Document:

Subordinated Note Purchase Agreement

 Exhibit 4.1 
 SUBORDINATED 
 NOTE PURCHASE AGREEMENT 
 between 
 USB Capital Resources, Inc. 
 and 
 Sterling Bank 
 Dated as of June 30, 2008 
 (1) Sterling Bank

 TABLE OF CONTENTS 
  

							
	 	  	 	  	 	  	Page
	1.	  	DEFINITIONS	  	1
				
		  	1.1.	  	Defined Terms	  	5
				
		  	1.2.	  	Certain UCC and Accounting Terms; Interpretations	  	5
				
		  	1.3.	  	Exhibits and Schedules Incorporated	  	5
			
	2.	  	SUBORDINATED DEBT	  	5
				
		  	2.1.	  	General Matters	  	5
				
		  	2.2.	  	The Subordinated Note	  	5
				
		  	2.3.	  	Maturity Date	  	6
				
		  	2.4.	  	Unsecured Facility	  	6
				
		  	2.5.	  	The Closing	  	6
				
		  	2.6.	  	Interest Rate Matters	  	6
				
		  	2.7.	  	Certain Provisions Regarding LIBOR	  	7
				
		  	2.8.	  	Payments	  	8
			
	3.	  	DISBURSEMENT	  	9
				
		  	3.1.	  	Disbursement	  	9
				
		  	3.2.	  	Conditions Precedent to Disbursement	  	9
			
	4.	  	GENERAL REPRESENTATIONS AND WARRANTIES	  	10
				
		  	4.1.	  	Organization and Authority	  	10
				
		  	4.2.	  	No Impediment to Transactions	  	11
				
		  	4.3.	  	Possession of Licenses and Permits	  	12
				
		  	4.4.	  	Financial Condition	  	12
				
		  	4.5.	  	Title to Properties	  	14
				
		  	4.6.	  	No Material Adverse Change	  	14
				
		  	4.7.	  	Legal Matters	  	15
				
		  	4.8.	  	Borrower Status	  	17
				
		  	4.9.	  	No Misstatement	  	17
				
		  	4.10.	  	Representations and Warranties Generally	  	17
			
	5.	  	GENERAL COVENANTS, CONDITIONS AND AGREEMENTS	  	17
				
		  	5.1.	  	Compliance with Transaction Documents	  	17
				
		  	5.2.	  	Material Transactions	  	18
				
		  	5.3.	  	Business Operations	  	18
				
		  	5.4.	  	Compliance with Laws	  	19
				
		  	5.5.	  	Lender Expenses	  	20

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	 	  	Page
		  	5.6.	  	Subordinated Debt	  	20
				
		  	5.7.	  	Inspection Rights	  	20
			
	6.	  	REPORTING	  	20
				
		  	6.1.	  	Annual	  	20
				
		  	6.2.	  	Quarterly	  	21
				
		  	6.3.	  	Securities Filings	  	21
				
		  	6.4.	  	Compliance Certificate	  	21
				
		  	6.5.	  	Copies of Other Reports and Correspondence	  	21
				
		  	6.6.	  	Proceedings	  	21
				
		  	6.7.	  	Event of Default; Material Adverse Change	  	21
				
		  	6.8.	  	Issuance of Borrower Capital Stock	  	21
				
		  	6.9.	  	Other Information Requested by Lender	  	22
			
	7.	  	FINANCIAL COVENANT	  	22
			
	8.	  	BORROWER’S DEFAULT	  	22
				
		  	8.1.	  	Borrower’s Defaults and Lender’s Remedies	  	22
				
		  	8.2.	  	Other Remedies	  	24
				
		  	8.3.	  	No Lender Liability	  	24
				
		  	8.4.	  	Lender’s Fees and Expenses	  	24
			
	9.	  	MISCELLANEOUS	  	24
				
		  	9.1.	  	Release; Indemnification	  	24
				
		  	9.2.	  	Assignment and Participation	  	25
				
		  	9.3.	  	Prohibition on Assignment	  	25
				
		  	9.4.	  	Time of the Essence	  	25
				
		  	9.5.	  	No Waiver	  	26
				
		  	9.6.	  	Severability	  	26
				
		  	9.7.	  	Usury; Revival of Liabilities	  	26
				
		  	9.8.	  	Notices	  	26
				
		  	9.9.	  	Successors and Assigns	  	27
				
		  	9.10.	  	No Joint Venture	  	27
				
		  	9.11.	  	Brokerage Commissions	  	27
				
		  	9.12.	  	Publicity	  	27
				
		  	9.13.	  	Documentation	  	27
				
		  	9.14.	  	Entire Agreement	  	28

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	 	  	Page
		  	9.15.	  	Choice of Law	  	28
				
		  	9.16.	  	Forum; Agent; Venue	  	28
				
		  	9.17.	  	No Third Party Beneficiary	  	28
				
		  	9.18.	  	Legal Tender of United States	  	28
				
		  	9.19.	  	Captions; Counterparts	  	28
				
		  	9.20.	  	Knowledge; Discretion	  	28
				
		  	9.21.	  	Lender Investment Representations	  	28
				
		  	9.22.	  	Confidentiality	  	29

  

 -iii- 

 TABLE OF CONTENTS 
 (continued) 
  

			
	 EXHIBITS
	  	
		
	 EXHIBIT A
	  	Form of Subordinated Note
	 EXHIBIT B
	  	Form of Opinion of Borrower’s Counsel
	 EXHIBIT C
	  	Form of Quarterly Compliance Certificate

  

 -iv- 

 SUBORDINATED NOTE PURCHASE AGREEMENT 
 This SUBORDINATED NOTE PURCHASE AGREEMENT (this “Agreement”) is dated as of June 30, 2008 and is made by and between STERLING BANK,
a Texas bank (“Borrower”), and USB CAPITAL RESOURCES, INC., a Delaware corporation (“Lender”). 
 R E C I T A L S: 
 Borrower is a Texas bank and indirect
wholly-owned subsidiary of Sterling Bancshares, Inc. (“Parent”). 
 Borrower has requested that Lender purchase from
Borrower $25,000,000 in subordinated debt (the “Subordinated Debt”) that qualifies as Tier 2 capital under applicable rules and regulations. The Subordinated Debt may be referred to in this Agreement as the
“Facility.” 
 Lender is willing to purchase from Borrower a subordinated note in an aggregate principal amount of
$25,000,000 in accordance with the terms, subject to the conditions and in reliance on, the recitals, representations, warranties, covenants and agreements set forth herein and in the Subordinated Note. The Subordinated Debt is intended to qualify
as Tier 2 capital under applicable rules and regulations promulgated by applicable Governmental Agencies. 
 THEREFORE, in
consideration of the mutual covenants, conditions and agreements herein contained, the parties hereto hereby agree as follows: 
 A
G R E E M E N T: 
 1. DEFINITIONS. 
 1.1. Defined Terms. The following capitalized terms generally used in this Agreement and in the other Transaction Documents have the
meanings defined or referenced below. Certain other capitalized terms used only in specific sections of this Agreement may be defined in such sections. 
 “Affiliate(s)” means, with respect to any Person, such Person’s immediate family members, partners, members or parent and subsidiary corporations, and any other Person directly or indirectly
controlling, controlled by, or under common control with, said Person, and their respective Affiliates, members, shareholders, directors, officers, employees, agents and representatives. 
 “Assignee Lender” has the meaning ascribed to such term in Section 9.2. 
 “Borrower” has the meaning ascribed to such term in the preamble hereto and shall include any successor to Sterling Bank or such other
Person that shall assume the obligations of the borrower under the Transaction Documents. 
 “Borrower 2007 Financial
Statements” has the meaning ascribed to such term in Section 4.4. 
 “Borrower Financial Statements”
has the meaning ascribed to such term in Section 4.4. 
 “Borrower’s Accountant” means such nationally
recognized firm of certified public accountants selected by Borrower as shall from time to time audit Borrower. 
 “Borrower’s
Liabilities” means Borrower’s obligations under this Agreement and any other Transaction Documents. 

 “Business Day” means any day other than a Saturday, Sunday or any other day on which
Borrower is permitted or required by any applicable law or executive order to close. 
 “Closing” means the meaning ascribed
to such term in Section 2.5. 
 “Closing Date” means June 30, 2008. 
 “Code” means the Internal Revenue Code of 1986, as amended or recodified. 
 “Disclosure Schedule” means, in aggregate, the disclosures contemplated herein as included in the Disclosure Schedule, which has been
delivered in connection with the execution of this Agreement. 
 “Employee Benefit Plan” means an “employee benefit
plan” within the meaning of Section 3(3) of ERISA. 
 “Equity Interest” means any and all shares, interests,
participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person which is not a corporation and any and all warrants, options or other rights to purchase any of the
foregoing. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended or recodified. 
 “ERISA Affiliate” means any person (as defined in Section 3(9) of ERISA) which together with Borrower would be a member of the same
“controlled group” within the meaning of Sections 414(b), (m), (c) and (o) of the Code. 
 “Event of
Default” has the meaning ascribed to such term in Section 8.1.1. 
 “Facility” has the meaning ascribed
to such term in the recital hereto. 
 “FDIC” means the Federal Deposit Insurance Corporation. 
 “FDI Act” means the Federal Deposit Insurance Act, as amended or recodified. 
 “FRB” means the Board of Governors of the Federal Reserve System. 
 “GAAP” means generally accepted accounting principles in effect from time to time in the United States of America. 
 “Governmental Agency(ies)” means, individually or collectively, any federal, state, county or local governmental department, commission,
board, regulatory authority or agency with jurisdiction over Borrower or Parent, as applicable. 
 “Hazardous Materials”
means oil, flammable explosives, asbestos, urea formaldehyde insulation, polychlorinated biphenyls, radioactive materials, hazardous wastes, toxic or contaminated substances which are “hazardous substances,” “hazardous
wastes,” “hazardous materials” or “toxic substances” under the Hazardous Materials Laws. 
 “Hazardous
Materials Claims” has the meaning ascribed to such term in Section 4.7.7. 
 “Hazardous Materials Laws”
mean any applicable laws, regulations, permits, licenses or requirements pertaining to the protection, preservation, conservation or regulation of the environment 

  

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which relates to real property as and when in effect prior to the Maturity Date, including, without limitation: the Clean Air Act, as amended, 42 U.S.C.
Section 7401 et seq.; the Federal Water Pollution Control Act, as amended, 33 U.S.C. Section 1251 et seq.; the Resource Conservation and Recovery Act of 1976, as amended, 42 U.S.C. Section 6901 et seq.; the Comprehensive
Environment Response, Compensation and Liability Act of 1980, as amended (including the Superfund Amendments and Reauthorization Act of 1986), 42 U.S.C. Section 9601 et seq.; the Toxic Substances Control Act, as amended, 15 U.S.C.
Section 2601 et seq.; the Occupational Safety and Health Act, as amended, 29 U.S.C. Section 651, the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. Section 11001 et seq.; the Mine Safety and Health Act
of 1977, as amended, 30 U.S.C. Section 801 et seq.; the Safe Drinking Water Act, 42 U.S.C. Section 300f et seq.; and all comparable state and local laws, laws of other jurisdictions or orders and regulations. 
 “Indebtedness” means and includes: (a) all items arising from the borrowing of money that, according to GAAP now in effect, would
be included in determining total liabilities as shown on the consolidated balance sheet of Borrower or any Subsidiary; (b) all obligations secured by any lien in property owned by Borrower whether or not such obligations shall have been
assumed; (c) all guaranties and similar contingent liabilities with respect to obligations of others; and (d) all other obligations (including, without limitation, letters of credit) evidencing obligations to others; provided, however,
Indebtedness shall not include (i) deposits or other indebtedness created, incurred or maintained in the ordinary course of Borrower’s business (including, without limitation, federal funds purchased, advances from any Federal Home Loan
Bank, secured deposits of municipalities, letters of credit issued by Borrower’s depository institution and repurchase arrangements) and consistent with customary banking practices and applicable laws and regulations or (ii) indebtedness
created, incurred or maintained that is expressly subordinate and junior in all respects (including, without limitation, with respect to the right of payment) to the Facility. 
 “Instructions” means disbursement instructions given by Borrower to Lender specifying the manner in which proceeds of the Subordinated
Debt should be disbursed at Closing. 
 “Interest Payment Date” means
March 15, June 15, September 15 and December 15 of each year, commencing on September 15, 2008, during the term of this Indenture. 
 “Interest Payment Period” means the period from and including an Interest Payment Date, or in the case of the first Interest Payment Period, the original date of issuance of the Subordinated Note, to,
but excluding, the next succeeding Interest Payment Date or, in the case of the last Interest Payment Period, a redemption date or the Maturity Date, as the case may be. 
 “Interest Rate” means, with respect to any Interest Payment Period, a per annum rate of interest, equal to LIBOR, as determined on the LIBOR Determination Date for such Interest Payment Date, plus
2.5%; provided, however, that the Interest Rate for any Interest Payment Period may not exceed the highest rate permitted by Texas law, as the same may be modified by United States law of general applicability. 
 “Interim Financial Statements” has the meaning ascribed to such term in Section 4.4. 
 “Leases” means all leases, licenses or other documents providing for the use or occupancy of any portion of any Property, including all
amendments, extensions, renewals, supplements, modifications, sublets and assignments thereof and all separate letters or separate agreements relating thereto. 
 “Lender” has the meaning ascribed to such term in the preamble hereto. 
  

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 “LIBOR” means the London Interbank Offered Rate for U.S. Dollar deposits in Europe
as determined by the Lender according to Section 2.6. 
 “LIBOR Banking Day” has the meaning set forth in
Section 2.6.1. 
 “LIBOR Determination Date” has the meaning set forth in Section 2.6.1. 

“Material Adverse Effect” has the meaning set forth in Section 4.8.4. 
 “Maturity Date” means September 15, 2018. 
 “Parent” has the meaning ascribed to such term in the recitals hereto. 
 “Pension
Plan” means a “pension benefit plan” within the meaning of Section 3(2)(A) of ERISA. 
 “Permitted
Encumbrances” has the meaning ascribed to such term in Section 4.5.1. 
 “Person” means an individual,
a corporation (whether or not for profit), a partnership, a limited liability company, a joint venture, an association, a trust, an unincorporated organization, a government or any department or agency thereof (including a Governmental Agency) or
any other entity or organization. 
 “Property” means any real property owned or leased by Borrower or any Subsidiary.

 “RICO Related Law” means the Racketeer Influenced and Corrupt Organizations Act of 1970 or any other federal, state or
local law for which forfeiture of assets is a potential penalty. 
 “Subordinated Debt” has the meaning ascribed to such
term in the recitals hereto. 
 “Subordinated Debt Amount” means $25,000,000. 
 “Subordinated Note” means a subordinated note in the form attached as Exhibit A hereto in the principal amount of the
Subordinated Debt Amount, as amended, restated, supplemented or modified from time to time and each debenture delivered in substitution or exchange for such subordinated note. 
 “Subsidiary” means any corporation or entity in which a majority of the outstanding Equity Interest is directly or indirectly owned by
Borrower. 
 “Surviving Entity” has the meaning ascribed to such term in Section 5.2.1. 
 “Tier 2 Capital” has the definition provided in, and shall be determined in accordance with applicable rules and regulations.

 “Transaction Documents” means this Agreement and those other documents and instruments (including, without limitation,
all agreements, instruments and documents, including, without limitation, guaranties, mortgages, deeds of trust, pledges, powers of attorney, consents, assignments, contracts, notices and all other written matter heretofore, now and/or from time to
time hereafter executed by and/or on behalf of Borrower in connection with this Agreement and the Facility) entered into or delivered in connection with or relating to the Facility, including any other documents listed on the schedule of closing
documents prepared in connection with the Closing. 
 “UCC” shall mean the Texas Business and Commerce Code, as amended or
recodified. 
  

 4 

 “Unmatured Event of Default” means an event or circumstance that with the passage of
time, the giving of notice or both could become an Event of Default. 
 “U.S. Bank” means U.S. Bank National Association and
any successor thereto. 
 1.2. Certain UCC and Accounting Terms; Interpretations. Except as otherwise defined in this Agreement
or the other Transaction Documents, all words, terms and/or phrases used herein and therein shall be defined by the applicable definition therefore (if any) in the UCC. Notwithstanding the foregoing, any accounting terms used in this Agreement which
are not specifically defined herein shall have the meaning customarily given to them in accordance with GAAP. Where the character or amount of any asset or liability or item of income or expense is required to be determined or any consolidation or
other accounting computation is required to be made for the purposes of this Agreement, it shall be done in accordance with GAAP except where such principles are inconsistent with the specific provisions of this Agreement. The foregoing definitions
are equally applicable to both the singular and plural forms of the terms defined. The words “hereof”, “herein” and “hereunder” and words of like import when used in this Agreement shall refer to this Agreement as a
whole and not to any particular provision of this Agreement. The word “including” when used in this Agreement without the phrase “without limitation,” shall mean “including, without limitation.” All references to time
of day herein are references to Milwaukee, Wisconsin time unless otherwise specifically provided. Any reference contained herein to attorneys’ fees and expenses shall be deemed to be reasonable fees and expenses of Lender’s outside counsel
and of any other third-party experts or consultants engaged by Lender’s outside counsel on Lender’s behalf. All references to the Transaction Document shall be deemed to be to such document as amended, modified or restated from time to
time. With respect to any reference in this Agreement to any defined term, (a) if such defined term refers to a Person, then it shall also mean all heirs, legal representatives and permitted successors and assigns of such Person, and
(b) if such defined term refers to a document, instrument or agreement, then it shall also include any replacement, extension or other modification thereof. 
 1.3. Exhibits and Schedules Incorporated. All Exhibits and Schedules attached hereto or referenced herein, are hereby incorporated into this Agreement. 
 2. SUBORDINATED DEBT. 
 2.1. General
Matters. 
 2.1.1. Certain Terms. Lender agrees to extend the Subordinated Debt to Borrower in accordance with the terms
of, and subject to the conditions set forth in, this Agreement, the Subordinated Note and the other Transaction Documents. The principal amount of the Subordinated Debt shall be borrowed in accordance with Section 3.1. The Subordinated
Debt shall bear interest per annum at a rate equal to LIBOR plus 2.5%, reset quarterly as set forth herein. Subject to the applicable approvals of regulatory authorities having jurisdiction over Borrower, the unpaid principal balance plus all
accrued but unpaid interest on the Subordinated Debt shall be due and payable on the Maturity Date, or such earlier date on which such amount shall become due and payable on account of acceleration by Lender in accordance with the terms of the
Subordinated Note or this Agreement. 
 2.1.2. Subordination. The Subordinated Note shall be subordinated in accordance with
the subordination provisions set forth therein. 
 2.2. The Subordinated Note. The Facility shall be evidenced by the
Subordinated Note. 
  

 5 

 2.3. Maturity Date. On the Maturity Date, all sums due and owing under this Agreement and
the other Transaction Documents with respect to the Subordinated Note shall be repaid in full subject to applicable approvals of regulatory authorities having jurisdiction over Borrower. Borrower acknowledges and agrees that Lender has not made any
commitments, either express or implied, to extend the terms of the Facility past its Maturity Date, unless Borrower and Lender hereafter specifically otherwise agree in writing. 
 2.4. Unsecured Facility. The obligations of Borrower to Lender under the Subordinated Note shall be unsecured. 
 2.5. The Closing. The execution and delivery of the Transaction Documents (the “Closing”) will occur at the offices of DLA Piper
US LLP, counsel to Lender, at 1221 S. MoPac Expressway, Suite 400, Austin, Texas at 10:00 a.m. (local time) on the Closing Date, or at such other place or time or on such other date as the parties hereto may agree. 
 2.6. Interest Rate Matters. Borrower agrees that matters concerning the election, payment, application, accrual and computation of interest
and interest rates shall be in accordance with Lender’s practices set forth in this Agreement and in the other Transaction Documents. 
 2.6.1. Applicable Interest Rate. The Facility shall bear interest for each respective Interest Payment Period at 3-month LIBOR plus 2.5%. LIBOR, for each Interest Payment Period, shall be calculated as follows: 
 2.6.1.1. On the second Business Day (provided, that on such day commercial banks are open for business (including dealings in foreign currency
deposits) in London (a “LIBOR Banking Day”), and otherwise the next preceding Business Day that is also a LIBOR Banking Day) prior to March 15, June 15, September 15 and December 15 (or, with respect to the first
Interest Payment Period, on June 26, 2008) (each such day, a “LIBOR Determination Date” for the following Interest Payment Period), the Lender shall obtain the rate for three-month U.S. Dollar deposits in Europe, which
appears on Reuters Screen LIBOR 01 Page (as defined in the International Swaps and Derivatives Association, Inc. 2000 Interest Rate and Currency Exchange Definitions) or such other page as may replace such page, as of 11:00 a.m. (London time) on
such LIBOR Determination Date, as reported by Bloomberg Financial Markets Commodities News or any successor service (“Reuters Service”), and the rate so obtained shall be LIBOR for such Interest Payment Period. If such rate is
superseded on Reuters Service by a corrected rate before 12:00 noon (London time) on the same LIBOR Determination Date, the corrected rate as so substituted will be LIBOR for that Interest Payment Period. 
 2.6.1.2. If, on any LIBOR Determination Date, such rate does not appear on Reuters Service, the Lender shall determine the arithmetic mean of the
offered quotations of the Reference Banks (as defined below) to leading banks in the London Interbank market for three-month U.S. Dollar deposits in Europe (in an amount determined by the Lender) by reference to requests for quotations as of
approximately 11:00 a.m. (London time) on the LIBOR Determination Date made by the Lender to the Reference Banks. If, on any LIBOR Determination Date, at least two of the Reference Banks provide such quotations, LIBOR shall equal the arithmetic mean
of such quotations. If, on any LIBOR Determination Date, only one or none of the Reference Banks provide such a quotation, LIBOR shall be deemed to be the arithmetic mean of the offered quotations that at least two leading banks in the City of New
York (as selected by the Lender) are quoting on the relevant LIBOR Determination Date for three-month U.S. Dollar deposits in Europe at approximately 11:00 a.m. (London time) (in an amount determined by the Lender). As used herein,
“Reference Banks” means four major banks in the London Interbank market selected by the Lender. 
  

 6 

 2.6.1.3. If the Lender is unable to determine a rate in accordance with at least one of the
procedures provided above, LIBOR for the applicable Interest Payment Period shall be LIBOR in effect for the immediately preceding Interest Payment Period. 
 2.6.2. All percentages resulting from any calculations on the Facility will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with five one-millionths of a percentage point
rounded upward (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)), and all dollar amounts used in or resulting from such calculation will be rounded to the nearest cent (with one-half cent being rounded upward). 
 2.6.3. Interest Payments. The Facility will bear interest at the then applicable Interest Rate from and including each Interest Payment
Date or, in the case of the first Interest Payment Period, the original date of issuance of the Facility to, but excluding, the next succeeding Interest Payment Date or, in the case of the last Interest Payment Period, the Maturity Date or earlier
redemption date, as applicable, on the principal thereof, on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest, payable on each Interest Payment Date at
the rates and under the circumstances set forth herein. The initial Interest Payment Date shall be September 15, 2008. 
 2.6.4.
Computation of Interest. Interest shall be computed on the basis of the actual number of days elapsed in the period during which interest accrues and a year of 360 days. In computing interest, the date of funding shall be included and the
date of payment (with respect to the amount timely paid on such date) shall be excluded. The parties hereto intend to conform strictly to applicable usury laws as in effect from time to time during the term of the Facility. Accordingly, if the
transaction contemplated hereby would be usurious under applicable law (including the laws of the United States of America, or of any other jurisdiction whose laws may be mandatorily applicable), then, in that event, notwithstanding anything to the
contrary in this Agreement or the Subordinated Note, Borrower and Lender agree that the aggregate of all consideration that constitutes interest under applicable law that is contracted for, charged or received under or in connection with this
Agreement shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to Borrower by Lender (or if such consideration shall have been paid in full, such excess refunded to Borrower
by Lender). 
 2.7. Certain Provisions Respecting Lender and Subordinated Debt. 
 2.7.1. Changes; Legal Restrictions. In the event the adoption of or any change in any law, treaty, rule, regulation, guideline or the
interpretation or application thereof by a Governmental Agency (whether or not having the force of law and whether or not the failure to comply therewith would be unlawful) subjects Lender to any tax (other than income taxes or franchise taxes not
specifically based on loan transactions), duty or other charge of any kind with respect to any amount due the Lender hereunder or changes the basis of taxation of payments to Lender of principal, fees, interest or any other amount payable in
connection with the Facility and the result is to increase the cost to Lender of maintaining the Facility or to reduce any amount receivable thereunder; then, in any such case, Borrower shall promptly pay to Lender, as applicable, upon demand, such
amount or amounts as may be necessary to compensate Lender for any such additional cost incurred or reduced amounts received. 
 2.7.2.
Reserved. 
 2.7.3. Notice of Changes or Increased Costs. Lender agrees that, as promptly as reasonably practicable
after it becomes aware of the occurrence of an event or the existence of a condition which would cause it to be affected by any of the events or conditions described in Section 2.7.1, it will notify Borrower of such event and the
possible effects thereof, provided that the failure to provide such notice shall not affect Lender’s rights to reimbursement provided for herein. 
  

 7 

 2.7.4. No Limitations on Senior Debt. Neither this Agreement nor the Subordinated Note
contains any limitation on the amount of debt, deposits or other obligations that rank senior to the Subordinated Note that may be hereafter incurred or assumed by Borrower. 
 2.7.5. Restrictions on Payment of Principal and Interest. Notwithstanding any other provisions of the Subordinated Note, Borrower shall not
make any payment of (i) any interest on the Subordinated Note while it remains in default in the payment of any assessment due to the FDIC if and to the extent it would be prohibited from doing so by 12 U.S.C. Section 1828(b),
(ii) any interest due or principal repayable without the prior written approval of the Texas Department of Banking or the Commissioner thereof, when Borrower is in a “hazardous condition or is insolvent” (as defined in
Section 31.002(a) of the Texas Banking Act, or any successor provision) or which would cause Borrower to be in a “hazardous condition or insolvent,” as determined in all cases by the Banking Commissioner of Texas, or (iii) any
principal or interest without the approval of the FDIC, beginning 60 days after Borrower becomes “critically undercapitalized,” as that term is defined in 12 U.S.C. Section 1831o(b)(1)(E) and the rules and regulations promulgated
thereto. 
 2.7.6. Restrictions on Offset. Any depository institution, as that term is defined in Section 3(c)(1) of the
Federal Deposit Insurance Act (12 U.S.C. 1813(c)), to which this Subordinated Note is issued shall be deemed to have agreed by acquiring this Subordinated Note that any rights of such institution to offset all or any portion of the indebtedness
represented by this Subordinated Note against any indebtedness or other obligations of such institution to Borrower under applicable law are hereby waived by such institution. 
 2.8. Payments. Borrower agrees that matters concerning prepayments, payments and application of payments shall be in accordance with
Lender’s practices set forth in this Agreement and in the other Transaction Documents. 
 2.8.1. Prepayment. Upon any
Interest Payment Date on or after September 15, 2013, Borrower may, upon at least one Business Day’s notice to the Lender, prepay without penalty, all or a portion of the principal amount outstanding under the Subordinated Debt in a
minimum aggregate amount of $1,000,000 or any larger integral multiple of $100,000 by paying the principal amount to be prepaid, together with unpaid accrued interest thereon to the date of prepayment. In case the Subordinated Note is to be redeemed
in part only, the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Subordinated Note, a new Subordinated Note in
principal amount equal to the unredeemed portion thereof will be issued. Borrower acknowledges that it may be required under current regulations to obtain prior approval before making any repayment of the principal amount of the Subordinated Debt
(including payment at maturity, or pursuant to an acceleration clause or redemption prior to maturity). Borrower further acknowledges that Lender shall have no responsibility to verify whether Borrower has obtained requisite approvals for any such
repayment. 
 2.8.2. Manner and Time of Payment. All payments of principal, interest and fees hereunder payable to Lender shall
be made, without condition or reservation of right and free of set-off or counterclaim, in U.S. dollars and by wire transfer (pursuant to Lender’s written wire transfer instructions) of immediately available funds delivered to Lender not later
than 11:00 a.m. (Central time) on the date due. Funds received by Lender after that time and date shall be deemed to have been paid on the next succeeding Business Day. 
  

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 2.8.3. Payments on Non-Business Days. Whenever any payment to be made by Borrower hereunder
shall be stated to be due on a day which is not a Business Day, payments shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of the payment of interest hereunder. 
 2.8.4. Application of Payments. All payments received by Lender from or on behalf of Borrower shall be applied first to amounts due to
Lender to reimburse Lender’s costs and expenses, including those pursuant to Section 5.5 or Section 8.5, second to accrued interest under the Subordinated Note, and third to principal amounts outstanding under the
Subordinated Note; provided, however, subject to Section 8.1.2 of this Agreement, that after the date on which the final payment of principal with respect to the Facility is due or following and during any Event of Default, all payments
received on account of Borrower’s Liabilities shall be applied in whatever order, combination and amounts as Lender, in its sole and absolute discretion, decides, to all costs, expenses and other indebtedness owing to Lender. 
 3. DISBURSEMENT. 
 3.1. Disbursement.
At such time as all of the terms and conditions set forth in Section 3.2 have been satisfied by Borrower and Borrower has executed and delivered to Lender each of the Transaction Documents and any other related documents in form and
substance satisfactory to Lender, in its sole and absolute discretion, Lender shall disburse to Borrower on the Closing Date an amount under the Subordinated Note equal to $25,000,000 (the “Disbursement”), which such documents shall
be delivered to Lender at least one Business Day prior to the Closing Date. 
 3.2. Conditions Precedent to Disbursement. In
conjunction with and as additional (but independent) supporting evidence for certain of the covenants, representations and warranties made by Borrower herein, prior to and as a condition of the Disbursement, Borrower shall deliver or cause to be
delivered to Lender each of the following, each of which shall be in form and substance satisfactory to Lender, in its sole and absolute discretion: 
 3.2.1. Opinion. An opinion of counsel of Borrower in substantially the form attached as Exhibit B hereto and otherwise satisfactory to Lender, dated as of the Closing Date. 
 3.2.2. Transaction Documents. The Transaction Documents, including, without limitation, the Subordinated Note. 
 3.2.3. Authority Documents. 
 3.2.3.1. A copy, certified by the appropriate secretary of state or Governmental Agency, of the charter of Borrower; 
 3.2.3.2. A good standing certificate of Borrower issued by the appropriate secretary of state or Governmental Agency; 
 3.2.3.3. A copy, certified by the Secretary or an Assistant Secretary of Borrower, of the Bylaws of Borrower; 
 3.2.3.4.
A copy, certified by the Secretary or an Assistant Secretary of Borrower, of the resolutions of the board of directors of Borrower authorizing the execution, delivery and performance of this Agreement, the Subordinated Note and the other
Transaction Documents; and 
  

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 3.2.3.5. An incumbency certificate of the Secretary or an Assistant Secretary of Borrower
certifying the names of the officer or officers of Borrower authorized to sign this Agreement, the Subordinated Note and the other documents provided for in this Agreement, together with a sample of the true signature of each such officer (Lender
may conclusively rely on such certificate until formally advised by a like certificate of any changes therein). 
 3.2.4. Regulatory
Consents. Copies certified by the Secretary or an Assistant Secretary of Borrower of all documents evidencing all necessary consents, approvals and determinations of any Governmental Agency with respect to the transactions contemplated in
the Transaction Documents and any other transactions between Lender and Borrower. 
 3.2.5. Certain Costs of Lender. Payment of
certain costs and expenses incurred by Lender to date in connection with the transactions contemplated herein that Borrower is obligated to pay pursuant to Section 5.5, including, without limitation, fees and expenses of Lender’s
attorneys. 
 3.2.6. Other Requirements. Such other additional information regarding Borrower, any Subsidiary and their
respective assets, liabilities (including any liabilities arising from, or relating to, legal proceedings) and contracts as Lender may require in its sole discretion. 
 3.2.7. Other Documents. Such other certificates, affidavits, schedules, resolutions, opinions, notes and/or other documents which are provided for hereunder or as Lender may reasonably request.

 4. GENERAL REPRESENTATIONS AND WARRANTIES. Borrower hereby covenants, represents and warrants to Lender as follows: 
 4.1. Organization and Authority. 
 4.1.1. Organization Matters. Borrower is validly existing and in good standing under the laws of the State of Texas and has all requisite corporate power and authority to conduct business and activities as presently conducted,
to own its properties and to perform its obligations under this Agreement. The deposit accounts of Borrower are insured by the FDIC. Borrower has not received any notice or other information indicating that Borrower is not an “insured
depository institution” as defined in 12 U.S.C. 1813, nor has any event occurred which could reasonably be expected to adversely affect the status of Borrower as an FDIC-insured institution. Borrower and its Subsidiaries have made payment
of all franchise and similar taxes in all of the respective jurisdictions in which they are incorporated, chartered or qualified, except for any such taxes (i) where the failure to pay such taxes will not have a material adverse effect on the
financial condition, business or operations of Borrower or any Subsidiary, (ii) the validity of which is being contested in good faith and (iii) for which proper reserves have been set aside on the books of Borrower or any applicable
Subsidiary, as the case may be. 
 4.1.2. Capital Stock and Related Matters. All of the outstanding capital stock of Borrower
is owned beneficially and of record by Sterling Bancorporation, LLC, the sole member of which is Parent and has been duly authorized, legally and validly issued, fully paid and nonassessable. There are, as of the date hereof, no outstanding options,
rights, warrants or other agreements or instruments obligating Borrower to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of the capital stock of Borrower or obligating Borrower to grant, extend or enter into any
such agreement or commitment. 
 4.1.3. Subsidiaries. Each of Borrower’s Subsidiaries is validly existing and in good
standing under the laws of its jurisdiction or organization, and each Subsidiary has all requisite power and authority, corporate or otherwise, and possess all licenses necessary, to conduct its business and own its properties. 
  

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 4.2. No Impediment to Transactions. 
 4.2.1. Transaction is Legal and Authorized. The borrowing of the principal amount of the Facility, the execution of this Agreement and the
other Transaction Documents and compliance by Borrower with all of the provisions of this Agreement and of the other Transaction Documents are within the corporate and other powers of Borrower. This Agreement and the other Transaction Documents to
which Borrower is a party have been duly authorized, executed and delivered, and are the legal, valid and binding obligations of Borrower, enforceable in accordance with their terms. 
 4.2.2. No Defaults or Restrictions. Neither the execution and delivery of the Transaction Documents nor compliance with their terms and
conditions will (a) violate, conflict with or result in a material breach of, or constitute a material default under: (i) any of the terms, obligations, covenants, conditions or provisions of any corporate restriction or of any indenture,
mortgage, deed of trust, pledge, bank loan or credit agreement, charter, bylaw or any other agreement or instrument to which Borrower or any Subsidiary is now a party or by which any of them or any of their properties may be bound or affected;
(ii) subject to any applicable approvals by regulatory authorities having jurisdiction over Borrower, by any judgment, order, writ, injunction, decree or demand of any court, arbitrator, grand jury, or Governmental Agency; or (iii) any
statute, rule or regulation applicable to Borrower, or (b) result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any property or asset of Borrower or any Subsidiary. None of Borrower or any
Subsidiary is in material default in the performance, observance or fulfillment of any of the terms, obligations, covenants, conditions or provisions contained in any indenture or other agreement creating, evidencing or securing indebtedness of any
kind or pursuant to which any such indebtedness is issued, or other agreement or instrument to which Borrower or any Subsidiary is a party or by which Borrower or any Subsidiary or their respective properties may be bound or affected. 
 4.2.3. Governmental Consent. Other than approvals of the Texas Department of Banking under Sec. 32.104 of the Texas Finance Code and the
FDIC under U.S.C. 1828(i) and the regulations promulgated thereto, and which shall have been obtained prior to the Closing Date, no governmental orders, permissions, consents, approvals or authorizations are required to be obtained by Borrower that
have not been obtained, and no registrations or declarations are required to be filed by Borrower in connection with, or, contemplation of, the execution and delivery of, and performance under, this Agreement and the other Transaction Documents that
have not been filed. 
  

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 4.3. Possession of Licenses and Permits. Each of Borrower and the Subsidiaries possesses
such permits, licenses, approvals, consents and other authorizations (collectively, “Governmental Licenses”) issued by the appropriate Governmental Agencies necessary to conduct the business now operated by it, except where the failure to
possess such Governmental Licenses would not, singularly or in the aggregate, have a Material Adverse Effect; each of the Borrower and its Subsidiaries is in compliance with the terms and conditions of all such Governmental Licenses, except where
the failure so to comply would not, singly or in the aggregate have a Material Adverse Effect; all of the Governmental Licenses are valid and in full force and effect, except when the invalidity of such Governmental Licenses or the failure of such
Governmental Licenses to be in full force and effect would not have a Material Adverse Effect; and neither Borrower nor any Subsidiary of Borrower has received any notice of proceedings relating to the revocation or modification of any such
Governmental Licenses which, singly or in the aggregate, in the reasonable judgment of Borrower, is likely to result in a Material Adverse Effect. 
 4.4. Financial Condition. 
 4.4.1. Borrower Financial Statements. Borrower has delivered to Lender
copies of regulatory financial statements on the appropriate regulatory form filed by Borrower (the “Borrower 2007 Financial Statements”) for the 12 months ended December 31, 2007. The Borrower 2007 Financial Statements are
true and correct in all material respects, are prepared in accordance with the respective books of account and records of Borrower and its Subsidiaries and have been prepared in accordance with applicable banking regulations, rules and guidelines on
a basis consistent with prior periods, and fairly and accurately present in all material respects the financial condition of Borrower and its assets and liabilities and the results of its operations as at, and for the period ending at, such date. In
addition, Borrower has delivered to Lender copies of its regulatory financial statements filed by Borrower for the period ending March 31, 2008 (“Interim Financial Statements” and together with the Borrower 2007 Financial
Statements, the “Borrower Financial Statements”). The Interim Financial Statements are true and correct in all material respects, are prepared in accordance with the respective books of account and records of Borrower and its
Subsidiaries and have been prepared in accordance with applicable banking regulations, rules and guidelines on a basis consistent with prior periods, and fairly and accurately present in all material respects the financial condition of Borrower and
its assets and liabilities and the results of its operations as of, and for the period ending at, such date, subject in the case of interim financial statements, to customary year end adjustments. The Borrower Financial Statements contain and
reflect provisions for taxes, reserves and other liabilities of Borrower in accordance with applicable banking regulations, rules and guidelines, respectively. Borrower does not have any material debt, liability or obligation of any nature (whether
accrued, contingent, absolute or otherwise) which is not provided for or disclosed in the Borrower Financial Statements. 
 4.4.2.
Absence of Default. No event has occurred which either of itself or with the lapse of time or the giving of notice or both, would give any creditor of Borrower the right to accelerate the maturity of any indebtedness of Borrower for
borrowed money. Borrower is not in default under any other lease, agreement or instrument, or any law, rule, regulation, order, writ, injunction, decree, determination or award, non-compliance with which could materially adversely affect
Borrower’s properties, financial condition or business operations. 
 4.4.3. Loans. To Borrower’s knowledge, each
loan having an outstanding balance of more than $10,000,000 and reflected as an asset of Borrower in the Borrower Financial Statements is the legal, valid and binding obligation of the obligor named therein, enforceable in accordance with its terms;
provided, however that no representation or warranty is made as to the collectibility of any loan. To Borrower’s knowledge, (a) no obligor named therein is seeking to avoid the enforceability of the terms of any loan, and (b) no loan
having an unpaid balance (principal and accrued interest) in excess of $10,000,000 is subject to any defense, offset or counterclaim. 
  

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 4.4.4. Allowance for Loan Losses. The allowance for loan losses shown in the Borrower
Financial Statements has been established in a manner consistent with past practices and in accordance with applicable regulatory guidelines and, to the best of Borrower’s knowledge, is adequate in all respects to provide for losses, net of
recoveries relating to loans previously charged off, on loans and leases outstanding as of the date of such statements or reports. 
 4.4.5. Solvency. After giving effect to the consummation of the transactions contemplated by this Agreement, Borrower has capital sufficient to carry on its business and transactions and all businesses and transactions in
which it is about to engage and is solvent and able to pay its debts as they mature. No transfer of property is being made and no indebtedness is being incurred in connection with the transactions contemplated by this Agreement with the intent to
hinder, delay or defraud either present or future creditors of Borrower or any Subsidiary. 
 4.4.6. Disclosure and Internal
Controls. Parent has established and maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and 15d-15(e) under the 1934 Act) that (a) are designed to ensure that material information relating to Parent,
including its consolidated subsidiaries, is made known to Parent’s chief executive officer and its chief financial officer by others within those entities, particularly during the periods in which the 1934 Act Reports are being prepared,
(b) have been evaluated for effectiveness as of a date within 90 days prior to the filing of Parent’s most recent annual report filed with the Securities and Exchange Commission (the “Commission”), and (c) are effective to
perform the functions for which they were established. 
 Parent has established and maintains adequate internal controls over financial
reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the 1934 Act) and such internal controls over financial reporting have not been changed during Parent’s last fiscal quarter in any way that materially affected, or is reasonably likely
to materially affect, Parent’s internal control over financial reporting. Parent has not identified or been advised of (A) any significant deficiencies (as defined in Auditing Standard No. 2, paragraph 9, promulgated by the Public
Company Accounting Oversight Board) in the design or operation of internal controls which could adversely affect Parent’s ability to record, process, summarize, and report financial data, or (B) any fraud, whether or not material, that
involves management or other employees who have a role in Parent’s internal controls; any material weaknesses in internal controls have been identified for the Accountants; and since the date of the most recent evaluation of such disclosure
controls and procedures, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls, including any corrective actions with regard to significant deficiencies and material
weaknesses. 
 4.4.7. Parent Financial Records. The documents of Parent filed with the Commission in accordance with the
Securities Exchange Act of 1934, as amended (the “1934 Act”), from and including the commencement of the fiscal year covered by Parent’s most recent Annual Report on Form 10-K (the “1934 Act Reports”), including the
consolidated historical financial statements of Parent together with the related schedules and notes thereto (collectively, the “Parent Financial Statements”, and together with the Borrower Financial Statements, the “Financial
Statements”), at the time they were or hereafter are filed by Parent with the Commission, present fairly in all material respects the respective consolidated financial position of Parent and its consolidated subsidiaries at the respective dates
indicated and the consolidated statements of income, changes in stockholders’ equity and cash flows of Parent and its consolidated subsidiaries for the respective periods specified; the Parent Financial Statements have been prepared in
conformity with GAAP applied on a consistent basis throughout the periods involved, except as disclosed in the notes to the Parent Financial Statements; the supporting schedules, if any, 

  

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included in the 1934 Act Reports present fairly, in all material respects, the information required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading, and other than such instruments, agreements, contracts and other documents as are described as exhibits to the 1934 Reports, there are no instruments, agreements,
contracts or documents of a character described in Item 601 of Regulation S-K promulgated by the Commission to which Borrower or any of its subsidiaries is a party and which are required to be so described or filed; any pro forma financial
statements and notes thereto and any other financial information included in the 1934 Act Reports that were not prepared and presented in accordance with GAAP have been prepared in accordance with the Commission’s rules and guidelines with
respect to the same and have been properly compiled on the bases described therein, and the assumptions used in the preparation thereof are reasonable and, with respect to any pro forma financial statements, the adjustments used therein are
appropriate to give effect to the transactions and circumstances referred to therein. The accountants of Parent who certified the 1934 Act Reports and the accountants of Borrower who reviewed the Borrower Financial Statements are independent public
accountants of Parent and Borrower and their respective subsidiaries (collectively, the “Accountants”) within the meaning of the Securities Act of 1933, as amended (“1933 Act”). 
 4.5. Title to Properties. 
 4.5.1. Owned Property. Borrower and the Subsidiaries have, respectively, good and marketable fee title to all the Properties, and good and indefeasible title to all other property and assets reflected in the Borrower Financial
Statements, except for (a) real property and other assets acquired and/or being acquired from debtors in full or partial satisfaction of obligations owed to Borrower, (b) property or other assets leased by Borrower or the Subsidiaries, and
(c) property and assets sold or otherwise disposed of in the ordinary course of the Borrower’s business subsequent to the date of the Borrower Financial Statements. Except for Properties and other assets acquired and/or being acquired from
debtors in full or partial satisfaction of obligations owed to Borrower and property or other assets leased by Borrower or any Subsidiary, all property and assets of any kind (real or personal, tangible or intangible) of Borrower and any Subsidiary
are free from any liens, encumbrances or defects in title, except for the following which shall be referred to collectively as “Permitted Encumbrances”: (a) any liens granted previously by Borrower to Lender and (b) liens
or other third-party interests incurred, created or maintained in the ordinary course of Borrower’s banking business and consistent with customary banking practices (including pledges of loans and investment securities). 
 4.5.2. Leased Property. For assets or property leased by Borrower or any Subsidiary, Borrower and each such Subsidiary enjoy peaceful and
undisturbed possession under all of the Leases under which they are operating, all of which permit the customary operations of Borrower and any Subsidiary, as applicable. None of such leases is in material default and no event has occurred which
with the passage of time or the giving of notice, or both, would constitute a material default under any thereof. 
 4.6. No Material
Adverse Change. Since March 31, 2008, neither the business, operations, properties nor assets of Borrower or any Subsidiary have been materially and adversely affected in any way, as the result of any act or event, including, without
limitation, fire, explosion, accident, act of God, strike, lockout, flood, drought, storm, earthquake, combination of workmen or other labor disturbance, riot, activity of armed forces or of the public enemy, embargo, or nationalization,
condemnation, requisition or taking of property, or cancellation or modification of contracts, by any domestic or foreign government or any instrumentality or agency thereof. Since March 31, 2008, there have been no material changes in the
assets, liabilities, or condition, financial or otherwise, of Borrower or any Subsidiary other than changes arising from transactions in the ordinary course of business, and none of such changes has been materially adverse, whether in the ordinary
course of business or otherwise. 
  

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 4.7. Legal Matters. 
 4.7.1. Compliance with Law. Borrower and the Subsidiaries have complied with all applicable statutes, rules, regulations, orders and
restrictions of any domestic or foreign government, or any instrumentality or agency thereof, having jurisdiction over the conduct of their respective businesses or the ownership of their respective properties, except where any such failure to
comply would not materially and adversely affect the financial condition, business or operations of Borrower or any Subsidiary. 
 4.7.2.
Taxes. Borrower and each Subsidiary have filed all United States income tax returns and all state and municipal tax returns which are required to be filed, and have paid, or made adequate provision for the payment of, all material taxes
which have become due pursuant to said returns or pursuant to any assessment received by Borrower or any Subsidiary, except such taxes, if any, as are being contested in good faith or as to which adequate reserves have been provided. Borrower is
unaware of any audit, assessment or other proposed action or inquiry of the Internal Revenue Service with respect to the United States income tax liability of Borrower or any Subsidiary. To the best of Borrower’s knowledge, Borrower and each
Subsidiary have withheld amounts from their employees, shareholders or holders of public deposit accounts in full and complete compliance with the tax withholding provisions of applicable federal, state and local laws and each has filed all federal,
state and local returns and reports for all years for which any such return or report would be due with respect to employee income tax withholding, social security, unemployment taxes, income and other taxes and all payments or deposits with respect
to such taxes have been made within the time period required by law. 
 4.7.3. Regulatory Enforcement Actions. None of
Borrower, any Subsidiary or any of their respective officers or directors is now operating under any restrictions, agreements, memoranda, or commitments (other than restrictions of general application) imposed by any Governmental Agency, nor are
(a) any such restrictions threatened or (b) any agreements, memoranda or commitments being sought by any Governmental Agency. 
 4.7.4. Pending Litigation. There are no actions, suits, proceedings or written agreements pending, or, to the best of Borrower’s knowledge, threatened or proposed, against Borrower or any Subsidiary at law or in equity or
before or by any federal, state, municipal, or other governmental department, commission, board, or other administrative agency, domestic or foreign, that, either separately or in the aggregate, will materially and adversely affect the financial
condition, business, or operations of any of Borrower or any Subsidiary; and none of Borrower or any Subsidiary is in default with respect to any order, writ, injunction, or decree of, or any written agreement with, any court, commission, board or
agency, domestic or foreign, that, either separately or in the aggregate, will materially and adversely affect the financial condition, business, or operations of Borrower or any Subsidiary. 
 4.7.5. RICO. There are no suits, actions or proceedings pending or threatened against Borrower or any Subsidiary, or any officer or
director thereof, under a RICO Related Law. 
 4.7.6. ERISA. All Employee Benefit Plans (as defined in Section 3(3) of
ERISA) established or maintained by Borrower or any ERISA Affiliate or to which Borrower or any ERISA Affiliate contributes are in material compliance with applicable requirements of ERISA, and are in material compliance with applicable requirements
of the Code (including qualification and non-discrimination requirements to the extent applicable). Each Employee Benefit Plan which is a group health plan (within the meaning of Section 5000(b)(1) of the Code) complies with and has been
maintained and operated in material compliance with each of the requirements of Section 4980B of the Code. Neither Borrower nor any ERISA Affiliate has failed to make on a timely basis any contributions 

  

 15 

 
or to pay on a timely basis any amounts with respect to any Employee Benefit Plan or ERISA or any other applicable law. No “prohibited transaction”
(unless there exists an applicable administrative or statutory exemption) or a “reportable event” that would require the plan administrator to notify the Pension Benefit Guaranty Corporation pursuant to ERISA Section 4043 has occurred
and is continuing as to any Pension Plan and no excise taxes have been incurred or security is required with respect to any Pension Plan. No Pension Plan has, or as of the Closing Date will have, any material unfunded benefit liabilities (as defined
in Section 4001(a)(18) of ERISA) for which Borrower or any ERISA Affiliate could be liable to any Person under Title IV of ERISA if any such plan were terminated. All Pension Plans meet the minimum funding requirements of Section 412 of
the Code (if applicable). There would be no obligations under Title IV of ERISA relating to any Pension Plan that is a multiemployer plan if any such plan were terminated or if Borrower or any ERISA Affiliate withdrew from any such plan. Except as
required by Section 4980B of the Code or applicable state insurance laws, neither Borrower nor any ERISA Affiliate has promised any employee medical coverage after termination of employment, or promised medical coverage to any former employee
or former employee’s spouse or beneficiary, and neither Borrower nor any ERISA Affiliate maintains or contributes to any plan or arrangement providing medical benefits to employees after their termination of employment or any other individual
not employed by Borrower or any ERISA Affiliate. 
 4.7.7. Environmental. No Property is or, to the best of Borrower’s
knowledge, has been a site for the use, generation, manufacture, storage, treatment, release, threatened release, discharge, disposal, transportation or presence of any Hazardous Materials for which Borrower would be subject to penalties or
responsibility for clean up under Hazardous Materials Laws which in either case would have a Material Adverse Effect. Each owned Property, and Borrower and each Subsidiary, are in material compliance with all Hazardous Materials Laws. There are no
claims or actions (“Hazardous Materials Claims”) pending or, to the best of Borrower’s knowledge, threatened, nor have there been any such material claims or actions in the past five (5) years, against Borrower or any
Subsidiary by any Governmental Agency or by any other Person relating to any Hazardous Materials or pursuant to any Hazardous Materials Law. 
 4.7.8. Brokerage Commissions. Neither Borrower nor any Affiliate of Borrower is obligated to pay any brokerage commission or finder’s fee to any Person in connection with the transactions contemplated by this Agreement.

 4.7.9. Anti-Money Laundering. Borrower and its Subsidiaries are in compliance in all material respects with the applicable
financial recordkeeping and reporting requirements of the Currency and Foreign Transaction Reporting Act of 1970, as amended, and the rules and regulations thereunder. Borrower and its Subsidiaries have established compliance programs to ensure
compliance with the requirements of the USA PATRIOT Act and all applicable regulations promulgated thereunder. Borrower and its Subsidiaries are in compliance in all material respects with the USA PATRIOT Act and all applicable regulations
promulgated thereunder, and there is no charge, investigation, action, suit or proceeding before any court, regulatory authority or governmental agency or body pending or, to the best knowledge of Borrower and its Subsidiaries, threatened regarding
the compliance by Borrower and its Subsidiaries with the USA PATRIOT Act or any regulations promulgated thereunder, except as disclosed in writing to the Lender. 
 4.7.10. No General Solicitation. None of Borrower or any of its Affiliates or any person acting on its behalf has engaged or will engage, in connection with the sale of the Subordinated Note, in any form
of general solicitation or general advertising within the meaning of Rule 502(c) under the 1933 Act. 
  

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 4.7.11. No Registration. It is not necessary in connection with the offer, sale and
delivery of the Subordinated Note to the Lender to register the Subordinated Note under the 1933 Act. 
 4.8. Borrower Status.

 4.8.1. Restrictions on Borrower. None of Borrower or any Subsidiary is a party, nor is bound by, any contract or agreement or
instrument, or subject to any charter or other corporate restriction materially and adversely affecting its financial condition, business or operations. 
 4.8.2. Non-Foreign Status. Borrower is not a nonresident alien for purposes of U.S. income taxation and is not a foreign corporation, foreign partnership, foreign trust or foreign estate (as said terms
are defined in the Code or the regulations promulgated thereunder). 
 4.8.3. Investment Company Act. Borrower is not an
“investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. 
 4.8.4. No Burdensome Agreements. None of Borrower or any Subsidiary is a party to any agreement, instrument or undertaking or subject to
any other restriction (a) which presently has a material adverse affect upon the property, financial condition or business operations of Borrower or any Subsidiary, or (b) under or pursuant to which Borrower or any Subsidiary is or will be
required to place (or under which any other Person may place) a lien upon any of its properties securing indebtedness either upon demand or upon the happening of a condition, with or without such demand. 
 4.9. No Misstatement. No information, exhibit, report, schedule or document furnished by Borrower to Lender in connection with the
negotiation, execution or performance of this Agreement or the funding of the Facility contains any untrue statement of a material fact, or omits to state a material fact or any fact necessary to make the statements contained therein not misleading
in light of the circumstances when made or furnished to Lender. 
 4.10. Representations and Warranties Generally. The
representations and warranties set forth in this Agreement or in any other Transaction Document will be true and correct (a) on the date of this Agreement, (b) as of the date of the Disbursement, (c) as otherwise provided herein, and
(d) as of the date of the quarterly compliance certificate delivered pursuant to Section 6.4 with the same force and effect as if made on each such date. All representations, warranties, covenants and agreements made in this
Agreement or in any certificate or other document delivered to Lender by or on behalf of Borrower pursuant to or in connection with this Agreement shall be deemed to have been relied upon by Lender notwithstanding Lender’s review of any
documents or materials delivered by Borrower to Lender pursuant to the terms hereof and notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf (and Borrower hereby acknowledges such reliance by Lender in making the
Facility and all disbursements thereunder) and, furthermore, shall survive the making of any or all of the disbursements of proceeds under the Facility and continue in full force and effect as long as there remains unperformed any obligations to
Lender hereunder or under any of the other Transaction Documents. 
 5. GENERAL COVENANTS, CONDITIONS AND AGREEMENTS. Borrower hereby further
covenants and agrees with Lender as follows: 
 5.1. Compliance with Transaction Documents. Borrower shall comply with, observe
and timely perform each and every one of the covenants, agreements and obligations under each and every one of the Transaction Documents. 
  

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 5.2. Material Transactions. 
 5.2.1. Merger and Consolidation. Borrower shall not consolidate with or merge with any Person in a transaction in which Borrower is not the
successor entity unless: (a) the successor entity which results from such consolidation or merger, if not Borrower (in which Borrower is not the successor entity, the “Surviving Entity”), (i) shall be a solvent
FDIC-insured depository institution organized and existing under the laws of the United States of America or any State thereof or the District of Columbia, and (ii) shall have executed and delivered to the holder of the Subordinated Note its
assumption of the due and punctual payment of the principal of and premium, if any, and interest on the Subordinated Note, and the due and punctual performance and observation of all of the covenants in the Subordinated Note, this Agreement and any
other Transaction Document to be performed or observed by Borrower and shall furnish to such holder an opinion of counsel to the effect that the instrument of assumption has been duly authorized, executed and delivered and constitutes the legal,
valid and binding contract and agreement of the Surviving Entity enforceable in accordance with its terms, except as enforcement of such terms may be limited by bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the
enforcement of creditors’ rights generally and by general equitable principles; and (b) immediately after giving effect to such transaction and treating any indebtedness that becomes an obligation of Borrower or any of its Subsidiaries as
a result of such transaction as having been incurred by Borrower or such Subsidiary at the time of such transaction, no Event of Default or Unmatured Event of Default would exist. 
 5.2.2. Restricted Payments. If an Event of Default has occurred and is continuing, Borrower shall not (a) make loans or advances to
any Affiliate or Subsidiary of Borrower, (b) make any payments of interest, principal or premium on, or repay, repurchase or redeem (i) any indebtedness of Borrower payable to any Affiliate or Subsidiary of Borrower, or (ii) except
for trade payables incurred in the ordinary course of business, any other Indebtedness of Borrower that ranks equally with or junior to the Subordinated Note, (c) make any guarantee payments on any obligations that rank pari passu with
or junior to the Subordinated Note, or (d) declare or pay any dividend on, make any distributions with respect to, or redeem, purchase, acquire or make a liquidation payment with respect to, any of its capital stock, except for dividends to
Parent for purposes of payment of Parent’s ordinary course of business expenses, including without limitation, payments on indebtedness related to trust preferred stock and subordinated debt and quarterly payments to Parent’s shareholders.

 5.2.3. Capital Stock Matters. Borrower (or any permitted successor to Borrower) shall not cease to be a wholly owned direct
or indirect subsidiary of Parent. 
 5.2.4. Other Matters. Borrower shall notify Lender of any of the following at least 10
days prior to the effectiveness thereof: (a) to the extent permitted by applicable law, the issuance, execution or adoption of any formal or informal (whether voluntary or involuntary) regulatory action with respect to Borrower or any
Subsidiary at the request of any Governmental Agency; and (b) any material change in the capital structure of Borrower. 
 5.3.
Business Operations. 
 5.3.1. Banking Practices. Borrower shall not itself, nor shall it cause, permit or allow any
Subsidiary to engage in any unsafe or unsound banking practices as determined by a Governmental Agency. 
 5.3.2. Affiliate
Transactions. Borrower shall not itself, nor shall it cause, permit or allow any Subsidiary to enter into any transaction including, without limitation, the purchase, sale or exchange of property or the rendering of any service, with any
Affiliate except in the ordinary course of 

  

 18 

 
business and pursuant to the reasonable requirements of Borrower’s or such Affiliate’s business and upon terms consistent with applicable laws and
regulations and reasonably found by the appropriate board(s) of directors to be fair and reasonable and no less favorable to Borrower or such Affiliate than would be obtained in a comparable arm’s length transaction with a Person not an
Affiliate. 
 5.3.3. Insurance. At its sole cost and expense, Borrower will maintain, and will cause each Subsidiary to
maintain, bonds and insurance to such extent, covering such risks as is usual and customary for owners of similar businesses and properties in the same general area in which Borrower or a Subsidiary operates, including, without limitation, insurance
for fire and other risks insured against by extended coverage, public liability insurance, workers’ compensation insurance and such additional bonds and insurance as may reasonably be requested by Lender. All such bonds and policies of
insurance shall be in a form, in an amount and with issuers/insurers recognized as adequate by prudent business persons. 
 5.4.
Compliance with Laws. 
 5.4.1. Generally. Borrower shall comply and cause each Subsidiary to comply in all material
respects with all applicable statutes, rules, regulations, orders and restrictions in respect of the conduct of their respective businesses and the ownership of their respective properties, except, in each case, where such noncompliance would not
reasonably be expected to have a material adverse effect on the business, financial condition or results of operations of Borrower and/or such Subsidiary. 
 5.4.2. Regulated Activities. Borrower shall not itself, nor shall it cause, permit or allow any Subsidiary to engage in any business or activity not permitted by all applicable laws and regulations.

 5.4.3. Taxes. Borrower shall promptly pay and discharge all taxes, assessments and other governmental charges imposed upon
Borrower or any Subsidiary or upon the income, profits, or property of Borrower or any Subsidiary and all claims for labor, material or supplies which, if unpaid, might by law become a lien or charge upon the property of Borrower or any Subsidiary.
None of Borrower or any Subsidiary shall be required to pay any such tax, assessment, charge or claim, so long as the validity thereof shall be contested in good faith by appropriate proceedings, and reserves therefor shall be maintained on the
books of Borrower and such Subsidiary as are deemed adequate by Borrower. 
 5.4.4. ERISA. As soon as possible, and in any
event within ten Business Days, after: (a) Borrower or any ERISA Affiliate knows that with respect to any Pension Plan, a “prohibited transaction,” (for which there exists no applicable administrative or statutory exemption), a
“reportable event” that would require the plan administrator to notify the Pension Benefit Guaranty Corporation pursuant to ERISA Section 4043, or any other event or condition which could subject Borrower or any ERISA Affiliate to
material liability under ERISA or the Code; or (b) the institution of steps by Borrower or any ERISA Affiliate to withdraw from, or action taken by the Borrower or the Pension Benefit Guaranty Corporation to terminate, any Pension Plan; has or
may have occurred. Borrower shall deliver to Lender a certificate of a responsible officer setting forth the details of such matter, the action that Borrower proposes to take with respect thereto, and, when known, any action taken or threatened by
the Internal Revenue Service, the U.S. Department of Labor, or the Pension Benefit Guaranty Corporation. For purposes of this covenant, Borrower shall be deemed to have knowledge of all facts known by the ERISA fiduciaries of any affected plan of
Borrower or any ERISA Affiliate. 
 5.4.5. Corporate Existence. Except as otherwise permitted by this Agreement, Borrower shall
do or cause to be done all things necessary to maintain, preserve and renew its corporate existence and that of the Subsidiaries and its and their rights and franchises, and comply with all related laws applicable to Borrower or the Subsidiaries.

  

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 5.5. Lender Expenses. Whether or not the Disbursement is made, Borrower will (a) pay
all reasonable costs and expenses of Lender incident to the transactions contemplated by this Agreement including, without limitation, all costs and expenses incurred in connection with the preparation, negotiation and execution of the Transaction
Documents, or in connection with any modification, amendment, alteration, or the enforcement of this Agreement, the Subordinated Note or the other Transaction Documents, including, without limitation, Lender’s out-of-pocket expenses and the
charges and disbursements to counsel retained by Lender, provided that such expenses shall not exceed $45,000 in the aggregate, and (b) pay and save Lender and all other holders of the Subordinated Note harmless against any and all liability
with respect to amounts payable as a result of (i) any taxes which may be determined to be payable in connection with the execution and delivery of this Agreement, the Subordinated Note or the other Transaction Documents or any modification,
amendment or alteration of the terms or provisions of this Agreement, the Subordinated Note or the other Transaction Documents (excluding, in each case, taxes calculated based upon the income of Lender), (ii) any interest or penalties resulting
from nonpayment or delay in payment of such expenses, charges, disbursements, liabilities or taxes, and (iii) any income taxes in respect of any reimbursement by Borrower for any of such violations, taxes, interests or penalties paid by Lender.
The obligations of Borrower under this Section 5.5 shall survive the repayment in full of the Subordinated Note. 
 5.6.
Subordinated Debt. If the Subordinated Debt ceases to be deemed to be Tier 2 Capital, other than due to the limitation imposed by the FDIC on the capital treatment of subordinated debt during the five years immediately preceding the
maturity date of the subordinated debt, Borrower shall: (a) immediately notify Lender; and (b) immediately upon request of Lender execute and deliver all such agreements (including, without limitation, amendments hereto and replacement
notes) as may be reasonably required in order to qualify the Subordinated Debt as Tier 2 Capital under applicable regulations; provided, however, that if Lender and Borrower are unable to revise the terms hereof to the satisfaction of
regulatory agencies having jurisdiction over the Borrower to qualify the Subordinated Debt as Tier 2 Capital after taking all reasonable efforts to do so, Lender and Borrower agree to do all things required for the reclassification of the
Subordinated Debt as a senior obligation of Borrower. For the avoidance of doubt, Borrower acknowledges that “reasonable efforts” to qualify as Tier 2 Capital under this Section 5.6 shall in no way obligate Lender to agree to
terms materially disadvantageous to those set forth herein as of the date hereof. 
 5.7. Inspection Rights. Borrower shall
permit and cause the Subsidiaries to permit Lender, through Lender’s employees, attorneys, accountants or other agents, to inspect any of the properties, corporate books and financial books and records of Borrower and any Subsidiary at such
times as Lender reasonably may request. Lender shall maintain information furnished to it by Borrower under this Agreement in accordance with its usual and customary practices and procedures relating to confidential information provided by customers
to Lender. Accordingly, Lender shall use information furnished to it by Borrower under this Agreement only to facilitate the debtor-creditor relationship between the parties contemplated in this Agreement. 
 6. REPORTING. Borrower shall furnish and deliver or cause to be furnished and delivered to Lender: 
 6.1. Annual. Within 90 days after the close of each fiscal year of Borrower, or within such further time as Lender may permit, consolidated
and consolidating audited financial statements for Parent, Borrower and the Subsidiaries, including a balance sheet and related profit and loss statement, prepared in accordance with GAAP consistently applied throughout the periods reflected
therein. Such financial statements shall be accompanied by the unqualified opinion of Borrower’s Accountant or other independent certified public accountants acceptable to Lender. 
  

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 6.2. Quarterly. Within 45 days after the close of each quarterly period of each fiscal year
of Borrower, or within such further time as Lender may permit, (a) the call reports filed by Borrower with state or federal bank regulatory agencies and (b) the dollar amounts of loans appearing as delinquent, classified or assets
requiring special attention appearing on internally prepared “watch lists” or other reports of Borrower. 
 6.3. Securities
Filings. As soon as practicable, but in any event not more than three Business Days after any such filings shall be made with the Securities and Exchange Commission or any exchange or market on which the capital stock of Parent may be
traded, all reports or other filings made by Parent, pursuant to the Securities Exchange Act of 1934, as amended or recodified, or otherwise. The deliveries required under this Section 6.3 shall be deemed to have been made if Borrower
places Lender on its investor list and Lender receives the above-referenced filings by electronic mail in the ordinary course of business at the same time as other parties on the investor list. 
 6.4. Compliance Certificate. Borrower shall furnish Lender, at the same time as it furnishes the quarterly financial reports referred to in
Section 6.2, a quarterly compliance certificate in the form attached as Exhibit C hereto. Such quarterly compliance certificate shall be signed by the Chief Executive Officer, President or Chief Financial Officer of Borrower
and shall also contain, in a form and with such specificity as is reasonably satisfactory to Lender, such additional information as Lender shall have reasonably requested by Borrower prior to the submission thereof. 
 6.5. Copies of Other Reports and Correspondence. To the extent permitted by law, promptly after same are available, copies of each of the
following: (a) each annual report, proxy or financial statement or other report or communication sent by Borrower or any Subsidiary to the shareholders of Borrower; (b) all annual, regular, periodic and special reports and registration
statements which Borrower or any Subsidiary may file or be required to file with any federal or state banking regulatory agency or any other Governmental Agency or with any securities exchange; (c) each Uniform Bank Performance Report with
respect to Borrower; (d) if an Event of Default has occurred and is continuing, all written reports presented to the board of directors of Borrower, as Lender may from time to time reasonably request; and (e) promptly upon receipt thereof,
one copy of each written audit report submitted to Parent by Borrower’s Accountant. 
 6.6. Proceedings. To the extent
permitted by applicable law, immediately after receiving knowledge thereof, notice in writing of all charges, assessments, actions, suits and proceedings (as well as notice of the outcome of any such charges, assessments, actions, suits and
proceedings) that are initiated by, or brought before, any court or Governmental Agency, in connection with Borrower or any Subsidiary; provided, however, Borrower shall not be obligated to provide such notice in connection with ordinary course of
business litigation not involving the FDIC, applicable state regulatory agencies or FRB, which, if adversely decided, would not have a material adverse effect on the financial condition or operations of Borrower. 
 6.7. Event of Default; Material Adverse Change. Promptly after the occurrence thereof, notice of any other matter which has resulted in, or
could reasonably be expected to result in, an Unmatured Event of Default, an Event of Default or a materially adverse change in the financial condition, business or operations of Borrower or any Subsidiary, so long as delivery of such notice is not
prohibited by applicable laws and regulations. 
 6.8. Issuance of Borrower Capital Stock. An amended Section 4.1.2 of the
Disclosure Schedule in the event that Borrower issues any capital stock as provided in Section 4.1.2. 
  

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 6.9. Other Information Requested by Lender. Such other information concerning the business,
operations, financial condition and regulatory status of Borrower or any Subsidiary as Lender may from time to time reasonably request, so long as such information is not confidential or related solely to a customer of Borrower or any Subsidiary.

 7. FINANCIAL COVENANT. Borrower shall maintain such capital as may be necessary to cause Borrower to be classified at all times as
“well capitalized”, in accordance with the rules and regulations of its primary federal regulator, as in effect from time to time and consistent with the financial information and reports contemplated in Section 6. 

8. BORROWER’S DEFAULT. 
 8.1.
Borrower’s Defaults and Lender’s Remedies. 
 8.1.1. Events of Default. Notwithstanding any cure
periods described below, Borrower will, to the extent permitted by applicable law, immediately notify Lender in writing when Borrower obtains knowledge of the occurrence of any default specified below. Regardless of whether Borrower has given the
required notice, the occurrence of one or more of the following will constitute an “Event of Default” under this Agreement: 
 8.1.1.1. Borrower fails to pay when due any principal of or installment of interest on the Subordinated Note; or 
 8.1.1.2. Borrower fails to pay, when due, any amount payable under this Agreement, the Subordinated Note (other than principal or interest) or any other Transaction Document, and such failure continues for a period of five Business
Days after notice thereof from Lender to Borrower; or 
 8.1.1.3. Borrower fails to keep or perform any of its agreements,
undertakings, obligations, covenants or conditions under this Agreement not expressly referred to in another clause of this Section 8.1 and such failure continues for a period of ten days after notice thereof from Lender to Borrower; or

 8.1.1.4. Any “Event of Default” or “Default” as defined under, or a default or breach in any respect by
Borrower of any representation, warranty, covenant or agreement under, any of the Transaction Documents occurs; or 
 8.1.1.5. Any
certification made pursuant to this Agreement by Borrower or otherwise made in writing in connection with or as contemplated by this Agreement or any of the other Transaction Documents by Borrower shall be materially incorrect or false as of the
delivery date of such certification, or any representation to Lender by Borrower as to the financial condition or credit standing of Borrower is or proves to be false or misleading; or 
 8.1.1.6. The dissolution of Borrower; or 
 8.1.1.7. Any order or decree is entered by any court of competent jurisdiction directly or indirectly enjoining or prohibiting Lender or Borrower from performing any of their obligations under this Agreement or any of the Transaction
Documents, and such order or decree is not vacated, and the proceedings out of which such order or decree arose are not dismissed, within 60 days after the granting of such decree or order; or 
  

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 8.1.1.8. The filing of formal charges by any governmental or quasi-governmental entity,
including, without limitation, the issuance of an indictment, under a RICO Related Law against Borrower or any Affiliate of Borrower; or 
 8.1.1.9. Final judgment or judgments for the payment of no less than $10,000,000 in the aggregate is or are outstanding against Borrower or against any of its property or assets, and any one or more of such judgments equal to no less
than $10,000,000 in the aggregate has remained unpaid, unvacated, unbonded or unstayed by appeal or otherwise for a period of 30 days from the date of its entry; or 
 8.1.1.10. Borrower is notified that it is considered an institution in “troubled condition” within the meaning of 12 U.S.C. Section 1831i and the regulations promulgated thereunder,
or if a conservator or receiver is appointed for Borrower; or 
 8.1.1.11. Borrower or any Subsidiary (a) becomes insolvent or
is unable to pay its debts as they mature, (b) makes an assignment for the benefit of creditors, (c) admits in writing its inability to pay its debts as they mature, or (d) suspends transaction of its usual business; or if a trustee
of any substantial part of the assets of Borrower or any Subsidiary is applied for or appointed, and if appointed in a proceeding brought against Borrower, Borrower by any action or failure to act indicates its approval of, consent to, or
acquiescence in such appointment, or within 30 days after such appointment, such appointment is not vacated or stayed on appeal or otherwise, or shall not otherwise have ceased to continue in effect; or 
 8.1.1.12. If, pursuant to any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law or
statute of the federal government or any state government that, by its express terms, is applicable to Borrower, (a) any proceedings involving Borrower are commenced by or against Borrower, or (b) a trustee of any substantial part of the
assets of Borrower is applied for or appointed, and Borrower by any action or failure to act indicates its approval of, consent to or acquiescence in any of the foregoing, or an order shall be entered approving the petition in such proceedings, or
approving the application for or appointment of such trustee, and within 30 days after the entry of such order or such appointment, such order or appointment is not vacated or stayed on appeal or otherwise, or shall not otherwise have ceased to
continue in effect; or 
 8.1.1.13. Borrower applies for, consents to or acquiesces in the appointment of a receiver or conservator
for itself, or in the absence of such application, consent or acquiescence, a receiver or conservator is appointed for Borrower; or 
 8.1.1.14. Fifteen days after notice thereof, Borrower or any Subsidiary continues to be in default in any payment of principal or interest for any other obligation, in the performance of any other term, condition or covenant
contained in any agreement (including, without limitation, an agreement in connection with the acquisition of capital equipment on a title retention or net lease basis) under which any such obligation is created the effect of which default is to
cause or permit the holder of such obligation to cause such obligation to become due prior to its stated maturity if the aggregate amount that becomes due in such manner is in excess of $5,000,000. 
 8.1.1.15. Borrower shall have been in material breach of any of the representations and warranties set forth in Section 4 hereof as
of the date of this Agreement, which if capable of being cured, is not cured within the thirty day period beginning after notice thereof from Lender to Borrower. 
  

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 8.1.2. Lender’s Remedies. Upon the occurrence of any Event of Default, Lender shall
have the right, if such Event of Default shall then be continuing, in addition to all the remedies conferred upon Lender by law or equity or the terms of any Transaction Document, to do any or all of the following, concurrently or successively,
without notice to Borrower: 
 8.1.2.1. Subject to Section 8.1.2.3, solely pursuant to Sections 8.1.1.6,
8.1.1.11, 8.1.1.12, or 8.1.1.13, declare the Subordinated Note to be, and it shall thereupon become, immediately due and payable, subject to approval by Governmental Agencies, as applicable, without presentment, demand, protest
or notice of any kind, all of which are hereby expressly waived, anything contained herein or in the Subordinated Note to the contrary notwithstanding; or 
 8.1.2.2. Exercise all of its rights and remedies at law or in equity, other than right to accelerate, which is restricted to Section 8.1.2.1. 
 8.1.2.3. If Borrower ceases or elects to cease to be subject to the supervision and regulations of the FDIC or similar regulatory authority
overseeing bank, thrift, savings and loan or financial holding companies or similar institutions requiring specifications for the treatment of capital similar in nature to the capital adequacy guidelines under the FDIC rules and regulations, then
the Lender may declare the Subordinated Note to be, and it shall thereupon become, immediately due and payable upon the occurrence of any Event of Default set forth in Section 8.1.1. 
 8.2. Other Remedies. Nothing in this Article 8 is intended to restrict Lender’s rights under any of the other Transaction
Documents, other related documents, or at law or in equity, and Lender may exercise such rights and remedies as and when they are available. 
 8.3. No Lender Liability. To the extent permitted by law. Lender shall have no liability for any loss, damage, injury, cost or expense resulting from any action or omission by it, or any of its representatives, which was
taken, omitted or made in good faith. 
 8.4. Lender’s Fees and Expenses. In case of any Event of Default hereunder,
Borrower shall pay Lender’s fees and expenses including, without limitation, reasonable attorneys’ fees and expenses, in connection with the enforcement of this Agreement or any of the other Transaction Documents or other related
documents. 
 9. MISCELLANEOUS. 
 9.1. Release; Indemnification. Borrower hereby releases Lender from any and all causes of action, claims or rights which Borrower may now or hereafter have for, or which may arise from, any loss or damage caused by or
resulting from (a) any failure of Lender to protect, enforce or collect in whole or in part any of the Facility and (b) any other act or omission to act on the part of Lender, its officers, agents or employees, except in each instance for
willful misconduct and gross negligence. Borrower shall indemnify, defend and hold Lender and its Affiliates harmless from and against any and all losses, liabilities, obligations, penalties, claims, fines, demands, litigation, defenses, costs,
judgments, suits, proceedings, actual damages, disbursements or expenses of any kind or nature whatsoever (including, without limitation, attorneys’ fees and expenses) which may at any time be either directly or indirectly imposed upon,
incurred by or asserted or awarded against Lender or any of Lender’s Affiliates in connection with, arising from or relating to Lender’s entering into or carrying out the terms of this Agreement or being the holder of the Subordinated
Note, unless Borrower establishes that the loss, liability, obligations, penalty, claim, fine, demand, litigation, defense, cost, judgment, suit, proceeding, damage, disbursement or expense arose primarily by reason of Lender’s or any of
Lender’s Affiliates’ willful misconduct or gross negligence. 
  

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 9.2. Assignment and Participation. Lender may pledge or otherwise hypothecate all or any
portion of this Agreement or grant participations herein (provided Lender acts as agent for any participants, except as provided below) or in any of its rights and security hereunder. With the prior written consent of Borrower, not to be
unreasonably withheld or delayed, Lender may also assign all or any part of the Facility and Lender’s obligations in connection therewith to one or more commercial banks or other financial institutions or investors (each an “Assignee
Lender”). Upon delivery to Borrower of an executed copy of the Assignee Lender’s assignment and acceptance (a) each such Assignee Lender shall be deemed to be a party hereto and, to the extent that
rights and obligations hereunder have been assigned and delegated to such Assignee Lender, such Assignee Lender shall have the rights and obligations of Lender hereunder and under the other Transaction Documents and other related documents, and
(b) Lender, to the extent that rights and obligations hereunder have been assigned and delegated by it, shall be released from its obligations hereunder and under the other Transaction Documents (including, without limitation, the obligation to
fund the Assignee Lender’s share of the Facility) and other related documents. Within five Business Days after receipt of a copy of the executed assignment and acceptance document, Borrower shall execute and deliver to Lender a new subordinated
note, as applicable (for delivery to the relevant Assignee Lender), in the form of Exhibit A hereto but substituting Assignee Lender’s name and evidencing such Assignee Lender’s assigned portion of the Facility and a
replacement subordinated note, as applicable, in the principal amount of the Facility retained by Lender (such subordinated note to be in exchange for, but not in payment of, the subordinated note then held by Lender). Such subordinated note shall
be dated the date of the predecessor Subordinated Note. Lender shall mark the predecessor Subordinated Note “exchanged” and deliver it to Borrower. Accrued interest on that part of the predecessor Subordinated Note evidenced by the new
subordinated note, and accrued fees, shall be paid as provided in the assignment agreement between Lender and to the Assignee Lender. Accrued interest on that part of the predecessor Subordinated Note evidenced by the replacement subordinated note
shall be paid to Lender. Accrued interest and accrued fees shall be so apportioned between the subordinated note and paid at the same time or times provided in the predecessor Subordinated Note and in this Agreement. Borrower authorizes Lender to
disclose to any prospective Assignee Lender any financial or other information pertaining to Borrower or the Facility; provided that such prospective Assignee Lender agrees to accept such financial and other information subject to the same
obligations of confidentiality applicable to Lender under this Agreement and further agrees to utilize such information solely in connection with its determination to participate in and/or purchase the Subordinated Debt. Anything in this Agreement
to the contrary notwithstanding, and without the need to comply with any of the formal or procedural requirements of this Agreement, including this Section 9.2, Lender may at any time and from time to time pledge and assign all or any
portion of its rights under all or any of the Transaction Documents and other related documents to a Federal Reserve Bank; provided that no such pledge or assignment shall release Lender from its obligations thereunder. 
 Should the Facility be subsequently held by three (3) or more unaffiliated parties, the Borrower and Lender agree to enter into an agreement with US
Bank, National Association, or such other entity mutually acceptable to Borrower and Lender (the “Servicing Agent”), pursuant to which the Servicing Agent will receive each quarterly interest payment from the Borrower and distribute such
payment to the respective holders of the Facility. 
 9.3. Prohibition on Assignment. Unless otherwise directed by the FDIC or
the Texas Department of Banking, Borrower shall not assign or attempt to assign its rights under this Agreement, either voluntarily or by operation of law. 
 9.4. Time of the Essence. Time is of the essence of this Agreement. 
  

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 9.5. No Waiver. No waiver of any term, provision, condition, covenant or agreement herein
contained shall be effective unless set forth in a writing signed by Lender, and any such waiver shall be effective only to the extent set forth in such writing. No failure to exercise or delay in exercising, by Lender or any holder of the
Subordinated Note, of any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof, or the exercise of any other
right or remedy provided by law. The rights and remedies provided in this Agreement are cumulative and not exclusive of any right or remedy provided by law or equity. No notice or demand on Borrower in any case shall, in itself, entitle Borrower to
any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of Lender to any other or further action in any circumstances without notice or demand. No consent or waiver, expressed or implied, by
Lender to or of any breach or default by Borrower in the performance of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance of the same or any other obligations of
Borrower hereunder. Failure on the part of Lender to complain of any acts or failure to act or to declare an Event of Default, irrespective of how long such failure continues, shall not constitute a waiver by Lender of its rights hereunder or impair
any rights, powers or remedies on account of any breach or default by Borrower. 
 9.6. Severability. Any provision of this
Agreement which is unenforceable or invalid or contrary to law, or the inclusion of which would adversely affect the validity, legality or enforcement of this Agreement, shall be of no effect and, in such case, all the remaining terms and provisions
of this Agreement shall subsist and be fully effective according to the tenor of this Agreement the same as though any such invalid portion had never been included herein. Notwithstanding any of the foregoing to the contrary, if any provisions of
this Agreement or the application thereof are held invalid or unenforceable only as to particular persons or situations, the remainder of this Agreement, and the application of such provision to persons or situations other than those to which it
shall have been held invalid or unenforceable, shall not be affected thereby, but shall continue valid and enforceable to the fullest extent permitted by law. 
 9.7. Usury; Revival of Liabilities. All agreements between Borrower and Lender (including, without limitation, this Agreement and any other Transaction Documents) are expressly limited so that in no
event whatsoever shall the amount paid or agreed to be paid to Lender exceed the highest lawful rate of interest permissible under the laws of the State of Texas. If Lender shall ever receive as interest an amount which would be deemed unlawful,
such interest shall be applied to the payment of the last maturing installment or installments of the indebtedness to Lender (whether or not then due and payable) and not to the payment of interest. To the extent that Lender received any payment on
account of Borrower’s Liabilities and any such payment(s) and/or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, subordinated and/or required to be repaid to a trustee, receiver
or any other Person under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment(s) or proceeds received, Borrower’s Liabilities or part thereof intended to be satisfied shall be revived and
continue in full force and effect, as if such payment(s) and/or proceeds had not been received by Lender and applied on account of Borrower’s Liabilities; provided, however, if Lender successfully contests any such invalidation, declaration,
set aside, subordination or other order to pay any such payment and/or proceeds to any third party, the revived Borrower’s Liabilities shall be deemed satisfied. 
 9.8. Notices. Any notice which either party hereto may be required or may desire to give hereunder shall be deemed to have been given if in writing and if delivered personally, or if mailed, postage
prepaid, by United States registered or certified mail, return receipt requested, or if delivered by a responsible overnight courier, addressed: 
  

			
	if to Borrower:	  	 Sterling Bank
 2550 North Loop West, Suite
600
 Houston, Texas 77092
 Attn: James W. Goolsby, Jr.

Telephone No.: (713) 507-2397
 Fax No.: (713) 466-3117

  

 26 

			
	if to Lender:	  	 Brian Harrer
 Senior Vice President
 U.S. Bank Capital Markets
 Mail Station: BC-MN-H03R (3rd floor)
 800 Nicollet Mall, Minneapolis, MN 55402
 (phone) 612-303-3522
 (fax) 612-303-2260 E-Mail Address:
 BRIAN.HARRER@usbank.com

 or to such other address or addresses as the party to be given notice may have furnished in writing to the party
seeking or desiring to give notice, as a place for the giving of notice, provided that no change in address shall be effective until seven days after being given to the other party in the manner provided for above. Any notice given in accordance
with the foregoing shall be deemed given when delivered personally or, if mailed, five Business Days after it shall have been deposited in the United States mails as aforesaid or, if sent by overnight courier, the Business Day following the date of
delivery to such courier, or if by facsimile, the date contained in the fax confirmation. 
 9.9. Successors and Assigns. This
Agreement shall inure to the benefit of the parties and their respective heirs, legal representatives, successors and assigns except that, unless Lender consents in writing, no assignment made by Borrower in violation of this Agreement shall confer
any rights on any assignee of Borrower. 
 9.10. No Joint Venture. Nothing contained herein or in any document executed
pursuant hereto and no action or inaction whatsoever on the part of Lender, shall be deemed to make Lender a partner or joint venturer with Borrower. 
 9.11. Brokerage Commissions. Borrower shall indemnify, defend and hold Lender and its Affiliates harmless from and against any and all losses, liabilities, obligations, penalties, claims, fines, lost
profits, demands, litigation, defenses, costs, judgments, suits, proceedings, damages, disbursements or expenses of any kind or nature whatsoever (including, without limitation, attorneys’ fees and expenses), consequential or otherwise, which
may at any time be either directly or indirectly imposed upon, incurred by or asserted or awarded against Lender or any of its Affiliates in connection with, arising out of or relating to any claim of a broker’s or finder’s fee against
Lender or any person or entity in connection with the transaction herein contemplated arising out of or relating to Borrower’s or Lender’s action or inaction, unless such broker’s or finder’s fee is as a result of a contractual
relationship between Lender and a broker or finder. 
 9.12. Publicity. Neither party shall publicize the Facility without the
prior written consent of the other, which consent shall not be unreasonably withheld, conditioned or delayed. 
 9.13.
Documentation. All documents and other matters required by any of the provisions of this Agreement to be submitted or furnished to Lender shall be in form and substance satisfactory to Lender. 
  

 27 

 9.14. Entire Agreement. This Agreement and the Disclosure Schedule and Exhibits hereto
constitute the entire agreement between the parties hereto with respect to the subject matter hereof and may not be modified or amended in any manner other than by supplemental written agreement executed by the parties hereto. Neither party, in
entering into this Agreement, has relied upon any representation, warranty, covenant, condition or other term that is not set forth in this Agreement. 
 9.15. Choice of Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Texas. Nothing herein shall be deemed to limit any rights, powers or privileges
which Lender may have pursuant to any law of the United States of America or any rule, regulation or order of any department or agency thereof and nothing herein shall be deemed to make unlawful any transaction or conduct by Lender which is lawful
pursuant to, or which is permitted by, any of the foregoing. 
 9.16. Forum; Agent; Venue. To induce Lender to accept this
Agreement and the other Transaction Documents, Borrower irrevocably agrees that all actions or proceedings in any way, manner, or respect, arising out of or from or related to this Agreement or the other Transaction Documents shall be litigated only
in courts having situs within the City of Houston, Harris County, Texas. Borrower hereby consents and submits to the jurisdiction of any local, state, or federal court located within said city. Borrower hereby waives any right it may have to
transfer or change the venue of any litigation brought against Borrower by Lender. 
 9.17. No Third Party Beneficiary. This
Agreement is made for the sole benefit of Borrower and Lender, and no other person shall be deemed to have any privity of contract hereunder nor any right to rely hereon to any extent or for any purpose whatsoever, nor shall any other person have
any right of action of any kind hereon or be deemed to be a third party beneficiary hereunder. 
 9.18. Legal Tender of United
States. All payments hereunder shall be made in coin or currency which at the time of payment is legal tender in the United States of America for public and private debts. 
 9.19. Captions; Counterparts. Captions contained in this Agreement in no way define, limit or extend the scope or intent of their
respective provisions. This Agreement may be executed by facsimile and in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of
which taken together shall constitute but one and the same instrument. 
 9.20. Knowledge; Discretion. All references herein to
a party’s best knowledge shall be deemed to mean the best knowledge of such party based on commercially reasonable inquiry. All references herein to Borrower’s knowledge shall be deemed to refer to the best knowledge of the executive
officers of Borrower and each Subsidiary. Unless specified to the contrary herein, all references herein to an exercise of discretion or judgment by Lender, to the making of a determination or designation by Lender, to the application of
Lender’s discretion or opinion, to the granting or withholding of Lender’s consent or approval, to the consideration of whether a matter or thing is satisfactory or acceptable to Lender, or otherwise involving the decision making of
Lender, shall be deemed to mean that Lender shall decide unilaterally using its commercially reasonable discretion or judgment. 
 9.21.
Lender Investment Representations. Lender is acquiring the Subordinated Note for its own account for investment and not with a view toward resale or redistribution in a manner which would require registration under the 1933 Act, or the
securities laws of any state, and Lender does not presently have any reason to anticipate any change in its circumstances or other particular occasion or event which would cause it to transfer the Subordinated Note or any part thereof or interest
therein. Lender has not 

  

 28 

 
offered or sold the Subordinated Note or any part thereof or interest therein, and has no present intention of participating the Subordinated Note with
others or of reselling or otherwise disposing of the Subordinated Note or any part thereof or interest therein either currently or after the passage of a fixed or determinable period of time or upon the occurrence or nonoccurrence of any
predetermined event or circumstance. Lender acknowledges that (i) its investment in the Subordinated Note involves a substantial degree of risk and (ii) it understands that the purchase of the Subordinated Note is an illiquid investment.
Lender acknowledges that Borrower has made available to Lender the opportunity to evaluate the merits and risks associated with ownership of the Subordinated Note, including information related to the financial position and results of operations of
Borrower and its Subsidiaries. Specifically, Lender acknowledges receipt of Borrower Financial Statements and Lender has had access to officers of Borrower to make such further inquiry as Lender has deemed appropriate. Lender further acknowledges
that there can be no assurance that the results of Borrower’s operations will be as contained in any of the information provided to Lender. Lender represents that it has made other investments of a similar nature or, by reason of Lender’s
business and financial experience and of the business and financial experience of those persons it has retained to advise it with respect to its purchase and ownership of the Subordinated Note, it is a sophisticated, well-informed investor and has
acquired the capacity to protect its own interest in investments of this nature. In reaching the conclusion that it desires to acquire the Subordinated Note, Lender has carefully evaluated its financial resources and investment position, and the
risks associated with this investment and acknowledges that it is able to bear the economic risks of this investment. 
 9.22.
Confidentiality. Lender agrees that it will keep confidential any information furnished to it by Borrower in connection with the transactions contemplated by this Agreement, except to the extent that such information (i) was already
known to Lender and was received from a source other than Borrower, or Borrower’s directors, officers, employees or agents, (ii) thereafter was lawfully obtained from another source or was publicly disclosed by Borrower or its agent or
representative, or (iii) is required to be disclosed to any Governmental Authority, or is otherwise required to be disclosed by law, Lender agrees not to use such confidential information, and to implement safeguards and procedures that are
reasonably designed to prevent such confidential information from being used, for any purpose other than in connection with the transactions contemplated by this Agreement. 
 [Remainder of Page Intentionally Left Blank] 
  

 29 

 WAIVER OF RIGHT TO JURY TRIAL. TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, BORROWER HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION ARISING IN ANY WAY IN CONNECTION WITH THIS AGREEMENT, THE SUBORDINATED NOTE OR ANY OF THE OTHER TRANSACTION DOCUMENTS, OR ANY OTHER STATEMENTS OR
ACTIONS OF BORROWER OR LENDER IN RESPECT OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. BORROWER ACKNOWLEDGES THAT IT HAS BEEN REPRESENTED IN THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL SELECTED
OF ITS OWN FREE WILL, AND THAT IT HAS DISCUSSED THIS WAIVER WITH SUCH LEGAL COUNSEL. BORROWER FURTHER ACKNOWLEDGES THAT (a) IT HAS READ AND UNDERSTANDS THE MEANING AND RAMIFICATIONS OF THIS WAIVER, (b) THIS WAIVER HAS BEEN REVIEWED BY
BORROWER AND BORROWER’S COUNSEL AND IS A MATERIAL INDUCEMENT FOR LENDER TO ENTER INTO THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS AND (c) THIS WAIVER SHALL BE EFFECTIVE AS TO EACH OF SUCH TRANSACTION DOCUMENTS AS IF FULLY
INCORPORATED THEREIN. 
 IN WITNESS WHEREOF, the parties hereto have caused this Subordinated Note Purchase Agreement to be executed
by their duly authorized representatives as of the date first above written. 
  

			
	STERLING BANK
		
	By:	 	 /s/ J. Downey Bridgwater 

	Name:	 	J. Downey Bridgwater
	Title:	 	Chairman, President & CEO
	
	USB CAPITAL RESOURCES, INC. 
		
	By:	 	 /s/ Brian Harrer

	Name:	 	Brian Harrer
	Title:	 	SVP

  

					
	 (1) Sterling Bank
	  	S-1Term Loan Agreement, dated as of June 26, 2008

 Exhibit 10.1 
 EXECUTION COPY 
  
  
  
 TERM LOAN AGREEMENT 
 Dated as of June 26, 2008 
 by and among

 PIEDMONT OPERATING PARTNERSHIP, LP, 
 as Borrower, 
 PIEDMONT OFFICE REALTY TRUST, INC., 
 as Parent, 
 J.P. MORGAN SECURITIES INC. 
 and 
 BANC OF AMERICA SECURITIES LLC, 
 as Co-Lead Arrangers 
 and Book Managers,

 JPMORGAN CHASE BANK, N.A., 
 as
Agent, 
 BANK OF AMERICA, N.A., 
 as Syndication Agent, 
 each of 
 WELLS FARGO BANK, N.A., 
 REGIONS BANK, N.A. 
 and 
 US BANK, N.A., 
 as a Documentation Agent, 
 and 
 THE FINANCIAL INSTITUTIONS INITIALLY SIGNATORY HERETO 
 AND THEIR ASSIGNEES PURSUANT TO SECTION 12.5.,

 as Lenders 
  
  
  

 TABLE OF CONTENTS 
  

			
	 Article I. Definitions
	  	1  
		
	 Section 1.1. Definitions
	  	1  
	 Section 1.2. General; References to Times
	  	21
	 Section 1.3. Financial Attributes of Non-Wholly Owned Subsidiaries
	  	22
		
	 Article II. Credit Facility
	  	22
		
	 Section 2.1. Term Loans
	  	22
	 Section 2.2. Rates and Payment of Interest on Loans
	  	22
	 Section 2.3. Number of Interest Periods
	  	23
	 Section 2.4. Repayment of Loans
	  	23
	 Section 2.5. Prepayments
	  	23
	 Section 2.6. Continuation
	  	24
	 Section 2.7. Conversion
	  	24
	 Section 2.8. Notes
	  	25
	 Section 2.9. Extension of Termination Date
	  	25
		
	 Article III. Payments, Fees and Other General Provisions
	  	26
		
	 Section 3.1. Payments
	  	26
	 Section 3.2. Pro Rata Treatment
	  	26
	 Section 3.3. Sharing of Payments, Etc.
	  	26
	 Section 3.4. Several Obligations
	  	27
	 Section 3.5. Minimum Amounts
	  	27
	 Section 3.6. Fees
	  	27
	 Section 3.7. Computations
	  	27
	 Section 3.8. Usury
	  	28
	 Section 3.9. Agreement Regarding Interest and Charges
	  	28
	 Section 3.10. Statements of Account
	  	28
	 Section 3.11. Defaulting Lenders
	  	28
	 Section 3.12. Taxes
	  	30
		
	 Article IV. Yield Protection, Etc.
	  	31
		
	 Section 4.1. Additional Costs; Capital Adequacy
	  	31
	 Section 4.2. Suspension of LIBOR Loans
	  	32
	 Section 4.3. Illegality
	  	33
	 Section 4.4. Compensation
	  	33
	 Section 4.5. Affected Lenders
	  	34
	 Section 4.6. Treatment of Affected Loans
	  	34
	 Section 4.7. Change of Lending Office
	  	35
		
	 Article V. Conditions Precedent
	  	35
		
	 Section 5.1. Initial Conditions Precedent
	  	35
	 Section 5.2. Additional Conditions Precedent
	  	37

			
	 Article VI. Representations and Warranties
	  	38
		
	 Section 6.1. Representations and Warranties
	  	38
	 Section 6.2. Survival of Representations and Warranties, Etc.
	  	44
		
	 Article VII. Affirmative Covenants
	  	44
		
	 Section 7.1. Preservation of Existence and Similar Matters
	  	44
	 Section 7.2. Compliance with Applicable Law
	  	44
	 Section 7.3. Maintenance of Property
	  	45
	 Section 7.4. Conduct of Business
	  	45
	 Section 7.5. Insurance
	  	45
	 Section 7.6. Payment of Taxes and Claims
	  	45
	 Section 7.7. Visits and Inspections
	  	45
	 Section 7.8. Use of Proceeds
	  	46
	 Section 7.9. Environmental Matters
	  	46
	 Section 7.10. Books and Records
	  	47
	 Section 7.11. Further Assurances
	  	47
	 Section 7.12. New Subsidiaries/Guarantors
	  	47
	 Section 7.13. REIT Status
	  	47
	 Section 7.14. Exchange Listing
	  	48
		
	 Article VIII. Information
	  	48
		
	 Section 8.1. Quarterly Financial Statements
	  	48
	 Section 8.2. Year-End Statements
	  	48
	 Section 8.3. Compliance Certificate; Other Reports
	  	49
	 Section 8.4. Other Information
	  	49
	 Section 8.5. Electronic Delivery of Certain Information
	  	51
	 Section 8.6. Public/Private Information
	  	52
		
	 Article IX. Negative Covenants
	  	52
		
	 Section 9.1. Financial Covenants
	  	52
	 Section 9.2. Restricted Payments
	  	53
	 Section 9.3. Indebtedness
	  	53
	 Section 9.4. Certain Permitted Investments
	  	54
	 Section 9.5. Investments Generally
	  	54
	 Section 9.6. Liens; Negative Pledges; Other Matters
	  	55
	 Section 9.7. Merger, Consolidation, Sales of Assets and Other Arrangements
	  	55
	 Section 9.8. Fiscal Year
	  	56
	 Section 9.9. Modifications of Organizational Documents
	  	57
	 Section 9.10. Transactions with Affiliates
	  	57
	 Section 9.11. ERISA Exemptions
	  	57
		
	 Article X. Default
	  	57
		
	 Section 10.1. Events of Default
	  	57
	 Section 10.2. Remedies Upon Event of Default
	  	61
	 Section 10.3. Allocation of Proceeds
	  	62
	 Section 10.4. Performance by Agent
	  	62
	 Section 10.5. Rights Cumulative
	  	63

			
	 Article XI. The Agent
	  	63
		
	 Section 11.1. Authorization and Action
	  	63
	 Section 11.2. Agent’s Reliance, Etc.
	  	64
	 Section 11.3. Notice of Defaults
	  	64
	 Section 11.4. JPMorgan as Lender
	  	65
	 Section 11.5. Approvals of Lenders
	  	65
	 Section 11.6. Lender Credit Decision, Etc.
	  	65
	 Section 11.7. Indemnification of Agent
	  	66
	 Section 11.8. Successor Agent
	  	67
	 Section 11.9. Titled Agents
	  	67
		
	 Article XII. Miscellaneous
	  	68
		
	 Section 12.1. Notices
	  	68
	 Section 12.2. Expenses
	  	69
	 Section 12.3. Setoff
	  	70
	 Section 12.4. Litigation; Jurisdiction; Other Matters; Waivers
	  	70
	 Section 12.5. Successors and Assigns
	  	71
	 Section 12.6. Amendments
	  	74
	 Section 12.7. Nonliability of Agent and Lenders
	  	76
	 Section 12.8. Confidentiality
	  	76
	 Section 12.9. Indemnification
	  	77
	 Section 12.10. Termination; Survival
	  	79
	 Section 12.11. Severability of Provisions
	  	79
	 Section 12.12. GOVERNING LAW
	  	80
	 Section 12.13. Patriot Act
	  	80
	 Section 12.14. Counterparts
	  	80
	 Section 12.15. Obligations with Respect to Loan Parties
	  	80
	 Section 12.16. Limitation of Liability
	  	80
	 Section 12.17. Entire Agreement
	  	81
	 Section 12.18. Construction
	  	81

  

			
	SCHEDULE I	  	Commitments
	SCHEDULE 1.1.(A)	  	List of Loan Parties
	SCHEDULE 6.1.(b)	  	Ownership Structure
	SCHEDULE 6.1.(f)	  	Title to Properties; Liens
	SCHEDULE 6.1.(g)	  	Indebtedness and Guaranties
	SCHEDULE 6.1.(h)	  	Litigation
	SCHEDULE 6.1.(x)	  	Unencumbered Assets

  

			
	EXHIBIT A	  	Form of Assignment and Assumption
	EXHIBIT B	  	Form of Notice of Borrowing
	EXHIBIT C	  	Form of Notice of Continuation
	EXHIBIT D	  	Form of Notice of Conversion

			
	EXHIBIT E	  	Form of Note
	EXHIBIT F	  	Form of Opinion of Counsel
	EXHIBIT G	  	Form of Compliance Certificate
	EXHIBIT H	  	Form of Facility Guaranty

 THIS TERM LOAN AGREEMENT (this “Agreement”) dated as of June 26, 2008 by and among
PIEDMONT OPERATING PARTNERSHIP, LP, a limited partnership formed under the laws of the State of Delaware (the “Borrower”), PIEDMONT OFFICE REALTY TRUST, INC., a corporation formed under the laws of the State of Maryland (the
“Parent”), J.P. MORGAN SECURITIES INC. and BANC OF AMERICA SECURITIES LLC as Co-Lead Arrangers and Book Managers (each a “Co-Lead Arranger” and “Book Manager”), JPMORGAN CHASE BANK, N.A., as Agent, BANK OF AMERICA,
N.A., as Syndication Agent (the “Syndication Agent”), each of WELLS FARGO BANK, N.A., REGIONS BANK, N.A. and US BANK, N.A., as Documentation Agent (each a “Documentation Agent”), and each of the financial institutions initially a
signatory hereto together with their assignees pursuant to Section 12.5.(b). 
 WHEREAS, the Agent and the Lenders desire to make
available to the Borrower term loans in an aggregate amount of $250,000,000, 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 Facility Guaranty. 
 “Additional Costs” has the meaning given that term in Section 4.1. 
 “Adjusted EBITDA” means, for any given period, (a) the EBITDA of the Parent for such period, plus, (b) without
duplication, the Parent’s Share of EBITDA of its Consolidated Subsidiaries and Unconsolidated Affiliates minus (c) Capital Reserves. 
 “Adjusted LIBOR” means, with respect to each Interest Period for any LIBOR Loan, the rate obtained by dividing (a) LIBOR for such Interest Period by (b) 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 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 to residents of the United States of America). Any change in such maximum rate shall result in a change in Adjusted LIBOR on the date on which such change in
such maximum rate becomes effective. 
 “Administrative Details Form” means an Administrative Details Reply Form in a form
supplied by the Agent to the Lenders from time to time. 
  

 1 

 “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 Agent or any Lender be deemed to be an Affiliate of the Borrower. 
 “Agent” means JPMorgan Chase Bank, N.A., as contractual representative for the Lenders under the terms of this Agreement, and any of its
successors. 
 “Agreement Date” means the date as of which this Agreement is dated. 
 “Applicable Law” means all applicable provisions of constitutions, statutes, laws, rules, regulations and orders of all governmental
bodies and all orders and decrees of all courts, tribunals and arbitrators. 
 “Applicable Margin” means the percentage per
annum determined, at any time, based on the higher of the range into which the Credit Rating of the Parent or the Borrower then falls, in accordance with the levels in the table set forth below (each a “Level”). Any change in the Credit
Rating of the Parent or the Borrower which would cause it to move to a different Level in such table shall effect a change in the Applicable Margin on the Business Day on which such change occurs. During any period that the Parent or the Borrower
has received Credit Ratings that are not equivalent, the Applicable Margin shall be determined by the higher of such two Credit Ratings. During any period for which the Parent or the Borrower has received a Credit Rating from only one Rating Agency,
then the Applicable Margin shall be determined based on such Credit Rating. During any period for which the neither the Parent nor the Borrower has received a Credit Rating from either Rating Agency, the Applicable Margin shall be determined based
on Level 5. As of the Agreement Date and thereafter until changed as provided above, the Applicable Margin is determined based on Level 3. 
  

									
	 Level
	  	 Credit Rating
 (S&P/Moody’s)
	  	Applicable Margin for
LIBOR Loans	 	 	Applicable Margin for
Base Rate Loans	 
	 1
	  	A-/A3	  	1.10	%	 	0.0	%
	 2
	  	BBB+/Baa1	  	1.30	%	 	0.0	%
	 3
	  	BBB/Baa2	  	1.50	%	 	0.0	%
	 4
	  	BBB-/Baa3	  	1.75	%	 	0.0	%
	 5
	  	< BBB-/Baa3	  	2.00	%	 	0.25	%

 “Approved Fund” means any Fund that is administered or managed by (a) a
Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Assignee” has the meaning given that term in Section 12.5.(b). 
 “Assignment and
Assumption” means an Assignment and Assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 12.5.), and accepted by the Agent, substantially in the form of
Exhibit A or any other form approved by the Agent. 
  

 2 

 “Base Rate” means the per annum rate of interest equal to the greater of (a) the
Prime Rate or (b) the Federal Funds Rate plus one-half of one percent (0.5%). Any change in the Base Rate resulting from a change in the Prime Rate or the Federal Funds Rate shall become effective as of 12:01 a.m. on the Business Day on which
each such change occurs. The Base Rate is a reference rate used by the Lender acting as the Agent in determining interest rates on certain loans and is not intended to be the lowest rate of interest charged by the Lender acting as the Agent or any
other Lender on any extension of credit to any debtor. 
 “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. 
 “Borrower” has the meaning set forth in the introductory paragraph hereof and shall include the Borrower’s successors and assigns. 
 “Business Day” means (a) any day other than a Saturday, Sunday or other day on which banks in New York, New York are authorized or
required to close and (b) with reference to a LIBOR Loan, any such day that is also a day on which dealings in Dollar deposits are carried out in the London interbank market. 
 “Capital Reserves” means, for any period and with respect to a Property, an amount equal to (a) $.15 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. Any portion of a Property leased under a ground lease to a third party that owns the improvements on such portion of such Property
shall not be included in determinations of Capital Reserves. If the term Capital Reserves is used without reference to any specific Property, then the amount shall be determined on an aggregate basis with respect to all Properties of the Parent and
the Parent’s Share of all Properties of all Consolidated Subsidiaries and Unconsolidated Affiliates. 
 “Capitalization
Rate” means (i) six and three-quarters percent (6.75%) for CBD and Urban Infill Properties and (ii) seven and three-quarters percent (7.75%) for all other Properties. 
 “Capitalized Lease Obligation” means an obligation under a lease that is required to be capitalized for financial reporting purposes in
accordance with GAAP. The amount of a Capitalized Lease Obligation is the capitalized amount of such obligation as would be required to be reflected on a balance sheet of the applicable Person prepared in accordance with GAAP as of the applicable
date. 
 “Cash Equivalents” means: (a) securities issued, guaranteed or insured by the United States of America or any
of its agencies with maturities of not more than one year from the date acquired; (b) certificates of deposit with maturities of not more than one year from the date acquired issued by a United States federal or state chartered commercial bank
of recognized 

  

 3 

 
standing, or a commercial bank organized under the laws of any other country which is a member of the Organization for Economic Cooperation and Development,
or a political subdivision of any such country, acting through a branch or agency, which bank 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 acquired; 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. 
 “CBD and Urban Infill Property” means, (a) any Property listed on Schedule 6.1.(x) and identified as a CBD and Urban Infill
Property, (b) any improved Property which is located in Manhattan in New York, New York, the Back Bay, Financial District and Cambridge areas of Boston, Massachusetts, San Francisco, California, Los Angeles, California, or Washington, D.C., or
(c) any other improved Property which is located in markets with characteristics similar to those identified in clause (a) or (b) and is designated by the Agent and the Borrower as a CBD and Urban Infill Property from time to time.

 “Co-Lead Arrangers” means J.P. Morgan Securities Inc. and Banc of America Securities LLC, together with their respective
successors and permitted assigns. 
 “Commitment” means, as to each Lender, such Lender’s obligation (a) 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”. 
 “Compliance Certificate” has the meaning given that term in Section 8.3. 
 “Consolidated Subsidiary” means, with respect to a Person as of any date, any other Person which is consolidated with such Person in
accordance with GAAP as of such date. 
 “Construction” means cash expenditures for land and improvements (including
indirect costs internally allocated and development costs) on all Properties that are under development or are scheduled to commence development within twelve months as such expenditures are reasonably determined by the Borrower in good faith. 

 “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. 
  

 4 

 “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 any
of the following: (a) the making (or deemed making) of any Loan, (b) the Continuation of a LIBOR Loan, and (c) the Conversion of a Base Rate Loan into a LIBOR 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. 
 “Credit Rating” means the rating
assigned by a Rating Agency to a Person as a corporate issuer. 
 “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” has the meaning given that term in Section 3.11. 
 “Derivatives
Contract” means any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or
bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency
swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any
such transaction is governed by or subject to any master agreement. Not in limitation of the foregoing, the term “Derivatives Contract” includes any and all transactions of any kind, and the related confirmations, which are subject to the
terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement, including any such
obligations or liabilities under any such master agreement. 
 “Derivatives Termination Value” means, in respect of any one
or more Derivatives Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Derivatives Contracts, (a) for any date on or after the date such Derivatives Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a) the amount(s) determined as the mark-to-market value(s) for such Derivatives Contracts, as
determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Derivatives Contracts (which may include any Lender). 
  

 5 

 “Development Property” means a Property currently under development that has not
achieved an Occupancy Rate of at least 80%, or on which the improvements (other than tenant improvements on unoccupied space) related to the development have not been completed. 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 18 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 net income (loss) of such Person for such period, exclusive of the following
(but only to the extent included in determination of such net income (loss)): (i) depreciation and amortization; (ii) Interest Expense; (iii) income tax expense; and (iv) extraordinary or non-recurring gains and losses. EBITDA
shall be adjusted to remove any impact from straight line rent leveling adjustments required under GAAP and amortization of intangibles pursuant to Statement of Financial Accounting Standards number 141. 
 “Effective Date” means the later of: (a) the Agreement Date; and (b) the date on which all of the conditions precedent set
forth in Section 5.1. shall have been fulfilled or waived in writing by the Requisite Lenders. 
 “Eligible Assignee”
means (a) a Lender, (b) an Affiliate of a Lender which Affiliate is a Qualified Institution, (c) an Approved Fund which is a Qualified Institution, and (d) any other Person (other than a natural person) approved by (i) the
Agent and (ii) unless a Default or Event of Default shall exist, the Borrower (each such approval not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include the
Borrower or any of the Borrower’s Affiliates or Subsidiaries. 
 “Eligible Property” means a Property which satisfies
all of the following requirements: (a) such Property is fully developed as an office or industrial property; (b) the Property is owned, or leased under a Ground Lease, entirely by the Borrower and/or a Subsidiary of the Borrower;
(c) neither such Property, nor any interest of the Borrower or any Subsidiary therein, is subject to any Lien (other than Permitted Liens of the types described in clauses (a) through (e) of the definition of Permitted Liens) or a
Negative Pledge; (d) if such Property is owned or leased by a Subsidiary (i) none of the Borrower’s direct or indirect ownership interest in such Subsidiary is subject to any Lien (other than Permitted Liens of the types described in
clauses (a) through (e) of the definition of Permitted Liens) or to a Negative Pledge; and (ii) the Borrower directly, or indirectly through a Subsidiary, has the right to take the following actions without the need to obtain the
consent of any Person: (x) to sell, transfer or otherwise dispose of such Property and (y) to create a Lien on such Property as security for Indebtedness of the Borrower or such Subsidiary, as applicable; (e) such Property is free of
all structural defects or major architectural deficiencies, title defects, environmental conditions or other adverse matters except for defects, deficiencies, conditions or other matters individually or collectively which are not material to the
profitable operation of such Property; (f) if such Property is owned or leased by a Subsidiary that 

  

 6 

 
is not a Guarantor, such Subsidiary has no (i) Indebtedness (other than Nonrecourse Indebtedness) or (ii) other liabilities, including without
limitation contingent liabilities, determined in accordance with GAAP, and in any event including obligations in respect of any forward commitment, put right enforceable against such Subsidiary, purchase or repurchase obligation or other obligation
that requires such Subsidiary to acquire any asset; provided that such Subsidiary may have liabilities described in this clause (ii) so long as the aggregate amount thereof does not exceed 5% of the total assets of such Subsidiary; and
(g) such Property may not be owned or leased by any Subsidiary (i) which has taken any action described in clauses (i) through (viii) of Section 10.1.(f), (ii) which is subject to any proceedings of the type described
in Section 10.1.(g), (iii) against whom there are judgments or orders for the payment of money or for an injunction of the type described in Section 10.1.(i) or (iv) with respect to which Subsidiary’s Property a warrant,
writ of attachment, execution or similar process of the type described in Section 10.1.(j) has been issued, in each case whether or not such Sections are applicable to such Subsidiary. 
 “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 and any applicable rule of common law and any judicial interpretation thereof relating primarily to the environment or Hazardous Materials. 
 “Equity Interest” means, with respect to any Person, any share of capital stock of (or other ownership or profit interests in) such
Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in) such Person, any security convertible into or exchangeable for any share
of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares (or such other interests), and any other ownership or profit interest in
such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or other interest is authorized or otherwise existing on any date of
determination. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as in effect from time to time.

 “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 Parent, 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. 
  

 7 

 “Excluded Subsidiary” means any Subsidiary (a) holding title to assets which are or
are to become collateral for any Secured Indebtedness of such Subsidiary and (b) which 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. 
 “Existing Revolving Credit Facility” means the $500,000,000 revolving credit facility evidenced by that certain Credit Agreement dated
as of August 31, 2007, by and among the Borrower, the Parent, the financial institutions from time to time party thereto as “Lenders”, Wachovia Bank, National Association, as Agent, and the other parties thereto. 
 “Facility Guaranty” means the Guaranty to which the Guarantors are parties substantially in the form of Exhibit H. 
 “Federal Funds Rate” means, for any day, the rate per annum (rounded upward to the nearest 1/100th of 1%) equal to the weighted average
of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day,
provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the Business Day next succeeding such day, and (b) if no
such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate quoted to the Agent by federal funds dealers selected by the Agent on such day on such transaction as determined by the
Agent. 
 “Fees” means the fees and commissions provided for or referred to in Section 3.6. and any other fees payable
by the Borrower hereunder or under any other Loan Document. 
 “Fixed Charges” means, with respect to a Person for any
period, the sum (without duplication) of (a) Interest Expense of such Person for such period, plus (b) all regularly scheduled principal payments made with respect to Indebtedness of such Person during such period, other than any
balloon, bullet or similar principal payment which repays such Indebtedness in full, plus (c) all Preferred Dividends paid by such Person during such period plus, when determining Fixed Charges of the Parent, (d) the
Parent’s Share of the Fixed Charges of its Consolidated Subsidiaries and Unconsolidated Affiliates. 
 “Foreign Lender”
means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. For purposes of this definition, the United States of America, each State thereof and the District of Columbia
shall be deemed to constitute a single jurisdiction. 
 “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. 
  

 8 

 “Funds From Operations” means, with respect to a Person and for a given period,
“funds from operations” as determined and adjusted in accordance with the standards established from time to time by the National Association of Real Estate Investment Trusts. 
 “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of
the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of the accounting
profession, which are applicable to the circumstances as of the date of determination; provided, however, that as provided herein, when determining the Parent’s compliance with the financial covenants set forth in Sections 9.1. and 9.4.,
only the Parent’s Share of any income, expense, assets and liabilities of a Consolidated Subsidiary shall be included. 
 “Governmental Approvals” means all authorizations, consents, approvals, licenses and exemptions of, registrations and filings with, and reports to, all Governmental Authorities. 
 “Governmental Authority” means any national, state or local government (whether domestic or foreign), any political subdivision thereof
or any other governmental, quasi-governmental, judicial, public or statutory instrumentality, authority, body, agency, bureau, 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. 
 “Ground Lease” means a ground lease containing the following terms and conditions: (a) a remaining term (exclusive of any unexercised extension options) of 30 years or more from the Agreement
Date; (b) the right of the lessee to mortgage and encumber its interest in the leased property without the consent of the lessor; (c) the obligation of the lessor to give the holder of any mortgage Lien on such leased property written
notice of any defaults on the part of the lessee and agreement of such lessor that such lease will not be terminated until such holder has had a reasonable opportunity to cure or complete 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, as reasonably determined by Agent, customarily required by mortgagees making a loan secured by the interest of the holder
of the leasehold estate demised pursuant to a ground lease. 
 “Guarantor” means any Person that is a party to the Facility
Guaranty as a “Guarantor” and in any event shall include the Parent. 
 “Guaranty”, “Guaranteed”,
“Guarantying” or to “Guarantee” as applied to any obligation means, without duplication: (a) a guaranty (other than by endorsement of negotiable instruments for collection or deposit 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 

  

 9 

 
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. 
 “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. 
 “Indebtedness” means, with
respect to a Person, at the time of computation thereof and not on a consolidated basis, all of the following (without duplication): (a) all obligations of such Person in respect of money borrowed (other than trade debt incurred in the ordinary
course of business); (b) all obligations of such Person, whether or not for money borrowed (i) represented by notes payable, or drafts accepted, in each case representing extensions of credit, (ii) evidenced by bonds, debentures,
notes or similar instruments, or (iii) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments, upon which interest charges are customarily paid or that are issued or
assumed as full or partial payment for property or services rendered; (c) Capitalized Lease Obligations of such Person; (d) all reimbursement obligations (contingent or otherwise) of such Person in respect of letters of credit or
acceptances (whether or not the same have been presented for payment); (e) all Off-Balance Sheet Obligations of such Person; (f) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect
of any Mandatorily Redeemable Stock issued by such Person or any other Person, valued at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; (g) all obligations of such Person in respect of any
purchase obligation, repurchase obligation, takeout commitment or forward equity commitment, in each case evidenced by a binding agreement (excluding any such obligation to the extent the obligation can be satisfied by the issuance of Equity
Interests (other than Mandatorily Redeemable Stock)); (h) net obligations under any Derivatives Contract not entered into as a hedge against existing Indebtedness, in an amount equal to the Derivatives Termination Value thereof; (i) all
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 and other 

  

 10 

 
exceptions to nonrecourse liability customarily excluded by institutional lenders from exculpation provisions or included in separate indemnification
agreements); and (j) all Indebtedness of another Person secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property or assets owned by such Person, even though
such Person has not assumed or become liable for the payment of such Indebtedness or other payment obligation. Indebtedness of any Person shall include Indebtedness of any partnership or joint venture in which such Person is a general partner or
joint venturer to the extent of such Person’s pro rata share of the ownership of such partnership or joint venture (except if such Indebtedness, or portion thereof, is recourse to such Person, in which case the greater of such Person’s pro
rata portion of such Indebtedness or the amount of the recourse portion of the Indebtedness, shall be included as Indebtedness of such Person). All Loans shall constitute Indebtedness of the Borrower. 
 “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, total interest expense of such Person,
including capitalized interest not funded under a construction loan interest reserve account, for such period. 
 “Interest
Period” means, with respect to any 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 1, 2, 3 or
6 months or, if available from all of the Lenders in either case, 1 year or periods of less than one month thereafter, as the Borrower may select in the Notice of Borrowing, or a Notice of Continuation or Notice of Conversion, as the case may be,
except that each Interest Period that commences on the last Business Day of a calendar month, or on a day for which there is no 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 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 binding commitment to make an Investment in any other Person, as well as any option of another Person to require an Investment in such Person, shall constitute an
Investment. Except as expressly provided otherwise, for purposes of determining compliance with any covenant contained in 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. 
  

 11 

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

 “Lender” means each financial institution from time to time party hereto as a “Lender,” together with its
respective successors and permitted assigns. 
 “Lending Office” means, for each Lender and for each Type of Loan, the
office of such Lender specified as such in such Lender’s Administrative Details Form, or such other office of such Lender of which such Lender may notify the Agent in writing from time to time. 
 “Level” has the meaning given that term in the definition of the term “Applicable Margin.” 
 “LIBOR” means, for any LIBOR Loan for any Interest Period therefor, the rate per annum (rounded upwards, if necessary, to the nearest
1/100 of 1%) equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”) appearing on Reuters Screen LIBOR01 Page (or any successor page) (or if Reuters ceases to publish BBA LIBOR, such other commercially available source providing
quotations of BBA LIBOR as designated by Agent from time to time) as the London interbank offered rate for deposits in Dollars at approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period for a term
comparable to such Interest Period. If for any reason such rate is not available, LIBOR shall be, for any Interest Period, the rate per annum reasonably determined by the Agent as the rate of interest at which Dollar deposits in the approximate
amount of the LIBOR Loan comprising part of such borrowing would be offered by the Agent to major banks in the London interbank Eurodollar market at their request at or about 11:00 a.m. (London time) two Business Days prior to the first day of such
Interest Period for a term comparable to such Interest Period. 
 “LIBOR Loan” means any portion of a Loan bearing interest
at a rate based on LIBOR. 
 “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, 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; (c) the filing of any financing statement
under the Uniform Commercial Code 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; and (d) any agreement by such Person to grant, give or otherwise convey any of the foregoing. 
  

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

 “Loan Document” means this Agreement, each Note, the Facility Guaranty and each other document or instrument (other than
a Derivatives Contract) now or hereafter executed and delivered by a Loan Party in connection with, pursuant to or relating to this Agreement. 
 “Loan Party” means each of the Borrower, the Parent and each other Person who guarantees all or a portion of the Obligations and/or who pledges any collateral security to secure all or a portion of the Obligations.
Schedule 1.1.(A) sets forth the Loan Parties in addition to the Parent and 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 so long as such Equity Interest is not redeemable at the option of the holder thereof), (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. 
 “Material Adverse Effect” means a materially
adverse effect on (a) the business, assets, liabilities, financial condition, or results of operations of the Parent and its Subsidiaries taken as a whole, (b) the ability of (i) the Parent, (ii) the Borrower or (iii) the
Parent, the Borrower and the other Loan Parties, taken as a whole, to perform its or their respective obligations (including without limitation all payment obligations) under any Loan Document to which it is a party, (c) the validity or
enforceability of any of the Loan Documents, or (d) the rights and remedies of the Lenders and the Agent under any of the Loan Documents. 
 “Material Contract” means any contract or other arrangement (other than Loan Documents), 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. 
 “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 property granting a Lien on such interest in real property as security for the payment of Indebtedness of such Person or
another Person. 
  

 13 

 “Mortgage Receivable” means a promissory note secured by a Mortgage of which the Parent,
the Borrower or one of their respective Subsidiaries 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 five plan years made contributions, including for these purposes any Person which ceased to be a member of the ERISA Group during such five year period. 
 “Negative Pledge” means, with respect to a given asset, any provision of a document, instrument or agreement (other than any Loan
Document) 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 such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of
specific assets, shall not constitute a Negative Pledge. 
 “Net Operating Income” or “NOI” 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) rents and other revenues received in the ordinary course from such Property (including proceeds of rent
loss or business interruption insurance but excluding pre-paid rents and revenues and security deposits except to the extent applied in satisfaction of tenants’ obligations for rent) minus (b) all expenses paid (excluding interest but
including an appropriate accrual for property taxes and 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 of the Parent or any Consolidated 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 and (ii) an imputed management fee in the amount of two percent (2%) of the gross revenues for such Property for such period. 
 “Nonrecourse Indebtedness” means, with respect to a Person, (a) Indebtedness for borrowed money in respect of which recourse for
payment (except for exceptions for fraud, misapplication of funds, environmental indemnities, and other exceptions to nonrecourse liability customarily excluded by institutional lenders from exculpation provisions or included in separate
indemnification agreements) is contractually limited to specific assets of a Person or Persons encumbered by a Lien securing such Indebtedness and (b) Indebtedness of a Subsidiary so long as there is no recourse to the Parent, Borrower, any
Guarantor or any Subsidiary that owns or leases an Eligible Property other than recourse in respect of guaranties of customary exceptions for fraud, misapplication of funds, environmental indemnities, and other exceptions to nonrecourse liability
customarily excluded by institutional lenders from exculpation provisions or included in separate indemnification agreements. 
  

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 “Note” has the meaning given that term in Section 2.8. 
 “Notice of Borrowing” means a notice in the form of Exhibit B to be delivered to the Agent evidencing the Borrower’s request
for the borrowing of the Loans. 
 “Notice of Continuation” means a notice in the form of Exhibit C to be delivered to
the Agent pursuant to Section 2.6. evidencing the Borrower’s request for the Continuation of a LIBOR Loan. 
 “Notice of
Conversion” means a notice in the form of Exhibit D to be delivered to the Agent pursuant to Section 2.7. evidencing the Borrower’s request for the Conversion of a portion 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 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. 
 “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 non-Affiliated tenants 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 which no monetary default has occurred and has continued unremedied for 90 or more days to (b) the aggregate net rentable square footage of such Property. For purposes of the definition of
“Occupancy Rate”, a tenant shall be deemed to actually occupy a Property notwithstanding a temporary cessation of operations for renovation, repairs or other temporary reason, or for the purpose of completing tenant build-out or that is
otherwise scheduled to be open for business within 90 days of the date of such determination. 
 “OFAC” means U.S.
Department of the Treasury’s Office of Foreign Assets Control and any successor Governmental Authority. 
 “Off-Balance Sheet
Obligations” means liabilities and obligations of a Person on a non-consolidated basis in respect of “off-balance sheet arrangements” (as defined in Item 303(a)(4)(ii) of Regulation S-K promulgated under the Securities Act)
including such liabilities and obligations which such Person would be required to disclose in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of the its report on Form 10-Q or Form
10-K (or their equivalents) if such Person were required to file the same with the Securities and Exchange Commission (or any Governmental Authority substituted therefor). 
  

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 “Parent” has the meaning set forth in the introductory paragraph hereof and shall
include the Parent’s successors and assigns. 
 “Parent’s Share” means the Parent’s pro rata share of the
liabilities or assets, as the case may be, of an Unconsolidated Affiliate or Consolidated Subsidiary as reasonably determined by the Parent based upon the Parent’s economic interest in such Unconsolidated Affiliate or Consolidated Subsidiary,
as the case may be, as of the date of such determination; provided, that the Parent’s Share of the Borrower shall be deemed to be 100%. 
 “Participant” has the meaning given that term in Section 12.5.(d). 
 “PBGC” means the
Pension Benefit Guaranty Corporation and any successor agency. 
 “Permitted Liens” means, as to any Person: (a) Liens
securing taxes, assessments and other charges or levies imposed by any Governmental Authority (excluding any Lien imposed pursuant to any of the provisions of ERISA or pursuant to any Environmental Laws) or the claims of materialmen, mechanics,
carriers, warehousemen or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business, which are not at the time required to be paid or discharged under 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 materially impair the intended use thereof in the business of such Person;
(d) the rights of tenants under leases or subleases not interfering with the ordinary conduct of business of such Person; (e) Liens in favor of the Agent for the benefit of the Lenders; (f) Liens in favor of the Borrower or a
Guarantor securing obligations owing by a Subsidiary to the Borrower or a Guarantor and (g) Liens in existence as of the Agreement Date and set forth in Part II of Schedule 6.1.(f). 
 “Person” means an individual, corporation, partnership, limited liability company, association, trust or unincorporated organization, or
a government or any agency or political subdivision thereof. 
 “Plan” means at any time an employee pension benefit plan
(other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code and either (a) is maintained, or contributed to, by any member of the ERISA
Group for employees of any member of the ERISA Group or (b) has at any time within the preceding five years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which
was at such time a member of the ERISA Group. 
 “Post-Default Rate” means a rate per annum equal to the Base Rate as in
effect from time to time plus the Applicable Margin for Base Rate Loans plus two percent (2%). 
  

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 “Preferred Dividends” means, with respect to a Person and for any period and without
duplication, all Restricted Payments paid during such period on Preferred Equity Interests issued by such Person. 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 such Person or its Consolidated Subsidiaries, or (c) constituting or resulting in the redemption of Preferred Equity Interests,
other than scheduled redemptions not constituting balloon, bullet or similar redemptions in full. 
 “Preferred Equity
Interests” means, with respect to any Person, Equity Interests in such Person which are entitled to preference or priority over any other Equity Interest in such Person in respect of the payment of dividends or distribution of assets upon
liquidation or both. 
 “Prime Rate” means the rate of interest per annum announced publicly by the Lender then acting as
the Agent as its prime rate from time to time. The Prime Rate is not necessarily the best or the lowest rate of interest offered by the Lender acting as the Agent or any other Lender. 
 “Principal Office” means the address of the Agent specified in Section 12.1., or any subsequent office which the Agent shall have
specified by written notice to the Borrower and Lenders as the Principal Office referred to herein, to which payments due are to be made and at which Loans will be disbursed. 
 “Property” means any parcel of real property owned or leased (in whole or in part) or operated by the Parent, the Borrower, any
Consolidated Subsidiary or any Unconsolidated Affiliate of the Parent and which is located in a state of the United States of America or the District of Columbia. 
 “Qualified Institution” means a bank, finance company, insurance company or other financial institution which, at the time of determination, (a) has (or, in the case of a bank which is a
subsidiary, such bank’s parent has) a rating of its senior debt obligations of not less than Baa-1 by Moody’s or a comparable rating by a rating agency acceptable to the Agent and (b) has total assets in excess of $5,000,000,000.

 “Rating Agencies” means S&P and Moody’s. 
 “Register” has the meaning given that term in Section 12.5.(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 of such Governmental Authority or monetary authority regarding capital adequacy. 
  

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 “REIT” means a Person qualifying for treatment as a “real estate investment
trust” under the Internal Revenue Code. 
 “Requisite Lenders” means, as of any date, Lenders holding more than 50% of
the aggregate outstanding principal amount of the Loans (not held by Defaulting Lenders who are not entitled to vote). 
 “Responsible Officer” means with respect to the Parent or any Subsidiary, the chief executive officer, the chief financial officer and any executive vice president of the Parent or such Subsidiary. 
 “Restricted Payment” means: (a) any dividend or other distribution, direct or indirect, on account of any Equity Interest of the
Parent or any Subsidiary now or hereafter outstanding, except a dividend payable solely in Equity Interests of an identical or junior class 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 Equity Interest of the Parent or any Subsidiary 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 or any Subsidiary now or hereafter outstanding. 
 “Sanctioned Entity” means (a) an agency of the government of, (b) an organization directly or indirectly controlled by, or (c) a Person resident in, in each case, a country that is subject to a sanctions
program identified on the list maintained by the OFAC and published from time to time, as such program may be applicable to such agency, organization or Person. 
 “Sanctioned Person” means a Person named on the list of Specially Designated Nationals or Blocked Persons maintained by the OFAC as published from time to time. 
 “Secured Indebtedness” means, with respect to a Person as of any given date, the aggregate principal amount of all Indebtedness of such
Person outstanding at such date and that is secured in any manner by any Lien, and, in the case of the Parent, shall include (without duplication) the Parent’s Share of the Secured Indebtedness of its Consolidated Subsidiaries and
Unconsolidated Affiliates. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time, together with
all rules and regulations issued thereunder. 
 “Senior Officer” means the chief executive officer, chief financial officer,
Executive Vice President–Capital Markets, Executive Vice President–Operations and chief accounting officer of the Parent or the Borrower. 
 “Significant Subsidiary” means any Subsidiary to which more than 10% of Total Asset Value is attributable. 
  

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 “Solvent” means, when used with respect to any Person, that (a) the fair salable
value of its assets (excluding any Indebtedness due from any Affiliate of such Person unless such Affiliate is itself Solvent) are each in excess of the fair valuation of its total liabilities (including all contingent liabilities computed at the
amount which, in light of all the facts and circumstances existing at such time, represents the amount that could reasonably be expected to become an actual and matured liability); (b) such Person is able to pay its debts or other obligations
in the ordinary course as they mature; and (c) such Person has capital not unreasonably small to carry on its business and all business in which it proposes to be engaged. 
 “S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., and its successors.

 “Stabilized Property” means a completed Property that has at any time achieved an Occupancy Rate of at least 80%.

 “Subsidiary” means, for any Person, any corporation, partnership 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 such corporation, partnership 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. 
 “Taxes” has the meaning given that term in Section 3.12. 
 “Termination Date” means June 28, 2010, or such later date to which the Termination Date may be extended pursuant to
Section 2.9. 
 “Titled Agents” means each of the Co-Lead Arrangers, the Book Managers, the Syndication Agent, and the
Documentation Agent and their respective successors and permitted assigns. 
 “Total Asset Value” means the sum of all of
the following of the Parent and the Parent’s Share of the following (excluding, with respect to Unconsolidated Affiliates, assets of the type described in the following clause (a)) with respect to Consolidated Subsidiaries and Unconsolidated
Affiliates: (a) cash, cash equivalents and marketable securities (including cash held in escrow in connection with the completion of Internal Revenue Code Section 1031 “like-kind” exchanges), plus (b) with respect to each
Stabilized Property owned by the Borrower or any Consolidated Subsidiary, the quotient of (i) Net Operating Income attributable to such Property for the fiscal quarter most recently ended times 4, divided by (ii) the Capitalization Rate,
plus (c) with respect to Properties acquired during the most recent period of four consecutive fiscal quarters, the greater of (i) the undepreciated GAAP book value of such Property or (ii) the quotient of (A) Net Operating
Income attributable to such Property for the fiscal quarter most recently ended times 4, divided by (B) the Capitalization Rate, plus (d) the GAAP book value of all Development Properties, plus (e) the GAAP book value of Unimproved
Land, Mortgage Receivables and other promissory notes, plus (f) the undepreciated GAAP book 

  

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value of other tangible assets. For purposes of determining Total Asset Value, (A) Net Operating Income from Properties disposed of by the Borrower or
any Consolidated Subsidiary during the immediately preceding fiscal quarter of the Parent (and, if determining Total Asset Value other than at the end of a fiscal quarter, disposed of by the Borrower or a Consolidated Subsidiary during the current
fiscal quarter of the Parent) shall be excluded and (B) if determining Total Asset Value other than at the end of a fiscal quarter, the value of any Stabilized Property acquired during the current fiscal quarter shall be determined in
accordance with clause (c)(i) above. 
 “Total Indebtedness” means all Indebtedness of the Parent plus the
Parent’s Share of all Indebtedness of all Consolidated Subsidiaries and Unconsolidated Affiliates. 
 “Type” with
respect to any portion of a Loan, refers to whether such portion is a LIBOR Loan or Base Rate Loan. 
 “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 Asset Value” means (a) the Unencumbered NOI (excluding NOI attributable to Development Properties) for the fiscal quarter most recently ended times 4 divided by the Capitalization Rate, plus
(b) with respect to Properties acquired by the Borrower or any Subsidiary during the most recent period of four consecutive fiscal quarters which Properties are not subject to any Lien (other than Permitted Liens of the types described in
clauses (a) through (e) of the definition of Permitted Liens) or any Negative Pledge, the Parent’s Share of the greater of (i) the undepreciated GAAP book value of such Property or (ii) the value of such Property as
calculated in accordance with clause (a) hereof, plus (c) the Parent’s Share of GAAP book value of Development Properties owned by the Borrower or any Subsidiary not subject to any Lien (other than Permitted Liens of the types
described in clauses (a) through (e) of the definition of Permitted Liens) or any Negative Pledge. For purposes of this definition, (A) to the extent the Unencumbered Asset Value attributable to Development Properties would exceed 15%
of the Unencumbered Asset Value, such excess shall be excluded, (B) Unencumbered Asset Value attributable to Properties owned in whole or part by Subsidiaries who are not Guarantors and who are not Wholly Owned Subsidiaries shall be excluded
and (C) if determining Unencumbered Asset Value other than at the end of a fiscal quarter, the value of any Property acquired during the current fiscal quarter shall be determined in accordance with clause (b)(i) above. 
 “Unencumbered NOI” means, for any period, NOI from all Eligible Properties owned by the Parent plus the Parent’s Share of NOI from
all Eligible Properties owned by a Subsidiary. 
 “Unfunded Liabilities” means, with respect to any Plan at any time, the
amount (if any) by which (a) the value of all benefit liabilities under such Plan, determined on a plan termination basis using the assumptions prescribed by the PBGC for purposes of Section 4044 of ERISA, 

  

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exceeds (b) the fair market value of all Plan assets allocable to such liabilities under Title IV of ERISA (excluding any accrued but unpaid
contributions), all determined as of the then most recent valuation date for such Plan, but only to the extent that such excess represents a potential liability of a member of the ERISA Group to the PBGC or any other Person under Title IV of ERISA.

 “Unimproved Land” means land on which no development (other than improvements that are not material and are temporary in
nature) has occurred and for which no development is scheduled in the following 12 months. 
 “Unsecured Indebtedness” means
Indebtedness which is not Secured Indebtedness. 
 “Unsecured Interest Expense” means, for a given period, all Interest
Expense of the Parent attributable to Unsecured Indebtedness of the Parent for such period plus the Parent’s Share of all Interest Expense of Subsidiaries (and, to the extent that Unencumbered NOI includes NOI with respect to a Property
owned in whole or part by an Unconsolidated Affiliate, the Parent’s Share of all Interest Expense of such Unconsolidated Affiliate) attributable to Unsecured Indebtedness of such Subsidiaries (and, if applicable an Unconsolidated Affiliate) for
such period. 
 “Wholly Owned Subsidiary” means any Subsidiary of a Person in respect of which all of the equity securities
or other ownership interests (other than, in the case of a corporation, directors’ qualifying shares) are at the time directly or indirectly owned or controlled by such Person or one or more other Wholly Owned Subsidiaries of such Person or by
such Person and one or more other Wholly Owned Subsidiaries of such Person. 
 Section 1.2. General; References to Times. 
 Unless otherwise indicated, all accounting terms, ratios and measurements shall be interpreted or determined in accordance with GAAP as in effect from
time to time; provided that, if at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Requisite Lenders shall so request, the Agent, the
Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Requisite Lenders); provided further that, until so
amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Parent and the Borrower shall provide to the Agent and the Lenders financial statements and other
documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. References in this Agreement to
“Sections”, “Articles”, “Exhibits” and “Schedules” are to sections, articles, exhibits and schedules herein and hereto unless otherwise indicated. References in this Agreement to any document, instrument or
agreement (a) shall include all exhibits, schedules and other attachments thereto, (b) shall include all documents, instruments or agreements issued or executed in replacement thereof, to the extent permitted hereby and (c) shall mean
such document, instrument or agreement, or replacement or predecessor thereto, as amended, supplemented, restated or otherwise modified as of the date of this Agreement and from time to 

  

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time thereafter to the extent not prohibited hereby and in effect at any given time. Wherever from the context it appears appropriate, each term stated in
either the singular or plural shall include the singular and plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter. Unless explicitly set forth to the contrary, a reference
to “Subsidiary” means a Subsidiary of the Parent or a Subsidiary of such Subsidiary, a reference to “Consolidated Subsidiary” means a Consolidated Subsidiary of the Parent or a Consolidated Subsidiary of such Consolidated
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 New York, New York. 
 Section 1.3. Financial
Attributes of Non-Wholly Owned Subsidiaries. 
 Notwithstanding anything to the contrary contained herein, when determining the
Parent’s compliance with any financial covenant contained in any of the Loan Documents, only the Parent’s Share of an Unconsolidated Affiliate or a Consolidated Subsidiary shall be included. 
 ARTICLE II. CREDIT FACILITY 
 Section 2.1. Term Loans. 
 (a) Generally. Subject to the terms and conditions hereof, on
the Effective Date, each Lender severally and not jointly agrees to make a Loan to the Borrower in a principal amount equal to the amount of such Lender’s Commitment. Once repaid, the principal amount of a Loan may not be reborrowed.

 (b) Requesting Loans. The Borrower shall give the Agent notice pursuant to the Notice of Borrowing of the borrowing of the Loans no
later than 11:00 a.m. (i) in the case of LIBOR Loans, on the date three Business Days prior to the Effective Date and (ii) in the case of Base Rate Loans, on the date one Business Day prior to the Effective Date. Such Notice of
Borrowing shall be irrevocable once given and binding on the Borrower. 
 (c) Disbursements of Loan Proceeds. No later than 1:00 p.m.
on the Effective Date, each Lender will make available for the account of its applicable Lending Office to the Agent at the Principal Office, in immediately available funds, the proceeds of the Loan to be made by such Lender. Subject to satisfaction
of the applicable conditions set forth in Article V. for such borrowing, the Agent will make the proceeds of such borrowing available to the Borrower no later than 3:00 p.m. on the date and in the account specified by the Borrower in such
Notice of Borrowing. 
 Section 2.2. Rates and Payment of Interest on Loans. 
 (a) Rates. The Borrower promises to pay to the Agent for the account of each Lender interest on the unpaid principal amount of 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) with respect to any portion of such Loan that is a Base Rate Loan, at the Base Rate (as in effect from time to time) plus the
Applicable Margin; and 
  

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 (ii) with respect to any portion of such Loan that is a LIBOR Loan, at Adjusted 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 Agent for the account of each Lender 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). 
 (b) Payment of Interest. Accrued and unpaid interest on each Loan shall be payable (i) in the case of a Base Rate Loan, monthly in arrears on the first day of each calendar month (including, without limitation, any interest
payable with respect to a Base Rate Loan that was Converted to or Converted from a LIBOR Loan during such prior month), (ii) in the case of a LIBOR Loan, in arrears on the last day of each Interest Period therefor, and, if such Interest Period
is longer than three months, at three-month intervals following the first day of such Interest Period, (including, without limitation, any interest payable with respect to a LIBOR Loan or any portion thereof that was Converted to or Converted from a
Base Rate Loan during such prior month) and (iii) in the case of any Loan, in arrears upon the payment, prepayment or Continuation thereof (but only on the principal amount so paid, prepaid or Continued). Interest payable at the Post-Default
Rate shall be payable from time to time on demand. Promptly after the determination of any interest rate provided for herein or any change therein, the Agent shall give notice thereof to the Lenders to which such interest is payable and to the
Borrower. All determinations by the Agent of an interest rate hereunder shall be conclusive and binding on the Lenders and the Borrower for all purposes, absent manifest error. 
 Section 2.3. Number of Interest Periods. 
 There may be no more than 5 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. 
 (a)
Optional. Subject to Section 4.4., the Borrower may prepay the Loans, in whole or in part, at any time without premium or penalty. The Borrower shall give the Agent at least one Business Day’s prior written notice of the prepayment
of any Loan. 
  

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 (b) Derivatives Contracts. No repayment or prepayment pursuant to this Section shall affect any of
the Borrower’s obligations under any Derivatives Contract between the Borrower and any Lender (or any Affiliate of any Lender). 
 Section 2.6.
Continuation. 
 So long as no Default or Event of Default shall exist, 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 or any portion thereof. Each new Interest Period selected under this Section shall commence on the last day of the
immediately preceding Interest Period. Each selection of a new Interest Period shall be made by the Borrower giving to the Agent a Notice of Continuation not later than 11:00 a.m. on the third Business Day prior to the date of any such Continuation.
Such notice by the Borrower of a Continuation shall be by telephone or telecopy, confirmed immediately in writing if by telephone, in the form of a Notice of Continuation, specifying (a) the proposed date of such Continuation, (b) the
LIBOR Loan and portions thereof subject to such Continuation and (c) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder.
Each Notice of Continuation shall be irrevocable by and binding on the Borrower once given. Promptly after receipt of a Notice of Continuation, the Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed
Continuation. If the Borrower shall fail to select in a timely manner a new Interest Period for any LIBOR Loan in accordance with this Section, then, so long as no Default or Event of Default shall exist such Loan will automatically, on the last day
of the current Interest Period therefore, Continue as a LIBOR Loan with an Interest Period of one Month. If a Default or Event of Default shall exist, each LIBOR 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 Agent, 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 to a LIBOR Loan if a Default or Event of Default shall exist. Any Conversion
of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan. Each such Notice of Conversion shall be given not later than 11:00 a.m. on the Business Day prior to the date of any
proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, or other similar
form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telephone (confirmed immediately in writing) or telecopy in the form of a Notice of Conversion specifying
(a) the requested date of such Conversion, (b) the Type of 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. 
  

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 Section 2.8. Notes. 
 (a) Notes. The Loan made by each Lender shall, in addition to this Agreement, also be evidenced by a promissory note of the Borrower substantially in the form of Exhibit E (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 (or if such Lender was not a Lender on the Effective Date, in a principal amount equal to the initial principal amount of the
Loan of such Lender) and otherwise duly completed. 
 (b) Records. The date, amount, interest rate, Type and duration of Interest
Periods (if applicable) of the 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 the failure of a Lender to make any such record shall not affect the obligations of the Borrower under any of the Loan Documents. 
 (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. Extension of Termination Date. 
 The Borrower shall have the right, exercisable one time, to extend the
Termination Date by one year. The Borrower may exercise such right only by executing and delivering to the Agent at least 60 days but not more than 180 days prior to the current Termination Date, a written request for such extension (an
“Extension Request”). The Agent shall forward to each Lender a copy of the Extension Request delivered to the Agent promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Termination Date shall be extended
for one year effective upon receipt of the Extension Request and payment of the fee referred to in the following clause (b): (a) immediately prior to such extension and immediately after giving effect thereto, (i) no Default or Event
of Default shall exist and (ii) 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 on and as
of the date of such extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and
warranties shall have been true and correct in all material respects on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents and (b) the Borrower shall have paid the Fees payable
under Section 3.6.(a). 
  

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 ARTICLE III. PAYMENTS, FEES AND
OTHER GENERAL PROVISIONS 
 Section 3.1. Payments. 
 Except to the extent otherwise provided herein, all payments of principal, interest and other amounts to be made by the Borrower under this Agreement or
any other Loan Document shall be made in Dollars, in immediately available funds, without deduction, set-off or counterclaim, to the Agent at its Principal Office, not later than 2:00 p.m. on the date on which such payment shall become due
(each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day). Subject to Section 10.3., the Borrower may, at the time of making each payment under this Agreement or any Note,
specify to the Agent the amounts payable by the Borrower hereunder to which such payment is to be applied. Each payment received by the Agent for the account of a Lender under this Agreement or any Note shall be paid to such Lender at the applicable
Lending Office of such Lender no later than 5:00 p.m. on the date of receipt. If the Agent fails to pay such amount to a Lender as provided in the previous sentence, the 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 be payable for the period of such extension. 
 Section 3.2. Pro Rata Treatment. 
 Except to the extent otherwise provided herein: (a) the making of the Loans by the Lenders under Section 2.1. shall be pro rata according to the
amounts of the Lenders’ respective Commitments; (b) each payment or prepayment of principal of the Loans by the Borrower shall be made for the account of the Lenders pro rata in accordance with the respective unpaid principal amounts of
the Loans held by them; (c) each payment of interest on the Loans by the Borrower 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 4.6.) shall be made pro rata among the Lenders according to the principal amounts of their respective Loans and the then
current Interest Period for each Lender’s portion of each 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 or counterclaim or similar right or otherwise or through voluntary prepayments directly to a Lender
or other payments made by the Borrower to a Lender not in accordance with the terms of this Agreement and such payment should be distributed to the Lenders pro rata in accordance with Section 3.2. or Section 10.3., 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 

  

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all the Lenders shall share the benefit of such payment (net of any reasonable expenses which may be incurred by such Lender in obtaining or preserving such
benefit) pro rata in accordance with Section 3.2. or Section 10.3., 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 other Lenders may exercise all rights of set-off, banker’s lien,
counterclaim or similar rights with respect to such participation as fully as if such Lender were a direct holder of Loans in the amount of such participation. Nothing contained herein shall require any Lender to exercise any such right or shall
affect the right of any Lender to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness or obligation of the Borrower. 
 Section 3.4. Several Obligations. 
 No Lender shall be responsible for the failure of any other
Lender to make a Loan or to perform any other obligation to be made or performed by such other Lender hereunder, and the failure of any Lender to make a Loan or to perform any other obligation to be made or performed by it hereunder shall not
relieve the obligation of any other Lender to make any Loan or to perform any other obligation to be made or performed by such other Lender. 
 Section 3.5. Minimum Amounts. 
 (a) Borrowings and Conversions. Base Rate Loans shall be in an aggregate minimum
amount of $1,000,000 and integral multiples of $250,000 in excess thereof. Conversion and Continuation of LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess of that amount. 
 (b) Prepayments. Each voluntary prepayment of Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in
excess thereof (or, if less, the aggregate principal amount of Loans then outstanding). 
 Section 3.6. Fees. 
 (a) Extension Fee. If the Borrower exercises its right to extend the Termination Date in accordance with Section 2.9., the Borrower agrees to
pay to the Agent for the account of each Lender a fee equal to one-quarter of one percent (0.25%) of the outstanding principal amount of such Lender’s Loan at the time of such extension. Such fee shall be due and payable in full on the
effective date of such extension. 
 (b) Administrative and Other Fees. The Borrower agrees to pay the administrative and other fees
of the Agent and the Co-Lead Arrangers as may be agreed to in writing by the Borrower, the Agent and the Co-Lead Arrangers from time to time. 
 Section 3.7. Computations. 
 Unless otherwise expressly set forth herein, any accrued interest on any LIBOR Loan, shall
be computed on the basis of a year of 360 days and the actual number of days elapsed and any accrued interest on any Base Rate Loan, any Fees or any other Obligations due hereunder shall be computed on the basis of a year of 365 or 366, as the case
may be, days and the actual number of days elapsed. 
  

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 Section 3.8. Usury. 
 In no event shall the amount of interest due or payable on the Loans or other Obligations exceed the maximum rate of interest allowed by Applicable Law and, if any such payment is paid by the Borrower or 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.

 Section 3.9. Agreement Regarding Interest and Charges. 
 The parties hereto hereby agree and stipulate that the only charge imposed upon the Borrower for the use of money in connection with this Agreement is and shall be the interest specifically described in
Sections 2.2.(a)(i) and (ii). Notwithstanding the foregoing, the parties hereto further agree and stipulate that all agency fees, syndication 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 Agent or any Lender to third parties or for damages incurred by the Agent or any Lender, in each case which are paid or to be paid by the
Borrower in connection with the transactions contemplated by this Agreement and the other Loan Documents, are charges made to compensate the Agent or any such Lender for underwriting or administrative services and costs or losses performed or
incurred, and to be performed or incurred, by the Agent and the Lenders in connection with this Agreement and shall under no circumstances be deemed to be charges for the use of money. All charges other than charges for the use of money shall be
fully earned and nonrefundable when due. 
 Section 3.10. Statements of Account. 
 The Agent will account to the Borrower monthly with a statement of Loans, accrued interest and Fees, charges and payments made pursuant to this Agreement
and the other Loan Documents, and such account rendered by the Agent shall be deemed conclusive upon Borrower absent demonstrable error. The failure of the Agent to deliver such a statement of accounts shall not relieve or discharge the Borrower
from any of its obligations hereunder. 
 Section 3.11. Defaulting Lenders. 
 (a) Generally. If for any reason any Lender (a “Defaulting Lender”) shall fail or refuse to perform any of its obligations under this
Agreement or any other Loan Document to which it is a party within the time period specified for performance of such obligation or, if no time period is specified, if such failure or refusal continues for a period of two Business Days after notice
from the Agent, then, in addition to the rights and remedies that may be available to 

  

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the Agent or the Borrower under this Agreement or Applicable Law, such Defaulting Lender’s right to participate in the administration of the Loans, this
Agreement and the other Loan Documents, including without limitation, any right to vote in respect of, to consent to or to direct any action or inaction of the Agent or to be taken into account in the calculation of the Requisite Lenders, shall be
suspended during the pendency of such failure or refusal. If a Lender is a Defaulting Lender because it has failed to make timely payment to the Agent of any amount required to be paid to the Agent hereunder (without giving effect to any notice or
cure periods), in addition to other rights and remedies which the Agent or the Borrower may have under the immediately preceding provisions or otherwise, the Agent shall be entitled (i) to collect interest from such Defaulting Lender on such
delinquent payment for the period from the date on which the payment was due until the date on which the payment is made at the Federal Funds Rate, (ii) to withhold or setoff and to apply in satisfaction of the defaulted payment and any related
interest, any amounts otherwise payable to such Defaulting Lender under this Agreement or any other Loan Document and (iii) to bring an action or suit against such Defaulting Lender in a court of competent jurisdiction to recover the defaulted
amount and any related interest. Any amounts received by the Agent in respect of a Defaulting Lender’s Loan shall not be paid to such Defaulting Lender and shall be held uninvested by the Agent and either applied against the purchase price of
such Loan under the following subsection (b) or paid to such Defaulting Lender upon such Defaulting Lender’s curing of its default. 
 (b) Purchase or Cancellation of Defaulting Lender’s Loan. Any Lender who is not a Defaulting Lender may, but shall not be obligated, in its sole discretion, to acquire all or a portion of a Defaulting Lender’s Loan. Any
Lender desiring to exercise such right shall give written notice thereof to the Agent and the Borrower no sooner than 2 Business Days and not later than 5 Business Days after such Defaulting Lender became a Defaulting Lender. If more than one Lender
exercises such right, each such Lender shall have the right to acquire an amount of such Defaulting Lender’s Loan in proportion to the Loan of the other Lenders exercising such right. If after such 5th Business Day, the Lenders have not elected
to purchase all of the Loan of such Defaulting Lender, then the Borrower may, by giving written notice thereof to the Agent, such Defaulting Lender and the other Lenders, demand that such Defaulting Lender assign its Loan to an Eligible Assignee
subject to and in accordance with the provisions of Section 12.5.(b) for the purchase price provided for below. No party hereto shall have any obligation whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee.
Upon any such purchase or assignment, the Defaulting Lender’s interest in its Loan and its rights hereunder (but not its liability in respect thereof or under the Loan Documents or this Agreement to the extent the same relate to the period
prior to the effective date of the purchase except to the extent assigned pursuant to such purchase) shall terminate on the date of purchase, and the Defaulting Lender shall promptly execute all documents reasonably requested to surrender and
transfer such interest to the purchaser or assignee thereof, including an appropriate Assignment and Assumption and, notwithstanding Section 12.5.(b), shall pay to the Agent an assignment fee in the amount of $3,500. The purchase price for the
Loan of a Defaulting Lender shall be equal to the principal balance of such Loan outstanding and owed by the Borrower to the Defaulting Lender. Prior to payment of such purchase price to a Defaulting Lender, the Agent shall apply against such
purchase price any amounts retained by the Agent pursuant to the last sentence of the immediately preceding subsection (a). The Defaulting Lender shall be entitled to receive amounts owed to it by the Borrower under the Loan Documents which
accrued prior to the date 

  

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of the default by the Defaulting Lender, to the extent the same are received by the Agent from or on behalf of the Borrower. There shall be no recourse
against any Lender or the Agent for the payment of such sums except to the extent of the receipt of payments from any other party or in respect of the Loans. 
 Section 3.12. Taxes. 
 (a) Taxes Generally. All payments by the Borrower of principal of, and interest on, the
Loans and all other Obligations shall be made free and clear of and without deduction for any present or future excise, stamp or other taxes, fees, duties, levies, imposts, charges, deductions, withholdings or other charges of any nature whatsoever
imposed by any taxing authority, but excluding (i) franchise taxes, (ii) any taxes imposed on or measured by any Lender’s assets, net income, receipts or branch profits, (iii) any taxes (other than withholding taxes) with respect
to the Agent or a Lender that would not be imposed but for a connection between the Agent or such Lender and the jurisdiction imposing such taxes (other than a connection arising solely by virtue of the activities of the Agent or such Lender
pursuant to or in respect of this Agreement or any other Loan Document), and (iv) any taxes, fees, duties, levies, imposts, charges, deductions, withholdings or other charges to the extent imposed as a result of the failure of the Agent or a
Lender, as applicable, to provide and keep current (to the extent legally able) any certificates, documents or other evidence required to qualify for an exemption from, or reduced rate of, any such taxes fees, duties, levies, imposts, charges,
deductions, withholdings or other charges or required by the immediately following subsection (c) to be furnished by the Agent or such Lender, as applicable (such non-excluded items being collectively called “Taxes”). If any
withholding or deduction from any payment to be made by the Borrower hereunder is required in respect of any Taxes pursuant to any Applicable Law, then the Borrower will: 
 (i) pay directly to the relevant Governmental Authority the full amount required to be so withheld or deducted; 
 (ii) promptly forward to the Agent an official receipt or other documentation satisfactory to the Agent evidencing such payment to such
Governmental Authority; and 
 (iii) pay to the Agent for its account or the account of the applicable Lender, as the case may
be, such additional amount or amounts as is necessary to ensure that the net amount actually received by the Agent or such Lender will equal the full amount that the Agent or such Lender would have received had no such withholding or deduction been
required. 
 (b) Tax Indemnification. If the Borrower fails to pay any Taxes when due to the appropriate Governmental Authority or
fails to remit to the Agent, for its account or the account of the respective Lender, as the case may be, the required receipts or other required documentary evidence, the Borrower shall indemnify the Agent and the Lenders for any incremental Taxes,
interest or penalties that may become payable by the Agent or any Lender as a result of any such failure. For purposes of this Section, a distribution hereunder by the Agent or any Lender to or for the account of any Lender shall be deemed a payment
by the Borrower. 
  

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 (c) Tax Forms. Prior to the date that any Foreign Lender becomes a party hereto, such Foreign
Lender shall deliver to the Borrower and the Agent such certificates, documents or other evidence, as required by the Internal Revenue Code or Treasury Regulations issued pursuant thereto (including Internal Revenue Service Forms W-8ECI and
W-8BEN, as applicable, or appropriate successor forms), properly completed, currently effective and duly executed by such Foreign Lender establishing that payments to it hereunder and under the Notes are (i) not subject to United States Federal
backup withholding tax and (ii) not subject to United States Federal withholding tax imposed under the Internal Revenue Code. Each such Foreign Lender shall, to the extent it may lawfully do so, (x) deliver further copies of such forms or
other appropriate certifications on or before the date that any such forms expire or become obsolete and after the occurrence of any event requiring a change in the most recent form delivered to the Borrower or the Agent and (y) obtain such
extensions of the time for filing, and renew such forms and certifications thereof, as may be reasonably requested by the Borrower or the Agent. The Borrower shall not be required to pay any amount pursuant to the last sentence of
subsection (a) above to any Foreign Lender or the Agent, if it is organized under the laws of a jurisdiction outside of the United States of America, if such Foreign Lender or the Agent, as applicable, fails to comply with the requirements of
this subsection. If any such Foreign Lender, to the extent it may lawfully do so, fails to deliver the above forms or other documentation, then the Agent may withhold from any payments to be made to such Foreign Lender under any of the Loan
Documents such amounts as are required by the Internal Revenue Code. If any Governmental Authority asserts that the Agent did not properly withhold or backup withhold, as the case may be, any tax or other amount from payments made to or for the
account of any Lender, such Lender shall indemnify the Agent therefor, including all penalties and interest, any taxes imposed by any jurisdiction on the amounts payable to the Agent under this Section, and costs and expenses (including all
reasonable fees and disbursements of any law firm or other external counsel and the allocated cost of internal legal services and all disbursements of internal counsel) of the Agent. The obligation of the Lenders under this Section shall survive the
repayment of all Obligations and the resignation or replacement of the Agent. 
 ARTICLE IV. YIELD
PROTECTION, ETC. 
 Section 4.1. Additional Costs; Capital Adequacy. 
 (a) Additional Costs. The Borrower shall within 5 Business Days following the Agent’s demand therefore, pay to the Agent for the account of
each affected Lender from time to time such amounts as such Lender may reasonably determine to be necessary to compensate such Lender for any costs incurred by such Lender that it reasonably determines are attributable to its making or maintaining
of any LIBOR Loans or its obligation to make any LIBOR Loans hereunder (such amounts shall be based upon a reasonable allocation thereof by such Lender to any LIBOR Loans made by such Lender 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 Loans or such obligation or the maintenance by such Lender of capital in respect of its Loan (such increases in costs and reductions in amounts receivable being
herein called “Additional Costs”), to the extent 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
its Loan (other than taxes, fees, duties, levies, imposts, charges, deductions, withholdings or other charges which are excluded from the definition of Taxes 

  

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pursuant to the first sentence of Section 3.12.(a)); or (ii) imposes or modifies any reserve, special deposit or similar requirements (other than
Regulation D of the Board of Governors of the Federal Reserve System or other reserve requirement to the extent utilized in the determination of Adjusted LIBOR for such Loan) relating to any extensions of credit or other assets of, or any deposits
with or other liabilities of, such Lender, or any commitment of such Lender; or (iii) has or would have the effect of reducing the rate of return on capital of such Lender to a level below that which such Lender could have achieved but for such
Regulatory Change (taking into consideration such Lender’s policies with respect to capital adequacy). 
 (b) Lender’s
Suspension of LIBOR Loans. Without limiting the effect of the provisions of the immediately preceding subsection (a), if, by reason of any Regulatory Change, any Lender becomes subject to restrictions on 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 that it may hold, then, if such Lender so elects by notice to the Borrower (with a copy to the Agent), the obligation of such Lender to Continue, or to Convert any other Type of Loans into, LIBOR Loans hereunder shall be suspended until such
Regulatory Change ceases to be in effect (in which case the provisions of Section 4.6. shall apply). 
 (c) Notification and
Determination of Additional Costs. Each of the Agent and each Lender agrees to notify the Borrower of any event occurring after the Agreement Date entitling the Agent or such Lender to compensation under any of the preceding subsections of this
Section as promptly as practicable; provided, however, (i) the failure of the Agent or any Lender to give such notice shall not release the Borrower from any of its obligations hereunder (and in the case of a Lender, to the Agent) and
(ii) in no event shall the Borrower be liable for any amounts incurred more than 180 days prior to receipt of such notice. The Agent or such Lender agrees to furnish to the Borrower (and in the case of a Lender, to the Agent) a certificate
setting forth in reasonable detail the basis and amount of each request by the Agent or such Lender for compensation under this Section. Absent manifest error, determinations by the Agent or any Lender of the effect of any Regulatory Change shall be
conclusive, provided that such determinations are made on a reasonable basis and in good faith. 
 Section 4.2. Suspension of LIBOR Loans.

 Anything herein to the contrary notwithstanding, if, on or prior to the determination of Adjusted LIBOR for any Interest Period:

 (a) the Agent reasonably determines (which determination shall be conclusive) that by reason of circumstances affecting the relevant
market, adequate and reasonable means do not exist for ascertaining Adjusted LIBOR for such Interest Period, or 
 (b) the Agent reasonably
determines (which determination shall be conclusive) that Adjusted LIBOR will not adequately and fairly reflect the cost to the Lenders of maintaining LIBOR Loans for such Interest Period; 
  

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 then the Agent shall give the Borrower and each Lender prompt notice thereof and, so long as such condition remains in
effect, the Lenders shall be under no obligation to, and shall not, 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 repay such
Loan or Convert such Loan into a Base Rate Loan. For purposes of the immediately preceding clause (b), in determining whether Adjusted LIBOR will adequately and fairly reflect the cost to the Lenders of making or maintaining LIBOR Loans, the
Agent shall make such determination assuming that the Lenders are actually funding LIBOR Loans through the purchase of deposits in the London interbank market. 
 Section 4.3. Illegality. 
 Notwithstanding any other provision of this Agreement, if any Lender shall reasonably
determine (which determination shall be conclusive and binding) that it has become 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 to the
Agent) and such Lender’s obligation to Continue, or to Convert Base Rate Loans into LIBOR Loans shall be suspended until such time as such Lender may again maintain LIBOR Loans (in which case the provisions of Section 4.6. shall be
applicable). 
 Section 4.4. Compensation. 
 Subject to delivery of a statement if requested by the Borrower as permitted below, the Borrower shall pay to the Agent for the account of each Lender, within 5 Business Days following the request of such Lender through the Agent, such
amount or amounts as shall be sufficient (in the reasonable opinion of such Lender) to compensate it for any loss, cost or expense (excluding lost profit and loss of margin) that such Lender reasonably determines is 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 Article V. to be satisfied) to borrow a LIBOR Loan from such Lender on the requested 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. 
 Upon the
Borrower’s request, any Lender requesting compensation under this Section shall provide the Borrower with a statement setting forth in reasonable detail the basis for requesting such compensation and the method for determining the amount
thereof. Absent manifest error, determinations by any Lender in any such statement shall be conclusive, provided that such determinations are made on a reasonable basis and in good faith. Calculation of all amounts payable to a Lender under this
Section 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. 
  

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 Section 4.5. Affected Lenders. 
 If (a) a Lender requests compensation pursuant to Section 3.12. or 4.1., and the Requisite Lenders are not also doing the same, or (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.(b) or 4.3. but the obligation of the Requisite Lenders shall not have been suspended under such Sections, or (c) a Lender does not vote in favor of any amendment,
modification or waiver to the requirements of Section 9.7.(c)(i)(y) or a Default or Event of Default under Section 10.1.(m)(i), (ii), (iii) or (iv) and the Requisite Lenders shall have voted in favor of such amendment,
modification or waiver, then, so long as there does not then exist any Default or Event of Default, the Borrower may either (i) 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 12.5.(b) for a purchase price equal to the aggregate 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, or (ii) solely, with respect to clause (c), pay to the Affected
Lender the aggregate 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, whereupon the Loan of the Affected Lender shall be terminated
and the Affected Lender shall no longer be a party hereto or have any rights or obligations hereunder or under any of the other Loan Documents. Each of the Agent and the Affected Lender shall reasonably cooperate in effectuating the replacement of
such Affected Lender under this Section, but at no time shall the Agent, such Affected Lender nor any other Lender be obligated in any way whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. The exercise by the
Borrower of its rights under this Section shall be at the Borrower’s sole cost and expense and at no cost or expense to the Agent, the Affected Lender or any of the other Lenders. The terms of this Section shall not in any way limit the
Borrower’s obligation to pay to any Affected Lender compensation owing to such Affected Lender pursuant to Section 3.12. or 4.1. with respect to periods up to the date of replacement. 
 Section 4.6. 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.(b) or 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.(b) or 4.3., on such earlier date as such Lender may specify to the Borrower with a copy to the Agent) and, unless and
until such Lender gives notice as provided below that the circumstances specified in Section 4.1. or 4.3. that gave rise to such Conversion no longer exist: 
 (a) to the extent that such Lender’s LIBOR 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 
  

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 (b) any portion of such Lender’s Loans that would otherwise be Continued by such Lender as LIBOR
Loans shall be Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. 
 If such Lender gives notice to the Borrower (with a copy to the Agent) that the circumstances specified in Section 4.1. or 4.3. that gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this
Section no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans of 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 Loans held by each of the Lenders. 
 Section 4.7. Change of Lending Office. 
 Each Lender agrees that it shall use reasonable efforts to designate an
alternate Lending Office with respect to any portion of its Loan affected by the matters or circumstances described in Section 3.12., 4.1. or 4.3. to reduce the liability of the Borrower or avoid the results provided thereunder, so long as such
designation is not disadvantageous to such Lender as determined by such Lender in its sole discretion, except that such Lender shall have no obligation to designate a Lending Office located in the United States of America. 
 ARTICLE V. CONDITIONS PRECEDENT 
 Section 5.1. Initial Conditions Precedent. 
 The obligation of the Lenders to make the Loans is
subject to the following conditions precedent: 
 (a) The Agent shall have received each of the following, in form and substance satisfactory
to the Agent: 
 (i) counterparts of this Agreement executed by each of the parties hereto; 
 (ii) Notes executed by the Borrower, payable to each Lender and complying with the applicable provisions of Section 2.8.; 

(iii) the Facility Guaranty executed by the Parent and each other Person that the Borrower elects to make a Guarantor on the Effective
Date; 
 (iv) an opinion of counsel to the Loan Parties, addressed to the Agent, the Lenders, addressing the matters set forth
in Exhibit F; 
  

 35 

 (v) the articles of incorporation, articles of organization, certificate of limited
partnership or other comparable organizational instrument (if any) of the Borrower and each other Loan Party certified as of a recent date by the Secretary of State of the state of formation of such Loan Party, or, in the case of the Parent only,
certified by the Secretary or Assistant Secretary of the Parent; 
 (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 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 the 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 or its constituent partners or members authorized to execute and deliver the Loan Documents to which such Loan Party is a party and, in the case of the
Borrower, the officers of the Borrower then authorized to deliver the Notice of Borrowing, Notices of Continuation and Notices of Conversion; 
 (viii) copies certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of each Loan Party of (i) the by-laws of such Loan Party, if a corporation, the operating
agreement of such Loan Party, if a limited liability company, the partnership agreement of such Loan Party, if a limited or general partnership, or other comparable document in the case of any other form of legal entity and (ii) 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 certificate from a Responsible Officer of the Parent and the Borrower to the effect that (x) all representations and
warranties of the Loan Parties contained in the Loan Documents are true, correct and complete in all material respects and (y) immediately after giving effect to the transactions contemplated by this Agreement, no Default or Event of Default
shall exist; 
 (x) the Fees then due and payable under Section 3.6., and any other Fees payable to the Agent, the Titled
Agents and the Lenders on or prior to the Effective Date; 
 (xi) a Compliance Certificate calculated as of March 31,
2008 (giving pro forma effect to the financing contemplated by this Agreement and the use of the proceeds of the Loans to be funded on the Effective Date); 
 (xii) the Notice of Borrowing from the Borrower for the Loans indicating how the proceeds thereof are to be made available to the Borrower, and if any of the Loans initially are to be LIBOR Loans, the Interest Periods
therefore; and 
  

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 (xiii) such other documents, agreements and instruments as the Agent on behalf of the
Lenders may reasonably request; and 
 (b) In the good faith judgment of the Agent and the Lenders: 
 (i) There shall not have occurred or become known to the Agent or any of the Lenders any event, condition, situation or status concerning
the Parent or its Subsidiaries since the date of the information contained in the financial and business projections, budgets, pro forma data and forecasts concerning the Parent and its Subsidiaries delivered to the Agent and the Lenders prior to
the Agreement Date that has had or could reasonably be expected to result in a Material Adverse Effect; 
 (ii) No litigation,
action, suit, investigation or other arbitral, administrative or judicial proceeding shall be pending or threatened which could reasonably be expected to (1) result in a Material Adverse Effect or (2) restrain or enjoin, impose materially
burdensome conditions on, or otherwise materially and adversely affect the ability of the 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 the Subsidiaries shall have received all approvals, consents and waivers, and shall have made or given
all necessary filings and notices, as shall be required to consummate the transactions contemplated hereby without the occurrence of any default under, conflict with or violation of (1) any Applicable Law or (2) any agreement, document or
instrument to which the Parent, the Borrower or any other 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 its obligations under the Loan Documents to which it is a party; and 
 (iv) There shall not have
occurred or exist any other material disruption of financial or capital markets that could reasonably be expected to materially and adversely affect the transactions contemplated by the Loan Documents. 
 Section 5.2. Additional Conditions Precedent. 
 The obligations of the Lenders to make the Loans is subject to the further condition precedent that: (a) no Default or Event of Default shall exist as of the date of the making of the Loans or would exist immediately after giving
effect thereto; 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, shall be true and correct in all material 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 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 in all material respects on and as of such earlier date) and except for changes in 

  

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factual circumstances not prohibited under the Loan Documents. Each Credit Event shall constitute a certification by the Parent and the Borrower to the
effect set forth in the preceding sentence (both as of the date of the giving of notice relating to such Credit Event and, unless the Borrower otherwise notifies the Agent prior to the date of such Credit Event, as of the date of the occurrence of
such Credit Event). In addition, if such Credit Event is the making of a Loan, the Parent and the Borrower shall be deemed to have represented to the Agent and the Lenders at the time such Loan is made that all conditions to the occurrence of such
Credit Event contained in this Article V. have been satisfied. 
 ARTICLE VI. REPRESENTATIONS
AND WARRANTIES 
 Section 6.1. Representations and Warranties. 
 In order to induce the Agent and each Lender to enter into this Agreement and to make Loans, each of the Parent and the Borrower represents and warrants
to the Agent and each Lender as follows: 
 (a) Organization; Power; Qualification. Each of the Parent, the Borrower, the Subsidiaries
and the other Loan Parties is a corporation, partnership or other legal entity, duly organized or formed, validly existing and in good standing under the jurisdiction of its incorporation or formation, has the power and authority to own or lease its
respective properties and to carry on its respective business as now being and hereafter proposed to be conducted and is duly qualified and is in good standing as a foreign corporation, partnership or other legal entity, and authorized to do
business, in each jurisdiction in which the character of its properties or the nature of its business requires such qualification or authorization and where the failure to be so qualified or authorized could reasonably be expected to have, in each
instance, a Material Adverse Effect. 
 (b) Ownership Structure. As of the Agreement Date, Part I of Schedule 6.1.(b) is a
complete and correct list 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 Interests in such Subsidiary, (iii) the
nature of the Equity Interests held by each such Person, (iv) the percentage of ownership of such Subsidiary represented by such Equity Interests and (v) whether such Subsidiary is a Significant Subsidiary and/or an Excluded Subsidiary.
Except as disclosed in such Schedule, as of the Agreement Date (i) each of the Parent, the Borrower and the Subsidiaries owns, free and clear of all Liens (other than Permitted Liens), and has the unencumbered right to vote, all outstanding
Equity Interests in each Person shown to be held by it on such Schedule, (ii) all of the issued and outstanding capital stock of each such Person organized as a corporation is validly issued, fully paid and nonassessable and (iii) 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 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 Agreement, Etc. The Borrower has the right and power, and has taken all
necessary action to authorize it, to borrow and obtain other extensions of credit hereunder. Each 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 any 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, Etc. The execution, delivery and performance of this Agreement, the Notes
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 relating to any Loan Party; (ii) conflict with, result in a breach of or constitute a default under the organizational documents of any Loan Party, or any indenture,
agreement or other instrument to which any Loan Party is a party or by which it or any of its respective properties may be bound, including without limitation, the Existing Revolving Credit Facility; 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. 
 (e) Compliance with
Law; Governmental Approvals. Each of the Parent, the Borrower, each Subsidiary and each other Loan Party is in compliance with each Governmental Approval applicable to it and in compliance with all other Applicable Laws (including without
limitation, Environmental Laws) relating to the Parent, the Borrower, a Subsidiary or such other Loan Party except for noncompliances which, and Governmental Approvals the failure to possess which, could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. 
 (f) Title to Properties. As of the Agreement Date, Part I of
Schedule 6.1.(f) is a complete and correct listing of all of the real property owned or leased by the Parent, the Borrower, each other Loan Party and each other Subsidiary. Each such Person (i) has good, marketable and legal title to, or a
valid leasehold interest in, each Eligible Property owned by such Person and (ii) owns or has a valid leasehold interest in such Person’s respective other material assets. 
 (g) Existing Indebtedness. Schedule 6.1.(g) is, as of the Agreement Date, a complete and correct listing of all Indebtedness of the Parent,
the Borrower and the Subsidiaries, including without limitation, Guarantees of the Parent, the Borrower and the Subsidiaries, and indicating whether such Indebtedness is Secured Indebtedness or Unsecured Indebtedness. 
  

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 (h) Litigation. Except as set forth on Schedule 6.1.(h), there are no actions, suits,
investigations or proceedings pending (nor, to the knowledge of the Parent, are there any actions, suits or proceedings threatened) against or in any other way relating adversely to or affecting the Parent, the Borrower, any Subsidiary or any other
Loan Party or any of its respective property in any court or before any arbitrator of any kind or before or by any other Governmental Authority which could reasonably be expected to have a Material Adverse Effect. There are no strikes, slow downs,
work stoppages or walkouts or other labor disputes in progress or threatened relating to the Parent, the Borrower, any Subsidiary or any other Loan Party which could reasonably be expected to have a Material Adverse Effect. 
 (i) Taxes. All federal, state and other tax returns of the Parent, the Borrower, any Subsidiary or any other Loan Party required by Applicable Law
to be filed have been duly filed, and all federal, state and other taxes, assessments and other governmental charges or levies upon the Parent, the Borrower, any Subsidiary and each other Loan Party and its respective properties, income, profits and
assets which are due and payable have been paid, except any such nonpayment which is at the time permitted under Section 7.6. As of the Agreement Date, none of the United States income tax returns of the Parent, the Borrower, its Subsidiaries
or any other Loan Party is under audit. All charges, accruals and reserves on the books of the Parent, the Borrower and each Subsidiary and each other Loan Party in respect of any taxes or other governmental charges are in accordance with GAAP.

 (j) Financial Statements. The Parent has furnished to each Lender copies of (i) the audited consolidated balance sheet of the
Parent and its consolidated Subsidiaries for the fiscal year ending December 31, 2007, and the related audited consolidated statements of operations, cash flows and shareholders’ equity for the fiscal year ending on such dates, with the
opinion thereon of Ernst and Young LLP, and (ii) the unaudited consolidated balance sheet of the Parent and its consolidated Subsidiaries for the fiscal quarter ending March 31, 2008, and the related unaudited consolidated statements of
operations, cash flows and shareholders’ equity of the Parent and its consolidated Subsidiaries for the fiscal quarter ending on such date. Such financial statements (including in each case related schedules and notes) present fairly, in all
material respects and 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). Neither the Parent nor any of its 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 in the notes thereto, except as
referred to or reflected or provided for in said financial statements. 
 (k) No Material Adverse Change. Since December 31,
2007, no event, condition, situation or status concerning the Parent or its Subsidiaries has occurred that has had or could reasonably be expected to result in a Material Adverse Effect. Each of the Borrower and the Parent is Solvent. The Parent,
the Borrower and the other Loan Parties, taken as a whole, are Solvent. The Parent and its Subsidiaries, taken as a whole, are Solvent. 
  

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 (l) ERISA. Each member of the ERISA Group is in compliance with its obligations under the minimum
funding standards of ERISA and the Internal Revenue Code with respect to each Plan and is in compliance with the presently applicable provisions of ERISA and the Internal Revenue Code with respect to each Plan, except in each case for noncompliances
which could not reasonably be expected to have a Material Adverse Effect. As of the Agreement Date, no member of the ERISA Group has (i) sought a waiver of the minimum funding standard under Section 412 of the Internal Revenue Code in
respect of any Plan, (ii) failed to make any contribution or payment to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement, or made any amendment to any Plan or Benefit Arrangement, which has resulted or could result in the
imposition of a Lien or the posting of a bond or other security under ERISA or the Internal Revenue Code or (iii) incurred any liability under Title IV of ERISA other than a liability to the PBGC for premiums under Section 4007 of ERISA.

 (m) Not Plan Assets; No Prohibited Transaction. None of the assets of the Parent, the Borrower, any Subsidiary or any other Loan
Party constitute “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. The execution, delivery and performance of this Agreement and the other Loan Documents, and the
borrowing and repayment of amounts hereunder, do not and will not constitute “prohibited transactions” under ERISA or the Internal Revenue Code. 
 (n) Absence of Defaults. None of the Parent, the Borrower or any Subsidiary is in default in any material respect beyond any applicable grace period under its articles of incorporation, bylaws, partnership
agreement or other similar organizational documents, and no event has occurred, which has not been remedied, cured or waived, which, in any such case: (i) constitutes a Default or an Event of Default; or (ii) constitutes, or which with the
passage of time, the giving of notice, or both, would constitute, a default or event of default by the Parent, the Borrower, any Subsidiary or any other Loan Party under any agreement (other than this Agreement) or judgment, decree or order to which
the Parent, the Borrower or any Subsidiary or other Loan Party is a party or by which the Parent, the Borrower or any Subsidiary or other Loan Party or any of their 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. 
 (o) Environmental Laws. Each of the
Parent, the Borrower, the Subsidiaries and the other Loan Parties has obtained all Governmental Approvals which are required under Environmental Laws and is in compliance with all terms and conditions of such Governmental Approvals which 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 be reasonably expected to have a Material Adverse Effect, (i) neither the Parent nor the Borrower
is aware of, or has received notice of any events, conditions, circumstances, activities, practices, incidents, actions, or plans which, with respect to the Parent, the Borrower and the Subsidiaries, may interfere with or prevent compliance or
continued compliance with Environmental Laws, or may give rise to any common-law or legal liability, or otherwise form the basis of any claim, action, demand, suit, proceeding, hearing, study, or investigation, based on or related to the
manufacture, processing, distribution, use, treatment, storage, disposal, transport, or handling or the emission, discharge, release or threatened release into the environment, of any Hazardous 

  

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Material on or from any of the Properties of the Parent, the Borrower, or any Subsidiary ; and (ii) there is no civil, criminal, or administrative
action, suit, demand, claim, hearing, notice, or demand letter, notice of violation, investigation, or proceeding pending or, to the Parent’s and the Borrower’s knowledge, threatened, against the Parent, the Borrower or any Subsidiary
relating in any way to Environmental Laws. 
 (p) Investment Company; Etc. None of the Parent, the Borrower, any Subsidiary or any
other Loan Party 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, otherwise obtain extensions of credit or repay indebtedness. 
 (q) Margin Stock. None of the Parent, the Borrower, any Subsidiary or any other Loan Party is engaged principally, or as one of its primary 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. 
 (r) Affiliate Transactions. Except as permitted by Section 9.10., none of the Parent, the Borrower, any Subsidiary or any other Loan Party is a party to any transaction with an Affiliate. 
 (s) Intellectual Property. Each of the Parent, the Borrower, each other Loan Party 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 as now conducted and as contemplated by the Loan Documents, 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 except where the failure to own or have the right to use such Intellectual Property without known conflict could not reasonably be expected to have a Material Adverse
Effect. The Parent, the Borrower, each other Loan Party and each other Subsidiary have taken all such steps as they deem reasonably necessary to protect their respective rights under and with respect to such Intellectual Property. No claim which
could reasonably be expected to have a Material Adverse Effect 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, its Subsidiaries and the other Loan Parties, 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 and the other Subsidiaries are engaged in the business of owning,
managing, leasing, acquiring and making investments in office and industrial properties, together with other business activities incidental thereto. 
  

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 (u) Broker’s Fees. No Loan Party is required to pay any broker’s or finder’s fee,
commission or similar compensation 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, the Borrower or any of its Subsidiaries
ancillary to the transactions contemplated hereby. 
 (v) Accuracy and Completeness of Information. All written information, reports
and other papers and data (excluding financial projections and other forward looking statements) furnished to the Agent or any Lender by, on behalf of, or at the direction of, the Parent, the Borrower, any Subsidiary or any other Loan Party in
connection with, pursuant to or relating in any way to this Agreement, is true and accurate in all material respects on the date as of which such information, reports, and other papers and data is stated or certified. All financial statements
(including in each case all related schedules and notes) furnished to the Agent or any Lender by, on behalf of, or at the direction of, the Parent, the Borrower, any Subsidiary or any other Loan Party in connection with, pursuant to or relating in
any way to this Agreement, present fairly, in all material respects and 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). All financial projections and other forward looking statements prepared by or on behalf of the Parent, the Borrower, any Subsidiary or
any other Loan Party that have been or may hereafter be made available to the Agent or any Lender were or will be prepared in good faith based on reasonable assumptions. As of the Effective Date, no fact is known to the Parent or the Borrower which
has had, or may in the future have (so far as the Borrower can reasonably foresee), a Material Adverse Effect which has not been set forth in the financial statements referred to in Section 6.1.(j) or in such information, reports or other
papers or data or otherwise disclosed in writing to the Agent and the Lenders. 
 (w) REIT Status. The Parent qualified as a REIT in
the fiscal year most recently ended 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. 
 (x) Eligible Properties. As of the Agreement Date, Schedule 6.1.(x) is a correct and complete list of all Eligible Properties. Schedule
6.1(x) sets forth as of the Agreement Date whether such Eligible Property is a CBD and Urban Infill Property. Each of the assets included by the Parent in calculations of Unencumbered NOI satisfies all of the requirements contained in the definition
of “Eligible Property”. 
 (y) Foreign Assets Control. None of the Parent, the Borrower, any Subsidiary or any Affiliate of
the Borrower: (i) is a Sanctioned Person, (ii) to the knowledge of the Parent or the Borrower, has any of its assets in Sanctioned Entities, or (iii) to the knowledge of the Parent or the Borrower, derives any of its operating income
from investments in, or transactions with, Sanctioned Persons or Sanctioned Entities. None of the Parent, the Borrower, any other Loan Party or any other Subsidiary is in violation of and shall not violate any of the country or list based economic
and trade sanctions administered and enforced by OFAC that are described or referenced at http://www.ustreas.gov/offices/enforcement/ofac/ or as otherwise published from time to time. 
  

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 Section 6.2. Survival of Representations and Warranties, Etc. 
 All statements contained in any certificate, financial statement or other instrument delivered by or on behalf of the Parent, the Borrower, any Subsidiary
or any other Loan Party to the Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including, but not limited to, any such statement made in or in connection with any amendment hereto or thereto
or any statement contained in any certificate, financial statement or other instrument delivered by or on behalf of the Parent or the Borrower prior to the Agreement Date and delivered to the Agent or any Lender in connection with the underwriting
or closing of the transactions contemplated hereby) shall constitute representations and warranties made by the Parent or the Borrower to the Agent and the Lenders 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, the date on which any extension of the Termination Date is effectuated pursuant to Section 2.9. and the date of the occurrence of any
Credit Event, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects on and as of such
earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents. 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 12.6., all of the Lenders) shall
otherwise consent in the manner provided for in Section 12.6., the Parent and the Borrower shall comply with the following covenants: 
 Section 7.1. Preservation of Existence and Similar Matters. 
 Except as otherwise permitted under Section 9.7., the
Parent and the Borrower shall, and shall cause each 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, and shall cause each Subsidiary to, comply with all Applicable Laws, including the obtaining of all Governmental
Approvals, the failure with which to comply could reasonably be expected to have a Material Adverse Effect. 
  

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 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 Subsidiary to, protect and
preserve all of its respective material properties, including, but not limited to, all material Intellectual Property, and maintain in good repair, working order and condition all material tangible properties, ordinary wear and tear excepted.

 Section 7.4. Conduct of Business. 
 The Parent and its Subsidiaries, taken as a whole shall carry on, their respective businesses as described in Section 6.1.(t). 
 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 Subsidiary and other Loan Party 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, and from time to time deliver to the Agent upon its 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 Subsidiary and other
Loan Party to, pay and discharge when due (a) all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or upon any properties belonging to it, and (b) all lawful claims of materialmen,
mechanics, carriers, warehousemen and landlords for labor, materials, supplies and rentals which are more than 60 days past due and 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 the Parent, the Borrower, such Subsidiary or such other Loan Party, as applicable, in accordance with GAAP. 
 Section 7.7. Visits and Inspections. 
 The Parent and the Borrower shall, and shall cause each Subsidiary to, permit
representatives or agents of any Lender or the Agent, from time to time after reasonable prior notice if no Event of Default shall be in existence, as often as may be reasonably requested, but only during normal business hours and at the expense of
such Lender or the Agent (unless a Default or Event of Default shall exist, in which case the exercise by the Agent or such Lender of its rights under this Section shall be at the expense of the Borrower), as the case may be, to: (a) visit and
inspect all properties of the Parent, the Borrower or such Subsidiary to the extent any such right to visit or inspect is within the control of such Person; (b) inspect and make 

  

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extracts from their respective books and records, including but not limited to management letters prepared by independent accountants; and (c) discuss
with its officers and employees, and its independent accountants, its business, properties, condition (financial or otherwise), results of operations and performance. If requested by the Agent, the Parent and the Borrower shall execute an
authorization letter addressed to its accountants authorizing the Agent or any Lender to discuss the financial affairs of the Parent and any Subsidiary with its accountants. 
 Section 7.8. Use of Proceeds. 
 The Borrower shall use the proceeds of the Loans for general
corporate purposes only. No part of the proceeds of the Loans will be used (a) for the purpose of buying or carrying “margin stock” within the meaning of Regulation U 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; provided, however, the Borrower may use proceeds of the Loans to purchase the Parent’s capital stock and the Borrower’s partnership interests unless
(i) such use will result in a violation of Regulation U or Regulation X of the Board of Governors of the Federal Reserve System or (ii) such use will require the Agent or any Lender to file any form or other documentation or take any other
action in compliance with Regulation U or Regulation X of the Board of Governors of the Federal Reserve System and the Borrower has failed to provide the Agent prior written notice of such use and to execute, complete and deliver all such forms and
other documentation and to take any other action as may be necessary for such compliance by the Agent or any Lender or (b) to fund any operations in, to finance any investments or activities in, or to make any payments to, a Sanctioned Person
or Sanctioned Entity. 
 Section 7.9. Environmental Matters. 
 The Parent and the Borrower shall, and shall cause each Subsidiary and each other Loan Party to, comply with all Environmental Laws the failure with which to comply could reasonably be expected to have a Material
Adverse Effect. If the Parent, the Borrower, any Subsidiary or any other Loan Party shall (a) receive notice that any violation of any Environmental Law may have been committed or is about to be committed by such Person, (b) receive notice
that any administrative or judicial complaint or order has been filed or is about to be filed against the Parent, the Borrower, any Subsidiary or any other Loan Party alleging violations of any Environmental Law or requiring the Parent, the
Borrower, any Subsidiary or any other Loan Party to take any action in connection with the release of Hazardous Materials or (c) receive any notice from a Governmental Authority or private party alleging that the Parent, the Borrower, any
Subsidiary or any other Loan Party may be liable or responsible for costs associated with a response to or cleanup of a release of Hazardous Materials or any damages caused thereby, and the matters referred to in such notices, individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect, the Borrower shall provide the Agent with a copy of such notice promptly, and in any event within 10 Business Days, after the receipt thereof by the Parent, the Borrower, any
Subsidiary or any other Loan Party. The Parent and the Borrower shall, and shall cause each Subsidiary and each other Loan Party to, take promptly all actions necessary to prevent the imposition of any Liens arising out of or related to any
Environmental Laws on (i) any Eligible Property or (ii) any of their other respective properties, if (solely with respect to this clause (ii)), the imposition of such Lien could reasonably be expected to cause a Material Adverse Effect.

  

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 Section 7.10. Books and Records. 
 The Parent and the Borrower shall, and shall cause each Subsidiary to, maintain books and records pertaining to its respective business operations in such
detail, form and scope as is consistent with good business practice and in accordance with GAAP. 
 Section 7.11. Further Assurances. 

The Parent and the Borrower shall, at their cost and expense and upon request of the Agent, execute and deliver or cause to be executed and delivered,
to the Agent such further instruments, documents and certificates, and do and cause to be done such further acts that may be reasonably necessary to effectuate the provisions and intent of this Agreement and the other Loan Documents. 
 Section 7.12. New Subsidiaries/Guarantors. 
 (a)
Guarantors. The Borrower may, at its option, cause any Subsidiary that is not already a Guarantor to become a Guarantor by executing and delivering to the Agent each of the following items, each in form and substance satisfactory to the
Agent: (i) an Accession Agreement executed by such Subsidiary and (ii) the items that would have been delivered under Sections 5.1.(a)(iv) through (viii) and (xiii) if such Subsidiary had been a Guarantor on the Effective
Date. 
 (b) Release of a Guarantor. The Borrower may request in writing that the Agent release, and upon receipt of such request the
Agent shall release, a Guarantor (other than the Parent) from the Facility Guaranty so long as: (i) 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.; (ii) 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, shall be true and correct in all material respects on and as of the date of such release with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly
relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date) and except for changes in factual circumstances not prohibited under the
Loan Documents; and (iii) the Agent shall have received such written request at least 5 Business Days (or such other period as may be acceptable to the Agent) prior to the requested date of release. Delivery by the Borrower to the 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. 
 Section 7.13. REIT Status. 
 The Parent shall at all times maintain its status as a REIT. 
  

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 Section 7.14. Exchange Listing. 
 Once at least one class of common shares of the Parent has trading privileges on the New York Stock Exchange, the American Stock Exchange or another nationally recognized stock exchange located in the United States
and reasonably approved by the Agent or which is the subject of price quotations in the over-the-counter market as reported by the National Association of Securities Dealers Automated Quotation System, the Parent shall continue to maintain at least
once class of common shares of the Parent having such trading privileges or which are the subject of such price quotations. 
 ARTICLE VIII. INFORMATION 
 For so long as this Agreement is in effect, unless the Requisite
Lenders (or, if required pursuant to Section 12.6., all of the Lenders) shall otherwise consent in the manner set forth in Section 12.6., the Parent and the Borrower, as applicable, shall furnish to each Lender (or to the Agent if so
provided below) at its Lending Office: 
 Section 8.1. Quarterly Financial Statements. 
 Not later than 5 days after the same is filed with the Securities and Exchange Commission (but in no event later than 60 days after the end 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 income, shareholders’ equity
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 the
chief executive officer or chief financial officer of the Parent, in his or her 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.

 Not later than 5 days after the same is 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 income, shareholders’ equity 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 the chief executive officer or chief financial
officer of the Parent, in his or her 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 and (b) accompanied by the report thereon of independent certified public accountants of recognized national standing, whose certificate shall be unqualified. 
  

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 Section 8.3. Compliance Certificate; Other Reports. 
 At the time financial statements are furnished pursuant to Sections 8.1. and 8.2., and within 5 Business Days of the Agent’s reasonable request
with respect to any other fiscal period, a certificate substantially in the form of Exhibit G (a “Compliance Certificate”) executed by the chief financial officer of the Parent: (a) setting forth in reasonable detail as at the
end of such quarterly accounting period, fiscal year, or other fiscal period, as the case may be, the calculations required to establish whether or not the Parent was in compliance with the covenants contained in Sections 9.1. and 9.4. and
(b) stating that, to the best of his or her knowledge, information and belief after due inquiry, no Default or Event of Default exists, or, if such is not the case, specifying such Default or Event of Default and its nature, when it occurred,
whether it is continuing and the steps being taken by the Parent and the Borrower with respect to such event, condition or failure. At the time financial statements are furnished pursuant to Sections 8.1. and 8.2., the Parent shall also deliver
(A) a report, in form and detail reasonably satisfactory to the Agent, setting forth a statement of Funds From Operations for the period of four consecutive fiscal periods then ending; and (B) a report, in form and detail reasonably
satisfactory to the Agent, setting forth a list of all Properties acquired by the Parent, the Borrower and the Subsidiaries since the date of the delivery of the previous such report, such list to identify such Property’s name, location, date
acquired, acquisition cost, amount of related mortgage Indebtedness, if any, and the Occupancy Rate and Net Operating Income for such Property. 
 Section 8.4. Other Information. 
 (a) Management Reports. Promptly upon receipt thereof, copies of all management
reports, if any, submitted to the Parent or its Board of Directors by its independent public accountants; 
 (b) Securities Filings.
Within 5 Business Days of the filing thereof, copies of all registration statements (excluding the exhibits thereto (unless requested by the 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 the Parent, the Borrower, any Subsidiary or any other Loan Party shall file with the Securities and Exchange Commission (or any Governmental Authority substituted therefor) or any
national securities exchange; 
 (c) Shareholder Information. Promptly upon the mailing thereof to the shareholders of the Parent
generally, 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) Partnership Information. Promptly upon the mailing thereof to the partners of the Borrower generally, copies of all financial statements,
reports and proxy statements so mailed; 
 (e) ERISA. If and when any member of the ERISA Group (i) gives or is required to give
notice to the PBGC of any “reportable event” (as defined in Section 4043 of ERISA) with respect to any Plan which might constitute grounds for a termination of such Plan under Title IV of ERISA, or knows that the plan administrator of
any Plan has given or is required to give notice of any such reportable event, a copy of the notice of such reportable event given or 

  

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required to be given to the PBGC; (ii) receives notice of complete or partial withdrawal liability under Title IV of ERISA or notice that any
Multiemployer Plan is in reorganization, is insolvent or has been terminated, a copy of such notice; (iii) receives notice from the PBGC under Title IV of ERISA of an intent to terminate, impose liability (other than for premiums under
Section 4007 of ERISA) in respect of, or appoint a trustee to administer any Plan, a copy of such notice; (iv) applies for a waiver of the minimum funding standard under Section 412 of the Internal Revenue Code, a copy of such
application; (v) gives notice of intent to terminate any Plan under Section 4041(c) of ERISA, a copy of such notice and other information filed with the PBGC; (vi) gives notice of withdrawal from any Plan pursuant to Section 4063
of ERISA, a copy of such notice; or (vii) fails to make any payment or contribution to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement or makes any amendment to any Plan or Benefit Arrangement, and of which has resulted
or could reasonably be expected to result in the imposition of a Lien or the posting of a bond or other security, 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 or applicable member of the ERISA Group is required or proposes to take; 
 (f) Litigation. To
the extent the Parent, the Borrower or any 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, the Parent, the Borrower or any Subsidiary or any of their respective properties, assets or businesses which could reasonably be expected to have a
Material Adverse Effect, and prompt notice of the receipt of notice that any United States income tax returns of the Parent, the Borrower or any Subsidiary are being audited; 
 (g) Modification of Organizational Documents. A copy of any amendment to the articles of incorporation, bylaws, partnership agreement, operating
agreement or other similar organizational documents of the Parent, the Borrower or any other Loan Party within 15 Business Days after the effectiveness thereof; 
 (h) Change of Management or Financial Condition. Prompt notice of any change in the senior management of the Parent or the Borrower and any change in the business, assets, liabilities, financial condition or
results of operations of the Parent, the Borrower or any Subsidiary which has had or could reasonably be expected to have a Material Adverse Effect; 
 (i) Default. Notice of the occurrence of any of the following promptly upon a Responsible Officer of the Parent or the Borrower obtaining knowledge thereof: (i) any Default or Event of Default or
(ii) any event which constitutes or which with the passage of time, the giving of notice, or otherwise, would constitute a default or event of default by the Parent, the Borrower, any Subsidiary or any other Loan Party 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; 
  

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 (j) Judgments. Prompt notice of any order, judgment or decree in excess of $10,000,000 having been
entered against the Parent, the Borrower, any Subsidiary or any other Loan Party or any of their respective properties or assets; 
 (k)
Notice of Violations of Law. Prompt notice if the Parent, the Borrower, any Subsidiary or any other Loan Party shall receive any notification from any Governmental Authority alleging a violation of any Applicable Law or any inquiry which, in
either case, could reasonably be expected to have a Material Adverse Effect; 
 (l) Patriot Act Information. From time to time and
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)); and 
 (m) Other Information. From time to time and promptly upon each request, such certificates, documents or information regarding the business,
assets, liabilities, financial condition, results of operations or business prospects of the Parent, the Borrower or any Subsidiaries as the Agent or any Lender (through the Agent) may reasonably request. 
 Section 8.5. Electronic Delivery of Certain Information. 
 (a) The Parent and the Borrower may deliver documents, materials and other information required to be delivered pursuant to Article VIII. (collectively, “Information”) in an electronic format acceptable to the Agent by
e-mailing any such Information to an e-mail address of the Agent as specified to the Borrower by the Agent from time to time. The Agent shall promptly post such Information on the Parent’s or the Borrower’s behalf on an internet or
intranet website to which each Lender and the Agent has access, whether a commercial, third-party website (such as Intralinks or SyndTrak) or a website sponsored by the Agent (the “Platform”). Such Information shall only be deemed to have
been delivered to the Lenders on the date on which such Information is so posted. 
 (b) In addition, the Parent and the Borrower may deliver
Information required to be delivered pursuant to Sections 8.1., 8.2., and 8.4.(b) and (c) by posting any such Information to the Parent’s internet website (as of the Agreement Date, www.piedmontreit.com). Any such Information provided
in such manner shall only be deemed to have been delivered to the Agent or a Lender (i) on the date on which the Agent or such Lender, as applicable, receives notice from the Borrower that such Information has been posted to the Parent’s
internet website and (ii) only if such Information is publicly available without charge on such website. If for any reason, the Agent or a Lender either did not receive such notice or after reasonable efforts was unable to access such website,
then the Agent or such Lender, as applicable, shall not be deemed to have received such Information. In addition to any manner permitted by Section 12.1., the Borrower may notify the Agent or a Lender that Information has been posted to such a
website by causing an e-mail notification to be sent to an e-mail address specified from time to time by the Agent or such Lender, as applicable. 
 (c) Notwithstanding anything in this Section to the contrary (i) the Parent and the Borrower shall deliver paper copies of Information to the Agent or any Lender that requests the Parent and the Borrower to deliver such paper copies
until a written request to cease delivering paper copies is given to the Borrower by the Agent or such Lender and (ii) in every instance the Parent shall be required to provide to the Agent a paper original of the Compliance Certificate
required by Section 8.3. 
  

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 (d) The Parent and the Borrower acknowledge and agree that the Agent may make Information, as well as any
other written information, reports, data, certificates, documents, instruments, agreements and other materials relating to the Parent, the Borrower, any Subsidiary or any other Loan Party or any other materials or matters relating to this Agreement,
any of the other Loan Documents or any of the transactions contemplated by the Loan Documents, in each case to the extent that the Agent’s communication thereof to the Lenders is otherwise permitted hereunder (collectively, the
“Communications”) available to the Lenders by posting the same on the Platform. The Parent and the Borrower acknowledge that (i) the distribution of material through an electronic medium, such as the Platform, is not necessarily
secure and that there are confidentiality and other risks associated with such distribution, (ii) the Platform is provided “as is” and “as available” and (iii) neither the Agent nor any of its Affiliates warrants the
accuracy, adequacy or completeness of the Communications or the Platform and each expressly disclaims liability for errors or omissions in the Communications or the Platform. 
 (e) The Agent shall have no obligation to request the delivery or to maintain copies of any of the Information or other materials referred to above, and
in no event shall have any responsibility to monitor compliance by the Parent or the Borrower with any such requests. Each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such Information or other
materials. 
 Section 8.6. Public/Private Information. 
 The Parent and the Borrower will cooperate with the Agent in connection with the publication of certain materials and/or information provided by or on behalf of the Parent or the Borrower to the Agent and the Lenders
(collectively, “Information Materials”) pursuant to this Article and will designate Information Materials (a) that are either available to the public or not material with respect to the Parent, the Borrower and the 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”. 
 ARTICLE IX. NEGATIVE COVENANTS 
 For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 12.6., all of the Lenders) shall
otherwise consent in the manner set forth in Section 12.6., the Parent and the Borrower shall comply with the following covenants: 
 Section 9.1. Financial Covenants. 
 The Parent shall not permit: 
 (a) Maximum Leverage Ratio. The ratio of (i) Total Indebtedness to (ii) Total Asset Value, to exceed 0.60 to 1.00 at any time;
provided, however, that if such ratio is greater than 0.60 to 1.00 but is not greater than 0.65 to 1.00, then such failure to comply with the foregoing 

  

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covenant shall not constitute a Default or an Event of Default and the Parent shall be deemed to be in compliance with this Section 9.1(a) so long as
(1) the Parent’s failure to comply with the foregoing covenant is in connection with the Parent’s (or any Consolidated Subsidiary’s) acquisition of a portfolio of Properties, (2) such acquisition is otherwise permitted
hereunder, (3) such ratio does not exceed 0.65 to 1.00 for a period of more than four consecutive fiscal quarters and (4) such ratio has not exceeded 0.60 to 1.00 at any other time during the current fiscal year of the Parent. 

(b) Minimum Fixed Charge Coverage Ratio. The ratio of (i) Adjusted EBITDA for the period of four consecutive fiscal quarters of the Parent
most recently ending to (ii) Fixed Charges of the Parent for such period, to be less than 1.50 to 1.00 at any time. 
 (c) Maximum
Secured Indebtedness Ratio. The ratio of (i) Secured Indebtedness of the Parent to (ii) Total Asset Value, to exceed 0.40 to 1.00 at any time. 
 (d) Minimum Unencumbered Leverage Ratio. The ratio of (i) Unencumbered Asset Value to (ii) Unsecured Indebtedness of the Parent plus the Parent’s Share of Unsecured Indebtedness of its
Consolidated Subsidiaries and Unconsolidated Affiliates, to be less than 1.60 to 1.00 at any time. 
 (e) Minimum Unencumbered Interest
Coverage Ratio. The ratio of (i) Unencumbered NOI for the period of four consecutive fiscal quarters of the Parent most recently ending to (ii) Unsecured Interest Expense for such period, to be less than 1.75 to 1.00 at any time.

 Section 9.2. Restricted Payments. 
 If a Default or Event of Default specified in Section 10.1.(a) or Section 10.1.(b) 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 and the Borrower shall not, and shall not permit any Subsidiary to, make any Restricted Payments to any Person provided, however, that the Borrower may declare and make cash distributions to the Parent and its other
partners on a pro rata basis 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 7.13. 
 Section 9.3. Indebtedness. 
 The Parent and the Borrower shall not, and shall not permit any Subsidiary or any other Loan Party to, incur, assume, or otherwise become obligated in respect of any Indebtedness after the Agreement Date if
immediately thereafter and after giving effect thereto, a Default or Event of Default 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. 
  

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 Section 9.4. Certain Permitted Investments. 
 The Parent and the Borrower shall not, and shall not permit any Subsidiary to, make any Investment in or otherwise own the following items which would
cause the aggregate value of such holdings of the Parent and the Parent’s Share of the aggregate value of such holdings of the Consolidated Subsidiaries in the following items (without duplication) to exceed 35% of Total Asset Value at any
time: 
 (a) Investments in Unconsolidated Affiliates and other Persons that are not Subsidiaries; 
 (b) Mortgage Receivables (based on the aggregate GAAP book value of all Mortgage Receivables); 
 (c) Construction; and 
 (d) Unimproved Land.

 Section 9.5. Investments Generally. 
 The Parent and the Borrower shall not, and shall not permit any Subsidiary or other Loan Party to, directly or indirectly, acquire, make or purchase any Investment, or permit any Investment of such Person to be outstanding on and after the
Agreement Date, other than the following: 
 (a) ownership of Equity Interests in Subsidiaries and Unconsolidated Affiliates; provided that,
notwithstanding anything to the contrary contained herein, the purchase or acquisition of additional Equity Interests in a Subsidiary or Unconsolidated Affiliate is permitted only so long as immediately prior to such purchase or acquisition, and
after giving effect thereto, no Default or Event of Default is or would be in existence; 
 (b) Investments to acquire Equity Interests of a
Subsidiary or any other Person who after giving effect to such acquisition would be a Subsidiary, so long as in each case immediately prior to such Investment, and after giving effect thereto, no Default or Event of Default is or would be in
existence; 
 (c) Investments permitted under Section 9.4.; 
 (d) Investments in Cash Equivalents; 
 (e)
intercompany Indebtedness among the Parent, the Borrower and other Loan Parties provided that such Indebtedness is permitted by the terms of Section 9.3.; 
 (f) loans and advances to officers and employees for moving, entertainment, travel and other similar expenses in the ordinary course of business consistent with past practices; and 
  

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 (g) any other Investment so long as immediately prior to making such Investment, and immediately
thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence. 
 Section 9.6. Liens; Negative Pledges;
Other Matters. 
 (a) The Parent and the Borrower shall not, and shall not permit any Subsidiary or 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 following the creation, assumption or incurring of such Lien, a Default or
Event of Default 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. 
 (b) The Parent and the Borrower shall not, and shall not permit any Subsidiary or other Loan Party to, enter into, assume or otherwise be bound by any
Negative Pledge with respect to any Eligible Property or otherwise if, immediately prior to entering into, assuming or being bound by such Negative Pledge or immediately thereafter and after giving effect thereto, a Default or Event of Default is or
would be in existence hereunder. 
 (c) The Parent and the Borrower shall not, and shall not permit any Subsidiary or other Loan Party 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 or a Subsidiary that is not a Wholly Owned Subsidiary) to:
(i) 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 Subsidiary; (ii) pay any Indebtedness owed to the Parent, the Borrower or
any Subsidiary; (iii) make loans or advances to the Parent, the Borrower or any Subsidiary; or (iv) transfer any of its property or assets to the Parent, the Borrower or any Subsidiary. 
 Section 9.7. Merger, Consolidation, Sales of Assets and Other Arrangements. 
 The Parent and the Borrower shall not, and shall not permit any Subsidiary or other Loan Party to: (i) enter into any transaction of merger or consolidation; (ii) liquidate, wind up or dissolve itself (or
suffer any liquidation or dissolution); or (iii) convey, sell, lease, sublease, transfer or otherwise dispose of, in one transaction or a series of transactions, all or substantially all of its business or assets, whether now owned or hereafter
acquired; provided, however, that: 
 (a) any of the actions described in the immediately preceding clauses (i) through (iii) may
be taken with respect to any Subsidiary or any Loan Party (other than the Parent or the Borrower) so long as: 
 (i)
immediately prior to the taking of such action, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence; and 
  

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 (ii) in the case of a merger involving a Loan Party or a Subsidiary that owns or leases
an Eligible Property, (x) the Borrower shall have given the Agent and the Lenders at least 10 Business Days’ prior written notice of such merger, such notice to include a certification to the effect that immediately after and after giving
effect to such action, no Default or Event of Default is or would be in existence, (y) if the Subsidiary so merging is a Loan Party and the survivor entity is to be a Guarantor, the survivor entity shall, if requested by the Agent, have
executed and delivered an assumption agreement in form and substance satisfactory to the Agent pursuant to which such survivor entity shall expressly assume all of such Loan Party’s Obligations under the Loan Documents to which it is a party,
and (z) within 30 days of consummation of such merger, the survivor entity, if a Loan Party delivers to the Agent items of the type referred to in Sections 5.1.(a)(v) through (viii) with respect to the survivor entity as in effect after
consummation of such merger (if not previously delivered to the Agent and still in effect); 
 (b) the Parent, the Borrower, its Subsidiaries
and the other Loan Parties may lease and sublease their respective assets, as lessor or sublessor (as the case may be), in the ordinary course of their business; 
 (c) a Person may merge with or into the Parent or the Borrower so long as: 
 (i) the Parent
or the Borrower, as the case may be, is the survivor of such merger, or if the Parent or the Borrower is not the survivor, (w) the survivor is a Person organized and existing under the laws of the United States of America, any State thereof or
the District of Columbia, (x) the survivor shall expressly assume, pursuant to an agreement in form satisfactory to the Agent, all obligations of Parent or the Borrower, as applicable, under the Loan Documents to which it is a party,
(y) individuals who constituted the Board of Directors of the Parent immediately prior to such merger constitute a majority of the Board of Directors of the Parent immediately following such merger, (z) at least 3 of the individuals that
were Senior Officers immediately prior to such merger are Senior Officers immediately following such merger; 
 (ii)
immediately prior to such merger, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence; and 
 (iii) the Borrower shall have given the Agent and the Lenders at least 10 Business Days’ prior written notice of such merger, such
notice to include a certification as to the matters described in the immediately preceding clause (ii) (except that such prior notice shall not be required in the case of the merger of a Subsidiary with and into the Parent or the Borrower);

 (d) the Parent, the Borrower and each Subsidiary may sell, transfer or dispose of assets among themselves. 
 Section 9.8. Fiscal Year. 
 The Parent shall not
change its fiscal year from that in effect as of the Agreement Date. 
  

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 Section 9.9. Modifications of Organizational Documents. 
 The Parent and the Borrower shall not, and shall not permit any Loan Party or other Subsidiary to, amend, supplement, restate or otherwise modify its
articles or certificate of incorporation, by-laws, operating agreement, declaration of trust, partnership agreement or other applicable organizational document if such amendment, supplement, restatement or other modification could reasonably be
expected to have a Material Adverse Effect. 
 Section 9.10. Transactions with Affiliates. 
 The Parent and the Borrower shall not, and shall not permit any Subsidiary or any other Loan Party 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 a Loan Party), except (a) transactions in the ordinary course of and pursuant to the reasonable requirements of the
business of the Parent, the Borrower or any Subsidiary and upon fair and reasonable terms which are no less favorable to the Parent, the Borrower or such Subsidiary than would be obtained in a comparable arm’s length transaction with a Person
that is not an Affiliate and (b) transactions solely among the Parent, the Borrower, other Loan Parties and Wholly Owned Subsidiaries. 
 Section 9.11. ERISA Exemptions. 
 The Parent and the Borrower shall not, and shall not permit any 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. 
 ARTICLE X. DEFAULT 
 Section 10.1. Events of Default. 

 Each of the following shall constitute an Event of Default, whatever the reason for such event and whether it shall be voluntary or
involuntary or be effected by operation of Applicable Law or pursuant to any judgment or order of any Governmental Authority: 
 (a)
Default in Payment of Principal. The Borrower shall fail to pay when due (whether upon demand, at maturity, by reason of acceleration or otherwise) the principal of any of the Loans. 
 (b) Default in Payment of Interest and Other Obligations. (i) The Borrower shall fail to pay when due any interest on any of the Loans, and
such failure shall continue for a period of 5 Business Days or (ii) the Borrower shall fail to pay when due any of the other payment Obligations owing by the Borrower under this Agreement or any other Loan Document, or any other Loan Party
shall fail to pay when due any payment Obligation owing by such other Loan Party under any Loan Document to which it is a party, and in each case, such failure shall continue for a period of 10 calendar days. 
  

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 (c) Default in Performance. (i) The Borrower or the Parent shall fail to perform or observe
any term, covenant, condition or agreement contained in Section 8.1., Section 8.2., Section 8.3., Section 8.4.(i) or in Article IX. or (ii) the Borrower, the Parent or any other 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 clause (ii) only such failure shall continue
for a period of 30 days after the date upon which the Borrower has received written notice of such failure from the Agent. 
 (d)
Misrepresentations. Any written statement, representation or warranty made or deemed made by or on behalf of 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 or made or deemed made by or on behalf of any Loan Party to the Agent or any Lender, shall at any time prove to have been incorrect or misleading, in light of the circumstances in which made or deemed made, in any
material respect when furnished or made or deemed made. 
 (e) Indebtedness Cross-Default; Derivatives Contracts. 
 (i) The Borrower, the Parent or any other Loan Party shall fail to pay when due and payable, within any applicable grace or cure period,
the principal of, or interest on, any Indebtedness (other than (x) Indebtedness which is Nonrecourse Indebtedness to the Borrower, the Parent and each other Loan Party, (y) the Loans and (z) Indebtedness in respect of Derivatives
Contracts) having an aggregate outstanding principal amount of $30,000,000 or more (“Material Indebtedness”); 
 (ii)(x) the maturity of any Material Indebtedness shall have been accelerated in accordance with the provisions of any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Material
Indebtedness or (y) any Material Indebtedness shall have been required to be prepaid or repurchased prior to the stated maturity thereof (other than as a result of actions taken by the Borrower, the Parent or a Loan Party in the ordinary course
of business); 
 (iii) any other event shall have occurred and be continuing which permits any holder or holders of Material
Indebtedness, any trustee or agent acting on behalf of such holder or holders or any other Person, to accelerate the maturity of any such Material Indebtedness or require any such Material Indebtedness to be prepaid or repurchased prior to its
stated maturity; or 
 (iv) as a result of any Loan Party’s failure to perform or observe any term, covenant, condition
or agreement contained in any Derivatives Contract, such Derivatives Contract is terminated and the Derivatives Termination Value owed by such Loan Party as a result thereof is $30,000,000 or more. 
  

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 (f) 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 of 1978, as amended, or other federal bankruptcy laws (as now or hereafter in effect); (ii) file a petition seeking to take advantage of any other
Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; (iii) consent to, or fail to contest in a timely and appropriate manner, any petition filed against it
in an involuntary case under such bankruptcy laws or other Applicable Laws or consent to any proceeding or action described in the immediately following subsection; (iv) apply for or consent to, or fail to contest in a timely and appropriate
manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign; (v) admit in writing its inability to pay its debts as they
become due; (vi) make a general assignment for the benefit of creditors; (vii) make a conveyance fraudulent as to creditors under any Applicable Law; or (viii) take any corporate or partnership action for the purpose of effecting any
of the foregoing. 
 (g) 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 of 1978, as amended, or other federal bankruptcy laws (as now or hereafter in effect) or under any
other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; or (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of such Person,
or of all or any substantial part of the assets, domestic or foreign, of such Person, and such case or proceeding shall continue undismissed or unstayed for a period of 60 consecutive calendar days, or an order granting the remedy or other
relief requested in such case or proceeding against the Parent, the Borrower, such Significant Subsidiary or such other Loan Party (including, but not limited to, an order for relief under such Bankruptcy Code or such other federal bankruptcy laws)
shall be entered. 
 (h) Litigation; Enforceability. The Parent, the Borrower or any other Loan Party shall disavow, revoke or
terminate (or attempt to terminate) any Loan Document to which it is a party or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity or enforceability of this
Agreement, any Note or any other Loan Document or this Agreement, any Note, the Facility Guaranty or any other Loan Document shall cease to be in full force and effect (except as a result of the express terms thereof). 
 (i) Judgment. A judgment or order for the payment of money or for an injunction shall be entered against the Parent, the Borrower or any other
Loan Party, by any court or other tribunal and (i) such judgment or order shall continue for a period of 30 days without being paid, stayed or dismissed through appropriate appellate proceedings and (ii) either (A) the amount of such
judgment or order for which insurance has not been acknowledged in writing by the applicable insurance carrier (or the amount as to which the insurer has denied liability) exceeds, individually or together with all other such outstanding judgments
or orders entered against the Parent, the Borrower and such other Loan Parties, $20,000,000 or (B) in the case of an injunction or other non-monetary judgment, such injunction or judgment could reasonably be expected to have a Material Adverse
Effect. 
  

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 (j) Attachment. A warrant, writ of attachment, execution or similar process shall be issued
against any property of the Parent, the Borrower or any other Loan Party which exceeds, individually or together with all other such warrants, writs, executions and processes, $20,000,000 in amount and such warrant, writ, execution or process shall
not be discharged, vacated, stayed or bonded for a period of 30 days; provided, however, that if a bond has been issued in favor of the claimant or other Person obtaining such warrant, writ, execution or process, the issuer of such bond shall
execute a waiver or subordination agreement in form and substance satisfactory to the Agent pursuant to which the issuer of such bond subordinates its right of reimbursement, contribution or subrogation to the Obligations and waives or subordinates
any Lien it may have on the assets of any Loan Party. 
 (k) ERISA. Any member of the ERISA Group shall fail to pay when due an amount
or amounts aggregating in excess of $20,000,000 which it shall have become liable to pay under Title IV of ERISA; or notice of intent to terminate a Plan or Plans having aggregate Unfunded Liabilities in excess of $20,000,000 shall be filed under
Title IV of ERISA by any member of the ERISA Group, any plan administrator or any combination of the foregoing; or the PBGC shall institute proceedings under Title IV of ERISA to terminate, to impose liability (other than for premiums under
Section 4007 of ERISA) in respect of, or to cause a trustee to be appointed to administer, any Plan or Plans having aggregate Unfunded Liabilities in excess of $20,000,000; or a condition shall exist by reason of which the PBGC would be
entitled to obtain a decree adjudicating that any such Plan must be terminated; or there shall occur a complete or partial withdrawal from, or a default, within the meaning of Section 4219(c)(5) of ERISA, with respect to, one or more
Multiemployer Plans which could cause one or more members of the ERISA Group to incur a current payment obligation in excess of $20,000,000. 
 (l) Loan Documents. An Event of Default (as defined therein) shall occur under any of the other Loan Documents. 
 (m)
Change of Control/Change in Management. 
 (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 33% of the total
voting power of the then outstanding voting stock of the Parent; 
 (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 

  

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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 a majority of the Board of Directors of the Parent then in office; 
 (iii) 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; or 
 (iv) If any of the individuals that are Senior Officers of the Parent cease for any reason to be Senior
Officers of the Parent, and the Parent shall have failed to replace the resulting vacancies with individuals having comparable industry experience within a period of 180 days. 
 (n) An Event of Default under and as defined in the Existing Revolving Credit Facility shall occur. 
 Section 10.2. Remedies Upon Event of Default. 
 Upon the occurrence of an Event of Default the following provisions shall apply: 
 (a) Acceleration. 
 (i) Automatic. Upon the occurrence of an Event of Default specified in Section 10.1.(f) or 10.1.(g), (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 (other than obligations in respect of Derivatives Contracts), including, but not limited to, the other amounts owed to the
Lenders and the Agent under this Agreement, the Notes or any of the other Loan Documents 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 Borrower. 
 (ii) Optional. If any other Event of Default shall exist, the Agent shall, at the direction of the
Requisite Lenders: (A) declare the principal of, and accrued interest on, the Loans and the Notes at the time outstanding and (B) all of the other Obligations (other than obligations in respect of Derivatives Contracts), including, but not
limited to, the other amounts owed to the Lenders and the Agent under this Agreement, the Notes or any of the other Loan Documents to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment,
demand, protest or other notice of any kind, all of which are expressly waived by the Borrower. 
 (b) Loan Documents. The Requisite
Lenders may direct the Agent to, and the Agent if so directed shall, exercise any and all of its rights under any and all of the other Loan Documents. 
 (c) Applicable Law. The Requisite Lenders may direct the Agent to, and the Agent if so directed shall, exercise all other rights and remedies it may have under any Applicable Law. 
  

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 (d) Appointment of Receiver. To the extent permitted by Applicable Law, the Agent and the Lenders
shall be entitled to the appointment of a receiver for the assets and properties of the Parent, the Borrower and the 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 business operations of the Parent, the Borrower and the Subsidiaries and to exercise such power as the court shall confer upon such receiver. 
 Section 10.3. Allocation of Proceeds. 
 If an
Event of Default shall exist and maturity of any of the Obligations has been accelerated, all payments received by the Agent under any of the Loan Documents, in respect of any principal of or interest on the Obligations or any other amounts payable
by the Borrower hereunder or thereunder, shall be applied in the following order and priority: 
 (a) amounts due the Agent in respect of
fees and expenses due under Section 12.2.; 
 (b) amounts due the Lenders in respect of fees and expenses due under Section 12.2.,
pro rata in the amount then due each Lender; 
 (c) payments of interest on the Loans, to be applied for the ratable benefit of the Lenders;

 (d) payments of principal on the Loans, to be applied for the ratable benefit of the Lenders; 
 (e) amounts due the Agent and the Lenders pursuant to Sections 11.7. and 12.9.; 
 (f) payment of all other Obligations and other amounts due and owing by the Borrower and the other Loan Parties under any of the Loan Documents, if any,
to be applied for the ratable benefit of the Lenders; and 
 (g) any amount remaining after application as provided above, shall be paid to
the Borrower or whomever else may be legally entitled thereto. 
 Section 10.4. Performance by Agent. 
 If the Borrower, the Parent or any other Loan Party shall fail to perform any covenant, duty or agreement contained in any of the Loan Documents, the
Agent may, after notice to the Borrower, perform or attempt to perform such covenant, duty or agreement on behalf of the Borrower, the Parent or such Loan Party after the expiration of any cure or grace periods set forth herein. In such event, the
Borrower shall, at the request of the Agent, promptly pay any amount reasonably expended by the Agent in such performance or attempted performance to the Agent, together with interest thereon at the applicable Post-Default Rate from the date of such

  

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expenditure until paid. Notwithstanding the foregoing, neither the Agent nor any Lender shall have any liability or responsibility whatsoever for the
performance of any obligation of the Borrower, the Parent or any other Loan Party under this Agreement or any other Loan Document. 
 Section 10.5.
Rights Cumulative. 
 The rights and remedies of the Agent and the Lenders under this Agreement and each of the other Loan Documents shall
be cumulative and not exclusive of any rights or remedies which any of them may otherwise have under Applicable Law. In exercising their respective rights and remedies the Agent and the Lenders may be selective and no failure or delay by the Agent
or any of the Lenders in exercising any right shall operate as a waiver of it, nor shall any single or partial exercise of any power or right preclude its other or further exercise or the exercise of any other power or right. 
 ARTICLE XI. THE AGENT 
 Section 11.1. Authorization and Action. 
 Each Lender hereby appoints and authorizes the Agent to
take such action as contractual representative on such Lender’s behalf and to exercise such powers under this Agreement and the other Loan Documents as are specifically delegated to the Agent by the terms hereof and thereof, together with such
powers as are reasonably incidental thereto. Not in limitation of the foregoing, each Lender authorizes and directs the Agent to enter into the Loan Documents for the benefit of the Lenders. Each Lender hereby agrees that, except as otherwise set
forth herein, any action taken by the Requisite Lenders in accordance with the provisions of this Agreement or the Loan Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers
as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders. Nothing herein shall be construed to deem the Agent a trustee or fiduciary for any Lender or to impose on the Agent duties or obligations other than those
expressly provided for herein. At the request of a Lender, the Agent will forward to such Lender copies or, where appropriate, originals of the documents delivered to the Agent pursuant to this Agreement or the other Loan Documents. The Agent will
also furnish to any Lender, upon the request of such Lender, a copy of any certificate or notice furnished to the Agent by the Borrower, any other Loan Party or any other Affiliate of the Borrower, pursuant to this Agreement or any other Loan
Document not already delivered to such Lender pursuant to the terms of this Agreement or any such other Loan Document. As to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement or collection of
any of the Obligations), the Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the
instructions of the Requisite Lenders (or all of the Lenders if explicitly required under any other provision of this Agreement), and such instructions shall be binding upon all Lenders and all holders of any of the Obligations; provided, however,
that, notwithstanding anything in this Agreement to the contrary, the Agent shall not be required to take any action which exposes the 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, 

  

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the Agent shall not exercise any right or remedy it or the Lenders may have under any Loan Document upon the occurrence of a Default or an Event of Default
unless the Requisite Lenders (or all of the Lenders if explicitly required under any provision of this Agreement) have so directed the Agent to exercise such right or remedy. 
 Section 11.2. Agent’s Reliance, Etc. 
 Notwithstanding any other provisions of this
Agreement or any other Loan Documents, neither the Agent nor any of its directors, officers, agents, employees or counsel shall be liable to any Lender for any action taken or omitted to be taken by it or them under or in connection with this
Agreement or any other Loan Document, except for its or their own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment. Without limiting the generality of the foregoing, the
Agent: (a) may treat the payee of any Note as the holder thereof until the Agent receives written notice of the assignment or transfer thereof signed by such payee and in form satisfactory to the Agent; (b) may consult with legal counsel
(including its own counsel or counsel for the Borrower or any other 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; (c) makes no warranty or representation to any Lender or any other Person and shall not be responsible to any Lender or any other Person for any statements, warranties or representations
made by any Person in or in connection with this Agreement or any other Loan Document; (d) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of any of this
Agreement or any other Loan Document or the satisfaction of any conditions precedent under this Agreement or any Loan Document on the part of the Parent, the Borrower, any Loan Party or other Persons (except for the delivery to it of any certificate
or document specifically required to be delivered to it pursuant to Section 5.1.) or inspect the property, books or records of the Parent, the Borrower, any Loan Party or any other Person; (e) shall not be responsible to any Lender for the
due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan Document, any other instrument or document furnished pursuant thereto or any collateral covered thereby or the perfection or
priority of any Lien in favor of the Agent on behalf of the Lenders in any such collateral; and (f) shall incur no liability to any Lender under or in respect of this Agreement or any other Loan Document by acting upon any notice, consent,
certificate or other instrument or writing (which may be by telephone or telecopy) believed by it to be genuine and signed, sent or given by the proper party or parties. 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 Agent and the other Lenders that the Borrower has satisfied the conditions precedent for initial Loans set forth in Sections 5.1. and 5.2. and that have not previously been waived by the
Requisite Lenders. 
 Section 11.3. Notice of Defaults. 
 The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received notice from a Lender or the Borrower referring to this Agreement, describing
with reasonable specificity such Default or Event of Default and stating that such notice is a “notice of default.” If any Lender (excluding the Lender which is also serving as the Agent) becomes aware of any Default or Event of Default,
it shall promptly send to the Agent such a “notice of default.” Further, if the Agent receives such a “notice of default”, the Agent shall give prompt notice thereof to the Lenders. 
  

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 Section 11.4. JPMorgan as Lender. 
 JPMorgan, as a Lender, shall have the same rights and powers under this Agreement and any other Loan Document as any other Lender and may exercise the
same as though it were not the Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include JPMorgan in each case in its individual capacity. JPMorgan and its Affiliates may each accept deposits
from, maintain deposits or credit balances for, invest in, lend money to, act as trustee under indentures of, serve as financial advisor to, and generally engage in any kind of business with, the Borrower, any other Loan Party or any other Affiliate
thereof as if it were any other bank and without any duty to account therefor to the other Lenders. Further, the Agent and any Affiliate may accept fees and other consideration from the Borrower for services in connection with this Agreement and
otherwise without having to account for the same to the other Lenders. The Lenders acknowledge that, pursuant to such activities, JPMorgan 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 Agent shall be under no obligation to provide such information to them. 
 Section 11.5. Approvals of Lenders. 
 All
communications from the 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 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 Agent by the Parent
or the Borrower in respect of the matter or issue to be resolved, and (d) shall include the Agent’s recommended course of action or determination in respect thereof. Each Lender shall reply promptly, but in any event within 10 Business
Days (or such lesser or greater period as may be specifically required under the Loan Documents) of receipt of such communication. Except as otherwise provided in this Agreement, unless a Lender shall give written notice to the Agent that it
specifically objects to the recommendation or determination of the Agent (together with a written explanation of the reasons behind such objection) within the applicable time period for reply, such Lender shall be deemed to have conclusively
approved of or consented to such recommendation or determination. 
 Section 11.6. Lender Credit Decision, Etc. 
 Each Lender expressly acknowledges and agrees that neither the Agent nor any of its officers, directors, employees, agents, counsel, attorneys-in-fact or
other Affiliates has made any representations or warranties as to the financial condition, operations, creditworthiness, solvency or other information concerning the business or affairs of the Parent, the Borrower, any other 

  

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Loan Party, any Subsidiary or any other Person to such Lender and that no act by the Agent hereafter taken, including any review of the affairs of the
Parent, the Borrower, any other Loan Party or any other Subsidiary, shall be deemed to constitute any such representation or warranty by the Agent to any Lender. Each Lender 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 Agent, any other Lender or counsel to the Agent, or any of their respective officers, directors, employees and agents, and
based on the financial statements of the Parent, the Borrower, the Subsidiaries or any other Affiliate thereof, and inquiries of such Persons, its independent due diligence of the business and affairs of the Parent, the Borrower, the other Loan
Parties, the 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
Lender also acknowledges that it will, independently and without reliance upon the Agent, any other Lender or counsel to the Agent or any of their respective officers, directors, employees and agents, and based on such review, advice, documents and
information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under the Loan Documents. Except for notices, reports and other documents and information expressly required to be furnished to
the Lenders by the Agent under this Agreement or any of the other Loan Documents, the Agent shall have no duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, financial and
other condition or creditworthiness of the Parent, the Borrower, any other Loan Party or any other Affiliate thereof which may come into possession of the Agent, or any of its officers, directors, employees, agents, attorneys-in-fact or other
Affiliates. Each Lender acknowledges that the Agent’s legal counsel in connection with the transactions contemplated by this Agreement is only acting as counsel to the Agent and is not acting as counsel to such Lender. 
 Section 11.7. Indemnification of Agent. 
 Each
Lender agrees to indemnify the Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) pro rata in accordance with such Lender’s respective Credit Percentage, 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 Agent (in its capacity as Agent but not as a Lender) in any way relating to or arising out of the Loan Documents, any transaction contemplated hereby or thereby or any action taken or omitted by the Agent under the Loan Documents (collectively,
“Indemnifiable Amounts”); provided, however, that no Lender shall be liable for any portion of such Indemnifiable Amounts to the extent resulting from the Agent’s gross negligence or willful misconduct as determined by a court of
competent jurisdiction in a final, non-appealable judgment or if the Agent fails to follow the written direction of the Requisite Lenders (or all of the Lenders if expressly required hereunder) unless such failure results from the Agent following
the advice of counsel to the Agent of which advice the Lenders have received notice. Without limiting the generality of the foregoing but subject to the preceding proviso, each Lender agrees to reimburse the Agent (to the extent not reimbursed by
the Borrower and without limiting the obligation of the Borrower to do so), promptly upon demand for its ratable share of any out-of-pocket expenses (including counsel fees of the counsel(s) of the Agent’s own choosing) incurred by the Agent in
connection with the 

  

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preparation, negotiation, execution, or enforcement of, or legal advice with respect to the rights or responsibilities of the parties under, the Loan
Documents, any suit or action brought by the Agent to enforce the terms of the Loan Documents and/or collect any Obligations, any “lender liability” suit or claim brought against the Agent and/or the Lenders, and any claim or suit brought
against the Agent, and/or the Lenders arising under any Environmental Laws. Such out-of-pocket expenses (including counsel fees) shall be advanced by the Lenders on the request of the Agent notwithstanding any claim or assertion that the Agent is
not entitled to indemnification hereunder upon receipt of an undertaking by the Agent that the Agent will reimburse the Lenders if it is actually and finally determined by a court of competent jurisdiction that the Agent is not so entitled to
indemnification. The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder or under the other Loan Documents and the termination of this Agreement. If the Borrower shall reimburse the Agent for any
Indemnifiable Amount following payment by any Lender to the Agent in respect of such Indemnifiable Amount pursuant to this Section, the Agent shall share such reimbursement on a ratable basis with each Lender making any such payment. 
 Section 11.8. Successor Agent. 
 The Agent may
resign at any time as Agent under the Loan Documents by giving written notice thereof to the Lenders and the Borrower. The Agent may be removed as Agent under the Loan Documents for good cause by all of the Lenders (other than the Lender then acting
as Agent) upon 30-days’ prior written notice to the Agent. Upon any such resignation or removal, the Requisite Lenders (other than the Lender then acting as Agent, in the case of the removal of the Agent under the immediately preceding
sentence) shall have the right to appoint a successor Agent 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 its Affiliates that are Qualified Institutions as a successor Agent). If no successor Agent shall have been so appointed in accordance with the immediately preceding
sentence, and shall have accepted such appointment, within 30 days after the resigning Agent’s giving of notice of resignation or the Lenders’ removal of the resigning Agent, then the resigning or removed Agent may, on behalf of the
Lenders, appoint a successor Agent, which shall be a Lender, if any Lender shall be willing to serve, and otherwise shall be a commercial bank having total combined assets of at least $50,000,000,000. Upon the acceptance of any appointment as Agent
hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Agent, and the retiring or removed Agent shall be discharged from its
duties and obligations under the Loan Documents. After any Agent’s resignation or removal hereunder as 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 Agent under the Loan Documents. 
 Section 11.9. Titled Agents. 
 Each of the Titled Agents in each such respective capacity, assumes no responsibility or obligation hereunder, including, without limitation, for
servicing, enforcement or collection of any of the Loans, or for any duties as an agent hereunder for the Lenders. The titles of “Co-Lead Arranger”, “Book Manager”, “Syndication Agent” and “Documentation
Agent” are solely 

  

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honorific and imply no fiduciary responsibility on the part of the Titled Agents to the Agent, the Borrower or any Lender and the use of such titles does not
impose on the Titled Agents any duties or obligations greater than those of any other Lender or entitle the Titled Agents to any rights other than those to which any other Lender is entitled. 
 ARTICLE XII. MISCELLANEOUS 
 Section 12.1. Notices. 

 Unless otherwise provided herein, communications provided for hereunder shall be in writing and shall be mailed, telecopied or delivered as
follows: 
 If to the Borrower: 
 Piedmont Operating Partnership, LP 
 6200 The Corners Parkway, Suite 500 
 Norcross, GA 30092-3365 
 Attn: Raymond L.
Owens and Robert E. Bowers 
 Telephone:    (770) 243-8589 
 Telecopy:      (770) 243-8294 
 With a copy to: 
 DLA Piper US LLP 
 203 N. LaSalle Street, Suite 1900 
 Chicago,
IL 60601 
 Attn: James M. Phipps, Esq. 
 Telephone:    (312) 368-4088 
 Telecopy:      (312) 257-5735 
  

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 If to the Agent: 
 JPMorgan Chase Bank, N.A. 
 1111 Fannin Street, 10th Floor 
 Houston, Texas 77002-6925 
 Attn: Christina M.
Masroor 
 Telephone:      (713) 750-7940 
 Telecopy:        (713) 750-2938 
 With a copy to: 
 JPMorgan Chase Bank, N.A.

 4 New York Plaza, 4th Floor 
 New York, New York 10004 
 Attn: Daniella Cassagnol 
 Telephone:      (212) 623-7568 
 Telecopy:        (212) 623-0806 
 If to a Lender: 
 To such Lender’s address or telecopy number, as applicable, set forth in its Administrative Details Form; 
 or, as to each party at such other address as shall be designated by such party in a written notice to the other parties delivered in compliance with this Section. All
such notices and other communications shall be effective (i) if mailed, when received; (ii) if telecopied, when successfully transmitted during the hours of 9:00 A.M. and 5:00 P.M. (in the time zone of the recipient thereof) (any
telecopied notice received after 5:00 P.M. in such time zone shall be effective on the next succeeding day); or (iii) if hand delivered or sent by overnight courier, when delivered. Notwithstanding the immediately preceding sentence, all
notices or communications to the Agent or any Lender under Article II. shall be effective only when actually received. Neither the Agent nor any Lender shall incur any liability to any Loan Party (nor shall the Agent incur any liability to the
Lenders) for acting upon any telephonic notice referred to in this Agreement which the Agent or such Lender, as the case may be, believes in good faith to have been given by a Person authorized to deliver such notice or for otherwise acting in good
faith hereunder. 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 any other Person. 
 Section 12.2. Expenses. 
 The Borrower agrees (a) to pay or reimburse the Agent for all
reasonable third party out-of-pocket costs and expenses incurred in connection with the preparation, due diligence, administration, initial syndication, negotiation and execution of, and any amendment, supplement or modification to, any of the Loan
Documents (including due diligence expenses and travel expenses relating to closing), and the consummation of the transactions contemplated thereby, including the reasonable fees and disbursements of counsel to the Agent and costs and 

  

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expenses in connection with the use of IntraLinks, Inc., SyndTrak or other similar information transmission systems in connection with the Loan Documents,
(b) to pay or reimburse the 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, without duplication of Section 12.9., any payments in indemnification or otherwise payable by the Lenders to the Agent pursuant to the Loan Documents,
(c) to pay, and indemnify and hold harmless the Agent and the Lenders from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any failure to pay or delay in paying, documentary, stamp, excise
and other similar taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery of any of the Loan Documents, or consummation of any amendment, supplement or modification of, or any waiver or consent
under or in respect of, any Loan Document and (d) to the extent not already covered by any of the preceding subsections, to pay or reimburse the Agent and the Lenders for all their reasonable costs and expenses incurred in connection with any
bankruptcy or other proceeding of the type described in Section 10.1.(f) or 10.1.(g), including the reasonable fees and disbursements of counsel to the Agent and any Lender, whether such fees and expenses are incurred prior to, during or after
the commencement of such proceeding or the confirmation or conclusion of any such proceeding. If the Borrower shall fail to pay any amounts required to be paid by it pursuant to this Section, the Agent and/or the Lenders may pay such amounts on
behalf of the Borrower and either deem the same to be Loans outstanding hereunder or otherwise Obligations owing hereunder. 
 Section 12.3. Setoff.

 Subject to Section 3.3. and in addition to any rights now or hereafter granted under Applicable Law and not by way of limitation
of any such rights, the Borrower hereby authorizes the Agent, each Lender, each Affiliate of the Agent or any Lender, and each Participant, at any time while an Event of Default exists, without prior notice to the Borrower or to any other Person,
any such notice being hereby expressly waived, but in the case of a Lender, an Affiliate of a Lender or a Participant subject to receipt of the prior written consent of the Agent exercised in its sole discretion, to set off and to appropriate and to
apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Agent, such Lender, any such
Affiliate of the 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. 
 Section 12.4. Litigation; Jurisdiction; Other Matters; Waivers. 
 (a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR
CONTROVERSY BETWEEN OR AMONG THE PARENT, THE BORROWER, THE 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, 

  

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EACH OF THE LENDERS, THE 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, THE NOTES, OR ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE
PARENT, THE BORROWER, THE AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN DOCUMENTS. 
 (b) EACH OF THE PARENT,
THE BORROWER, THE AGENT AND EACH LENDER HEREBY AGREES THAT THE FEDERAL DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK 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 THE PARENT, THE BORROWER, THE AGENT OR ANY OF THE LENDERS, PERTAINING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, THE LOANS, THE NOTES OR ANY OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM OR THEREFROM. THE
PARENT, THE BORROWER 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 THE AGENT OR ANY LENDER OR THE ENFORCEMENT BY THE AGENT OR ANY LENDER 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 AGREEMENT. 
 Section 12.5. 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 the Borrower may not assign or otherwise transfer any of its rights or
obligations hereunder without the prior written consent of the 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

  

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the restrictions of the immediately following subsection (f) (and any other attempted assignment or transfer by any party hereto shall be null and
void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in the immediately
following subsection (d) and, to the extent expressly contemplated hereby, the Affiliates and the partners, directors, officers, employees, agents and advisors of the Agent and the Lenders and of their respective Affiliates) any legal or
equitable right, remedy or claim under or by reason of this Agreement. 
 (b) Assignments by Lenders. Any Lender may at any time
assign to one or more assignees (an “Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of its 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 the assigning Lender’s 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 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 Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than, and the amount of such Loan not subject to such assignment and not participated by
such Lender, shall be at least equal to, $5,000,000 unless each of the 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). 
 (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 which Affiliate is a Qualified Institution, or an Approved Fund which is a Qualified Institution; and 
  

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 (B) the consent of the 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 with a Loan, an Affiliate of such Lender or an Approved Fund with respect to such Lender. 
 (iv) Assignment and Acceptance. The parties to each assignment shall execute and deliver to the Agent an Assignment and Acceptance,
together with a processing and recordation fee of $3,500 for each assignment, and the assignee, if it is not a Lender, shall deliver to the Agent an Administrative Details Form. 
 (v) No Assignment to Borrower. No such assignment shall be made to the Borrower or any of the Borrower’s Affiliates or
Subsidiaries. 
 (vi) No Assignment to Natural Persons. No such assignment shall be made to a natural person.

 Subject to acceptance and recording thereof by the Agent pursuant to the immediately following subsection (c), from and after the effective date
specified in each Assignment and Acceptance, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Acceptance, 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 Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance 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 12.9. and the other provisions of this Agreement
and the other Loan Documents as provided in Section 12.10. with respect to facts and circumstances occurring prior to the effective date of such assignment. 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 Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at the Principal Office a copy of each
Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and principal amount 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, and the Borrower, the Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. 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 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

  

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portion of its 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 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 any amendment, modification or waiver of any
provision of any Loan Document described in the second sentence of Section 12.6. that adversely affects such Participant. Subject to the immediately following subsection (e), the Borrower agrees that each Participant shall be entitled to
the benefits of Sections 3.12., 4.1., 4.4. to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by Applicable Law, each Participant also
shall be entitled to the benefits of Section 12.3. as though it were a Lender, provided such Participant agrees to be subject to Section 3.3. as though it were a Lender. Upon request from the Agent or the Borrower through the Agent, a
Lender shall notify the Agent and the Borrower of the sale of any participation hereunder. 
 (e) Limitations upon Participant Rights.
A Participant shall not be entitled to receive any greater payment under Sections 3.12. and 4.1. than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the
participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.12. unless the Borrower is notified of
the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower and the Agent, to comply with Section 3.12.(c) as though it were a Lender. 
 (f) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement 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. 
 (g) No Registration. Each Lender agrees that, without the prior written
consent of the Borrower and the Agent, it will not make any assignment hereunder in any manner or under any circumstances that would require registration or qualification of, or filings in respect of, any Loan or Note under the Securities Act or any
other securities laws of the United States of America or of any other jurisdiction. 
 Section 12.6. Amendments. 
 (a) Except as otherwise expressly provided in this Agreement, any consent or approval required or permitted by this Agreement or any other Loan Document
to be given by the Lenders may be given, and any term of this Agreement or of any other Loan Document may be amended, and the performance or observance by the Borrower or any other Loan Party or any Subsidiary of any terms of this Agreement or such
other Loan Document or the continuance of 

  

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any Default or Event of Default may be waived (either generally or in a particular instance and either retroactively or prospectively) with, but only with,
the written consent of the Requisite Lenders (and, in the case of an amendment to any Loan Document, the written consent of each Loan Party a party thereto. 
 (b) Notwithstanding the foregoing, without the prior written consent of each Lender adversely affected thereby, no amendment, waiver or consent shall do any of the following: 
 (i) increase the principal amount of the Loans or subject the Lenders to any additional obligations; 
 (ii) reduce the principal of, or interest that has accrued or the rates of interest that will be charged on the outstanding principal
amount of, the Loans or other Obligations; 
 (iii) reduce the amount of any Fees payable hereunder or postpone any date fixed
for payment thereof; 
 (iv) modify the definition of the term “Termination Date” (except as contemplated under
Section 2.9.) or otherwise postpone any date fixed for any payment of any principal of, or interest on, the Loans or any other Obligations (including the waiver of any Default or Event of Default as a result of the nonpayment of any such
Obligations as and when due); 
 (v) amend or otherwise modify the provisions of Section 3.2.; 
 (vi) modify the definition of the term “Requisite Lenders” or otherwise 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, including without limitation, any modification of this Section 12.6. if such modification would have such effect; 
 (vii) release any Guarantor from its obligations under the Facility Guaranty (except as otherwise permitted under
Section 7.12.(b)); or 
 (viii) increase the number of Interest Periods permitted with respect to Loans under
Section 2.3. 
 (c) No amendment, waiver or consent, unless in writing and signed by the Agent, in such capacity, in addition to the
Lenders required hereinabove to take such action, shall affect the rights or duties of the Agent under this Agreement or any of the other Loan Documents. 
 (d) 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. Except as otherwise provided in Section 11.5., no course of dealing or delay or omission on the part of the Agent or any Lender 

  

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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 terms of this Section, notwithstanding any attempted cure or other action by 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 any other or further notice or demand in similar or other
circumstances. 
 Section 12.7. Nonliability of Agent and Lenders. 
 The relationship between the Borrower and the Lenders and the Agent shall be solely that of borrower and lender. Neither the Agent nor any Lender shall have any fiduciary responsibilities to the 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 Agent or any Lender to
any Lender, the Parent, the Borrower, any Subsidiary or any other Loan Party. Neither the Agent nor any Lender undertakes any responsibility to the Parent or the Borrower 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 12.8. Confidentiality. 
 Each of the Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed
(a) to its Affiliates and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and other representatives (it being understood that the Persons to whom such disclosure is made will be informed of the
confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by, 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, (c) to the extent required by Applicable Laws or regulations or by any subpoena or similar legal
process, (d) to any other party hereto, (e) in connection with the exercise of any remedies under any Loan Document (or any Derivatives Contract with a Lender or the Agent) or any action or proceeding relating to any Loan Document (or any
such Derivatives Contract) or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any actual or proposed Assignee or Participant, or
(ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Parent or the Borrower and its obligations, (g) with the consent of the Borrower, (h) to Gold Sheets and other similar
bank trade publications, such information to consist of deal terms and other information customarily found in such publications, and (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of
this Section actually know by the Agent or such Lender to be a breach of this Section or (y) becomes available to the Agent, any Lender or any Affiliate of the Agent or any Lender on a nonconfidential basis from a source other than the Parent
or the Borrower, provided that such source is not actually known by the Agent, such Lender or such Affiliate of the Agent or any Lender to be bound by, and in violation of, a confidentiality agreement with the Parent, the Borrower or another Loan
Party. Neither Agent nor any Lender 

  

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will use, nor will they consent to their respective Affiliates or such Affiliates’ respective partners, directors, officers, employees, agents, advisors
or other representatives use of, Information obtained by the Agent or such Lender by virtue of the transactions contemplated by the Loan Documents or other relationships of the Agent or such Lender with the Borrower or the Parent in connection with
the performance by the Agent or such Lender of services for other companies, and neither Agent nor any Lender will furnish any such Information to other companies, in either case, if prohibited by this Section. Notwithstanding the foregoing, the
Agent and each Lender may disclose any such confidential information, without notice to the Parent or the Borrower or any other Loan Party, to Governmental Authorities in connection with any regulatory examination of the Agent or such Lender or in
accordance with the regulatory compliance policy of the Agent or such Lender. As used in this Section, the term “Information” means all information received from the Parent, the Borrower, any other Loan Party or any Subsidiary or Affiliate
relating to any Loan Party or any of their respective businesses, other than any such information that is available to the Agent or any Lender on a nonconfidential basis prior to disclosure by the Parent, the Borrower, any other Loan Party or any
Subsidiary or Affiliate, provided that, in the case of any such information received from the Parent, the Borrower, any other Loan Party or any Subsidiary or 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. 
 Section 12.9. Indemnification.

 (a) The Borrower shall and hereby agrees to indemnify, defend and hold harmless the Agent, each of the Lenders, any Affiliate of the
Agent or any Lender, and their respective directors, officers, shareholders, agents, employees and counsel (each referred to herein as an “Indemnified Party”) from and against any and all of the following (collectively, the
“Indemnified Costs”): losses, costs, claims, damages, liabilities, deficiencies, judgments or reasonable expenses of every kind and nature (including, without limitation, amounts paid in settlement, court costs and the reasonable fees and
disbursements of counsel incurred in connection with any litigation, investigation, claim or proceeding or any advice rendered in connection therewith, but excluding losses, costs, claims, damages, liabilities, deficiencies, judgments or expenses
indemnification in respect of which is specifically covered by Section 3.12. or 4.1. or expressly excluded from the coverage of such Section 3.12. or 4.1.) 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 the Loans; (iii) any actual or proposed use by the Borrower of the proceeds of the Loans; (iv) the Agent’s or any
Lender’s entering into this Agreement; (v) the fact that the Agent and the Lenders have established the credit facility evidenced hereby in favor of the Borrower; (vi) the fact that the Agent and the Lenders are creditors of the
Borrower and have or are alleged to have information regarding the financial condition, strategic plans or business operations of the Parent, the Borrower and the Subsidiaries; (vii) the fact that the Agent and the Lenders are material
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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 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 reasonable costs and expenses (including
counsel fees and disbursements) incurred in connection with defense thereof by, the Agent or any Lender as a result of conduct of the Borrower, any other Loan Party or any Subsidiary that violates a sanction 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 Borrower or
its Subsidiaries (or its respective properties) (or the 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 (A) any acts or omissions of such Indemnified Party in connection with matters described in this subsection 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 or (B) Indemnified Costs to the extent arising directly out of or resulting directly from claims of one or more Indemnified Parties against another Indemnified Party.

 (b) The Borrower’s indemnification obligations under this Section 12.9. 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 regard, 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 Borrower or any
Subsidiary, any shareholder of the Borrower 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 Borrower or any
Subsidiary or by any Governmental Authority. If indemnification is to be sought hereunder by an Indemnified Party, then such Indemnified Party shall notify the Borrower of the commencement of any Indemnity Proceeding; provided, however, that the
failure to so notify the Borrower shall not relieve the Borrower from any liability that it may have to such Indemnified Party pursuant to this Section 12.9. except to the extent such failure to notify materially and adversely affects the
Borrower. 
 (c) This indemnification shall apply to any Indemnity Proceeding arising during the pendency of any bankruptcy proceeding filed
by or against 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.

  

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 (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 other of their obligations set forth in this Agreement or any other Loan Document
to which it is a party. 
 Section 12.10. Termination; Survival. 
 At such time as all Obligations (other than obligations which survive as provided in the following sentence) have been paid and satisfied in full, this Agreement shall terminate. The indemnities to which the Agent and
the Lenders are entitled under the provisions of Sections 3.12., 4.1., 4.4., 11.7., 12.2. and 12.9. and any other provision of this Agreement and the other Loan Documents, and the provisions of Section 12.4., shall continue in full force
and effect and shall protect the Agent 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 12.11. Severability of Provisions. 
 Any provision of this Agreement which is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining provisions or affecting the validity
or enforceability of such provision in any other jurisdiction. 
  

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 Section 12.12. 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 12.13. Patriot Act. 
 The Lenders and the
Agent each hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), it is required to obtain, verify and record information that identifies the
Borrower and the other Loan Parties, which information includes the name and address of the Borrower and the other Loan Parties and other information that will allow such Lender or the Agent, as applicable, to identify the Borrower and the other
Loan Parties in accordance with such Act. 
 Section 12.14. Counterparts. 
 This Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be deemed an original, but all of which counterparts together shall constitute but one and the same instrument. 
 Section 12.15. Obligations with Respect to Loan Parties. 
 The obligations of the Parent and the
Borrower to direct or prohibit the taking of certain actions by the Subsidiaries and the other Loan Parties 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 Subsidiaries or other Loan Parties. 
 Section 12.16. Limitation of Liability. 
 (a) Neither the Agent nor any Lender, nor any Affiliate, officer, director, employee, attorney, or agent of the Agent or any Lender shall have any
liability with respect to, and 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. Each of the Parent and the
Borrower hereby waives, releases, and agrees not to sue the Agent or any Lender or any of the Agent’s or any Lender’s Affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in
connection with, arising out of, or in any way related to, this Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Agreement or financed hereby. 
  

 80 

 (b) None of the Parent, the Borrower, any other Loan Party or any Affiliate, officer, director, employee,
attorney, or agent thereof shall have any liability with respect to, and each of the Agent and the Lenders 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 Agent or the Lenders 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. Each of the Agent and the Lenders hereby waives, releases, and agrees not to sue the Parent, the Borrower or any other Loan Party or any of their respective Affiliates, officers, directors, employees, attorneys, or agents for punitive
damages in respect of any claim in connection with, arising out of, or in any way related to, this Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Agreement or financed hereby. 
 Section 12.17. Entire Agreement. 
 This
Agreement, the Notes, and the other Loan Documents referred to herein embody the final, entire agreement among the parties hereto and supersede any and all prior commitments, agreements, representations, and understandings, whether written or oral,
relating to the subject matter hereof and thereof and may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions of the parties hereto. There are no oral agreements among the parties hereto.

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

 81 

 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. 
  

							
	PIEDMONT OPERATING PARTNERSHIP, LP
		
	By:	 	Piedmont Office Realty Trust, Inc., its general partner
			
		 	By: 	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 

  

							
	PIEDMONT OFFICE REALTY TRUST, INC.
		
	By: 	 	 
		 	Name:	 	 
		 	Title:	 	 

 [Signatures Continued on Next Page] 
  

 82 

 [Signature Page to Term Loan Agreement with Piedmont Operating Partnership, LP] 
  

							
	 JPMORGAN CHASE BANK, N.A., as Agent and
 as a
Lender

		
	By: 	 	 
		 	Name:	 	 
		 	Title:	 	 

 [Signatures Continued on Next Page] 
  

 83 

 [Signature Page to Term Loan Agreement with Piedmont Operating Partnership, LP] 
  

							
	[LENDER]
		
	By: 	 	 
		 	Name:	 	 
		 	Title:	 	 

  

 84 

 SCHEDULE I 
 Commitments 
  

				
	 Lender
	  	Commitment
	 JPMorgan Chase Bank, N.A.
	  	$	25,000,000
	 Bank of America, N.A.
	  	$	25,000,000
	 Wells Fargo Bank, N.A.
	  	$	30,000,000
	 Regions Bank, N.A.
	  	$	25,000,000
	 US Bank, N.A.
	  	$	25,000,000
	 Sumitomo Mitsui Banking Corporation
	  	$	25,000,000
	 PNC Bank, N.A.
	  	$	20,000,000
	 The Bank of New York
	  	$	20,000,000
	 Compass Bank, N.A.
	  	$	20,000,000
	 The Bank of Nova Scotia
	  	$	15,000,000
	 RBC Capital Markets
	  	$	15,000,000
	 First Commercial Bank New York Agency
	  	$	 5,000,000
	 TOTAL
	  	$	250,000,000

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