.  Except as otherwise provided in this Agreement, upon dissolution of the Company, the business and affairs of the Company shall be wound up as provided in this Section 8.2.  SEM shall act as the “Liquidator.” If upon dissolution, however, SEM is no longer a Member, a Majority-In-Interest of the Members shall designate a Person to act as Liquidator.  The Liquidator shall wind up the affairs of the Company, shall dispose of such assets of the Company as it deems necessary or appropriate and shall pay and distribute the assets of the Company, including the proceeds of any such dispositions, as follows:

 

(a)                                 first, to creditors in satisfaction of liabilities of the Company (whether by payment or by the making of reasonable provision for payment as determined by the Liquidator in its sole discretion); and

 

(b)                                 thereafter, to the Members in accordance with Section 5.1.

 

8.3.                            Documentation of Dissolution and Termination.  Upon the dissolution of the Company and the appointment of a Liquidator in accordance with Section 8.2, the Liquidator shall execute and file all appropriate certificates of amendment to the Certificate of Formation as required under the Act, and shall execute, file and record such other certificates, instruments and documents as it shall deem necessary or appropriate in each state in which the Company or its Affiliates do business.  Upon the completion of the winding-up of the Company (including the application or distribution of all cash or other assets placed in reserve in accordance with Section 8.2), the Company shall be terminated and the Liquidator shall cause the cancellation of the Certificate of Formation as required under the Act, and shall execute, file and record such other certificates, instruments and documents as it shall deem necessary or appropriate in each state in which the Company or its Affiliates do business in order to reflect or effect the termination of the Company.

 

8.4.                            Waiver of Partition.  Each Member hereby waives any right to a partition of the Company’s assets.

 

ARTICLE IX.
 TAG-ALONG, DRAG-ALONG, PUT AND CALL AND PREEMPTIVE RIGHTS

 

9.1.                            Tag-Along Rights.

 

(a)                                 Tag-Along Rights.

 

(i)                                     With respect to any proposed Transfer (other than a Transfer pursuant to Sections 9.2 or 9.3) by a Class A Member or Class A Members (collectively, the “Selling Members”) of Company Interests to any Person who is not a Permitted Transferee thereof (the “Proposed Transferee”) and which Transfer has been approved by the prior written consent of Dignity, WCAS and SEM (a “Proposed Sale”), each Class A Member (other than the Selling Members) who exercises its rights under this Section 9.1 (each a “Tagging

 

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Member”) shall have the right to include in the Proposed Sale to the Proposed Transferee a number of Class A Interests up to the product (rounded down to the nearest whole number) of (i) the quotient determined by dividing (A) the aggregate number of Class A Interests owned by such Tagging Member by (B) the aggregate number of Class A Interests then outstanding and (ii) the total number of Class A Interests proposed to be Transferred to the Proposed Transferee, at the same price per Company Interest and upon the same terms and conditions (including time of payment, amount, form and choice of consideration (excluding any amount payable to a Selling Member for any unpaid Class A Additional Capital or the aggregate unpaid amount of Class A Additional Capital Yield) and adjustments to purchase price) as the Selling Members; provided that to the extent one or more Class A Members elect not to sell his, her or its entire allotment, then the allotment of the Tagging Members who have elected to sell their entire allotment (and who elect to sell additional Class A Interests) shall be increased proportionately among such Tagging Members who wish to sell additional Class A Interests based on their relative holdings of Class A Interests up to the full amount of Class A Interests which the non-electing Members were entitled to sell pursuant to this Section 9.1; provided, further that in order to be entitled to exercise its right to sell the Company Interests to the Proposed Transferee pursuant to this Section 9.1, each Tagging Member, if requested by the Selling Members or the Proposed Transferee, (x) shall agree to the same covenants as the Selling Members agree to in connection with the Proposed Sale (provided that no Tagging Member shall be required to agree to any covenant not to compete or any covenant that would bind or restrict any Affiliate of a Tagging Member that is not itself a Member), (y) shall be obligated to join individually and ratably (and not jointly and severally) on a pro rata basis (based on the proceeds to be received by such Tagging Member in connection with the Proposed Sale but that in no event exceeds the amount of consideration otherwise received by the Tagging Member in connection with such Proposed Sale) in any pro rata indemnification that the Selling Members agree to provide in connection with the Proposed Sale (provided that no Tagging Member shall be required to share in any indemnification obligations relating to a breach of a representation, warranty or covenant relating solely to another Member or such other Member’s Company Interests, such as with respect to title to Company Interests or authorization of a Member to enter into transaction agreements (such obligations to be borne solely by the other Member)) and (z) shall make such representations and warranties concerning itself and the Company Interests to be sold by it in connection with such Transfer as each Selling Member makes with respect to itself and its Company Interests (and provide sole indemnity with respect thereto consistent with any indemnification provided by each Selling Member with respect to its representations and warranties); provided, further, that, payment of cash consideration to any Tagging Member entitled to receive less than $100,000 in connection with any such Transfer may be made by check regardless of whether other participating Members receive payment by check or wire transfer of immediately available funds.

 

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(ii)                                  Each Tagging Member will be responsible for funding its proportionate share (based on the proceeds to be received by each Tagging Member in connection with the Proposed Sale) of any adjustment in purchase price or escrow arrangements in connection with the Proposed Sale and for its proportionate share of any withdrawals from any such escrow, including any such withdrawals that are made with respect to claims arising out of such Tagging Member’s agreements, covenants, representations, warranties or other provisions relating to the Proposed Sale and shall receive its proportionate share of any upward adjustment in purchase price or release of funds to the Members from any escrow arrangement in connection with the Proposed Sale.

 

(iii)                               Each Tagging Member will be responsible for its proportionate share (based on the proceeds to be received by each Tagging Member in connection with the Proposed Sale) of the fees, commissions and other out-of-pocket expenses (collectively, “Costs”) of the Proposed Sale.  The Selling Members shall be entitled to estimate in its reasonable, good faith judgment each Tagging Member’s proportionate share of such Costs and to withhold such amounts from payments to be made to each Tagging Member at the time of closing of such Proposed Sale; provided, that (i) such estimate shall not preclude the Selling Members from recovering additional amounts from the Tagging Members in respect of each such Tagging Member’s proportionate share (based on the proceeds to be received by each Tagging Member in connection with the Proposed Sale) of such Costs and (ii) the Selling Members shall reimburse each Tagging Member to the extent actual amounts are ultimately less than the estimated amounts.

 

(b)                                 Exercise of Tag-Along Rights; Notices.  The Selling Members shall give the Company prior written notice of each Proposed Sale, setting forth the number of Class A Interests proposed to be so Transferred, the identity of the Proposed Transferee, the proposed amount of consideration and other material terms and conditions of payment offered by the Proposed Transferee.  In the event that any of the material terms or conditions set forth in the notice are thereafter amended in any material respect, the Selling Members shall also give written notice of the amended terms and conditions of the Proposed Sale to the Company.  Upon its receipt of any such notice or amended notice, the Company shall promptly, but in all events within two (2) Business Days of its receipt thereof, forward copies thereof to each of the Class A Members other than the Selling Members (such initial notice, the “Tag-Along Opportunity Notice” and any amended notice, an “Amended Tag-Along Opportunity Notice”).  In order to exercise the tag-along rights provided by this Section 9.1 a Member must send a written notice to the Company and the Selling Members indicating its desire to exercise its rights and specifying the number of Class A Interests it desires to sell, including the number of Class A Interests it would be willing to Transfer if one or more Members do not elect to fully participate in the Proposed Sale (the “Tag-Along Exercise Notice”) within twenty (20) Business Days following the giving of the Tag-Along Opportunity Notice to such Member (or if an Amended Tag-Along Opportunity Notice is given to the Members, within twenty (20) Business Days following the giving of such Amended Tag-Along Opportunity Notice).  Upon the giving of an Amended Tag-Along Opportunity Notice to

 

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a Member that had previously provided a Tag-Along Exercise Notice, such Tagging Member shall be permitted to cancel its exercise of its rights under this Section 9.1 upon delivery within such twenty (20) Business Day period of written notice to the Selling Members and the Company to such effect and shall be released from its obligation hereunder.  After the delivery of any Tag-Along Opportunity Notice or an Amended Tag-Along Opportunity Notice, during the applicable twenty (20) Business Day period, each of the Members other than the Selling Members shall have the opportunity to ask and have answered any questions of the Company’s management and the Selling Member regarding such items as the Member may reasonably want to know with respect to the sale of Company Interests in the Proposed Sale.  There shall be no liability on the part of the Selling Members to any Tagging Member if the sale of Company Interests pursuant to this Section 9.1 is not consummated for whatever reason.  Whether or not to consummate a Proposed Sale shall be within in the sole and absolute discretion of the Selling Members.

 

(c)                                  Closing of Proposed Sale.

 

(i)                                     At the closing of the Proposed Sale, if the applicable Company Interests are certificated, each Tagging Member shall deliver to the Proposed Transferee one or more certificates, properly endorsed for transfer, which represent the Company Interests that such Tagging Member is permitted to dispose of pursuant to this Section 9.1.  The consummation of the Proposed Sale shall be subject to the sole discretion of the Selling Members, who shall have no liability or obligation whatsoever to any Tagging Member participating therein except as set forth in this Section 9.1.  In connection with the consummation of any such Proposed Sale, each Tagging Member shall transfer to the Proposed Transferee at the closing of such Proposed Sale the Company Interests to be disposed of by any Tagging Members and the Proposed Transferee shall concurrently remit to each Tagging Member that portion of the proceeds of the disposition to which such Tagging Member is entitled by reason of such participation.

 

(ii)                                  If any Tagging Member exercises its rights under this Section 9.1, the closing of the purchase of the Company Interests with respect to which such rights have been exercised will take place concurrently with the closing of the sale of the Selling Member’s Company Interests to the Proposed Transferee.  If, by the end of the ninety (90) day period following the date of delivery of the Tag-Along Opportunity Notice (or, following the delivery of the last Amended Tag-Along Opportunity Notice, if applicable), the Selling Members and the Proposed Transferee have not completed the Proposed Sale, each Tagging Member shall be released from its obligations under this Section 9.1, and the Tag-Along Exercise Notices shall be null and void, and it shall be necessary for the terms of this Section 9.1 to be separately complied with in order to consummate such Proposed Sale pursuant to this Section 9.1.

 

(d)                                 Upon delivering a Tag-Along Exercise Notice, each Tagging Member will, if requested by the Selling Members, execute and deliver a power of attorney in

 

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form and substance reasonably satisfactory to the Selling Members with respect to the Proposed Sale and the Company Interests that are to be sold by such Tagging Member pursuant hereto (a “Tag-Along Power of Attorney”); it being understood that the Tag-Along Power of Attorney will provide that each such Tagging Member will irrevocably appoint said attorney-in-fact as its agent and attorney-in-fact with full power and authority to act under the Tag-Along Power of Attorney on its behalf with respect to (and subject to the terms and conditions of) the matters specified in this Section 9.1.  For the avoidance of doubt, if by the end of ninety (90) days following the date of delivery of the Tag-Along Opportunity Notice (or, following the delivery of the last Amended Tag-Along Opportunity Notice, if applicable), the Selling Members and the Proposed Transferee have not completed the Proposed Sale, each Tag-Along Power of Attorney and all authority, power and rights granted therein shall be revoked, rescinded and terminated and the Tag-Along Power of Attorney shall be null and void ab initio.

 

9.2.                            Drag-Along Rights.

 

(a)                                 Drag-Along Rights.  If Members owning greater than 65% of the issued and outstanding Class A Interests (collectively, the “Dragging Members”) approve (x) a sale or exchange (by merger, consolidation or otherwise) of at least a majority of the Company Interests that are then issued and outstanding to a Person who is not an Affiliate of the Company or the Dragging Members (a “Third Party”) or (y) a sale or exchange by the Company and its Subsidiaries to a Third Party of all or substantially all of the assets of Company and its Subsidiaries, taken as a whole, then each Member other than the Dragging Members (the “Drag-Along Members”) hereby agrees that such Member shall (A) waive any appraisal rights that it would otherwise have in respect of the Drag-Along Sale (as defined below), (B) vote for, approve and otherwise consent to and raise no objection against (and instruct any Directors appointed by such Drag-Along Members to vote for, approve and otherwise consent to and raise no objection against) the Drag-Along Sale, (C) Transfer to or exchange with such Third Party, subject to the other provisions of this Section 9.2, on the terms approved by the Dragging Members in respect of their Company Interests to be sold or exchanged in the transaction, including time of payment, amount, form and choice of consideration (excluding any amount payable to a Member for any unpaid Class A Additional Capital or the aggregate unpaid amount of Class A Additional Capital Yield) and adjustments to purchase price, that number of Company Interests equal to the number outstanding Company Interests owned by such Member immediately prior to the Drag-Along Sale multiplied by the aggregate percentage of Company Interests to be sold in the Drag-Along Sale (if structured as a sale or exchange of equity), and (D) take any other action in connection with the Drag-Along Sale as may be reasonably requested by the Dragging Members.  Each Drag-Along Member agrees to cooperate in connection with the consummation of a Drag-Along Sale, including the execution of such agreements, stock powers and other related documents as may be required to effect the Drag-Along Sale.  Notwithstanding the foregoing, no Drag-Along Member which receives all cash in an amount meeting the requirement of this Section 9.2(a) shall have any right whatsoever hereunder to invest in any Third Party or to retain or receive any securities of the Company or securities of any Third Party acquiring the Company (and the condition set forth in this Section 9.2(a) shall be deemed satisfied) even if other Members are granted a right to invest in any entity acquiring the

 

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Company or to retain or receive any securities of the Company or to exchange securities of the Company for securities of any entity acquiring the Company.

 

(b)                                 Exercise of Drag-Along Rights; Notices; Certain Conditions of Drag-Along Sales.

 

(i)                                     The Dragging Members will promptly give notice (the “Drag-Along Notice”) to the Company (which will promptly give notice to the Drag-Along Members) of any proposed Transfer giving rise to the rights of the Dragging Members set forth in this Section 9.2 (a “Drag-Along Sale”) not less than ten (10) Business Days prior to the proposed closing date for such Drag-Along Sale.  The Drag-Along Notice will set forth the number of Company Interests proposed to be Transferred in the Drag-Along Sale, the identity of the proposed transferee or acquiring Person, the proposed amount and form of consideration, the number of Company Interests sought and the other material terms and conditions of the offer.

 

(ii)                                  Each Drag-Along Member (x) shall agree to the same covenants as the Dragging Member agrees to in connection with the Drag-Along Sale (provided that no Drag-Along Member shall be required to agree to any covenant not to compete or any covenant that would bind or restrict any Affiliate of a Drag-Along Member that is not itself a Member), (y) shall be obligated to join individually and ratably (and not jointly and severally) on a pro rata basis (based on the proceeds to be received by such Drag-Along Member in connection with the Drag-Along Sale but that in no event exceeds the amount of consideration otherwise received by the Drag-Along Member in connection with such Drag-Along Sale) in any pro rata indemnification that the Dragging Members agree to provide in connection with the Proposed Sale (provided that no Drag-Along Member shall be required to share in any indemnification obligations relating to a breach of a representation, warranty or covenant relating solely to another Member or such other Member’s Company Interests, such as with respect to title to Company Interests or authorization of a Member to enter into transaction agreements (such obligations to be borne solely by the other Member)) and (z) shall make such representations and warranties concerning itself and the Company Interests to be sold by it in connection with such Drag-Along Sale as each Dragging Member makes with respect to itself and its Company Interests (and provide sole indemnity with respect thereto consistent with any indemnification provided by each Dragging Member with respect to its representations and warranties).

 

(iii)                               Each Drag-Along Member will be responsible for funding its proportionate share (based on the proceeds to be received by each Member in connection with the Drag-Along Sale) of any adjustment in purchase price or escrow arrangements in connection with the Drag-Along Sale and for its proportionate share of any withdrawals from any such escrow, including any such withdrawals that are made with respect to claims arising out of agreements, covenants, representations, warranties or other provisions relating to the Drag-

 

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Along Sale and shall receive its proportionate share of any upward adjustment in purchase price or release of funds to the Members from any escrow arrangement in connection with the Drag-Along Sale.

 

(iv)                              Each Drag-Along Member will be responsible for its proportionate share (based on the proceeds to be received by each Member in connection with the Drag-Along Sale) of the Costs of the Drag-Along Sale.  The Dragging Members shall be entitled to estimate in their reasonable, good faith judgment each Drag-Along Member’s proportionate share of such Costs and to withhold such amounts from payments to be made to each Drag-Along Member at the time of closing of the Drag-Along Sale; provided that (i) such estimate shall not preclude the Dragging Members from recovering additional amounts from the Drag-Along Members in respect of each Drag-Along Member’s proportionate share of such Costs and (ii) the Dragging Members shall reimburse each Drag-Along Member to the extent actual amounts are ultimately less than the estimated amounts.

 

(c)                                  Closing of Drag-Along Sale.

 

(i)                                     At the closing of such Drag-Along Sale, if the Company Interests are certificated and if so requested by the Dragging Members, each of the Drag-Along Members shall deliver certificates evidencing the Company Interests then held by it which are to be sold in connection with such sale, duly endorsed for transfer or accompanied by interest powers executed in blank, against payment of the purchase price therefor by check or wire transfer to the account or accounts specified by such Drag-Along Member.

 

(ii)                                  If the Drag-Along Sale is not consummated within 180 days from the date of the Drag-Along Notice, the Dragging Members must deliver another Drag-Along Notice in order to exercise their rights under this Article IX with respect to such Drag-Along Sale.

 

(d)                                 Power of Attorney.  Each Drag-Along Member hereby appoints each Dragging Member as such Drag-Along Member’s attorney-in-fact, agent and representative with respect to such action to be taken by such Member set forth in this Section 9.2.  Each such power-of-attorney granted hereby is coupled with an interest and shall be irrevocable (except as set forth in the last sentence of this Section 9.2(d)) by any Drag-Along Member in any manner or for any reason.  This authority granted to the Dragging Members shall not be affected by the death, illness, dissolution, disability, incapacity, bankruptcy, insolvency or other inability to act of any Member pursuant to any applicable law.  Pursuant to this power of attorney, the Dragging Members have full power and authority to act on each Drag-Along Member’s behalf with respect to (and subject to the terms and conditions of) the matters specified in this Section 9.2 and the Dragging Members are authorized to make the Drag-Along Member party to any shareholder, investor rights, voting, registration rights or other similar agreements to be entered into in connection with any Drag-Along Sale.  For the avoidance of doubt, if the applicable Drag-Along Sale is not consummated within 180 days from the date of the

 

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Drag-Along Notice, all authority, power and rights granted pursuant to this Section 9.2(d) shall be revoked, rescinded and terminated with respect to such Drag-Along Sale until the Dragging Members deliver another Drag-Along Notice in accordance with this Section 9.2 with respect to the Drag-Along Sale.

 

9.3.                            Put and Call Rights.

 

(a)                                 Put Rights.

 

(i)                                     WCAS Put Rights.  On and after the second anniversary of the date of this Agreement, during each Put Valuation Request Period, WCAS shall have the right to send one (1) written notice to the Company (with a copy to SEM) requesting that the Company engage an Investment Bank to determine the Company Enterprise Value and Put Price Per Interest in accordance with Section 9.3(e) hereof (each, a “WCAS Put Valuation Request”) if Dignity has not already initiated a Dignity Put Valuation Request for such Put Valuation Request Period (it being understood that if an Investment Bank does not determine the Company Enterprise Value and the Put Price Per Interest after a Dignity Put Valuation Request, WCAS shall have the right to initiate a WCAS Put Valuation Request).  Following delivery of a WCAS Put Valuation Request (or a Dignity Put Valuation Request, as the case may be), the Company shall instruct the Investment Bank selected pursuant to Section 9.3(e) to calculate the Company Enterprise Value and Put Price Per Interest in accordance with Section 9.3(e) hereof and deliver written notice of its determination thereof to SEM, WCAS and Dignity.  During the ten (10) day period following SEM’s, WCAS’s and Dignity’s receipt of such written notice from the applicable Investment Bank that sets forth such Investment Bank’s determination of the Company Enterprise Value and Put Price Per Interest in accordance with Section 9.3(e), WCAS may elect, in its sole and absolute discretion, to sell to SEM a number of Company Interests up to WCAS’s Put Cap at a price per Company Interest equal to the Put Price Per Interest (each, a “WCAS Put Exercise”).  Any WCAS Put Exercise shall be made by delivery of a written notice by WCAS to SEM and the Company during such ten (10) day period (each, a “WCAS Put Exercise Notice”), which WCAS Put Exercise Notice shall indicate the number of Company Interests that WCAS wishes to sell to SEM subject to WCAS’s Put Cap.  Following proper delivery of a WCAS Put Exercise Notice, the Company shall promptly notify each Class A Member (other than WCAS and Dignity) and Class B Member of the WCAS Put Exercise in writing (each, a “WCAS Put Notification”), and each Class A Member (other than WCAS and Dignity) and Class B Member, during the ten (10) day period following such Member’s receipt of such WCAS Put Notification, may elect, in its sole and absolute discretion, to sell to SEM a number of Company Interests up to the product of such Member’s Put Cap and the Applicable Percentage, in each case at a price per interest equal to the Put Price Per Interest (each, an “Additional Put Exercise” and together with a WCAS Put Exercise, each a “Put Exercise”).  For the avoidance of doubt, if WCAS does not deliver a WCAS Put Exercise Notice during an applicable period, no other Member (other than Dignity pursuant to Section 9.3(a)(ii)) may deliver an

 

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Additional Put Exercise Notice or otherwise sell any Company Interests in connection with the put rights described in this Section 9.3(a)(i) for such period.  Any Additional Put Exercise shall be made by delivery of a written notice by the applicable Member to SEM and the Company during the ten (10) day period following such Member’s receipt of the WCAS Put Notification (each, an “Additional Put Exercise Notice” and together with a WCAS Put Exercise Notice, each a “Put Exercise Notice”), which Additional Put Exercise Notice shall indicate the number of Company Interests that such Member wishes to sell to SEM subject to such Member’s Put Cap; provided, however, that, with respect to Class B Members, such Member may only elect to sell vested Class B Interests to SEM and for only so long as such Member is an employee of the Company or one of its Subsidiaries.  In connection with each Put Exercise, (x) SEM shall purchase, and the applicable Class A Member or Class B Member shall sell, the applicable Company Interests no later than forty five (45) days following delivery of the applicable Put Exercise Notice and (y) SEM shall pay the applicable purchase price at the closing by one of the following methods determined in SEM’s sole and absolute discretion: (A) wire transfer of immediately available funds, (B) so long as SEM Common Stock is publicly traded, the issuance of shares of SEM Common Stock (valued at the 21 trading day volume-weighted average sales price of such shares for the period beginning ten (10) trading days immediately preceding the first public announcement of the Put Exercise and ending on the tenth (10th) trading day immediately following such announcement) or (C) a combination thereof; provided that each Member delivering a Put Exercise Notice shall be paid in the same relative mix of cash and SEM Common Stock.  Each Member hereby acknowledges that the issuance of any shares of SEM Common Stock that are paid to such Member pursuant to the immediately preceding sentence will not be registered under applicable securities laws (other than as required by Section 9.3(d)).

 

(ii)                                  Dignity Put Rights.  On and after the second anniversary of the date of this Agreement, during each Put Valuation Request Period, Dignity shall have the right to send one (1) written notice to the Company (with a copy to SEM) requesting that the Company engage an Investment Bank to determine the Company Enterprise Value and Put Price Per Interest in accordance with Section 9.3(e) hereof (each, a “Dignity Put Valuation Request”) if WCAS has not already initiated a WCAS Put Valuation Request for such Put Valuation Request Period (it being understood that if an Investment Bank does not determine the Company Enterprise Value and the Put Price Per Interest after a WCAS Put Valuation Request, Dignity shall have the right to initiate a Dignity Put Valuation Request).  Following delivery of a Dignity Put Valuation Request (or a WCAS Put Valuation Request, as the case may be), the Company shall instruct the Investment Bank selected pursuant to Section 9.3(e) to calculate the Company Enterprise Value and Put Price Per Interest in accordance with Section 9.3(e) hereof and deliver written notice of its determination thereof to SEM, WCAS and Dignity. During the ten (10) day period following SEM’s, WCAS’s and Dignity’s receipt of such written notice from the applicable Investment Bank that sets forth such Investment Bank’s determination of the Company Enterprise Value and Put

 

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Price Per Interest in accordance with Section 9.3(e), Dignity may elect, in its sole and absolute discretion, to sell to SEM a number of Company Interests up to the Dignity Put Cap at a price per Company Interest equal to the Put Price Per Interest (each, a “Dignity Put Exercise”).  Any Dignity Put Exercise shall be made by delivery of a written notice by Dignity to SEM and the Company during such ten (10) day period (each, a “Dignity Put Exercise Notice”), which Dignity Put Exercise Notice shall indicate the number of Company Interests that Dignity wishes to sell to SEM subject to the Dignity Put Cap.  In connection with each Dignity Put Exercise, (x) SEM shall purchase, and Dignity shall sell, the Company Interests no later than forty five (45) days following delivery of the Dignity Put Exercise Notice and (y) SEM shall pay the purchase price at the closing by one of the following methods determined in SEM’s sole and absolute discretion: (A) wire transfer of immediately available funds, (B) so long as SEM Common Stock is publicly traded, the issuance of shares of SEM Common Stock (valued at the 21 trading day volume-weighted average sales price of such shares for the period beginning ten (10) trading days immediately preceding the first public announcement of the Dignity Put Exercise and ending on the tenth (10th) trading day immediately following such announcement) or (C) a combination thereof.  Dignity hereby acknowledges that the issuance of any shares of SEM Common Stock that are paid to Dignity pursuant to the immediately preceding sentence will not be registered under applicable securities laws (other than as required by Section 9.3(d)).

 

(b)                                 Call Rights.  On and after the fourth anniversary of the date of this Agreement, during each Call Valuation Request Period, SEM shall have the right to send a written notice to the Company (with a copy to Dignity and WCAS) requesting that the Company engage an Investment Bank to determine the Company Enterprise Value and Call Price Per Interest in accordance with Section 9.3(e) (each, a “Call Valuation Request”).  Following delivery of a Call Valuation Request, the Company shall instruct the Investment Bank selected pursuant to Section 9.3(e) to calculate the Company Enterprise Value and Call Price Per Interest in accordance with Section 9.3(e).  During the ten (10) day period following SEM’s, Dignity’s and WCAS’s receipt of a written notice from the applicable Investment Bank that sets forth such Investment Bank’s determination of the Company Enterprise Value and Call Price Per Interest in accordance with Section 9.3(e), SEM may elect, in its sole and absolute discretion, to purchase from the Class A Members, Class B Members and Class C Members all or less than all of such Members’ Company Interests at a price per interest equal to the Call Price Per Interest (each, a “Call Exercise”); provided that if SEM shall purchase less than all of the Company Interests in connection with any Call Exercise, SEM shall purchase the same relative proportion of each such Member’s Company Interests.  Any Call Exercise shall be made by delivery during such ten (10) day period of a written notice by SEM to the Class A Members, Class B Members and Class C Members (each, a “Call Exercise Notice”), which Call Exercise Notice shall indicate the number of Company Interests that SEM wishes to purchase from such Members.  In connection with each Call Exercise, (x) SEM shall purchase, and the applicable Members shall sell, the applicable Company Interests no later than forty five (45) days following delivery of the applicable Call Exercise Notice and (y) SEM shall pay the applicable purchase price at the closing by

 

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one of the following methods determined in SEM’s sole and absolute discretion: (A) wire transfer of immediately available funds, (B) the issuance of shares of SEM Common Stock (valued at the 21 trading day volume-weighted average sales price of such shares for the period beginning ten (10) trading days immediately preceding the first public announcement of the Call Exercise and ending on the tenth (10th) trading day immediately following such announcement) or (C) a combination thereof; provided that each Class A Member, Class B Member and Class C Member shall be paid in the same relative mix of cash and SEM Common Stock.  Each Member hereby acknowledges that the issuance of any shares of SEM Common Stock that are paid to such Member pursuant to the immediately preceding sentence will not be registered under applicable securities laws (other than as required by Section 9.3(d)).

 

(c)                                  SEM COC Put Rights.

 

(i)                                     During the sixty (60) day period following a Qualifying SEM Change of Control, WCAS shall have the right to send a written notice to the Company (with a copy to SEM) requesting that the Company have an Investment Bank determine the Company Enterprise Value and Put Price Per Interest in accordance with Section 9.3(e) (each, a “WCAS SEM COC Valuation Request”).  Following delivery of a WCAS SEM COC Valuation Request, the Company shall instruct the Investment Bank selected pursuant to Section 9.3(e) to calculate the Company Enterprise Value and Put Price Per Interest in accordance with Section 9.3(e).  During the ten (10) day period following SEM’s and WCAS’s receipt of a written notice from the applicable Investment Bank that sets forth such Investment Bank’s determination of the Put Price Per Interest (i) WCAS may elect, in its sole and absolute discretion, to sell to SEM all (but not less than all) of the Company Interests it then owns to SEM at a price per interest equal to the Put Price Per Interest (a “WCAS SEM COC Put Exercise”), and (ii) if WCAS elects to make a WCAS SEM COC Put Exercise, each Class A Member (other than Dignity), Class B Member and Class C Member shall be obligated to sell all (but not less than all) of the Company Interests that it then owns to SEM at a price per interest equal to the Put Price Per Interest.  Any WCAS SEM COC Put Exercise shall be made by delivery of a written notice by WCAS to SEM and the Company (a “WCAS SEM COC Put Exercise Notice”).  Following delivery of a WCAS SEM COC Put Exercise Notice, the Company shall promptly notify each Class A Member (other than WCAS), Class B Member and Class C Member of the WCAS SEM COC Put Exercise.  In connection with a WCAS SEM COC Put Exercise, (x) SEM shall purchase, and the applicable Members shall sell, the Company Interests no later than forty five (45) days following delivery of the WCAS SEM COC Put Exercise Notice and (y) SEM shall pay the applicable purchase price at the closing by one of the following methods: (A) wire transfer of immediately available funds, (B) at the election of WCAS, but subject to the consent of the purchaser of SEM (or its assets) in the Qualifying SEM Change of Control, the same form of consideration paid in the Qualifying SEM Change of Control (with respect to any publicly traded securities, valued at the 21 trading day volume-weighted average sales price of such securities for the period beginning ten (10) trading days immediately preceding the first public

 

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announcement of the WCAS SEM COC Put Exercise and ending on the tenth (10th) trading day immediately following such announcement) or (C) at the election of WCAS, but subject to the consent of the purchaser of SEM (or its assets) in the Qualifying SEM Change of Control, a combination thereof; provided that if any non-cash consideration is paid to the extent permitted by this sentence, each Member shall be paid in the same relative mix of cash and form of consideration paid in the Qualifying SEM Change of Control.  Each Member hereby acknowledges that the issuance of any securities that are paid to such Member pursuant to the immediately preceding sentence will not be registered under applicable securities laws and will therefore be subject to transfer restrictions under applicable securities laws.

 

(ii)                                  During the sixty (60) day period following a Qualifying SEM Change of Control, Dignity shall have the right to send a written notice to the Company (with a copy to SEM) requesting that the Company have an Investment Bank determine the Company Enterprise Value and Put Price Per Interest in accordance with Section 9.3(e) (each, a “Dignity SEM COC Valuation Request”).  Following delivery of a Dignity SEM COC Valuation Request, the Company shall instruct the Investment Bank selected pursuant to Section 9.3(e) to calculate the Company Enterprise Value and Put Price Per Interest in accordance with Section 9.3(e).  During the ten (10) day period following SEM’s and Dignity’s receipt of a written notice from the applicable Investment Bank that sets forth such Investment Bank’s determination of the Put Price Per Interest Dignity may elect, in its sole and absolute discretion, to sell to SEM all (but not less than all) of the Company Interests it then owns to SEM at a price per interest equal to the Put Price Per Interest (a “Dignity SEM COC Put Exercise”).  Any Dignity SEM COC Put Exercise shall be made by delivery of a written notice by Dignity to SEM and the Company (a “Dignity SEM COC Put Exercise Notice”).  In connection with a Dignity SEM COC Put Exercise, (x) SEM shall purchase, and Dignity shall sell, its Company Interests no later than forty five (45) days following delivery of the Dignity SEM COC Put Exercise Notice and (y) SEM shall pay the purchase price at the closing by one of the following methods: (A) wire transfer of immediately available funds, (B) at the election of Dignity, but subject to the consent of the purchaser of SEM (or its assets) in the Qualifying SEM Change of Control, the same form of consideration paid in the Qualifying SEM Change of Control (with respect to any publicly traded securities, valued at the 21 trading day volume-weighted average sales price of such securities for the period beginning ten (10) trading days immediately preceding the first public announcement of the Dignity SEM COC Put Exercise and ending on the tenth (10th) trading day immediately following such announcement) or (C) at the election of Dignity, but subject to the consent of the purchaser of SEM (or its assets) in the Qualifying SEM Change of Control, a combination thereof.  Dignity hereby acknowledges that the issuance of any securities that are paid to it pursuant to the immediately preceding sentence will not be registered under applicable securities laws and will therefore be subject to transfer restrictions under applicable securities laws.

 

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(d)                                 Resale of SEM Common Stock.

 

(i)                                     If in connection with any Put Exercise, Dignity Put Exercise or Call Exercise, SEM shall elect to pay any of the applicable purchase price in shares of SEM Common Stock, Select Holdings shall as soon as possible file with the SEC (in no event later than twenty (20) days in the event SEM qualifies as a well-known seasoned issuer (as defined in Rule 405 of the Securities Act), and thirty (30) days if otherwise, following the issuance of such shares of SEM Common Stock), and use its commercially reasonable efforts to cause to become and remain effective for so long as the applicable Class A Member, Class B Member or Class C Member holds such shares of SEM Common Stock, an effective resale registration statement (the “Resale Registration Statement”) to register the resale of all such shares of SEM Common Stock; provided, however, that Select Holdings shall not be required to file or maintain a Resale Registration Statement with respect to any shares of SEM Common Stock when (A) a registration statement with respect to the sale of such shares shall have become effective under the Securities Act and all such securities shall have been disposed of in accordance with such registration statement, (B) (but only so long as) all such shares may be sold pursuant to Rule 144 (or any successor provision) under the Securities Act free of any restrictions on transfer (including volume limitations) or (C) all such shares shall have ceased to be outstanding.

 

(ii)                                  Notwithstanding anything to the contrary contained herein, if there is a possible acquisition or business combination or other transaction, business development or event involving Select Holdings or any of its Subsidiaries that, upon the advice of counsel, would require disclosure in the Resale Registration Statement and Select Holdings determines in the exercise of its good faith judgment and not for the purpose of avoidance of its obligations under this Section 9.3 that such disclosure is not in the best interest of Select Holdings or its stockholders or obtaining any financial statements relating to any such acquisition or business combination required to be included in the Resale Registration Statement would be impracticable or would make any statement in the Resale Registration Statement untrue in any material respects, then Select Holdings shall be entitled to delay the filing of the Resale Registration Statement until the termination of the condition giving rise to such delay; provided, however, that Select Holdings shall not be permitted to exercise the rights in this Section 9.2(d)(ii) for a period or periods not to exceed ninety (90) days in the aggregate in any three hundred sixty-five (365) day period.

 

(iii)                               Select Holdings shall not be required to register or qualify any SEM Common Stock issued pursuant to this Section 9.3(d) under any state securities or “blue sky” laws of such jurisdiction other than as it deems necessary in connection with the chosen method of distribution or to take any other actions or do any other things other than those it reasonably deems necessary or advisable to consummate such distribution, and Select Holdings shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not otherwise be obligated to be so qualified, to

 

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subject itself to taxation in any such jurisdiction or to consent to general service or process in any such jurisdiction.

 

(iv)                              In connection with the resale, Select Holdings may require a Class A Member, Class B Member or Class C Member to furnish to Select Holdings such information regarding such Class A Member, Class B Member or Class C Member, as applicable, and the distribution of such securities as Select Holdings may from time to time reasonably request in writing.

 

(v)                                 Select Holdings shall promptly notify each Class A Member, Class B Member and Class C Member when Select Holdings becomes aware of (a) the issuance by the SEC or any state securities authority of any stop order, injunction or other order or requirement suspending the effectiveness of such Resale Registration Statement or (b) the happening of any event as a result of which the Resale Registration Statement, as then in effect, the prospectus related thereto or any document included therein by reference includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made (and such Member shall forthwith discontinue disposition of SEM Common Stock pursuant to the registration statement covering such securities until such Member’s receipt of the copies of the supplemented or amended prospectus), and as promptly as reasonably practicable thereafter, Select Holdings shall prepare and file with the SEC, and furnish without charge to such Members, an amendment or supplement to the Resale Registration Statement or prospectus, which shall correct such misstatement or omission or effect such compliance.

 

(e)                                  In the event a Dignity Put Valuation Request, WCAS Put Valuation Request, Call Valuation Request, Dignity SEM COC Valuation Request or WCAS SEM COC Valuation Request is made pursuant to the terms of this Section 9.3, the Investment Bank shall determine the Company Enterprise Value and the Put Price Per Interest or Call Price Per Interest, as applicable, for all purposes of this Agreement, and such determinations shall be binding on all the Members and the Company.  SEM along with one of either WCAS or Dignity shall mutually agree on an Investment Bank to make such determinations within five (5) Business Days following delivery of the Dignity Put Valuation Request, WCAS Put Valuation Request, Call Valuation Request, Dignity SEM COC Valuation Request or WCAS SEM COC Valuation Request, as applicable.  The selected Investment Bank shall be instructed to use its commercially reasonable efforts to deliver its determinations within forty five (45) days of its engagement.  When making the determinations pursuant to this Section 9.3(e) with respect to a Dignity Put Valuation Request, WCAS Put Valuation Request, Call Valuation Request, Dignity SEM COC Valuation Request or WCAS SEM COC Valuation Request, (i) the Investment Bank shall calculate EBITDA in a manner consistent with the calculation of EBITDA the Company and Dignity used to value the Class A Interests issued to Dignity in connection with the Acquisition and (ii) the applicable period for the calculation of EBITDA shall be the twelve (12) calendar month period ended on the last day of the most recent calendar month for which month-end financial statements are available at the time of the delivery

 

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of the Dignity Put Valuation Request, WCAS Put Valuation Request, Call Valuation Request, Dignity SEM COC Valuation Request or WCAS SEM COC Valuation Request, as applicable, and such calculation shall be based on the Company’s monthly financial statements for each month in the applicable twelve (12) calendar month period, in each case prepared in accordance with GAAP and consistent with the Company’s historical accounting methodologies, policies and procedures.  The Company will provide such access to its books, records and personnel as is necessary to allow the Investment Bank to make such determinations.  The fees and expenses of the Investment Bank will be borne by the Company. Notwithstanding anything else contained in this Section 9.3(e), the determination of Company Enterprise Value and Put Price Per Interest pursuant to either a Dignity Put Valuation Request or WCAS Put Valuation Request shall be binding on all parties pursuant to this Section 9.3(e) for such Put Valuation Request Period.

 

(f)                                   On the True Up Date of a Member, in addition to the payments of the Call Price Per Interest or Put Price Per Interest due to such Member on such date, SEM shall pay to such Member in cash its True Up Amount (as defined below), if any, with respect to any previous Put Exercise or Dignity Put Exercise by such Member or Call Exercise by SEM prior to the True Up Date.   For purposes of this Section 9.3(f),

 

(i)                                     “Disregarded Securities” means, with respect to any prior determination of Put Price Per Interest or Call Price Per Interest, any unvested Class B Interests, unvested Class B Interests underlying in-the-money Options or Convertible Securities, any unvested Class C Interests or unvested Class C Interests underlying in-the-money Options or Convertible Securities that (x) were outstanding at the time of, and included in, the number of Fully Diluted Company Interests used in such calculation of Put Price Per Interest or Call Price Per Interest, and (y) were subsequently forfeited and are no longer outstanding on the True Up Date (other than Options or Convertible Securities that were exercised by the applicable Member on the True Up Date);

 

(ii)                                  “True Up Amount” means, with respect to any prior Put Exercise or Dignity Put Exercise by a Member or Call Exercise by SEM, the excess of (x) the aggregate amount that would have been paid to a Member in connection with such prior Put Exercise, Dignity Put Exercise or Call Exercise if both (A) any Disregarded Securities had not been included in the calculation of Fully Diluted Company Interests used in the calculation of Put Price Per Interest or Call Price Per Interest with respect to such Put Exercise, Dignity Put Exercise or Call Exercise and (B) the exercise price of any Disregarded Securities had not been included in clause (iii) of the definition of the Company Equity Value used in the calculation of Put Price Per Interest or Call Price Per Interest with respect to such Put Exercise or Call Exercise, over (y) the aggregate amount (whether in the form of cash or SEM Common Stock) actually paid to such Member in connection with the prior Put Exercise or Call Exercise; and

 

(iii)                               “True Up Date” means, with respect to a Member, the first date on which any of the following occur: (a) consummation of the transactions contemplated by any Call Exercise that result in such Member no longer owning

 

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any Company Interests, (b) consummation of the transactions contemplated by the WCAS SEM COC Put Exercise or Dignity SEM COC Put Exercise that result in such Member no longer owning any Company Interests, and (c) consummation of the transactions contemplated by any Put Exercise that result in such Member no longer owning any Company Interests.

 

9.4.                            Preemptive Rights.

 

(a)                                 Grant of Preemptive Rights.  Subject to the terms and conditions of this Agreement, the Company hereby grants to each Qualified Member the right to purchase such Qualified Member’s Proportionate Percentage (as hereinafter defined) of any Company Equity Securities to be issued in any future Eligible Issuance (as hereinafter defined).  For the purposes of this Section 9.4, the following terms shall have the meanings set forth below:

 

“Proportionate Percentage” means, with respect to any Qualified Member as of any date, the result (expressed as a percentage) obtained by dividing (i) the number of Company Interests owned by such Qualified Member as of such date by (ii) the total number of Company Interests owned by all Qualified Members as of such date; provided, that, for purposes of determining the Proportionate Percentage of a Qualified Member, such Qualified Member, at its election, shall be deemed to own all Company Interests held by its Permitted Transferees as of the date of determination and the applicable Permitted Transferee shall be deemed not to own any such Company Interests for such purposes.

 

“Eligible Issuance” means the issuance by the Company to any Person or Persons (including any of the Members), for cash, cash equivalents, property or indebtedness, of any Company Equity Securities, other than an issuance by the Company of:

 

(i)                                     Company Interests contemplated by the Purchase Agreement;

 

(ii)                                  Class B Interests or options to purchase Class B Interests in connection with or pursuant to a management equity plan approved by the Board;

 

(iii)                               Class C Interests or options to purchase Class C Interests in connection with or pursuant to a management equity plan approved by the Board;

 

(iv)                              Company Equity Securities as consideration in any bona fide business acquisition by the Company or any Subsidiary thereof, whether by merger, consolidation, purchase of assets or otherwise;

 

(v)                                 Company Equity Securities upon the exercise, exchange or conversion of outstanding Options or Convertible Securities;

 

(vi)                              Company Equity Securities in a Public Offering; or

 

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(vii)                           Company Equity Securities as a dividend or distribution on (or payment of accrued yield in respect of) the outstanding securities or in connection with any splits, reclassifications, recapitalizations, consolidations or similar events affecting the securities.

 

(b)                                 Notice of Eligible Issuance.  The Company shall, before issuing any Company Equity Securities in an Eligible Issuance, give written notice thereof to each Qualified Member.  Such notice shall specify the Company Equity Securities the Company proposes to issue, the proposed date of issuance, the consideration that the Company intends to receive therefor and all other material terms and conditions of such proposed issuance.  For a period of ten (10) Business Days following the date of such notice, each Qualified Member shall be entitled, by written notice to the Company, to elect to purchase all or any part of such Qualified Member’s Proportionate Percentage of the Company Equity Securities being sold in the Eligible Issuance; provided, that if two or more securities shall be proposed to be sold as a “unit” in an Eligible Issuance, any such election must relate to such unit of securities.  To the extent that elections pursuant to this Section 9.4 shall not be made with respect to any Company Equity Securities included in an Eligible Issuance within such ten (10) Business Day period, then the Company may issue such Company Equity Securities, but only for consideration not less than, and otherwise on terms no less favorable to the Company in any material respect than, those set forth in the Company’s notice and only within ninety (90) days after the end of such ten (10) Business Day period.  In the event that any such offer is accepted by one or more Qualified Members, the Company shall sell to such Qualified Member or Qualified Members, and such Qualified Member or Qualified Members shall purchase from the Company, for the consideration and on the terms set forth in the notice as aforesaid, the Company Equity Securities that such Qualified Member or Qualified Members shall have elected to purchase and the Company may sell the balance, if any, of the Company Equity Securities it proposed to sell in such Eligible Issuance in accordance with the immediately preceding sentence.  Notwithstanding anything to the contrary contained above, if the Board shall have determined that it is in the best interests of the Company to proceed with an Eligible Issuance prior to providing the notices required by this Section 9.4 or affording each of the Qualified Members its preemptive rights in strict compliance with this Section 9.4, the Company shall be permitted to first consummate such issuance and thereafter deliver such notices and afford the Qualified Members an opportunity to exercise their preemptive rights hereunder so long as (i) such notices are delivered and such preemptive rights offer is conducted as soon as practicable thereafter, (ii) such offer is structured such that the rights of the Qualified Members hereunder are not prejudiced in any material respect thereby and (iii) the number of Company Equity Securities that are so offered to each Qualified Member is no less than the number that would have been offered to such Qualified Member had all Company Equity Securities been offered together as a single Eligible Issuance in accordance with this Section 9.4.

 

9.5.                            Treatment of Class A Additional Capital and Class A Additional Capital Yield.  If any holder of Class A Interests entitled to Class A Additional Capital or Class A Additional Capital Yield Transfers any Class A Interests in accordance with Section 9.1 (Tag-Along Rights), Section 9.2 (Drag-Along Rights) or Section 9.3 (Put and Call Rights), in

 

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connection with such Transfer the Company shall simultaneously pay such Class A Member any unpaid Class A Additional Capital and the aggregate unpaid amount of Class A Additional Capital Yield with respect to such Class A Interest.  For the avoidance of doubt, the Class A Additional Capital or Class A Additional Capital Yield shall not be considered as paid by the Company in connection with any such Transfer for purposes of Sections 9.1, 9.2 or 9.3.

 

ARTICLE X.
 AMENDMENTS TO AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT

 

10.1.                     Amendments.

 

(a)                                 This Agreement shall not be amended nor any provision hereof waived without the written consent of (i) SEM, (ii) for so long as the Dignity Members own at least one (1) Company Interest, Dignity and (iii) for so long as the WCAS Members own at least one (1) Company Interest, WCAS; provided that notwithstanding the foregoing, the Board shall have the power, without the consent of the Members, to amend this Agreement as may be required to reflect the admission, substitution, termination, or withdrawal of Members that is otherwise made in accordance with the terms of this Agreement.  The Board shall provide reasonably prompt written notice to the Members when any action under this Section 10.1(a) is taken.

 

(b)                                 Notwithstanding anything in Section 10.1(a) to the contrary, this Agreement shall not be amended nor any provision hereof waived without the written consent of a Member if such amendment by its express terms would have a disproportionate and materially adverse effect on the rights, obligations, powers or interests (economic or otherwise) of such Member relative to the other Members.

 

(c)                                  Each Member agrees to be bound by each and every amendment adopted in accordance with this Agreement even if such Member did not execute such amendment.

 

ARTICLE XI.
 QUALIFIED MEMBER INFORMATION, ACCESS AND MANAGEMENT RIGHTS; CONSOLIDATION; EXPENSES

 

11.1.                     Qualified Member Information Rights.  The Company shall provide to each Qualified Member, by electronic means or otherwise, (a) annual audited consolidated financial statements within 90 days of the end of the Company’s fiscal year, (b)  unaudited consolidated financial statements (including a balance sheet, statement of operations and statement of members’ equity) for each of the Company’s first three fiscal quarters within 45 days of the end of each such quarter, each prepared in accordance with GAAP, (c) within 30 days after the commencement of each fiscal year of the Company, a detailed consolidated budget for such fiscal year (including a projected consolidated balance sheet and consolidated statements of projected operations and cash flows as of the end of and for such fiscal year) and, promptly when available, any material revisions of such budget, (d) any other consolidated financial statements, budgets or projections provided to the lenders of the Company and its Subsidiaries promptly

 

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after delivery of such financial information to such lenders, (e) so long as Dignity or WCAS has the right to designate any Dignity or WCAS Directors, Dignity or WCAS, as the case may be, shall have the right to receive all information provided or available to the director or directors of any direct or indirect Subsidiary of the Company, and (f) upon demand for any purpose reasonably related to the Qualified Member’s interest as a Member of the Company, any other information regarding the affairs of the Company, subject to reasonable standards prescribed by the Board with respect to the time and location such information may be furnished.

 

11.2.                     Contractual Management Rights.  With respect to each Qualified Fund Member, from the date of this Agreement (or from such later date as a Qualified Fund Member becomes a Member hereunder) until the earliest of (i) the first date on which such Qualified Fund Member no longer holds any Company Interests, (ii) the date of the Initial Public Offering of the common equity of the Company and (iii) the first date on which such Qualified Fund Member is no longer intended to qualify as a venture capital operating company under United States Department of Labor Regulations published at 29 C.F.R. Section 2510.3-101(d)(3)(i), such Qualified Fund Member shall be entitled to the following contractual management rights relating to the Company and its Subsidiaries:

 

(a)                                 Such Qualified Fund Member shall have the right to meet with the management personnel of the Company and its Subsidiaries on a regular basis and from time to time during normal business hours and upon reasonable notice to the Company or the applicable Subsidiary for the purpose of consulting with, and making recommendations to the management of the Company or its Subsidiaries or obtaining information regarding, the Company’s or any of its Subsidiaries’ operations, activities and prospects and expressing its views and recommendations thereon.

 

(b)                                 Such Qualified Fund Member shall have the right to receive copies of (but only to the extent available), within a reasonable time after its written request therefor, all financial statements (including balance sheets, profit and loss and cash flow statements), budgets, financial forecasts and projections and other financial information relating to the Company or its Subsidiaries; provided that the Company shall not be required to provide such information if the provision thereof would result in the waiver of the attorney-client or any other privileges.

 

11.3.                     Consolidation.  The Company acknowledges that SEM intends to consolidate the financial results of the Company with the other financial results of SEM in accordance with GAAP.  If there is a change in applicable law, regulations, or accounting principles with respect to such consolidation, or if SEM receives a written opinion from its outside auditor such that this Agreement must be modified for SEM to consolidate the financial results of the Company with the other financial results of SEM, then SEM will provide written notice to Dignity, WCAS and the Company stating the modifications that it believes are necessary to achieve such consolidation, and upon receipt of such notice, SEM, Dignity and WCAS shall promptly conduct good faith discussions to seek to amend this Agreement to reorganize and restructure the governance structure in a way that is mutually acceptable to SEM, Dignity and WCAS to achieve consolidation.

 

50

 

11.4.                     Confidentiality.  Each Qualified Member acknowledges that any and all information provided to any Qualified Member pursuant to the terms of this Article XI shall be Confidential Information (as defined in Section 12.1(d)) and be subject to the provisions of Section 12.1.

 

11.5.                     Expenses.  The Company shall pay or reimburse any Member for (a) compensation for third-party accounting, administrative, legal, technical, management and other services rendered to the Company or any Subsidiary of the Company, and (b) any amounts owed and payable by the Company or any Subsidiary of the Company under the Amended and Restated Tax Sharing Agreement or the Amended and Restated Shared Services Agreement.  The Company shall also assume, and pay when due, all reasonable out of pocket expenses of the Directors for attending meetings of the Board in person.

 

ARTICLE XII.
 GENERAL PROVISIONS

 

12.1.                     Confidentiality.

 

(a)                                 Each Member agrees that it will not use at any time any Confidential Information (as hereinafter defined) of which any such Member is or becomes aware except in connection with its investment in the Company (except that Members who are directors, officers or employees of the Company or its Subsidiaries shall also be permitted to use such Confidential Information in connection with the performance of their duties as directors, officer or employees).

 

(b)                                 Each Member further agrees that the Confidential Information will be kept strictly confidential and will not be disclosed by it or its Representatives (as defined below), except (i) as required by applicable law, regulation or legal process or in response to any inquiry from a regulatory authority having jurisdiction over such Member or the Company, and only after compliance with Section 12.1(c) and (ii) that it may disclose the Confidential Information or portions thereof to those of its officers, employees, managers, directors, members, general and limited partners, advisors and other agents and representatives (the persons to whom such disclosure is permissible being “Representatives”) who need or are required to know such information in connection with the investment by the Member in the Company or performance and compliance with the Amended and Restated Shared Services Agreement or the Amended and Restated Tax Sharing Agreement; provided that such Representatives (x) are informed of the confidential and proprietary nature of the Confidential Information and (y) have agreed to or are otherwise obligated to maintain the confidentiality of the Confidential Information in a manner consistent with the provisions of this Article XII.  Each Member agrees to be responsible for any breach of this Article XII by its Representatives (it being understood that such responsibility shall be in addition to and not by way of limitation of any right or remedy the Company may have against such Representatives with respect to any such breach).

 

(c)                                  If any Member or Representative thereof becomes legally compelled (including by deposition, interrogatory, request for documents, subpoena, civil

 

51

 

investigative demand or similar process) to disclose any of the Confidential Information, such Member or Representative shall provide the Company with prompt and, if possible, prior written notice of such requirement to disclose such Confidential Information.  Upon receipt of such notice, the Company may seek a protective order or other appropriate remedy.  If such protective order or other remedy is not obtained, such Member and its Representatives shall disclose only that portion of the Confidential Information which is legally required to be disclosed (as determined in good faith by counsel to such Member) and shall take all reasonable steps to preserve the confidentiality of the Confidential Information.  In addition, neither such Member nor its Representative will oppose any action (and such Member and its Representatives will, if and to the extent requested by the Company and legally permissible to do so, cooperate with and assist the Company, at the Company’s expense and on a reasonable basis, in any reasonable action) by the Company to obtain an appropriate protective order or other reliable assurance that confidential treatment will be accorded the Confidential Information.

 

(d)                                 As used herein, “Confidential Information” means oral and written information concerning the Company and its Subsidiaries and Affiliates furnished to any Member or Representative thereof by or on behalf of the Company or its Representatives (irrespective of the form of communication and whether such information is so furnished before, on or after the date hereof), and all analyses, compilations, data, studies, notes, interpretations, memoranda or other documents prepared by any Member or any Representative thereof containing or based in whole or in part on any such furnished information.  The term “Confidential Information” does not, with respect to any Member, include any information which (i) at the time of disclosure or thereafter is generally available to the public (other than as a result of a disclosure directly or indirectly by such Member or its Representative in violation hereof), (ii) is or becomes available to such Member on a nonconfidential basis from a source other than the Company or its Representatives provided that such source was not known by such Member to be prohibited from disclosing such information to such Member by a legal, contractual or fiduciary obligation, or (iii) such Member includes in its filings under the Exchange Act or Securities Act.

 

12.2.                     Notices.  Any notice or communication required or permitted hereunder shall be in writing and shall be delivered personally, delivered by nationally recognized overnight courier service, sent by certified or registered mail, postage prepaid, or sent by facsimile (subject to electronic confirmation of such facsimile transmission).  Any such notice or communication shall be deemed to have been given (i) when delivered, if personally delivered, (ii) the first Business Day after it is deposited with a nationally recognized overnight courier service, if sent by nationally recognized overnight courier service during a Business Day (and otherwise two (2) Business Days after it is so deposited), (iii) the day of sending, if sent by facsimile prior to 5:00 p.m. (New York City time) on any Business Day or the next succeeding Business Day if sent by facsimile after 5:00 p.m. (New York City time) on any Business Day or on any day other than a Business Day or (iv) five Business Days after the date of mailing, if mailed by certified or registered mail, postage prepaid, in each case, to the following address or facsimile number, or to such other address or addresses or facsimile number or numbers as such party may subsequently designate to the other parties by notice given hereunder:

 

52

 

if to the Company, to it:

 

c/o Select Medical Corporation

4717 Gettysburg Road

Mechanicsburg, PA 17088

Attention:  Michael E. Tarvin

Facsimile:  (717) 412-9142

 

if to any Member, to such Member at the address set forth opposite such Member’s name on Schedule I hereto

 

12.3.                     Successors.  This Agreement and all of the terms and provisions hereof shall be binding upon and shall inure to the benefit of all Members, and their legal representatives, heirs, successors and permitted assigns, subject to the restrictions and provisions on Transfer set forth in this Agreement and except as expressly herein otherwise provided.

 

12.4.                     Effect and Interpretation.  This Agreement shall be governed by and construed in conformity with the laws of the State of Delaware without regard to any conflict of laws rules thereof.

 

12.5.                     Counterparts.  This Agreement may be executed in two or more counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together will constitute one and the same agreement.  Delivery of executed signature pages hereof by facsimile transmission or portable document format (pdf) shall constitute effective and binding execution and delivery of this Agreement.

 

12.6.                     Remedies.  The Company and each Member shall be entitled to enforce their rights under this Agreement to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor.  The parties hereto agree and acknowledge that money damages will not be an adequate remedy for any breach of the provisions of this Agreement and that the Company and each Member may in its sole discretion obtain from any court of law or equity of competent jurisdiction specific performance and/or injunctive relief (without posting a bond or other security) in order to enforce or prevent any violation of the provisions of this Agreement.

 

12.7.                     Members Not Agents.  Nothing contained herein shall be construed to constitute any Member the agent of another Member, except as otherwise expressly provided herein, or in any manner to limit the Members in carrying on of their own respective businesses or activities.

 

12.8.                     Entire Understanding; Etc.  This Agreement and the other agreements referred to herein together constitute the entire agreement and understanding among the Members with respect to the subject matter hereof and supersedes any prior or contemporaneous understandings and/or written or oral agreements among them with respect to the subject matter hereof.

 

12.9.                     Severability.  If any provision of this Agreement, or the application of such provision to any Person or circumstance, shall be held invalid by a court of competent jurisdiction, the remainder of this Agreement, or the application of such provision to Persons or

 

53

 

circumstances other than those to which it is held invalid by such court, shall not be affected thereby.

 

12.10.              Construction of Agreement.

 

(a)                                 The parties hereto have participated jointly in the negotiation and drafting of this Agreement.  In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement.  Unless the context otherwise requires: (i) “or” is disjunctive but not exclusive (i.e., “or” shall mean “and/or”), (ii) words in the singular include the plural, and in the plural include the singular, (iii) the words “hereof,” “herein,” and “hereunder” and words of similar import when used in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement, (iv) the headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement, (v) the words “Article” and “Section” are references to the articles and sections of this Agreement unless otherwise specified and (vi) whenever the words “include”, “includes” or “including” are used in this Agreement they shall be deemed to be followed by the words “without limitation.”  Unless expressly provided to the contrary in this Agreement, any action, consent, approval, election, decision or determination to be made by the Board under or in connection with this Agreement (including any act by the Board within its “discretion” under this Agreement and the execution and delivery of any documents or agreements on behalf of any other Person), shall be in the sole discretion of the Board.  To the fullest extent permitted by law and notwithstanding any other provision of this Agreement or in any other agreement contemplated herein or applicable provisions of law or equity or otherwise, whenever in this Agreement the Board is permitted or required to make a decision (a) in its “sole discretion” or “discretion” or under a grant of similar authority or latitude, the Board (and each Director)  shall be entitled to consider only such interests and factors as it, her or she desires, including, without limitation, its, his or her own interests and those of its, his or her Affiliates, and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Company or any other Person, or (b) in its “good faith” or under another express standard, the Board (and each Director) shall act under such express standard and shall not be subject to any other or different standard.

 

(b)                                 If WCAS transfers all (but not less than all) of its Company Equity Securities to a Permitted Transferee of WCAS described in clauses (i), (iii)(B) or (iii)(C) of the definition thereof in compliance with the terms of this Agreement, all references in this Agreement to WCAS (other than references in this Section 12.10(b)) shall mean such Permitted Transferee, and any right or action that may be taken at the election of WCAS may thereafter be taken only at the election of such Permitted Transferee.

 

(c)                                  If Dignity transfers all (but not less than all) of its Company Equity Securities to a Permitted Transferee of Dignity described in clause (i) of the definition thereof in compliance with the terms of this Agreement, all references in this Agreement to Dignity (other than references in this Section 12.10(c)) shall mean such Permitted

 

54

 

Transferee, and any right or action that may be taken at the election of Dignity may thereafter be taken only at the election of such Permitted Transferee.

 

12.11.              Third Party Beneficiaries.  Except as set forth in Section 4.4 and Section 4.5, nothing expressed by or mentioned in this Agreement is intended or shall be construed to give any Person other than the parties hereto and their respective successors and permitted assigns any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision herein contained.  Except as set forth in Section 4.4 and Section 4.5, this Agreement and all conditions and provisions hereof are intended to be and are for the sole and exclusive benefit of the parties hereto and their respective successors and permitted assigns.  Except as expressly permitted hereby, each party’s rights and obligations under this Agreement shall not be subject to assignment or delegation by any party hereto, and any attempted assignment or delegation in violation hereof shall be null and void ab initio.  Notwithstanding anything to the contrary contained in this Agreement, no Transfer shall result in WCAS or Dignity transferring any of their rights and obligations that are specific to WCAS or Dignity under this Agreement to any Person except as set forth in Section 12.10(b) and Section 12.10(c).

 

12.12.              Duration of Rights Under Agreement.  Each Member agrees that, at the earliest time that a Person that is a Member ceases to own any Company Interests, such Person shall cease to be a Member and shall have no continuing rights under this Agreement.

 

12.13.              CONSENT TO JURISDICTION.  EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY.  EACH OF THE PARTIES HERETO FURTHER AGREES THAT TO THE FULLEST EXTENT PERMITTED BY LAW, SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE ADDRESS SET FORTH ON SCHEDULE I HERETO SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH.  TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE COURTS OF THE STATE OF DELAWARE, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

12.14.              WAIVER OF JURY TRIAL.  AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY

 

55

 

LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.

 

12.15.              Incorporation of Exhibits.  All exhibits and schedules attached hereto are incorporated herein and made a part hereof.

 

12.16.              Assurances.  Each of the Members shall hereafter execute and deliver such further instruments and do such further acts and things as may be required to carry out the intent and purpose of this Agreement and as are not inconsistent with the terms hereof.

 

12.17.              Exclusivity. For so long as both a Dignity Member and a SEM Member are Members of the Company, the Dignity Members and the SEM Members, as applicable, shall not, and shall cause their respective Controlled Affiliates not to, directly or indirectly, (a) engage in any Restricted Business, or (b) acquire a majority interest in, or the ability to appoint the majority of the directors of, any Person that engages in the Restricted Business in competition with the Company.  Even if such activities would otherwise constitute a Restricted Business, activities of Dignity or SEM, or any of their respective Controlled Affiliates, may continue to be carried on in substantially the manner carried on as of the date of this Agreement.  Further, even if such activities would otherwise constitute a Restricted Business, (i) the activities described on Exhibit D (in the case of the SEM Members) and on Exhibit E (in the case of the Dignity Members), (ii) any activity that Dignity or SEM, as applicable, offers to the Company and in which the Board elects not to engage within thirty (30) days of such offer, or (iii) any business conducted by an acquired Person if the Restricted Business is less than 20% of such acquired Person’s total revenues for the last reportable twelve-month period prior to the acquisition shall not be prohibited under this Section 12.17.  For the avoidance of doubt, this Section 12.17 shall not restrict any business conducted by CHI as of the date of consummating any business combination between Dignity Parent and CHI.  Except as set forth in this Section, Dignity and SEM agree that nothing in this Agreement restricts the business operations of Dignity or SEM or either Member’s Affiliates in any way.   Dignity and SEM acknowledge that the restrictions contained in this Section are reasonable and necessary to protect the legitimate interests of Dignity and SEM in promoting the business of the Company.  In the event that any covenant contained in this Section should ever be adjudicated to exceed the duration, scope, or other limitations permitted by applicable Law in any jurisdiction, then any court is expressly empowered to reform such covenant, and such covenant shall be deemed reformed, in such jurisdiction to the maximum duration, scope, or other limitations permitted by applicable Law.

 

[Remainder of page intentionally left blank]

 

56

 

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

 

 

	
 
    	
THE COMPANY:
    
	
 
    	
 
    
	
 
    	
CONCENTRA GROUP HOLDINGS PARENT, LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Martin F. Jackson
    
	
 
    	
 
    	
Name: Martin F. Jackson
    
	
 
    	
 
    	
Title: Executive Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
MEMBERS:
    
	
 
    	
 
    
	
 
    	
SELECT MEDICAL CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Martin F. Jackson
    
	
 
    	
 
    	
Name: Martin F. Jackson
    
	
 
    	
 
    	
Title: Executive Vice President and Chief   Financial Officer
    

 

(Signature Page to Amended and Restated Limited Liability Company Agreement of
 Concentra Group Holdings Parent, LLC)

 

 

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

 

 

	
 
    	
 
    	
DIGNITY HEALTH HOLDING CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Dan Morissette
    
	
 
    	
 
    	
Name: Dan Morissette
    
	
 
    	
 
    	
Title: Vice President
    

 

(Signature Page to Amended and Restated Limited Liability Company Agreement of
 Concentra Group Holdings Parent, LLC)

 

 

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

 

 

	
 
    	
WELSH, CARSON, ANDERSON & STOWE XII,   L.P.
    
	
 
    	
 
    
	
 
    	
By: WCAS XII ASSOCIATES LLC, its General Partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jonathan Rather
    
	
 
    	
 
    	
Name: Jonathan Rather
    
	
 
    	
 
    	
Title: Managing Member
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
WELSH, CARSON, ANDERSON & STOWE XII   DELAWARE, L.P.
    
	
 
    	
 
    
	
 
    	
By: WCAS XII ASSOCIATES CAYMAN L.P., its General   Partner
    
	
 
    	
 
    
	
 
    	
By: WCAS XII ASSOCIATES LLC, its General Partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jonathan Rather
    
	
 
    	
 
    	
Name: Jonathan Rather
    
	
 
    	
 
    	
Title: Managing Member
    

 

(Signature Page to Amended and Restated Limited Liability Company Agreement of
 Concentra Group Holdings Parent, LLC)

 

 

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

 

 

	
 
    	
WELSH, CARSON, ANDERSON & STOWE XII   DELAWARE II, L.P.
    
	
 
    	
 
    
	
 
    	
By: WCAS XII ASSOCIATES LLC, its General Partner
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jonathan Rather
    
	
 
    	
 
    	
Name: Jonathan Rather
    
	
 
    	
 
    	
Title: Managing Member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
WELSH, CARSON, ANDERSON & STOWE XII   CAYMAN, L.P.
    
	
 
    	
 
    
	
 
    	
By: WCAS XII ASSOCIATES CAYMAN L.P., its General   Partner
    
	
 
    	
 
    
	
 
    	
By: WCAS XII ASSOCIATES LLC, its General Partner
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jonathan Rather
    
	
 
    	
 
    	
Name: Jonathan Rather
    
	
 
    	
 
    	
Title: Managing Member
    

 

(Signature Page to Amended and Restated Limited Liability Company Agreement of
 Concentra Group Holdings Parent, LLC)

 

 

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

 

 

	
 
    	
WCAS XII CO-INVESTORS LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jonathan Rather
    
	
 
    	
 
    	
Name: Jonathan Rather
    
	
 
    	
 
    	
Title: Managing Member
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
WCAS MANAGEMENT CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jonathan Rather
    
	
 
    	
 
    	
Name: Jonathan Rather
    
	
 
    	
 
    	
Title: Treasurer
    

 

(Signature Page to Amended and Restated Limited Liability Company Agreement of
 Concentra Group Holdings Parent, LLC)

 

 

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

 

 

	
 
    	
CRESSEY & COMPANY FUND IV LP
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: Cressey & Company GP LP, its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: Cressey & Company LLC, its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Bryan Cressey
    
	
 
    	
 
    	
Name: Bryan Cressey
    
	
 
    	
 
    	
Title: Partner
    

 

(Signature Page to Amended and Restated Limited Liability Company Agreement of
 Concentra Group Holdings Parent, LLC)

 

 

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

 

 

	
 
    	
DAEG HOLDINGS, LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ James M. Greenwood
    
	
 
    	
 
    	
Name: James M. Greenwood
    
	
 
    	
 
    	
Title: Manager
    

 

(Signature Page to Amended and Restated Limited Liability Company Agreement of
 Concentra Group Holdings Parent, LLC)

 

 

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

 

 

	
 
    	
JKC TR HOLDINGS, LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ John K. Carlyle
    
	
 
    	
 
    	
Name: John K. Carlyle
    
	
 
    	
 
    	
Title: Manager
    

 

(Signature Page to Amended and Restated Limited Liability Company Agreement of
 Concentra Group Holdings Parent, LLC)

 

 

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

 

 

	
 
    	
DTLT PRIVATE HOLDINGS, LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Daniel J. Thomas
    
	
 
    	
 
    	
Name: Daniel J. Thomas
    
	
 
    	
 
    	
Title: Manager
    

 

(Signature Page to Amended and Restated Limited Liability Company Agreement of
 Concentra Group Holdings Parent, LLC)

 

 

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

 

 

	
 
    	
SELECT MEDICAL HOLDINGS CORPORATION, solely for   the purposes of Sections 4.5 and 9.3(d)
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Martin F. Jackson
    
	
 
    	
 
    	
Name: Martin F. Jackson
    
	
 
    	
 
    	
Title: Executive Vice President and Chief   Financial Officer
    

 

(Signature Page to Amended and Restated Limited Liability Company Agreement of
 Concentra Group Holdings Parent, LLC)

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