Document:

Revolving Secured Credit Facility

 Exhibit 10.8 

 
  

 
 Published CUSIP Number:
________________ 
 CREDIT AGREEMENT 

Dated as of __, 2010 

among 
 DLC
REALTY, L.P., 
 as Borrower, 

DLC REALTY TRUST, INC., 

as a Guarantor, 

BANK OF AMERICA, N.A.,  

as Administrative Agent and L/C Issuer, 

BARCLAYS CAPITAL, 

as Syndication Agent 

and 
 The Other
Lenders Party Hereto 
 BANC OF AMERICA SECURITIES LLC,  

and  

BARCLAYS CAPITAL  

as 
 Joint Lead
Arrangers and Joint Book Managers 
  
  

 

 TABLE OF CONTENTS 

 

					
	 Section
	  	 	  	Page
	 Article I. Definitions and Accounting Terms
	  	1
	 1.01
	  	Defined Terms	  	1
	 1.02
	  	Other Interpretive Provisions	  	27
	 1.03
	  	Accounting Terms	  	27
	 1.04
	  	Rounding	  	28
	 1.05
	  	Times of Day	  	28
	 1.06
	  	Letter of Credit Amounts	  	28
		
	 Article II. The Commitments and Credit Extensions
	  	28
	 2.01
	  	Loans	  	28
	 2.02
	  	Borrowings, Conversions and Continuations of Loans	  	28
	 2.03
	  	Letters of Credit	  	30
	 2.04
	  	Prepayments	  	37
	 2.05
	  	Termination or Reduction of Commitments	  	38
	 2.06
	  	Repayment of Loans	  	38
	 2.07
	  	Interest	  	38
	 2.08
	  	Fees	  	39
	 2.09
	  	Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate	  	39
	 2.10
	  	Evidence of Debt	  	40
	 2.11
	  	Payments Generally; Administrative Agent’s Clawback	  	40
	 2.12
	  	Sharing of Payments by Lenders	  	42
	 2.13
	  	Extension of Maturity Date	  	43
	 2.14
	  	Increase in Commitments	  	43
	 2.15
	  	Cash Collateral	  	44
	 2.16
	  	Defaulting Lenders	  	45
	 2.17
	  	Guaranties	  	47
		
	 Article III. Taxes, Yield Protection and Illegality
	  	47
	 3.01
	  	Taxes	  	47
	 3.02
	  	Illegality	  	50
	 3.03
	  	Inability to Determine Rates	  	51
	 3.04
	  	Increased Costs; Reserves on Eurodollar Rate Loans	  	51
	 3.05
	  	Compensation for Losses	  	53
	 3.06
	  	Mitigation Obligations; Replacement of Lenders	  	53
	 3.07
	  	Survival	  	54
		
	 Article IV. Borrowing Base
	  	54
	 4.01
	  	Initial Borrowing Base	  	54
	 4.02
	  	Changes in Borrowing Base Calculation	  	54
	 4.03
	  	Requests for Admission into Borrowing Base	  	54
	 4.04
	  	Eligibility	  	54
	 4.05
	  	Approval of Borrowing Base Properties	  	55
	 4.06
	  	Liens on Borrowing Base Properties	  	55
	 4.07
	  	Notice of Admission of New Borrowing Base Properties	  	55
	 4.08
	  	Appraisals of Borrowing Base Properties	  	55
	 4.09
	  	Release of Borrowing Base Property	  	56
	 4.10
	  	Documentation Required with Respect to Borrowing Base Properties	  	56

					
	 Section
	  	 	  	Page
	 4.11
	  	Florida Equity Pledge Property	  	57
	 4.12
	  	New York Equity Pledge Properties	  	58
		
	 Article V. Conditions Precedent to Credit Extensions
	  	59
	 5.01
	  	Conditions of Initial Credit Extension	  	59
	 5.02
	  	Conditions to all Credit Extensions	  	60
		
	 Article VI. Representations and Warranties
	  	61
	 6.01
	  	Existence, Qualification and Power; Compliance with Laws	  	61
	 6.02
	  	Authorization; No Contravention	  	61
	 6.03
	  	Governmental Authorization; Other Consents	  	61
	 6.04
	  	Binding Effect	  	61
	 6.05
	  	Financial Statements; No Material Adverse Effect	  	61
	 6.06
	  	Litigation	  	62
	 6.07
	  	No Default	  	62
	 6.08
	  	Ownership of Property; Liens; Equity Interests	  	62
	 6.09
	  	Environmental Compliance	  	63
	 6.10
	  	Insurance	  	63
	 6.11
	  	Taxes	  	64
	 6.12
	  	ERISA Compliance	  	64
	 6.13
	  	Margin Regulations; Investment Company Act	  	64
	 6.14
	  	Disclosure	  	65
	 6.15
	  	Compliance with Laws	  	65
	 6.16
	  	Taxpayer Identification Number	  	65
	 6.17
	  	Intellectual Property; Licenses, Etc.	  	65
	 6.18
	  	Representations Concerning Leases	  	65
	 6.19
	  	Solvency	  	66
	 6.20
	  	REIT Status of Parent	  	66
	 6.21
	  	Labor Matters	  	66
	 6.22
	  	Ground Lease Representation	  	66
	 6.23
	  	Borrowing Base Properties	  	66
		
	 Article VII. Affirmative Covenants
	  	67
	 7.01
	  	Financial Statements	  	67
	 7.02
	  	Certificates; Other Information	  	68
	 7.03
	  	Notices	  	69
	 7.04
	  	Payment of Obligations	  	70
	 7.05
	  	Preservation of Existence, Etc.	  	70
	 7.06
	  	Maintenance of Properties	  	71
	 7.07
	  	Maintenance of Insurance	  	71
	 7.08
	  	Compliance with Laws	  	72
	 7.09
	  	Books and Records	  	73
	 7.10
	  	Inspection Rights	  	73
	 7.11
	  	Use of Proceeds	  	73
	 7.12
	  	Environmental Matters	  	73
	 7.13
	  	Condemnation, Casualty and Restoration	  	75
	 7.14
	  	Ground Leases	  	79
	 7.15
	  	Borrowing Base Properties	  	80
	 7.16
	  	Subsidiary Guarantor Organizational Documents	  	80

  

 ii 

					
	 Section
	  	 	  	Page
	 Article VIII. Negative Covenants
	  	80
	 8.01
	  	Liens	  	80
	 8.02
	  	Investments	  	82
	 8.03
	  	Fundamental Changes	  	82
	 8.04
	  	Restricted Payments	  	82
	 8.05
	  	Change in Nature of Business	  	83
	 8.06
	  	Transactions with Affiliates	  	83
	 8.07
	  	Burdensome Agreements	  	83
	 8.08
	  	Use of Proceeds	  	83
	 8.09
	  	Borrowing Base Properties; Ground Leases	  	83
	 8.10
	  	Lease Approval	  	84
	 8.11
	  	Environmental Matters	  	84
	 8.12
	  	Negative Pledge	  	85
	 8.13
	  	Financial Covenants	  	85
		
	 Article IX. Events of Default and Remedies
	  	86
	 9.01
	  	Events of Default	  	86
	 9.02
	  	Remedies Upon Event of Default	  	88
	 9.03
	  	Application of Funds	  	88
		
	 Article X. Administrative Agent
	  	89
	 10.01
	  	Appointment and Authority	  	89
	 10.02
	  	Rights as a Lender	  	89
	 10.03
	  	Exculpatory Provisions	  	90
	 10.04
	  	Reliance by Administrative Agent	  	90
	 10.05
	  	Delegation of Duties	  	91
	 10.06
	  	Resignation of Administrative Agent	  	91
	 10.07
	  	Non-Reliance on Administrative Agent and Other Lenders	  	92
	 10.08
	  	No Other Duties, Etc.	  	92
	 10.09
	  	Administrative Agent May File Proofs of Claim	  	92
	 10.10
	  	Collateral and Guaranty Matters	  	93
	 10.11
	  	Administrative Agent Advances	  	93
		
	 Article XI. Miscellaneous
	  	94
	 11.01
	  	Amendments, Etc.	  	94
	 11.02
	  	Notices; Effectiveness; Electronic Communication	  	95
	 11.03
	  	No Waiver; Cumulative Remedies; Enforcement	  	97
	 11.04
	  	Expenses; Indemnity; Damage Waiver	  	98
	 11.05
	  	Payments Set Aside	  	101
	 11.06
	  	Successors and Assigns	  	101
	 11.07
	  	Treatment of Certain Information; Confidentiality	  	105
	 11.08
	  	Right of Setoff	  	106
	 11.09
	  	Interest Rate Limitation	  	106
	 11.10
	  	Counterparts; Integration; Effectiveness	  	106
	 11.11
	  	Survival of Representations and Warranties	  	106
	 11.12
	  	Severability	  	107
	 11.13
	  	Replacement of Lenders	  	107
	 11.14
	  	Governing Law; Jurisdiction; Etc.	  	107
	 11.15
	  	Waiver of Jury Trial	  	108
	 11.16
	  	No Advisory or Fiduciary Responsibility	  	109
	 11.17
	  	Electronic Execution of Assignments and Certain Other Documents	  	109

  

 iii 

					
	 Section
	  	 	  	Page
	 11.18
	  	USA PATRIOT Act	  	109
	 11.19
	  	ENTIRE AGREEMENT	  	109
			
	SIGNATURES	  		  	S-1

  

 iv 

			
	 Section
	  	 Page

	 SCHEDULES

		
	 2.01
	  	Commitments and Applicable Percentages
	 4.01
	  	Initial Borrowing Base Properties
	 6.06
	  	Litigation
	 6.09
	  	Environmental Matters
	 6.17
	  	Intellectual Property Matters
	 8.01
	  	Existing Liens
	 11.02
	  	Administrative Agent’s Office; Certain Addresses for Notices
	
	 EXHIBITS

	
	 Form of

		
	 A
	  	Loan Notice
	 B
	  	Note
	 C
	  	Compliance Certificate
	 D-1
	  	Assignment and Assumption
	 D-2
	  	Administrative Questionnaire
	 E
	  	Borrowing Base Report
	 F
	  	New York Mortgage

  

 v 

 CREDIT AGREEMENT 

This CREDIT AGREEMENT (“Agreement”) is entered into as of __, 2010, among DLC REALTY, L.P., a Delaware limited
partnership (“Borrower”), DLC REALTY TRUST, INC., a Maryland corporation and the sole general partner of Borrower (“Parent”), each lender from time to time party hereto (collectively, the
“Lenders” and individually, a “Lender”), and BANK OF AMERICA, N.A., as Administrative Agent and L/C Issuer. 

Borrower has requested that the Lenders provide a revolving credit facility, and the Lenders are willing to do so on the terms and
conditions set forth herein. 
 In consideration of the mutual covenants and agreements herein contained, the parties hereto
covenant and agree as follows: 
 Article I. 

Definitions and Accounting Terms 

1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 

“Acceptable Appraisal” means an MAI appraisal that is (a) compliant with the Financial Institutions Reform,
Recovery and Enforcement Act of 1989, all other Laws applicable to Administrative Agent or Lenders, and the Uniform Standards of Professional Appraisal Practice, (b) in form and substance reasonably acceptable to Administrative Agent and
Required Lenders, and (c) prepared by an independent appraisal firm selected by Administrative Agent and reasonably acceptable to Required Lenders. 

“Acceptable Environmental Report” means, with respect to a Property, either (a) an ASTM E1527-05 compliant
Phase I environmental site assessment with respect to such Property stating, among other things, that such Property is free of Recognized Environmental Conditions (as defined in ASTM E1527-05), relating to Hazardous Materials (other than with
respect to de minimis conditions as that term is referenced in ASTM E1527-05), or (b) if the presence of Hazardous Materials (other than with respect to de minimis conditions) has been detected, an environmental report, which includes at a
minimum, an ASTM E1903-97(2002) compliant Phase II environmental site assessment, indicating the nature and extent of the remediation necessary to address that contamination on such Property and, in each case, by a licensed environmental engineering
firm, and of scope and in form and substance reasonably acceptable to Administrative Agent. All final written reports from such engineering firm shall promptly be made available and communicated to Administrative Agent. 

“Acceptable Ground Lease” means a ground lease with respect to an Acceptable Property executed by a Mortgagor, as
lessee, that has a remaining lease term (including extension or renewal rights) of at least twenty-five (25) years, calculated as of the date such Acceptable Property is admitted into the Borrowing Base, and that Administrative Agent
determines, in its reasonable discretion, is a financeable ground lease. 
 “Acceptable Property” means
a Property (a) that is approved by Administrative Agent and Required Lenders, or (b) that is approved by Administrative Agent and meets the following requirements: 

(i) such Property is wholly-owned by, or ground leased pursuant to an Acceptable Ground Lease to, Borrower or a Subsidiary
Guarantor free and clear of any Liens (other than Liens permitted by Section 8.01); 

 (ii) such Property is a multi-tenant retail property located within the
United States; and 
 (iii) if such Property is owned by, or ground leased pursuant to an Acceptable Ground Lease
to, a Subsidiary Guarantor, then the Equity Interests of such Subsidiary Guarantor are owned, directly or indirectly by Borrower, free and clear of any Liens other than Liens permitted by Section 8.01. 

“Adjusted NOI” means, with respect to any Property for any period, an amount equal to (a) the aggregate
gross revenues from the operations of such Property during such period, minus (b) the sum of (i) all expenses and other proper charges incurred in connection with the operation of such Property during such period (including real
estate taxes, but excluding any management fees, debt service charges, income taxes, depreciation, amortization and other non-cash expenses), (ii) a management fee equal to the greater of (A) three percent (3%) of the aggregate net
revenues from the operations of such Property during such period and (B) actual management fees paid, and (iii) a replacement reserve of $0.15 per square foot. Notwithstanding anything to the contrary contained herein, (x) Adjusted
NOI for any Property for the period ending September 30, 2010 shall be the Adjusted NOI for such Property for the three (3) month period then ended times four (4), (y) Adjusted NOI for any Property for the period ending
December 31, 2010 shall be the Adjusted NOI for such Property for the six (6) month period then ended times two (2), and (z) Adjusted NOI for any Property for the period ending March 31, 2011 shall be the Adjusted NOI for such
Property for the nine (9) month period then ended times 1.33. 
 “Administrative Agent” means Bank
of America in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent. 

“Administrative Agent Advances” has the meaning specified in Section 10.11(a). 

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

“Administrative Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit
D-2 or any other form approved by Administrative Agent. 
 “Affiliate” means, with respect to
any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Aggregate Commitments” means the Commitments of all the Lenders. 

“Agreement” means this Credit Agreement. 

“Applicable Percentage” means, with respect to any Lender at any time, the percentage (carried out to the ninth
decimal place) of the Aggregate Commitments represented by such Lender’s Commitment at such time, subject to adjustment as provided in Section 2.16. If the commitment of each Lender to make Loans and the obligation of L/C
Issuer to make L/C Credit Extensions have been terminated pursuant to Section 9.02 or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage
of such Lender most-recently in effect, giving effect to any subsequent assignments. The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and
Assumption pursuant to which such Lender becomes a party hereto, as applicable. 
  

 2 

 “Applicable Rate” means the following percentages per annum, based
upon the Consolidated Leverage Ratio as set forth in the most-recent Compliance Certificate received by Administrative Agent pursuant to Section 7.02(b): 

Applicable Rate 
  

												
	 Pricing

Level
	  	Consolidated
Leverage Ratio	 	Letters of
Credit	 	 	Eurodollar
Rate +	 	 	Base Rate +	 
	 1
	  	£ 0.50:1	 	3.00	% 	 	3.00	% 	 	2.00	% 
	 2
	  	> 0.50:1 but £ 0.60:1	 	3.25	% 	 	3.25	% 	 	2.25	% 
	 3
	  	> 0.60:1	 	4.00	% 	 	4.00	% 	 	3.00	% 

Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio shall
become effective as of the first (1st) Business Day
immediately following the date a Compliance Certificate is delivered pursuant to Section 7.02(b); provided that if a Compliance Certificate is not delivered when due in accordance with such Section, then, upon the request
of Required Lenders, Pricing Level 3 shall apply as of the first
(1st) Business Day after the date on which such
Compliance Certificate was required to have been delivered and shall remain in effect until the date on which such Compliance Certificate is delivered. The Applicable Rate in effect from the Closing Date until adjusted as set forth above shall be
set at Pricing Level __ (based upon the Pro Forma Financial Statements). 
 Notwithstanding anything to the contrary contained
in this definition, the determination of the Applicable Rate for any period shall be subject to the provisions of Section 2.09(b). 

“Appraised Value” means, with respect to any Property as of any date, the appraised value of such Property on an
“as-is” basis as set forth in the most-recent Acceptable Appraisal as received by Administrative Agent pursuant to Section 4.08 or Section 4.10(h), as applicable. 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a
Lender, or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Assignee
Group” means two (2) or more Eligible Assignees that are Affiliates of one another or two (2) or more Approved Funds managed by the same investment advisor. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the
consent of any party whose consent is required by Section 11.06(b)), and accepted by Administrative Agent, in substantially the form of Exhibit D-1 or any other form approved by Administrative Agent. 

“Attributable Indebtedness” means, on any date, (a) in respect of any Capital Lease of any Person, the
capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease payments under
the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a capital lease. 

“Audited Financial Statements” means (a) prior to the delivery of the financial statements of Parent
required pursuant to Section 7.01(a) for the fiscal year ending December 31, 2010, the audited consolidated balance sheet of Parent for the fiscal year ended December 31, 2009, and the related consolidated
statements of income or operations, shareholders’ equity and cash flows for such fiscal year of Parent, including the notes thereto, and (b) after the delivery of the financial statements of Parent required pursuant to
Section 7.01(a) for the fiscal year ending December 31, 2010, the most-recent financial statements furnished pursuant to Section 7.01(a). 

 

 3 

 “Availability Period” means the period from and including the
Closing Date to the earliest of (a) the Maturity Date, (b) the date of termination of the Aggregate Commitments pursuant to Section 2.05, and (c) the date of termination of the commitment of each Lender to make
Loans and of the obligation of L/C Issuer to make L/C Credit Extensions pursuant to Section 9.02. 

“Available Loan Amount” means, as of any date of determination, the lesser of (a) the Aggregate Commitments
and (b) the Borrowing Base. 
 “Award” means any compensation paid by any Governmental Authority in
connection with a Condemnation in respect of all or any part of any Borrowing Base Property. 
 “Bank of
America” means Bank of America, N.A. and its successors. 
 “Base Rate” means for any day a
fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus one half of one percent (1/2 of 1%), (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as
its “prime rate,” and (c) the Eurodollar Rate plus one percent (1.00%). The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general
economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate announced by Bank of America shall take effect at the opening
of business on the day specified in the public announcement of such change. 
 “Base Rate Loan” means a
Loan that bears interest based on the Base Rate. 
 “Borrower” has the meaning specified in the
introductory paragraph hereto. 
 “Borrower Materials” has the meaning specified in
Section 7.02. 
 “Borrowing” means a borrowing consisting of simultaneous Loans of
the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01. 

“Borrowing Base” means, as of any date of determination, the lesser of (a) the product of (i) sixty
percent (60%) times (ii) the aggregate Appraised Values of the Borrowing Base Properties, and (b) the Implied Loan Amount. 

Notwithstanding the foregoing, the calculation of the Borrowing Base shall be limited as follows: 

(i) the amount of the Borrowing Base attributable to any individual Borrowing Base Property shall not exceed twenty-five percent
(25%) of the Borrowing Base; and 
 (ii) the amount of the Borrowing Base attributable to all Borrowing Base Properties
subject to Acceptable Ground Leases shall not exceed twenty-five percent (25%) of the Borrowing Base. 

“Borrowing Base Properties” means each Acceptable Property that either (a) is an Initial Borrowing Base
Property or (b) becomes a Borrowing Base Property pursuant to Section 4.03, but excluding any Acceptable Properties that have been released from the Borrowing Base pursuant to Section 4.09, and
“Borrowing Base Property” means any one of the Borrowing Base Properties. 
  

 4 

 “Borrowing Base Report” means a report in substantially the form of
Exhibit E (or such other form approved by Administrative Agent) certified by a Responsible Officer of Borrower. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized
to close under the Laws of, or are in fact closed in, the state where Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan, means any such day that is also a London Banking Day. 

“Capital Lease” means, with respect to any Person, the obligations of such Person to pay rent or other amounts
under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under
GAAP. 
 “Capital Lease Obligations” means, with respect to any Person for any period, the capitalized
amount of obligations under Capital Leases for such Person for such period as determined in accordance with GAAP. 

“Capitalization Rate” means eight and three-quarter percent (8.75%); provided that if Borrower elects to
exercise its option to extend the Initial Maturity Date to the Extended Maturity Date pursuant to Section 2.13, Required Lenders may (but are not obligated to), on a one-time basis, increase the Capitalization Rate by up to one
half of one percent (0.50%) on the effective date of such extension. Administrative Agent shall notify Borrower of any increase in the Capitalization Rate within ten (10) Business Days of receipt of the request for extension from Borrower
pursuant to Section 2.13. 
 “Cash Collateralize” means to pledge and deposit with or
deliver to Administrative Agent, for the benefit of Administrative Agent or L/C Issuer (as applicable) and the Lenders, as collateral for L/C Obligations or obligations of Lenders to fund participations in respect thereof (as the context may
require), cash or deposit account balances or, if L/C Issuer benefitting from such collateral shall agree in its sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to
(a) Administrative Agent and (b) L/C Issuer. The term “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. 

“Casualty” has the meaning specified in Section 7.13(b). 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the
adoption or taking effect of any Law, rule, regulation or treaty; (b) any change in any Law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority; or (c) the making or
issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority. 

“Change of Control” means an event or series of events by which: 

(a) any “person” or “group” (as such terms are used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its Subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan)
becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed 

 

 5 

 
to have “beneficial ownership” of all Equity Interests that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of
time (such right, an “option right”)), directly or indirectly, of thirty-five percent (35%) or more of the Equity Interests of Parent entitled to vote for members of the board of directors or equivalent governing body of
Parent on a fully-diluted basis (and taking into account all such Equity Interests that such person or group has the right to acquire pursuant to any option right); 

(b) during any period of twelve (12) consecutive months, a majority of the members of the board of directors or other
equivalent governing body of Parent cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent
governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or
nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of
that board or equivalent governing body (excluding, in the case of both clause (ii) and clause (iii), any individual whose initial nomination for, or assumption of office as, a member of that board or equivalent
governing body occurs as a result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more directors by any person or group other than a solicitation for the election of one or more directors by or on
behalf of the board of directors); or 
 (c) Parent shall cease to (i) be the sole general partner of
Borrower or (ii) own, directly or indirectly, greater than fifty percent (50%) of the Equity Interests of Borrower; or 

(d) Borrower shall cease to own, directly or indirectly, one hundred percent (100%) of the Equity Interests of any
Subsidiary Guarantor free and clear of any Liens (other than Liens in favor of Administrative Agent) unless Borrower removes the Borrowing Base Property owned by such Subsidiary Guarantor from the Borrowing Base in accordance with
Section 4.09. 
 “Closing Date” means the first date all the conditions precedent in
Section 5.01 are satisfied or waived in accordance with Section 11.01. 

“Code” means the Internal Revenue Code of 1986. 

“Collateral” means the Real Estate Collateral, the Personal Property Collateral, the Equity Interest Collateral,
and all other property of the Companies on which Liens have been granted to Administrative Agent, for the benefit of the Lenders, to secure the Obligations. 

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

“Companies” means, without duplication, Parent and its Subsidiaries (including Borrower), and
“Company” means any one of the Companies. 
 “Compliance Certificate” means a
certificate substantially in the form of Exhibit C. 
  

 6 

 “Condemnation” means a temporary or permanent taking by any
Governmental Authority as the result, in lieu, or in anticipation, of the exercise of the right of condemnation or eminent domain of all or any part of any Borrowing Base Property, or any interest therein or right accruing thereto, including any
right of access thereto or any change of grade affecting any Borrowing Base Property or any part thereof. 

“Condemnation Proceeds” has the meaning specified in the definition of Restoration Net Proceeds. 

“Consolidated Debt Service Coverage Ratio” means, as of any date of determination, the ratio of (a) the
aggregate Adjusted NOI with respect to the Borrowing Base Properties for the four-(4-)quarter period most-recently ended for which financial statements are available divided by (b) pro forma debt service on an amount equal to Total Outstandings
assuming a thirty-(30-)year amortization and an interest rate equal to the greater of (i) eight percent (8.0%) per annum and (ii) the sum of (A) the most-recent rate published on such date in the United States Federal Reserve
Statistical Release (H.15) for ten-(10-)year Treasury Constant Maturities plus (B) three percent (3.0%). 

“Consolidated EBITDA” means, for any Person for any period, an amount equal to (a) Consolidated Net Income,
plus (b) the sum of the following (without duplication and to the extent reflected as a charge in the statement of such Consolidated Net Income for such period): (i) income tax expense; (ii) interest expense, amortization or
write-off of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated with Indebtedness; (iii) depreciation and amortization expense; (iv) amortization of intangibles (including goodwill) and
organization costs; (v) any extraordinary, unusual or non-recurring expenses or losses (including, whether or not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, losses on sales of
assets outside of the ordinary course of business); and (vi) any other non-cash charges, minus (c) the sum of the following (to the extent included in the statement of such Consolidated Net Income for such period): (i) interest
income (except to the extent deducted in determining such Consolidated Net Income); (ii) any extraordinary, unusual or non-recurring income or gains (including, whether or not otherwise includable as a separate item in the statement of such
Consolidated Net Income for such period, gains on the sales of assets outside of the ordinary course of business); (iii) any other non-cash income; and (iv) any cash payments made during such period in respect of items described in
clause (b)(v) above subsequent to the fiscal quarter in which the relevant non-cash expenses or losses were reflected as a charge in the statement of Consolidated Net Income. 

“Consolidated Fixed Charges” means, for any Person for any period, the sum (without duplication) of
(a) Consolidated Interest Expense, (b) provision for cash income taxes made by such Person on a consolidated basis in respect of such period, (c) scheduled principal payments made during such period on account of Indebtedness of such
Person, and (d) Restricted Payments paid in cash with respect to preferred Equity Interests of such Person during such period. 

“Consolidated Floating Rate Debt” means, for any Person as of any date of determination, Consolidated Total Debt
of such Person bearing interest based on an index that floats, or otherwise changes from time to time without the benefit of an interest rate hedge or other interest rate protection agreement that fixes the rate through the Maturity Date.

 “Consolidated Interest Expense” means, for any Person for any period, the total interest expense
(including that attributable to Capital Lease Obligations) of such Person for such period with respect to all outstanding Indebtedness of such Person (including all commissions, discounts and other fees and charges owed by such Person with respect
to letters of credit and bankers’ acceptance financing and net costs of such Person under Swap Contracts in respect of interest rates to the extent such net costs are allocable to such period in accordance with GAAP). 

 

 7 

 “Consolidated Leverage Ratio” means, as of any date of
determination, the quotient (expressed as a percentage) of (a) Consolidated Total Debt, divided by (b) Total Asset Value. 

“Consolidated Net Income” means, for any Person for any period, the consolidated net income (or loss) of such
Person for such period, determined on a consolidated basis; provided that in calculating Consolidated Net Income of the Companies for any period, there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date
it becomes a Subsidiary or is merged into or consolidated with Parent or any of its Subsidiaries, (b) the income (or deficit) of any Person (other than a Company) in which any Company has an ownership interest, except to the extent that any
such income is actually received by such Company in the form of dividends or similar distributions, and (c) the undistributed earnings of any Subsidiary of any Company to the extent that the declaration or payment of dividends or similar
distributions by such Subsidiary is not at the time permitted by the terms of any Contractual Obligation (other than under any Loan Document) or requirement of Law applicable to such Subsidiary. 

“Consolidated Total Debt” means, as of any date of determination, the aggregate principal amount of all
Indebtedness of the Companies on such date, determined on a consolidated basis in accordance with GAAP. 

“Construction in Progress” means each Property that is either (a) new ground up construction or
(b) under renovation in which (i) greater than thirty percent (30%) of the square footage of such Property is unavailable for occupancy due to renovation and (ii) no rents are being paid on such square footage. A Property will
cease to be classified as “Construction in Progress” on the earlier to occur of (A) the time that such Property has an Occupancy Rate of greater than seventy percent (70%), or (B) one hundred eighty (180) days after
completion of construction or renovation of such Property, as applicable. 
 “Contamination” means the
presence of Hazardous Materials in amounts exceeding regulatory action levels. 
 “Contractual
Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

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

 “Credit Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit
Extension. 
 “Customary Recourse Exceptions” means, with respect to any Indebtedness, personal recourse
that is limited to fraud, misrepresentation, misapplication of cash, waste, environmental claims and liabilities, prohibited transfers, violations of single purposes entity covenants, and other circumstances customarily excluded by institutional
lenders from exculpation provisions and/or included in separate guaranty or indemnification agreements in non-recourse financing of Real Property. 

“Daily Usage” means, as of any date, the quotient (expressed as a percentage) of (a) the Total Outstandings
on such date, divided by (b) the Aggregate Commitments on such date. 
 “Debtor Relief Laws” means
the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the
United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. 
  

 8 

 “Default” means any event or condition that constitutes an Event of
Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. 

“Default Rate” means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest
rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans plus (iii) two percent (2%) per annum; provided that with respect to a Eurodollar Rate Loan, the Default
Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus two percent (2%) per annum, and (b) when used with respect to Letter of Credit Fees, a rate equal to
the Applicable Rate plus two percent (2%) per annum. 
 “Defaulting Lender” means, subject
to Section 2.16(b), any Lender that, as reasonably determined by Administrative Agent, (a) has failed to perform any of its funding obligations hereunder, including in respect of its Loans or participations in respect of
Letters of Credit, within three (3) Business Days of the date required to be funded by it hereunder, unless such obligation is the subject of a good faith dispute, (b) has notified Borrower, Administrative Agent or any Lender that it will
not comply with its funding obligations or has made an express public statement to that effect with respect to its funding obligations hereunder unless the subject of a good faith dispute or under other agreements in which it commits to extend
credit, (c) has failed, within three (3) Business Days after request by Administrative Agent (based on the belief that such Lender may not fulfill its funding obligations), to confirm in a manner reasonably satisfactory to Administrative
Agent that it will comply with its funding obligations unless the subject of a good faith dispute, provided that any such Lender shall cease to be a Defaulting Lender under this clause (c) upon receipt by Administrative Agent of
such confirmation, or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit
of creditors or similar Person charged with reorganization or liquidation of its business or a custodian appointed for it, or (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such
proceeding or appointment; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental
Authority. 
 “Disposition” or “Dispose” means the sale, transfer, license,
lease (other than a real estate lease entered into in the ordinary course of business as part of Property leasing operations) or other disposition (including any sale and leaseback transaction) of any property by any Person, including any sale,
assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith but excluding any arrangement constituting a Lien. 

“Dollar” and “$” mean lawful money of the United States. 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under
Section 11.06(b)(iii) and (v) (subject to such consents, if any, as may be required under Section 11.06(b)(iii)). 

“Environmental Assessment” has the meaning specified in Section 7.12(b). 

“Environmental Claim” means any investigative, enforcement, cleanup, removal, containment, remedial, or other
private or governmental or regulatory action at any time instituted or completed pursuant to any applicable Environmental Requirement against any Company or against or with respect to any Real Property or any condition, use, or activity on any Real
Property (including any such action 
  

 9 

 
against Administrative Agent or any Lender), and any claim at any time made by any Person against any Company or against or with respect to any Real Property or any condition, use, or activity on
any Real Property (including any such claim against Administrative Agent or any Lender), relating to damage, contribution, cost recovery, compensation, loss, or injury resulting from or in any way arising in connection with any Hazardous Material or
any Environmental Requirement. 
 “Environmental Damages” means all liabilities (including strict
liability), losses, damages (including consequential, special, exemplary or punitive damages), judgments, penalties, fines, costs and expenses (including fees, Costs and expenses of attorneys, consultants, contractors, experts and laboratories), of
any and every kind or character, at law or in equity, contingent or otherwise, matured or unmatured, foreseeable or unforeseeable, made, incurred, suffered, brought, or imposed at any time and from time to time, whether before or after the Release
Date and arising in whole or in part from: 
 (a) the presence of any Hazardous Material on any Borrowing Base
Property, or any escape, seepage, leakage, spillage, emission, release, discharge or disposal of any Hazardous Material on or from any Borrowing Base Property, or the migration or release or threatened migration or release of any Hazardous Material
to, from or through any Borrowing Base Property, on or before the Release Date; or 
 (b) any act, omission,
event or circumstance existing or occurring in connection with the handling, treatment, containment, removal, storage, decontamination, clean up, transport or disposal of any Hazardous Material which is at any time on or before the Release Date
present on any Borrowing Base Property; or 
 (c) the breach of any representation, warranty, covenant or
agreement contained in this Agreement because of any event or condition occurring or existing on or before the Release Date; or 

(d) any violation on or before the Release Date, of any Environmental Requirement in effect on or before the Release Date,
regardless of whether any act, omission, event or circumstance giving rise to the violation constituted a violation at the time of the occurrence or inception of such act, omission, event or circumstance; or 

(e) any Environmental Claim, or the filing or imposition of any environmental Lien against any Borrowing Base Property,
because of, resulting from, in connection with, or arising out of any of the matters referred to in subparagraphs (a) through (d) preceding; 

and regardless of whether any of the foregoing was caused by Borrower, any other Loan Party or their respective tenant or subtenant, or a prior owner of
a Borrowing Base Property or its tenant or subtenant, or any third party including (i) injury or damage to any person, property or natural resource occurring on or off of a Borrowing Base Property including the cost of demolition and rebuilding
of any improvements on any Real Property; (ii) the investigation or remediation of any such Hazardous Material or violation of Environmental Requirement including the preparation of any feasibility studies or reports and the performance of any
cleanup, remediation, removal, response, abatement, containment, closure, restoration, monitoring or similar work required by any Environmental Requirement or necessary to have full use and benefit of Borrowing Base Properties as contemplated by the
Loan Documents (including any of the same in connection with any foreclosure action or transfer in lieu thereof); (iii) all liability to pay or indemnify any Person or Governmental Authority for costs expended in connection with any of the
foregoing; (iv) the investigation and defense of any claim, whether or not such claim is ultimately withdrawn or defeated; and (v) the settlement of any claim or judgment. “Costs” as used in this definition shall
also include any diminution in the value of the security afforded by the Borrowing Base Property or any future reduction of the sales price of any Borrowing Base Property by reason of any matter set forth in Section 7.12 or
Section 8.11. 
  

 10 

 “Environmental Laws” means any and all applicable Federal, state,
local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or
the release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges to waste or public systems. 

“Environmental Requirement” means any Environmental Law, agreement or restriction, as the same now exists or may
be changed or amended or come into effect in the future, which pertains to any Hazardous Material or the environment including ground or air or water or noise pollution or contamination, and underground or aboveground tanks. 

“Equity Interest Collateral” means one hundred percent (100%) of the Equity Interests in each Mortgagor.

 “Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other
ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities
convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all
of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any
date of determination. 
 “Equity Issuance” means the issuance or sale by any Person of any of its
Equity Interests or any capital contribution to such Person by the holders of its Equity Interests. 
 “Equity Pledge
Properties” means the Florida Equity Pledge Property and the New York Equity Pledge Properties, and “Equity Pledge Property” means any one of the Equity Pledge Properties. 

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

“ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with Borrower
within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 

“ERISA Event” means: (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of
Parent or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation
of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by Parent or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in
reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to
terminate a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042(a)(1) or (2) of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (g) the
determination that any Pension Plan is considered an at-risk plan or notification that a Multiemployer Plan is in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or
Sections 303, 304 and 305 of ERISA; or (h) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon Parent or any ERISA
Affiliate. 
  

 11 

 “Eurodollar Rate” means: 

(a) for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the
greater of (i) one percent (1.00%) and (ii) (A) the British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by Reuters (or such other commercially available source providing quotations of
BBA LIBOR as may be designated by Administrative Agent from time to time) at approximately 11:00 a.m., London time, two (2) London Banking Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first
day of such Interest Period) with a term equivalent to such Interest Period or, (B) if such rate is not available at such time for any reason, then the rate per annum determined by Administrative Agent to be the rate at which deposits in
Dollars for delivery on the first (1st) day of such
Interest Period in same day funds in the approximate amount of the Eurodollar Rate Loan being made, continued or converted and with a term equivalent to such Interest Period would be offered by Bank of America’s London Branch to major banks in
the London interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two (2) London Banking Days prior to the commencement of such Interest Period; and 

(b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to (i) BBA
LIBOR, at approximately 11:00 a.m., London time determined two (2) London Banking Days prior to such date for Dollar deposits being delivered in the London interbank market for a term of one (1) month commencing that day or (ii) if
such published rate is not available at such time for any reason, then the rate per annum determined by Administrative Agent to be the rate at which deposits in Dollars for delivery on the date of determination in same day funds in the approximate
amount of the Base Rate Loan being made or maintained and with a term equal to one (1) month would be offered by Bank of America’s London Branch to major banks in the London interbank Eurodollar market at their request at the date and time
of determination. 
 “Eurodollar Rate Loan” means a Loan that bears interest at a rate based on
clause (a) of the definition of “Eurodollar Rate.” 
 “Event of
Default” has the meaning specified in Section 9.01. 
 “Excluded Funded
Debt” means Indebtedness that is unsecured and has an initial tenor of five (5) years or greater. 

“Excluded Taxes” means, with respect to Administrative Agent, any Lender, L/C Issuer or any other recipient of
any payment to be made by or on account of any obligation of Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the
jurisdiction (or any political subdivision thereof) under the Laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable Lending Office is located, (b) any branch
profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction in which Borrower is located, (c) any backup withholding tax that is required by the Code to be withheld from amounts payable to a Lender that has
failed to comply with clause (A) of Section 3.01(e)(ii), (d) any withholding Taxes implied by Section 501 of the Hiring Incentives to Restore Employment Act (HR284), and (e) in the case of
a Foreign Lender (other than an assignee pursuant to a request by Borrower under Section 11.13), any withholding tax that (i) is required to be imposed on amounts payable to such Foreign Lender pursuant to

  

 12 

 
the Laws in force at the time such Foreign Lender becomes a party hereto (or designates a new Lending Office) or (ii) is attributable to such Foreign Lender’s failure or inability
(other than as a result of a Change in Law) to comply with clause (B) of Section 3.01(e)(ii), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a
new Lending Office (or assignment), to receive additional amounts from Borrower with respect to such withholding tax pursuant to Section 3.01(a)(ii) or (c). 

“Extended Maturity Date” means __, 2014. 

“FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board. 

“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on
overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that
(a) if such day is not a Business Day, then the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so
published on such next succeeding Business Day, then the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as
determined by Administrative Agent. 
 “Fee Letter” means the letter agreement, dated May 5, 2010,
among Borrower, Administrative Agent and the Joint Lead Arrangers. 
 “Florida Equity Pledge Property”
means the Borrowing Base Property referred to as Highland Square, Jacksonville, Florida. 
 “Florida
Mortgage” has the meaning specified in Section 4.11(a). 
 “Foreign
Lender” means any Lender that is organized under the Laws of a jurisdiction other than that in which Borrower is resident for tax purposes (including such a Lender when acting in the capacity of L/C Issuer). For purposes of this
definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

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

“Fronting Exposure” means, at any time there is a Defaulting Lender, with respect to L/C Issuer, such Defaulting
Lender’s Applicable Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders, Cash Collateralized in accordance with the
terms hereof, or cancelled in accordance with the terms hereof. 
 “Fund” means any Person (other than a
natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

“Funds from Operations” means, for any Person for any period, the sum of (a) Consolidated Net Income
plus (b) depreciation and amortization expense determined in accordance with GAAP excluding amortization expense attributable to capitalized debt costs; provided that there shall not be included in such calculation (i) any
proceeds of any insurance policy other than rental or business interruption 
  

 13 

 
insurance received by such Person, (ii) any gain or loss which is classified as “extraordinary” in accordance with GAAP, (iii) any capital gains and taxes on capital gains,
(iv) income (or loss) associated with third-party ownership of non-controlling Equity Interests, and (v) gains or losses on the sale of discontinued operations as detailed in the most-recent financial statements delivered pursuant to
Section 7.01(a) or (b), as applicable. 
 “GAAP” means generally
accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied.

 “Governmental Authority” means the government of the United States or any other nation, or of any
political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Guarantee” means, as to any Person (the “guaranteeing person”), any obligation,
including a reimbursement, counterindemnity or similar obligation, of the guaranteeing person that guarantees or in effect guarantees, or which is given to induce the creation of a separate obligation by another Person (including any bank under any
letter of credit) that guarantees or in effect guarantees any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any
manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (a) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (b) to
advance or supply funds (i) for the purchase or payment of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor,
(c) to purchase property, Equity Interests or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (d) otherwise to
assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided that the term Guarantee shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The
amount of any Guarantee of any guaranteeing person shall be deemed to be the lesser of (y) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee is made and (z) the maximum amount
for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable,
in which case the amount of such Guarantee shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by Borrower in good faith. The term “Guarantee” as a verb has a
corresponding meaning. 
 “Guaranties” means the Parent Guaranty and the Subsidiary Guaranties, and
“Guaranty” means any one of the Guaranties. 
 “Guarantors” means, collectively,
Parent and each Subsidiary Guarantor, and “Guarantor” means any one of the Guarantors. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic
substances, wastes or other pollutants regulated pursuant to any Environmental Law, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all
other substances or wastes of any nature regulated pursuant to any Environmental Law. 
  

 14 

 “Implied Loan Amount” means, as of any date of determination, the
amount of Indebtedness that would result, on a proforma basis, in a Consolidated Debt Service Coverage Ratio as of such date of determination equal to 1.60 to 1.0; provided that in calculating such proforma Consolidated Debt Service Coverage
Ratio, the Adjusted NOI of any Borrowing Base Property shall not exceed twenty-five percent (25%) of the aggregate Adjusted NOI for all Borrowing Base Properties. 

“Improvements” means any Mortgagor’s interest in and to all on site improvements to the Borrowing Base
Properties, together with all fixtures, tenant improvements, and appurtenances now or later to be located on the Borrowing Base Properties and/or in such improvements. 

“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether
or not included as indebtedness or liabilities in accordance with GAAP: 
 (a) all obligations of such Person for
borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 

(b) all direct or contingent obligations of such Person arising under letters of credit (including standby and
commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; 
 (c) all
obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business and, in each case, either (i) not past due for more than one hundred and eighty
(180) days after the date on which such trade account payable was created or (ii) being contested in good faith by appropriate proceedings diligently conducted); 

(d) Capital Lease Obligations and Synthetic Lease Obligations; 

(e) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any
Equity Interest in such Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; 

(f) all Guarantees of such Person in respect of any of the foregoing; 

(g) all obligations of the kind referred to in clauses (a) through (f) above secured
by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on Property (including accounts and contract rights) owned by such Person, whether or not such Person has assumed or become
liable for the payment of such obligation, but limited to the lesser of (i) the fair market value of the property subject to such Lien and (ii) the aggregate amount of the obligations so secured; and 

(h) for purposes of Section 9.01(f) only, all obligations of such Person under Swap Contracts.

 For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any other entity (including any
partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such 

 

 15 

 
entity, except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor. The amount of any net obligation under any Swap Contract on any date shall
be deemed to be the Swap Termination Value thereof as of such date. The amount of any Capital Lease Obligations or Synthetic Lease Obligation on any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such
date. 
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 

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

“Information” has the meaning specified in Section 11.07. 

“Initial Borrowing Base Properties” means the Acceptable Properties listed on Schedule 4.01, and
“Initial Borrowing Base Property” means any one of the Initial Borrowing Base Properties. 

“Initial Maturity Date” means __, 2013. 

“Insurance Proceeds” has the meaning specified in the definition of Restoration Net Proceeds. 

“Interest Payment Date” means (a) as to any Loan other than a Base Rate Loan, the last day of each Interest
Period applicable to such Loan and the Maturity Date; provided that if any Interest Period for a Eurodollar Rate Loan exceeds three (3) months, then the respective dates that fall every three (3) months after the beginning of such
Interest Period shall also be Interest Payment Dates, and (b) as to any Base Rate Loan, the last Business Day of each March, June, September, and December and the Maturity Date. 

“Interest Period” means as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate
Loan is disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the date one (1), two (2), three (3), or six (6) months thereafter, as selected by Borrower in its Loan Notice; provided that: 

(i) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next
succeeding Business Day unless, in the case of a Eurodollar Rate Loan, such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 

(ii) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 

(iii) no Interest Period shall extend beyond the Maturity Date. 

“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by
means of (a) the purchase or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity
participation or interest in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor Guarantees Indebtedness of such other Person, or (c) the purchase or other
acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for
subsequent increases or decreases in the value of such Investment. 
  

 16 

 “IPO” means the initial public offering of Parent’s common
Equity Interests (a) pursuant to which Parent has received net cash proceeds of at least $375,000,000, and (b) resulting in such common Equity Interests being traded on the New York Stock Exchange. 

“IP Rights” has the meaning specified in Section 6.17. 

“IRS” means the United States Internal Revenue Service. 

“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published
by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance). 

“Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit Application, and any other
document, agreement and instrument entered into by L/C Issuer and Borrower (or any Subsidiary) or in favor of L/C Issuer and relating to such Letter of Credit. 

“Joint Lead Arrangers” means Banc of America Securities LLC and Barclays Capital, the investment banking division
of Barclays Bank PLC, in their capacity as joint lead arranger and joint book manager. 
 “Laws” means,
collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof
by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental
Authority, in each case whether or not having the force of law. 
 “L/C Advance” means, with respect to
each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage. 

“L/C Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit which has not
been reimbursed on the date when made or refinanced as a Borrowing. 
 “L/C Credit Extension” means,
with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof. 

“L/C Issuer” means Bank of America in its capacity as issuer of Letters of Credit hereunder, or any successor
issuer of Letters of Credit hereunder. 
 “L/C Obligations” means, as at any date of determination, the
aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of
Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may
still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 

 

 17 

 “Lease” means each existing or future lease, sublease (to the extent
of any Mortgagor’s rights thereunder), license, or other agreement (other than an Acceptable Ground Lease) under the terms of which any Person has or acquires any right to occupy or use any Property, or any part thereof, or interest therein,
and each existing or future guaranty of payment or performance thereunder. 
 “Lender” has the meaning
specified in the introductory paragraph hereto. 
 “Lending Office” means, as to any Lender, the office
or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify Borrower and Administrative Agent. 

“Letter of Credit” means any standby letter of credit issued hereunder. 

“Letter of Credit Application” means an application and agreement for the issuance or amendment of a Letter of
Credit in the form from time to time in use by L/C Issuer. 
 “Letter of Credit Expiration Date” means
the day that is seven (7) days prior to the Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day). 

“Letter of Credit Fee” has the meaning specified in Section 2.03(h). 

“Letter of Credit Sublimit” means, as of any date, an amount equal to fifteen percent (15%) of the Aggregate
Commitments as of such date. The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Commitments. 

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory
or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any Capital
Lease having substantially the same economic effect as any of the foregoing). 
 “Loan” has the meaning
specified in Section 2.01. 
 “Loan Documents” means this Agreement, each Note, the
Security Documents, each Issuer Document, any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.15 of this Agreement, the Fee Letter, and the Guaranties. 

“Loan Notice” means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other,
or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A. 

“Loan Parties” means, collectively, Borrower, each Guarantor, and each Pledgor, and “Loan
Party” means any one of the Loan Parties. 
 “London Banking Day” means any day on which
dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market. 
 “Major
Lease” means each Lease of a Borrowing Base Property (or any portion thereof) covering in excess of either (a) 20,000 square feet or (b) twenty percent (20%) of the rentable square footage of such Borrowing Base Property.

  

 18 

 “Material Adverse Effect” means: (a) a material adverse change
in, or a material adverse effect upon, the business, assets, operations, or financial condition of the Companies, taken as a whole; (b) a material impairment of the ability of the Loan Parties, taken as a whole, to perform their obligations
under the Loan Documents; or (c) a material adverse effect upon the legality, validity, binding effect, or enforceability against any Loan Party of any Loan Document to which it is a party. 

“Material Title Defects” means, with respect to any Borrowing Base Property, defects, Liens (other than Liens for
local real estate taxes and similar local governmental charges), and other encumbrances in the nature of easements, servitudes, restrictions, and rights-of-way that would customarily be deemed unacceptable title exceptions for a prudent lender
(i.e., a prudent lender would reasonably determine that such exceptions, individually or in the aggregate, materially impair the value or operations of such Borrowing Base Property, would prevent such Borrowing Base Property from being used in the
manner in which it is currently being used, or would result in a violation of any Law which would have a material and adverse effect on such Borrowing Base Property); provided that Material Title Defects shall not include any Liens or other
encumbrances that existed as of the date of this Agreement and that are reflected in the Title Insurance Commitments or that are listed on Schedule 8.01. 

“Maturity Date” means (a) if the Initial Maturity Date is not extended to the Extended Maturity Date
pursuant to Section 2.13, then the Initial Maturity Date, and (b) if the Initial Maturity Date is extended to the Extended Maturity Date pursuant to Section 2.13, then the Extended Maturity Date;
provided that in each case, if such date is not a Business Day, then the Maturity Date shall be the next preceding Business Day. 

“Mortgages” means each Mortgage (or Deed of Trust or Deed to Secure Debt, as applicable), Security Agreement,
Financing Statement, and Assignment of Leases or similarly titled document, each executed by a Mortgagor, to or for the benefit of Administrative Agent, for the benefit of the Lenders, covering the Real Estate Collateral and Personal Property
Collateral. 
 “Mortgagors” means, collectively, each Subsidiary Guarantor either (a) executing a
Mortgage (including the Florida Mortgage) or (b) required to execute a Mortgage after the occurrence of an Event of Default pursuant to Section 4.12, and “Mortgagor” means any one of the Mortgagors.

 “Multiemployer Plan” means any employee benefit plan described in Section 4001(a)(3) of
ERISA, to which Parent or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five (5) plan years, has made or been obligated to make contributions. 

“Multiple Employer Plan” means a Plan which has two (2) or more contributing sponsors (including Parent or
any ERISA Affiliate) at least two (2) of whom are not under common control, as such a plan is described in Section 4064 of ERISA. 

“New York Equity Pledge Properties” means the following Borrowing Base Properties: 

(a) Mid Valley Mall, Newburgh, New York; and 

(b) Mall at 59, Nanuet, New York. 

“New York Mortgages” has the meaning specified in Section 4.12(b). 

“Non-Recourse Indebtedness” means, for any Person, any Indebtedness of such Person in which (a) recourse of
the applicable holder of such Indebtedness for non-payment is limited to such holder’s Liens on a particular asset or group of assets (except to the extent that the assets on which such holder has a Lien and to which its recourse for
non-payment is limited consists solely of cash or cash equivalents, to 
  

 19 

 
which extent such Indebtedness shall not be deemed to be Non-Recourse Indebtedness), or (b) the holder may look to such Person personally for repayment (but not to any constituent owner of
such Person or any other Company other than for Customary Recourse Exceptions) and such Person is a special purpose entity owning only Real Property and related assets that secures such Indebtedness. 

“Note” means a promissory note made by Borrower in favor of a Lender evidencing Loans made by such Lender,
substantially in the form of Exhibit B. 
 “Obligations” means all advances to, and debts,
liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent,
due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the
debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding; provided that all references to the “Obligations” in the Subsidiary Guaranty and the Security Documents, and any
other Guaranties, security agreements, or pledge agreements delivered to Administrative Agent to Guarantee, or create or evidence Liens securing, the Obligations shall, in addition to the foregoing, include all present and future indebtedness,
liabilities, and obligations now or hereafter owed to Administrative Agent, any Lender, or any Affiliate of Administrative Agent or any Lender arising from, by virtue of, or pursuant to any Swap Contract that relates solely to the Obligations.

 “Occupancy Rate” means, for any Property, the percentage of the rentable area of such Property
occupied by bona fide tenants of such Property or leased by tenants pursuant to bona fide tenant Leases, in each case, which tenants are current on all rent or other similar payments due under such Leases and paying cash rent. 

“Organization Documents” means, (a) with respect to any corporation, the certificate or articles of
incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction), (b) with respect to any limited liability company, the certificate or articles of formation or organization and
operating agreement, and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing
or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or
organization of such entity. 
 “Other Taxes” means all present or future stamp or documentary taxes or
any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan
Document. 
 “Outstanding Amount” means (a) with respect to Loans on any date, the aggregate
outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Loans occurring on such date, and (b) with respect to any L/C Obligations on any date, the amount of such L/C Obligations on such date
after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by Borrower of Unreimbursed Amounts. 

“Parent” has the meaning specified in the introductory paragraph hereto. 

 

 20 

 “Parent Guaranty” means the Guaranty Agreement executed by Parent in
favor of Administrative Agent, for the benefit of the Lenders, in form and substance acceptable to Administrative Agent. 

“Participant” has the meaning specified in Section 11.06(d). 

“PBGC” means the Pension Benefit Guaranty Corporation. 

“Pension Act” means the Pension Protection Act of 2006. 

“Pension Funding Rules” means the rules of the Code and ERISA regarding minimum required contributions (including
any installment payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior
to the Pension Act and, thereafter, Section 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA. 

“Pension Plan” means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer
Plan) that is maintained or is contributed to by Borrower and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code. 

“Permitted Distributions” means (a) for Parent for any fiscal year of Parent, Restricted Payments in an
amount not to exceed in the aggregate the greater of (i)(A) one hundred percent (100%) of Funds from Operations of the Companies during the period from the Closing Date through __, 2011, and (B) ninety-five percent (95%) of Funds
from Operations of the Companies thereafter, and (ii) the amount of distributions required to be paid by Parent in order for Parent to qualify as a REIT, and (b) for Borrower for any fiscal year of Borrower, Restricted Payments in an
amount not to exceed in the aggregate the greater of (i)(A) one hundred percent (100%) of Funds from Operations of Borrower during the period from the Closing Date through __, 2011, and (B) ninety-five percent (95%) of Funds from
Operations of Borrower and its Subsidiaries thereafter, and (ii) the amount of distributions required to be paid by Borrower to Parent in order for Parent to qualify as a REIT. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association,
company, partnership, Governmental Authority or other entity. 
 “Personal Property” has the meaning
specified in the granting clause of the Mortgages. 
 “Personal Property Collateral” means the Personal
Property of a Mortgagor in which security interests are granted to Administrative Agent, for the benefit of the Lenders, under the Mortgages. 

“Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA (including a
Pension Plan), maintained for employees of Parent or any ERISA Affiliate or any such Plan to which Parent or any ERISA Affiliate is required to contribute on behalf of any of its employees. 

“Plans” means the plans and specifications for the Borrowing Base Properties, including existing or proposed
Improvements, and all modifications thereof and additions thereto that are included as part of the Plans in accordance with the terms of this Agreement. 

“Platform” has the meaning specified in Section 7.02. 

 

 21 

 “Pledge Agreement” means each Pledge Agreement or similarly titled
document, executed by a Pledgor, to or for the benefit of Administrative Agent, for the benefit of the Lenders, covering the Equity Interest Collateral. 

“Pledgors” means, collectively, each Person that owns Equity Interests in a Mortgagor and the general partner of
each Mortgagor that is a limited partnership, and “Pledgor” means any one of the Pledgors. 

“Pro Forma Financial Statements” has the meaning specified in Section 6.05(c). 

“Property” means any Real Property which is owned or ground leased, directly or indirectly, by a Company.

 “Property Information” has the meaning specified in Section 4.03. 

“Public Lender” has the meaning specified in Section 7.02. 

“Real Estate Collateral” means each Borrowing Base Property owned by a Mortgagor that has been pledged or
mortgaged to Administrative Agent, for the benefit of the Lenders. 
 “Real Property” of any Person
means all of the right, title, and interest of such Person in and to land, improvements, and fixtures. 
 “Recourse
Indebtedness” “means Indebtedness that is not Non-Recourse Indebtedness; provided that personal recourse for Customary Recourse Exceptions shall not, by itself, cause such Indebtedness to be characterized as Recourse
Indebtedness. 
 “Register” has the meaning specified in Section 11.06(c).

 “REIT” means a “real estate investment trust” in accordance with Section 856 of
the Code. 
 “Related Parties” means, with respect to any Person, such Person’s Affiliates and the
partners, directors, officers, employees, agents, trustees and advisors of such Person and of such Person’s Affiliates. 

“Release Date” means the earlier of: (a) the date on which the Obligations have been paid in full and the
Mortgages have been released; and (b) the date on which the Liens of the Mortgages are fully and finally foreclosed or a conveyance by deed in lieu of such foreclosure is fully and finally effective and possession of the Borrowing Base
Properties has been given to and accepted by the purchaser or Administrative Agent free of occupancy and claims to occupancy by the Companies and their respective heirs, devisees, representatives, successors, and assigns; provided that if
such payment, performance, release, foreclosure, or conveyance is challenged, in bankruptcy proceedings or otherwise, the Release Date shall be deemed not to have occurred until such challenge is validly released, dismissed with prejudice, or
otherwise barred by Law from further assertion. 
 “Reportable Event” means any of the events set forth
in Section 4043(c) of ERISA, other than events for which the thirty (30) day notice period has been waived. 

“Request for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Loans, a
Loan Notice and (b) with respect to an L/C Credit Extension, a Letter of Credit Application. 
  

 22 

 “Required Lenders” means, as of any date of determination, Lenders
having more than sixty-six and two-thirds percent (66-2/3%) of the Aggregate Commitments or, if the commitment of each Lender to make Loans and the obligation of L/C Issuer to make L/C Credit Extensions have been terminated pursuant to
Section 9.02, Lenders holding in the aggregate more than sixty-six and two-thirds percent (66-2/3%) of the Total Outstandings (with the aggregate amount of each Lender’s risk participation and funded participation in L/C
Obligations being deemed “held” by such Lender for purposes of this definition); provided that the Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes
of making a determination of Required Lenders. 
 “Responsible Officer” means the chief executive
officer, president, chief financial officer, chief accounting officer, treasurer, assistant treasurer or controller of a Loan Party, and solely for purposes of the delivery of incumbency certificates pursuant to Section 5.01, the
secretary or any assistant secretary of a Loan Party and, solely for purposes of notices given pursuant to Article II, any other officer of the applicable Loan Party so designated by any of the foregoing officers in a notice to
Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such
Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. 

“Restoration” means, following the occurrence of a Casualty or a Condemnation which is of a type necessitating
the repair of a Borrowing Base Property, the completion of the repair and restoration of such Borrowing Base Property to a condition no worse than such Borrowing Base Property was in immediately prior to such Casualty or Condemnation, with such
alterations as may be reasonably approved by Administrative Agent, and in accordance with applicable Laws. 

“Restoration Net Proceeds” means: (a) the net amount of all insurance proceeds received by Administrative
Agent as a result of a Casualty, after deduction of the reasonable costs and expenses (including reasonable counsel fees), if any, in collecting the same (“Insurance Proceeds”); or (b) the net amount of the Award as a
result of a Condemnation, after deduction of the reasonable costs and expenses (including reasonable counsel fees), if any, in collecting the same (“Condemnation Proceeds”), whichever the case may be. 

“Restricted Payment” means any dividend or other distribution (whether in cash, Equity Interests or other
property) with respect to any capital stock or other Equity Interest of Borrower or any Subsidiary, or any payment (whether in cash, Equity Interests or other property), including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, acquisition, cancellation or termination of any such capital stock or other Equity Interest, or on account of any return of capital to Borrower’s stockholders, partners or members (or the equivalent Person thereof).

 “SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any
of its principal functions. 
 “Security Documents” means: 

(a) the Pledge Agreements; 

(b) the Mortgages; 

(c) to the extent required by the Law of the state where a Borrowing Base Property is located, Assignments of Leases and
Rents executed by the applicable Mortgagor; 
  

 23 

 (d) financing statements to be filed with the appropriate state and/or
county offices for the perfection of a security interest in any of the Collateral; 
 (e) estoppel letters,
consents, comfort letters, or other confirming agreements and/or subordination, non-disturbance and attornment agreements executed by each tenant under a Major Lease; and 

(f) all other agreements, documents, and instruments securing the Obligations or any part thereof, as shall from time to
time be executed and delivered by Borrower, Subsidiary Guarantors, or any other Person in favor of Administrative Agent. 

“Share” means, for any Person, such Person’s share of the assets, liabilities, revenues, income, losses, or
expenses of any Unconsolidated Affiliate based upon such Person’s percentage ownership of Equity Interest of such Unconsolidated Affiliate. 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other
business entity of which a majority of the Equity Interests having ordinary voting power for the election of directors or other governing body (other than Equity Interests having such power only by reason of the happening of a contingency) are at
the time beneficially owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a
“Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of Borrower. 

“Subsidiary Guarantors” means, as of any date, all Subsidiaries of Borrower owning a Borrowing Base Property and
the general partner of any such Subsidiary that is a limited partnership, and “Subsidiary Guarantor” means any one of the Subsidiary Guarantors. 

“Subsidiary Guaranty” means the Guaranty Agreement executed by each Subsidiary Guarantor in favor of
Administrative Agent, for the benefit of the Lenders, in form and substance acceptable to Administrative Agent. 

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

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

 24 

 “Synthetic Lease Obligation” means the monetary obligation of a
Person under (a) a so-called synthetic, off-balance sheet, or tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such Person but which, upon the
insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). 

“Tangible Net Worth” means, as of any date, (a) Total Asset Value minus (b) the sum of
(i) Consolidated Total Debt and (ii) to the extent included in the calculation of Total Asset Value, goodwill and other intangible assets. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup
withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Threshold Amount” means (a) $20,000,000 with respect to Recourse Indebtedness, (b) $100,000,000 with
respect to all Non-Recourse Indebtedness, and (c) $20,000,000 with respect to all other amounts. 
 “Title
Company” means Stewart Title Guaranty Company or such other title insurance company reasonably acceptable to Administrative Agent. 

“Title Insurance Commitments” means the commitments to issue the Title Insurance Policies, issued by the Title
Company for each Borrowing Base Property, along with copies of all instruments creating or evidencing exceptions or encumbrances to title. 

“Title Insurance Policies” means an ALTA title insurance policy (or a title insurance policy promulgated by the
Laws of the state in which the Property is located if an ALTA insurance policy is not available), issued by the Title Company in an amount equal to sixty percent (60%) of the Appraised Value of the relevant Property, insuring that the Mortgages
constitute a valid lien covering the Property and all Improvements thereon, having the priority required by Administrative Agent and subject only to those exceptions and encumbrances (regardless of rank or priority) Administrative Agent approves, in
a form acceptable to Administrative Agent, and as satisfactory to Administrative Agent with all “standard” exceptions which can be deleted, including the exception for matters which a current survey would show, deleted to the fullest
extent authorized under applicable title insurance rules, and Borrower shall (or shall cause the applicable Mortgagor to) satisfy all requirements therefor permitted; containing no exception for standby fees or real estate taxes or assessments other
than those for the year in which the closing occurs to the extent the same are not then due and payable and endorsed “not yet due and payable” and for subsequent years; providing full coverage against mechanics’ and materialmens’
liens to the extent authorized under applicable title insurance rules, and Borrower shall (or shall cause the applicable Mortgagor to) satisfy all requirements therefor; insuring that no restrictive covenants shown in the Title Insurance Policy have
been violated, and that no violation of the restrictions will result in a reversion or forfeiture of title; insuring all appurtenant easements; insuring that fee simple indefeasible or marketable (as coverage is available) fee simple (or, for ground
leasehold, valid leasehold) title to the Property and Improvements is vested in Borrower; containing such affirmative coverage and endorsements as Administrative Agent may require and are available under applicable title insurance rules, and
Borrower shall (or shall cause the applicable Mortgagor to) satisfy all requirements therefor; insuring any easements, leasehold estates or other matters appurtenant to or benefiting the Property and/or the Improvements as part of the insured
estate; insuring the right of access to the Property to the extent 
  

 25 

 
authorized under applicable title insurance rules, and Borrower shall (or shall cause the applicable Mortgagor to) satisfy all requirements therefor; containing provisions acceptable to
Administrative Agent regarding advances and/or re-advances of Loan funds after closing, and “Title Insurance Policy” means any one of the Title Insurance Policies. Borrower and Borrower’s counsel shall not have any
interest, direct or indirect, in the Title Company (or its agent) or any portion of the premium paid for the Title Insurance Policies. 

“Total Asset Value” means, for the Companies, on a consolidated basis, as on any date, the sum of (a) an
amount equal to (i) aggregate Adjusted NOI with respect to all Properties (without duplication from the assets in clauses (b) through (g) below) for the period of the four (4) fiscal quarters
most-recently ended, divided by (ii) the Capitalization Rate, plus (b) the acquisition cost of each Property acquired during the period of the four (4) fiscal quarters most-recently ended, plus (c) the acquisition
cost of Construction in Progress and the costs of improvements thereon and renovations thereof, plus (d) unrestricted cash and cash equivalents on such date, plus (e) the Companies Share of the forgoing items and components
attributable to Unconsolidated Affiliates, plus (f) an amount equal to the book value of mortgage loans, construction loans, capital improvement loans, and other loans, in each case that are not in default and owned by a Company,
plus (g) fifty percent (50%) of the book value of any undeveloped land. Notwithstanding the above and without duplication, so long as no Default has occurred and is continuing, Borrower may at any time, for purposes of calculating
of the covenants set forth in Sections 8.02, 8.13(a), 8.13(d), and 8.13(e) elect to calculate amounts attributable to all (but not less than all) Borrowing Base Properties at either their
aggregate Appraised Values or pursuant to clause (a) above. 
 “Total Funded Debt”
means, as of any date, Consolidated Total Debt excluding intra-company Indebtedness, deferred income taxes, security deposits, accounts payable and accrued liabilities, and any prepaid rents, in each case determined in accordance with GAAP.

 “Total Outstandings” means, as of any date, the aggregate Outstanding Amount of all Loans and all L/C
Obligations. 
 “Type” means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar
Rate Loan. 
 “Unconsolidated Affiliate” means any Person in which a Company has an Equity Interest and
whose financial results would not be consolidated under GAAP with the financial results of Parent on the consolidated financial statements of Parent. 

“United States” and “U.S.” mean the United States of America. 

“Unrecorded Mortgages” has the meaning specified in Section 4.12(b). 

“Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i). 

“Unused Rate” means the following percentages per annum based upon the Daily Usage as set forth below:

  

				
	 Daily Usage
	  	Unused Rate	 
	           <50%
	  	0.50	% 
	           350%
	  	0.35	% 

  

 26 

 1.02 Other Interpretive Provisions. With reference to this Agreement and each other
Loan Document, unless otherwise specified herein or in such other Loan Document: 
 (a) The definitions of terms
herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word
“shall.” Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed as referring to such agreement,
instrument or other document as from time to time amended, supplemented, or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference
herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,” and words of similar
import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending,
replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset”
and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, Equity Interests, accounts and contract rights. 

(b) In the computation of periods of time from a specified date to a later specified date, the word
“from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and
including.” 
 (c) Section headings herein and in the other Loan Documents are included for convenience
of reference only and shall not affect the interpretation of this Agreement or any other Loan Document. 
 1.03 Accounting
Terms. 
 (a) Generally. All accounting terms not specifically or completely defined herein shall be
construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in
effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. 

(b) Changes in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or
requirement set forth in any Loan Document, and either Borrower or Required Lenders shall so request, Administrative Agent, the Lenders and Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent
thereof in light of such change in GAAP (subject to the approval of Required Lenders); provided that until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and
(ii) Borrower shall provide to Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or
requirement made before and after giving effect to such change in GAAP. 
  

 27 

 (c) Consolidation of Variable Interest Entities. All
references herein to consolidated financial statements of the Companies or to the determination of any amount for the Companies on a consolidated basis or any similar reference shall, in each case, be deemed to include each variable interest entity
that Parent is required to consolidate pursuant to FASB ASC 810 as if such variable interest entity were a Subsidiary as defined herein. 

1.04 Rounding. Any financial ratios required to be maintained by Borrower pursuant to this Agreement shall be calculated by
dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there
is no nearest number). 
 1.05 Times of Day. Unless otherwise specified, all references herein to times of day shall be
references to Eastern time (daylight or standard, as applicable). 
 1.06 Letter of Credit Amounts. Unless otherwise
specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided that with respect to any Letter of Credit that, by its terms or the terms of any
Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall, for purposes of determining the Total Outstandings, be deemed to be the maximum stated amount of
such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time. 

Article II. 

The Commitments and Credit Extensions 

2.01 Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a
“Loan”) to Borrower from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Commitment; provided that after
giving effect to any Borrowing, (a) the Total Outstandings shall not exceed the Available Loan Amount, and (b) the aggregate Outstanding Amount of the Loans of any Lender plus such Lender’s Applicable Percentage of the
Outstanding Amount of all L/C Obligations shall not exceed such Lender’s Commitment. Within the limits of each Lender’s Commitment and the Available Loan Amount, and subject to the other terms and conditions hereof, Borrower may borrow
under this Section 2.01, prepay under Section 2.04, and reborrow under this Section 2.01. Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 

2.02 Borrowings, Conversions and Continuations of Loans. 

(a) Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurodollar Rate Loans
shall be made upon Borrower’s irrevocable notice to Administrative Agent, which may be given by telephone. Each such notice must be received by Administrative Agent not later than 11:00 a.m. (i) three (3) Business Days prior to the
requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii) on the requested date of any Borrowing of Base Rate Loans. Each telephonic
notice by Borrower pursuant to this Section 2.02(a) must be confirmed promptly by delivery to Administrative Agent of a written Loan Notice, appropriately completed and signed by a Responsible Officer of Borrower. Each Borrowing
of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal 
  

 28 

 
amount of $2,500,000 or a whole multiple of $500,000 in excess thereof. Except as provided in Section 2.03(c), each Borrowing of or conversion to Base Rate Loans shall be in a
principal amount of $250,000 or a whole multiple of $50,000 in excess thereof. Each Loan Notice (whether telephonic or written) shall specify (i) whether Borrower is requesting a Borrowing, a conversion of Loans from one Type to the other, or a
continuation of Eurodollar Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued,
(iv) the Type of Loans to be borrowed or to which existing Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If Borrower fails to specify a Type of Loan in a Loan Notice or if
Borrower fails to give a timely notice requesting a conversion or continuation, then (I) so long as no Event of Default exists, the applicable Loans shall be made as, or continued to, a Loan of the same Type and with an Interest Period of one
(1) month and (II) if an Event of Default exists, then the applicable Loans shall be made as, or converted to, Base Rate Loans. If Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Loan
Notice, but fails to specify an Interest Period, then it will be deemed to have specified an Interest Period of one (1) month. 

(b) Following receipt of a Loan Notice, Administrative Agent shall promptly notify each Lender of the amount of its
Applicable Percentage of the applicable Loans, and if no timely notice of a conversion or continuation is provided by Borrower, Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans described in
the preceding subsection. In the case of a Borrowing, each Lender shall make the amount of its Loan available to Administrative Agent in immediately available funds at Administrative Agent’s Office not later than 12:00 noon on the Business Day
specified in the applicable Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 5.02 (and, if such Borrowing is the initial Credit Extension, Section 5.01), Administrative Agent
shall make all funds so received available to Borrower by 1:00 p.m. in like funds as received by Administrative Agent either by (i) crediting the account of Borrower on the books of Bank of America with the amount of such funds or
(ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) Administrative Agent by Borrower; provided that if, on the date the Loan Notice with respect to such Borrowing is
given by Borrower, there are L/C Borrowings outstanding, then the proceeds of such Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to Borrower as provided above.

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

(d) Administrative Agent shall promptly notify Borrower and the Lenders of the interest rate applicable to any Interest
Period for Eurodollar Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, Administrative Agent shall notify Borrower and the Lenders of any change in Bank of America’s prime rate used in
determining the Base Rate promptly following the public announcement of such change. 
 (e) After giving effect
to all Borrowings, all conversions of Loans from one Type to the other, and all continuations of Loans as the same Type, there shall not be more than ten (10) Interest Periods in effect with respect to Loans. 

 

 29 

 2.03 Letters of Credit. 

(a) The Letter of Credit Commitment. 

(i) Subject to the terms and conditions set forth herein, (A) L/C Issuer agrees, in reliance upon the agreements of
the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of Borrower
or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree
to participate in Letters of Credit issued for the account of Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total
Outstandings shall not exceed the Available Loan Amount, (y) the aggregate Outstanding Amount of the Loans of any Lender plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations shall not exceed such
Lender’s Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation
by Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, Borrower’s ability to obtain
Letters of Credit shall be fully revolving, and accordingly Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. 

(ii) L/C Issuer shall not issue any Letter of Credit, if: 

(A) subject to Section 2.03(b)(iii), the initial stated expiry date of the requested Letter of Credit
(notwithstanding “evergreen” renewal provisions) would occur more than twelve (12) months after the date of issuance or last extension, unless Required Lenders have approved such expiry date; or 

(B) the expiry date of the requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all
the Lenders have approved such expiry date. 
 (iii) L/C Issuer shall not be under any obligation to issue any
Letter of Credit if: 
 (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by
its terms purport to enjoin or restrain L/C Issuer from issuing the Letter of Credit, or any Law applicable to L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over L/C
Issuer shall prohibit, or request that L/C Issuer refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon L/C Issuer with respect to the Letter of Credit any restriction, reserve or
capital requirement (for which L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which L/C
Issuer in good faith deems material to it; 
  

 30 

 (B) the issuance of the Letter of Credit would violate one or more policies
of L/C Issuer applicable to letters of credit generally; 
 (C) except as otherwise agreed by Administrative
Agent and L/C Issuer, the Letter of Credit is in an initial stated amount less than $100,000; 
 (D) the Letter
of Credit is to be denominated in a currency other than Dollars; 
 (E) any Lender is at that time a Defaulting
Lender, unless L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to L/C Issuer (in its sole discretion) with Borrower or such Lender to eliminate L/C Issuer’s actual or potential Fronting Exposure
(after giving effect to Section 2.16(a)(iv)) with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which L/C Issuer
has actual or potential Fronting Exposure, as it may elect in its sole discretion; or 
 (F) the Letter of
Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder. 

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

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

 (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of Borrower
delivered to L/C Issuer (with a copy to Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of Borrower. Such Letter of Credit Application must be received by L/C Issuer
and Administrative Agent not later than 11:00 a.m. at least two (2) Business Days (or such later date and time as Administrative Agent and L/C Issuer may 

 

 31 

 
agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter
of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof;
(C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by
such beneficiary in case of any drawing thereunder; and (G) the purpose and nature of the requested Letter of Credit. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify
in form and detail satisfactory to L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other
matters as L/C Issuer may require. Additionally, Borrower shall furnish to L/C Issuer and Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents,
as L/C Issuer or Administrative Agent may reasonably require. 
 (ii) Promptly after receipt of any Letter of
Credit Application, L/C Issuer will confirm with Administrative Agent (by telephone or in writing) that Administrative Agent has received a copy of such Letter of Credit Application from Borrower and, if not, L/C Issuer will provide Administrative
Agent with a copy thereof. Unless L/C Issuer has received written notice from any Lender, Administrative Agent or any Loan Party, at least one (1) Business Day prior to the requested date of issuance or amendment of the applicable Letter of
Credit, that one or more applicable conditions contained in Article V shall not then be satisfied, then, subject to the terms and conditions hereof, L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of
Borrower (or the applicable Subsidiary) or enter into the applicable amendment, as the case may be, in each case in accordance with L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each Letter of Credit,
each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Lender’s Applicable Percentage times
the amount of such Letter of Credit. 
 (iii) If Borrower so requests in any applicable Letter of Credit
Application, then L/C Issuer may, in its sole discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension
Letter of Credit must permit L/C Issuer to prevent any such extension at least once in each twelve-(12-)month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a
day (the “Non-Extension Notice Date”) in each such twelve-(12-)month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by L/C Issuer, Borrower shall not be required to make a
specific request to L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) L/C Issuer to permit the extension of such Letter of Credit at any
time to an expiry date not later than the Letter of Credit Expiration Date; provided that L/C Issuer shall not permit any such extension if (A) L/C Issuer has determined that it would not be permitted, or would have no obligation, at
such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.03(a)
or otherwise), or (B) it has received notice (which may be by telephone 
  

 32 

 
or in writing) on or before the day that is seven (7) Business Days before the Non-Extension Notice Date (1) from Administrative Agent that Required Lenders have elected not to permit
such extension or (2) from Administrative Agent, any Lender or Borrower that one or more of the applicable conditions specified in Section 5.02 is not then satisfied, and in each such case directing L/C Issuer not to permit
such extension. 
 (iv) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of
Credit to an advising bank with respect thereto or to the beneficiary thereof, L/C Issuer will also deliver to Borrower and Administrative Agent a true and complete copy of such Letter of Credit or amendment. 

(c) Drawings and Reimbursements; Funding of Participations. 

(i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, L/C
Issuer shall exercise commercially reasonable efforts to notify Borrower and Administrative Agent thereof within two (2) Business Days after receipt of such notice and of the date required for payment of such drawing under such Letter of
Credit. Not later than 11:00 a.m. on the date of any payment by L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), Borrower shall reimburse L/C Issuer through Administrative Agent in an amount equal to the
amount of such drawing. If Borrower fails to so reimburse L/C Issuer by such time, Administrative Agent shall promptly notify each Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”),
and the amount of such Lender’s Applicable Percentage thereof. In such event, Borrower shall be deemed to have requested a Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without
regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Commitments and the conditions set forth in
Section 5.02 (other than the delivery of a Loan Notice). Any notice given by L/C Issuer or Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately confirmed in writing;
provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. If such Base Rate Loans are so disbursed to pay an Unreimbursed Amount, then no Default or Event of Default shall
be deemed to have occurred. 
 (ii) Each Lender shall upon any notice pursuant to
Section 2.03(c)(i) make funds available (and Administrative Agent may apply Cash Collateral provided for this purpose) for the account of L/C Issuer at Administrative Agent’s Office in an amount equal to its Applicable
Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by Administrative Agent, whereupon, subject to the provisions of Section 2.03(c)(iii), each Lender that so makes funds
available shall be deemed to have made a Base Rate Loan to Borrower in such amount. Administrative Agent shall remit the funds so received to L/C Issuer. 

(iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing of Base Rate Loans because the
conditions set forth in Section 5.02 cannot be satisfied or for any other reason, Borrower shall be deemed to have incurred from L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which
L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Lender’s payment to Administrative Agent for the account of L/C Issuer pursuant to
Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this
Section 2.03. 
  

 33 

 (iv) Until each Lender funds its Loan or L/C Advance pursuant to this
Section 2.03(c) to reimburse L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Percentage of such amount shall be solely for the account of L/C Issuer. 

(v) Each Lender’s obligation to make Loans or L/C Advances to reimburse L/C Issuer for amounts drawn under Letters of
Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender
may have against L/C Issuer, Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing;
provided that each Lender’s obligation to make Loans pursuant to this Section 2.03(c) is subject to the conditions set forth in Section 5.02 (other than delivery by Borrower of a Loan Notice). No
such making of an L/C Advance shall relieve or otherwise impair the obligation of Borrower to reimburse L/C Issuer for the amount of any payment made by L/C Issuer under any Letter of Credit, together with interest as provided herein. 

(vi) If any Lender fails to make available to Administrative Agent for the account of L/C Issuer any amount required to be
paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii), then, without limiting the other provisions of this Agreement, L/C Issuer shall be
entitled to recover from such Lender (acting through Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to L/C Issuer
at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by
L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Loan included in the relevant Borrowing or L/C Advance in respect of the
relevant L/C Borrowing, as the case may be. A certificate of L/C Issuer submitted to any Lender (through Administrative Agent) with respect to any amounts owing under this clause (vi) shall be conclusive absent manifest error.

 (d) Repayment of Participations. 

(i) At any time after L/C Issuer has made a payment under any Letter of Credit and has received from any Lender such
Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if Administrative Agent receives for the account of L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon
(whether directly from Borrower or otherwise, including proceeds of Cash Collateral applied thereto by Administrative Agent), Administrative Agent will distribute to such Lender its Applicable Percentage thereof in the same funds as those received
by Administrative Agent. 
  

 34 

 (ii) If any payment received by Administrative Agent for the account of L/C
Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered into by L/C Issuer in its discretion),
each Lender shall pay to Administrative Agent for the account of L/C Issuer its Applicable Percentage thereof on demand of Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Lender,
at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement. 

(e) Obligations Absolute. The obligation of Borrower to reimburse L/C Issuer for each drawing under each
Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following: 

(i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

 (ii) the existence of any claim, counterclaim, setoff, defense or other right that Borrower or any Subsidiary
may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), L/C Issuer or any other Person, whether in connection with this Agreement,
the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 

(iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged,
fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of
Credit; 
 (iv) any payment by L/C Issuer under such Letter of Credit against presentation of a draft or
certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit
of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or 

(v) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other
circumstance that might otherwise constitute a defense available to, or a discharge of, Borrower or any Subsidiary. 
 Borrower
shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with Borrower’s instructions or other irregularity, Borrower will promptly, and in any
event within three (3) Business Days, notify L/C Issuer. Borrower shall be conclusively deemed to have waived any such claim against L/C Issuer and its correspondents unless such notice is given as aforesaid. 

(f) Role of L/C Issuer. Each Lender and Borrower agree that, in paying any drawing under a Letter of Credit,
L/C Issuer shall not have any responsibility to obtain any 
  

 35 

 
document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the
authority of the Person executing or delivering any such document. None of L/C Issuer, Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of L/C Issuer shall be liable to any Lender for
(i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or
(iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee
with respect to its use of any Letter of Credit; provided that this assumption is not intended to, and shall not, preclude Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee or any other
Person at law or under any other agreement. None of L/C Issuer, Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of L/C Issuer shall be liable or responsible for any of the matters
described in clauses (i) through (v) of Section 2.03(e); provided that anything in such clauses to the contrary notwithstanding, Borrower may have a claim against L/C Issuer, and L/C
Issuer may be liable to Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by Borrower which Borrower proves were caused by L/C Issuer’s willful misconduct or gross
negligence or L/C Issuer’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In
furtherance and not in limitation of the foregoing, L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and L/C Issuer
shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may
prove to be invalid or ineffective for any reason. 
 (g) Applicability of ISP. Unless otherwise
expressly agreed by L/C Issuer and Borrower when a Letter of Credit is issued, the rules of the ISP shall apply to each standby Letter of Credit. 

(h) Letter of Credit Fees. Borrower shall pay to Administrative Agent for the account of each
Lender in accordance with its Applicable Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate times the daily amount available to be drawn under such
Letter of Credit; provided that any Letter of Credit Fees otherwise payable for the account of a Defaulting Lender with respect to any Letter of Credit as to which such Defaulting Lender has not provided Cash Collateral satisfactory to L/C
Issuer pursuant to this Section 2.03 shall be payable, to the maximum extent permitted by applicable Law, to the other Lenders in accordance with the upward adjustments in their respective Applicable Percentages allocable to such
Letter of Credit pursuant to Section 2.16(a)(iv), with the balance of such fee, if any, payable to L/C Issuer for its own account. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the
amount of such Letter of Credit shall be determined in accordance with Section 1.06. Letter of Credit Fees shall be (i) due and payable on the tenth
(10th) Business Day after the end of each March,
June, September and December, commencing with the first
(1st) such date to occur after the issuance of such
Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in arrears. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under
each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, upon the request of
Required Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate. 
  

 36 

 (i) Fronting Fee and Documentary and Processing
Charges Payable to L/C Issuer. Borrower shall pay directly to L/C Issuer for its own account a fronting fee with respect to each Letter of Credit, at a rate per annum equal to one eighth of one percent (0.125%), computed on the daily
amount available to be drawn under such Letter of Credit on a quarterly basis in arrears. Such fronting fee shall be due and payable on the tenth
(10th) Business Day after the end of each March,
June, September and December in respect of the most-recently ended quarterly period (or portion thereof, in the case of the first payment), commencing with the first
(1st) such date to occur after the issuance of such
Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance
with Section 1.06. In addition, Borrower shall pay directly to L/C Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of L/C Issuer relating
to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable within five (5) Business Days of demand and are nonrefundable. 

(j) Conflict with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any
Issuer Document, the terms hereof shall control. 
 (k) Letters of Credit Issued for Subsidiaries.
Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, Borrower shall be obligated to reimburse L/C Issuer hereunder for any and all drawings under such
Letter of Credit. Borrower hereby acknowledges that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of Borrower, and that Borrower’s business derives substantial benefits from the businesses of such
Subsidiaries. 
 2.04 Prepayments. 

(a) Borrower may, upon notice to Administrative Agent, at any time or from time to time voluntarily prepay Loans in whole
or in part without premium or penalty; provided that (i) such notice must be received by Administrative Agent not later than 11:00 a.m. (A) three (3) Business Days prior to any date of prepayment of Eurodollar Rate Loans and
(B) on the date of prepayment of Base Rate Loans; (ii) any prepayment of Eurodollar Rate Loans shall be in a principal amount of $2,500,000 or a whole multiple of $500,000 in excess thereof; and (iii) any prepayment of Base Rate Loans
shall be in a principal amount of $250,000 or a whole multiple of $50,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and
the Type(s) of Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans. Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such
Lender’s Applicable Percentage of such prepayment. If such notice is given by Borrower, then Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any
prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Subject to Section 2.16, each such
prepayment shall be applied to the Loans of the Lenders in accordance with their respective Applicable Percentages. 
  

 37 

 (b) If for any reason the Total Outstandings at any time exceed the
Available Loan Amount, then Borrower shall, within one (1) Business Day, prepay Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided that Borrower shall not be required to Cash
Collateralize the L/C Obligations pursuant to this Section 2.04(b) unless after the prepayment in full of the Loans the Total Outstandings exceed the Available Loan Amount. 

2.05 Termination or Reduction of Commitments. 

(a) Voluntary. Borrower may, upon notice to Administrative Agent, terminate the Aggregate Commitments, or from time
to time permanently reduce the Aggregate Commitments; provided that (i) any such notice shall be received by Administrative Agent not later than 11:00 a.m. three (3) Business Days (or such shorter period agreed to by
Administrative Agent in writing) prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) Borrower shall not
terminate or reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Available Loan Amount, and (iv) if, after giving effect to any reduction of the
Aggregate Commitments, the Letter of Credit Sublimit exceeds the amount of the Aggregate Commitments, then the Letter of Credit Sublimit shall be automatically reduced by the amount of such excess. Administrative Agent will promptly notify the
Lenders of any such notice of termination or reduction of the Aggregate Commitments. Any reduction of the Aggregate Commitments shall be applied to the Commitment of each Lender according to its Applicable Percentage. All fees accrued until the
effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination. 

(b) Mandatory. If at any time (i) the Available Loan Amount is less than $50,000,000 or (ii) there are
less than four (4) Borrowing Base Properties in the Borrowing Base, then on the date that is five (5) Business Days after Administrative Agent notifies Borrower and Lenders that Required Lenders have elected to terminate the Aggregate
Commitments, Borrower shall repay to the Lenders the aggregate principal amount of Loans on such date together with all other Obligations. All fees accrued until the effective date of the termination of the Aggregate Commitments provided for in this
Section shall be paid on the effective date of such termination. 
 2.06 Repayment of Loans. Borrower shall
repay to the Lenders on the Maturity Date the aggregate principal amount of Loans outstanding on such date. 
 2.07
Interest. 
 (a) Subject to the provisions of subsection (b) below, (i) each
Eurodollar Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate; and (ii) each Base Rate
Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate. 

(b) (i) If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods),
whether at stated maturity, by acceleration or otherwise, then such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

 

 38 

 (ii) If any amount (other than principal of any Loan) payable by Borrower
under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of Required Lenders, such amount shall thereafter bear interest at a
fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(iii) Upon the request of Required Lenders, while any Event of Default exists, Borrower shall pay interest on the
principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(iv) Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable
upon demand. 
 (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date
applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any
Debtor Relief Law. 
 2.08 Fees. In addition to certain fees described in
subsections (h) and (i) of Section 2.03, Borrower shall pay to Administrative Agent for the account of each Lender in accordance with its Applicable Percentage, an unused fee
equal to the Unused Rate times the actual daily amount by which the Aggregate Commitments exceed the sum of (i) the Outstanding Amount of Loans and (ii) the Outstanding Amount of L/C Obligations, subject to adjustment as provided in
Section 2.16. The commitment fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions in Article V is not met, and shall be due and
payable quarterly in arrears on the tenth
(10th) Business Day after the end of each March,
June, September and December, commencing with the first such date to occur after the Closing Date, and on the last day of the Availability Period. The commitment fee shall be calculated quarterly in arrears. 

2.09 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate. 

(a) All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurodollar
Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees
or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan
or such portion is paid; provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.11(a), bear interest for one (1) day. Each determination by Administrative Agent of an
interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. 
 (b)
If, as a result of any restatement of or other adjustment to the financial statements of Parent or for any other reason, then Parent, Borrower, Administrative Agent, or the Lenders determine that (i) the Consolidated Leverage Ratio as
calculated by Parent and Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, Borrower shall immediately and retroactively be
obligated to pay to Administrative Agent for the account of the applicable 
  

 39 

 
Lenders or L/C Issuer, as the case may be, promptly on demand by Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to any Company
under the Bankruptcy Code of the United States, automatically and without further action by Administrative Agent, any Lender or L/C Issuer), an amount equal to the excess of the amount of interest and fees that should have been paid for such period
over the amount of interest and fees actually paid for such period. This paragraph shall not limit the rights of Administrative Agent, any Lender or L/C Issuer, as the case may be, under Section 2.03(c)(iii), 2.03(i)
or 2.07(b) or under Article IX. Borrower’s obligations under this paragraph shall survive the termination of the Aggregate Commitments and the repayment of all other Obligations hereunder. 

2.10 Evidence of Debt. 

(a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such
Lender and by Administrative Agent in the ordinary course of business. The accounts or records maintained by Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to
Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of Borrower hereunder to pay any amount owing with respect to the Obligations. In the
event of any conflict between the accounts and records maintained by any Lender and the accounts and records of Administrative Agent in respect of such matters, the accounts and records of Administrative Agent shall control in the absence of
manifest error. Upon the request of any Lender made through Administrative Agent, Borrower shall execute and deliver to such Lender (through Administrative Agent) a Note, which shall evidence such Lender’s Loans in addition to such accounts or
records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto. 

(b) In addition to the accounts and records referred to in subsection (a), each Lender and
Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit. In the event of any conflict between the accounts and records
maintained by Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of Administrative Agent shall control in the absence of manifest error. 

2.11 Payments Generally; Administrative Agent’s Clawback. 

(a) General. All payments to be made by Borrower shall be made without condition or deduction for any counterclaim,
defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by Borrower hereunder shall be made to Administrative Agent, for the account of the respective Lenders to which such payment is owed, at Administrative
Agent’s Office in Dollars and in immediately available funds not later than 3:00 p.m. on the date specified herein. Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable share as provided
herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. If and to the extent Administrative Agent shall not make such payments to a Lender when due as set forth in the preceding sentence, then such
unpaid amounts shall accrue interest, payable by Administrative Agent, at the Federal Funds Rate from the due date until (but not including) the date on which Administrative Agent makes such payments to such Lender. All payments received by
Administrative Agent after 3:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by Borrower shall come due on a day other than a Business Day,
payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be. 
  

 40 

 (b) Clawback. 

(i) Funding by Lenders; Presumption by Administrative Agent. Unless Administrative Agent shall have received notice
from a Lender prior to the proposed date of any Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 1:00 p.m. on the date of such Borrowing) that such Lender will not make available to Administrative
Agent such Lender’s share of such Borrowing, Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that
such Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make available to Borrower a corresponding amount. In such event, if a Lender has
not in fact made its share of the applicable Borrowing available to Administrative Agent, then the applicable Lender and Borrower severally agree to pay to Administrative Agent forthwith on demand such corresponding amount in immediately available
funds with interest thereon, for each day from and including the date such amount is made available to Borrower to but excluding the date of payment to Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater
of the Federal Funds Rate and a rate determined by Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by Administrative Agent in
connection with the foregoing, and (B) in the case of a payment to be made by Borrower, the interest rate applicable to Base Rate Loans. If Borrower and such Lender shall pay such interest to Administrative Agent for the same or an overlapping
period, then Administrative Agent shall promptly remit to Borrower the amount of such interest paid by Borrower for such period. If such Lender pays its share of the applicable Borrowing to Administrative Agent, then the amount so paid shall
constitute such Lender’s Loan included in such Borrowing. Any payment by Borrower shall be without prejudice to any claim Borrower may have against a Lender that shall have failed to make such payment to Administrative Agent. 

(ii) Payments by Borrower; Presumptions by Administrative Agent. Unless Administrative Agent shall have received
notice from Borrower prior to the date on which any payment is due to Administrative Agent for the account of the Lenders or L/C Issuer hereunder that Borrower will not make such payment, Administrative Agent may assume that Borrower has made such
payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or L/C Issuer, as the case may be, the amount due. In such event, if Borrower has not in fact made such payment, then each of the
Lenders or L/C Issuer, as the case may be, severally agrees to repay to Administrative Agent forthwith on demand the amount so distributed to such Lender or L/C Issuer, in immediately available funds with interest thereon, for each day from and
including the date such amount is distributed to it to but excluding the date of payment to Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by Administrative Agent in accordance with banking industry rules on
interbank compensation, within one (1) Business Day. If and to the extent Administrative Agent shall not return such funds to a Lender when due as set forth in the preceding sentence, then such unpaid amounts shall accrue interest, payable by
Administrative Agent, at the Federal Funds Rate from the due date until (but not including) the date on which Administrative Agent returns such funds to such Lender. 

 

 41 

 A notice of Administrative Agent to any Lender or Borrower with respect to
any amount owing under this subsection (b) shall be conclusive, absent manifest error. 
 (c)
Failure to Satisfy Conditions Precedent. If any Lender makes available to Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made
available to Borrower by Administrative Agent because the conditions to the applicable Credit Extension set forth in Article V are not satisfied or waived in accordance with the terms hereof, then Administrative Agent shall return such
funds (in like funds as received from such Lender) to such Lender, without interest. 
 (d) Obligations of
Lenders Several. The obligations of the Lenders hereunder to make Loans, to fund participations in Letters of Credit and to make payments pursuant to Section 11.04(d) are several and not joint. The failure of any Lender to
make any Loan, to fund any participation or to make any payment under Section 11.04(d) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be
responsible for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under Section 11.04(d). 

(e) Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any
particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 

2.12 Sharing of Payments by Lenders. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain
payment in respect of any principal of or interest on any of the Loans made by it, or the participations in L/C Obligations held by it resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Loans or
participations and accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify Administrative Agent of such fact, and (b) purchase (for cash at
face value) participations in the Loans and subparticipations in L/C Obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in
accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them, provided that: 

(i) if any such participations or subparticipations are purchased and all or any portion of the payment giving rise
thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 

(ii) the provisions of this Section shall not be construed to apply to (x) any payment made by or on
behalf of Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (y) the application of Cash Collateral provided for in
Section 2.15, or (z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or subparticipations in L/C Obligations to any assignee or participant, other than an
assignment to Borrower or any Affiliate thereof (as to which the provisions of this Section shall apply). 
  

 42 

 Each Loan Party consents to the foregoing and agrees, to the extent it may
effectively do so under applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such
Lender were a direct creditor of such Loan Party in the amount of such participation. 
 2.13 Extension of Maturity Date.

 (a) Requests for Extension. Parent and Borrower may, by written notice to Administrative Agent (who
shall promptly notify the Lenders) not earlier than sixty (60) days and not later than thirty (30) days prior to the Initial Maturity Date, request that the Initial Maturity Date be extended to the Extended Maturity Date. 

(b) Effectiveness of Extension. If so extended, then the Initial Maturity Date shall be extended to the Extended
Maturity Date, effective as of the Initial Maturity Date (such Initial Maturity Date being the “Extension Effective Date”). Administrative Agent, Parent, and Borrower shall promptly confirm to the Lenders such extension. As a
condition precedent to such extension, (i) Parent and Borrower shall deliver to Administrative Agent a certificate of each Loan Party dated as of the Extension Effective Date (in sufficient copies for each Lender) signed by a Responsible
Officer of each Loan Party (A) providing evidence satisfactory to Administrative Agent that each Loan Party has taken all necessary action to authorize such extension and (B) in the case of Parent and Borrower, certifying that, before and
after giving effect to such extension, (I) the representations and warranties contained in the Loan Documents are true and correct in all material respects on and as of the Extension Effective Date, except to the extent that such
representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and except that for purposes of this Section 2.13, the representations
and warranties contained in Section 6.05(b) shall be deemed to refer to the most-recent statements furnished pursuant to Section 7.01(b), and (II) no Default exists before or after giving
effect to such extension and (ii) Borrower shall have paid to Administrative Agent, for the account of each Lender, an extension fee in an amount equal to thirty-five basis points (0.35%) times such Lender’s Commitment. 

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

(a) Request for Increase. Provided there exists no Default, upon notice to Administrative Agent (which shall
promptly notify the Lenders), Parent and Borrower may from time to time, request an increase in the Aggregate Commitments to an amount not exceeding $300,000,000 (less the amount of any permanent reductions in the Aggregate Commitments pursuant to
Section 2.05); provided that (i) any such request for an increase shall be in a minimum amount of $10,000,000, and (ii) Parent and Borrower may make a maximum of three (3) such requests. At the time of
sending such notice, Parent and Borrower (in consultation with Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten (10) Business Days from the date of
delivery of such notice to the Lenders). 
 (b) Lender Elections to Increase. Each Lender shall notify
Administrative Agent within such time period whether or not it agrees to increase its Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable Percentage of such requested increase. Any Lender not responding
within such time period shall be deemed to have declined to increase its Commitment, and no Lender shall have any obligation to increase its Commitment. 
  

 43 

 (c) Notification by Administrative Agent; Additional Lenders.
Administrative Agent shall promptly notify Parent, Borrower, and each Lender of the Lenders’ responses to each request made hereunder. To achieve the full amount of a requested increase and subject to the approval of Administrative Agent and
L/C Issuer (which approvals shall not be unreasonably withheld), Parent and Borrower may also invite additional Eligible Assignees to become Lenders pursuant to a joinder agreement in form and substance satisfactory to Administrative Agent and its
counsel. 
 (d) Effective Date and Allocations. If the Aggregate Commitments are increased in accordance
with this Section 2.14, then Administrative Agent, Parent, and Borrower shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase. Administrative Agent
shall promptly notify Parent, Borrower, and the Lenders of the final allocation of such increase and the Increase Effective Date. 

(e) Conditions to Effectiveness of Increase. As a condition precedent to such increase, Parent and Borrower shall
deliver to Administrative Agent a certificate of each Loan Party dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by a Responsible Officer of such Loan Party (i) certifying and attaching the resolutions
adopted by such Loan Party approving or consenting to such increase, and (ii) in the case of Parent and Borrower, certifying that, before and after giving effect to such increase, (A) the representations and warranties contained in
Article VI and the other Loan Documents are true and correct in all material respects on and as of the Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in
which case they are true and correct in all material respects as of such earlier date, and except that for purposes of this Section 2.14, the representations and warranties contained in Section 6.05(b)
shall be deemed to refer to the most-recent statements furnished pursuant to Section 7.01(b), and (B) no Default exists. Borrower shall prepay any Loans outstanding on the Increase Effective Date (and pay any
additional amounts required pursuant to Section 3.05) to the extent necessary to keep the outstanding Loans ratable with any revised Applicable Percentages arising from any nonratable increase in the Commitments under this
Section 2.14. 
 (f) Conflicting Provisions. This Section shall supersede
any provisions in Section 2.12 or 11.01 to the contrary. 
 2.15 Cash Collateral.

 (a) Certain Credit Support Events. Upon the request of Administrative Agent or L/C Issuer (i) if
L/C Issuer has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, or (ii) if, as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains
outstanding, Borrower shall, in each case, immediately Cash Collateralize the then Outstanding Amount of all L/C Obligations. At any time that there shall exist a Defaulting Lender, immediately upon the request of Administrative Agent or L/C Issuer,
Borrower shall deliver to Administrative Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure (after giving effect to Section 2.16(a)(iv), Section 11.13, and any Cash Collateral provided
by the Defaulting Lender). 
 (b) Grant of Security Interest. All Cash Collateral (other than credit
support not constituting funds subject to deposit) shall be maintained in blocked, non-interest bearing deposit accounts at Bank of America. Borrower, and to the extent provided by any Lender, such Lender, hereby grants to (and subjects to the
control of) Administrative Agent, for the benefit of Administrative Agent, L/C Issuer and the Lenders, and agrees to maintain, a first priority security 

 

 44 

 
interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for
the obligations to which such Cash Collateral may be applied pursuant to Section 2.15(c). If at any time Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than Administrative
Agent as herein provided, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure and other obligations secured thereby, Borrower or the relevant Defaulting Lender will, promptly upon demand by Administrative
Agent, pay or provide to Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency. 

(c) Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided
under any of this Section 2.15 or Sections 2.03, 2.04, 2.16 or 9.02 in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C
Obligations, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any
other application of such property as may be provided for herein. 
 (d) Release. Cash Collateral (or the
appropriate portion thereof) provided to reduce Fronting Exposure or other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the
termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with Section 11.06(b)(vi))) or (ii) Administrative Agent’s good faith determination that there
exists excess Cash Collateral; provided that (x) that Cash Collateral furnished by or on behalf of a Loan Party shall not be released during the continuance of a Default or Event of Default (and following application as provided in this
Section 2.15 may be otherwise applied in accordance with Section 9.03), and (y) the Person providing Cash Collateral and L/C Issuer may agree that Cash Collateral shall not be released but instead held to
support future anticipated Fronting Exposure or other obligations. 
 2.16 Defaulting Lenders. 

(a) Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a
Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law: 

(i) Waivers and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or
consent with respect to this Agreement shall be restricted as set forth in Section 11.01. 

(ii) Reallocation of Payments. Any payment of principal, interest, fees or other amounts received by Administrative
Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article IX or otherwise, and including any amounts made available to Administrative Agent by that Defaulting Lender pursuant to
Section 11.08), shall be applied at such time or times as may be determined by Administrative Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to Administrative Agent hereunder;
second, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to L/C Issuer hereunder; third, if so determined by Administrative Agent or requested by L/C Issuer, to be held as Cash Collateral for future
funding obligations of that Defaulting Lender of any participation in any Letter of Credit; fourth, as Borrower may request (so 

 

 45 

 
long as no Event of Default exists), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by
Administrative Agent; fifth, if so determined by Administrative Agent and Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund Loans under this
Agreement; sixth, to the payment of any amounts owing to the Lenders or L/C Issuer as a result of any judgment of a court of competent jurisdiction obtained by any Lender or L/C Issuer against that Defaulting Lender as a result of that
Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Event of Default exists, to the payment of any amounts owing to Borrower as a result of any judgment of a court of competent jurisdiction obtained
by Borrower against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction;
provided that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such Loans or L/C Borrowings were
made at a time when the conditions set forth in Section 5.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all non-Defaulting Lenders on a pro rata basis prior to
being applied to the payment of any Loans of, or L/C Borrowings owed to, that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender
or to post Cash Collateral pursuant to this Section 2.16(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto. 

(iii) Certain Fees. That Defaulting Lender (x) shall not be entitled to receive any commitment fee pursuant to
Section 2.08 for any period during which that Lender is a Defaulting Lender (and Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender) pursuant to
Section 2.08 for any period during which that Lender is a Defaulting Lender only to extent allocable to the sum of (1) the Outstanding Amount of the Loans funded by it and (2) its Applicable Percentage of the stated
amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.03, Section 2.15, or Section 2.16(a)(ii), as applicable (and Borrower shall (A) be required to
pay to L/C Issuer the amount of such fee allocable to its Fronting Exposure arising from that Defaulting Lender and (B) not be required to pay the remaining amount of such fee that otherwise would have been required to have been paid to that
Defaulting Lender) and (y) shall be limited in its right to receive Letter of Credit Fees as provided in Section 2.03(h). 

(iv) Reallocation of Applicable Percentages to Reduce Fronting Exposure. During any period in which there is a
Defaulting Lender, for purposes of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit pursuant to Section 2.03, the “Applicable
Percentage” of each non-Defaulting Lender shall be computed without giving effect to the Commitment of that Defaulting Lender; provided that (i) each such reallocation shall be given effect only if, at the date the applicable Lender
becomes a Defaulting Lender, no Event of Default exists; and (ii) the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit shall not exceed the positive difference, if any, of
(1) the Commitment of that non-Defaulting Lender minus (2) the aggregate Outstanding Amount of the Loans of that Lender. 
  

 46 

 (b) Defaulting Lender Cure. If Borrower, Administrative Agent and L/C
Issuer agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and
subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions
as Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages (without giving effect
to Section 2.16(a)(iv)), whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of Borrower while
that Lender was a Defaulting Lender; and provided, further, that, except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release
of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 
 2.17 Guaranties.
Pursuant to the Parent Guaranty, Parent (and any other owner of Equity Interests in Borrower, if any) shall unconditionally Guarantee in favor of Administrative Agent and Lenders the full payment and performance of the Obligations. Pursuant to the
Subsidiary Guaranty or an addendum thereto in the form attached to the Subsidiary Guaranty, Parent and Borrower shall cause each Subsidiary Guarantor to execute a Subsidiary Guaranty unconditionally guarantying in favor of Administrative Agent and
Lenders the full payment and performance of the Obligations. 
 Article III. 

Taxes, Yield Protection and Illegality 

3.01 Taxes. 

(a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. 

(i) Any and all payments by or on account of any obligation of Borrower hereunder or under any other Loan Document shall
to the extent permitted by applicable Laws be made free and clear of and without reduction or withholding for any Taxes. If, however, applicable Laws require Borrower or Administrative Agent to withhold or deduct any Tax, such Tax shall be withheld
or deducted in accordance with such Laws as determined by Borrower or Administrative Agent, as the case may be, upon the basis of the information and documentation to be delivered pursuant to subsection (e) below. 

(ii) If Borrower or Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including both
United States Federal backup withholding and withholding taxes, from any payment, then (A) Administrative Agent or Borrower, as applicable, shall withhold or make such deductions as are determined by Administrative Agent to be required based
upon the information and documentation it has received pursuant to subsection (e) below, (B) Administrative Agent or Borrower, as applicable, shall timely pay the full amount withheld or deducted to the relevant Governmental
Authority in accordance with the Code, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by Borrower shall be increased as necessary so that after any required
withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section) Administrative Agent, Lender or L/C Issuer, as the case may be, receives an amount equal to the sum it
would have received had no such withholding or deduction been made. 
  

 47 

 (b) Payment of Other Taxes by Borrower. Without limiting the
provisions of subsection (a) above, Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Laws. 

(c) Tax Indemnifications. 

(i) Without limiting the provisions of subsection (a) or (b) above, Borrower shall,
and does hereby, indemnify Administrative Agent, each Lender and L/C Issuer, and shall make payment in respect thereof within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including
Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) withheld or deducted by Borrower or Administrative Agent or paid by Administrative Agent, such Lender or L/C Issuer, as the
case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
Borrower shall also, and does hereby, indemnify Administrative Agent, and shall make payment in respect thereof within 10 days after demand therefor, for any amount which a Lender or L/C Issuer for any reason fails to pay indefeasibly to
Administrative Agent as required by clause (ii) of this subsection. A certificate as to the amount of any such payment or liability delivered to Borrower by a Lender or L/C Issuer (with a copy to Administrative
Agent), or by Administrative Agent on its own behalf or on behalf of a Lender or L/C Issuer, shall be conclusive absent manifest error. 

(ii) Without limiting the provisions of subsection (a) or (b) above, each Lender and
L/C Issuer shall, and does hereby, indemnify Borrower and Administrative Agent, and shall make payment in respect thereof within ten (10) days after demand therefor, against any and all Taxes and any and all related losses, claims, liabilities,
penalties, interest and expenses (including the fees, charges and disbursements of any counsel for Borrower or Administrative Agent) incurred by or asserted against Borrower or Administrative Agent by any Governmental Authority as a result of the
failure by such Lender or L/C Issuer, as the case may be, to deliver, or as a result of the inaccuracy, inadequacy or deficiency of, any documentation required to be delivered by such Lender or L/C Issuer, as the case may be, to Borrower or
Administrative Agent pursuant to subsection (e). Each Lender and L/C Issuer hereby authorizes Administrative Agent to set off and apply any and all amounts at any time owing to such Lender or L/C Issuer, as the case
may be, under this Agreement or any other Loan Document against any amount due to Administrative Agent under this clause (ii). The agreements in this clause (ii) shall survive the resignation and/or replacement
of Administrative Agent, any assignment of rights by, or the replacement of, a Lender or L/C Issuer, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all other Obligations. 

(d) Evidence of Payments. Upon request by Borrower or Administrative Agent, as the case may be, after any payment
of Taxes by Borrower or by Administrative Agent to a Governmental Authority as provided in this Section 3.01, Borrower shall deliver to Administrative Agent or Administrative Agent shall deliver to Borrower, as the case may be,
the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory to Borrower or
Administrative Agent, as the case may be. 
  

 48 

 (e) Status of Lenders; Tax Documentation. 

(i) Each Lender shall deliver to Borrower and to Administrative Agent, at the time or times prescribed by applicable Laws
or when reasonably requested by Borrower or Administrative Agent, such properly completed and executed documentation prescribed by applicable Laws or by the taxing authorities of any jurisdiction and such other reasonably requested information as
will permit Borrower or Administrative Agent, as the case may be, to determine (A) whether or not payments made hereunder or under any other Loan Document are subject to Taxes, (B) if applicable, the required rate of withholding or
deduction, and (C) such Lender’s entitlement to any available exemption from, or reduction of, applicable Taxes in respect of all payments to be made to such Lender by Borrower pursuant to this Agreement or otherwise to establish such
Lender’s status for withholding tax purposes in the applicable jurisdiction. 
 (ii) Without limiting the
generality of the foregoing, if Borrower is resident for tax purposes in the United States, 
 (A) any Lender
that is a “United States person” within the meaning of Section 7701(a)(30) of the Code shall deliver to Borrower and Administrative Agent executed originals of Internal Revenue Service Form W-9 or such other documentation or
information prescribed by applicable Laws or reasonably requested by Borrower or Administrative Agent as will enable Borrower or Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding or
information reporting requirements; and 
 (B) each Foreign Lender that is entitled under the Code or any
applicable treaty to an exemption from or reduction of withholding tax with respect to payments hereunder or under any other Loan Document shall deliver to Borrower and Administrative Agent (in such number of copies as shall be requested by the
recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of Borrower or Administrative Agent, but only if such Foreign Lender is legally entitled to do
so), whichever of the following is applicable: 
 (1) executed originals of Internal Revenue Service Form W-8BEN
claiming eligibility for benefits of an income tax treaty to which the United States is a party, 
 (2) executed
originals of Internal Revenue Service Form W-8ECI, 
 (3) executed originals of Internal Revenue Service Form
W-8IMY and all required supporting documentation, 
 (4) in the case of a Foreign Lender claiming the benefits
of the exemption for portfolio interest under section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (A) a “bank” 

 

 49 

 
within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of Borrower within the meaning of section 881(c)(3)(B) of the
Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) executed originals of Internal Revenue Service Form W-8BEN, or 

(5) executed originals of any other form prescribed by applicable Laws as a basis for claiming exemption from or a
reduction in United States Federal withholding tax together with such supplementary documentation as may be prescribed by applicable Laws to permit Borrower or Administrative Agent to determine the withholding or deduction required to be made.

 (iii) Each Lender shall promptly (A) notify Borrower and Administrative Agent of any change in
circumstances which would modify or render invalid any claimed exemption or reduction, and (B) take such steps as shall not be materially disadvantageous to it, in the reasonable judgment of such Lender, and as may be reasonably necessary
(including the re-designation of its Lending Office) to avoid any requirement of applicable Laws of any jurisdiction that Borrower or Administrative Agent make any withholding or deduction for taxes from amounts payable to such Lender. 

(f) Treatment of Certain Refunds. Unless required by applicable Laws, at no time shall Administrative Agent have
any obligation to file for or otherwise pursue on behalf of a Lender or L/C Issuer, or have any obligation to pay to any Lender or L/C Issuer, any refund of Taxes withheld or deducted from funds paid for the account of such Lender or L/C Issuer, as
the case may be. If Administrative Agent, any Lender or L/C Issuer determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by Borrower or with respect to which Borrower has
paid additional amounts pursuant to this Section, it shall pay to Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by Borrower under this Section with
respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses incurred by Administrative Agent, such Lender or L/C Issuer, as the case may be, and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund), provided that Borrower, upon the request of Administrative Agent, such Lender or L/C Issuer, agrees to repay the amount paid over to Borrower (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) to Administrative Agent, such Lender or L/C Issuer in the event Administrative Agent, such Lender or L/C Issuer is required to repay such refund to such Governmental Authority. This
subsection shall not be construed to require Administrative Agent, any Lender or L/C Issuer to make available its tax returns (or any other information relating to its taxes that it deems confidential) to Borrower or any other Person.

 3.02 Illegality. If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has
asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to the Eurodollar Rate, or to determine or charge interest rates based upon the Eurodollar Rate,
or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to Borrower through
Administrative Agent, (i) any obligation of such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended, and (ii) if such notice asserts the illegality of such Lender
making or maintaining Base Rate Loans the interest rate on which is determined 
  

 50 

 
by reference to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by
Administrative Agent without reference to the Eurodollar Rate component of the Base Rate, in each case until such Lender notifies Administrative Agent and Borrower that the circumstances giving rise to such determination no longer exist. Upon
receipt of such notice, (x) Borrower shall, upon demand from such Lender (with a copy to Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate
Loans of such Lender shall, if necessary to avoid such illegality, be determined by Administrative Agent without reference to the Eurodollar Rate component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender may
lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans and (y) if such notice asserts the illegality of such Lender determining or
charging interest rates based upon the Eurodollar Rate, Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the Eurodollar Rate component thereof until Administrative
Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Eurodollar Rate. Upon any such prepayment or conversion, Borrower shall also pay accrued interest on the
amount so prepaid or converted. 
 3.03 Inability to Determine Rates. If Required Lenders determine that for any reason
in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof that (a) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period
of such Eurodollar Rate Loan, (b) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an existing or proposed
Base Rate Loan, or (c) the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, then Administrative Agent will
promptly so notify Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended, and (y) in the event of a determination described in the preceding sentence with
respect to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in determining the Base Rate shall be suspended, in each case until Administrative Agent (upon the instruction of Required Lenders) revokes
such notice. Upon receipt of such notice, Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans or, failing that, will be deemed to have converted such request into a request for a
Borrowing of Base Rate Loans in the amount specified therein. 
 3.04 Increased Costs; Reserves on Eurodollar Rate Loans.

 (a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar
requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by Section 3.04(e)) or L/C Issuer; 

(ii) subject any Lender or L/C Issuer to any tax of any kind whatsoever with respect to this Agreement, any Letter of
Credit, any participation in a Letter of Credit or any Eurodollar Rate Loan made by it, or change the basis of taxation of payments to such Lender or L/C Issuer in respect thereof (except for Indemnified Taxes or Other Taxes covered by
Section 3.01 and the imposition of, or any change in the rate of, any Excluded Tax payable by such Lender or L/C Issuer); or 
  

 51 

 (iii) impose on any Lender or L/C Issuer or the London interbank market any
other condition, cost or expense affecting this Agreement or Eurodollar Rate Loans made by such Lender or any Letter of Credit or participation therein; 

and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Loan the interest on
which is determined by reference to the Eurodollar Rate (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of
maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon request
of such Lender or L/C Issuer, then Borrower will pay to such Lender or L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or L/C Issuer, as the case may be, for such additional costs incurred or
reduction suffered. 
 (b) Capital Requirements. If any Lender or L/C Issuer determines that any Change in
Law affecting such Lender or L/C Issuer or any Lending Office of such Lender or such Lender’s or L/C Issuer’s holding company, if any, regarding capital requirements has or would have the effect of reducing the rate of return on such
Lender’s or L/C Issuer’s capital or on the capital of such Lender’s or L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of
Credit held by, such Lender, or the Letters of Credit issued by L/C Issuer, to a level below that which such Lender or L/C Issuer or such Lender’s or L/C Issuer’s holding company could have achieved but for such Change in Law (taking into
consideration such Lender’s or L/C Issuer’s policies and the policies of such Lender’s or L/C Issuer’s holding company with respect to capital adequacy), then from time to time Borrower will pay to such Lender or L/C Issuer, as
the case may be, such additional amount or amounts as will compensate such Lender or L/C Issuer or such Lender’s or L/C Issuer’s holding company for any such reduction suffered. 

(c) Certificates for Reimbursement. A certificate of a Lender or L/C Issuer setting forth the amount or amounts
necessary to compensate such Lender or L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to Borrower shall be conclusive
absent manifest error. Borrower shall pay such Lender or L/C Issuer, as the case may be, the amount shown as due on any such certificate within fifteen (15) days after receipt thereof. 

(d) Delay in Requests. Failure or delay on the part of any Lender or L/C Issuer to demand compensation pursuant to
the foregoing provisions of this Section shall not constitute a waiver of such Lender’s or L/C Issuer’s right to demand such compensation, provided that Borrower shall not be required to compensate a Lender or L/C
Issuer pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than nine (9) months prior to the date that such Lender or L/C Issuer, as the case may be, notifies Borrower
of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is
retroactive, then the nine-(9-)month period referred to above shall be extended to include the period of retroactive effect thereof). 

(e) Reserves on Eurodollar Rate Loans. Borrower shall pay to each Lender, as long as such Lender shall be required
to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each
Eurodollar Rate Loan 
  

 52 

 
equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and
payable on each date on which interest is payable on such Loan, provided that Borrower shall have received at least ten (10) days’ prior notice (with a copy to Administrative Agent) of such additional interest from such Lender. If a
Lender fails to give notice ten (10) days prior to the relevant Interest Payment Date, such additional interest shall be due and payable ten (10) days from receipt of such notice. 

3.05 Compensation for Losses. Upon demand of any Lender (with a copy to Administrative Agent) from time to time, Borrower shall
promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 

(a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the
last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 

(b) any failure by Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow,
continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by Borrower; or 

(c) any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result
of a request by Borrower pursuant to Section 11.13; 
 excluding any loss of anticipated profits and including any loss or
expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. Borrower shall also pay any customary administrative fees charged
by such Lender in connection with the foregoing. 
 For purposes of calculating amounts payable by Borrower to the Lenders under this
Section 3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable
amount and for a comparable period, whether or not such Eurodollar Rate Loan was in fact so funded. 
 3.06 Mitigation
Obligations; Replacement of Lenders. 
 (a) Designation of a Different Lending Office. If any Lender
requests compensation under Section 3.04, or Borrower is required to pay any additional amount to any Lender, L/C Issuer, or any Governmental Authority for the account of any Lender or L/C Issuer pursuant to
Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then such Lender or L/C Issuer shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking
its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender or L/C Issuer, such designation or assignment (i) would eliminate or reduce
amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would
not subject such Lender or L/C Issuer, as the case may be, to any material unreimbursed cost or expense and would not otherwise be materially disadvantageous to such Lender or L/C Issuer, as the case may be. Borrower hereby agrees to pay all
reasonable costs and expenses incurred by any Lender or L/C Issuer in connection with any such designation or assignment. 
  

 53 

 (b) Replacement of Lenders. If any Lender requests compensation under
Section 3.04, or if Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, then Borrower may replace such Lender in
accordance with Section 11.13. 
 3.07 Survival. All of Borrower’s obligations under this
Article III shall survive termination of the Aggregate Commitments, repayment of all other Obligations hereunder, and resignation of Administrative Agent. 

Article IV. 

Borrowing Base 

4.01 Initial Borrowing Base. As of the Closing Date, the Borrowing Base shall consist of the Initial Borrowing Base Properties.

 4.02 Changes in Borrowing Base Calculation. Each change in the Borrowing Base shall be effective upon receipt of a new
Borrowing Base Report pursuant to Section 7.02(b); provided that any increase in the Borrowing Base reflected in such Borrowing Base Report shall not become effective until the fifth (5th) Business Day following
delivery thereof and provided, further, that any change in the Borrowing Base as a result of the receipt of a new Acceptable Appraisal pursuant to Section 4.08 shall be effective upon the date that Administrative Agent and
Required Lenders approve such Acceptable Appraisal, and any change in the Borrowing Base as a result of the admission of an Acceptable Property into the Borrowing Base pursuant to Section 4.03 shall be effective upon the date that
such Acceptable Property is admitted into the Borrowing Base. 
 4.03 Requests for Admission into Borrowing Base.
Borrower shall provide Administrative Agent with a written request for an Acceptable Property to be admitted into the Borrowing Base. Such request shall be accompanied by information regarding such Acceptable Property (the “Property
Information”) including the following, in each case acceptable to Administrative Agent: (a) a general description of such Acceptable Property’s location, market, and amenities; (b) a property description; (c) if such
Acceptable Property was or will be acquired within three (3) months prior to admission into the Borrowing Base, purchase information (including any contracts of sale and closing statements); (d) cash flow projections for the next three
(3) years and operating statements for at least the previous three (3) years or since opening or acquisition if open or acquired for less than three (3) years; (e) copies of all zoning reports, property condition reports, quality
assurance reports, and inspection reports; (f) a copy of the most-recent appraisal, if any, obtained by Borrower; (g) UCC searches related to the applicable Mortgagor and the owners of the Equity Interests of such Mortgagor; (h) the
documents and information with respect to such Acceptable Property listed in Section 4.10; (i) an Acceptable Environmental Report; (j) a Borrowing Base Report setting forth in reasonable detail the calculations required
to establish the amount of the Borrowing Base (subject to the receipt of an Acceptable Appraisal) with such Acceptable Property included in the Borrowing Base; and (k) a Compliance Certificate setting forth in reasonable detail the calculations
required to show that the Companies will be in compliance with the terms of this Agreement with the inclusion of such Acceptable Property included the calculation of the Borrowing Base. 

4.04 Eligibility. In order for an Acceptable Property to be eligible for inclusion in the Borrowing Base, such Acceptable Property
shall satisfy the following: 
 (a) all Property Information with respect to such Acceptable Property shall be
reasonably acceptable to Administrative Agent; 
  

 54 

 (b) no Material Title Defect with respect to such Acceptable Property shall
exist; 
 (c) such Acceptable Property shall have reasonably satisfactory access to public utilities; 

(d) the admission of such Acceptable Property into the Borrowing Base shall not breach any obligation of any Company under
any Contractual Obligation; 
 (e) such Acceptable Property shall have an Occupancy Rate of at least seventy
percent (70%); and 
 (f) the property condition report and structural engineering report with respect to such
Acceptable Property shall not reveal any material defects. 
 4.05 Approval of Borrowing Base Properties. Each Acceptable
Property shall be subject to Administrative Agent’s approval for admission into the Borrowing Base; provided that if the Appraised Value of such Acceptable Property (other than any Initial Borrowing Base Property) exceeds twenty percent
(20%) of the Borrowing Base after giving effect to the admission of such Acceptable Property into the Borrowing Base, then the amount of the Borrowing Base attributable to such Borrowing Base Property shall not exceed twenty percent
(20%) of the Borrowing Base without the prior written approval of Required Lenders. Notwithstanding the foregoing guidelines, Administrative Agent hereby approves all Initial Borrowing Base Properties for admission into the Borrowing Base.

 4.06 Liens on Borrowing Base Properties. An Acceptable Property shall not be admitted into the Borrowing Base until:
(a) the applicable Mortgagor shall have executed and delivered (or caused to be executed and delivered) to Administrative Agent, for the benefit of the Lenders, the Subsidiary Guaranty and Security Documents covering such Acceptable Property;
(b) the applicable Pledgors shall have executed and delivered (or caused to be executed and delivered) a Pledge Agreement covering the Equity Interests with respect to the applicable Mortgagor and such Mortgagor’s general partner, if such
Mortgagor is a limited partnership; (c) Administrative Agent shall have a perfected, first priority Lien on such Acceptable Property (subject to Liens permitted under Section 8.01), for the benefit of the
Lenders and such Mortgagor shall have caused to be delivered to Administrative Agent Title Insurance Policies covering such Acceptable Property; and (d) Borrower and the applicable Mortgagor shall have delivered to Administrative Agent all of
the Property Information listed in Section 4.10. 
 4.07 Notice of Admission of New Borrowing Base
Properties. If, after the date of this Agreement, an Acceptable Property meets all the requirements to be included in the Borrowing Base set forth in this Article IV, then Administrative Agent shall notify Borrower and Lenders in
writing (a) that such Acceptable Property is admitted into the Borrowing Base, and (b) of any changes to the Borrowing Base as a result of the admission of such Acceptable Property into the Borrowing Base. 

4.08 Appraisals of Borrowing Base Properties. 

(a) Administrative Agent will be entitled to obtain, at Borrower’s expense, a new Acceptable Appraisal for any
Borrowing Base Property whose most-recent Acceptable Appraisal is more than eighteen (18) months old; provided that in addition to the foregoing, Administrative Agent will be entitled to obtain, and at the request of Required Lenders
shall obtain, at Borrower’s expense, additional Acceptable Appraisals of any Borrowing Base Property or any part thereof if (i) an Event of Default has occurred and is continuing at the time Administrative Agent orders such Acceptable
Appraisal, (ii) Borrower has exercised the option to extend the Maturity Date pursuant to Section 2.13, or (iii) an appraisal is required under applicable Law. 

 

 55 

 (b) Borrower may at its option request that Administrative Agent obtain, at
Borrower’s expense, an Acceptable Appraisal of any Borrowing Base Property or any part thereof, and Administrative Agent shall notify Borrower and Lenders in writing of any changes to the Borrowing Base as a result of the receipt of such
Acceptable Appraisal. 
 4.09 Release of Borrowing Base Property. Upon the written request of Borrower, Administrative
Agent shall release a Borrowing Base Property from the Borrowing Base and any and all Liens in such Borrowing Base Property and, where appropriate, in the Equity Interests of the applicable Mortgagor granted pursuant to the Security Documents and,
where appropriate, release such Mortgagor from the Subsidiary Guaranty; provided that no Default exists before and after giving effect thereto (other than Defaults solely with respect to such Borrowing Base Property that would no longer exist
after giving effect to the release of such Borrowing Base Property from the Borrowing Base); provided, further, that Administrative Agent shall have no obligation to release any such Liens or obligations without a Borrowing Base Report
setting forth in reasonable detail the calculations required to establish the amount of the Borrowing Base without such Borrowing Base Property and a Compliance Certificate setting forth in reasonable detail the calculations required to show that
the Companies are in compliance with the terms of this Agreement without the inclusion of such Borrowing Base Property in the calculation of the Borrowing Base, in each case as of the date of such release and after giving effect to any such release.

 4.10 Documentation Required with Respect to Borrowing Base Properties. Borrower shall deliver, or shall cause the
applicable Mortgagor to deliver, each of the following with respect to each Acceptable Property to be admitted to the Borrowing Base: 

(a) unless otherwise agreed or approved by Administrative Agent: (i) two (2) prints of an original survey of
each Borrowing Base Property and improvements thereon, as is satisfactory to Administrative Agent and the Title Company; and (ii) a flood insurance policy in an amount required by Administrative Agent, but in no event less than the amount
sufficient to meet the requirements of applicable Law and the Flood Disaster Protection Act of 1973, or evidence satisfactory to Administrative Agent that such Acceptable Property is not located in a flood hazard area; 

(b) (i) true and correct copies of each Major Lease and any Guarantees thereof and (ii) estoppel certificates
and subordination and attornment agreements (including nondisturbance agreements if and to the extent agreed by Administrative Agent in its discretion) (“SNDA’s”), with respect to each Major Lease, in form and content
reasonably satisfactory to Administrative Agent, from the tenants and subtenants as Administrative Agent may reasonably require (provided that existing SNDA’s will be reviewed by Administrative Agent prior to the admission of such Acceptable
Property into the Borrowing Base and such SNDA’s will be deemed acceptable to Administrative Agent if such SNDA’s are reasonably satisfactory to Administrative Agent); 

(c) (i) evidence satisfactory to Administrative Agent that no portion of the Improvements of such Acceptable Property are
located within “wetlands” under any applicable Law (unless all necessary approvals and permits have been obtained and remain in full force and effect) and (ii) an Acceptable Environmental Report for such Acceptable Property addressed
to Administrative Agent (or subject to a reliance letter reasonably satisfactory to Administrative Agent), made within one hundred and eighty (180) days prior to the date such Acceptable Property is admitted to the Borrowing Base, showing that
such Acceptable Property is in compliance with Environmental Requirements, and (iii) a certificate certified by a Responsible Officer of Borrower that Borrower or the applicable Mortgagor is complying in good faith with the recommendations set
forth in the Acceptable Environmental Report; 
  

 56 

 (d) evidence that all applicable zoning ordinances, restrictive covenants,
and Laws affecting such Acceptable Property (i) permit the use for which such Acceptable Property is intended and (ii) have been or will be complied with without the existence of any variance, non-complying use, nonconforming use (other
than a legally non-conforming use) or other special exception or if a variance, permit or special exception is required, such has been obtained and remains in full force and effect; 

(e) (i) executed, acknowledged, and/or sworn to, as required, counterparts of the Mortgages (other than the New York
Mortgages), which, other than for the Unrecorded Mortgages, shall have been delivered to the Title Company and released for recordation in the official records of the city or county in which such Acceptable Property is located, and (ii) UCC-1
financing statements which shall have been furnished for filing in all filing offices that Administrative Agent may require; 

(f) other than with respect to Equity Pledge Properties, a pro forma Title Insurance Policy in the amounts set forth in
the definition of Title Insurance Policies or a commitment to issue such Title Insurance Policy from the Title Company (Borrower and Borrower’s counsel shall not have any interest, direct or indirect, in the Title Company (or its agent) or any
portion of the premium paid for the Title Insurance Policy); 
 (g) (i) evidence that no contractor’s,
supplier’s, mechanic’s or materialman’s Lien claim or notice, lis pendens, judgment, or other claim or encumbrance against such Acceptable Property has been filed for record in the county where such Acceptable Property is
located or in any other public record which by Law provides notice of claims or encumbrances regarding such Acceptable Property (unless otherwise permitted under Section 8.01); (ii) a certificate or certificates of a
reporting service acceptable to Administrative Agent, reflecting the results of searches made not earlier than forty five (45) days prior to the date such Acceptable Property is admitted to the Borrowing Base, (A) of the central and local
Uniform Commercial Code records, showing no filings against any of the Collateral or against Borrower or the applicable Mortgagor related to the Acceptable Property otherwise, except as consented to by Administrative Agent; and (B) if required
by Administrative Agent, of the appropriate judgment and tax Lien records, showing no outstanding judgment or tax Lien against Borrower or the applicable Mortgagor, in each case, unless otherwise permitted under Section 8.01;

 (h) an Acceptable Appraisal of such Acceptable Property; 

(i) if such Acceptable Property is held pursuant to an Acceptable Ground Lease: (i) true and correct copies of such
Acceptable Ground Lease and any Guarantees thereof; and (ii) to the extent required by Administrative Agent in its discretion, recognition agreements and estoppel certificates executed by the lessor under such Acceptable Ground Lease, in form
and content satisfactory to Administrative Agent; 
 (j) a true and correct rent roll for such Acceptable
Property; and 
 (k) evidence of the current property condition including a structural engineering report
performed by an engineer satisfactory to Administrative Agent. 
 4.11 Florida Equity Pledge Property. 

(a) Notwithstanding anything contained in Section 4.06(b) or (c) or
Section 4.10(e) or (f), (i) the Mortgage (the “Florida Mortgage”) with respect the Florida Equity Pledge Property shall not be recorded and shall be delivered to Administrative Agent in
escrow, and (ii) Borrower shall not be required to deliver Title Insurance Policies covering the Florida Equity Pledge Property, in each case except as provided in clause (b) below. 

 

 57 

 (b) If an Event of Default has occurred and is continuing at the time of
filing thereof, then (i) Administrative Agent shall be permitted to immediately file the Florida Mortgage in each of the offices that Administrative Agent may deem necessary or desirable, (ii) Borrower shall (or shall cause the applicable
Mortgagor to) execute and deliver to Administrative Agent all further instruments and documents as Administrative Agent may reasonably request, and shall take all further actions that may be necessary or desirable, or that Administrative Agent may
reasonably request, to perfect and protect the Liens in favor of Administrative Agent, for the benefit of the Lenders, in the Florida Equity Pledge Property, (iii) Borrower shall deliver (or shall cause to be delivered) to Administrative Agent
Title Insurance Policies covering the Florida Equity Pledge Property, and (iv) Borrower expressly agrees that it shall pay (or shall cause to be paid) all mortgage taxes, recordation and filing fees, all title insurance premiums and charges,
and all other expenses in connection with the filing of the Florida Mortgage and the issuance of the Title Insurance Policies with respect thereto. 

(c) Notwithstanding the fact that the Florida Mortgage may not be filed unless an Event of Default has occurred and is
continuing at the time of filing thereof, Borrower acknowledges that the Florida Mortgage is binding and enforceable against the applicable Mortgagor as of the date executed by such Mortgagor. 

4.12 New York Equity Pledge Properties. 

(a) Notwithstanding anything contained in Section 4.06(b) or (c) or
Section 4.10(e) or (f), (i) Borrower shall not be required to deliver (or cause to be delivered) the New York Mortgages to Administrative Agent unless there is an Event of Default, and (ii) Borrower shall
not be required to deliver Title Insurance Policies covering the New York Equity Pledge Properties, in each case except as provided in clause (b) below. 

(b) If an Event of Default has occurred and is continuing, then (i) Borrower shall cause the applicable Mortgagors to
execute and deliver to Administrative Agent Mortgages in substantially the form of Exhibit F (the “New York Mortgages” and together with the Florida Mortgage, the “Unrecorded Mortgages”)
with respect to the New York Equity Pledge Properties, (ii) Administrative Agent shall be permitted to immediately file the New York Mortgages in each of the offices that Administrative Agent may deem necessary or desirable, (iii) Borrower
shall (or shall cause the applicable Mortgagor to) execute and deliver to Administrative Agent all further instruments and documents as Administrative Agent may reasonably request, and shall take all further actions that may be necessary or
desirable, or that Administrative Agent may reasonably request, to perfect and protect the Liens in favor of Administrative Agent, for the benefit of the Lenders, in the New York Equity Pledge Properties, (iv) Borrower shall deliver (or shall
cause to be delivered) to Administrative Agent Title Insurance Policies covering the New York Equity Pledge Properties, and (v) Borrower expressly agrees that it shall pay (or shall cause to be paid) all mortgage taxes, recordation and filing
fees, all title insurance premiums and charges, and all other expenses in connection with the filing of the New York Mortgages and the issuance of the Title Insurance Policies with respect thereto. 

 

 58 

 Article V. 

Conditions Precedent to Credit Extensions 

5.01 Conditions of Initial Credit Extension. The obligation of L/C Issuer and each Lender to make its initial Credit Extension
hereunder is subject to satisfaction of the following conditions precedent: 
 (a) Administrative Agent’s
receipt of the following, each of which shall be originals or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the
case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory to Administrative Agent and each of the Lenders: 

(i) executed counterparts of this Agreement, the Guaranties, and the applicable Pledge Agreements, sufficient in number
for distribution to Administrative Agent, each Lender, and Borrower; 
 (ii) a Note executed by Borrower in favor
of each Lender requesting a Note; 
 (iii) such certificates of resolutions or other action, incumbency
certificates and/or other certificates of Responsible Officers of each Loan Party as Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in
connection with this Agreement and the other Loan Documents to which such Loan Party is a party; 
 (iv) such
documents and certifications as Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in good standing and qualified to engage in business in each
jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to do so would not have a Material Adverse Effect; 

(v) a favorable opinion of Clifford Chance US LLP, New York counsel to the Loan Parties and local counsel to the Loan
Parties in the jurisdictions in which the Initial Borrowing Base Properties are located, in each case, addressed to Administrative Agent and each Lender, as to such matters concerning the Loan Parties and the Loan Documents as Administrative Agent
may reasonably request; 
 (vi) a certificate of a Responsible Officer of each Loan Party either
(A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and such
consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required; 

(vii) a certificate signed by a Responsible Officer of Borrower certifying (A) that the conditions specified in
Sections 5.02(a) and (b) have been satisfied, and (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to have,
either individually or in the aggregate, a Material Adverse Effect; 
  

 59 

 (viii) a duly completed Borrowing Base Report and Compliance Certificate as
of the Closing Date, signed by a Responsible Officer of Borrower; 
 (ix) the Property Information with respect
to each of the Initial Borrowing Base Properties; 
 (x) evidence that all insurance required to be maintained
pursuant to the Loan Documents has been obtained and is in effect; and 
 (xi) such other assurances,
certificates, documents, consents or opinions as Administrative Agent, L/C Issuer or Required Lenders reasonably may require. 

(b) Any fees required to be paid on or before the Closing Date shall have been paid. 

(c) Unless waived by Administrative Agent, Borrower shall have paid all fees, charges and disbursements of counsel to
Administrative Agent (directly to such counsel if requested by Administrative Agent) to the extent invoiced prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate
of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between Borrower and Administrative Agent).

 (d) The IPO shall have occurred. 

Without limiting the generality of the provisions of the last paragraph of Section 10.03, for purposes of determining
compliance with the conditions specified in this Section 5.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required
thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 

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

(a) The representations and warranties of Borrower and each other Loan Party contained in Article VI or any
other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the date of such Credit Extension, except to the extent
that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, and except that for purposes of this
Section 5.02, the representations and warranties contained in Section 6.05(b) shall be deemed to refer to the most-recent statements furnished pursuant to Section 7.01(b).

 (b) No Default shall exist, or would result from such proposed Credit Extension or from the application of the
proceeds thereof. 
 (c) Administrative Agent and, if applicable, L/C Issuer shall have received a Request for
Credit Extension in accordance with the requirements hereof. 
  

 60 

 (d) After giving effect to such proposed Credit Extension, the Total
Outstandings do not exceed the Available Loan Amount. 
 Each Request for Credit Extension (other than a Loan Notice requesting
only a conversion of Loans to the other Type or a continuation of Eurodollar Rate Loans) submitted by Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 5.02(a),
(b), and (d) have been satisfied on and as of the date of the applicable Credit Extension. 

Article VI. 

Representations and Warranties 

Each of Parent and Borrower represents and warrants to Administrative Agent and the Lenders that: 

6.01 Existence, Qualification and Power; Compliance with Laws. Each Company (a) is duly organized or formed, validly existing
and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to
(i) own or lease its assets and carry on its business and (ii) in the case of the Loan Parties, execute, deliver, and perform its obligations under the Loan Documents to which it is a party, and (c) is duly qualified and is licensed
and, as applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in each case referred to in
clause (b)(i) or (c) to the extent that failure to do so would not have a Material Adverse Effect. 

6.02 Authorization; No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document to which
such Person is party, have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with or result in
any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its
Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law. 

6.03 Governmental Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to,
or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document except for
those that have been obtained, taken or made, as the case may be, and those specified herein. 
 6.04 Binding Effect.
This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will
constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in accordance with its terms, except as enforcement may be limited by Debtor Relief Laws or general equitable principles
relating to or limiting creditors’ rights generally. 
 6.05 Financial Statements; No Material Adverse Effect.

 (a) The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied
throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of Parent as of the date thereof and their results 

 

 61 

 
of operations for each period covered thereby in accordance with GAAP consistently applied throughout the each period covered thereby, except as otherwise expressly noted therein; and
(iii) show all material indebtedness and other liabilities, direct or contingent, of Parent as of the date thereof, including liabilities for taxes, material commitments and Indebtedness. 

(b) The unaudited consolidated and consolidating balance sheets of Parent dated March 31, 2010, and the related
consolidated and consolidating statements of income or operations, shareholders’ equity and cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period covered
thereby, except as otherwise expressly noted therein, and (ii) fairly present the financial condition of Parent as of the date thereof and its results of operations for the period covered thereby, subject, in the case of
clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments. 

(c) The consolidated and consolidating pro forma balance sheets of Parent as of the Closing Date, and the related
consolidated and consolidating pro forma statements of income and cash flows for the portion of the fiscal year then ended (the “Pro Forma Financial Statements”), certified by the chief financial officer or treasurer of
Parent, copies of which have been furnished to each Lender, fairly present the consolidated and consolidating pro forma financial condition of Parent as of such date and the consolidated and consolidating pro forma results of operations of Parent
for the period ended on such date, all in accordance with GAAP. 
 (d) Since the date of the Pro Forma Financial
Statements, there has been no event or circumstance, either individually or in the aggregate, that has had or would have a Material Adverse Effect. 

6.06 Litigation. There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of any Company after
due and diligent investigation, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against any Company or against any of their properties or revenues that (a) purport to affect or pertain
to this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) except as specifically disclosed in Schedule 6.06, either individually or in the aggregate, if determined adversely, would
have a Material Adverse Effect, and there has been no adverse change in the status, or financial effect on any Company, of the matters described on Schedule 6.06. 

6.07 No Default. No Company is in default under or with respect to any Contractual Obligation that could, either individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing. 
 6.08
Ownership of Property; Liens; Equity Interests. Each Loan Party has good record and marketable title in fee simple to, or valid leasehold interests in, all Properties necessary or used in the ordinary conduct of its business, except for such
defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each applicable Mortgagor has good record and marketable fee simple title (or, in the case of Acceptable Ground Leases, a
valid leasehold) to the Borrowing Base Property owned by such Mortgagor, subject only to Liens permitted by Section 8.01. All of the outstanding Equity Interests in each Mortgagor have been validly issued, are fully paid and
nonassessable and are owned by the applicable Pledgors free and clear of all Liens (other than Liens permitted by Section 8.01). 
  

 62 

 6.09 Environmental Compliance. 

(a) The Companies conduct in the ordinary course of business a review of the effect of existing Environmental Laws and
claims alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses, operations and properties, and as a result thereof Parent and Borrower have reasonably concluded that, except as
specifically disclosed in Schedule 6.09, such Environmental Laws and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(b) After due inquiry and investigation in accordance with good commercial or customary practices to determine whether
Contamination is present on any Property, without regard to whether Administrative Agent or any Lender has or hereafter obtains any knowledge or report of the environmental condition of such Property, except, with respect to the Borrowing Base
Properties, as may be indicated in the Acceptable Environmental Report delivered to Administrative Agent: (i) such Property has not been used (A) for landfilling, dumping, or other waste or Hazardous Material disposal activities or
operations, or (B) for generation, storage, use, sale, treatment, processing, or recycling of any Hazardous Material, or for any other use that has resulted in Contamination, and in each case, to each Company’s knowledge, no such use on
any adjacent property occurred at any time prior to the date hereof; (ii) there is no Hazardous Material, storage tank (or similar vessel) whether underground or otherwise, sump or well currently on any Property; (iii) no Company has
received any notice of, or has knowledge of, any Environmental Claim or any completed, pending, proposed or threatened investigation or inquiry concerning the presence or release of any Hazardous Material on any Property or any adjacent property or
concerning whether any condition, use or activity on any Property or any adjacent property is in violation of any Environmental Requirement; (iv) the present conditions, uses, and activities on each Property do not violate any Environmental
Requirement and the use of any Property which any Company (and each tenant and subtenant) makes and intends to make of any Property complies and will comply with all applicable Environmental Requirements; (v) no Property appears on the National
Priorities List, any federal or state “superfund” or “superlien” list, or any other list or database of properties maintained by any local, state, or federal agency or department showing properties which are known to contain or
which are suspected of containing a Hazardous Material; (vi) no Company has ever applied for and been denied environmental impairment liability insurance coverage relating to any Property; (vii) no Company has, nor, to any Company’s
knowledge, have any tenants or subtenants, obtained any permit or authorization to construct, occupy, operate, use, or conduct any activity on any Property by reason of any Environmental Requirement; and (viii) to any Company’s knowledge,
there are no underground or aboveground storage tanks on such Property. 
 (c) Even though a Loan Party may have
provided Administrative Agent with an Acceptable Environmental Report or other environmental report or assessment together with other relevant information regarding the environmental condition of the Borrowing Base Properties, Borrower acknowledges
and agrees that Administrative Agent is not accepting the Borrowing Base Properties as security for the Obligations based solely on that report, assessment, or information. Rather Administrative Agent has relied on the assessments, reports, and
representations and warranties of Borrower in this Agreement and Administrative Agent is not waiving any of its rights and remedies in the environmental provisions of this Agreement, the Mortgages, or any other Loan Document. 

6.10 Insurance. The properties of the Loan Parties are insured with financially sound and reputable insurance companies not
Affiliates of any Loan Party, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Loan Parties operate.

  

 63 

 6.11 Taxes. The Companies have filed all material Federal, state and other tax
returns and reports required to be filed, and have paid all material Federal, state and other taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except
those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP or which would not result in a Material Adverse Effect. There is no proposed tax
assessment against any Company that would, if made, have a Material Adverse Effect. 
 6.12 ERISA Compliance. 

(a) Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other
Federal or state laws. Each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination letter from the Internal Revenue Service to the effect that the form of such Plan is
qualified under Section 401(a) of the Code and the trust related thereto has been determined by the Internal Revenue Service to be exempt from federal income tax under Section 501(a) of the Code, or an application for such a
letter is currently being processed by the Internal Revenue Service. To the best knowledge of Parent and Borrower, nothing has occurred that would prevent or cause the loss of such tax-qualified status. Parent and each ERISA Affiliate have made all
required contributions to each Plan subject to Section 412 of the Code, and no application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any
Plan. 
 (b) There are no pending or, to the best knowledge of Parent and Borrower, threatened claims, actions or
lawsuits, or action by any Governmental Authority, with respect to any Plan that would have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has
resulted or would have a Material Adverse Effect. 
 (c) (i) No ERISA Event has occurred, and neither Parent
nor any ERISA Affiliate is aware of any fact, event or circumstance that would constitute or result in an ERISA Event with respect to any Pension Plan; (ii) Parent and each ERISA Affiliate has met all applicable requirements under the Pension
Funding Rules in respect of each Pension Plan, and no waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained; (iii) as of the most-recent valuation date for any Pension Plan, the funding target
attainment percentage (as defined in Section 430(d)(2) of the Code) is 60% or higher and neither Parent nor any ERISA Affiliate knows of any facts or circumstances that would cause the funding target attainment percentage for any such
plan to drop below 60% as of the most-recent valuation date; (iv) neither Parent nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums, and there are no premium payments which have become due that
are unpaid; (v) neither Parent nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; and (vi) no Pension Plan has been terminated by the plan
administrator thereof nor by the PBGC, and no event or circumstance has occurred or exists that would cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension Plan, in each case, that would result in a liability,
individually, or in the aggregate, in excess of the Threshold Amount. 
 6.13 Margin Regulations; Investment Company Act.

 (a) Neither Parent nor Borrower is engaged and will not engage, principally or as one of their important
activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. 

 

 64 

 (b) None of Parent, Borrower, any Person Controlling Borrower, or any other
Company is or is required to be registered as an “investment company” under the Investment Company Act of 1940. 

6.14 Disclosure. Parent and Borrower have disclosed to Administrative Agent and the Lenders all agreements, instruments and
corporate or other restrictions to which any Company is subject, and all other matters known to them, that, individually or in the aggregate, would have a Material Adverse Effect. The reports, financial statements, certificates or other information
furnished (whether in writing or orally) by or on behalf of any Company to Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other
Loan Document (in each case, as modified or supplemented by other information so furnished), taken as a whole, do not contain any material misstatement of fact or fail to state any material fact necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading; provided that with respect to projected financial information, Parent and Borrower represent only that such information was prepared in good faith based upon assumptions believed
to be reasonable at the time. 
 6.15 Compliance with Laws. Each Company is in compliance in all material respects with
the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good
faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, would not have a Material Adverse Effect. 

6.16 Taxpayer Identification Number. As of the date hereof, each Loan Party’s true and correct U.S. taxpayer identification
number is set forth on Schedule 11.02. 
 6.17 Intellectual Property; Licenses, Etc. Each Loan Party
owns, or possesses the right to use, all of the trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights (collectively, “IP Rights”) that are
reasonably necessary for the operation of their respective businesses, without conflict with the rights of any other Person except, in each case, where the failure to do so would not have a Material Adverse Effect. To the best knowledge of each Loan
Party, no slogan or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed, by any Loan Party infringes upon any rights held by any other Person except where such
infringement would not have a Material Adverse Effect. Except as specifically disclosed in Schedule 6.17, no claim or litigation regarding any of the foregoing is pending or, to the best knowledge of each Loan Party, threatened,
which, either individually or in the aggregate, would have a Material Adverse Effect. 
 6.18 Representations Concerning
Leases. (a) A true and correct copy of each Major Lease, and each Guarantee thereof (if any), affecting any part of the Borrowing Base Properties has been delivered to Administrative Agent and no Lease or Guarantee thereof (if any) contains
any option to purchase all or any portion of any Borrowing Base Property or any interest therein or contains any right of first refusal relating to any sale of any Borrowing Base Property or any portion thereof or interest therein; and
(b) Borrower and the applicable Mortgagors have delivered true and correct copies of each rent roll as required by Section 4.10(j). 
  

 65 

 6.19 Solvency. No Loan Party (a) has entered into the transaction or executed
this Agreement or any other Loan Document with the actual intent to hinder, delay or defraud any creditor and (b) has not received reasonably equivalent value in exchange for its obligations under the Loan Documents. After giving effect to any
Loan, the fair saleable value of each Loan Party’s assets exceeds and will, immediately following the making of any such Loan, exceed such Loan Party’s total liabilities, including subordinated, unliquidated, disputed and contingent
liabilities. No Loan Party’s assets constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted, nor will its assets constitute unreasonably small capital immediately following the making of any
Loan. No Loan Party intends to incur debt and liabilities (including contingent liabilities and other commitments) beyond its ability to pay such debt and liabilities as they mature (taking into account the timing and amounts of cash to be received
by such Loan Party and the amounts to be payable on or in respect of obligations of such Loan Party). 
 6.20 REIT Status of
Parent. Parent will elect to qualify as a REIT commencing with its taxable year ending December 31, 2010 and each taxable year thereafter. 

6.21 Labor Matters. There is (a) no significant unfair labor practice complaint pending against any Company or, to the best
of each Company’s knowledge, threatened against any Company, before the National Labor Relations Board, and no significant grievance or significant arbitration proceeding arising out of or under any collective bargaining agreement is pending on
the date hereof against any Company or, to best of any Company’s knowledge, threatened against any Company which, in either case, would result in a Material Adverse Effect, and (b) no significant strike, labor dispute, slowdown or stoppage
is pending against any Company or, to the best of any Company’s knowledge, threatened against any Company which would result in a Material Adverse Effect. 

6.22 Ground Lease Representation. 

(a) The applicable Mortgagor has delivered to Administrative Agent true and correct copies of each Acceptable Ground Lease
as required by Section 4.10(i). 
 (b) Each Acceptable Ground Lease is in full force and
effect. 
 6.23 Borrowing Base Properties. Except where the failure of any of the following to be true and correct would
not have a material and adverse affect on the value of the applicable Borrowing Base Property: 
 (a) Each
Borrowing Base Property complies with all Laws, including all subdivision and platting requirements, without reliance on any adjoining or neighboring property. No Loan Party has received any notice or claim from any Person that a Borrowing Base
Property, or any use, activity, operation, or maintenance thereof or thereon, is not in compliance with any Law, and has no knowledge of any such noncompliance except as disclosed in writing to Administrative Agent; 

(b) The Loan Parties have not directly or indirectly conveyed, assigned, or otherwise disposed of, or transferred (or
agreed to do so) any development rights, air rights, or other similar rights, privileges, or attributes with respect to a Borrowing Base Property, including those arising under any zoning or property use ordinance or other Laws; 

(c) All utility services necessary for the use of each Borrowing Base Property and the operation thereof for their
intended purpose are available at each Borrowing Base Property; 
  

 66 

 (d) The current and anticipated use of each Borrowing Base Property complies
in all material respects with all applicable zoning ordinances, regulations, and restrictive covenants affecting such Borrowing Base Property without the existence of any variance, non-complying use, nonconforming use, or other special exception,
all use restrictions of any Governmental Authority having jurisdiction have been satisfied, and no violation of any Law exists with respect thereto; and 

(e) No Borrowing Base Property is the subject of any pending or, to any Loan Party’s knowledge, threatened
Condemnation or adverse zoning proceeding for which Administrative Agent has not been notified in accordance with Section 7.13. 

Article VII. 

Affirmative Covenants 

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder (excluding contingent indemnification
obligations to the extent no unsatisfied claim giving rise thereto has been asserted) shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding: 

7.01 Financial Statements. Each of Parent and Borrower shall deliver to Administrative Agent and each Lender, in form and detail
satisfactory to Administrative Agent and Required Lenders: 
 (a) as soon as available, but in any event within
ninety (90) days after the end of each fiscal year of Parent (or, if earlier, fifteen (15) days after the date required to be filed with the SEC) (commencing with the fiscal year ended December 31, 2010), a consolidated and
consolidating balance sheet of Parent as at the end of such fiscal year, and the related consolidated and consolidating statements of income or operations, changes in shareholders’ equity, and cash flows for such fiscal year, setting forth in
each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, such consolidated statements to be audited and accompanied by a report and opinion of an independent certified
public accountant of nationally recognized standing reasonably acceptable to Required Lenders, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going
concern” or like qualification or exception or any qualification or exception as to the scope of such audit, and such consolidating statements to be certified by the chief executive officer, chief financial officer, treasurer or controller of
Parent to the effect that such statements are fairly stated in all material respects when considered in relation to the consolidated financial statements of Parent; 

(b) as soon as available, but in any event within forty-five (45) days after the end of each of the first three
(3) fiscal quarters of each fiscal year of Parent (or, if earlier, five (5) days after the date required to be filed with the SEC) (commencing with the fiscal quarter ended September 30, 2010), a consolidated and consolidating balance
sheet of Parent as at the end of such fiscal quarter, the related consolidated and consolidating statements of income or operations for such fiscal quarter and for the portion of Parent’s fiscal year then ended, and the related consolidated and
consolidating statements of changes in shareholders’ equity, and cash flows for the portion of Parent’s fiscal year then ended, in each case setting forth in comparative form, as applicable, the figures for the corresponding fiscal quarter
of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail, such consolidated statements to be certified by the chief executive officer, chief financial officer, treasurer or controller of Parent
as fairly presenting the financial condition, results of operations, shareholders’ equity and cash flows of Parent in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes and such consolidating
statements to be certified by the chief executive officer, chief financial officer, treasurer or controller of Parent to the effect that such statements are fairly stated in all material respects when considered in relation to the consolidated
financial statements of Parent; and 
  

 67 

 (c) concurrently with the delivery of the financial statements referred to
in Sections 7.01(a) and (b), (i) a statement of all income and expenses in connection with each Borrowing Base Property, and (ii) a rent roll, each certified in writing as true and correct by Responsible
Officer of Parent. 
 As to any information contained in materials furnished pursuant to Section 7.02, Parent
and Borrower shall not be separately required to furnish such information under clause (a) or (b) above, but the foregoing shall not be in derogation of the obligation of Parent and Borrower to furnish the
information and materials described in clauses (a) and (b) above at the times specified therein. 

7.02 Certificates; Other Information. Each of Parent and Borrower shall deliver to Administrative Agent and each Lender, in form
and detail satisfactory to Administrative Agent and Required Lenders: 
 (a) concurrently with the delivery of
the financial statements referred to in Sections 7.01(a) and (b), a duly completed Compliance Certificate signed by the chief executive officer, chief financial officer, treasurer or controller of Borrower (which
delivery may, unless Administrative Agent or a Lender requests executed originals, be by electronic communication including fax or email and shall be deemed to be an original authentic counterpart thereof for all purposes); 

(b) concurrently with the delivery of the financial statements referred to in Sections 7.01(a) and
(b), upon the receipt by Administrative Agent of any new Acceptable Appraisal, upon the admission of an Acceptable Property into the Borrowing Base, and upon the removal of any Property from the Borrowing Base, a duly completed
Borrowing Base Report signed by the chief executive officer, chief financial officer, treasurer or controller of Borrower (which delivery may, unless Administrative Agent or a Lender requests executed originals, be by electronic communication
including fax or email and shall be deemed to be an original authentic counterpart thereof for all purposes); 

(c) promptly after any request by Administrative Agent, copies of any detailed audit reports submitted to the board of
directors (or the audit committee of the board of directors) of Parent by independent accountants in connection with the accounts or books of Parent; 

(d) promptly after the same are available, copies of each annual report, proxy or financial statement or other report or
communication sent to the stockholders of Parent, and copies of all annual, regular, periodic and special reports and registration statements which Borrower may file or be required to file with the SEC under Section 13 or 15(d) of
the Securities Exchange Act of 1934, and not otherwise required to be delivered to Administrative Agent pursuant hereto; 

(e) as soon as reasonably practicable, but in any event within ninety (90) days after the beginning of each fiscal
year of Parent, an annual budget for Parent, on a consolidated basis prepared by Parent in the ordinary course of its business; 

(f) promptly after the furnishing thereof, copies of any statement or report furnished to any holder of debt securities of
Parent or Borrower pursuant to the terms of any indenture, loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant to Section 7.01 or any other clause of this
Section 7.02; 
  

 68 

 (g) promptly, and in any event within five (5) Business Days after
receipt thereof by any Company, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any material investigation or other material inquiry by such agency
regarding financial or other operational results of any Company unless restricted from doing so by such agency; and 

(h) promptly, such additional information regarding the business, financial or corporate affairs of any Company or any
Borrowing Base Property, or compliance with the terms of the Loan Documents, as Administrative Agent or any Lender may from time to time reasonably request. 

Documents required to be delivered pursuant to Section 7.01(a) or (b) or Section 7.02(d)
(to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which Parent and Borrower posts
such documents, or provides a link thereto on Parent and Borrower’s website on the Internet at the website address listed on Schedule 11.02; or (ii) on which such documents are posted on Parent and Borrower’s behalf
on an Internet or intranet website, if any, to which each Lender and Administrative Agent have access (whether a commercial, third-party website or whether sponsored by Administrative Agent). Administrative Agent shall have no obligation to request
the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by Parent and Borrower with any such request by a Lender for delivery, and each Lender shall be
solely responsible for requesting delivery to it or maintaining its copies of such documents. 
 Parent and Borrower hereby
acknowledge that (a) Administrative Agent and/or the Joint Lead Arrangers will make available to the Lenders and L/C Issuer materials and/or information provided by or on behalf of Parent and Borrower hereunder (collectively,
“Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public
Lender”) may have personnel who do not wish to receive material non-public information with respect to Parent, Borrower or their Affiliates, or the respective Equity Interests of any of the foregoing, and who may be engaged in
investment and other market-related activities with respect to such Persons’ Equity Interests. Parent and Borrower hereby agree that (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and
conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” Parent and Borrower shall be
deemed to have authorized Administrative Agent, Joint Lead Arrangers, L/C Issuer and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to Parent and Borrower or their Equity Interests for
purposes of United States Federal and state securities laws (provided that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 11.07); (y) all Borrower Materials
marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z) Administrative Agent and the Joint Lead Arrangers shall be entitled to treat any Borrower
Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.” 

7.03 Notices. Each of Parent and Borrower shall, and shall cause each other Loan Party to, promptly notify Administrative Agent
who shall notify each Lender: 
 (a) of the occurrence of any Default; 

 

 69 

 (b) of any matter that has resulted or would have a Material Adverse Effect;

 (c) of the occurrence of any ERISA Event which has resulted or would result in liabilities of any Company in
an aggregate amount in excess of the Threshold Amount; 
 (d) of any material litigation, arbitration or
governmental investigation or proceeding instituted or threatened in writing against any Borrowing Base Property, and any material development therein; 

(e) of any actual or threatened in writing Condemnation of any portion of any Borrowing Base Property, any negotiations
with respect to any such taking, or any material loss of or substantial damage to any Borrowing Base Property; 

(f) of any Casualty with respect to any Borrowing Base Property; 

(g) of any material permit, license, certificate or approval required with respect to any Borrowing Base Property lapses
or ceases to be in full force and effect or claim from any person that any Borrowing Base Property, or any use, activity, operation or maintenance thereof or thereon, is not in compliance with any Law except to the extent that the same would not
result in a material and adverse affect on such Borrowing Base Property; 
 (h) of any material change in
accounting policies or financial reporting practices by any Company, including any determination by Borrower referred to in Section 2.09(b); and 

(i) of any labor controversy pending or threatened against any Company, and any material development in any labor
controversy except to the extent that the same would not have a Material Adverse Effect. 
 Each notice pursuant to this
Section 7.03 shall be accompanied by a statement of a Responsible Officer of Parent and Borrower setting forth details of the occurrence referred to therein and stating what action Parent and/or Borrower has taken and proposes to
take with respect thereto. Each notice pursuant to Section 7.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 

7.04 Payment of Obligations. Each of Parent and Borrower shall, and shall cause each other Company to, pay and discharge as the
same shall become due and payable, all its obligations and liabilities, including: (a) all tax liabilities, assessments and governmental charges or levies upon a Company or its properties or assets, unless the same are being contested in good
faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by such Company; (b) all lawful claims which, if unpaid, would by law become a Lien upon its property other than Liens of
the type permitted under Sections 8.01(a) through (g); and (c) all Indebtedness, as and when due and payable except, in each case, where the failure to do so would not result in a Material Adverse Effect.

 7.05 Preservation of Existence, Etc. Each of Parent and Borrower shall, and shall cause each other Company to
(a) preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 8.03; (b) take all
reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so would not have a Material Adverse Effect; and
(c) preserve or renew all of its IP Rights, the non-preservation of which would have a Material Adverse Effect. 
  

 70 

 7.06 Maintenance of Properties. Each of Parent and Borrower shall, and
shall cause each other Company to (a) maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and condition except to the extent the failure to do so would not
result in a Material Adverse Effect; (b) make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so would not have a Material Adverse Effect; (c) use the standard of care typical in the
industry in the operation and maintenance of its facilities; and (d) keep the Borrowing Base Properties in good order, repair, operating condition, and appearance, causing all necessary repairs, renewals, replacements, additions, and
improvements to be promptly made, and not allow any of the Borrowing Base Properties to be misused, abused or wasted or to deteriorate (ordinary wear and tear excepted). 

7.07 Maintenance of Insurance. 

(a) Each of Parent and Borrower shall, and shall cause each other Company to, maintain with financially sound and
reputable insurance companies not Affiliates of any Company, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and
in such amounts as are customarily carried under similar circumstances by such other Persons. 
 (b) Without
limiting the foregoing, each of Parent and Borrower shall, and shall cause each other Loan Party to, obtain and maintain, at Borrower’s or the applicable Mortgagor’s sole expense: (i) property insurance with respect to all insurable
property, against loss or damage by fire, lightning, windstorm, explosion, hail, tornado and such additional hazards as are presently included in special form (also known as “all-risk”) coverage and against any and all acts of terrorism
and such other insurable hazards as Administrative Agent may require, in an amount not less than one hundred percent (100%) of the full replacement cost, including the cost of debris removal, without deduction for depreciation and sufficient to
prevent any Company and Administrative Agent and Lenders from becoming coinsurers; (ii) if and to the extent any portion of any Borrowing Base Property or the Improvements is, under the Flood Disaster Protection Act of 1973 (for purposes of
this Section, “FDPA”), as it may be amended from time to time, in a Special Flood Hazard Area, within a Flood Zone designated A or V in a participating community, a flood insurance policy in an amount required by
Administrative Agent, but in no event less than the amount sufficient to meet the requirements of applicable Law and the FDPA, as such requirements may from time to time be in effect; (iii) general liability insurance, on an
“occurrence” basis against claims for “personal injury” liability, including bodily injury, death, or property damage liability, for the benefit of the applicable Loan Parties as named insureds and Administrative Agent, for the
benefit of Lenders, as additional insured; (iv) statutory workers’ compensation insurance with respect to any work on or about any of the Borrowing Base Properties (including employer’s liability insurance, if required by
Administrative Agent), covering all employees and contractors of each applicable Loan Party; and (v) such other insurance on the Borrowing Base Properties and endorsements as may from time to time be required by Administrative Agent (including
soft cost coverage, automobile liability insurance, business interruption insurance, or delayed rental insurance, boiler and machinery insurance, earthquake insurance, wind insurance, sinkhole coverage, and/or permit to occupy endorsement) and
against other insurable hazards or casualties which at the time are commonly insured against in the case of premises similarly situated, due regard being given to the height, type, construction, location, use and occupancy of buildings and
Improvements. All insurance policies shall be issued and maintained by insurers, in amounts, with deductibles, limits and retentions, and in forms satisfactory to Administrative Agent. All insurance companies providing insurance required pursuant to
this Agreement or any other Loan Document must be licensed to do business 
  

 71 

 
in the state in which the applicable Borrowing Base Property is located and must have an A. M. Best Company financial and performance ratings of A-:IX or better. All insurance policies
maintained, or caused to be maintained, with respect to the Borrowing Base Properties, except for general liability insurance, shall provide that each such policy shall be primary without right of contribution from any other insurance that may be
carried, Administrative Agent or any Lender and that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured. If any insurer which has issued a policy
of hazard, liability, or other insurance required pursuant to this Agreement or any other Loan Document becomes insolvent or is the subject of any petition, case, proceeding or other action pursuant to any Debtor Relief Law, or if in Administrative
Agent’s reasonable opinion the financial responsibility of such insurer is or becomes inadequate, then each applicable Loan Party shall in each instance promptly upon its discovery thereof or upon the request of Administrative Agent therefor,
promptly obtain and deliver to Administrative Agent a like policy (or, if and to the extent permitted by Administrative Agent, acceptable evidence of insurance) issued by another insurer, which insurer and policy meet the requirements of this
Agreement or such other Loan Document, as the case may be. 
 (c) Each of Parent and Borrower shall, and shall
cause each other Loan Party to, cause all certificates of insurance or other evidence of each initial insurance policy to be delivered to Administrative Agent on or prior to the Closing Date, with all premiums fully paid current, and each renewal or
substitute policy (or evidence of insurance) shall be delivered to Administrative Agent, with all premiums fully paid current, at least ten (10) days after the termination of the policy it renews or replaces. 

(d) Each of Parent and Borrower shall, and shall cause each other Loan Party to, pay all premiums on policies required
hereunder as they become due and payable and promptly deliver to Administrative Agent evidence satisfactory to Administrative Agent of the timely payment thereof. If any loss occurs at any time when the Loan Parties have failed to perform the Loan
Parties’ covenants and agreements in this Section 7.07 with respect to any insurance payable because of loss sustained to any part of any Borrowing Base Property or otherwise, whether or not such insurance is required by
Administrative Agent and the Lenders, then Administrative Agent and the Lenders shall nevertheless be entitled to the benefit of all insurance covering the loss and held by or for a Loan Party, to the same extent as if it had been made payable to
Administrative Agent for the benefit of Lenders. 
 (e) Each of Parent and Borrower shall, and shall cause each
other Loan Party to, cause all insurance policies provided for or contemplated by this Section 7.07 with respect to the assets and properties of the Loan Parties that constitute Collateral to name the applicable Loan Party as the
insured and Administrative Agent as the additional insured or loss payee, as its interests may appear, in form and substance satisfactory to Administrative Agent, providing that the loss thereunder shall be payable directly to Administrative Agent.
In addition, such insurance policies shall provide for at least thirty (30) days’ prior written notice to Administrative Agent of any termination, lapse, modification, or cancellation of such policy or ten (10) days notice in the case
of non-payment of any premium. 
 7.08 Compliance with Laws. Each of Parent and Borrower shall, and shall cause
each other Company to, comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of
Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith would not have a Material Adverse Effect. 

 

 72 

 7.09 Books and Records. Each of Parent and Borrower shall, and shall cause each other
Company to: (a) maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of each
Company, as the case may be; and (b) maintain such books of record and account in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over any Company, as the case may be.

 7.10 Inspection Rights. Subject to the rights of tenants, each of Parent and Borrower shall, and shall cause
each other Loan Party to, permit representatives and independent contractors of Administrative Agent and each Lender to visit and inspect and photograph any Borrowing Base Property and any of its other properties, to examine its corporate, financial
and operating records, and all recorded data of any kind or nature, regardless of the medium of recording including all software, writings, plans, specifications and schematics, and make copies thereof or abstracts therefrom, and to discuss its
affairs, finances and accounts with its directors and officers all at the expense of Borrower and at such reasonable times during normal business hours, upon reasonable advance notice to the applicable Loan Party and no more often than once in any
period of twelve (12) consecutive months unless an Event of Default has occurred and is continuing; provided that when an Event of Default has occurred and is continuing Administrative Agent or any Lender (or any of their respective
representatives or independent contractors) may do any of the foregoing at the expense of Borrower at any time during normal business hours and without advance notice, subject to the rights of tenants. Any inspection or audit of the Borrowing Base
Properties or the books and records, including recorded data of any kind or nature, regardless of the medium of recording including software, writings, plans, specifications and schematics of any Company, or the procuring of documents and financial
and other information, by Administrative Agent on behalf of itself or on behalf of Lenders shall be for Administrative Agent’s and Lenders’ protection only, and shall not constitute any assumption of responsibility to any Company or anyone
else with regard to the condition, construction, maintenance or operation of the Borrowing Base Properties nor Administrative Agent’s approval of any certification given to Administrative Agent nor relieve any Company of Borrower’s or any
other Company’s obligations. 
 7.11 Use of Proceeds. Each of Parent and Borrower shall, and shall cause each
other Company to, use the proceeds of the Credit Extensions (a) to refinance the obligations of the Companies under existing facilities, (b) to finance the acquisition of Properties, (c) to pay development expenses with respect to the
Borrowing Base Properties, and (d) for general corporate purposes, in each case, not in contravention of any Law or of any Loan Document. 

7.12 Environmental Matters. Each of Parent and Borrower shall, and shall cause each other Loan Party to: 

(a) Violations; Notice to Administrative Agent. Use reasonable efforts to: 

(i) Keep the Borrowing Base Properties free of Contamination; 

(ii) Promptly deliver to Administrative Agent a copy of each report pertaining to any Property or to any Loan Party
prepared by or on behalf of such Loan Party pursuant to a material violation of any Environmental Requirement; and 

(iii) As soon as practicable advise Administrative Agent in writing of any Environmental Claim or of the discovery of any
Contamination on any Borrowing Base Property, as soon as any Loan Party first obtains knowledge thereof, including a description of the nature and extent of the Environmental Claim and/or Hazardous Material and all relevant circumstances.

  

 73 

 (b) Site Assessments and Information. If Parent or Borrower fails to
comply with Section 7.12(a) or if any other Event of Default shall have occurred and be continuing, or upon the occurrence of the Release Date (other than the event in clause (a) of the definition of
Release Date), then if requested by Administrative Agent, at Borrower’s expense, deliver to Administrative Agent from time to time, but no more frequently than once per calendar year unless an Event of Default exists, in each case within thirty
(30) days after Administrative Agent’s request, then an Environmental Assessment (hereinafter defined) made after the date of Administrative Agent’s request. As used in this Agreement, the term “Environmental
Assessment” means a report of an environmental assessment of any or all Borrowing Base Properties and of such scope so as to be compliant with the guidelines established by the ASTM (including the taking of soil borings and air and
groundwater samples and other above and below ground testing) as Administrative Agent may reasonably request to be performed by a licensed environmental consulting firm reasonably acceptable to Administrative Agent. Each applicable Loan Party shall
cooperate with each consulting firm making any such Environmental Assessment and shall supply to the consulting firm all information available to such Loan Party to facilitate the completion of the Environmental Assessment. If any Loan Party fails
to furnish Administrative Agent within thirty (30) days after Administrative Agent’s request with a copy of an agreement with an acceptable environmental consulting firm to provide such Environmental Assessment, or if any Loan Party fails
to furnish to Administrative Agent such Environmental Assessment within seventy five (75) days after Administrative Agent’s request, upon written notice to Parent and Borrower, Administrative Agent may cause any such Environmental
Assessment to be made at Borrower’s expense and risk. Administrative Agent and its designees are hereby granted access to the Borrowing Base Properties upon written notice, and a license which is coupled with an interest and irrevocable, to
make or cause to be made such Environmental Assessments. Administrative Agent may disclose to interested parties any information Administrative Agent ever has about the environmental condition or compliance of the Borrowing Base Properties, but
shall be under no duty to disclose any such information except as may be required by Law. Administrative Agent shall be under no duty to make any Environmental Assessment of the Borrowing Base Properties, and in no event shall any such Environmental
Assessment by Administrative Agent be or give rise to a representation that any Hazardous Material is or is not present on the Borrowing Base Properties, or that there has been or shall be compliance with any Environmental Requirement, nor shall any
Company or any other Person be entitled to rely on any Environmental Assessment made by Administrative Agent or at Administrative Agent’s request but Administrative Agent shall deliver a copy of such report to Parent and Borrower. Neither
Administrative Agent nor any Lender owes any duty of care to protect any Company or any other Person against, or to inform them of, any Hazardous Material or other adverse condition affecting the Borrowing Base Properties. 

(c) Remedial Actions. If any Contamination is discovered on any Borrowing Base Property at any time and regardless
of the cause, (i) promptly at the applicable Loan Parties’ sole expense, remove, treat, and dispose of the Hazardous Material, to background levels, in compliance with all applicable Environmental Requirements or if restoration to
applicable background levels is not feasible, take whatever action is required by any Environmental Requirement provided, however, that any cleanup standard approved by the applicable regulatory authority that is based on
institutional or engineering controls must first be submitted for approval to Administrative Agent, such approval not to be unreasonably withheld or delayed, in addition to taking such other action as is necessary to have the full use and benefit of
such Borrowing Base Property as contemplated by the Loan Documents, and provide Administrative Agent with satisfactory evidence thereof; and (ii) if requested by Administrative Agent, provide to Administrative Agent within thirty (30) days
of Administrative Agent’s request a bond, letter of credit, or other financial assurance, including self-assurance, evidencing to Administrative 

 

 74 

 
Agent’s satisfaction that all necessary funds are readily available to pay the costs and expenses of the actions required by the preceding clause (i) and to discharge any
assessments or liens established against such Borrowing Base Property as a result of the presence of the Hazardous Material on the Borrowing Base Property. After completion of such remedial actions, the applicable Loan Party shall promptly request
regulatory approval, take all reasonable measures to expedite issuance of such approval and upon receipt thereof deliver to Administrative Agent a letter indicating that no further action is required with respect to the applicable Borrowing Base
Property or similar confirmation by the applicable regulator that all required remedial action as stated above has been taken and successfully completed to the satisfaction of the applicable regulator. The Loan Parties shall not be deemed to have
satisfied their remedial obligations under this provision until they have provided the Administrative Agent such confirmation. Administrative Agent on behalf of Lenders may, but shall never be obligated to, remove or cause the removal of any
Hazardous Material from any Borrowing Base Property (or if removal is prohibited by any Environmental Requirement, take or cause the taking of such other action as is required by any Environmental Requirement) if the Loan Parties fail to commence
such remedial actions in accordance with the terms hereof and thereafter diligently prosecute the same to completion in accordance with the terms hereof (without limitation of the rights of Administrative Agent on behalf of Lenders to declare an
Event of Default and to exercise all rights and remedies available by reason thereof); and Administrative Agent and its designees are hereby granted access to the Borrowing Base Properties at any time or times, upon reasonable notice (which may be
written or oral), and a license which is coupled with an interest and irrevocable, to remove or cause such removal or to take or cause the taking of any such other action. In such instance, the Administrative Agent and its designees and the Lenders
are acting as authorized agents of the Loan Parties, who shall be responsible for, and shall sign any required manifests for, offsite disposal. 

7.13 Condemnation, Casualty and Restoration. Each of Parent and Borrower shall, and shall cause each other Loan Party to:

 (a) Give Administrative Agent notice of the actual or threatened commencement of any proceeding for the
Condemnation of any Borrowing Base Property upon the applicable Mortgagor’s receipt of written notice thereof and deliver to Administrative Agent copies of any and all papers served in connection with such proceedings. Administrative Agent has
the right (but not the obligation) to participate in any such proceedings and to be represented by counsel of its own choice, and the applicable Loan Parties shall from time to time deliver to Administrative Agent all instruments requested by it to
permit such participation. Each applicable Loan Party shall, at its expense, diligently prosecute any such proceedings, and shall consult with Administrative Agent, its attorneys, and experts, and cooperate with them in the carrying on or defense of
any such proceedings. Notwithstanding any taking by any public or quasi-public authority through Condemnation or otherwise (including any transfer made in lieu of or in anticipation of the exercise of such taking), Borrower shall continue to pay the
Obligations at the time and in the manner provided for in this Agreement and the Obligations shall not be reduced until any Award shall have been actually received and applied by Administrative Agent, after the deduction of expenses of collection,
to the reduction or discharge of the Obligations. All costs and expenses (including attorney’s fees and costs) incurred by Administrative Agent in connection with any condemnation shall be a demand obligation owing by Borrower (which Borrower
hereby promises to pay) to Administrative Agent pursuant to this Agreement. If any Borrowing Base Property or any portion thereof is taken by a condemning authority, then to the extent such Property is not removed by Borrower as a Borrowing Base
Property in accordance with Section 4.09, the applicable Mortgagor shall promptly commence and diligently prosecute the Restoration of such Borrowing Base Property and otherwise comply with the provisions of clause
(d) below, provided that Administrative Agent makes any Restoration Net Proceeds available pursuant to clause (d) below. 
  

 75 

 (b) If any Borrowing Base Property shall be damaged or destroyed, in whole
or in part, by fire or other casualty (a “Casualty”), and the aggregate cost of repair of such damage or destruction shall be equal to or in excess of the greater of (i) $5,000,000 and (ii) twenty five percent
(25%) of the Appraised Value of such Borrowing Base Property, give prompt notice of such Casualty to Administrative Agent. To the extent such Property is not removed by Borrower as a Borrowing Base Property in accordance with
Section 4.09, the applicable Loan Party shall diligently prosecute the Restoration of such Borrowing Base Property in accordance with clause (d) below, so long as Administrative Agent makes any Restoration Net
Proceeds available pursuant to clause (d) below. The applicable Loan Party shall pay all costs of such Restoration whether or not such costs are covered by insurance. Administrative Agent may, but shall not be obligated to, make
proof of loss if not made promptly by the applicable Loan Party. If an Event of Default has occurred and is then continuing, then the applicable Loan Party shall adjust all claims for Insurance Proceeds in consultation with, and approval of,
Administrative Agent. 
 (c) Administrative Agent, for the benefit of Lenders, shall be entitled to receive all
sums which may be awarded or become payable to a Loan Party for the Condemnation of any Borrowing Base Property, or any part thereof, and any insurance proceeds of a Casualty and the applicable Loan Party shall, upon request of Administrative Agent,
promptly execute such additional assignments and other documents as may be necessary from time to time to permit such participation and to enable Administrative Agent to collect and receipt for any such sums. All such sums are hereby assigned to
Administrative Agent, for the benefit of Lenders, and shall released or applied to the Restoration in accordance with clause (d) below. In any event the unpaid portion of the Obligations shall remain in full force and effect
and the payment thereof shall not be excused. Administrative Agent shall not be, under any circumstances, liable or responsible for failure to collect or to exercise diligence in the collection of any such sum or for failure to see to the proper
application of any amount paid over to the applicable Loan Party. 
 (d) If the Restoration Net Proceeds and the
costs of completing the Restoration shall be less than the greater of (A) $5,000,000 and (B) twenty five percent (25%) of the Appraised Value of such Borrowing Base Property, then the Restoration Net Proceeds will be disbursed by
Administrative Agent to the applicable Loan Party upon receipt, provided that all of the conditions set forth in clause (i) below are met and such Loan Party delivers to Administrative Agent a written undertaking to
expeditiously commence and to satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement and if the Restoration Net Proceeds or the costs of completing the Restoration are equal to or greater than the
greater of (A) $5,000,000 and (B) twenty five percent (25%) of the Appraised Value of such Borrowing Base Property, then Administrative Agent shall make the Restoration Net Proceeds available for the Restoration in accordance with the
provisions of this Section 7.13(d). 
 (i) The Restoration Net Proceeds shall be made
available to the applicable Loan Party for Restoration; provided that each of the following conditions are met: 

(A) no Event of Default shall have occurred and be continuing; 

(B) (1) in the event the Restoration Net Proceeds are Insurance Proceeds, less than twenty-five percent (25%) of the
rentable area of the Improvements on such Borrowing Base Property has been damaged, destroyed, or rendered unusable as a result of a Casualty or (2) in the event the Restoration 

 

 76 

 
Net Proceeds are Condemnation Proceeds, less than ten percent (10%) of the land constituting such Borrowing Base Property is taken, such land is located along the perimeter or periphery of
the Borrowing Base Property, and no portion of the Improvements is located on such land; 
 (C) Administrative
Agent shall be reasonably satisfied that any operating deficits, including all scheduled payments of principal and interest hereunder, which will be incurred with respect to such Borrowing Base Property as a result of the occurrence of any such
Casualty or Condemnation, whichever the case may be, will be covered out of the insurance coverage referred to in Section 7.07 above or other security provided by Loan Parties; 

(D) Administrative Agent shall be satisfied that the Restoration will be completed twelve (12) months after
commencement of the Restoration; 
 (E) such Borrowing Base Property and the use thereof after the Restoration
will be in compliance in all material respects with all Laws; 
 (F) the applicable Loan Party shall cause the
Restoration to be done and completed in an expeditious and diligent fashion and in compliance in all material respects with all applicable Laws; 

(G) such Casualty or Condemnation, as applicable, does not result in the complete loss of access to such Borrowing Base
Property or the Improvements; 
 (H) the applicable Loan Party shall deliver, or cause to be delivered, to
Administrative Agent a signed detailed budget approved in writing by the applicable Loan Party’s architect or engineer stating the entire cost of completing the Restoration, which budget shall be reasonably acceptable to Administrative Agent;
and 
 (I) the Restoration Net Proceeds together with any cash or cash equivalent deposited by Borrower with
Administrative Agent are sufficient in Administrative Agent’s reasonable judgment to cover the cost of the Restoration. 

(ii) The Restoration Net Proceeds shall be held by Administrative Agent until disbursements commence, and, until disbursed
in accordance with the provisions of this Section 7.13(d), shall constitute additional security for the Obligations. The Restoration Net Proceeds shall be disbursed by Administrative Agent to, or as directed by, Borrower from time
to time during the course of the Restoration, upon receipt of evidence satisfactory to Administrative Agent that (A) all the conditions precedent to such advance, including those set forth in clause (i) above, have been
satisfied, (B) all materials installed and work and labor performed (except to the extent that they are to be paid for out of the requested disbursement and except for the Restoration Retainage (defined below)) in connection with the related
Restoration item have been paid for in full, and (C) there exist no notices of pendency, stop orders, contractor’s, supplier’s, mechanic’s or materialman’s Liens, or notices of intention to file same, or any other Liens or
encumbrances of any nature whatsoever on such Borrowing Base Property (other than Liens permitted under Section 8.01) which have not either been fully bonded to the satisfaction of Administrative Agent and discharged of record or
in the alternative fully insured to the satisfaction of Administrative Agent by the Title Company. 
  

 77 

 (iii) All plans and specifications required in connection with the
Restoration shall be subject to prior review and acceptance in all respects by Administrative Agent and by an independent consulting engineer selected by Administrative Agent (the “Restoration Consultant”) which acceptance
shall not be unreasonably withheld or delayed. Administrative Agent shall have the use of the plans and specifications and all permits, licenses and approvals required or obtained in connection with the Restoration. The identity of the contractors,
subcontractors, and materialmen engaged in the Restoration, as well as the contracts in excess of $500,000 under which they have been engaged, shall be subject to prior review and acceptance by Administrative Agent and the Restoration Consultant
which acceptance shall not be unreasonably withheld or delayed. All reasonable costs and expenses incurred by Administrative Agent in connection with making the Restoration Net Proceeds available for the Restoration, including reasonable counsel
fees and disbursements and the Restoration Consultant’s fees, shall be paid by Borrower. 
 (iv) In no event
shall Administrative Agent be obligated to make disbursements of the Restoration Net Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Restoration
Consultant, minus the Restoration Retainage. The term “Restoration Retainage” means an amount equal to ten percent (10%) of the costs actually incurred for work in place as part of the Restoration, as certified by
the Restoration Consultant, until the Restoration has been completed. The Restoration Retainage shall be reduced to five percent (5%) of the costs incurred upon receipt by Administrative Agent of satisfactory evidence that fifty percent
(50%) of the Restoration has been completed. The Restoration Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this Section 7.13(d), be less than the amount actually held back by the
applicable Loan Party from contractors, subcontractors, and materialmen engaged in the Restoration. The Restoration Retainage shall not be released until the Restoration Consultant certifies to Administrative Agent that the Restoration has been
completed in accordance with the provisions of this Section 7.13(d) and that all approvals necessary for the re-occupancy and use of such Borrowing Base Property have been obtained from all appropriate Governmental Authorities,
and Administrative Agent receives evidence satisfactory to Administrative Agent that the costs of the Restoration have been paid in full or will be paid in full out of the Restoration Retainage; provided, however, that Administrative Agent
will release the portion of the Restoration Retainage being held with respect to any contractor, subcontractor, or materialman engaged in the Restoration as of the date upon which the Restoration Consultant certifies to Administrative Agent that the
contractor, subcontractor or materialman has satisfactorily completed all work and has supplied all materials in accordance with the provisions of the contractor’s, subcontractor’s, or materialman’s contract, the contractor,
subcontractor, or materialman delivers the Lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor, or materialman as may be reasonably requested by Administrative Agent or by the Title Company issuing the Title
Insurance Policies, and Administrative Agent receives an endorsement to the Title Insurance Policies insuring the continued priority of the lien of the applicable Mortgage and evidence of payment of any premium payable for such endorsement. If
required by Administrative Agent, the release of any such portion of the Restoration Retainage shall be approved by the surety company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor, or
materialman. 
  

 78 

 (v) Administrative Agent shall not be obligated to make disbursements of the
Restoration Net Proceeds more frequently than twice every calendar month. 
 (vi) If at any time the Restoration
Net Proceeds or the undisbursed balance thereof shall not, in the reasonable opinion of Administrative Agent in consultation with the Restoration Consultant, be sufficient to pay in full the balance of the costs which are estimated by the
Restoration Consultant to be incurred in connection with the completion of the Restoration, the Loan Parties shall deposit the deficiency (the “Net Proceeds Deficiency”) with Administrative Agent before any further
disbursement of the Restoration Net Proceeds shall be made. The Net Proceeds Deficiency deposited with Administrative Agent shall be held by Administrative Agent and shall be disbursed for costs actually incurred in connection with the Restoration
on the same conditions applicable to the disbursement of the Restoration Net Proceeds, and until so disbursed pursuant to this Section 7.13(d) shall constitute additional security for the Obligations. 

(vii) The excess, if any, of the Restoration Net Proceeds and the remaining balance, if any, of the Net Proceeds
Deficiency deposited with Administrative Agent after the Restoration Consultant certifies to Administrative Agent that the Restoration has been completed in accordance with the provisions of this Section 7.13(d), and the receipt
by Administrative Agent of evidence satisfactory to Administrative Agent that all costs incurred in connection with the Restoration have been paid in full, shall be remitted by Administrative Agent to Borrower, provided no Default exists.

 All Restoration Net Proceeds not required (i) to be made available for a Restoration or (ii) to be returned to
Borrower as excess Restoration Net Proceeds pursuant to clause (vii) above may (x) be retained and applied by Administrative Agent toward the payment of the Obligations whether or not then due and payable in such order,
priority, and proportions as Administrative Agent in its sole discretion shall deem proper, or (y) at the sole discretion of Administrative Agent, the same may be paid, either in whole or in part, to the applicable Loan Party for such purposes
and upon such conditions as Administrative Agent shall designate. Notwithstanding the foregoing, in the event that any Borrowing Base Property requiring Restoration is released from the Borrowing Base pursuant to Section 4.09,
then Administrative Agent shall deliver the Restoration Net Proceeds to the applicable Loan Party upon such release from the Borrowing Base. 

Notwithstanding the foregoing, if the terms and conditions of any SNDA provide that Administrative Agent shall make Restoration Net
Proceeds available for Restoration of a Borrowing Base Property, then Administrative Agent will make such Restoration Net Proceeds available for Restoration in accordance with the terms of the applicable SNDA (provided that neither
Administrative Agent nor Lenders shall have waived any Default or Event of Default arising from the Loan Parties failure to comply with this Section 7.13). 

7.14 Ground Leases. Each of Parent and Borrower shall, and shall cause each other Loan Party to: 

(a) Diligently perform and observe in all material respects all of the terms, covenants, and conditions any Acceptable
Ground Lease as tenant under such Acceptable Ground Lease; and 
  

 79 

 (b) Promptly notify Administrative Agent of (i) the giving to the
applicable Mortgagor of any notice of any default by such Mortgagor under any Acceptable Ground Lease and deliver to Administrative Agent a true copy of each such notice within five (5) Business Days of such Mortgagor’s receipt thereof,
and (ii) any bankruptcy, reorganization, or insolvency of the landlord under any Acceptable Ground Lease or of any notice thereof, and deliver to Administrative Agent a true copy of such notice within five (5) Business Days of the
applicable Mortgagor’s receipt. 
 7.15 Borrowing Base Properties. Except where the failure to comply with
any of the following would not have a material and adverse affect on the value of the applicable Borrowing Base Property, each of Parent and Borrower shall, and shall cause each other Loan Party to: 

(a) Pay all real estate and personal property taxes, assessments, water rates or sewer rents, ground rents, maintenance
charges, impositions, and any other charges, including vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Borrowing Base Property, now or hereafter levied or assessed or imposed against any Borrowing Base
Property or any part thereof (except those which are being contested in good faith by appropriate proceedings diligently conducted). 

(b) Promptly pay (or cause to be paid) when due all bills and costs for labor, materials, and specifically fabricated
materials incurred in connection with any Borrowing Base Property (except those which are being contested in good faith by appropriate proceedings diligently conducted), and in any event never permit to be created or exist in respect of any
Borrowing Base Property or any part thereof any other or additional Lien or security interest other than Liens permitted by Section 8.01. 

(c) Operate the Borrowing Base Properties in a good and workmanlike manner and in accordance with all Laws in accordance
with such Loan Party’s prudent business judgment. 
 Except where the failure would not have a material and adverse affect on the value of
the Borrowing Base Properties, taken as whole, each of Parent and Borrower shall, and shall cause each other Loan Party to, to the extent owned and controlled by a Loan Party, preserve, protect, renew, extend and retain all material rights and
privileges granted for or applicable to each Borrowing Base Property. 
 7.16 Subsidiary Guarantor Organizational
Documents. Each of Parent and Borrower shall, and shall cause each other Pledgor to, at its expense, maintain the Organization Documents of each Subsidiary Guarantor in full force and effect, without any cancellation, termination,
amendment, supplement, or other modification of such Organization Documents, except as explicitly required by their terms (as in effect on the date hereof), except for amendments, supplements, or other modifications that do not adversely affect the
interests of the Lenders under the applicable Pledge Agreement in any material respect, and except for Organization Documents in respect of Equity Interests of partnerships or limited liability companies that have been released from the applicable
Pledgor’s Pledge Agreement. 
 Article VIII. 

Negative Covenants 

So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder (excluding contingent indemnification
obligations to the extent no unsatisfied claim giving rise thereto has been asserted) shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding: 

8.01 Liens. Each of Parent and Borrower shall not, nor shall it permit any other Loan Party to, directly or indirectly,
create, incur, assume or suffer to exist any Lien upon any Collateral other than, with respect to the Borrowing Base Properties, the following: 

(a) Liens pursuant to any Loan Document; 
  

 80 

 (b) Liens existing on the date hereof and listed on
Schedule 8.01; 
 (c) Liens for taxes not yet due and payable or which are being contested in
good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 

(d) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising
in the ordinary course of business which are not overdue for a period of more than thirty (30) days or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are
maintained on the books of the applicable Person; 
 (e) easements, rights-of-way, restrictions, restrictive
covenants, encroachments, protrusions and other similar encumbrances affecting real property disclosed in the Title Insurance Policies and which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from
the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person; 

(f) Liens securing judgments for the payment of money not constituting an Event of Default under
Section 9.01(i); 
 (g) the rights of tenants under leases or subleases not interfering with
the ordinary conduct of business of such Person; 
 (h) Liens securing obligations in the nature of personal
property financing leases for furniture, furnishings or similar assets, Capital Leases Obligations and other purchase money obligations for fixed or capital assets; provided that (i) such Liens do not at any time encumber any property
other than the property financed by such Indebtedness, (ii) the obligations secured thereby does not exceed the cost or fair market value, whichever is lower, of the property being acquired on the date of acquisition, and (iii) with
respect to Capital Leases, such Liens do not at any time extend to or cover any assets other than the assets subject to such Capital Leases; 

(i) Liens securing obligations in the nature of the performance of bids, trade contracts and leases (other than
Indebtedness), statutory obligations, surety bonds (other than bonds related to judgments or litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(j) all Liens, encumbrances and other matters disclosed in the Title Insurance Policies issued in connection with the
Mortgages; and 
 (k) such other title and survey exceptions as Administrative Agent has approved in writing in
Administrative Agent’s reasonable discretion; 
 and, with respect to all other Collateral, Liens described in clauses
(a) and (c) above. 
  

 81 

 8.02 Investments. Each of Parent and Borrower shall not permit the
Companies’ aggregate Investments in: 
 (a) unimproved land holdings to at any time exceed five percent
(5%) of Total Asset Value; 
 (b) Unconsolidated Affiliates to at any time exceed twenty-five (25%) of
Total Asset Value; 
 (c) mortgages and mezzanine loans to at any time exceed twenty-five percent (25%) of
Total Asset Value; 
 (d) Construction in Progress to at any time exceed thirty percent (30%) of Total Asset
Value; or 
 (e) assets of the types described in clauses (a) through
(d) above to at any time exceed thirty-five percent (35%) of Total Asset Value. 
 8.03 Fundamental
Changes. Each of Parent and Borrower shall not, nor shall it permit any other Loan Party to, directly or indirectly, merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a
series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Event of Default has occurred and is continuing or would result therefrom: 

(a) any Loan Party (other Parent or Borrower) may merge with (i) Borrower, provided that Parent or Borrower,
as applicable, shall be the continuing or surviving Person, or (ii) any other Loan Party; 
 (b) any Loan
Party (other than Parent or Borrower) may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to another Loan Party; and 

(c) any Loan Party may Dispose of a Property owned by such Loan Party in the ordinary course of business and for fair
value; provided that if such Property is a Borrowing Base Property, then Borrower shall have complied with Section 4.09. 

8.04 Restricted Payments. Each of Parent and Borrower shall not, nor shall it permit any other Company to, directly or
indirectly, declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, or issue or sell any Equity Interests, except that, so long as no Default shall have occurred and be continuing
at the time of any action described below or would result therefrom: 
 (a) each Subsidiary may make Restricted
Payments to Parent, Borrower, and any other Person that owns an Equity Interest in such Subsidiary, ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being made; 

(b) any Company may declare and make dividend payments or other distributions payable solely in the common Equity
Interests or other Equity Interests of such Company including (i) “cashless exercises” of options granted under any share option plan adopted by Parent, (ii) distributions of rights or equity securities under any rights plan
adopted by Borrower or Parent, and (iii) distributions (or effect stock splits or reverse stock splits) with respect to its Equity Interests payable solely in additional shares of its Equity Interests; 

 

 82 

 (c) Borrower and each Subsidiary may purchase, redeem or otherwise acquire
Equity Interests issued by it with the proceeds received from the substantially concurrent issue of new shares of its common Equity Interests or other Equity Interests; and 

(d) Parent and Borrower may make any Permitted Distributions. 

8.05 Change in Nature of Business. Each of Parent and Borrower shall not, nor shall it permit any other Loan Party to,
directly or indirectly, engage in any material line of business substantially different from those lines of business conducted by the Companies on the date hereof or any business substantially related or incidental thereto. 

8.06 Transactions with Affiliates. Each of Parent and Borrower shall not, nor shall it permit any other Loan Party to,
directly or indirectly, enter into any transaction of any kind with any Affiliate of a Company, whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to such Loan Party as would be
obtainable by such Company at the time in a comparable arm’s length transaction with a Person other than an Affiliate. 

8.07 Burdensome Agreements. Each of Parent and Borrower shall not, nor shall it permit any other Loan Party to, directly or
indirectly, enter into any Contractual Obligation (other than this Agreement or any other Loan Document) that directly or indirectly prohibits any Company from (a) creating or incurring any Lien on any Borrowing Base Property, or
(b) subject to rights of tenants under leases (i) that are approved in writing by Administrative Agent, (ii) that are subordinate to the Mortgage on the applicable Borrowing Base Property, or (iii) that do not materially and
adversely affect Administrative Agent’s Liens on the applicable Borrowing Base Property or Administrative Agent’s ability to exercise its rights and remedies with respect to such Liens, transferring ownership of any Borrowing Base
Property. 
 8.08 Use of Proceeds. Each of Parent and Borrower shall not, nor shall it permit any other Company
to, directly or indirectly, use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend
credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose. 

8.09 Borrowing Base Properties; Ground Leases. Each of Parent and Borrower shall not, nor shall it permit any other Loan
Party to, directly or indirectly: 
 (a) Allow the aggregate Occupancy Rate for (i) any individual Borrowing
Base Property to be less than seventy percent (70%) unless such Borrowing Base Property is removed from the Borrowing Base in accordance with Section 4.09, or (ii) all Borrowing Base Properties to be less than eighty
percent (80%); 
 (b) Use or occupy or conduct any activity on, or allow the use or occupancy of or the conduct
of any activity on any Borrowing Base Properties in any manner which violates any Law or which constitutes a public or private nuisance or which makes void, voidable, or cancelable any insurance then in force with respect thereto or makes the
maintenance of insurance in accordance with Section 7.07 commercially unreasonable (including by way of increased premium); 
  

 83 

 (c) Without the prior written consent of Administrative Agent, initiate or
permit any zoning reclassification of any Borrowing Base Property or seek any variance under existing zoning ordinances applicable to any Borrowing Base Property or use or permit the use of any Borrowing Base Property in such a manner which would
result in such use becoming a nonconforming use under applicable zoning ordinances or other Laws; 
 (d) Without
the prior written consent of Administrative Agent, (i) impose any material easement, restrictive covenant, or encumbrance upon any Borrowing Base Property, (ii) execute or file any subdivision plat or condominium declaration affecting any
Borrowing Base Property, or (iii) consent to the annexation of any Borrowing Base Property to any municipality; 

(e) Do any act, or suffer to be done any act by any Company or any of its Affiliates, which would reasonably be expected
to materially decrease the value of any Borrowing Base Property as reflected in the most-recent Acceptable Appraisal (including by way of negligent act); 

(f) Without the prior written consent of Administrative Agent, permit any drilling or exploration for or extraction,
removal or production of any mineral, hydrocarbon, gas, natural element, compound or substance (including sand and gravel) from the surface or subsurface of any Borrowing Base Property regardless of the depth thereof or the method of mining or
extraction thereof; or 
 (g) Without the prior consent of Administrative Agent, surrender the leasehold estate
created by any Acceptable Ground Lease or terminate or cancel any Acceptable Ground Lease or modify, change, supplement, alter, or amend any Acceptable Ground Lease, either orally or in writing. 

8.10 Lease Approval. Each of Parent and Borrower shall not, nor shall it permit any other Loan Party to, directly or
indirectly, permit any Mortgagor to enter into any Major Lease unless approved by Administrative Agent prior to execution (such approval not to be unreasonably withheld or delayed). The applicable Mortgagor shall provide to Administrative Agent a
correct and complete copy of each Major Lease, including any exhibits, and any Guarantees thereof, prior to execution. 
 8.11
Environmental Matters. Each of Parent and Borrower shall not knowingly directly or indirectly: 

(a) Cause, commit, permit, or allow to continue (i) any violation of any Environmental Requirement by or with respect
to any Borrowing Base Property or any use of or condition or activity on any Borrowing Base Property, or (ii) the attachment of any environmental Liens on any Borrowing Base Property, in each case, that could materially and adversely effect any
Borrowing Base Property; and 
 (b) Place, install, dispose of, or release, or cause, permit, or allow the
placing, installation, disposal, spilling, leaking, dumping, or release of, any Hazardous Material on any Property in any manner that might reasonably be expected to result in or does result in Contamination. Any Hazardous Material disclosed in the
Acceptable Environmental Report or otherwise permitted pursuant to any Lease affecting any Borrowing Base Property shall be permitted on any Borrowing Base Property so long as such Hazardous Material is maintained in compliance in all material
respects with all applicable Environmental Requirements. 
  

 84 

 (c) Place or install, or allow the placing or installation of any storage
tank (or similar vessel) on any Property. Any storage tank (or similar vessel or any replacement thereof) disclosed in the Acceptable Environmental Report or otherwise permitted pursuant to any Lease affecting any Borrowing Base Property shall be
permitted on any Borrowing Base Property so long as such storage tank (or similar vessel) is maintained in compliance in all material respects with all applicable Environmental Requirements. 

(d) Use any Hazardous Material on any Borrowing Base Property except: (i) as reasonably necessary in the ordinary
course of business; (ii) in compliance with applicable Environmental Requirements; and (iii) in such a manner as to not give rise to liability under any Environmental Requirements or the common law. 

8.12 Negative Pledge; Indebtedness. Each of Parent and Borrower shall not permit: 

(a) The Equity Interests of Borrower held by Parent to be subject to any Lien. 

(b) Any Person (other than Parent or Borrower) that directly or indirectly owns Equity Interests in any Subsidiary
Guarantor to (i) incur any Indebtedness (whether Recourse Indebtedness or Non-Recourse Indebtedness), (ii) provide Guarantees to support Indebtedness, or (iii) have its Equity Interests subject to any Lien or other encumbrance (other
than in favor of the Administrative Agent). 
 (c) Any Mortgagor that owns an Equity Pledge Property to
(i) incur any Indebtedness (whether Recourse Indebtedness or Non-Recourse Indebtedness) or (ii) provide Guarantees to support Indebtedness (other than, in each case, Indebtedness secured by Liens permitted by
Section 8.01). 
 8.13 Financial Covenants. Each of Parent and Borrower shall not, directly or
indirectly, permit: 
 (a) Maximum Leverage Ratio. As of the last day of any fiscal quarter, the
Consolidated Leverage Ratio to exceed sixty-five percent (65%). 
 (b) Maximum Consolidated Recourse
Indebtedness. As of the last day of any fiscal quarter, Recourse Indebtedness of the Companies (excluding Indebtedness under this Agreement and Excluded Funded Debt) to exceed five percent (5%) of Total Funded Debt of the Companies.

 (c) Minimum Fixed Charge Ratio. As of the last day of any fiscal quarter, the ratio of
(i) Consolidated EBITDA to (ii) Consolidated Fixed Charges, in each case for the Companies, on a consolidated basis, for the period of the four (4) fiscal quarters then ended, to be less than 1.65 to 1.0. Notwithstanding the
foregoing, (x) Consolidated EBITDA and Consolidated Fixed Charges for the period ending September 30, 2010 shall be the Consolidated EBITDA and Consolidated Fixed Charges for the three (3) month period then ended times four (4),
(y) Consolidated EBITDA and Consolidated Fixed Charges for the period ending December 31, 2010 shall be the Consolidated EBITDA and Consolidated Fixed Charges for the six (6) month period then ended times two (2), and
(z) Consolidated EBITDA and Consolidated Fixed Charges for the period ending March, 2011 shall be the Consolidated EBITDA and Consolidated Fixed Charges for the nine (9) month period then ended times 1.33. 

 

 85 

 (d) Minimum Tangible Net Worth. As of the last day of any fiscal
quarter, Tangible Net Worth of the Companies, on a consolidated basis, to be less than the sum of (i) $360,000,000, plus (ii) seventy-five percent (75%) of net proceeds of any Equity Issuances by the Companies after the
Closing Date. 
 (e) Maximum Consolidated Floating Rate Debt. As of the last day of any fiscal quarter,
the Consolidated Floating Rate Debt of the Companies to exceed thirty-five percent (35%) of Total Asset Value. 
 Article
IX. 
 Events of Default and Remedies 

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

(a) Non-Payment. Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any
amount of principal of any Loan or any L/C Obligation, or (ii) within five (5) days after the same becomes due, any interest on any Loan or on any L/C Obligation, or any fee due hereunder, or (iii) within five (5) days after
notice from Administrative Agent, any other amount payable hereunder or under any other Loan Document; or 
 (b)
Specific Covenants. Any Loan Party fails to perform or observe any term, covenant or agreement contained in any of Section 7.11 or Article VIII (other than Sections 8.09(a) or
8.11(b)), or Parent fails to perform or observe any term, covenant or agreement contained in the Parent Guaranty or any Subsidiary Guarantor fails to perform or observe any term, covenant or agreement contained in the Subsidiary
Guaranty; or 
 (c) Any Loan Party fails to perform or observe any term, covenant or agreement contained in any
of Section 7.01, 7.02, 7.03, or 7.10 and such failure continues unremedied for ten (10) Business Days after such failure occurs; or 

(d) Other Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in
subsection (a), (b), or (c) above) contained in any Loan Document on its part to be performed or observed and such failure continues unremedied for thirty (30) days after the earlier of notice
from Administrative Agent or the actual knowledge of any Loan Party; or 
 (e) Representations and
Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or
therewith shall be incorrect or misleading when made or deemed made and shall not be cured or remedied so that such representation, warranty, certification or statement of fact is no longer incorrect or misleading within ten (10) days after the
earlier of notice from Administrative Agent or the actual knowledge of any Loan Party thereof; or 
 (f)
Cross-Default. (i) Any Company (A) fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise), after the expiration of any applicable grace periods, in respect of any
Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any
combined or syndicated credit arrangement) of more than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to 

 

 86 

 
any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is
to cause, or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice
if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated
maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of
default under such Swap Contract as to which any Company is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which any Company is an Affected Party (as so
defined) and, in either event, the Swap Termination Value owed by such Company as a result thereof is greater than the Threshold Amount; or 

(g) Insolvency Proceedings, Etc. Any Loan Party institutes or consents to the institution of any proceeding
under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any
material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for
sixty (60) calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed for sixty
(60) calendar days, or an order for relief is entered in any such proceeding; or 
 (h) Inability to Pay
Debts; Attachment. (i) Any Loan Party becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or
levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within thirty (30) days after its issue or levy; or 

(i) Judgments. There is entered against any Loan Party (i) one or more final judgments or orders for the
payment of money in an aggregate amount (as to all such judgments or orders) exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the insurer does not dispute coverage), or (ii) any one or
more non-monetary final judgments that have, or would have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or
(B) there is a period of ten (10) consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or 

(j) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted
or would result in liability of any Company under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) Parent or any ERISA Affiliate fails to pay when due, after
the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of the Threshold Amount; or

  

 87 

 (k) Invalidity of Loan Documents. Any Loan Document or any Lien on a
material portion of the Collateral granted under any Security Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases
to be in full force and effect; or any Loan Party or any other Person contests in any manner the validity or enforceability of any Loan Document or any Lien granted under any Security Document; or any Loan Party denies that it has any or further
liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any Loan Document or any Lien granted under any Security Document; or 

(l) REIT Status of Parent. Parent ceases to be treated as a REIT in any taxable year after December 31, 2010;
or 
 (m) Change of Control. There occurs any Change of Control. 

9.02 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, Administrative Agent shall, at the
request of, or may, with the consent of, Required Lenders, take any or all of the following actions: 
 (a)
declare the commitment of each Lender to make Loans and any obligation of L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated; 

(b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other
amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by Borrower; 

(c) require that Borrower Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount
thereof); and 
 (d) exercise on behalf of itself, the Lenders and L/C Issuer all rights and remedies available
to it, the Lenders and L/C Issuer under the Loan Documents; 
 provided that upon the occurrence of an actual or deemed
entry of an order for relief with respect to Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans and any obligation of L/C Issuer to make L/C Credit Extensions shall automatically terminate, the
unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of Borrower to Cash Collateralize the L/C Obligations as aforesaid shall automatically
become effective, in each case without further act of Administrative Agent or any Lender. 
 9.03 Application of Funds.
After the exercise of remedies provided for in Section 9.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth
in the proviso to Section 9.02), any amounts received on account of the Obligations shall, subject to the provisions of Sections 2.15 and 2.16, be applied by Administrative Agent in the following
order: 
 First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts
(including fees, charges and disbursements of counsel to Administrative Agent and amounts payable under Article III) payable to Administrative Agent in its capacity as such; 

 

 88 

 Second, to payment of that portion of the Obligations constituting fees, indemnities
and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders and L/C Issuer and amounts payable under Article
III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; 

Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the
Loans, L/C Borrowings, Administrative Agent Advances, and other Obligations, ratably among the Lenders and L/C Issuer in proportion to the respective amounts described in this clause Third payable to them;

 Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans, Administrative Agent
Advances, and L/C Borrowings, ratably among the Lenders and L/C Issuer in proportion to the respective amounts described in this clause Fourth held by them; 

Fifth, to Administrative Agent for the account of L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of
the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by Borrower pursuant to Sections 2.03 and 2.15; and 

Last, the balance, if any, after all of the Obligations have been paid in full, to Borrower or as otherwise required by Law.

 Subject to Sections 2.03(c) and 2.15, amounts used to Cash Collateralize the aggregate
undrawn amount of Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all
Letters of Credit have either been fully drawn or expired, such remaining amount shall be promptly applied to the other Obligations, if any, in the order set forth above. 

Article X. 

Administrative Agent 

10.01 Appointment and Authority. Each of the Lenders and L/C Issuer hereby irrevocably appoints Bank of America to act on
its behalf as Administrative Agent hereunder and under the other Loan Documents and authorizes Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to Administrative Agent by the terms hereof or
thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of Administrative Agent, the Lenders and L/C Issuer, and neither Borrower nor any other
Company shall have rights as a third party beneficiary of any of such provisions other than with respect to Section 10.06. 

10.02 Rights as a Lender. The Person serving as Administrative Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless
the context otherwise requires, include the Person serving as Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory
capacity for and generally engage in any kind of business with any Company or other Affiliate thereof as if such Person were not Administrative Agent hereunder and without any duty to account therefor to the Lenders. 

 

 89 

 10.03 Exculpatory Provisions. Administrative Agent shall not have any duties
or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, Administrative Agent: 

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is
continuing; 
 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers,
except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that Administrative Agent is required to exercise as directed in writing by Required Lenders (or such other number or percentage of the Lenders as
shall be expressly provided for herein or in the other Loan Documents), provided that Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose Administrative Agent to
liability or that is contrary to any Loan Document or applicable Law; and 
 (c) shall not, except as expressly
set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to Parent, Borrower or any of their respective Affiliates that is communicated to or obtained
by the Person serving as Administrative Agent or any of its Affiliates in any capacity. 
 Administrative Agent shall not be
liable for any action taken or not taken by it (i) with the consent or at the request of Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Sections 11.01 and 9.02) or (ii) in the absence of its own gross negligence or willful misconduct. Administrative Agent shall be deemed not to have knowledge of
any Default unless and until notice describing such Default is given to Administrative Agent by Borrower, a Lender or L/C Issuer. 

Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any
other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article V or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to
Administrative Agent. 
 10.04 Reliance by Administrative Agent. Administrative Agent shall be entitled to rely
upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution)
believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper
Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender
or L/C Issuer, Administrative Agent may presume that such condition is satisfactory to such Lender or L/C Issuer unless Administrative Agent shall have received notice to the contrary from such Lender or L/C Issuer prior to the making of such Loan
or the issuance of such Letter of Credit. Administrative Agent may consult with legal counsel (who may be counsel for Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by
it in accordance with the advice of any such counsel, accountants or experts. 
  

 90 

 10.05 Delegation of Duties. Administrative Agent may perform any and all of
its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by Administrative Agent. Administrative Agent and any such sub-agent may perform any and all of its duties
and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of Administrative Agent and any such sub-agent,
and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 

10.06 Resignation of Administrative Agent. 

(a) Administrative Agent may at any time give notice of its resignation to the Lenders, L/C Issuer, Parent and Borrower.
Upon receipt of any such notice of resignation, Required Lenders shall have the right, with the consent of Parent and Borrower (such consent not to be unreasonably withheld or delayed) so long as no Event of Default exists, to appoint a successor,
which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by Required Lenders and shall have accepted such appointment within
thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders and L/C Issuer, appoint a successor Administrative Agent meeting the qualifications
set forth above; provided that if Administrative Agent shall notify Parent, Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such
notice and (1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by Administrative Agent on behalf of the
Lenders or L/C Issuer under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (2) all payments, communications and
determinations provided to be made by, to or through Administrative Agent shall instead be made by or to each Lender and L/C Issuer directly, until such time as Required Lenders appoint a successor Administrative Agent as provided for above in this
Section. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired)
Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section).
The fees payable by Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder
and under the other Loan Documents, the provisions of this Article and Section 11.04 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties
in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. 

(b) Any resignation by Bank of America as Administrative Agent pursuant to this Section shall also
constitute its resignation as L/C Issuer. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of
the retiring L/C Issuer, (b) the 
  

 91 

 
retiring L/C Issuer shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (c) the successor L/C Issuer shall issue letters
of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring L/C Issuer to effectively assume the obligations of the retiring L/C Issuer with respect
to such Letters of Credit. 
 10.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender and L/C
Issuer acknowledges that it has, independently and without reliance upon Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis
and decision to enter into this Agreement. Each Lender and L/C Issuer also acknowledges that it will, independently and without reliance upon Administrative Agent or any other Lender or any of their Related Parties and based on such documents and
information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or
thereunder. 
 10.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the
Syndication Agent, Joint Lead Arrangers and Joint Book Managers listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as
Administrative Agent, a Lender or L/C Issuer hereunder. 
 10.09 Administrative Agent May File Proofs of Claim. In
case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable
as herein expressed or by declaration or otherwise and irrespective of whether Administrative Agent shall have made any demand on Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans,
L/C Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, L/C Issuer and Administrative Agent (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Lenders, L/C Issuer and Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, L/C Issuer and Administrative Agent under
Sections 2.03(i) and (j), 2.08 and 11.04) allowed in such judicial proceeding; and 

(b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the
same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Lender and L/C Issuer to make such payments to Administrative Agent and, in the event that Administrative Agent shall consent to the making of such payments directly to the Lenders and L/C Issuer, to pay to
Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of Administrative Agent and its agents and counsel, and any other amounts due Administrative Agent under Sections 2.08 and
11.04. 
 Nothing contained herein shall be deemed to authorize Administrative Agent to authorize or consent to or
accept or adopt on behalf of any Lender or L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or L/C Issuer to authorize Administrative Agent to vote in respect of the
claim of any Lender or L/C Issuer in any such proceeding. 
  

 92 

 10.10 Collateral and Guaranty Matters. The Lenders and L/C Issuer irrevocably
authorize Administrative Agent, at its option and in its discretion, 
 (a) to transfer or release any Lien on
any Collateral (i) upon termination of the Aggregate Commitments and payment and satisfaction in full of all Obligations (other than contingent indemnification obligations) and the expiration or termination of all Letters of Credit (other than
Letters of Credit as to which other arrangements satisfactory to Administrative Agent and L/C Issuer shall have been made), (ii) that is sold or to be sold as part of or in connection with any sale permitted hereunder or under any other Loan
Document, (iii) subject to Section 11.01, if approved, authorized or ratified in writing by Required Lenders, (iv) in accordance with the provisions of Section 4.09, or (v) after foreclosure or
other acquisition of title if approved by Required Lenders; 
 (b) to release any Subsidiary Guarantor from its
obligations under any Subsidiary Guaranty if such Person ceases to own a Borrowing Base Property; and 
 (c) if
all or any portion of the Collateral is acquired by foreclosure or by deed in lieu of foreclosure, Administrative Agent shall take title to the collateral in its name or by an Affiliate of Administrative Agent, but for the benefit of all Lenders in
their Applicable Percentages on the date of the foreclosure sale or recordation of the deed in lieu of foreclosure. Administrative Agent and all Lenders hereby expressly waive and relinquish any right of partition with respect to any Collateral so
acquired. 
 Upon request by Administrative Agent at any time, Required Lenders will confirm in writing Administrative Agent’s authority to
release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this Section 10.10. 

10.11 Administrative Agent Advances. 

(a) Administrative Agent is hereby authorized by Parent, Borrower, and Lenders, from time to time, in Administrative
Agent’s sole discretion, to make advances under this Agreement, or otherwise expend funds, on behalf of Lenders (“Administrative Agent Advances”), (i) to pay any costs, fees, and expenses as described in
Sections 4.11(b) and 4.12(b) associated with the filing of the Unrecorded Mortgages or receiving Title Insurance Policies related thereto, (ii) to pay any costs, fees, and expenses as described in
Section 11.04(a), and (iii) when Administrative Agent deems necessary or desirable to preserve or protect the Collateral or any portion thereof (including with respect to property taxes, insurance premiums, and any costs,
fees, or expenses in connection with the operation, management, improvements, maintenance, repair, sale, or disposition of any Borrowing Base Property) (A) after the occurrence of a Default, or (B) subject to
Section 10.10, after acquisition of all or a portion of the Collateral by foreclosure or otherwise; provided that Administrative Agent Advances (other than to pay taxes and insurance with respect to the Borrowing Base
Properties or to record the Unrecorded Mortgages) shall not exceed $5,000,000 in the aggregate without the prior consent of Required Lenders.` 

(b) Administrative Agent Advances shall constitute obligatory advances of Lenders under this Agreement, shall be repayable
by Borrower on demand, secured by the Collateral, and shall bear interest as provided for herein. Administrative Agent shall notify each Lender in writing of each Administrative Agent Advance. Upon receipt of notice from Administrative Agent of its
making of an Administrative Agent Advance, each Lender shall make the amount of such Lender’s Applicable Percentage of the outstanding principal amount of such Administrative Agent Advance available to Administrative Agent, in same day funds,
to such account of Administrative Agent as Administrative Agent may designate, (i) on or before 4:00 p.m. on the day Administrative Agent provides Lenders with notice of the making of such Administrative Agent Advance if Administrative Agent
provides such notice on or before 1:00 p.m., or (ii) on or before 1:00 p.m. on the Business Day immediately following the day Administrative Agent provides Lenders with notice of the making of such advance if Administrative Agent provides
notice after 1:00 p.m. 
  

 93 

 Article XI. 

Miscellaneous 

11.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent
to any departure by Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by Required Lenders and Borrower or the applicable Loan Party, as the case may be, and acknowledged by Administrative Agent, and each such
waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided that no such amendment, waiver or consent shall: 

(a) waive any condition set forth in Section 5.01(a) without the written consent of each Lender;

 (b) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to
Section 9.02) without the written consent of such Lender; 
 (c) postpone any date fixed by
this Agreement or any other Loan Document for any payment or mandatory prepayment of principal, interest, fees or other amounts due to a Lender or any scheduled or mandatory reduction of the Aggregate Commitments hereunder or under any other Loan
Document without the written consent of each Lender directly affected thereby; 
 (d) reduce or forgive the
principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (iii) of the second proviso to this Section 11.01) any fees or other amounts payable
hereunder or under any other Loan Document, or change the manner of computation of any financial ratio (including any change in any applicable defined term) used in determining the Applicable Rate that would result in a reduction of any interest
rate on any Loan or any fee payable hereunder without the written consent of each Lender directly affected thereby; provided that only the consent of Required Lenders shall be necessary to amend the definition of “Default
Rate” or to waive any obligation of Borrower to pay interest or Letter of Credit Fees at the Default Rate; 

(e) change Section 9.03 in a manner that would alter the pro rata sharing of payments required thereby
without the written consent of each Lender; 
 (f) change any provision of this Section or the
definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent
hereunder, without the written consent of each Lender; 
  

 94 

 (g) release all or substantially all of the value of the Collateral without
the written consent of each Lender, except to the extent the release of such Collateral is permitted pursuant to Sections 4.09 or 10.10 (in which case such release may be made by Administrative Agent acting
alone); or 
 (h) release all or substantially all of the value of the Guaranties without the written consent of
each Lender, except to the extent the release of any Guarantor is permitted pursuant to Sections 4.09 or 10.10 (in which case such release may be made by Administrative Agent acting alone); 

and, provided, further, that (i) no amendment, waiver or consent shall, unless in writing and signed by L/C Issuer in addition to the Lenders
required above, affect the rights or duties of L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by
Administrative Agent in addition to the Lenders required above, affect the rights or duties of Administrative Agent under this Agreement or any other Loan Document; and (iii) the Fee Letter may be amended, or rights or privileges thereunder
waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or
consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be
increased or extended without the consent of such Lender, (y) the Obligations owed to any Defaulting Lender may not be reduced or forgiven without the consent of such Lender, and (z) any waiver, amendment or modification requiring the
consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender. 

11.02 Notices; Effectiveness; Electronic Communication. 

(a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by
telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or
registered mail or sent by telecopier as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

(i) if to Borrower, Administrative Agent or L/C Issuer, to the address, telecopier number, electronic mail address or
telephone number specified for such Person on Schedule 11.02; and 
 (ii) if to any other
Lender, to the address, telecopier number, electronic mail address or telephone number specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative
Questionnaire then in effect for the delivery of notices that may contain material non-public information relating to Borrower). 
 Notices and
other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by telecopier shall be deemed to have been given when
sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices and other communications delivered through electronic
communications to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b). 
  

 95 

 (b) Electronic Communications. Notices and other communications to
the Lenders and L/C Issuer hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by Administrative Agent, provided that the foregoing shall not
apply to notices to any Lender or L/C Issuer pursuant to Article II if such Lender or L/C Issuer, as applicable, has notified Administrative Agent that it is incapable of receiving notices under such Article by electronic
communication. Administrative Agent or Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such
procedures may be limited to particular notices or communications. 
 Unless Administrative Agent otherwise prescribes,
(i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as
available, return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at
the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as
described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. 

(c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS
DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED
OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR
THE PLATFORM. In no event shall Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to Borrower, any Lender, L/C Issuer or any other Person for losses, claims, damages,
liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of Borrower’s or Administrative Agent’s transmission of Borrower Materials through the Internet, except to the extent that such losses, claims,
damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided that in no event shall
any Agent Party have any liability to Borrower, any Lender, L/C Issuer or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages). 

(d) Change of Address, Etc. Each of Borrower, Administrative Agent and L/C Issuer may change its address,
telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, telecopier or telephone number for notices and other communications hereunder by notice to
Borrower, Administrative Agent and L/C Issuer. In addition, each Lender agrees to notify Administrative Agent from time to time to ensure that Administrative Agent has on record (i) an effective address, contact name, telephone number,
telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire 

 

 96 

 
instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one (1) individual at or on behalf of such Public Lender to at all times have selected the
“Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable
Law, including United States Federal and state securities Laws, to make reference to Borrower Materials that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public
information with respect to Borrower or its Equity Interests for purposes of United States Federal or state securities laws. 

(e) Reliance by Administrative Agent, L/C Issuer and Lenders. Administrative Agent, L/C Issuer and the
Lenders shall be entitled to rely and act upon any notices (including telephonic Loan Notices) purportedly given by or on behalf of Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not
preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. Borrower shall indemnify Administrative Agent, L/C Issuer, each Lender and the
Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of Borrower. All telephonic notices to and other telephonic communications
with Administrative Agent may be recorded by Administrative Agent, and each of the parties hereto hereby consents to such recording. 

11.03 No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, L/C Issuer or Administrative Agent to
exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any
other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by
Law. 
 Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights
and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained
exclusively by, Administrative Agent in accordance with Section 9.02 for the benefit of all the Lenders and L/C Issuer; provided that the foregoing shall not prohibit (a) Administrative Agent from exercising on its own
behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) L/C Issuer from exercising the rights and remedies that inure to its benefit (solely in
its capacity as L/C Issuer) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 11.08 (subject to the terms of Section 2.12), or
(d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time
there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) Required Lenders shall have the rights otherwise ascribed to Administrative Agent pursuant to Section 9.02 and
(ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.12, any Lender may, with the consent of Required
Lenders, enforce any rights and remedies available to it and as authorized by Required Lenders. 
  

 97 

 11.04 Expenses; Indemnity; Damage Waiver. 

(a) Costs and Expenses. Each Loan Party shall jointly and severally pay (i) all reasonable out-of-pocket
expenses incurred by Administrative Agent and its Affiliates (including (a) the reasonable fees, charges and disbursements of counsel for Administrative Agent; (b) fees and charges of each consultant, inspector, and engineer;
(c) appraisal, re appraisal and survey costs; (d) title insurance charges and premiums; (e) title search or examination costs, including abstracts, abstractors’ certificates and uniform commercial code searches; (f) judgment
and tax lien searches for Borrower and each Guarantor; (g) escrow fees; (h) fees and costs of environmental investigations site assessments and remediations; (i) recordation taxes, documentary taxes, transfer taxes and mortgage taxes;
(j) filing and recording fees; and (k) loan brokerage fees), in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers
of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by L/C Issuer in connection with the issuance, amendment, renewal or
extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by Administrative Agent, any Lender or L/C Issuer (including the reasonable fees, charges and disbursements of any counsel for
Administrative Agent, any Lender or L/C Issuer), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or
(B) in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 

(b) Indemnification. Each Loan Party shall jointly and severally indemnify Administrative Agent (and any sub-agent
thereof), each Lender and L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims,
damages, liabilities and related expenses (including the reasonable fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by Borrower or any other Loan
Party resulting from any action, suit, or proceeding relating to (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of
their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby, or, in the case of Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this
Agreement and the other Loan Documents (including in respect of any matters addressed in Section 3.01), (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any
refusal by L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or
release of Hazardous Materials on or from any property owned or operated by Borrower or any of its Subsidiaries, or any Environmental Damages related in any way to Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim,
litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by Borrower or any other Loan Party, and regardless of whether any Indemnitee is a
party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final
and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by Borrower or any other Loan Party against an

  

 98 

 
Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if Borrower or such other Loan Party has obtained a final and nonappealable
judgment in its favor on such claim as determined by a court of competent jurisdiction. 
 (c) Environmental
Indemnity. Each Loan Party hereby, jointly and severally, assumes liability for, and covenants and agrees at its sole cost and expense to protect, defend (at trial and appellate levels), indemnify and hold the Indemnitees harmless from and
against, and, if and to the extent paid, reimburse them on demand for, any and all Environmental Damages. WITHOUT LIMITATION, THE FOREGOING INDEMNITY SHALL APPLY TO EACH INDEMNITEE WITH RESPECT TO ENVIRONMENTAL DAMAGES WHICH IN WHOLE OR IN PART ARE
CAUSED BY OR ARISE OUT OF, OR ARE CLAIMED TO BE CAUSED BY OR ARISE OUT OF, THE NEGLIGENCE OR STRICT LIABILITY OF SUCH (AND/OR ANY OTHER) INDEMNITEE. HOWEVER, SUCH INDEMNITY SHALL NOT APPLY TO A PARTICULAR INDEMNITEE TO THE EXTENT THAT THE SUBJECT OF
THE INDEMNIFICATION IS CAUSED BY OR ARISES OUT OF THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF THAT PARTICULAR INDEMNITEE AS DETERMINED IN A NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION. Upon demand by Administrative Agent, L/C
Issuer or any Lender, the applicable Loan Party shall diligently defend any Environmental Claim which affects a Borrowing Base Property or is made or commenced against Administrative Agent, L/C Issuer or Lenders, whether alone or together with any
other Loan Party or any other person, all at the Loan Parties’ own cost and expense and by counsel to be approved by Administrative Agent, L/C Issuer and/or any Lender in the exercise of its reasonable judgment which shall not be unreasonably
withheld or delayed. In the alternative, at any time Administrative Agent, L/C Issuer or any Lender may elect to conduct its own defense through counsel selected by Administrative Agent, L/C Issuer or any Lender and at the cost and expense of the
Loan Parties. Notwithstanding anything to the contrary contained above: 
 (i) The Indemnitees will endeavor to
give Borrower notice of any Environmental Damage within thirty (30) days after an Indemnitee receives written notice of that Environmental Damage. However, if the Indemnitees fail to give Borrower timely notice of such Environmental Damage or
otherwise default in their obligations under this Section 11.04(c) or Section 7.12, the Indemnitees shall retain the right to defend and control the settlement of the Environmental Damage. The Loan Parties’
sole remedy for such a default by the Indemnitees shall be to offset against the indemnification liability otherwise payable by the Loan Parties to the Indemnitees the amount of damages actually suffered by the Loan Parties as a result of the late
notice or other default by the Indemnitees under this Section 11.04(c). 
 (ii) The Loan
Parties shall have the right to elect to defend and control the settlement of any Environmental Damage if each of the following conditions is satisfied: 

(A) The Environmental Damage seeks only monetary damages and does not seek any injunction or other equitable relief
against the Indemnitees; 
 (B) The Loan Parties unconditionally acknowledge in writing, in a notice of election
to contest or defend the Environmental Damage given to the Indemnitees within ten (10) days after the Indemnitees give the Borrower notice of the Environmental Damage, that the Loan Parties are obligated to indemnify the Indemnitees in full as
set forth in this Section 11.04(c) above with respect to the Environmental Damage, irrespective of any limitation of liability that may be contained elsewhere in the Loan Documents; 

 

 99 

 (C) Neither Borrower nor any other Loan Party is then in default in any of
their respective other obligations to the Indemnitees under the Loan Documents; 
 (D) The counsel chosen by the
Loan Parties to defend the Environmental Damage is reasonably satisfactory to the Indemnitees; and 
 (E) The
Loan Parties furnish the Indemnitees with a letter of credit, surety bond, or similar security in form and substance satisfactory to the Indemnitees in an amount sufficient to secure the Loan Parties’ potential indemnity liability to the
Indemnitees in the full amount of the Environmental Damage. 
 (iii) If the Loan Parties elect to defend against
an Environmental Damage, the Indemnitees shall, at their own expense, be entitled to participate in (but not control) the defense of, and receive copies of all pleadings and other papers in connection with, such Environmental Damage. If the Loan
Parties do not, or are not entitled to, elect to defend an Environmental Damage in conformity with the requirements of this Section, the Indemnitees shall be entitled to defend or settle (or both) that Environmental Damage on such terms as the
Indemnitees for that Environmental Damage shall be satisfied in the manner provided for in this Section 11.04(c). 

(iv) The Indemnitees will permit the Loan Parties to control the settlement of an Environmental Damage only if:
(A) the terms of the settlement require no more than the payment of money - that is, the settlement does not require the Indemnitees to admit any wrongdoing or take or refrain from taking any action; (B) the full amount of the monetary
settlement will be paid by the Loan Parties; and (C) the Indemnitees receive, as part of the settlement, a legally binding and enforceable unconditional satisfaction or release, which is in form and substance satisfactory to the Indemnitees,
providing that the Environmental Damage and any claimed liability of the Indemnitees with respect to it being fully satisfied because of the settlement and that the Indemnitees are being released from any and all obligations or liabilities they may
have with respect to the Environmental Damage. 
 (d) Reimbursement by Lenders. To the extent that the
Loan Parties for any reason fails to indefeasibly pay any amount required under subsection (a), (b) or (c) of this Section to be paid by the Loan Parties to Administrative Agent
(or any sub-agent thereof), L/C Issuer or any Related Party of any of the foregoing (and without limiting their obligation to do so), each Lender severally agrees to pay to Administrative Agent (or any such sub-agent), L/C Issuer or such Related
Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or
indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against Administrative Agent (or any such sub-agent) or L/C Issuer in its capacity as such, or against any Related Party of any of the
foregoing acting for Administrative Agent (or any such sub-agent) or L/C Issuer in connection with such capacity. The obligations of the Lenders under this subsection (d) are subject to the provisions of
Section 2.11(d). 
  

 100 

 (e) Waiver of Consequential Damages, Etc. To the fullest
extent permitted by applicable Law, no Loan Party shall assert, and each Loan Party hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual
damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of
the proceeds thereof. No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients
by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual
damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction. 

(f) Payments. All amounts due under this Section shall be payable not later than ten Business Days
after demand therefor. 
 (g) Survival. The agreements in this Section shall survive the
resignation of Administrative Agent and L/C Issuer, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations. 

11.05 Payments Set Aside. To the extent that any payment by or on behalf of Borrower is made to Administrative Agent, L/C
Issuer or any Lender, or Administrative Agent, L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set
aside or required (including pursuant to any settlement entered into by Administrative Agent, L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor
Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had
not occurred, and (b) each Lender and L/C Issuer severally agrees to pay to Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by Administrative Agent, plus interest thereon
from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders and L/C Issuer under clause (b) of the preceding
sentence shall survive the payment in full of the Obligations and the termination of this Agreement. 
 11.06 Successors and
Assigns. 
 (a) Successors and Assigns Generally. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of
subsection (b) of this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of
a security interest subject to the restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or
implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section
and, to the extent expressly contemplated hereby, the Related Parties of each of Administrative Agent, L/C Issuer and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

 

 101 

 (b) Assignments by Lenders. Any Lender may at any time assign to one
or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b), participations in L/C Obligations)
at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

(i) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans
at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

(B) in any case not described in subsection (b)(i)(A) of this Section, the aggregate
amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined
as of the date the Assignment and Assumption with respect to such assignment is delivered to Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000
unless each of Administrative Agent and, so long as no Event of Default has occurred and is continuing, Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided that concurrent assignments to
members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining
whether such minimum amount has been met. 
 (ii) Proportionate Amounts. Each partial assignment shall be
made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned. 

(iii) Required Consents. No consent shall be required for any assignment except to the extent required by
subsection (b)(i)(B) of this Section and, in addition: 
 (A) the consent of
Borrower (such consent not to be unreasonably withheld) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an
Approved Fund; provided that Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to Administrative Agent within five (5) Business Days after having received notice thereof;

 (B) the consent of Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be
required if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and 
  

 102 

 (C) the consent of L/C Issuer (such consent not to be unreasonably withheld
or delayed) shall be required for any assignment that increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding). 

(iv) Assignment and Assumption. The parties to each assignment shall execute and deliver to Administrative Agent an
Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided that Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any
assignment. The assignee, if it is not a Lender, shall deliver to Administrative Agent an Administrative Questionnaire. 

(v) No Assignment to Certain Persons. No such assignment shall be made (A) to Parent or Borrower or any of
their Affiliates or Subsidiaries, or (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B), or
(C) to a natural person. 
 (vi) Certain Additional Payments. In connection with any assignment of
rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to
Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with
the consent of Borrower and Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay
and satisfy in full all payment liabilities then owed by such Defaulting Lender to Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and
participations in Letters of Credit in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable
Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 

Subject to acceptance and recording thereof by Administrative Agent pursuant to subsection (c) of this
Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the
rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of
an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of
Sections 3.01, 3.04, 3.05, and 11.04 with respect to facts and circumstances occurring prior to the effective date of such assignment. Upon request, Borrower (at its expense) shall execute
and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such
Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section. 
  

 103 

 (c) Register. Administrative Agent, acting solely for this purpose as
an agent of Borrower (and such agency being solely for tax purposes), shall maintain at Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the
Lenders, and the Commitments of, and principal amounts of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive,
and Borrower, Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. In
addition, Administrative Agent shall maintain on the Register information regarding the designation, and revocation of designation, of any Lender as a Defaulting Lender. The Register shall be available for inspection by Borrower and any
Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 (d) Participations.
Any Lender may at any time, without the consent of, or notice to, Borrower or Administrative Agent, sell participations to any Person (other than a natural person, a Defaulting Lender or Parent or Borrower or any of their Affiliates or Subsidiaries)
(each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in
L/C Obligations) owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such
obligations and (iii) Borrower, Administrative Agent, the Lenders and L/C Issuer shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. 

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole
right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant,
agree to any amendment, waiver or other modification described in the first proviso to Section 11.01 that affects such Participant. Subject to subsection (e) of this Section, Borrower agrees that
each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to
subsection (b) of this Section. To the extent permitted by Law, each Participant also shall be entitled to the benefits of Section 11.08 as though it were a Lender, provided such Participant
agrees to be subject to Section 2.12 as though it were a Lender. 
 (e) Limitations upon
Participant Rights. A Participant shall not be entitled to receive any greater payment under Section 3.01 or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation
sold to such Participant, unless the sale of the participation to such Participant is made with Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of
Section 3.01 unless Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of Borrower, to comply with Section 3.01(e) as though it were a Lender.

 (f) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any
portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment
shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
  

 104 

 (g) Resignation as L/C Issuer after Assignment. Notwithstanding
anything to the contrary contained herein, if at any time Bank of America assigns all of its Commitment and Loans pursuant to subsection (b) above, Bank of America may, upon 30 days’ notice to Borrower and the Lenders, resign
as L/C Issuer. In the event of any such resignation as L/C Issuer, Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer hereunder; provided that no failure by Borrower to appoint any such successor shall affect
the resignation of Bank of America as L/C Issuer. If Bank of America resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective
date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to
Section 2.03(c)). Upon the appointment of a successor L/C Issuer, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer and (b) the
successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank
of America with respect to such Letters of Credit. 
 11.07 Treatment of Certain Information; Confidentiality.
Each of Administrative Agent, the Lenders and L/C Issuer agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective
partners, directors, officers, employees, agents, trustees, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep
such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to
the extent required by applicable Laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action
or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to
(i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 2.14(c) or
(ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to Borrower and its obligations, (g) with the consent of Borrower or (h) to the extent such Information (x) becomes
publicly available other than as a result of a breach of this Section or (y) becomes available to Administrative Agent, any Lender, L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a source other
than Borrower. For purposes of this Section, “Information” means all information received from any Company relating to any Company or any of their respective businesses, other than any such information that is
available to Administrative Agent, any Lender or L/C Issuer on a nonconfidential basis prior to disclosure by any Company, provided that in the case of information received from any Company after the date hereof, such information is clearly
identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has
exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

Each of Administrative Agent, the Lenders and L/C Issuer acknowledges that (a) the Information may include material non-public
information concerning Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance
with applicable Law, including United States Federal and state securities Laws. 
  

 105 

 11.08 Right of Setoff. If an Event of Default shall have occurred and be
continuing, each Lender, L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of Administrative Agent, to the fullest extent permitted by applicable Law,
to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, L/C Issuer or any such
Affiliate to or for the credit or the account of Borrower or any other Loan Party against any and all of the obligations of Borrower or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or L/C
Issuer, irrespective of whether or not such Lender or L/C Issuer shall have made any demand under this Agreement or any other Loan Document and although such obligations of Borrower or such Loan Party may be contingent or unmatured or are owed to a
branch or office of such Lender or L/C Issuer different from the branch or office holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff,
(x) all amounts so set off shall be paid over immediately to Administrative Agent for further application in accordance with the provisions of Section 2.16 and, pending such payment, shall be segregated by such Defaulting
Lender from its other funds and deemed held in trust for the benefit of Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to Administrative Agent a statement describing in reasonable detail the
Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, L/C Issuer and their respective Affiliates under this Section are in addition to other rights and remedies (including
other rights of setoff) that such Lender, L/C Issuer or their respective Affiliates may have. Each Lender and L/C Issuer agrees to notify Borrower and Administrative Agent promptly after any such setoff and application, provided that the
failure to give such notice shall not affect the validity of such setoff and application. 
 11.09 Interest Rate
Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law
(the “Maximum Rate”). If Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid
principal, refunded to Borrower. In determining whether the interest contracted for, charged, or received by Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize
any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of
interest throughout the contemplated term of the Obligations hereunder. 
 11.10 Counterparts; Integration;
Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single
contract. This Agreement and the other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject
matter hereof. Except as provided in Section 5.01, this Agreement shall become effective when it shall have been executed by Administrative Agent and when Administrative Agent shall have received counterparts hereof that, when
taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging means shall be effective as delivery of a manually executed
counterpart of this Agreement. 
 11.11 Survival of Representations and Warranties. All representations and
warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties
have been or will be relied upon by Administrative Agent and each 
  

 106 

 
Lender, regardless of any investigation made by Administrative Agent or any Lender or on their behalf and notwithstanding that Administrative Agent or any Lender may have had notice or knowledge
of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding. 

11.12 Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or
unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations
to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 11.12, if and to the extent that the enforceability of any provisions in
this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by Administrative Agent or L/C Issuer then such provisions shall be deemed to be in effect only to the extent not so limited.

 11.13 Replacement of Lenders. If any Lender requests compensation under
Section 3.04, or if Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, if any Lender
is a Defaulting Lender or if any other circumstance exists hereunder that gives Borrower the right to replace a Lender as a party hereto, then Borrower may, at its sole expense and effort, upon notice to such Lender and Administrative Agent, require
such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 11.06), all of its interests, rights and obligations under this Agreement and
the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: 

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

 (b) such Lender shall have received payment of an amount equal to 100% of the outstanding principal of its
Loans and L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from the assignee (to the extent of such
outstanding principal and accrued interest and fees) or Borrower (in the case of all other amounts); 
 (c) in
the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such
compensation or payments thereafter; and 
 (d) such assignment does not conflict with applicable Laws.

 A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such
Lender or otherwise, the circumstances entitling Borrower to require such assignment and delegation cease to apply. 
 11.14
Governing Law; Jurisdiction; Etc. 
 (a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
  

 107 

 (b) SUBMISSION TO JURISDICTION. EACH OF PARENT, BORROWER, AND EACH
OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN
DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE
PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER
LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ADMINISTRATIVE AGENT, ANY LENDER OR L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST BORROWER OR ANY OTHER LOAN PARTY OR ITS
PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 (c) WAIVER OF VENUE. EACH OF PARENT, BORROWER, AND EACH
OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (b) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF
AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 
 (d) SERVICE OF
PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER
MANNER PERMITTED BY APPLICABLE LAW. 
 11.15 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY
OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 
  

 108 

 11.16 No Advisory or Fiduciary Responsibility. In connection with all aspects
of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), Parent, Borrower, and each other Loan Party acknowledges and agrees, and acknowledges its
Affiliates’ understanding, that: (i)(A) the arranging and other services regarding this Agreement provided by Administrative Agent and each Joint Lead Arranger are arm’s-length commercial transactions between Parent, Borrower, each
other Loan Party and their respective Affiliates, on the one hand, and Administrative Agent and each Joint Lead Arranger, on the other hand, (B) each of Parent, Borrower, and the other Loan Parties has consulted its own legal, accounting,
regulatory and tax advisors to the extent it has deemed appropriate, and (C) Borrower and each other Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and
by the other Loan Documents; (ii)(A) Administrative Agent and each Joint Lead Arranger is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting
as an advisor, agent or fiduciary for Parent, Borrower, any other Loan Party, or any of their respective Affiliates, or any other Person and (B) neither Administrative Agent nor any Joint Lead Arranger has any obligation to Parent, Borrower,
any other Loan Party, or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) Administrative Agent and the Joint
Lead Arrangers and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of Parent, Borrower, the other Loan Parties, and their respective Affiliates, and neither Administrative
Agent nor any Joint Lead Arranger has any obligation to disclose any of such interests to Parent, Borrower, any other Loan Party, or any of their respective Affiliates. To the fullest extent permitted by Law, each of Parent, Borrower, and the other
Loan Parties hereby waives and releases any claims that it may have against Administrative Agent and the Joint Lead Arrangers with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction
contemplated hereby. 
 11.17 Electronic Execution of Assignments and Certain Other Documents. The words
“execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption or in any amendment or other modification hereof (including waivers and consents) shall be deemed to include electronic
signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent
and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic
Transactions Act. 
 11.18 USA PATRIOT Act. Each Lender that is subject to the Act (as hereinafter defined) and
Administrative Agent (for itself and not on behalf of any Lender) hereby notifies Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“Act”), it is required to obtain, verify and record information that identifies Borrower, which information includes the name and address of Borrower and other information that will allow such Lender or Administrative Agent,
as applicable, to identify Borrower in accordance with the Act. Borrower shall, promptly following a request by Administrative Agent or any Lender, provide all documentation and other information that Administrative Agent or such Lender requests in
order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act. 

11.19 ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

[Remainder of Page Intentionally Left Blank; 

Signature Pages Follow] 
  

 109 

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

							
	 BORROWER:
  

DLC REALTY, L.P., a Delaware limited partnership

		
	By: 	 	 DLC Realty Trust, Inc.,

its General Partner

			
		 	By:	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
	
	PARENT:
	
	DLC REALTY TRUST, INC., a Maryland corporation
		
	By: 	 	 
		 	Name:	 	 
		 	Title:	 	 

  

 Signature Page to 

DLC Credit Agreement 

					
	 BANK OF AMERICA, N.A.,

as Administrative Agent

		
	By: 	 	 
		 	Name: 	 	 
		 	Title: 	 	 

  

 Signature Page to 

DLC Credit Agreement 

					
	 BANK OF AMERICA, N.A.,

as a Lender and L/C Issuer

		
	By: 	 	 
		 	Name: 	 	 
		 	Title: 	 	 

  

 Signature Page to 

DLC Credit Agreement 

					
	 BARCLAYS BANK PLC,

as a Lender

		
	By: 	 	 
		 	Name: 	 	 
		 	Title: 	 	 

  

 Signature Page to 

DLC Credit Agreement 

					
	 U.S. BANK NATIONAL ASSOCIATION,

as a Lender

		
	By: 	 	 
		 	Name: 	 	 
		 	Title: 	 	 

  

 Signature Page to 

DLC Credit Agreement 

					
	 M & T BANK CORPORATION,

as a Lender

		
	By: 	 	 
		 	Name: 	 	 
		 	Title: 	 	 

  

 Signature Page to 

DLC Credit Agreement 

					
	 RAYMOND JAMES BANK, FSB,

as a Lender

		
	By: 	 	 
		 	Name: 	 	 
		 	Title: 	 	 

  

 Signature Page to 

DLC Credit Agreement 

					
	 ROYAL BANK OF CANADA,

as a Lender

		
	By: 	 	 
		 	Name: 	 	 
		 	Title: 	 	 

  

 Signature Page to 

DLC Credit Agreement 

					
	 DEUTSCHE BANK AG, NEW YORK BRANCH,

as a Lender

		
	By: 	 	 
		 	Name: 	 	 
		 	Title: 	 	 

  

 Signature Page to 

DLC Credit Agreement 

					
	 PNC BANK, NATIONAL ASSOCIATION,

as a Lender

		
	By: 	 	 
		 	Name: 	 	 
		 	Title: 	 	 

  

 Signature Page to 

DLC Credit Agreement 

					
	 CHEVY CHASE BANK,

a division of Capital One, N.A., as a Lender

		
	By: 	 	 
		 	Name: 	 	 
		 	Title: 	 	 

  

 Signature Page to 

DLC Credit AgreementEmployment Agreement - DLC Realty Trust, Inc. & Adam Ifshin

 Exhibit 10.11 

EMPLOYMENT AGREEMENT 

EMPLOYMENT AGREEMENT dated as of ______, 2010 (the “Effective Date”), by and between DLC Realty Trust,
Inc., a Maryland corporation (the “Company”), and Adam Ifshin (the “Executive”). 

WHEREAS, the Company wishes to offer employment to the Executive, and the Executive wishes to accept such offer on the terms set
forth below. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 1.
Term. The Company hereby employs the Executive, and the Executive hereby accepts such employment, for an initial term commencing as of the Effective Date and continuing for a four-year period (the “Initial Term”),
unless sooner terminated in accordance with the provisions of Section 4 or Section 5; with such employment to automatically continue following the Initial Term for an additional one-year period in accordance with the terms of this
Agreement (subject to termination as aforesaid) unless either party notifies the other party in writing of its intention not to renew this Agreement at least sixty (60) days prior to the expiration of the Initial Term (the Initial Term,
together with any such extension of employment hereunder, shall hereinafter be referred to as the “Term”). 

2. Position and Duties. 

2.1 General. During the Term, the Executive shall be employed by the Company as President and Chief Executive
Officer of the Company and its subsidiaries, reporting to the Board of Directors of the Company (the “Board”). The Executive shall also serve as Chairman of the Board subject to election by the Company’s stockholders. In
such capacity, the Executive shall faithfully perform for the Company the duties of said offices and shall perform such other duties of an executive, managerial or administrative nature as shall be reasonably specified and designated from time to
time by 

 
the Board, provided that such duties are consistent with the Executive’s positions. The Executive will make recommendations to the Compensation Committee of the Board (the
“Compensation Committee”) with regard to compensation levels (including equity awards) for senior executive officers and may make such recommendations with regard to the compensation levels and terms for lower level
executives. The Executive’s principal place of employment shall be the principal offices of the Company currently in Tarrytown, New York; provided, however, that the Executive understands and agrees that reasonable travel may be required from
time to time for business reasons. 
 2.2 Exclusive Services. The Executive shall devote substantially all
of his business time and effort to the performance of his duties hereunder; provided, however, that the Executive may (i) engage in other activities for the Executive’s own account while employed hereunder, including, without limitation,
charitable, community and other business activities, (ii) manage personal and family investments, and (iii) devote a portion of his working time that is reasonably required to manage matters relating to the businesses set forth on Exhibit
B, provided, that such other activities do not materially interfere with the performance of Executive’s duties hereunder. The Executive may continue to serve on the board of directors of the entities set forth on Exhibit C. Subject to
Section 6, the Executive also may serve on the board of directors or advisory committee of other for-profit enterprises subject to the consent of the Board, which shall not unreasonably be withheld. 

3. Compensation. 

3.1 Salary. The Company shall pay the Executive during the Term a salary at the rate of $600,000 per annum, in
accordance with the customary payroll practices of the Company applicable to senior executives from time to time. At least annually, the Compensation Committee shall review the Executive’s Annual Salary in good faith and may provide for
increases therein (but not decreases) as it may in its discretion deem appropriate (such annual salary, as increased, the “Annual Salary”). 

 

 - 2 - 

 3.2 Bonus. The Executive will not receive a bonus for the
Company’s 2010 fiscal year. For each fiscal year during the Term following the 2010 fiscal year, the Executive shall be eligible to receive an incentive bonus (each an “Annual Bonus”) based on a percentage of his Annual
Salary and subject to satisfaction of corporate and individual performance goals, each as determined by the Compensation Committee with meaningful input from the Executive with respect to the year to which such bonus relates. The Executive’s
Annual Bonuses shall be determined in accordance with a Company incentive compensation program as applicable to senior executives (including threshold, target and maximum bonus ranges for the Executive of 100%, 175% and 250%, respectively, of Annual
Salary) as in effect from time to time. The Annual Bonuses shall be paid in the fiscal year following the fiscal year for which such bonuses are awarded, but in all events shall be paid no later than March 15 of such following fiscal year.

 3.3 Benefits - In General. The Executive shall be permitted during the Term to participate in any group
life, hospitalization or disability insurance plans, health and dental programs, equity incentive plans, 401(k) and other retirement plans, fringe benefit programs and similar benefits on a basis no less favorable than may be available to other
senior executives of the Company generally, in each case to the extent that the Executive is eligible under the terms of such plans or programs. In implementing any compensation/benefits programs or awards (including equity awards), the Company
shall consider and attempt, in good faith, to structure such programs or awards in the most tax efficient manner for the Executive. 

3.4 Specific Benefits. Without limiting the generality of Section 3.3, the Executive shall be entitled to
vacation of twenty-five (25) business days per year and reimbursement for tax preparation and financial consulting services in an amount not to exceed $20,000 per year. Any accrued vacation not taken during any year may be carried forward to
subsequent years, up to a maximum of sixty (60) vacation days at any time. Vacation days in all events shall be taken at reasonable times and in accordance with the Company’s policies. In addition, the Company shall obtain and maintain in
force and effect during the Term, (i) subject to the Executive’s insurability, a supplemental disability insurance policy covering the Executive for his benefit with a benefit in the amounts of $360,000 per annum and (ii) subject to
the Executive’s insurability, a term life insurance policy covering the life of the Executive for the benefit of his designated beneficiary(s) in the amount of $2,000,000. The policies set forth in the prior sentence shall be issued by an
insurance company(s) with at least an “A” rating by A.M. Best Company. 
  

 - 3 - 

 3.5 Long-Term Incentive Compensation. 

(a) For each fiscal year during the Term, the Executive shall be eligible to participate in any annual or other long-term
incentive compensation program (including, without limitation, any out-performance plan or program) established by the Company and the Executive shall continue to be eligible to receive annual or other awards thereunder on at least the same basis as
other senior executive officers of the Company. The number (and value) of the awards will be at a level (and, except as required by this Agreement, on such terms (including, without limitation, vesting and post termination exercise periods (if any))
determined by the Compensation Committee commensurate with the Executive’s position and performance after taking into account a recommendation by an independent compensation consultant retained by the Company and/or the Compensation Committee.

 (b) As of the Effective Date, the Executive shall be granted an award consisting of 131,837 LTIP units (the
“LTIP Units”) in the Company’s operating partnership under the Company’s Equity Incentive Plan (the “Plan”). Subject to Section 4 and Section 5, the LTIP Units will vest in five
equal annual installments beginning on the first anniversary of the Effective Date (in 2011, 2012, 2013, 2014 and 2015), subject to the Executive’s continuing employment with the Company on such dates. Regardless of when any LTIP Units become
vested (i.e., whether under this Section 3.5(b), Section 4 or Section 5), each LTIP Unit shall continue to be subject to a one-year restriction on transfer (that is, such LTIP Units will continue to be non-transferable for the
one-year period) following the vesting date. Notwithstanding the foregoing, the one-year post-vesting restriction on transfer will cease to apply to any LTIP Units (whether then vested or later vested) in the event of a Change in Control (as defined
herein). An award agreement memorializing the grant of the LTIP Units shall be issued by the Company. 
  

 - 4 - 

 3.6 Expenses. The Company shall promptly pay or reimburse the
Executive for all ordinary and reasonable out-of-pocket expenses actually incurred (and, in the case of reimbursement, paid) by the Executive during the Term in the performance of the Executive’s services under this Agreement; provided that the
Executive submits reasonable proof of such expenses, with the properly completed forms as prescribed from time to time by the Company in accordance with the Company’s policies, plans and/or programs. 

4. Termination upon Death or Disability. 

4.1 In General. If the Executive dies during the Term, the Term shall terminate as of the date of death, and the
obligations of the Company to or with respect to the Executive shall terminate in their entirety upon such date except as otherwise provided under this Section 4. If there is a determination by the Company that the Executive has become
physically or mentally incapable of performing his duties under the Agreement and such disability has disabled the Executive for a cumulative period of one hundred eighty (180) days within a twelve (12) month period or if the Company has a
long-term disability policy in effect, if the Executive incurs a disability thereunder (a “Disability”), the Company shall have the right to terminate the employment of the Executive upon notice in writing to the Executive.
If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s then existing position or positions with or without reasonable accommodation, the
Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive’s guardian has no reasonable objection as to
whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue absent manifest error. The Executive shall cooperate with any
reasonable request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such certification, the Company’s determination of such issue shall be binding on the Executive.

 4.2 Compensation Upon Termination Due to Death or Disability. Upon termination of employment due to
death or Disability during the Term, (i) the Executive (or the Executive’s estate or beneficiaries in the case of the death of the Executive) shall be entitled to receive, in a lump sum payment

  

 - 5 - 

 
(subject to Section 8.19 of this Agreement) within thirty (30) days following Executive’s termination of employment, Annual Salary, Annual Bonus and other benefits earned and
accrued under this Agreement (including payment for any accrued, unused vacation days) on or prior to the date of termination (and reimbursement under this Agreement for expenses incurred on or prior to the date of termination); (ii) a pro rata
(based on the number of days employed in the fiscal year of termination) Annual Bonus for the fiscal year in which his termination occurs, calculated based on actual results for such fiscal year (the “Pro Rata Bonus”), paid
at the time that the Annual Bonus would otherwise be paid in accordance with Section 3.2 hereof; (iii) all outstanding unvested equity-based incentives and awards held by the Executive (including LTIP Units) shall thereupon vest and become
free of restrictions and be exercisable in accordance with their terms; and (iv) the Executive (or, in the case of his death, his estate and beneficiaries) shall continue to be entitled to any benefits that he or they are entitled to under the
insurance arrangements referenced in Section 3.4 above, and any tax-qualified plans or other benefit plans that provide benefits to employees following separation from service, including without limitation any disability benefits and continued
health coverage. 
 5. Certain Terminations of Employment. 

5.1 Termination by the Company for Cause; Termination by the Executive without Good Reason. 

(a) For purposes of this Agreement, “Cause” shall mean the Executive’s: 

(i) conviction of, or plea of guilty or nolo contendere to, a felony or crime involving moral turpitude, dishonesty, breach of
trust, unethical business conduct or otherwise involving the Company; 
 (ii) engagement in the performance of his duties
hereunder, or otherwise, to the material and demonstrable detriment of the Company, in willful misconduct, willful or gross neglect, fraud, misappropriation or embezzlement; 

(iii) repeated failure to adhere to the lawful directions of the Board, to adhere to the Company’s policies and practices or, in
accordance with Section 2.2 hereof, to devote substantially all of his business time and efforts to the Company; 
 (iv)
willful and continued failure to substantially perform his duties properly assigned to him (other than any such failure resulting from his Disability (as described in Section 4)) after demand for substantial performance is delivered by the
Company specifically identifying the manner in which the Company believes the Executive has not substantially performed such duties; 
  

 - 6 - 

 (v) breach of any of the provisions of Section 6; or 

(vi) breach in any material respect of the terms and provisions of this Agreement and failure to cure such breach within ten
(10) days following written notice from the Company specifying such breach; 
 provided, however, that the Company shall not be permitted
to terminate the Executive for Cause except on written notice given to the Executive at any time following the occurrence of any of the events described in clause (ii) above and on written notice given to the Executive at any time not more than
thirty (30) days following the occurrence of any of the events described in clause (i), (iii), (iv), (v) or (vi) above (or, if later, the Company’s knowledge thereof). No act or failure to act on the Executive’s part will be
considered “willful” unless done, or omitted to be done, by the Executive not in good faith and without reasonable belief that his action or omission was in the best interests of the Company. Notwithstanding the foregoing, the Executive
shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the non-employee directors of the
Board at a meeting of the Board called and held for such purposes (after reasonable notice to the Executive and an opportunity for him, together with his counsel, to be heard before the Board), finding that in the good faith opinion of the Board the
Executive has engaged in misconduct constituting Cause and of continuing such misconduct after notice from the Board, and specifying the particulars thereof in detail. For the avoidance of doubt, the foregoing resolution can be adopted by the Board
in executive session. 
 (b) The Company may terminate the Executive’s employment hereunder for Cause, and
the Executive may terminate his employment on at least thirty (30) days’ written notice. If during the Term the Company terminates the Executive for Cause, or the Executive terminates his employment and the termination by the Executive is
not covered by Section 4, 5.2 or 5.3, (i) the Executive shall receive Annual Salary through the date of termination, Annual Bonus for the preceding fiscal year (if unpaid), and other benefits (but, in all events, and without increasing the
Executive’s rights under any other 
  

 - 7 - 

 
provision hereof, excluding any bonuses not yet paid) earned and accrued under this Agreement prior to the termination of employment (including payment for any accrued, unused vacation days and
reimbursement under this Agreement for expenses incurred prior to the termination of employment), (ii) all outstanding unvested equity-based incentives and awards held by the Executive as of his date of termination shall be forfeited unless
otherwise provided in an applicable award agreement, or as otherwise agreed by the Company, and (iii) the Executive (or, in the case of his death, his estate and beneficiaries) shall continue to be entitled to any benefits that he or they are
entitled to under any tax-qualified plans or other benefit plans that provide benefits to employees following separation from service, including without limitation any disability benefits and continued health coverage. 

5.2 Termination by the Company without Cause; Termination by the Executive for Good Reason; Expiration/Non-Renewal of
the Agreement by the Company. 
 (a) For purposes of this Agreement, “Good Reason”
shall mean the following, unless consented to by the Executive in writing: 
 (i) any material diminution of the
responsibilities, duties, authority or status of the Executive from those set forth in this Agreement, or on or following a Change in Control (as defined below), any material adverse change in the responsibilities, duties, authority or status of the
Executive from those set forth in this Agreement; 
 (ii) any material adverse change in the positions, titles or reporting
responsibility (such that the Executive reports to a person other than the Board) of the Executive; 
 (iii) the assignment of
duties to the Executive that are materially inconsistent with the Executive’s position and status as Chief Executive Officer; 

(iv) a relocation of the Executive’s principal business location to an area outside a 25 mile radius of its current location or
moving of the Executive from the Company’s principal offices; 
 (v) a material reduction in Annual Salary or total
compensation opportunities of the Executive, or on or following a Change in Control, any reduction in Annual Salary or total compensation opportunities of the Executive; or 

(vi) a material breach by the Company of this Agreement or any other material agreement between the Executive and the Company, or on or
following a Change in Control, any breach by the Company of this Agreement or any other material agreement between the Executive and the Company. 
  

 - 8 - 

 Notwithstanding the foregoing, (i) Good Reason (A) shall not be deemed to exist unless notice of
termination on account thereof is given no later than thirty (30) days after the time at which the event or condition purportedly giving rise to Good Reason first occurs or arises and (B) shall not be deemed to exist at any time at which
there exists an event or condition which could serve as the basis of a termination of the Executive’s employment for Cause; and (ii) if there exists (without regard to this clause (ii)) an event or condition that constitutes Good Reason,
the Company shall have thirty (30) days from the date notice of such a termination is given to cure such event or condition (or, in the event that such grounds cannot be corrected within such 30-day period, the Company has taken all reasonable
steps within such 30-day period to correct such grounds as promptly as practicable thereafter) and, if the Company does so, such event or condition shall not constitute Good Reason hereunder. For purposes of this Section 5.2(a), the
Executive’s date of termination shall be the next day following the Company’s 30-day cure period (if such event has not been cured or such reasonable steps have not been taken, as applicable), or such earlier time as agreed to by the
Company and the Executive if the Company waives its right to cure under sub-clause (ii) of this paragraph. 

(b) The Company may terminate the Executive’s employment at any time for any reason or no reason. The Executive may
terminate the Executive’s employment with the Company at any time for any reason or no reason, and for Good Reason under this Section 5.2. If during the Term the Company terminates the Executive’s employment (other than due to
non-renewal under Section 1 above) and the termination is not covered by Section 4, 5.1 or 5.3, or the Executive terminates his employment for Good Reason and the termination by the Executive is not covered by Section 5.3,
(i) the Executive shall be entitled to receive, in a lump sum payment (subject to Section 8.19 of this Agreement) on the 60th day following Executive’s termination of employment (subject to Section 5.2(e) of this Agreement),
(A) Annual Salary, Annual Bonus and other benefits earned and accrued under this Agreement prior to the date of termination (and reimbursement under this Agreement for expenses incurred prior to the date of termination) and (B) three
(3) times the sum of his then Annual Salary and the highest Annual Bonus (based on the aggregate of cash and the value of any portion of the Annual Bonus paid in the form of an 

 

 - 9 - 

 
equity award) paid to the Executive for any of the three (3) years immediately preceding the year in which the Executive’s employment is terminated (to the extent applicable); provided
that such highest Annual Bonus determined for these purposes shall in no event be less than Executive’s Annual Salary for the year of termination; (ii) the Executive shall be entitled to receive a Pro Rata Bonus payable at the time such
Annual Bonus would otherwise be paid in accordance with Section 3.2 hereof; (iii) for a period of two (2) years after termination of employment, such continuing medical benefits under the Company’s health plans and programs
applicable to senior executives of the Company generally as the Executive would have received under this Agreement (and at such costs to the Executive) in the absence of such termination (but not taking into account any post-termination increases in
Annual Salary that may otherwise have occurred without regard to such termination and that may have favorably affected such benefits); (iv) all outstanding unvested equity-based incentives and awards (including LTIP Units) shall thereupon vest
and become free of restrictions and be exercisable in accordance with their terms; and (v) the Executive (or, in the case of his death, his estate and beneficiaries) shall continue to be entitled to any benefits that he or they are entitled to
under any tax-qualified plans or other benefit plans that provide benefits to employees following separation from service, including without limitation any disability benefits and continued health coverage. 

(c) Notwithstanding the foregoing, in the event the Executive’s employment and this Agreement are terminated due to
the Company’s providing a non-renewal notice at the end of the Initial Term (in accordance with Section 1 above), the Executive shall receive the payments and benefits due to the Executive under Section 5.2(b) in the manner and form
set forth therein, except that the multiple for the payment under Section 5.2(b)(i)(B) shall be two (2) times rather than three (3) times. For the avoidance of doubt, a non-renewal of this Agreement by the Company beyond the initial
one-year renewal term (in accordance with Section 1 above) will not constitute a termination of employment by the Company without Cause and the Executive acknowledges that the provisions of this Section 5.2 will not apply after such
aforementioned period. 
  

 - 10 - 

 (d) Notwithstanding clause 5.2(b)(iii), (i) nothing herein shall
restrict the ability of the Company to amend or terminate the health and welfare plans and programs referred to in such clause 5.2(b)(iii) from time to time in its sole discretion, provided that any such amendments or termination are made applicable
generally on the same terms to all actively employed senior executives of the Company, but the Company may not reduce benefits already earned and accrued by, but not yet paid to, the Executive and (ii) the Company shall in no event be required
to provide any benefits otherwise required by such clause 5.2(b)(iii) after such time as the Executive becomes entitled to receive benefits of the same type from another employer or recipient of the Executive’s services (such entitlement being
determined without regard to any individual waivers or other similar arrangements). 
 (e) Notwithstanding any
other provision of this Agreement, the Company shall not be required to make the payments and provide the benefits provided for under Section 5.2(b) unless the Executive executes and delivers to the Company a waiver and release substantially in
the form attached hereto as Exhibit A (which the Company shall execute as soon as practicable upon delivery by the Executive) and such waiver and release becomes effective and irrevocable within sixty (60) days following the date of
termination. The Company shall provide the Executive with such waiver and release within five (5) business days following the Executive’s termination of employment. 

5.3 Change in Control. 

(a) Without duplication of the foregoing, if the Executive’s employment is terminated by the Company without Cause or
the Executive resigns his employment for Good Reason, in either case within six (6) months before, or one (1) year following, a Change in Control, the Executive shall receive the payments and benefits due to the Executive under
Section 5.2(b) in the manner and form set forth therein. 
 (b) For purposes of this Agreement,
“Change in Control” means the occurrence of any of the following events: 
 (i) any “person,”
including a “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities and Exchange Act of 1934 (the “Exchange Act”), but excluding the Company, any entity controlling, controlled by or under
common control with the 
  

 - 11 - 

 
Company, any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any such entity, and the Executive and any
“group” (as such term is used in Section 13(d)(3) of the Exchange Act) of which the Executive is a member), is or becomes the “beneficial owner” (as defined in Rule 13(d)(3) under the Exchange Act), directly or indirectly,
of securities of the Company representing 30% or more of either (A) the combined voting power of the Company’s then outstanding securities or (B) the then outstanding shares of common stock of the Company (in either such case other
than as a result of an acquisition of securities directly from the Company); 
 (ii) consummation of a merger or consolidation of
the Company with any other entity or approve the issuance of voting securities in connection with a merger or consolidation of the Company (or any direct or indirect subsidiary thereof) pursuant to applicable exchange requirements, other than
(A) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving or parent entity) at least 50.1% of the combined voting power of the voting securities of the Company or such surviving or parent entity outstanding immediately after such merger or consolidation or (B) a merger or consolidation
effected to implement a recapitalization of the Company (or similar transaction) in which no “person” (as defined above) is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing 50% or more of
either of the then outstanding shares of common stock or the combined voting power of the Company’s then outstanding voting securities; 

(iii) there shall occur any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated or
arranged by any party as a single plan) of all or substantially all of the assets of the Company, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the combined
voting power of the voting securities of which are owned by “persons” (as defined above) in substantially the same proportion as their ownership of the Company immediately prior to such sale; or 

(iv) during any consecutive twenty-four (24) calendar month period, the members of the Board at the beginning of such period (the
“Incumbent Directors”) cease for any reason other than due to death to constitute at least a majority of the members of the Board; provided that any director whose election, or nomination for election by the Company’s
stockholders, was approved or ratified by a vote of at least a majority of the Incumbent Directors shall be deemed to be an Incumbent Director. 

5.4 Resignation from Directorships and Officerships. The termination of the Executive’s employment for any
reason will be deemed to constitute, without any further action required by any party, the Executive’s resignation from (i) any director, officer or employee position the Executive has with the Company and its subsidiaries and affiliates
and (ii) all fiduciary positions (including as a trustee) the Executive holds with respect to any employee benefit plans or trusts established by the Company. The Executive agrees that this Section 5.4 shall serve as written notice of
resignation in this circumstance. 
  

 - 12 - 

 6. Covenants of the Executive. 

6.1 Covenant Against Competition; Other Covenants. The Executive acknowledges that (i) the principal business
of the Company (which expressly includes for purposes of this Section 6 (and any related enforcement provisions hereof), its successors and assigns) is the management, acquisition, ownership and redevelopment of shopping centers in the United
States (such businesses, and any and all other businesses in which, at the time of Executive’s termination, the Company is actively and regularly engaged or actively pursuing, herein being collectively referred to as the
“Business”); (ii) the Company is one of the limited number of persons who have developed such a business; (iii) the Company’s Business is national in scope; (iv) the Executive’s work for the Company
has given and will continue to give him access to the confidential affairs and proprietary information of the Company; (v) the covenants and agreements of the Executive contained in this Section 6 are essential to the business and goodwill
of the Company; and (vi) the Company would not have entered into this Agreement but for the covenants and agreements set forth in this Section 6. Accordingly, the Executive covenants and agrees that: 

(a) Non-Competition. By and in consideration of the salary and benefits to be provided by the Company hereunder,
including the severance arrangements set forth herein, and further in consideration of the Executive’s exposure to the proprietary information of the Company, the Executive covenants and agrees that, during the period commencing on the date
hereof and ending twelve (12) months following the date upon which the Executive shall cease to be an employee of the Company and its subsidiaries (or any other entity directly or indirectly controlled by such entities) (the
“Restricted Period”), he shall not directly or indirectly, whether as an owner, partner, stockholder, principal, agent, employee, consultant or in any other relationship or capacity, (i) engage in any element of the
Business (other than for the Company or its subsidiaries (or any other entity directly or indirectly controlled by 
  

 - 13 - 

 
such entities)) or otherwise compete with the Company or its subsidiaries (or any other entity directly or indirectly controlled by such entities), (ii) render any services related to the
Business to any person, corporation, partnership or other entity (other than the Company or its subsidiaries (or any other entity directly or indirectly controlled by such entities)) engaged in any element of the Business, or (iii) acquire an
interest in any person, corporation, partnership or other entity described in clause (ii) above as a partner, stockholder, principal, agent, employee, consultant or in any other relationship or capacity; provided, however, that, notwithstanding
the foregoing, the Executive may (x) engage in the businesses identified on Exhibit B hereto and (y) invest in securities of any entity, solely for investment purposes and without participating in the business thereof, if (A) such
securities are traded on any national securities exchange, (B) the Executive is not a controlling person of, or a member of a group which controls, such entity and (C) the Executive does not, directly or indirectly, own 1% or more of any
class of securities of such entity. Notwithstanding the foregoing, the covenants contained in this Section 6.1(a) shall not apply in the event of the Executive’s termination of employment upon or after the expiration of the one-year
renewal term in accordance with Section 1 above. 
 (b) Confidential Information. (i) During and
after the Restricted Period, the Executive shall keep secret and retain in strictest confidence, and shall not use for his benefit or the benefit of others, except in connection with the business and affairs of the Company and its subsidiaries (or
any other entity directly or indirectly controlled by such entities), all confidential matters relating to the Company’s Business and the business of any of its subsidiaries (or any other entity directly or indirectly controlled by such
entities) and to the Company and any of its subsidiaries (or any other entity directly or indirectly controlled by such entities), learned by the Executive heretofore or hereafter directly or indirectly from the Company or any of its subsidiaries
(or any other entity directly or indirectly controlled by such entities) (the “Confidential Company Information”), and shall not disclose such Confidential Company Information to anyone outside of the Company except
(A) with the Company’s express written consent, (B) for Confidential Company Information which is at the time of receipt or thereafter becomes publicly known through no wrongful act of the Executive or is received from a third

  

 - 14 - 

 
party not under an obligation to keep such information confidential and without breach of this Agreement and (C) where the Executive is required to disclose such Confidential Company
Information by court order, subpoena or other government process. 
 (ii) In the event that the Executive becomes
legally compelled to disclose any Confidential Company Information, the Executive shall provide the Company with prompt written notice so that the Company may seek a protective order or other appropriate remedy. In the event that such protective
order or other remedy is not obtained, the Executive shall furnish only that portion of such Confidential Company Information or take only such action as is legally required by binding order and shall exercise his reasonable efforts to obtain
reliable assurance that confidential treatment shall be accorded any such Confidential Company Information. The Company shall promptly pay (upon receipt of invoices and any other documentation as may be requested by the Company) all reasonable
expenses and fees incurred by the Executive, including attorneys’ fees, in connection with his compliance with the immediately preceding sentence. Further, this Section 6 shall not prevent the Executive from disclosing Confidential Company
Information in connection with any litigation, arbitration or mediation involving this Agreement, including, but not limited to, enforcing this Agreement, provided that such disclosure is reasonably necessary for the Executive to assert any claim or
defense in such proceeding. 
 (c) Non-Solicitation. During the Restricted Period, the Executive shall
not, without the Company’s prior written consent, directly or indirectly, (i) solicit or encourage to leave the employment or other service of the Company, or any of its subsidiaries (or any other entity directly or indirectly controlled
by such entities), any employee, agent or any independent contractor who provides significant services to the Business thereof or (ii) hire (on behalf of the Executive or any other person or entity) any employee or independent contractor who
provides significant services to the Business who has left the employment or other service of the Company or any of its subsidiaries (or any other entity directly or indirectly controlled by such entities) within the one-year period which follows
the termination of such employee’s or independent contractor’s employment or other service with the Company and its subsidiaries (or any other entity directly or indirectly controlled by such entities), provided, however, that

  

 - 15 - 

 
the foregoing shall not be violated by general advertising not targeted at employees of the Company and its subsidiaries (or any other entity directly or indirectly controlled by such entities)
nor by serving as a reference upon request. From the date hereof and during the Restricted Period, the Executive will not, whether for his own account or for the account of any other person, firm, corporation or other business organization, solicit
for a competing business or intentionally interfere with the Company’s or any of its subsidiaries’ relationship (or the relationship of any other entity directly or indirectly controlled by such entities) with, or endeavor to entice away
from the Company or any of its subsidiaries (or any other entity directly or indirectly controlled by such entities) for a competing business, any person who during the Term is or was a customer, client, tenant, supplier, licensee, agent, or
independent contractor of the Company or any of its subsidiaries (or any other entity directly or indirectly controlled by such entities), provided, the parties hereto agree that the performance of duties for another entity that are typically
performed by a senior executive officer shall not be considered to be “solicitation” of customers or clients under this Section 6(c), provided that the performance of such duties do not violate any of the other provisions of this
agreement including, without limitation, the restrictions set forth in Section 6.1(a). 
 (d)
Nondisparagement. Each party agrees that at no time during the Executive’s employment by the Company or at any time thereafter shall such party (which, in the case of the Company, shall be the members of the Board and the senior
officers) make, or cause or assist any other person to make, any public statement or other public communication which impugns or attacks, or is otherwise critical of, the reputation, business or character of the other party, including in the case of
the Company any subsidiary (or any other entity directly or indirectly controlled by such entities) thereof or any of its respective directors, officers or employees. Notwithstanding the foregoing, nothing in this Section shall prevent the Company,
the Executive or any other person from (i) responding to incorrect, disparaging or derogatory public statements to the extent necessary to correct or refute such public statements or (ii) making any truthful statement to the extent
(A) necessary in connection with any litigation, arbitration or mediation involving this Agreement, including, but not limited to, the enforcement of this Agreement or (B) required by law or by any court, arbitrator, mediator or
administrative or legislative body (including any committee thereof) with apparent jurisdiction or authority to order or require such person to disclose or make accessible such information. 

 

 - 16 - 

 (e) Exclusive Property. All memoranda, notes, lists, records,
property and any other tangible product and documents (and all copies thereof), whether visually perceptible, machine-readable or otherwise, made, produced or compiled by the Executive or made available to the Executive concerning the business of
the Company or its subsidiaries (or any other entity directly or indirectly controlled by such entities) (i) shall at all times be the property of the Company (and, as applicable, any subsidiaries (or any other entity directly or indirectly
controlled by such entities)) and shall be delivered to the Company at any time upon its request, and (ii) upon the Executive’s termination of employment, shall be immediately returned to the Company. This section shall not apply to
materials that Executive possessed prior to his business relationship with the Company, to Executive’s personal effects and documents, to materials prepared by Executive for the purposes of seeking legal or other professional advice or to
materials relating to the businesses identified on Exhibit B hereto. 
 6.2 Rights and Remedies upon
Breach. 
 (a) The Executive acknowledges and agrees that any breach by him of any of the provisions of
Section 6.1 or any subparts thereof (individually or collectively the “Restrictive Covenants”) would result in irreparable injury and damage for which money damages would not provide an adequate remedy. Therefore, if the
Executive breaches, or threatens to commit a breach of, any of the provisions of Section 6.1 or any subpart thereof, the Company and its subsidiaries (or any other entity directly or indirectly controlled by such entities), in addition to, and
not in lieu of, any other rights and remedies available to the Company and its subsidiaries (or any other entity directly or indirectly controlled by such entities) under law or in equity (including, without limitation, the recovery of damages),
shall have the right and remedy to have the Restrictive Covenants specifically enforced (without posting bond and without the need to prove damages) by any court having equity jurisdiction, including, without limitation, the right to an entry
against the Executive of restraining orders and injunctions (preliminary, mandatory, temporary and permanent) against violations, threatened or actual, and whether or not then continuing, of such covenants. 

 

 - 17 - 

 (b) In addition to the remedies the Company may seek and obtain pursuant to
this Section 6.2, the Restricted Period shall be extended by any and all periods during which the Executive shall be found by a court possessing personal jurisdiction over him to have been in violation of any of the Restrictive Covenants
contained in this Section 6, as applicable. 
 (c) The Executive agrees that the provisions of
Section 6.1 of this Agreement and each subsection thereof are reasonably necessary for the protection of the Company’s legitimate business interests and if enforced, will not prevent Executive from obtaining gainful employment should his
employment with the Company end. The Executive agrees that in any action seeking specific performance or other equitable relief, he will not assert or contend that any of the provisions of this Section 6 are unreasonable or otherwise
unenforceable as drafted. The existence of any claim or cause of action by the Executive, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement of the Restrictive Covenants. 

7. Defense of Claims. The Executive agrees that, during the Term, and for a period of two (2) years after termination of the
Executive’s employment for any reason, upon reasonable request from the Company, and after Executive’s termination of employment, subject to Executive’s other business commitments, the Executive will cooperate with the Company in the
defense of any claims or actions that may be made by or against the Company that affect the Executive’s prior areas of responsibility, except as reasonably determined by the Executive, if the Executive’s interests are adverse to the
Company in such claim or action. The Company agrees to promptly reimburse the Executive for all of the Executive’s reasonable travel and other direct expenses incurred, or to be reasonably incurred, to comply with the Executive’s
obligations under this Section 7. 
  

 - 18 - 

 8. Other Provisions. 

8.1 Severability. The Executive acknowledges and agrees that (i) he has had an opportunity to seek advice of
counsel in connection with this Agreement and (ii) the Restrictive Covenants are reasonable in geographical and temporal scope and in all other respects as drafted. If it is determined that any of the provisions of this Agreement, including,
without limitation, any of the Restrictive Covenants, or any part thereof, is invalid or unenforceable, the remainder of the provisions of this Agreement shall not thereby be affected and shall be given full effect, without regard to the invalid
portions. 
 8.2 Duration and Scope of Covenants. If any court or other decision-maker of competent
jurisdiction determines that any of the Executive’s covenants contained in this Agreement, including, without limitation, any of the Restrictive Covenants, or any part thereof, is unenforceable because of the duration or geographical scope of
such provision, then, after such determination has become final and unappealable, the duration or scope of such provision, as the case may be, shall be reduced so that such provision becomes enforceable and, in its reduced form, such provision shall
then be enforceable and shall be enforced. 
 8.3 Enforceability; Jurisdiction; Arbitration. 

(a) The Company and the Executive intend to and hereby confer jurisdiction to enforce the Restrictive Covenants set forth
in Section 6 upon the courts of any jurisdiction within the geographical scope of the Restrictive Covenants. If the courts of any one or more of such jurisdictions hold the Restrictive Covenants wholly unenforceable by reason of breadth of
scope or otherwise it is the intention of the Company and the Executive that such determination not bar or in any way affect the Company’s right, or the right of any of its subsidiaries (or any other entity directly or indirectly controlled by
such entities), to the relief provided above in the courts of any other jurisdiction within the geographical scope of such Restrictive Covenants, as to breaches of such Restrictive Covenants in such other respective jurisdictions, such Restrictive
Covenants as they relate to each jurisdiction’s being, for this purpose, severable, diverse and independent covenants, subject, where appropriate, to the doctrine of res judicata. The parties hereby agree to waive any right to a trial by jury
for any and all disputes hereunder (whether or not relating to the Restricted Covenants). 
  

 - 19 - 

 (b) Any controversy or claim arising out of or relating to this Agreement or
the breach of this Agreement (other than a controversy or claim arising under Section 6, to the extent necessary for the Company (or its subsidiaries (or any other entity directly or indirectly controlled by such entities), where applicable) to
avail itself of the rights and remedies referred to in Section 6.2) that is not resolved by the Executive and the Company (or its subsidiaries (or any other entity directly or indirectly controlled by such entities), where applicable) shall be
submitted to arbitration in New York in accordance with New York law and the employment arbitration rules and procedures of the American Arbitration Association. The determination of the arbitrator(s) shall be conclusive and binding on the Company
(or its subsidiaries (or any other entity directly or indirectly controlled by such entities), where applicable) and the Executive and judgment may be entered on the arbitrator(s)’ award in any court having jurisdiction. 

8.4 Notices. Any notice or other communication required or permitted hereunder shall be in writing and shall be
delivered personally or sent by certified, registered or express mail, postage prepaid. Any such notice shall be deemed given when so delivered personally or, if mailed, five (5) days after the date of deposit in the United States mails as
follows: 
  

	 	(i)	If to the Company, to: 

 DLC
Realty Trust, Inc. 
 580 White Plains Road 

Tarrytown, New York 10591 

with a copy to: 

Clifford Chance US LLP 

31 West 52nd Street 

New York, New York 10019-6131 

Attention: Larry P. Medvinsky, Esq. 
  

	 	(ii)	If to the Executive, to: 

 Adam
Ifshin 
 c/o DLC Realty Trust, Inc. 

DLC Realty Trust, Inc. 

580 White Plains Road 

Tarrytown, New York 10591 
  

 - 20 - 

 with a copy to: 

Hogan & Hartson LLP 

555
13th Street NW 

Washington, DC 20004 

Attention: William L. Neff, Esq. 

Any such person may by notice given in accordance with this Section 8.4 to the other parties hereto designate another address or person for receipt
by such person of notices hereunder. 
 8.5 Entire Agreement. This Agreement contains the entire agreement
between the parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto. 

8.6 Waivers and Amendments. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms
hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver
thereof, nor shall any waiver on the part of any party of any such right, power or privilege nor any single or partial exercise of any such right, power or privilege, preclude any other or further exercise thereof or the exercise of any other such
right, power or privilege. 
 8.7 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW WHICH COULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK. 

8.8 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and the
Company’s successors and permitted assigns, and, in the case of the Executive, his heirs and legal representatives. No rights or obligations of the Company under this Agreement may be assigned or transferred by the Company, except that such
rights or obligations may be assigned or transferred pursuant to a merger or consolidation in which the Company is not the continuing 

 

 - 21 - 

 
entity, or a sale, liquidation or other disposition of all or substantially all of the assets of the Company, provided that the assignee or transferee is the successor to all or substantially all
of the assets of the Company and assumes the liabilities, obligations and duties of the Company under this Agreement, either contractually or as a matter of law. This Agreement, and the Executive’s rights and obligations hereunder, may not be
assigned by the Executive; any purported assignment by the Executive in violation hereof shall be null and void. In the event of any sale, transfer or other disposition of all or substantially all of the Company’s assets or business, whether by
merger, consolidation or otherwise, the Company may assign this Agreement and its rights hereunder, provided that the successor or purchaser agrees, as a condition of such transaction, to assume all of the Company’s obligations hereunder.

 8.9 Legal Fees. The Company will pay directly or reimburse the Executive for reasonable legal fees and
expenses incurred by the Executive in connection with the review and negotiation of this Agreement. 
 8.10
Withholding. The Company shall be entitled to withhold from any payments or deemed payments any amount of tax withholding it determines to be required by law. 

8.11 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties and their
respective successors, permitted assigns, heirs, executors and legal representatives. 
 8.12
Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original but all such counterparts together shall constitute one and the same instrument.
Each counterpart may consist of two copies hereof each signed by one of the parties hereto. 
 8.13
Survival. Anything contained in this Agreement to the contrary notwithstanding, the provisions of Sections 4.2, 5.1(b), 5.2(b), 5.2(c), 5.3(a) (each of the foregoing, to the extent any such payments thereunder remain unpaid), 6, 8.3, 8.10 and
8.15, and the other provisions of this Section 8 (to the extent necessary to effectuate the survival of Sections 4.2, 5.1(b), 5.2(b), 5.2(c), 5.3(a), 6, 8.3, 8.10 and 8.15), shall survive termination of this Agreement and any termination of the
Executive’s employment hereunder. 
  

 - 22 - 

 8.14 Existing Agreements. The Executive represents to the Company
that he is not subject or a party to any employment or consulting agreement, non-competition covenant or other agreement, covenant or understanding which might prohibit him from executing this Agreement or limit his ability to fulfill his
responsibilities hereunder. 
 8.15 Liability Insurance. The Company shall use its reasonable best efforts
to acquire and maintain directors and officers liability insurance to cover the Executive both during and, while potential liability exists, after the Term in the same amount and to the same extent as the Company covers its other senior executive
officers and directors. 
 8.16 Headings. The headings in this Agreement are for reference only and shall
not affect the interpretation of this Agreement. 
 8.17 No Mitigation or Offset. In the event of
termination of the Executive’s employment for any reason, the Executive shall be under no obligation to seek other employment and there shall be no offset against amounts due to the Executive on account of any remuneration or benefits from any
subsequent employment that he may obtain, except to the extent provided in Section 5.2(d). 
 8.18
Parachute Payments. 
 (a) If there is a change in ownership or control of the Company that would cause
any payment, distribution or benefit provided by the Company, any person whose actions result in a change in ownership covered by Section 280G(b)(2) or any person affiliated with the Company or such person, to or for the benefit of the
Executive (whether provided, to be provided, paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) (a “Payment”) to be subject to the excise tax imposed by Section 4999 of
the Code (such excise tax, together with any interest or penalties incurred by the Executive with respect to such excise tax, the “Excise Tax”) (any such Payment, a “Parachute Payment”), then the
following provisions shall apply: 
 (i) If the Parachute Payment, reduced by the sum of (A) the Excise Tax and (B) the
total of the federal, state, and local income and employment taxes payable by the Executive on the amount of the Parachute Payment which are in excess of the Threshold Amount (as defined below), are greater than or equal to the Threshold Amount, the
Executive shall be entitled to the full benefits payable under this Agreement. 
  

 - 23 - 

 (ii) If the Threshold Amount is less than (A) the Parachute Payment, but greater than
(B) the Parachute Payment reduced by the sum of (x) the Excise Tax and (y) the total of the federal, state, and local income and employment taxes payable by the Executive on the amount of the Parachute Payment which are in excess of
the Threshold Amount, then the Parachute Payment shall be reduced (but not below zero) to the extent necessary so that the sum of all Parachute Payments shall not exceed the Threshold Amount. In such event, the Parachute Payment shall be reduced in
the following order: (1) cash payments not subject to Code Section 409A; (2) cash payments subject to Code Section 409A; (3) stock options (and other exercisable awards) that have exercise prices higher than the then fair
market value price of the stock (based on the latest vesting tranches), (4) restricted stock and restricted stock units based on the last ones scheduled to be distributed, (5) other stock options based on the latest vesting tranches, and
(6) other non-cash forms of benefits. To the extent any payment is to be made over time (e.g., in installments, etc.), then the payments shall be reduced in reverse chronological order. 

For the purposes of this Section 8.18, “Threshold Amount” shall mean three (3) times the Executive’s “base
amount” within the meaning of Section 280G(b)(3) of the Code and the regulations promulgated thereunder less one dollar ($1.00). 

(b) Determinations. The determination as to which of the alternative provisions of Section 8.18(a) shall apply to the
Executive shall be made by a certified public accounting firm designated by the Company and reasonably acceptable to the Executive (the “Accounting Firm”). The Accounting Firm shall make, and shall provide to the parties,
such determination within sixty (60) days following the occurrence of the event that subjects the Executive to the Excise Tax. All Payments will be treated as “parachute payments” (within the meaning of Section 280G(b)(2) of the
Code) and any Payments in excess of the base amount shall be treated as subject to the Excise Tax unless otherwise determined by the Accounting Firm. All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any
determination by the Accounting Firm shall be binding upon the Company and the Executive. The Executive and the Company shall provide the Accounting Firm with all information which the Accounting Firm reasonably deems necessary in computing the
Threshold Amount. For purposes of determining which of the alternative provisions of Section 8.18(a) shall apply, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to
individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in the state and locality of the Executive’s residence on the determination date,
net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. 
  

 - 24 - 

 8.19 Section 409A Compliance. Any payments under this Agreement
that are deemed to be deferred compensation subject to the requirements of Section 409A of the Code, are intended to comply with the requirements of Section 409A. To this end and notwithstanding any other provision of this Agreement to the
contrary, if at the time of Executive’s termination of employment with the Company, (i) the Company’s securities are publicly traded on an established securities market; (ii) Executive is a “specified employee” (as
defined in Section 409A); and (iii) the deferral of the commencement of any payments or benefits otherwise payable pursuant to this Agreement as a result of such termination of employment is necessary in order to prevent any accelerated or
additional tax under Section 409A, then the Company will defer the commencement of such payments (without any reduction in amount ultimately paid or provided to Executive) that are not paid within the short-term deferral rule under
Section 409A (and any regulations thereunder) or within the “involuntary separation” exemption of Treasury Regulation § 1.409A-1(b)(9)(iii). Such deferral shall last until the date that is six (6) months following
Executive’s termination of employment with the Company (or the earliest date as is permitted under Section 409A). Any amounts the payment of which are so deferred shall be paid in a lump sum payment on the 10th day after the end of such
deferral period together with interest thereon through the date preceding payment at the rate of interest payable on jumbo six-month bank certificates of deposit, as quoted in the business section of the most recently published Sunday edition of The
New York Times preceding the Executive’s date of termination (the “Applicable Interest Rate”). If Executive dies during the deferral period prior to the payment of any deferred amount, then the unpaid deferred amount,
together with interest thereon through the date preceding payment at the Applicable Interest Rate, shall be paid to the personal representative of Executive’s estate within sixty (60) days after the date of Executive’s death. For
purposes of Section 409A, the Executive’s right to receive installment payments pursuant to this Agreement including, without limitation, each COBRA continuation reimbursement shall be treated as a right to receive a series of separate and
distinct payments. The Executive will be deemed 
  

 - 25 - 

 
to have a date of termination for purposes of determining the timing of any payments or benefits hereunder that are classified as deferred compensation only upon a “separation from
service” within the meaning of Section 409A. Any amount that the Executive is entitled to be reimbursed under this Agreement will be reimbursed to the Executive as promptly as practical and in any event not later than the last day of the
calendar year after the calendar year in which the expenses are incurred, any right to reimbursement or in kind benefits will not be subject to liquidation or exchange for another benefit, and the amount of the expenses eligible for reimbursement
during any taxable year will not affect the amount of expenses eligible for reimbursement in any other taxable year. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be
made within thirty (30) days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the Company. 

The parties agree to consider any amendments or modifications to this Employment Agreement or any other compensation arrangement between
the parties, as reasonably requested by the other party, that is necessary to cause such agreement or arrangement to comply with Section 409A (or an exception thereto), provided that such proposed amendment or modification does not change the
economics of the agreement or arrangement and does not provide for any additional cost to either party. Notwithstanding the foregoing, the parties will not be obligated to make any amendment or modification and the Company makes no representation or
warranty with respect to compliance with Section 409A and shall have no liability to the Executive or any other person if any provision of this Employment Agreement or such other arrangement are determined to constitute deferred compensation
subject to Section 409A that does not satisfy an exemption from, or the conditions of, such Section. 
  

 - 26 - 

 IN WITNESS WHEREOF, the parties hereto have signed their names as of the day and year first
above written. 
  

			
	DLC REALTY TRUST, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	
		
	By:	 	 
		 	Adam Ifshin

  

 - 27 - 

 EXHIBIT A 

Form of Waiver and Release 

This Waiver and General Release of all Claims (this “Agreement”) is entered into by Adam Ifshin (the
“Executive”) and DLC Realty Trust, Inc., a Maryland corporation (the “Company”), effective as of __________ (the “Effective Date”). 

In consideration of the promises set forth in the Employment Agreement between the Executive and the Company, dated __________, 2010 (the
“Employment Agreement”), the Executive and the Company agree as follows: 
 1. Return of
Property. All Company files, access keys, desk keys, ID badges, computers, electronic devices, telephones and credit cards, and such other property of the Company as the Company may reasonably request, in the Executive’s possession must be
returned on the date of the Executive’s termination from the Company or as soon as practicable thereafter. Notwithstanding anything herein to the contrary, the Executive may retain his rolodex (and similar address and telephone directories) and
compensation related documents (including, without limitation, the Employment Agreement and benefit and compensation plans in which the Executive was eligible to participate). 

2. General Releases and Waivers of Claims. 

(a) Executive’s Release of Company. In consideration of the payments and benefits provided to the Executive
under Section 5.2(b) of the Employment Agreement and after consultation with counsel, the Executive hereby irrevocably and unconditionally releases and forever discharges the Company and its past, present and future parent entities,
subsidiaries, divisions, affiliates and related business entities, any of its or their successors and assigns, assets, employee benefit plans or funds, and any of its or their respective past, present and/or future directors, officers, fiduciaries,
agents, trustees, administrators, managers, supervisors, stockholders, employees and assigns, whether acting on behalf of the Company or in their individual capacities (collectively, “Company Parties”) from any and all
claims, actions, causes of action, rights, judgments, obligations, damages, demands, accountings or liabilities of 
  

 Exh. A-1 

 
whatever kind or character (collectively, “Claims”), including, without limitation, any Claims under any federal, state, local or foreign law, that the Executive may have,
or in the future may possess, arising out of (i) the Executive’s employment relationship with and service as an employee, officer or director of the Company, and the termination of such relationship or service, and (ii) any event,
condition, circumstance or obligation that occurred, existed or arose on or prior to the date hereof; provided, however, that the Executive does not release, discharge or waive (i) any rights to payments and benefits provided under the
Employment Agreement that are contingent upon the execution by the Executive of this Agreement, (ii) any right the Executive may have to enforce this Agreement or the Employment Agreement, (iii) the Executive’s eligibility for
indemnification in accordance with the Company’s certificate of incorporation, bylaws or other corporate governance document, or any applicable insurance policy, with respect to any liability he incurred or might incur as an employee, officer
or director of the Company, including, without limitation, pursuant to Section 7 and Section 8.15 of the Employment Agreement, (iv) any claims for accrued, vested benefits under any employee benefit or pension plan of the Company
Parties subject to the terms and conditions of such plan and applicable law including, without limitation, any such claims under the Employee Retirement Income Security Act of 1974, or (v) any right or claim that the Executive may have to
obtain contributions as permitted by applicable law in an action in which both the Executive on the one hand or any Company Party on the other hand are held jointly liable. 

(b) Executive’s Specific Release of ADEA Claims. In further consideration of the payments and benefits
provided to the Executive under Section 5.2(b) of the Employment Agreement, the Executive hereby unconditionally release and forever discharge the Company Parties from any and all Claims that the Executive may have as of the date the Executive
signs this Agreement arising under the Federal Age Discrimination in Employment Act of 1967, as amended, and the applicable rules and regulations promulgated thereunder (“ADEA”). By signing this Agreement, the Executive
hereby acknowledges and confirms the following: (i) the Executive was advised by the Company in connection with his termination to consult with an attorney of his choice prior to signing this Agreement and to have such attorney explain to the
Executive the terms of this Agreement, including, without limitation, the 
  

 Exh. A-2 

 
terms relating to the Executive’s release of claims arising under ADEA, and the Executive has been given the opportunity to do so; (ii) the Executive was given a period of not fewer
than twenty-one (21) days to consider the terms of this Agreement and to consult with an attorney of his choosing with respect thereto; and (iii) the Executive knowingly and voluntarily accepts the terms of this Agreement. The Executive
also understands that he has seven (7) days following the date on which he signs this Agreement within which to revoke the release contained in this paragraph, by providing the Company a written notice of his revocation of the release and
waiver contained in this paragraph. 
 (c) Company’s Release of Executive. The Company for itself and
on behalf of the Company Parties hereby irrevocably and unconditionally release and forever discharge the Executive and each of the Executive’s respective heirs, executors, administrators, representatives, agents, successors and assigns
(collectively, the “Executive Parties”) from any and all Claims , including, without limitation, any Claims under any federal, state, local or foreign law, that the Company Parties may have, or in the future may possess,
arising out of (i) the Executive’s employment relationship with and service as an employee, officer or director of the Company, and the termination of such relationship or service, and (ii) any event, condition, circumstance or
obligation that occurred, existed or arose on or prior to the date hereof. Anything to the contrary notwithstanding in this Agreement, nothing herein shall release the Executive or any other Executive Party from any Claims based on any right the
Company may have to enforce this Agreement or the Employment Agreement. The Company represents that as of the Effective Date it knows of no basis for any Claim by it against the Executive. 

(d) No Assignment. The parties represent and warrant that they have not assigned any of the Claims being released
under this Agreement. 
 3. Waiver of Relief. The parties acknowledge and agree that by virtue of the foregoing, they
have waived any relief available to them (including without limitation, monetary damages and equitable relief, and reinstatement in the case of the Executive) under any of the Claims waived in paragraph 2. Therefore the parties agree that they will
not accept any award or settlement from any source or proceeding (including but not limited to any proceeding brought by any other person or by any 

 

 Exh. A-3 

 
government agency) with respect to any Claim or right waived in this Agreement. Nothing in this Agreement shall be construed to prevent any party from cooperating with or participating in an
investigation conducted by, any governmental agency, to the extent required or permitted by law. 
 4. Severability
Clause. In the event any provision or part of this Agreement is found to be invalid or unenforceable, only that particular provision or part so found, and not the entire Agreement, will be inoperative. 

5. Non-admission. Nothing contained in this Agreement will be deemed or construed as an admission of wrongdoing or liability on
the part of the Company or any other Company Party or the Executive or any other Executive Party. 
 6. Governing Law.
All matters affecting this Agreement, including the validity thereof, are to be governed by, and interpreted and construed in accordance with, the laws of the State of New York applicable to contracts executed in and to be performed in that State.

 7. Arbitration. Any dispute or controversy arising under or in connection with this Agreement shall be resolved in
accordance with Section 8.3 of the Employment Agreement. 
 8. Notices. All notices or communications hereunder
shall be made in accordance with Section 8.4 of the Employment Agreement. 
 THE EXECUTIVE ACKNOWLEDGES THAT HE HAS READ
THIS AGREEMENT AND THAT HE FULLY KNOWS, UNDERSTANDS AND APPRECIATES ITS CONTENTS, AND THAT HE HEREBY EXECUTES THE SAME AND MAKES THIS AGREEMENT AND THE RELEASE AND AGREEMENTS PROVIDED FOR HEREIN VOLUNTARILY AND OF HIS OWN FREE WILL. 

 

			
	[Executive]
	
	___________________
	
	Date: _____________
	
	DLC REALTY TRUST, INC.
		
	By: 	 	 
		 	Name:
		 	Title:

  

 Exh. A-4 

 EXHIBIT B 

Excluded Businesses; Excluded Properties 

Excluded Businesses 
 1. That
certain entity known as First Man Investment Securities Corp. (“First Man”), which is a [•] corporation that is owned by Adam Ifshin, a Financial Industry Regulatory Authority registered placement agent; provided, that
First Man does not engage, directly or indirectly, (i) primarily in any activities other than acting as exclusive placement agent to Infill (as defined below) and UrbanCore Development, LLC in connection with third party capital raising and (ii) in
any case, in the management, acquisition, ownership and redevelopment of shopping centers. 
 2. That certain entity known as Infill
Development, LLC (“Infill”), a [•] limited liability company that is owned by Adam Ifshin and Stephen Ifshin, together with any and all entities in which Infill now or hereafter owns an interest; provided, that
(i) Infill and such other entities do not engage, directly or indirectly, primarily in any activities other than the development of stand-alone pads for Walgreens and (ii) to the extent that Infill or any such other entity engages in any
other such businesses or activities, except with respect to that certain stand-alone Walgreens development project (of approximately 15,000 square feet) and that certain stand-alone Stop and Shop Supermarket development project (of approximately
50,000 square feet), it will not engage in the management, acquisition, ownership and redevelopment of shopping centers that contain greater than 30,000 square feet. As of the date hereof, Infill owns an interest in each of the following entities:
(a) Ossining RX Development, LLC; (b) Thornwood RX Development, LLC; and (c) Wakefield RX Development, LLC. 
 3. That certain
entity known as UrbanCore Development, LLC, a [•] limited liability company that is owned by Adam Ifshin and Stephen Ifshin; provided, that, except with respect to that certain existing development (of over approximately 250,000 square feet)
located in Chicago, Illinois, such entity does not engage, directly or indirectly, (i) primarily in any activities other than the completion of current consulting and development projects relating to mixed-use commercial sites in urban markets and
(ii) in any case, in the management, acquisition, ownership and redevelopment of shopping centers except as noted in (i) above. 

Excluded Properties 
 1. The
buildings, including all appurtenant facilities known as “Bell Forge Square Shopping Center” located in Davidson County, Tennessee and owned by Bell Forge Improvements, LLC, a Delaware limited liability company. 

2. The buildings, including all appurtenant facilities known as “East Park Plaza” and “Shoppers Fair Shopping Center” and located in
Lincoln, Nebraska and owned by East Park Improvements, LLC, a Delaware limited liability company, and Shoppers Fair Improvements, LLC, a Delaware limited liability company. 

3. The buildings, including all appurtenant facilities located at 230 East Avenue in Norwalk, Connecticut and owned by Norwalk Improvements, LLC, a New
York limited liability company. 
 4. The buildings, including all appurtenant facilities known as “Oaks at Oak Brook” located in Oak
Brook, Illinois and owned by Oaks Improvements, LLC, a Delaware limited liability company. 
 5. The buildings, including all appurtenant
facilities known as “Salem Consumer Square” located in Trotwood, Ohio and owned by Salem Square Improvements, LLC, a Delaware limited liability company. 

 

 Exh. B-1 

 6. The buildings, including all appurtenant facilities known as “The Shoppes at Hope Valley”
located in Durham, North Carolina and owned by Hope Valley Improvements, LLC, a Delaware limited liability company. 
 7. The buildings,
including all appurtenant facilities known as “The Shoppes at Letson Farms” located in McCalla, Alabama and owned by Letson Farms Improvements, LLC, a Delaware limited liability company. 

8. The buildings, including all appurtenant facilities known as “Stone Mountain Square” located in Stone Mountain, Georgia and owned by Stone
Mountain Improvements, LLC, a Delaware limited liability company and the related property known as “Stone Mountain Outparcel” located in Stone Mountain, Georgia and owned by Stone Mountain Outparcel, LLC, a Delaware limited liability
company. 
  

 Exh. B-2 

 EXHIBIT C 

Directorships 
 1. Member
of the Board of Trustees of the ICSC. 
 2. Chairman of the ICSC Government Relations Economic Sub-Committee. 

3. Member of the Urban Land Institute and Chair of its Commercial & Retail Council (Blue Flight). 

4. Chairman of the Board of Directors of the Byram Hills Education Foundation. 

5. Member of the Board of Directors of Hudson Valley Holding Corp. 

 

 Exh. C-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}]]