Document:

EX-4.8

 Exhibit 4.8 

 
  

 
 LYB INTERNATIONAL FINANCE B.V.

 as Issuer 
 LYONDELLBASELL INDUSTRIES N.V. 
 as Guarantor 

and 
 WELLS
FARGO BANK, NATIONAL ASSOCIATION 
 as Trustee 

 
  

Indenture 
 Dated
as of [            , 2013] 
  

 
 Debt Securities

  
  

 

 LYB INTERNATIONAL FINANCE B.V. 

Reconciliation and tie between Trust Indenture Act of 1939 
 and Indenture, dated as of [            , 2013] 
  

 
  

			
	Section of	  	 
	Trust Indenture	  	Section(s) of
	 Act of 1939
	  	Indenture
	 § 310    (a)(1)
	  	7.10
	              (a)(2)
	  	7.10
	              (a)(3)
	  	Not Applicable
	              (a)(4)
	  	Not Applicable
	              (a)(5)
	  	7.10
	              (b)
	  	7.08, 7.10
	 § 311    (a)
	  	7.11
	              (b)
	  	7.11
	 § 312    (a)
	  	2.08
	              (b)
	  	12.03
	              (c)
	  	12.03
	 § 313    (a)
	  	7.06
	              (b)
	  	7.06
	              (c)
	  	7.06
	              (d)
	  	7.06
	 § 314    (a)
	  	4.03, 4.04
	              (b)
	  	Not Applicable
	              (c)(1)
	  	12.04
	              (c)(2)
	  	12.04
	              (c)(3)
	  	Not Applicable
	              (d)
	  	Not Applicable
	              (e)
	  	12.05
	 § 315    (a)
	  	7.01(b)
	              (b)
	  	7.05
	              (c)
	  	7.01(a)
	              (d)
	  	7.01(c)
	              (d)(1)
	  	7.01(c)(1)
	              (d)(2)
	  	7.01(c)(2)
	              (d)(3)
	  	7.01(c)(3)
	              (e)
	  	6.11
	 § 316    (a)(1)(A)
	  	6.05
	              (a)(1)(B)
	  	6.04
	              (a)(2)
	  	Not Applicable
	              (a)(last sentence)
	  	2.12
	              (b)
	  	6.07
	 § 317    (a)(1)
	  	6.08
	              (a)(2)
	  	6.09
	              (b)
	  	2.07
	 § 318    (a)
	  	12.01

  
 Note:
This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture. 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	  
		
	 SECTION 1.01 Definitions
	  	 	1	  
	 SECTION 1.02 Other Definitions
	  	 	9	  
	 SECTION 1.03 Incorporation by Reference of Trust Indenture Act
	  	 	9	  
	 SECTION 1.04 Rules of Construction
	  	 	10	  
		
	 ARTICLE II THE SECURITIES
	  	 	10	  
		
	 SECTION 2.01 Amount Unlimited; Issuable in Series
	  	 	10	  
	 SECTION 2.02 Denominations and Currency
	  	 	13	  
	 SECTION 2.03 Forms Generally
	  	 	13	  
	 SECTION 2.04 Form of Trustee’s Certificate of Authentication
	  	 	14	  
	 SECTION 2.05 Execution, Authentication, Delivery and Dating
	  	 	14	  
	 SECTION 2.06 Registrar and Paying Agent
	  	 	16	  
	 SECTION 2.07 Paying Agent to Hold Money in Trust
	  	 	17	  
	 SECTION 2.08 Holder Lists
	  	 	17	  
	 SECTION 2.09 Transfer and Exchange
	  	 	17	  
	 SECTION 2.10 Replacement Securities
	  	 	18	  
	 SECTION 2.11 Outstanding Securities
	  	 	18	  
	 SECTION 2.12 Original Issue Discount, Foreign-Currency Denominated and Treasury Securities
	  	 	18	  
	 SECTION 2.13 Temporary Securities
	  	 	19	  
	 SECTION 2.14 Cancellation
	  	 	19	  
	 SECTION 2.15 Payments; Defaulted Interest
	  	 	19	  
	 SECTION 2.16 Persons Deemed Owners
	  	 	20	  
	 SECTION 2.17 Computation of Interest
	  	 	20	  
	 SECTION 2.18 Global Securities; Book-Entry Provisions
	  	 	20	  
		
	 ARTICLE III REDEMPTION
	  	 	23	  
		
	 SECTION 3.01 Applicability of Article
	  	 	23	  
	 SECTION 3.02 Notice to the Trustee
	  	 	23	  
	 SECTION 3.03 Selection of Securities To Be Redeemed
	  	 	23	  
	 SECTION 3.04 Notice of Redemption
	  	 	24	  
	 SECTION 3.05 Effect of Notice of Redemption
	  	 	25	  
	 SECTION 3.06 Deposit of Redemption Price
	  	 	25	  
	 SECTION 3.07 Securities Redeemed in Part
	  	 	25	  
	 SECTION 3.08 Purchase of Securities
	  	 	26	  
	 SECTION 3.09 Mandatory and Optional Sinking Funds
	  	 	26	  
	 SECTION 3.10 Satisfaction of Sinking Fund Payments with Securities
	  	 	26	  
	 SECTION 3.11 Redemption of Securities for Sinking Fund
	  	 	26	  
	 SECTION 3.12 Redemption for Changes in Taxes
	  	 	27	  

  
 i 

					
	 ARTICLE IV COVENANTS
	  	 	28	  
		
	 SECTION 4.01 Payment of Securities
	  	 	28	  
	 SECTION 4.02 Maintenance of Office or Agency
	  	 	29	  
	 SECTION 4.03 SEC Reports; Financial Statements
	  	 	29	  
	 SECTION 4.04 Compliance Certificate
	  	 	30	  
	 SECTION 4.05 Corporate Existence
	  	 	30	  
	 SECTION 4.06 Waiver of Stay, Extension or Usury Laws
	  	 	30	  
	 SECTION 4.07 Limitation on Liens
	  	 	31	  
	 SECTION 4.08 Limitation on Sale/Leaseback Transactions
	  	 	31	  
	 SECTION 4.09 Additional Amounts
	  	 	32	  
	 SECTION 4.10 Additional Tax Amounts
	  	 	32	  
		
	 ARTICLE V SUCCESSORS
	  	 	35	  
		
	 SECTION 5.01 Limitations on Mergers and Consolidations
	  	 	35	  
	 SECTION 5.02 Successor Person Substituted
	  	 	36	  
		
	 ARTICLE VI DEFAULTS AND REMEDIES
	  	 	36	  
		
	 SECTION 6.01 Events of Default
	  	 	36	  
	 SECTION 6.02 Acceleration
	  	 	38	  
	 SECTION 6.03 Other Remedies
	  	 	38	  
	 SECTION 6.04 Waiver of Defaults
	  	 	39	  
	 SECTION 6.05 Control by Majority
	  	 	39	  
	 SECTION 6.06 Limitations on Suits
	  	 	40	  
	 SECTION 6.07 Rights of Holders to Receive Payment
	  	 	40	  
	 SECTION 6.08 Collection Suit by Trustee
	  	 	40	  
	 SECTION 6.09 Trustee May File Proofs of Claim
	  	 	41	  
	 SECTION 6.10 Priorities
	  	 	41	  
	 SECTION 6.11 Undertaking for Costs
	  	 	42	  
		
	 ARTICLE VII TRUSTEE
	  	 	42	  
		
	 SECTION 7.01 Duties of Trustee
	  	 	42	  
	 SECTION 7.02 Rights of Trustee
	  	 	43	  
	 SECTION 7.03 May Hold Securities
	  	 	44	  
	 SECTION 7.04 Trustee’s Disclaimer
	  	 	44	  
	 SECTION 7.05 Notice of Defaults
	  	 	44	  
	 SECTION 7.06 Reports by Trustee to Holders
	  	 	45	  
	 SECTION 7.07 Compensation and Indemnity
	  	 	45	  
	 SECTION 7.08 Replacement of Trustee
	  	 	46	  
	 SECTION 7.09 Successor Trustee by Merger, etc.
	  	 	48	  
	 SECTION 7.10 Eligibility; Disqualification
	  	 	48	  
	 SECTION 7.11 Preferential Collection of Claims Against the Company or the Guarantor
	  	 	48	  
		
	 ARTICLE VIII DISCHARGE OF INDENTURE
	  	 	49	  
		
	 SECTION 8.01 Termination of the Company’s and the Guarantor’s Obligations
	  	 	49	  
	 SECTION 8.02 Application of Trust Money
	  	 	53	  
	 SECTION 8.03 Repayment to Company or Guarantor
	  	 	53	  
	 SECTION 8.04 Reinstatement
	  	 	53	  

  
 ii 

					
	 ARTICLE IX SUPPLEMENTAL INDENTURES AND AMENDMENTS
	  	 	54	  
		
	 SECTION 9.01 Without Consent of Holders
	  	 	54	  
	 SECTION 9.02 With Consent of Holders
	  	 	55	  
	 SECTION 9.03 Compliance with Trust Indenture Act
	  	 	57	  
	 SECTION 9.04 Revocation and Effect of Consents
	  	 	57	  
	 SECTION 9.05 Notation on or Exchange of Securities
	  	 	58	  
	 SECTION 9.06 Trustee to Sign Amendments, etc.
	  	 	58	  
	 SECTION 9.07 Evidence of Action of Holders
	  	 	58	  
		
	 ARTICLE X GUARANTEE
	  	 	59	  
		
	 SECTION 10.01 Guarantee
	  	 	59	  
	 SECTION 10.02 Proceedings Against the Guarantor
	  	 	60	  
	 SECTION 10.03 Subrogation
	  	 	60	  
	 SECTION 10.04 Guarantee for Benefit of Holders
	  	 	60	  
		
	 ARTICLE XI MEETINGS OF HOLDERS
	  	 	61	  
		
	 SECTION 11.01 Purpose of Meetings
	  	 	61	  
	 SECTION 11.02 Call of Meetings by Trustee
	  	 	61	  
	 SECTION 11.03 Call of Meetings by Company or Holders
	  	 	61	  
	 SECTION 11.04 Qualifications for Voting
	  	 	62	  
	 SECTION 11.05 Regulation of Meetings
	  	 	62	  
	 SECTION 11.06 Voting
	  	 	63	  
	 SECTION 11.07 No Delay of Rights by Meeting
	  	 	63	  
		
	 ARTICLE XII MISCELLANEOUS
	  	 	63	  
		
	 SECTION 12.01 Trust Indenture Act Controls
	  	 	63	  
	 SECTION 12.02 Notices
	  	 	63	  
	 SECTION 12.03 Communication by Holders with Other Holders
	  	 	65	  
	 SECTION 12.04 Certificate and Opinion as to Conditions Precedent
	  	 	65	  
	 SECTION 12.05 Statements Required in Certificate or Opinion
	  	 	65	  
	 SECTION 12.06 Rules by Trustee and Agents
	  	 	66	  
	 SECTION 12.07 Legal Holidays
	  	 	66	  
	 SECTION 12.08 No Recourse Against Others
	  	 	66	  
	 SECTION 12.09 Governing Law
	  	 	66	  
	 SECTION 12.10 Waiver of Jury Trial
	  	 	66	  
	 SECTION 12.11 Consent to Jurisdiction and Service of Process
	  	 	67	  
	 SECTION 12.12 Waiver of Immunity
	  	 	68	  
	 SECTION 12.13 No Adverse Interpretation of Other Agreements
	  	 	68	  
	 SECTION 12.14 Successors
	  	 	68	  
	 SECTION 12.15 Severability
	  	 	68	  
	 SECTION 12.16 Counterpart Originals
	  	 	68	  
	 SECTION 12.17 Table of Contents, Headings, etc.
	  	 	68	  
	 SECTION 12.18 PATRIOT Act
	  	 	69	  
	 SECTION 12.19 Force Majeure
	  	 	69	  

  
 iii

 INDENTURE dated as of
[                 , 2013] between LYB INTERNATIONAL FINANCE B.V., a private company with limited liability (besloten vennootschap) in the country of The
Netherlands (the “Company”), LYONDELLBASELL INDUSTRIES N.V., a public company with limited liability (naamloze vennootschap) in the country of The Netherlands (the “Guarantor”), and WELLS FARGO BANK, NATIONAL
ASSOCIATION, as trustee (the “Trustee”). 
 Each party agrees as follows for the benefit of the other party and
for the equal and ratable benefit of the Holders of the Company’s unsecured debentures, notes or other evidences of indebtedness (the “Securities”) to be issued from time to time in one or more series as provided in this
Indenture: 
 ARTICLE I 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 SECTION 1.01 Definitions.

 “Additional Amounts” means any additional amounts required by the express terms of a Security or by or
pursuant to a Board Resolution of the Company or the Guarantor, under circumstances specified therein or pursuant thereto, to be paid by the Company or the Guarantor, as the case may be, with respect to certain taxes, assessments or other
governmental charges imposed on certain Holders and that are owing to such Holders. 
 “Affiliate” of any
specified Person means any other Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, such specified Person. For purposes of this definition, “control” (including, with
correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. 
 “Agent” means any Registrar or Paying Agent. 

“Attributable Debt” in respect of a Sale and Lease-Back Transaction means, as of any particular time, the present value
(discounted at the rate of interest implicit in the terms of the lease involved in such Sale and Lease-Back Transaction, as determined in good faith by the Guarantor) of the obligation of the lessee thereunder for rental payments (excluding,
however, any amounts required to be paid by such lessee, whether or not designated as rent or additional rent, on account of maintenance and repairs, insurance, taxes, assessments, water rates or similar charges or any amounts required to be paid by
such lessee thereunder contingent upon the amount of sales, maintenance and repairs, insurance, taxes, assessments, water rates or similar charges) during the remaining term of such lease (including any period for which such lease has been extended
or may, at the option of the lessor, be extended). 
 “Bankruptcy Law” means Title 11 of the United States Code
or any similar federal, state or foreign law for the relief of debtors. 

  
 1 

 “Board of Directors” means, as to any Person, the board of directors, the
supervisory board and/or the management board (as the context requires with respect to such Person), or the equivalent governing body (or, if such Person is a partnership or limited liability company, the board of directors or other governing body
of the general partner of such Person or manager) or any duly authorized committee thereof. 
 “Board
Resolution” means, with respect to any Person, a copy of a resolution certified by an Officer of such Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such
certification, and delivered to the Trustee. 
 “Business Day” means, when used with respect to any Place of
Payment or any other particular location referred to in this Indenture or in the Securities of any series, any day except a Saturday, Sunday or any other day on which commercial banks in such Place of Payment or other location are authorized or
obligated by law or executive order to close. 
 “Capital Stock” means: 

 

	 	(1)	in the case of a corporation, corporate stock or shares; 

  

	 	(2)	in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock;

  

	 	(3)	in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and 

 

	 	(4)	any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing
Person. 

 “Company” means the Person named as the “Company” in the first paragraph of
this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person; provided, however, that for purposes of any
provision contained herein which is required by the TIA, “Company” shall also mean each other obligor (if any), other than the Guarantor, on the Securities of a series. 

“Company Order” and “Company Request” mean, respectively, a written order or request signed in the name
of the Company by an Officer of the Company or in the name of the Guarantor by an Officer of the Guarantor, as the case may be, and delivered to the Trustee. 
 “Consolidated EBITDA” means for any period, the consolidated operating income plus consolidated depreciation, amortization and other non-cash charges and losses and minus consolidated
non-cash credits, gains and income, in each case of the Guarantor and its Subsidiaries for such period; it being understood that such amounts may be determined on a combined basis for a disposed group. 

  
 2 

 “Consolidated Net Tangible Assets” means the Total Assets of the Guarantor
and its Subsidiaries less goodwill and intangibles (other than intangibles arising from, or relating to, intellectual property, licenses or permits (including, but not limited to, emissions rights) of the Guarantor and its Subsidiaries), in each
case calculated in accordance with GAAP, provided, that in the event that the Guarantor or any of its Subsidiaries assumes or acquires any assets in connection with the acquisition by the Guarantor and its Subsidiaries of another Person
subsequent to the commencement of the period for which the Consolidated Net Tangible Assets is being calculated but prior to the event for which the calculation of the Consolidated Net Tangible Assets is made, then the Consolidated Net Tangible
Assets shall be calculated giving pro forma effect to such assumption or acquisition of assets, as if the same had occurred at the beginning of the applicable period. 

“Corporate Trust Office of the Trustee” means the principal office of the Trustee at which at any
particular time its corporate trust business shall be administered, which office as of the date hereof is located at 150 East 42nd Street, New York, New York, 10017, or such other address as the Trustee may designate from time to time by notice to
the Holders, the Company and the Guarantor, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders, the Company and the Guarantor).

 “Debt” means any indebtedness for borrowed money. 

“Default” means any event, act or condition that is, or after notice or the passage of time or both would be, an Event
of Default. 
 “deliver” or “delivery” means, in the context of certificated Securities,
actual physical delivery of the certificated Securities to the relevant Person required hereunder, together with all endorsements, and in the context of Global Securities, the designation on the records of the Depositary of a change in the
beneficial interests of a holder in a Global Security. 
 “Depositary” means, with respect to the Securities of
any series issuable or issued in whole or in part in global form, the Person specified pursuant to Section 2.01 hereof as the initial Depositary with respect to the Securities of such series, until a successor shall have been appointed and
become such pursuant to the applicable provision of this Indenture, and thereafter “Depositary” shall mean or include such successor. 
 “Dollar” or “$” means a dollar or other equivalent unit in such coin or currency of the United States as at the time shall be legal tender for the payment of public and
private debt. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor
statute. 
 “GAAP” means generally accepted accounting principles in the United States set forth in the
opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity
as may be approved by a significant segment of the accounting profession of the United States, as in effect from time 

  
 3 

 
to time. At any time after the Issue Date with respect to a series of Securities, the Guarantor may irrevocably elect to apply International Financial Reporting Standards
(“IFRS”) as issued by the International Accounting Standards Board in lieu of GAAP and, upon any such election, references in this Indenture to GAAP shall thereafter be construed to mean IFRS as in effect from time to time. The
Guarantor shall give notice of any such election to the Trustee. 
 “Global Security” means a Security that is
issued in global form in the name of the Depositary with respect thereto or its nominee. 
 “Government
Obligations” means, with respect to a series of Securities, (1) direct obligations of a government that issues the currency in which the Securities of the series are payable for the payment of which the full faith and credit of such
government is pledged, or (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of such government, the payment of which is unconditionally guaranteed as a full faith and credit obligation by such
government, which, in either case under clause (1) or (2) above, are not callable or redeemable at the option of the issuer thereof; or (3) depository receipts issued by a bank or trust company as custodian with respect to any such
Government Obligations or a specific payment of interest on or principal of any such Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian
is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation evidenced by such depository receipt. 

“Guarantee” shall mean the guarantee of the Company’s obligations under the Securities by the Guarantor as provided
in Article X. 
 “Guarantor” means the Person named as a “Guarantor” in the first paragraph of this
Indenture, until a successor to such Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Guarantor” shall mean such successor Person. 

“Holder” means a Person in whose name a Security is registered. 

“Indenture” means this Indenture as amended or supplemented from time to time pursuant to the provisions hereof, and
with respect to a particular series of Securities established as contemplated by Section 2.01, includes the terms of such series. 
 “interest” means, with respect to an Original Issue Discount Security that by its terms bears interest only after Maturity, interest payable after Maturity. 

“Interest Payment Date,” when used with respect to Securities of any series, shall have the meaning assigned to such
term in the Security as contemplated by Section 2.01. 
 “Issue Date” means, with respect to Securities of
any series, the first date on which the Securities of such series are originally issued under this Indenture. 
 “Joint
Venture” means any joint venture entity, whether a company, unincorporated firm, association, partnership, limited liability company or any other entity which, in each case, is not a Subsidiary or any of its Subsidiaries but in which the
Guarantor or a Subsidiary has a direct or indirect equity or similar interest. 

  
 4 

 “Lien” means any mortgage, security interest, pledge or lien. 

“Maturity” means, with respect to any Security of any series, the date on which the principal of such Security or an
installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity thereof, or by declaration of acceleration, call for redemption or otherwise. 

“Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the Chief Financial
Officer, the President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer, any Assistant Treasurer, any Managing Director or the Secretary or Assistant Secretary of such Person (or, with respect to a Person that is
a limited partnership, the general partner of such Person), or any other officer designated by the Board of Directors serving in a similar capacity. Notwithstanding the foregoing, with respect to the Guarantor, “Officer” means any
member of the Management Board of the Guarantor, any Person who has been appointed an attorney-in-fact or attorney by a resolution of the Management Board of the Guarantor so long as the power of attorney granted by such resolution remains in effect
and any Person that acts as the principal executive officer, principal financial officer, principal accounting officer or treasurer of the Guarantor. 
 “Officer’s Certificate” means a certificate signed on behalf of any Person by an Officer of such Person, which meets the requirements set forth in this Indenture. 

“Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel
may be an employee of or counsel to the Company or the Guarantor. Counsel giving any Opinion of Counsel shall be entitled to rely on an Officer’s Certificate as to any factual matters relevant to such opinion. 

“Original Issue Discount Security” means any Security that provides for an amount less than the principal amount thereof
to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.02. 

“Permitted Liens” means: 
  

	 	(1)	 Liens of or upon any property acquired, leased, constructed or improved by, or of or upon any shares of Capital Stock or Debt acquired by, the
Guarantor or any Subsidiary (i) to secure the payment of all or any part of the purchase price of such property, shares of Capital Stock or Debt upon the acquisition thereof by the Guarantor or any Subsidiary, or (ii) to secure any Debt
issued, assumed or guaranteed by the Guarantor or any Subsidiary prior to, at the time of, or within one year after (A) in the case of property, the later of the acquisition, lease, completion of construction (including any improvements on
existing property) or commencement of commercial operation of such property or (B) in the case of shares of Capital Stock or Debt, the acquisition of such 

  
 5 

	 	
shares of Capital Stock or Debt, which Debt is issued, assumed or guaranteed for the purpose of financing or refinancing all or any part of the purchase price of such property, shares of Capital
Stock or Debt and, in the case of property, the cost of construction thereof or improvements thereon; 

  

	 	(2)	Liens of or upon any property, shares of Capital Stock or Debt existing at the time of acquisition thereof by the Guarantor or any Subsidiary; 

 

	 	(3)	Liens of or upon any property of a corporation existing at the time such corporation is merged with or into or consolidated with the Guarantor or any Subsidiary or
existing at the time of a sale or transfer of the properties of a corporation as an entirety or substantially as an entirety to the Guarantor or any Subsidiary; 

 

	 	(4)	Liens of or upon (A) any property of, or shares of Capital Stock or Debt of, a Person existing at the time such Person becomes a Subsidiary or (B) any shares
of Capital Stock or Debt of a Joint Venture; 

  

	 	(5)	Liens to secure Debt of any Subsidiary to the Guarantor or to another Subsidiary; 

 

	 	(6)	Liens in favor of the United States of America or any State thereof, or any department, agency or instrumentality or political subdivision of the United States of
America or any State thereof, or in favor of any other country or political subdivision, to secure partial, progress, advance or other payments pursuant to any contract or statute or to secure any Debt incurred or guaranteed for the purpose of
financing or refinancing all or any part of the purchase price of the property, shares of Capital Stock or Debt subject to such Liens, or the cost of constructing or improving the property subject to such Liens (including, without limitation, Liens
incurred in connection with pollution control, industrial revenue or similar financings); and 

  

	 	(7)	any extension, renewal or replacement (or successive extensions, renewals or replacements) in whole or in part of any Lien existing on the Issue Date or any Lien
referred to in the foregoing clauses (1) through (6), inclusive; provided, however, that the principal amount of Debt secured thereby shall not exceed the principal amount of Debt so secured at the time of such extension, renewal
or replacement, and that such extension, renewal or replacement shall be limited to all or a part of the property (plus improvements and construction on such property), shares of Capital Stock or Debt which was subject to the Lien so extended,
renewed or replaced. 

  
 6 

 “Person” means any individual, corporation, partnership, limited liability
company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 
 “Place of Payment” means, with respect to the Securities of any series, the place or places where the principal of, premium (if any) and interest on and any Additional Amounts with
respect to the Securities of that series are payable as specified in accordance with Section 2.01 subject to the provisions of Section 4.02. 
 “principal” of a Security means the principal of the Security plus, when appropriate, the premium, if any, on the Security. 

“Principal Property” means any single refinery, any single manufacturing plant or any single parcel of real estate, in
each case owned by the Guarantor or a Subsidiary, the net book value of which on the date as of which the determination is being made exceeds 1% of Consolidated Net Tangible Assets, other than any such refinery, manufacturing plant or parcel of real
estate that, in the opinion of the Board of Directors of the Guarantor, is not of material importance to the business conducted by the Guarantor and its Subsidiaries as a whole. 

“Redemption Date” means, with respect to any Security to be redeemed, the date fixed for such redemption for such
Security by or pursuant to this Indenture. 
 “Redemption Price” means, with respect to any Security to be
redeemed, the price at which it is to be redeemed as established pursuant to this Indenture. 
 “Responsible
Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any
other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge
of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 
 “Sale and Lease-Back Transaction” means the leasing by the Guarantor or any Subsidiary of any Principal Property, whether owned on the Issue Date or acquired after such date (except for
temporary leases for a term, including any renewal term, of up to three years and except for leases between the Guarantor and any Subsidiary or between Subsidiaries), which Principal Property has been or is to be sold or transferred by the Guarantor
or such Subsidiary to any party with the intention of taking back a lease of such Principal Property. 
 “SEC”
means the United States Securities and Exchange Commission or any successor agency or commission. 

“Securities” has the meaning stated in the preamble of this Indenture and more particularly means any Securities
authenticated and delivered under this Indenture. 

  
 7 

 “Security Custodian” means, with respect to Securities of a series issued
in global form, the Trustee for Securities of such series, as custodian with respect to the Securities of such series, or any successor entity thereto. 
 “Stated Maturity” means, when used with respect to any Security or any installment of principal thereof or interest thereon, the date specified in such Security as the fixed date on which
the principal of such Security or such installment of principal or interest is due and payable. 
 “Subsidiary”
means a Person at least a majority of the outstanding voting stock of which is owned, directly or indirectly, by the Guarantor or by one or more other Subsidiaries (including the Company), or by the Guarantor and one or more other Subsidiaries
(including the Company). For the purposes of this definition, “voting stock” means stock having voting power for the election of directors, whether at all times or only so long as no senior class of stock has such voting power by
reason of any contingency. 
 “surrender” shall have the same meaning as “deliver” in the
context of the surrender of a Security. 
 “tax” means any tax, duty, levy, impost, assessment or other
governmental charge (including penalties and interest related thereto, and, for the avoidance of doubt, including any withholding or deduction for or on account of tax). “Taxes” and “taxation” shall be construed to
have corresponding meanings. 
 “Tax Jurisdiction” means any jurisdiction in which the Company or the Guarantor
is incorporated or resident for tax purposes or any department or political subdivision thereof or therein or any jurisdiction from or through which payment is made or deemed to be made by the Company or the Guarantor, in each case from time to
time. 
 “TIA” means the Trust Indenture Act of 1939, as amended, as in effect on the date hereof; provided,
however, that, in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 

“Total Assets” means the total consolidated assets of the Guarantor and its Subsidiaries, without giving effect to any
amortization of the amount of intangible assets since the Issue Date, as shown on the most recent quarterly balance sheet of the Guarantor, determined on a consolidated basis according to GAAP. 

“Trustee” means the Person named as such above until a successor replaces it in accordance with the applicable
provisions of this Indenture, and thereafter “Trustee” means each Person who is then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to the Securities of
any series means the Trustee with respect to Securities of that series. 
 “United States” means the United
States of America (including the States and the District of Columbia) and its territories and possessions, which include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 

  
 8 

 “U.S. Government Obligations” means Government Obligations with respect to
Securities of any series payable in Dollars. 
 SECTION 1.02 Other Definitions. 

 

					
	 Term
	  	Defined
in Section	 
	 “Agent Members”
	  	 	2.18	  
	 “Bankruptcy Custodian”
	  	 	6.01	  
	 “covenant defeasance”
	  	 	8.01	  
	 “Defeased Covenants”
	  	 	8.01	  
	 “disposed group”
	  	 	5.01	  
	 “EDGAR”
	  	 	4.03	  
	 “EU Savings Tax Directive”
	  	 	4.10	  
	 “Event of Default”
	  	 	6.01	  
	 “Exchange Rate”
	  	 	2.12	  
	 “Judgment Currency”
	  	 	6.10	  
	 “legal defeasance”
	  	 	8.01	  
	 “mandatory sinking fund payment”
	  	 	3.09	  
	 “NCR”
	  	 	12.11	  
	 “optional sinking fund payment”
	  	 	3.09	  
	 “Paying Agent”
	  	 	2.06	  
	 “Registrar”
	  	 	2.06	  
	 “Required Currency”
	  	 	6.10	  
	 “Successor”
	  	 	5.01	  
	 “Tax Redemption Date”
	  	 	3.12	  

 SECTION 1.03 Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture
(and if the Indenture is not qualified under the TIA at the time, as if it were so qualified unless otherwise provided). The following TIA terms used in this Indenture have the following meanings: 

“Commission” means the SEC. 
 “indenture securities” means the Securities. 
 “indenture security
holder” means a Holder. 
 “indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Company, the Guarantor or any other obligor on the Securities. 

  
 9 

 All terms used in this Indenture that are defined by the TIA, defined by a TIA reference to
another statute or defined by an SEC rule under the TIA have the meanings so assigned to them. 
 SECTION 1.04 Rules of
Construction. 
 Unless the context otherwise requires: 

(a) a term has the meaning assigned to it; 
 (b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 
 (c) “or” is not exclusive; 
 (d) words in the singular include the
plural, and in the plural include the singular; 
 (e) provisions apply to successive events and transactions; and 

(f) all references in this instrument to Articles and Sections are references to the corresponding Articles and Sections in and of this
Indenture. 
 ARTICLE II 
 THE SECURITIES 
 SECTION 2.01 Amount Unlimited; Issuable in Series.

 (a) The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited.

 (b) The Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution of
the Company, and set forth, or determined in the manner provided, in an Officer’s Certificate of the Company or in a Company Order, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series:

 (1) the title of the Securities of the series (which shall distinguish the Securities of the series from the
Securities of all other series); 
 (2) if there is to be a limit, the limit upon the aggregate principal amount
of the Securities of the series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series
pursuant to Section 2.09, 2.10, 2.13, 2.18, 3.07 or 9.05 and except for any Securities that, pursuant to Section 2.05 or 2.18, are deemed never to have been authenticated and delivered hereunder); provided, however, that
unless otherwise 

  
 10 

 
provided in the terms of the series, the authorized aggregate principal amount of such series may be increased before or after the issuance of any Securities of the series by a Board Resolution
of the Company (or action pursuant to a Board Resolution of the Company) to such effect; 
 (3) whether any
Securities of the series are to be issuable initially in temporary global form and whether any Securities of the series are to be issuable in permanent global form, as Global Securities or otherwise, and, if so, whether beneficial owners of
interests in any such Global Security may exchange such interests for Securities of such series and of like tenor of any authorized form and denomination and the circumstances under which any such exchanges may occur, if other than in the manner
provided in Section 2.18, and the initial Depositary and Security Custodian, if any, for any Global Security or Securities of such series; 
 (4) whether any Securities of the series are to be guaranteed by any other Subsidiary of the Guarantor or any other Person, and, if so, the terms and conditions of any such guarantee; 

(5) the manner in which any interest payable on a temporary Global Security on any Interest Payment Date will be paid if
other than in the manner provided in Section 2.15; 
 (6) the date or dates on which the principal of and
premium (if any) on the Securities of the series is payable or the method of determination thereof; 
 (7) the
rate or rates, or the method of determination thereof, at which the Securities of the series shall bear interest, if any, whether and under what circumstances Additional Amounts with respect to such Securities shall be payable, the date or dates
from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable and the record date for the interest payable on any Securities on any Interest Payment Date, or if other than provided herein, the Person to
whom any interest on Securities of the series shall be payable; 
 (8) the place or places where, subject to the
provisions of Section 4.02, the principal of, premium (if any) and interest on and any Additional Amounts with respect to the Securities of the series shall be payable; 

(9) the period or periods within which, the price or prices (whether denominated in cash, securities or otherwise) at
which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company, if the Company is to have that option, and the manner in which the Company must exercise any such option, if
different from those set forth herein; 

  
 11 

 (10) the obligation, if any, of the Company to redeem, purchase or repay
Securities of the series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices (whether denominated in cash, securities or otherwise) at which and the
terms and conditions upon which Securities of the series shall be redeemed, purchased or repaid in whole or in part pursuant to such obligation; 
 (11) if other than denominations of $2,000 and integral multiples of $1,000 in excess thereof, the denominations in which Securities of the series shall be issuable; 

(12) if other than Dollars, the currency or currencies (including composite currencies) or the form, including equity
securities, other debt securities (including Securities), warrants or any other securities or property of the Company, the Guarantor or any other Person, in which payment of the principal of, premium (if any) and interest on and any Additional
Amounts with respect to the Securities of the series shall be payable; 
 (13) if the principal of, premium (if
any) or interest on or any Additional Amounts with respect to the Securities of the series are to be payable, at the election of the Company or a Holder thereof, in a currency or currencies (including composite currencies) other than that in which
the Securities of such series are stated to be payable, the currency or currencies (including composite currencies) in which payment of the principal of, premium (if any) and interest on and any Additional Amounts with respect to Securities of such
series as to which such election is made shall be payable, and the periods within which and the terms and conditions upon which such election is to be made; 
 (14) if the amount of payments of principal of, premium (if any) and interest on and any Additional Amounts with respect to the Securities of the series may be determined with reference to any
commodities, currencies or indices, values, rates or prices or any other index or formula, the manner in which such amounts shall be determined; 
 (15) whether the Securities of the series may be redeemed pursuant to Section 3.12 and whether any Additional Amounts are payable to the Securities of the series pursuant to Section 4.10;

 (16) if other than the entire principal amount thereof, the portion of the principal amount of Securities of
the series that shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 6.02; 
 (17) any additional means of satisfaction and discharge of this Indenture and any additional conditions or limitations to discharge with respect to Securities of the series and the Guarantee pursuant to
Article VIII or any modifications of or deletions from such conditions or limitations; 
 (18) any deletions
or modifications of, or additions to, the Events of Default set forth in Section 6.01 or covenants of the Company or the Guarantor set forth in Article IV pertaining to the Securities of the series; and whether such additional or modified
Events of Default or covenants are subject to covenant defeasance pursuant to Section 8.01(b); 

  
 12 

 (19) any restrictions or other provisions with respect to the transfer or
exchange of Securities of the series, which may amend, supplement, modify or supersede those contained in this Article II; 
 (20) if the Securities of the series are to be convertible into or exchangeable for Capital Stock, other debt securities (including Securities), warrants, other equity securities or any other securities
or property of the Company, the Guarantor or any other Person, at the option of the Company or the Holder or upon the occurrence of any condition or event, the terms and conditions for such conversion or exchange; and 

(21) any other terms of the series (which terms shall not be prohibited by the provisions of this Indenture). 

(c) All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in
or pursuant to the Board Resolution of the Company referred to above and (subject to Section 2.03) set forth, or determined in the manner provided, in the Officer’s Certificate of the Company or Company Order referred to above or in any
such indenture supplemental hereto. 
 (d) If any of the terms of the series are established by action taken pursuant to a Board
Resolution of the Company, a copy of an appropriate record of such action, together with such Board Resolution, shall be set forth in an Officer’s Certificate of the Company and delivered to the Trustee at or prior to the delivery of the
Officer’s Certificate or Company Order setting forth the terms of the series. 
 SECTION 2.02 Denominations and
Currency. 
 The Securities of each series shall be issuable in such denominations and currency as shall be specified as
contemplated by Section 2.01. In the absence of any specification pursuant to Section 2.01 with respect to Securities of any series, the Securities of such series denominated in Dollars shall be issuable only as Securities in denominations
of $2,000 and integral multiples of $1,000 in excess thereof, and shall be payable only in Dollars. 
 SECTION 2.03 Forms
Generally. 
 (a) The Securities of each series shall be in fully registered form and in substantially such form or forms
(including temporary or permanent global form) established by or pursuant to a Board Resolution of the Company or in one or more indentures supplemental hereto. The Securities of any series may have notations, legends or endorsements required by
law, securities exchange rule, the Company’s certificate of incorporation, bylaws or other similar governing documents, agreements to which the Company is subject, if any, or usage (provided that any such notation, legend or endorsement is in a
form acceptable to the Company). A copy of the Board Resolution of the Company establishing the form or forms of Securities of any series shall be delivered to the Trustee at or prior to the delivery of the Company Order contemplated by
Section 2.05 for the authentication and delivery of such Securities. 

  
 13 

 (b) The Trustee’s certificate of authentication on all Securities shall be in
substantially the form set forth in Section 2.04. 
 (c) If the Securities of any series are issued in definitive form,
such Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the Officer executing such Securities, as evidenced by such Officer’s execution thereof.

 SECTION 2.04 Form of Trustee’s Certificate of Authentication. 

The Trustee’s certificate of authentication shall be in substantially the following form: 

“This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

  

			
	                           
                                     , as
Trustee
		
	By:	 	 
		 	 Authorized Signatory”.

 SECTION 2.05 Execution, Authentication, Delivery and Dating. 

(a) One Officer of the Company shall sign the Securities of any series on behalf of the Company, and one Officer of the Guarantor shall
sign the Indenture on behalf of the Guarantor to evidence the Guarantee, which may also be endorsed on the Securities of such series, in any case, either by manual or facsimile signature. If an Officer of the Company or the Guarantor whose signature
is on a Security, the Indenture or the Guarantee, as the case may be, no longer holds that office at the time the Security, the Indenture or the Guarantee is authenticated, the Security, the Indenture or the Guarantee shall be valid nevertheless.

 (b) A Security shall not be entitled to any benefit under this Indenture, including the Guarantee, or be valid or obligatory
for any purpose until authenticated by the manual signature of an authorized signatory of the Trustee, which signature shall be conclusive evidence that the Security has been authenticated under this Indenture. Notwithstanding the foregoing, if any
Security has been authenticated and delivered hereunder but never issued and sold by the Company, and the Company delivers such Security to the Trustee for cancellation as provided in Section 2.14, together with a written statement (which need
not comply with Section 12.05 and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have been
authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture, including the Guarantee. 

  
 14 

 (c) At any time and from time to time after the execution and delivery of this Indenture,
the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, and the Trustee shall authenticate and deliver such Securities for original issue upon a Company Order for the authentication and delivery of
such Securities or pursuant to such procedures acceptable to the Trustee as may be specified from time to time by Company Order. Such order shall specify the amount of the Securities to be authenticated, the date on which the original issue of
Securities is to be authenticated, the name or names of the initial Holder or Holders and any other terms of the Securities of such series not otherwise determined. If provided for in such procedures, such Company Order may authorize
(1) authentication and delivery of Securities of such series for original issue from time to time, with certain terms (including, without limitation, the Maturity dates or dates, original issue date or dates and interest rate or rates) that
differ from Security to Security and (2) may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent, which instructions shall be promptly confirmed in writing. 

(d) If the form or terms of the Securities of the series have been established in or pursuant to one or more Board Resolutions of the
Company or if by supplemental indenture, as permitted by Section 2.01, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to
receive (in addition to the Company Order referred to above and the other documents required by Section 12.04), and (subject to Section 7.01) shall be fully protected in relying upon: 

(1) an Officer’s Certificate of the Company setting forth the Board Resolution of the Company and, if applicable, an
appropriate record of any action taken pursuant thereto, as contemplated by the last paragraph of Section 2.01; and 
 (2) an Opinion of Counsel to the effect that: 
  

	 	(i)	the form of such Securities has been established in conformity with the provisions of this Indenture; 

 

	 	(ii)	the terms of such Securities have been established in conformity with the provisions of this Indenture and if there are any conditions precedent to the issuance of such
Securities, all such conditions precedent to the issuance of such Securities have been satisfied; and 

  

	 	(iii)	that such Securities and the Guarantee, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified
in such Opinion of Counsel, will constitute valid and binding obligations of the Company and the Guarantor, respectively, enforceable against the Company and the Guarantor, respectively, in accordance with their respective terms, except as the
enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or transfer or other similar laws in effect from time to time affecting the rights of creditors generally, and the
application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

  
 15 

 (e) If all the Securities of any series are not to be issued at one time, it shall not be
necessary to deliver an Officer’s Certificate of the Company and Opinion of Counsel at the time of issuance of each such Security, but such Officer’s Certificate of the Company and Opinion of Counsel shall be delivered at or before the
time of issuance of the first Security of the series. 
 (f) The Trustee shall not be required to authenticate such Securities
if the issuance of such Securities pursuant to this Indenture would affect the Trustee’s own rights, duties or immunities under the Securities of any series and this Indenture or otherwise in a manner not reasonably acceptable to the Trustee.

 (g) The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities of any series.
Unless limited by the terms of such appointment, an authenticating agent may authenticate Securities of any series whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as an Agent to deal with the Company, the Guarantor or an Affiliate of the Company or the Guarantor. 
 (h) Each Security shall be dated the date of its authentication. 
 SECTION 2.06
Registrar and Paying Agent. 
 (a) The Company shall maintain an office or agency for each series of Securities where
Securities of such series may be presented for registration of transfer or exchange (“Registrar”) and an office or agency where Securities of such series may be presented for payment (“Paying Agent”). The Registrar
shall keep a register of the Securities of such series and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar
and the term “Paying Agent” includes any additional paying agent. 
 (b) The Company shall enter into an
appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee of the name and address of
any Agent not a party to this Indenture. The Company may change any Paying Agent or Registrar without notice to any Holder. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The
Company, the Guarantor or any Subsidiary may act as Paying Agent or Registrar. 
 (c) The Company initially appoints the Trustee
as Registrar and Paying Agent. 

  
 16 

 SECTION 2.07 Paying Agent to Hold Money in Trust. 

The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the
benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal of, premium, if any, or interest on or any Additional Amounts with respect to Securities of any series and will notify the Trustee of any default by
the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. The Company at any time may require a Paying Agent to
pay all money held by it to the Trustee and to account for any funds disbursed. Upon payment over to the Trustee and upon accounting for any funds disbursed, the Paying Agent (if other than the Company, the Guarantor or a Subsidiary) shall have no
further liability for the money. If the Company, the Guarantor or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Each Paying Agent shall
otherwise comply with TIA § 317(b). 
 SECTION 2.08 Holder Lists. 

The Registrar shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and
addresses of Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar with respect to a series of Securities, the Company shall furnish to the Trustee at least five Business Days before each Interest
Payment Date with respect to such series of Securities, and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders of such
series, and the Company shall otherwise comply with TIA § 312(a). 
 SECTION 2.09 Transfer and Exchange.

 (a) Except as set forth in Section 2.18 or as may be provided pursuant to Section 2.01, when Securities of any
series are presented to the Registrar with the request to register the transfer of such Securities or to exchange such Securities for an equal principal amount of Securities of the same series of like tenor and of other authorized denominations, the
Registrar shall register the transfer or make the exchange as requested if its requirements and the requirements of this Indenture for such transactions are met; provided, however, that the Securities presented or surrendered for registration
of transfer or exchange shall be duly endorsed or accompanied by a written instruction of transfer in form reasonably satisfactory to the Registrar duly executed by the Holder thereof or by his attorney, duly authorized in writing, on which
instruction the Registrar can rely. 
 (b) To permit registrations of transfers and exchanges, the Company shall execute and the
Trustee shall authenticate Securities of any series at the Registrar’s written request and submission of such Securities or Global Securities. No service charge shall be made to a Holder for any registration of transfer or exchange (except as
otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than such transfer tax or similar governmental charge
payable upon exchanges pursuant to Section 2.13, 

  
 17 

 
3.07 or 9.05). The Trustee shall authenticate Securities of any series in accordance with the provisions of Section 2.05. Notwithstanding any other provisions of this Indenture to the
contrary, the Company shall not be required to register the transfer or exchange of (1) any Security selected for redemption in whole or in part pursuant to Article III, except the unredeemed portion of any Security being redeemed in part, or
(2) any Security during the period beginning 15 Business Days prior to the mailing of notice of any offer to repurchase Securities of the series required pursuant to the terms thereof or of redemption of Securities of a series to be redeemed
and ending at the close of business on the day of mailing. 
 SECTION 2.10 Replacement Securities. 

(a) If any mutilated Security is surrendered to the Trustee, or if the Holder of a Security claims that the Security has been destroyed,
lost or stolen and the Company and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of such Security, the Company shall issue and the Trustee shall authenticate a replacement Security of the same series if the
Trustee’s requirements are met. If any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. If required by
the Trustee, the Guarantor or the Company, such Holder must furnish an indemnity bond that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Guarantor, the Trustee, any Agent or any authenticating agent from
any loss that any of them may suffer if a Security is replaced. The Company and the Trustee may charge a Holder for their expenses in replacing a Security. 
 (b) Every replacement Security is an additional obligation of the Company. 

SECTION 2.11 Outstanding Securities. 
 (a) The Securities of any series outstanding at any time are all the Securities of such series authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those
reductions in the interest in a Global Security effected by the Trustee hereunder and those described in this Section 2.11 as not outstanding. 
 (b) If a Security is replaced pursuant to Section 2.10, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Security is held by a protected purchaser.

 (c) If the principal amount of any Security is considered paid under Section 4.01, it ceases to be outstanding and
interest on it ceases to accrue. 
 (d) A Security does not cease to be outstanding because the Company, the Guarantor or an
Affiliate of the Company or the Guarantor holds the Security. 
 SECTION 2.12 Original Issue Discount, Foreign-Currency
Denominated and Treasury Securities. 
 In determining whether the Holders of the required principal amount of Securities of
any series or of all series, as the case may be, have concurred in any direction, amendment, supplement, waiver or consent, 

  
 18 

 (a) the principal amount of an Original Issue Discount Security shall be the principal
amount thereof that would be due and payable as of the date of such determination upon acceleration of the Maturity thereof pursuant to Section 6.02; 
 (b) the principal amount of a Security denominated in a foreign currency shall be the Dollar equivalent, as determined by the Company by reference to the noon buying rate in The City of New York for cable
transfers for such currency, as such rate is certified for customs purposes by the Federal Reserve Bank of New York (the “Exchange Rate”) on the date of original issuance of such Security, of the principal amount (or, in the case of
an Original Issue Discount Security, the Dollar equivalent, as determined by the Company by reference to the Exchange Rate on the date of original issuance of such Security, of the amount determined as provided in clause (a) above), of such
Security; and 
 (c) Securities of any series owned by the Company, the Guarantor or any other obligor upon such Securities or
any Affiliate of the Company, of the Guarantor or of such other obligor shall be disregarded, except that, for the purpose of determining whether the Trustee shall be protected in relying upon any such direction, amendment, supplement, waiver or
consent, only Securities that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. 

SECTION 2.13 Temporary Securities. 
 Until definitive Securities of any series are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in the form
of definitive Securities of any series but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Securities of the
relevant series in exchange for temporary Securities. Until so exchanged, the temporary Securities shall in all respects be entitled to the same benefits under this Indenture as definitive Securities. 

SECTION 2.14 Cancellation. 
 The Company or the Guarantor at any time may deliver Securities of any series to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to
them for registration of transfer, exchange, payment or redemption or for credit against any sinking fund payment. The Trustee shall cancel all Securities surrendered for registration of transfer, exchange, payment, redemption, replacement or
cancellation or for credit against any sinking fund. Unless the Company shall direct in writing that canceled Securities be returned to it, all canceled Securities held by the Trustee shall be disposed of in accordance with the usual disposal
procedures of the Trustee, and the Trustee shall maintain a record of their disposal. The Company may not issue new Securities to replace Securities that have been paid or that have been delivered to the Trustee for cancellation. 

SECTION 2.15 Payments; Defaulted Interest. 
 (a) Unless otherwise provided as contemplated by Section 2.01, interest (except defaulted interest) on any Security that is payable, and is punctually paid or duly provided for, on any Interest
Payment Date shall be paid to the Persons who are registered 

  
 19 

 
Holders of that Security at the close of business on the record date next preceding such Interest Payment Date, even if such Securities are canceled after such record date and on or before such
Interest Payment Date. The Holder must surrender a Security to a Paying Agent to collect principal payments. Unless otherwise provided with respect to the Securities of any series, the Company will pay the principal of, premium (if any) and interest
on and any Additional Amounts with respect to the Securities in Dollars. Such amounts shall be payable at the offices of the Trustee or any Paying Agent, provided that at the option of the Company, the Company may pay such amounts (1) by
wire transfer with respect to Global Securities or (2) by check payable in such money mailed to a Holder’s registered address with respect to any Securities. 
 (b) If the Company defaults in a payment of interest on the Securities of any series, the Company shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest on the
defaulted interest, in each case at the rate provided in the Securities of such series and in Section 4.01. The Company may pay the defaulted interest to the Persons who are Holders on a subsequent special record date. At least 15 days before
any special record date selected by the Company, the Company (or the Trustee, in the name of and at the expense of the Company upon 20 days’ prior written notice from the Company setting forth such special record date and the interest amount to
be paid) shall mail to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 
 SECTION 2.16 Persons Deemed Owners. 
 The Company, the Guarantor, the
Trustee, any Agent and any authenticating agent may treat the Person in whose name any Security is registered as the owner of such Security for the purpose of receiving payments of principal of, premium (if any) or interest on or any Additional
Amounts with respect to such Security and for all other purposes. None of the Company, the Guarantor, the Trustee, any Agent or any authenticating agent shall be affected by any notice to the contrary. 

SECTION 2.17 Computation of Interest. 
 Except as otherwise specified as contemplated by Section 2.01 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a year comprising twelve 30-day
months. 
 SECTION 2.18 Global Securities; Book-Entry Provisions. 

(a) If Securities of a series are issuable in global form as a Global Security, as contemplated by Section 2.01, then,
notwithstanding clause (11) of Section 2.01(b) and the provisions of Section 2.02, any such Global Security shall represent such of the outstanding Securities of such series as shall be specified therein and may provide that it shall
represent the aggregate amount of outstanding Securities from time to time endorsed thereon and that the aggregate amount of outstanding Securities represented thereby may from time to time be reduced or increased, as appropriate, to reflect
exchanges, transfers or redemptions. Any endorsement of a Global Security to reflect the amount, or any increase or decrease in the amount, of outstanding Securities represented thereby shall be made by the Trustee (i) in such manner and upon
instructions given by such Person or Persons as shall be specified in such 

  
 20 

 
Security or in a Company Order to be delivered to the Trustee pursuant to Section 2.05 or (ii) otherwise in accordance with written instructions or such other written form of
instructions as is customary for the Depositary for such Security, from such Depositary or its nominee on behalf of any Person having a beneficial interest in such Global Security. Subject to the provisions of Section 2.05 and, if applicable,
Section 2.13, the Trustee shall deliver and redeliver any Security in permanent global form in the manner and upon instructions given by the Person or Persons specified in such Security or in the applicable Company Order. With respect to the
Securities of any series that are represented by a Global Security, the Company and the Guarantor authorize the execution and delivery by the Trustee of a letter of representations or other similar agreement or instrument in the form customarily
provided for by the Depositary appointed with respect to such Global Security. Any Global Security may be deposited with the Depositary or its nominee, or may remain in the custody of the Trustee or the Security Custodian therefor pursuant to a FAST
Balance Certificate Agreement or similar agreement between the Trustee and the Depositary. If a Company Order has been, or simultaneously is, delivered, any instructions by the Company with respect to endorsement or delivery or redelivery of a
Security in global form shall be in writing but need not comply with Section 12.05 and need not be accompanied by an Opinion of Counsel. 
 (b) Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary,
or the Trustee or the Security Custodian as its custodian, or under such Global Security, and the Depositary may be treated by the Company, the Guarantor, the Trustee or the Security Custodian and any agent of the Company, the Guarantor, the Trustee
or the Security Custodian as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, (i) the registered holder of a Global Security of a series may grant proxies and otherwise authorize any Person,
including Agent Members and Persons that may hold interests through Agent Members, to take any action that a Holder of Securities of such series is entitled to take under this Indenture or the Securities of such series and (ii) nothing herein
shall prevent the Company, the Guarantor, the Trustee or the Security Custodian, or any agent of the Company, the Guarantor, the Trustee or the Security Custodian, from giving effect to any written certification, proxy or other authorization
furnished by the Depositary or shall impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a beneficial owner of any Security. 

(c) Notwithstanding Section 2.09, and except as otherwise provided pursuant to Section 2.01, transfers of a Global Security
shall be limited to transfers of such Global Security in whole, but not in part, to the Depositary, its successors or their respective nominees. Interests of beneficial owners in a Global Security may be transferred in accordance with the rules and
procedures of the Depositary. Securities of any series shall be transferred to all beneficial owners in exchange for their beneficial interests in a Global Security if, and only if, either (1) the Depositary notifies the Company that it is
unwilling or unable to continue as Depositary for the Global Security and a successor Depositary is not appointed by the Company within 90 days of such notice, (2) an Event of Default has occurred with respect to such series and is continuing
and the Registrar has received a request from the Depositary to issue Securities of such series in lieu of all or a portion of the Global Security (in which case the Company shall deliver Securities within 30 days of such request) or (3) the
Company determines not to have the Securities of such series represented by a Global Security. 

  
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 (d) In connection with any transfer of a portion of the beneficial interests in a Global
Security to beneficial owners pursuant to this Section 2.18, the Registrar shall reflect on its books and records the date and a decrease in the principal amount of the Global Security in an amount equal to the principal amount of the
beneficial interests in the Global Security to be transferred, and the Company and the Guarantor shall execute, and the Trustee upon receipt of a Company Order for the authentication and delivery of Securities shall authenticate and deliver, one or
more Securities of the same series in each case of like tenor and amount. 
 (e) In connection with the transfer of all the
beneficial interests in a Global Security to beneficial owners pursuant to this Section 2.18, the Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Company and the Guarantor shall execute, and the
Trustee shall authenticate and deliver, to each beneficial owner identified by the Depositary in exchange for its beneficial interests in the Global Security, an equal aggregate principal amount of Securities of authorized denominations of that
series. 
 (f) Neither the Company, the Guarantor nor the Trustee will have any responsibility or liability for any aspect of
the records relating to, or payments made on account of, Securities of any series by the Depositary, or for maintaining, supervising or reviewing any records of the Depositary relating to such Securities. Neither the Company, the Guarantor nor the
Trustee shall be liable for any delay by the related Global Security Holder or the Depositary in identifying the beneficial owners, and each such Person may conclusively rely on, and shall be protected in relying on, instructions from such Global
Security Holder or the Depositary for all purposes (including with respect to the registration and delivery, and the respective principal amounts, of the Securities of any series to be issued). 

(g) The provisions of the last sentence of Section 2.05(b) shall apply to any Global Security if such Global Security was never
issued and sold by the Company and the Company or the Guarantor delivers to the Trustee the Global Security together with written instructions (which need not comply with Section 12.05 and need not be accompanied by an Opinion of Counsel) with
regard to the cancellation or reduction in the principal amount of Securities represented thereby, together with the written statement contemplated by the last sentence of Section 2.05(b). 

(h) Notwithstanding the provisions of Sections 2.03 and 2.15, unless otherwise specified as contemplated by Section 2.01,
payment of principal of, premium (if any) and interest on and any Additional Amounts with respect to any Global Security shall be made to the Depositary. 
 (i) The Company in issuing Securities of any series may use CUSIP numbers (if then generally in use), and, if so, the Trustee shall use CUSIP numbers in notices of redemption as a convenience to Holders
of Securities of such series; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities of such series or as contained in any notice of a redemption and
that reliance may be placed only on the other identification numbers printed on the Securities of such series, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee
in writing of any change in the CUSIP numbers. In addition, any Securities of a series that are not fungible with other Securities of the same series for U.S. federal income tax purposes shall not have the same CUSIP number as such other Securities.

  
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 (j) Notwithstanding anything herein to the contrary, delivery or surrender of a Security
shall not be required in the case of Global Securities in order to obtain the rights or benefits provided hereunder upon the delivery or surrender of a Security. 
 ARTICLE III 
 REDEMPTION 

SECTION 3.01 Applicability of Article. 
 Securities of any series that are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 2.01 for
Securities of any series) in accordance with this Article III. 
 SECTION 3.02 Notice to the Trustee. 

If the Company elects to redeem Securities of any series pursuant to this Indenture, it shall notify the Trustee of the Redemption Date
and the principal amount of Securities of such series to be redeemed. The Company shall so notify the Trustee at least 30 days (or at least 15 days in the case of convertible Securities), but no more than 60 days, before the Redemption Date (unless
a shorter notice shall be satisfactory to the Trustee) by delivering to the Trustee an Officer’s Certificate of the Company stating that such redemption will comply with the provisions of this Indenture and of the Securities of such series. Any
such notice may be canceled at any time prior to the mailing of such notice of such redemption to any Holder and shall thereupon be void and of no effect. 
 SECTION 3.03 Selection of Securities To Be Redeemed. 
 (a) If less than all
the Securities of any series are to be redeemed (unless all of the Securities of such series of a specified tenor are to be redeemed), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by
the Trustee from the outstanding Securities of such series (and tenor) not previously called for redemption, either pro rata, by lot or by such other method as the Trustee shall deem appropriate in accordance with industry standards at the time of
such redemption and that may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series of a
denomination larger than the minimum authorized denomination for Securities of that series or of the principal amount of Global Securities of such series; provided that, if at the time of redemption such Securities are registered as a Global
Security, the Depositary shall determine, in accordance with its procedures, the principal amount of such Securities held by each beneficial owner of Securities to be redeemed. 
 (b) The Trustee shall promptly notify the Company and the Registrar in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal
amount thereof to be redeemed. 

  
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 (c) For purposes of this Indenture, unless the context otherwise requires, all provisions
relating to redemption of Securities shall relate, in the case of any of the Securities redeemed or to be redeemed only in part, to the portion of the principal amount thereof which has been or is to be redeemed. 

SECTION 3.04 Notice of Redemption. 
 (a) Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30 days (or not less than 15 days in the case of convertible Securities) nor more than 60 days prior to
the Redemption Date, to each Holder of Securities to be redeemed, at the address of such Holder appearing in the register of Securities maintained by the Registrar. 
 (b) All notices of redemption shall identify the Securities to be redeemed and shall state: 
 (1) the Redemption Date; 
 (2) the Redemption Price (or the method
of calculating or determining the Redemption Price); 
 (3) that, unless the Company and the Guarantor default in
making the redemption payment, interest on Securities called for redemption ceases to accrue on and after the Redemption Date, and the only remaining right of the Holders of such Securities is to receive payment of the Redemption Price upon
surrender to the Paying Agent of the Securities redeemed; 
 (4) if any Security is to be redeemed in part, the
portion of the principal amount thereof to be redeemed and that on and after the Redemption Date, upon surrender for cancellation of such Security to the Paying Agent, a new Security or Securities in the aggregate principal amount equal to the
unredeemed portion thereof will be issued without charge to the Holder; 
 (5) that Securities called for
redemption must be surrendered to the Paying Agent to collect the Redemption Price and the name and address of the Paying Agent; 
 (6) that the redemption is for a sinking or analogous fund, if such is the case; 
 (7) if such Securities are convertible into or exchangeable for Capital Stock, other debt securities (including Securities of another series), warrants, other equity securities or any other securities or
property of the Company or any other Person, the name and address of the conversion or exchange agent, the date on which the right to convert or exchange is terminated and the conversion or exchange rate; and 

(8) the CUSIP number, if any, relating to such Securities. 

  
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 (c) Notice of redemption of Securities to be redeemed at the election of the Company shall
be given by the Company or, at the Company’s written request, by the Trustee in the name and at the expense of the Company. 
 SECTION 3.05 Effect of Notice of Redemption. 
 Once notice of redemption is
mailed, Securities called for redemption become due and payable on the Redemption Date and at the Redemption Price. Upon surrender to the Paying Agent, such Securities called for redemption shall be paid at the Redemption Price, but interest
installments whose maturity is on or prior to such Redemption Date will be payable on the relevant Interest Payment Dates to the Holders of record at the close of business on the relevant record dates specified pursuant to Section 2.01.

 SECTION 3.06 Deposit of Redemption Price. 
 (a) By 11:00 a.m., New York City time, on any Redemption Date, the Company or the Guarantor shall deposit with the Trustee or the Paying Agent (or, if the Company or the Guarantor is acting as the Paying
Agent, segregate and hold in trust as provided in Section 2.07) an amount of money in same day funds sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on and any
Additional Amounts with respect to, the Securities or portions thereof which are to be redeemed on that date, other than Securities or portions thereof called for redemption on that date which have been delivered by the Company or the Guarantor to
the Trustee for cancellation. 
 (b) If the Company or the Guarantor complies with the preceding paragraph, then, unless the
Company and the Guarantor default in the payment of such Redemption Price, interest on the Securities to be redeemed will cease to accrue on and after the applicable Redemption Date, whether or not such Securities are presented for payment, and the
Holders of such Securities shall have no further rights with respect to such Securities except for the right to receive the Redemption Price upon surrender of such Securities. If any Security called for redemption shall not be so paid upon surrender
thereof for redemption, the principal, premium, if any, any Additional Amounts, and, to the extent lawful, accrued interest thereon shall, until paid, bear interest from the Redemption Date at the rate specified pursuant to Section 2.01 or
provided in the Securities of that series or, in the case of Original Issue Discount Securities, such Securities’ yield to maturity. 
 SECTION 3.07 Securities Redeemed in Part. 
 Upon surrender to the Paying
Agent of a Security to be redeemed in part, the Company and the Guarantor shall execute and the Trustee shall authenticate and deliver to the Holder of such Security without service charge a new Security or Securities of the same series and of any
authorized denomination as requested by such Holder in aggregate principal amount equal to, and in exchange for, the unredeemed portion of the principal of the Security so surrendered that is not redeemed. 

  
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 SECTION 3.08 Purchase of Securities. 

Unless otherwise specified as contemplated by Section 2.01, the Company, the Guarantor and any Affiliate of the Company or the
Guarantor may at any time purchase or otherwise acquire Securities of any series in the open market or by private agreement. Any such acquisition shall not operate as or be deemed for any purpose to be a redemption of the indebtedness represented by
such Securities. Any Securities purchased or acquired by the Company or the Guarantor may be delivered to the Trustee and, upon such delivery, the indebtedness represented thereby shall be deemed to be satisfied. Section 2.14 shall apply to all
Securities so delivered. 
 SECTION 3.09 Mandatory and Optional Sinking Funds. 

The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a
“mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment.” Unless otherwise
provided by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.10. Each sinking fund payment shall be applied to the redemption of Securities of any series as
provided for by the terms of Securities of such series and by this Article III. 
 SECTION 3.10 Satisfaction of Sinking
Fund Payments with Securities. 
 The Company or the Guarantor may deliver outstanding Securities of a series (other than any
previously called for redemption) and may apply as a credit Securities of a series that have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund
payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such series of Securities;
provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the
sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 
 SECTION 3.11 Redemption of
Securities for Sinking Fund. 
 (a) Not less than 45 days prior (unless a shorter period shall be satisfactory to the
Trustee) to each sinking fund payment date for any series of Securities, the Company will deliver to the Trustee an Officer’s Certificate of the Company specifying the amount of the next ensuing sinking fund payment for that series pursuant to
the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivery of or by crediting Securities of that series pursuant to Section 3.10 and
will also deliver or cause to be delivered to the Trustee any Securities to be so delivered. Failure of the Company to timely deliver or cause to be delivered such Officer’s Certificate and Securities specified in this paragraph, if any, shall
not constitute a default but shall constitute the election of the Company (i) that the mandatory sinking fund payment for such series due on 

  
 26 

 
the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect thereof and (ii) that the Company
will make no optional sinking fund payment with respect to such series as provided in this Section. 
 (b) If the sinking fund
payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $100,000 (or the Dollar equivalent
thereof based on the applicable Exchange Rate on the date of original issue of the applicable Securities) or a lesser sum if the Company shall so request with respect to the Securities of any particular series, such cash shall be applied on the next
succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price together with accrued interest to the date fixed for redemption. If such amount shall be $100,000 (or the Dollar equivalent
thereof as aforesaid) or less and the Company makes no such request then it shall be carried over until a sum in excess of $100,000 (or the Dollar equivalent thereof as aforesaid) is available. Not less than 30 days before each such sinking fund
payment date, the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.03 and cause notice of the redemption thereof to be given in the name of and at the expense of the
Company in the manner provided in Section 3.04. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.05, 3.06 and 3.07. 

SECTION 3.12 Redemption for Changes in Taxes. 
 (a) If the Securities of a series expressly provide for redemption pursuant to this Section 3.12 as contemplated by Section 2.01, the Company may redeem the Securities of such series, in whole
but not in part, at its discretion at any time upon giving not less than 30 nor more than 60 days’ prior notice to the Holders of such series of Securities (which notice will be irrevocable and given in accordance with the procedures described
in Sections 3.04 and 12.02 hereof), at a Redemption Price equal to 100% of the principal amount thereof, together with accrued and unpaid interest, if any, to the date fixed by the Company for redemption (a “Tax Redemption Date”)
and all Additional Amounts (if any) then due and which will become due on the Tax Redemption Date as a result of the redemption or otherwise (subject to the right of Holders of such series of Securities on the relevant record date to receive
interest due on the relevant Interest Payment Date and Additional Amounts (if any) in respect thereof), if on the next date on which any amount would be payable in respect of such series of Securities or the Guarantee, the Company or the Guarantor,
as the case may be, determines in good faith that it is or would be required to pay Additional Amounts, and the Company and the Guarantor cannot avoid any such payment obligation by taking reasonable measures available to it, and the requirement
arises as a result of: 
 (1) any change in, or amendment to, the laws or treaties (or any regulations, or
rulings promulgated thereunder) of a Tax Jurisdiction affecting taxation which change or amendment becomes effective on or after the Issue Date (or, if a jurisdiction becomes a Tax Jurisdiction after the Issue Date, the date on which such
jurisdiction became a Tax Jurisdiction under this Indenture); provided, however, in the case of a successor entity of the Company or the Guarantor, the change or amendment must become effective after the date that such successor entity first
makes payment on such series of Securities or the Guarantee; or 

  
 27 

 (2) any change in, or amendment to, the existing official position or the
introduction of an official position regarding the application, administration or interpretation of such laws, treaties, regulations or rulings of a Tax Jurisdiction (including a holding, judgment or order by a court of competent jurisdiction or a
change in published practice), which change, amendment, application or interpretation becomes effective on or after the Issue Date (or, if a jurisdiction becomes a Tax Jurisdiction after the Issue Date, the date on which such jurisdiction became a
Tax Jurisdiction under this Indenture); provided, however, in the case of a successor entity of the Company or the Guarantor, the change or amendment must become effective after the date that such successor entity first makes payment on such
series of Securities or the Guarantee. 
 (b) The Company will not give any such notice of redemption earlier than 90 days prior
to the earliest date on which the Company or the Guarantor would be obligated to make such payment or withholding if a payment in respect of such series of Securities or the Guarantee were then due, and at the time such notice is given, the
obligation to pay Additional Amounts must remain in effect. Prior to the publication or, where relevant, mailing of any notice of redemption of such series of Securities pursuant to the foregoing, the Company will deliver to the Trustee an Opinion
of Counsel to the effect that there has been such change or amendment that would entitle it to redeem such series of Securities hereunder. In addition, before the Company publishes or mails notice of redemption of such series of Securities as
described above, it will deliver to the Trustee an Officer’s Certificate to the effect that the Company and the Guarantor cannot avoid its obligation to pay Additional Amounts by taking reasonable measures available to it. 

The Trustee will accept and shall be entitled to rely on such Officer’s Certificate and Opinion of Counsel as sufficient evidence of
the existence and satisfaction of the conditions precedent as described above, in which event it will be conclusive and binding on the Holders of such series of Securities. 
 ARTICLE IV 
 COVENANTS 

SECTION 4.01 Payment of Securities. 
 (a) The Company shall pay the principal of, premium (if any) and interest on and any Additional Amounts with respect to the Securities of each series on the dates and in the manner provided in the
Securities of such series and in this Indenture. Principal, premium, interest and any Additional Amounts shall be considered paid on the date due if the Paying Agent (other than the Company, the Guarantor or a Subsidiary) holds by 11:00 a.m., New
York City time, on that date money deposited by the Company or the Guarantor designated for and sufficient to pay all principal, premium, interest and any Additional Amounts then due. 

  
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 (b) The Company shall pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue principal and premium (if any), at a rate equal to the then applicable interest rate on the Securities to the extent lawful; and it shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest and any Additional Amount (without regard to any applicable grace period) at the same rate to the extent lawful. 
 SECTION 4.02 Maintenance of Office or Agency. 
 (a) The
Company will maintain in each Place of Payment for any series of Securities an office or agency (which may be an office of the Trustee, the Registrar or the Paying Agent) where Securities of that series may be presented for registration of transfer
or exchange, where Securities of that series may be presented for payment and where notices and demands to or upon the Company or the Guarantor in respect of the Securities of that series and this Indenture may be served. Unless otherwise designated
by the Company by written notice to the Trustee and the Guarantor, such office or agency shall be the office of the Trustee in The City of New York, which on the date hereof is located at 150 East 42nd Street, New York, New York, 10017. The Company will give prompt
written notice to the Trustee and the Guarantor of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee and
the Guarantor with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
 (b) The Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may
from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any
series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

SECTION 4.03 SEC Reports; Financial Statements. 
 (a) If the Company or the Guarantor is subject to Section 13 or 15(d) of the Exchange Act, the Company or the Guarantor, as the case may be, shall file with the Trustee, within 15 days after it files
the same with the SEC, copies of the annual reports and the information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) that the Company or the Guarantor is required
to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The Company and the Guarantor shall also comply with the provisions of TIA § 314(a). 
 (b) The Guarantor intends to file the reports, information and documents referred to in Section 4.03(a) hereof with the SEC in electronic form pursuant to Regulation S-T promulgated by the SEC using
the SEC’s Electronic Data Gathering, Analysis and Retrieval (“EDGAR”) system. The Guarantor shall notify the Trustee in the manner prescribed herein of each such filing. The Trustee is hereby authorized and directed to access
the EDGAR system for purposes of retrieving the reports so filed. Compliance with the foregoing shall constitute 

  
 29 

 
delivery by the Guarantor of such reports to the Trustee in compliance with the provisions of TIA § 314(a). The Trustee shall have no duty to search for or obtain any electronic or other
filings that the Guarantor makes with the SEC, regardless of whether such filings are periodic, supplemental or otherwise. Delivery of the reports, information and documents to the Trustee pursuant to this Section 4.03 shall be solely for the
purposes of compliance with this Section 4.03 and with TIA § 314(a). The Trustee’s receipt of such reports, information and documents shall not constitute notice to it of the content thereof or of any matter determinable from the
content thereof, including the Guarantor’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely upon an Officer’s Certificate or certificates delivered pursuant to Section 4.04). 

SECTION 4.04 Compliance Certificate. 
 (a) Each of the Company and the Guarantor shall deliver to the Trustee, within 120 days after the end of each fiscal year, a brief certificate from an Officer of the Company or the Guarantor, as the case
may be, which need not constitute an Officer’s Certificate, as to his or her knowledge of the Company’s or the Guarantor’s, as the case may be, compliance with all conditions and covenants under this Indenture and, in the event of any
Default, specifying each such Default and the nature and status thereof of which such person may have knowledge. 
 (b) The
Company or the Guarantor shall, so long as Securities of any series are outstanding, deliver to the Trustee, as soon as practicable, but in no event more than five Business Days, after any Officer of the Company or the Guarantor, as the case may be,
becoming aware of any Default or Event of Default under this Indenture, an Officer’s Certificate specifying such Default or Event of Default and what action the Company or the Guarantor, as the case may be, is taking or proposes to take with
respect thereto. 
 SECTION 4.05 Corporate Existence. 

Except as otherwise permitted by Article V, each of the Company and the Guarantor shall do or cause to be done all things necessary
to preserve and keep in full force and effect its existence. 
 SECTION 4.06 Waiver of Stay, Extension or Usury Laws.

 Each of the Company and the Guarantor covenants (to the extent that it may lawfully do so) that it will not at any time insist
upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive it from paying all or any portion of the principal of or interest on the
Securities of any series as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture; and (to the extent that it may lawfully do so) each of the Company and
the Guarantor hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted. 

  
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 SECTION 4.07 Limitation on Liens. 

The Guarantor will not, nor will it permit any Subsidiary to, create, incur, issue, assume or guarantee any Debt secured by a Lien of or
upon any Principal Property or Capital Stock of any Subsidiary that directly owns any Principal Property, whether such Principal Property or Capital Stock is owned at the Issue Date or thereafter acquired, without in any such case making or causing
to be made effective provision (and the Guarantor covenants that in any such case it shall make or cause to be made effective provision) whereby the Securities (together with, if the Guarantor shall so determine, any other Debt created, incurred,
issued, assumed or guaranteed by the Guarantor or any Subsidiary then existing or thereafter created) shall be secured by such Lien equally and ratably with (or, at the option of the Guarantor, prior to) such Debt, so long as such Debt shall be so
secured. The foregoing restrictions will not, however, apply to Debt secured by Permitted Liens. 
 In addition, the Guarantor
or any Subsidiary may, without equally and ratably securing the Securities, issue, assume or guarantee Debt that would otherwise be subject to the foregoing restrictions, if at the time of such issuance, assumption or guarantee, after giving effect
thereto and to the retirement of any Debt which is concurrently being retired, the aggregate amount of all such Debt secured by Liens which would otherwise be subject to such restriction (other than any Debt secured by Liens permitted as described
in clauses (1) through (7) of the definition of Permitted Liens) plus the aggregate amount of all Attributable Debt of the Guarantor and any of its Subsidiaries in respect of Sale and Lease-Back Transactions (with the exception of such
transactions which are permitted under clauses (1) and (2) of Section 4.08(a)) does not exceed 15% of Consolidated Net Tangible Assets of the Guarantor. 
 SECTION 4.08 Limitation on Sale/Leaseback Transactions. 
 (a) The Guarantor
will not, and will not permit any of its Subsidiaries to, enter into any Sale and Lease-Back Transaction with respect to any Principal Property unless, 
 (1) the Guarantor or such Subsidiary would (at the time of entering into such arrangement) be entitled pursuant to clause (1) or (6) of the definition of Permitted Liens, without equally and
ratably securing the Securities, to create, issue, assume or guarantee Debt secured by a Lien on such Principal Property; or 
 (2) the Guarantor or such Subsidiary shall apply, within 180 days of the effective date of any such arrangement, an amount not less than the greater of (x) the net proceeds of the sale of such
Principal Property or (y) the fair market value (as determined by the Board of Directors of the Guarantor) of such Principal Property to either the prepayment or retirement (other than any mandatory prepayment or retirement) of Debt incurred or
assumed by the Guarantor or any Subsidiary (other than indebtedness owned by the Guarantor or any Subsidiary) which by its terms matures at or is extendible or renewable at the option of the obligor to a date more than twelve months after the date
of the creation of such Debt, or to the acquisition, construction or improvement of a manufacturing plant or manufacturing facility; or 

  
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 (3) the Attributable Debt of the Guarantor and its Subsidiary in respect of
such Sale and Lease-Back Transaction and all other Sale and Lease-Back Transactions entered into after the Issue Date (other than any such Sale and Lease-Back Transaction as would be permitted as described in clauses (1) and (2) of this
Section 4.08(a)), plus the aggregate principal amount of Debt secured by Liens then outstanding (not including any such Debt secured by Liens described in clauses (1) through (7) of the definition of Permitted Liens) which do not
equally and ratably secure the Securities (or secure Securities on a basis that is prior to other Debt secured thereby) would not exceed 15% of Consolidated Net Tangible Assets of the Guarantor. 

SECTION 4.09 Additional Amounts. 
 If the Securities of a series expressly provide for the payment of Additional Amounts pursuant to Section 2.01, the Company or the Guarantor, as the case may be, will pay to the Holder of any
Security of such series Additional Amounts as expressly provided therein. Whenever in this Indenture there is mentioned, in any context, the payment of the principal of or any premium or interest on, or in respect of, any Security of any series or
the net proceeds received from the sale or exchange of any Security of any series, such mention shall be deemed to include mention of the payment of Additional Amounts provided for in this Section 4.09 to the extent that, in such context,
Additional Amounts are, were or would be payable in respect thereof pursuant to the provisions of this Section 4.09 and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as
excluding Additional Amounts in those provisions hereof where such express mention is not made. 
 SECTION 4.10 Additional
Tax Amounts. 
 (a) If the Securities of a series expressly provide for payment of Additional Amounts in respect of taxes
pursuant to this Section 4.10 as contemplated by Section 2.01, all payments made under or with respect to the Securities of such series or the Guarantee will be made free and clear of and without withholding or deduction for, or on account
of, any present or future taxes imposed or levied by or on behalf of any Tax Jurisdiction unless the withholding or deduction of such taxes is then required by law. If any deduction or withholding for, or on account of, any taxes imposed or levied
by or on behalf of any Tax Jurisdiction, will at any time be required to be made from any payments made under or with respect to the Securities of such series or the Guarantee, including, without limitation, payments of principal, redemption price,
purchase price, interest or premium, the Company or the Guarantor, as the case may be, will pay such Additional Amounts to the Holder (and only to the Holder) as may be necessary in order that (i) the net amounts received in respect of such
payments by each Holder or (ii) if the Securities of such series are then issued as a Global Security, the aggregate net amounts received in respect of such payments by the beneficial owners of such Securities (including Additional Amounts)
after such withholding, deduction or imposition (including any withholding, deduction or imposition from Additional Amounts) will equal the respective amounts that would have been received in respect of such payments in the absence of such
withholding or deduction; provided that no Additional Amounts will be payable with respect to: 

  
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 (1) any taxes that would not have been imposed but for the Holder’s or
beneficial owner’s present or former connection with the relevant Taxing Jurisdiction or but for any such connection on the part of a partner, beneficiary, settlor or shareholder of such Holder or beneficial owner (other than any connection
resulting from the acquisition, ownership, holding or disposition of Securities, the receipt of payments thereunder and/or the exercise or enforcement of rights under any Securities); 

(2) any taxes that are imposed or withheld as a result of the failure of the Holder of such Securities or beneficial owner
of such Securities to comply with any reasonable written request, made to that Holder or beneficial owner in writing at least 30 days before any such withholding or deduction would be payable, by the Company or the Guarantor to provide timely and
accurate information concerning the nationality, residence or identity of such Holder or beneficial owner or to make any valid and timely declaration or similar claim or satisfy any certification information or other reporting requirement, which is
required or imposed by a statute, treaty, regulation or administrative practice of the relevant Tax Jurisdiction as a precondition to any exemption from or reduction in all or part of such taxes to which such Holder is entitled; 

(3) any Security presented for payment more than 30 days after the relevant payment is first made available for payment to
the Holder; 
 (4) any payment of principal or interest on such Securities made to any Holder who is a fiduciary
or partnership or any Person other than the sole beneficial owner of such payment, to the extent that such payment would be required to be included in the income under the laws of the relevant Tax Jurisdiction, for tax purposes, of a beneficiary or
settlor with respect to such fiduciary, a member of such a partnership or the beneficial owner of such payment who would not have been entitled to the Additional Amounts had such beneficiary, settlor, member or beneficial owner been the actual
Holder of such Securities; 
 (5) any estate, inheritance, gift, sales, transfer, personal property or similar
taxes; 
 (6) any taxes withheld, deducted or imposed on a payment to an individual and that are required to be
made pursuant the European Council Directive 2003/48/EC on the taxation of savings income which was adopted by the ECOFIN Council on June 3, 2003 or any law or other government regulation implementing or complying with, or introduced in order
to conform to such directive (the “EU Savings Tax Directive”) or is required to be made pursuant to the Agreement between the European Community and the Swiss Confederation dated October 26, 2004 providing for measures
equivalent to those laid down in the EU Savings Tax Directive or any law or other governmental regulation implementing or complying with, or introduced in order to conform to, such agreement; 

  
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 (7) any taxes payable other than by deduction or withholding from payments
under, or with respect to, such Securities; 
 (8) any taxes imposed by the United States or any political
subdivision thereof or tax authority therein; or 
 (9) any combination of items (1) through (8) above.

 (b) If the Company or the Guarantor, as the case may be, becomes aware that it will be obligated to pay Additional Amounts
pursuant to this Section 4.10 with respect to any payment under or with respect to the Securities of such series or the Guarantee, the Company or the Guarantor, as the case may be, will deliver to the Trustee on a date that is at least 30 days
prior to the date of that payment (unless the obligation to pay such Additional Amounts arises after the 30th day prior to that payment date, in which case the Company or the Guarantor shall notify the Trustee promptly thereafter) an Officer’s
Certificate of the Company or the Guarantor, as the case may be, stating the fact that such Additional Amounts will be payable pursuant to this Section 4.10 and the amount estimated to be so payable. Such Officer’s Certificate must also
set forth any other information reasonably necessary to enable the Paying Agents to pay such Additional Amounts to Holders on the relevant payment date. The Trustee shall be entitled to rely solely on such Officer’s Certificate as conclusive
proof that such payments are necessary. The Company or the Guarantor, as the case may be, will provide the Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of Additional Amounts. 

(c) Each of the Company and the Guarantor will make all withholdings and deductions required by law of it and will remit the full amount
deducted or withheld to the relevant tax authority in accordance with applicable law. Upon request, the Company or the Guarantor, as the case may be, will provide to the Trustee an official receipt or, if official receipts are not obtainable, other
documentation reasonably satisfactory to the Trustee evidencing the payment of any taxes so deducted or withheld. Upon request, copies of those receipts or other documentation, as the case may be, will be made available by the Trustee to the Holders
of such Securities. 
 (d) Whenever in this Indenture or in any Securities there is mentioned, in any context, the payment of
amounts based upon the principal amount of the Securities or of principal, interest or of any other amount payable under, or with respect to, any of the Securities, such mention shall be deemed to include mention of the payment of Additional Amounts
to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 
 (e) The obligations
in this Section 4.10 will survive any transfer by a Holder or beneficial owner of its Security and will apply mutatis mutandis to any jurisdiction in which any successor person to the Company or the Guarantor, as the case may be, is
incorporated or resident for tax purposes or any jurisdiction from or through which such person makes any payment on the Securities and any department or political subdivision thereof or therein. 

  
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 ARTICLE V 
 SUCCESSORS 
 SECTION 5.01 Limitations on Mergers and Consolidations.

 (a) Neither the Company nor the Guarantor shall consolidate with or merge into any Person, or sell, lease, convey, assign,
transfer or otherwise dispose of, in any transaction or series of transactions, all or substantially all of its assets to any Person (other than a consolidation or merger of the Company and the Guarantor or a sale, lease, conveyance, transfer or
other disposition of all or substantially all of the assets of the Company to the Guarantor or of the Guarantor to the Company), unless: 
 (1) either (i) the Company or the Guarantor, as the case may be, shall be the continuing Person or (ii) the Person (if other than the Company or the Guarantor) formed by such consolidation or
into which the Company or Guarantor is merged, or to which such sale, lease, conveyance, assignment, transfer or other disposition shall be made (collectively, the “Successor”), is organized and validly existing under the laws of
the United States, any state in the United States, the District of Columbia, Canada, any province of Canada or any state which was a member of the European Union on December 31, 2003 (other than Greece) and the Successor expressly assumes by
supplemental indenture, in the case of the Company, the due and punctual payment of the principal of, premium (if any) and interest on and any Additional Amounts with respect to all the Securities and the performance of the Company’s covenants
and obligations under this Indenture and the Securities, or, in the case of the Guarantor, the performance of the Guarantee and the Guarantor’s covenants and obligations under this Indenture and the Securities; and 

(2) immediately after giving effect to such transaction or series of transactions, no Default or Event of Default shall
have occurred and be continuing or would result therefrom. 
 (b) Notwithstanding and without compliance with
Section 5.01(a), the Guarantor shall be permitted to sell, assign, transfer, lease, convey or otherwise dispose, in one or more related transactions, of assets constituting the Capital Stock or all or part of the assets of any Subsidiary,
division or line of business or group of such Subsidiaries, divisions or lines of business (“disposed group”) if such disposed group (i) generated Consolidated EBITDA that was less than 40% of the Consolidated EBITDA of the
Guarantor in (A) the most recently completed four fiscal quarters and (B) each of the last three completed fiscal years of the Guarantor and (ii) has total assets with a value that is less than 40% of the Total Assets of the
Guarantor; provided that such disposition otherwise complies with this Indenture. If the Guarantor has not filed with the SEC its consolidated financial statements, including the results of any of the most recent completed four fiscal
quarters or fiscal year, as of the date they would 

  
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be required to be filed assuming the Guarantor were subject to reporting under Section 13 or 15(d) of the Exchange Act (whether or not it is so subject), such amounts will be calculated for
any such fiscal quarter or fiscal year as reflected in consolidated financial statements of the Guarantor (quarterly and/or annual, as the case may be) prepared by the Guarantor in accordance with GAAP, until such time as such fiscal quarter or
fiscal year is included in consolidated financial statements of the Guarantor filed with the SEC. 
 SECTION 5.02 Successor
Person Substituted. 
 Upon any consolidation or merger of the Company or the Guarantor, as the case may be, or any sale,
lease, conveyance, transfer or other disposition of all or substantially all of the assets of the Company or the Guarantor, as the case may be, in accordance with Section 5.01, the Successor formed by such consolidation or into which the
Company or the Guarantor is merged or to which such sale, lease, conveyance, assignment, transfer or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of the Company or the Guarantor, as the
case may be, under this Indenture and the Securities of all series, and in the case of the Guarantor, the Guarantee, with the same effect as if such Successor had been named as the Company or the Guarantor, as the case may be, herein and the
predecessor Company or the Guarantor, in the case of a sale, conveyance, assignment, transfer or other disposition, shall be released from all obligations under this Indenture, the Securities of all series and, in the case of the Guarantor, the
Guarantee. 
 ARTICLE VI 
 DEFAULTS AND REMEDIES 
 SECTION 6.01 Events of Default. 

(a) Unless either inapplicable to a particular series or specifically deleted or modified in or pursuant to the supplemental indenture or
Board Resolution of the Company establishing such series of Securities or in the form of Security for such series, an “Event of Default,” wherever used herein with respect to Securities of any series, means any one of the following
events: 
 (1) there is a default in the payment of interest on or any Additional Amounts with respect to any
Security of that series when the same becomes due and payable and such default continues for a period of 30 days; 
 (2) there is a default in the payment of (A) the principal of any Security of that series at its Maturity or (B) premium (if any) on any Security of that series when the same becomes due and
payable; 
 (3) there is a default in the deposit of any sinking fund payment, when and as due by the terms of a
Security of that series, and such default continues for a period of 30 days; 

  
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 (4) the Company or the Guarantor fails to comply with any of its other
covenants or agreements in, or provisions of, the Securities of such series or this Indenture (other than a default referred to in clauses (1), (2) or (3) above, or an agreement, covenant or provision that has expressly been included in
this Indenture solely for the benefit of one or more series of Securities other than that series), which shall not have been remedied within the specified period after written notice, as specified in Section 6.01(b); 

(5) the Guarantee ceases to be in full force and effect with respect to the Securities of such series (except as
contemplated by the terms thereof) and such Default continues for 10 days; 
 (6) the Company or the Guarantor
pursuant to or within the meaning of any Bankruptcy Law: 
  

	 	(i)	commences a voluntary case, 

  

	 	(ii)	consents to the entry of an order for relief against it in an involuntary case, 

 

	 	(iii)	consents to the appointment of a Bankruptcy Custodian of it or for all or substantially all of its property, or 

 

	 	(iv)	makes a general assignment for the benefit of its creditors; 

 (7) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that remains unstayed and in effect for 90 days and that: 

 

	 	(i)	is for relief against the Company or the Guarantor as debtor in an involuntary case, 

 

	 	(ii)	appoints a Bankruptcy Custodian of the Company or the Guarantor or a Bankruptcy Custodian for all or substantially all of the property of the Company or the Guarantor,
or 

  

	 	(iii)	orders the liquidation of the Company or the Guarantor; or 

 (8) any other Event of Default provided with respect to Securities of that series occurs, which shall not have been remedied within the specified period after written notice, as specified in
Section 6.01(b). 
 The foregoing shall constitute Events of Default whatever the reason for any such Event of Default and
whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

The term “Bankruptcy Custodian” means any receiver, trustee, assignee, liquidator or similar official under any
Bankruptcy Law. 

  
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 When a Default or Event of Default is cured, it ceases. 

(b) A Default under clause (4) or (8) of Section 6.01(a) is not an Event of Default until the Trustee notifies the Company
and the Guarantor, or the Holders of at least 25% in principal amount of the then outstanding Securities of the series affected by such Default (or, in the case of a Default under clause (4) of Section 6.01(a), if outstanding Securities of
other series are affected by such Default, then at least 25% in principal amount of the then outstanding Securities so affected) notify the Company, the Guarantor and the Trustee, of the Default, and the Company or the Guarantor, as the case may be,
fails to cure the Default within 90 days after receipt of the notice. The notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default.” 

SECTION 6.02 Acceleration. 
 If an Event of Default with respect to any Securities of any series at the time outstanding (other than an Event of Default specified in clause (6) or (7) of Section 6.01(a)) occurs and is
continuing, the Trustee by notice to the Company and the Guarantor, or the Holders of at least 25% in principal amount of the then outstanding Securities of the series affected by such Event of Default (or, in the case of an Event of Default
described in clause (4) of Section 6.01(a), if outstanding Securities of other series are affected by such Event of Default, then at least 25% in principal amount of the then outstanding Securities of all such series so affected acting as
one class) by notice to the Company, the Guarantor and the Trustee, may declare the principal of (or, if any such Securities are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of that
series) and all accrued and unpaid interest on all then outstanding Securities of such series or of all series, as the case may be, to be due and payable. Upon any such declaration, the amounts due and payable on the Securities shall be due and
payable immediately. If an Event of Default specified in clause (6) or (7) of Section 6.01(a) hereof occurs, such amounts shall ipso facto become and be immediately due and payable without any declaration, notice or other act
on the part of the Trustee or any Holder. The Holders of a majority in principal amount of the then outstanding Securities of the series affected by such Event of Default or all series so affected, as the case may be, by written notice to the
Trustee may rescind an acceleration and its consequences (other than nonpayment of principal of or premium or interest on or any Additional Amounts with respect to the Securities) if (1) the rescission would not conflict with any judgment or
decree, (2) all existing Events of Default with respect to Securities of that series (or of all series, as the case may be) have been cured or waived, except nonpayment of principal, premium, interest or any Additional Amounts that has become
due solely because of the acceleration, and (3) the Trustee has been paid any amounts due to it for the compensation as may be agreed in writing by the parties from time to time, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 7.07. 
 SECTION 6.03 Other Remedies. 

(a) If an Event of Default occurs and is continuing with respect to a series of Securities, the Trustee may pursue any available remedy to
collect the payment of principal of, or premium, if any, or interest on the Securities of such series or to enforce the performance of any provision of such Securities or this Indenture. 

  
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 (b) The Trustee may maintain a proceeding even if it does not possess any of the Securities
or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in
the Event of Default. All remedies are cumulative to the extent permitted by law. 
 SECTION 6.04 Waiver of Defaults.

 Subject to Sections 6.07 and 9.02, the Holders of a majority in principal amount of the then outstanding Securities of any
series or of all series affected thereby (acting as one class) by notice to the Trustee may waive an existing or past Default or Event of Default with respect to such series or all series so affected, as the case may be, and its consequences
(including waivers obtained in connection with a tender offer or exchange offer for Securities of such series or all series so affected or a solicitation of consents in respect of Securities of such series or all series so affected, provided
that in each case such offer or solicitation is made to all Holders of then outstanding Securities of such series or all series so affected (but the terms of such offer or solicitation may vary from series to series)), except (1) a continuing
Default or Event of Default in the payment of the principal of, or premium, if any, or interest on or any Additional Amounts with respect to any Security or (2) a continued Default in respect of a provision that under Section 9.02 cannot
be amended or supplemented without the consent of each Holder affected. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but
no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
 SECTION 6.05
Control by Majority. 
 With respect to Securities of any series, the Holders of a majority in principal amount of the
then outstanding Securities of such series may direct in writing the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on it relating to or arising under an Event
of Default described in clauses (1), (2), (3) or (8) of Section 6.01(a), and with respect to all Securities, the Holders of a majority in principal amount of all the then outstanding Securities affected may direct in writing the
time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on it not relating to or arising under such an Event of Default. However, the Trustee may refuse to follow any
direction that conflicts with applicable law or this Indenture, that the Trustee determines may be unduly prejudicial to the rights of other Holders, or that may involve the Trustee in personal liability; provided, however, that the Trustee
may take any other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any action hereunder, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion from Holders
directing the Trustee against all losses and expenses caused by taking or not taking such action. 

  
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 SECTION 6.06 Limitations on Suits. 

(a) Subject to Section 6.07 hereof, a Holder of a Security of any series may pursue a remedy with respect to this Indenture or the
Securities of such series or the Guarantee only if: 
 (1) the Holder gives to the Trustee written notice of a
continuing Event of Default with respect to such series; 
 (2) the Holders of at least 25% in principal amount
of the then outstanding Securities of such series make a written request to the Trustee to pursue the remedy; 

(3) such Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee against any loss, liability or
expense; 
 (4) the Trustee does not comply with the request within 60 days after receipt of the request and the
offer of indemnity; and 
 (5) during such 60-day period, the Holders of a majority in principal amount of the
Securities of such series do not give the Trustee a direction inconsistent with the request. 
 (b) A Holder may not use this
Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly
prejudicial to such Holders). 
 SECTION 6.07 Rights of Holders to Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder of a Security to receive payment of principal of and
premium, if any, and interest on and any Additional Amounts with respect to the Security, on or after the respective due dates expressed in the Security, or to bring suit for the enforcement of any such payment on or after such respective dates, is
absolute and unconditional and shall not be impaired or affected without the consent of the Holder. 
 SECTION 6.08
Collection Suit by Trustee. 
 If an Event of Default specified in clause (1) or (2) of Section 6.01(a)
hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company or the Guarantor for the amount of principal, premium (if any), interest and any Additional Amounts
remaining unpaid on the Securities of the series affected by the Event of Default, and interest on overdue principal and premium, if any, and, to the extent lawful, interest on overdue interest, and such further amount as shall be sufficient to
cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

  
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 SECTION 6.09 Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents and to take such actions, including participating as
a member, voting or otherwise, of any committee of creditors, as may be necessary or advisable to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel) and the Holders allowed in any judicial proceedings relative to the Company or the Guarantor or their respective creditors or properties and shall be entitled and empowered to collect, receive and distribute any money or other property
payable or deliverable on any such claims and any Bankruptcy Custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee hereunder. To the extent
that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee hereunder out of the estate in any such proceeding, shall be denied for any reason, payment
of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties which the Holders of the Securities may be entitled to receive in such proceeding whether in
liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities of any series or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

SECTION 6.10 Priorities. 
 If the Trustee collects any money pursuant to this Article VI, it shall pay out the money in the following order: 
 First: to the Trustee (acting in any capacity hereunder) for amounts due under hereunder; 
 Second: to Holders for amounts due and unpaid on the Securities in respect of which or for the benefit of which such money has been collected, for principal, premium (if any), interest and any Additional
Amounts ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal, premium (if any), interest and any Additional Amounts, respectively; and 

Third: to the Company. 
 The Trustee, upon prior written notice to the Company, may fix record dates and payment dates for any payment to Holders pursuant to this Article VI. 

To the fullest extent allowed under applicable law, if for the purpose of obtaining a judgment against the Company or the Guarantor in
any court it is necessary to convert the sum due in respect of the principal of, premium (if any) or interest on or Additional Amounts with 

  
 41 

 
respect to the Securities of any series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of
exchange used for purposes of rendering the judgment shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the Business Day in
The City of New York next preceding that on which final judgment is given. None of the Company, the Guarantor nor the Trustee shall be liable for any shortfall and none of them shall benefit from any windfall in payments to Holders of Securities
under this Section 6.10 caused by a change in exchange rates between the time the amount of a judgment against it is calculated as above and the time the Trustee converts the Judgment Currency into the Required Currency to make payments under
this Section 6.10 to Holders of Securities, but payment of such judgment shall discharge all amounts owed by the Company and the Guarantor on the claim or claims underlying such judgment. 

SECTION 6.11 Undertaking for Costs. 
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a trustee, a court in its discretion may require the
filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due
regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07, or a suit by a Holder or Holders of more than
10% in principal amount of the then outstanding Securities of any series. 
 ARTICLE VII 

TRUSTEE 

SECTION 7.01 Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in such
exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default with respect to the Securities of any series: 

(1) the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no
implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence
of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture. However, the Trustee shall examine such certificates and opinions to determine whether, on their face, they appear to conform to the requirements of this Indenture. 

  
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 (c) The Trustee may not be relieved from liabilities for its own bad faith, its own gross
negligent action, its own gross negligent failure to act or its own willful misconduct, except that: 
 (1) this
paragraph does not limit the effect of Section 7.01(b); 
 (2) the Trustee shall not be liable for any error
of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 

(d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to
the provisions of this Section 7.01. 
 (e) No provision of this Indenture shall require the Trustee to expend or risk its
own funds or incur any liability. The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against any loss, liability or expense. 

(f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. All money received by the Trustee shall, until applied as herein provided, be held in trust for the payment of the principal of, premium
(if any) and interest on and Additional Amounts with respect to the Securities. 
 (g) The Trustee shall have no liability or
responsibility for the action or the inaction of the Depositary. 
 SECTION 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper
Person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains
from acting, it may require instruction, an Officer’s Certificate of the Company or an Opinion of Counsel or both to be provided. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such
instruction, Officer’s Certificate and/or Opinion of Counsel. The Trustee may consult at the Company’s expense with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 
 (c)
The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 

  
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 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith
which it believes to be authorized or within its rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise
specifically provided in this Indenture, any demand, request, direction or notice from the Company or the Guarantor shall be sufficient if signed by an Officer of the Company or the Guarantor, as the case may be. 

(f) The Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Securities, unless either
(1) a Responsible Officer shall have actual knowledge of such Default or Event of Default or (2) written notice of such Default or Event of Default shall have been given to the Trustee by the Company, the Guarantor or by any Holder of the
Securities, and such notice references the Securities and this Indenture. 
 (g) The permissive rights of the Trustee enumerated
herein shall not be construed as duties. 
 (h) In no event shall the Trustee be responsible or liable for special, indirect,
punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

 (i) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties
hereunder. 
 SECTION 7.03 May Hold Securities. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Securities of any series and may otherwise deal
with the Company, the Guarantor or any of their respective Affiliates with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights and duties. However, the Trustee is subject to Sections 7.10 and 7.11.

 SECTION 7.04 Trustee’s Disclaimer. 
 The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities of any series, it shall not be accountable for the Company’s use of the proceeds from the
Securities of any series or any money paid to the Company or the Guarantor or upon the Company’s or the Guarantor’s direction under any provision hereof, it shall not be responsible for the use or application of any money received by any
Paying Agent other than the Trustee and it shall not be responsible for any statement or recital herein or any statement in such Securities other than its certificate of authentication. 

SECTION 7.05 Notice of Defaults. 
 If a Default or Event of Default with respect to the Securities of any series occurs and is continuing and it is known to the Trustee, the Trustee shall mail to Holders of Securities of such series a
notice of the Default or Event of Default within 90 days after it becomes known to 

  
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the Trustee. Except in the case of a Default or Event of Default in payment of principal of, premium (if any) and interest on and Additional Amounts or any sinking fund installment with respect
to the Securities of such series, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Holders of Securities of such series.

 SECTION 7.06 Reports by Trustee to Holders. 
 (a) Within 60 days after each May 15 of each year after the date of this Indenture, the Trustee shall mail to Holders of a series of Securities, the Guarantor and the Company a brief report dated as
of such reporting date that complies with TIA § 313(a); provided, however, that if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date with respect to a series, no report
need be transmitted to Holders of such series. The Trustee also shall comply with TIA § 313(b). The Trustee shall also transmit by mail all reports if and as required by TIA §§ 313(c) and 313(d). 

(b) A copy of each such report at the time of its mailing to Holders of a series of Securities shall be filed by the Trustee with the SEC
and each securities exchange, if any, on which the Securities of such series are listed. The Company shall notify the Trustee if and when any series of Securities is listed on any securities exchange and any delisting thereof. 

SECTION 7.07 Compensation and Indemnity. 
 (a) The Company and the Guarantor, severally and jointly, agree to pay to the Trustee (acting in any capacity hereunder) for its acceptance of this Indenture and services hereunder such compensation as
the Company, the Guarantor and the Trustee shall from time to time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company and the Guarantor, severally and
jointly, agree to reimburse the Trustee upon request for all reasonable out-of-pocket disbursements, advances and expenses incurred by it. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s
agents and counsel. 
 (b) The Company and the Guarantor, severally and jointly, hereby indemnify the Trustee (acting in any
capacity hereunder) and any predecessor Trustee (acting in any capacity hereunder) against any and all loss, liability, damage, claim or expense, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee),
incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, except as set forth in the next following paragraph. The Trustee shall notify the Company and the Guarantor promptly of any
claim for which it may seek indemnity. The Company and the Guarantor shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Company and the Guarantor shall pay the reasonable fees and
expenses of such counsel. Neither the Company nor the Guarantor need pay for any settlement made without its consent. 
 Neither
the Company nor the Guarantor shall be obligated to reimburse any expense or indemnify against any loss or liability incurred by the Trustee through the Trustee’s gross negligence, bad faith or willful misconduct. 

  
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 (c) To secure the payment obligations of the Company and the Guarantor hereunder, the
Trustee shall have a lien prior to the Securities of all series on all money or property held or collected by the Trustee, except that held in trust to pay principal of, premium (if any) and interest on and any Additional Amounts with respect to
Securities of any series. Such lien and the Company’s and the Guarantor’s obligations under this Section 7.07 shall survive the resignation or removal of the Trustee and the satisfaction and discharge of this Indenture. 

(d) When the Trustee incurs expenses or renders services after an Event of Default specified under clauses (6) or (7) of
Section 6.01(a) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 
 SECTION 7.08 Replacement of Trustee. 
 (a) A resignation or removal of the
Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. 
 The Trustee may resign and be discharged at any time with respect to the Securities of one or more series by so notifying the Company and the Guarantor. The Holders of a majority in principal amount of
the then outstanding Securities of any series may remove the Trustee with respect to the Securities of such series by so notifying the Trustee, the Company and the Guarantor. The Company may remove the Trustee if: 

(1) the Trustee fails to comply with Section 7.10; 

(2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under
any Bankruptcy Law; 
 (3) a Bankruptcy Custodian or public officer takes charge of the Trustee or its property;
or 
 (4) the Trustee otherwise becomes incapable of acting. 

(b) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, with respect to the Securities of
one or more series, the Company shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one
or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series). Within one year after the successor Trustee with respect to the Securities of any series takes office, the
Holders of a majority in principal amount of the Securities of such series then outstanding may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 

If a successor Trustee with respect to the Securities of any series does not take office within 30 days after the retiring or removed
Trustee resigns or is removed, the retiring or removed Trustee (at the expense of the Company), the Company, the Guarantor or the Holders of at least 10% in principal amount of the then outstanding Securities of such series may petition any court of
competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

  
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 If the Trustee with respect to the Securities of a series fails to comply with
Section 7.10, any Holder of Securities of such series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with respect to the Securities of such series. 

In case of the appointment of a successor Trustee with respect to all Securities, each such successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee, to the Company and to the Guarantor. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties
of the retiring Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien
provided for in Section 7.07. 
 (c) In case of the appointment of a successor Trustee with respect to the Securities of
one or more (but not all) series, the Company, the Guarantor, the retiring Trustee and each successor Trustee with respect to the Securities of one or more (but not all) series shall execute and deliver an indenture supplemental hereto in which each
successor Trustee shall accept such appointment and that (1) shall confer to each successor Trustee all the rights, powers and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of
such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall confirm that all the rights, powers and duties of the retiring Trustee with respect to the Securities of that or those series as
to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of
the trusts hereunder by more than one Trustee. Nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust, and each such Trustee shall be trustee of a trust or trusts hereunder separate and apart
from any trust or trusts hereunder administered by any other such Trustee. Upon the execution and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and
each such successor Trustee shall have all the rights, powers and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. On request of the Company or any
successor Trustee, such retiring Trustee shall transfer to such successor Trustee all property held by such retiring Trustee as Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee
relates. Such retiring Trustee shall, however, have the right to deduct its unpaid fees and expenses, including attorneys’ fees. 
 (d) Notwithstanding replacement of the Trustee or Trustees pursuant to this Section 7.08, the obligations of the Company under Section 7.07 shall continue for the benefit of the retiring Trustee
or Trustees. The retiring or removed Trustee or Trustees shall have no liability or responsibility for the action or inaction of any successor Trustee. 

  
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 SECTION 7.09 Successor Trustee by Merger, etc. 

(a) Subject to Section 7.10, if the Trustee consolidates, merges or converts into, or transfers all or substantially all of its
corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee; provided, however, that in the case of a transfer of all or substantially all of its corporate trust business
to another corporation, the transferee corporation expressly assumes all of the Trustee’s liabilities hereunder. 
 (b) In
case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so
authenticated; and in case at that time any of the Securities shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor to the
Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have. 

SECTION 7.10 Eligibility; Disqualification. 
 (a) There shall at all times be a Trustee hereunder which shall be a corporation or banking association organized and doing business under the laws of the United States, any State thereof or the District
of Columbia and authorized under such laws to exercise corporate trust power, shall be subject to supervision or examination by Federal or State (or the District of Columbia) authority and shall have, or be a subsidiary of a bank or bank holding
company having, a combined capital and surplus of at least $50 million as set forth in its most recent published annual report of condition. 
 (b) The Indenture shall always have a Trustee who satisfies the requirements of TIA §§ 310(a)(1), 310(a)(2) and 310(a)(5). The Trustee is subject to and shall comply with the provisions of TIA
§ 310(b) during the period of time required by this Indenture; provided, however, that there shall be excluded from the operation of TIA §310(b)(1) any indenture or indentures under which other securities or certificates of
interest or participation in other securities of the Company are outstanding if the requirements for such exclusion set forth in TIA §310(b)(1) are met. Nothing in this Indenture shall prevent the Trustee from filing with the SEC the
application referred to in the penultimate paragraph of TIA § 310(b). 
 SECTION 7.11 Preferential Collection of Claims
Against the Company or the Guarantor. 
 The Trustee is subject to and shall comply with the provisions of TIA
§ 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 

  
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 ARTICLE VIII 
 DISCHARGE OF INDENTURE 
 SECTION 8.01 Termination of the Company’s and the
Guarantor’s Obligations. 
 (a) This Indenture shall cease to be of further effect with respect to the Securities of a
series (except that the Company’s obligations under Section 7.07, the Trustee’s and Paying Agent’s obligations under Section 8.03 and the rights, powers, protections and privileges accorded the Trustee under Article VII
shall survive), and the Trustee and the Guarantor, on demand of the Company, shall execute proper instruments acknowledging the satisfaction and discharge of this Indenture with respect to the Securities of such series, when: 

(1) either: 
 (A) all outstanding Securities of such series theretofore authenticated and issued (other than destroyed, lost or stolen Securities that have been replaced or paid) have been delivered to the Trustee for
cancellation; or 
 (B) all outstanding Securities of such series not theretofore delivered to the Trustee for
cancellation: 
  

	 	(i)	have become due and payable, or 

  

	 	(ii)	will become due and payable at their Stated Maturity within one year, or 

  

	 	(iii)	are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at
the expense, of the Company, 

 and, in the case of clauses (i), (ii) or (iii) above, the Company or the
Guarantor has irrevocably deposited or caused to be deposited with the Trustee as funds (immediately available to the Holders in the case of clause (i)) in trust for such purpose (x) money in the currency in which payment of the Securities of
such series is to be made in an amount, or (y) Government Obligations with respect to such series, maturing as to principal and interest at such times and in such amounts as will ensure the availability of money in the currency in which payment
of the Securities of such series is to be made in an amount or (z) a combination thereof, which will be sufficient, in the opinion (in the case of clauses (y) and (z)) of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay and discharge the entire indebtedness on the Securities of such series for principal and interest to the date of such deposit (in the case of Securities which have become
due and payable) or for principal, premium, if any, Additional Amounts, if any, and interest to the Stated Maturity or Redemption Date, as the case may be; or 

  
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 (C) the Company and the Guarantor have properly fulfilled such other means
of satisfaction and discharge as is specified, as contemplated by Section 2.01, to be applicable to the Securities of such series; 
 (2) the Company or the Guarantor has paid or caused to be paid all other sums payable by them hereunder with respect to the Securities of such series; and 

(3) the Company has delivered to the Trustee an Officer’s Certificate of the Company stating that all conditions
precedent to satisfaction and discharge of this Indenture with respect to the Securities of such series have been complied with, together with an Opinion of Counsel to the same effect. 

(b) Unless this Section 8.01(b) is specified as not being applicable to Securities of a series as contemplated by Section 2.01,
the Company may, at its option, terminate certain of its and the Guarantor’s respective obligations under this Indenture (“covenant defeasance”) with respect to the Securities of a series if: 

(1) the Company or the Guarantor has irrevocably deposited or caused to be irrevocably deposited with the Trustee as trust
funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of Securities of such series, (i) money in the currency in which payment of the Securities
of such series is to be made in an amount, or (ii) Government Obligations with respect to such series, maturing as to principal and interest at such times and in such amounts as will ensure the availability of money in the currency in which
payment of the Securities of such series is to be made in an amount or (iii) a combination thereof, that is sufficient, in the opinion (in the case of clauses (ii) and (iii)) of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, to pay the principal of, premium (if any), Additional Amounts (if any) and interest on all Securities of such series on each date that such principal, premium (if
any), Additional Amounts (if any) or interest is due and payable and (at the Stated Maturity thereof or upon redemption as provided in Section 8.01(e)) to pay all other sums payable by it hereunder; provided that the Trustee shall have been
irrevocably instructed to apply such money and/or the proceeds of such Government Obligations to the payment of said principal, premium (if any), Additional Amounts (if any) and interest with respect to the Securities of such series as the same
shall become due; 
 (2) the Company or the Guarantor has delivered to the Trustee an Officer’s Certificate
of the Company or the Guarantor, as the case may be, stating that all conditions precedent to satisfaction and discharge of this Indenture with respect to the Securities of such series have been complied with, and an Opinion of Counsel to the same
effect; 

  
 50 

 (3) no Default or Event of Default with respect to the Securities of such
series shall have occurred and be continuing on the date of such deposit; 
 (4) the Company or the Guarantor
shall have delivered to the Trustee an Opinion of Counsel or a private letter ruling issued by the United States Internal Revenue Service to the effect that the beneficial owners of such Securities will not recognize income, gain or loss for United
States Federal income tax purposes as a result of the Company’s exercise of its option under this Section 8.01(b) and will be subject to United States Federal income tax on the same amount and in the same manner and at the same times as
would have been the case if such option had not been exercised; 
 (5) the Company and the Guarantor have
complied with any additional conditions specified pursuant to Section 2.01 to be applicable to the discharge of Securities of such series pursuant to this Section 8.01; and 

(6) such deposit and discharge shall not cause the Trustee to have a conflicting interest as defined in TIA § 310(b).

 In such event, (x) the Company and the Guarantor shall be released from their respective obligations under the covenants
specified pursuant to Section 2.01 with respect to the outstanding Securities of such series (collectively, with respect to Securities of such series, the “Defeased Covenants”) on and after the date the conditions set forth in
this Section 8.01(b) are satisfied, (y) thereafter any failure to comply with the Defeased Covenants shall not constitute a Default or Event of Default under Section 6.01 with respect to the Securities of such series, and (z) the
Securities of such series shall thereafter be deemed not outstanding for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with the Defeased Covenants, but shall
continue to be outstanding for all other purposes hereunder. Except as specified in the preceding sentence, the remainder of this Indenture and the Securities will be unaffected by such covenant defeasance pursuant to this Section 8.01(b).

 In order to have money available on a payment date to pay principal of or premium (if any), Additional Amounts (if any) or
interest on such Securities, the Government Obligations shall be payable as to principal or interest on or before such payment date in such amounts as will provide the necessary money. Government Obligations shall not be callable at the
issuer’s option. 
 (c) If the Company and the Guarantor have previously complied or are concurrently complying with
Section 8.01(b) (other than any additional conditions specified pursuant to Section 2.01 that are expressly applicable only to covenant defeasance) with respect to Securities of a series, then, unless this Section 8.01(c) is specified
as not being applicable to Securities of such series as contemplated by Section 2.01, the Company may elect that its and the Guarantor’s respective obligations to make payments with respect to Securities of such series be discharged
(“legal defeasance”), if: 

  
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 (1) no Default or Event of Default under clauses (6) and (7) of
Section 6.01(a) hereof shall have occurred at any time during the period ending on the 91st day after the date of deposit contemplated by Section 8.01(b) (it being understood that this condition shall not be deemed satisfied until the
expiration of such period); 
 (2) unless otherwise specified with respect to Securities of such series as
contemplated by Section 2.01, the Company or the Guarantor has delivered to the Trustee an Opinion of Counsel to the effect referred to in Section 8.01(b)(4) with respect to such legal defeasance, which opinion is based on (i) a
private letter ruling issued by the United States Internal Revenue Service addressed to the Company, (ii) a published ruling of the United States Internal Revenue Service pertaining to a comparable form of transaction or (iii) a change in
the applicable United States Federal income tax law (including regulations) after the date of this Indenture; 

(3) the Company and the Guarantor have complied with any other conditions specified pursuant to Section 2.01 to be
applicable to the legal defeasance of Securities of such series pursuant to this Section 8.01(c); and 
 (4)
the Company or the Guarantor has delivered to the Trustee a Company Request requesting such legal defeasance of the Securities of such series and an Officer’s Certificate of the Company or the Guarantor, as the case may be, stating that all
conditions precedent with respect to such legal defeasance of the Securities of such series have been complied with, together with an Opinion of Counsel to the same effect. 
 In such event, this Indenture shall cease to be of further effect (except as set forth in this paragraph) with respect to Securities of such series. Among the consequences of such legal defeasance with
respect to Securities of such series, (x) the Company and the Guarantor will be discharged from their respective obligations under this Indenture and the Securities of such series to pay principal of, premium (if any), Additional Amounts (if
any) and interest with respect to Securities of such series, (y) the Company’s and the Guarantor’s respective obligations under Sections 4.01, 4.02 and 10.01 shall terminate with respect to such Securities, and (z) the entire
indebtedness of the Company evidenced by such Securities and of the Guarantor evidenced by the Guarantee shall be deemed paid and discharged. The Trustee upon request shall execute proper instruments acknowledging satisfaction and discharge of the
Securities of such series under this Indenture. However, the Company’s and the Guarantor’s respective obligations in Sections 2.06, 2.07, 2.08, 2.09, 2.10, 7.07, 7.08, 8.04 and 10.01, the Trustee’s and Paying Agent’s obligations
in Sections 8.02 and 8.03 and the rights, powers, protections and privileges accorded the Trustee under Article VII shall survive until all Securities of such series are no longer outstanding. Thereafter, only the Company’s and the
Guarantor’s obligations in Section 7.07 and the Trustee’s and Paying Agent’s obligations in Section 8.03 shall survive with respect to Securities of such series. 

  
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 (d) If and to the extent additional or alternative means of satisfaction, discharge or
defeasance of Securities of a series are specified to be applicable to such series as contemplated by Section 2.01, each of the Company and the Guarantor may terminate any or all of its obligations under this Indenture with respect to
Securities of a series and any or all of its obligations under the Securities of such series if it fulfills such other means of satisfaction and discharge as may be so specified, as contemplated by Section 2.01, to be applicable to the
Securities of such series. 
 (e) If Securities of any series subject to subsections (a), (b), (c) or (d) of this
Section 8.01 are to be redeemed prior to their Stated Maturity, whether pursuant to any optional redemption provisions or in accordance with any mandatory or optional sinking fund provisions, the terms of the applicable trust arrangement shall
provide for such redemption, and the Company shall make such arrangements as are reasonably satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. 

SECTION 8.02 Application of Trust Money. 
 The Trustee or a trustee satisfactory to the Trustee and the Company shall hold in trust money or Government Obligations deposited with it pursuant to Section 8.01 hereof. It shall apply the
deposited money and the money from Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of, premium (if any) and interest on and any Additional Amounts with respect to the Securities of
the series with respect to which the deposit was made. 
 SECTION 8.03 Repayment to Company or Guarantor. 

(a) The Trustee and the Paying Agent shall promptly pay to the Company, or if instructed in the written request of the Company, to the
Guarantor any excess money or Government Obligations (or proceeds therefrom) held by them at any time upon the written request of the Company. 
 (b) Subject to the requirements of any applicable abandoned property laws, the Trustee and the Paying Agent shall pay to the Company upon written request any money held by them for the payment of
principal, premium (if any), interest or any Additional Amounts that remains unclaimed for two years after the date upon which such payment shall have become due. After payment to the Company, Holders entitled to the money must look to the Company
for payment as general creditors unless an applicable abandoned property law designates another Person, and all liability of the Trustee and the Paying Agent with respect to such money shall cease. 

SECTION 8.04 Reinstatement. 
 If the Trustee or the Paying Agent is unable to apply any money or Government Obligations deposited with respect to Securities of any series in accordance with Section 8.01 by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company and the Guarantor under this Indenture with respect to the
Securities of such series and under the Securities of such series shall be revived and reinstated as though no 

  
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deposit had occurred pursuant to Section 8.01 until such time as the Trustee or the Paying Agent is permitted to apply all such money or Government Obligations in accordance with
Section 8.01; provided, however, that if the Company or the Guarantor has made any payment of principal of, premium (if any) or interest on or any Additional Amounts with respect to any Securities because of the reinstatement of its
obligations, the Company or the Guarantor, as the case may be, shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or Government Obligations held by the Trustee or the Paying Agent. 

ARTICLE IX 

SUPPLEMENTAL INDENTURES AND AMENDMENTS 
 SECTION 9.01 Without Consent of Holders. 
 (a) The Company, the Guarantor
and the Trustee may amend or supplement this Indenture or the Securities of one or more series or waive any provision hereof or thereof without the consent of any Holder: 

(1) to cure any ambiguity, omission, defect or inconsistency; 

(2) to cause any Successor to assume the obligations of the Company or the Guarantor in accordance with Article V;

 (3) to provide for uncertificated Securities in addition to or in place of certificated Securities;

 (4) to provide any security for, or to add any guarantees of or additional obligors on, any series of
Securities or the Guarantee; 
 (5) to comply with any requirement in order to effect or maintain the
qualification of this Indenture under the TIA; 
 (6) to conform to the description of the Securities of a series
included in the offering document related thereto; 
 (7) to add to the covenants of the Company or the Guarantor
for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such
series), or to surrender any right or power herein conferred upon the Company or the Guarantor; 
 (8) to add any
additional Events of Default with respect to all or any series of the Securities (and, if any such Event of Default is applicable to less than all series of Securities, specifying the series to which such Event of Default is applicable); 

  
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 (9) to change or eliminate any of the provisions of this Indenture;
provided that any such change or elimination shall become effective only when there is no outstanding Security of any series created prior to the execution of such amendment or supplemental indenture that is adversely affected in any material
respect by such change in or elimination of such provision; 
 (10) to establish the form or terms of Securities
of any series as permitted by Section 2.01; 
 (11) to amend or supplement any of the provisions of this
Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge of any series of Securities pursuant to Section 8.01; or 

(12) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the
Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of
Section 7.08. 
 (b) Upon the request of the Company, accompanied by a Board Resolution of the Company, and upon receipt by
the Trustee of the documents described in Section 9.06, the Trustee shall, subject to Section 9.06, join with the Company and the Guarantor in the execution of any supplemental indenture authorized or permitted by the terms of this
Indenture and make any further appropriate agreements and stipulations that may be therein contained. 
 SECTION 9.02 With
Consent of Holders. 
 (a) Except as provided below in this Section 9.02, the Company, the Guarantor and the Trustee may
amend or supplement this Indenture with the consent (including consents obtained in connection with a tender offer or exchange offer for Securities of any one or more series or all series or a solicitation of consents in respect of Securities of any
one or more series or all series, provided that in each case such offer or solicitation is made to all Holders of then outstanding Securities of each such series (but the terms of such offer or solicitation may vary from series to series)) of
the Holders of at least a majority in principal amount of the then outstanding Securities of all series affected by such amendment or supplement (acting as one class). 
 Upon the request of the Company, accompanied by a Board Resolution of the Company, and upon the filing with the Trustee of evidence of the consent of the Holders as aforesaid, and upon receipt by the
Trustee of the documents described in Section 9.06, the Trustee shall, subject to Section 9.06, join with the Company and the Guarantor in the execution of such amendment or supplemental indenture. 

It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed
amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 The Holders of a
majority in principal amount of the then outstanding Securities of one or more series or of all series (acting as one class) may waive compliance in a particular instance by the Company or the Guarantor with any provision of this Indenture with
respect to 

  
 55 

 
Securities of such series (including waivers obtained in connection with a tender offer or exchange offer for Securities of such series or a solicitation of consents in respect of Securities of
such series, provided that in each case such offer or solicitation is made to all Holders of then outstanding Securities of such series (but the terms of such offer or solicitation may vary from series to series)), except any Default or Event
of Default in any payment of principal of or premium or interest on or any Additional Amounts with respect to such Securities or any other provision that cannot be amended, supplemented or waived without the consent of each Holder affected pursuant
to Section 9.02(b). 
 (b) However, without the consent of each Holder affected, an amendment, supplement or waiver under
this Section 9.02 may not: 
 (1) reduce the amount of Securities of the relevant series whose Holders must
consent to an amendment, supplement or waiver; 
 (2) reduce the rate of or change the time for payment of
interest, including default interest, on any Security; 
 (3) reduce the principal of, any premium on or any
mandatory sinking fund payment with respect to, or change the Stated Maturity of, any Security or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the
Maturity thereof pursuant to Section 6.02; 
 (4) reduce the premium, if any, payable upon the redemption of
any Security or change the time at which any Security may or shall be redeemed; 
 (5) change any obligation of
the Company or the Guarantor to pay Additional Amounts with respect to any Security; 
 (6) change the coin or
currency or currencies (including composite currencies) in which any Security or any premium, interest or Additional Amounts with respect thereto are payable; 
 (7) impair the right to institute suit for the enforcement of any payment of principal of, premium (if any) or interest on or any Additional Amounts with respect to any Security pursuant to Sections 6.07
and 6.08, except as limited by Section 6.06; 
 (8) make any change in the percentage of principal amount of
Securities pursuant to Section 6.04 or make any change to Section 6.07 or in this sentence of Section 9.02; 
 (9) waive a continuing Default or Event of Default in the payment of principal of, premium (if any) or interest on or Additional Amounts with respect to the Securities of the relevant series; or

  
 56 

 (10) if applicable, make any change that materially and adversely affects
the right to convert any Security pursuant to its terms. 
 A supplemental indenture that changes or eliminates any covenant or
other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or
other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. 
 (c) The right of any Holder to participate in any consent required or sought pursuant to any provision of this Indenture (and the obligation of the Company or the Guarantor to obtain any such consent
otherwise required from such Holder) may be subject to the requirement that such Holder shall have been the Holder of record of any Securities with respect to which such consent is required or sought as of a date identified by the Company or the
Guarantor in a notice furnished to Holders in accordance with the terms of this Indenture. 
 (d) After an amendment, supplement
or waiver under this Section 9.02 becomes effective, the Company or the Guarantor shall mail to the Holders of each Security affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company or the
Guarantor to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or waiver. 
 SECTION 9.03 Compliance with Trust Indenture Act. 
 Every amendment or
supplement to this Indenture or the Securities shall comply in form and substance with the TIA as then in effect. 
 SECTION
9.04 Revocation and Effect of Consents. 
 (a) Until an amendment, supplement or waiver becomes effective, a consent to it
by a Holder is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security.
However, any such Holder or subsequent Holder may revoke the consent as to his or her Security or portion of a Security if the Trustee receives written notice of revocation before a date and time therefor identified by the Company or the Guarantor
in a notice furnished to such Holder in accordance with Section 12.02 or, if no such date and time shall be identified, the date the amendment, supplement or waiver becomes effective; provided that any such notice furnished to Holders
may otherwise limit or prohibit the revocation of such consents once made by Holders. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 

(b) The Company or the Guarantor may, but shall not be obligated to, fix a record date (which need not comply with TIA § 316(c)) for
the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver or to take any other action under this Indenture. If a record date is fixed, then notwithstanding the provisions of the immediately preceding
paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to consent to such amendment, supplement or waiver or to revoke any consent previously given, whether or not
such Persons 

  
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continue to be Holders after such record date. No consent shall be valid or effective for more than 90 days after such record date unless consents from Holders of the principal amount of
Securities required hereunder for such amendment or waiver to be effective shall have also been given and not revoked within such 90-day period. 
 (c) After an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless it is of the type described in any of clauses (1) through (10) of Section 9.02(b) hereof.
In such case, the amendment, supplement or waiver shall bind each Holder who has consented to it and every subsequent Holder that evidences the same debt as the consenting Holder’s Security. 

SECTION 9.05 Notation on or Exchange of Securities. 
 (a) If an amendment or supplement changes the terms of an outstanding Security, the Company may require the Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate
notation on the Security at the request of the Company regarding the changed terms and return it to the Holder. Alternatively, if the Company so determines, the Company in exchange for the Security shall issue and the Trustee shall authenticate a
new Security that reflects the changed terms. Failure to make the appropriate notation or to issue a new Security shall not affect the validity of such amendment or supplement. 

(b) Securities of any series authenticated and delivered after the execution of any amendment or supplement may, and shall if required by
the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such amendment or supplement. 

SECTION 9.06 Trustee to Sign Amendments, etc. 
 The Trustee shall sign any amendment or supplement authorized pursuant to this Article if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the
Trustee. If it does, the Trustee may, but need not, sign it. In signing or refusing to sign such amendment or supplement, the Trustee shall be entitled to receive, in addition to the documents required by Section 12.04, and, subject to
Section 7.01 hereof, shall be fully protected in relying upon, an Opinion of Counsel provided at the expense of the Company or the Guarantor to the effect that such amendment or supplement is authorized or permitted by this Indenture and that
such amendment or supplement is the legal, valid and binding obligation of the Company and the Guarantor, enforceable against the Company and the Guarantor in accordance with its terms, subject to customary exceptions. 

SECTION 9.07 Evidence of Action of Holders. 
 Whenever in this Indenture it is provided that the Holders of a specified percentage or a majority in aggregate principal amount of the Securities or of any series of Securities may take any action
(including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action the Holders of such specified percentage or majority have joined
therein may be evidenced by (1) any instrument or any number of instruments of similar tenor executed by Holders in person, by an agent or by a proxy appointed in writing, including through an electronic system for tabulating consents operated
by the Depositary for such series of Securities or otherwise (such action becoming effective, except as herein otherwise expressly provided, 

  
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when such instruments or evidence of electronic consents are delivered to the Trustee and, where it is hereby expressly required, to the Company), or (2) by the record of the Holders of
Securities voting in favor thereof at any meeting of Holders duly called and held in accordance with the provisions of Article XI, or (3) by a combination of such instrument or instruments and any such record of such a meeting of Holders.

 ARTICLE X 
 GUARANTEE 
 SECTION 10.01 Guarantee. 

The Guarantor hereby unconditionally guarantees to the Holders from time to time of the Securities (a) the full and prompt payment of
the principal of and any premium on any Security when and as the same shall become due, whether at the Stated Maturity thereof, by acceleration, redemption or otherwise, and (b) the full and prompt payment of any interest on and any Additional
Amounts with respect to any Security when and as the same shall become due, subject in each case to any applicable grace period. Each payment by the Guarantor with respect to any Security shall be paid in the currency or currencies specified for
payments on such Security as contemplated by Section 2.01 and pursuant to this Indenture. The Guarantee hereunder constitutes a guarantee of payment and not of collection. 

The obligations of the Guarantor hereunder with respect to a series of Securities shall be absolute and unconditional and, subject to
Article VIII, shall remain in full force and effect until the entire principal of, premium (if any) and interest on and any Additional Amounts with respect to the Securities of such series shall have been paid or provided for in accordance with the
provisions of such series and of this Indenture, irrespective of the validity, regularity or enforceability of any Security of such series or this Indenture, any change or amendment thereto, the absence of any action to enforce the same, any waiver
or consent by the Trustee or the Holder of any Security of such series with respect to any provision of such Security or this Indenture, the recovery of any judgment against the Company or any action to enforce the same, or any other circumstances
that may otherwise constitute a legal or equitable discharge or defense of the Guarantor. The Guarantor hereby waives presentment or demand of payment or notice to the Guarantor with respect to such Security and the obligations evidenced thereby or
hereby. The Guarantor further waives any right of set-off or counterclaim it may have against any Holder of a Security arising from any other obligations any such Holder may have to the Company or the Guarantor. 

It is the intention of the Guarantor that the Guarantee not constitute a fraudulent transfer or conveyance for purposes of any Bankruptcy
Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal, state or other law to the extent applicable to the Guarantee. To effectuate the foregoing intention, the obligations of the Guarantor hereunder
shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities of the Guarantor (other than guarantees of the Guarantor in respect of subordinated debt) that are relevant
under such laws, result in the obligations of the Guarantor hereunder not constituting a fraudulent transfer or conveyance. 

  
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 SECTION 10.02 Proceedings Against the Guarantor. 

In the event of a default in the payment of principal of or any premium on any Security when and as the same shall become due, whether at
the Stated Maturity thereof, by acceleration, call for redemption or otherwise, or in the event of a default in any sinking fund payment, or in the event of a default in the payment of any interest on or any Additional Amounts with respect to any
Security when and as the same shall become due, each of the Trustee and the Holder of such Security shall have the right to proceed first and directly against the Guarantor under this Indenture without first proceeding against the Company or
exhausting any other remedies which the Trustee or such Holder may have and without resorting to any other security held by it. 

The Trustee shall have the right, power and authority to do all things it deems necessary or advisable to enforce the provisions of this
Indenture relating to the Guarantee and to protect the interests of the Holders of the Securities and, in the event of a default in payment of the principal of or any premium on any Security when and as the same shall become due, whether at the
Stated Maturity thereof, by acceleration, call for redemption or otherwise, or in the event of a default in the payment of any interest on or any Additional Amounts with respect to any Security when and as the same shall become due, the Trustee may
institute or appear in such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of its rights and the rights of the Holders, whether for the specific enforcement of any covenant or agreement in this
Indenture relating to the Guarantee or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. Without limiting the generality of the foregoing, in the event of a default in payment of the principal of, premium (if
any) and interest on or any Additional Amounts with respect to any Security when due, the Trustee may institute a judicial proceeding for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree,
and may enforce the same against the Guarantor and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Guarantor, wherever situated. 

SECTION 10.03 Subrogation. 
 The Guarantor shall be subrogated to all rights against the Company of any Holder of Securities of a series in respect of any amounts paid by the Guarantor pursuant to the provisions of the Guarantee;
provided, however, that the Guarantor shall be entitled to enforce, or to receive any payments arising out of or based upon, such right of subrogation only after the principal of, premium (if any) and interest on and any Additional
Amounts with respect to all Securities of such series have been paid in full. 
 SECTION 10.04 Guarantee for Benefit of
Holders. 
 The Guarantee contained in this Indenture is entered into by the Guarantor for the benefit of the Holders from
time to time of the Securities. Such provisions shall not be deemed to create any right in, or to be in whole or in part for the benefit of, any Person other than the Trustee, the Guarantor, the Holders from time to time of the Securities and their
permitted successors and assigns. 

  
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 ARTICLE XI 
 MEETINGS OF HOLDERS 
 SECTION 11.01 Purpose of Meetings. 

A meeting of Holders of any or all series of Securities may be called at any time and from time to time pursuant to the provisions of this
Article XI for any of the following purposes: 
 (a) to give any notice to the Company, the Guarantor or the Trustee, or to give
any directions to the Trustee, or waive any Default or Event of Default hereunder and its consequences or to take any other action authorized to be taken by the Holders pursuant to any of the provisions of Article VI; 

(b) to remove the Trustee and nominate a successor trustee pursuant to the provisions of Article VII; 

(c) to consent to the execution of an indenture or of indentures supplemental hereto pursuant to the provisions of Section 9.02; or

 (d) to take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal
amount of the Securities of any one or more or all series, as the case may be, under any other provision of this Indenture or under applicable law. 
 SECTION 11.02 Call of Meetings by Trustee. 
 The Trustee may at any time
call a meeting of all Holders of all series that may be affected by the action proposed to be taken, to take any action specified in Section 11.01, to be held at such time and at such place as the Trustee shall determine and as shall be
acceptable to the Company and the Guarantor. Notice of every meeting of the Holders of a series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be mailed to Holders of
Securities of such series at their addresses as they shall appear on the register. Such notice shall be mailed not less than 20 nor more than 90 days prior to the date fixed for the meeting. For the purpose of determining Holders entitled to notice
of any meeting of Holders, the Trustee shall fix in advance a date as the record date for such determination, such date to be a Business Day not more than 10 days prior to the date of the mailing of such notice as provided in this
Section 11.02. Only Persons in whose name a Security of such series is registered upon the books of the Company on a record date fixed by the Trustee as aforesaid, or by the Company or the Holders as provided in Section 11.03, shall be
entitled to notice of the meeting of Holders with respect to which such record date was so fixed. 
 SECTION 11.03 Call of
Meetings by Company or Holders. 
 In case at any time the Company or the Guarantor or the Holders of at
least 33 1/3% in aggregate principal amount of the Securities of a series (or of all series, as the case may be) then outstanding that may be affected by the action proposed to be taken, shall have requested the
Trustee to call a meeting of Holders of such series (or of all series), by written request setting 

  
 61 

 
forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed the notice of such meeting within 20 days after receipt of such request, then the
Company, the Guarantor or such Holders may fix the record date with respect to, and determine the time and the place for, such meeting and may call such meeting to take any action authorized in Section 11.01, by mailing notice thereof as
provided in Section 11.02. 
 SECTION 11.04 Qualifications for Voting. 

To be entitled to vote at any meeting of Holders, a Person shall (a) be a Holder of one or more Securities affected by the action
proposed to be taken at the meeting or (b) be a Person appointed by an instrument in writing as proxy by a Holder or Holders of one or more such Securities. The only Persons who shall be entitled to be present or to speak at any meeting of
Holders shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel, any representatives of the Company and its counsel and any representatives of the Guarantor and its counsel.

 SECTION 11.05 Regulation of Meetings. 
 (a) Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders, in regard to proof of the holding of
Securities and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it shall deem fit. 
 (b) The Trustee shall, by an instrument in writing, appoint a temporary chairman
of the meeting, unless the meeting shall have been called by the Company, the Guarantor or by Holders as provided in Section 11.03, in which case the Company, the Guarantor or the Holders calling the meeting, as the case may be, shall in like
manner appoint a temporary chair. A permanent chairman and a permanent secretary of the meeting shall be elected by majority vote of the meeting. 
 (c) At any meeting of Holders of a series of Securities, each Holder of such series of such Holder’s proxy shall be entitled to one vote for each $1,000 principal amount of Securities of such series
outstanding held or represented by him or her; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not outstanding and ruled by the chairman of the meeting to be not
outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Securities of such series held by him or her or instruments in writing as aforesaid duly designating him or her as the Person to vote on behalf of other
Holders. At any meeting of the Holders duly called pursuant to the provisions of Section 11.02 or 11.03, the presence of Persons holding or representing Securities in an aggregate principal amount sufficient to take action upon the business for
the transaction of which such meeting was called shall be necessary to constitute a quorum, and any such meeting may be adjourned from time to time by a majority of those present, whether or not constituting a quorum, and the meeting may be held as
so adjourned without further notice. 

  
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 (d) Any resolution passed or decision taken at any meeting of Holders of Securities of any
series duly held in accordance with this Section shall be binding on all the Holders of Securities of such series, whether or not present or represented at the meeting. 
 SECTION 11.06 Voting. 
 The vote upon any resolution submitted to any
meeting of Holders of a series shall be by written ballots on which shall be subscribed the signatures of the Holders of Securities of such series or of their representatives by proxy and the principal amounts of the Securities of such series held
or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their
verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original
reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was mailed as provided in
Section 11.02. The record shall show the principal amounts of the Securities voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one
of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee. 
 Any record
so signed and verified shall be conclusive evidence of the matters therein stated. 
 SECTION 11.07 No Delay of Rights by
Meeting. 
 Nothing contained in this Article XI shall be deemed or construed to authorize or permit, by reason of any call
of a meeting of Holders of any series or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or rights conferred upon or reserved to the Trustee or to the Holders of such
series under any of the provisions of this Indenture or of the Securities of such series. 
 ARTICLE XII 

MISCELLANEOUS 

SECTION 12.01 Trust Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by operation of TIA § 318(c), the imposed duties shall control. 

SECTION 12.02 Notices. 
 Any notice or communication by the Company or the Guarantor to the Trustee, or by the Trustee to the Company or the Guarantor, is duly given if in writing and delivered in person or mailed by first-class
mail (registered or certified, return receipt requested), telex, facsimile or overnight air courier guaranteeing next day delivery, to the other’s address: 

  
 63 

 If to the Company: 
 LYB International Finance B.V. 
 Stationsplein 45 

3013 AK Rotterdam 

The Netherlands 

Attention: Managing Director 
 Facsimile: +31 10 713 7912 
 If to the Guarantor: 

LyondellBasell Industries N.V. 
 1 Berkeley Street 
 Mayfair, London 

The United Kingdom 
 W1J8DJ 
 Attention: General Counsel 

Facsimile: 020 7016 9100 
 And 
 Lyondell Chemical Company 

LyondellBasell Tower 
 1221 McKinney Street 
 Suite 700 

Houston, TX 77010 

Attention: General Counsel 
 Facsimile: (713) 309-4631 
 If to the Trustee: 

Wells Fargo Bank, National Association 
 150 East 42nd
Street 
 New York, New York, 10017 
 Attn: Corporate Trust Services – Lyondell Chemical Company 
 Facsimile:
(212) 515-1589 
 The Company, the Guarantor or the Trustee by notice to the other may designate additional or different
addresses for subsequent notices or communications. 
 All notices and communications shall be deemed to have been duly given
(1) at the time delivered by hand, if personally delivered; (2) five Business Days after being deposited in the mail, postage prepaid, if mailed; (3) when answered back, if telexed; (4) when receipt acknowledged, if by facsimile;
(5) and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
 Any notice or communication to a Holder shall be mailed by first-class mail, postage prepaid, to the Holder’s address shown on the register kept by the Registrar. Failure to mail a notice or
communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
 If a notice or
communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it, except in the case of notice to the Trustee, it is duly given only when received. 

  
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 If the Company or the Guarantor mails a notice or communication to Holders, it shall mail a
copy to the Trustee and each Agent at the same time. 
 All notices or communications, including without limitation notices to
the Trustee, the Company or the Guarantor by Holders, shall be in writing, except as otherwise set forth herein. 
 In case by
reason of the suspension of regular mail service, or by reason of any other cause, it shall be impossible to mail any notice required by this Indenture, then such method of notification as shall be made with the approval of the Trustee shall
constitute a sufficient mailing of such notice. 
 SECTION 12.03 Communication by Holders with Other Holders. 

Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the
Securities of any series. The Company, the Guarantor, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
 SECTION 12.04 Certificate and Opinion as to Conditions Precedent. 
 (a) Upon
any request or application by the Company or the Guarantor to the Trustee to take any action under this Indenture, the Company or the Guarantor, as the case may be, shall, if requested by the Trustee, furnish to the Trustee at the expense of the
Company or the Guarantor, as the case may be: 
 (1) an Officer’s Certificate (which shall include the
statements set forth in Section 12.05) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(2) an Opinion of Counsel (which shall include the statements set forth in Section 12.05 hereof) stating that, in the
opinion of such counsel, all such conditions precedent and covenants have been complied with. 
 SECTION 12.05 Statements
Required in Certificate or Opinion. 
 (a) Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include: 

(1) a statement that the Person making such certificate or opinion has read such covenant or condition; 

(2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 

  
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 (3) a statement that, in the opinion of such Person, he or she has made such
examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.

 SECTION 12.06 Rules by Trustee and Agents. 
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or the Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

SECTION 12.07 Legal Holidays. 
 If a payment date is not a Business Day at a Place of Payment, payment may be made at that place on the next succeeding Business Day, and no interest shall accrue for the intervening period. 

SECTION 12.08 No Recourse Against Others. 
 A director, officer, employee, stockholder, partner or other owner of the Company, the Guarantor or the Trustee, as such, shall not have any liability for any obligations of the Company under the
Securities of any series, for any obligations of the Guarantor under the Guarantee, or for any obligations of the Company, the Guarantor or the Trustee under this Indenture or for any claim based on, in respect of or by reason of such obligations or
their creation. Each Holder by accepting a Security waives and releases all such liability. The waiver and release shall be part of the consideration for the issue of Securities of any series. 

SECTION 12.09 Governing Law. 
 THIS INDENTURE , THE SECURITIES AND THE GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, EXCEPT TO THE EXTENT THE LAWS OF THE STATE OF NEW
YORK REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 
 SECTION 12.10 Waiver of Jury Trial. 

EACH OF THE COMPANY, THE GUARANTOR AND THE TRUSTEE (AND ANY SUCCESSOR TRUSTEE) HEREBY IRREVOCABLY WAIVES, AND EACH HOLDER BY ACCEPTANCE
OF ITS SECURITIES SHALL BE DEEMED TO HAVE WAIVED, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT IT MAY HAVE TO A TRIAL BY JURY (BUT NO OTHER JUDICIAL REMEDIES) IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT
OF, UNDER OR IN CONNECTION WITH THIS INDENTURE, THE SECURITIES, THE GUARANTEE OR THE TRANSACTIONS CONTEMPLATED THEREBY. 

  
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 SECTION 12.11 Consent to Jurisdiction and Service of Process. 

(a) Each of the Company and the Guarantor consents to the non-exclusive jurisdiction of the federal and state courts sitting in the
Borough of Manhattan, The City of New York, United States, and any appellate court from any such court. Each of the Company and the Guarantor irrevocably waives, to the fullest extent permitted by law, any objection to any suit, action, or
proceeding that may be brought in connection with this Indenture, the Securities of any series or the Guarantee in such courts whether on the grounds of venue, residence or domicile or on the ground that any such suit, action or proceeding has been
brought in an inconvenient forum. Each of the Company and the Guarantor agrees that final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon it and may be enforced in any court to the
jurisdiction of which it is subject by a suit upon such judgment; provided that service of process is effected upon the Company or the Guarantor, as the case may be, in the manner provided by this Indenture. 

(b) Each of the Company and the Guarantor agrees that service of all writs, process and summonses in any suit, action or proceeding
brought in connection with this Indenture, the Securities of any series or the Guarantee against it in any court of the State of New York or any United States federal court sitting in the Borough of Manhattan, New York City, New York, United States,
may be made upon National Corporate Research, Ltd. (“NCR”), located at 10 East 40th Street, New York, New York 10016, whom each of the Company and the Guarantor irrevocably appoints as its authorized agent for service of process.
Each of the Company and the Guarantor represents and warrants that NCR has agreed to act as its agent for service of process. Each of the Company and the Guarantor agrees that such appointment shall be irrevocable so long as any of the Securities
remain outstanding pursuant to Section 2.11 or until the irrevocable appointment by each of the Company and the Guarantor of a successor in The City of New York as its authorized agent for such purpose and the acceptance of such appointment by
such successor. Each of the Company and the Guarantor further agrees to take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid.
If NCR shall cease to act as the agent for service of process, each of the Company and the Guarantor shall appoint without delay another such agent and provide prompt written notice to the Trustee of such appointment. With respect to any such action
in any court of the State of New York or any United States federal court in the Borough of Manhattan, New York City, service of process upon NCR, as the authorized agent of the Company and the Guarantor for service of process, and written notice of
such service to the Company or the Guarantor, as the case may be, shall be deemed, in every respect, effective service of process upon the Company or the Guarantor, as the case may be. 

(c) Nothing in this Section shall affect the right of any party to serve legal process in any other manner permitted by law or affect the
right of any party to bring any action or proceeding against any other party or its property in the courts of other jurisdictions. 

  
 67 

 SECTION 12.12 Waiver of Immunity. 

Each of the Company and the Guarantor irrevocably waives, to the fullest extent permitted by applicable law, all immunity (whether on the
basis of sovereignty or otherwise) from jurisdiction, service of process, attachment (both before and after judgment) and execution to which it might otherwise be entitled in any legal suit, action or proceeding against the Company or the Guarantor
arising out of or based upon this Indenture, the Securities of any series or the Guarantee or the transactions contemplated hereby may be instituted in any court of the State of New York or any United States federal court sitting in the Borough of
Manhattan, New York City, New York, United States, and with respect to any suits, actions, or proceedings instituted in regard to the enforcement of a judgment of any such court in any such legal suit, action or proceeding, each of the Company and
the Guarantor waives any such immunity in such courts or any other court of competent jurisdiction, and will not raise or claim or cause to be pleaded any such immunity at or in respect of any such legal suits, actions or proceedings, including,
without limitation, any immunity pursuant to the United States Foreign Sovereign Act of 1976, as amended. 
 SECTION 12.13 No
Adverse Interpretation of Other Agreements. 
 This Indenture may not be used to interpret another indenture, loan or debt
agreement of the Company, the Guarantor or any Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 SECTION 12.14 Successors. 
 All agreements of the Company and the Guarantor
in this Indenture and the Securities of any series shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 
 SECTION 12.15 Severability. 
 In case any provision in this Indenture or in
the Securities of any series shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall, to the fullest extent permitted by applicable law, not in any way be affected or impaired thereby.

 SECTION 12.16 Counterpart Originals. 
 The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Indenture and of
signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. 

SECTION 12.17 Table of Contents, Headings, etc. 
 The table of contents, cross-reference table and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof and
shall in no way modify or restrict any of the terms or provisions hereof. 

  
 68 

 SECTION 12.18 PATRIOT Act. 

The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee and the Agents, like all
financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account.
The parties to this Indenture agree that they will provide to the Trustee and the Agents with such information as it may request in order to satisfy the requirements of the USA PATRIOT Act. 

SECTION 12.19 Force Majeure. 
 In no event shall the Trustee or any Agent be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond the Trustee’s or the Agents’
control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot or embargo, which delay, restrict or prohibit the providing of the services contemplated by this Indenture. 

  
 69 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of
the day and year first above written. 
  

			
	LYB INTERNATIONAL FINANCE B.V.,
	as Issuer
		
	By:	 	 
		 	Name:
		 	Title:
	
	LYONDELLBASELL INDUSTRIES N.V., as Guarantor
		
	By:	 	 
		 	Name:
		 	Title:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Name:
		 	Title:

 SIGNATURE PAGE TO INDENTUREEX-10.1

 Exhibit 10.1 
 Loan No. 1009728 
  

			
	

	  	Execution Version

  
  

 
 TERM LOAN AGREEMENT 

Dated as of June 12, 2013 
 by and among 
 PARKWAY PROPERTIES LP, 

                       
                             as Borrower, 

PARKWAY PROPERTIES, INC., 
                                   
              as Parent, 
 THE FINANCIAL INSTITUTIONS PARTY
HERETO 
 AND THEIR ASSIGNEES UNDER SECTION 12.6., 
                                   
                  as Lenders, 
 and

 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
                                   
                                         
 as Administrative Agent 
  
  

 

 TABLE OF CONTENTS 

 

					
	 Article I. Definitions
	  	 	1	  
		
	 Section 1.1. Definitions
	  	 	1	  
	 Section 1.2. General; References to Pacific Time
	  	 	23	  
	 Section 1.3. Financial Attributes of Non-Wholly Owned Subsidiaries
	  	 	24	  
		
	 Article II. Credit Facility
	  	 	24	  
		
	 Section 2.1. Term Loans
	  	 	24	  
	 Section 2.2. Rates and Payment of Interest on Loans
	  	 	24	  
	 Section 2.3. Number of Interest Periods
	  	 	25	  
	 Section 2.4. Repayment of Loans
	  	 	25	  
	 Section 2.5. Prepayments
	  	 	25	  
	 Section 2.6. Continuation
	  	 	25	  
	 Section 2.7. Conversion
	  	 	26	  
	 Section 2.8. Notes
	  	 	26	  
	 Section 2.9. Additional Loans
	  	 	27	  
	 Section 2.10. Funds Transfer Disbursements
	  	 	27	  
		
	 Article III. Payments, Fees and Other General Provisions
	  	 	28	  
		
	 Section 3.1. Payments
	  	 	28	  
	 Section 3.2. Pro Rata Treatment
	  	 	29	  
	 Section 3.3. Sharing of Payments, Etc.
	  	 	29	  
	 Section 3.4. Several Obligations
	  	 	30	  
	 Section 3.5. Fees
	  	 	30	  
	 Section 3.6. Computations
	  	 	30	  
	 Section 3.7. Usury
	  	 	30	  
	 Section 3.8. Statements of Account
	  	 	31	  
	 Section 3.9. Defaulting Lenders
	  	 	31	  
	 Section 3.10. Taxes
	  	 	32	  
		
	 Article IV. Yield Protection, Etc.
	  	 	35	  
		
	 Section 4.1. Additional Costs; Capital Adequacy
	  	 	35	  
	 Section 4.2. Suspension of LIBOR Loans
	  	 	36	  
	 Section 4.3. Illegality
	  	 	37	  
	 Section 4.4. Compensation
	  	 	37	  
	 Section 4.5. Treatment of Affected Loans
	  	 	37	  
	 Section 4.6. Affected Lenders
	  	 	38	  
	 Section 4.7. Change of Lending Office
	  	 	39	  
	 Section 4.8. Assumptions Concerning Funding of LIBOR Loans
	  	 	39	  
		
	 Article V. Conditions Precedent
	  	 	39	  
		
	 Section 5.1. Initial Conditions Precedent
	  	 	39	  
	 Section 5.2. Conditions Precedent to All Loans
	  	 	41	  
		
	 Article VI. Representations and Warranties
	  	 	42	  
		
	 Section 6.1. Representations and Warranties
	  	 	42	  
	 Section 6.2. Survival of Representations and Warranties, Etc.
	  	 	48	  
		
	 Article VII. Affirmative Covenants
	  	 	48	  
		
	 Section 7.1. Preservation of Existence and Similar Matters
	  	 	49	  

  
 -i-

					
	 Section 7.2. Compliance with Applicable Law
	  	 	49	  
	 Section 7.3. Maintenance of Property
	  	 	49	  
	 Section 7.4. Conduct of Business
	  	 	49	  
	 Section 7.5. Insurance
	  	 	49	  
	 Section 7.6. Payment of Taxes and Claims
	  	 	49	  
	 Section 7.7. Books and Records; Inspections
	  	 	50	  
	 Section 7.8. Use of Proceeds
	  	 	50	  
	 Section 7.9. Environmental Matters
	  	 	50	  
	 Section 7.10. Further Assurances
	  	 	51	  
	 Section 7.11. Material Contracts
	  	 	51	  
	 Section 7.12. REIT Status
	  	 	51	  
	 Section 7.13. Exchange Listing
	  	 	51	  
	 Section 7.14. Guarantors
	  	 	51	  
		
	 Article VIII. Information
	  	 	52	  
		
	 Section 8.1. Quarterly Financial Statements
	  	 	52	  
	 Section 8.2. Year-End Statements
	  	 	52	  
	 Section 8.3. Compliance Certificate; Statement of Funds from Operations; Report of Acquired Properties
	  	 	53	  
	 Section 8.4. Other Information
	  	 	53	  
	 Section 8.5. Electronic Delivery of Certain Information
	  	 	56	  
	 Section 8.6. Public/Private Information
	  	 	56	  
	 Section 8.7. USA Patriot Act Notice; Compliance
	  	 	56	  
		
	 Article IX. Negative Covenants
	  	 	57	  
		
	 Section 9.1. Financial Covenants
	  	 	57	  
	 Section 9.2. Liens; Negative Pledge
	  	 	60	  
	 Section 9.3. Restrictions on Intercompany Transfers
	  	 	60	  
	 Section 9.4. Merger, Consolidation, Sales of Assets and Other Arrangements
	  	 	61	  
	 Section 9.5. Plans
	  	 	62	  
	 Section 9.6. Fiscal Year
	  	 	62	  
	 Section 9.7. Modifications of Organizational Documents and Material Contracts
	  	 	62	  
	 Section 9.8. Transactions with Affiliates
	  	 	62	  
	 Section 9.9. Environmental Matters
	  	 	63	  
	 Section 9.10. Derivatives Contracts
	  	 	63	  
		
	 Article X. Default
	  	 	63	  
		
	 Section 10.1. Events of Default
	  	 	63	  
	 Section 10.2. Remedies Upon Event of Default
	  	 	67	  
	 Section 10.3. Marshaling; Payments Set Aside
	  	 	67	  
	 Section 10.4. Allocation of Proceeds
	  	 	68	  
	 Section 10.5. Performance by Administrative Agent
	  	 	68	  
	 Section 10.6. Rights Cumulative
	  	 	69	  
		
	 Article XI. The Administrative Agent
	  	 	69	  
		
	 Section 11.1. Appointment and Authorization
	  	 	69	  
	 Section 11.2. Administrative Agent as Lender
	  	 	70	  
	 Section 11.3. Approvals of Lenders
	  	 	70	  
	 Section 11.4. Notice of Events of Default
	  	 	71	  
	 Section 11.5. Administrative Agent’s Reliance
	  	 	71	  
	 Section 11.6. Indemnification of Administrative Agent
	  	 	72	  

  
 -ii-

					
	 Section 11.7. Lender Credit Decision, Etc.
	  	 	72	  
	 Section 11.8. Successor Administrative Agent
	  	 	73	  
		
	 Article XII. Miscellaneous
	  	 	74	  
		
	 Section 12.1. Notices
	  	 	74	  
	 Section 12.2. Expenses
	  	 	75	  
	 Section 12.3. Stamp, Intangible and Recording Taxes
	  	 	76	  
	 Section 12.4. Setoff
	  	 	76	  
	 Section 12.5. Litigation; Jurisdiction; Other Matters; Waivers
	  	 	77	  
	 Section 12.6. Successors and Assigns
	  	 	78	  
	 Section 12.7. Amendments and Waivers
	  	 	81	  
	 Section 12.8. Nonliability of Administrative Agent and Lenders
	  	 	83	  
	 Section 12.9. Confidentiality
	  	 	83	  
	 Section 12.10. Indemnification
	  	 	84	  
	 Section 12.11. Termination; Survival
	  	 	86	  
	 Section 12.12. Severability of Provisions
	  	 	86	  
	 Section 12.13. GOVERNING LAW
	  	 	86	  
	 Section 12.14. Counterparts
	  	 	86	  
	 Section 12.15. Obligations with Respect to Loan Parties and Subsidiaries
	  	 	86	  
	 Section 12.16. Independence of Covenants
	  	 	86	  
	 Section 12.17. Limitation of Liability
	  	 	87	  
	 Section 12.18. Entire Agreement
	  	 	87	  
	 Section 12.19. Construction
	  	 	87	  
	 Section 12.20. Headings
	  	 	87	  

  

			
	SCHEDULE I	  	Commitments
	SCHEDULE 1.1.	  	List of Loan Parties
	SCHEDULE 6.1.(b)	  	Ownership Structure
	SCHEDULE 6.1.(f)	  	Properties
	SCHEDULE 6.1.(g)	  	Existing Indebtedness
	SCHEDULE 6.1.(h)	  	Material Contracts
	SCHEDULE 6.1.(i)	  	Litigation
	SCHEDULE 6.1.(r)	  	Affiliate Transactions
		
	EXHIBIT A	  	Form of Assignment and Assumption Agreement
	EXHIBIT B	  	Form of Guaranty
	EXHIBIT C	  	Form of Notice of Borrowing/Continuation/Conversion
	EXHIBIT D	  	Form of Term Loan Note
	EXHIBIT E	  	Form of Transfer Authorizer Designation Form
	EXHIBIT F	  	Forms of U.S. Tax Compliance Certificates
	EXHIBIT G	  	Form of Compliance Certificate

  
 -iii-

 Exhibit 10.1 
 THIS TERM LOAN AGREEMENT (this “Agreement”) dated as of June 12, 2013 by and among PARKWAY PROPERTIES LP, a limited partnership formed under the laws of the State of Delaware (the
“Borrower”), PARKWAY PROPERTIES, INC., a corporation incorporated under the laws of the State of Maryland (the “Parent”), each of the financial institutions initially a signatory hereto together with their successors and
assignees under Section 12.6. (the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”). 
 WHEREAS, the Lenders desire to make available to the Borrower a term loan facility in the initial amount of $120,000,000, on the terms and conditions contained herein. 

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

Section 1.1. Definitions. 
 In addition to terms defined elsewhere herein, the following terms shall have the following meanings for the purposes of this Agreement: 

“Accession Agreement” means an Accession Agreement substantially in the form of Annex I to the Guaranty.

 “Additional Costs” has the meaning given that term in Section 4.1.(b). 

“Adjusted EBITDA” means, for any given period, (a) the EBITDA of the Parent and its Subsidiaries determined on a
consolidated basis for such period, minus (b) Capital Reserves. 
 “Adjusted Total Asset Value”
means Total Asset Value determined exclusive of assets that are owned by Excluded Subsidiaries, Consolidated Affiliates or Unconsolidated Affiliates. 
 “Administrative Agent” means Wells Fargo, as contractual representative of the Lenders under this Agreement, or any successor Administrative Agent appointed pursuant to Section 11.8.

 “Administrative Questionnaire” means the Administrative Questionnaire completed by each Lender and delivered
to the Administrative Agent in a form supplied by the Administrative Agent to the Lenders from time to time. 

“Affected Lender” has the meaning given that term in Section 4.6. 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. In no event shall the Administrative Agent or any Lender be deemed to be an Affiliate of the Borrower. 

“Agreement Date” means the date as of which this Agreement is dated. 

“Applicable Law” means all international, foreign, federal, state and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes, executive orders, 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. 

 “Applicable Margin” means the percentage rate set forth below corresponding
to the ratio of Total Indebtedness to Total Asset Value as determined in accordance with Section 9.1.(a): 
  

							
	 Level
	  	 Ratio of Total

Indebtedness to Total
 Asset Value
	  	Applicable Margin for
all Loans	 
	1	  	 Less than or equal to 0.45 to 1.00
	  	 	1.450	% 
	2	  	 Greater than 0.450 to 1.00 but equal to or less than 0.50 to 1.00
	  	 	1.700	% 
	3	  	 Greater than 0.50 to 1.00 but equal to or less than 0.55 to 1.00
	  	 	1.825	% 
	4	  	 Greater than 0.55 to 1.00
	  	 	2.000	% 

 The Applicable Margin for Loans shall be determined by the Administrative Agent from time to time, based on the ratio of
Total Indebtedness to Total Asset Value as set forth in the Compliance Certificate most recently delivered by the Borrower pursuant to Section 8.3. Any adjustment to the Applicable Margin shall be effective as of the first day of the calendar
month immediately following the month during which the Borrower delivers to the Administrative Agent the applicable Compliance Certificate pursuant to Section 8.3. If the Borrower fails to deliver a Compliance Certificate pursuant to
Section 8.3., the Applicable Margin shall equal the percentages corresponding to Level 4 until the earlier of (i) the fifth Business Day after the Compliance Certificate required to be delivered pursuant to Section 8.3. is
actually received by the Administrative Agent and (ii) the first day of the calendar month immediately following the month that the required Compliance Certificate is delivered. Notwithstanding the foregoing, for the period from the Effective
Date through but excluding the date on which the Administrative Agent first determines the Applicable Margin for Loans as set forth above, the Applicable Margin shall be determined based on Level 1. Thereafter, such Applicable Margin shall be
adjusted from time to time as set forth in this definition. The provisions of this definition shall be subject to Section 2.2.(c). 
 “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 any entity that
administers or manages a Lender. 
 “Assignment and Assumption” means an Assignment and Assumption Agreement
among a Lender, an Eligible Assignee and the Administrative Agent, substantially in the form of Exhibit A. 

“Bankruptcy Code” means the Bankruptcy Code of 1978, as amended. 

“Base Rate” means the LIBOR Market Index Rate; provided, that if for any reason the LIBOR Market Index Rate is
unavailable, Base Rate shall mean the per annum rate of interest equal to the Federal Funds Rate plus one percent (1.00%). 

“Base Rate Loan” means any portion of a Loan bearing interest at a rate based on the Base Rate. 

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

  
 - 2 -

 “Borrower” has the meaning set forth in the introductory paragraph hereof
and shall include the Borrower’s successors and permitted assigns. 
 “Borrower Information” has the
meaning given that term in Section 2.2.(c). 
 “Business Day” means (a) a day of the week (but not a
Saturday, Sunday or a banking holiday) on which the offices of the Administrative Agent in San Francisco, California are open to the public for carrying on substantially all of the Administrative Agent’s business functions, and (b) if such
day relates to a LIBOR Loan, any such day that is also a day on which dealings in Dollars are carried on in the London interbank market. Unless specifically referenced in this Agreement as a Business Day, all references to “days” shall be
to calendar days. 
 “Capital Reserves” means, for any period and with respect to a Property, an amount equal
to (a) $0.25 per square foot times (b) a fraction, the numerator of which is the number of days in such period and the denominator of which is 365. If the term Capital Reserves is used without reference to any specific Property, then the
amount shall be determined on an aggregate basis with respect to all Properties of the Parent, the Borrower and the other Subsidiaries and the applicable Ownership Share of all Properties of all Consolidated Affiliates and Unconsolidated Affiliates.

 “Capitalization Rate” means 8.00%. 
 “Capitalized Lease Obligation” means obligations under a lease (to pay rent or other amounts under any lease or other arrangement conveying the right to use) that are required to be
capitalized for financial reporting purposes in accordance with GAAP. The amount of a Capitalized Lease Obligation is the capitalized amount of such obligation as would be required to be reflected on a balance sheet of the applicable Person prepared
in accordance with GAAP as of the applicable date. 
 “Cash Equivalents” means: (a) securities issued,
guaranteed or insured by the United States of America or any of its agencies with maturities of not more than one year from the date of determination; (b) certificates of deposit with maturities of not more than one year from the date of
determination issued by a United States federal or state chartered commercial bank of recognized standing, or a commercial bank organized under the laws of any other country which is a member of the Organisation for Economic Cooperation and
Development, or a political subdivision of any such country, acting through a branch or agency, which bank has capital and unimpaired surplus in excess of $500,000,000 and which bank or its holding company has a short-term commercial paper rating of
at least A-2 or the equivalent by S&P or at least P-2 or the equivalent by Moody’s; (c) reverse repurchase agreements with terms of not more than seven days from the date acquired, for securities of the type described in
clause (a) above and entered into only with commercial banks having the qualifications described in clause (b) above; (d) commercial paper issued by any Person incorporated under the laws of the United States of America or any State
thereof and rated at least A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s, in each case with maturities of not more than one year from the date of determination; and (e) investments in money
market funds registered under the Investment Company Act of 1940, as amended, which have net assets of at least $500,000,000 and at least 85% of whose assets consist of securities and other obligations of the type described in clauses (a)
through (d) above. 
 “Commitment” means, as to each Lender, such Lender’s obligation to make a Loan
pursuant to Section 2.1., in an amount up to, but not exceeding, the amount set forth for such Lender on Schedule I as such Lender’s “Commitment Amount”. 
 “Compliance Certificate” has the meaning given that term in Section 8.3. 

  
 - 3 -

 “Connection Income Taxes” means Other Connection Taxes that are imposed on
or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated
Affiliate” means, with respect to any Person (an “Investing Person”), any other Person that is not a Subsidiary in whom such Investing Person holds an Investment, and whose financial results would be consolidated under GAAP with
the financial results of such Investing Person on the consolidated financial statements of such Investing Person, regardless of whether such Investing Person directly or indirectly owns less than a majority of the Equity Interests of such Person.
For the avoidance of doubt, as it is structured on the Agreement Date, Parkway Properties Office Fund II, L.P. and each of its Subsidiaries is a Consolidated Affiliate. 
 “Continue”, “Continuation” and “Continued” each refers to the continuation of a LIBOR Loan from one Interest Period to another Interest Period pursuant
to Section 2.6. 
 “Control” means the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Convert”, “Conversion” and “Converted” each refers to the conversion of a Loan of one
Type into a Loan of another Type pursuant to Section 2.7. 
 “Credit Event” means the making (or deemed
making) of any Loan. 
 “Credit Percentage” means, as to each Lender, the ratio, expressed as a percentage, of
(a) the unpaid principal amount of such Lender’s Loan to (b) the aggregate unpaid principal amount of all Loans; provided, however, if at the time of determination all Loans have been paid in full, the “Credit Percentage” of
a Lender shall be the Credit Percentage of such Lender in effect immediately prior to such payment in full. 
 “Credit
Rating” means the rating assigned by a Rating Agency to the senior unsecured long term Indebtedness of a Person. 

“Debtor Relief Laws” means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for
the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar Applicable Laws relating to the relief of debtors in the United States of America or other applicable jurisdictions from time to time in
effect. 
 “Default” means any of the events specified in Section 10.1., whether or not there has been
satisfied any requirement for the giving of notice, the lapse of time, or both. 
 “Defaulting Lender” means,
subject to Section 3.9.(c), any Lender that (a) has failed to (i) fund all or any portion of its Loan within 2 Business Days of the date such Loan was required to be funded hereunder unless such Lender notifies the Administrative
Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically
identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent or any Lender any other amount required to be paid by it hereunder within 2 Business Days of the date when due, (b) has notified the Borrower or
the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a
Loan hereunder and states that such position is 

  
 - 4 -

 
based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing
or public statement) cannot be satisfied), and (c) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian,
conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal
regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a
Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States of America or from the enforcement of judgments or writs of attachment on its
assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any
one or more of clauses (a) through (c) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 3.9.(c)) upon delivery of written notice of such
determination to the Borrower and each Lender. 
 “Derivatives Contract” means (a) any transaction
(including any master agreement, confirmation or other agreement with respect to any such transaction) now existing or hereafter entered into by the Borrower or any of its Subsidiaries (i) which is a rate swap transaction, swap option, basis
swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction,
currency swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse
repurchase transaction, buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security, commodity or other financial instrument or interest (including any option with respect to any of
these transactions) or (ii) which is a type of transaction that is similar to any transaction referred to in clause (i) above that is currently, or in the future becomes, recurrently entered into in the financial markets (including terms
and conditions incorporated by reference in such agreement) and which is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt
instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made, and (b) any combination of these transactions. Not in limitation of the foregoing, the term
“Derivatives Contract” includes any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and
Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement, including any such obligations of liabilities under any such master agreement. 

“Derivatives Termination Value” means, in respect of any one or more Derivatives Contracts, after taking into account
the effect of any legally enforceable netting agreement or provision relating thereto, (a) for any date on or after the date such Derivatives Contracts have been terminated or closed out, the termination amount or value determined in accordance
therewith, and (b) for any date prior to the date such Derivatives Contracts have been terminated or closed out, the then-current mark-to-market value for such Derivatives Contracts, determined based upon one or more mid-market quotations or
estimates provided by any recognized dealer in Derivatives Contracts (which may include the Administrative Agent, any Lender or any Affiliate of any thereof). 

  
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 “Development Property” means a Property currently under development that
has not achieved an Occupancy Rate of 80% or more or, subject to the last sentence of this definition, on which the improvements (other than tenant improvements on unoccupied space) related to the development have not been completed. The term
“Development Property” shall include real property of the type described in the immediately preceding sentence that satisfies both of the following conditions: (i) it is to be (but has not yet been) acquired by the Parent, the
Borrower, any Subsidiary or any Unconsolidated Affiliate upon completion of construction pursuant to a contract in which the seller of such real property is required to develop or renovate prior to, and as a condition precedent to, such acquisition
and (ii) a third party is developing such property using the proceeds of a loan that is Guaranteed by, or is otherwise recourse to, the Parent, the Borrower, any Subsidiary or any Unconsolidated Affiliate. A Development Property on which all
improvements (other than tenant improvements on unoccupied space) related to the development of such Property have been completed for at least 12 months shall cease to constitute a Development Property notwithstanding the fact that such Property has
not achieved an Occupancy Rate of at least 80%. 
 “Dollars” or “$” means the lawful currency
of the United States of America. 
 “EBITDA” means, with respect to a Person for any period and without
duplication, the sum of (a) net income (loss) of such Person for such period determined on a consolidated basis excluding the following (but only to the extent included in determining net income (loss) for such period): (i) depreciation
and amortization; (ii) Interest Expense; (iii) income tax expense; (iv) gains and losses resulting from extraordinary or nonrecurring transactions; and (v) other non-cash charges, including amortization expense for stock options
and impairment charges (other than non-cash charges that constitute an accrual of a reserve for future cash payments); plus (b) such Person’s Ownership Share of EBITDA of its Consolidated Affiliates and its Unconsolidated
Affiliates. EBITDA shall be adjusted to remove any impact from straight line rent leveling adjustments required under GAAP and amortization of intangibles pursuant to FASB ASC 805. For purposes of this definition, nonrecurring transactions shall be
deemed to include (w) gains and losses on early extinguishment or restructuring of Indebtedness, (x) severance and other restructuring charges, (y) transaction costs of acquisitions not permitted to be capitalized pursuant to GAAP and
(z) lease termination fees. 
 “Effective Date” means the later of (a) the Agreement Date and
(b) the date on which all of the conditions precedent set forth in Section 5.1. shall have been fulfilled or waived. 

“Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and
(d) any other Person (other than a natural person) approved by the Administrative Agent (such approval not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include
(i) the Parent, the Borrower or any of the Parent’s Affiliates or Subsidiaries or (ii) 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 (ii). 
 “Eligible Property” means a Property which satisfies all of the following
requirements as confirmed by the Administrative Agent (such confirmation not to be unreasonably withheld): (a) such Property is fully developed primarily as an office Property; (b) such Property is 100% owned in fee simple, or leased under
a Ground Lease, by the Borrower or a Guarantor; (c) regardless of whether such Property is owned by the Borrower or a Subsidiary, the Borrower has the right directly, or indirectly through a Subsidiary, to take the following actions without the
need to obtain the consent of any Person: (i) to create Liens on such Property as security for Indebtedness of the Parent, the Borrower or such Subsidiary, as applicable, and (ii) to sell, transfer or otherwise dispose of such Property
(and in each case, such right shall not be considered impaired, restricted or otherwise affected by the existence of any Negative Pledge permitted under Sections 9.2.(b)(i), (ii), (iii) and (iv)); (d) neither such Property, nor if

  
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such Property is owned by a Subsidiary, any of the Borrower’s direct or indirect ownership interest in such Subsidiary, is subject to (i) any Lien other than Permitted Liens of the
types described in clauses (a) through (e) of the definition of “Permitted Lien” or (ii) any Negative Pledge other than Negative Pledges permitted under Sections 9.2.(b)(i), (ii), (iii) and (iv); and (e) such
Property is free of all structural defects or major architectural deficiencies, title defects, environmental conditions or other adverse matters except for defects, deficiencies, conditions or other matters individually or collectively which are not
material to the profitable operation of such Property. 
 “Environmental Laws” means any Applicable Law
relating to environmental protection or the manufacture, storage, remediation, disposal or clean-up of Hazardous Materials including, without limitation, the following: Clean Air Act, 42 U.S.C. § 7401 et seq.; Federal Water Pollution Control
Act, 33 U.S.C. § 1251 et seq.; Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq.; Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601
et seq.; National Environmental Policy Act, 42 U.S.C. § 4321 et seq.; regulations of the Environmental Protection Agency, any applicable rule of common law and any judicial interpretation thereof relating primarily to the environment or
Hazardous Materials, and any analogous or comparable state or local laws, regulations or ordinances that concern Hazardous Materials or protection of the environment. 
 “Equity Interest” means, with respect to any Person, any share of capital stock of (or other ownership or profit interests in) such Person, any warrant, option or other right for the
purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in) such Person whether or not certificated, any security convertible into or exchangeable for any share of capital stock of (or
other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares (or such other interests), and any other ownership or profit interest in such Person (including,
without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or other interest is authorized or otherwise existing on any date of determination. 

“Equity Issuance” means any issuance or sale by a Person of any Equity Interest in such Person and shall in any event
include the issuance of any Equity Interest upon the conversion or exchange of any security constituting Indebtedness that is convertible or exchangeable, or is being converted or exchanged, for Equity Interests. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as in effect from time to time. 

“ERISA Event” means, with respect to the ERISA Group, (a) any “reportable event” as defined in
Section 4043 of ERISA with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the withdrawal of a member of the ERISA Group from a Plan subject to Section 4063 of ERISA during a plan year in
which it 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) the incurrence by a member of the ERISA
Group of any liability with respect to the withdrawal or partial withdrawal from any Multiemployer Plan; (d) the incurrence by any member of the ERISA Group of any liability under Title IV of ERISA with respect to the termination of any
Plan or Multiemployer Plan; (e) the institution of proceedings to terminate a Plan or Multiemployer Plan by the PBGC; (f) the failure by any member of the ERISA Group to make when due required contributions to a Multiemployer Plan or Plan
unless such failure is cured within 30 days or the filing pursuant to Section 412(c) of the Internal Revenue Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard; (g) any other event or
condition that might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any 

  
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Plan or Multiemployer Plan or the imposition of liability under Section 4069 or 4212(c) of ERISA; (h) the receipt by any member of the ERISA Group of any notice or the receipt by any
Multiemployer Plan from any member of the ERISA Group of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent (within the meaning of Section 4245 of
ERISA), in reorganization (within the meaning of Section 4241 of ERISA), or in “critical” status (within the meaning of Section 432 of the Internal Revenue Code or Section 305 of ERISA); (i) 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 any member of the ERISA Group or the imposition of any Lien in favor of the PBGC under Title IV of ERISA; or
(j) a determination that a Plan is, or is reasonably expected to be, in “at risk” status (within the meaning of Section 430 of the Internal Revenue Code or Section 303 of ERISA). 

“ERISA Group” means the Parent, the Borrower, any Subsidiary and all members of a controlled group of corporations and
all trades or businesses (whether or not incorporated) under common control, which, together with the Borrower or any Subsidiary, are treated as a single employer under Section 414 of the Internal Revenue Code. 

“Event of Default” means any of the events specified in Section 10.1., provided that any requirement for notice or
lapse of time or any other condition has been satisfied. 
 “Excluded Subsidiary” means any Subsidiary
(a) holding title to assets that are or are to become collateral for any Secured Indebtedness of such Subsidiary and (b) that is prohibited from Guarantying the Indebtedness of any other Person pursuant to (i) any document,
instrument, or agreement evidencing such Secured Indebtedness or (ii) a provision of such Subsidiary’s organizational documents which provision was included in such Subsidiary’s organizational documents as a condition to the extension
of such Secured Indebtedness. 
 “Excluded Taxes” means any of the following Taxes imposed on or with respect
to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of
such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are
Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to an Applicable Law in
effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 4.6.) or (ii) such Lender changes its lending office, except in
each case to the extent that, pursuant to Section 3.10., amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed
its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.10.(g) and (d) any U.S. federal withholding Taxes imposed under FATCA. 

“Existing Credit Agreement” means that certain Amended and Restated Credit Agreement dated as of March 30, 2012 by
and among the Borrower, the Parent, each of the lenders party thereto, Wells Fargo, as administrative agent, and the other parties thereto. 
 “Existing Mortgage Loans” means, collectively, (a) that certain Note dated as of May 18, 2011 executed by PKY FUND II TAMPA I, LLC in favor of Wells Fargo with respect to Loan
No. 1003948, (b)(i) that certain Credit Agreement dated March 31, 2011 executed by and among 550 South Caldwell Investors, LLC, 550 South Caldwell Acquisitions, LLC and Wells Fargo and (ii) that certain Note dated

  
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March 31, 2011 executed by 550 South Caldwell Investors, LLC and 550 South Caldwell Acquisitions, LLC in favor of Wells Fargo, in each case, as amended and assigned to Parkway 550 South
Caldwell, LLC and the Borrower pursuant to that certain Loan Assumption and Modification Agreement dated as of December 31, 2012, and (c)(i) that certain Loan Agreement dated as of May 30, 2007, executed by and among Corporate Plaza
Partners, LLC, Wells Fargo, as sole lead arranger and administrative agent, Regions Bank, as documentation agent, and the lenders party thereto, which South Caldwell Investors, LLC purchased the loans thereunder pursuant to that certain Sale and
Assignment Agreement dated December 3, 2010 executed by and among Wells Fargo and Regions Bank, as sellers, and South Caldwell Investors, LLC, as buyer, (ii) that certain Note Secured by Deed of Trust dated as of May 30, 2007,
executed by Corporate Plaza Partners, LLC in favor of Wells Fargo, as such Note Secured by Deed of Trust was endorsed to South Caldwell Investors, LLC pursuant to that certain Allonge to Note Secured by Deed of Trust dated as of December 29,
2010 executed by Wells Fargo in favor of South Caldwell Investors, LLC, and (iii) that certain Note Secured by Deed of Trust dated as of May 30, 2007, executed by Corporate Plaza Partners, LLC in favor of Regions Bank, as such Note Secured
by Deed of Trust was endorsed to South Caldwell Investors, LLC pursuant to that certain Allonge to Note Secured by Deed of Trust dated as of December 29, 2010 executed by Regions Bank in favor of South Caldwell Investors, LLC, in each case, as
amended and assigned to Parkway 550 South Caldwell, LLC and the Borrower pursuant to that certain Loan Assumption and Modification Agreement dated as of December 31, 2012. 

“Existing Term Loan Agreement” means that certain Term Loan Agreement dated as of September 28, 2012 by and among
the Borrower, the Parent, each of the lenders party thereto, KeyBank National Association, as administrative agent, and the other parties thereto. 
 “Fair Market Value” means, (a) with respect to a security listed on a national securities exchange or the NASDAQ National Market, the price of such security as reported on such
exchange or market by any widely recognized reporting method customarily relied upon by financial institutions and (b) with respect to any other property, the price which could be negotiated in an arm’s-length free market transaction, for
cash, between a willing seller and a willing buyer, neither of which is under pressure or compulsion to complete the transaction. 
 “FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board. 
 “FATCA” means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not
materially more onerous to comply with) and any current or future regulations or official interpretations thereof. 

“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period
to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the immediately
preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from
three Federal Funds brokers of recognized standing selected by the Administrative Agent. 
 “Fee Income” means
without duplication actual income earned by the Parent, the Borrower and their Subsidiaries in connection with management, leasing, construction or asset management of Properties owned by third parties and Properties not 100% owned in fee simple by
the Parent, the Borrower or their Wholly Owned Subsidiaries for which the Parent, the Borrower or one of their Subsidiaries has entered a written binding agreement with the Property owner to provide such services. 

  
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 “Fees” means the fees and commissions provided for or referred to in
Section 3.5. and any other fees payable by the Borrower hereunder or under any other Loan Document. 
 “Fixed
Charges” means, with respect to a Person and for a given period, the sum of (a) the Interest Expense of such Person for such period, plus (b) the aggregate of all regularly scheduled principal payments on Indebtedness made
by such Person during such period (excluding balloon, bullet or similar payments of principal that repays such Indebtedness in full), plus (c) the aggregate of all dividends paid or accrued by such Person on any Preferred Stock during
such period. The Parent’s Ownership Share of the Fixed Charges of its Consolidated Affiliates and Unconsolidated Affiliates will be included in the calculation of “Fixed Charges”. 

“Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if
the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. 
 “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 business. 
 “Funds From Operations” means, with respect to a Person and
for a given period, (a) net income (loss) of such Person determined on a consolidated basis, reduced by Preferred Dividends paid during such period, but excluding (i) gains (or losses) from the early extinguishment or restructuring of
Indebtedness or the sales of property, (ii) non-recurring impairment charges, (iii) non-cash charges resulting from the redemption of Preferred Stock and (iv) gains and losses resulting from extraordinary or nonrecurring transactions,
plus (b) depreciation with respect to such Person’s real property assets and amortization (other than amortization of deferred financing costs), and after adjustments for Consolidated Affiliates and Unconsolidated Affiliates. Adjustments
for unconsolidated partnership and joint ventures will be calculated to reflect funds from operations on the same basis. For purposes of this Agreement, Funds From Operations shall be calculated consistent with the White Paper on Funds from
Operations dated April 2002 issued by National Association of Real Estate Investment Trusts, Inc. (the “White Paper”), but without giving effect to any supplements, amendments or other modifications promulgated after the Agreement Date (as
defined in the Existing Credit Agreement); provided, however, to the extent that the White Paper is inconsistent with the first sentence of this definition, the first sentence of this definition shall control. 

“GAAP” means generally accepted accounting principles in the United States of America set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (including Statement of Financial Accounting Standards
No. 168, “The FASB Accounting Standards Codification”) or in such other statements by such other entity as may be approved by a significant segment of the accounting profession in the United States of America, which are applicable to
the circumstances as of the date of determination. 
 “Governmental Approvals” means all authorizations,
consents, approvals, licenses and exemptions of, registrations and filings with, and reports to, all Governmental Authorities. 

“Governmental Authority” means any national, state or local government (whether domestic or foreign), any political
subdivision thereof or any other governmental, quasi-governmental, judicial, administrative, public or statutory instrumentality, authority, body, agency, bureau, commission, board, department or other entity (including, without limitation, the
Federal Deposit Insurance Corporation, the Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority) or any arbitrator with authority to bind a party at law. 

  
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 “Ground Lease” means a ground lease containing the following terms and
conditions: (a) a remaining term (exclusive of any unexercised extension options) of 40 years or more from the Agreement Date (as defined in the Existing Credit Agreement), or, in the case of a shorter term, the leasehold interest of the
Borrower or applicable Guarantor therein reverts to a fee interest of the Borrower or such Guarantor at the end of such term; (b) the right of the lessee to mortgage and encumber its interest in the leased property without the consent of the
lessor; (c) the obligation of the lessor to give the holder of any mortgage Lien on such leased property written notice of any defaults on the part of the lessee and agreement of such lessor that such lease will not be terminated until such
holder has had a reasonable opportunity to cure or complete foreclosures, and fails to do so; (d) reasonable transferability of the lessee’s interest under such lease, including ability to sublease; and (e) such other rights
customarily required by mortgagees making a loan secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease. Notwithstanding the foregoing, in the case of a surface parking lot or structure ancillary to a
Property subject to a ground lease, the requirements of this definition shall not be required to be satisfied with respect to such surface parking lot or structure if the rights associated therewith are not material to the profitable operation of
such Property. 
 “Guarantor” means any Person that is party to the Guaranty as a “Guarantor” and
shall in any event include the Parent, each Material Subsidiary (unless an Excluded Subsidiary) and each Subsidiary that the Parent causes to become a Guarantor. 
 “Guaranty”, “Guaranteed” or to “Guarantee” as applied to any obligation means and includes: (a) a guaranty (other than by endorsement of negotiable
instruments for collection in the ordinary course of business), directly or indirectly, in any manner, of any part or all of such obligation, or (b) an agreement, direct or indirect, contingent or otherwise, and whether or not constituting a
guaranty, the practical effect of which is to assure the payment or performance (or payment of damages in the event of nonperformance) of any part or all of such obligation whether by: (i) the purchase of securities or obligations,
(ii) the purchase, sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily for the purpose of enabling the obligor with respect to such obligation to make any payment or performance (or payment of damages
in the event of nonperformance) of or on account of any part or all of such obligation, or to assure the owner of such obligation against loss, (iii) the supplying of funds to or in any other manner investing in the obligor with respect to such
obligation, (iv) repayment of amounts drawn down by beneficiaries of letters of credit, or (v) the supplying of funds to or investing in a Person on account of all or any part of such Person’s obligation under a Guaranty of any
obligation or indemnifying or holding harmless, in any way, such Person against any part or all of such obligation. As the context requires, “Guaranty” shall also mean the guaranty executed and delivered pursuant to Section 5.1. or
7.14. and substantially in the form of Exhibit B. 
 “Hazardous Materials” means all or any of the
following: (a) substances that are defined or listed in, or otherwise classified pursuant to, any applicable Environmental Laws as “hazardous substances”, “hazardous materials”, “hazardous wastes”, “toxic
substances” or any other formulation intended to define, list or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, “TCLP” toxicity, or
“EP toxicity”; (b) oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production of
crude oil, natural gas or geothermal resources; (c) any flammable substances or explosives or any radioactive materials; (d) asbestos in any form; (e) toxic mold; and (f) electrical equipment which contains any oil or dielectric
fluid containing levels of polychlorinated biphenyls in excess of fifty parts per million. 

  
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 “Indebtedness” means, with respect to a Person, at the time of computation
thereof, all of the following (without duplication): (a) all obligations of such Person in respect of money borrowed; (b) all obligations of such Person, whether or not for money borrowed (i) represented by notes payable, or drafts
accepted, in each case representing extensions of credit, (ii) evidenced by bonds, debentures, notes or similar instruments, or (iii) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments
or other similar instruments, upon which interest charges are customarily paid or that are issued or assumed as full or partial payment for property or for services rendered; (c) accounts payable and accruals, the aggregate amount of which is
greater than 5% of Total Asset Value (calculated without taking into account any accounts payable or accruals) as of any date of determination (d) Capitalized Lease Obligations of such Person (including obligations with respect to Ground Leases
to the extent such obligations are required to be reported as liabilities under GAAP); (e) all reimbursement obligations (contingent or otherwise) of such Person under or in respect of any letters of credit or acceptances (whether or not the
same have been presented for payment); (f) all Off-Balance Sheet Obligations of such Person; (g) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Mandatorily Redeemable
Stock issued by such Person or any other Person, valued at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; (h) all obligations of such Person in respect of any purchase obligation,
repurchase obligation, takeout commitment or forward equity commitment, in each case evidenced by a binding agreement (excluding any such obligation to the extent the obligation can be satisfied by the issuance of Equity Interests (other than
Mandatorily Redeemable Stock)); (i) net obligations under any Derivatives Contract that have not been entered into as a hedge against existing Indebtedness (which shall be deemed to have an amount equal to the Derivatives Termination Value
thereof at such time); (j) all Indebtedness of other Persons which such Person has Guaranteed or is otherwise recourse to such Person (except for guaranties of customary exceptions for fraud, misapplication of funds, environmental indemnities,
voluntary bankruptcy, collusive involuntary bankruptcy and other similar exceptions to non-recourse liability); (k) all Indebtedness of another Person secured by (or for which the holder of such Indebtedness has an existing right, contingent or
otherwise, to be secured by) any Lien on property or assets owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness or other payment obligation; and (l) such Person’s Ownership
Share of the Indebtedness of any Consolidated Affiliate or Unconsolidated Affiliate of such Person. All Loans shall constitute Indebtedness of the Borrower. Notwithstanding anything to the contrary in this Agreement or any other Loan Document, the
calculation of Indebtedness shall not include any fair value adjustments to the carrying value of liabilities to record such liabilities at fair value pursuant to electing the fair value option election under FASB ASC 825-10-25 (formerly known as
FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities) or other FASB standards allowing entities to elect fair value option for financial liabilities. 
 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower or any other Loan
Party under any Loan Document and (b) to the extent not otherwise described in the immediately preceding clause (a), Other Taxes. 
 “Intellectual Property” has the meaning given that term in Section 6.1.(s). 
 “Interest Expense” means, with respect to a Person and for any period without duplication, (a) total interest expense (including, without limitation, capitalized interest expense
(other than capitalized interest funded from a construction loan interest reserve account held by another lender and not included in the calculation of cash for balance sheet reporting purposes)) of such Person, plus (b) to the extent
not already included in the foregoing clause (a), such Person’s Ownership Share of all Interest Expense of Consolidated Affiliates and Unconsolidated Affiliates of such Person. 

  
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 “Interest Period” means, with respect to each LIBOR Loan, each period
commencing on the date such LIBOR Loan is made, or in the case of the Continuation of a LIBOR Loan the last day of the preceding Interest Period for such Loan, and ending on the numerically corresponding day in the first, second, third or sixth
calendar month thereafter, as the Borrower may select in a Notice of Borrowing, Notice of Continuation or Notice of Conversion, as the case may be, except that each Interest Period that commences on the last Business Day of a calendar month (or on
any day for which there is no numerically corresponding day in the appropriate subsequent calendar month) shall end on the last Business Day of the appropriate subsequent calendar month. Notwithstanding the foregoing: (i) if any Interest Period
for a Loan would otherwise end after the Termination Date, such Interest Period shall end on the Termination Date; and (ii) each Interest Period that would otherwise end on a day which is not a Business Day shall end on the immediately
following Business Day (or, if such immediately following Business Day falls in the next calendar month, on the immediately preceding Business Day). 
 “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended. 
 “Investment” means, with respect to any Person, any acquisition or investment (whether or not of a controlling interest) by such Person, by means of any of the following: (a) the
purchase or other acquisition of any Equity Interest in another Person, (b) a loan, advance or extension of credit to, capital contribution to, Guaranty of Indebtedness of, or purchase or other acquisition of any Indebtedness of, another
Person, including any partnership or joint venture interest in such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute the business or a division
or operating unit of another Person. Any commitment to make an Investment in any other Person, as well as any option of another Person to require an Investment in such Person, shall constitute an Investment. Except as expressly provided otherwise,
for purposes of determining compliance with any covenant contained in a Loan Document, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.

 “Lender” means each financial institution from time to time party hereto as a “Lender”, together
with its respective successors and permitted assigns; provided, however, that the term “Lender”, except as otherwise expressly provided herein, shall exclude any Lender (or its Affiliates) in its capacity as a Specified Derivatives
Provider. 
 “Lending Office” means, for each Lender and for each Type of Loan, the office of such Lender
specified in such Lender’s Administrative Questionnaire or in the applicable Assignment and Assumption, or such other office of such Lender as such Lender may notify the Administrative Agent in writing from time to time. 

“Level” has the meaning given that term in the definition of the term “Applicable Margin.” 

“LIBOR” means, with respect to any LIBOR Loan for any Interest Period, the rate of interest obtained by dividing
(i) the rate appearing on the Reuters Screen LIBOR01 page (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such
page, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to Dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, on the date that is
two (2) Business Days prior to the first day of such Interest Period and having a maturity equal to such Interest Period by (ii) a percentage equal to 1 minus the stated maximum rate (stated as a decimal) of all reserves, if
any, required to be maintained with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”) as specified in Regulation D of the Board of Governors of the Federal Reserve

  
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System (or against any other category of liabilities which includes deposits by reference to which the interest rate on LIBOR Loans is determined or any applicable category of extensions of
credit or other assets which includes loans by an office of any Lender outside of the United States of America). Any change in such maximum rate shall result in a change in LIBOR on the date on which such change in such maximum rate becomes
effective. 
 “LIBOR Loan” means any portion of a Loan (other than a Base Rate Loan) bearing interest at a rate
based on LIBOR. 
 “LIBOR Market Index Rate” means, for any day, LIBOR as of that day that would be applicable
for a LIBOR Loan having a one-month Interest Period determined at approximately 9:00 a.m. Pacific time for such day (or if such day is not a Business Day, the immediately preceding Business Day). The LIBOR Market Index Rate shall be
determined on a daily basis. 
 “Lien” as applied to the property of any Person means: (a) any
security interest, encumbrance, mortgage, deed to secure debt, deed of trust, assignment of leases and rents, pledge, lien, hypothecation, assignment, charge or lease constituting a Capitalized Lease Obligation, conditional sale or other title
retention agreement, or other security title or encumbrance of any kind in respect of any property of such Person, or upon the income, rents or profits therefrom; (b) any arrangement, express or implied, under which any property of such Person
is transferred, sequestered or otherwise identified for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person; and
(c) the filing of any financing statement under the UCC or its equivalent in any jurisdiction, other than any precautionary filing not otherwise constituting or giving rise to a Lien, including a financing statement filed (i) in respect of
a lease not constituting a Capitalized Lease Obligation pursuant to Section 9-505 (or a successor provision) of the Uniform Commercial Code or its equivalent as in effect in an applicable jurisdiction or (ii) in connection with a sale or
other disposition of accounts or other assets not prohibited by this Agreement in a transaction not otherwise constituting or giving rise to a Lien. 
 “Loan” means a loan made by a Lender to the Borrower pursuant to Section 2.1. (as such Loan may be increased pursuant to Section 2.9.) or any loan made pursuant to
Section 2.9. 
 “Loan Document” means this Agreement, each Note, the Guaranty and each other document or
instrument now or hereafter executed and delivered by a Loan Party in connection with, pursuant to or relating to this Agreement (other than any Specified Derivatives Contract). 

“Loan Party” means each of the Parent, the Borrower, each other Person who guarantees all or a portion of the
Obligations and/or who pledges any collateral to secure all or a portion of the Obligations. Schedule 1.1. sets forth the Loan Parties in addition to the Borrower as of the Agreement Date. 

“Mandatorily Redeemable Stock” means, with respect to any Person, any Equity Interest of such Person which by the terms
of such Equity Interest (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise, (a) matures or is mandatorily redeemable, pursuant to a sinking
fund obligation or otherwise (other than an Equity Interest to the extent redeemable in exchange for common stock or other equivalent common Equity Interests at the option of the issuer of such Equity Interest), (b) is convertible into or
exchangeable or exercisable for Indebtedness or Mandatorily Redeemable Stock, or (c) is redeemable at the option of the holder thereof, in whole or in part (other than an Equity Interest which is redeemable solely in exchange for common stock
or other equivalent common Equity Interests), in each case on or prior to the date on which all Loans are scheduled to be due and payable in full. 

  
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 “Material Adverse Effect” means a materially adverse effect on (a) the
business, assets, liabilities, condition (financial or otherwise), results of operations or business prospects of the Parent, the Borrower and its Subsidiaries taken as a whole, (b) the ability of (i) the Parent to perform its obligations
under any Loan Document to which it is a party, (ii) the Borrower to perform its obligations under any Loan Document to which it is a party or (iii) the Loan Parties, taken as a whole, to perform their obligations under the Loan Documents,
(c) the validity or enforceability of any of the Loan Documents, (d) the rights and remedies of the Lenders and the Administrative Agent under any of the Loan Documents or (e) the ability of the Loan Parties to effect timely payment
of the principal of or interest on the Loans or other amounts payable in connection therewith. 
 “Material
Contract” means any contract or other arrangement (other than Loan Documents and Specified Derivatives Contracts), whether written or oral, to which the Parent, the Borrower, any Subsidiary or any other Loan Party is a party as to which the
breach, nonperformance, cancellation or failure to renew by any party thereto could reasonably be expected to have a Material Adverse Effect. 
 “Material Subsidiary” means any Subsidiary to which more than 5.0% of Adjusted Total Asset Value (excluding cash and cash equivalents) is attributable on an individual basis. 

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

“Mortgage” means a mortgage, deed of trust, deed to secure debt or similar security instrument made by a Person owning
an interest in real estate granting a Lien on such interest in real estate as security for the payment of Indebtedness. 

“Mortgage Receivable” means a promissory note secured by a Mortgage of which the Parent, the Borrower or another
Subsidiary is the holder and retains the rights of collection of all payments thereunder. 
 “Multiemployer
Plan” means at any time a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making or accruing an obligation to make contributions or has within the preceding six plan
years made contributions, including for these purposes any Person which ceased to be a member of the ERISA Group during such six-year period. 
 “Negative Pledge” means, with respect to a given asset, any provision of a document, instrument or agreement (other than any Loan Document or Specified Derivatives Contract) which
prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning such asset or any other Person; provided, however, that an agreement that conditions a Person’s ability to
encumber its assets upon the maintenance of one or more specified ratios that limit a Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall not
constitute a Negative Pledge. 
 “Net Operating Income” means, for any Property and for a given period, the sum
of the following (without duplication and determined on a consistent basis with prior periods): (a) cash rents and other revenues received in the ordinary course from such Property (including proceeds of rent loss insurance or business
interruption insurance but excluding pre-paid rents and revenues, lease termination fees and security deposits except to the extent applied in satisfaction of tenants’ obligations for rent) minus (b) all cash expenses paid
(excluding Interest Expense but including an appropriate accrual for property taxes and property insurance) related to the ownership, operation or maintenance of such Property, including but not limited to, property taxes, assessments and the like,
insurance, utilities, payroll costs, maintenance, repair and landscaping expenses, marketing expenses, and general and administrative expenses (including an appropriate allocation for legal, accounting, advertising, marketing and other expenses
incurred in connection with such Property, but specifically excluding general overhead expenses 

  
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of the Borrower or any Subsidiary and any property management fees) minus (c) the Capital Reserves for such Property as of the end of such period minus (d) the greater of
(i) the actual property management fee paid during such period with respect to such Property and (ii) an imputed management fee in an amount equal to 3% of the gross revenues for such Property for such period. 

“Net Proceeds” means with respect to an Equity Issuance by a Person, the aggregate amount of all cash and the Fair
Market Value of all other property (other than securities of such Person being converted or exchanged in connection with such Equity Issuance) received by such Person in respect of such Equity Issuance net of investment banking fees, legal fees,
accountants’ fees, underwriting discounts and commissions and other customary fees and expenses actually incurred by such Person in connection with such Equity Issuance. 
 “Non-Core Property” means a Property that is not primarily used for office space, but that otherwise satisfies the requirements of an Eligible Property. 

“Nonrecourse Indebtedness” means, with respect to a Person, Indebtedness for borrowed money in respect of which recourse
for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and other similar exceptions to nonrecourse liability) is contractually limited to
specific assets of such Person encumbered by a Lien securing such Indebtedness. 
 “Note” has the meaning given
that term in Section 2.8. 
 “Notice of Borrowing” means a notice substantially in the form of
Exhibit C (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.1.(b) evidencing the Borrower’s
request for the borrowing of Loans. 
 “Notice of Continuation” means a notice substantially in the form of
Exhibit C (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.6. evidencing the Borrower’s
request for the Continuation of a LIBOR Loan. 
 “Notice of Conversion” means a notice substantially in the
form of Exhibit C (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.7. evidencing the
Borrower’s request for the Conversion of a Loan from one Type to another Type. 
 “Obligations” means,
individually and collectively: (a) the aggregate principal balance of, and all accrued and unpaid interest on, all Loans; and (b) all other indebtedness, liabilities, obligations, covenants and duties of the Borrower and the other Loan
Parties owing to the Administrative Agent or any Lender of every kind, nature and description, under or in respect of this Agreement or any of the other Loan Documents, including, without limitation, the Fees and indemnification obligations, whether
direct or indirect, absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any promissory note. For the avoidance of doubt, “Obligations” shall not include Specified
Derivatives Obligations. 
 “Occupancy Rate” means, with respect to a Property at any time, the ratio,
expressed as a percentage, of (a) the net rentable square footage of such Property actually occupied by tenants that are not Affiliates of the Parent or its Subsidiaries and paying rent at rates not materially less than rates generally
prevailing at the time the applicable lease was entered into, pursuant to binding leases as to 

  
 - 16 -

 
which no monetary default has occurred and has continued unremedied for 60 or more days to (b) the aggregate net rentable square footage of such Property (excluding areas used as management
offices, building engineer offices or similar areas used for the administration, management or the physical plant and mechanical facilities of such Property). 
 “OFAC” has the meaning given that term in Section 6.1.(x). 

“Off-Balance Sheet Obligations” means liabilities and obligations of the Parent, the Borrower, any Subsidiary or any
other Person in respect of “off-balance sheet arrangements” (as defined in Item 303(a)(4)(ii) of Regulation S-K promulgated under the Securities Act) which the Parent would be required to disclose in the “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” section of the Parent’s report on Form 10-Q or Form 10-K (or their equivalents) which the Parent is required to file with the Securities and Exchange Commission (or
any Governmental Authority substituted therefor). 
 “Other Connection Taxes” means, with respect to any
Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its
obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes
that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes
that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 4.6.). 
 “Ownership Share” means, with respect to any Subsidiary of a Person (other than a Wholly Owned Subsidiary) or any Consolidated Affiliate or Unconsolidated Affiliate of a Person, the
greater of (a) such Person’s relative nominal direct and indirect ownership interest (expressed as a percentage) in such Subsidiary, Consolidated Affiliate or Unconsolidated Affiliate or (b) subject to compliance with
Section 8.4.(q), such Person’s relative direct and indirect economic interest (calculated as a percentage) in such Subsidiary, Consolidated Affiliate or Unconsolidated Affiliate determined in accordance with the applicable provisions of
the declaration of trust, articles or certificate of incorporation, articles of organization, partnership agreement, joint venture agreement or other applicable organizational document of such Subsidiary, Consolidated Affiliate or Unconsolidated
Affiliate. Notwithstanding the foregoing, the Parent’s Ownership Share of (x) RubiconPark I, LLC, (y) RubiconPark II, LLC and (z) a Consolidated Affiliate or Unconsolidated Affiliate (but in the case of this clause (z) only
if the Administrative Agent has given its prior written consent), shall in each case be limited to its share of the assets and liabilities of such Person, determined in accordance with the clause (b) of this definition. 

“Participant” has the meaning given that term in Section 12.6.(d). 

“Participant Register” has the meaning given that term in Section 12.6.(d). 

“Patriot Act” means The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)). 

“PBGC” means the Pension Benefit Guaranty Corporation and any successor agency. 

  
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 “Permitted Liens” means, with respect to any asset or property of a Person,
(a)(i) Liens securing taxes, assessments and other charges or levies imposed by any Governmental Authority (excluding any Lien imposed pursuant to any of the provisions of ERISA or pursuant to any Environmental Laws) or (ii) the claims of
materialmen, mechanics, carriers, warehousemen or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business, which, in each case, are not at the time required to be paid or discharged under Section 7.6.;
(b) Liens consisting of deposits or pledges made, in the ordinary course of business, in connection with, or to secure payment of, obligations under workers’ compensation, unemployment insurance or similar Applicable Laws; (c) Liens
consisting of encumbrances in the nature of zoning restrictions, easements, and rights or restrictions of record on the use of real property, which do not materially detract from the value of such property or impair the intended use thereof in the
business of such Person; (d) the rights of tenants under leases or subleases not interfering with the ordinary conduct of business of such Person; (e) Liens in favor of the Administrative Agent for its benefit and the benefit of the
Lenders; (f) Liens in favor of the Borrower or a Guarantor securing Indebtedness owing by a Subsidiary to the Borrower or a Guarantor; and (g) Liens in existence on the Agreement Date and disclosed on Schedule 6.1.(g). 

“Person” means any natural person, corporation, limited partnership, general partnership, joint stock company, limited
liability company, limited liability partnership, joint venture, association, company, trust, bank, trust company, land trust, business trust or other organization, whether or not a legal entity, or any other nongovernmental entity, or any
Governmental Authority. 
 “Plan” means at any time an employee pension benefit plan (other than a
Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code and either (a) is maintained, or contributed to, by any member of the ERISA Group for
employees of any member of the ERISA Group or (b) has at any time within the preceding six years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which was at such
time a member of the ERISA Group. 
 “Post-Default Rate” means, in respect of any principal of any Loan or
other Obligation, a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Margin plus four percent (4.0%). 
 “Preferred Dividends” means, for any period and without duplication, all Restricted Payments paid during such period on Preferred Stock issued by the Parent, the Borrower or a Subsidiary.
Preferred Dividends shall not include dividends or distributions (a) paid or payable solely in Equity Interests (other than Mandatorily Redeemable Stock) payable to holders of such class of Equity Interests, (b) paid or payable to the
Parent, the Borrower or a Subsidiary, or (c) constituting or resulting in the redemption of Preferred Stock, other than scheduled redemptions not constituting balloon, bullet or similar redemptions in full. 

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

“Principal Office” means the office of the Administrative Agent located at 608 Second Avenue S.,
11th Floor, Minneapolis, Minnesota 55402-1916, or any
other subsequent office that the Administrative Agent shall have specified as the Principal Office by written notice to the Borrower and the Lenders. 

  
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 “Property” means a parcel of real property that is (a) owned or leased
(in whole or in part) or operated by the Borrower, any Subsidiary, any Consolidated Affiliate or any Unconsolidated Affiliate of the Borrower and (b) located in a State of the United States of America or in the District of Columbia. 

“Qualified Plan” means a Benefit Arrangement that is intended to be tax-qualified under Section 401(a) of the
Internal Revenue Code. 
 “Rating Agency” means S&P, Moody’s or any other nationally recognized
securities rating agency selected by the Borrower and approved of by the Administrative Agent in writing. 

“Recipient” means (a) the Administrative Agent and (b) any Lender. 

“Recourse Indebtedness” means any Indebtedness other than Nonrecourse Indebtedness. 

“Register” has the meaning given that term in Section 12.6.(c). 

“Regulatory Change” means, with respect to any Lender, any change effective after the Agreement Date in Applicable Law
(including without limitation, Regulation D of the Board of Governors of the Federal Reserve System) or the adoption or making after such date of any interpretation, directive or request applying to a class of banks, including such Lender, of or
under any Applicable Law (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) by any Governmental Authority or monetary authority charged with the interpretation or administration thereof or
compliance by any Lender with any request or directive regarding capital adequacy. Notwithstanding anything herein to the contrary, (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or
directives thereunder or issued in connection therewith and (b) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar
authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III (the third accord of the Basel Committee on Banking Supervision), shall in each case be deemed to be a “Regulatory Change”, regardless of
the date enacted, adopted or issued. 
 “REIT” means a Person qualifying for treatment as a “real estate
investment trust” under the Internal Revenue Code. 
 “Related Parties” means, with respect to any Person,
such Person’s Affiliates and the partners, shareholders, directors, officers, employees, agents, counsel, other advisors and representatives of such Person and of such Person’s Affiliates. 

“Requisite Lenders” means, as of any date, Lenders holding at least 66-2/3% of the principal amount of the aggregate
outstanding Loans; provided that (i) in determining such percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded, and (ii) at all times when two or more Lenders (excluding Defaulting Lenders) are
party to this Agreement, the term “Requisite Lenders” shall in no event mean less than two Lenders. 

“Responsible Officer” means with respect to the Borrower, any other Loan Party or any other Subsidiary, the chief
executive officer, the chief financial officer, chief accounting officer, president, any executive vice president, treasurer and the general counsel or chief legal officer of the Parent, the Borrower, such Loan Party or such Subsidiary. 

“Restricted Payment” means: (a) any dividend or other distribution, direct or indirect, on account of any shares of
any class of stock or other Equity Interest of the Parent, the Borrower or any of 

  
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their Subsidiaries now or hereafter outstanding, except a dividend payable solely in shares of that class of stock to the holders of that class; (b) any redemption, conversion, exchange,
retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of stock or other Equity Interest of the Parent, the Borrower or any of their Subsidiaries now or hereafter
outstanding; and (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire any Equity Interests of the Parent, the Borrower or any of their Subsidiaries now or hereafter
outstanding. 
 “Secured Indebtedness” means, with respect to a Person as of a given date, the aggregate
principal amount of all Indebtedness of such Person outstanding on such date that is secured in any manner by any Lien on any property and, in the case of the Parent and any of its Subsidiaries, shall include (without duplication) the Parent’s
and its Subsidiaries’ Ownership Share of the Secured Indebtedness of any of its Consolidated Affiliates and Unconsolidated Affiliates. 
 “Secured Recourse Indebtedness” means, with respect to a Person as of a given date, Secured Indebtedness that is also Recourse Indebtedness. 

“Securities Act” means the Securities Act of 1933, as amended from time to time, together with all rules and regulations
issued thereunder. 
 “Significant Subsidiary” means any Subsidiary to which 5.0% or more of Total Asset Value
is attributable. 
 “Solvent” means, when used with respect to any Person, that (a) the fair value and the
fair salable value of its assets (excluding any Indebtedness due from any Affiliate of such Person) are each in excess of the fair valuation of its total liabilities (including all contingent liabilities computed at the amount which, in light of all
facts and circumstances existing at such time, represents the amount that could reasonably be expected to become an actual and matured liability); (b) such Person is able to pay its debts or other obligations in the ordinary course as they
mature; and (c) such Person has capital not unreasonably small to carry on its business and all business in which it proposes to be engaged. 
 “Specified Derivatives Contract” means any Derivatives Contract, together with any Derivatives Support Document relating thereto, that is made or entered into at any time, or in effect at
any time now or hereafter, whether as a result of an assignment or transfer or otherwise, between the Parent, the Borrower, any Subsidiary or any other Loan Party and any Specified Derivatives Provider, and which was not prohibited by any of the
Loan Documents when made or entered into. 
 “Specified Derivatives Obligations” means all indebtedness,
liabilities, obligations, covenants and duties of the Parent, the Borrower, any Subsidiary or any other Loan Party under or in respect of any Specified Derivatives Contract, whether direct or indirect, absolute or contingent, due or not due,
liquidated or unliquidated, and whether or not evidenced by any written confirmation. 
 “Specified Derivatives
Provider” means any Lender, or any Affiliate of a Lender that is a party to a Derivatives Contract at the time such Derivatives Contract is entered into. 
 “S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, or any successor. 

“Subsidiary” means, for any Person, any corporation, partnership, limited liability company or other entity of which at
least a majority of the Equity Interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other individuals performing similar functions of 

  
 - 20 -

 
such corporation, partnership, limited liability company or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such
Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person. For the avoidance of doubt, (a) as it is structured on the Agreement Date, Parkway Properties Office Fund II, L.P. is not a
Subsidiary of the Parent or the Borrower and (b) the Parent’s or the Borrower’s ownership of a majority of the Equity Interests of the general partner, managing member or administrative member of a Person shall not necessarily make
such Person a Subsidiary of the Parent or the Borrower. 
 “Substantial Amount” means, at the time of
determination thereof, an amount in excess of 15.0% of total consolidated assets (exclusive of depreciation) at such time of the Borrower and its Subsidiaries determined on a consolidated basis. 

“Tangible Net Worth” means, as of a given date, stockholders’ equity of the Parent, the Borrower and their
Subsidiaries determined on a consolidated basis and including such Person’s Ownership Share of its Consolidated Affiliates and its Unconsolidated Affiliates plus accumulated depreciation and amortization accrued after the Agreement Date
(as defined in the Existing Credit Agreement), minus (to the extent included when determining stockholders’ equity of the Parent, the Borrower and their Subsidiaries): (a) the amount of any write-up in the book value of any assets
reflected in any such balance sheet resulting from revaluation thereof or any write-up in excess of the cost of such assets acquired as reflected in any such balance sheet, and (b) all amounts appearing on any such balance sheet which would be
classified as intangible assets or liabilities under GAAP. 
 “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. 

“Termination Date” means June 11, 2018. 
 “Total Asset Value” means, at a given time, the sum (without duplication) of all of the following of the Parent and its Subsidiaries determined on a consolidated basis in accordance with
GAAP applied on a consistent basis: (a) cash and Cash Equivalents; plus (b), the quotient of (i) the Net Operating Income of all Properties owned by the Parent or any of its Subsidiaries for the two consecutive fiscal quarters most
recently ended multiplied by 2, divided by (ii) the Capitalization Rate; provided that, for purposes of calculating Total Asset Value only, “Net Operating Income” may be calculated in accordance with GAAP and may include
straight line rent leveling adjustments required under GAAP; plus (c) the GAAP book value of (i) Properties acquired during the four fiscal quarter period most recently ended if such Property was acquired prior to June 6, 2012
or (ii) Properties acquired during the eight fiscal quarter period most recently ended if such Property is the Hearst Tower or was acquired after June 6, 2012; plus (d) the GAAP book value of all Development Properties;
plus (e) the GAAP book value of Unimproved Land; plus (f) the quotient of (i) the product of (x) Fee Income for the immediately preceding two consecutive fiscal quarters multiplied by (y) 2 divided
by (ii) 15%; plus (g) the GAAP book value of all Mortgage Receivables owing by Persons other than Affiliates. The Borrower’s Ownership Share of assets held by Consolidated Affiliates and Unconsolidated Affiliates
(excluding, only in the case of Unconsolidated Affiliates, assets of the type described in the immediately preceding clause (a)) will be included in the calculation of Total Asset Value consistent with the above described treatment for wholly owned
assets. Notwithstanding the foregoing, (1) Net Operating Income attributable to Properties (A) acquired during the four fiscal quarter period most recently ended if such Property was acquired prior to June 6, 2012 or (B) acquired
during the eight fiscal quarter period most recently ended if such Property is the Hearst Tower or was acquired after June 6, 2012, or (C) disposed of during the four fiscal quarter period most recently ended, shall in each case be
excluded from the calculation of Total Asset Value, (2) the amount of Total Asset Value attributable to clause (e) above shall be limited to 5.0% of Total Asset Value and (3) the amount of Total Asset Value attributable to clause
(f) above shall be limited to 7.50% of Total Asset Value. 

  
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 “Total Budgeted Cost” means, with respect to a Development Property, and at
any time, the aggregate amount of all costs budgeted to be paid, incurred or otherwise expended or accrued by the Borrower, a Subsidiary or an Unconsolidated Affiliate with respect to such Property to achieve an Occupancy Rate of 100%, including
without limitation, all amounts budgeted with respect to all of the following: (a) acquisition of land and any related improvements; (b) a reasonable and appropriate reserve for construction interest; (c) a reasonable and appropriate
operating deficit reserve; (d) tenant improvements; (e) leasing commissions and (f) other hard and soft costs associated with the development or redevelopment of such Property. With respect to any Property to be developed in more than
one phase, the Total Budgeted Cost shall exclude budgeted costs (other than costs relating to acquisition of land and related improvements) to the extent relating to any phase for which (i) construction has not yet commenced and (ii) a
binding construction contract has not been entered into by the Parent, the Borrower, any other Subsidiary or any Unconsolidated Affiliate, as the case may be. 
 “Total Indebtedness” means all Indebtedness of the Parent and its Subsidiaries, determined on a consolidated basis, plus the Parent’s Ownership Share of all Indebtedness of its
Consolidated Affiliates and Unconsolidated Affiliates. 
 “TPG Investor” means any of TPG VI Pantera Holdings,
L.P. and its Affiliates or funds or partnerships managed or advised by it or any of its Affiliates but not including, however, any portfolio company of the foregoing. 
 “Transfer Authorizer Designation Form” means a form substantially in the form of Exhibit E to be delivered to the Administrative Agent pursuant to Section 5.1.(a), as the same may be
amended, restated or modified from time to time with the prior written approval of the Administrative Agent. 

“Type” with respect to any Loan, refers to whether such Loan or portion thereof is a LIBOR Loan or a Base Rate Loan.

 “UCC” means the Uniform Commercial Code as in effect in any applicable jurisdiction. 

“Unconsolidated Affiliate” means, with respect to any Person, any other Person in whom such Person holds an Investment,
which Investment is accounted for in the financial statements of such Person on an equity basis of accounting and whose financial results would not be consolidated under GAAP with the financial results of such Person on the consolidated financial
statements of such Person. 
 “Unencumbered Adjusted NOI” means, for any period, Net Operating Income from all
Eligible Properties and Non-Core Properties that have an aggregate Occupancy Rate of not less than 80%. Notwithstanding the foregoing, (x) Net Operating Income attributable to Non-Core Properties that is included in the calculation of
Unencumbered Adjusted NOI shall be limited to 5.0% of Unencumbered Adjusted NOI and (y) Net Operating Income attributable to Eligible Properties that are leased pursuant to a Ground Lease that is included in the calculation of Unencumbered
Adjusted NOI shall be limited to 10.0% of Unencumbered Adjusted NOI. 
 “Unimproved Land” means, as of any
date, land on which no development (other than improvements that are not material and that are temporary in nature) has occurred and for which no development is scheduled in the 12 months following any such date. 

  
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 “Unsecured Indebtedness” means, with respect to a Person as of a given
date, Indebtedness that is not Secured Indebtedness; provided, however, that any Indebtedness that is secured only by a pledge of Equity Interests shall be deemed to be Unsecured Indebtedness. 

“U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the
Internal Revenue Code. 
 “U.S. Tax Compliance Certificate” has the meaning assigned to such term in
Section 3.10.(f)(ii)(B)(III). 
 “Wells Fargo” means Wells Fargo Bank, National Association, and its
successors and assigns. 
 “Wholly Owned Subsidiary” means any Subsidiary of a Person in respect of which all
of the Equity Interests (other than, in the case of a corporation, directors’ qualifying shares) are at the time directly or indirectly owned or controlled by such Person or one or more other Subsidiaries of such Person or by such Person and
one or more other Subsidiaries of such Person. 
 “Withdrawal Liability” means any liability as a result of a
complete or partial withdrawal from a Multiemployer Plan as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “Withholding Agent” means (a) the Parent, (b) the Borrower, (c) any other Loan Party and (d) the Administrative Agent, as applicable. 

Section 1.2. General; References to Pacific Time. 
 Unless otherwise indicated, all accounting terms, ratios and measurements shall be interpreted or determined in accordance with GAAP as in effect as of the Agreement Date (as defined in the Existing
Credit Agreement). Notwithstanding the preceding sentence, the calculation of liabilities shall not include any fair value adjustments to the carrying value of liabilities to record such liabilities at fair value pursuant to electing the fair value
option election under FASB ASC 825-10-25 (formerly known as FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities) or other FASB standards allowing entities to elect fair value option for financial liabilities. References in
this Agreement to “Sections”, “Articles”, “Exhibits” and “Schedules” are to sections, articles, exhibits and schedules herein and hereto unless otherwise indicated. References in this Agreement to any
document, instrument or agreement (a) shall include all exhibits, schedules and other attachments thereto, (b) shall include all documents, instruments or agreements issued or executed in replacement thereof, to the extent permitted hereby
and (c) shall mean such document, instrument or agreement, or replacement or predecessor thereto, as amended, supplemented, restated or otherwise modified from time to time to the extent not otherwise stated herein or prohibited hereby and in
effect at any given time. Wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the singular and plural, and pronouns stated in the masculine, feminine or neuter gender shall include the
masculine, the feminine and the neuter. Unless explicitly set forth to the contrary, a reference to “Subsidiary” means a Subsidiary of the Parent or a Subsidiary of such Subsidiary and a reference to an “Affiliate” means a
reference to an Affiliate of the Borrower. Titles and captions of Articles, Sections, subsections and clauses in this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement. Unless otherwise indicated, all
references to time are references to Pacific time. 

  
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 Section 1.3. Financial Attributes of Non-Wholly Owned Subsidiaries. 

When determining compliance by the Borrower or the Parent with any financial covenant contained in any of the Loan Documents (a) only
the Ownership Share of the Borrower or the Parent, as applicable, of the financial attributes of a Subsidiary that is not a Wholly Owned Subsidiary or of a Consolidated Affiliate shall be included and (b) the Borrower shall be considered a
Wholly Owned Subsidiary of the Parent. 
 ARTICLE II. CREDIT FACILITY

 Section 2.1. Term Loans. 
 (a) Making of Loans. Subject to the terms and conditions set forth in this Agreement, on the Effective Date each Lender severally and not jointly agrees to make a Loan to the Borrower in a
principal amount equal to such Lender’s Commitment. Each LIBOR Loan made on the Effective Date and each Continuation under Section 2.6. of, and each Conversion under Section 2.7. of Base Rate Loans into, LIBOR Loans shall be in an
aggregate minimum of $1,000,000 and integral multiples of $250,000 in excess of that amount. Additional Loans may be made in accordance with Section 2.9. Upon a Lender’s making of its Loan, such Lender’s Commitment shall terminate.
Once repaid, the principal amount of a Loan may not be reborrowed. 
 (b) Requests for Loans. The Borrower shall give the
Administrative Agent notice pursuant to the Notice of Borrowing of the borrowing of the Loans no later than 9:00 a.m. Pacific time at least three (3) Business Days prior to the anticipated Effective Date. The Notice of Borrowing shall be
irrevocable once given and binding on the Borrower. Prior to delivering the Notice of Borrowing, the Borrower may request that the Administrative Agent provide the Borrower with the most recent LIBOR available to the Administrative Agent. The
Administrative Agent shall provide such quoted rate to the Borrower on the date of such request or as soon as possible thereafter. 
 (c) Funding of Loans. Promptly after receipt of the Notice of Borrowing under the immediately preceding subsection (b), the Administrative Agent shall notify each Lender of the proposed borrowing.
Each Lender shall deposit an amount equal to the Loan to be made by such Lender to the Borrower with the Administrative Agent at the Principal Office, in immediately available funds not later than 9:00 a.m. Pacific time on the Effective Date.
Subject to fulfillment of all applicable conditions set forth herein, the Administrative Agent shall make available to the Borrower in the account specified in the Notice of Borrowing, not later than 12:00 noon Pacific time on the Effective Date,
the proceeds of such amounts received by the Administrative Agent. 
 Section 2.2. Rates and Payment of Interest on Loans.

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

(i) during such periods as such Loan is a Base Rate Loan, at the Base Rate (as in effect from time to time), plus the
Applicable Margin; and 
 (ii) during such periods as such Loan is a LIBOR Loan, at LIBOR for such Loan for the
Interest Period therefor, plus the Applicable Margin. 
 Notwithstanding the foregoing, while an Event of Default exists, the Borrower shall pay
to the Administrative Agent for the account of each Lender, as the case may be, interest at the Post-Default Rate on the outstanding principal amount of the Loan made by such Lender and on any other amount payable by the Borrower hereunder or under
the Note held by such Lender to or for the account of such Lender (including without limitation, accrued but unpaid interest to the extent permitted under Applicable Law). 

  
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 (b) Payment of Interest. All accrued and unpaid interest on the outstanding principal
amount of each Loan shall be payable (i) monthly in arrears on the first Business Day of each month, commencing with the first full calendar month occurring after the Effective Date and (ii) on any date on which the principal balance of
such Loan is due and payable in full (whether at maturity, due to acceleration or otherwise). Interest payable at the Post-Default Rate shall be payable from time to time on demand. All determinations by the Administrative Agent of an interest rate
hereunder shall be conclusive and binding on the Lenders and the Borrower for all purposes, absent manifest error. 
 (c)
Borrower Information Used to Determine Applicable Interest Rates. The parties understand that the applicable interest rate for the Obligations and certain fees set forth herein may be determined and/or adjusted from time to time based upon
certain financial ratios and/or other information to be provided or certified to the Lenders by the Borrower (the “Borrower Information”). If it is subsequently determined that any such Borrower Information was incorrect (for whatever
reason, including without limitation because of a subsequent restatement of earnings by the Borrower) at the time it was delivered to the Administrative Agent, and if the applicable interest rate or fees calculated for any period were lower than
they should have been had the correct information been timely provided, then, such interest rate and such fees for such period shall be automatically recalculated using correct Borrower Information. The Administrative Agent shall promptly notify the
Borrower in writing of any additional interest and fees due because of such recalculation, and the Borrower shall pay such additional interest or fees due to the Administrative Agent, for the account of each Lender, within five (5) Business
Days of receipt of such written notice. Any recalculation of interest or fees required by this provision shall survive the termination of this Agreement, and this provision shall not in any way limit any of the Administrative Agent’s or any
Lender’s other rights under this Agreement. 
 Section 2.3. Number of Interest Periods. 

There may be no more than 6 different Interest Periods for LIBOR Loans outstanding at the same time. 

Section 2.4. Repayment of Loans. 
 The Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Loans on the Termination Date. 
 Section 2.5. Prepayments. 
 Subject to Section 4.4., the Borrower
may prepay any Loan at any time without premium or penalty. The Borrower shall give the Administrative Agent at least three (3) Business Days prior written notice of the prepayment of any Loan. Each voluntary prepayment of Loans shall be in an
aggregate minimum amount of $1,000,000 and integral multiples of $500,000 in excess thereof. 
 Section 2.6. Continuation.

 So long as no Default or Event of Default exists, the Borrower may on any Business Day, with respect to any LIBOR Loan,
elect to maintain such LIBOR Loan or any portion thereof as a LIBOR Loan by selecting a new Interest Period for such LIBOR Loan. Each Continuation of a LIBOR Loan shall be in an aggregate minimum amount of $1,000,000 and integral multiples of
$250,000 in excess of that amount, and each new Interest Period selected under this Section shall commence on the last day of the 

  
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immediately preceding Interest Period. Each selection of a new Interest Period shall be made by the Borrower giving to the Administrative Agent a Notice of Continuation not later than
9:00 a.m. Pacific time three (3) Business Days prior to the date of any such Continuation. Such notice by the Borrower of a Continuation shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice
of Continuation, specifying (a) the proposed date of such Continuation, (b) the LIBOR Loans and portions thereof subject to such Continuation and (c) the duration of the selected Interest Period, all of which shall be specified in
such manner as is necessary to comply with all limitations on Loans outstanding hereunder. Each Notice of Continuation shall be irrevocable by and binding on the Borrower once given. Promptly after receipt of a Notice of Continuation, the
Administrative Agent shall notify each Lender of the proposed Continuation. If the Borrower shall fail to select in a timely manner a new Interest Period for any LIBOR Loan in accordance with this Section, such Loan will automatically, on the last
day of the current Interest Period therefor, continue as a LIBOR Loan with an Interest Period of one month; provided, however that if a Default or Event of Default exists, such Loan will automatically, on the last day of the current Interest Period
therefor, Convert into a Base Rate Loan notwithstanding the first sentence of Section 2.7. or the Borrower’s failure to comply with any of the terms of such Section. 
 Section 2.7. Conversion. 
 The Borrower may on any Business Day, upon
the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a
Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of Default exists. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess of
that amount. Each such Notice of Conversion shall be given not later than 9:00 a.m. Pacific time 3 Business Days prior to the date of any proposed Conversion. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall
notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying
(a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into
a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. 
 Section 2.8. Notes. 
 (a) Notes. Except in the case of a Lender
that has notified the Administrative Agent in writing that it elects not to receive a Note, the Loan made by each Lender shall, in addition to this Agreement, also be evidenced by a promissory note substantially in the form of Exhibit D (each a
“Note”), payable to the order of such Lender in a principal amount equal to the amount of its Commitment as originally in effect and otherwise duly completed. 
 (b) Records. The date, amount, interest rate, Type and duration of Interest Periods (if applicable) of each Loan made by each Lender to the Borrower, and each payment made on account of the
principal thereof, shall be recorded by such Lender on its books and such entries shall be binding on the Borrower absent manifest error; provided, however, that (i) the failure of a Lender to make any such record shall not affect the
obligations of the Borrower under any of the Loan Documents and (ii) if there is a discrepancy between such records of a Lender and the statements of accounts maintained by the Administrative Agent pursuant to Section 3.8., in the absence
of manifest error, the statements of account maintained by the Administrative Agent pursuant to Section 3.8. shall be controlling. 

  
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 (c) Lost, Stolen, Destroyed or Mutilated Notes. Upon receipt by the Borrower of
(i) written notice from a Lender that the Note of such Lender has been lost, stolen, destroyed or mutilated, and (ii)(A) in the case of loss, theft or destruction, an unsecured agreement of indemnity from such Lender in form reasonably
satisfactory to the Borrower, or (B) in the case of mutilation, upon surrender and cancellation of such Note, the Borrower shall at its own expense execute and deliver to such Lender a new Note dated the date of such lost, stolen, destroyed or
mutilated Note. 
 Section 2.9. Additional Loans. 
 The Borrower shall have the right at any time and from time to time during the period beginning on the Effective Date to but excluding the Termination Date to request additional Loans by providing written
notice to the Administrative Agent, which notice shall be irrevocable once given; provided, however, that after giving effect to any such increases the aggregate amount of the Loans shall not exceed $250,000,000. Each such increase in
the Loans must be an aggregate minimum amount of $10,000,000 and integral multiples of $1,000,000 in excess thereof. The Administrative Agent, in consultation with the Borrower, shall manage all aspects of the syndication of such increase in the
Loans, including decisions as to the selection of the existing Lenders and/or other banks, financial institutions and other institutional lenders to be approached with respect to such increase and the allocations of the increase in the Loans among
such existing Lenders and/or other banks, financial institutions and other institutional lenders. No Lender shall be obligated in any way whatsoever to increase the principal amount of its Loan or provide a new Loan, and any new Lender becoming a
party to this Agreement in connection with any such requested increase must be an Eligible Assignee. Effecting the increase of the Loans under this Section is subject to the following conditions precedent: (x) no Default or Event of Default
shall be in existence on the effective date of such increase, (y) the representations and warranties made or deemed made by the Borrower or any other Loan Party in any Loan Document to which such Loan Party is a party shall be true or correct
on the effective date of such increase except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate on and as of such
earlier date) and except for changes in factual circumstances specifically and expressly permitted hereunder, and (z) the Administrative Agent shall have received each of the following, in form and substance satisfactory to the Administrative
Agent: (i) if not previously delivered to the Administrative Agent, copies certified by the Secretary or Assistant Secretary of (A) all partnership or other necessary action taken by the Borrower to authorize such increase and (B) all
corporate, partnership, member or other necessary action taken by each Guarantor authorizing the guaranty of such increase; (ii) an opinion of counsel to the Borrower and the Guarantors, and addressed to the Administrative Agent and the Lenders
covering such matters as reasonably requested by the Administrative Agent, and (iii) except in the case of a Lender that has elected not to receive a Note, new Notes executed by the Borrower, payable to any new Lenders and replacement Notes
executed by the Borrower, payable to any existing Lenders increasing the principal amount of their Loans, in the principal amount of such Lender’s Loan at the time of the effectiveness of the applicable increase in the aggregate principal
amount of the Loans. In connection with any increase in the aggregate principal amount of the Loans pursuant to this Section any Lender becoming a party hereto shall execute such documents and agreements as the Administrative Agent may reasonably
request. 
 Section 2.10. Funds Transfer Disbursements. 
 (a) Generally. The Borrower hereby authorizes the Administrative Agent to disburse the proceeds of the Loans made by the Lenders or any of their Affiliates pursuant to the Loan Documents as
requested by an authorized representative of the Borrower to any of the accounts designated in the Transfer Authorizer Designation Form. The Borrower agrees to be bound by any transfer request: (i) authorized or transmitted by the Borrower; or
(ii) made in the Borrower’s name and accepted by the Administrative Agent in good faith and in compliance with these transfer instructions, even if not 

  
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properly authorized by the Borrower. The Borrower further agrees and acknowledges that the Administrative Agent may rely solely on any bank routing number or identifying bank account number or
name provided by the Borrower to effect a wire or funds transfer even if the information provided by the Borrower identifies a different bank or account holder than named by the Borrower. The Administrative Agent is not obligated or required in any
way to take any actions to detect errors in information provided by the Borrower. If the Administrative Agent takes any actions in an attempt to detect errors in the transmission or content of transfer requests or takes any actions in an attempt to
detect unauthorized funds transfer requests, the Borrower agrees that no matter how many times the Administrative Agent takes these actions the Administrative Agent will not in any situation be liable for failing to take or correctly perform these
actions in the future and such actions shall not become any part of the transfer disbursement procedures authorized under this provision, the Loan Documents, or any agreement between the Administrative Agent and the Borrower. The Borrower agrees to
notify the Administrative Agent of any errors in the transfer of any funds or of any unauthorized or improperly authorized transfer requests within fourteen (14) days after the Administrative Agent’s confirmation to the Borrower of such
transfer. 
 (b) Funds Transfer. The Administrative Agent will, in its sole discretion, determine the funds transfer
system and the means by which each transfer will be made. The Administrative Agent may delay or refuse to accept a funds transfer request if the transfer would: (i) violate the terms of this authorization, (ii) require use of a bank
unacceptable to the Administrative Agent or prohibited by any Governmental Authority, (iii) cause the Administrative Agent or any Lender to violate any Federal Reserve or other regulatory risk control program or guideline or (iv) otherwise
cause the Administrative Agent or any Lender to violate any Applicable Law or regulation. 
 (c) Limitation of Liability.
None of the Administrative Agent or any Lender shall be liable to the Borrower or any other parties for (i) errors, acts or failures to act of others, including other entities, banks, communications carriers or clearinghouses, through which the
Borrower’s transfers may be made or information received or transmitted, and no such entity shall be deemed an agent of the Administrative Agent or any Lender, (ii) any loss, liability or delay caused by fires, earthquakes, wars, civil
disturbances, power surges or failures, acts of government, labor disputes, failures in communications networks, legal constraints or other events beyond Administrative Agent’s or any Lender’s control, or (iii) any special,
consequential, indirect or punitive damages, whether or not (x) any claim for these damages is based on tort or contract or (y) the Administrative Agent any Lender or the Borrower knew or should have known the likelihood of these damages
in any situation. Neither the Administrative Agent nor any Lender makes any representations or warranties other than those expressly made in this Agreement. 
 ARTICLE III. PAYMENTS, FEES AND OTHER GENERAL PROVISIONS 

Section 3.1. Payments. 
 (a) Payments by Borrower. Except to the extent otherwise provided herein, all payments of principal, interest, Fees and other amounts to be made by the Borrower under this Agreement, the Notes or
any other Loan Document shall be made in Dollars, in immediately available funds, without setoff, deduction or counterclaim (excluding Taxes required to be withheld pursuant to Section 3.10), to the Administrative Agent at the Principal Office,
not later than 11:00 a.m. Pacific time on the date on which such payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day). Subject to Section 10.4.,
the Borrower shall, at the time of making each payment under this Agreement or any other Loan Document, specify to the Administrative Agent the amounts payable by the Borrower hereunder to which such payment is to be applied. Each payment received
by the Administrative Agent for the account of a Lender under this Agreement or any Note shall be paid to such Lender by wire transfer of immediately available funds in accordance with the wiring instructions provided by such Lender to the
Administrative Agent from time 

  
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to time, for the account of such Lender at the applicable Lending Office of such Lender. In the event the Administrative Agent fails to pay such amounts to such Lender within one Business Day of
receipt of such amounts, the Administrative Agent shall pay interest on such amount until paid at a rate per annum equal to the Federal Funds Rate from time to time in effect. If the due date of any payment under this Agreement or any other Loan
Document would otherwise fall on a day which is not a Business Day such date shall be extended to the next succeeding Business Day and interest shall continue to accrue at the rate, if any, applicable to such payment for the period of such
extension. 
 (b) Presumptions Regarding Payments by Borrower. Unless the Administrative Agent shall have received notice
from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such
payment on such date in accordance herewith and may (but shall not be obligated to), in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the
Lenders severally agrees to repay to the Administrative Agent on demand that amount so distributed to such Lender, 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 the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
 Section 3.2. Pro Rata Treatment. 
 Except to the extent otherwise
provided herein: (a) the making of the Loans by the Lenders under Sections 2.1.(a) shall be made by the Lenders pro rata according to the amount of their respective Commitments; (b) each payment or prepayment of principal of Loans
shall be made for the account of the Lenders pro rata in accordance with the respective unpaid principal amounts of the Loans held by them; (c) each payment of interest on the Loans shall be made for the account of the Lenders pro rata in
accordance with the amounts of interest on such Loans, then due and payable to the respective Lenders; and (d) the Conversion and Continuation of Loans of a particular Type (other than Conversions provided for by Section 4.1.) shall be
made pro rata among the Lenders according to the principal amount of their respective Loans and the then current Interest Period for each Lender’s portion of each such Loan of such Type shall be coterminous. 

Section 3.3. Sharing of Payments, Etc. 
 If a Lender shall obtain payment of any principal of, or interest on, the Loan made by it to the Borrower under this Agreement or shall obtain payment on any other Obligation owing by the Borrower or any
other Loan Party through the exercise of any right of set-off, banker’s lien, counterclaim or similar right or otherwise or through voluntary prepayments directly to a Lender or other payments made by or on behalf of the Borrower or any other
Loan Party to a Lender (other than any payment in respect of Specified Derivatives Obligations) not in accordance with the terms of this Agreement and such payment should be distributed to the Lenders in accordance with Section 3.2. or
Section 10.4., as applicable, such Lender shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Loans made by the other Lenders or other Obligations owed to
such other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable, to the end that all the Lenders shall share the benefit of such payment (net of any reasonable expenses which may actually be incurred by
such Lender in obtaining or preserving such benefit) in accordance with the requirements of Section 3.2. or Section 10.4., as applicable. To such end, all the Lenders shall make appropriate adjustments among themselves (by the resale of
participations sold or otherwise) if such payment is rescinded or must otherwise be restored. The Borrower agrees that any Lender so purchasing a participation (or direct interest) in the Loans or other Obligations owed to such

  
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other Lenders may exercise all rights of set-off, banker’s lien, counterclaim or similar rights with respect to such participation as fully as if such Lender were a direct holder of Loans in
the amount of such participation. Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise and retain the benefits of exercising, any such right with respect to any other
indebtedness or obligation of the Borrower. 
 Section 3.4. Several Obligations. 

No Lender shall be responsible for the failure of any other Lender to make a Loan or to perform any other obligation to be made or
performed by such other Lender hereunder, and the failure of any Lender to make a Loan or to perform any other obligation to be made or performed by it hereunder shall not relieve the obligation of any other Lender to make any Loan or to perform any
other obligation to be made or performed by such other Lender. 
 Section 3.5. Fees. 

(a) Closing Fee. On the Effective Date, the Borrower agrees to pay to each Lender all loan fees provided for in Exhibit B of that
certain Summary of Terms and Conditions for Parkway Properties, LP dated as of April 30, 2013. 
 (b) Administrative and
Other Fees. The Borrower agrees to pay the administrative and other fees of the Administrative Agent as may be agreed to in writing from time to time by the Borrower and the Administrative Agent. 

Section 3.6. Computations. 
 Unless otherwise expressly set forth herein, any accrued interest on any Loan, any Fees or any other Obligations due hereunder shall be computed on the basis of a year of 360 days and the actual number of
days elapsed. 
 Section 3.7. Usury. 
 In no event shall the amount of interest due or payable on the Loans or other Obligations exceed the maximum rate of interest allowed by Applicable Law and, if any such payment is paid by the Borrower or
any other Loan Party or received by any Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the respective Lender in writing that the Borrower elects to have such excess sum returned to it
forthwith. It is the express intent of the parties hereto that the Borrower not pay and the Lenders not receive, directly or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by the Borrower under Applicable
Law. The parties hereto hereby agree and stipulate that the only charge imposed upon the Borrower for the use of money in connection with this Agreement is and shall be the interest specifically described in Section 2.2.(a)(i) and (ii).
Notwithstanding the foregoing, the parties hereto further agree and stipulate that all agency fees, syndication fees, facility fees, closing fees, underwriting fees, default charges, late charges, funding or “breakage” charges, increased
cost charges, attorneys’ fees and reimbursement for costs and expenses paid by the Administrative Agent or any Lender to third parties or for damages incurred by the Administrative Agent or any Lender, in each case, in connection with the
transactions contemplated by this Agreement and the other Loan Documents, are charges made to compensate the Administrative Agent or any such Lender for underwriting or administrative services and costs or losses performed or incurred, and to be
performed or incurred, by the Administrative Agent and the Lenders in connection with this Agreement and shall under no circumstances be deemed to be charges for the use of money. All charges other than charges for the use of money shall be fully
earned and nonrefundable when due. 

  
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 Section 3.8. Statements of Account. 

The Administrative Agent will account to the Borrower monthly with a statement of Loans, accrued interest and Fees, charges and payments
made pursuant to this Agreement and the other Loan Documents, and such account rendered by the Administrative Agent shall be deemed conclusive upon the Borrower absent manifest error. The failure of the Administrative Agent to deliver such a
statement of accounts shall not relieve or discharge the Borrower from any of its obligations hereunder. 
 Section 3.9. Defaulting
Lenders. 
 Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender,
then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law: 
 (a)
Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Requisite Lenders. 

(b) Defaulting Lender Waterfall. Any payment of principal, interest, Fees or other amounts received by the Administrative Agent for
the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article X. or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 12.4. shall be applied at such
time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, as the Borrower may request (so long as no
Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, to the payment
of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement;
fourth, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result
of such Defaulting Lender’s breach of its obligations under this Agreement; and fifth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction. 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 pursuant to this subsection shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

(c) Defaulting Lender Cure. If the Borrower and the Administrative Agent agree in writing that a Lender is no longer a Defaulting
Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion
of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans to be held pro rata by the Lenders in accordance with their respective Credit Percentages, whereupon
such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to Fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and
provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from
that Lender’s having been a Defaulting Lender. 

  
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 Section 3.10. Taxes. 
 (a) Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower or any other Loan Party under any Loan Document shall be made without deduction or withholding
for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent,
then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an
Indemnified Tax, then the sum payable by the Borrower or other applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums
payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 
 (b) Payment of Other Taxes by the Borrower. The Borrower and the other Loan Parties shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option of
the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 
 (c) Indemnification by the Borrower.
The Borrower and the other Loan Parties shall jointly and severally indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to
amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the
Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
 (d)
Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower or
another Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower and the other Loan Parties to do so), (ii) any Taxes attributable to such Lender’s
failure to comply with the provisions of Section 12.6. relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in
connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount
of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such
Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this subsection. 

(e) Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower or any other Loan Party to a
Governmental Authority pursuant to this Section, the Borrower or such other Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of
the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

  
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 (f) Status of Lenders. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under
any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the
Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such
other documentation prescribed by Applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or
information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in the immediately following
clauses (ii)(A), (ii)(B) and (ii)(D)) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially
prejudice the legal or commercial position of such Lender. 
 (ii) Without limiting the generality of the
foregoing, in the event that the Borrower is a U.S. Person: 
 (A) any Lender that is a U.S. Person shall deliver
to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), 2 executed
originals of IRS Form W-9 (or any successor form) certifying that such Lender is exempt from U.S. federal backup withholding tax; 
 (B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or
prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 

(I) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party
(x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax
treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other
income” article of such tax treaty; 
 (II) executed originals of IRS Form W-8ECI; 

(III) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Internal Revenue Code, (x) a certificate substantially in the form of Exhibit F-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Internal
Revenue Code, a “10 percent shareholder” of the Borrower within 

  
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the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Internal Revenue Code (a
“U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN; or 
 (IV) to
the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-2 or Exhibit F-3, IRS Form W-9,
and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption,
such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-4 on behalf of each such direct and indirect partner; 

(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the
Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the
Borrower or the Administrative Agent), executed originals of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary
documentation as may be prescribed by Applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by
FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), such Lender shall deliver to the Borrower and
the Administrative Agent at the time or times prescribed by Applicable Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their
obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D),
“FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
 Each Lender agrees that if any form or
certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

 (g) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has
received a refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to
the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses 

  
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(including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon
the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this subsection (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such
indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to
this subsection the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had
never been paid. This subsection shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

 (h) Survival. Each party’s obligations under this Section shall survive the resignation or replacement of the
Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

ARTICLE IV. YIELD PROTECTION, ETC. 

Section 4.1. Additional Costs; Capital Adequacy. 
 (a) Capital Adequacy. If any Lender determines that any Regulatory Change affecting such Lender or any lending office of such Lender or such Lender’s holding company, if any, regarding capital
or liquidity requirements, has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender
or the Loans made by, such Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Regulatory Change (taking into consideration such Lender’s policies and the policies of such
Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such
reduction suffered. 
 (b) Additional Costs. In addition to, and not in limitation of the immediately preceding
subsection (a), the Borrower shall promptly pay to the Administrative Agent for the account of a Lender from time to time such amounts as such Lender may determine to be necessary to compensate such Lender for any costs incurred by such Lender
that it determines are attributable to its making or maintaining of any LIBOR Loans or its obligation to make any LIBOR Loans hereunder, any reduction in any amount receivable by such Lender under this Agreement or any of the other Loan Documents in
respect of any of such LIBOR Loans or such obligation or the maintenance by such Lender of capital in respect of its LIBOR Loans or its Commitments (such increases in costs and reductions in amounts receivable being herein called “Additional
Costs”), resulting from any Regulatory Change that: 
 (i) changes the basis of taxation of any amounts
payable to such Lender under this Agreement or any of the other Loan Documents in respect of any of such LIBOR Loans or its Commitments (other than Indemnified Taxes, Taxes described in clauses (b) through (d) of the definition of Excluded
Taxes and Connection Income Taxes); 
 (ii) imposes or modifies any reserve, special deposit or similar
requirements (other than Regulation D of the Board of Governors of the Federal Reserve System or other similar reserve requirement applicable to any other category of liabilities or category of extensions of

  
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credit or other assets by reference to which the interest rate on LIBOR Loans is determined to the extent utilized when determining LIBOR for such Loans) relating to any extensions of credit or
other assets of, or any deposits with or other liabilities of, or other credit extended by, or any other acquisition of funds by such Lender (or its parent corporation), or any commitment of such Lender (including, without limitation, the
Commitments of such Lender hereunder); or 
 (iii) imposes on any Lender or the London interbank market any other
condition, cost or expense (other than Taxes) affecting this Agreement or the Loans made by such Lender. 
 (c) Lender’s
Suspension of LIBOR Loans. Without limiting the effect of the provisions of the immediately preceding subsections (a) and (b), if by reason of any Regulatory Change, any Lender either (i) incurs Additional Costs based on or measured by
the excess above a specified level of the amount of a category of deposits or other liabilities of such Lender that includes deposits by reference to which the interest rate on LIBOR Loans is determined as provided in this Agreement or a category of
extensions of credit or other assets of such Lender that includes LIBOR Loans or (ii) becomes subject to restrictions on the amount of such a category of liabilities or assets that it may hold, then, if such Lender so elects by notice to the
Borrower (with a copy to the Administrative Agent), the obligation of such Lender to make or Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended until such Regulatory Change ceases to be in effect (in which case the
provisions of Section 4.5. shall apply). 
 (d) Notification and Determination of Additional Costs. Each of the
Administrative Agent, each Lender, and each Participant, as the case may be, agrees to notify the Borrower of any event occurring after the Agreement Date entitling the Administrative Agent, such Lender or such Participant to compensation under any
of the preceding subsections of this Section as promptly as practicable; provided, however, that the failure of the Administrative Agent, any Lender or any Participant to give such notice shall not release the Borrower from any of its obligations
hereunder (and in the case of a Lender, to the Administrative Agent). The Administrative Agent, each Lender and each Participant, as the case may be, agrees to furnish to the Borrower (and in the case of a Lender or a Participant to the
Administrative Agent as well) a certificate setting forth the basis and amount of each request for compensation under this Section. Determinations by the Administrative Agent, such Lender, or such Participant, as the case may be, of the effect of
any Regulatory Change shall be conclusive and binding for all purposes, absent manifest error. 
 Section 4.2. Suspension of LIBOR
Loans. 
 Anything herein to the contrary notwithstanding, if, on or prior to the determination of LIBOR for any Interest
Period: 
 (a) the Administrative Agent reasonably determines (which determination shall be conclusive) that
quotations of interest rates for the relevant deposits referred to in the definition of LIBOR are not being provided in the relevant amounts or for the relevant maturities for purposes of determining rates of interest for LIBOR Loans as provided
herein or is otherwise unable to determine LIBOR; or 
 (b) the Administrative Agent reasonably determines (which
determination shall be conclusive absent manifest error) that the relevant rates of interest referred to in the definition of LIBOR upon the basis of which the rate of interest for LIBOR Loans for such Interest Period is to be determined are not
likely to adequately cover the cost to any Lender of making or maintaining LIBOR Loans for such Interest Period; 

  
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 then the Administrative Agent shall give the Borrower and each Lender prompt notice thereof and, so long as
such condition remains in effect, the Lenders shall be under no obligation to, and shall not, Continue LIBOR Loans or Convert Loans into LIBOR Loans and the Borrower shall, on the last day of each current Interest Period for each outstanding LIBOR
Loan, either prepay such Loan or Convert such Loan into a Base Rate Loan. 
 Section 4.3. Illegality. 

Notwithstanding any other provision of this Agreement, if any Lender shall determine (which determination shall be conclusive and binding)
that it is unlawful for such Lender to honor its obligation to maintain LIBOR Loans hereunder, then such Lender shall promptly notify the Borrower thereof (with a copy of such notice to the Administrative Agent) and such Lender’s obligation to
Continue, or to Convert Loans of any other Type into, LIBOR Loans shall be suspended, in each case, until such time as such Lender may again maintain LIBOR Loans (in which case the provisions of Section 4.5. shall be applicable). 

Section 4.4. Compensation. 
 The Borrower shall pay to the Administrative Agent for the account of each Lender, upon the request of the Administrative Agent, such amount or amounts as the Administrative Agent shall determine in its
reasonable discretion shall be sufficient to compensate such Lender for any loss, cost or expense attributable to: 
 (a) any payment or prepayment (whether mandatory or optional) of a LIBOR Loan, or Conversion of a LIBOR Loan, made by such Lender for any reason (including, without limitation, acceleration) on a date
other than the last day of the Interest Period for such Loan; or 
 (b) any failure by the Borrower for any
reason (including, without limitation, the failure of any of the applicable conditions precedent specified in Section 5.2. to be satisfied) to borrow a LIBOR Loan from such Lender on the date for such borrowing, or to Convert a Base Rate Loan
into a LIBOR Loan or Continue a LIBOR Loan on the requested date of such Conversion or Continuation. 
 Not in limitation of the foregoing, such
compensation shall include, without limitation, in the case of a LIBOR Loan, an amount equal to the then present value of (i) the amount of interest that would have accrued on such LIBOR Loan for the remainder of the Interest Period at the rate
applicable to such LIBOR Loan, less (ii) the amount of interest that would accrue on the same LIBOR Loan for the same period if LIBOR were set on the date on which such LIBOR Loan was repaid, prepaid or Converted or the date on which the
Borrower failed to borrow, Convert or Continue such LIBOR Loan, as applicable, calculating present value by using as a discount rate LIBOR quoted on such date. Upon the Borrower’s request, the Administrative Agent shall provide the Borrower
with a statement setting forth the basis for requesting such compensation and the method for determining the amount thereof. Any such statement shall be conclusive absent manifest error. 
 Section 4.5. Treatment of Affected Loans. 
 If the obligation of any
Lender to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 4.1.(c), Section 4.2. or Section 4.3. then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans
on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 4.1.(c), Section 4.2., or Section 4.3. on such earlier date as such Lender or the Administrative Agent, as

  
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applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)), and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as
provided below that the circumstances specified in Section 4.1., Section 4.2. or Section 4.3. that gave rise to such Conversion no longer exist: 
 (a) to the extent that such Lender’s LIBOR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans shall be applied
instead to its Base Rate Loans; and 
 (b) any portion of such Lender’s Loan that would otherwise be
Continued by such Lender as LIBOR Loans shall be Continued instead as a Base Rate Loan, and any Base Rate Loan of such Lender that would otherwise be Converted into a LIBOR Loan shall remain as a Base Rate Loan. 

If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the
circumstances specified in Section 4.1.(c) or 4.3. that gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as applicable, agrees to do promptly
upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for
such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance
with the respective unpaid principal amount of the Loan held by each Lender. 
 Section 4.6. Affected Lenders. 

If (a) a Lender requests compensation pursuant to Section 3.10. or 4.1., and the Requisite Lenders are not also doing the same,
(b) the obligation of any Lender to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 4.1.(c) or 4.3. but the obligation of the Requisite Lenders shall not have been suspended under such
Sections, (c) a Lender becomes a Defaulting Lender or (d) a Lender does not consent to a proposed amendment, waiver, consent or release with respect to any Loan Document that requires the consent of each Lender or each Lender directly
affected thereby pursuant to Section 12.7. and such amendment, waiver, consent or release has been approved by the Requisite Lenders, then, so long as there does not then exist any Event of Default, the Borrower may demand that such Lender (the
“Affected Lender”), and upon such demand the Affected Lender shall promptly, assign its Loan to an Eligible Assignee subject to and in accordance with the provisions of Section 12.6.(b) for a purchase price equal to the principal
balance of the Loan then owing to the Affected Lender plus any accrued but unpaid interest thereon and accrued but unpaid fees owing to the Affected Lender, or any other amount as may be mutually agreed upon by such Affected Lender and Eligible
Assignee. Each of the Administrative Agent and the Affected Lender shall reasonably cooperate in effectuating the replacement of such Affected Lender under this Section, but at no time shall the Administrative Agent, such Affected Lender nor any
other Lender be obligated in any way whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. The exercise by the Borrower of its rights under this Section shall be at the Borrower’s sole cost and expense and at
no cost or expense to the Administrative Agent, the Affected Lender or any of the other Lenders. The terms of this Section shall not in any way limit the Borrower’s obligation to pay to any Affected Lender compensation owing to such Affected
Lender pursuant to this Agreement (including, without limitation, pursuant to Sections 3.10., 4.1. or 4.4.) with respect to any period up to the date of replacement. 

  
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 Section 4.7. Change of Lending Office. 

Each Lender agrees that it will use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to
designate an alternate Lending Office with respect to its Loan to the extent affected by the matters or circumstances described in Sections 3.10., 4.1. or 4.3. to reduce the liability of the Borrower or avoid the results provided thereunder, so
long as such designation is not disadvantageous to such Lender as determined by such Lender in its sole discretion, except that such Lender shall have no obligation to designate a Lending Office located in the United States of America. 

Section 4.8. Assumptions Concerning Funding of LIBOR Loans. 
 Calculation of all amounts payable to a Lender under this Article shall be made as though such Lender had actually funded LIBOR Loans through the purchase of deposits in the relevant market bearing
interest at the rate applicable to such LIBOR Loans in an amount equal to the amount of the LIBOR Loans and having a maturity comparable to the relevant Interest Period; provided, however, that each Lender may fund each of its LIBOR Loans in any
manner it sees fit and the foregoing assumption shall be used only for calculation of amounts payable under this Article. 

ARTICLE V. CONDITIONS PRECEDENT 

Section 5.1. Initial Conditions Precedent. 
 The obligation of the Lenders to make the Loans is subject to the satisfaction or waiver of the following conditions precedent: 
 (a) The Administrative Agent shall have received each of the following, in form and substance satisfactory to the Administrative Agent: 

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

(ii) Notes executed by the Borrower, payable to each applicable Lender (other than any Lender that has requested that it
not receive a Note) and complying with the terms of Section 2.8.(a); 
 (iii) the Guaranty executed by the
Parent and each of the other Guarantors initially to be a party thereto; 
 (iv) an opinion of legal counsel to
the Borrower and the other Loan Parties, reasonably satisfactory to the Administrative Agent, addressed to the Administrative Agent and the Lenders and covering such matters as the Administrative Agent shall reasonably request; 

(v) the certificate or articles of incorporation or formation, articles of organization, certificate of limited
partnership, declaration of trust or other comparable organizational instrument (if any) of each Loan Party certified as of a recent date by the Secretary of State of the state of formation of such Loan Party (provided, that to the extent such
formation document was delivered in connection with the Existing Term Loan Agreement, such Loan Party (excluding the Parent and the Borrower) shall be permitted to provide a certificate of no change with respect to such formation document);

  
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 (vi) a certificate of good standing (or certificate of similar meaning) with
respect to each Loan Party issued as of a recent date by the Secretary of State of the state of formation of each such Loan Party and certificates of qualification to transact business or other comparable certificates issued as of a recent date by
each Secretary of State (and any state department of taxation, as applicable) of each state in which such Loan Party is required to be so qualified and where failure to be so qualified could reasonably be expected to have a Material Adverse Effect;

 (vii) a certificate of incumbency signed by the Secretary or Assistant Secretary (or other individual
performing similar functions) of each Loan Party with respect to each of the officers of such Loan Party authorized to execute and deliver the Loan Documents to which such Loan Party is a party, and in the case of the Borrower, authorized to execute
and deliver on behalf of the Borrower the Notice of Borrowing, Notices of Conversion and Notices of Continuation; 
 (viii) copies certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of each Loan Party of (A) the by-laws of such Loan Party, if a corporation, the
operating agreement, if a limited liability company, the partnership agreement, if a limited or general partnership, or other comparable document in the case of any other form of legal entity (provided, that to the extent such organizational
document was delivered in connection with the Existing Term Loan Agreement, such Loan Party (excluding the Parent and the Borrower) shall be permitted to provide a certificate of no change with respect to such organizational document) and
(B) all corporate, partnership, member or other necessary action taken by such Loan Party to authorize the execution, delivery and performance of the Loan Documents to which it is a party; 

(ix) a Compliance Certificate calculated on a pro forma basis for the Parent’s fiscal quarter ending March 31,
2013; 
 (x) a Transfer Authorizer Designation Form effective as of the Agreement Date; 

(xi) evidence that the Fees, if any, then due and payable under Section 3.5., together with all other fees, expenses
and reimbursement amounts due and payable to the Administrative Agent and any of the Lenders, including without limitation, the fees and expenses of counsel to the Administrative Agent, have been paid; 

(xii) if required by the Administrative Agent, insurance certificates, or other evidence, providing that the insurance
coverage required under Section 7.5. (including, without limitation, both property and liability insurance) is in full force and effect; 
 (xiii) evidence that the Existing Credit Agreement has been amended to conform to certain sections of this Agreement, in form and substance satisfactory to the Borrower, the Administrative Agent, and
Wells Fargo, as administrative agent under the Existing Credit Agreement; 
 (xiv) evidence that the Existing
Term Loan Agreement has been amended to conform to certain sections of this Agreement, in form and substance satisfactory to the Borrower, the Administrative Agent, and KeyBank National Association, as administrative agent under the Existing Term
Loan Agreement; 
 (xv) payoff letters from the lender or administrative agent, as applicable, under each of the
Existing Mortgage Loans providing appropriate information regarding the payment in full of all Indebtedness under each Existing Mortgage Loan; 
 (xvi) the Notice of Borrowing pursuant to Section 2.1.(b); 

  
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 (xvii) such other documents and instruments as the Administrative Agent may
reasonably request; and 
 (b) In the good faith judgment of the Administrative Agent: 

(i) there shall not have occurred or become known to the Administrative Agent or any of the Lenders any event, condition,
situation or status since the date of the information contained in the financial and business projections, budgets, pro forma data and forecasts concerning the Parent, the Borrower and their respective Subsidiaries delivered to the Administrative
Agent and the Lenders prior to the Agreement Date that has had or could reasonably be expected to result in a Material Adverse Effect; 
 (ii) no litigation, action, suit, investigation or other arbitral, administrative or judicial proceeding shall be pending or threatened which could reasonably be expected to (A) result in a Material
Adverse Effect, other than as previously disclosed to Administrative Agent and the Lenders in writing and approved by the Administrative Agent and Lenders in writing, or (B) restrain or enjoin, impose materially burdensome conditions on, or
otherwise materially and adversely affect, the ability of the Parent, the Borrower or any other Loan Party to fulfill its obligations under the Loan Documents to which it is a party; 

(iii) the Parent, the Borrower and their respective Subsidiaries shall have received all approvals, consents and waivers,
and shall have made or given all necessary filings and notices as shall be required to consummate the transactions contemplated hereby without the occurrence of any default under, conflict with or violation of (A) any Applicable Law or
(B) any agreement, document or instrument to which any Loan Party is a party or by which any of them or their respective properties is bound except for such approvals, consents, waivers, filings and notices the receipt, making or giving of
which would not reasonably be likely to (A) have a Material Adverse Effect, or (B) restrain or enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect the ability of the Parent, the Borrower or any
other Loan Party to fulfill their respective obligations under the Loan Documents to which it is a party; 
 (iv)
the Parent, the Borrower and each other Loan Party shall have provided all information requested by the Administrative Agent and each Lender in order to comply with applicable “know your customer” and anti-money laundering rules and
regulations, including without limitation, the Patriot Act; and 
 (v) there shall not have occurred or exist any
other material disruption of financial or capital markets that could reasonably be expected to materially and adversely affect the transactions contemplated by the Loan Documents. 
 Section 5.2. Conditions Precedent to All Loans. 
 In addition to
satisfaction or waiver of the conditions precedent contained in Section 5.1., the obligations of the Lenders to make the Loans are subject to the further conditions precedent that: (a) no Default or Event of Default shall exist as of the
date of the making of the Loans after giving effect thereto; and (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and
correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of the making of such Loan
with the same force and effect as if made on and as of such date except to the extent 

  
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that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct on and as of such earlier
date) and except for changes in factual circumstances specifically and expressly permitted hereunder. Each Credit Event shall constitute a certification by the Borrower to the effect set forth in the preceding sentence (both as of the date of the
giving of notice relating to such Credit Event and, unless the Borrower otherwise notifies the Administrative Agent prior to the date of such Credit Event, as of the date of the occurrence of such Credit Event). In addition, the Borrower shall be
deemed to have represented to the Administrative Agent and the Lenders at the time the Loans are made that all conditions to the making of such Loans contained in this Article V. have been satisfied. Unless set forth in writing to the contrary,
the making of its Loan by a Lender shall constitute a certification by such Lender to the Administrative Agent and the other Lenders that the conditions precedent for Loans set forth in Sections 5.1. and 5.2. that have not previously been
waived by the Lenders in accordance with the terms of this Agreement have been satisfied. 
 ARTICLE VI.
REPRESENTATIONS AND WARRANTIES 
 Section 6.1. Representations and Warranties.

 In order to induce the Administrative Agent and each Lender to enter into this Agreement and to make Loans, each of the
Parent and the Borrower represents and warrants to the Administrative Agent and each Lender as follows: 
 (a) Organization;
Power; Qualification. Each of the Parent, the Borrower, the other Loan Parties and the other Subsidiaries is a corporation, partnership or other legal entity, duly organized or formed, validly existing and in good standing under the jurisdiction
of its incorporation or formation, has the power and authority to own or lease its respective properties and to carry on its respective business as now being and hereafter proposed to be conducted and is duly qualified and is in good standing as a
foreign corporation, partnership or other legal entity, and authorized to do business, in each jurisdiction in which the character of its properties or the nature of its business requires such qualification or authorization and where the failure to
be so qualified or authorized could reasonably be expected to have, in each instance, a Material Adverse Effect. 
 (b)
Ownership Structure. Part I of Schedule 6.1.(b) is, as of the Agreement Date, a complete and correct list of all Subsidiaries of the Parent setting forth for each such Subsidiary, (i) the jurisdiction of organization of such
Subsidiary, (ii) each Person holding any Equity Interest in such Subsidiary, (iii) the nature of the Equity Interests held by each such Person, (iv) the percentage of ownership of such Subsidiary represented by such Equity Interests
and (v) whether such Subsidiary is a Material Subsidiary, Significant Subsidiary or an Excluded Subsidiary. As of the Agreement Date, except as disclosed in such Schedule, (A) each of the Parent, the Borrower and their respective
Subsidiaries owns, free and clear of all Liens, and has the unencumbered right to vote, all outstanding Equity Interests in each Person shown to be held by it on such Schedule, (B) all of the issued and outstanding capital stock of each such
Person organized as a corporation is validly issued, fully paid and nonassessable and (C) there are no outstanding subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind (including, without limitation, any
stockholders’ or voting trust agreements) for the issuance, sale, registration or voting of, or outstanding securities convertible into, any additional shares of capital stock of any class, or partnership or other ownership interests of any
type in, any such Person. As of the Agreement Date, Part II of Schedule 6.1.(b) correctly sets forth all Consolidated Affiliates and Unconsolidated Affiliates of the Parent, including the correct legal name of such Person, the type of
legal entity which each such Person is, and all Equity Interests in such Person held directly or indirectly by the Parent. 

  
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 (c) Authorization of Loan Documents and Borrowings. The Borrower has the right and
power, and has taken all necessary action to authorize it, to borrow and obtain other extensions of credit hereunder. The Parent, the Borrower and each other Loan Party has the right and power, and has taken all necessary action to authorize it, to
execute, deliver and perform each of the Loan Documents to which it is a party in accordance with their respective terms and to consummate the transactions contemplated hereby and thereby. The Loan Documents to which the Parent, the Borrower or any
other Loan Party is a party have been duly executed and delivered by the duly authorized officers of such Person and each is a legal, valid and binding obligation of such Person enforceable against such Person in accordance with its respective
terms, except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for the enforcement of certain obligations (other than the payment of
principal) contained herein or therein and as may be limited by equitable principles generally. 
 (d) Compliance of Loan
Documents with Laws. The execution, delivery and performance of this Agreement and the other Loan Documents to which any Loan Party is a party in accordance with their respective terms and the borrowings and other extensions of credit hereunder
do not and will not, by the passage of time, the giving of notice, or both: (i) require any Governmental Approval or violate any Applicable Law (including all Environmental Laws) relating to the Parent, the Borrower or any other Loan Party;
(ii) conflict with, result in a breach of or constitute a default under the organizational documents of the Parent, the Borrower or any Loan Party, or any indenture, agreement or other instrument to which the Parent, the Borrower or any other
Loan Party is a party or by which it or any of its respective properties may be bound, including without limitation, the Existing Credit Agreement and the Existing Term Loan Agreement; or (iii) result in or require the creation or imposition of
any Lien upon or with respect to any property now owned or hereafter acquired by any Loan Party other than in favor of the Administrative Agent for its benefit and the benefit of the Lenders. 

(e) Compliance with Law; Governmental Approvals. Each of the Parent, the Borrower, the other Loan Parties and the other
Subsidiaries is in compliance with each Governmental Approval and all other Applicable Laws relating to the Parent, the Borrower, such other Loan Party or such other Subsidiary except for noncompliances which, and Governmental Approvals the failure
to possess which, could not, individually or in the aggregate, reasonably be expected to cause a Default or Event of Default or have a Material Adverse Effect. 
 (f) Title to Properties. Schedule 6.1.(f) is, as of June 1, 2013, a complete and correct listing of all real estate assets of the Parent, the Borrower, each other Loan Party and each other
Subsidiary, setting forth, for each such Property, the current occupancy status of such Property and whether such Property is a Development Property and, if such Property is a Development Property, the status of completion of such Property. Except
as set forth on Schedule 6.1.(f), from June 1, 2013 to the Agreement Date, the Parent, the Borrower, each other Loan Party and each other Subsidiary have not acquired any real estate assets. Each of the Parent, the Borrower, each other Loan
Party and each other Subsidiary has good, marketable and legal title to, or a valid leasehold interest in, its respective assets. 
 (g) Existing Indebtedness. Schedule 6.1.(g) is, as of May 31, 2013, a complete and correct listing of all Indebtedness (including all Guarantees) with an outstanding principal amount of
$5,000,000 or more of each of the Parent, the Borrower, the other Loan Parties, the other Subsidiaries, the Consolidated Affiliates and Unconsolidated Affiliates, and if such Indebtedness is secured by any Lien, a description of all of the property
subject to such Lien. The aggregate principal amount of Indebtedness for which the Parent, the Borrower, any other Loan Party, any other Subsidiary, any Consolidated Affiliate or any Unconsolidated Affiliate has become obligated from June 1,
2013 to the Agreement Date does not exceed $5,000,000 in the aggregate. As of the Agreement Date, the Parent, the Borrower, the other Loan Parties, the other Subsidiaries, the Consolidated Affiliates and Unconsolidated Affiliates have performed and
are in compliance with all of the terms of such Indebtedness and all instruments and agreements relating thereto, and no default or event of default, or event or condition which with the 

  
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giving of notice, the lapse of time, or both, would constitute a default or event of default, exists with respect to any such Indebtedness. As of the Agreement Date, the aggregate principal
amount of Indebtedness of each of the Parent, the Borrower, the other Loan Parties, the other Subsidiaries, the Consolidated Affiliates and Unconsolidated Affiliates that is not set forth on Schedule 6.1.(g) does not exceed $5,000,000. 

(h) Material Contracts. Schedule 6.1.(h) is, as of the Agreement Date, a true, correct and complete listing of all Material
Contracts. Each of the Parent, the Borrower, the other Loan Parties and the other Subsidiaries that is party to any Material Contract has performed and is in compliance with all of the terms of such Material Contract, and no default or event of
default, or event or condition which with the giving of notice, the lapse of time, or both, would constitute such a default or event of default, exists with respect to any such Material Contract. 

(i) Litigation. Except as set forth on Schedule 6.1.(i), there are no actions, suits or proceedings pending (nor, to the
knowledge of any Loan Party, are there any actions, suits or proceedings threatened, nor is there any basis therefor) against or in any other way relating adversely to or affecting the Parent, the Borrower, any other Loan Party, any other Subsidiary
or any of their respective property in any court or before any arbitrator of any kind or before or by any other Governmental Authority which, (i) could reasonably be expected to have a Material Adverse Effect or (ii) in any manner draws
into question the validity or enforceability of any Loan Documents. There are no strikes, slow downs, work stoppages or walkouts or other labor disputes in progress or threatened relating to, any Loan Party or any other Subsidiary which could
reasonably be expected to have a Material Adverse Effect. 
 (j) Taxes. All federal, state and other tax returns of the
Parent, the Borrower, each other Loan Party and each other Subsidiary required by Applicable Law to be filed have been duly filed, and all federal, state and other taxes, assessments and other governmental charges or levies upon, each Loan Party,
each other Subsidiary and their respective properties, income, profits and assets which are due and payable have been paid, except any such nonpayment or non-filing which is at the time permitted under Section 7.6. As of the Agreement Date,
none of the United States income tax returns of the Parent, the Borrower, any other Loan Party or any other Subsidiary is under audit. All charges, accruals and reserves on the books of the Parent, the Borrower, the other Loan Parties and the other
Subsidiaries in respect of any taxes or other governmental charges are in accordance with GAAP. 
 (k) Financial
Statements. The Borrower has furnished to each Lender copies (i) of the audited consolidated balance sheet of the Parent and its consolidated Subsidiaries for the fiscal years ended December 31, 2011 and December 31, 2012, and the
related audited consolidated statements of operations, shareholders’ equity and cash flow for the fiscal years ended on such dates, with the opinion thereon of KPMG LLP and (ii) the unaudited consolidated balance sheet of the Borrower and
its consolidated Subsidiaries for the fiscal quarter ended March 31, 2013, and the related unaudited consolidated statements of operations, shareholders’ equity and cash flow of the Borrower and its consolidated Subsidiaries for the fiscal
quarter ended on such date. Such financial statements (including in each case related schedules and notes) are complete and correct in all material respects and present fairly, in accordance with GAAP consistently applied throughout the periods
involved, the consolidated financial position of the Parent and its consolidated Subsidiaries as at their respective dates and the results of operations and the cash flow for such periods (subject, as to interim statements, to changes resulting from
normal year-end audit adjustments). None of the Parent, the Borrower or any of their respective Subsidiaries has on the Agreement Date any material contingent liabilities, liabilities, liabilities for taxes, unusual or long-term commitments or
unrealized or forward anticipated losses from any unfavorable commitments that would be required to be set forth in its financial statements or notes thereto, except as referred to or reflected or provided for in said financial statements.

  
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 (l) No Material Adverse Change. Since December 31, 2012, there has been no
event, change, circumstance or occurrence that could reasonably be expected to have a Material Adverse Effect. (i) The Parent is Solvent, (ii) the Borrower is Solvent, and (iii) the Loan Parties and their respective Subsidiaries,
taken as a whole, are Solvent. 
 (m) ERISA. 

(i) Each Benefit Arrangement is in compliance with the applicable provisions of ERISA, the Internal Revenue Code and other
Applicable Laws in all material respects. Except with respect to Multiemployer Plans, each Qualified Plan (A) has received a favorable determination from the Internal Revenue Service applicable to such Qualified Plan’s current remedial
amendment cycle (as defined in Revenue Procedure 2007-44 or “2007-44” for short), (B) has timely filed for a favorable determination letter from the Internal Revenue Service during its staggered remedial amendment cycle (as defined in
2007-44) and such application is currently being processed by the Internal Revenue Service, (C) had filed for a determination letter prior to its “GUST remedial amendment period” (as defined in 2007-44) and received such determination
letter and the staggered remedial amendment cycle first following the GUST remedial amendment period for such Qualified Plan has not yet expired, or (D) is maintained under a prototype plan and may rely upon a favorable opinion letter issued by
the Internal Revenue Service with respect to such prototype plan. To the best knowledge of any Responsible Officer of the Parent and the Borrower, nothing has occurred which would cause the loss of its reliance on each Qualified Plan’s
favorable determination letter or opinion letter. 
 (ii) With respect to any Benefit Arrangement that is a
retiree welfare benefit arrangement, all amounts have been accrued on the applicable ERISA Group’s financial statements in accordance with FASB ASC 715. The “benefit obligation” of all Plans does not exceed the “fair market value
of plan assets” for such Plans by more than $10,000,000 all as determined by and with such terms defined in accordance with FASB ASC 715. 
 (iii) Except as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect: (i) no ERISA Event has occurred or is expected to occur; (ii) there are no
pending, or to the best knowledge of the Parent and the Borrower, threatened, claims, actions or lawsuits or other action by any Governmental Authority, plan participant or beneficiary with respect to a Benefit Arrangement; (iii) there are no
violations of the fiduciary responsibility rules with respect to any Benefit Arrangement; and (iv) no member of the ERISA Group has engaged in a non-exempt “prohibited transaction,” as defined in Section 406 of ERISA and
Section 4975 of the Internal Revenue Code, in connection with any Plan, that would subject any member of the ERISA Group to a tax on prohibited transactions imposed by Section 502(i) of ERISA or Section 4975 of the Internal Revenue
Code. 
 (n) Absence of Default. None of the Loan Parties or any of the other Subsidiaries is in default under its
certificate or articles of incorporation or formation, bylaws, partnership agreement or other similar organizational documents, and no event has occurred, which has not been remedied, cured or waived: (i) which constitutes a Default or an Event
of Default; or (ii) which constitutes, or which with the passage of time, the giving of notice, or both, would constitute, a default or event of default by, any Loan Party or any other Subsidiary under any agreement (other than this Agreement)
or judgment, decree or order to which any such Person is a party or by which any such Person or any of its respective properties may be bound where such default or event of default could, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect. 

  
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 (o) Environmental Laws. In the ordinary course of business and from time to time each
of the Parent, the Borrower, each other Loan Party and each other Subsidiary conducts reviews of the effect of Environmental Laws on its respective business, operations and properties, including without limitation, its respective Properties, in the
course of which the Parent, the Borrower, such other Loan Party or such other Subsidiary identifies and evaluates associated actual and potential liabilities and costs. Each of the Parent, the Borrower, each other Loan Party and the other
Subsidiary: (i) is in compliance with all Environmental Laws applicable to its business, operations and the Properties, (ii) has obtained all Governmental Approvals which are required under Environmental Laws, and each such Governmental
Approval is in full force and effect, and (iii) is in compliance with all terms and conditions of such Governmental Approvals, where with respect to each of the immediately preceding clauses (i) through (iii) the failure to obtain or
to comply with could reasonably be expected to have a Material Adverse Effect. Except for any of the following matters that could not reasonably be expected to have a Material Adverse Effect, no Loan Party has any knowledge of, or has received
notice of, any past, present, or pending releases, events, conditions, circumstances, activities, practices, incidents, facts, occurrences, actions, or plans that, with respect to any Loan Party or any other Subsidiary, their respective businesses,
operations or with respect to the Properties, may: (i) cause or contribute to an actual or alleged violation of or noncompliance with Environmental Laws, (ii) cause or contribute to any other potential common-law or legal claim or other
liability, or (iii) cause any of the Properties to become subject to any restrictions on ownership, occupancy, use or transferability under any Environmental Law or require the filing or recording of any notice, approval or disclosure document
under any Environmental Law and, with respect to the immediately preceding clauses (i) through (iii) is based on or related to the on-site or off-site manufacture, generation, processing, distribution, use, treatment, storage, disposal,
transport, removal, clean up or handling, or the emission, discharge, release or threatened release of any wastes or Hazardous Material, or any other requirement under Environmental Law. There is no civil, criminal, or administrative action, suit,
demand, claim, hearing, notice, or demand letter, mandate, order, lien, request, investigation, or proceeding pending or, to the Parent’s knowledge after due inquiry, threatened, against the Parent, the Borrower, any other Loan Party or any
other Subsidiary relating in any way to Environmental Laws which, reasonably could be expected to have a Material Adverse Effect. None of the Properties is listed on or proposed for listing on the National Priority List promulgated pursuant to the
Comprehensive Environmental Response, Compensation and Liability Act of 1980 and its implementing regulations, or any state or local priority list promulgated pursuant to any analogous state or local law. To the Parent’s knowledge, no Hazardous
Materials generated at or transported from the Properties are or have been transported to, or disposed of at, any location that is listed or proposed for listing on the National Priority List or any analogous state or local priority list, or any
other location that is or has been the subject of a clean-up, removal or remedial action pursuant to any Environmental Law, except to the extent that such transportation or disposal could not reasonably be expected to result in a Material Adverse
Effect. 
 (p) Investment Company. None of the Parent, the Borrower, any other Loan Party or any other Subsidiary is
(i) an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, or (ii) subject to any other Applicable Law which purports
to regulate or restrict its ability to borrow money or obtain other extensions of credit or to consummate the transactions contemplated by this Agreement or to perform its obligations under any Loan Document to which it is a party. 

(q) Margin Stock. None of the Parent, the Borrower, any other Loan Party or any other Subsidiary is engaged principally, or as one
of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock” within the meaning of Regulation U of the Board of Governors of the
Federal Reserve System. 

  
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 (r) Affiliate Transactions. Except as permitted by Section 9.8. or as otherwise
set forth on Schedule 6.1.(r), none of the Parent, the Borrower, any other Loan Party or any other Subsidiary is a party to or bound by any agreement or arrangement with any Affiliate. 

(s) Intellectual Property. Each of the Loan Parties and each other Subsidiary owns or has the right to use, under valid license
agreements or otherwise, all patents, licenses, franchises, trademarks, trademark rights, service marks, service mark rights, trade names, trade name rights, trade secrets and copyrights (collectively, “Intellectual Property”) necessary to
the conduct of its businesses, without known conflict with any patent, license, franchise, trademark, trademark right, service mark, service mark right, trade secret, trade name, copyright, or other proprietary right of any other Person. Each of the
Loan Parties and each other Subsidiary has taken all such steps as those deemed reasonably necessary to protect their respective rights under and with respect to such Intellectual Property. No material claim has been asserted by any Person with
respect to the use of any such Intellectual Property by the Parent, the Borrower, any other Loan Party or any other Subsidiary, or challenging or questioning the validity or effectiveness of any such Intellectual Property. The use of such
Intellectual Property by the Parent, the Borrower, the other Loan Parties and the other Subsidiaries does not infringe on the rights of any Person, subject to such claims and infringements as do not, in the aggregate, give rise to any liabilities on
the part of the Parent, the Borrower, any other Loan Party or any other Subsidiary that could reasonably be expected to have a Material Adverse Effect. 
 (t) Business. As of the Agreement Date, the Parent, the Borrower, the other Loan Parties and the other Subsidiaries are engaged in the business of the acquisition, disposition, financing,
ownership, development rehabilitation, leasing, operation and management of office buildings, together with other business activities incidental thereto. 
 (u) Broker’s Fees. No broker’s or finder’s fee, commission or similar compensation will be payable with respect to the transactions contemplated hereby. No other similar fees or
commissions will be payable by any Loan Party for any other services rendered to the Parent, Borrower, any other Loan Party or any other Subsidiary ancillary to the transactions contemplated hereby. 

(v) Accuracy and Completeness of Information. All written information, reports and other papers and data (other than financial
projections and other forward looking statements) furnished to the Administrative Agent or any Lender by, on behalf of, or at the direction of, the Parent, the Borrower, any other Loan Party or any other Subsidiary in connection with or relating in
any way to this Agreement or any other Loan Document were, at the time the same were so furnished, complete and correct in all material respects, to the extent necessary to give the recipient a true and accurate knowledge of the subject matter, or,
in the case of financial statements, present fairly, in accordance with GAAP consistently applied throughout the periods involved, the financial position of the Persons involved as at the date thereof and the results of operations for such periods
(subject, as to interim statements, to changes resulting from normal year end audit adjustments and absence of full footnote disclosure). All financial projections and other forward looking statements prepared by or on behalf of the Parent, the
Borrower, any other Loan Party or any other Subsidiary that have been or may hereafter be made available to the Administrative Agent or any Lender were or will be prepared in good faith based on assumptions believed to be reasonable at the time
made. No document furnished or written statement made to the Administrative Agent or any Lender in connection with the negotiation, preparation or execution of, or pursuant to, this Agreement or any of the other Loan Documents contains or will
contain any untrue statement of a material fact, or omits or will omit to state a material fact necessary in order to make the statements contained therein not misleading. 
 (w) Not Plan Assets; No Prohibited Transactions. None of the assets of the Parent, the Borrower, any other Loan Party or any other Subsidiary constitutes “plan assets” within the meaning
of 

  
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ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. Assuming that no Lender funds any amount payable by it hereunder with “plan assets,” as that term
is defined in 29 C.F.R. 2510.3-101, the execution, delivery and performance of this Agreement and the other Loan Documents, and the extensions of credit and repayment of amounts hereunder, do not and will not constitute “prohibited
transactions” under ERISA or the Internal Revenue Code. 
 (x) OFAC. None of the Parent, the Borrower, any of the
other Loan Parties, any of the other Subsidiaries, or any other Affiliate of the Parent: (i) is a person named on the list of Specially Designated Nationals or Blocked Persons maintained by the U.S. Department of the Treasury’s Office of
Foreign Assets Control (“OFAC”) available at http://www.treas.gov/offices/enforcement/ofac/index.shtml or as otherwise published from time to time; (ii) is (A) an agency of the government of a country, (B) an organization
controlled by a country, or (C) a person resident in a country that is subject to a sanctions program identified on the list maintained by OFAC and available at http://www.treas.gov/offices/enforcement/ofac/index.shtml, or as otherwise
published from time to time, as such program may be applicable to such agency, organization or person; or (iii) derives any of its assets or operating income from investments in or transactions with any such country, agency, organization or
person; and none of the proceeds from any Loan will be used to finance any operations, investments or activities in, or make any payments to, any such country, agency, organization, or person. 

(y) REIT Status. The Parent qualifies as, and has elected to be treated as, a REIT and is in compliance with all requirements and
conditions imposed under the Internal Revenue Code to allow the Parent to maintain its status as a REIT. 
 Section 6.2. Survival of
Representations and Warranties, Etc. 
 All statements contained in any certificate, financial statement or other instrument
delivered by or on behalf of any Loan Party or any other Subsidiary to the Administrative Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including, but not limited to, any such statement made
in or in connection with any amendment thereto or any statement contained in any certificate, financial statement or other instrument delivered by or on behalf of any Loan Party prior to the Agreement Date and delivered to the Administrative Agent
or any Lender in connection with the underwriting or closing the transactions contemplated hereby) shall constitute representations and warranties made by the Borrower under this Agreement. All representations and warranties made under this
Agreement and the other Loan Documents shall be deemed to be made at and as of the Agreement Date, the Effective Date and at and as of the date of the occurrence of each Credit Event, except to the extent that such representations and warranties
expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct on and as of such earlier date) and except for changes in factual circumstances expressly and specifically permitted
hereunder. All such representations and warranties shall survive the effectiveness of this Agreement, the execution and delivery of the Loan Documents and the making of the Loans. 

ARTICLE VII. AFFIRMATIVE COVENANTS 

For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 12.7., all of the
Lenders) shall otherwise consent in the manner provided for in Section 12.7., the Parent and the Borrower shall comply with the following covenants: 

  
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 Section 7.1. Preservation of Existence and Similar Matters. 

Except as otherwise permitted under Section 9.4., the Parent and the Borrower shall, and shall cause each other Loan Party and each
other Subsidiary to, preserve and maintain its respective existence, rights, franchises, licenses and privileges in the jurisdiction of its incorporation or formation and qualify and remain qualified and authorized to do business in each
jurisdiction in which the character of its properties or the nature of its business requires such qualification and authorization and where the failure to be so authorized and qualified could reasonably be expected to have a Material Adverse Effect.

 Section 7.2. Compliance with Applicable Law. 
 The Parent and the Borrower shall comply, and shall cause each other Loan Party and each other Subsidiary to comply, with all Applicable Law, including the obtaining of all Governmental Approvals,
the failure with which to comply could reasonably be expected to have a Material Adverse Effect. 
 Section 7.3. Maintenance of
Property. 
 In addition to the requirements of any of the other Loan Documents, the Parent and the Borrower shall, and shall
cause each other Loan Party and each other Subsidiary to, (a) protect and preserve all of its respective material properties, including, but not limited to, all Intellectual Property necessary to the conduct of its respective business, and
maintain in good repair, working order and condition all tangible properties, ordinary wear and tear excepted, and (b) from time to time make or cause to be made all needed and appropriate repairs, renewals, replacements and additions to such
properties, so that the business carried on in connection therewith may be properly and advantageously conducted at all times. 

Section 7.4. Conduct of Business. 
 The Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, carry on its respective businesses as described in Section 6.1.(t) and not enter into any line
of business not otherwise engaged in by such Person as of the Agreement Date. 
 Section 7.5. Insurance. 

In addition to the requirements of any of the other Loan Documents, the Parent and the Borrower shall, and shall cause each other Loan
Party and each other Subsidiary to, maintain insurance (on a replacement cost basis) with financially sound and reputable insurance companies against such risks and in such amounts as is customarily maintained by Persons engaged in similar
businesses or as may be required by Applicable Law. The Borrower shall from time to time deliver to the Administrative Agent upon request a detailed list, together with copies of all policies of the insurance then in effect, stating the names of the
insurance companies, the amounts and rates of the insurance, the dates of the expiration thereof and the properties and risks covered thereby. 

Section 7.6. Payment of Taxes and Claims. 
 The Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, pay and discharge (a) when due all taxes, assessments and governmental charges or levies imposed
upon it or upon its income or profits or upon any properties belonging to it, and (b) by not later than 30 days past the due date therefor, all lawful claims of materialmen, mechanics, carriers, warehousemen and landlords for labor, materials,
supplies and rentals which, if unpaid, might become a Lien on any properties of such Person; provided, however, that this Section shall not require the payment or discharge of any such tax, assessment, charge, levy or claim which is being contested
in good faith by appropriate proceedings which operate to suspend the collection thereof and for which adequate reserves have been established on the books of such Person in accordance with GAAP. 

  
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 Section 7.7. Books and Records; Inspections. 

The Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, keep proper books of record and
account in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities. The Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, permit
representatives of the Administrative Agent or any Lender to visit and inspect any of their respective properties, to examine and make abstracts from any of their respective books and records and to discuss their respective affairs, finances and
accounts with their respective officers, employees and independent public accountants (in the presence of an officer of the Borrower if an Event of Default does not then exist), all at such reasonable times during business hours and as often as may
reasonably be requested and so long as no Event of Default exists, with reasonable prior notice. The Borrower shall be obligated to reimburse the Administrative Agent and the Lenders for their costs and expenses incurred in connection with the
exercise of their rights under this Section only if such exercise occurs while a Default or Event of Default exists. If requested by the Administrative Agent, the Parent and the Borrower shall execute an authorization letter addressed to its
accountants authorizing the Administrative Agent or any Lender to discuss the financial affairs of the Parent, the Borrower, any other Loan Party or any other Subsidiary with the its accountants. 

Section 7.8. Use of Proceeds. 
 The Borrower will use the proceeds of Loans only (a) initially, for the repayment of the Existing Mortgage Loans, (b) for the payment of pre-development and development costs incurred in
connection with Properties owned by the Borrower or any Subsidiary; (c) to finance acquisitions and Investments in Equity Interests, in each case otherwise permitted under this Agreement; (d) to finance capital expenditures and the
repayment of Indebtedness of the Borrower and its Subsidiaries; and (e) to provide for the general working capital needs of the Borrower and its Subsidiaries and for other general corporate purposes of the Borrower and its Subsidiaries,
including the payment of amounts outstanding under the Existing Credit Agreement. The Parent and the Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, use any part of such proceeds to purchase or carry,
or to reduce or retire or refinance any credit incurred to purchase or carry, any margin stock (within the meaning of Regulation U or Regulation X of the Board of Governors of the Federal Reserve System) or to extend credit to others for
the purpose of purchasing or carrying any such margin stock. 
 Section 7.9. Environmental Matters. 

The Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, comply with all Environmental Laws
the failure with which to comply could reasonably be expected to have a Material Adverse Effect. The Parent and the Borrower shall comply, and shall cause each other Loan Party and each other Subsidiary to comply, and the Parent and the Borrower
shall use, and shall cause each other Loan Party and each other Subsidiary to use, commercially reasonable efforts to cause all other Persons occupying, using or present on the Properties to comply, with all Environmental Laws in all material
respects. The Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, promptly take all actions and pay or arrange to pay all costs necessary for it and for the Properties to comply in all material respects
with all Environmental Laws and all Governmental Approvals, including actions to remove and dispose of all Hazardous Materials and to clean up the Properties as required under Environmental Laws where the failure to do so could reasonably be
expected to have a Material Adverse Effect. The Parent and the Borrower shall, and shall cause each 

  
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other Loan Party and each other Subsidiary to, promptly take all actions necessary to prevent the imposition of any Liens on any of their respective properties arising out of or related to any
Environmental Laws. Nothing in this Section shall impose any obligation or liability whatsoever on the Administrative Agent or any Lender. 

Section 7.10. Further Assurances. 
 At the Borrower’s cost and expense and upon request of the Administrative Agent, the Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, duly execute
and deliver or cause to be duly executed and delivered, to the Administrative Agent such further instruments, documents and certificates, and do and cause to be done such further acts that may be reasonably necessary or advisable in the reasonable
opinion of the Administrative Agent to carry out more effectively the provisions and purposes of this Agreement and the other Loan Documents. 

Section 7.11. Material Contracts. 
 The Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, duly and punctually perform and comply with any and all material representations, warranties,
covenants and agreements expressed as binding upon any such Person under any Material Contract. The Parent and the Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, do or knowingly permit to be done anything
to impair materially the value of the Material Contracts taken as a whole. 
 Section 7.12. REIT Status. 

The Parent shall maintain its status as a REIT and election to be treated as a REIT under the Internal Revenue Code. 

Section 7.13. Exchange Listing. 
 The Parent shall maintain at least one class of common shares of the Parent having trading privileges on the New York Stock Exchange or the American Stock Exchange or which is subject to price quotations
on The NASDAQ Stock Market’s National Market System. 
 Section 7.14. Guarantors. 

(a) Not later than the date on which the Compliance Certificate is required to be delivered with respect to any fiscal quarter (or fiscal
year in the case of the fourth fiscal quarter) during which any Person became a Material Subsidiary (other than an Excluded Subsidiary) or ceased to be an Excluded Subsidiary (and otherwise continues to be a Material Subsidiary) after the Agreement
Date, the Borrower shall deliver to the Administrative Agent each of the following in form and substance satisfactory to the Administrative Agent: (i) an Accession Agreement executed by such Subsidiary, (ii) the items that would have been
delivered under subsections (v) through (viii) and (xvii) of Section 5.1.(a) if such Subsidiary had been a Material Subsidiary on the Agreement Date, and (iii) unless the Administrative Agent has notified the Borrower that
it does not require delivery of such item, a legal opinion substantially in the form of opinion delivered on the Agreement Date pursuant to subsection (iv) of Section 5.1.(a) and otherwise covering such matters reasonably requested by the
Administrative Agent as if such Subsidiary had been a Material Subsidiary on the Agreement Date. 

  
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 (b) The Borrower may request in writing that the Administrative Agent release, and upon
receipt of such request the Administrative Agent shall release, a Guarantor (other than the Parent) from the Guaranty so long as: (i) such Guarantor is not otherwise required to be a party to the Guaranty under the immediately preceding
subsection (a); (ii) no Default or Event of Default shall then be in existence or would occur as a result of such release, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants
contained in Section 9.1.; and (iii) the Administrative Agent shall have received such written request at least 10 Business Days (or such shorter period as may be acceptable to the Administrative Agent) prior to the requested date of
release. Delivery by the Borrower to the Administrative Agent of any such request shall constitute a representation by the Borrower that the matters set forth in the preceding sentence (both as of the date of the giving of such request and as of the
date of the effectiveness of such request) are true and correct with respect to such request. 
 ARTICLE VIII.
INFORMATION 
 For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required
pursuant to Section 12.7., all of the Lenders) shall otherwise consent in the manner set forth in Section 12.7., the Borrower shall furnish to the Administrative Agent for distribution to each of the Lenders: 

Section 8.1. Quarterly Financial Statements. 
 As soon as available and in any event within 5 days after the same is required to be filed with the Securities and Exchange Commission (but in no event later than 45 days after the close of each of the
first, second and third fiscal quarters of the Parent), the unaudited consolidated balance sheet of the Parent and its Subsidiaries as at the end of such period and the related unaudited consolidated statements of operations, income and cash flows
of the Parent and its Subsidiaries for such period, setting forth in each case in comparative form the figures as of the end of and for the corresponding periods of the previous fiscal year, all of which shall be certified by either (i) any two
of the following officers of the Parent (x) the chief executive officer, (y) the chief financial officer or (z) the chief accounting officer, or (ii) the treasurer of the Parent and any one of the following officers of the Parent
(x) the chief executive officer, (y) the chief financial officer or (z) the chief accounting officer, in their opinion, to present fairly, in accordance with GAAP and in all material respects, the consolidated financial position of
the Parent and its Subsidiaries as at the date thereof and the results of operations for such period (subject to normal year-end audit adjustments). 
 Section 8.2. Year-End Statements. 
 As soon as available and in any
event within 5 days after the same is required to be filed with the Securities and Exchange Commission (but in no event later than 90 days after the end of each fiscal year of the Parent), the audited consolidated balance sheet of the Parent and its
Subsidiaries as at the end of such fiscal year and the related audited consolidated statements of operations, stockholders’ equity, income and cash flows of the Parent and its Subsidiaries for such fiscal year, setting forth in comparative form
the figures as at the end of and for the previous fiscal year, all of which shall be (a) certified by either (i) any two of the following officers of the Parent (x) the chief executive officer, (y) the chief financial officer or
(z) the chief accounting officer, or (ii) the treasurer of the Parent and any one of the following officers of the Parent (x) the chief executive officer, (y) the chief financial officer or (z) the chief accounting officer,
in their opinion, to present fairly, in accordance with GAAP and in all material respects, the financial position of the Parent and its Subsidiaries as at the date thereof and the result of operations for such period and (b) accompanied by the
report thereon of KPMG LLP or any other independent certified public accountants of recognized national standing reasonably acceptable to the Administrative Agent, whose certificate shall be unqualified and in scope and substance satisfactory to the
Requisite Lenders and who shall have authorized the Parent to deliver such financial statements and certification thereof to the Administrative Agent and the Lenders pursuant to this Agreement. 

  
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 Section 8.3. Compliance Certificate; Statement of Funds from Operations; Report of Acquired
Properties. 
 (a) At the time the financial statements are furnished pursuant to Sections 8.1. and 8.2., or within five
(5) days of the Administrative Agent’s request if the Administrative Agent reasonably believes that an Event of Default may have occurred or may be about to occur, a certificate substantially in the form of Exhibit G (a
“Compliance Certificate”) executed on behalf of the Borrower by the chief financial officer, chief accounting officer or treasurer of the Parent (i) setting forth in reasonable detail as of the end of such quarterly accounting period
or fiscal year, as the case may be, the calculations required to establish whether the Borrower was in compliance with the covenants contained in Section 9.1.; and (ii) stating that no Default or Event of Default exists, or, if such is not
the case, specifying such Default or Event of Default and its nature, when it occurred and the steps being taken by the Borrower with respect to such event, condition or failure. 

(b) At the time the financial statements are furnished pursuant to Sections 8.1. and 8.2., a statement of Funds From Operations
certified by the chief financial officer, chief accounting officer or treasurer of the Parent in form and substance reasonably satisfactory to the Administrative Agent. 
 (c) At the time the financial statements are furnished pursuant to Sections 8.1. and 8.2., a report of newly acquired Properties, in form and substance reasonably satisfactory to the Administrative
Agent, which shall include, without limitation, the Net Operating Income of such Property, the cost of acquisition of such Property and the amount of Secured Indebtedness secured by a Lien on such Property. 

Section 8.4. Other Information. 
 (a) Promptly upon receipt thereof, copies of all reports, if any, submitted to the Parent or its Board of Directors by its independent public accountants including, without limitation, any management
report; 
 (b) Within five (5) Business Days of the filing thereof, copies of all registration statements (excluding the
exhibits thereto (unless requested by the Administrative Agent) and any registration statements on Form S-8 or its equivalent), reports on Forms 10-K, 10-Q and 8-K (or their equivalents) and all other periodic reports which any Loan Party or any
other Subsidiary shall file with the Securities and Exchange Commission (or any Governmental Authority substituted therefor) or any national securities exchange; 
 (c) Promptly upon the mailing thereof to the shareholders of the Parent generally, to the other partners of the Borrower, to any Subsidiary or to any other Loan Party, copies of all financial statements,
reports and proxy statements so mailed and promptly upon the issuance thereof copies of all press releases issued by the Parent, the Borrower, any Subsidiary or any other Loan Party; 

(d) Prompt notice of the sale, transfer or other disposition of any material assets of the Parent, the Borrower, any other Loan Party or
any other Subsidiary to any Person other than the Parent, the Borrower, any other Loan Party or any other Subsidiary; 
 (e)
Within 10 Business Days of the request of the Requisite Lenders, any financial information maintained with respect to the Parent, the Borrower or their real estate projects, including, without limitation, property cash flow projections, property
budgets, operating statements, leasing status reports, contingent liability summaries, note receivable summaries, and summaries of cash and cash equivalents and overhead budgets, all in form and substance reasonably satisfactory to the
Administrative Agent; 

  
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 (f) At the time the financial statements are furnished pursuant to Sections 8.1. or
8.2. cash flow projections, balance sheet projections and projected results of the covenants set forth in Section 9.1., in each case for the immediately following four fiscal quarters, broken out on a quarterly basis, all in form and substance
reasonably satisfactory to the Administrative Agent; 
 (g) Within ten (10) Business Days of the Administrative Agent’s
request therefor, a report in form and content satisfactory to the Administrative Agent detailing the Borrower’s, together with its Subsidiaries’, projected sources and uses of cash for the period of four consecutive fiscal quarters
immediately following the date of the Administrative Agent’s request. Such sources shall include but not be limited to excess operating cash flow, availability under this Agreement, unused availability under committed development loans,
unfunded committed equity and any other committed sources of funds. Such uses shall include but not be limited to cash obligations for binding acquisitions, unfunded development costs, capital expenditures, debt service, overhead, dividends,
maturing Property loans, hedge settlements and other anticipated uses of cash; 
 (h) If any ERISA Event shall occur that
individually, or together with any other ERISA Event that has occurred, could reasonably be expected to have a Material Adverse Effect, a certificate of the chief executive officer or chief financial officer of the Parent setting forth details as to
such occurrence and the action, if any, which the Parent, the Borrower or applicable member of the ERISA Group is required or proposes to take; 
 (i) To the extent any Responsible Officer of any Loan Party or any other Subsidiary is aware of the same, prompt notice of the commencement of any proceeding or investigation by or before any Governmental
Authority and any action or proceeding in any court or other tribunal or before any arbitrator against or in any other way relating adversely to, or adversely affecting any Loan Party or any other Subsidiary or any of their respective properties,
assets or businesses which involve claims individually or in the aggregate of $10,000,000 or more, and prompt notice of the receipt of notice that any United States income tax returns of any Loan Party or any other Subsidiary are being audited;

 (j) A copy of any amendment to the certificate or articles of incorporation or formation, bylaws, partnership agreement or
other similar organizational documents of the Parent, the Borrower or any other Loan Party within five (5) Business Days after the effectiveness thereof; 
 (k) Prompt notice of any change in the senior management of the Parent, the Borrower, any Subsidiary or any other Loan Party and the occurrence of any event, or any change in the business, assets,
liabilities, financial condition, results of operations or business prospects of any Loan Party or any other Subsidiary, which has had, or could reasonably be expected to have, a Material Adverse Effect; 

(l) Prompt notice after any Responsible Officer becomes aware of the occurrence of any Default or Event of Default or any event which
constitutes or which with the passage of time, the giving of notice, or otherwise, would constitute a default or event of default by any Loan Party or any other Subsidiary under any Material Contract to which any such Person is a party or by which
any such Person or any of its respective properties may be bound; 
 (m) Promptly upon entering into any Material Contract after
the Agreement Date, a copy of such contract; 

  
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 (n) Prompt notice of any order, judgment or decree in excess of $10,000,000 having been
entered against any Loan Party or any other Subsidiary or any of their respective properties or assets; 
 (o) To the extent any
Responsible Officer of any Loan Party or any other Subsidiary is aware of same, any notification of a violation of any Applicable Law or any inquiry shall have been received by any Loan Party or any other Subsidiary from any Governmental Authority,
in either case, with respect to a matter that could reasonably be expected to have a Material Adverse Effect; 
 (p)
[Intentionally Omitted]; 
 (q) Promptly upon the request of the Administrative Agent, evidence of the Parent’s calculation
of the Ownership Share with respect to a Subsidiary or a Consolidated Affiliate or an Unconsolidated Affiliate, such evidence to be in form and detail satisfactory to the Administrative Agent; 

(r) Promptly, upon each request, information identifying the Borrower as a Lender may request in order to comply with the USA Patriot Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)); 
 (s) Promptly, and in any event within 3 Business Days
after the Parent obtains knowledge thereof, written notice of the occurrence of any of the following: (i) the Parent, the Borrower, any Loan Party or any other Subsidiary shall receive notice that any violation of or noncompliance with any
Environmental Law has or may have been committed or is threatened; (ii) the Parent, the Borrower, any Loan Party or any other Subsidiary shall receive notice that any administrative or judicial complaint, order or petition has been filed or
other proceeding has been initiated, or is about to be filed or initiated against any such Person alleging any violation of or noncompliance with any Environmental Law or requiring any such Person to take any action in connection with the release or
threatened release of Hazardous Materials; (iii) the Parent, the Borrower, any Loan Party or any other Subsidiary shall receive any notice from a Governmental Authority or private party alleging that any such Person may be liable or responsible
for any costs associated with a response to, or remediation or cleanup of, a release or threatened release of Hazardous Materials or any damages caused thereby; or (iv) the Parent, the Borrower, any Loan Party or any other Subsidiary shall
receive notice of any other fact, circumstance or condition that could reasonably be expected to form the basis of an environmental claim, and the matters covered by such notice(s), whether individually or in the aggregate, could reasonably be
expected to have a Material Adverse Effect; 
 (t) Not later than three (3) Business Days after the Parent receives notice
of the same from any Rating Agency or otherwise learns of the same, notice of the issuance of any change or withdrawal in the Credit Rating by any Rating Agency in respect of the Parent, together with the details thereof, and of any announcement by
such Rating Agency that any such Credit Rating is “under review” or that any such Credit Rating has been placed on a watch list or that any similar action has been taking by such Rating Agency; 

(u) From time to time and promptly upon each request, such data, certificates, reports, statements, opinions of counsel, documents or
further information regarding any Property or the business, assets, liabilities, financial condition, results of operations or business prospects of the Parent, the Borrower, any of its Subsidiaries, or any other Loan Party as the Administrative
Agent or any Lender may reasonably request. 

  
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 Section 8.5. Electronic Delivery of Certain Information. 

(a) Documents required to be delivered pursuant to the Loan Documents shall be delivered by electronic communication and delivery,
including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website such as www.sec.gov or a website sponsored or hosted by the Administrative Agent or the
Parent) provided that the foregoing shall not apply to (i) notices to any Lender pursuant to Article II. and (ii) any Lender that has notified the Administrative Agent, the Parent or the Borrower that it cannot or does not want to receive
electronic communications. The Administrative Agent, the Parent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for all or
particular notices or communications. Documents or notices delivered electronically shall be deemed to have been delivered twenty-four (24) hours after the date and time on which the Administrative Agent, the Parent or the Borrower posts such
documents or the documents become available on a commercial website and the Administrative Agent, the Parent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or
posted during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 9:00 a.m. Pacific time on the opening of business on the next Business Day for the recipient. Notwithstanding anything
contained herein, the Parent and the Borrower shall deliver paper copies of any documents to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by the
Administrative Agent or such Lender. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor
compliance by the Parent or Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents. 

(b) Documents required to be delivered pursuant to Article II. may be delivered electronically to a website provided for such purpose by
the Administrative Agent pursuant to the procedures provided to the Parent or the Borrower by the Administrative Agent. 
 Section 8.6.
Public/Private Information. 
 The Parent and the Borrower shall cooperate with the Administrative Agent in connection with
the publication of certain materials and/or information provided by or on behalf of the Parent or the Borrower. Documents required to be delivered pursuant to the Loan Documents shall be delivered by or on behalf of the Parent or the Borrower to the
Administrative Agent and the Lenders (collectively, “Information Materials”) pursuant to this Article and, if requested by the Administrative Agent, the Parent or the Borrower shall designate Information Materials (a) that are either
available to the public or not material with respect to the Parent, the Borrower and the other Subsidiaries or any of their respective securities for purposes of United States federal and state securities laws, as “Public Information” and
(b) that are not Public Information as “Private Information”. All Information Materials shall be presumed by the recipient to be “Private Information” except for Information Materials (x) designated as “Public
Information” or (y) previously filed with the Securities and Exchange Commission (or any Governmental Authority substituted therefor) or any national securities exchange. 
 Section 8.7. USA Patriot Act Notice; Compliance. 
 The Patriot Act and
federal regulations issued with respect thereto require all financial institutions to obtain, verify and record certain information that identifies individuals or business entities which open an “account” with such financial institution.
Consequently, a Lender (for itself and/or as Administrative Agent for all Lenders hereunder) may from time-to-time request, and the Parent and the Borrower shall, 

  
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and shall cause the other Loan Parties to, provide promptly upon any such request to such Lender, such Loan Party’s name, address, tax identification number and/or such other identification
information as shall be necessary for such Lender to comply with federal law. An “account” for this purpose may include, without limitation, a deposit account, cash management service, a transaction or asset account, a credit account, a
loan or other extension of credit, and/or other financial services product. 
 ARTICLE IX.
NEGATIVE COVENANTS 
 For so long as this Agreement is in effect, unless the Requisite Lenders
(or, if required pursuant to Section 12.7., all of the Lenders) shall otherwise consent in the manner set forth in Section 12.7., the Parent and the Borrower, as applicable, shall comply with the following covenants: 

Section 9.1. Financial Covenants. 
 (a) Ratio of Total Indebtedness to Total Asset Value. The Parent shall not permit the ratio of (i) Total Indebtedness to (ii) Total Asset Value to exceed 0.60 to 1.00 at any time.

 (b) Ratio of Adjusted EBITDA to Fixed Charges. The Parent shall not permit the ratio of (i) the product of
(A) Adjusted EBITDA of the Parent and its Subsidiaries determined on a consolidated basis for the two consecutive fiscal quarters most recently ended multiplied by (B) 2 to (ii) the product of (A) Fixed Charges of the Parent and
its Subsidiaries determined on a consolidated basis for the two consecutive fiscal quarters most recently ended multiplied by (B) 2, to be less than the applicable ratio set forth below as of the last day of the fiscal quarters set forth below:

  

			
	 Fiscal Quarter Ending
	  	 Ratio of Adjusted EBITDA to
Fixed
Charges

	 June 30, 2013,

September 30, 2013 and December 31, 2013
	  	1.45 to 1.00
	 March 31, 2014 and each fiscal quarter ending thereafter
	  	1.50 to 1.00

 (c) Ratio of Secured Indebtedness to Total Asset Value. The Parent shall not permit the ratio of
(i) Secured Indebtedness of the Parent and its Subsidiaries determined on a consolidated basis to (ii) Total Asset Value, to exceed 0.50 to 1.00 at any time. 
 (d) Ratio of Secured Recourse Indebtedness to Total Asset Value. The Parent shall not permit the ratio of (i) Secured Recourse Indebtedness of the Parent and its Subsidiaries determined on a
consolidated basis to (ii) Total Asset Value, to exceed 0.10 to 1.00 at any time. 
 (e) Ratio of Unencumbered Adjusted
NOI to Unsecured Indebtedness. The Parent shall not permit the ratio of (i) the product of (A) Unencumbered Adjusted NOI for the two consecutive fiscal quarters most recently ended multiplied by (B) 2 to (ii) Unsecured
Indebtedness of the Parent and its Subsidiaries to be less than 0.11 to 1.00 at any time. For the purpose of calculating the ratio set forth in this Subsection (e), if an Eligible Property or Non-Core Property has been acquired during the two
consecutive fiscal quarters most recently ended, the Parent may include in such calculation the Unencumbered Adjusted NOI of such Property calculated on a proforma basis, so long as the Administrative Agent shall have given its prior written
consent, which consent shall not be unreasonably withheld. 

  
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 (f) Minimum Tangible Net Worth. The Parent shall not permit Tangible Net Worth at any
time to be less than (i) $425,000,000 plus (ii) 75% of the Net Proceeds of all Equity Issuances effected at any time after the Agreement Date (as defined in the Existing Credit Agreement) by the Parent, the Borrower or any of their
Subsidiaries to any Person other than the Parent, the Borrower or any of their Subsidiaries (other than Equity Issuances by the Parent, the Borrower or any of their Subsidiaries, to the extent the proceeds thereof are used at the time of such Equity
Issuance (or within twelve (12) months of such Equity Issuance) to redeem, repurchase or otherwise acquire or retire any other Equity Interests (other than Mandatorily Redeemable Stock) of the Parent, the Borrower or such Subsidiary, as the
case may be). 
 (g) Dividends and Other Restricted Payments. The Parent shall not, and shall not permit the Borrower or
any of their Subsidiaries to, declare or make any Restricted Payment; provided, however, that the Parent, the Borrower and their respective Subsidiaries may declare and make the following Restricted Payments so long as no Default or Event of Default
would result therefrom: 
 (i) the Borrower may pay cash distributions to the Parent and other holders of
partnership interests in the Borrower with respect to any fiscal year ending during the term of this Agreement to the extent necessary for the Parent to distribute, and the Parent may so distribute, cash distributions to its shareholders in an
aggregate amount not to exceed the greater of (i) the amount required to be distributed for the Parent to remain in compliance with Section 7.12. or (ii) 90% of Funds From Operations; 

(ii) the Borrower may pay cash distributions to the Parent and other holders of partnership interests in the Borrower with
respect to any fiscal year ending during the term of this Agreement to the extent necessary for the Parent to distribute, and the Parent may so distribute cash distributions (including, without limitation, distributions constituting “capital
gains dividends”) to its shareholders to the extent necessary to avoid payment of taxes under Section 857 (including, without limitation, Section 857(b)(3)) and Section 4981 of the Internal Revenue Code; 

(iii) a Subsidiary that is not a Wholly Owned Subsidiary may make cash distributions to holders of Equity Interests issued
by such Subsidiary; 
 (iv) Subsidiaries may pay Restricted Payments to the Borrower or any other Subsidiary;

 (v) the Borrower or any other Subsidiary of the Parent may make purchases of Equity Interests in any
Subsidiary or Unconsolidated Affiliate of the Parent or of any of its Subsidiaries that are held by any other Person; 
 (vi) the Borrower may redeem for cash limited partnership interests in the Borrower; and 
 (vii) the Parent, the Borrower or any Subsidiary may redeem or repurchase its Preferred Stock, at par or at a discount. 
 Notwithstanding the foregoing, but subject to the following sentence, if a Default or Event of Default exists, the Borrower may only declare and make cash distributions to the Parent and other holders of
partnership interests in the Borrower with respect to any fiscal year to the extent necessary for the Parent to distribute, and the Parent may so distribute, an aggregate amount not to exceed the minimum amount necessary for the Parent to remain in
compliance with Section 7.12. If a Default or Event of Default 

  
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specified in Section 10.1.(a), Section 10.1.(e) or Section 10.1.(f) shall exist, or if as a result of the occurrence of any other Event of Default any of the Obligations have been
accelerated pursuant to Section 10.2.(a), the Parent shall not, and shall not permit the Borrower or any Subsidiary to, make any Restricted Payments to any Person other than to the Parent, the Borrower or any Subsidiary. 

(h) Permitted Investments. The Parent shall not, and shall not permit the Borrower, any Loan Party or any other Subsidiary to, make
an Investment in or otherwise own the following items which would cause the aggregate value of such holdings of such Persons to exceed the following percentages of Total Asset Value at any time: 

(i) Investments (A) in Subsidiaries that are not Wholly Owned Subsidiaries, in Unconsolidated Affiliates and in
Consolidated Affiliates, such that the aggregate book value of such Investments exceeds 35.0% of Total Asset Value and (B) in Unconsolidated Affiliates, such that the aggregate book value of such Investments exceeds 20.0% of Total Asset Value;

 (ii) Investments in Equity Interests in Persons that are not Subsidiaries, Consolidated Affiliates or
Unconsolidated Affiliates, such that the aggregate value of such Investments calculated on the basis of the lower of cost or market exceeds 5.0% of Total Asset Value; 

(iii) Mortgage Receivables, such that the aggregate book value of such Mortgage Receivables exceeds 5.0% of Total Asset
Value at any time; and 
 (iv) the aggregate amount of Total Budgeted Costs for Development Properties in which
the Parent either has a direct or indirect ownership interest such that the aggregate amount thereof exceeds 7.50% of Total Asset Value. If a Development Property is owned by an Unconsolidated Affiliate of the Parent, the Borrower or any Subsidiary,
then the product of (A) the Parent’s, the Borrower’s or such Subsidiary’s Ownership Share in such Unconsolidated Affiliate and (B) the amount of the Total Budgeted Costs for such Development Property, shall be used in
calculating such investment limitation; and 
 (v) Ownership of, or Investments in, Properties that are not
office properties such that the aggregate GAAP book value thereof exceeds 5.0% of Total Asset Value. 
 In addition to the
foregoing limitations, the aggregate value of all of the items subject to any of the limitations in the preceding clauses (ii) through (v) shall not exceed 15.0% of Total Asset Value. 

(i) Eligible Property Requirements. The Parent and the Borrower shall not permit at any time (a) the product of Unencumbered
Adjusted NOI determined on an aggregate basis for the two consecutive fiscal quarters most recently ended multiplied by 2 to be less than $11,000,000 or (b) the number of Eligible Properties to be less than 8. For the purpose of
calculating clause (a) of this Section 9.1.(i), if an Eligible Property or Non-Core Property has been acquired during the two consecutive fiscal quarters most recently ended, the Parent may include in such calculation the Unencumbered
Adjusted NOI of such Property calculated on a proforma basis, so long as the Administrative Agent shall have given its prior written consent, which consent shall not be unreasonably withheld. 

(j) Assets Owned by Borrower and Guarantors. The Parent shall not permit the amount of Adjusted Total Asset Value attributable to
assets directly owned by the Borrower and the Guarantors to be less than 95.0% of Adjusted Total Asset Value at any time. 

  
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 Section 9.2. Liens; Negative Pledge. 

(a) The Parent and the Borrower shall not, and shall not permit any Subsidiary or any other Loan Party to, create, assume, or incur any
Lien (other than Permitted Liens) upon any of its properties, assets, income or profits of any character whether now owned or hereafter acquired if immediately prior to the creation, assumption or incurring of such Lien, or immediately thereafter, a
Default or Event of Default is or would be in existence, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1.; provided, however, an Excluded Subsidiary
may modify, replace, renew or extend a Lien upon its property that secures such Excluded Subsidiary’s Nonrecourse Indebtedness notwithstanding that a Default or Event of Default is in existence at the time of such modification, replacement,
renewal or extension, so long as (i) such Lien does not extend to any additional property other than after-acquired property that is affixed or incorporated into the property covered by such Lien, (ii) the terms of such modification,
replacement, renewal or extension are not adverse to the interests of the Lenders and (iii) such modification, replacement, renewal or extension does not cause an additional Default or Event of Default. 

(b) The Parent and the Borrower shall not, and shall not permit any Subsidiary (other than an Excluded Subsidiary) or any other Loan Party
to, enter into, assume or otherwise be bound by any Negative Pledge except for a Negative Pledge contained in (i) the Existing Credit Agreement; (ii) the Existing Term Loan Agreement; (iii) any other agreement (in addition to the
Existing Credit Agreement and the Existing Term Loan Agreement) that evidences unsecured Indebtedness which contains restrictions on encumbering assets that are substantially similar to those restrictions contained in the Loan Documents;
(iv) any agreement relating to assets to be sold where the restrictions on encumbering assets relate only to such assets pending such sale; and (v) any agreement (x) evidencing Indebtedness of such Person, but only to the extent that
no Default or Event of Default is in existence at the time such Indebtedness is created, incurred or assumed, nor would result from the creation, incurrence or assumption of such Indebtedness (including without limitation, a Default or Event of
Default resulting from a violation of any of the covenants contained in Section 9.1.); (y) which Indebtedness is secured by a Lien permitted to exist pursuant to this Agreement, and (z) which prohibits the creation of any other Lien
on only the property securing such Indebtedness as of the date such agreement was entered into. 
 Section 9.3. Restrictions on
Intercompany Transfers. 
 The Parent and the Borrower shall not, and shall not permit any other Loan Party or any other
Subsidiary (other than an Excluded Subsidiary) to, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Subsidiary (other than an Excluded Subsidiary) to:
(a) pay dividends or make any other distribution on any of such Subsidiary’s capital stock or other equity interests owned by the Parent, the Borrower or any other Subsidiary; (b) pay any Indebtedness owed to the Parent, the Borrower
or any other Subsidiary; (c) make loans or advances to the Parent, the Borrower or any other Subsidiary; or (d) transfer any of its property or assets to the Parent, the Borrower or any other Subsidiary; other than (i) with respect to
clauses (a) through (d), those encumbrances or restrictions contained in (A) any Loan Document, (B) the Existing Credit Agreement, (C) the Existing Term Loan Agreement, (D) any other agreement (in addition to the Existing
Credit Agreement and the Existing Term Loan Agreement) that evidences unsecured Indebtedness containing encumbrances or restrictions on the actions described above that are substantially similar to those contained in the Loan Documents, (E) the
organizational documents of any Excluded Subsidiary, Unconsolidated Affiliate or any Subsidiary that is not a Wholly Owned Subsidiary (but only to the extent applicable to the Equity Interest in such Subsidiary or Unconsolidated Affiliate or the
property or assets of such Subsidiary or Unconsolidated Affiliate), or (ii) with respect to clause (d), (A) restrictions contained in any agreement relating to the sale of a Subsidiary (other than the Borrower) or

  
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the assets of a Subsidiary pending sale, or relating to Indebtedness secured by a Lien on assets that the Borrower or a Subsidiary may create, incur, assume, or permit or suffer to exist under
Section 9.2.(a), provided that in any such case, the restrictions apply only to the Subsidiary or the assets that are the subject of such sale or Lien, as the case may be or (B) customary provisions restricting assignment of any agreement
entered into by the Parent, the Borrower, any other Loan Party or any Subsidiary in the ordinary course of business. 
 Section 9.4.
Merger, Consolidation, Sales of Assets and Other Arrangements. 
 The Parent and the Borrower shall not, and shall not permit
any other Loan Party or any other Subsidiary to, (i) enter into any transaction of merger or consolidation; (ii) liquidate, windup or dissolve itself (or suffer any liquidation or dissolution); (iii) convey, sell, lease, sublease,
transfer or otherwise dispose of, in one transaction or a series of transactions, all or any substantial part of its business or assets, or the capital stock of or other Equity Interests in any of its Subsidiaries, whether now owned or hereafter
acquired; or (iv) acquire a Substantial Amount of the assets of, or make an Investment of a Substantial Amount in, any other Person; provided, however, that: 
 (a) any of the actions described in the immediately preceding clauses (i), (ii) and (iii) (other than a conveyance, sale, transfer or other disposition subject to the immediately following
subsection (d), in which case the provisions of such subsection shall apply) may be taken with respect to any Subsidiary or any other Loan Party (other than the Parent or the Borrower) so long as immediately prior to the taking of such action
and after giving effect thereto, no Default or Event of Default exists or would result therefrom; 
 (b) any Subsidiary may merge
with a Loan Party so long as the survivor is or becomes a Loan Party simultaneously with the consummation of such merger; 
 (c)
any Subsidiary may sell, transfer or dispose of its assets to a Loan Party; 
 (d) any Loan Party and any other Subsidiary may,
directly or indirectly, (A) acquire (whether by purchase, acquisition of Equity Interests of a Person, or as a result of a merger or consolidation) a Substantial Amount of the assets of, or make an Investment of a Substantial Amount in, any
other Person and (B) convey, sell, lease or otherwise transfer, whether by one or a series of transactions, a Substantial Amount of assets (including Equity Interests of Subsidiaries) to any other Person, so long as, in each case, (1) the
Borrower shall have given the Administrative Agent at least fifteen days’ prior written notice of such acquisition, Investment, conveyance, sale, lease or other transfer; (2) immediately prior thereto, and immediately thereafter and after
giving effect thereto, no Default or Event of Default is or would be in existence, including, without limitation, a Default or Event of Default resulting from a breach of Section 9.1.; (3) in the case of a consolidation or merger involving
the Borrower, the Borrower shall be the survivor thereof and (4) at the time the Borrower gives notice pursuant to clause (1) of this subsection, for transactions that are not solely among Loan Parties and Wholly Owned Subsidiaries, the
Borrower shall have delivered to the Administrative Agent for distribution to each of the Lenders a Compliance Certificate, calculated on a pro forma basis, evidencing the continued compliance by the Loan Parties with the terms and conditions of
this Agreement and the other Loan Documents, including without limitation, the financial the covenants contained in Section 9.1. after giving effect to such acquisition, Investment, conveyance, sale, lease or other transfer; and 

  
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 (e) the Parent, the Borrower, the other Loan Parties and the other Subsidiaries may lease
and sublease their respective assets, as lessor or sublessor (as the case may be), in the ordinary course of their business. 
 Further, no Loan
Party nor any Subsidiary, shall enter into any sale-leaseback transactions or other transaction by which such Person shall remain liable as lessee (or the economic equivalent thereof) of any real or personal property that it has sold or leased to
another Person. 
 Section 9.5. Plans. 
 The Parent and the Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, permit any of its respective assets to become or be deemed to be “plan assets” within
the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. The Parent and the Borrower shall not cause or permit to occur, and shall not permit any other member of the ERISA Group to cause or permit to
occur, any ERISA Event if such ERISA Event could reasonably be expected to have a Material Adverse Effect. 
 Section 9.6. Fiscal Year.

 The Parent and the Borrower shall not, and shall not permit any other Loan Party or other Subsidiary to, change its fiscal
year from that in effect as of the Agreement Date (as defined in the Existing Credit Agreement). 
 Section 9.7. Modifications of
Organizational Documents and Material Contracts. 
 The Parent and the Borrower shall not, and shall not permit any other
Loan Party or any other Subsidiary to, amend, supplement, restate or otherwise modify its certificate or articles of incorporation or formation, by-laws, operating agreement, declaration of trust, partnership agreement or other applicable
organizational document if such amendment, supplement, restatement or other modification (a) results in an Event of Default or (b) could reasonably be expected to have a Material Adverse Effect. The Parent and the Borrower shall not enter
into, and shall not permit any Subsidiary or other Loan Party to enter into, any amendment or modification to any Material Contract which could reasonably be expected to have a Material Adverse Effect or default in the performance of any obligations
of any Loan Party or other Subsidiary in any Material Contract or permit any Material Contract to be canceled or terminated prior to its stated maturity. 
 Section 9.8. Transactions with Affiliates. 
 The Parent and the
Borrower shall not permit to exist or enter into, and shall not permit any other Loan Party or any other Subsidiary to permit to exist or enter into, any transaction (including the purchase, sale, lease or exchange of any property or the rendering
of any service) with any Affiliate (other than the Parent, the Borrower, any other Loan Party or any Wholly Owned Subsidiary), except (a) as set forth on Schedule 6.1.(r), (b) payments made pursuant to the Management Services
Agreement between the Parent and TPG VI Management, LLC dated as of June 5, 2012, (c) Restricted Payments to the extent the same are permitted by Section 9.1.(g), (d) Investments in Affiliates to the extent such Investments are
permitted by Section 9.1.(h)(i), or (e) transactions in the ordinary course of and pursuant to the reasonable requirements of the business of the Parent, the Borrower, such other Loan Party or such other Subsidiary and upon fair and
reasonable terms which are no less favorable to the Parent, the Borrower, such other Loan Party or such other Subsidiary than would be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate. Notwithstanding the
foregoing, no payments may be made with respect to any items set forth on such Schedule 6.1.(r) if a Default or Event of Default exists or would result therefrom. 

  
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 Section 9.9. Environmental Matters. 

The Parent, the Borrower shall not, and shall not permit any other Loan Party, any other Subsidiary or any other Person to, use, generate,
discharge, emit, manufacture, handle, process, store, release, transport, remove, dispose of or clean up any Hazardous Materials on, under or from the Properties in material violation of any Environmental Law or in a manner that could reasonably be
expected to lead to any material environmental claim or pose a material risk to human health, safety or the environment, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. Nothing in this Section
shall impose any obligation or liability whatsoever on the Administrative Agent or any Lender. 
 Section 9.10. Derivatives Contracts.

 The Parent and the Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to enter into or
become obligated in respect of, Derivatives Contracts, other than Derivatives Contracts entered into by the Parent, the Borrower, any such Loan Party or any such Subsidiary in the ordinary course of business and which are established to hedge in
respect of liabilities, commitments or assets held or reasonably anticipated by the Parent, the Borrower, such other Loan Party or such other Subsidiary. 
 ARTICLE X. DEFAULT 
 Section 10.1. Events of Default.

 Each of the following shall constitute an Event of Default, whatever the reason for such event and whether it shall be
voluntary or involuntary or be effected by operation of Applicable Law or pursuant to any judgment or order of any Governmental Authority: 
 (a) Default in Payment. 
 (i) The Borrower shall fail to pay
when due under this Agreement or any other Loan Document (whether upon demand, at maturity, by reason of acceleration or otherwise) the principal of the Loans; or 

(ii) The Borrower shall fail to pay when due under this Agreement or any other Loan Document (whether upon demand, at
maturity, by reason of acceleration or otherwise) any interest on any of the Loans or any of the other payment Obligations owing by the Borrower under this Agreement (other than described in subsection (a)(i) above) or any other Loan Document, or
any other Loan Party shall fail to pay when due any payment obligation owing by such Loan Party under any Loan Document to which it is a party; and, in the case of this subsection (a)(ii) only, such failure shall continue for a period of 5 Business
Days after the date such payment becomes due. 
 (b) Default in Performance. 

(i) Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed
or observed and contained in Sections 7.7., 7.12., 7.14., 8.1., 8.2., 8.3., 8.4.(l) or Article IX.; or 

  
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 (ii) Any Loan Party shall fail to perform or observe any term, covenant,
condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section, and in the case of this subsection (b)(ii) only, such failure shall continue for a period of 30 days
after the earlier of (x) the date upon which a Responsible Officer of the Parent, the Borrower or such other Loan Party obtains knowledge of such failure or (y) the date upon which the Parent, the Borrower has received written notice of
such failure from the Administrative Agent. 
 (c) Misrepresentations. Any written statement, representation or warranty
made or deemed made by or on behalf of any Loan Party under this Agreement or under any other Loan Document, or any amendment hereto or thereto, or in any other writing or statement at any time furnished by, or at the direction of, any Loan Party to
the Administrative Agent or any Lender, shall at any time prove to have been incorrect or misleading in any material respect when furnished or made or deemed made. 
 (d) Indebtedness Cross-Default. 
 (i) The Parent, the
Borrower, any other Loan Party or any other Subsidiary shall fail to make any payment when due and payable (following the expiration of any applicable grace or cure periods) in respect of (either in a single instance or on a cumulative basis)
(x) Recourse Indebtedness of the Parent, the Borrower or any Subsidiary (other than the Loans) having an aggregate outstanding principal amount in excess of $20,000,000, (y) Nonrecourse Indebtedness of the Parent, the Borrower or any
Subsidiary having an aggregate outstanding principal amount in excess of $100,000,000 or (z) an aggregate amount of Indebtedness with respect to Derivatives Contracts, having, without regard to the effect of any close-out netting provision,
Derivatives Termination Values of $10,000,000 or more (each of the Indebtedness described in clauses (x), (y) and (z) above, “Material Indebtedness”); or 

(ii) (x) The maturity of any Material Indebtedness shall have been accelerated in accordance with the provisions of
any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Material Indebtedness or (y) any Material Indebtedness shall have been required to be prepaid, repurchased, redeemed or defeased prior
to the stated maturity thereof (other than mandatory prepayments triggered by asset sales, casualty events, equity issuances or debt issuances); or 
 (iii) Any other event shall have occurred and be continuing which permits any holder or holders of Material Indebtedness other than Nonrecourse Indebtedness, any trustee or agent acting on behalf of such
holder or holders or any other Person, to accelerate the maturity of any such Material Indebtedness or require any such Material Indebtedness to be prepaid, repurchased, redeemed or defeased prior to its stated maturity and all applicable grace or
cure periods shall have expired; or 
 (iv) There occurs an “Event of Default” under and as defined in
any Derivatives Contract as to which the Parent, the Borrower, any Loan Party or any of other Subsidiary is a “Defaulting Party” (as defined therein), or there occurs an “Early Termination Date” (as defined therein) in respect of
any Specified Derivatives Contract as a result of a “Termination Event” (as defined therein) as to which the Parent or any of its Subsidiaries is an “Affected Party” (as defined therein), in each case with respect to Material
Indebtedness; or 
 (v) An “Event of Default” under and as defined in the Existing Credit Agreement
shall occur; or 
 (vi) An “Event of Default” under and as defined in the Existing Term Loan Agreement
shall occur. 

  
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 (e) Voluntary Bankruptcy Proceeding. The Parent, the Borrower, any other Loan Party
or any Significant Subsidiary shall: (i) commence a voluntary case under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect); (ii) file a petition seeking to take advantage of any other Applicable Laws,
domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; (iii) consent to, or fail to contest in a timely and appropriate manner, any petition filed against it in an involuntary
case under such bankruptcy laws or other Applicable Laws or consent to any proceeding or action described in the immediately following subsection (f); (iv) apply for or consent to, or fail to contest in a timely and appropriate manner, the
appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign; (v) admit in writing its inability to pay its debts as they become due;
(vi) make a general assignment for the benefit of creditors; (vii) make a conveyance fraudulent as to creditors under any Applicable Law; or (viii) take any corporate or partnership action for the purpose of effecting any of the
foregoing. 
 (f) Involuntary Bankruptcy Proceeding. A case or other proceeding shall be commenced against the Parent, the
Borrower, any other Loan Party or any Significant Subsidiary in any court of competent jurisdiction seeking: (i) relief under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect) or under any other Applicable
Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; or (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of such Person, or of all or any
substantial part of the assets, domestic or foreign, of such Person, and in the case of either clause (i) or (ii) such case or proceeding shall continue undismissed or unstayed for a period of 60 consecutive days, or an order granting the
remedy or other relief requested in such case or proceeding (including, but not limited to, an order for relief under such Bankruptcy Code or such other federal bankruptcy laws) shall be entered. 

(g) Revocation of Loan Documents. Any Loan Party shall (or shall attempt to) disavow, revoke or terminate any Loan Document to
which it is a party or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity or enforceability of any Loan Document, or any Loan Document shall cease to be in full force
and effect (except as a result of the express terms thereof). 
 (h) Judgment. A judgment or order for the payment of
money or for an injunction or other non-monetary relief shall be entered against the Parent, the Borrower, any other Loan Party, or any other Subsidiary by any court or other tribunal and (i) such judgment or order shall continue for a period
of thirty (30) days without being paid, stayed or dismissed through appropriate appellate proceedings and (ii) either (A) the amount such judgment or order for which insurance has not been acknowledged in writing by the applicable
insurance carrier (or the amount as to which the insurer has denied liability) exceeds, individually or together with all other such judgments or orders entered against the Loan Parties, $10,000,000 or (B) in the case of an injunction or other
non-monetary relief, such injunction or judgment or order could reasonably be expected to have a Material Adverse Effect. 
 (i)
Attachment. A warrant, writ of attachment, execution or similar process shall be issued against any property of the Parent, the Borrower, any other Loan Party or any other Subsidiary, which exceeds, individually or together with all other
such warrants, writs, executions and processes, $10,000,000 in amount and such warrant, writ, execution or process shall not be paid, discharged, vacated, stayed or bonded for a period of thirty (30) days; provided, however, that if a bond has
been issued in favor of the claimant or other Person obtaining such warrant, writ, execution or process, the issuer of such bond shall execute a waiver or subordination agreement in form and substance satisfactory to the Administrative Agent
pursuant to which the issuer of such bond subordinates its right of reimbursement, contribution or subrogation to the Obligations and waives or subordinates any Lien it may have on the assets of the Parent, the Borrower or any of their respective
Subsidiaries. 

  
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 (j) ERISA. 

(i) Any ERISA Event shall have occurred that results or could reasonably be expected to result in liability to any member
of the ERISA Group aggregating in excess of $10,000,000; or 
 (ii) The “benefit obligation” of all
Plans exceeds the “fair market value of plan assets” for such Plans by more than $10,000,000, all as determined, and with such terms defined, in accordance with FASB ASC 715. 

(k) Loan Documents. An Event of Default (as defined therein) shall occur under any of the other Loan Documents; 

(l) Change of Control. 
 (i) Any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), is or becomes the
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person will be deemed to have “beneficial ownership” of all securities that such Person has the right to acquire, whether such right is
exercisable immediately or only after the passage of time), directly or indirectly, of more than 35% (or solely in the case of the TPG Investors, 49.9%) of the total voting power of the then outstanding voting stock of the Parent; or 

(ii) During any period of 12 consecutive months ending after the Agreement Date, individuals who at the beginning of any
such 12-month period constituted the Board of Directors of the Parent (together with any new directors whose election by such Board or whose nomination for election by the shareholders of the Parent was approved by a vote of a majority of the
directors then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved but excluding any director whose initial nomination for, or assumption of office as, a
director 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) cease for any reason to constitute two-thirds of the Board of Directors of the Parent then in office; or 
 (iii) the Parent shall cease to own and control, directly or indirectly, at least 90% of the outstanding Equity Interests of the Borrower; or 

(iv) the Parent or a Wholly Owned Subsidiary of the Parent shall cease to be the sole general partner of the Borrower or
shall cease to have the sole and exclusive power to exercise all management and control over the Borrower. 

  
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 Section 10.2. Remedies Upon Event of Default. 

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

(a) Acceleration; Termination of Facilities. 

(i) Automatic. Upon the occurrence of an Event of Default specified in Sections 10.1.(e) or 10.1.(f),
(A) the principal of, and all accrued interest on, the Loans and the Notes at the time outstanding, and (B) all of the other Obligations, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent
under this Agreement, the Notes or any of the other Loan Documents shall become immediately and automatically due and payable without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Parent and the
Borrower on behalf of themselves and the other Loan Parties. 
 (ii) Optional. If any other Event of
Default shall exist, the Administrative Agent may, and at the direction of the Requisite Lenders shall: declare (A) the principal of, and accrued interest on, the Loans and the Notes at the time outstanding and (B) all of the other
Obligations, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Notes or any of the other Loan Documents to be forthwith due and payable, whereupon the same shall immediately
become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by the Parent and the Borrower on behalf of themselves and the other Loan Parties. 

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

(d) Appointment of Receiver. To the extent permitted by Applicable Law, the Administrative Agent and the Lenders shall be entitled
to the appointment of a receiver for the assets and properties of the Parent, the Borrower and their respective Subsidiaries, without notice of any kind whatsoever and without regard to the adequacy of any security for the Obligations or the
solvency of any party bound for its payment, to take possession of all or any portion of the collateral, the property and/or the business operations of the Parent, the Borrower and their respective Subsidiaries and to exercise such power as the
court shall confer upon such receiver. 
 (e) Specified Derivatives Contract Remedies. Notwithstanding any other provision
of this Agreement or other Loan Document, each Specified Derivatives Provider shall have the right, with prompt notice to the Administrative Agent, but without the approval or consent of or other action by the Administrative Agent or the Lenders, to
take any action or avail itself of any remedies available to such Specified Derivatives Provider under any Specified Derivatives Contract. 

Section 10.3. Marshaling; Payments Set Aside. 
 None of the Administrative Agent any Lender or any Specified Derivatives Provider shall be under any obligation to marshal any assets in favor of any Loan Party or any other party or against or in payment
of any or all of the Obligations or the Specified Derivatives Obligations. To the extent that any 

  
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Loan Party makes a payment or payments to the Administrative Agent, any Lender or any Specified Derivatives Provider, or the Administrative Agent, any Lender or any Specified Derivatives Provider
enforce their security interests or exercise their rights of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside
and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such recovery, the Obligations or Specified Derivatives Obligations, or part
thereof originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred. 

Section 10.4. Allocation of Proceeds. 
 If an Event of Default exists, all payments received by the Administrative Agent (or any Lender as a result of its exercise of remedies permitted under Section 12.4.) under any of the Loan Documents,
in respect of any principal of or interest on the Obligations or any other amounts payable by the Borrower hereunder or thereunder, shall be applied in the following order and priority: 

(a) amounts due to the Administrative Agent and the Lenders in respect of expenses due under Section 12.2. until paid
in full, and then Fees; 
 (b) payments of interest on all Loans to be paid to the Lenders equally and ratably in
accordance with the respective amounts thereof then due and owing; 
 (c) payments of principal of all Loans to
be applied for the ratable benefit of the Lenders in such order and priority as the Lenders may determine in their sole discretion; 
 (d) amounts due to the Administrative Agent and the Lenders pursuant to Sections 11.6. and 12.10.; 
 (e) payments of all other amounts due under any of the Loan Documents, if any, to be applied for the ratable benefit of the Lenders; and 

(f) any amount remaining after application as provided above, shall be paid to the Borrower or whomever else may be
legally entitled thereto. 
 Section 10.5. Performance by Administrative Agent. 

If the Parent, the Borrower or any other Loan Party shall fail to perform any covenant, duty or agreement contained in any of the Loan
Documents, the Administrative Agent may, after notice to the Borrower, perform or attempt to perform such covenant, duty or agreement on behalf of the Parent, the Borrower or such other Loan Party, as applicable, after the expiration of any cure or
grace periods set forth herein. In such event, the Borrower shall, at the request of the Administrative Agent, promptly pay any amount reasonably expended by the Administrative Agent in such performance or attempted performance to the Administrative
Agent, together with interest thereon at the applicable Post-Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, neither the Administrative Agent nor any Lender shall have any liability or responsibility
whatsoever for the performance of any obligation of the Borrower under this Agreement or any other Loan Document. 

  
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 Section 10.6. Rights Cumulative. 

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

(b) Enforcement by Administrative Agent. Notwithstanding anything to the contrary contained herein or in any other Loan Document,
the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be
instituted and maintained exclusively by, the Administrative Agent in accordance with Article X. for the benefit of all the Lenders; provided that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its
own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any Specified Derivatives Provider from exercising the rights and remedies that
inure to its benefit (solely in its capacity as Specified Derivatives Provider) under any Specified Derivatives Contract, (c) any Lender from exercising setoff rights in accordance with Section 12.4. (subject to the terms of
Section 3.3.), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided,
further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Requisite Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to
Article X. and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 3.3., any Lender may, with the consent of the Requisite Lenders, enforce any rights and
remedies available to it and as authorized by the Requisite Lenders. 
 ARTICLE XI. THE
ADMINISTRATIVE AGENT 
 Section 11.1. Appointment and Authorization. 

Each Lender hereby irrevocably appoints and authorizes the Administrative Agent to take such action as contractual representative on such
Lender’s behalf and to exercise such powers under this Agreement and the other Loan Documents as are specifically delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental
thereto. Not in limitation of the foregoing, each Lender authorizes and directs the Administrative Agent to enter into the Loan Documents for the benefit of the Lenders. Each Lender hereby agrees that, except as otherwise set forth herein, any
action taken by the Requisite Lenders in accordance with the provisions of this Agreement or the Loan Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers as are reasonably
incidental thereto, shall be authorized and binding upon all of the Lenders. Nothing herein shall be construed to deem the Administrative Agent a trustee or fiduciary for any Lender or to impose on the Administrative Agent duties or obligations
other than those expressly provided for herein. Without limiting the generality of the foregoing, the use of the terms “Agent”, “Administrative Agent”, “agent” and similar terms in the Loan Documents with reference to
the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead, use of such terms is merely a matter of market custom, and is intended to
create or reflect only an administrative relationship between independent contracting parties. The Administrative Agent shall deliver to each Lender, promptly upon 

  
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receipt thereof by the Administrative Agent, copies of each of the financial statements, certificates, notices and other documents delivered to the Administrative Agent pursuant to
Article VIII. that the Parent or the Borrower is not otherwise required to deliver directly to the Lenders. The Administrative Agent will furnish to any Lender, upon the request of such Lender, a copy (or, where appropriate, an original) of any
document, instrument, agreement, certificate or notice furnished to the Administrative Agent by the Parent, the Borrower, any other Loan Party or any other Affiliate of the Parent, pursuant to this Agreement or any other Loan Document not already
delivered or otherwise made available to such Lender pursuant to the terms of this Agreement or any such other Loan Document. As to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement or
collection of any of the Obligations), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from
acting) upon the instructions of the Requisite Lenders (or all of the Lenders if explicitly required under any other provision of this Agreement), and such instructions shall be binding upon all Lenders and all holders of any of the Obligations;
provided, however, that, notwithstanding anything in this Agreement to the contrary, the Administrative Agent shall not be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this
Agreement or any other Loan Document or Applicable Law. Not in limitation of the foregoing, the Administrative Agent may exercise any right or remedy it or the Lenders may have under any Loan Document upon the occurrence of a Default or an Event of
Default unless the Requisite Lenders have directed the Administrative Agent otherwise. Without limiting the foregoing, no Lender shall have any right of action whatsoever against the Administrative Agent as a result of the Administrative Agent
acting or refraining from acting under this Agreement or any of the other Loan Documents in accordance with the instructions of the Requisite Lenders, or where applicable, all the Lenders. 
 Section 11.2. Administrative Agent as Lender. 
 The Lender acting as
Administrative Agent shall have the same rights and powers as a Lender or as a Specified Derivatives Provider, as the case may be, under this Agreement and any other Loan Document and under any Specified Derivatives Contract, as the case may be, as
any other Lender or Specified Derivatives Provider and may exercise the same as though it were not the Administrative Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include Wells Fargo in
each case in its individual capacity. Wells Fargo and its affiliates may each accept deposits from, maintain deposits or credit balances for, invest in, lend money to, act as trustee under indentures of, serve as financial advisor to, and generally
engage in any kind of business with the Parent, the Borrower, any other Loan Party or any other affiliate thereof as if it were any other bank and without any duty to account therefor to the Lenders. Further, the Administrative Agent and any
affiliate may accept fees and other consideration from the Parent, the Borrower, any other Loan Party or any other Subsidiary for services in connection with this Agreement or any Specified Derivatives Contract, or otherwise without having to
account for the same to the Lenders. The Lenders acknowledge that, pursuant to such activities, Wells Fargo or its affiliates may receive information regarding the Parent, the Borrower, other Loan Parties, other Subsidiaries and other Affiliates
(including information that may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Administrative Agent shall be under no obligation to provide such information to them. 

Section 11.3. Approvals of Lenders. 
 All communications from the Administrative Agent to any Lender requesting such Lender’s determination, consent, approval or disapproval (a) shall be given in the form of a written notice to such
Lender, (b) shall be accompanied by a description of the matter or issue as to which such determination, approval, consent or disapproval is requested, or shall advise such Lender where information, if any, regarding such matter or issue may be
inspected, or shall otherwise describe the matter or issue to be 

  
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resolved, (c) shall include, if reasonably requested by such Lender and to the extent not previously provided to such Lender, written materials and, as appropriate, a brief summary of all
oral information provided to the Administrative Agent by the Parent or the Borrower in respect of the matter or issue to be resolved, and (d) shall include the Administrative Agent’s recommended course of action or determination in respect
thereof. Unless a Lender shall give written notice to the Administrative Agent that it specifically objects to the recommendation or determination of the Administrative Agent (together with a reasonable written explanation of the reasons behind such
objection) within ten (10) Business Days (or such lesser or greater period as may be specifically required under the express terms of the Loan Documents) of receipt of such communication, such Lender shall be deemed to have conclusively
approved of or consented to such recommendation or determination; provided, however, that this sentence shall not apply to amendments, waivers or consents that require the written consent of each Lender directly and adversely affected
thereby pursuant to Section 12.7.(b). 
 Section 11.4. Notice of Events of Default. 

The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the
Administrative Agent has received notice from a Lender or the Borrower referring to this Agreement, describing with reasonable specificity such Default or Event of Default and stating that such notice is a “notice of default.” If any
Lender (excluding the Lender which is also serving as the Administrative Agent) becomes aware of any Default or Event of Default, it shall promptly send to the Administrative Agent such a “notice of default”; provided, a Lender’s
failure to provide such a “notice of default” to the Administrative Agent shall not result in any liability of such Lender to any other party to any of the Loan Documents. Further, if the Administrative Agent receives such a “notice
of default,” the Administrative Agent shall give prompt notice thereof to the Lenders. 
 Section 11.5. Administrative Agent’s
Reliance. 
 Notwithstanding any other provisions of this Agreement or any other Loan Documents, neither the Administrative
Agent nor any of its Related Parties shall be liable for any action taken or not taken by it under or in connection with this Agreement or any other Loan Document, except for its or their own gross negligence or willful misconduct in connection with
its duties expressly set forth herein or therein as determined by a court of competent jurisdiction in a final non-appealable judgment. Without limiting the generality of the foregoing, the Administrative Agent may consult with legal counsel
(including its own counsel or counsel for the Borrower or any other Loan Party), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance
with the advice of such counsel, accountants or experts. Neither the Administrative Agent nor any of its Related Parties: (a) makes any warranty or representation to any Lender or any other Person, or shall be responsible to any Lender or any
other Person for any statement, warranty or representation made or deemed made by the Borrower, any other Loan Party or any other Person in or in connection with this Agreement or any other Loan Document; (b) shall have any duty to ascertain or
to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or any other Loan Document or the satisfaction of any conditions precedent under this Agreement or any Loan Document on the part of the
Borrower or other Persons, or to inspect the property, books or records of the Borrower or any other Person; (c) shall be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of
this Agreement or any other Loan Document, any other instrument or document furnished pursuant thereto; (d) shall have any liability in respect of any recitals, statements, certifications, representations or warranties contained in any of the
Loan Documents or any other document, instrument, agreement, certificate or statement delivered in connection therewith; and (e) shall incur any liability under or in respect of this Agreement or any other Loan Document by acting upon any
notice, consent, certificate or other instrument or writing (which may be by telephone, telecopy or electronic mail) believed by it to be genuine and signed, sent or 

  
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given by the proper party or parties. The Administrative Agent may execute any of its duties under the Loan Documents by or through agents, employees or attorneys-in-fact and shall not be
responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final non-appealable judgment. 

Section 11.6. Indemnification of Administrative Agent. 
 Each Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) pro rata in accordance with such
Lender’s respective Credit Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, reasonable out-of-pocket costs and expenses or disbursements of any kind or nature whatsoever which may at any time be imposed on, incurred by, or asserted against the Administrative Agent (in its capacity as Administrative Agent but not as a
Lender) in any way relating to or arising out of the Loan Documents, any transaction contemplated hereby or thereby or any action taken or omitted by the Administrative Agent under the Loan Documents (collectively, “Indemnifiable
Amounts”); provided, however, that no Lender shall be liable for any portion of such Indemnifiable Amounts to the extent resulting from the Administrative Agent’s gross negligence or willful misconduct as determined by a court of competent
jurisdiction in a final, non-appealable judgment; provided, however, that no action taken in accordance with the directions of the Requisite Lenders (or all of the Lenders, if expressly required hereunder) shall be deemed to constitute
gross negligence or willful misconduct for purposes of this Section. Without limiting the generality of the foregoing, each Lender agrees to reimburse the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the
obligation of the Borrower to do so) promptly upon demand for its ratable share of any out-of-pocket expenses (including the reasonable fees and expenses of the counsel to the Administrative Agent) incurred by the Administrative Agent in connection
with the preparation, negotiation, execution, administration, or enforcement (whether through negotiations, legal proceedings, or otherwise) of, or legal advice with respect to the rights or responsibilities of the parties under, the Loan Documents,
any suit or action brought by the Administrative Agent to enforce the terms of the Loan Documents and/or collect any Obligations, any “lender liability” suit or claim brought against the Administrative Agent and/or the Lenders, and any
claim or suit brought against the Administrative Agent and/or the Lenders arising under any Environmental Laws. Such out-of-pocket expenses (including counsel fees) shall be advanced by the Lenders on the request of the Administrative Agent
notwithstanding any claim or assertion that the Administrative Agent is not entitled to indemnification hereunder upon receipt of an undertaking by the Administrative Agent that the Administrative Agent will reimburse the Lenders if it is actually
and finally determined by a court of competent jurisdiction that the Administrative Agent is not so entitled to indemnification. The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder or under
the other Loan Documents and the termination of this Agreement. If the Borrower shall reimburse the Administrative Agent for any Indemnifiable Amount following payment by any Lender to the Administrative Agent in respect of such Indemnifiable Amount
pursuant to this Section, the Administrative Agent shall share such reimbursement on a ratable basis with each Lender making any such payment. 

Section 11.7. Lender Credit Decision, Etc. 
 Each of the Lenders expressly acknowledges and agrees that neither the Administrative Agent nor any of its Related Parties has made any representations or warranties to such Lender and that no act by the
Administrative Agent hereafter taken, including any review of the affairs of the Parent, the Borrower, any other Loan Party or any other Subsidiary or Affiliate, shall be deemed to constitute any such representation or warranty by the Administrative
Agent to any Lender. Each of the Lenders 

  
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acknowledges that it has made its own credit and legal analysis and decision to enter into this Agreement and the transactions contemplated hereby, independently and without reliance upon the
Administrative Agent, any other Lender or counsel to the Administrative Agent, or any of their respective Related Parties, and based on the financial statements of the Parent, the Borrower, the other Loan Parties, the other Subsidiaries and other
Affiliates, and inquiries of such Persons, its independent due diligence of the business and affairs of the Parent, the Borrower, the other Loan Parties, the other Subsidiaries and other Persons, its review of the Loan Documents, the legal opinions
required to be delivered to it hereunder, the advice of its own counsel and such other documents and information as it has deemed appropriate. Each of the Lenders also acknowledges that it will, independently and without reliance upon the
Administrative Agent, any other Lender or counsel to the Administrative Agent or any of their respective officers, directors, employees and agents, and based on such review, advice, documents and information as it shall deem appropriate at the time,
continue to make its own decisions in taking or not taking action under the Loan Documents. The Administrative Agent shall not be required to keep itself informed as to the performance or observance by the Parent, the Borrower or any other Loan
Party of the Loan Documents or any other document referred to or provided for therein or to inspect the properties or books of, or make any other investigation of, the Parent, the Borrower, any other Loan Party or any other Subsidiary. Except for
notices, reports and other documents and information expressly required to be furnished to the Lenders by the Administrative Agent under this Agreement or any of the other Loan Documents, the Administrative Agent shall have no duty or responsibility
to provide any Lender with any credit or other information concerning the business, operations, property, financial and other condition or creditworthiness of the Parent, the Borrower, any other Loan Party or any other Affiliate thereof which may
come into possession of the Administrative Agent or any of its Related Parties. Each of the Lenders acknowledges that the Administrative Agent’s legal counsel in connection with the transactions contemplated by this Agreement is only acting as
counsel to the Administrative Agent and is not acting as counsel to any Lender. 
 Section 11.8. Successor Administrative Agent.

 The Administrative Agent (a) may resign at any time as Administrative Agent under the Loan Documents by giving
written notice thereof to the Lenders and the Borrower or (b) may be removed as administrative agent by all of the Lenders (other than the Lender then acting as Administrative Agent) and the Borrower upon 30 days' prior written notice if the
Administrative Agent (i) is found by a court of competent jurisdiction in a final, non-appealable judgment to have committed gross negligence or willful misconduct in the course of performing its duties hereunder or (ii) has become or is
insolvent or has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or
acquiescence in any such proceeding or appointment. Upon any such resignation or removal, the Requisite Lenders shall have the right to appoint a successor Administrative Agent which appointment shall, provided no Default or Event of Default exists,
be subject to the Borrower’s approval, which approval shall not be unreasonably withheld or delayed (except that the Borrower shall, in all events, be deemed to have approved each Lender and any of its Affiliates as a successor Administrative
Agent). If no successor Administrative Agent shall have been so appointed in accordance with the immediately preceding sentence, and shall have accepted such appointment, within 30 days after the current Administrative Agent’s giving of notice
of resignation or upon the removal of the current Administrative Agent, then the current Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which shall be a Lender, if any Lender shall be willing to serve,
and otherwise shall be an Eligible Assignee; provided that if the Administrative Agent shall notify the Borrower and the Lenders that no Lender has accepted such appointment, then such resignation shall nonetheless become effective in accordance
with such notice and (1) the Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (2) all payments, communications and determinations provided to be made by, to or
through the Administrative 

  
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Agent shall instead be made to each Lender directly, until such time as a successor Administrative Agent has been appointed as provided for above in this Section; provided, further that such
Lenders so acting directly shall be and be deemed to be protected by all indemnities and other provisions herein for the benefit and protection of the Administrative Agent as if each such Lender were itself the Administrative Agent. Upon the
acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the current
Administrative Agent, and the current Administrative Agent shall be discharged from its duties and obligations under the Loan Documents. After any Administrative Agent’s resignation or removal hereunder as Administrative Agent, the provisions
of this Article XI. shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under the Loan Documents. Notwithstanding anything contained herein to the contrary, the
Administrative Agent may assign its rights and duties under the Loan Documents to any of its Affiliates by giving the Borrower and each Lender prior written notice. 
 ARTICLE XII. MISCELLANEOUS 
 Section 12.1. Notices.

 Unless otherwise provided herein (including without limitation as provided in Section 8.5.), communications provided
for hereunder shall be in writing and shall be mailed, telecopied, or delivered as follows: 
 If to the Borrower: 

Parkway Properties LP 
 c/o Parkway Properties, Inc. 
 390 North Orange Avenue, Suite 2400 

Orlando, Florida 32801 
 Attention: Chief Financial Officer 
 Telecopy Number: (407) 650-0597

 Telephone Number: (407) 650-0593 
 with a copy to: 
 Parkway Properties LP 

c/o Parkway Properties, Inc. 
 188 East Capitol Street, Suite 1000 
 Jackson, Mississippi 39201 

Attention: Treasurer 
 Telecopy Number: (601) 949-4077 
 Telephone
Number: (601) 948-4091 
 If to the Administrative Agent: 

Wells Fargo Bank, National Association 
 2859 Paces Ferry Road, Suite 1200 
 Atlanta, Georgia 30339 

Attn: Loan Administration Manager 
 Telecopier: 770-435-2262 
 Telephone: 770-319-3800 

  
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 If to the Administrative Agent under Article II: 

Wells Fargo Bank, National Association 
 608 2nd Avenue South, 11th Floor 
 Minneapolis, Minnesota 55402-1916

 Attn: Disbursement Administrator 
 Telecopier: 866-595-7861
 Telephone: 612-667-4773 

If to any other Lender: 
 To such Lender’s address or telecopy number as set forth in the applicable Administrative Questionnaire 
 or, as to each party at such other address as shall be designated by such party in a written notice to the other parties delivered in compliance with this Section; provided, a Lender shall only be
required to give notice of any such other address to the Administrative Agent and the Borrower. All such notices and other communications shall be effective (i) if mailed, upon the first to occur of receipt or the expiration of three
(3) days after the deposit in the United States Postal Service mail, postage prepaid and addressed to the address of the Borrower or the Administrative Agent and Lenders at the addresses specified; (ii) if telecopied, when transmitted;
(iii) if hand delivered or sent by overnight courier, when delivered; or (iv) if delivered in accordance with Section 8.5. to the extent applicable; provided, however, that, in the case of the immediately preceding clauses (i),
(ii) and (iii), non-receipt of any communication as of the result of any change of address of which the sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication.
Notwithstanding the immediately preceding sentence, all notices or communications to the Administrative Agent or any Lender under Article II. shall be effective only when actually received. None of the Administrative Agent or any Lender shall
incur any liability to any Loan Party (nor shall the Administrative Agent incur any liability to the Lenders) for acting upon any telephonic notice referred to in this Agreement which the Administrative Agent or such Lender, as the case may be,
believes in good faith to have been given by a Person authorized to deliver such notice or for otherwise acting in good faith hereunder. Failure of a Person designated to get a copy of a notice to receive such copy shall not affect the validity of
notice properly given to another Person. 
 Section 12.2. Expenses. 

The Borrower agrees (a) to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and expenses
incurred in connection with the preparation, negotiation and execution of, and any amendment, supplement or modification to, any of the Loan Documents (including due diligence expense and reasonable travel expenses related to closing), and the
consummation of the transactions contemplated hereby and thereby, including the reasonable fees and disbursements of counsel to the Administrative Agent and all costs and expenses of the Administrative Agent in connection with the use of IntraLinks,
SyndTrak or other similar information transmission systems in connection with the Loan Documents and the reasonable fees and disbursements of counsel to the Administrative Agent relating to all such activities, (b) to pay or reimburse the
Administrative Agent and the Lenders for all their reasonable costs and expenses incurred in connection with the enforcement or preservation of any rights under the Loan Documents, including the reasonable fees and disbursements of their respective
counsel (including the allocated fees and expenses of in-house counsel) and any payments in indemnification or otherwise payable by the Lenders to the Administrative Agent pursuant to the Loan Documents, (c) to pay, and indemnify and hold
harmless the Administrative Agent and the Lenders from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any failure to pay or delay in paying, documentary, stamp, excise and other similar taxes,
if any, which may 

  
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be payable or determined to be payable in connection with the execution and delivery of any of the Loan Documents, or consummation of any amendment, supplement or modification of, or any waiver
or consent under or in respect of, any Loan Document and (d) to the extent not already covered by any of the preceding subsections, to pay or reimburse the fees and disbursements of counsel to the Administrative Agent and any Lender incurred in
connection with the representation of the Administrative Agent or such Lender in any matter relating to or arising out of any bankruptcy or other proceeding of the type described in Sections 10.1.(e) or 10.1.(f), including, without limitation
(i) any motion for relief from any stay or similar order, (ii) the negotiation, preparation, execution and delivery of any document relating to the Obligations and (iii) the negotiation and preparation of any debtor-in-possession
financing or any plan of reorganization of the Parent, the Borrower or any other Loan Party, whether proposed by the Parent, the Borrower, such Loan Party, the Lenders or any other Person, and whether such fees and expenses are incurred prior to,
during or after the commencement of such proceeding or the confirmation or conclusion of any such proceeding. If the Borrower shall fail to pay any amounts required to be paid by it pursuant to this Section, the Administrative Agent and/or the
Lenders may pay such amounts on behalf of the Borrower and such amounts shall be deemed to be Obligations owing hereunder. 

Section 12.3. Stamp, Intangible and Recording Taxes. 
 The Borrower will pay any and all stamp, excise, intangible, registration, recordation and similar taxes, fees or charges and shall indemnify the Administrative Agent and each Lender against any and all
liabilities with respect to or resulting from any delay in the payment or omission to pay any such taxes, fees or charges, which may be payable or determined to be payable in connection with the execution, delivery, recording, performance or
enforcement of this Agreement, the Notes and any of the other Loan Documents, the amendment, supplement, modification or waiver of or consent under this Agreement, the Notes or any of the other Loan Documents or the perfection of any rights or Liens
under this Agreement, the Notes or any of the other Loan Documents. 
 Section 12.4. Setoff. 

Subject to Section 3.3. and in addition to any rights now or hereafter granted under Applicable Law and not by way of limitation of
any such rights, the Borrower hereby authorizes the Administrative Agent, each Lender, each Affiliate of the Administrative Agent or any Lender, and each Participant, at any time or from time to time while an Event of Default exists, without notice
to the Borrower or to any other Person, any such notice being hereby expressly waived, but in the case of a Lender, an Affiliate of a Lender, or a Participant, subject to receipt of the prior written consent of the Requisite Lenders exercised in
their sole discretion, to set off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at
any time held or owing by the Administrative Agent, such Lender, any Affiliate of the Administrative Agent or such Lender, or such Participant, to or for the credit or the account of the Borrower against and on account of any of the Obligations,
irrespective of whether or not any or all of the Loans and all other Obligations have been declared to be, or have otherwise become, due and payable as permitted by Section 10.2., and although such Obligations shall be contingent or unmatured.
Notwithstanding anything to the contrary in this Section, if any Defaulting Lender shall exercise any such right of setoff, all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with
the provisions of Section 3.9. and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders. 

  
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 Section 12.5. Litigation; Jurisdiction; Other Matters; Waivers. 

(a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE PARENT, THE BORROWER, THE ADMINISTRATIVE AGENT OR
ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE LENDERS, THE ADMINISTRATIVE AGENT, THE PARENT
AND THE BORROWER HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT OR IN CONNECTION WITH, OR BY REASON OF, ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE PARENT, THE BORROWER, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN
DOCUMENTS. 
 (b) THE PARENT, THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT
COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF
NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE
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, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE
AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER MAY OTHERWISE HAVE TO
BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE PARENT, THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY
NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS
SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT OR ANY LENDER OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT OR ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION.

 (c) THE PARENT AND THE BORROWER HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS ISSUED
THEREIN, AND AGREES THAT SERVICE OF SUCH SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO THE 

  
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PARENT OR THE BORROWER AT ITS ADDRESS FOR NOTICES PROVIDED FOR HEREIN. SHOULD THE PARENT OR THE BORROWER FAIL TO APPEAR OR ANSWER ANY SUMMONS, COMPLAINT, PROCESS OR PAPERS SO SERVED WITHIN 30
DAYS AFTER THE MAILING THEREOF, THE PARENT OR BORROWER. AS APPLICABLE, SHALL BE DEEMED IN DEFAULT AND AN ORDER AND/OR JUDGMENT MAY BE ENTERED AGAINST IT AS DEMANDED OR PRAYED FOR IN SUCH SUMMONS, COMPLAINT, PROCESS OR PAPERS. 

(d) THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE
LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS AND THE TERMINATION OF THIS AGREEMENT. 
 Section 12.6. 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 none of the Parent, the Borrower or any other Loan Party
may assign or otherwise transfer any of its rights or obligations hereunder or under any other Loan Document without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its
rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of the immediately following subsection (b), (ii) by way of participation in accordance with the provisions of the immediately
following subsection (d) or (iii) by way of pledge or assignment of a security interest subject to the restrictions of the immediately following subsection (f) (and, subject to the last sentence of the immediately following subjection
(b), 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 the immediately following subsection (d) and, to the extent expressly contemplated hereby, the Related Parties of the Administrative Agent and the Lenders) any legal or
equitable right, remedy or claim under or by reason of this Agreement. 
 (b) Assignments by Lenders. Any Lender may at
any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of the Loan 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 an assigning Lender’s the Loan 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 the immediately preceding subsection (A), the aggregate amount of the principal outstanding balance of the Loan of the assigning Lender, subject to each such
assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not
be less than $5,000,000, unless each of the Administrative Agent and, so long as no Default or Event of Default shall exist, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however,
that if after 

  
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giving effect to such assignment, the outstanding principal amount of the Loan of such assigning Lender would be less than $5,000,000, then such assigning Lender shall assign the entire amount of
its Loan at the time owing to it. 
 (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 Loan assigned. 
 (iii) Required Consents. No consent shall be required for any assignment except to the extent required by clause (i)(B) of this subsection (b) and, in addition: 

(A) the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless
(x) a Default or Event of Default shall exist at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such
assignment unless it shall object thereto by written notice to the Administrative Agent within 5 Business Days after having received notice thereof; and 
 (B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of a Loan if such assignment is to a Person that is not
already a Lender holding a Loan, an Affiliate of such Lender or an Approved Fund with respect to such a Lender. 

(iv) Assignment and Acceptance; Notes. The parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $4,500 for each assignment (which fee the Administrative Agent may, in its sole discretion, elect to waive), and the assignee, if it is not a
Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. If requested by the transferor Lender or the assignee, upon the consummation of any assignment, the transferor Lender, the Administrative Agent and the Borrower shall
make appropriate arrangements so that new Notes are issued to the assignee and such transferor Lender, as appropriate. 
 (v) No Assignment to Certain Persons. No such assignment shall be made to (A) the Borrower or any of the Parent’s Affiliates or Subsidiaries or (B) to any Defaulting Lender or any of
its Subsidiaries, or to any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing persons described in this clause (B). 
 (vi) No Assignment to Natural Persons. No such assignment shall be made to a natural person. 
 (vii) Certain Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in
addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be
outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously
requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the
Administrative Agent and each Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full 

  
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pro rata share of all Loans in accordance with its Credit 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 the Administrative Agent pursuant to the immediately following subsection (c), 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 4.4., 12.2. and 12.10. and the other provisions
of this Agreement and the other Loan Documents as provided in Section 12.11. with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the
affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations
under this Agreement that does not comply with this paragraph 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 the immediately following
subsection (d). 
 (c) Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of
the Borrower, shall maintain at the Principal 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 principal amount (and stated interest) of the Loan owing
to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person
whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time
upon reasonable prior notice. 
 (d) Participations. Any Lender may at any time, without the consent of, or notice to, the
Borrower or the Administrative Agent, sell participations to any Person (other than a natural Person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such
Lender’s rights and/or obligations under this Agreement (including all or a portion of the Loan owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall
remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the Lenders 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 (w) decrease the amount of such
Lender’s Loan, (x) extend the date fixed for the payment of principal on the Loans or portions thereof owing to such Lender, (y) reduce the rate at which interest is payable thereon or (z) except as contemplated by
Section 7.14.(b), release any Guarantor from its Obligations under the Guaranty, in each case, as applicable to that portion of such Lender’s rights and/or obligations that are subject to the participation. The Borrower agrees that each
Participant shall be entitled to the benefits of Sections 3.10., 4.1. and 4.4. (subject to the requirements and limitations therein, including the 

  
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requirements under Section 3.10.(g) (it being understood that the documentation required under Section 3.10.(g) shall be delivered to the participating Lender)) to the same extent as if
it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Section 4.6. as if it were an assignee under
paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Sections 4.1. or 3.10., with respect to any participation, than its participating Lender would have been entitled to receive, except to
the extent such entitlement to receive a greater payment results from a Regulatory Change that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s request and
expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 4.6. with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of
Section 12.4. as though it were a Lender; provided that such Participant agrees to be subject to Section 3.3. as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a
non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan
Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a
Participant’s interest in any loans or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such loan or other obligation is in registered form under
Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the
owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a
Participant Register. 
 (e) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or
any portion of its rights under this Agreement 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. 
 (f) No
Registration. Each Lender agrees that, without the prior written consent of the Borrower and the Administrative Agent, it will not make any assignment hereunder in any manner or under any circumstances that would require registration or
qualification of, or filings in respect of, any Loan or Note under the Securities Act or any other securities laws of the United States of America or of any other jurisdiction. 
 (g) USA Patriot Act Notice; Compliance. In order for the Administrative Agent to comply with “know your customer” and anti-money laundering rules and regulations, including without
limitation, the Patriot Act, prior to any Lender or Participant that is organized under the laws of a jurisdiction outside of the United States of America becoming a party hereto, the Administrative Agent may request, and such Lender or Participant
shall provide to the Administrative Agent, its name, address, tax identification number and/or such other identification information as shall be necessary for the Administrative Agent to comply with federal law. 

Section 12.7. Amendments and Waivers. 
 (a) Generally. Except as otherwise expressly provided in this Agreement, (i) any consent or approval required or permitted by this Agreement or in any other Loan Document to be given by the
Lenders may be given, (ii) any term of this Agreement or of any other Loan Document may be amended, 

  
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(iii) the performance or observance by the Parent, the Borrower, any other Loan Party or any other Subsidiary of any terms of this Agreement or such other Loan Document may be waived, and
(iv) the continuance of any Default or Event of Default may be waived (either generally or in a particular instance and either retroactively or prospectively) with, but only with, the written consent of the Requisite Lenders (or the
Administrative Agent at the written direction of the Requisite Lenders), and, in the case of an amendment to any Loan Document, the written consent of each Loan Party which is party thereto. 

(b) Consent of Lenders Directly Affected. In addition to the foregoing requirements, no amendment, waiver or consent shall, unless
in writing, and signed by each of the Lenders directly and adversely affected thereby (or the Administrative Agent at the written direction of such Lenders), do any of the following: 

(i) reduce the principal of, or interest that has accrued or the rates of interest that will be charged on the outstanding
principal amount of, any Loans or other Obligations (other than a waiver of default interest and changes in the calculation of the ratio of Indebtedness to Total Asset Value that may indirectly affect pricing); 

(ii) reduce the amount of any Fees payable to the Lenders hereunder; 

(iii) modify the definition of “Termination Date”, or otherwise postpone any date fixed for any payment of
principal of, or interest on, any Loans or for the payment of Fees or any other Obligations; 
 (iv) modify the
definitions of “Credit Percentage” or amend or otherwise modify the provisions of Section 3.2.; 

(v) amend this Section or amend the definitions of the terms used in this Agreement or the other Loan Documents insofar as
such definitions affect the substance of this Section; 
 (vi) modify the definition of the term “Requisite
Lenders” or modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof; 

(vii) release any Guarantor from its obligations under the Guaranty except as contemplated by Section 7.14.(b); or

 (viii) amend, or waive a Default or Event of Default under, Section 10.1.(a). 

Notwithstanding anything to the contrary contained in this Section, no amendment, waiver or consent shall, unless in writing, and signed by all of the
Lenders, amend Section 10.1.(l) or waive any Default or Event of Default occurring under such Section. 
 (c) Amendment
of Administrative Agent’s Duties, Etc. No amendment, waiver or consent unless in writing and signed by the Administrative Agent, in addition to the Lenders required hereinabove to take such action, shall affect the rights or duties of the
Administrative Agent under this Agreement or any of the other Loan Documents. No waiver shall extend to or affect any obligation not expressly waived or impair any right consequent thereon and any amendment, waiver or consent shall be effective only
in the specific instance and for the specific purpose set forth therein. No course of dealing or delay or omission on the part of the Administrative Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be
prejudicial thereto. Any Event of Default occurring hereunder shall continue to exist until such time as such Event of Default is waived in writing in accordance with the 

  
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terms of this Section, notwithstanding any attempted cure or other action by the Parent, the Borrower, any other Loan Party or any other Person subsequent to the occurrence of such Event of
Default. Except as otherwise explicitly provided for herein or in any other Loan Document, no notice to or demand upon the Borrower shall entitle the Borrower to other or further notice or demand in similar or other circumstances. 

Section 12.8. Nonliability of Administrative Agent and Lenders. 
 The relationship between the Borrower, on the one hand, and the Lenders and the Administrative Agent, on the other hand, shall be solely that of borrower and lender. None of the Administrative Agent or
any Lender shall have any fiduciary responsibilities to the Parent, the Borrower or any other Loan Party and no provision in this Agreement or in any of the other Loan Documents, and no course of dealing between or among any of the parties hereto,
shall be deemed to create any fiduciary duty owing by the Administrative Agent or any Lender to any Lender, the Parent, the Borrower, any Subsidiary or any other Loan Party. None of the Administrative Agent or any Lender undertakes any
responsibility to the Parent or the Borrower or any other Loan Party to review or inform the Parent or the Borrower of any matter in connection with any phase of the Parent’s or the Borrower’s business or operations. 

Section 12.9. Confidentiality. 
 Except as otherwise provided by Applicable Law, the Administrative Agent and each Lender shall maintain the confidentiality of all Information (as defined below) in accordance with its customary procedure
for handling confidential information of this nature and in accordance with safe and sound banking practices but in any event may make disclosure: (a) to its Affiliates and to its and its Affiliates’ other respective Related Parties (it
being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential); (b) subject to an agreement containing provisions
substantially the same as those of this Section, to (i) any actual or proposed assignee, Participant or other transferee in connection with a potential transfer of any Loan or participation therein as permitted hereunder, or (ii) any
actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations; (c) as required or requested by any Governmental Authority or representative thereof or pursuant to legal
process or in connection with any legal proceedings, or as otherwise required by Applicable Law; (d) to the Administrative Agent’s or such Lender’s independent auditors and other professional advisors (provided they shall be notified
of the confidential nature of the information); (e) in connection with the exercise of any remedies under any Loan Document (or any Specified Derivatives Contract) or any action or proceeding relating to any Loan Document (or any such Specified
Derivatives Contract) or the enforcement of rights hereunder or thereunder; (f) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section actually known by the Administrative Agent or
such Lender to be a breach of this Section or (ii) becomes available to the Administrative Agent, any Lender or any Affiliate of the Administrative Agent or any Lender on a nonconfidential basis from a source other than the Parent, the Borrower
or any Affiliate of the Parent; (g) to the extent requested by, or required to be disclosed to, any nationally recognized rating agency or regulatory or similar authority (including any self-regulatory authority, such as the National
Association of Insurance Commissioners) having or purporting to have jurisdiction over it; (h) to bank trade publications, such information to consist of deal terms and other information customarily found in such publications; (i) to any
other party hereto; (j) on a confidential basis to the CUSIP numbers with respect to this Agreement, the Commitments and/or the Loans; and (i) with the consent of the Parent or the Borrower. Notwithstanding the foregoing, the
Administrative Agent and each Lender may disclose any such confidential information, without notice to the Parent, the Borrower or any other Loan Party, to Governmental Authorities in connection with any regulatory examination of the Administrative
Agent or such Lender or in accordance with the regulatory compliance policy of the Administrative Agent or such Lender. As used in this Section, the term “Information” means all information received from the Parent,

  
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the Borrower, any other Loan Party, any other Subsidiary or Affiliate relating to any Loan Party or any of their respective businesses, other than any such information that is available to the
Administrative Agent, any Lender on a nonconfidential basis prior to disclosure by the Parent, the Borrower, any other Loan Party, any other Subsidiary or any Affiliate, provided that, in the case of any such information received from the Parent,
the Borrower, any other Loan Party, any other Subsidiary or any Affiliate 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. None of the Administrative Agent the Lenders or any of their respective Related Parties shall be liable to the Borrower, the Parent or any other Loan Party for any damages arising from the use by others of Information or other materials
obtained by electronic transmission. 
 Section 12.10. Indemnification. 

(a) The Borrower shall and hereby agrees to indemnify, defend and hold harmless the Administrative Agent, the Lenders, all of the
Affiliates of each of the Administrative Agent or any of the Lenders, and their respective Related Parties (each referred to herein as an “Indemnified Party”) from and against any and all of the following (collectively, the
“Indemnified Costs”): losses, costs, claims, penalties, damages, liabilities, deficiencies, judgments or expenses of every kind and nature (including, without limitation, amounts paid in settlement, court costs and the reasonable fees and
disbursements of counsel incurred in connection with any litigation, investigation, claim or proceeding or any advice rendered in connection therewith, but excluding Indemnified Costs indemnification in respect of which is specifically covered by
Section 3.10. or 4.1. or expressly excluded from the coverage of such Sections) incurred by an Indemnified Party in connection with, arising out of, or by reason of, any suit, cause of action, claim, arbitration, investigation or settlement,
consent decree or other proceeding (the foregoing referred to herein as an “Indemnity Proceeding”) which is in any way related directly or indirectly to: (i) this Agreement or any other Loan Document or the transactions contemplated
thereby; (ii) the making of any Loans hereunder; (iii) any actual or proposed use by the Borrower of the proceeds of the Loans; (iv) the Administrative Agent’s or any Lender’s entering into this Agreement; (v) the fact
that the Administrative Agent and the Lenders have established the credit facility evidenced hereby in favor of the Borrower; (vi) the fact that the Administrative Agent and the Lenders are creditors of the Borrower and have or are alleged to
have information regarding the financial condition, strategic plans or business operations of the Parent, the Borrower and the Subsidiaries; (vii) the fact that the Administrative Agent and the Lenders are material creditors of the Borrower and
are alleged to influence directly or indirectly the business decisions or affairs of the Parent, the Borrower and the Subsidiaries or their financial condition; (viii) the exercise of any right or remedy the Administrative Agent or the Lenders
may have under this Agreement or the other Loan Documents; (ix) any civil penalty or fine assessed by the OFAC against, and all costs and expenses (including counsel fees and disbursements) incurred in connection with defense thereof by, the
Administrative Agent or any Lender as a result of conduct of the Parent, the Borrower, any other Loan Party or any other Subsidiary that violates a sanction administered or enforced by the OFAC; or (x) any violation or non-compliance by the
Parent, the Borrower or any Subsidiary of any Applicable Law (including any Environmental Law) including, but not limited to, any Indemnity Proceeding commenced by (A) the Internal Revenue Service or state taxing authority or (B) any
Governmental Authority or other Person under any Environmental Law, including any Indemnity Proceeding commenced by a Governmental Authority or other Person seeking remedial or other action to cause the Parent or its Subsidiaries (or its respective
properties) (or the Administrative Agent and/or the Lenders as successors to the Borrower) to be in compliance with such Environmental Laws; provided, however, that the Borrower shall not be obligated to indemnify any Indemnified Party for any acts
or omissions of such Indemnified Party in connection with matters described in this subsection (a) to the extent arising from the gross negligence or willful misconduct of such Indemnified Party, as determined by a court of competent
jurisdiction in a final, non-appealable judgment. 

  
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 (b) The Borrower’s indemnification obligations under this Section shall apply to all
Indemnity Proceedings arising out of, or related to, the foregoing whether or not an Indemnified Party is a named party in such Indemnity Proceeding. In this connection, this indemnification shall cover all Indemnified Costs of any Indemnified Party
in connection with any deposition of any Indemnified Party or compliance with any subpoena (including any subpoena requesting the production of documents). This indemnification shall, among other things, apply to any Indemnity Proceeding commenced
by other creditors of the Parent, the Borrower or any Subsidiary, any shareholder of the Parent or any Subsidiary (whether such shareholder(s) are prosecuting such Indemnity Proceeding in their individual capacity or derivatively on behalf of the
Borrower), any account debtor of the Parent, the Borrower or any Subsidiary or by any Governmental Authority. 
 (c) This
indemnification shall apply to any Indemnity Proceeding arising during the pendency of any bankruptcy proceeding filed by or against the Parent, the Borrower and/or any Subsidiary. 

(d) All out-of-pocket fees and expenses of, and all amounts paid to third-persons by, an Indemnified Party shall be advanced by the
Borrower at the request of such Indemnified Party notwithstanding any claim or assertion by the Borrower that such Indemnified Party is not entitled to indemnification hereunder upon receipt of an undertaking by such Indemnified Party that such
Indemnified Party will reimburse the Borrower if it is actually and finally determined by a court of competent jurisdiction that such Indemnified Party is not so entitled to indemnification hereunder. 

(e) An Indemnified Party may conduct its own investigation and defense of, and may formulate its own strategy with respect to, any
Indemnity Proceeding covered by this Section and, as provided above, all Indemnified Costs incurred by such Indemnified Party shall be reimbursed by the Borrower. No action taken by legal counsel chosen by an Indemnified Party in investigating or
defending against any such Indemnity Proceeding shall vitiate or in any way impair the obligations and duties of the Borrower hereunder to indemnify and hold harmless each such Indemnified Party; provided, however, that if (i) the Borrower is
required to indemnify an Indemnified Party pursuant hereto and (ii) the Borrower has provided evidence reasonably satisfactory to such Indemnified Party that the Borrower has the financial wherewithal to reimburse such Indemnified Party for any
amount paid by such Indemnified Party with respect to such Indemnity Proceeding, such Indemnified Party shall not settle or compromise any such Indemnity Proceeding without the prior written consent of the Borrower (which consent shall not be
unreasonably withheld or delayed). Notwithstanding the foregoing, an Indemnified Party may settle or compromise any such Indemnity Proceeding without the prior written consent of the Borrower where (x) no monetary relief is sought against such
Indemnified Party in such Indemnity Proceeding or (y) there is an allegation of a violation of law by such Indemnified Party. 
 (f) If and to the extent that the obligations of the Borrower under this Section are unenforceable for any reason, the Borrower hereby agrees to make the maximum contribution to the payment and
satisfaction of such obligations which is permissible under Applicable Law. 
 (g) The Borrower’s obligations under this
Section shall survive any termination of this Agreement and the other Loan Documents and the payment in full in cash of the Obligations, and are in addition to, and not in substitution of, any of the other obligations set forth in this Agreement or
any other Loan Document to which it is a party. 

  
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 Section 12.11. Termination; Survival. 

This Agreement shall terminate at such time as (a) all of the Commitments have been terminated, (b) none of the Lenders is
obligated any longer under this Agreement to make any Loans and (c) all Obligations (other than obligations which survive as provided in the following sentence) have been paid and satisfied in full. The indemnities to which the Administrative
Agent and the Lenders are entitled under the provisions of Sections 3.10., 4.1., 4.4., 11.6., 12.2. and 12.10. and any other provision of this Agreement and the other Loan Documents, and the provisions of Section 12.5., shall continue in
full force and effect and shall protect the Administrative Agent and the Lenders (i) notwithstanding any termination of this Agreement, or of the other Loan Documents, against events arising after such termination as well as before and
(ii) at all times after any such party ceases to be a party to this Agreement with respect to all matters and events existing on or prior to the date such party ceased to be a party to this Agreement. 

Section 12.12. Severability of Provisions. 
 If any provision of this Agreement or the other Loan Documents shall be determined by a court of competent jurisdiction to be invalid or unenforceable, that provision shall be deemed severed from the Loan
Documents, and the validity, legality and enforceability of the remaining provisions shall remain in full force as though the invalid, illegal, or unenforceable provision had never been part of the Loan Documents. 

Section 12.13. GOVERNING LAW. 
 THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

Section 12.14. Counterparts. 
 To facilitate execution, this Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts as may be convenient or required (which may be effectively
delivered by facsimile, in portable document format (“PDF”) or other similar electronic means). It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party,
appear on each counterpart. All counterparts shall collectively constitute a single document. It shall not be necessary in making proof of this document to produce or account for more than a single counterpart containing the respective signatures
of, or on behalf of, each of the parties hereto. 
 Section 12.15. Obligations with Respect to Loan Parties and Subsidiaries.

 The obligations of the Parent and the Borrower to direct or prohibit the taking of certain actions by the other Loan
Parties and Subsidiaries as specified herein shall be absolute and not subject to any defense the Parent or the Borrower may have that the Parent or the Borrower does not control such Loan Parties and Subsidiaries. 

Section 12.16. Independence of Covenants. 
 All covenants hereunder shall be given in any jurisdiction independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by
an exception to, or be otherwise within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists. 

  
 - 86 -

 Section 12.17. Limitation of Liability. 

None of the Administrative Agent or any Lender, or any affiliate, officer, director, employee, attorney, or agent of the Administrative
Agent or any Lender shall have any liability with respect to, and each of the Parent and the Borrower hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered
or incurred by the Parent or the Borrower in connection with, arising out of, or in any way related to, this Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Agreement or any of the other Loan Documents
or for any damages arising from the use by others of . Each of the Parent and the Borrower hereby waives, releases, and agrees not to sue the Administrative Agent or any Lender or any of the Administrative Agent’s or any Lender’s
affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Agreement, any of the other Loan Documents or any of the transactions
contemplated by this Agreement or financed hereby. 
 Section 12.18. Entire Agreement. 

This Agreement, the Notes and the other Loan Documents embody the final, entire agreement among the parties hereto and supersede any and
all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the subject matter hereof and thereof and may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral
agreements or discussions of the parties hereto. To the extent any term of this Agreement is inconsistent with a term of any other Loan Document to which the parties of this Agreement are party, the term of this Agreement shall control to the extent
of such inconsistency. There are no oral agreements among the parties hereto. 
 Section 12.19. Construction. 

The Administrative Agent, each Lender, the Parent and the Borrower acknowledge that each of them has had the benefit of legal counsel of
its own choice and has been afforded an opportunity to review this Agreement and the other Loan Documents with its legal counsel and that this Agreement and the other Loan Documents shall be construed as if jointly drafted by the Administrative
Agent, each Lender, the Parent and the Borrower. 
 Section 12.20. Headings. 

The paragraph and section headings in this Agreement are provided for convenience of reference only and shall not affect its construction
or interpretation. 
 [Signatures on Following Pages] 

  
 - 87 -

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

							
	
	BORROWER:
	
	PARKWAY PROPERTIES LP
		
	By:	 	Parkway Properties General Partners, Inc., its sole general partner
			
		 	By:	 	/s/ David R. O’Reilly
		 		 	Name: David R. O’Reilly
		 		 	 Title: EVP, Chief Financial Officer & Chief
           Investment Officer

			
		 	By:	 	/s/ M. Jayson Lipsey
		 		 	Name: M. Jayson Lipsey
		 		 	 Title: Executive Vice President & Chief
           Operating Officer

 
					
	
	PARENT:
	
	PARKWAY PROPERTIES, INC.
		
	By:	 	/s/ David R. O’Reilly
		 	Name: David R. O’Reilly
		 	 Title: EVP, Chief Financial Officer & Chief
           Investment Officer

		
	By:	 	/s/ M. Jayson Lipsey
		 	Name: M. Jayson Lipsey
		 	 Title: Executive Vice President & Chief
           Operating Officer

 [Signatures Continued on Next Page] 

 [Signature Page to Term Loan Agreement with Parkway Properties LP] 

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
     as Administrative Agent and as the sole Lender

		
	By:	 	/s/ Andrew W. Hussion
		 	Name: Andrew W. Hussion
		 	Title: Vice President

 SCHEDULE I 
 COMMITMENTS 
  

					
	 Lender
	  	Commitment Amount	 
	 Wells Fargo Bank, National Association
	  	$	120,000,000	  
		  	  
	  
	 
	 Total:
	  	$	120,000,000	  

 EXHIBIT A 
 FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT 
 This Assignment
and Assumption Agreement (the “Assignment and Assumption Agreement”) is dated as of the Effective Date set forth below and is entered into by and between [the][each]1 Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]2 Assignee identified in item 2 below ([the][each, an]
“Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the
Assignees]3 hereunder are several and not joint.]4 Capitalized terms used but not defined herein shall have the meanings
given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee. The Standard Terms and Conditions set forth in Annex 1 attached
hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption Agreement as if set forth herein in full. 
 For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from
[the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of [the
Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors] under the respective facilities identified below (including without limitation any
guarantees included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in
their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby
or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and
assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned
Interest”). Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption Agreement, without representation or warranty by [the][any] Assignor. 

 

	1	 For bracketed
language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed language. If the assignment is from multiple Assignors, choose the second bracketed language.

	2	 For bracketed
language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the second bracketed language.

	3	 Select as
appropriate. 

	4	 Include bracketed
language if there are either multiple Assignors or multiple Assignees. 

							
	1.	  	Assignor[s]:	  	 	  	
		  		  	 	  	
		  		  		  	
		  	Assignor [is] [is not] a Defaulting Lender	  	
		  		  		  	
	2.	  	Assignee[s]:	  	 	  	
		  		  	 	  	
		  		  	[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]
		  		  		  	
	3.	  	Borrower(s):	  	PARKWAY PROPERTIES LP	  	
		  		  		  	
	4.	  	Administrative Agent:	  	WELLS FARGO BANK, NATIONAL ASSOCIATION, as the administrative agent under the Credit Agreement
		  		  		  	
	5.	  	Credit Agreement:	  	The Term Loan Agreement dated as of June 12, 2013 among PARKWAY PROPERTIES LP, as Borrower, PARKWAY PROPERTIES, INC., as Parent, the Lenders parties thereto and WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent
		  		  		  	
	6.	  	Assigned Interest[s]:	  		  	

  

															
	 Assignor[s]5
	  	Assignee[s]6	  	Aggregate Amount
of Loans for 
all
Lenders	 	  	Amount of
Loans Assigned	 	  	Percentage Assigned
of Loans7	  	CUSIP
Number
						
		  		  	$	 	  	  	$	%	  	  		  	
						
		  		  	$	 	  	  	$	%	  	  		  	

  

							
	[7.	  	Trade Date:	  	                    
                    ]8	  	

 [Page break] 
  

 

	5	 List each
Assignor, as appropriate. 

	6	 List each
Assignee, as appropriate. 

	7	 Set forth, to at
least 9 decimals, as a percentage of the Loans of all Lenders thereunder. 

	8	 To be completed if
the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to be determined as of the Trade Date. 

  
 A-2

 Effective Date:             
    , 20    [TO BE INSERTED BY AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The terms set forth in this Assignment and Assumption Agreement are hereby agreed to: 
  

					
	 ASSIGNOR[S]9
  

[NAME OF ASSIGNOR]

		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 
	
	[NAME OF ASSIGNOR]
		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 
	
	 ASSIGNEE[S]10
  

[NAME OF ASSIGNEE]

		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 
	
	[NAME OF ASSIGNEE]
		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

 [Page Break] 

 

	9	Add additional signature blocks as needed. 

	10	Add additional signature blocks as needed. 

  
 A-3

											
	 [Consented to and]11 Accepted:
  

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent

			
	By:	 	 	 	
		 	Name:	 	 	 	
		 	Title:	 	 	 	
		
	[Consented to:]12	 	
		
	PARKWAY PROPERTIES LP	 	
		
	By:	 	    Parkway Properties General Partners, Inc., its sole general partner
				
		 	    By:	 	 	 	
		 		 	Name:	 	 	 	
		 		 	Title:	 	 	 	
				
		 	    By:	 	 	 	
		 		 	Name:	 	 	 	
		 		 	Title:	 	 	 	

  
  

	11 	 To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

	12	 To be added only
if the consent of the Borrower is required by the terms of the Credit Agreement. 

  
 A-4

 ANNEX 1 

[                   
 ]13 

STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION AGREEMENT 
 1. Representations and Warranties.

 1.1 Assignor[s]. [The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial
owner of [the][the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action necessary, to execute and
deliver this Assignment and Assumption Agreement and to consummate the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties or
representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder,
(iii) the financial condition of the Borrower, any of the Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of the Subsidiaries or Affiliates
or any other Person of any of their respective obligations under any Loan Document. 
 1.2. Assignee[s]. [The][Each]
Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption Agreement and to consummate the transactions contemplated hereby and
to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 12.6.(b)(v) and (vi) of the Credit Agreement (subject to such consents, if any, as may be required under
Section 12.6.(b)(iii) of the Credit Agreement), (iii) from and after the Effective Date specified for this Assignment and Assumption Agreement, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the
extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the
person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to
receive copies of the most recent financial statements delivered pursuant to Section 8.1. or 8.2., as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this
Assignment and Assumption Agreement and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption Agreement and to purchase [the][such] Assigned Interest, and (vii) if it is a Foreign Lender, attached to the Assignment and Assumption
Agreement is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance on the
Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents,
and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

 

	13 	 Describe Credit Agreement at option of Administrative Agent. 

  
 A-5

 2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignee whether such amounts have accrued prior to, on or after the Effective Date specified for
this Assignment and Assumption Agreement. The Assignor[s] and the Assignee[s] shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to such Effective Date or with respect to the making of this assignment
directly between themselves. 
 3. General Provisions. This Assignment and Assumption Agreement shall be binding upon,
and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption Agreement may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an
executed counterpart of a signature page of this Assignment and Assumption Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption Agreement. This Assignment and Assumption Agreement
shall be governed by, and construed in accordance with, the law of the State of New York. 

  
 A-6

 EXHIBIT B 
 FORM OF GUARANTY 
 THIS GUARANTY dated as of June     , 2013,
executed and delivered by each of the undersigned and the other Persons from time to time party hereto pursuant to the execution and delivery of an Accession Agreement in the form of Annex I hereto (all of the undersigned, together with such other
Persons each a “Guarantor” and collectively, the “Guarantors”) in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the “Administrative Agent”) for the Lenders under that certain
Term Loan Agreement dated as of June 12, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among PARKWAY PROPERTIES LP (the “Borrower”), PARKWAY PROPERTIES,
INC. (the “Parent”), the financial institutions party thereto and their assignees under Section 12.6. thereof (the “Lenders”) and the Administrative Agent. 

WHEREAS, pursuant to the Credit Agreement, the Administrative Agent and the Lenders have agreed to make available to the Borrower certain
financial accommodations on the terms and conditions set forth in the Credit Agreement; 
 WHEREAS, the Borrower and each of the
Guarantors, though separate legal entities, are mutually dependent on each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financing from the
Administrative Agent and the Lenders through their collective efforts; 
 WHEREAS, each Guarantor acknowledges that it will
receive direct and indirect benefits from the Administrative Agent and the Lenders making such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, each Guarantor is willing to guarantee the Borrower’s
obligations to the Administrative Agent and the Lenders on the terms and conditions contained herein; and 
 WHEREAS, the
execution and delivery of this Guaranty is a condition to the Administrative Agent and the Lenders making such financial accommodations to the Borrower. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each Guarantor, each Guarantor agrees as follows: 

Section 1. Guaranty. Each Guarantor hereby absolutely, irrevocably and unconditionally guaranties the due and punctual payment
and performance when due, whether at stated maturity, by acceleration or otherwise, of all of the following (collectively referred to as the “Guarantied Obligations”): (a) all indebtedness, liabilities, obligations, covenants and
duties owing by the Borrower to any Lender or the Administrative Agent under or in connection with the Credit Agreement and any other Loan Document, including without limitation, the repayment of all principal of the Loans and the payment of all
interest, Fees, charges, reasonable attorneys’ fees and other amounts payable to any Lender or the Administrative Agent thereunder or in connection therewith (including, to the extent permitted by Applicable Law, interest, Fees and other
amounts that would accrue and become due after the filing of a case or other proceeding under the Bankruptcy Code (as defined below) or other similar Applicable Law but for the commencement of such case or proceeding, whether or not such amounts are
allowed or allowable in whole or in part in such case or proceeding); (b) any and all extensions, renewals, modifications, amendments or substitutions of the foregoing; (c) all other Obligations; and (d) all expenses, including,
without limitation, reasonable attorneys’ fees and disbursements, that are incurred by any of the Lenders or the Administrative Agent in the enforcement of any of the foregoing or any obligation of such Guarantor hereunder. 

  
 B-1

 Section 2. Guaranty of Payment and Not of Collection. This Guaranty is a
guaranty of payment, and not of collection, and a debt of each Guarantor for its own account. Accordingly, none of the Administrative Agent or the Lenders shall be obligated or required before enforcing this Guaranty against any Guarantor:
(a) to pursue any right or remedy any of them may have against the Borrower, any other Guarantor or any other Person or commence any suit or other proceeding against the Borrower, any other Guarantor or any other Person in any court or other
tribunal; (b) to make any claim in a liquidation or bankruptcy of the Borrower, any other Guarantor or any other Person; or (c) to make demand of the Borrower, any other Guarantor or any other Person. 

Section 3. Guaranty Absolute. Each Guarantor guarantees that the Guarantied Obligations will be paid strictly in accordance
with the terms of the documents evidencing the same, regardless of any Applicable Law now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Administrative Agent or the Lenders with respect thereto. The
liability of each Guarantor under this Guaranty shall be absolute, irrevocable and unconditional in accordance with its terms and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated
or otherwise affected by, any circumstance or occurrence whatsoever, including without limitation, the following (whether or not such Guarantor consents thereto or has notice thereof): 

(a) (i) any change in the amount, interest rate or due date or other term of any of the Guarantied Obligations, (ii) any change
in the time, place or manner of payment of all or any portion of the Guarantied Obligations, (iii) any amendment or waiver of, or consent to the departure from or other indulgence with respect to, the Credit Agreement, any other Loan Document,
or any other document or instrument evidencing or relating to any Guarantied Obligations, or (iv) any waiver, renewal, extension, addition, or supplement to, or deletion from, or any other action or inaction under or in respect of, the Credit
Agreement, any of the other Loan Documents, or any other documents, instruments or agreements relating to the Guarantied Obligations or any other instrument or agreement referred to therein or evidencing any Guarantied Obligations or any assignment
or transfer of any of the foregoing; 
 (b) any lack of validity or enforceability of the Credit Agreement, any of the other Loan
Documents, or any other document, instrument or agreement referred to therein or evidencing any Guarantied Obligations or any assignment or transfer of any of the foregoing; 
 (c) any furnishing to the Administrative Agent or the Lenders of any security for the Guarantied Obligations; 
 (d) any settlement or compromise of any of the Guarantied Obligations or any liability of any other party with respect to the Guarantied Obligations, or any subordination of the payment of the Guarantied
Obligations to the payment of any other liability of the Borrower or any other Loan Party; 
 (e) any bankruptcy, insolvency,
reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to such Guarantor, the Borrower, any other Loan Party or any other Person, or any action taken with respect to this Guaranty by any trustee or
receiver, or by any court, in any such proceeding; 
 (f) any act or failure to act by the Borrower, any other Loan Party or any
other Person which may adversely affect such Guarantor’s subrogation rights, if any, against the Borrower to recover payments made under this Guaranty; 

  
 B-2

 (g) any application of sums paid by the Borrower, any other Guarantor or any other Person
with respect to the liabilities of the Borrower to the Administrative Agent or the Lenders, regardless of what liabilities of the Borrower remain unpaid; 
 (h) any defect, limitation or insufficiency in the borrowing powers of the Borrower or in the exercise thereof; 
 (i) any defense, set-off, claim or counterclaim (other than indefeasible payment and performance in full) which may at any time be available to or be asserted by the Borrower, any other Loan Party or any
other Person against the Administrative Agent or any Lender; 
 (j) any change in the corporate existence, structure or ownership
of the Borrower or any other Loan Party; 
 (k) any statement, representation or warranty made or deemed made by or on behalf of
the Borrower, any Guarantor or any other Loan Party under any Loan Document, or any amendment hereto or thereto, proves to have been incorrect or misleading in any respect; or 
 (l) any other circumstance which might otherwise constitute a defense available to, or a discharge of, a Guarantor hereunder (other than indefeasible payment and performance in full). 

Section 4. Action with Respect to Guarantied Obligations. The Administrative Agent and the Lenders may, at any time and from
time to time, without the consent of, or notice to, any Guarantor, and without discharging any Guarantor from its obligations hereunder, take any and all actions described in Section 3 and may otherwise: (a) amend, modify, alter or
supplement the terms of any of the Guarantied Obligations, including, but not limited to, extending or shortening the time of payment of any of the Guarantied Obligations or changing the interest rate that may accrue on any of the Guarantied
Obligations; (b) amend, modify, alter or supplement the Credit Agreement or any other Loan Document; (c) release any other Loan Party or other Person liable in any manner for the payment or collection of the Guarantied Obligations;
(d) exercise, or refrain from exercising, any rights against the Borrower, any other Guarantor or any other Person; and (e) apply any sum, by whomsoever paid or however realized, to the Guarantied Obligations in such order as the Lenders
shall elect. 
 Section 5. Representations and Warranties. Each Guarantor hereby makes to the Administrative Agent
and the Lenders all of the representations and warranties made by the Borrower with respect to or in any way relating to such Guarantor in the Credit Agreement and the other Loan Documents, as if the same were set forth herein in full. 

Section 6. Covenants. Each Guarantor will comply with all covenants which the Borrower is to cause such Guarantor to comply
with under the terms of the Credit Agreement or any of the other Loan Documents. 
 Section 7. Waiver. Each
Guarantor, to the fullest extent permitted by Applicable Law, hereby waives notice of acceptance hereof or any presentment, demand, protest or notice of any kind, and any other act or thing, or omission or delay to do any other act or thing, which
in any manner or to any extent might vary the risk of such Guarantor or which otherwise might operate to discharge such Guarantor from its obligations hereunder. 
 Section 8. Inability to Accelerate Loan. If the Administrative Agent and/or the Lenders are prevented under Applicable Law or otherwise from demanding or accelerating payment of any of the
Guarantied Obligations by reason of any automatic stay or otherwise, the Administrative Agent and/or the Lenders shall be entitled to receive from each Guarantor, upon demand therefor, the sums which otherwise would have been due had such demand or
acceleration occurred. 

  
 B-3

 Section 9. Reinstatement of Guarantied Obligations. If claim is ever made on the
Administrative Agent or any of the Lenders for repayment or recovery of any amount or amounts received in payment or on account of any of the Guarantied Obligations, and the Administrative Agent or such Lender repays all or part of said amount by
reason of (a) any judgment, decree or order of any court or administrative body of competent jurisdiction, or (b) any settlement or compromise of any such claim effected by the Administrative Agent or such Lender with any such claimant
(including the Borrower or a trustee in bankruptcy for the Borrower), then and in such event each Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be binding on it, notwithstanding any revocation hereof or the
cancellation of the Credit Agreement, any of the other Loan Documents, or any other instrument evidencing any liability of the Borrower, and such Guarantor shall be and remain liable to the Administrative Agent or such Lender for the amounts so
repaid or recovered to the same extent as if such amount had never originally been paid to the Administrative Agent or such Lender. 
 Section 10. Subrogation. Upon the making by any Guarantor of any payment hereunder for the account of the Borrower, such Guarantor shall be subrogated to the rights of the payee against the
Borrower; provided, however, that such Guarantor shall not enforce any right or receive any payment by way of subrogation or otherwise take any action in respect of any other claim or cause of action such Guarantor may have against the Borrower
arising by reason of any payment or performance by such Guarantor pursuant to this Guaranty, unless and until all of the Guarantied Obligations have been indefeasibly paid and performed in full. If any amount shall be paid to such Guarantor on
account of or in respect of such subrogation rights or other claims or causes of action, such Guarantor shall hold such amount in trust for the benefit of the Administrative Agent and the Lenders and shall forthwith pay such amount to the
Administrative Agent to be credited and applied against the Guarantied Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement or to be held by the Administrative Agent as collateral security for any
Guarantied Obligations existing. 
 Section 11. Payments Free and Clear. All sums payable by each Guarantor
hereunder, whether of principal, interest, Fees, expenses, premiums or otherwise, shall be paid in full, without set-off or counterclaim or any deduction or withholding whatsoever (including any Taxes), and if any Guarantor is required by Applicable
Law or by a Governmental Authority to make any such deduction or withholding, such Guarantor shall pay to the Administrative Agent and the Lenders such additional amount as will result in the receipt by the Administrative Agent and the Lenders of
the full amount payable hereunder had such deduction or withholding not occurred or been required. 
 Section 12.
Set-off. In addition to any rights now or hereafter granted under any of the other Loan Documents or Applicable Law and not by way of limitation of any such rights, each Guarantor hereby authorizes the Administrative Agent, each Lender and
any of their respective Affiliates, at any time while an Event of Default exists, without any prior notice to such Guarantor or to any other Person, any such notice being hereby expressly waived, but in the case of a Lender or an Affiliate of a
Lender subject to receipt of the prior written consent of the Requisite Lenders exercised in their sole discretion, to set off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness
evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Administrative Agent, such Lender, or any Affiliate of the Administrative Agent or such Lender, to or for the credit or
the account of such Guarantor against and on account of any of the Guarantied Obligations, although such obligations shall be contingent or unmatured. 

  
 B-4

 Section 13. Subordination. Each Guarantor hereby expressly covenants and agrees
for the benefit of the Administrative Agent and the Lenders that all obligations and liabilities of the Borrower to such Guarantor of whatever description, including without limitation, all intercompany receivables of such Guarantor from the
Borrower (collectively, the “Junior Claims”) shall be subordinate and junior in right of payment to all Guarantied Obligations. If an Event of Default shall exist, then no Guarantor shall accept any direct or indirect payment (in cash,
property or securities, by setoff or otherwise) from the Borrower on account of or in any manner in respect of any Junior Claim until all of the Guarantied Obligations have been indefeasibly paid in full. 

Section 14. Avoidance Provisions. It is the intent of each Guarantor, the Administrative Agent and the Lenders that in any
Proceeding, such Guarantor’s maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the
Administrative Agent and the Lenders) to be avoidable or unenforceable against such Guarantor in such Proceeding as a result of Applicable Law, including without limitation, (a) Section 548 of the Bankruptcy Code and (b) any state
fraudulent transfer or fraudulent conveyance act or statute applied in such Proceeding, whether by virtue of Section 544 of the Bankruptcy Code or otherwise. The Applicable Laws under which the possible avoidance or unenforceability of the
obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Administrative Agent and the Lenders) shall be determined in any such Proceeding are referred to as the “Avoidance Provisions”. Accordingly, to the
extent that the obligations of any Guarantor hereunder would otherwise be subject to avoidance under the Avoidance Provisions, the maximum Guarantied Obligations for which such Guarantor shall be liable hereunder shall be reduced to that amount
which, as of the time any of the Guarantied Obligations are deemed to have been incurred under the Avoidance Provisions, would not cause the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Administrative
Agent and the Lenders), to be subject to avoidance under the Avoidance Provisions. This Section is intended solely to preserve the rights of the Administrative Agent and the Lenders hereunder to the maximum extent that would not cause the
obligations of any Guarantor hereunder to be subject to avoidance under the Avoidance Provisions, and no Guarantor or any other Person shall have any right or claim under this Section as against the Administrative Agent and the Lenders that would
not otherwise be available to such Person under the Avoidance Provisions. 
 Section 15. Information. Each Guarantor
assumes all responsibility for being and keeping itself informed of the financial condition of the Borrower and the other Guarantors, and of all other circumstances bearing upon the risk of nonpayment of any of the Guarantied Obligations and the
nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that neither the Administrative Agent nor any of the Lenders shall have any duty whatsoever to advise any Guarantor of information regarding such
circumstances or risks. 
 Section 16. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

SECTION 17. WAIVER OF JURY TRIAL. 
 (a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG ANY GUARANTOR, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND
FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE LENDERS, THE ADMINISTRATIVE AGENT AND EACH GUARANTOR HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR
PROCEEDING OF ANY KIND OR NATURE 

  
 B-5

 
IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION
OR DISPUTE WHATSOEVER BETWEEN OR AMONG ANY GUARANTOR, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN DOCUMENTS. 
 (b) EACH OF THE GUARANTORS, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY AGREES THAT ANY FEDERAL DISTRICT COURT AND ANY STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN NEW YORK, NEW YORK SHALL HAVE
JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG ANY GUARANTOR, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS, PERTAINING DIRECTLY OR INDIRECTLY TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM
OR THEREFROM. EACH GUARANTOR AND EACH OF THE LENDERS EXPRESSLY SUBMIT AND CONSENT IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS WITH RESPECT TO SUCH CLAIMS OR DISPUTES. EACH PARTY FURTHER WAIVES ANY OBJECTION
THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN
THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY ANY PARTY OR THE ENFORCEMENT BY ANY PARTY OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 

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

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

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

  
 B-6

 Section 21. Successors and Assigns. Each reference herein to the Administrative
Agent or the Lenders shall be deemed to include such Person’s respective successors and assigns (including, but not limited to, any holder of the Guarantied Obligations) in whose favor the provisions of this Guaranty also shall inure, and each
reference herein to each Guarantor shall be deemed to include such Guarantor’s successors and assigns, upon whom this Guaranty also shall be binding. The Lenders may, in accordance with the applicable provisions of the Credit Agreement, assign,
transfer or sell any Guarantied Obligation, or grant or sell participations in any Guarantied Obligations, to any Person without the consent of, or notice to, any Guarantor and without releasing, discharging or modifying any Guarantor’s
obligations hereunder. Subject to Section 12.9. of the Credit Agreement, each Guarantor hereby consents to the delivery by the Administrative Agent or any Lender to any Assignee or Participant (or any prospective Assignee or Participant) of any
financial or other information regarding the Borrower or any Guarantor. No Guarantor may assign or transfer its rights or obligations hereunder to any Person without the prior written consent of the Administrative Agent and the Lenders and any such
assignment or other transfer to which the Administrative Agent and the Lenders have not so consented shall be null and void. 

Section 22. JOINT AND SEVERAL OBLIGATIONS. THE OBLIGATIONS OF THE GUARANTORS HEREUNDER SHALL BE JOINT AND SEVERAL, AND
ACCORDINGLY, EACH GUARANTOR CONFIRMS THAT IT IS LIABLE FOR THE FULL AMOUNT OF THE “GUARANTIED OBLIGATIONS” AND ALL OF THE OBLIGATIONS AND LIABILITIES OF EACH OF THE OTHER GUARANTORS HEREUNDER. 

Section 23. Amendments. This Guaranty may not be amended except in a writing signed by the Requisite Lenders (or all of the
Lenders if required under the terms of the Credit Agreement), the Administrative Agent and each Guarantor. 
 Section 24.
Payments. All payments to be made by any Guarantor pursuant to this Guaranty shall be made in Dollars, in immediately available funds to the Administrative Agent at the Principal Office, not later than 2:00 p.m. on the date of demand
therefor. 
 Section 25. Notices. All notices, requests and other communications hereunder shall be in writing
(including facsimile transmission or similar writing) and shall be given (a) to each Guarantor at its address set forth below its signature hereto, (b) to the Administrative Agent or any Lender at its respective address for notices
provided for in the Credit Agreement, or (c) as to each such party at such other address as such party shall designate in a written notice to the other parties. Each such notice, request or other communication shall be effective (i) if
mailed, when received; (ii) if telecopied, when transmitted; or (iii) if hand delivered, when delivered; provided, however, that any notice of a change of address for notices shall not be effective until received. 

Section 26. Severability. In case any provision of this Guaranty shall be invalid, illegal or unenforceable in any
jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 27. Headings. Section headings used in this Guaranty are for convenience only and shall not affect the construction of this Guaranty. 

Section 28. Limitation of Liability. Neither the Administrative Agent nor any of the Lenders, nor any Affiliate, officer,
director, employee, attorney, or agent of the Administrative Agent or any of the Lenders, shall have any liability with respect to, and each Guarantor hereby waives, releases, and agrees not to sue any of them upon, any claim for any special,
indirect, incidental, or consequential damages suffered or incurred by a Guarantor in connection with, arising out of, or in any way related to, this Guaranty or any of the other Loan Documents, or any of the transactions contemplated by this
Guaranty, the Credit Agreement or any of the other Loan Documents. Each Guarantor hereby waives, releases, and agrees not to sue the Administrative Agent or any of the Lenders or any of the Administrative Agent’s or

  
 B-7

 
of any Lenders’, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this
Guaranty, the Credit Agreement or any of the other Loan Documents, or any of the transactions contemplated by Credit Agreement or financed thereby. 
 Section 29. Definitions. (a) For the purposes of this Guaranty: 

“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy”, as amended from time to time,
and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable foreign laws relating to bankruptcy, insolvency or creditors’ rights. 

“Proceeding” means any of the following: (i) a voluntary or involuntary case concerning any Guarantor shall be
commenced under the Bankruptcy Code; (ii) a custodian (as defined in such Bankruptcy Code or any other applicable bankruptcy laws) is appointed for, or takes charge of, all or any substantial part of the property of any Guarantor;
(iii) any other proceeding under any Applicable Law, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up or composition for adjustment of debts, whether now or hereafter in effect, is commenced relating to any
Guarantor; (iv) any Guarantor is adjudicated insolvent or bankrupt; (v) any order of relief or other order approving any such case or proceeding is entered by a court of competent jurisdiction; (vi) any Guarantor makes a general
assignment for the benefit of creditors; (vii) any Guarantor shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; (viii) any Guarantor shall call a meeting of its
creditors with a view to arranging a composition or adjustment of its debts; (ix) any Guarantor shall by any act or failure to act indicate its consent to, approval of or acquiescence in any of the foregoing; or (x) any corporate action
shall be taken by any Guarantor for the purpose of effecting any of the foregoing. 
 (b) Capitalized terms not otherwise defined
herein are used herein with the respective meanings given them in the Credit Agreement. 
 [Signatures on Next Page] 

  
 B-8

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

					
	PARKWAY PROPERTIES, INC.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	[ADDITIONAL GUARANTORS]
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	Address for Notices:
	
	 c/o Parkway Properties, Inc.
 390 North Orange Avenue, Suite 2400
 Orlando, FL 32801

Attention: Chief Financial Officer
 Telecopy
Number: (    )      -     
 Telephone Number:
(    )      -     

  
 B-9

 ANNEX I 
 FORM OF ACCESSION AGREEMENT 
 THIS ACCESSION AGREEMENT dated as of
            , 20     , executed and delivered by
                    , a             (the “New Guarantor”), in favor of WELLS
FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (the “Administrative Agent”) for the Lenders under that certain Term Loan Agreement dated as of June 12, 2013 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), by and among PARKWAY PROPERTIES LP (the “Borrower”), PARKWAY PROPERTIES, INC., as Parent, the financial institutions party thereto and their assignees under Section 12.6.
thereof (the “Lenders”) and the Administrative Agent. 
 WHEREAS, pursuant to the Credit Agreement, the Administrative
Agent and the Lenders have agreed to make available to the Borrower certain financial accommodations on the terms and conditions set forth in the Credit Agreement; 
 WHEREAS, the Borrower, the New Guarantor, and the existing Guarantors, though separate legal entities, are mutually dependent on each other in the conduct of their respective businesses as an integrated
operation and have determined it to be in their mutual best interests to obtain financing from the Administrative Agent and the Lenders through their collective efforts; 
 WHEREAS, the New Guarantor acknowledges that it will receive direct and indirect benefits from the Administrative Agent and the Lenders making such financial accommodations available to the Borrower under
the Credit Agreement and, accordingly, the New Guarantor is willing to guarantee the Borrower’s obligations to the Administrative Agent and the Lenders on the terms and conditions contained herein; and 

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

Section 1. Accession to Guaranty. The New Guarantor hereby agrees that it is a “Guarantor” under that certain
Guaranty dated as of June 12, 2013 (as amended, supplemented, restated or otherwise modified from time to time, the “Guaranty”), made by each Subsidiary of the Borrower a party thereto in favor of the Administrative Agent and the
Lenders and assumes all obligations of a “Guarantor” thereunder and agrees to be bound thereby, all as if the New Guarantor had been an original signatory to the Guaranty. Without limiting the generality of the foregoing, the New Guarantor
hereby: 
 (a) irrevocably and unconditionally guarantees the due and punctual payment and performance when due, whether at
stated maturity, by acceleration or otherwise, of all Guarantied Obligations (as defined in the Guaranty); 
 (b) makes to the
Administrative Agent and the Lenders as of the date hereof each of the representations and warranties contained in Section 5 of the Guaranty and agrees to be bound by each of the covenants contained in Section 6 of the Guaranty; and

  
 B-10

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

SECTION 2. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 3.
Definitions. Capitalized terms used herein and not otherwise defined herein shall have their respective defined meanings given them in the Credit Agreement. 
 [Signatures on Next Page] 

  
 B-11

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

					
	[NEW GUARANTOR]
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	Address for Notices:
	
	 c/o Parkway Properties, Inc.
 390 North Orange Avenue, Suite 2400
 Orlando, FL 32801

	Attention: Chief Financial Officer
	 Telecopy Number: (    )
    -    
 Telephone Number: (    )
    -    

  

					
	Accepted:
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Administrative Agent

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 B-12

 EXHIBIT C 
 FORM OF 
 NOTICE OF BORROWING/CONTINUATION/CONVERSION

  

					
	This is a Notice of:	  	 ̈ Borrowing of Loans	  	
	[select as applicable]	  	 ̈ Continuation	  	
		  	 ̈ Conversion	  	

 Date 

Wells Fargo Bank, National Association, as Administrative Agent 
 2859 Paces Ferry Road, Suite 1200 
 Atlanta, Georgia 30339 

Attn: Loan Administration Manager 

Telecopier: 770-435-2262 

Telephone: 770-319-3800 
 Wells Fargo Bank,
National Association, as Administrative Agent 
 608 2nd Avenue South, 11th Floor 
 Minneapolis, Minnesota 55402-1916 
 Attn: Disbursement Administrator 

Telecopier: 866-595-7861

Telephone: 612-667-4773 
 Ladies and
Gentlemen: 
 Reference is made to that certain Term Loan Agreement dated as of June 12, 2013 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among Parkway Properties LP (the “Borrower”), Parkway Properties, Inc., as Parent, the financial institutions party thereto and their assignees
under Section 12.6 thereof (the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (“Administrative Agent”). Capitalized terms used herein, and not otherwise defined herein, have their respective
meanings given them in the Credit Agreement. 
 Borrower hereby requests [check as applicable],  ̈ that the Lenders make a Loan to the Borrower pursuant to Section 2.1(b) of the Credit Agreement as provided below,  ̈
a Continuation of a borrowing of Loans pursuant to Section 2.6 of the Credit Agreement as provided below, and/or  ̈ a Conversion of an existing Loan pursuant to
Section 2.7 of the Credit Agreement as provided below, in the amount of $            [minimum of $1,000,000.00 and in multiples of $250,000.00]. 

 

					
	 Aggregate Commitments
	  	$	120,000,000.00	  
	 Available amount
	  	$	120,000,000.00	  
	 The Borrowing, Conversion, or Continuation is to be made as follows:
	  			

  
 C-1

					
	 A.     Base Rate Loan:
	  			
	 1.      Amount of Base Rate Loan:
	  	$	                         	  
		  	  
	  
	 
	 2.      Amount of Conversion of existing LIBOR Loan to Base Rate Loan:
	  	$	                         	  
		  	  
	  
	 
	 3.      Proposed Date of new Base Rate Loan or Conversion:
	  			
		  	  
	  
	 
	 B.     LIBOR Loan:
	  			
	 1.      Amount of LIBOR Loan:
	  	$	                         	  
		  	  
	  
	 
	 2.      Amount of Conversion of existing Base Rate Loan to LIBOR Loan:
	  	$	                         	  
		  	  
	  
	 
	 3.      Amount of LIBOR Loan to be Continued:
	  	$	                         	  
		  	  
	  
	 
	 4.      Number of LIBOR Loans now in effect (after giving effect to this LIBOR Loan): [cannot
exceed 6]
	  			
		  	  
	  
	 
	 5.      Proposed Date of new LIBOR Loan, Conversion or Continuation:
	  			
		  	  
	  
	 
	 6.      Interest Period for new LIBOR Loan or LIBOR Loan to be continued:
	  	 
 

 
  
  

 
	[Check one box
only]
  ̈ 1 month 
  ̈ 2 months

  ̈ 3 months 

 ̈ 6 months
	  
  
   

  
   
   

	 7.      Expiration date of current Interest Period (if Conversion or Continuation):
	  			
		  	  
	  
	 
	 8.      Principal amount and date of original borrowing (if Conversion or
Continuation):
	  			
		  	  
	  
	 

 The proceeds of this borrowing of Loans will be used for the following purposes which are consistent with the terms of
Section 7.8 of the Credit Agreement: 
  
  

 
  
 The Borrower requests that the proceeds of the requested Loan be made available to the Borrower by:                    
                             .14 

 

	14 	 Insert wire information, reference to Transfer Authorizer Designation Form, or other disbursement instructions. 

  
 C-2

 The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the date hereof and as
of the date of the making of the requested Loans, the date of the requested Continuation and/or the date of the requested Conversion, as applicable, and after giving effect thereto, [(a)] no Default or Event of Default exists or shall exist
[and (b) the representations and warranties made or deemed made by the Parent, the Borrower and each other Loan Party in the Loan Documents to which any of them is a party are and shall be true and correct, except to the extent that such
representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct on and as of such earlier date) and except for changes in factual circumstances
specifically and expressly permitted under the Loan Documents]15. In addition, the Borrower certifies to the Administrative Agent and the Lenders that all conditions to the making of the requested Loans, the making of the requested Continuation and/or the making of
the requested Conversion, as applicable, in each case contained in Article V. of the Credit Agreement, will have been satisfied (or waived in accordance with the applicable provisions of the Loan Documents) at the time such Credit Event is
made. 
  

	15 	Bracketed language to be included for Notice of Borrowing only. 

  
 C-3

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of
Borrowing/Continuation/Conversion as of the date first written above. 
 Sincerely, 

 

					
	 PARKWAY PROPERTIES LP,
 a Delaware limited partnership

		
	By:	 	 Parkway Properties General Partners, Inc.,
 its general partner

			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	 
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  
 C-4

 EXHIBIT D 
 FORM OF TERM LOAN NOTE 
  

			
	$                    	  	                    , 20
    

 FOR VALUE RECEIVED, the undersigned, PARKWAY PROPERTIES LP, a limited partnership formed under the laws
of the State of Delaware (the “Borrower”), hereby promises to pay to the order of                     (the “Lender”), in care of
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”) at WELLS FARGO BANK, NATIONAL ASSOCIATION, 608 2nd Avenue South, 11th Floor, Minneapolis, Minnesota 55402-1916, or at such other address as
may be specified in writing by the Administrative Agent to the Borrower, the principal sum of             AND     /100 DOLLARS
($            ) (or such lesser amount as shall equal the aggregate unpaid principal amount of Loans made by the Lender to the Borrower under the Credit Agreement (as herein defined)),
on the dates and in the principal amounts provided in the Credit Agreement, and to pay interest on the unpaid principal amount owing hereunder, at the rates and on the dates provided in the Credit Agreement. 

The date and amount of the Loan made by the Lender to the Borrower, and each payment made on account of the principal thereof, shall be
recorded by the Lender on its books and, prior to any transfer of this Term Loan Note (this “Note”), endorsed by the Lender on the schedule attached hereto or any continuation thereof, provided that the failure of the Lender to make any
such recordation or endorsement shall not affect the obligations of the Borrower to make a payment when due of any amount owing under the Credit Agreement or hereunder. 
 This Note is one of the Notes referred to in the Term Loan Agreement dated as of June 12, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among the Borrower, Parkway Properties, Inc., the financial institutions party thereto and their assignees under Section 12.6. thereof (the “Lenders”) and the Administrative Agent. Capitalized terms used
herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
 The Credit
Agreement provides for the acceleration of the maturity of this Note upon the occurrence of certain events and for prepayments of Loans upon the terms and conditions specified therein. 

Except as permitted by Section 12.6. of the Credit Agreement, this Note may not be assigned by the Lender to any Person. 

  
 D-1

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 The Borrower hereby waives presentment
for payment, demand, notice of demand, notice of non-payment, protest, notice of protest and all other similar notices. 
 Time
is of the essence for this Note. 

  
 D-2

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Term Loan Note under
seal as of the date first written above. 
  

					
	PARKWAY PROPERTIES LP
	
	By: Parkway Properties General Partners, Inc., its sole general partner
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  
 D-3

 SCHEDULE OF LOANS 
 This Note evidences the Loan made by the Lender under the Credit Agreement to the Borrower, on the dates and in the principal amount set forth below, subject to the payments and prepayments of principal
set forth below: 
  

									
	 Date of Loan
	  	Principal Amount of Loan	  	Amount Paid or Prepaid	  	Unpaid Principal Amount	  	Notation Made By

  
 D-4

 Loan Number 1009728 
 EXHIBIT E 
 FORM OF 

TRANSFER AUTHORIZER DESIGNATION FORM 
 (For Disbursement of Loan Proceeds) 
  ̈ NEW  ̈ REPLACE PREVIOUS DESIGNATION  ̈ ADD
 ̈ CHANGE  ̈ DELETE LINE NUMBER               ̈ INITIAL LOAN DISBURSEMENT 
 The following representatives
(“Authorized Representatives”) of Parkway Properties LP (“Borrower”) are authorized to request the disbursement of loan proceeds and initiate funds transfers for Loan Number 1009728
(“Loan”) in the initial principal amount of $120,000,000 (“Initial Loan Amount”), which Initial Loan Amount may be increased pursuant to the terms of the Credit Agreement (as defined below) to a
principal amount that after giving effect to any such increases shall not exceed $250,000,000 (“Increased Loan Amount”) evidenced by that certain Term Loan Agreement, dated as of June 12, 2013 (“Credit
Agreement”), among the Borrower, Parkway Properties, Inc., the Lenders party thereto and Wells Fargo Bank, N.A., as Administrative Agent, (the “Administrative Agent”). The Administrative Agent is authorized to
rely on this Transfer Authorizer Designation Form until it has received a new Transfer Authorizer Designation Form signed by Borrower, even in the event that any or all of the foregoing information may have changed. The maximum amount of the initial
disbursement of any Loan proceeds (“Initial Loan Disbursement”) and the maximum amount of each subsequent disbursement of any Loan proceeds (each a “Subsequent Loan Disbursement”) that each Authorized
Representative is authorized to request are set forth below: 
  

									
	 	  	 Name
	  	Title	  	Maximum Initial
Loan 
Disbursement
Amount1	  	Maximum Subsequent
Loan 
Disbursement
Amount1
	 1.
	  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	1	 Neither the
Initial Disbursement Amount, nor the Initial Disbursement Amount together with any Subsequent Disbursement Amounts, shall ever exceed the Initial Loan Amount or the Increased Loan Amount, as applicable. 

 INITIAL LOAN DISBURSEMENT AUTHORIZATION 

 

	 ̈	Applicable for Wire Transfer in Connection with Request from Authorized Representative. The Administrative Agent is hereby authorized to disburse the
proceeds of the Initial Loan Disbursement requested from an Authorized Representative in accordance with the terms of the Credit Agreement by wire transfer as specified in the wire transfer instructions set forth below under Item 1. of
“Beneficiary Bank and Account Holder Information” of this Transfer Authorizer Designation. 

  

	 ̈	Applicable for Wire Transfer Instructions from Person other than Authorized Representative. The Administrative Agent is hereby authorized to accept wire
transfer instructions for the Initial Loan Disbursement from                     (i.e. specify title/escrow company), which instructions are to be
delivered, via fax, email, or letter, to the Administrative Agent. Said instructions shall include the Borrower’s Name; Title/Escrow #            and/or Loan
#            ; the person/entity to receive the Initial Loan Disbursement (“Receiving Party”); the Receiving Party’s full account name; Receiving Party’s
account number at the receiving bank (“Receiving Bank”); Receiving Bank’s (ABA) routing number; city and state of the Receiving Bank; and the amount of the Initial Loan Disbursement (not to exceed the Maximum Initial
Loan Disbursement Amount set forth above). 

  

	 ̈	Applicable for Deposit into Deposit Account. The Administrative Agent is hereby authorized to disburse the proceeds of the Initial Loan Disbursement
requested from an Authorized Representative in accordance with the terms of the Credit Agreement by deposit into the deposit account specified in the deposit instructions set forth below under Item 2. of “Beneficiary Bank and Account
Holder Information” of this Transfer Authorizer Designation. 

 SUBSEQUENT LOAN DISBURSEMENT AUTHORIZATION

  

	 ̈	Not Applicable 

  

	 ̈	Applicable for Wire Transfer in Connection with Request from Authorized Representative. The Administrative Agent is hereby authorized to disburse the
proceeds of any Subsequent Loan Disbursement requested from an Authorized Representative in accordance with the terms of the Credit Agreement by wire transfer as specified in the wire transfer instructions set forth below under Item 3. of
Beneficiary Bank and Account Holder Information of this Transfer Authorizer Designation. 

  

	 ̈	Applicable for Wire Transfer from Person other than Authorized Representative. The Administrative Agent is hereby authorized to accept wire transfer
instructions for the Subsequent Loan Disbursement from             (i.e. specify title/escrow company), which instructions are to be delivered, via fax, email, or letter, to Lender. Said
instructions shall include the Borrower’s Name; Title/Escrow #            and/or Loan #            ; the person/entity to
receive the Subsequent Loan Disbursement (“Receiving Party”); the Receiving Party’s full account name; Receiving Party’s account number at the receiving bank (“Receiving Bank”); Receiving
Bank’s (ABA) routing number; city and state of the Receiving Bank; and the amount of the Subsequent Loan Disbursement (not to exceed the Maximum Subsequent Loan Disbursement Amount set forth above). 

  
 E-2

	 ̈	Applicable for Deposit into Deposit Account. The Administrative Agent is hereby authorized to disburse the proceeds of any Subsequent Loan Disbursement
requested from an Authorized Representative in accordance with the terms of the Credit Agreement by deposit into the deposit account specified in the deposit instructions set forth below under Item 4. of “Beneficiary Bank and Account
Holder Information” of this Transfer Authorizer Designation. 

 Borrower acknowledges and agrees that the acceptance of and
disbursement of funds by the Administrative Agent in accordance with the title/escrow company or Authorized Representative instructions shall be governed by this Transfer Authorizer Designation Form and any other Loan Documents (as defined in the
Credit Agreement). The Administrative Agent shall not be further required to confirm said disbursement instructions received from title/escrow company or Authorized Representative with Borrower. This Transfer Authorizer Designation Form is in effect
until the Administrative Agent has received a new Transfer Authorizer Designation Form signed by the Borrower, after which time a new authorization request shall be required. Borrower shall instruct title/escrow company via a separate letter, to
deliver said disbursement instructions in writing, directly to the Administrative Agent at its address set forth in that certain Section of the Credit Agreement entitled Notices. Borrower also hereby authorizes the Administrative Agent to attach a
copy of the written disbursement instructions to this Transfer Authorizer Designation Form upon receipt of said instructions. 

Beneficiary Bank and Account Holder Information 
 1. INITIAL LOAN DISBURSEMENT AUTHORIZATION - FOR WIRE TRANSFER 

 
   Borrower Name: 
  

 
   Title/Escrow Number:

  
  

	 	A.	Loan Number: 

  

 

	 	B.	Transfer/Deposit Funds to (Receiving Party Account Name): 

  

 

	 	C.	Receiving Party Deposit Account Number: 

  

 

	 	D.	Receiving Bank Name, City and State: 

  

 

	 	E.	Receiving Bank Routing (ABA) Number: 

  

 

	 	F.	Disbursement Amount (Not to exceed the Maximum Initial Loan Disbursement Amount): 

 
  

	 	G.	Further Credit Information/Instructions: 

  

  
 E-3

 2. INITIAL LOAN DISBURSEMENT AUTHORIZATION - FOR DEPOSIT INTO DEPOSIT ACCOUNT 

 
   Borrower Name: 
  

 
   Title/Escrow Number:

  
  

	 	A.	Loan Number: 

  

 

	 	B.	Transfer/Deposit Funds to (Receiving Party Account Name): 

  

 

	 	C.	Receiving Party Deposit Account Number: 

  

 

	 	D.	Receiving Bank Name, City and State: 

  

 

	 	E.	Receiving Bank Routing (ABA) Number: 

  

 

	 	F.	Disbursement Amount (Not to exceed the Maximum Initial Loan Disbursement Amount): 

 
  

	 	G.	Further Credit Information/Instructions: 

  

3. SUBSEQUENT LOAN DISBURSEMENT AUTHORIZATION - FOR WIRE TRANSFER 

 
   Borrower Name: 
  

 
   Title/Escrow Number:

  
  

	 	A.	Loan Number: 

  

 

	 	B.	Transfer/Deposit Funds to (Receiving Party Account Name): 

  

 

	 	C.	Receiving Party Deposit Account Number: 

  

 

	 	D.	Receiving Bank Name, City and State: 

  

 

	 	E.	Receiving Bank Routing (ABA) Number: 

  

 

	 	F.	Disbursement Amount (Not to exceed the Maximum Subsequent Loan Disbursement Amount nor an amount, in the aggregate with the outstanding loans,
would exceed the [Initial] Loan Amount [or the Increased Loan Amount, as applicable)]: 

  

 

	 	G.	Further Credit Information/Instructions: 

  

  
 E-4

 4. SUBSEQUENT LOAN DISBURSEMENT AUTHORIZATION - FOR DEPOSIT INTO DEPOSIT ACCOUNT 

 
   Borrower Name: 
  

 
   Title/Escrow Number:

  
  

	 	A.	Loan Number: 

  

 

	 	B.	Transfer/Deposit Funds to (Receiving Party Account Name): 

  

 

	 	C.	Receiving Party Deposit Account Number: 

  

 

	 	D.	Receiving Bank Name, City and State: 

  

 

	 	E.	Receiving Bank Routing (ABA) Number: 

  

 

	 	F.	Disbursement Amount (Not to exceed the Maximum Subsequent Loan Disbursement Amount nor an amount, in the aggregate with the
outstanding loans, would exceed the [Initial]Loan Amount [or the Increased Loan Amount, as applicable )]: 

  

 

	 	G.	Further Credit Information/Instructions: 

  

  
 E-5

					
	Date:	 	  

	
	“BORROWER”
	
	PARKWAY PROPERTIES LP
		
	By:	 	Parkway Properties General Partners, Inc., its sole general partner
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:
		 	
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

  
 E-6

 EXHIBIT F-1 
 FORM OF U.S. TAX COMPLIANCE CERTIFICATE 
 (For Foreign Lenders That Are Not
Partnerships For U.S. Federal Income Tax Purposes) 
 Reference is made to that certain Term Loan Agreement dated as of
June 12, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among Parkway Properties LP (the “Borrower”), Parkway Properties, Inc., as Parent, the financial
institutions party thereto and their assignees under Section 12.6 thereof (the “Lenders”) and Wells Fargo Bank, National Association, as Administrative Agent (“Administrative Agent”). 

Pursuant to the provisions of Section 3.10. of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it
is not a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of the Code.

 The undersigned has furnished the Administrative Agent and the Borrower Representative with a certificate of its non-U.S.
Person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and
(2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or
in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:             , 20     

  
 F-1

 EXHIBIT F-2 
 FORM OF U.S. TAX COMPLIANCE CERTIFICATE 
 (For Foreign Participants That Are
Not Partnerships For U.S. Federal Income Tax Purposes) 
 Reference is made to that certain Term Loan Agreement dated as of
June 12, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among Parkway Properties LP (the “Borrower”), Parkway Properties, Inc., as Parent, the financial
institutions party thereto and their assignees under Section 12.6 thereof (the “Lenders”) and Wells Fargo Bank, National Association, as Administrative Agent (“Administrative Agent”). 

Pursuant to the provisions of Section 3.10. of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of any
Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing
this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such
Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the
Credit Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:             , 20     

  
 F-2

 EXHIBIT F-3 
 FORM OF U.S. TAX COMPLIANCE CERTIFICATE 
 (For Foreign Participants That Are
Partnerships For U.S. Federal Income Tax Purposes) 
 Reference is made to that certain Term Loan Agreement dated as of
June 12, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among Parkway Properties LP (the “Borrower”), Parkway Properties, Inc., as Parent, the financial
institutions party thereto and their assignees under Section 12.6 thereof (the “Lenders”) and Wells Fargo Bank, National Association, as Administrative Agent (“Administrative Agent”). 

Pursuant to the provisions of Section 3.10. of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the
undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code,
(iv) none of its direct or indirect partners/members is a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign
corporation related to any Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its
participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an
IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate
changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment
is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	 
		 	Name:
		 	Title:

 Date:                  ,
20     

  
 F-3

 EXHIBIT F-4 
 FORM OF U.S. TAX COMPLIANCE CERTIFICATE 
 (For Foreign Lenders That Are
Partnerships For U.S. Federal Income Tax Purposes) 
 Reference is made to that certain Term Loan Agreement dated as of
June 12, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among Parkway Properties LP (the “Borrower”), Parkway Properties, Inc., as Parent, the financial
institutions party thereto and their assignees under Section 12.6 thereof (the “Lenders”) and Wells Fargo Bank, National Association, as Administrative Agent (“Administrative Agent”). 

Pursuant to the provisions of Section 3.10. of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any
Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit
pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of any
Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of the Code.

 The undersigned has furnished the Administrative Agent and the Borrower Representative with IRS Form W-8IMY accompanied by
one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such
partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall
promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the
calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 

 

			
	[NAME OF LENDER]
		
	By:	 	 
		 	Name:
		 	Title:

 Date:                  ,
20     

  
 F-4

 EXHIBIT G 
 FORM OF COMPLIANCE CERTIFICATE 

                    ,
20     
 Wells Fargo Bank, National Association, as Administrative Agent 

2859 Paces Ferry Road, Suite 1200 
 Atlanta,
Georgia 30339 
 Attn: Loan Administration Manager 
 Telecopier: 770-435-2262 
 Telephone: 770-319-3800 

Each of the Lenders Party to the Credit 

    Agreement referred to below 
 Ladies and Gentlemen: 
 Reference is made to that certain Term Loan Agreement dated
as of June 12, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among PARKWAY PROPERTIES LP (the “Borrower”), PARKWAY PROPERTIES, INC. (the “Parent”)
the financial institutions party thereto and their assignees under Section 12.6. thereof (the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”). Capitalized terms
used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
 Pursuant to
Section 8.3(a) of the Credit Agreement, the undersigned, in his or her capacity as an officer of the Parent and not in his or her individual capacity, hereby certifies to the Administrative Agent and the Lenders as follows: 

(1) The undersigned is the [chief financial officer / chief accounting officer / treasurer] of the Parent. 

(2) The undersigned has examined the books and records of the Parent and the Borrower and has conducted such other examinations and
investigations as are reasonably necessary to provide this Compliance Certificate. 
 (3) No Default or Event of Default exists
as of the date hereof [if such is not the case, specify such Default or Event of Default and its nature, when it occurred and whether it is continuing and the steps being taken by the Parent and/or the Borrower with respect to such event,
condition or failure]. 
 (4) Attached hereto as Schedule 1 are reasonably detailed calculations establishing whether or
not the Parent and its Subsidiaries were in compliance with the covenants contained in Sections 9.1. of the Credit Agreement as of
                    . 

  
 G-1

 IN WITNESS WHEREOF, the undersigned has executed this certificate as of the date first above
written. 
  

			
	
		
	By:	 	 
		
	Name:	 	                             
                                         
      ,
	the [chief financial officer / chief accounting officer / treasurer] of the Parent

  
 G-2

 Schedule 1 

[Calculations to be Attached] 

  
 G-3

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