Document:

Form of Subordinated Indenture

 Exhibit 4.8 
 GLOBAL SHIP LEASE, INC., 
 as Issuer 

TO 

[TRUSTEE’S NAME], 
 as Trustee 
  

 
 SUBORDINATED
INDENTURE 
  
  

Dated as of
                    , 20     

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	7	  
			
	 SECTION 101.
	 	 Definitions
	  	 	7	  
			
	 SECTION 102.
	 	 Compliance Certificates and Opinions
	  	 	12	  
			
	 SECTION 103.
	 	 Form of Documents Delivered to Trustee
	  	 	12	  
			
	 SECTION 104.
	 	 Acts of Holders; Record Dates
	  	 	12	  
			
	 SECTION 105.
	 	 Notices, Etc., to Trustee and Company
	  	 	14	  
			
	 SECTION 106.
	 	 Notice to Holders; Waiver
	  	 	14	  
			
	 SECTION 107.
	 	 Conflict with Trust Indenture Act
	  	 	15	  
			
	 SECTION 108.
	 	 Effect of Headings and Table of Contents
	  	 	15	  
			
	 SECTION 109.
	 	 Successors and Assigns
	  	 	15	  
			
	 SECTION 110.
	 	 Separability Clause
	  	 	15	  
			
	 SECTION 111.
	 	 Benefits of Indenture
	  	 	15	  
			
	 SECTION 112.
	 	 Governing Law
	  	 	15	  
			
	 SECTION 113.
	 	 Legal Holidays
	  	 	15	  
			
	 SECTION 114.
	 	 No Recourse Against Others
	  	 	15	  
		
	 ARTICLE TWO SECURITY FORMS
	  	 	16	  
			
	 SECTION 201.
	 	 Forms Generally
	  	 	16	  
			
	 SECTION 202.
	 	 Form of Face of Security
	  	 	16	  
			
	 SECTION 203.
	 	 Form of Reverse of Security
	  	 	17	  
			
	 SECTION 204.
	 	 Form of Legend for Global Securities
	  	 	20	  
			
	 SECTION 205.
	 	 Form of Trustee’s Certificate of Authentication
	  	 	20	  
			
	 SECTION 206.
	 	 Form of Conversion Notice
	  	 	20	  
		
	 ARTICLE THREE THE SECURITIES
	  	 	21	  
			
	 SECTION 301.
	 	 Amount Unlimited; Issuable in Series
	  	 	21	  
			
	 SECTION 302.
	 	 Denominations
	  	 	23	  
			
	 SECTION 303.
	 	 Execution, Authentication, Delivery and Dating
	  	 	23	  
			
	 SECTION 304.
	 	 Temporary Securities
	  	 	24	  
			
	 SECTION 305.
	 	 Registration, Registration of Transfer and Exchange
	  	 	25	  
			
	 SECTION 306.
	 	 Mutilated, Destroyed, Lost and Stolen Securities
	  	 	26	  
			
	 SECTION 307.
	 	 Payment of Interest; Interest Rights Preserved
	  	 	27	  
			
	 SECTION 308.
	 	 Persons Deemed Owners
	  	 	27	  
			
	 SECTION 309.
	 	 Cancellation
	  	 	28	  
			
	 SECTION 310.
	 	 Computation of Interest
	  	 	28	  
		
	 ARTICLE FOUR SATISFACTION AND DISCHARGE
	  	 	28	  

  
 i 

							
	 SECTION 401.
	 	 Satisfaction and Discharge of Indenture
	  	 	28	  
			
	 SECTION 402.
	 	 Application of Trust Money
	  	 	29	  
		
	 ARTICLE FIVE REMEDIES
	  	 	29	  
			
	 SECTION 501.
	 	 Events of Default
	  	 	29	  
			
	 SECTION 502.
	 	 Acceleration of Maturity; Rescission and Annulment
	  	 	30	  
			
	 SECTION 503.
	 	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	31	  
			
	 SECTION 504.
	 	 Trustee May File Proofs of Claim
	  	 	31	  
			
	 SECTION 505.
	 	 Trustee May Enforce Claims Without Possession of Securities
	  	 	31	  
			
	 SECTION 506.
	 	 Application of Money Collected
	  	 	32	  
			
	 SECTION 507.
	 	 Limitation on Suits
	  	 	32	  
			
	 SECTION 508.
	 	 Unconditional Right of Holders to Receive Principal, Premium and Interest
	  	 	32	  
			
	 SECTION 509.
	 	 Restoration of Rights and Remedies
	  	 	33	  
			
	 SECTION 510.
	 	 Rights and Remedies Cumulative
	  	 	33	  
			
	 SECTION 511.
	 	 Delay or Omission Not Waiver
	  	 	33	  
			
	 SECTION 512.
	 	 Control by Holders
	  	 	33	  
			
	 SECTION 513.
	 	 Waiver of Past Defaults
	  	 	33	  
			
	 SECTION 514.
	 	 Undertaking for Costs
	  	 	34	  
			
	 SECTION 515.
	 	 Waiver of Usury, Stay or Extension Laws
	  	 	34	  
		
	 ARTICLE SIX THE TRUSTEE
	  	 	34	  
			
	 SECTION 601.
	 	 Certain Duties and Responsibilities
	  	 	34	  
			
	 SECTION 602.
	 	 Notice of Defaults
	  	 	34	  
			
	 SECTION 603.
	 	 Certain Rights of Trustee
	  	 	34	  
			
	 SECTION 604.
	 	 Not Responsible for Recitals or Issuance of Securities
	  	 	35	  
			
	 SECTION 605.
	 	 May Hold Securities
	  	 	35	  
			
	 SECTION 606.
	 	 Money Held in Trust
	  	 	35	  
			
	 SECTION 607.
	 	 Compensation and Reimbursement
	  	 	36	  
			
	 SECTION 608.
	 	 Conflicting Interests
	  	 	36	  
			
	 SECTION 609.
	 	 Corporate Trustee Required; Eligibility
	  	 	36	  
			
	 SECTION 610.
	 	 Resignation and Removal; Appointment of Successor
	  	 	36	  
			
	 SECTION 611.
	 	 Acceptance of Appointment by Successor
	  	 	37	  
			
	 SECTION 612.
	 	 Merger, Conversion, Consolidation or Succession to Business
	  	 	38	  
			
	 SECTION 613.
	 	 Preferential Collection of Claims Against Company
	  	 	38	  
			
	 SECTION 614.
	 	 Appointment of Authenticating Agent
	  	 	38	  
		
	 ARTICLE SEVEN HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	  	 	39	  
			
	 SECTION 701.
	 	 Company to Furnish Trustee Names and Addresses of Holders
	  	 	39	  
			
	 SECTION 702.
	 	 Preservation of Information; Communications to Holders
	  	 	40	  
			
	 SECTION 703.
	 	 Reports by Trustee
	  	 	40	  

  
 ii 

							
	 SECTION 704.
	 	 Reports by Company
	  	 	40	  
		
	 ARTICLE EIGHT CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	  	 	40	  
			
	 SECTION 801.
	 	 Company May Consolidate, Etc., Only on Certain Terms
	  	 	40	  
			
	 SECTION 802.
	 	 Successor Substituted
	  	 	41	  
		
	 ARTICLE NINE SUPPLEMENTAL INDENTURES
	  	 	41	  
			
	 SECTION 901.
	 	 Supplemental Indentures Without Consent of Holders
	  	 	41	  
			
	 SECTION 902.
	 	 Supplemental Indentures With Consent of Holders
	  	 	42	  
			
	 SECTION 903.
	 	 Execution of Supplemental Indentures
	  	 	43	  
			
	 SECTION 904.
	 	 Effect of Supplemental Indentures
	  	 	43	  
			
	 SECTION 905.
	 	 Conformity with Trust Indenture Act
	  	 	43	  
			
	 SECTION 906.
	 	 Reference in Securities to Supplemental Indentures
	  	 	43	  
		
	 ARTICLE TEN COVENANTS
	  	 	44	  
			
	 SECTION 1001.
	 	 Payment of Principal, Premium and Interest
	  	 	44	  
			
	 SECTION 1002.
	 	 Maintenance of Office or Agency
	  	 	44	  
			
	 SECTION 1003.
	 	 Money for Securities Payments to Be Held in Trust
	  	 	44	  
			
	 SECTION 1004.
	 	 Statement by Officers as to Default
	  	 	45	  
			
	 SECTION 1005.
	 	 Existence
	  	 	45	  
			
	 SECTION 1006.
	 	 Maintenance of Properties
	  	 	45	  
			
	 SECTION 1007.
	 	 Payment of Taxes and Other Claims
	  	 	46	  
			
	 SECTION 1008.
	 	 Maintenance of Insurance
	  	 	46	  
			
	 SECTION 1009.
	 	 Waiver of Certain Covenants
	  	 	46	  
		
	 ARTICLE ELEVEN REDEMPTION OF SECURITIES
	  	 	46	  
			
	 SECTION 1101.
	 	 Applicability of Article
	  	 	46	  
			
	 SECTION 1102.
	 	 Election to Redeem; Notice to Trustee
	  	 	46	  
			
	 SECTION 1103.
	 	 Selection by Trustee of Securities to Be Redeemed
	  	 	47	  
			
	 SECTION 1104.
	 	 Notice of Redemption
	  	 	47	  
			
	 SECTION 1105.
	 	 Deposit of Redemption Price
	  	 	48	  
			
	 SECTION 1106.
	 	 Securities Payable on Redemption Date
	  	 	48	  
			
	 SECTION 1107.
	 	 Securities Redeemed in Part
	  	 	48	  
		
	 ARTICLE TWELVE SUBORDINATION OF SECURITIES
	  	 	49	  
			
	 SECTION 1201.
	 	 Applicability of Article
	  	 	49	  
			
	 SECTION 1202.
	 	 Securities Subordinate to Senior Debt
	  	 	49	  
			
	 SECTION 1203.
	 	 Payment Over of Proceeds Upon Dissolution, Etc.
	  	 	49	  
			
	 SECTION 1204.
	 	 No Payment When Senior Debt of the Company in Default
	  	 	50	  
			
	 SECTION 1205.
	 	 Payment Permitted If No Default
	  	 	51	  
			
	 SECTION 1206.
	 	 Subrogation to Rights of Holders of Senior Debt of the Company
	  	 	51	  
			
	 SECTION 1207.
	 	 Provisions Solely to Define Relative Rights
	  	 	51	  

  
 iii

							
	 SECTION 1208.
	 	 Trustee to Effectuate Subordination
	  	 	51	  
			
	 SECTION 1209.
	 	 No Waiver of Subordination Provisions
	  	 	51	  
			
	 SECTION 1210.
	 	 Notice to Trustee
	  	 	52	  
			
	 SECTION 1211.
	 	 Reliance on Judicial Order or Certificate of Liquidating Agent
	  	 	52	  
			
	 SECTION 1212.
	 	 Trustee Not Fiduciary for Holders of Senior Debt of the Company
	  	 	52	  
			
	 SECTION 1213.
	 	 Rights of Trustee as Holder of Senior Debt of the Company; Preservation of Trustee’s Rights
	  	 	53	  
			
	 SECTION 1214.
	 	 Article Applicable to Paying Agents
	  	 	53	  
			
	 SECTION 1215.
	 	 Defeasance of this Article Twelve
	  	 	53	  
		
	 ARTICLE THIRTEEN DEFEASANCE AND COVENANT DEFEASANCE
	  	 	53	  
			
	 SECTION 1301.
	 	 Company’s Option to Effect Defeasance or Covenant Defeasance
	  	 	53	  
			
	 SECTION 1302.
	 	 Defeasance and Discharge
	  	 	53	  
			
	 SECTION 1303.
	 	 Covenant Defeasance
	  	 	54	  
			
	 SECTION 1304.
	 	 Conditions to Defeasance or Covenant Defeasance
	  	 	54	  
			
	 SECTION 1305.
	 	 Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions
	  	 	55	  
			
	 SECTION 1306.
	 	 Reinstatement
	  	 	56	  
		
	 ARTICLE FOURTEEN SINKING FUNDS
	  	 	56	  
			
	 SECTION 1401.
	 	 Applicability of Article
	  	 	56	  
			
	 SECTION 1402.
	 	 Satisfaction of Sinking Fund Payments with Securities
	  	 	56	  
			
	 SECTION 1403.
	 	 Redemption of Securities for Sinking Fund
	  	 	57	  

  
 iv 

 GLOBAL SHIP LEASE, INC. 

RECONCILIATION AND TIE OF CERTAIN SECTIONS OF THIS INDENTURE RELATING TO SECTIONS 310 THROUGH 318, INCLUSIVE, OF THE TRUST INDENTURE ACT
OF 1939: 
  

					
	 Trust Indenture Act Section
	  	 Indenture Section

	Section	  	310(a)(1)	  	609
		  	(a)(2)	  	609
		  	(a)(3)	  	Not Applicable
		  	(a)(4)	  	Not Applicable
		  	(b)	  	608, 610
			
	Section	  	311(a)	  	613
		  	(b)	  	613
			
	Section	  	312(a)	  	701, 702
		  	(b)	  	702
		  	(c)	  	702
			
	Section	  	313(a)	  	703
		  	(b)	  	703
		  	(c)	  	703
		  	(d)	  	703
			
	Section	  	314(a)	  	704
		  	(a)(4)	  	101, 1004
		  	(b)	  	Not Applicable
		  	(c)(1)	  	102
		  	(c)(2)	  	102
		  	(c)(3)	  	Not Applicable
		  	(d)	  	Not Applicable
		  	(e)	  	102
			
	Section	  	315(a)	  	601
		  	(b)	  	602
		  	(c)	  	601
		  	(d)	  	601
		  	(e)	  	514
			
	Section	  	316(a)	  	101
		  	(a)(1)(A)	  	502, 512
		  	(a)(1)(B)	  	513
		  	(a)(2)	  	Not Applicable
		  	(b)	  	508
		  	(c)	  	104
			
	Section	  	317(a)(1)	  	503
		  	(a)(2)	  	504
		  	(b)	  	1003
			
	Section	  	318(a)	  	107

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

  
 v 

 INDENTURE, dated as of
                    , 20    , among GLOBAL SHIP LEASE, INC., a corporation duly organized and existing under the
laws of the Republic of the Marshall Islands (herein called the “Company”), having its principal office at c/o Global Ship Lease Services Limited, Portland House, Stag Place, London SW1E 5RS, United Kingdom, and [TRUSTEE’S
NAME], a [            ] duly organized and existing under the laws of [            ], as Trustee
(herein called the “Trustee”). 
 RECITALS OF THE COMPANY 

The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its
unsecured debentures, notes or other evidences of indebtedness (herein called the “Securities”), to be issued in one or more series as in this Indenture provided. 

All things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done. 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Securities or of
series thereof, as follows: 
 ARTICLE ONE 
 DEFINITIONS AND OTHER PROVISIONS 
 OF GENERAL APPLICATION 

SECTION 101. Definitions. 
 For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular; 

(2) all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have the meanings assigned to them in
accordance with generally accepted accounting principles, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean
such accounting principles as are generally accepted at the date of this instrument; 
 (4) unless the context otherwise
requires, any reference to an “Article” or a “Section” refers to an Article or a Section, as the case may be, of this Indenture; 
 (5) the words “herein”, “hereof”, “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other
subdivision; and 
 (6) unsecured Debt shall not be deemed to be subordinate or junior to secured Debt merely by virtue of its
nature as unsecured Debt. 
 “Act”, when used with respect to any Holder, has the meaning specified in
Section 104. 
 “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and
policies of 

  
 7 

 
such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing; provided that direct or indirect beneficial ownership of 10% or more of the Voting Stock of a Person shall be deemed to be control. 
 “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 614 to act on behalf of the Trustee to authenticate Securities of one or more series.

 “Board of Directors” means, with respect to the Company, either the board of directors of the Company or any
committee of that board duly authorized to act for it in respect hereof. 
 “Board Resolution” means a copy of
a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by its Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Business Day”, when used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and
Friday which is not a day on which banking institutions in that Place of Payment are authorized or obligated by law or executive order to close. 
 “Capital Stock” of any Person means any and all shares, interests, participations or other equivalents (however designated) of corporate stock or other equity participations, including
partnership interests, whether general or limited, of such Person. 
 “Commission” means the Securities and
Exchange Commission, from time to time constituted, created under the Exchange Act, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act,
then the body performing such duties at such time. 
 “Common Stock” means the common stock, $0.01 par value,
of the Company as the same exists at the date of execution and delivery of this Indenture or other Capital Stock of the Company into which such common stock is converted, reclassified or changed from time to time. 

“Company” means the Person named as the “Company” in the first paragraph of this instrument until a successor
Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 
 “Company Request” or “Company Order” means a written request or order signed in the name of the Company by its Chairman of the Board of Directors, its Vice Chairman of
the Board of Directors, its President or a Vice President, and by its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee. 
 “Conversion Agent” means any Person authorized by the Company to convert any Securities on behalf of the Company. 
 “Corporate Trust Office” means the principal office of the Trustee in
[                    ,
                    ] at which at any particular time its corporate trust business shall be administered, such office being located on the
date hereof at [TRUSTEE’S ADDRESS]. 
 “corporation” means a corporation, association, limited liability
company, joint-stock company or business trust. 
 “Covenant Defeasance” has the meaning specified in
Section 1303. 
 “Debt” of any Person at any date means any obligation created, assumed or guaranteed by
such Person for the repayment of borrowed money. 

  
 8 

 “Defaulted Interest” has the meaning specified in Section 307.

 “Defeasance” has the meaning specified in Section 1302. 

“Depositary” means, with respect to Securities of any series issuable in whole or in part in the form of one or more
Global Securities, a clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 301. 
 “Event of Default” has the meaning specified in Section 501. 

“Exchange Act” means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from
time to time. 
 “Expiration Date” has the meaning specified in Section 104. 

“Global Security” means a Security that evidences all or part of the Securities of any series and bears the legend set
forth in Section 205 (or such legend as may be specified as contemplated by Section 301 for such Securities). 

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

“Indenture” means this instrument as originally executed and as it may from time to time be supplemented or amended by
one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be
a part of and govern this instrument and any such supplemental indenture, respectively. The term “Indenture” shall also include the terms of particular series of Securities established as contemplated by Section 301. 

“interest”, when used with respect to an Original Issue Discount Security which by its terms bears interest only after
Maturity, means interest payable after Maturity. 
 “Interest Payment Date”, when used with respect to any
Security, means the Stated Maturity of an installment of interest on such Security. 
 “Investment Company Act”
means the Investment Company Act of 1940 and any statute successor thereto, in each case as amended from time to time. 

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

“Notice of Default” means a written notice of the kind specified in Section 501(5). 

“Officers’ Certificate” means a certificate signed by the Chairman of the Board of Directors, a Vice Chairman of
the Board of Directors, the President or a Vice President, and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary, of the Company and delivered to the Trustee. One of the officers signing an Officers’ Certificate
given pursuant to Section 1004 shall be the principal executive, financial or accounting officer of the Company. 

“Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Company and who shall be acceptable
to the Trustee. 
 “Original Issue Discount Security” means any Security which provides for an amount less than
the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502. 

  
 9 

 “Outstanding”, when used with respect to Securities, means, as of the date
of determination, all Securities theretofore authenticated and delivered under this Indenture, except: 
 (1) Securities
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 
 (2) Securities for whose payment or
redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for
the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 

(3) Securities as to which Defeasance has been effected pursuant to Section 1302; and 

(4) Securities which have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been
authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands
such Securities are valid obligations of the Company; provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization, direction,
notice, consent, waiver or other action hereunder as of any date, (A) the principal amount of an Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount of the principal thereof which would be due and
payable as of such date upon acceleration of the Maturity thereof to such date pursuant to Section 502, (B) if, as of such date, the principal amount payable at the Stated Maturity of a Security is not determinable, the principal amount of
such Security which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section 301, (C) the principal amount of a Security denominated in one or more foreign currencies or currency units
which shall be deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided as contemplated by Section 301, of the principal amount of such Security (or, in the case of a Security described in
clause (A) or (B) above, of the amount determined as provided in such clause), and (D) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be
disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Securities which the
Trustee knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with
respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor. 
 “Paying Agent” means any Person authorized by the Company to pay the principal of or any premium or interest on any Securities on behalf of the Company. 

“Person” means any individual, corporation, partnership, joint venture, trust, unincorporated organization or government
or any agency or political subdivision thereof. 
 “Place of Payment”, when used with respect to the Securities
of any series, means the place or places where the principal of and any premium and interest on the Securities of that series are payable as specified as contemplated by Section 301. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same
debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be
deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security. 
 “Redemption Date”,
when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture. 

  
 10 

 “Redemption Price”, when used with respect to any Security to be redeemed,
means the price at which it is to be redeemed pursuant to this Indenture. 
 “Regular Record Date” for the
interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section 301. 
 “Securities” has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture. 

“Securities Act” means the Securities Act of 1933 and any statute successor thereto, in each case as amended from time
to time. 
 “Security Register” and “Security Registrar” have the respective meanings
specified in Section 305. 
 “Senior Debt” with respect to any series of Securities shall have the meaning
specified as contemplated by Section 301. 
 “Significant Subsidiary” means, at any date of determination,
any Subsidiary that represents 10% or more of the Company’s consolidated total assets at the end of the most recent fiscal quarter for which financial information is available or 10% or more of the Company’s consolidated net revenues or
consolidated operating income for the most recent four quarters for which financial information is available. 

“Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to
Section 307. 
 “Stated Maturity”, when used with respect to any Security or any installment of principal
thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 

“Subsidiary” of any Person means (1) a corporation more than 50% of the combined voting power of the outstanding
Voting Stock of which is owned, directly or indirectly, by such Person or by one or more other Subsidiaries of such Person or by such Person and one or more Subsidiaries thereof or (2) any other Person (other than a corporation) in which such
Person, or one or more other Subsidiaries of such Person or such Person and one or more other Subsidiaries thereof, directly or indirectly, has at least a majority ownership and power to direct the policies, management and affairs thereof.

 “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this
instrument was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so
amended. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this
instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at any time there is
more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series. 
 “U.S. Government Obligation” has the meaning specified in Section 1304. 
 “Vice President”, when used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title
“vice president”. 
 “Voting Stock” of any Person means Capital Stock of such Person which ordinarily
has voting power for the election of directors (or persons performing similar functions) of such Person, whether at all times or only so long as no senior class of securities has such voting power by reason of any contingency. 

  
 11 

 “Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person
all of the outstanding Capital Stock of which (other than directors’ qualifying shares) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person or by such Person and one or more Wholly Owned
Subsidiaries of such Person. 
 SECTION 102. Compliance Certificates and Opinions. 

Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall
furnish to the Trustee such certificates and opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall be given in the form of an Officers’ Certificate, if to be given by an officer of the Company or an
Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this Indenture. 
 Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 
 (1) a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 

(2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; 
 (3) a statement that, in the opinion of each such individual, he has made such
examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 
 SECTION 103. Form of Documents Delivered to Trustee. 
 In any case
where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or
covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or
several documents. 
 Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal
matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his
certificate or opinion is based are erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating
that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such
matters are erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests, consents,
certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

SECTION 104. Acts of Holders; Record Dates. 
 Whenever in this Indenture it is provided that the Holders of a specified percentage in aggregate principal amount of the Securities of any or all series may take action (including the making of any
demand or request, the giving of any direction, notice, consent or waiver or the taking of any other action) the fact that at the time of taking 

  
 12 

 
any such action the Holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by Holders in
person or by agent or proxy appointed in writing, (b) by the record of the Holders voting in favor thereof at any meeting of Holders duly called and held in accordance with procedures approved by the Trustee, (c) by a combination of such
instrument or instruments and any such record of such a meeting of Holders or (d) in the case of Securities evidenced by a Global Security, by any electronic transmission or other message, whether or not in written format, that complies with
the Depositary’s applicable procedures. Such evidence (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the relevant Holders. Proof of execution of any such instrument or
of a writing appointing any such agent or proxy shall be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. 

The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of
the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient. 
 The ownership of
Securities shall be proved by the Security Register. 
 Any request, demand, authorization, direction, notice, consent, waiver
or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done,
omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Security. 
 The Company may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request, demand, authorization,
direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders of Securities of such series, provided that the Company may not set a record date for, and the provisions of this
paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of the
relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or
prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for
any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall
be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the
Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set
forth in Section 106. 
 The Trustee may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to join in the giving or making of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 502, (iii) any request to institute proceedings referred to
in Section 507(2) or (iv) any direction referred to in Section 512, in each case with respect to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on
such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless
taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new
record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of

  
 13 

 
no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series
on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date
to be given to the Company in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 106. 
 With respect to any record date set pursuant to this Section, the party hereto which sets such record dates may designate any day as the “Expiration Date” and from time to time may change the
Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each Holder of Securities of the relevant series in
the manner set forth in Section 106, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section, the party hereto which set such record date shall be deemed
to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall
be later than the 180th day after the applicable record date. 
 Without limiting the foregoing, a Holder entitled hereunder to
take any action hereunder with regard to any particular Security may do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with
regard to all or any part of such principal amount. 
 SECTION 105. Notices, Etc., to Trustee and Company. 

Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this
Indenture to be made upon, given or furnished to, or filed with: 
 (1) the Trustee by any Holder or by the Company shall be
sufficient for every purpose hereunder if made, given, furnished or filed in writing in the English language to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Department; or 

(2) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if in writing in the English language and mailed, first-class postage prepaid, in the case of the Company addressed to it at the address of its principal office specified in the first paragraph of this instrument or at any other address
previously furnished in writing to the Trustee by the Company. 
 SECTION 106. Notice to Holders; Waiver. 

Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing in the English language and mailed, first-class postage prepaid, to each Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date (if any), and not earlier
than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect
the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such
waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 

In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice
by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

  
 14 

 SECTION 107. Conflict with Trust Indenture Act. 

If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act which is required under such Act to be
a part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to
apply to this Indenture as so modified or to be excluded, as the case may be. 
 SECTION 108. Effect of Headings and Table of
Contents. 
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not
affect the construction hereof. 
 SECTION 109. Successors and Assigns. 

All covenants and agreements in this Indenture by the Company shall bind their respective successors and assigns, whether so expressed or
not. 
 SECTION 110. Separability Clause. 
 In case any provision in this Indenture or the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby. 
 SECTION 111. Benefits of Indenture. 

Nothing in this Indenture or the Securities express or implied, shall give to any Person, other than the parties hereto and their
successors hereunder, the holders of Senior Debt and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 SECTION 112. Governing Law. 
 This Indenture and the Securities shall
be governed by and construed in accordance with the law of the State of New York. 
 SECTION 113. Legal Holidays. 

In any case where any Interest Payment Date, Redemption Date, purchase date or Stated Maturity of any Security shall not be a Business Day
at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of any Security which specifically states that such provision shall apply in lieu of this Section)) payment of interest
or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date,
Redemption Date or purchase date, or at the Stated Maturity. 
 SECTION 114. No Recourse Against Others. 

The directors, officers, employees and stockholders of the Company, as such, shall have no liability for any obligations of the Company
under the Securities of this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. By accepting a Security, each Holder shall be deemed to have waived and released all such liability. The waiver and
release shall be a part of the consideration for the issue of the Securities. 

  
 15 

 ARTICLE TWO 
 SECURITY FORMS 
 SECTION 201. Forms Generally. 

The Securities of each series shall be in substantially the form set forth in this Article, or in such other form as shall be established
by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such
letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary therefor or as may, consistently herewith, be determined by the
officers executing such Securities as evidenced by their execution thereof. If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by
the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 303 for the authentication and delivery of such Securities. 

The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner,
all as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 
 SECTION 202. Form of
Face of Security. 
 [Insert any legend required by the Internal Revenue Code and the regulations thereunder.]

 Global Ship Lease, Inc. 
  

			
	No.            	  	$            

 Global Ship Lease, Inc., a corporation duly organized and existing under the laws of The Republic of the Marshall Islands (herein called the “Company,” which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                            , or registered assigns, the principal sum of
             Dollars on
                             [if the Security is to bear interest prior to Maturity, insert —,
and to pay interest thereon from                             or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, semi-annually on
                             and
                             in each year, commencing
                            , at the rate of         %
per annum, until the principal hereof is paid or made available for payment, provided that any principal and premium, and any such installment of interest, which is overdue shall bear interest at the rate of
        % per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such
interest shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the
                            
or                             (whether or not a Business Day), as the case may be, next preceding
such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10
days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in said Indenture]. 
 [If the Security is not to bear interest prior to Maturity,
insert — The principal of this Security shall not bear interest except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal and any overdue premium
shall bear interest at the rate of         % per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made
available for payment. Interest on any overdue principal or premium shall be payable 

  
 16 

 
on demand. Any such interest on overdue principal or premium which is not paid on demand shall bear interest at the rate of         % per annum (to
the extent that the payment of such interest on interest shall be legally enforceable), from the date of such demand until the amount so demanded is paid or made available for payment. Interest on any overdue interest shall be payable on demand.]

 Payment of the principal of (and premium, if any) and [if applicable, insert — any such] interest on this Security will
be made at the office or agency of the Company maintained for that purpose
in                            , in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear
in the Security Register. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed [under its corporate seal]. 

 

									
	Dated:                    	 		 	GLOBAL SHIP LEASE, INC.
					
		 		 		 	By:	 	 
		 	 [Attest:
                                ]
	 		 		 	

 SECTION 203. Form of Reverse of Security. 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and
to be issued in one or more series under an Indenture, dated as of                     , 20     (herein called the
“Indenture”, which term shall have the meaning assigned to it in such instrument), among the Company and [TRUSTEE’S NAME], as Trustee (herein called the “Trustee”, which term includes any successor trustee
under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, the holders of Senior Debt and the Holders of the
Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof [if applicable, insert —, limited in aggregate principal amount to
$            ]. 
 [If applicable, insert — The
Securities of this series are subject to redemption upon not less than 30 nor more than 60 days’ notice by mail, [if applicable, insert — (1) on
                     in any year commencing with the year          and ending with the year
         through operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)] at any time [if applicable, insert — on or after
                    , 20    ], as a whole or in part, at the election of the Company, at the following Redemption
Prices (expressed as percentages of the principal amount): If redeemed [if applicable, insert — on or before
                            ,        %, and if
redeemed] during the 12-month period beginning                      of the years indicated, 

 

							
	 Redemption
	  	 Redemption

	 Year
	  	 Price
	  	 Year
	  	 Price

  
 17 

 and thereafter at a Redemption Price equal to    % of the principal amount,
together in the case of any such redemption [if applicable, insert — (whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to
such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]

 [If applicable, insert — The Securities of this series are subject to redemption upon not less than 30 nor more than 60
days’ notice by mail, (1) on                      in any year commencing with the
year         and ending with the year          through operation of the sinking fund for this series at the Redemption Prices for redemption through
operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below, and (2) at any time [if applicable, insert — on or after
                            ], as a whole or in part, at the election of the Company, at the
Redemption Prices for redemption otherwise than through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning
                     of the years indicated, 
  

									
	 Year
	  	Redemption Price 
for
Redemption Through Operation
of the Sinking Fund	 	  	Redemption Price For Redemption
Otherwise Than Through 
Operation
of the Sinking Fund	 
		  				  			

 and thereafter at a Redemption Price equal to         % of the
principal amount, together in the case of any such redemption (whether through operation of the sinking fund or otherwise) with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such
Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

[If applicable, insert — Notwithstanding the foregoing, the Company may not, prior to
                            , redeem any Securities of this series as contemplated by [if applicable,
insert — clause (2) of] the preceding paragraph as a part of, or in anticipation of, any refunding operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated in accordance
with generally accepted financial practice) of less than         % per annum.] 

[If applicable, insert — The sinking fund for this series provides for the redemption on
                     in each year beginning with the year          and ending with the year
         of [if applicable, insert — not less than $         (“mandatory sinking fund”) and not more than]
$         aggregate principal amount of Securities of this series. Securities of this series acquired or redeemed by the Company otherwise than through [if applicable, insert — mandatory] sinking
fund payments may be credited against subsequent [if applicable, insert — mandatory] sinking fund payments otherwise required to be made [if applicable, insert —, in the inverse order in which they become due].] 

[If the Security is subject to redemption of any kind, insert — In the event of redemption of this Security in part only, a new
Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.] 
 [If the Security is subject to conversion, insert — Subject to the provisions of the Indenture, the Holder has the right to convert the principal amount of this Security into fully paid and
nonassessable shares of Common Stock of the Company at the initial conversion price per share of Common Stock of $         (or $         in principal
amount of Securities for each such share of Common Stock), or at the adjusted conversion price then in effect, if adjustment has been made as provided in the Indenture, upon surrender of the Security to the Conversion Agent, together with a fully
executed notice in substantially the form attached hereto and, if required by the Indenture, an amount equal to accrued interest payable on this Security.] 

  
 18 

 The indebtedness evidenced by this Security is, to the extent provided in the Indenture,
subordinate and subject in right of payment to the prior payment in full of all Senior Debt of the Company, and this Security is issued subject to the provisions of the Indenture with respect thereto. Each Holder of this Security, by accepting the
same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination so provided and (c) appoints the
Trustee his attorney-in-fact for any and all such purposes. 
 [If applicable, insert — The Indenture contains provisions
for Defeasance at any time of [the entire indebtedness of this Security] [or] [certain restrictive covenants and Events of Default with respect to this Security] [, in each case] upon compliance with certain conditions set forth in the Indenture.]

 [If the Security is not an Original Issue Discount Security, insert — If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.] 

[If the Security is an Original Issue Discount Security, insert — If an Event of Default with respect to Securities of this series
shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount shall be equal to — insert formula for determining
the amount. Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal, premium and interest (in each case to the extent that the payment of such interest shall be legally
enforceable), all of the Company’s obligations in respect of the payment of the principal of and premium and interest, if any, on the Securities of this series shall terminate.] 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security
shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable security or indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time
Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the
Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein [if applicable, insert — or the right to convert this Security in accordance
with its terms]. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed [if applicable, insert
– and to convert this Security in accordance with its terms]. 
 As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any
premium and interest on this Security are 

  
 19 

 
payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney
duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of
$             and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a
like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in
connection therewith. 
 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and
any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary. 
 All terms used in this Security which are defined in the Indenture shall have the
meanings assigned to them in the Indenture. 
 SECTION 204. Form of Legend for Global Securities. 

Unless otherwise specified as contemplated by Section 301 for the Securities evidenced thereby, every Global Security authenticated
and delivered hereunder shall bear a legend in substantially the following form: 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN
PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 SECTION 205. Form of Trustee’s Certificate of Authentication. 

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

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

 

			
	[TRUSTEE’S NAME],
	as Trustee
		
	By:	 	 
		 	Authorized Officer

 SECTION 206. Form of
Conversion Notice. 
 Each convertible Security shall have attached thereto, or set forth on the reverse of the Security,
a notice of conversion in substantially the following form: 

  
 20 

 Conversion Notice 

 

	To:	Global Ship Lease, Inc. 

 The
undersigned owner of this Security hereby: (i) irrevocably exercises the option to convert this Security, or the portion hereof below designated, for shares of Common Stock of Global Ship Lease, Inc. in accordance with the terms of the
Indenture referred to in this Security and (ii) directs that such shares of Common Stock deliverable upon the conversion, together with any check in payment for fractional shares and any Security(ies) representing any unconverted principal
amount hereof, be issued and delivered to the registered holder hereof unless a different name has been indicated below. If shares are to be delivered registered in the name of a Person other than the undersigned, the undersigned will pay all
transfer taxes payable with respect thereto. Any amount required to be paid by the undersigned on account of interest accompanies this Security. 
  

									
				
	Dated:	 	 	 		 	 
		 		 		 	      Signature

 Fill in for registration of shares if to be delivered, and of Securities if to be issued, otherwise than to and in the name of the registered holder. 

 

									
		 		 	 
		 		 	Social Security or other
		 		 	Taxpayer Identification Number
			
	 	 		 	
	(Name)	 		 	
			
	 	 		 	
	(Please print name and address)	 		 	
			
	Principal amount to be converted: (if less than all)	 		 	
				
	$	 	 	 		 	

 Signature Guarantee* 

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature acceptable to the Trustee). 

ARTICLE THREE 
 THE SECURITIES 
 SECTION 301. Amount Unlimited; Issuable in Series.

 The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.

 The Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution and,
subject to Section 303, set forth, or determined in the manner provided, in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series, 

(1) the title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other series);

  
 21 

 (2) any change to the subordination provisions which applies to the Securities of the
series from those contained in Article Twelve with respect to the Securities and the definitions of Senior Debt and Designated Senior Debt which shall apply to the Securities of the series; 

(3) any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 304, 305, 306, 906 or 1107 and except for any Securities which,
pursuant to Section 303, are deemed never to have been authenticated and delivered hereunder); 
 (4) the Person to whom
any interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest; 

(5) the date or dates on which the principal of any Securities of the series is payable; 

(6) the rate or rates at which any Securities of the series shall bear interest, if any, the date or dates from which any such interest
shall accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any such interest payable on any Interest Payment Date; 
 (7) the place or places where the principal of and any premium and interest on any Securities of the series shall be payable; 
 (8) the period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series may be redeemed, in whole or in part, at the option of the Company
and, if other than by a Board Resolution, the manner in which any election by the Company to redeem the Securities shall be evidenced; 
 (9) the obligation, if any, of the Company to redeem or purchase any Securities of the series pursuant to any sinking fund or analogous provisions or at the option of the Holder thereof and the period or
periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 

(10) if other than denominations of $1,000 and any integral multiple thereof, the denominations in which any Securities of the series
shall be issuable; 
 (11) if the amount of principal of or any premium or interest on any Securities of the series may be
determined with reference to an index or pursuant to a formula, the manner in which such amounts shall be determined; 
 (12) if
other than the currency of the United States of America, the currency, currencies or currency units in which the principal of or any premium or interest on any Securities of the series shall be payable and the manner of determining the equivalent
thereof in the currency of the United States of America for any purpose, including for purposes of the definition of “Outstanding” in Section 101; 
 (13) if the principal of or any premium or interest on any Securities of the series is to be payable, at the election of the Company or the Holder thereof, in one or more currencies or currency units
other than that or those in which such Securities are stated to be payable, the currency, currencies or currency units in which the principal of or any premium or interest on such Securities as to which such election is made shall be payable, the
periods within which and the terms and conditions upon which such election is to be made and the amount so payable (or the manner in which such amount shall be determined); 
 (14) if other than the entire principal amount thereof, the portion of the principal amount of any Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof
pursuant to Section 502; 

  
 22 

 (15) if the principal amount payable at the Stated Maturity of any Securities of the series
will not be determinable as of any one or more dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such date for any purpose thereunder or hereunder, including the principal
amount thereof which shall be due and payable upon any Maturity other than the Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any such case, the manner in which such amount deemed to be
the principal amount shall be determined); 
 (16) if applicable, that the Securities of the series, in whole or any specified
part, shall be defeasible pursuant to Section 1302 or Section 1303 or both such Sections and, if other than by a Board Resolution, the manner in which any election by the Company to defease such Securities shall be evidenced; 

(17) if applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities
and, in such case, the respective Depositories for such Global Securities, the form of any legend or legends which shall be borne by any such Global Security in addition to or in lieu of that set forth in Section 205 and any circumstances in
addition to or in lieu of those set forth in clause (2) of the last paragraph of Section 305 in which any such Global Security may be exchanged in whole or in part for Securities registered, and any transfer of such Global Security in
whole or in part may be registered, in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof; 
 (18) any addition to or change in the Events of Default which applies to any Securities of the series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the
principal amount thereof due and payable pursuant to Section 502; 
 (19) any addition to or change in the covenants set
forth in Article Ten which applies to Securities of the series; 
 (20) whether the Securities of the series will be convertible
into Common Stock (or cash in lieu thereof) and, if so, the terms and conditions upon which such conversion will be effected; and 
 (21) any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 901(5)). 

All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or
pursuant to the Board Resolution referred to above and (subject to Section 303) set forth, or determined in the manner provided, in the Officers’ Certificate referred to above or in any such indenture supplemental hereto. 

If any of the terms of the series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such
action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of the series. 

SECTION 302. Denominations. 
 The Securities of each series shall be issuable only in registered form without coupons and only in such denominations as shall be specified as contemplated by Section 301. In the absence of any such
specified denomination with respect to the Securities of any series, the Securities of such series shall be issuable in denominations of $1,000 and any integral multiple thereof. 
 SECTION 303. Execution, Authentication, Delivery and Dating. 

The Securities shall be executed on behalf of the Company by its Chairman of the Board of Directors, its Vice Chairman of the Board of
Directors, its President or one of its Vice Presidents. If its corporate seal is reproduced thereon, then it shall be attested by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Securities may be
manual or facsimile. 

  
 23 

 Securities bearing the manual or facsimile signatures of individuals who were at any time
the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of
such Securities. 
 At any time and from time to time after the execution and delivery of this Indenture, the Company may
deliver Securities of any series executed by the Company and to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Company Order shall
authenticate and deliver such Securities. If the form or terms of the Securities of the series have been established by or pursuant to one or more Board Resolutions as permitted by Sections 201 and 301, in authenticating such Securities, and
accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating,

 (1) if the form of such Securities has been established by or pursuant to Board Resolution as permitted by Section 201,
that such form has been established in conformity with the provisions of this Indenture; 
 (2) if the terms of such Securities
have been established by or pursuant to Board Resolution as permitted by Section 301, that such terms have been established in conformity with the provisions of this Indenture; and 

(3) that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any
conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 
 If
such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the
Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. 
 Notwithstanding the
provisions of Section 301 and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver the Officers’ Certificate otherwise required pursuant to
Section 301 or the Company Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication of each Security of such series if such documents are delivered at or prior to the authentication
upon original issuance of the first Security of such series to be issued. 
 Each Security shall be dated the date of its
authentication. 
 No Security Guarantee shall be entitled to any benefit under this Indenture or be valid or obligatory for any
purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive evidence, and the
only evidence, that such Security has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company
shall deliver such Security to the Trustee for cancellation as provided in Section 309, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture. 
 SECTION 304. Temporary Securities. 

Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall
authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued
and with such appropriate insertions, omissions, substitutions 

  
 24 

 
and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities. 

If temporary Securities of any series are issued, the Company will cause definitive Securities of that series to be prepared without
unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at
the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor one or more definitive Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount. Until so exchanged, the temporary Securities of any series shall in
all respects be entitled to the same benefits under this Indenture as definitive Securities of such series and tenor. 
 SECTION 305.
Registration, Registration of Transfer and Exchange. 
 The Company shall cause to be kept at the Corporate Trust
Office of the Trustee a register (the register maintained in such office and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which,
subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering
Securities and transfers of Securities as herein provided. 
 Upon surrender for registration of transfer of any Security of a
series at the office or agency of the Company in a Place of Payment for that series, the Company shall execute and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the
same series, of any authorized denominations and of like tenor and aggregate principal amount. 
 At the option of the Holder,
Securities of any series may be exchanged for other Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever
any Securities are so surrendered for exchange, the Company shall execute and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 

All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company,
evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 
 Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. 
 No service charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may
be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, 906, 1107 or otherwise not involving any transfer. 

If the Securities of any series (or of any series and specified tenor) are to be redeemed in part, the Company shall not be required
(A) to issue, register the transfer of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period beginning at the opening of business 15 days before the day of the mailing of a notice
of redemption of any such Securities selected for redemption under Section 1103 and ending at the close of business on the day of such mailing, or (B) to register the transfer of or exchange any Security so selected for redemption in whole
or in part, except the unredeemed portion of any Security being redeemed in part. 

  
 25 

 The provisions of clauses (1), (2), (3) and (4) below shall apply only to Global
Securities: 
 (1) Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary
designated for such Global Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Security for all purposes of this Indenture. 

(2) Notwithstanding any other provision in this Indenture, no Global Security may be exchanged in whole or in part for Securities
registered, and no transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such Global Security or a nominee thereof unless (A) such Depositary (i) has notified the
Company that it is unwilling or unable to continue as Depositary for such Global Security or (ii) has ceased to be a clearing agency registered under the Exchange Act, and in either case the Company fails to appoint a successor Depositary
within 90 days, (B) there shall have occurred and be continuing an Event of Default with respect to such Global Security and the Depositary shall have notified the Trustee of its decision to exchange such Global Security for Securities in
certificated form, (C) subject to the rules of the Depositary, the Company shall have elected to terminate the book-entry system through the Depositary or (D) there shall exist such circumstances, if any, in addition to or in lieu of the
foregoing as have been specified for this purpose as contemplated by Section 301. 
 (3) Subject to clause (2) above,
any exchange of a Global Security for other Securities may be made in whole or in part, and all Securities issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security
shall direct. 
 (4) Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu
of, a Global Security or any portion thereof, whether pursuant to this Section, Section 304, 306, 906 or 1107 or otherwise, shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered
in the name of a Person other than the Depositary for such Global Security or a nominee thereof. 
 SECTION 306. Mutilated, Destroyed,
Lost and Stolen Securities. 
 If any mutilated Security is surrendered to the Trustee, the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of
any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless from any loss that any of them may suffer if a Security is replaced, then, in the absence of notice to the
Company or the Trustee that such Security has been acquired by a protected purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series
and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
 In case any such mutilated,
destroyed, lost or stolen Security has become or is about to become due and payable or is to be converted, the Company in its discretion may, instead of issuing a new Security, pay or authorize the conversion of such Security (without surrender
thereof save in the case of a mutilated Security). 
 Upon the issuance of any new Security under this Section, the Company may
require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an
original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities of that series duly issued hereunder. 

  
 26 

 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement, payment or conversion of mutilated, destroyed, lost or stolen Securities. 
 SECTION
307. Payment of Interest; Interest Rights Preserved. 
 Except as otherwise provided as contemplated by
Section 301 with respect to any series of Securities, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest. 
 Any interest on
any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant
Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or (2) below: 

(1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the
amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be
paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to
such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed
payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause
notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder of Securities of such series in the manner set forth in Section 106, not less than 10 days prior to such Special Record
Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2). 
 (2) The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such
Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the
Trustee. 
 Subject to the foregoing provisions of this Section, each Security delivered under this Indenture upon registration
of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 
 SECTION 308. Persons Deemed Owners. 
 Prior to due presentment of a
Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of
principal of and any premium and (subject to Section 307) any interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the
Trustee shall be affected by notice to the contrary. 

  
 27 

 SECTION 309. Cancellation. 

All Securities surrendered for payment, redemption, purchase, registration of transfer or exchange or for credit against any sinking fund
payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and
delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the
Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly
permitted by this Indenture. All cancelled Securities held by the Trustee shall be disposed of in accordance with its standard procedures, unless as directed by a Company Order. 
 SECTION 310. Computation of Interest. 
 Except as otherwise specified
as contemplated by Section 301 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months. 

ARTICLE FOUR 
 SATISFACTION AND DISCHARGE 
 SECTION 401. Satisfaction and Discharge of
Indenture. 
 This Indenture shall upon Company Request cease to be of further effect with respect to the Securities of
any series, and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when 
 (1) either 
 (A) all Securities of such series theretofore
authenticated and delivered (other than (i) Securities of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306 and (ii) Securities of such series for whose payment money
has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or

 (B) all such Securities of such series not theretofore delivered to the Trustee for cancellation (i) have
become due and payable, or (ii) will become due and payable at their Stated Maturity within one year, or (iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company in the case of (i), (ii) or (iii) above,
has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose money in an amount sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire indebtedness on such
Securities not theretofore delivered to the Trustee for cancellation, for principal and any premium and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date,
as the case may be; 
 (2) the Company has paid or caused to be paid all other sums payable hereunder by the Company with
respect to the Securities of such series; and 
 (3) the Company has delivered to the Trustee an Officers’ Certificate and
an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to the Securities of such series have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 607,
the obligations of the Company with respect to the Securities of such series under 

  
 28 

 
Sections 304, 305, 306, 1002 and 1003, any surviving rights of conversion, the obligations of the Trustee to any Authenticating Agent under Section 614 and, if money shall have been
deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive. 

SECTION 402. Application of Trust Money. 
 Subject to the provisions of the last paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be held in trust and applied by it, in accordance with the
provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and
any premium and interest for whose payment such money has been deposited with the Trustee. 
 ARTICLE FIVE 

REMEDIES 
 SECTION 501.
Events of Default. 
 “Event of Default”, wherever used herein with respect to Securities of any
series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be occasioned by the provisions of Article Twelve or be voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (1)
default in the payment of any interest upon any Security of that series when it becomes due and payable, and continuance of such default for a period of 30 days; or 
 (2) default in the payment of the principal of or any premium on any Security of that series at its Maturity; or 
 (3) default in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series; or 
 (4) default in the performance, or breach, of any covenant of the Company in Article Eight of this Indenture; or 
 (5) default in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in
this Section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of series of Securities other than that series), and continuance of such default or breach for a period of 60 days after there has
been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default or
breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(6) any Debt of the Company or any Significant Subsidiary is not paid within any applicable grace period after final maturity or is
accelerated by the holders thereof because of a default and the total amount of such Debt unpaid or accelerated exceeds $40.0 million, or its foreign currency equivalent at the time; or 

(7) any judgment or decree for the payment of money in excess of $40.0 million or its foreign currency equivalent at the time it is
entered against the Company or any Significant Subsidiary remains outstanding for a period of 90 consecutive days following the entry of such judgment or decree and is not discharged, waived or the execution thereof stayed; or 

(8) the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company or any
Significant Subsidiary in an involuntary case or proceeding under any applicable Federal or 

  
 29 

 
State bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Company or any Significant Subsidiary a bankrupt or insolvent, or approving as
properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company or any Significant Subsidiary under any applicable Federal or State law, or appointing a custodian, receiver, liquidator,
assignee, trustee, sequestrator or other similar official of the Company or any Significant Subsidiary or of any substantial part of its or their property, or ordering the winding up or liquidation of its or their affairs, and the continuance of any
such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; or 
 (9) the commencement by the Company or any Significant Subsidiary of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or of
any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it or them to the entry of a decree or order for relief in respect of the Company or any Significant Subsidiary in an involuntary case or proceeding under any
applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it or them, or the filing by it or them of a petition or answer or consent
seeking reorganization or relief under any applicable Federal or State law, or the consent by it or them to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee,
sequestrator or other similar official of the Company or any Significant Subsidiary or of any substantial of its or their property, or the making by it or them of an assignment for the benefit of creditors, or the admission by it or them in writing
of its or their inability to pay its or their debts generally as they become due, or the taking of corporate action by the Company or any Significant Subsidiary in furtherance of any such action; or 

(10) any other Event of Default provided with respect to Securities of that series. 

SECTION 502. Acceleration of Maturity; Rescission and Annulment. 
 If an Event of Default (other than an Event of Default with respect to the Company specified in Section 501(8) or 501(9)) with respect to Securities of any series at the time Outstanding occurs and
is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal amount of all the Securities of that series (or, if any Securities of
that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof) to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if
given by Holders), and upon any such declaration such principal amount (or specified amount), together with any accrued and unpaid interest thereon, shall become immediately due and payable. If an Event of Default with respect to the Company
specified in Section 501(8) or 501(9) with respect to Securities of any series at the time Outstanding occurs, the principal amount of all the Securities of that series (or, if any Securities of that series are Original Issue Discount
Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof), together with any accrued and unpaid interest thereon, shall automatically, and without any declaration or other action on the part of the
Trustee or any Holder, become immediately due and payable. 
 At any time after such a declaration of acceleration with respect
to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding
Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if 
 (1) the Company has paid or deposited with the Trustee a sum sufficient to pay 
 (A) all overdue interest on all Securities of that series, 
 (B)
the principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities, 

(C) to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed
therefor in such Securities, and 

  
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 (D) all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 
 (2) all Events of Default with
respect to Securities of that series, other than the non-payment of the principal of Securities of that series which has become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513. 

No such rescission shall affect any subsequent default or impair any right consequent thereon. 

SECTION 503. Collection of Indebtedness and Suits for Enforcement by Trustee. 

The Company covenants that if 
 (1) default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days, or 

(2) default is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof, the Company will,
upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and any premium and interest and, to the extent that payment of such interest shall be
legally enforceable, interest on any overdue principal and premium and on any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of
Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the
exercise of any power granted herein, or to enforce any other proper remedy. 
 SECTION 504. Trustee May File Proofs of Claim.

 In case of any judicial proceeding relative to the Company or any other obligor upon the Securities, or the property or
creditors of the Company or any other obligor upon the Securities, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have
claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to
the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 607. 
 No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or
accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any
such proceeding; provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 

SECTION 505. Trustee May Enforce Claims Without Possession of Securities. 

All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the
possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall,
after provision for the payment of the reasonable compensation, expenses, 

  
 31 

 
disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. 

SECTION 506. Application of Money Collected. 
 Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of
principal or any premium or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 

FIRST: To the payment of all amounts due the Trustee under Section 607; 

SECOND: Subject to Article Twelve, to the payment of the amounts then due and unpaid for principal of and any premium and interest on the
Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and any premium and interest,
respectively; and 
 THIRD: The balance, if any, to the Company or to such other Person as a court of competent jurisdiction
shall direct. 
 SECTION 507. Limitation on Suits. 
 No Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any
other remedy hereunder, unless 
 (1) such Holder has previously given written notice to the Trustee of a continuing Event of
Default with respect to the Securities of that series; 
 (2) the Holders of not less than 25% in principal amount of the
Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(3) such Holder or Holders have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities to be
incurred in compliance with such request; 
 (4) the Trustee for 60 days after its receipt of such notice, request and offer of
security or indemnity has failed to institute any such proceeding; and 
 (5) no direction inconsistent with such written
request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series; 
 it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or
prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and
ratable benefit of all of such Holders. 
 SECTION 508. Unconditional Right of Holders to Receive Principal, Premium and Interest.

 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and
unconditional, to receive payment of the principal of and any premium and (subject to Section 307) interest on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption or offer by the Company
to purchase the Securities pursuant to the terms of this Indenture, on the Redemption Date or purchase date, as applicable) and, if applicable, to convert such Security in accordance with its 

  
 32 

 
terms, and to institute suit for the enforcement of any such right, and such rights shall not be impaired without the consent of such Holder. 

SECTION 509. Restoration of Rights and Remedies. 
 If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined
adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and
thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 
 SECTION
510. Rights and Remedies Cumulative. 
 Except as otherwise provided with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 SECTION 511.
Delay or Omission Not Waiver. 
 No delay or omission of the Trustee or of any Holder of any Securities to exercise
any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to
the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

SECTION 512. Control by Holders. 
 The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to
the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series, provided that 
 (1) such direction shall not be in conflict with any rule of law or with this Indenture, and 
 (2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 
 SECTION 513. Waiver of Past Defaults. 
 The Holders of not less than
a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past default hereunder with respect to such series and its consequences, except a default

 (1) in the payment of the principal of or any premium or interest on any Security of such series (including any Security
which is required to have been purchased by the Company pursuant to an offer to purchase by the Company made pursuant to the terms of this Indenture), or 
 (2) in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series. 

  
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 Upon any such waiver, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
 SECTION 514. Undertaking for Costs. 
 In any suit for the enforcement
of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and
may assess costs against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided, however, that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an
undertaking or to make such an assessment in any suit instituted by the Company. 
 SECTION 515. Waiver of Usury, Stay or Extension
Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or
plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the
Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and
permit the execution of every such power as though no such law had been enacted. 
 ARTICLE SIX 

THE TRUSTEE 
 SECTION 601.
Certain Duties and Responsibilities. 
 The duties and responsibilities of the Trustee shall be as expressly set
forth in this Indenture and as provided by the Trust Indenture Act. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance
of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.
Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 

SECTION 602. Notice of Defaults. 
 If a default occurs hereunder with respect to Securities of any series, the Trustee shall give the Holders of Securities of such series notice of such default as and to the extent provided by the Trust
Indenture Act; provided, however, that in the case of any default of the character specified in Section 501(5) with respect to Securities of such series, no such notice to Holders shall be given until at least 30 days after the occurrence
thereof. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series. 

SECTION 603. Certain Rights of Trustee. 
 Subject to the provisions of Section 601: 
 (1) the Trustee may rely and
shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or
document believed by it to be genuine and to have been signed or presented by the proper party or parties; 

  
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 (2) any request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order, and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution; 
 (3) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee
(unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate; 
 (4) the Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered
or omitted by it hereunder in good faith and in reliance thereon; 
 (5) the Trustee shall be under no obligation to exercise
any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs,
expenses and liabilities which might be incurred by it in compliance with such request or direction; 
 (6) the Trustee shall
not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or
other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be
entitled to examine the books, records and premises of the Company, personally or by agent or attorney; and 
 (7) the Trustee
may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney
appointed with due care by it hereunder. 
 SECTION 604. Not Responsible for Recitals or Issuance of Securities. 

The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the
statements of the Company and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. Neither
the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof. 

SECTION 605. May Hold Securities. 
 The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities
and, subject to Sections 608 and 613, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. 

SECTION 606. Money Held in Trust. 
 Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it
hereunder except as otherwise agreed with the Company. 

  
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 SECTION 607. Compensation and Reimbursement. 

The Company agrees: 
 (1) to pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation
of a trustee of an express trust); 
 (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its
request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel),
except any such expense, disbursement or advance as may be attributable to its negligence or bad faith; and 
 (3) to indemnify
the Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including
the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. 
 SECTION 608. Conflicting Interests. 
 If the Trustee has or shall
acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this
Indenture. 
 To the extent permitted by such Act, the Trustee shall not be deemed to have a conflicting interest by virtue of
being a trustee under this Indenture with respect to Securities of more than one series. 
 SECTION 609. Corporate Trustee Required;
Eligibility. 
 There shall at all times be one (and only one) Trustee hereunder with respect to the Securities of each
series, which may be Trustee hereunder for Securities of one or more other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such, and has a combined capital and surplus of at least $50,000,000. If
any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section and to the extent permitted by the Trust Indenture Act, the
combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee with respect to the Securities of any series shall cease
to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
 SECTION 610. Resignation and Removal; Appointment of Successor. 
 No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of
Section 611. 
 The Trustee may resign at any time with respect to the Securities of one or more series by giving written
notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
 The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to the
Trustee and to the Company. 

  
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 If at any time: 
 (1) the Trustee shall fail to comply with Section 608 after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or

 (2) the Trustee shall cease to be eligible under Section 609 and shall fail to resign after written request therefor by
the Company or by any such Holder, or 
 (3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

then, in any such case, (A) the Company by a Board Resolution may remove the Trustee with respect to all Securities, or (B) subject to
Section 514, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect
to all Securities and the appointment of a successor Trustee or Trustees. 
 If the Trustee shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to
the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the
Securities of any particular series) and shall comply with the applicable requirements of Section 611. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to
the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall,
forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 611, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee
appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 611, any Holder who has been a
bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities
of such series. 
 The Company shall give notice of each resignation and each removal of the Trustee with respect to the
Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 106. Each notice shall include the name of the
successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 
 SECTION 611. Acceptance
of Appointment by Successor. 
 In case of the appointment hereunder of a successor Trustee with respect to all
Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall
become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such
retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder. 
 In case of the appointment hereunder of a successor
Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto
wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and
duties of the retiring Trustee 

  
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with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities,
shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not
retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any
trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each
such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such
successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect
to the Securities of that or those series to which the appointment of such successor Trustee relates. 
 Upon request of any
such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as
the case may be. 
 No successor Trustee shall accept its appointment unless at the time of such acceptance such successor
Trustee shall be qualified and eligible under this Article. 
 SECTION 612. Merger, Conversion, Consolidation or Succession to
Business. 
 Any Person into which the Trustee may be merged or converted or with which it may be consolidated, or any
Person resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any Person succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder,
provided such Person shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. As soon as practicable, the successor Trustee shall mail a
notice of its succession to the Company and the Holders of the Securities then Outstanding. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation
to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. 

SECTION 613. Preferential Collection of Claims Against Company. 
 If and when the Trustee shall be or become a creditor of the Company or any other obligor upon the Securities, the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the
collection of claims against the Company or any such other obligor. 
 SECTION 614. Appointment of Authenticating Agent.

 The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be
authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer, conversion or partial redemption thereof or pursuant to Section 306, and Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of
Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on
behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a Person organized and doing business under the laws of the United States of America, any State thereof or the
District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 

  
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and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of
said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition
so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.

 Any Person into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person
resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Person succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such Person shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 

An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any
time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give notice of such appointment in the manner provided in
Section 106 to all Holders of Securities of the series with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers
and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 

The Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section, and
the Trustee shall be entitled to be reimbursed for such payments, subject to the provisions of Section 607. 
 If an
appointment with respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication
in the following form: 
 This is one of the Securities of the series designated therein referred to in the within-mentioned
Indenture. 
  

			
	[TRUSTEE’S NAME],
	As Trustee
		
	By:	 	 
		 	As Authenticating Agent

  

			
		
	By:	 	 
		 	Authorized Officer

 ARTICLE SEVEN

 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 
 SECTION 701. Company to Furnish Trustee Names and Addresses of Holders. 
 The Company will furnish or cause to be furnished to the Trustee with respect to the Securities of each series: 

  
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 (1) not more than 10 days after each record date with respect to the payment of interest,
if any, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of such series as of such record date, and 
 (2) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days
prior to the time such list is furnished; 
 excluding from any such list names and addresses received by the Trustee in its capacity as
Security Registrar. 
 SECTION 702. Preservation of Information; Communications to Holders. 

The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most
recent list furnished to the Trustee as provided in Section 701 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in
Section 701 upon receipt of a new list so furnished. 
 The rights of Holders to communicate with other Holders with
respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. 

Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the
Trustee nor any agent of any of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act. 
 SECTION 703. Reports by Trustee. 
 The Trustee shall transmit to
Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. 

A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon
which any Securities are listed, with the Commission and with the Company. The Company will notify the Trustee when any Securities are listed on any stock exchange. 
 SECTION 704. Reports by Company. 
 The Company shall file with the
Trustee and the Commission, and transmit to Holders, such information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act;
provided that any such information, documents or reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is filed with the Commission.
The availability of the foregoing materials on the Commission’s website or on the Company’s website shall be deemed to satisfy the foregoing filing and transmission obligations. 

ARTICLE EIGHT 
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
 SECTION 801. Company May
Consolidate, Etc., Only on Certain Terms. 
 The Company shall not, in a single transaction or a series of related
transactions, consolidate with or merge into any other Person or permit any other Person to consolidate with or merge into the Company or, directly or indirectly, transfer, convey, sell, lease or otherwise dispose of all or substantially all of its
assets, unless: 

  
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 (1) in a transaction in which the Company does not survive or in which the Company
transfers, conveys, sells, leases or otherwise disposes of all or substantially all of its assets, the successor entity (for purposes of this Article Eight, a “Successor Company”) shall be a corporation, partnership, trust or other
entity organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia, and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form
satisfactory to the Trustee, the due and punctual payment of the principal of and any premium and interest on all the Securities and the performance or observance of every covenant of this Indenture on the part of the Company to be performed or
observed; 
 (2) immediately before and after giving pro forma effect to such transaction and treating any indebtedness which
becomes an obligation of the Company or any Subsidiary as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default, and no event which, after notice or lapse of time
or both, would become an Event of Default, shall have happened and be continuing; 
 (3) if, as a result of any such
consolidation or merger or such transfer, conveyance, sale, lease or other disposition, properties or assets of the Company would become subject to a mortgage, pledge, lien, security interest or other encumbrance which would not be permitted by this
Indenture, the Company or the Successor Company, as the case may be, shall take such steps as shall be necessary effectively to secure the Securities equally and ratably with (or prior to) all indebtedness secured thereby; 

(4) any other conditions provided pursuant to Section 301 with respect to the Securities of a series are satisfied; and 

(5) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, merger, transfer, conveyance, sale, lease or other disposition and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article and that all conditions precedent
herein provided for relating to such transaction have been complied with. 
 SECTION 802. Successor Substituted. 

Upon any consolidation of the Company with, or merger of the Company into, any other Person or any transfer, conveyance, sale, lease or
other disposition of all or substantially all of the assets of the Company in accordance with Section 801, the Successor Company shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this
Indenture with the same effect as if such successor Person had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the
Securities. 
 ARTICLE NINE 
 SUPPLEMENTAL INDENTURES 
 SECTION 901. Supplemental Indentures Without Consent of
Holders. 
 Without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at
any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 
 (1) to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company herein and in the Securities; or 

(2) to add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are
to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company; or 

  
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 (3) to add any additional Events of Default for the benefit of the Holders of all or any
series of Securities (and if such additional Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit of such series); or

 (4) to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate
the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the issuance of Securities in uncertificated form; or 

(5) to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided that
any such addition, change or elimination (A) shall neither (i) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights
of the Holder of any such Security with respect to such provision or (B) shall become effective only when there is no such Security Outstanding; or 
 (6) to secure the Securities; or 
 (7) to establish the form or terms of
Securities of any series as permitted by Sections 201 and 301; or 
 (8) to evidence and provide for the acceptance of
appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, pursuant to the requirements of Section 611; or 
 (9) to cure any ambiguity, to
correct or supplement any provision herein which may be defective or inconsistent with any other provision herein; or 
 (10) to
make any other provisions with respect to matters or questions arising under this Indenture, provided that such action pursuant to this clause (10) shall not adversely affect the interests of the Holders of Securities of any series in any
material respect; or 
 (11) to make any change to the provisions of Article Twelve that limits or terminates the benefits
applicable to any holder of Senior Debt. 
 SECTION 902. Supplemental Indentures With Consent of Holders. 

With the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by
such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided, however, that no such
supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby: 
 (1) change the
Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of
the principal of an Original Issue Discount Security or any other Security which would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502, or change any Place of Payment where, or the coin or
currency in which, any Security or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of (a) any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after
the Redemption Date or in the case of an offer to purchase Securities which has been made pursuant to a covenant contained in this Indenture, on or after the applicable purchase date), or (b) any conversion right with respect to any Security,
or modify the provisions of this Indenture with respect to the conversion or subordination of the Securities, in a manner adverse to the Holders; or 

  
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 (2) reduce the percentage in principal amount of the Outstanding Securities of any series,
the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences)
provided for in this Indenture; or 
 (3) modify any of the provisions of this Section, Section 513 or Section 1009,
except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; provided, however, that this clause
shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section and Section 1009, or the deletion of this proviso, in accordance with the
requirements of Sections 611 and 901(8); or 
 (4) following the making of an offer to purchase Securities from any Holder which
has been made pursuant to a covenant contained in this Indenture, modify the provisions of this Indenture with respect to such offer to purchase in a manner adverse to such Holder. 

A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included
solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series. 
 It shall not be necessary for any Act of Holders under this
Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 After a supplemental indenture under this Section 902 requiring the consent of the Holders of any series of Debt Securities is approved, the Company shall mail to Holders of that series of Debt
Securities a notice briefly describing any amendment or supplement hereto effected by such supplemental indenture. The failure to give such notice to any such Holders, or any defect therein, shall not impair or affect the validity of any amendment
or supplement hereto effected by such supplemental indenture with respect to other Holders. 
 SECTION 903. Execution of Supplemental
Indentures. 
 In executing, or accepting the additional trusts created by, any supplemental indenture permitted
by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating that the
execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under
this Indenture or otherwise. 
 SECTION 904. Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

SECTION 905. Conformity with Trust Indenture Act. 
 Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act. 
 SECTION 906. Reference in Securities to Supplemental Indentures. 

Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and
shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any

  
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series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and such new Securities may be
authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 
 ARTICLE TEN

 COVENANTS 

SECTION 1001. Payment of Principal, Premium and Interest. 
 The Company covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and interest on the Securities of that series in
accordance with the terms of the Securities and this Indenture. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 11:00 A.M., New
York City time, on the due date money deposited with it in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due, and such Paying Agent is not prohibited from paying such money to
the Holders entitled thereto on such date pursuant to the terms of Article Twelve of this Indenture. 
 SECTION 1002. Maintenance of
Office or Agency. 
 The Company will maintain in each Place of Payment for any series of Securities an office or agency
where Securities of that series may be presented or surrendered for payment or, if applicable, for conversion, where Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the
Company in respect of the Securities of that series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the
Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
 The
Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided,
however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written
notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
 SECTION
1003. Money for Securities Payments to Be Held in Trust. 
 If the Company shall at any time act as its own Paying
Agent with respect to any series of Securities, it will, on or before each due date of the principal of or any premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a
sum sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act.

 Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, prior to 12:00 P.M., New
York City time, on each due date of the principal of or any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Act, and
(unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 

The Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent and
(2) during the continuance of any default by the Company or any other obligor upon the Securities of that series in the making of any payment in respect of the Securities of that series, 

  
 44 

 
upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of that series. 

The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay,
or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of or any premium or interest on any Security of any series and remaining
unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall
thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily published
on each Business Day and of general circulation in The City of New York, New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any
unclaimed balance of such money then remaining will be repaid to the Company. 
 SECTION 1004. Statement by Officers as to
Default. 
 (a) The Company will deliver to the Trustee, within 90 days after the end of each fiscal year of the Company
ending after the date hereof, an Officers’ Certificate, stating whether or not to the best knowledge of the signers thereof (i) the Company is in default in the performance and observance of any of the terms, provisions and conditions of
this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Company shall be in default, specifying all such defaults and the nature and status thereof of which it may have knowledge and
(ii) any event has occurred and remains in existence prohibiting any payments on any series of Securities then Outstanding and, if any such event exists, a description of such event and what action the Company is taking or proposes to take with
respect thereto. 
 (b) The Company shall, so long as any series of Securities is Outstanding, deliver to the Trustee, as soon
as possible and in any event within five days after the Company becomes aware of the occurrence of an Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officers’ Certificate
setting forth the details of such Event of Default or default, and the action which the Company proposes to take with respect thereto. 

SECTION 1005. Existence. 
 Subject to Article Eight, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect the existence, rights (charter and statutory) and franchises of the
Company; provided, however, that the Company shall not be required to preserve any such right or franchise if it shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and that the loss
thereof is not disadvantageous in any material respect to the Holders. 
 SECTION 1006. Maintenance of Properties. 

The Company will cause all properties used or useful in the conduct of its business or the business of any Subsidiary to be maintained and
kept in good condition, repair and working order (reasonable wear and tear excepted) and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in
the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section shall prevent the Company from
discontinuing the operation or 

  
 45 

 
maintenance of any of such properties if such discontinuance is, in the judgment of the Company, desirable in the conduct of its business or the business of any Subsidiary and not disadvantageous
in any material respect to the Holders. 
 SECTION 1007. Payment of Taxes and Other Claims. 

The Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (1) all taxes,
assessments and governmental charges levied or imposed upon the Company or any Subsidiary or upon the income, profits or property of the Company or any Subsidiary, and (2) all lawful claims for labor, materials and supplies which, if unpaid,
might by law become a lien upon the property of the Company or any Subsidiary; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount,
applicability or validity is being contested in good faith by appropriate proceedings. 
 SECTION 1008. Maintenance of Insurance.

 The Company shall, and shall cause its Subsidiaries to, keep at all times all of their properties which are of an insurable
nature insured against loss or damage with insurers believed by the Company to be responsible to the extent that property of similar character is usually so insured by corporations similarly situated and owning like properties in accordance with
good business practice. 
 SECTION 1009. Waiver of Certain Covenants. 

Except as otherwise specified as contemplated by Section 301 for Securities of such series, the Company may, with respect to the
Securities of any series, omit in any particular instance to comply with any term, provision or condition set forth in any of Sections 1005 through 1008 or in any covenant provided pursuant to Section 301(22), 901(2) or 901(7) for the benefit
of the Holders of such series if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or
generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the
obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 
 ARTICLE ELEVEN 
 REDEMPTION OF SECURITIES 

SECTION 1101. Applicability of Article. 
 Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for
such Securities) in accordance with this Article. 
 SECTION 1102. Election to Redeem; Notice to Trustee. 

The election of the Company to redeem any Securities shall be evidenced by a Board Resolution or in another manner specified as
contemplated by Section 301 for such Securities. In case of any redemption at the election of the Company of less than all the Securities of any series (including any such redemption affecting only a single Security), the Company shall, at
least five Business Days prior to giving notice of such redemption (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and,
if applicable, of the tenor of the Securities to be redeemed. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the
Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction. 

  
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 SECTION 1103. Selection by Trustee of Securities to Be Redeemed. 

If less than all the Securities of any series are to be redeemed (unless all the Securities of such series and of a specified tenor are to
be redeemed or unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected by the Trustee, from the Outstanding Securities of such series not previously called for redemption, (i) in
compliance with the requirements of the principal national securities exchange on which such Securities are listed, if such Securities are listed on any national securities exchange, and (ii) if such Securities are not so listed, on a pro rata
basis, by lot or by such other method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a portion of the principal amount of any Security of such series, provided that the unredeemed portion of
the principal amount of any Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security. If less than all the Securities of such series and of a specified tenor are to be
redeemed (unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected by the Trustee, from the Outstanding Securities of such series and specified tenor not previously called for redemption in
accordance with the preceding sentence. 
 The Trustee shall promptly notify the Company in writing of the Securities selected
for redemption as aforesaid and, in case of any Securities selected for partial redemption as aforesaid, the principal amount thereof to be redeemed. 
 The provisions of the two preceding paragraphs shall not apply with respect to any redemption affecting only a single Security, whether such Security is to be redeemed in whole or in part. In the case of
any such redemption in part, the unredeemed portion of the principal amount of the Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security. 

For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall
relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed. If any Security selected for partial redemption is surrendered for
conversion after such selection, the converted portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption. Upon any redemption of less than all the Securities of a series, for purposes of selection for
redemption the Company and the Trustee may treat as Outstanding Securities surrendered for conversion during the period of 15 days next preceding the mailing of a notice of redemption, and need not treat as Outstanding any Security authenticated and
delivered during such period in exchange for the unconverted portion of any Security converted in part during such period. 
 SECTION 1104.
Notice of Redemption. 
 Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less
than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing in the Security Register; provided, however, notice of redemption may be given more than 60 days prior to the
Redemption Date if the notice is issued in connection with a satisfaction and discharge pursuant to Article Four. All notices of redemption shall state: 
 (1) the Redemption Date, 
 (2) the Redemption Price, if then determinable and
otherwise the method of its determination, 
 (3) if less than all the Outstanding Securities of any series consisting of more
than a single Security are to be redeemed, the identification (and, in the case of partial redemption of any such Securities, the principal amounts) of the particular Securities to be redeemed and, if less than all the Outstanding Securities of any
series consisting of a single Security are to be redeemed, the principal amount of the particular Security to be redeemed, 

(4) that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if
applicable, that interest thereon will cease to accrue on and after said date, 

  
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 (5) the place or places where each such Security is to be surrendered for payment of the
Redemption Price, 
 (6) that the redemption is for a sinking fund, if such is the case, and 

(7) if applicable, the conversion price then in effect and the date on which the right to convert such Securities will expire.

 Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the
Company’s request, by the Trustee in the name and at the expense of the Company and shall be irrevocable. If any Security called for redemption is converted pursuant hereto, any money deposited with the Trustee or any Paying Agent or so
segregated and held in trust for the redemption of such Security shall be paid to the Company upon delivery of a Company Request to the Trustee or such Paying Agent, or, if then held by the Company, shall be discharged from such trust. 

SECTION 1105. Deposit of Redemption Price. 
 Prior to 12:00 P.M., New York City time, on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold
in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that
date. 
 SECTION 1106. Securities Payable on Redemption Date. 

Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and
payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such
Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that, unless otherwise specified as contemplated by
Section 301, installments of interest whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the
relevant Record Dates according to their terms and the provisions of Section 307. 
 If any Security called for redemption
shall not be so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 

SECTION 1107. Securities Redeemed in Part. 
 Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of
transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such
Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the
principal of the Security so surrendered. 

  
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 ARTICLE TWELVE 

SUBORDINATION OF SECURITIES 
 SECTION 1201. Applicability of Article. 
 Unless otherwise provided
with respect to the Securities of any series in or pursuant to the Board Resolution or supplemental indenture establishing such series of Securities pursuant to Section 301, the provisions of this Article shall be applicable to each series of
Securities. 
 SECTION 1202. Securities Subordinate to Senior Debt. 

The Company covenants and agrees, and each Holder of a Security, by his acceptance thereof, likewise covenants and agrees, that, to the
extent and in the manner hereinafter set forth in this Article (subject to the provisions of Article Four and Article Thirteen), the payment of the principal of (and premium, if any) and interest on each and all of the Securities of such series is
hereby expressly made subordinate and subject in right of payment to the prior payment in full of all Senior Debt of the Company. 
 No provisions of this Article Twelve shall prevent the occurrence of any Event of Default. 

SECTION 1203. Payment Over of Proceeds Upon Dissolution, Etc. 
 In the event of (a) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding in connection therewith, relative to the
Company or to its creditors, as such, or to its assets, or (b) any liquidation, dissolution or other winding up of the Company, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, or (c) any assignment
for the benefit of creditors or any other marshalling of assets and liabilities of the Company, then and in any such event specified in (a), (b) or (c) above (each such event, if any, herein sometimes referred to as a
“Proceeding”) the holders of Senior Debt of the Company shall be entitled to receive payment in full of all amounts due or to become due on or in respect of all Senior Debt of the Company, or provision shall be made for such payment
in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt of the Company, before the Holders of the Securities are entitled to receive any payment or distribution of any kind or character, whether in cash,
property or securities (including any payment or distribution which may be payable or deliverable by reason of the payment of any other indebtedness of the Company subordinated to the payment of the Securities, such payment or distribution being
hereinafter referred to as a “Junior Subordinated Payment”), on account of principal of (or premium, if any) or interest on the Securities or on account of any purchase or other acquisition of Securities by the Company or any
Subsidiary of the Company (all such payments, distributions, purchases and acquisitions, other than the payment or distribution of stock or securities of the Company referred to in the second succeeding paragraph, herein referred to, individually
and collectively, as a “Securities Payment”), and to that end the holders of Senior Debt of the Company shall be entitled to receive, for application to the payment thereof, any Securities Payment which may be payable or deliverable
in respect of the Securities in any such Proceeding. 
 In the event that, notwithstanding the foregoing provisions of this
Section, the Trustee or the Holder of any Security shall have received any Securities Payment before all Senior Debt of the Company is paid in full or payment thereof provided for in cash or cash equivalents or otherwise in a manner satisfactory to
the holders of Senior Debt of the Company, and if such fact shall, at or prior to the time of such Securities Payment, have been made known to the Trustee or, as the case may be, such Holder, then and in such event such Securities Payment shall be
paid over or delivered forthwith to the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other Person making payment or distribution of assets of the Company for application to the payment of all Senior Debt of the
Company remaining unpaid, to the extent necessary to pay all Senior Debt of the Company in full, after giving effect to any concurrent payment or distribution to or for the holders of Senior Debt of the Company. 

For purposes of this Article only, the words “any payment or distribution of any kind or character, whether in cash, property or
securities” shall not be deemed to include a payment or distribution of stock or securities of the Company provided for by a plan of reorganization or readjustment authorized by an order or decree of a court of

  
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competent jurisdiction in a reorganization proceeding under any applicable bankruptcy law or of any other corporation provided for by such plan of reorganization or readjustment which stock or
securities are subordinated in right of payment to all then outstanding Senior Debt of the Company to substantially the same extent as the Securities are so subordinated as provided in this Article. The consolidation of the Company with, or the
merger of the Company into, another Person or the liquidation or dissolution of the Company following the conveyance or other disposition of all or substantially all of its assets to another Person upon the terms and conditions set forth in Article
Eight shall not be deemed a Proceeding for the purposes of this Section if the Person formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or other disposition such assets, as the case may be,
shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions set forth in Article Eight. 
 SECTION 1204.
No Payment When Senior Debt of the Company in Default. 
 In the event that any Senior Payment Default (as defined
below) shall have occurred and be continuing, then no Securities Payment shall be made unless and until such Senior Payment Default shall have been cured or waived or shall have ceased to exist or all amounts then due and payable in respect of
Senior Debt of the Company shall have been paid in full, or provision shall have been made for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt of the Company; provided, however, that
nothing in this Section shall prevent the satisfaction of any sinking fund payment in accordance with Article Fourteen by delivering and crediting pursuant to Section 1402 Securities which have been acquired (upon redemption or otherwise) prior
to such Senior Payment Default. 
 “Senior Payment Default” means any default in the payment of principal of
(or premium, if any) or interest on any Senior Debt of the Company when due, whether at the Stated Maturity of any such payment or by declaration of acceleration, call for redemption or otherwise. 

In the event that any Senior Nonmonetary Default (as defined below) shall have occurred and be continuing, then, upon the receipt by the
Company and the Trustee of written notice of such Senior Nonmonetary Default from the agent for the Designated Senior Debt which is the subject of such Senior Nonmonetary Default, no Securities Payment shall be made during the period (the
“Payment Blockage Period”) commencing on the date of such receipt of such written notice and ending on the earlier of (i) the date on which such Senior Nonmonetary Default shall have been cured or waived or shall have ceased to
exist or all Designated Senior Debt the subject of such Senior Nonmonetary Default shall have been discharged; (ii) the 179th day after the date of such receipt of such written notice; or (iii) the date on which the Payment Blockage Period
shall have been terminated by written notice to the Company or the Trustee from the agent for the Designated Senior Debt initiating the Payment Blockage Period; provided, however, that nothing in this Section shall prevent the satisfaction of any
sinking fund payment in accordance with Article Fourteen by delivering and crediting pursuant to Section 1402 Securities which have been acquired (upon redemption or otherwise) prior to the date of such receipt of such written notice. No more
than one Payment Blockage Period may be commenced with respect to the Securities of a particular series during any 360-day period and there shall be a period of at least 181 consecutive days in each 360-day period when no Payment Blockage Period is
in effect. For all purposes of this paragraph, no Senior Nonmonetary Default that existed or was continuing on the date of commencement of any Payment Blockage Period shall be, or be made, the basis for the commencement of a subsequent Payment
Blockage Period, whether or not within a period of 360 consecutive days, unless such Senior Nonmonetary Default shall have been cured for a period of not less than 90 consecutive days. 

“Senior Nonmonetary Default” means the occurrence or existence and continuance of any event of default with respect to
any Designated Senior Debt, other than a Senior Payment Default, permitting the holders of such Designated Senior Debt (or a trustee or agent on behalf of the holders thereof) to declare such Designated Senior Debt due and payable prior to the date
on which it would otherwise become due and payable. 
 In the event that, notwithstanding the foregoing, the Company shall make
any Securities Payment to the Trustee or any Holder prohibited by the foregoing provisions of this Section, and if such fact shall, at or prior to the time of such Securities Payment, have been made known to the Trustee or, as the case may be, such
Holder, then and in such event such Securities Payment shall be paid over and delivered forthwith to the Company. 

  
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 The provisions of this Section shall not apply to any Securities Payment with respect to
which Section 1203 would be applicable. 
 SECTION 1205. Payment Permitted If No Default. 

Nothing contained in this Article or elsewhere in this Indenture or in any of the Securities shall prevent (a) the Company, at any
time except during the pendency of any Proceeding referred to in Section 1203 or under the conditions described in Section 1204, from making Securities Payments, or (b) the application by the Trustee of any money deposited with it
hereunder to Securities Payments or the retention of such Securities Payment by the Holders, if, at the time of such application by the Trustee, it did not have knowledge that such Securities Payment would have been prohibited by the provisions of
this Article. 
 SECTION 1206. Subrogation to Rights of Holders of Senior Debt of the Company. 

Subject to the payment in full of all amounts due or to become due on or in respect of Senior Debt of the Company, or the provision for
such payment in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt of the Company, the Holders of the Securities shall be subrogated to the rights of the holders of such Senior Debt of the Company to receive
payments and distributions of cash, property and securities applicable to the Senior Debt of the Company until the principal of (and premium, if any) and interest on the Securities shall be paid in full. For purposes of such subrogation, no payments
or distributions to the holders of the Senior Debt of the Company of any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article, and no payments over pursuant to
the provisions of this Article to the holders of Senior Debt of the Company by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior Debt of the Company and the Holders of the Securities,
be deemed to be a payment or distribution by the Company to or on account of the Senior Debt of the Company. 
 SECTION 1207. Provisions
Solely to Define Relative Rights. 
 The provisions of this Article are and are intended solely for the purpose of
defining the relative rights of the Holders on the one hand and the holders of Senior Debt of the Company on the other hand. Nothing contained in this Article or elsewhere in this Indenture or in the Securities is intended to or shall
(a) impair, as among the Company, its creditors other than holders of Senior Debt of the Company and the Holders of the Securities, the obligation of the Company, which is absolute and unconditional (and which, subject to the rights under this
Article of the holders of Senior Debt of the Company, is intended to rank equally with all other general obligations of the Company), to pay to the Holders of the Securities the principal of (and premium, if any) and interest on the Securities as
and when the same shall become due and payable in accordance with their terms; or (b) affect the relative rights against the Company of the Holders of the Securities and creditors of the Company other than the holders of Senior Debt of the
Company; or (c) prevent the Trustee or the Holder of any Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article of the holders of Senior
Debt of the Company to receive cash, property and securities otherwise payable or deliverable to the Trustee or such Holder. 
 SECTION 1208.
Trustee to Effectuate Subordination. 
 Each Holder of a Security by his acceptance thereof authorizes and directs the
Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this Article and appoints the Trustee his attorney-in-fact for any and all such purposes. 

SECTION 1209. No Waiver of Subordination Provisions. 
 No right of any present or future holder of any Senior Debt of the Company to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act
on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof any such holder may
have or be otherwise charged with. 

  
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 Without in any way limiting the generality of the foregoing paragraph, the holders of
Senior Debt of the Company may, at any time and from time to time, without the consent of or notice to the Trustee or the Holders of the Securities, without incurring responsibility to the Holders of the Securities and without impairing or releasing
the subordination provided in this Article or the obligations hereunder of the Holders of the Securities to the holders of Senior Debt of the Company, do any one or more of the following: (i) change the manner, place or terms of payment or
extend the time of payment of, or renew or alter, Senior Debt of the Company, or otherwise amend or supplement in any manner Senior Debt of the Company or any instrument evidencing the same or any agreement under which Senior Debt of the Company is
outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Debt of the Company; (iii) release any Person liable in any manner for the collection of Senior Debt of the
Company; and (iv) exercise or refrain from exercising any rights against the Company and any other Person. 
 SECTION 1210. Notice to
Trustee. 
 The Company shall give prompt written notice to the Trustee of any fact known to the Company which would
prohibit the making of any payment to or by the Trustee in respect of the Securities. Notwithstanding the provisions of this Article or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any
facts which would prohibit the making of any payment to or by the Trustee in respect of the Securities, unless and until the Trustee shall have received written notice thereof from the Company or a holder of Senior Debt of the Company or from any
trustee therefor; and, prior to the receipt of any such written notice, the Trustee, subject to the provisions of Section 601, shall be entitled in all respects to assume that no such facts exist; provided, however, that if the Trustee shall
not have received the notice provided for in this Section at least three Business Days prior to the date upon which by the terms hereof any money may become payable for any purpose (including, without limitation, the payment of the principal of (and
premium, if any) or interest on any Security), then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such money and to apply the same to the purpose for which such money was
received and shall not be affected by any notice to the contrary which may be received by it within three Business Days prior to such date. 
 Subject to the provisions of Section 601, the Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder of Senior Debt of the Company
(or a trustee therefor) to establish that such notice has been given by a holder of Senior Debt of the Company (or a trustee therefor). In the event that the Trustee determines in good faith that further evidence is required with respect to the
right of any Person as a holder of Senior Debt of the Company to participate in any payment or distribution pursuant to this Article, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the
amount of Senior Debt of the Company held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article, and if such evidence
is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. 
 SECTION 1211. Reliance on Judicial Order or Certificate of Liquidating Agent. 
 Upon any payment or distribution of assets of the Company referred to in this Article, the Trustee, subject to the provisions of Section 601, and the Holders of the Securities shall be entitled to
rely upon any order or decree entered by any court of competent jurisdiction in which such Proceeding is pending, or a certificate of the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit of creditors, agent
or other Person making such payment or distribution, delivered to the Trustee or to the Holders of Securities, for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of the Senior Debt of the
Company and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article. 

SECTION 1212. Trustee Not Fiduciary for Holders of Senior Debt of the Company. 

The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt of the Company and shall not be liable to any such
holders if it shall in good faith mistakenly pay over or distribute to Holders of Securities or to the Company or to any other Person cash, property or securities to which any holders of Senior Debt of the Company shall be entitled by virtue of this
Article or otherwise. 

  
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 SECTION 1213. Rights of Trustee as Holder of Senior Debt of the Company; Preservation of
Trustee’s Rights. 
 The Trustee in its individual capacity shall be entitled to all the rights set forth in this
Article with respect to any Senior Debt of the Company which may at any time be held by it, to the same extent as any other holder of Senior Debt of the Company, and nothing in this Indenture shall deprive the Trustee of any of its rights as such
holder. 
 Nothing in this Article shall apply to claims of, or payments to, the Trustee under or pursuant to Section 607.

 SECTION 1214. Article Applicable to Paying Agents. 
 In case at any time any Paying Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee” as used in this Article shall in such case
(unless the context otherwise requires) be construed as extending to and including such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in this Article in addition to or in place of the
Trustee; provided, however, that Section 1213 shall not apply to the Company or any Affiliate of the Company if it or such Affiliate acts as Paying Agent. 
 SECTION 1215. Defeasance of this Article Twelve. 
 The subordination
of the Securities of a series provided by this Article Twelve is expressly made subject to the provisions for Defeasance or Covenant Defeasance in Article Thirteen hereof and, anything herein to the contrary notwithstanding, upon the effectiveness
of any such Defeasance or Covenant Defeasance, the Securities of such series then outstanding shall thereupon cease to be subordinated pursuant to this Article Twelve. 
 ARTICLE THIRTEEN 
 DEFEASANCE AND COVENANT DEFEASANCE 

SECTION 1301. Company’s Option to Effect Defeasance or Covenant Defeasance. 

The Company may elect, at its option at any time, to have Section 1302 or Section 1303 applied to any Securities or any series
of Securities, as the case may be, designated pursuant to Section 301 as being defeasible pursuant to such Section 1302 or 1303, in accordance with any applicable requirements provided pursuant to Section 301 and upon compliance with
the conditions set forth below in this Article. Any such election shall be evidenced in or pursuant to a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities. 

SECTION 1302. Defeasance and Discharge. 
 Upon the Company’s exercise of its option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be, the Company shall be deemed to have been discharged
from its obligations and the provisions of Article Twelve shall cease to be effective, with respect to such Securities as provided in this Section on and after the date the conditions set forth in Section 1304 are satisfied (herein called
“Defeasance”). For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Securities and to have satisfied all its other obligations under such
Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), subject to the following which shall survive until otherwise terminated
or discharged hereunder: (1) the rights of Holders of such Securities to receive, solely from the trust fund described in Section 1304 and as more fully set forth in such Section, payments in respect of the principal of and any premium and
interest on such Securities when payments are due, or, if applicable, to convert such Securities in accordance with their terms, (2) the Company’s obligations with respect to such Securities under Sections 304, 305, 306, 1002 and 1003,
and, if applicable, its obligations with respect to the conversion of such Securities, (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (4) this Article. Subject to compliance

  
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with this Article, the Company may exercise its option (if any) to have this Section applied to any Securities notwithstanding the prior exercise of its option (if any) to have Section 1303
applied to such Securities. 
 SECTION 1303. Covenant Defeasance. 

Upon the Company’s exercise of its option (if any) to have this Section applied to any Securities or any series of Securities, as the
case may be, (1) the Company shall be released from its obligations under Section 801(3), Sections 1006 through 1008, inclusive, and any covenants provided pursuant to Section 301(22), 901(2) or 901(7) for the benefit of the
Holders of such Securities, and (2) the occurrence of any event specified in Section 501(5) (with respect to any of Section 801(3), Sections 1006 through 1008, inclusive, and any such covenants provided pursuant to
Section 301(22), 901(2) or 901(7)), 501(6), 501(7)), 501(10) and 501(11) shall be deemed not to be or result in an Event of Default and (3) the provisions of Article Twelve shall cease to be effective, in each case with respect to such
Securities as provided in this Section on and after the date the conditions set forth in Section 1304 are satisfied (herein called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to
such Securities, the Company, as applicable, may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified Section (to the extent so specified in the case of Section 501(5))
or Article Twelve, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or Article or by reason of any reference in any such Section or Article to any other provision herein or in any other document, but the
remainder of this Indenture and such Securities shall be unaffected thereby. 
 SECTION 1304. Conditions to Defeasance or Covenant
Defeasance. 
 The following shall be the conditions to the application of Section 1302 or Section 1303 to any
Securities or any series of Securities, as the case may be: 
 (1) The Company shall irrevocably have deposited or caused to be
deposited with the Trustee (or another trustee which satisfies the requirements contemplated by Section 609 and agrees to comply with the provisions of this Article applicable to it) as trust funds in trust for the purpose of making the
following payments, specifically pledged as security for, and dedicated solely to, the benefits of the Holders of such Securities, (A) money in an amount, or (B) U.S. Government Obligations which through the scheduled payment of
principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (C) a combination thereof, in each case sufficient, in the opinion of a
nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or any such other qualifying trustee) to pay and
discharge, the principal of and any premium and interest on such Securities on the respective Stated Maturities, in accordance with the terms of this Indenture and such Securities. As used herein, “U.S. Government Obligation” means
(x) any security which is (i) a direct obligation of the United States of America for the payment of which the full faith and credit of the United States of America is pledged or (ii) an obligation of a Person controlled or supervised
by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case (i) or (ii), is not
callable or redeemable at the option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation which is
specified in clause (x) above and held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and
held, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government
Obligation or the specific payment of principal or interest evidenced by such depositary receipt. 
 (2) In the event of an
election to have Section 1302 apply to any Securities or any series of Securities, as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (A) the Company has received from, or there has been
published by, the Internal Revenue Service a ruling or (B) since the date of this instrument, there has been a change in the applicable Federal income tax law, in either case (A) or (B) to the effect that, and based thereon such
opinion shall confirm that, the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected with

  
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respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and Defeasance were not to
occur. 
 (3) In the event of an election to have Section 1503 apply to any Securities or any series of Securities, as the
case may be, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance
to be effected with respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and Covenant Defeasance were not to occur. 

(4) The Company shall have delivered to the Trustee an Officers’ Certificate to the effect that neither such Securities nor any
other Securities of the same series, if then listed on any securities exchange, will be delisted as a result of such deposit. 

(5) No event which is, or after notice or lapse of time or both would become, an Event of Default with respect to such Securities shall
have occurred and be continuing at the time of such deposit or, with regard to any such event specified in Sections 501(7) and (8), at any time on or prior to the 121st day after the date of such deposit (it being understood that this condition
shall not be deemed satisfied until after such 121st day). 
 (6) Such Defeasance or Covenant Defeasance shall not cause the
Trustee to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities are in default within the meaning of such Act). 
 (7) Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which the Company or any Subsidiary is a party
or by which it is bound. 
 (8) At the time of such deposit, (A) no default in the payment of any principal of or premium
or interest on any Senior Debt of the Company shall have occurred and be continuing, (B) no event of default with respect to any Senior Debt of the Company shall have resulted in such Senior Debt becoming, and continuing to be, due and payable
prior to the date on which it would otherwise have become due and payable (unless payment of such Senior Debt has been made or duly provided for), and (C) no other event of default with respect to any Senior Debt of the Company shall have
occurred and be continuing permitting (after notice or lapse of time or both) the holders of such Senior Debt (or a trustee on behalf of such holders) to declare such Senior Debt due and payable prior to the date on which it would otherwise have
become due and payable. 
 (9) The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that such
deposit shall not cause either the Trustee or the trust so created to be subject to the Investment Company Act of 1940. 
 (10)
The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent with respect to such Defeasance or Covenant Defeasance have been complied with. 

SECTION 1305. Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions. 

Subject to the provisions of the last paragraph of Section 1003, all money and U.S. Government Obligations (including the
proceeds thereof) deposited with the Trustee or other qualifying trustee (solely for purposes of this Section and Section 1306, the Trustee and any such other trustee are referred to collectively as the “Trustee”) pursuant to
Section 1304 in respect of any Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any such Paying Agent (including
the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal and any premium and interest, but money so held in trust need not be
segregated from other funds except to the extent required by law. Money and U.S. Government Obligations so held in trust shall not be subject to the provisions of Article Twelve. 

  
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 The Company shall pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 1304 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the
Holders of Outstanding Securities. 
 Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or pay
to the Company from time to time upon Company Request any money or U.S. Government Obligations held by it as provided in Section 1304 with respect to any Securities which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with respect to
such Securities. 
 SECTION 1306. Reinstatement. 
 If the Trustee or the Paying Agent is unable to apply any money in accordance with this Article with respect to any Securities by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture and such Securities from which the Company has been discharged or released pursuant to Section 1302 or 1303 shall be revived and
reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities, until such time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section 1305 with respect to such
Securities in accordance with this Article; provided, however, that if the Company makes any payment of principal of or any premium or interest on any such Security following such reinstatement of its obligations, the Company shall be subrogated to
the rights (if any) of the Holders of such Securities to receive such payment from the money so held in trust. 
 ARTICLE
FOURTEEN 
 SINKING FUNDS 
 SECTION 1401. Applicability of Article. 
 The provisions of this
Article shall be applicable to any sinking fund for the retirement of Securities of any series except as otherwise specified as contemplated by Section 301 for such Securities. 

The minimum amount of any sinking fund payment provided for by the terms of any Securities is herein referred to as a “mandatory
sinking fund payment”, and any payment in excess of such minimum amount provided for by the terms of such Securities is herein referred to as an “optional sinking fund payment.” If provided for by the terms of any Securities, the cash
amount of any sinking fund payment may be subject to reduction as provided in Section 1402. Each sinking fund payment shall be applied to the redemption of Securities as provided for by the terms of such Securities. 

SECTION 1402. Satisfaction of Sinking Fund Payments with Securities. 

The Company (1) may deliver Outstanding Securities of a series (other than any previously called for redemption) and (2) may
apply as a credit Securities of a series which have been (x) converted or (y) redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments
pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to any Securities of such series required to be made pursuant to the terms of such Securities as and to the extent
provided for by the terms of such Securities; provided, however, that the Securities to be so credited have not been previously so credited. The Securities to be so credited shall be received and credited for such purpose by the Trustee at the
Redemption Price, as specified in the Securities so to be redeemed, for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 

  
 56 

 SECTION 1403. Redemption of Securities for Sinking Fund. 

Not less than 35 days prior to each sinking fund payment date for any Securities, the Company will deliver to the Trustee an
Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof,
if any, which is to be satisfied by delivering and crediting Securities pursuant to Section 1402 and will also deliver to the Trustee any Securities to be so delivered. Not less than 32 days prior to each such sinking fund payment date, the
Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 1103 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner
provided in Section 1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 1106 and 1107. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 

  
 57 

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

					
	ISSUER:
	
	GLOBAL SHIP LEASE, INC.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
	
	TRUSTEE:
	
	[TRUSTEE’S NAME], as Trustee
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

 [Signature Page to Subordinated Indenture] 

 Schedule ILoan Agreement

 Exhibit 10.1 
 LOAN NO. 59401 
 SERVICING NO. 003210937 

 
  
 LOAN AGREEMENT 
 Dated as of November 1, 2005 

Between 
 EP
RHINO, DST, 
 as Borrower 
 and 
 BANK OF AMERICA, N.A., 

as Lender 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
		  	ARTICLE 1	  			
			
		  	DEFINITIONS; PRINCIPLES OF CONSTRUCTION	  			
	 Section 1.1
	  	Definitions	  	 	1	  
	 Section 1.2
	  	Principles of Construction	  	 	12	  
			
		  	ARTICLE 2	  			
			
		  	GENERAL TERMS	  			
			
	 Section 2.1
	  	The Loan	  	 	13	  
	 Section 2.2
	  	Disbursement to Borrower	  	 	13	  
	 Section 2.3
	  	The Note, Mortgage and Loan Documents	  	 	13	  
	 Section 2.4
	  	Loan Payments	  	 	13	  
	 Section 2.5
	  	Loan Prepayments	  	 	13	  
			
		  	ARTICLE 3	  			
			
		  	CONDITIONS PRECEDENT	  			
			
	 Section 3.1
	  	Conditions Precedent	  	 	13	  
			
		  	ARTICLE 4	  			
			
		  	REPRESENTATIONS AND WARRANTIES	  			
			
	 Section 4.1
	  	Organization	  	 	13	  
	 Section 4.2
	  	Status of Borrower	  	 	14	  
	 Section 4.3
	  	Validity of Documents	  	 	14	  
	 Section 4.4
	  	No Conflicts	  	 	14	  
	 Section 4.5
	  	Litigation	  	 	15	  
	 Section 4.6
	  	Agreements	  	 	15	  
	 Section 4.7
	  	Solvency	  	 	15	  
	 Section 4.8
	  	Full and Accurate Disclosure	  	 	15	  
	 Section 4.9
	  	No Plan Assets	  	 	16	  
	 Section 4.10
	  	Not a Foreign Person	  	 	16	  
	 Section 4.11
	  	Enforceability	  	 	16	  
	 Section 4.12
	  	Business Purposes	  	 	16	  
	 Section 4.13
	  	Compliance	  	 	16	  
	 Section 4.14
	  	Financial Information	  	 	16	  

  
 -i-

							
	 Section 4.15
	  	Condemnation	  	 	17	  
	 Section 4.16
	  	Utilities and Public Access; Parking	  	 	17	  
	 Section 4.17
	  	Separate Lots	  	 	17	  
	 Section 4.18
	  	Assessments	  	 	17	  
	 Section 4.19
	  	Insurance	  	 	17	  
	 Section 4.20
	  	Use of Property	  	 	17	  
	 Section 4.21
	  	Certificate of Occupancy; Licenses	  	 	17	  
	 Section 4.22
	  	Flood Zone	  	 	18	  
	 Section 4.23
	  	Physical Condition	  	 	18	  
	 Section 4.24
	  	Boundaries	  	 	18	  
	 Section 4.25
	  	Leases and Rent Roll	  	 	18	  
	 Section 4.26
	  	Filing and Recording Taxes	  	 	19	  
	 Section 4.27
	  	Management Agreement	  	 	19	  
	 Section 4.28
	  	Illegal Activity	  	 	19	  
	 Section 4.29
	  	Construction Expenses	  	 	19	  
	 Section 4.30
	  	Personal Property	  	 	19	  
	 Section 4.31
	  	Taxes	  	 	20	  
	 Section 4.32
	  	Permitted Encumbrances	  	 	20	  
	 Section 4.33
	  	Federal Reserve Regulations	  	 	20	  
	 Section 4.34
	  	Investment Company Act	  	 	20	  
	 Section 4.35
	  	Reciprocal Easement Agreements	  	 	20	  
	 Section 4.36
	  	No Change in Facts or Circumstances; Disclosure	  	 	21	  
	 Section 4.37
	  	Intellectual Property	  	 	21	  
	 Section 4.38
	  	Compliance with Anti-Terrorism Laws	  	 	21	  
	 Section 4.39
	  	Patriot Act	  	 	22	  
	 Section 4.40
	  	Intentionally Reserved	  	 	22	  
	 Section 4.41
	  	Survival	  	 	22	  
	 Section 4.42
	  	Master Lease	  	 	22	  
	 Section 4.43
	  	Securities Laws	  	 	22	  
			
		  	ARTICLE 5	  			
			
		  	BORROWER COVENANTS	  			
			
	 Section 5.1
	  	Existence; Compliance with Legal Requirements	  	 	23	  
	 Section 5.2
	  	Maintenance and Use of Property	  	 	23	  
	 Section 5.3
	  	Waste	  	 	23	  
	 Section 5.4
	  	Taxes and Other Charges	  	 	24	  
	 Section 5.5
	  	Litigation	  	 	24	  
	 Section 5.6
	  	Access to Property	  	 	25	  
	 Section 5.7
	  	Notice of Default	  	 	25	  
	 Section 5.8
	  	Cooperate in Legal Proceedings	  	 	25	  
	 Section 5.9
	  	Performance by Borrower	  	 	25	  
	 Section 5.10
	  	Awards; Insurance Proceeds	  	 	25	  
	 Section 5.11
	  	Financial Reporting	  	 	25	  
	 Section 5.12
	  	Estoppel Statement	  	 	27	  

  
 -ii-

							
	 Section 5.13
	  	Leasing Matters	  	 	28	  
	 Section 5.14
	  	Property Management	  	 	29	  
	 Section 5.15
	  	Liens	  	 	30	  
	 Section 5.16
	  	Debt Cancellation	  	 	30	  
	 Section 5.17
	  	Zoning	  	 	30	  
	 Section 5.18
	  	ERISA	  	 	31	  
	 Section 5.19
	  	No Joint Assessment	  	 	31	  
	 Section 5.20
	  	Reciprocal Easement Agreements	  	 	31	  
	 Section 5.21
	  	Master Lease	  	 	31	  
	 Section 5.22
	  	Subleases	  	 	32	  
	 Section 5.23
	  	Special DST Covenants	  	 	32	  
			
		  	ARTICLE 6	  			
			
		  	ENTITY COVENANTS	  			
			
	 Section 6.1
	  	Single Purpose Entity/Separateness	  	 	32	  
	 Section 6.2
	  	Change of Name, Identity or Structure	  	 	37	  
	 Section 6.3
	  	Business and Operations	  	 	39	  
			
		  	ARTICLE 7	  			
			
		  	NO SALE OR ENCUMBRANCE	  			
			
	 Section 7.1
	  	Transfer Definitions	  	 	39	  
	 Section 7.2
	  	No Sale/Encumbrance	  	 	39	  
	 Section 7.3
	  	Permitted Transfers	  	 	40	  
	 Section 7.4
	  	Lender’s Rights	  	 	42	  
	 Section 7.5
	  	Assumption	  	 	43	  
			
		  	ARTICLE 8	  			
			
		  	INSURANCE; CASUALTY; CONDEMNATION; RESTORATION	  			
			
	 Section 8.1
	  	Insurance	  	 	45	  
	 Section 8.2
	  	Casualty	  	 	48	  
	 Section 8.3
	  	Condemnation	  	 	48	  
	 Section 8.4
	  	Restoration	  	 	49	  
			
		  	ARTICLE 9	  			
			
		  	RESERVE FUNDS	  			
			
	 Section 9.1
	  	Required Repairs	  	 	53	  
	 Section 9.2
	  	Replacements	  	 	53	  
	 Section 9.3
	  	Intentionally reserved	  	 	54	  

  
 -iii-

							
	 Section 9.4
	  	Required Work	  	 	54	  
	 Section 9.5
	  	Release of Reserve Funds	  	 	56	  
	 Section 9.6
	  	Tax and Insurance Reserve Funds	  	 	58	  
	 Section 9.7
	  	Reserve Funds Generally	  	 	59	  
	 Section 9.8
	  	Prepaid Rent Reserve	  	 	62	  
			
		  	ARTICLE 10	  			
			
		  	INTENTIONALLY RESERVED	  			
			
		  	ARTICLE 11	  			
			
		  	EVENTS OF DEFAULT; REMEDIES	  			
			
	 Section 11.1
	  	Event of Default	  	 	63	  
	 Section 11.2
	  	Remedies	  	 	65	  
			
		  	ARTICLE 12	  			
			
		  	ENVIRONMENTAL PROVISIONS	  			
			
	 Section 12.1
	  	Environmental Representations and Warranties	  	 	66	  
	 Section 12.2
	  	Environmental Covenants	  	 	66	  
	 Section 12.3
	  	Lender’s Rights	  	 	67	  
	 Section 12.4
	  	Operations and Maintenance Programs	  	 	67	  
	 Section 12.5
	  	Environmental Definitions	  	 	68	  
	 Section 12.6
	  	Indemnification	  	 	68	  
			
		  	ARTICLE 13	  			
			
		  	SECONDARY MARKET	  			
			
	 Section 13.1
	  	Transfer of Loan	  	 	70	  
	 Section 13.2
	  	Delegation of Servicing	  	 	70	  
	 Section 13.3
	  	Dissemination of Information	  	 	70	  
	 Section 13.4
	  	Cooperation	  	 	70	  
			
		  	ARTICLE 14	  			
			
		  	INDEMNIFICATIONS	  			
			
	 Section 14.1
	  	General Indemnification	  	 	71	  
	 Section 14.2
	  	Mortgage and Intangible Tax Indemnification	  	 	71	  
	 Section 14.3
	  	ERISA Indemnification	  	 	72	  
	 Section 14.4
	  	Survival	  	 	72	  

  
 -iv-

							
		  	ARTICLE 15	  			
			
		  	EXCULPATION	  			
			
	 Section 15.1
	  	Exculpation	  	 	72	  
			
		  	ARTICLE 16	  			
			
		  	NOTICES	  			
			
	 Section 16.1
	  	Notices	  	 	75	  
			
		  	ARTICLE 17	  			
			
		  	FURTHER ASSURANCES	  			
			
	 Section 17.1
	  	Replacement Documents	  	 	77	  
	 Section 17.2
	  	Recording of Mortgage, etc.	  	 	77	  
	 Section 17.3
	  	Further Acts, etc.	  	 	77	  
	 Section 17.4
	  	Changes in Tax, Debt, Credit and Documentary Stamp Laws	  	 	78	  
	 Section 17.5
	  	Expenses	  	 	78	  
	 Section 17.6
	  	Cost of Enforcement	  	 	79	  
			
		  	ARTICLE 18	  			
			
		  	WAIVERS	  			
			
	 Section 18.1
	  	Remedies Cumulative; Waivers	  	 	79	  
	 Section 18.2
	  	Modification, Waiver in Writing	  	 	80	  
	 Section 18.3
	  	Delay Not a Waiver	  	 	80	  
	 Section 18.4
	  	Trial by Jury	  	 	80	  
	 Section 18.5
	  	Waiver of Notice	  	 	80	  
	 Section 18.6
	  	Remedies of Borrower	  	 	81	  
	 Section 18.7
	  	Waiver of Marshalling of Assets	  	 	81	  
	 Section 18.8
	  	Waiver of Statute of Limitations	  	 	81	  
	 Section 18.9
	  	Waiver of Counterclaim	  	 	81	  
			
		  	ARTICLE 19	  			
			
		  	GOVERNING LAW	  			
			
	 Section 19.1
	  	Choice of Law	  	 	81	  
	 Section 19.2
	  	Severability	  	 	81	  
	 Section 19.3
	  	Preferences	  	 	82	  

  
 -v-

							
		  	ARTICLE 20	  			
			
		  	MISCELLANEOUS	  			
	 Section 20.1
	  	Survival	  	 	82	  
	 Section 20.2
	  	Lender’s Discretion	  	 	82	  
	 Section 20.3
	  	Headings	  	 	82	  
	 Section 20.4
	  	Schedules Incorporated	  	 	82	  
	 Section 20.5
	  	Offsets, Counterclaims and Defenses	  	 	82	  
	 Section 20.6
	  	No Joint Venture or Partnership; No Third Party Beneficiaries	  	 	83	  
	 Section 20.7
	  	Publicity	  	 	84	  
	 Section 20.8
	  	Conflict; Construction of Documents; Reliance	  	 	84	  
	 Section 20.9
	  	Cross-Default; Cross-Collateralization; Waiver of Marshalling of Assets	  	 	84	  
	 Section 20.10
	  	Entire Agreement	  	 	85	  

  

			
	EXHIBIT A	  	Borrower Equity Ownership Structure
	EXHIBIT B	  	Soliciting Dealer Agreement and Purchaser Questionnaire
		
	SCHEDULE I	  	Required Repairs
	SCHEDULE II	  	Individual Property

  
 -vi-

 LOAN AGREEMENT 

THIS LOAN AGREEMENT, dated as of November 1, 2005 (as amended, restated, replaced, supplemented or otherwise modified from time to
time, this “Agreement”), between BANK OF AMERICA, N.A., a national banking association, having an address at 214 North Tryon Street, Charlotte, North Carolina 28255 (together with its successors and/or assigns,
“Lender”) and EP RHINO, DST, a Delaware statutory trust having an address at c/o U.S. Commercial LLC, 111 Corporate Drive, Suite 210, Ladera Ranch, California 92694 (together with its successors and/or assigns,
“Borrower”). 
 RECITALS: 
 Borrower desires to obtain the Loan (defined below) from Lender. 
 Lender is
willing to make the Loan to Borrower, subject to and in accordance with the terms of this Agreement and the other Loan Documents (defined below). 
 In consideration of the making of the Loan by Lender and the covenants, agreements, representations and warranties set forth in this Agreement, the parties hereto hereby covenant, agree, represent and
warrant as follows: 
 ARTICLE 1 
 DEFINITIONS; PRINCIPLES OF CONSTRUCTION 
 Section 1.1 Definitions.
For all purposes of this Agreement, except as otherwise expressly required or unless the context clearly indicates a contrary intent: 
 “Additional Replacement” shall have the meaning set forth in Section 9.5(g) hereof. 
 “Additional Required Repair” shall have the meaning set forth in Section 9.5(f) hereof. 
 “Affiliate” shall mean, as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by or is under common control with such Person or is a director or
officer of such Person or of an Affiliate of such Person. 
 “Affiliated Manager” shall have the meaning set
forth in Section 7.1 hereof. 
 “Assignment of Management Agreement” shall mean that certain
Assignment and Subordination of Management Agreement and Consent of Manager dated the date hereof among Lender, Borrower and Manager, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

  

 “Award” shall mean any compensation paid by any Governmental Authority in
connection with a Condemnation in respect of all or any part of any Individual Property. 
 “Beneficial Interest
Transfer” shall have the meaning set forth in Section 7.3 hereof. 
 “Beneficial Owner”
shall have the meaning set forth in Section 7.3 hereof. 
 “Borrower Principal” shall mean,
individually and/or collectively, as the context may require, U.S. Advisor, LLC, a Virginia limited liability company, and Watson & Taylor Management, Inc., a Texas corporation. 

“Business Day” shall mean a day on which Lender is open for the conduct of substantially all of its banking business at
its office in the city in which the Note is payable (excluding Saturdays and Sundays). 
 “Casualty” shall have
the meaning set forth in Section 8.2. 
 “Closing Date” shall mean the date of the funding of the
Loan. 
 “Control” shall have the meaning set forth in Section 7.1 hereof. 

“Condemnation” shall mean a temporary or permanent taking by any Governmental Authority as the result, in lieu or in
anticipation, of the exercise of the right of condemnation or eminent domain, of all or any part of any Individual Property, or any interest therein or right accruing thereto, including any right of access thereto or any change of grade affecting
any Individual Property or any part thereof. 
 “Creditors Rights Laws” shall mean with respect to any Person
any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, conservatorship, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to its
debts or debtors. 
 “Debt” shall mean the outstanding principal amount set forth in, and evidenced by, this
Agreement and the Note together with all interest accrued and unpaid thereon and all other sums due to Lender in respect of the Loan under the Note, this Agreement, the Mortgage or any other Loan Document. 

“Default” shall mean the occurrence of any event hereunder or under any other Loan Document which, but for the giving of
notice or passage of time, or both, would be an Event of Default. 
 “Default Rate” shall have the meaning set
forth in the Note. 
 “DST” shall mean individually and/or collectively, as the context may require Borrower
and Master DST. 

  
 -2-

 “Eligible Account” shall mean a separate and identifiable deposit account
from all other funds held by the holding institution that is either (a) an account or accounts maintained with a federal or state chartered depository institution or trust company which complies with the definition of Eligible Institution or
(b) a segregated trust account or accounts maintained with the corporate trust department of a federal or state chartered depository institution or trust company acting in its fiduciary capacity which, in the case of a federally chartered
depository institution or trust company acting in its fiduciary capacity is subject to the regulations regarding adversary funds on deposit therein under 12 CFR §9.10(b), and in the case of a state chartered depository institution or trust
company, is subject to regulations substantially similar to 12 C.F.R. §9.10(b), having in either case a combined capital surplus of at least $50,000,000 and subject to supervision or examination by federal and state authority. An Eligible
Account will not be evidenced by a certificate of deposit, passbook or other instrument. 
 “Eligible
Institution” shall mean a depository institution or trust company insured by the Federal Deposit Insurance Corporation, the short term unsecured debt obligations or commercial paper of which are rated at least “A-l” by S&P,
“P-l” by Moody’s and “F-l” by Fitch in the case of accounts in which funds are held for thirty (30) days or less (or, in the case of accounts in which funds are held for more than thirty (30) days, the long term
unsecured debt obligations of which are rated at least “AA-” by Fitch and S&P (or “A-” by S&P, if such depository’s short term unsecured debt rating is at least “A-l” by S&P) and “Aa2” by
Moody’s). Notwithstanding the foregoing, prior to a Securitization, Bank of America, N.A. shall be an Eligible Institution, 
 “Embargoed Person” shall mean any person identified by OFAC or any other Person with whom a Person resident in the United States of America may not conduct business or transactions by
prohibition of federal law or Executive Order of the President of the United States of America. 
 “Environmental
Law” shall have the meaning set forth in Section 12.5 hereof. 
 “Environmental Liens”
shall have the meaning set forth in Section 12.5 hereof. 
 “Environmental Report” shall have the
meaning set forth in Section 12.5 hereof. 
 “ERISA” shall mean the Employee Retirement Income
Security Act of 1974, as amended from time to time and any successor statutes thereto and applicable regulations issued pursuant thereto in temporary or final form. 
 “Event of Default” shall have the meaning set forth in Section 11.1 hereof. 
 “Fitch” shall mean Fitch, Inc. 
 “Forced
Conversion” shall have the meaning set forth in Section 6.2 hereof. 
 “Forced Conversion
Notice” shall have the meaning set forth in Section 6.2 hereof. 

  
 -3-

 “General Partner” shall mean EP Rhino LeaseCo GP, LLC, a Texas limited
liability company, the general partner of Master Lessee. 
 “Governmental Authority” shall mean any court,
board, agency, department, commission, office or other authority of any nature whatsoever for any governmental unit (federal, state, county, municipal, city, town, special district or otherwise) whether now or hereafter in existence. 

“Hazardous Materials” shall have the meaning set forth in Section 12.5 hereof. 

“Imminent Default Notice” shall have the meaning set forth in Section 6.2 hereof. 

“Imminent Default Response” shall have the meaning set forth in Section 6.2 hereof. 

“Improvements” shall have the meaning set forth in the granting clause of the Mortgage. 

“Indemnified Parties” shall mean (a) Lender, (b) any prior owner or holder of the Loan or Participations in
the Loan, (c) any servicer or prior servicer of the Loan, (d) any Investor or any prior Investor in any Securities, (e) any trustees, custodians or other fiduciaries who hold or who have held a full or partial interest in the Loan for
the benefit of any Investor or other third party, (f) any receiver or other fiduciary appointed in a foreclosure or other Creditors Rights Laws proceeding, (g) any officers, directors, shareholders, partners, members, employees, agents,
servants, representatives, affiliates or subsidiaries of any and all of the foregoing, and (h) the heirs, legal representatives, successors and assigns of any and all of the foregoing (including, without limitation, any successors by merger,
consolidation or acquisition of all or a substantial portion of the Indemnified Parties’ assets and business), in all cases whether during the term of the Loan or as part of or following a foreclosure of the Mortgage. 

“Independent Trustee” shall have the meaning set forth in Section 6.1 hereof. 

“Individual Property” shall mean each parcel of real property listed on Schedule II attached hereto, the Improvements
thereon and all personal property owned by Borrower and encumbered by a Mortgage, together with all rights pertaining to such property and improvements as more particular described in the granting clauses of such Mortgages. 

“Insurance Premiums” shall have the meaning set forth in Section 8.1(b) hereof. 

“Insurance Proceeds” shall have the meaning set forth in Section 8.4(b) hereof. 

“Interest Bearing Reserve Accounts” shall mean each Reserve Account other than the Tax and Insurance Reserve Account.

 “Interest Bearing Reserve Funds” shall mean each of the Reserve Funds other than the Tax and Insurance
Reserve Funds. 

  
 -4-

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

“Investor” shall have the meaning set forth in Section 13.3 hereof. 

“Lease” shall have the meaning set forth in the Mortgage. 

“Legal Requirements” shall mean all statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and
injunctions of Governmental Authorities affecting any Individual Property or any part thereof, or the construction, use, alteration or operation thereof, whether now or hereafter enacted and in force, and all permits, licenses, authorizations and
regulations relating thereto, and all covenants, agreements, restrictions and encumbrances contained in any instruments, either of record or known to Borrower, at any time in force affecting any Individual Property or any part thereof, including,
without limitation, any which may (a) require repairs, modifications or alterations in or to any Individual Property or any part thereof, or (b) in any way limit the use and enjoyment thereof. 

“Lien” shall mean any mortgage, deed of trust, deed to secure debt, lien, pledge, hypothecation, assignment, security
interest, or any other encumbrance, charge or transfer of, on or affecting Borrower, any Individual Property, any portion thereof or any interest therein, including, without limitation, any conditional sale or other title retention agreement, any
financing lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement, and mechanic’s, materialmen’s and other similar liens and encumbrances. 

“LLC Agreement” shall have the meaning set forth in Section 6.1 (c). 

“Loan” shall mean the loan made by Lender to Borrower pursuant to this Agreement. 

“Loan Documents” shall mean, collectively, this Agreement, the Note, the Mortgage, the Assignment of Management
Agreement, and any and all other documents, agreements and certificates executed and/or delivered in connection with the Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Losses” shall mean any and all claims, suits, liabilities (including, without limitation, strict liabilities), actions,
proceedings, obligations, debts, damages, losses, costs, expenses, fines, penalties, charges, fees, judgments, awards, amounts paid in settlement of whatever kind or nature (including but not limited to reasonable legal fees and other costs of
defense). 
 “Management Agreement” shall mean the management agreement entered into by and between Master
Lessee and Manager, pursuant to which Manager is to provide management and other services with respect to the Property, as the same may be amended, restated, replaced, supplemented or otherwise modified in accordance with the terms of this
Agreement. 

  
 -5-

 “Manager” shall mean Watson & Taylor Management, Inc., a Texas
corporation, or such other entity selected as the manager of the Property in accordance with the terms of this Agreement. 

“Master DST” shall mean USA Self Storage I, DST, a Delaware statutory trust. 

“Master Lease” shall mean that certain Master Lease dated as of November 1, 2005 by and between Borrower and Master
Lessee as the same may be amended, restated, extended or otherwise modified from time to time. 
 “Master Lease
SNDA” shall mean that certain Assignment and Subordination Agreement of Master Lease and Consent of Master Lessee dated as of the date hereof, by and between Lender and Master Lessee, as the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time. 
 “Master Lessee” shall mean EP Rhino LeaseCo, LTD., a
Texas limited partnership, having its principal place of business at c/o U.S. Commercial LLC, 111 Corporate Drive, Suite 210, Ladera Ranch, California 92694. 
 “Maturity Date” shall have the meaning set forth in the Note. 

“Member” shall have the meaning set forth in Section 6.1(c) hereof. 

“Mold” shall have the meaning set forth in Section 12.5 hereof. 

“Moody’s” shall mean Moody’s Investors Service, Inc. 

“Mortgage” shall mean those certain first priority mortgages/deeds of trust/deeds to secure debt and security agreements
(whether one or more) dated the date hereof, executed and delivered by Borrower as security for the Loan and encumbering (individually and/or collectively) each Individual Property, as the same may be amended, restated, replaced, supplemented or
otherwise modified from time to time. 
 “Net Proceeds” shall have the meaning set forth in
Section 8.4(b) hereof. 
 “Net Proceeds Deficiency” shall have the meaning set forth in
Section 8.4(b)(vi) hereof. 
 “New Beneficial Owner” shall have the meaning set forth in
Section 7.3 hereof. 
 “New Owner Transfer” shall have the meaning set forth in
Section 7.3 hereof. 
 “Note” shall mean that certain promissory note of even date herewith in the
principal amount of $12,750,000.00, made by Borrower in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “OFAC” shall have the meaning set forth in Section 4.38 hereof. 

  
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 “Other Charges” shall mean all ground rents, maintenance charges,
impositions other than Taxes, and any other charges, including, without limitation, vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Individual Property, now or hereafter levied or assessed or imposed
against any Individual Property or any part thereof. 
 “Participations” shall have the meaning set forth in
Section 13.1 hereof. 
 “Patriot Act” shall have the meaning set forth in Section 4.38
hereof. 
 “Permitted Encumbrances” shall mean collectively, (a) the Lien and security interests created
by the Loan Documents, (b) all Liens, encumbrances and other matters disclosed in the Title Insurance Policy, (c) Liens, if any, for Taxes imposed by any Governmental Authority not yet due or delinquent, and (d) such other title and
survey exceptions as Lender has approved or may approve in writing in Lender’s sole discretion. 
 “Permitted
Investments” shall mean to the extent available from Lender or Lender’s servicer for deposits in the Reserve Accounts, any one or more of the following obligations or securities acquired at a purchase price of not greater than par,
including those issued by a servicer of the Loan, the trustee under any securitization or any of their respective Affiliates, payable on demand or having a maturity date not later than the Business Day immediately prior to the date on which the
funds used to acquire such investment are required to be used under this Agreement and meeting one of the appropriate standards set forth below: 
 (a) obligations of, or obligations fully guaranteed as to payment of principal and interest by, the United States or any agency or instrumentality thereof provided such obligations are backed by
the full faith and credit of the United States of America including, without limitation, obligations of: the U.S. Treasury (all direct or fully guaranteed obligations), the Farmers Home Administration (certificates of beneficial ownership), the
General Services Administration (participation certificates), the U.S. Maritime Administration (guaranteed Title XI financing), the Small Business Administration (guaranteed participation certificates and guaranteed pool certificates), the U.S.
Department of Housing and Urban Development (local authority bonds) and the Washington Metropolitan Area Transit Authority (guaranteed transit bonds); provided, however, that the investments described in this clause must (i) have a
predetermined fixed dollar of principal due at maturity that cannot vary or change, (ii) be rated “AAA” or the equivalent by each of the Rating Agencies, (iii) if rated by S&P, must not have an “r” highlighter
affixed to their rating, (iv) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (v) such
investments must not be subject to liquidation prior to their maturity; 
 (b) Federal Housing Administration
debentures; 
 (c) obligations of the following United States government sponsored agencies: Federal Home Loan
Mortgage Corp. (debt obligations), the Farm Credit System (consolidated systemwide bonds and notes), the Federal Home Loan Banks (consolidated debt obligations), the Federal National Mortgage Association (debt obligations), the

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

 (e) fully Federal Deposit Insurance Corporation-insured demand and time deposits in, or certificates of
deposit of, or bankers’ acceptances with maturities of not more than 365 days and issued by, any bank or trust company, savings and loan association or savings bank, the short term obligations of which at all times are rated in the highest
short term rating category by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency in the highest short term rating category and otherwise acceptable to each other Rating Agency, as confirmed in writing
that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities); provided, however, that the investments described in this
clause must (i) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (ii) if rated by S&P, must not have an “r” highlighter affixed to their rating, (iii) if such investments have a
variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (iv) such investments must not be subject to liquidation prior to their
maturity; 
 (f) debt obligations with maturities of not more than 365 days and at all times rated by each Rating
Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification
or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities) in its highest long-term unsecured rating category; provided, however, that the investments described in this clause must (i) have a
predetermined fixed dollar of principal due at maturity that cannot vary or change, (ii) if rated by S&P, must not have 

  
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an “r” highlighter affixed to their rating, (iii) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed
spread (if any) and must move proportionately with that index, and (iv) such investments must not be subject to liquidation prior to their maturity; 
 (g) commercial paper (including both non-interest-bearing discount obligations and interest-bearing obligations payable on demand or on a specified date not more than one year after the date of issuance
thereof) with maturities of not more than 365 days and that at all times is rated by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed
in writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities) in its highest short-term unsecured debt rating;
provided, however, that the investments described in this clause must (i) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (ii) if rated by S&P, must not have an “r”
highlighter affixed to their rating, (iii) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and
(iv) such investments must not be subject to liquidation prior to their maturity; 
 (h) units of taxable
money market funds, with maturities of not more than 365 days and which funds are regulated investment companies, seek to maintain a constant net asset value per share and invest solely in obligations backed by the full faith and credit of the
United States, which funds have the highest rating available from each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that
such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities) for money market funds; and 

(i) any other security, obligation or investment which has been approved as a Permitted Investment in writing by
(i) Lender and (ii) each Rating Agency, as evidenced by a written confirmation that the designation of such security, obligation or investment as a Permitted Investment will not, in and of itself, result in a downgrade, qualification or
withdrawal of the initial, or, if higher, then current ratings assigned to the Securities by such Rating Agency; 
 provided, however,
that no obligation or security shall be a Permitted Investment if (A) such obligation or security evidences a right to receive only interest payments, (B) the right to receive principal and interest payments on such obligation or
security are derived from an underlying investment that provides a yield to maturity in excess of one hundred twenty percent (120%) of the yield to maturity at par of such underlying investment or (C) such obligation or security has a
remaining term to maturity in excess of one (1) year. 
 “Person” shall mean any individual, corporation,
partnership, joint venture, limited liability company, estate, trust, unincorporated association, any federal, state, county or 

  
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municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 

“Personal Property” shall have the meaning set forth in the granting clause of the Mortgage. 

“Policies” shall have the meaning specified in Section 8.1(b) hereof. 

“Prepaid Rent Collection Threshold” shall mean an amount equal to ten percent (10%) of monthly gross potential Rents. 

“Prepaid Rent Reserve Account” shall have the meaning set forth in Section 9.8 hereof. 

“Prepaid Rent Reserve Funds” shall have the meaning set forth in Section 9.8 hereof. 

“Professional Independent Trustee” shall have the meaning set forth in Section 6.1 hereof. 

“Prohibited Transfer” shall have the meaning set forth in Section 7.2 hereof. 

“Property” shall mean, collectively, each Individual Property, the Improvements thereon and all Personal Property owned
by Borrower and encumbered by a Mortgage, together with all rights pertaining to such property and Improvements, as more particularly described in the granting clause of the Mortgage and referred to therein as the “Property”. 

“Property Condition Report” shall mean a report prepared by a company satisfactory to Lender regarding the physical
condition of the Property (or each Individual Property, as applicable), satisfactory in form and substance to Lender in its sole discretion. 
 “Rating Agencies” shall mean each of S&P, Moody’s and Fitch, or any other nationally-recognized statistical rating agency which has been approved by Lender. 

“REA” shall mean any “construction, operation and reciprocal easement agreement” or similar agreement
(including any “separate agreement” or other agreement between Borrower and one or more other parties to an REA with respect to such REA) affecting any Individual Property or portion thereof. 

“Release” shall have the meaning set forth in Section 12.5 hereof. 

“Rent Roll” shall have the meaning set forth in Section 4.25 hereof. 

“Rents” shall have the meaning set forth in the Mortgage. 

“Replacement Reserve Account” shall have the meaning set forth in Section 9.2(b) hereof. 

  
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 “Replacement Reserve Funds” shall have the meaning set forth in
Section 9.2(b) hereof. 
 “Replacement Reserve Monthly Deposit” shall have the meaning set forth in
Section 9.2(b) hereof. 
 “Replacements” shall have the meaning set forth in
Section 9.2(a) hereof. 
 “Required Repair Account” shall have the meaning set forth in
Section 9.1(b) hereof. 
 “Required Repair Funds” shall have the meaning set forth in
Section 9.l(b) hereof. 
 “Required Repairs” shall have the meaning set forth in
Section 9.1(a) hereof. 
 “Required Work” shall have the meaning set forth in
Section 9.4 hereof. 
 “Reserve Accounts” shall mean the Tax and Insurance Reserve Account, the
Replacement Reserve Account, the Required Repair Account, the Prepaid Rent Reserve Account, or any other escrow account established by the Loan Documents. 
 “Reserve Funds” shall mean the Tax and Insurance Reserve Funds, the Replacement Reserve Funds, the Required Repair Funds, the Prepaid Rent Reserve Funds, or any other escrow funds
established by the Loan Documents. 
 “Response Failure” shall have the meaning set forth in
Section 6.2 hereof. 
 “Restoration” shall mean, following the occurrence of a Casualty or a
Condemnation which is of a type necessitating the repair of any Individual Property, the completion of the repair and restoration of the related Individual Property as nearly as possible to the condition the related Individual Property was in
immediately prior to such Casualty or Condemnation, with such alterations as may be reasonably approved by Lender. 

“Restoration Consultant” shall have the meaning set forth in Section 8.4(b)(iii) hereof. 

“Restoration Retainage” shall have the meaning set forth in Section 8.4(b)(iv) hereof. 

“Restricted Party” shall have the meaning set forth in Section 7.1 hereof. 

“Sale or Pledge” shall have the meaning set forth in Section 7.1 hereof. 

“Scheduled Payment Date” shall have the meaning set forth in the Note. 

“Securities” shall have the meaning set forth in Section 13.1 hereof. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

  
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 “Securitization” shall have the meaning set forth in
Section 13.1 hereof. 
 “Special Member” shall have the meaning set forth in
Section 6.l(c) 
 “S&P” shall mean Standard & Poor’s Ratings Services, a division
of The McGraw-Hill Companies, Inc. 
 “State” shall mean the state in which the Property or any part thereof is
located. 
 “Tax and Insurance Reserve Funds” shall have the meaning set forth in Section 9.6
hereof. 
 “Tax and Insurance Reserve Account” shall have the meaning set forth in Section 9.6
hereof. 
 “Taxes” shall mean all real estate and personal property taxes, assessments, water rates or sewer
rents, now or hereafter levied or assessed or imposed against any Individual Property or part thereof. 

“Tenant” shall mean any Person leasing, subleasing or otherwise occupying any portion of any Individual Property under a
Lease or other occupancy agreement with Borrower. 
 “Title Insurance Policy” shall mean that certain TLTA (or
its equivalent) mortgagee title insurance policy issued with respect to the Property and insuring the lien of the Mortgage. 

“TLTA” shall mean Texas Land Title Association or any successor thereto. 

“Transferee” shall have the meaning set forth in Section 7.5 hereof. 

“UCC” or “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect in the State
where the applicable Property is located. 
 “Watson & Taylor Lease” shall mean that certain Lease
Agreement commencing on September 29, 2005, between Borrower (successor-in-interest to USA Northwest Hwy Self Storage, LLC, a Texas limited liability company), as lessor, and Watson & Taylor Management, Inc., as lessee, as the same may
be amended, restated, replaced, supplemented or otherwise modified in accordance with the terms of this Agreement. 

Section 1.2 Principles of Construction. All references to sections and schedules are to sections and schedules in or to this
Agreement unless otherwise specified. All uses of the word “including” shall mean “including, without limitation” unless the context shall indicate otherwise. Unless otherwise specified, the words “hereof,”
“herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise specified, all meanings attributed
to defined terms herein shall be equally applicable to both the singular and plural forms of the terms so defined. 

  
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 ARTICLE 2 
 GENERAL TERMS 
 Section 2.1 The Loan. Subject to and upon the
terms and conditions set forth herein, Lender hereby agrees to make and Borrower hereby agrees to accept the Loan on the Closing Date. 
 Section 2.2 Disbursement to Borrower. Borrower may request and receive only one borrowing in respect of the Loan and any amount borrowed and repaid in respect of the Loan may not be
reborrowed. 
 Section 2.3 The Note, Mortgage and Loan Documents. The Loan shall be evidenced by the Note and
secured by the Mortgage and the other Loan Documents. 
 Section 2.4 Loan Payments. The Loan and interest thereon
shall be payable pursuant to the terms of the Note. 
 Section 2.5 Loan Prepayments. The Loan may not be prepaid, in
whole or in part, except in strict accordance with the express terms and conditions of the Note. 
 ARTICLE 3 

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

ARTICLE 4 

REPRESENTATIONS AND WARRANTIES 
 Borrower and, where specifically indicated, each Borrower Principal, represents and warrants to Lender as of the Closing Date that: 

Section 4.1 Organization. Borrower and each Borrower Principal, (when not an individual) (a) has been duly organized and
is validly existing and in good standing with requisite power and authority to own its properties and to transact the businesses in which it is now engaged, (b) is duly qualified to do business and is in good standing in each jurisdiction where
it is required to be so qualified in connection with its properties, businesses and operations, (c) to Borrower’s knowledge, possesses all rights, licenses, permits and authorizations, governmental or otherwise, necessary to entitle it to
own its properties and to transact the businesses in which it is now engaged, and the sole business of Borrower is the ownership, management and operation of the Property, and (d) in the case of Borrower, has full

  
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power, authority and legal right to mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey the Property pursuant to the terms of the Loan Documents, and in the case of
Borrower and each Borrower Principal, has full power, authority and legal right to keep and observe all of the terms of the Loan Documents to which it is a party. Borrower and each Borrower Principal represent and warrant that the chart attached
hereto as Exhibit A sets forth an accurate listing of the direct and indirect owners of the equity interests in Borrower, Master Lessee and each Borrower Principal (when not an individual). 

Section 4.2 Status of Borrower. Borrower’s exact legal name is correctly set forth on the first page of this Agreement,
on the Mortgage and on any UCC-1 Financing Statements filed in connection with the Loan. Borrower is an organization of the type specified on the first page of this Agreement. Borrower is incorporated in or organized under the laws of the state of
Delaware. Borrower’s principal place of business and chief executive office, and the place where Borrower keeps its books and records, including recorded data of any kind or nature, regardless of the medium of recording, including software,
writings, plans, specifications and schematics, has been for the preceding four months (or, if less, the entire period of the existence of Borrower) the address of Borrower set forth on the first page of this Agreement. Borrower’s
organizational identification number, if any, assigned by the state of incorporation or organization is correctly set forth on the first page of the Note. 
 Section 4.3 Validity of Documents. Borrower and each Borrower Principal have taken all necessary action to authorize the execution, delivery and performance of this Agreement and the other
Loan Documents to which they are parties. This Agreement and such other Loan Documents have been duly executed and delivered by or on behalf of Borrower and each Borrower Principal and constitute the legal, valid and binding obligations of Borrower
and each Borrower Principal enforceable against Borrower and each Borrower Principal in accordance with their respective terms, subject only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject,
as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
 Section 4.4 No Conflicts. The execution, delivery and performance of this Agreement and the other Loan Documents by Borrower and each Borrower Principal will not conflict with or result in a
breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance (other than pursuant to the Loan Documents) upon any of the property or assets of Borrower or any
Borrower Principal pursuant to the terms of any agreement or instrument to which Borrower or any Borrower Principal is a party or by which any of Borrower’s or Borrower Principal’s property or assets is subject, nor, to Borrower’s
knowledge, will such action result in any violation of the provisions of any statute or any order, rule or regulation of any Governmental Authority having jurisdiction over Borrower or any Borrower Principal or any of Borrower’s or Borrower
Principal’s properties or assets, and, to Borrower’s knowledge, any consent, approval, authorization, order, registration or qualification of or with any Governmental Authority required for the execution, delivery and performance by
Borrower or Borrower Principal of this Agreement or any of the other Loan Documents has been obtained and is in full force and effect. 

  
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 Section 4.5 Litigation. There are no actions, suits or proceedings at law or in
equity by or before any Governmental Authority or other agency now pending or, to Borrower’s or Borrower Principal’s knowledge, threatened against or affecting Borrower, any Borrower Principal, the Master Lessee, the Manager or any
Individual Property, which actions, suits or proceedings, if determined against Borrower, any Borrower Principal, the Master Lessee, the Manager or the related Individual Property, would materially adversely affect the condition (financial or
otherwise) or business of Borrower or any Borrower Principal or the condition or ownership of the related Individual Property. 

Section 4.6 Agreements. Borrower is not a party to any agreement or instrument or subject to any restriction which would
materially and adversely affect Borrower or any Individual Property, or Borrower’s business, properties or assets, operations or condition, financial or otherwise. Borrower is not in default in any material respect in the performance,
observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which it is a party or by which Borrower or any Individual Property is bound. Borrower has no material financial obligation
under any agreement or instrument to which Borrower is a party or by which Borrower or any Individual Property is otherwise bound, other than (a) obligations incurred in the ordinary course of the operation of the related Individual Property
and (b) obligations under the Loan Documents. 
 Section 4.7 Solvency. Borrower and each Borrower Principal
have (a) not entered into the transaction or executed the Note, this Agreement or any other Loan Documents with the actual intent to hinder, delay or defraud any creditor and (b) received reasonably equivalent value in exchange for their
obligations under such Loan Documents. Giving effect to the Loan, the fair saleable value of the assets of Borrower and each Borrower Principal exceeds and will, immediately following the making of the Loan, exceed the total liabilities of Borrower
and each Borrower Principal, including, without limitation, subordinated, unliquidated, disputed and contingent liabilities. No petition in bankruptcy has been filed against Borrower or any Borrower Principal in the last ten (10) years, and
neither Borrower nor any Borrower Principal in the last ten (10) years has made an assignment for the benefit of creditors or taken advantage of any Creditors Rights Laws. Neither Borrower nor any Borrower Principal is contemplating either the
filing of a petition by it under any Creditors Rights Laws or the liquidation of all or a major portion of Borrower’s assets or property, and Borrower has no knowledge of any Person contemplating the filing of any such petition against Borrower
or any Borrower Principal. 
 Section 4.8 Full and Accurate Disclosure. Subject to any qualifications set forth in
any other applicable representation contained in this Agreement, no statement of fact made by or on behalf of Borrower or any Borrower Principal in this Agreement or in any of the other Loan Documents or in any other document or certificate
delivered by or on behalf of Borrower or any Borrower Principal contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained herein or therein not misleading. There is no material fact
presently known to Borrower or any Borrower Principal which has not been disclosed to Lender which adversely affects, nor as far as Borrower or any Borrower Principal can reasonably foresee, might adversely affect, any Individual Property or the
business, operations or condition (financial or otherwise) of Borrower or any Borrower Principal. 

  
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 Section 4.9 No Plan Assets. Borrower is not an “employee benefit
plan,” as defined in Section 3(3) of ERISA, subject to Title I of ERISA, and none of the assets of Borrower constitutes or will constitute “plan assets” of one or more such plans within the meaning of 29 C.F.R.
Section 2510.3-101. In addition, (a) Borrower is not a “governmental plan” within the meaning of Section 3(32) of ERISA and (b) transactions by or with Borrower are not subject to state statutes regulating investment
of, and fiduciary obligations with respect to, governmental plans similar to the provisions of Section 406 of ERISA or Section 4975 of the Internal Revenue Code currently in effect, which prohibit or otherwise restrict the transactions
contemplated by this Agreement. 
 Section 4.10 Not a Foreign Person. Neither Borrower, Borrower Principal, nor
Master Lessee is a foreign corporation, foreign partnership, foreign trust, foreign estate or nonresident alien or a disregarded entity owned by any of them (as those terms are defined in the Internal Revenue Code of 1986), and if requested by
Lender, Borrower or Borrower Principal will so certify (or in the case of a disregarded entity, its owner will certify) to Lender or a person designated by Lender under penalties of perjury to the accuracy of this representation, and will provide in
such certification such additional information as Lender may reasonably request. 
 Section 4.11 Enforceability. The
Loan Documents are not subject to any right of rescission, set-off, counterclaim or defense by Borrower, including the defense of usury, nor would the operation of any of the terms of the Loan Documents, or the exercise of any right thereunder,
render the Loan Documents unenforceable, and neither Borrower nor Borrower Principal has asserted any right of rescission, set-off, counterclaim or defense with respect thereto. No Default or Event of Default exists under or with respect to any Loan
Document. 
 Section 4.12 Business Purposes. The Loan is solely for the business purpose of Borrower, and is not for
personal, family, household, or agricultural purposes. 
 Section 4.13 Compliance. To Borrower’s knowledge and
except as disclosed in that certain Property Condition Report delivered to Lender in connection with the closing of the Loan, Borrower and the Property, and the use and operation thereof, comply in all material respects with all Legal Requirements,
including, without limitation, building and zoning ordinances and codes and the Americans with Disabilities Act. To Borrower’s knowledge, Borrower is not in default or violation of any order, writ, injunction, decree or demand of any
Governmental Authority and Borrower has received no written notice of any such default or violation. There has not been committed by Borrower or, to Borrower’s knowledge, any other Person in occupancy of or involved with the operation or use of
any Individual Property any act or omission affording any Governmental Authority the right of forfeiture as against any Individual Property or any part thereof or any monies paid in performance of Borrower’s obligations under any of the Loan
Documents. 
 Section 4.14 Financial Information. To Borrower’s knowledge, all financial data, including,
without limitation, the balance sheets, statements of cash flow, statements of income and operating expense and rent rolls, that have been delivered to Lender in respect of Borrower, any Borrower Principal and/or the Property (a) are true,
complete and correct in all material respects, (b) accurately represent the financial condition of Borrower, Borrower Principal or the Property, as applicable, as of the date of such reports, and (c) to the extent

  
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prepared or audited by an independent certified public accounting firm (if applicable), have been prepared in accordance with cash basis accounting principles throughout the periods covered,
except as disclosed therein. Borrower does not have any contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments that are known to Borrower and
reasonably likely to have a material adverse effect on any Individual Property or the current and/or intended operation thereof, except as referred to or reflected in said financial statements. Since the date of such financial statements, there has
been no materially adverse change in the financial condition, operations or business of Borrower or Borrower Principal from that set forth in said financial statements. 
 Section 4.15 Condemnation. No Condemnation or other proceeding has been commenced or, to Borrower’s knowledge, is threatened or contemplated with respect to all or any portion of any
Individual Property. 
 Section 4.16 Utilities and Public Access; Parking. The Property has adequate rights of
access to public ways and is served by water, sewer, sanitary sewer and storm drain facilities adequate to service the Property for full utilization of the Property for its intended uses. All public utilities necessary to the full use and enjoyment
of the Property as currently used and enjoyed are located either in the public right-of-way abutting the Property (which are connected so as to serve the Property without passing over other property) or in recorded easements serving the Property and
such easements are set forth in the Title Insurance Policy. All roads necessary for the use of the Property for its current purposes have been completed and dedicated to public use and accepted by all Governmental Authorities. The Property has, or
is served by, parking to the extent required to comply with all Legal Requirements. 
 Section 4.17 Separate Lots.
The Property is assessed for real estate tax purposes as one or more wholly independent tax lot or lots, separate from any adjoining land or improvements not constituting a part of such lot or lots, and no other land or improvements is assessed and
taxed together with the Property or any portion thereof. 
 Section 4.18 Assessments. To Borrower’s knowledge
after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting any Individual Property, nor are there any contemplated improvements to any Individual Property that may result in such
special or other assessments. 
 Section 4.19 Insurance. Borrower has obtained and has delivered to Lender
certificates of insurance with respect to all Policies reflecting the insurance coverages, amounts and other requirements set forth in this Agreement. No claims have been made under any of the Policies, and to Borrower’s knowledge, no Person,
including Borrower, has done, by act or omission, anything which would impair the coverage of any of the Policies. 

Section 4.20 Use of Property. The Property is used exclusively for self-storage purposes and other appurtenant and related
uses. 
 Section 4.21 Certificate of Occupancy; Licenses. To Borrower’s knowledge, all certifications, permits,
licenses and approvals, including, without limitation, certificates of completion or occupancy required for the legal use, occupancy and operation of the Property for 

  
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the purpose intended herein, have been obtained and are valid and in full force and effect. Borrower shall keep and maintain (or cause to be kept and maintained) all licenses necessary for the
operation of the Property for the purpose intended herein. To Borrower’s knowledge, the use being made of the Property is in conformity with the final certificate of occupancy (or compliance, if applicable) and any other permits or licenses
issued for the Property. 
 Section 4.22 Flood Zone. None of the Improvements on any Individual Property are located
in an area identified by the Federal Emergency Management Agency as an area having special flood hazards, or, if any material portion of the Improvements is located within such area, Borrower has obtained the insurance prescribed in
Section 8.1(a)(i). 
 Section 4.23 Physical Condition. To Borrower’s knowledge after due inquiry,
except as set forth in the Property Condition Report, the Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems,
electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects. To Borrower’s knowledge after due inquiry,
except as set forth in the Property Condition Report, there exists no structural or other material defects or damages in any Individual Property, as a result of a Casualty or otherwise, and whether latent or otherwise. Borrower has not received
notice from any insurance company or bonding company of any defects or inadequacies in any Individual Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or
charges thereon or of any termination or threatened termination of any policy of insurance or bond. 
 Section 4.24
Boundaries. (a) None of the Improvements which were included in determining the appraised value of the Property lie outside the boundaries and building restriction lines of the related Individual Property to any material extent except as
affirmatively insured by the Title Insurance Policy, and (b) no improvements on adjoining properties materially encroach upon any Individual Property and no easements or other encumbrances upon any Individual Property encroach upon any of the
Improvements so as to materially affect the value or marketability of the related Individual Property. 
 Section 4.25
Leases and Rent Roll. Borrower has delivered to Lender a true, correct and complete rent roll for each Individual Property (each a “Rent Roll”) which includes all Leases affecting each Individual Property (including schedules
for all executed Leases for Tenants not yet in occupancy or under which the rent commencement date has not occurred). To Borrower’s knowledge, except as set forth in each Rent Roll (as same has been updated by written notice thereof to Lender)
and any (if any) estoppel certificates delivered to Lender on or prior to the Closing Date: (a) each Lease is in full force and effect; (b) the Tenants under the Leases have accepted possession of their respective demised premises;
(c) the Tenants under the Leases have commenced the payment of rent under the Leases, there are no offsets, claims or defenses to the enforcement thereof, and Borrower has no current or delinquent monetary obligations to any Tenant under any
Lease; (d) except with respect to that portion of the Rents due and payable by that certain Tenant known as Dynamic Systems (for which Rents have been paid in advance through August 2010), no portion of the Rents due and payable under the
Leases have been paid for any period more than twelve (12) months in advance; (e) the rent payable 

  
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under each Lease is the amount of fixed rent set forth in the Rent Roll, and there is no claim or basis for a claim by the Tenant thereunder for an offset or adjustment to the rent; (f) no
Tenant has made any written claim of a material default against the landlord under any Lease which remains outstanding nor has Borrower or Manager received, by telephonic, in-person, e-mail or other communication, any notice of a material default
under any Lease; (g) no more than five percent (5%) of the Tenants at any Individual Property are in default of the rental payment; (h) all security deposits, if any, under the Leases have been collected by Borrower; (i) Borrower
is the sole owner of the entire landlord’s interest in each Lease; (j) each Lease is the valid, binding and enforceable obligation of Borrower and the applicable Tenant thereunder and there are no agreements with the Tenants under the
Leases other than as expressly set forth in the Leases; (k) no Person has any possessory interest in, or right to occupy, the related Individual Property or any portion thereof except under the terms of a Lease; (1) none of the Leases
contains any option or offer to purchase or right of first refusal to purchase the related Individual Property or any part thereof; and (m) neither the Leases nor the Rents have been assigned, pledged or hypothecated except to Lender, and no
other Person has any interest therein except the Tenants thereunder. 
 Section 4.26 Filing and Recording Taxes. All
mortgage, mortgage recording, stamp, intangible or other similar tax required to be paid by any Person under applicable Legal Requirements currently in effect in connection with the execution, delivery, recordation, filing, registration, perfection
or enforcement of any of the Loan Documents, including, without limitation, the Mortgage, have been paid or will be paid, and, under current Legal Requirements, the Mortgage is enforceable in accordance with its terms by Lender (or any subsequent
holder thereof). 
 Section 4.27 Management Agreement. The Management Agreement is in full force and effect and
there is no default thereunder by any party thereto and, to Borrower’s knowledge, no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder. No management fees under the Management
Agreement are accrued and unpaid. 
 Section 4.28 Illegal Activity. No portion of any Individual Property has been
or will be purchased, improved, equipped or fixtured with proceeds of any illegal activity, and no part of the proceeds of the Loan will be used in connection with any illegal activity. 

Section 4.29 Construction Expenses. All costs and expenses of any and all labor, materials, supplies and equipment used in
the construction maintenance or repair of the Improvements have been paid in full prior to delinquency. To Borrower’s knowledge after due inquiry, there are no claims for payment for work, labor or materials affecting any Individual Property
which are or may become a lien prior to, or of equal priority with, the Liens created by the Loan Documents. 

Section 4.30 Personal Property. Borrower has paid in full for, and is the owner of, all Personal Property (other than
Tenants’ property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except for Permitted Encumbrances and the Lien and security interest created by the Loan
Documents. 

  
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 Section 4.31 Taxes. Borrower and Borrower Principal have filed all federal,
state, county, municipal, and city income, personal property and other tax returns required to have been filed by them and have paid all taxes and related liabilities which have become due pursuant to such returns or pursuant to any assessments
received by them. Neither Borrower nor Borrower Principal knows of any basis for any additional assessment in respect of any such taxes and related liabilities for prior years. 

Section 4.32 Permitted Encumbrances. None of the Permitted Encumbrances, individually or in the aggregate, materially
interferes with the benefits of the security intended to be provided by the Loan Documents, materially and adversely affects the value of any Individual Property, materially impairs the use or the operation of any Individual Property or materially
impairs Borrower’s ability to pay its obligations in a timely manner. 
 Section 4.33 Federal Reserve
Regulations. No part of the proceeds of the Loan will be used for the purpose of purchasing or acquiring any “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or for any other
purpose which would be inconsistent with such Regulation U or any other Regulations of such Board of Governors, or for any purposes prohibited by Legal Requirements or prohibited by the terms and conditions of this Agreement or the other Loan
Documents. 
 Section 4.34 Investment Company Act. Borrower is not (a) an “investment company” or a
company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended; (b) a “holding company” or a “subsidiary company” of a “holding company” or
an “affiliate” of either a “holding company” or a “subsidiary company” within the meaning of the Public Utility Holding Company Act of 1935, as amended; or (c) subject to any other federal or state law or
regulation which purports to restrict or regulate its ability to borrow money. 
 Section 4.35 Reciprocal Easement
Agreements. 
 (a) To Borrower’s actual knowledge, neither Borrower, nor any other party is currently in default (nor
has any notice been given or received with respect to an alleged or current default) under any of the terms and conditions of the REA, and the REA remains unmodified and in full force and effect; 

(b) To Borrower’s actual knowledge, any easements granted pursuant to the REA which were to have survived the site preparation and
completion of construction (to the extent that the same has been completed), remain in full force and effect and have not been released, terminated, extinguished or discharged by agreement or otherwise; 

(c) To Borrower’s actual knowledge, all sums due and owing by Borrower to the other parties to the REA (or by the other parties to
the REA to the Borrower) pursuant to the terms of the REA, including without limitation, all sums, charges, fees, assessments, costs, and expenses in connection with any taxes, site preparation and construction, non-shareholder contributions, and
common area and other property management activities have been paid, are current, and no lien has attached on any Individual Property (or threat thereof been made) for failure to pay any of the foregoing; 

  
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 (d) The terms, conditions, covenants, uses and restrictions contained in the REA do not
conflict in any manner with any terms, conditions, covenants, uses and restrictions contained in any Lease or in any agreement between Borrower and occupant of any peripheral parcel, including without limitation, conditions and restrictions with
respect to kiosk placement, tenant restrictions (type, location or exclusivity), sale of certain goods or services, and/or other use restrictions; and 
 (e) The terms, conditions, covenants, uses and restrictions contained in each Lease do not conflict in any manner with any terms, conditions, covenants, uses and restrictions contained in the REA, any
other Lease or in any agreement between Borrower and occupant of any peripheral parcel, including without limitation, conditions and restrictions with respect to kiosk placement, tenant restrictions (type, location or exclusivity), sale of certain
goods or services, and/or other use restrictions. 
 Section 4.36 No Change in Facts or Circumstances: Disclosure.
All information submitted by Borrower or its agents to Lender and in all financial statements, rent rolls, reports, certificates and other documents submitted in connection with the Loan or in satisfaction of the terms thereof and all statements of
fact made by Borrower in this Agreement or in any other Loan Document, are accurate, complete and correct in all material respects. There has been no material adverse change in any condition, fact, circumstance or event that would make any such
information inaccurate, incomplete or otherwise misleading in any material respect or that otherwise materially and adversely affects or might materially and adversely affect any Individual Property or the business operations or the financial
condition of Borrower. Borrower has disclosed to Lender all material facts and has not failed to disclose any material fact that could cause any representation or warranty made herein to be materially misleading. 

Section 4.37 Intellectual Property. All trademarks, trade names and service marks necessary to the business of Borrower as
presently conducted or as Borrower contemplates conducting its business are in good standing and, to the extent of Borrower’s actual knowledge, uncontested. To Borrower’s actual knowledge, Borrower has not infringed, is not infringing, and
has not received notice of infringement with respect to asserted trademarks, trade names and service marks of others. To Borrower’s actual knowledge, there is no infringement by others of trademarks, trade names and service marks of Borrower.

 Section 4.38 Compliance with Anti-Terrorism Laws. None of Borrower, Borrower Principal or any Person who Controls
Borrower or Borrower Principal currently is identified by the Office of Foreign Assets Control, Department of the Treasury (“OFAC”) or otherwise qualifies as a Embargoed Person, and Borrower will use reasonable efforts to ensure
that no Person who now or hereafter owns a direct or indirect equity interest in Borrower is an Embargoed Person or is Controlled by an Embargoed Person. None of Borrower or Borrower Principal is in violation of any applicable law relating to
anti-money laundering or anti-terrorism, including, without limitation, those related to transacting business with Embargoed Persons or the requirements of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001, U.S. Public Law 107-56, and the related regulations issued thereunder, including temporary regulations (collectively, as the same may be amended from time to time, the “Patriot Act”). To
Borrower’s actual knowledge, no tenant at the Property is currently identified by OFAC or otherwise qualifies as an Embargoed 

  
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Person, or is owned or Controlled by an Embargoed Person. Borrower has determined that Manager has implemented procedures approved by Borrower to ensure that no tenant at the Property is
currently identified by OFAC or otherwise qualifies as an Embargoed Person, or is owned or Controlled by an Embargoed Person. 

Section 4.39 Patriot Act. Neither Borrower nor Borrower Principal shall (a) be or become subject at any time to any law,
regulation, or list of any government agency (including, without limitation, the list maintained by OFAC and accessible through the OFAC website) that prohibits or limits any lender from making any advance or extension of credit to Borrower or from
otherwise conducting business with Borrower and Borrower Principal, or (b) fail to provide documentary and other evidence of Borrower’s identity as may be requested by any lender at any time to enable any lender to verify Borrower’s
identity or to comply with any applicable law or regulation, including, without limitation, the Patriot Act. In addition, Borrower hereby agrees to provide to Lender any additional information that Lender deems reasonably necessary from time to time
in order to ensure compliance with all applicable laws concerning money laundering and similar activities. 
 Section 4.40
Intentionally Reserved. 
 Section 4.41 Survival. Borrower agrees that, unless expressly provided otherwise,
all of the representations and warranties of Borrower set forth in this Article 4 and elsewhere in this Agreement and in the other Loan Documents shall survive for so long as any portion of the Debt remains owing to Lender. All
representations, warranties, covenants and agreements made in this Agreement or in the other Loan Documents by Borrower shall be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on
its behalf. 
 Section 4.42 Master Lease The Master Lease is in full force and effect and there is no default
thereunder by any party thereto and, to Borrower’s knowledge, no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder. The Master Lease is the valid, binding and enforceable
obligation of Master Lessee and the Borrower, subject to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject, as to enforceability, to general principles of equity (regardless of whether
enforcement is sought in equity or at law). Neither the Master Lease nor the Rents payable thereunder presently are assigned, pledged or hypothecated except to Lender, and no other Person has any interest therein except the Borrower and the Master
Lessee. The commencement date of the Master Lease has occurred as of the date hereof. Master Lessee will at all times be owned and controlled (directly or indirectly) by Borrower Principal. 

Section 4.43 Securities Laws Neither of Borrower, Borrower Principal, Master Lessee or Master DST has, nor (to Borrower,
Borrower Principal, Master Lessee and Master DST’s actual knowledge) has any other party involved in the solicitation, offering and sale of beneficial interests in any DST, failed to comply with the Securities Act and all applicable state
securities laws and regulations in connection with the solicitation, offering and sale of beneficial interests in any DST. 

  
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 ARTICLE 5 
 BORROWER COVENANTS 
 From the date hereof and until repayment of the Debt
in full and performance in full of all obligations of Borrower under the Loan Documents or the earlier release of the Lien of the Mortgage (and all related obligations) in accordance with the terms of this Agreement and the other Loan Documents,
Borrower hereby covenants and agrees with Lender that: 
 Section 5.1 Existence; Compliance with Legal Requirements,
(a) Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises and comply with all Legal Requirements applicable to it and the
Property. Borrower hereby covenants and agrees not to commit, permit or suffer to exist any act or omission affording any Governmental Authority the right of forfeiture as against the Property or any part thereof or any monies paid in performance of
Borrower’s obligations under any of the Loan Documents. Borrower shall at all times maintain, preserve and protect all franchises and trade names used in connection with the operation of the Property. 

(b) After prior written notice to Lender, Borrower, at its own expense, may contest by appropriate legal proceeding, promptly initiated
and conducted in good faith and with due diligence, the Legal Requirements affecting any Individual Property, provided that (i) no Default or Event of Default has occurred and is continuing; (ii) such proceeding shall be permitted
under and be conducted in accordance with the provisions of any other instrument to which Borrower or the related Individual Property is subject and shall not constitute a default thereunder; (iii) neither any Individual Property, any part
thereof or interest therein, any of the tenants or occupants thereof, nor Borrower shall be affected in any material adverse way as a result of such proceeding; (iv) non-compliance with the Legal Requirements shall not impose civil or criminal
liability on Borrower or Lender; (v) Borrower shall have furnished the security as may be required in the proceeding or as reasonably required by Lender to ensure compliance by Borrower with the Legal Requirements; and (vi) Borrower shall
have furnished to Lender all other items reasonably requested by Lender. 
 Section 5.2 Maintenance and Use of
Property. Borrower shall cause the Property to be maintained in a good and safe condition and repair. The Improvements and the Personal Property shall not be removed, demolished, or materially altered (except for normal replacement of the
Personal Property) other than in accordance with the provisions of Section 5.21, without the consent of Lender, such consent not to be unreasonably withheld, delayed or conditioned. If under applicable zoning provisions the use of all or
any portion of any Individual Property is or shall become a nonconforming use, Borrower will not cause or permit the nonconforming use to be discontinued or the nonconforming Improvement to be abandoned without the express written consent of Lender.

 Section 5.3 Waste. Borrower shall not commit or suffer any waste of any Individual Property or make any change in
the use of any Individual Property which will in any way materially increase the risk of fire or other hazard arising out of the operation of any Individual Property, or take any action that might invalidate or give cause for cancellation of any

  
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Policy, or do or permit to be done thereon anything that may in any way impair the value of any Individual Property or the security for the Loan. Borrower will not, without the prior written
consent of Lender, permit any drilling or exploration for or extraction, removal, or production of any minerals from the surface or the subsurface of any Individual Property, regardless of the depth thereof or the method of mining or extraction
thereof. 
 Section 5.4 Taxes and Other Charges, (a) Borrower shall pay or cause to be paid all Taxes and Other
Charges now or hereafter levied or assessed or imposed against any Individual Property or any part thereof prior to delinquency; provided, however, Borrower’s obligation to directly pay Taxes shall be suspended for so long as Borrower
complies with the terms and provisions of Section 9.6 hereof. Borrower shall furnish to Lender receipts for the payment of the Taxes and the Other Charges prior to the date the same shall become delinquent {provided, however, that
Borrower is not required to furnish such receipts for payment of Taxes in the event that such Taxes have been paid by Lender pursuant to Section 9.6 hereof). Borrower shall not suffer and shall promptly cause to be paid and discharged
any Lien or charge whatsoever which may be or become a Lien or charge against any Individual Property, and shall promptly pay for all utility services provided to any Individual Property. 

(b) After prior written notice to Lender, Borrower, at its own expense, may contest by appropriate legal proceeding, promptly initiated
and conducted in good faith and with due diligence, the amount or validity or application in whole or in part of any Taxes or Other Charges, provided that (i) no Default or Event of Default has occurred and remains uncured;
(ii) such proceeding shall be permitted under and be conducted in accordance with the provisions of any other instrument to which Borrower is subject and shall not constitute a default thereunder and such proceeding shall be conducted in
accordance with all applicable Legal Requirements; (iii) neither the applicable Individual Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, canceled or lost; (iv) Borrower shall
promptly upon final determination thereof pay the amount of any such Taxes or Other Charges, together with all costs, interest and penalties which may be payable in connection therewith; (v) such proceeding shall suspend the collection of such
contested Taxes or Other Charges from the applicable Individual Property; and (vi) Borrower shall furnish such security as may be required in the proceeding, or deliver to Lender such reserve deposits as may be reasonably requested by Lender,
to insure the payment of any such Taxes or Other Charges, together with all interest and penalties thereon (unless Borrower has paid all of the Taxes or Other Charges under protest). Lender may pay over any such cash deposit or part thereof held by
Lender to the claimant entitled thereto at any time when, in the judgment of Lender, the entitlement of such claimant is established or the applicable Individual Property (or part thereof or interest therein) shall be in danger of being sold,
forfeited, terminated, canceled or lost or there shall be any danger of the Lien of the Mortgage being primed by any related Lien. 
 Section 5.5 Litigation. Borrower shall give prompt written notice to Lender of any litigation or governmental proceedings pending or threatened in writing against Borrower which might
materially adversely affect Borrower’s condition (financial or otherwise) or business or any Individual Property. 

  
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 Section 5.6 Access to Property. Subject to the rights of Tenants under Leases,
Borrower shall permit agents, representatives and employees of Lender to inspect any Individual Property or any part thereof at reasonable hours upon reasonable advance notice. 

Section 5.7 Notice of Default. Borrower shall promptly advise Lender of any material adverse change in the condition
(financial or otherwise) of Borrower, any Borrower Principal or any Individual Property or of the occurrence of any Default or Event of Default of which Borrower has knowledge. 

Section 5.8 Cooperate in Legal Proceedings. Borrower shall at Borrower’s expense cooperate fully with Lender with
respect to any proceedings before any court, board or other Governmental Authority which may in any way affect the rights of Lender hereunder or any rights obtained by Lender under any of the other Loan Documents and, in connection therewith, permit
Lender, at its election, to participate in any such proceedings. 
 Section 5.9 Performance by Borrower. Borrower
shall in a timely manner observe, perform and fulfill each and every covenant, term and provision to be observed and performed by Borrower under this Agreement and the other Loan Documents and any other agreement or instrument affecting or
pertaining to the Property and any amendments, modifications or changes thereto. 
 Section 5.10 Awards; Insurance
Proceeds. Borrower shall cooperate with Lender in obtaining for Lender the benefits of any Awards or Insurance Proceeds lawfully or equitably payable in connection with any Individual Property, and Lender shall be reimbursed for any expenses
incurred in connection therewith (including reasonable, actual attorneys’ fees and disbursements, and the payment by Borrower of the expense of an appraisal on behalf of Lender in case of a Casualty or Condemnation affecting the applicable
Individual Property or any part thereof) out of such Awards or Insurance Proceeds. 
 Section 5.11 Financial
Reporting. 
 (a) Borrower and Borrower Principal shall keep adequate books and records of account in accordance with cash
basis accounting principles, or in accordance with other methods acceptable to Lender in its sole discretion, consistently applied and shall furnish to Lender: 
 (i) quarterly and annual (and prior to a Securitization, if requested by Lender in writing, monthly) certified rent rolls signed and dated by Borrower in the form currently provided, detailing the names
of all Tenants of the Improvements, the portion of Improvements (in terms of square footage) occupied by each Tenant, the base rent, additional rent and any other charges payable under each Lease, and the term of each Lease, including the
commencement and expiration dates and any tenant extension, expansion or renewal options, the extent to which any Tenant is in monetary default under any Lease, and any other information as is reasonably required by Lender, within twenty
(20) days after the end of each calendar month, thirty (30) days after the end of each fiscal quarter or ninety (90) days after the close of each fiscal year of Borrower, as applicable; 

  
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 (ii) quarterly and annual (and prior to a Securitization, if requested by
Lender in writing, monthly) operating statements of the Property, prepared and certified by Borrower in the form currently provided, detailing the revenues received, the expenses incurred and the net operating income before and after debt service
(principal and interest) and major capital improvements for the period of calculation and containing appropriate year-to-date information, within twenty (20) days after the end of each calendar month, thirty (30) days after the end of each
fiscal quarter or ninety (90) days after the close of each fiscal year of Borrower, as applicable; and 

(iii) upon written request from Lender, annual balance sheets, profit and loss statements, statements of cash flows, and
statements of change in financial position of Borrower and Borrower Principal in the form delivered to Lender in connection with the closing of the Loan, prepared and certified by Borrower and Borrower Principal, within ninety (90) days after
the close of each fiscal year of Borrower and Borrower Principal, as the case may be. 
 (b) Upon written request from Lender,
Borrower shall promptly furnish to Lender: 
 (i) Intentionally reserved; 

(ii) an accounting of all security deposits held in connection with any Lease of any part of any Individual Property,
including the name and identification number of the accounts in which such security deposits are held, the name and address of the financial institutions in which such security deposits are held and the name of the Person to contact at such
financial institution, along with any authority or release necessary for Lender to obtain information regarding such accounts directly from such financial institutions; and 

(iii) a report of all letters of credit, if any, provided by any Tenant in connection with any Lease of any part of any
Individual Property, including the account numbers of such letters of credit, the names and addresses of the financial institutions that issued such letters of credit and the names of the Persons to contact at such financial institutions, along with
any authority or release necessary for Lender to obtain information regarding such letters of credit directly from such financial institutions. 
 (c) Upon written request from Lender, Borrower and Borrower Principal shall furnish Lender with such other additional financial or management information (including state and federal tax returns) as may,
from time to time, be reasonably required by Lender in form and substance reasonably satisfactory to Lender (including, without limitation, any financial reports required to be delivered by any Tenant or any guarantor of any Lease pursuant to the
terms of such Lease, if any such Lease requires such delivery), and shall furnish to Lender and its agents convenient facilities for the examination and audit of any such books and records. 

(d) All items requiring the certification of Borrower shall, except where Borrower is an individual, require a certificate executed by
the general partner, managing member or chief executive officer of Borrower, as applicable (and the same rules shall apply to any sole shareholder, general partner or managing member which is not an individual). 

  
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 (e) Without limiting any other rights available to Lender under this Loan Agreement or any
of the other Loan Documents, in the event Borrower shall fail to timely furnish Lender any financial document or statement in accordance with this Section 5.11 for more than ten (10) days after notice from Lender, Borrower shall
promptly pay to Lender a non-refundable charge in the amount of $500 for each such failure. The payment of such amount shall not be construed to relieve Borrower of any Event of Default hereunder arising from such failure. 

Section 5.12 Estoppel Statement. (a) After written request by Lender, Borrower shall within ten (10) Business Days
furnish Lender with a statement, duly acknowledged and certified, setting forth (i) the amount of the original principal amount of the Note, (ii) the rate of interest on the Note, (iii) the unpaid principal amount of the Note,
(iv) the date installments of interest and/or principal were last paid, (v) any offsets or defenses to the payment of the Debt, if any, and (vi) that the Note, this Agreement, the Mortgage and the other Loan Documents are valid, legal
and binding obligations and have not been modified or if modified, giving particulars of such modification. Lender acknowledges that, provided no Event of Default has occurred which is continuing, Borrower shall not be required to deliver such
statements more frequently than annually. 
 (b) Upon the occurrence and continuance of an Event of Default, or upon
Lender’s reasonable belief that a material adverse change in the operation, maintenance or management of any Individual Property has occurred or that a material adverse change in the net operating income generated by any Individual Property has
occurred, Lender may request, and Borrower shall use its commercially reasonable efforts to deliver to Lender, promptly upon such request, duly executed estoppel certificates from any one or more Tenants who occupy ten percent (10%) or more of
the rentable area at such affected Individual Property, as required by Lender, attesting to such facts regarding the related Lease as Lender may require, including, but not limited to attestations that each Lease covered thereby is in full force and
effect with no defaults thereunder on the part of any party, that none of the Rents have been paid more than one (1) month in advance (or, if such Rents have been paid more than one (1) month in advance, then the amount of such prepaid
Rent), except as security, and that such Tenant claims no defense or offset against the full and timely performance of its obligations under the Lease. Lender acknowledges and agrees that provided no Event of Default has occurred which is
continuing, Borrower shall not be required to deliver such certificates more frequently than annually. 
 (c) Notwithstanding
the foregoing, Borrower shall use its best efforts to deliver to Lender, promptly upon request, duly executed estoppel certificates from any one or more Tenants under the Watson & Taylor Lease, as required by Lender, attesting to such facts
regarding the Watson & Taylor Lease as Lender may require, including, but not limited to, attestations that the Watson & Taylor Lease is in full force and effect with no defaults thereunder on the part of any party, that none of
the Rents have been paid more than one (1) month in advance (or, if such Rents have been paid more than one (1) month in advance, then the amount of such prepaid Rent), except as security, and that the Tenant claims no defense or offset
against the full and timely performance of its obligations under the Watson & Taylor Lease. Lender acknowledges and agrees that provided no Event of Default has occurred which is continuing, Borrower shall not be required to deliver such
certificates more frequently than annually. 

  
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 Section 5.13 Leasing Matters. (a) Borrower (and Master Lessee to the
extent authorized under the Master Lease) may enter into a proposed Lease (including the renewal or extension or expansion of an existing Lease (a “Renewal Lease”)) without the prior written consent of Lender, provided such proposed
Lease or Renewal Lease (i) except with respect to the Master Lease, provides for rental rates and terms comparable to existing local market rates and terms (taking into account the type and quality of the Tenant) as of the date such Lease is
executed by Borrower (unless, in the case of a Renewal Lease, the rent payable during such renewal, or a formula or other method to compute such rent, is provided for in the original Lease) and in accordance with commercially reasonable leasing
standards for the self-storage industry, (ii) except with respect to the Master Lease and the Watson & Taylor Lease, is an arm’s-length transaction with a bona fide, independent third party tenant, (iii) does not have a
materially adverse effect on the value of the related Individual Property taken as a whole, (iv) with respect to the Master Lease and the Watson & Taylor Lease, is subject and subordinate to the related Mortgage and the Tenant
thereunder agrees to attorn to Lender, (v) except with respect to the Master Lease, does not contain any option, offer, right of first refusal, or other similar right to acquire all or any portion of the related Individual Property, and
(vi) except with respect to the Master Lease, is written on the standard form of lease approved by Lender. All proposed Leases which do not satisfy the requirements set forth in this subsection shall be subject to the prior approval of Lender
(not to be unreasonably withheld, conditioned or delayed) and its counsel, at Borrower’s expense. Upon written request from Lender, Borrower shall promptly deliver to Lender copies of all Leases which are entered into pursuant to this
subsection together with Borrower’s certification that it has satisfied all of the conditions of this Section. 
 (b)
Borrower and Master Lessee (to the extent Master Lessee is required to observe or perform the following under the terms of the Master Lease and any authorized Lease to which Master Lessee is a party) (i) shall observe and perform all the
obligations imposed upon the landlord under the Leases and shall not do or permit to be done anything to impair the value of any of the Leases as security for the Debt; (ii) shall promptly send copies to Lender of all notices of material
default which Borrower and/or Master Lessee shall send or receive thereunder; (iii) shall enforce all of the material terms, covenants and conditions contained in the Leases upon the part of the tenant thereunder to be observed or performed, to
the extent that such are determined by Borrower and/or Master Lessee to be commercially reasonable; (iv) shall not execute any other assignment of the landlord’s interest in any of the Leases or the Rents; and (v) shall not consent to
any assignment of or subletting under any Leases not in accordance with their terms, without the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed; provided, however, Lender’s consent for
such assignment or subletting shall not be required for those assignments of subleases which are in accordance with commercially reasonable leasing standards for the self-storage industry. 

(c) Borrower and/or Master Lessee (to the extent Master Lessee is so authorized under the Master Lease) may, without the prior written
consent of Lender, amend, modify or waive the provisions of any Lease or terminate, reduce Rents under, accept a surrender of space under, or shorten the term of, any Lease (including any guaranty, letter of credit or other credit support with
respect thereto) provided that such action (taking into account, in the case of a termination, reduction in rent, surrender of space or shortening of term, the planned alternative use of the affected space) does not have a materially adverse
effect on the value of the respective Individual Property taken as a whole, and provided that such Lease, as amended, modified or 

  
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waived, is otherwise in compliance with the requirements of this Agreement and any (if any) subordination agreement binding upon Lender with respect to such Lease. A termination of a Lease with a
tenant who is in default beyond applicable notice and grace periods shall not be considered an action which has a materially adverse effect on the value of the respective Individual Property taken as a whole. Any amendment, modification, waiver,
termination, rent reduction, space surrender or term shortening which does not satisfy the requirements set forth in this subsection shall be subject to the prior approval of Lender (not to be unreasonably withheld, conditioned or delayed) and its
counsel, at Borrower’s expense. Upon written request from Lender, Borrower and/or Master Lessee shall promptly deliver to Lender copies of material amendments, modifications and waivers which are entered into pursuant to this subsection
together with each of Borrower’s and Master Lessee’s certification that it has satisfied all of the conditions of this subsection. 
 (d) Notwithstanding anything contained herein to the contrary, neither Borrower nor Master Lessee (to the extent Master Lessee is so authorized under the Master Lease) shall, without the prior written
consent of Lender, enter into, renew, extend, amend, modify, waive any provisions of, terminate, reduce Rents under, accept a surrender of space under, or shorten the term of any Lease, other than in accordance with commercially reasonable leasing
standards for the self-storage industry. 
 (e) In connection with all requests for approvals or consents by Lender pursuant to
this Section 5.13, the Lender’s approval shall be deemed granted if not disapproved in writing within ten (10) Business Days of Lender’s receipt of written request for such approval in an envelope marked “LENDER’S
RESPONSE IS REQUIRED WITHIN TEN (10) BUSINESS DAYS OF RECEIPT OF THIS NOTICE PURSUANT TO THE TERMS OF THE LOAN AGREEMENT” together with all other information and documentation related thereto reasonably requested by Lender. 

Section 5.14 Property Management. 
 (a) Master Lessee shall (i) promptly perform and observe all of the covenants required to be performed and observed by it under the Management Agreement and do all things necessary to preserve and to
keep unimpaired its material rights thereunder; (ii) promptly notify Lender of any material default under the Management Agreement of which it is aware; (iii) promptly deliver to Lender a copy of any notice of material default or other
material notice received by Master Lessee under the Management Agreement; (iv) promptly give notice to Lender of any notice or information that Master Lessee receives which indicates that the Manager is terminating the Management Agreement or
that the Manager is otherwise discontinuing its management of the Property; and (v) promptly enforce the performance and observance of all of the covenants required to be performed and observed by Manager under the Management Agreement, to the
extent that such are determined by Master Lessee to be commercially reasonable. 
 (b) If at any time, (i) Manager shall
become insolvent or a debtor in a bankruptcy proceeding; (ii) an Event of Default has occurred and is continuing; or (iii) a default by Manager has occurred and is continuing under the Management Agreement, Master Lessee shall, at the
request of Lender terminate the Management Agreement upon thirty (30) days prior 

  
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notice to Manager and replace Manager with a manager reasonably acceptable to Lender on terms and conditions reasonably satisfactory to Lender, it being understood and agreed that the management
fee for such replacement manager shall not exceed then-prevailing market rates. 
 (c) In addition to the foregoing, in the
event that Lender, in Lender’s reasonable discretion, at any time prior to the termination of the Assignment of Management Agreement, determines that the Property is not being managed in accordance with generally accepted management practices
for projects similarly situated, Lender may deliver written notice thereof to Master Lessee and Manager, which notice shall specify with particularity the grounds for Lender’s determination. If Lender reasonably determines that the conditions
specified in Lender’s notice are not remedied to Lender’s reasonable satisfaction by Master Lessee or Manager within thirty (30) days from the date of such notice or that Master Lessee or Manager have failed to diligently undertake
correcting such conditions within such thirty (30) day period, Lender may direct Master Lessee to terminate the Management Agreement and to replace Manager with a property manager approved by Lender on terms and conditions satisfactory to
Lender, it being understood and agreed that the management fee for such replacement manager shall not exceed then prevailing market rates. 
 (d) Master Lessee shall not, without the prior written consent of Lender (which consent shall not be unreasonably withheld, conditioned or delayed): (i) surrender, terminate or cancel the Management
Agreement or otherwise replace Manager or enter into any other management agreement with respect to the Property; (ii) reduce or consent to the reduction of the term of the Management Agreement; (iii) increase or consent to the increase of
the amount of any charges under the Management Agreement; or (iv) otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, the Management Agreement. In connection with all requests for
approvals or consents by Lender pursuant to this Section 5.14(d), the Lender’s approval shall be deemed granted if not disapproved in writing within ten (10) Business Days of Lender’s receipt of written request for such approval
in an envelope marked “LENDER’S RESPONSE IS REQUIRED WITHIN TEN (10) BUSINESS DAYS OF RECEIPT OF THIS NOTICE PURSUANT TO THE TERMS OF THE LOAN AGREEMENT” together with all other information and documentation related thereto
reasonably requested by Lender. 
 Section 5.15 Liens. Subject to Borrower’s right to contest same pursuant to
the terms of the Mortgage, Borrower shall not, without the prior written consent of Lender, create, incur, assume or suffer to exist any Lien on any portion of any Individual Property or permit any such action to be taken, except Permitted
Encumbrances. 
 Section 5.16 Debt Cancellation. Borrower shall not cancel or otherwise forgive or release any claim
or debt (other than termination of Leases in accordance herewith) owed to Borrower by any Person, except for adequate consideration and in the ordinary course of Borrower’s business. 

Section 5.17 Zoning. Borrower shall not initiate or consent to any zoning reclassification of any portion of any Individual
Property or seek any variance under any existing zoning ordinance or use or permit the use of any portion of any Individual Property in any 

  
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manner that could result in such use becoming a non-conforming use under any zoning ordinance or any other applicable land use law, rule or regulation, without the prior consent of Lender.

 Section 5.18 ERISA. (a) Borrower shall not engage in any transaction which would cause any obligation, or
action taken or to be taken, hereunder (or the exercise by Lender of any of its rights under the Note, this Agreement or the other Loan Documents) to be a non-exempt (under a statutory or administrative class exemption) prohibited transaction under
ERISA. 
 (b) Borrower further covenants and agrees to deliver to Lender such certifications or other evidence from time to time
throughout the term of the Loan, as requested by Lender in its sole discretion, that (i) Borrower is not and does not maintain an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA,
or a “governmental plan” within the meaning of Section 3(3) of ERISA; (ii) Borrower is not subject to state statutes regulating investments and fiduciary obligations with respect to governmental plans; and (iii) one or more of
the following circumstances is true: 
 (A) Equity interests in Borrower are publicly offered securities, within
the meaning of 29 C.F.R. §2510.3-101(b)(2); 
 (B) Less than twenty-five percent (25%) of each
outstanding class of equity interests in Borrower are held by “benefit plan investors” within the meaning of 29 C.F.R. §2510.3-101(f)(2); or 
 (C) Borrower qualifies as an “operating company” or a “real estate operating company” within the meaning of 29 C.F.R. §2510.3-101(c) or (e). 

Section 5.19 No Joint Assessment. Borrower shall not suffer, permit or initiate the joint assessment of any Individual
Property with (a) any other real property constituting a tax lot separate from the Property, or (b) any portion of any Individual Property which may be deemed to constitute personal property, or any other procedure whereby the Lien of any
taxes which may be levied against such personal property shall be assessed or levied or charged to such Individual Property. 

Section 5.20 Reciprocal Easement Agreements. Borrower shall not enter into, terminate or modify any REA without Lender’s
prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. Borrower shall enforce, comply with, and cause each of the parties to the REA to comply with all of the material economic terms and conditions contained
in the REA, to the extent that such are determined by Borrower in good faith to be commercially reasonable. 
 Section 5.21
Master Lease. 
 (a) Each of Borrower and Master Lessee shall (i) promptly perform and observe all of the covenants
required to be performed and observed by it under the Master Lease and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (ii) promptly notify Lender of any default under the Master Lease of which it is
aware; (iii) promptly deliver to Lender a copy of any notice of default or other material notice received by it under the 

  
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Master Lease; (iv) promptly give notice to Lender of any notice or information that it receives which indicates that either party is terminating the Master Lease and (v) promptly
enforce the performance and observance of all of the material covenants required to be performed and observed by each of the parties under the Master Lease. 
 (b) If at any time, (i) an Event of Default has occurred and is continuing; or (ii) a default by Master Lessee has occurred and is continuing under the Master Lease beyond any applicable notice
and cure periods, Borrower shall, at the request of Lender terminate the Master Lease immediately upon prior notice to Master Lessee and replace Master Lessee within thirty (30) days of such termination with a master lessee reasonably approved
by Lender on terms and conditions substantially similar to the Master Lease. 
 (c) Borrower shall not, without the prior
written consent of Lender (which consent shall not be unreasonably withheld, conditioned or delayed): (i) surrender, terminate or cancel the Master Lease or otherwise replace Master Lessee or enter into any other master lease with respect to
the Property; (ii) reduce or consent to the reduction of the term of the Master Lease; or (iii) otherwise modify, change, supplement, alter or amend, or waive or release any of its respective rights and remedies under the Master Lease in
any material respect. 
 (d) To the extent the same does not conflict with the terms and conditions of the Management Agreement,
Master Lessee shall be entitled to perform any obligations of Manager set forth in this Agreement. 
 (e) At all times while
Borrower owns the Property, the Property shall be operated pursuant to the Master Lease. 
 Section 5.22 Subleases.
Master Lessee shall not have any right to sublet or assign any portion of the Property (other than as permitted pursuant to Section 5.13 hereof). 
 Section 5.23 Special DST Covenants. 
 (a) Notwithstanding any other
provision of this agreement, Master DST shall at all times own one-hundred percent (100%) of the beneficial interests in Borrower. 
 ARTICLE 6 
 ENTITY COVENANTS 

Section 6.1 Single Purpose Entity/Separateness. Until the Debt has been paid in full, Borrower, Master Lessee, and the
General Partner (except as otherwise specifically referenced in this Section 6.1) represent, warrant and covenant as follows: 
 (a) Borrower, Master Lessee and General Partner have not and will not: 
 (i) engage in any business or activity other than the ownership, operation, leasing and maintenance of the Property, or in the case of General Partner, acting as general partner of Master Lessee, and
activities incidental thereto; 

  
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 (ii) acquire or own any assets other than (A) with respect to Borrower
only, the Property, (B) such incidental Personal Property as may be necessary for the operation of the Property, and (C) with respect to General Partner only, its general partnership interest in Master Lessee; 

(iii) merge into or consolidate with any Person, or dissolve, terminate, liquidate in whole or in part, transfer or
otherwise dispose of all or substantially all of its assets or change its legal structure; 
 (iv) fail to
observe all organizational formalities, or fail to preserve its existence as an entity duly organized, validly existing and in good standing (if applicable) under the applicable Legal Requirements of the jurisdiction of its organization or
formation, or amend, modify, terminate or fail to comply with the provisions of its organizational documents; 

(v) own any subsidiary, or make any investment in, any Person, except for General Partner’s interest in the Master
Lessee; 
 (vi) commingle its assets with the assets of any other Person or permit any Affiliate or constituent
party independent access to its bank accounts; 
 (vii) incur any debt, secured or unsecured, direct or
contingent (including guaranteeing any obligation), other than (A) with respect to Borrower only, the Debt, (B) trade and operational indebtedness incurred in the ordinary course of business with trade creditors, provided such
indebtedness is (1) unsecured, (2) not evidenced by a note, (3) on commercially reasonable terms and conditions, and (4) due not more than sixty (60) days past the date incurred and paid on or prior to such date, and/or
(C) financing leases and purchase money indebtedness incurred in the ordinary course of business relating to Personal Property on commercially reasonable terms and conditions; provided however, the aggregate amount of the indebtedness
described in (B) and (C) shall not exceed at any time four percent (4%) of the outstanding principal amount of the Note; 
 (viii) fail to maintain its records, books of account, bank accounts, financial statements, accounting records and other entity documents separate and apart from those of any other Person; except that
Borrower’s financial position, assets, liabilities, net worth and operating results may be included in the consolidated financial statements of an Affiliate, provided that such consolidated financial statements contain a footnote
indicating that Borrower is a separate legal entity and that it maintains separate books and records; 
 (ix)
except for capital contributions and distributions, enter into any transaction, contract or agreement with any general partner, member, shareholder, principal, guarantor of the obligations of Borrower, or any Affiliate of the foregoing, except upon
terms and conditions that are intrinsically fair, commercially reasonable and substantially similar to those that would be available on an arm’s-length basis with unaffiliated third parties; 

  
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 (x) maintain its assets in such a manner that it will be costly or difficult
to segregate, ascertain or identify its individual assets from those of any other Person; 
 (xi) assume or
guaranty the debts of any other Person, hold itself out to be responsible for the debts of any other Person, or otherwise pledge its assets for the benefit of any other Person or hold out its credit as being available to satisfy the obligations of
any other Person, except as otherwise expressly contemplated by this Agreement; 
 (xii) make any loans or
advances to any Person; 
 (xiii) fail to file its own tax returns or files a consolidated federal income tax
return with any Person (unless prohibited or required, as the case may be, by applicable Legal Requirements, or unless it is a tax-disregarded entity not required to file tax returns under applicable Legal Requirements); 

(xiv) fail either to hold itself out to the public as a legal entity separate and distinct from any other Person or to
conduct its business solely in its own name or fail to correct any known misunderstanding regarding its separate identity; 
 (xv) fail to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations; 

(xvi) if it is a partnership or limited liability company, without the unanimous written consent of all of its partners or
members, as applicable, and the written consent of 100% of its managers (if any), including any (if any) Independent Managers, (a) file or consent to the filing of any petition, either voluntary or involuntary, to take advantage of any
Creditors Rights Laws, (b) seek or consent to the appointment of a receiver, liquidator or any similar official, (c) take any action that might cause such entity to become insolvent, or (d) make an assignment for the benefit of
creditors; 
 (xvii) fail to allocate shared expenses (including, without limitation, shared office space and
services performed by an employee of an Affiliate) among the Persons sharing such expenses and to use separate stationery, invoices and checks; 
 (xviii) fail to remain solvent or pay its own liabilities (including, without limitation, salaries of its own employees) only from its own funds, provided that there are sufficient funds from the
operation of the Property to do so; 
 (xix) acquire obligations or securities of its beneficiaries, partners,
members, shareholders or other affiliates, as applicable; 
 (xx) fail to maintain a sufficient number of
employees in light of its contemplated business operations; or 
 (xxi) with respect to Borrower, make
distributions to its beneficiaries, except to the extent funds are available out of net excess cash flow from the Property after payment of all sums then due or next due in connection with the Loan. 

  
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 (b) In the event that Borrower or Master Lessee is a single-member Delaware limited
liability company, the limited liability company agreement of Borrower and/or Master Lessee (as applicable, the “LLC Agreement”) shall provide that (i) upon the occurrence of any event that causes the sole member of Borrower or
Master Lessee, as applicable (“Member”), to cease to be the member of Borrower or Master Lessee, as applicable (other than (A) upon an assignment by Member of all of its limited liability company interest in Borrower or Master
Lessee, as applicable, and the admission of the transferee, or (B) the resignation of Member and the admission of an additional member in either case in accordance with the terms of the Loan Documents and the LLC Agreement), any person acting
as Springing Member (as defined in the organizational documents of Borrower or Master Lessee, as applicable) of Borrower or Master Lessee, as applicable, shall without any action of any other Person and simultaneously with the Member ceasing to be
the member of Borrower or Master Lessee, as applicable, automatically be admitted to Borrower or Master Lessee, as applicable, (“Special Member”) and shall continue Borrower or Master Lessee, as applicable, without dissolution and
(ii) Special Member may not resign from Borrower or Master Lessee, as applicable, or transfer its rights as Special Member unless (A) a successor Special Member has been admitted to Borrower or Master Lessee, as applicable, as Special
Member in accordance with requirements of Delaware law and (B) such successor Special Member has also accepted its appointment as an independent director (if applicable). The LLC Agreement shall further provide that (i) Special Member
shall automatically cease to be a member of Borrower or Master Lessee, as applicable, upon the admission to Borrower or Master Lessee, as applicable, of a substitute Member, (ii) Special Member shall be a member of Borrower or Master Lessee, as
applicable, that has no interest in the profits, losses and capital of Borrower or Master Lessee, as applicable, and has no right to receive any distributions of the assets of Borrower or Master Lessee, as applicable, (iii) pursuant to
Section 18-301 of the Delaware Limited Liability Company Act (the “Act”), Special Member shall not be required to make any capital contributions to Borrower or Master Lessee, as applicable, and shall not receive a limited
liability company interest in Borrower or Master Lessee, as applicable, (iv) Special Member, in its capacity as Special Member, may not bind Borrower or Master Lessee, as applicable, and (v) except as required by any mandatory provision of
the Act, Special Member, in its capacity as Special Member, shall have no right to vote on, approve or otherwise consent to any action by, or matter relating to, Borrower or Master Lessee, as applicable, including, without limitation, the merger,
consolidation or conversion of Borrower or Master Lessee, as applicable; provided, however, such prohibition shall not limit the obligations of Special Member, in its capacity as independent director, to vote on such matters required by the
Loan Documents or the LLC Agreement. In order to implement the admission to Borrower or Master Lessee, as applicable, of Special Member, Special Member shall execute a counterpart to the LLC Agreement. Prior to its admission to Borrower or Master
Lessee, as applicable, as Special Member, Special Member shall not be a member of Borrower or Master Lessee, as applicable. 

(c) Upon the occurrence of any event that causes the Member to cease to be a member of Borrower or Master Lessee, as applicable, to the
fullest extent permitted by law, the personal representative of Member shall, within ninety (90) days after the occurrence of the event that terminated the continued membership of Member in Borrower or Master Lessee, as applicable, agree in
writing (i) to continue Borrower or Master Lessee, as applicable, and (ii) to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute member of Borrower or Master Lessee, as applicable,
effective as of the occurrence of 

  
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the event that terminated the continued membership of Member of Borrower in Borrower or of Member of Master Lessee in Master Lessee, as applicable. Any action initiated by or brought against
Member or Special Member under any Creditors Rights Laws shall not cause Member or Special Member to cease to be a member of Borrower or Master Lessee, as applicable, and upon the occurrence of such an event, the business of Borrower or Master
Lessee, as applicable, shall continue without dissolution. The LLC Agreement shall provide that each of Member and Special Member waives any right it might have to agree in writing to dissolve Borrower or Master Lessee, as applicable, upon the
occurrence of any action initiated by or brought against Member or Special Member under any Creditors Rights Laws, or the occurrence of an event that causes Member or Special Member to cease to be a member of Borrower or Master Lessee, as
applicable. 
 (d) Borrower will at all times during which any portion of the Debt remains outstanding, maintain at least one
Independent Trustee (hereinafter defined) as set forth in the charter documents of Borrower, which Independent Trustee shall have the authority to terminate the Trust Agreement of Borrower by converting Borrower into a Delaware limited liability
company in form and substance satisfactory to Lender in accordance with the provisions of Section 9.03 of its Trust Agreement. 

“Independent Trustee” shall mean a natural person who is not then, at the time of initial appointment as a trustee or at any time while
serving as a trustee of its respective DST, and has not previously been, at any time during the five (5) years preceding such initial appointment: (a) a stockholder, director, officer, trustee (with the exception of serving as an
Independent Trustee of such DST), employee, partner, member, attorney or counsel of such DST or any Affiliate of such DST; (b) a creditor, customer, supplier, or other person who derives any of its purchases or revenues from its activities with
such DST or any Affiliate of such DST; (c) a Person Controlling or under common Control with any Person excluded from serving as Independent Trustee under (a) or (b); or (d) a member of the immediate family by blood or marriage of any
Person excluded from serving as Independent Trustee under (a) or (b). (As used herein, the term “affiliate” or “Affiliate” means any person controlling, under common control with, or controlled by the person in question; and
the term “control” or “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of management, policies or activities of a person or entity, whether through ownership of voting
securities, by contract or otherwise.) 
 A natural person who satisfies the foregoing definition other than subparagraph (b) shall not be
disqualified from serving as an Independent Trustee of its respective DST if such individual is an Independent Trustee provided by a nationally-recognized company that provides professional independent directors (a “Professional Independent
Trustee”) and other corporate services in the ordinary course of its business. A natural person who otherwise satisfies the foregoing definition other than subparagraph (a) by reason of being the independent director of a “special
purpose entity” affiliated with such DST shall not be disqualified from serving as an Independent Trustee of such DST if such individual is either (i) a Professional Independent Trustee or (ii) the fees that such individual earns from
serving as independent director of affiliates of such DST constitute in the aggregate less than five percent (5%) of such individual’s annual income. Notwithstanding the immediately preceding sentence, an Independent Trustee may not
simultaneously serve as Independent Trustee of such DST and independent director of a special purpose entity that owns a direct or indirect equity interest in such DST or in any co-DST with such DST. 

  
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 (e) If it is a single-member limited liability company it will at all times during which
any portion of the Debt remains outstanding, maintain at least one Independent Manager (hereinafter defined) as set forth in the charter documents of each such entity. 
 “Independent Manager” shall mean a natural person who is not then, at the time of initial appointment as a manger or at any time while serving as a trustee of its respective limited
liability company, and has not previously been, at any time during the five (5) years preceding such initial appointment: (a) a stockholder, director, officer, trustee (with the exception of serving as an Independent Manager of such
company), employee, partner, member, attorney or counsel of such company or any Affiliate of such company; (b) a creditor, customer, supplier, or other person who derives any of its purchases or revenues from its activities with such company or
any Affiliate of such company; (c) a Person Controlling or under common Control with any Person excluded from serving as Independent Manager under (a) or (b); or (d) a member of the immediate family by blood or marriage of any Person
excluded from serving as Independent Manager under (a) or (b). (As used herein, the term “affiliate” or “Affiliate” means any person controlling, under common control with, or controlled by the person in question; and the
term “control” or “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of management, policies or activities of a person or entity, whether through ownership of voting securities,
by contract or otherwise.) 
 A natural person who satisfies the foregoing definition other than subparagraph (b) shall not be disqualified
from serving as an Independent Manager of its respective company if such individual is an Independent Manager provided by a nationally-recognized company that provides professional independent directors (a “Professional Independent
Manager”) and other corporate services in the ordinary course of its business. A natural person who otherwise satisfies the foregoing definition other than subparagraph (a) by reason of being the independent director of a “special
purpose entity” affiliated with such company shall not be disqualified from serving as an Independent Manager of such company if such individual is either (i) a Professional Independent Manager or (ii) the fees that such individual
earns from serving as independent director of affiliates of such company constitute in the aggregate less than five percent (5%) of such individual’s annual income. Notwithstanding the immediately preceding sentence, an Independent Manager
may not simultaneously serve as Independent Manager of such company and independent director of a special purpose entity that owns a direct or indirect equity interest in such company. 

Section 6.2 Change of Name, Identity or Structure. 
 (a) Borrower shall not change or permit to be changed (a) Borrower’s name, (b) Borrower’s identity (including its trade name or names), (c) Borrower’s principal place of
business set forth on the first page of this Agreement, (d) the corporate, partnership or other organizational structure of Borrower or Borrower Principal, (e) Borrower’s state of organization, or (f) Borrower’s
organizational identification number, without in each case notifying Lender of such change in writing at least thirty (30) days prior to the effective date of such change and, in the case of a change in Borrower’s structure (except as
provided herein with respect to transfers set forth in Article 7), without first obtaining the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed. In addition, Borrower shall not change or
permit to be changed any organizational documents of Borrower if such change would 

  
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adversely impact the covenants set forth in Section 6.1 hereof. Borrower authorizes Lender to file any financing statement or financing statement amendment required by Lender to
establish or maintain the validity, perfection and priority of the security interest granted herein. At the request of Lender, Borrower shall execute a certificate in form satisfactory to Lender listing the trade names under which Borrower intends
to operate the Property, and representing and warranting that Borrower does business under no other trade name with respect to the Property. If Borrower does not now have an organizational identification number and later obtains one, or if the
organizational identification number assigned to Borrower subsequently changes, Borrower shall promptly notify Lender of such organizational identification number or change. In connection with all requests for approvals or consents by Lender
pursuant to this Section 6.2, the Lender’s approval shall be deemed granted if not disapproved in writing within ten (10) Business Days of Lender’s receipt of written request for such approval in an envelope marked
“LENDER’S RESPONSE IS REQUIRED WITHIN TEN (10) BUSINESS DAYS OF RECEIPT OF THIS NOTICE PURSUANT TO THE TERMS OF THE LOAN AGREEMENT” together with all other information and documentation related thereto reasonably requested by
Lender. 
 (b) Master Lessee shall not change or permit to be changed (a) Master Lessee’s name, (b) Master
Lessee’s identity (including its trade name or names), (c) Master Lessee’s principal place of business set forth in this Agreement, (d) the corporate, partnership or other organizational structure of Master Lessee,
(e) Master Lessee’s state of organization, or (f) Master Lessee’s organizational identification number, without in each case notifying Lender of such change in writing at least thirty (30) days prior to the effective date of
such change and, in the case of a change in Master Lessee’s structure, without first obtaining the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed. In addition, Master Lessee shall not
change or permit to be changed any organizational documents of Master Lessee if such change would adversely impact the covenants set forth in Section 6.1 hereof. At the request of Lender, Master Lessee shall execute a certificate in form
satisfactory to Lender listing the trade names under which Master Lessee intends to operate the Property, and representing and warranting that Master Lessee does business under no other trade name with respect to the Property. If Master Lessee does
not now have an organizational identification number and later obtains one, or if the organizational identification number assigned to Master Lessee subsequently changes, Master Lessee shall promptly notify Lender of such organizational
identification number or change. In connection with all requests for approvals or consents by Lender pursuant to this Section 6.2, the Lender’s approval shall be deemed granted if not disapproved in writing within ten (10) Business
Days of Lender’s receipt of written request for such approval in an envelope marked “LENDER’S RESPONSE IS REQUIRED WITHIN TEN (10) BUSINESS DAYS OF RECEIPT OF THIS NOTICE PURSUANT TO THE TERMS OF THE LOAN AGREEMENT” together
with all other information and documentation related thereto reasonably requested by Lender. 
 (c) Lender Conversion.
For so long as the Loan remains outstanding, upon the occurrence of either (i) an Event of Default, or (ii) a Response Failure (as defined below), Lender shall have the right, upon written notice (a “Forced Conversion
Notice”) to either the signatory trustee of Borrower or (if such signatory trustee fails to undertake its obligations under Section 9.02 of the Trust Agreement) the Independent Trustee of Borrower, to cause Borrower to terminate the
Trust Agreement of Borrower by converting Borrower into a Delaware limited 

  
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liability company in form and substance satisfactory to Lender in accordance with the terms of Section 9.03 of its Trust Agreement (a “Forced Conversion”). 

If no Event of Default has occurred and Lender in good faith determines that an Event of Default is imminent (including, without limitation, if Lender in
good faith determines that either Borrower or Master Lessee does not have adequate cash flow to make capital repairs or otherwise operate the Property), Lender shall provide notice of such determination to the signatory trustee of Borrower (the
“Imminent Default Notice”). Upon receipt of such notice, the signatory trustee shall have thirty (30) days in which to present an explanation of, and/or plans for correcting, the financial situation of Borrower(the
“Imminent Default Response”). If (i) an Imminent Default Response is not timely provided by the signatory trustee, or (ii) an Imminent Default Response is timely provided to Lender and Lender determines, after evaluating
the response in good faith, that the explanation and/or plans presented in the Imminent Default Response are not reasonably adequate to address its concerns (each, a “Response Failure”), then Lender shall have the right to issue the
Forced Conversion Notice and cause a Forced Conversion pursuant to Section 6.2(c) hereof. 
 Section 6.3 Business
and Operations. Borrower and Master Lessee will qualify to do business and will remain in good standing under the laws of the State as and to the extent the same are required for the ownership, maintenance, management and operation of the
Property. 
 ARTICLE 7 
 NO SALE OR ENCUMBRANCE 
 Section 7.1 Transfer Definitions. For
purposes of this Article 7 an “Affiliated Manager” shall mean any managing agent in which Borrower, Borrower Principal, or any affiliate of such entities has, directly or indirectly, any legal, beneficial or economic interest;
“Control” shall mean the power to direct the management and policies of a Restricted Party, directly or indirectly, whether through the ownership of voting securities or other beneficial interests, by contract or otherwise;
“Restricted Party” shall mean any DST or Borrower Principal, any Affiliated Manager, or any shareholder, partner, member or non-member manager, or any direct or indirect legal or beneficial owner of any DST, Borrower Principal, any
Affiliated Manager or any non-member manager; and a “Sale or Pledge” shall mean a voluntary or involuntary sale, conveyance, mortgage, grant, bargain, encumbrance, pledge, assignment, grant of any options with respect to, or any other
transfer or disposition of (directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, and whether or not for consideration or of record) of a legal or beneficial interest. 

Section 7.2 No Sale/Encumbrance, (a) Borrower shall not cause or permit a Sale or Pledge of the Property or any part
thereof or any legal or beneficial interest therein nor permit a Sale or Pledge of an interest in any Restricted Party (in each case, a “Prohibited Transfer”), other than pursuant to Leases of space in the Improvements to Tenants in
accordance with the provisions of Section 5.13, without the prior written consent of Lender, which consent (except with respect to a Beneficial Interest Transfer, defined below, for which consent shall be conditioned as set forth below)
shall not be unreasonably withheld, conditioned or delayed. 

  
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 (b) A Prohibited Transfer shall include, but not be limited to, (i) an installment
sales agreement wherein Borrower agrees to sell the Property or any part thereof for a price to be paid in installments; (ii) except for the Master Lease, an agreement by Borrower leasing all or a substantial part of the Property for other than
actual occupancy by a space tenant thereunder or a sale, assignment or other transfer of, or the grant of a security interest in, Borrower’s right, title and interest in and to any Leases or any Rents; (iii) if a Restricted Party is a
corporation, any merger, consolidation or Sale or Pledge of such corporation’s stock or the creation or issuance of new stock in one or a series of transactions; (iv) if a Restricted Party is a limited or general partnership or joint
venture, any merger or consolidation or the change, removal, resignation or addition of a general partner or the Sale or Pledge of the partnership interest of any general or limited partner or any profits or proceeds relating to such partnership
interests or the creation or issuance of new partnership interests; (v) if a Restricted Party is a limited liability company, any merger or consolidation or the change, removal, resignation or addition of a managing member or non-member manager
(or if no managing member, any member) or the Sale or Pledge of the membership interest of any member or any profits or proceeds relating to such membership interest; (vi) if a Restricted Party is a trust or nominee trust, any merger,
consolidation or the Sale or Pledge of the legal or beneficial interest in a Restricted Party or the creation or issuance of new legal or beneficial interests; or (vii) the removal or the resignation of the Manager (including, without
limitation, an Affiliated Manager) other than in accordance with Section 5.14. 
 Section 7.3 Permitted
Transfers. Notwithstanding the provisions of Section 7.2, the following transfers shall not be deemed to be a Prohibited Transfer: (a) a transfer by devise or descent or by operation of law upon the death of a member, partner or
shareholder of a Restricted Party other than Borrower; so long as Borrower delivers notice to Lender as soon as practicable thereafter and that such Restricted Party is promptly reconstituted, if applicable, following the death of such member,
partner or shareholder and there is no change in Control of such Restricted Party as a result of such transfer; (b) transfers for estate planning purposes of an individual’s interests in any Restricted Party other than Borrower to the
spouse or any lineal descendant of such individual, or to a trust for the benefit of any one or more of such individual, spouse or lineal descendant, so long as such Restricted Party is reconstituted, if required, following such transfer and there
is no change in Control of such Restricted Party as a result of such transfer; (c) the Sale or Pledge, in one or a series of transactions, of not more than forty-nine percent (49%) of the stock, limited partnership interests or
non-managing membership interests (as the case may be) in a Restricted Party other than a DST; provided, however, no such transfers shall result in a change in Control in the Restricted Party or change in control of the Property, and as a
condition to each such transfer, Lender shall receive not less than thirty (30) days prior written notice of such proposed transfer; or (d) a Beneficial Interest Transfer (defined below), provided that Borrower complies with the below
requirements for such transfer. Notwithstanding the foregoing, the Sale or Pledge, in one or a series of transactions, of not more than forty-nine percent (49%) of the legal, beneficial and/or economic interests (whether direct or indirect) in
any Borrower Principal shall not be deemed to be a Prohibited Transfer; provided, however, no such transfers shall result in a change in Control in such Borrower Principal or change in control of the Property. 

Provided that no Event of Default has occurred and is continuing, on any Business Day that occurs on or prior to the date that is sixty
(60) days from the date hereof, the beneficial 

  
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interests in Master DST (other than the beneficial interests held by Borrower Principal) may be transferred (each a “Beneficial Interest Transfer”) without the consent of Lender
provided that each of the following requirements is satisfied: (i) Borrower provides written notice to Lender not less than five (5) days prior to any Beneficial Interest Transfer; (ii) after giving effect to such Beneficial Interest
Transfer, no Person or entity owning a beneficial interest in Master DST (each a “Beneficial Owner”), together with its affiliates, owns more than forty-nine percent (49%) of the beneficial interests of Master DST;
(iii) after giving effect to such Beneficial Interest Transfer, Master DST has not more than fifty (50) Beneficial Owners (a husband and wife counting as one (1)); (iv) at the time of such Beneficial Interest Transfer, each Beneficial
Owner shall qualify as an “accredited investor” (as defined in the Security and Exchange Commission Regulation D); (v) prior to such Beneficial Interest Transfer, Borrower shall provide to Lender a Soliciting Dealer Agreement together
with a Purchaser Questionnaire, each in the form attached hereto as Exhibit B, completed by any applicable Beneficial Owner; (vi) upon the completion of such Beneficial Interest Transfer, Borrower shall provide to Lender an updated,
certified organizational chart of Master DST, which chart accurately identifies the name and percentage interest of any party holding a direct or indirect interest in Master DST; (vii) after giving effect to such Beneficial Interest Transfer,
each Beneficial Owner that, together with its affiliates, owns more than twenty percent (20%) of the beneficial interests of Master DST shall have satisfied all applicable underwriting criteria of Lender; and (viii) Borrower shall
have paid to Lender, concurrently with the completion of any Beneficial Interest Transfer to any Beneficial Owner that did not own a beneficial interest in Master DST prior to the date that such Beneficial Interest Transfer occurs (each such
Beneficial Owner, a “New Beneficial Owner”; each such transfer, individually, a “New Owner Transfer”; each New Owner Transfer, together with each additional New Owner Transfer occurring on the same date,
collectively, a “New Owner Group Transfer”), (A) a non-refundable processing fee in an amount equal to $2,500 per each New Owner Group Transfer, and (B) all out-of-pocket costs and expenses, including reasonable
attorneys’ fees, incurred by Lender in connection with each such New Owner Group Transfer; provided, however, that not more than three (3) New Owner Group Transfers (regardless of the number of New Beneficial Owners in each such New Owner
Group Transfer) shall occur during the sixty (60) days period set forth above in this subsection. 
 Provided that no Event
of Default has occurred and is continuing, on any Business Day that occurs after the date that is sixty (60) days from the date hereof, Borrower may cause or permit a Beneficial Interest Transfer without the consent of Lender provided that each
of the following requirements is satisfied: (i) Borrower provides written notice to Lender not less than thirty (30) days prior to any Beneficial Interest Transfer; (ii) after giving effect to such Beneficial Interest Transfer, no
Beneficial Owner, together with its affiliates, owns more than forty-nine percent (49%) of the beneficial interests of Master DST; (iii) after giving effect to such Beneficial Interest Transfer, Master DST has not more than fifty
(50) Beneficial Owners (a husband and wife counting as one (1)); (iv) at the time of such Beneficial Interest Transfer, each Beneficial Owner shall qualify as an “accredited investor” (as defined in the Security and Exchange
Commission Regulation D); (v) prior to such Beneficial Interest Transfer, Borrower shall provide to Lender a Soliciting Dealer Agreement together with a Purchaser Questionnaire, each in the form attached hereto as Exhibit B, completed by
any applicable Beneficial Owner; (vi) upon the completion of such Beneficial Interest Transfer, Borrower shall provide to Lender an updated, certified organizational chart of Master DST, which chart accurately identifies the name and percentage
interest of any party holding a direct or indirect interest in Master DST; 

  
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(vii) after giving effect to such Beneficial Interest Transfer, each Beneficial Owner that, together with its affiliates, owns more than twenty percent (20%) of the beneficial interests of
Master DST (each, a “Controlling Owner”) shall have satisfied all applicable underwriting criteria of Lender; and (viii) Borrower shall have paid to Lender, concurrently with the completion of any Beneficial Interest Transfer,
(A) a non-refundable processing fee in an amount equal to $2,500 per each New Beneficial Owner and each Controlling Owner, (B) with respect to each Beneficial Interest Transfer to a New Beneficial Owner or a Controlling Owner, a
non-refundable assumption fee in an amount equal to one percent (1.0%) of the then outstanding principal balance of the Note multiplied by the percentage ownership being transferred in connection with such Beneficial Interest Transfer (it being
understood that Borrower shall have no obligation to pay such processing and/or assumption fees with respect to those Beneficial Interest Transfers that are not made to either a New Beneficial Owner or a Controlling Owner), and (C) all
out-of-pocket costs and expenses, including reasonable attorneys’ fees, incurred by Lender in connection with each Beneficial Interest Transfer. With respect to those Beneficial Interest Transfers occurring after the date that is sixty
(60) days from the date hereof, in no event shall any such Beneficial Interest Transfer be permitted either thirty (30) days prior to any planned securitization of the Loan or within thirty (30) days after the completion of a
securitization of the Loan. 
 Section 7.4 Lender’s Rights. Lender reserves the right to condition the consent
to a Prohibited Transfer requested hereunder upon (a) a modification of the terms hereof and an assumption of the Note and the other Loan Documents as so modified by the proposed Prohibited Transfer provided, however, that Borrower, Borrower
Principal and Master Lessee shall not be required to modify or amend any Loan Document if such modification or amendment would (i) change the interest rate, the stated maturity or the amortization of principal set forth in the Note, except in
connection with a bifurcation of the Loan which may result in varying fixed interest rates and amortization schedules, but which shall have the same initial weighted average coupon of the original Note, or (ii) in the reasonable judgment of
Borrower, modify or amend any other material economic term of the Loan, or (iii) in the reasonable judgment of Borrower, materially increase Borrower’s, Borrower Principal’s and/or Master Lessee’s obligations and liabilities
under the Loan Documents, (b) receipt of payment of a transfer fee equal to one percent (1%) of the outstanding principal balance of the Loan and all of Lender’s out-of-pocket expenses incurred in connection with such Prohibited
Transfer, except to the extent of payment of all items required by Section 7.5(c) hereof,, (c) receipt of written confirmation from the Rating Agencies that the Prohibited Transfer will not result in a downgrade, withdrawal or
qualification of the initial, or if higher, then current ratings issued in connection with a Securitization, or if a Securitization has not occurred, any ratings to be assigned in connection with a Securitization, (d) the proposed
transferee’s continued compliance with the covenants set forth in this Agreement (including, without limitation, the covenants in Article 6) and the other Loan Documents, (e) if the Manager is being replaced, a new manager for the
Property and a new management agreement satisfactory to Lender, and (f) the satisfaction of such other conditions and/or legal opinions as Lender shall determine in its reasonable discretion to be in the interest of Lender. All out-of-pocket
expenses incurred by Lender shall be payable by Borrower whether or not Lender consents to the Prohibited Transfer. Lender shall not be required to demonstrate any actual impairment of its security or any increased risk of default hereunder in order
to declare the Debt immediately due and payable upon a Prohibited 

  
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Transfer made without Lender’s consent. This provision shall apply to each and every Prohibited Transfer, whether or not Lender has consented to any previous Prohibited Transfer. 

Section 7.5 Assumption. Notwithstanding the foregoing provisions of this Article 7, following the date which is six
(6) months from the Closing Date, Lender shall not unreasonably withhold, condition or delay consent to a transfer of the Property in its entirety to, and the related assumption of the Loan by, any Person (a “Transferee”)
provided that each of the following terms and conditions are satisfied: 
 (a) no Default or Event of Default has
occurred; 
 (b) Borrower shall have (i) delivered written notice to Lender of the terms of such prospective transfer not
less than thirty (30) days before the date on which such transfer is scheduled to close and, concurrently therewith, all such information concerning the proposed Transferee as Lender shall reasonably require and (ii) paid to Lender a
non-refundable processing fee in the amount of $10,000. Lender shall have the right to approve or disapprove the proposed transfer based on its then current underwriting and credit requirements for similar loans secured by similar properties which
loans are sold in the secondary market, such approval not to be unreasonably withheld, conditioned or delayed. In determining whether to give or withhold its approval of the proposed transfer, Lender shall consider the experience and track record of
Transferee and its principals in owning and operating facilities similar to the Property, the financial strength of Transferee and its principals, the general business standing of Transferee and its principals and Transferee’s and its
principals’ relationships and experience with contractors, vendors, tenants, lenders and other business entities; provided, however, that, notwithstanding Lender’s agreement to consider the foregoing factors in determining whether
to give or withhold such approval, such approval shall be given or withheld based on what Lender determines to be commercially reasonable and, if given, may be given subject to such conditions as Lender may deem reasonably appropriate; 

(c) Borrower shall have paid to Lender, concurrently with the closing of such transfer, (i) a non-refundable assumption fee in an
amount equal to one percent (1.0%) of the then outstanding principal balance of the Note, and (ii) all out-of-pocket costs and expenses, including reasonable attorneys’ fees, incurred by Lender in connection with the transfer;

 (d) (i) Transferee shall have assumed and agreed to pay the Debt as and when due subject to the provisions of Article
15 hereof and, prior to or concurrently with the closing of such transfer, Transferee and its constituent partners, members or shareholders as Lender may require, shall have executed, without any cost or expense to Lender, such documents and
agreements as Lender shall reasonably require to evidence and effectuate said assumption, and (ii) if required by Lender, a Person affiliated with Transferee and acceptable to Lender shall have assumed the obligations of Borrower Principal
under the Loan Documents with respect to all acts and events occurring or arising after the transfer of the Property pursuant to this Section 7.5; 
 (e) Borrower and Transferee, without any cost to Lender, shall furnish any information reasonably requested by Lender for the preparation of, and shall authorize Lender to file, new financing statements
and financing statement amendments and other documents to the 

  
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fullest extent permitted by applicable law, and shall execute any additional documents reasonably requested by Lender; 
 (f) Borrower shall have delivered to Lender, without any cost or expense to Lender, such endorsements to Lender’s Title Insurance Policy insuring that fee simple or leasehold title to the Property,
as applicable, is vested in Transferee, if available (subject to Permitted Encumbrances), hazard insurance endorsements or certificates and other similar materials as Lender may deem necessary at the time of the transfer, all in form and substance
reasonably satisfactory to Lender; 
 (g) Transferee shall have furnished to Lender, if Transferee is a corporation,
partnership, limited liability company or other entity, all appropriate papers evidencing Transferee’s organization and good standing, and the qualification of the signers to execute the assumption of the Debt, which papers shall include
certified copies of all documents relating to the organization and formation of Transferee and of the entities, if any, which are partners or members of Transferee. Transferee and such constituent partners, members or shareholders of Transferee (as
the case may be), as Lender shall require, shall comply with the covenants set forth in Article 6 hereof; 
 (h)
Transferee shall assume the obligations of Borrower under any Management Agreement or provide a new management agreement with a new manager which meets with the requirements of Section 5.14 hereof and assign to Lender as additional
security such new management agreement; 
 (i) Transferee shall furnish an opinion of counsel reasonably satisfactory to Lender
and its counsel (A) that Transferee’s formation documents provide for the matters described in subparagraph (g) above, (B) that the assumption of the Debt has been duly authorized, executed and delivered, and that the Note, the
Mortgage, this Agreement, the assumption agreement and the other Loan Documents are valid, binding and enforceable against Transferee in accordance with their terms, (C) that Transferee and any entity which is a controlling stockholder, member
or general partner of Transferee, have been duly organized, and are in existence and good standing, and (D) with respect to such other matters as Lender may reasonably request; 

(j) if required by Lender, Lender shall have received confirmation in writing from the Rating Agencies that rate the Securities to the
effect that, the transfer will not result in a qualification, downgrade or withdrawal of any rating initially assigned or to be assigned to the Securities; and 
 (k) Borrower’s obligations under the contract of sate pursuant to which the transfer is proposed to occur shall expressly be subject to the satisfaction of the terms and conditions of this
Section 7.5. 
 A consent by Lender with respect to a transfer of the Property in its entirety to, and the related
assumption of the Loan by, a Transferee pursuant to this Section 7.5 shall not be construed to be a waiver of the right of Lender to consent to any subsequent Sale or Pledge of the Property. Upon the transfer of the Property pursuant to
this Section 7.5, Borrower and Borrower 

  
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Principal and Master Lessee (provided no obligations of the Master Lessee remain outstanding under the Master Lease) shall be relieved of all liability under the Loan Documents for acts, events,
conditions, or circumstances occurring or arising after the date of such transfer, except to the extent that such acts, events, conditions, or circumstances are the proximate result of acts, events, conditions, or circumstances that existed prior to
the date of such transfer, whether or not discovered prior or subsequent to the date of such transfer. 
 ARTICLE 8

 INSURANCE; CASUALTY; CONDEMNATION; RESTORATION 

Section 8.1 Insurance. 
 (a) Borrower shall obtain and maintain, or cause to be maintained, at all times insurance for Borrower and the Property providing at least the following coverages: 

(i) comprehensive “all risk” form of insurance (or its equivalent) on the Improvements and the Personal
Property, in each case (A) in an amount equal to one hundred percent (100%) of the “Full Replacement Cost,” which for purposes of this Agreement shall mean actual replacement value (exclusive of costs of excavations, foundations,
underground utilities and footings) with a waiver of depreciation; (B) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions; (C) providing for no deductible in
excess of $50,000 for all such insurance coverage; (D) at all times insuring against at least those hazards mat are commonly insured against under a “special causes of loss” form of policy, as the same shall exist on the date hereof,
and together with any increase in the scope of coverage provided under such form after the date hereof; and (E) if any of the Improvements or the use of the Property shall at any time constitute legal non-conforming structures or uses,
providing coverage for contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction Endorsements and containing an “Ordinance or Law Coverage” or “Enforcement” endorsement. In
addition. Borrower shall obtain: (y) if any portion of the Improvements is currently or at any time in the nature located in a “special flood hazard area” designated by the Federal Emergency Management Agency, flood hazard insurance
in an amount equal to the maximum amount of such insurance available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended, until such
time as no portion of the Improvements are located in such a “special flood hazard area”; and (z) earthquake insurance in amounts and in form and substance reasonably satisfactory to Lender in the event the Property is located in an
area with a high degree of seismic risk, provided that the insurance pursuant to clauses (y) and (z) hereof shall be on terms consistent with the special causes of loss form required under this subsection (i); 

(ii) commercial general liability insurance against claims for personal injury, bodily injury, death or property damage
occurring upon, in or about the Property, with such insurance (A) to be on the so-called “occurrence” form with a general aggregate limit of not less than $2,000,000 and a per occurrence limit of not less than $1,000,000;

  
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(B) to continue at not less than the aforesaid limit until required to be changed by Lender in writing by reason of changed economic conditions making such protection inadequate; and (C) to
cover at least the following hazards: (1) premises and operations; (2) products and completed operations; (3) independent contractors; and (4) contractual liability; 

(iii) loss of rents insurance or business income insurance, as applicable, (A) with loss payable to Lender;
(B) covering all risks required to be covered by the insurance provided for in subsection (i) above; and (C) which provides that after the physical loss to the Improvements and Personal Property occurs, the loss of rents or income, as
applicable, will be insured until such rents or income, as applicable, either return to the same level that existed prior to the loss, or the expiration of twelve (12) months, whichever first occurs, and notwithstanding that the policy may
expire prior to the end of such period; and (D) which contains an extended period of indemnity endorsement which provides that after the physical loss to the Improvements and Personal Property has been repaired, the continued loss of income
will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of twelve (12) months from the date that the Property is repaired or replaced and operations are resumed, whichever first occurs,
and notwithstanding that the policy may expire prior to the end of such period. The amount of such loss of rents or business income insurance, as applicable, shall be determined prior to the date hereof and at least once each year thereafter based
on Borrower’s reasonable estimate of the gross income from the Property for the succeeding period of coverage as required above. All proceeds payable to Lender pursuant to this subsection shall be held by Lender and shall be applied to the
obligations secured by the Loan Documents from time to time due and payable hereunder and under the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrower of its obligations to pay the obligations secured
by the Loan Documents on the respective dates of payment provided for in the Note, this Agreement and the other Loan Documents except to the extent such amounts are actually paid out of the proceeds of such loss of rents or business income
insurance, as applicable; 
 (iv) at all times during which structural construction, repairs or alterations are
being made with respect to the Improvements, and only if the Property coverage form does not otherwise apply, (A) owner’s contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the
above mentioned commercial general liability insurance policy; and (B) the insurance provided for in subsection (i) above written in a so-called Builder’s Risk Completed Value form (1) on a non-reporting basis, (2) against
“special causes of loss” insured against pursuant to subsection (i) above, (3) including permission to occupy the Property, and (4) with an agreed amount endorsement waiving co-insurance provisions; 

(v) workers’ compensation, subject to the statutory limits of the State, and employer’s liability insurance in
respect of any work or operations on or about the Property, or in connection with the Property or its operation (if applicable); 
 (vi) comprehensive boiler and machinery insurance, if applicable, in amounts as shall be reasonably required by Lender on terms consistent with the commercial property insurance policy required under
subsection (i) above; 

  
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 (vii) excess liability insurance in an amount not less than $5,000,000 per
occurrence on terms consistent with the commercial general liability insurance required under subsection (ii) above; and 
 (viii) upon sixty (60) days’ written notice, such other reasonable insurance and in such reasonable amounts as Lender from time to time may reasonably request against such other insurable
hazards which at the time are commonly insured against for property similar to the Property located in or around the region in which the Property is located. 
 With respect to the Policies required to be maintained pursuant to clauses (i) through (viii) above, Borrower shall use commercially reasonable efforts, consistent with those of prudent owners
of institutional quality commercial real estate, to maintain insurance coverage against Losses resulting from acts of terrorism provided that the foregoing can be obtained at a commercially reasonable cost. 

(b) All insurance provided for in Section 8.1(a) shall be obtained under valid and enforceable policies (collectively, the
“Policies” or in the singular, the “Policy”), and shall be subject to the approval of Lender as to insurance companies, amounts, deductibles, loss payees and insureds. The Policies shall be issued by financially
sound and responsible insurance companies authorized to do business in the State and having a claims paying ability rating of “BBB” or better by S&P and “Baa2” by Moody’s (or such other ratings promulgated from time to
time by S&P and Moody’s for properties and transactions similar in type and size to the Property and the Loan) and/or a general policy rating of “A” or better and a financial class of VIII or better by A.M. Best Company, Inc. The
Policies described in Section 8.1(a) shall designate Lender and its successors and assigns as additional insureds, mortgagees and/or loss payee as deemed appropriate by Lender. Borrower shall deliver certificates of insurance with
respect to all Policies to Lender not later than thirty (30) days after the Closing Date. Not less than ten (10) days prior to the expiration dates of the Policies theretofore furnished to Lender, renewal Policies accompanied by evidence
satisfactory to Lender of payment of the premiums due thereunder (the “Insurance Premiums”), shall be delivered by Borrower to Lender. 
 (c) Any blanket insurance Policy shall specifically allocate to the Property the amount of coverage from time to time required hereunder and shall otherwise provide the same protection as would a separate
Policy insuring only the Property in compliance with the provisions of Section 8.1(a). 
 (d) All Policies provided
for or contemplated by Section 8.1(a), except for the Policy referenced in Section 8.1(a)(v), shall name Borrower as the insured and Lender as the additional insured, as its interests may appear, and in the case of property
damage, boiler and machinery, flood and earthquake insurance, shall contain a standard non-contributing mortgagee clause in favor of Lender providing that the loss thereunder shall be payable to Lender. 

(e) All Policies provided for in Section 8.1(a) shall contain clauses or endorsements to the effect that: 

(i) no act or negligence of Borrower, or anyone acting for Borrower, or of any Tenant or other occupant, or failure to
comply with the provisions of any Policy, 

  
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which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way affect the validity or enforceability of the insurance insofar as Lender is concerned;

 (ii) the Policies shall not be materially changed (other than to increase the coverage provided thereby) or
canceled without at least thirty (30) days’ prior written . notice to Lender and any other party named therein as an additional insured; 
 (iii) the issuers thereof shall give written notice to Lender if the Policies have not been renewed thirty (30) days prior to its expiration; and 

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

(f) If at any time Lender is not in receipt of written evidence that all insurance required hereunder is in full force and effect, Lender
shall have the right, without notice to Borrower, to take such action as Lender deems necessary to protect its interest in the Property, including, without limitation, obtaining such insurance coverage as Lender in its sole discretion deems
appropriate. All premiums incurred by Lender in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand and, until paid, shall be secured by the Mortgage and shall bear
interest at the Default Rate. 
 Section 8.2 Casualty. If an Individual Property shall be damaged or destroyed, in
whole or in part, by fire or other casualty (a “Casualty”), Borrower shall give prompt notice of such damage to Lender and shall promptly commence and diligently prosecute the Restoration of such Individual Property in accordance
with Section 8.4 to the extent Net Proceeds are made available by Lender or if Borrower is required to do so pursuant to the terms of any Lease. Borrower shall pay all costs of such Restoration whether or not such costs are covered by
insurance. Lender may, but shall not be obligated to make proof of loss if not made promptly by Borrower. Borrower shall adjust all claims for Insurance Proceeds in consultation with, and approval of, Lender; provided, however, if an Event of
Default has occurred and is continuing, Lender shall have the exclusive right to participate in the adjustment of all claims for Insurance Proceeds. 
 Section 8.3 Condemnation. Borrower shall promptly give Lender notice of the actual or threatened commencement of any proceeding for the Condemnation of any Individual Property of which
Borrower has knowledge and shall deliver to Lender copies of any and all papers served in connection with such proceedings. Lender may participate in any such proceedings, and Borrower shall from time to time deliver to Lender all instruments
requested by it to permit such participation. Borrower shall, at its expense, diligently prosecute any such proceedings, and shall consult with Lender, its attorneys and experts, and cooperate with them in the carrying on or defense of any such
proceedings. Notwithstanding any taking by any public or quasi-public authority through Condemnation or otherwise (including but not limited to any transfer made in lieu of or in anticipation of the exercise of such taking), Borrower shall continue
to pay the Debt at the time and in the manner provided for its payment in the Note and in this Agreement and the Debt shall not be reduced until any Award shall have been actually received 

  
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and applied by Lender, after the deduction of expenses of collection, to the reduction or discharge of the Debt. Lender shall not be limited to the interest paid on the Award by the condemning
authority but shall be entitled to receive out of the Award interest at the rate or rates provided herein or in the Note. If any Individual Property or any portion thereof is taken by a condemning authority, Borrower shall promptly commence and
diligently prosecute the Restoration of such Individual Property and otherwise comply with the provisions of Section 8.4, to the extent Net Proceeds are made available by Lender or if Borrower is required to do so pursuant to the terms
of any Lease. If such Individual Property is sold, through foreclosure or otherwise, prior to the receipt by Lender of the Award, Lender shall have the right, whether or not a deficiency judgment on the Note shall have been sought, recovered or
denied, to receive the Award, or a portion thereof sufficient to pay the Debt 
 Section 8.4 Restoration. The
following provisions shall apply in connection with the Restoration of any Individual Property: 
 (a) If the Net Proceeds shall
be less than $100,000 and the costs of completing the Restoration shall be less than $100,000, the Net Proceeds will be disbursed by Lender to Borrower upon receipt, provided that all of the conditions set forth in
Section 8.4(b)(i) are met and Borrower delivers to Lender a written undertaking to expeditiously commence and to satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement. 

(b) If the Net Proceeds are equal to or greater than $100,000 or the costs of completing the Restoration are equal to or greater than
$100,000, Lender shall make the Net Proceeds available for the Restoration in accordance with the provisions of this Section 8.4. The term “Net Proceeds” for purposes of this Section 8.4 shall mean: (i) the net
amount of all insurance proceeds received by Lender pursuant to Section 8.1(a)(i), (iv), (vi) and (viii) as a result of a Casualty, after deduction of its reasonable costs and expenses (including, but not
limited to, reasonable counsel fees), if any, in collecting the same (“Insurance Proceeds”), or (ii) the net amount of the Award as a result of a Condemnation, after deduction of its reasonable costs and expenses (including,
but not limited to, reasonable counsel fees), if any, in collecting the same (“Condemnation Proceeds”), whichever the case may be. 
 (i) The Net Proceeds shall be made available to Borrower for Restoration provided that each of the following conditions are met: 

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

(B) (1) in the event the Net Proceeds are Insurance Proceeds, less than thirty percent (30%) of the total floor area
of the Improvements on such Individual Property has been damaged, destroyed or rendered unusable as a result of a Casualty and the amount of damage does not exceed thirty percent (30%) of such Individual Property’s fair market value
immediately prior to the occurrence of such Casualty, or (2) in the event the Net Proceeds are Condemnation Proceeds, less than ten percent (10%) of the land constituting such Individual Property is taken, such land is located along the
perimeter or periphery of such Individual Property, and no portion of the Improvements is located on such land; 

  
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 (C) Leases covering in the aggregate at least fifty percent (50%) of
the total rentable space in such Individual Property which has been demised under executed and delivered Leases in effect as of the date of the occurrence of such Casualty or Condemnation, whichever the case may be, shall remain in full force and
effect during and after the completion of the Restoration without abatement of rent (unless such abatement is fully covered by rent loss insurance described in Section 8.1(a)(iii) above) beyond the time required for Restoration; 

(D) Borrower shall commence the Restoration as soon as reasonably practicable (but in no event later than sixty
(60) days after such Casualty or Condemnation, whichever the case may be, occurs) and shall diligently pursue the same to satisfactory completion; 
 (E) Lender shall be satisfied that any operating deficits, including all scheduled payments of principal and interest under the Note, which will be incurred with respect to such Individual Property as a
result of the occurrence of any such Casualty or Condemnation, whichever the case may be, will be covered out of the insurance coverage referred to in Section 8.1(a)(iii) above; 

(F) Lender shall be satisfied that the Restoration will be completed on or before the earliest to occur of (1) six
(6) months prior to the Maturity Date, (2) the earliest date required for such completion under the terms of any Leases or material agreements affecting such Individual Property, if any Leases or material agreements imposing such
completion requirements exist, (3) such time as may be required under applicable zoning law, ordinance, rule or regulation, or (4) the expiration of the insurance coverage referred to in Section 8.l(a)(iii); 

(G) such Individual Property and the use thereof after the Restoration will be in compliance with and permitted under all
Legal Requirements; 
 (H) the Restoration shall be done and completed by Borrower in an expeditious and diligent
fashion and in compliance with all applicable Legal Requirements; 
 (I) such Casualty or Condemnation, as
applicable, does not result in the material loss of legal access to such Individual Property or the Improvements; 
 (J) Borrower shall deliver, or cause to be delivered, to Lender a signed detailed budget approved in writing by Borrower’s architect or engineer stating the entire cost of completing the Restoration,
which budget shall be acceptable to Lender; and 
 (K) the Net Proceeds together with any cash or cash equivalent
deposited by Borrower with Lender are sufficient in Lender’s reasonable judgment to cover the cost of the Restoration. 
 (ii) The Net Proceeds shall be held by Lender until disbursements commence, and, until disbursed in accordance with the provisions of this Section 8.4(b) shall

  
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constitute additional security for the Debt and other obligations under the Loan Documents. The Net Proceeds shall be disbursed by Lender to, or as directed by, Borrower from time to time during
the course of the Restoration, upon receipt of evidence satisfactory to Lender that (A) all of the conditions precedent to such advance, including those set forth in Section 8.4(b)(i), have been satisfied, (B) all materials
installed and work and labor performed (except to the extent that they are to be paid for out of the requested disbursement) in connection with the related Restoration item have been paid for in full, and (C) there exist no notices of pendency,
stop orders, mechanic’s or materialman’s liens or notices of intention to file same, or any other liens or encumbrances of any nature whatsoever on such Individual Property which have not either been fully bonded to the satisfaction of
Lender and discharged of record or in the alternative fully insured to the satisfaction of Lender by the title company issuing the Title Insurance Policy. Notwithstanding the foregoing, Insurance Proceeds from the Policies required to be maintained
by Borrower pursuant to Section 8.l(a)(iii) shall be controlled by Lender at all times, shall not be subject to the provisions of this Section 8.4 and shall be used solely for the payment of the obligations under the Loan
Documents and Operating Expenses. 
 (iii) All plans and specifications required in connection with the
Restoration shall be subject to prior review and acceptance in all respects by Lender and by an independent consulting engineer selected by Lender (the “Restoration Consultant”). Lender shall have the use of the plans and
specifications and all permits, licenses and approvals required or obtained in connection with the Restoration. The identity of the contractors, subcontractors and materialmen engaged in the Restoration, as well as the contracts in excess of $75,000
under which they have been engaged, shall be subject to prior review and reasonable acceptance by Lender and the Restoration Consultant. All reasonable costs and expenses incurred by Lender in connection with making the Net Proceeds available for
the Restoration, including, without limitation, reasonable counsel fees and disbursements and the Restoration Consultant’s fees, shall be paid by Borrower. 
 (iv) In no event shall Lender be obligated to make disbursements of the Net Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the
Restoration, as certified by the Restoration Consultant, minus the Restoration Retainage. The term “Restoration Retainage” shall mean an amount equal to ten percent (10%) of the costs actually incurred for work in place as part of the
Restoration, as certified by the Restoration Consultant, until the Restoration has been completed. The Restoration Retainage shall be reduced to five percent (5%) of the costs incurred upon receipt by Lender of satisfactory evidence that fifty
percent (50%) of the Restoration has been completed. The Restoration Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this Section 8.4(b), be less than the amount actually held back by
Borrower from contractors, subcontractors and materialmen engaged in the Restoration. The Restoration Retainage shall not be released until the Restoration Consultant certifies to Lender that the Restoration has been completed in accordance with the
provisions of this Section 8.4(b) and that all approvals necessary for the re-occupancy and use of such Individual Property have been obtained from all appropriate Governmental Authorities, and Lender receives evidence satisfactory to
Lender that the costs of the Restoration have been paid in full or will be paid in full out 

  
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of the Restoration Retainage; provided, however, that Lender will release the portion of the Restoration Retainage being held with respect to any contractor, subcontractor or materialman
engaged in the Restoration as of the date upon which the Restoration Consultant certifies to Lender that the contractor, subcontractor or materialman has satisfactorily completed all work and has supplied all materials in accordance with the
provisions of the contractor’s, subcontractor’s or materialman’s contract, the contractor, subcontractor or materialman delivers the lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor or
materialman as may be reasonably requested by Lender or by the title company issuing the Title Insurance Policy, and Lender receives an endorsement to the Title Insurance Policy insuring the continued priority of the lien of the Mortgage (to the
extent the same is available in the state where the Property is located) and evidence of payment of any premium payable for such endorsement. If required by Lender, the release of any such portion of the Restoration Retainage shall be approved by
the surety company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor or materialman. 
 (v) Lender shall not be obligated to make disbursements of the Net Proceeds more frequently than once every calendar month. 

(vi) If at any time the Net Proceeds or the undisbursed balance thereof shall not, in the reasonable opinion of Lender in
consultation with the Restoration Consultant, be sufficient to pay in full the balance of the costs which are estimated by the Restoration Consultant to be incurred in connection with the completion of the Restoration, Borrower shall deposit the
deficiency (the “Net Proceeds Deficiency”) with Lender before any further disbursement of the Net Proceeds shall be made. The Net Proceeds Deficiency deposited with Lender shall be held by Lender and shall be disbursed for costs
actually incurred in connection with the Restoration on the same conditions applicable to the disbursement of the Net Proceeds, and until so disbursed pursuant to this Section 8.4(b) shall constitute additional security for the Debt and
other obligations under the Loan Documents. 
 (vii) The excess, if any, of the Net Proceeds and the remaining
balance, if any, of the Net Proceeds Deficiency deposited with Lender after the Restoration Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Section 8.4(b), and the receipt
by Lender of evidence satisfactory to Lender that all costs incurred in connection with the Restoration have been paid in full, shall be remitted by Lender to Borrower, provided no Event of Default shall have occurred and shall be continuing
under the Note, this Agreement or any of the other Loan Documents. 
 (c) All Net Proceeds not required (i) to be made
available for the Restoration or (ii) to be returned to Borrower as excess Net Proceeds pursuant to Section 8.4(b)(vii) may (x) be retained and applied by Lender toward the payment of the Debt whether or not then due and
payable in such order, priority and proportions as Lender in its sole discretion shall deem proper, or, (y) at the sole discretion of Lender, the same may be paid, either in whole or in part, to Borrower for such purposes and upon such
conditions as Lender shall designate. If, pursuant to this Section 8.4, Lender shall receive and retain Net Proceeds, (i) the lien of the Mortgage shall 

  
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be reduced only by the amount thereof received and retained by Lender and actually applied by Lender in reduction of the Debt; and (ii) notwithstanding any other provisions hereof, Borrower
shall not be required to repair or restore the portion of such Individual Property affected by such Casualty or Condemnation to the condition or character such Individual Property was in immediately prior to such Casualty or Condemnation so long as
no Event of Default exists, but Borrower shall be required to remove all debris with respect to the portion of such Individual Property not required to be restored in a manner that is safe and is not dangerous to health or other property and is in
compliance with all applicable laws. 
 (d) In the event of foreclosure of the Mortgage, or other transfer of title to such
Individual Property in extinguishment in whole or in part of the Debt, all right, title and interest of Borrower in and to the Policies then in force concerning such Individual Property and all proceeds payable thereunder shall thereupon vest in the
purchaser at such foreclosure, Lender or other transferee in the event of such other transfer of title. 
 ARTICLE 9

 RESERVE FUNDS 
 Section 9.1 Required Repairs. 
 (a) Borrower shall make the repairs
and improvements to the Property set forth on Schedule I and as more particularly described in the Property Condition Report prepared in connection with the closing of the Loan (such repairs hereinafter referred to as “Required
Repairs”). Borrower shall complete the Required Repairs in a good and workmanlike manner on or before the date that is twelve (12) months from the date hereof or within such other time frame for completion specifically set forth on
Schedule I. 
 (b) Borrower shall establish on the date hereof an Eligible Account with Lender or Lender’s agent to fund
the Required Repairs (the “Required Repair Account”) into which Borrower shall deposit on the date hereof the amount of $0.00, which amount equals 125% of the estimated cost for the completion of the Required Repairs. Amounts so
deposited shall hereinafter be referred to as the “Required Repair Funds.” 
 Section 9.2
Replacements. 
 (a) On an ongoing basis throughout the term of the Loan, Borrower shall make capital repairs,
replacements and improvements necessary to keep the Property in good order and repair and in a good marketable condition or prevent deterioration of the Property, including, but not limited to, those repairs, replacements and improvements more
particularly described in the Property Condition Report prepared in connection with the closing of the Loan (collectively, the “Replacements”). Borrower shall complete all Replacements in a good and workmanlike manner as soon as
commercially reasonable after commencing to make each such Replacement. 
 (b) Borrower shall establish on the date hereof an
Eligible Account with Lender or Lender’s agent to fund the Replacements (the “Replacement Reserve Account”) into 

  
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which Borrower shall deposit on the date hereof $100,000. In addition, Borrower shall deposit (i) $6,154.25 on each Scheduled Payment Date commencing with the first (1st) Scheduled
Payment Date and continuing on each Scheduled Payment Date thereafter through and including the seventy-second (72nd) Scheduled Payment Date, and (ii) $5,050.92 on each Scheduled Payment Date commencing with the seventy-third
(73rd) Scheduled Payment Date and continuing on each Scheduled Payment Date thereafter (the “Replacement Reserve Monthly Deposit”) into the Replacement Reserve Account on each Scheduled Payment Date. Amounts so deposited shall
hereinafter be referred to as “Replacement Reserve Funds.” Lender may, in its reasonable discretion, adjust the Replacement Reserve Monthly Deposit from time to time to an amount sufficient to maintain the proper maintenance and
operation of the Property. In the event Lender shall at any time increase the Replacement Reserve Monthly Deposit, Borrower may, at its election, request that Lender obtain, at the sole cost and expense of Borrower, a Property Condition Report
prepared by an engineer selected by Lender, in its reasonable discretion, in which case the Replacement Reserve Monthly Deposit shall be adjusted by Lender based on the results of such report, provided that in no event shall such amounts be
reduced below the initial amount of the Replacement Reserve Monthly Deposit set forth herein. 
 Section 9.3
Intentionally reserved. 
 Section 9.4 Required Work. Borrower shall diligently pursue all Required Repairs
and Replacements (collectively, the “Required Work”) to completion in accordance with the following requirements: 
 (a) Lender reserves the right, at its option, to approve all contracts or work orders with materialmen, mechanics, suppliers, subcontractors, contractors or other parties providing labor or materials in
connection with the Required Work to the extent such contracts or work orders exceed $75,000. Upon Lender’s request, Borrower shall assign any contract or subcontract to Lender. 

(b) In the event Lender determines in its reasonable discretion that any Required Work is not being or has not been performed in a
workmanlike or timely manner, Lender shall have the option to withhold disbursement for such unsatisfactory Required Work and to proceed under existing contracts or to contract with third parties to complete such Required Work and to apply the
Required Repair Funds or the Replacement Reserve Funds, as applicable, toward the labor and materials necessary to complete such Required Work, without providing any prior notice to Borrower and to exercise any and all other remedies available to
Lender upon an Event of Default hereunder. 
 (c) In order to facilitate Lender’s completion of the Required Work, Borrower
grants Lender the right to enter onto the Property and perform any and all work and labor necessary to complete the Required Work and/or employ watchmen to protect the Property from damage. All sums so expended by Lender, to the extent not from the
Reserve Funds, shall be deemed to have been advanced under the Loan to Borrower and secured by the Mortgage. For this purpose Borrower constitutes and appoints Lender its true and lawful limited attorney-in-fact with full power of substitution to
complete or undertake the Required Work in the name of Borrower upon Borrower’s failure to do so in a workmanlike and timely manner. Such power of attorney shall be deemed to be a power coupled with an interest and cannot be revoked until the

  
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payment in full of the Debt. Borrower empowers said attorney-in-fact as follows: (i) to use any of the Reserve Funds for the purpose of making or completing the Required Work; (ii) to
make such additions, changes and corrections to the Required Work as shall be necessary or desirable to complete the Required Work; (iii) to employ such contractors, subcontractors, agents, architects and inspectors as shall be required for
such purposes; (iv) to pay, settle or compromise all existing bills and claims which are or may become Liens against the Property, or as may be necessary or desirable for the completion of the Required Work, or for clearance of title;
(v) to execute all applications and certificates in the name of Borrower which may be required by any of the contract documents; (vi) to prosecute and defend all actions or proceedings in connection with the Property or the rehabilitation
and repair of the Property; and (vii) to do any and every act which Borrower might do on its own behalf to fulfill the terms of this Agreement. 
 (d) Nothing in this Section 9.4 shall: (i) make Lender responsible for making or completing the Required Work; (ii) require Lender to expend funds in addition to the Reserve Funds to
make or complete any Required Work; (iii) obligate Lender to proceed with the Required Work; or (iv) obligate Lender to demand from Borrower additional sums to make or complete any Required Work. 

(e) Borrower shall permit Lender and Lender’s agents and representatives (including, without limitation, Lender’s engineer,
architect, or inspector) or third parties performing Required Work pursuant to this Section 9.4 to enter onto any Individual Property during normal business hours (subject to the rights of tenants under their Leases) to inspect the
progress of any Required Work and all materials being used in connection therewith, to examine all plans and shop drawings relating to such Required Work which are or may be kept at such Individual Property, and to complete any Required Work made
pursuant to this Section 9.4. Borrower shall cause all contractors and subcontractors to cooperate with Lender and Lender’s representatives or such other persons described above in connection with inspections described in this
Section 9.4 or the completion of Required Work pursuant to this Section 9.4. 
 (f) Lender may, to the
extent any Required Work would reasonably require an inspection of any Individual Property, inspect such Individual Property at Borrower’s expense prior to making a disbursement of the Reserve Funds in order to verify completion of the Required
Work for which reimbursement is sought. Borrower shall pay Lender a reasonable inspection fee not exceeding $500 for each such inspection. Lender may require that such inspection be conducted by an appropriate independent qualified professional
selected by Lender and/or may require a copy of a certificate of completion by an independent qualified professional acceptable to Lender prior to the disbursement of the Reserve Funds. Borrower shall pay the expense of the inspection as required
hereunder, whether such inspection is conducted by Lender or by an independent qualified professional. 
 (g) The Required Work
and all materials, equipment, fixtures, or any other item comprising a part of any Required Work shall be constructed, installed or completed, as applicable, free and clear of all mechanic’s, materialman’s or other Liens (except for
Permitted Encumbrances). 
 (h) Before each disbursement of the Reserve Funds in excess of $75,000, Lender may require Borrower
to provide Lender with a search of title to the related Individual 

  
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Property effective to the date of the disbursement, which search shows that no mechanic’s or materialmen’s or other Liens of any nature have been placed against such Individual Property
since the date of recordation of the Mortgage and that title to such Individual Property is free and clear of all Liens (except for Permitted Encumbrances). 
 (i) All Required Work shall comply with all Legal Requirements and applicable insurance requirements including, without limitation, applicable building codes, special use permits, environmental
regulations, and requirements of insurance underwriters. 
 (j) Borrower hereby assigns to Lender all rights and claims Borrower
may have against all Persons supplying labor or materials in connection with the Required Work; provided, however, that Lender may not pursue any such rights or claims unless an Event of Default has occurred and remains uncured. 

Section 9.5 Release of Reserve Funds. 
 (a) Upon written request from Borrower and satisfaction of the requirements set forth in this Section 9.5, Lender shall disburse to Borrower amounts from (i) the Required Repair Account
to the extent necessary to pay for or to reimburse Borrower for the actual costs of each Required Repair (but not exceeding 125% of the original estimated cost of such Required Repair as set forth on Schedule I, unless Lender has agreed to reimburse
Borrower for such excess cost pursuant to Section 9.5(f) or (ii) the Replacement Reserve Account to the extent necessary to reimburse Borrower for the actual costs of any approved Replacements. Notwithstanding the preceding
sentence, in no event shall Lender be required to (x) disburse any amounts which would cause the amount of funds remaining in the Required Repair Account after any disbursement (other than with respect to the final disbursement) to be
less than 125% of the then current estimated cost of completing all remaining Required Repairs for the related Individual Property, (y) disburse funds from any of the Reserve Accounts if an Event of Default exists, or (z) disburse
funds from the Replacement Reserve Account to reimburse Borrower for the costs of routine repairs or maintenance to the related Individual Property or for costs which are to be reimbursed from funds held in the Required Repair Account. 

(b) With each request for disbursement in connection with Required Work, Borrower shall certify in writing to Lender that all Required
Work has been performed in accordance with all Legal Requirements and that all such Required Work has been completed lien free and paid for in full or will be paid for in full upon disbursement of the requested funds. In addition, each request for
disbursement in excess of $25,000 shall be on a reasonable form provided or approved by Lender and shall (i) include copies of invoices for all items or materials purchased and all labor or services provided, (ii) specify (A) the
Required Work for which the disbursement is requested, (B) the quantity and price of each item purchased, if the Required Work includes the purchase or replacement of specific items, (C) the price of all materials (grouped by type or
category) used in any Required Work other than the purchase or replacement of specific items, and (D) the cost of all contracted labor or other services applicable to each Required Work for which such request for disbursement is made,
(iii) if requested by Lender, conditional lien waivers from each contractor, supplier, material man, mechanic or subcontractor with respect to the completion of its work or delivery of its materials. Except as provided in
Section 9.5(d), each request for disbursement shall be made only after completion of the 

  
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Required Repair or Replacement (or the portion thereof completed in accordance with Section 9.5(d)), as applicable, for which disbursement is requested. Borrower shall provide Lender
evidence satisfactory to Lender in its reasonable judgment of such completion or performance. 
 (c) Any lien waiver delivered
hereunder shall conform to all Legal Requirements and shall cover all work performed and materials supplied (including equipment and fixtures) for the related Individual Property by that contractor, supplier, subcontractor, mechanic or materialman
through the date covered by the current disbursement request. 
 (d) If (i) the cost of any item of Required Work exceeds
$75,000, (ii) the contractor performing such Required Work requires periodic payments pursuant to terms of a written contract, and (iii) Lender has approved in writing in advance such periodic payments, a request for disbursement from the
Reserve Accounts may be made after completion of a portion of the work under such contract, provided (A) such contract requires payment upon completion of such portion of work, (B) the materials for which the request is made are on
site at the related Individual Property and are properly secured or have been installed in the Property, (C) all other conditions in this Agreement for disbursement have been satisfied, and (D) in the case of a Replacement, funds remaining
in the Replacement Reserve Account are, in Lender’s judgment, sufficient to complete such Replacement and other Replacements when required. 
 (e) Borrower shall not make a request for, nor shall Lender have any obligation to make, any disbursement from any Reserve Account more frequently than once in any calendar month and (except in connection
with the final disbursement) in any amount less than the lesser of (i) $10,000 or (ii) the total cost of the Required Work for which the disbursement is requested. 
 (f) In the event any Borrower requests a disbursement from the Required Repair Account to pay for or to reimburse Borrower for the actual cost of labor or materials used in connection with repairs or
improvements other than the Required Repairs specified on Schedule I, or for a Required Repair to the extent the cost of such Required Repair exceeds 125% of the estimated cost of such Required Repair as set forth on Schedule I (in either case, an
“Additional Required Repair”), Borrower shall disclose in writing to Lender the reason why funds in the Required Repair Account should be used to pay for such Additional Required Repair. If Lender reasonably determines that
(i) such Additional Required Repair is of the type intended to be covered by the Required Repair Account, (ii) such Additional Required Repair is not covered or is not of the type intended to be covered by the Replacement Reserve Account,
(iii) costs for such Additional Required Repair are reasonable, (iv) the funds in the Required Repair Account are sufficient to pay for such Additional Required Repair and all other Required Repairs for the Property specified on Schedule
I, and (v) all other conditions for disbursement under this Agreement have been met, Lender may disburse funds from the Required Repair Account. 
 (g) In the event any Borrower requests a disbursement from the Replacement Reserve Account to pay for or to reimburse Borrower for the actual cost of labor or materials used in connection with repairs or
improvements other than the Replacements specified in the Property Condition Report prepared in connection with the closing of the Loan (an “Additional 

  
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Replacement”), Borrower shall disclose in writing to Lender the reason why funds in the Replacement Reserve Account should be used to pay for such Additional Replacement. If Lender
reasonably determines that (i) such Additional Replacement is of the type intended to be covered by the Replacement Reserve Account, (ii) such Additional Replacement is not covered or is not of the type intended to be covered by the
Required Repair Account, (iii) costs for such Additional Replacement are reasonable, (iv) the funds in the Replacement Reserve Account are sufficient to pay for such Additional Replacement and all other Replacements for the Property
specified in the Property Condition Report, and (v) all other conditions for disbursement under this Agreement have been met, Lender may disburse funds from the Replacement Reserve Account. 

(h) Lender’s disbursement of any Reserve Funds or other acknowledgment of completion of any Required Work in a manner reasonably
satisfactory to Lender shall not be deemed a certification or warranty by Lender to any Person that the Required Work has been completed in accordance with Legal Requirements. 
 (i) If the funds in any Reserve Account should exceed the amount of payments actually applied by Lender for the purposes of the account, Lender in its sole discretion shall either return any excess to
Borrower or credit such excess against future payments to be made to that Reserve Account. If at any time Lender reasonably determines that the Reserve Funds are not or will not be sufficient to make the required payments, Lender shall notify
Borrower of such determination and Borrower shall pay to Lender any amount necessary to make up the deficiency within ten (10) days after notice from Lender to Borrower requesting payment thereof. 

(j) The insufficiency of any balance in any of the Reserve Accounts shall not relieve Borrower from its obligation to fulfill all
preservation and maintenance covenants in the Loan Documents. 
 (k) Upon the earlier to occur of (i) the timely completion
of all Required Repairs and any Additional Required Repairs, if any, in accordance with the requirements of this Agreement, as verified by Lender in its reasonable discretion, or (ii) the payment in full of the Debt, all amounts remaining on
deposit, if any, in the Required Repair Account shall be returned to Borrower or the Person shown on Lender’s records as being the owner of the related Individual Property and no other party shall have any right or claim thereto. 

(l) Upon payment in full of the Debt, all amounts remaining on deposit, if any, in the Replacement Reserve Account shall be returned to
Borrower or the Person shown on Lender’s records as being the owner of the related Individual Property and no other party shall have any right or claim thereto. 
 Section 9.6 Tax and Insurance Reserve Funds. Borrower shall establish on the date hereof an Eligible Account with Lender or Lender’s agent sufficient to discharge Borrower’s
obligations for the payment of Taxes and Insurance Premiums pursuant to Section 5.4 and Section 8.1 hereof (the “Tax and Insurance Reserve Account”) into which Borrower shall deposit on the date hereof
$6,359.48, which amount, when added to the required monthly deposits set forth in the next sentence, is sufficient to make the payments of Taxes and 

  
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Insurance Premiums as required herein. Borrower shall deposit into the Tax and Insurance Reserve Account on each Scheduled Payment Date (a) one-twelfth of the Taxes that Lender estimates
will be payable during the next ensuing twelve (12) months or such higher amount necessary to accumulate with Lender sufficient funds to pay all such Taxes at least thirty (30) days prior to the earlier of (i) the date that the same
will become delinquent and (ii) the date that additional charges or interest will accrue due to the non-payment thereof, and (b) except to the extent Lender has waived the insurance escrow because the insurance required hereunder is
maintained under a blanket insurance Policy acceptable to Lender in accordance with Section 8. l(c), one-twelfth of the Insurance Premiums that Lender estimates will be payable during the next ensuing twelve (12) months for the
renewal of the coverage afforded by the Policies upon the expiration thereof or such higher amount necessary to accumulate with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the
Policies (said amounts in (a) and (b) above hereinafter called the “Tax and Insurance Reserve Funds”). Lender will apply the Tax and Insurance Reserve Funds to payments of Taxes and Insurance Premiums required to be made
by Borrower pursuant to Section 5.4 and Section 8.1 hereof. In making any disbursement from the Tax and Insurance Reserve Account, Lender may do so according to any bill, statement or estimate procured from the appropriate
public office or tax lien service (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax, assessment, sale, forfeiture,
tax lien or title or claim thereof. If the amount of the Tax and Insurance Reserve Funds shall exceed the amounts due for Taxes and Insurance Premiums pursuant to Section 5.4 and Section 8.1 hereof, Lender shall, in its sole
discretion, return any excess to Borrower or credit such excess against future payments to be made to the Tax and Insurance Reserve Account. In allocating any such excess, Lender may deal with the person shown on Lender’s records as being the
owner of the related Individual Property. Any amount remaining in the Tax and Insurance Reserve Account after the Debt has been paid in full shall be returned to Borrower or the person shown on Lender’s records as being the owner of the related
Individual Property and no other party shall have any right or claim thereto. If at any time Lender reasonably determines that the Tax and Insurance Reserve Funds are not or will not be sufficient to pay Taxes and Insurance Premiums by the dates set
forth in (a) and (b) above, Lender shall notify Borrower of such determination and Borrower shall pay to Lender any amount necessary to make up the deficiency within ten (10) days after notice from Lender to Borrower requesting
payment thereof. 
 Section 9.7 Reserve Funds Generally. 

(a) (i) Except for the Interest Bearing Reserve Accounts, no earnings or interest on the Reserve Accounts shall be payable to
Borrower. Neither Lender nor any loan servicer that at any time holds or maintains the non-interest-bearing Reserve Accounts shall have any obligation to keep or maintain the Reserve Accounts or any funds deposited therein in interest-bearing
accounts. If Lender or any such loan servicer elects in its sole and absolute discretion to keep or maintain any non-interest-bearing Reserve Accounts or any funds deposited therein in an interest-bearing account, the account shall be an Eligible
Account and (A) such funds shall not be invested except in Permitted Investments, and (B) all interest earned or accrued thereon shall be for the account of and be retained by Lender or such loan servicer. 

  
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 (ii) Funds deposited in the Interest Bearing Reserve Accounts shall be held
in an interest-bearing business savings account and interest shall be credited to Borrower. In no event shall Lender or any loan servicer that at any time holds or maintains the Interest Bearing Reserve Accounts be required to select any particular
interest-bearing account or the account that yields the highest rate of interest, provided that selection of the account shall be consistent with the general standards at the time being utilized by Lender or the loan servicer, as applicable,
in establishing similar accounts for loans of comparable type. All such interest shall be and become part of the Interest Bearing Reserve Accounts, as applicable, and shall be disbursed in accordance with Section 9.5 above; provided,
however, that Lender may, at its election, retain any such interest for its own account during the occurrence and continuance of an Event of Default. Borrower agrees that it shall include all interest on Interest Bearing Reserve Funds as the
income of Borrower (and, if Borrower is a partnership or other pass-through entity, the partners, members or beneficiaries of Borrower, as the case may be), and shall be the owner of the Interest Bearing Reserve Funds for federal and applicable
state and local tax purposes, except to the extent that Lender retains any interest for its own account during the occurrence and continuance of an Event of Default as provided herein. 

(b) Borrower grants to Lender a first-priority perfected security interest in, and assigns and pledges to Lender, each of the Reserve
Accounts and any and all Reserve Funds now or hereafter deposited in the Reserve Accounts as additional security for payment of the Debt. Until expended or applied in accordance herewith, the Reserve Accounts and the Reserve Funds shall constitute
additional security for the Debt. The provisions of this Section 9.7 are intended to give Lender or any subsequent holder of the Loan “control” of the Reserve Accounts within the meaning of the UCC. 

(c) The Reserve Accounts and any and all Reserve Funds now or hereafter deposited in the Reserve Accounts shall be subject to the
exclusive dominion and control of Lender, which shall hold the Reserve Accounts and any or all Reserve Funds now or hereafter deposited in the Reserve Accounts subject to the terms and conditions of this Agreement. Borrower shall have no right of
withdrawal from the Reserve Accounts or any other right or power with respect to the Reserve Accounts or any or all of the Reserve Funds now or hereafter deposited in the Reserve Accounts, except as expressly provided in this Agreement. 

(d) Lender shall furnish or cause to be furnished to Borrower, without charge, an annual accounting of each Reserve Account in the normal
format of Lender or its loan servicer, showing credits and debits to such Reserve Account and the purpose for which each debit to each Reserve Account was made. 
 (e) As long as no Event of Default has occurred and is continuing, Lender shall make disbursements from the Reserve Accounts in accordance with this Agreement. All such disbursements shall be deemed to
have been expressly pre-authorized by Borrower, and shall not be deemed to constitute the exercise by Lender of any remedies against Borrower unless an Event of Default has occurred and is continuing and Lender has expressly stated in writing its
intent to proceed to exercise its remedies as a secured party, pledgee or lienholder with respect to the Reserve Accounts. 

  
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 (f) If any Event of Default occurs and is continuing, Borrower shall immediately lose all
of its rights to receive disbursements from the Reserve Accounts until the earlier to occur of (i) the date on which such Event of Default is cured to Lender’s satisfaction, or (ii) the payment in full of the Debt. In addition, at
Lender’s election, Borrower shall lose all of its rights to receive interest on the Interest Bearing Reserve Accounts during the occurrence and continuance of an Event of Default. Upon the occurrence and during the continuance of any Event of
Default, Lender may exercise any or all of its rights and remedies as a secured party, pledgee and lienholder with respect to the Reserve Accounts. Without limitation of the foregoing, upon the occurrence and during the continuance of any Event of
Default, Lender may use and disburse the Reserve Funds (or any portion thereof) for any of the following purposes: (A) repayment of the Debt, including, but not limited to, principal prepayments and the prepayment premium applicable to such
full or partial prepayment (as applicable); (B) reimbursement of Lender for all losses, fees, costs and expenses (including, without limitation, reasonable legal fees) suffered or incurred by Lender as a result of such Event of Default;
(C) payment of any amount expended in exercising any or all rights and remedies available to Lender at law or in equity or under this Agreement or under any of the other Loan Documents; (D) payment of any item from any of the Reserve
Accounts as required or permitted under this Agreement; or (E) any other purpose permitted by applicable law; provided, however, that any such application of funds shall not cure or be deemed to cure any Event of Default. Without
limiting any other provisions hereof, each of the remedial actions described in the immediately preceding sentence shall be deemed to be a commercially reasonable exercise of Lender’s rights and remedies as a secured party with respect to the
Reserve Funds and shall not in any event be deemed to constitute a setoff or a foreclosure of a statutory banker’s lien. Nothing in this Agreement shall obligate Lender to apply all or any portion of the Reserve Funds to effect a cure of any
Event of Default, or to pay the Debt, or in any specific order of priority. The exercise of any or all of Lender’s rights and remedies under this Agreement or under any of the other Loan Documents shall not in any way prejudice or affect
Lender’s right to initiate and complete a foreclosure under the Mortgage. 
 (g) The Reserve Funds shall not constitute
escrow or trust funds and may be commingled with other monies held by Lender. Notwithstanding anything else herein to the contrary, Lender may commingle in one or more Eligible Accounts (i) any and all funds controlled by Lender, including,
without limitation, funds pledged in favor of Lender by other borrowers, whether for the same purposes as the Reserve Accounts or otherwise. Without limiting any other provisions of this Agreement or any other Loan Document, the Reserve Accounts may
be established and held in such name or names as Lender or its loan servicer, as agent for Lender, shall deem appropriate, including, without limitation, in the name of Lender or such loan servicer as agent for Lender. In the case of any Reserve
Account which is held in a commingled account, Lender or its loan servicer, as applicable, shall maintain records sufficient to enable it to determine at all times which portion of such account is related to the Loan. The Reserve Accounts are solely
for the protection of Lender. With respect to the Reserve Accounts, Lender shall have no responsibility beyond the allowance of due credit for the sums actually received by Lender or beyond the reimbursement or payment of the costs and expenses for
which such accounts were established in accordance with their terms. Upon assignment of the Loan by Lender, any Reserve Funds shall be turned over to the assignee and any responsibility of Lender as assignor shall terminate. The requirements of this
Agreement concerning the Reserve 

  
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Accounts in no way supersede, limit or waive any other rights or obligations of the parties under any of the Loan Documents or under applicable law. 

(h) Borrower shall not, without obtaining the prior written consent of Lender, further pledge, assign or grant any security interest in
the Reserve Accounts or the Reserve Funds deposited therein or permit any Lien to attach thereto, except for the security interest granted in this Section 9.7, or any levy to be made thereon, or any UCC Financing Statements, except those
naming Lender as the secured party, to be filed with respect thereto. 
 (i) Borrower will maintain the security interest
created by this Section 9.7 as a first priority perfected security interest and will defend the right, title and interest of Lender in and to the Reserve Accounts and the Reserve Funds against the claims and demands of all Persons
whomsoever. At any time and from time to time, upon the written request of Lender, and at the sole expense of Borrower, Borrower will promptly and duly execute and deliver such further instruments and documents and will take such further actions as
Lender reasonably may request for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted. 
 Section 9.8 Prepaid Rent Reserve. Borrower shall establish on the date hereof an Eligible Account with Lender or Lender’s agent to be held as additional collateral for the Loan (the
“Prepaid Rent Reserve Account”) into which Borrower shall deposit on the date hereof the amount of $41,853.25 which amount equals the amount of rent that has been prepaid in excess of the Prepaid Rent Collection Threshold. Amounts
so deposited shall hereinafter be referred to as the “Prepaid Rent Reserve Funds.” Provided no Event of Default has occurred and is continuing, commencing on the date that is six (6) months from the date hereof, upon written
request from Borrower, Lender shall release to Borrower from the Prepaid Rent Reserve Funds, an amount equal to $1,785.33 per written request; provided that, in connection with each such request for release, Borrower shall have delivered to Lender a
then-current estoppel certificate executed by Borrower, attesting to the following regarding the lease with that certain Tenant known as Dynamic Systems: (i) that the Dynamic Systems lease is in full force and effect with no defaults thereunder
on the part of any party, (ii) that none of the Rents have been paid more than one month in advance, except as security or except as otherwise specified therein, and (iii) that Dynamic Systems has claimed no defense or offset against the
full and timely performance of its obligations under its lease with Borrower. Notwithstanding the foregoing, Lender shall not be required to release any portion of the Prepaid Rent Reserve Funds (i) more frequently than once in any six
(6) month period, and (ii) on any date after the date that is five (5) years from the date hereof. 

  
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 ARTICLE 10 
 INTENTIONALLY RESERVED 
 ARTICLE 11 

EVENTS OF DEFAULT; REMEDIES 
 Section 11.1 Event of Default. The occurrence of any one or more of the following events shall constitute an “Event of Default”: 

(a) if any portion of the Debt is not paid on or prior to the fifth day following the date the same is due or if the entire Debt is not
paid on or before the Maturity Date; 
 (b) except as otherwise expressly provided in the Loan Documents, if any of the Taxes or
Other Charges are not paid prior to delinquency, unless there is sufficient money in the Tax and Insurance Reserve Account for payment of amounts then due and payable and Lender’s access to such money has not been constrained or restricted in
any manner; 
 (c) if the Policies are not kept in full force and effect, or if certificates of insurance with respect to all
Policies are not delivered to Lender as provided in Section 8.1; 
 (d) if Borrower or Master Lessee breaches any
covenant with respect to itself contained in Article 6 or any covenant contained in Article 7 hereof; 
 (e) if
any representation or warranty of, or with respect to, Borrower, Borrower Principal, Master Lessee, or any member, general partner, principal or beneficial owner of any of the foregoing, made herein, in any other Loan Document, or in any
certificate, report, financial statement or other instrument or document furnished to Lender at the time of the closing of the Loan or during the term of the Loan shall have been false or misleading in any material respect when made; 

(f) if (i) Borrower, or any managing member or general partner of Borrower, Borrower Principal, or Master Lessee shall commence any
case, proceeding or other action (A) under any Creditors Rights Laws, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, or (B) seeking
appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or Borrower, any managing member or general partner of Borrower, Borrower Principal, or Master Lessee shall
make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against Borrower, any managing member or general partner of Borrower, Borrower Principal, or Master Lessee, any case, proceeding or other action of a
nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of sixty (60) days; or
(iii) there shall be commenced against Borrower, any managing member or general partner of Borrower, Borrower Principal, or Master Lessee any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or
similar process against all or any substantial part of its assets which results in the entry of any 

  
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order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within sixty (60) days from the entry thereof; or (iv) Borrower, any managing
member or general partner of Borrower, Borrower Principal, or Master Lessee shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above;
or (v) Borrower, any managing member or general partner of Borrower, Borrower Principal, or Master Lessee shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; 

(g) if Borrower shall be in default beyond applicable notice and grace periods under any other mortgage, deed of trust, deed to secure
debt or other security agreement covering any part of any Individual Property, whether it be superior or junior in lien to the related Mortgage; 
 (h) if any Individual Property becomes subject to any mechanic’s, materialman’s or other Lien other than a Lien for any Taxes or Other Charges not then due and payable and such Lien shall remain
undischarged of record (by payment, bonding or otherwise) for a period of thirty (30) days; 
 (i) if any federal tax lien
is filed against Borrower, any managing member or general partner of Borrower, Borrower Principal, or Master Lessee or any Individual Property and same is not discharged of record within thirty (30) days after same is filed; 

(j) if a final, non-appealable judgment is filed against the Borrower in excess of $100,000 which is not vacated, discharged or bonded
within 30 days; 
 (k) if any default occurs under any guaranty or indemnity executed in connection herewith and such default
continues after the expiration of applicable grace periods, if any; 
 (1) if Borrower shall permit any event within its control
to occur that would cause any REA to terminate without notice or action by any party thereto or would entitle any party to terminate any REA and the term thereof by giving notice to Borrower; or any REA shall be surrendered, terminated or canceled
for any reason or under any circumstance whatsoever except as provided for in such REA; or any term of any REA shall be modified or supplemented without Lender’s consent; or Borrower shall fail, within ten (10) Business Days after demand
by Lender, to exercise its option to renew or extend the term of any REA or shall fail or neglect to pursue diligently all actions necessary to exercise such renewal rights pursuant to such REA except as provided for in such REA; 

(m) Borrower’s or Master Lessee’s failure to renew the term of the Master Lease beyond the Maturity Date of the Note;

 (n) Borrower’s failure to cause the Forced Conversion to occur after Lender has sent a Forced Conversion Notice to
Borrower; 
 (o) if Borrower shall continue to be in default under any other term, covenant or condition of this Agreement or
any of the Loan Documents for more than ten (10) days after notice from Lender in the case of any default which can be cured by the payment of a sum of 

  
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money or for thirty (30) days after notice from Lender in the case of any other default, provided that if such default cannot reasonably be cured within such thirty (30) day
period and Borrower shall have commenced to cure such default within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for so long as it shall
require Borrower in the exercise of due diligence to cure such default, it being agreed that no such extension shall be for a period in excess of one hundred twenty (120) days; or 

(p) if any party to the Master Lease is in default or causes a default under the Master Lease or the Master Lease SNDA, beyond the
expiration of any applicable cure period set forth in the Master Lease or Master Lease SNDA, respectively. 
 Section 11.2
Remedies. 
 (a) Upon the occurrence and during the continuance of an Event of Default (other than an Event of Default
described in Section 11.1(f) above) Lender may, in addition to any other rights or remedies available to it pursuant to this Agreement and the other Loan Documents or at law or in equity, take such action, without notice or demand, that
Lender deems advisable to protect and enforce its rights against Borrower and in the Property, including, without limitation, declaring the Debt to be immediately due and payable, and Lender may enforce or avail itself of any or all rights or
remedies provided in the Loan Documents against Borrower and the Property, including, without limitation, all rights or remedies available at law or in equity; and upon any Event of Default described in Section 11.1(f) above, the Debt and all
other obligations of Borrower hereunder and under the other Loan Documents shall immediately and automatically become due and payable, without notice or demand, and Borrower hereby expressly waives any such notice or demand, anything contained
herein or in any other Loan Document to the contrary notwithstanding. 
 (b) Upon the occurrence and during the continuance of
an Event of Default, all or any one or more of the rights, powers, privileges and other remedies available to Lender against Borrower under this Agreement or any of the other Loan Documents executed and delivered by, or applicable to, Borrower or at
law or in equity may be exercised by Lender at any time and from time to time, whether or not all or any of the Debt shall be declared due and payable, and whether or not Lender shall have commenced any foreclosure proceeding or other action for the
enforcement of its rights and remedies under any of the Loan Documents with respect to any Individual Property. Any such actions taken by Lender shall be cumulative and concurrent and may be pursued independently, singularly, successively, together
or otherwise, at such time and in such order as Lender may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Lender permitted by law, equity or
contract or as set forth herein or in the other Loan Documents. 

  
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 ARTICLE 12 
 ENVIRONMENTAL PROVISIONS 
 Section 12.1 Environmental
Representations and Warranties. Borrower represents and warrants, based upon an Environmental Report of the Property, that, to Borrower’s knowledge: (a) there are no Hazardous Materials or underground storage tanks in, on, or under any
Individual Property, except those that are both (i) in compliance with Environmental Laws and with permits issued pursuant thereto (if such permits are required), if any, and (ii) either (A) in the case of Hazardous Materials, in
amounts not in excess of that necessary to operate the related Individual Property for the purposes set forth herein or (B) fully disclosed to and approved by Lender in writing pursuant to an Environmental Report; (b) there are no past,
present or threatened Releases of Hazardous Materials in violation of any Environmental Law or which would require remediation by a Governmental Authority in, on, under or from any Individual Property except as described in the Environmental Report;
(c) there is no threat of any Release of Hazardous Materials migrating to any Individual Property except as described in the Environmental Report; (d) there is no past or present non-compliance with Environmental Laws, or with permits
issued pursuant thereto, in connection with any Individual Property except as described in the Environmental Report; (e) Borrower does not know of, and has not received, any written or oral notice or other communication from any Person relating
to Hazardous Materials in, on, under or from any Individual Property; (f) each Individual Property is free of Mold; and (g) Borrower has truthfully and fully provided to Lender, in writing, any and all information relating to environmental
conditions in, on, under or from each Individual Property known to Borrower or contained in Borrower’s files and records, including but not limited to any reports relating to Hazardous Materials in, on, under or migrating to or from any
Individual Property and/or to the environmental condition of or the presence of Mold at any Individual Property. 

Section 12.2 Environmental Covenants. Borrower covenants and agrees that so long as Borrower owns, manages, is in possession
of, or otherwise controls the operation of the Property: (a) all uses and operations on or of each Individual Property, whether by Borrower or any other Person, shall be in compliance with all Environmental Laws and permits issued pursuant
thereto; (b) there shall be no Releases of Hazardous Materials in, on, under or from any Individual Property; (c) there shall be no Hazardous Materials in, on, or under any Individual Property, except those that are both (i) in
compliance with all Environmental Laws and with permits issued pursuant thereto, if and to the extent required, and (ii) (A) in amounts not in excess of that necessary to operate any Individual Property for the purposes set forth herein or
(B) fully disclosed to and approved by Lender in writing; or (C) with respect to Mold, not in a condition, location, or of a type which may reasonably pose a risk to human health or safety or the environment or which may result in material
damage to or would adversely affect or impair the value or marketability of any Individual Property; (d) Borrower shall keep each Individual Property free and clear of all Environmental Liens; (e) Borrower shall, at its sole cost and
expense, fully and expeditiously cooperate in all activities pursuant to Section 12.4 below, including but not limited to providing all relevant information and making knowledgeable persons available for interviews; (f) Borrower
shall, at its sole cost and expense, perform any environmental site assessment or other investigation of environmental conditions in connection with any Individual Property, pursuant to any reasonable written request of Lender, upon 

  
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Lender’s reasonable belief that such Individual Property is not in full compliance with all Environmental Laws, and share with Lender the reports and other results thereof, and Lender and
other Indemnified Parties shall be entitled to rely on such reports and other results thereof; (g) Borrower shall keep the Property free of Mold; and (h) Borrower shall, at its sole cost and expense, comply with all reasonable written
requests of Lender to (i) reasonably effectuate remediation of any Hazardous Materials in, on, under or from any Individual Property; and (ii) comply with any Environmental Law; (h) Borrower shall not allow any tenant or other user of
the Property to violate any Environmental Law; and (i) Borrower shall immediately notify Lender in writing after it has become aware of (A) any presence or Release or threatened Release of Hazardous Materials in, on, under, from or
migrating towards any Individual Property; (B) any non-compliance with any Environmental Laws related in any way to any Individual Property; (C) any actual or potential Environmental Lien against any Individual Property; (D) any
required or proposed remediation of environmental conditions relating to any Individual Property, and (E) any written or oral notice or other communication of which Borrower becomes aware from any source whatsoever (including but not limited to
a Governmental Authority) relating in any way to Hazardous Materials. Any failure of Borrower to perform its obligations pursuant to this Section 12.2 shall constitute bad faith waste with respect to the related Individual Property.

 Section 12.3 Lender’s Rights. Lender and any other Person designated by Lender, including but not limited to
any representative of a Governmental Authority, and any environmental consultant, and any receiver appointed by any court of competent jurisdiction, shall have the right, but not the obligation, to enter upon the Property at all reasonable times
(subject to the rights of Tenants pursuant to the Leases) to assess any and all aspects of the environmental condition of the Property and its use, including but not limited to conducting any environmental assessment or audit (the scope of which
shall be determined in Lender’s sole reasonable discretion) and taking samples of soil, groundwater or other water, air, or building materials, and conducting other invasive testing. Borrower shall cooperate with and provide access to Lender
and any such person or entity designated by Lender. 
 Section 12.4 Operations and Maintenance Programs. If
recommended by the Environmental Report or any other environmental assessment or audit of any Individual Property, Borrower shall establish and comply with an operations and maintenance program with respect to the related Individual Property, in
form and substance reasonably acceptable to Lender, prepared by an environmental consultant reasonably acceptable to Lender, which program shall address any asbestos-containing material or lead based paint or Mold that may now or in the future be
detected at or on the related Individual Property. Without limiting the generality of the preceding sentence, Lender may require (a) periodic notices or reports to Lender in form, substance and at such intervals as Lender may specify,
(b) an amendment to such operations and maintenance program to address changing circumstances, laws or other matters, (c) at Borrower’s sole expense, supplemental examination of the related Individual Property by consultants specified
by Lender, (d) subject to the rights of Tenants pursuant to the Leases, access to the related Individual Property by Lender, its agents or servicer, to review and assess the environmental condition of such Individual Property and
Borrower’s compliance with any operations and maintenance program, and (e) variation of the operations and maintenance program in response to the reports provided by any such consultants. 

  
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 Section 12.5 Environmental Definitions. “Environmental Law”
means any present and future federal, state and local laws, statutes, ordinances, rules, regulations, standards, policies and other government directives or requirements, as well as common law, including but not limited to the Comprehensive
Environmental Response, Compensation and Liability Act and the Resource Conservation and Recovery Act, that apply to Borrower or the Property and relate to Hazardous Materials or protection of human health or the environment. “Environmental
Liens” means all Liens and other encumbrances imposed pursuant to any Environmental Law, whether due to any act or omission of Borrower or any other Person. “Environmental Report” means the written reports resulting from
the environmental site assessments of the Property delivered to Lender in connection with the Loan. “Hazardous Materials” shall mean petroleum and petroleum products and compounds containing them, including gasoline, diesel fuel and oil;
explosives, flammable materials; radioactive materials; polychlorinated biphenyls and compounds containing them; lead and lead-based paint; asbestos or asbestos-containing materials in any form that is or could become friable; underground or
above-ground storage tanks, whether empty or containing any substance; any substance the presence of which on the Property is prohibited by any federal, state or local authority; any substance that requires special handling; and any other material
or substance now or in the future defined as a “hazardous substance,” “hazardous material”, “hazardous waste”, “toxic substance”, “toxic pollutant”, “contaminant”, or “pollutant”
within the meaning of any Environmental Law. “Mold” shall mean any mold, fungi, bacterial or microbial matter present at or in the Property in material and significant amounts, including, without limitation, building materials which is in
a condition, location or a type which may reasonably pose a risk to human health or safety or the environment, may result in material damage to or would adversely affect or impair the value or marketability of any Individual Property.
“Release” of any Hazardous Materials includes but is not limited to any release, deposit, discharge, emission, leaking, spilling, seeping, migrating, injecting, pumping, pouring, emptying, escaping, dumping, disposing or other movement of
Hazardous Materials. 
 Section 12.6 Indemnification. 

(a) Borrower and Borrower Principal covenant and agree at their sole cost and expense, to protect, defend, indemnify, release and hold
Indemnified Parties harmless from and against any and all Losses imposed upon or incurred by or asserted against any Indemnified Parties and directly or indirectly arising out of or in any way relating to any one or more of the following:
(i) any presence of any Hazardous Materials in, on, above, or under any Individual Property; (ii) any past, present or threatened Release of Hazardous Materials in, on, above, under or from any Individual Property; (iii) any activity
by Borrower, any Person affiliated with Borrower, and any Tenant or other user of any Individual Property in connection with any actual, proposed or threatened use, treatment, storage, holding, existence, disposition or other Release, generation,
production, manufacturing, processing, refining, control, management, abatement, removal, handling, transfer or transportation to or from any Individual Property of any Hazardous Materials at any time located in, under, on or above any Individual
Property or any actual or proposed remediation of any Hazardous Materials at any time located in, under, on or above any Individual Property, whether or not such remediation is voluntary or pursuant to court or administrative order, including but
not limited to any removal, remedial or corrective action; (iv) any past, present or threatened non-compliance or violations of any Environmental Laws (or permits issued pursuant to any Environmental Law) in connection with any Individual
Property or operations thereon, including but not limited to any failure by Borrower, any person or entity 

  
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affiliated with Borrower, and any tenant or other user of any Individual Property to comply with any order of any Governmental Authority in connection with any Environmental Laws; (v) the
imposition, recording or filing or the threatened imposition, recording or filing of any Environmental Lien encumbering any Individual Property; (vi) any acts of Borrower, any person or entity affiliated with Borrower, and any tenant or other
user of any Individual Property in (A) arranging for disposal or treatment, or arranging with a transporter for transport for disposal or treatment, of Hazardous Materials at any facility or incineration vessel containing such or similar
Hazardous Materials or (B) accepting any Hazardous Materials for transport to disposal or treatment facilities, incineration vessels or sites from which there is a Release, or a threatened Release of any Hazardous Substance which causes the
incurrence of costs for remediation; and (vii) any misrepresentation or inaccuracy in any representation or warranty or material breach or failure to perform any covenants or other obligations pursuant to this Agreement relating to
environmental matters. 
 (b) Upon written request by any Indemnified Party, Borrower and Borrower Principal shall defend same
(if requested by any Indemnified Party, in the name of the Indemnified Party) by attorneys and other professionals approved by the Indemnified Parties. Notwithstanding the foregoing, any Indemnified Parties may, in their sole discretion, engage
their own attorneys and other professionals to defend or assist them, and, at the option of Indemnified Parties, their attorneys shall control the resolution of any claim or proceeding. Upon demand, Borrower and Borrower Principal shall pay or, in
the sole discretion of the Indemnified Parties, reimburse, the Indemnified Parties for the payment of reasonable fees and disbursements of attorneys, engineers, environmental consultants, laboratories and other professionals in connection therewith.

 (c) Notwithstanding the foregoing, neither Borrower nor Borrower Principal shall have any liability for any Losses imposed
upon or incurred by or asserted against any Indemnified Parties and described in subsection (a) above to the extent that Borrower and/or Borrower Principal can conclusively prove both that such Losses were caused solely by actions, conditions
or events that occurred after the date that Lender (or any purchaser at a foreclosure sale) actually acquired title to the related Individual Property or that such Losses were not caused by the direct or indirect actions of Borrower, Borrower
Principal, or any partner, member, principal, officer, director, trustee or manager of Borrower or Borrower Principal or any employee, agent, contractor or Affiliate of Borrower or Borrower Principal. The obligations and liabilities of Borrower and
Borrower Principal under this Section 12.6 shall fully survive indefinitely notwithstanding any termination, satisfaction, assignment, entry of a judgment of foreclosure, exercise of any power of sale, or delivery of a deed in lieu of
foreclosure of the Mortgage, except that, upon payment in full of the Loan, Borrower and Borrower Principal shall be released from liability under this Section 12.6 upon delivery to Lender of a environmental report in form and substance
and from an engineer acceptable to Lender and dated no earlier than the date on which the Loan is paid in full. 

  
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 ARTICLE 13 
 SECONDARY MARKET 
 Section 13.1 Transfer of Loan. Lender may,
at any time, sell, transfer or assign the Loan Documents, or grant participations therein (“Participations”) or syndicate the Loan (“Syndication”) or issue mortgage pass-through certificates or other securities
evidencing a beneficial interest in a rated or unrated public offering or private placement (“Securities”) (a Syndication or the issuance of Participations and/or Securities, a “Securitization”). 

Section 13.2 Delegation of Servicing. At the option of Lender, the Loan may be serviced by a servicer/trustee selected by
Lender and Lender may delegate all or any portion of its responsibilities under this Agreement and the other Loan Documents to such servicer/trustee pursuant to a servicing agreement between Lender and such servicer/trustee. 

Section 13.3 Dissemination of Information. Lender may forward to each purchaser, transferee, assignee, or servicer of, and
each participant, or investor in, the Loan, or any Participations and/or Securities or any of their respective successors (collectively, the “Investor”) or any Rating Agency rating the Loan, or any Participations and/or Securities,
each prospective Investor, and any organization maintaining databases on the underwriting and performance of commercial mortgage loans, all documents and information which Lender now has or may hereafter acquire relating to the Debt and to Borrower,
any managing member or general partner thereof, Borrower Principal, Master Lessee and the Property, including financial statements, whether furnished by Borrower or otherwise, as Lender determines necessary or desirable. Borrower irrevocably waives
any and all rights it may have under applicable Legal Requirements to prohibit such disclosure, including but not limited to any right of privacy. 
 Section 13.4 Cooperation. Borrower and Borrower Principal agree to cooperate with Lender in connection with any sale or transfer of the Loan or any Participation and/or Securities created
pursuant to this Article 13, including, without limitation, (a) the delivery of an estoppel certificate required in accordance with Section 5.12(a) and such other documents as may be reasonably requested by Lender, (b) the execution
of such amendments to the Loan Documents as may be requested by the holder of the Note or the Rating Agencies or otherwise to effect the Securitization including, without limitation, bifurcation of the Loan into two or more separate notes;
provided, however, that Borrower shall not be required to modify or amend any Loan Document if such modification or amendment would (i) change the interest rate, the stated maturity or the amortization of principal set forth in
the Note, except in connection with a bifurcation of the Loan which may result in varying fixed interest rates and amortization schedules, but which shall have the same initial weighted average coupon of the original Note, or (ii) in the
reasonable judgment of Borrower, modify or amend any other material economic term of the Loan, or (iii) in the reasonable judgment of Borrower, materially increase Borrower’s obligations and liabilities under the Loan Documents, and
(c) make changes to the organizational documents of any DST and its principals and/or use commercially reasonable efforts to cause changes to the legal opinions delivered by Borrower in connection with the Loan, provided, that such changes
shall not result in a material adverse economic effect to Borrower or require that Borrower’s Counsel deliver legal opinions which were not required in connection with the Closing of the Loan, except as the same are provided at Lender’s
expense and are reasonably 

  
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requested by Lender, any Investor, any prospective Investor or any Rating Agency in connection with any sale or transfer of the Loan or any Participations or Securities. Borrower shall also
furnish and Borrower and Borrower Principal consent to Lender furnishing to such Investors or such prospective Investors or such Rating Agency any and all information concerning the Property, the Leases, the financial condition of Borrower or
Borrower Principal as may be reasonably requested by Lender, any Investor, any prospective Investor or any Rating Agency in connection with any sale or transfer of the Loan or any Participations or Securities. All reasonable third party costs and
expenses incurred by Borrower in connection with Borrower’s complying with requests made under this Section 13.4 shall be paid by Borrower and all third party costs and expenses incurred by Lender in connection with Borrower’s
complying with requests made under this Section 13.4 (including, without limitation, the fees and expenses of the Rating Agencies) shall be paid by Lender. 
 ARTICLE 14 
 INDEMNIFICATIONS 

Section 14.1 General Indemnification. Borrower shall indemnify, defend and hold harmless the Indemnified Parties from and
against any and all Losses imposed upon or incurred by or asserted against any Indemnified Parties and directly or indirectly arising out of or in any way relating to any one or more of the following: (a) any accident, injury to or death of
persons or loss of or damage to property occurring in, on or about any Individual Property or any part thereof or on the adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (b) any use, nonuse or condition
in, on or about any Individual Property or any part thereof or on the adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (c) performance of any labor or services or the furnishing of any materials or other
property in respect of any Individual Property or any part thereof; (d) any failure of any Individual Property to be in compliance with any applicable Legal Requirements or any DST to be in compliance with applicable securities laws;
(e) any and all claims and demands whatsoever which may be asserted against Lender by reason of any alleged obligations or undertakings on its part to perform or discharge any of the terms, covenants, or agreements contained in any Lease;
(f) the holding or investing of the Reserve Accounts or the performance of the Required Work, Additional Required Repairs or Additional Replacements, or (g) the payment of any commission, charge or brokerage fee to anyone which may be
payable in connection with the funding of the Loan (collectively, the “Indemnified Liabilities”); provided, however, that Borrower shall not have any obligation to Lender hereunder to the extent that such Indemnified
Liabilities arise from the gross negligence, illegal acts, fraud or willful misconduct of Lender or its agents. To the extent that the undertaking to indemnify, defend and hold harmless set forth in the preceding sentence may be unenforceable
because it violates any law or public policy, Borrower shall pay the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by Lender. 

Section 14.2 Mortgage and Intangible Tax Indemnification. Borrower shall, at its sole cost and expense, protect, defend,
indemnify, release and hold harmless the Indemnified Parties from and against any and all Losses imposed upon or incurred by or asserted against any Indemnified Parties and directly or indirectly arising out of or in any way relating to any tax on

  
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the making and/or recording of the Mortgage, the Note or any of the other Loan Documents, but excluding any income, franchise or other similar taxes. 

Section 14.3 ERISA Indemnification. Borrower shall, at its sole cost and expense, protect, defend, indemnify, release and
hold harmless the Indemnified Parties from and against any and all Losses (including, without limitation, reasonable attorneys’ fees and costs incurred in the investigation, defense, and settlement of Losses incurred in correcting any
prohibited transaction or in the sale of a prohibited loan, and in obtaining any individual prohibited transaction exemption under ERISA that may be required, in Lender’s sole discretion) that Lender may incur, directly or indirectly, as a
result of a default under Section 4.9 or Section 5.18 of this Agreement. 
 Section 14.4
Survival. The obligations and liabilities of Borrower and Borrower Principal under this Article 14 shall fully survive indefinitely notwithstanding any termination, satisfaction, assignment, entry of a judgment of foreclosure, exercise
of any power of sale, or delivery of a deed in lieu of foreclosure of the Mortgage. 
 ARTICLE 15 

EXCULPATION 
 Section 15.1 Exculpation. 
 (a) Except as otherwise provided herein or
in the other Loan Documents, Lender shall not enforce the liability and obligation of Borrower, Master Lessee or Borrower Principal, as applicable, to perform and observe the obligations contained herein or in the other Loan Documents by any action
or proceeding wherein a money judgment shall be sought against Borrower, Borrower Principal, Master Lessee or any of Borrower’s, Borrower Principal’s, or Master Lessee’s partners or members, except that Lender may bring a foreclosure
action, action for specific performance or other appropriate action or proceeding to enable Lender to enforce and realize upon this Agreement, the Note, the Mortgage and the other Loan Documents, and the interest in any Individual Property, the
Rents and any other collateral given to Lender created by this Agreement, the Note, the Mortgage and the other Loan Documents; provided, however, that any judgment in any such action or proceeding shall be enforceable against Borrower, Master
Lessee or Borrower Principal, as applicable, only to the extent of Borrower’s, Master Lessee’s or Borrower Principal’s interest in the related Individual Property, in the Rents and in any other collateral given to Lender, and not
otherwise. Lender, by accepting this Agreement, the Note, the Mortgage and the other Loan Documents, agrees that it shall not, except as otherwise provided in this Section 15.1, sue for, seek or demand any deficiency judgment against
Borrower, Master Lessee, Borrower Principal or any of Borrower’s, Master Lessee’s, or Borrower Principal’s partners or members in any such action or proceeding, under or by reason of or under or in connection with this Agreement, the
Note, the Mortgage or the other Loan Documents. The provisions of this Section 15.1 shall not, however, (i) constitute a waiver, release or impairment of any obligation evidenced or secured by this Agreement, the Note, the Mortgage
or the other Loan Documents; (ii) impair the right of Lender to name Borrower, Master Lessee or Borrower Principal as a party defendant in any action or suit for judicial foreclosure and sale under this Agreement and the Mortgage;
(iii) affect the validity or 

  
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enforceability of any indemnity (including, without limitation, those contained in Section 12,6 and Article 14 of this Agreement), guaranty, master lease or similar instrument
made in connection with this Agreement, the Note, the Mortgage and the other Loan Documents; (iv) impair the right of Lender to obtain the appointment of a receiver; (v) impair the enforcement of the assignment of leases provisions
contained in the Mortgage; or (vi) impair the right of Lender to obtain a deficiency judgment or other judgment on the Note against Borrower, Master Lessee or Borrower Principal if necessary to obtain any Insurance Proceeds or Awards to which
Lender would otherwise be entitled under this Agreement; provided however, Lender shall only enforce such judgment to the extent of the Insurance Proceeds and/or Awards. 

(b) Notwithstanding the provisions of this Section 15.1 to the contrary, Borrower, Borrower Principal, and Master Lessee
shall be personally liable to Lender on a joint and several basis for Losses due to: 
 (i) fraud or intentional
misrepresentation by Borrower, Borrower Principal or any other Affiliate of Borrower or Borrower Principal in connection with the execution and the delivery of this Agreement, the Note, the Mortgage, any of the other Loan Documents, or any
certificate, report, financial statement or other instrument or document furnished to Lender at the time of the closing of the Loan or during the term of the Loan; 

(ii) Borrower’s or Master Lessee’s misapplication or misappropriation of Rents received by Borrower after the
occurrence and during the continuance of an Event of Default; 
 (iii) Borrower’s or Master Lessee’s
misapplication or misappropriation of tenant security deposits or Rents collected in advance; 
 (iv) the
misapplication or the misappropriation of Insurance Proceeds or Awards by Borrower, Borrower Principal, Master Lessee or any Affiliate of Borrower, Borrower Principal or Master Lessee; 

(v) Borrower’s failure to pay (or to cause to be paid) Taxes, Other Charges (except to the extent that (A) sums
sufficient to pay such amounts have been deposited in escrow with Lender pursuant to the terms hereof and there exists no impediment to Lender’s utilization thereof or (B) there is insufficient cash flow from the operation of any
Individual Property), charges for labor or materials or other charges that can create liens on any Individual Property beyond any applicable notice and cure periods specified herein; 

(vi) intentionally reserved; 
 (vii) any act of actual waste or arson by Borrower, any principal, Affiliate, member or general partner thereof, by Borrower Principal, any principal, Affiliate, member or general partner thereof, or by
Master Lessee, any principal, Affiliate, member or general partner thereof; 

  
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 (viii) Borrower’s failure following the occurrence and during the
continuance of any Event of Default to deliver (or to cause to be delivered) to Lender upon demand all Rents and books and records relating to any Individual Property. 

(ix) gross negligence or willful misconduct by Borrower, Borrower Principal, Master Lessee, or any Affiliate of Borrower,
Borrower Principal or Master Lessee, which adversely affects the Property; 
 (x) Master Lessee’s cause of
the termination or attempted termination of the Management Agreement or replacement of the Manager without Lender’s prior written consent; 
 (xi) any DST’s failure to comply with the Securities Act and all applicable state securities laws and regulations in connection with the solicitation, offering and sale of beneficial interests in any
DST; 
 (xii) any DST’s failure to comply with all (or violation of any) applicable laws and regulations of
the State of Delaware as the same pertain to such DST’s existence as a Delaware statutory trust; 
 (xiii)
Borrower’s cause of the termination or attempted termination of the Master Lease or replacement of the Master Lessee, each without Lender’s prior written consent; 

(xiv) Borrower’s or Master Lessee’s failure to renew the term of the Master Lease beyond the Maturity Date of
the Note; 
 (xv) Borrower’s failure to cause the Forced Conversion to occur after Lender has sent a Forced
Conversion Notice to Borrower; or 
 (xvi) any adverse tax consequences to any Beneficial Owner resulting from
the dissolution or conversion of any DST. 
 (c) Notwithstanding the foregoing, the agreement of Lender not to pursue recourse
liability as set forth in subsection (a) above SHALL BECOME NULL AND VOID and shall be of no further force and effect and the Debt immediately shall become fully recourse to Borrower, Borrower Principal and Master Lessee, on a joint and several
basis in the event (i) of a breach by Borrower, Borrower Principal or Master Lessee of any of the covenants set forth in Article 6 hereof (except for Section 6.l(xv) and Section 6.1(xviii)), to the extent that
such breach is (A) material and (B) is not cured within fifteen (15) days of the earlier to occur of notice from Lender or Borrower’s knowledge of such breach, (ii) of a breach of any of the covenants set forth in Article
7 hereof, (iii) any Individual Property or any part thereof shall become an asset in a voluntary bankruptcy or insolvency proceeding of Borrower, (iv) Borrower, Borrower Principal or any Affiliate, officer, director, or representative
which controls, directly or indirectly, Borrower or Borrower Principal files, or joins in the filing of, an involuntary petition against Borrower under any Creditors Rights Laws, or solicits or causes to be solicited petitioning creditors for any
involuntary petition against Borrower from any Person which results in the entry of any order for any such relief which shall not have been vacated, discharged, or stayed or 

  
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bonded pending appeal within ninety (90) days from the entry thereof; (v) Borrower files an answer consenting to or otherwise acquiescing in or joining in any involuntary petition filed
against it, by any other Person under any Creditors Rights Laws, or solicits or causes to be solicited petitioning creditors for any involuntary petition from any Person; or (vi) any Affiliate, officer, director, or representative which
controls Borrower consents to or colludes with creditors in or joins in an application for the appointment of a custodian, receiver, trustee, or examiner for Borrower or any portion of any Individual Property. 

(d) Nothing herein shall be deemed to be a waiver of any right which Lender may have under Section 506(a), 506(b), 1111(b) or any
other provision of the U.S. Bankruptcy Code to file a claim for the full amount of the indebtedness secured by the Mortgage or to require that all collateral shall continue to secure all of the indebtedness owing to Lender in accordance with this
Agreement, the Note, the Mortgage or the other Loan Documents. 
 (e) Subject to the terms of Section 12.6, upon
payment in foil of the Loan, Borrower Principal shall be relieved of its obligations under this Article 15. 
 (f)
Notwithstanding the foregoing, in no event shall Watson & Taylor Management, Inc. be personally liable for Losses resulting from the occurrences described in Section 15.1(b)(xi), Section 15.1(b)(xii).
Section 15.1(b)(xv), and Section 15.1(b)(xvi), above. 
 ARTICLE 16 

NOTICES 

Section 16.1 Notices. All notices, consents, approvals and requests required or permitted hereunder or under any other Loan
Document shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, return receipt requested, (b) expedited prepaid overnight delivery
service, either commercial or United States Postal Service, with proof of attempted delivery, or by (c) telecopier (with answer back acknowledged provided an additional notice is given pursuant to subsection (b) above), addressed as
follows (or at such other address and Person as shall be designated from time to time by any party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this Section): 

 

			
	If to Lender:	 	 Bank of America, N. A.

Capital Markets Servicing Group
 900 West Trade
Street, Suite 650
 Mail Code: NCI-026-06-01
 Charlotte, North Carolina 28255
 Attn: Servicing Manager

Telephone No: (866) 531-0957
 Facsimile No.:
(704)317-4501

  
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	With a copy to:	 	Cadwalader, Wickersham & Taft LLP
227 West Trade Street, Suite 2400
Charlotte, North Carolina 28202
Attention: Rick Madden, Esq.
Telephone No.: (704)
348-5100
Facsimile.No.: (704) 348-5200
		
	If to Borrower:	 	El Rhino, DST
c/o U.S. Commercial LLC
111 Corporate Drive, Suite 210,
Ladera Ranch, California 92694
Attention: H. Michael Schwartz
Telephone No.: (949)
429-6600
Facsimile No.: (949) 429-6606
		
	With a copy to:	 	Thompson & Knight LLP
1700 Pacific Avenue, Suite 3300
Dallas, Texas 75201-4639
Attention: Craig B. Anderson
Telephone No.: (214) 969-1700
Facsimile No.: (214)
969-1751
		
	If to Borrower:	 	
	Principal:	 	Watson & Taylor Management, Inc.
4015 Belt Line Road, Suite 300
Addison, Texas 75001
Attention: A. Starke (Tracy) Taylor, III
Telephone No.: (972)
247-6990
Facsimile No.: (972) 247-2094
		
		 	U.S. Advisor, LLC
Five Financial Plaza, Suite 105
Napa, California 94558
Attention: H. Michael Schwartz
Telephone No.: (800) 611-1160
Facsimile No.: (707)
253-8767
		
	With a copy to:	 	Thompson & Knight LLP
1700 Pacific Avenue, Suite 3300
Dallas, Texas 75201-4639
Attention: Craig B. Anderson
Telephone No.: (214) 969-1700
Facsimile No.: (214)
969-1751

 A notice shall be deemed to have been given: in the case of hand delivery, at the time of delivery; in
the case of registered or certified mail, when delivered or the first attempted 

  
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delivery on a Business Day; or in the case of expedited prepaid delivery and telecopy, upon the first attempted delivery on a Business Day. 

ARTICLE 17 

FURTHER ASSURANCES 
 Section 17.1 Replacement Documents. Upon receipt of an affidavit of an officer of Lender as to the loss, theft, destruction or mutilation of the Note or any other Loan Document which is not of
public record: (i) with respect to any Loan Document other than the Note, Borrower will issue, in lieu thereof, a replacement of such other Loan Document, dated the date of such lost, stolen, destroyed or mutilated Loan Document in the same
principal amount thereof and otherwise of like tenor and (ii) with respect to the Note, (a) Borrower will execute a reaffirmation of the Debt as evidenced by such Note acknowledging that Lender has informed Borrower that the Note was lost,
stolen destroyed or mutilated and that such Debt continues to be an obligation and liability of the Borrower as set forth in the Note, a copy of which shall be attached to such reaffirmation and (b) if requested by Lender, Borrower will execute
a replacement note and Lender or Lender’s custodian (at Lender’s option) shall provide to Borrower Lender’s (or Lender’s custodian’s) then standard form of lost note affidavit and indemnity, which such form shall be
reasonably acceptable to Borrower. 
 Section 17.2 Recording of Mortgage, etc. Borrower forthwith upon the execution
and delivery of the Mortgage and thereafter, from time to time, will cause the Mortgage and any of the other Loan Documents creating a lien or security interest or evidencing the lien hereof upon each Individual Property and each instrument of
further assurance to be filed, registered or recorded in such manner and in such places as may be required by any present or future law in order to publish notice of and fully to protect and perfect the lien or security interest hereof upon, and the
interest of Lender in, each Individual Property. Borrower will pay all taxes, filing, registration or recording fees, and all reasonable expenses incident to the preparation, execution, acknowledgment and/or recording of the Note, the Mortgage, the
other Loan Documents, any note, deed of trust or mortgage supplemental hereto, any security instrument with respect to any Individual Property and any instrument of further assurance, and any modification or amendment of the foregoing documents, and
all federal, state, county and municipal taxes, duties, imposts, assessments and charges arising out of or in connection with the execution and delivery of the Mortgage, any deed of trust or mortgage supplemental hereto, any security instrument with
respect to any Individual Property or any instrument of further assurance, and any modification or amendment of the foregoing documents, except where prohibited by law so to do. 

Section 17.3 Further Acts, etc. Borrower will, at the cost of Borrower, and without expense to Lender, do, execute,
acknowledge and deliver all and every further acts, deeds, conveyances, deeds of trust, mortgages, assignments, security agreements, control agreements, notices of assignments, transfers and assurances as Lender shall, from time to time, reasonably
require, for the better assuring, conveying, assigning, transferring, and confirming unto Lender the property and rights hereby mortgaged, deeded, granted, bargained, sold, conveyed, confirmed, pledged, assigned, warranted and transferred or
intended now or hereafter so to be, or which Borrower may be or may hereafter become bound to convey or assign to 

  
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Lender, or for filing, registering or recording the Mortgage or, subject to the provisions of Section 13.4, for carrying out the intention or facilitating the performance of the terms of
this Agreement or complying with all Legal Requirements. Borrower, on demand, will execute and deliver, and in the event it shall fail to so execute and deliver, hereby authorizes Lender to execute in the name of Borrower or without the signature of
Borrower to the extent Lender may lawfully do so, one or more financing statements and financing statement amendments to evidence more effectively, perfect and maintain the priority of the security interest of Lender in each Individual Property.
Borrower grants to Lender a power of attorney coupled with an interest for the purpose of exercising and perfecting any and all rights and remedies available to Lender at law and in equity, including without limitation, such rights and remedies
available to Lender pursuant to this Section 17.3 and such power of attorney coupled with an interest cannot be revoked until the payment in full of the Debt. 
 Section 17.4 Changes in Tax, Debt, Credit and Documentary Stamp Laws, (a) If any law is enacted or adopted or amended after the date of this Agreement which deducts the Debt from the
value of any Individual Property for the purpose of taxation or which imposes a tax, either directly or indirectly, on the Debt or Lender’s interest in any Individual Property, Borrower will pay the tax, with interest and penalties thereon, if
any. If Lender is advised by counsel chosen by it that the payment of tax by Borrower would be unlawful or taxable to Lender or unenforceable or provide the basis for a defense of usury then Lender shall have the option by written notice of not less
than one hundred twenty (120) days to declare the Debt immediately due and payable and no prepayment penalty or premium shall be due in connection therewith. 
 (b) Borrower will not claim or demand or be entitled to any credit or credits on account of the Debt for any part of the Taxes or Other Charges assessed against any Individual Property, or any part
thereof, and no deduction shall otherwise be made or claimed from the assessed value of any Individual Property, or any part thereof, for real estate tax purposes by reason of the Mortgage or the Debt. If such claim, credit or deduction shall be
required by law, Lender shall have the option, by written notice of not less than one hundred twenty (120) days, to declare the Debt immediately due and payable. 
 If at any time the United States of America, any State thereof or any subdivision of any such State shall require revenue or other stamps to be affixed to the Note, the Mortgage, or any of the other Loan
Documents or impose any other tax or charge on the same, Borrower will pay for the same, with interest and penalties thereon, if any. 
 Section 17.5 Expenses. Borrower covenants and agrees to pay or, if Borrower fails to pay, to reimburse, Lender upon receipt of written notice from Lender for all reasonable costs and expenses
(including reasonable, actual attorneys’ fees and disbursements and the allocated costs of internal legal services and all actual disbursements of internal counsel) reasonably incurred by Lender in accordance with this Agreement in connection
with (a) the preparation, negotiation, execution and delivery of this Agreement and the other Loan Documents and the consummation of the transactions contemplated hereby and thereby and all the costs of furnishing all opinions by counsel for
Borrower (including without limitation any opinions reasonably requested by Lender as to any legal matters arising under this Agreement or the other Loan Documents with respect to the Property); (b) Borrower’s ongoing performance of

  
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and compliance with Borrower’s respective agreements and covenants contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the Closing
Date, including, without limitation, confirming compliance with environmental and insurance requirements; (c) following a request by Borrower, Lender’s ongoing performance and compliance with all agreements and conditions contained in this
Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date; (d) the negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or other modifications to
this Agreement and the other Loan Documents and any other documents or matters requested by Lender; (e) securing Borrower’s compliance with any requests made pursuant to the provisions of this Agreement; (f) the filing and recording
fees and expenses, title insurance and reasonable fees and expenses of counsel for providing to Lender all required legal opinions, and other similar expenses incurred in creating and perfecting the Lien in favor of Lender pursuant to this Agreement
and the other Loan Documents; (g) enforcing or preserving any rights, in response to third party claims or the prosecuting or defending of any action or proceeding or other litigation, in each case against, under or affecting Borrower, this
Agreement, the other Loan Documents, any Individual Property, or any other security given for the Loan; and (h) enforcing any obligations of or collecting any payments due from Borrower under this Agreement, the other Loan Documents or with
respect to any Individual Property or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a “work-out” or of any insolvency or bankruptcy proceedings; provided,
however, that Borrower shall not be liable for the payment of any such costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of Lender. 

Section 17.6 Cost of Enforcement. In the event (a) that the Mortgage is foreclosed in whole or in part, (b) of the
bankruptcy, insolvency, rehabilitation or other similar proceeding in respect of Borrower or any of its constituent Persons or an assignment by Borrower or any of its constituent Persons for the benefit of its creditors, or (c) Lender exercises
any of its other remedies under this Agreement or any of the other Loan Documents, Borrower shall be chargeable with and agrees to pay all reasonable costs of collection and defense, including reasonable attorneys’ fees and costs, incurred by
Lender or Borrower in connection therewith and in connection with any appellate proceeding or post-judgment action involved therein, together with all required service or use taxes. 

ARTICLE 18 

WAIVERS 

Section 18.1 Remedies Cumulative; Waivers. The rights, powers and remedies of Lender under this Agreement shall
be cumulative and not exclusive of any other right, power or remedy which Lender may have against Borrower or Borrower Principal pursuant to this Agreement or the other Loan Documents, or existing at law or in equity or otherwise. Lender’s
rights, powers and remedies may be pursued singularly, concurrently or otherwise, at such time and in such order as Lender may determine in Lender’s sole discretion. No delay or omission to exercise any remedy, right or power accruing upon an
Event of Default shall impair any such remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or 

  
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power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default or Event of Default with respect to Borrower shall not be construed to be a waiver of any
subsequent Default or Event of Default by Borrower or to impair any remedy, right or power consequent thereon. 

Section 18.2 Modification, Waiver in Writing. No modification, amendment, extension, discharge, termination or waiver of any
provision of this Agreement, or of the Note, or of any other Loan Document, nor consent to any departure by Borrower therefrom, shall in any event be effective unless the same shall be in a writing signed by the party against whom enforcement is
sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein, no notice to, or demand on Borrower, shall entitle Borrower to any other
or future notice or demand in the same, similar or other circumstances. 
 Section 18.3 Delay Not a Waiver. Neither
any failure nor any delay on the part of Lender in insisting upon strict performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under the Note or under any other Loan Document, or
any other instrument given as security therefor, shall operate as or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In
particular, and not by way of limitation, by accepting payment after the due date of any amount payable under this Agreement, the Note or any other Loan Document, Lender shall not be deemed to have waived any right either to require prompt payment
when due of all other amounts due under this Agreement, the Note or the other Loan Documents, or to declare a default for failure to effect prompt payment of any such other amount. 

Section 18.4 Trial by Jury. BORROWER, BORROWER PRINCIPAL AND LENDER EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY
ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH.
THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER, BORROWER PRINCIPAL AND LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE
ACCRUE. EACH OF LENDER, BORROWER PRINCIPAL AND BORROWER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY BORROWER, BORROWER PRINCIPAL AND LENDER. 

Section 18.5 Waiver of Notice. Borrower shall not be entitled to any notices of any nature whatsoever from Lender except with
respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide for the giving of notice by Lender to Borrower and except with respect to matters for which Borrower is not, pursuant to applicable Legal
Requirements, permitted to waive the giving of notice. Borrower hereby expressly waives the right to receive any notice from Lender with respect to any matter for which this Agreement 

  
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or the other Loan Documents do not specifically and expressly provide for the giving of notice by Lender to Borrower. 
 Section 18.6 Remedies of Borrower. In the event that a claim or adjudication is made that Lender or its agents have acted unreasonably or unreasonably delayed acting in any case where by law
or under this Agreement or the other Loan Documents, Lender or such agent, as the case may be, has an obligation to act reasonably or promptly, Borrower agrees that neither Lender nor its agents shall be liable for any monetary damages, and
Borrower’s sole remedies shall be limited to commencing an action seeking injunctive relief or declaratory judgment. The parties hereto agree that any action or proceeding to determine whether Lender has acted reasonably shall be determined by
an action seeking declaratory judgment. Lender agrees that, in such event, it shall cooperate in expediting any action seeking injunctive relief or declaratory judgment. 
 Section 18.7 Waiver of Marshalling of Assets. To the fullest extent permitted by law, Borrower, for itself and its successors and assigns, waives all rights to a marshalling of the assets of
Borrower, Borrower’s partners and others with interests in Borrower, and of the Property, and agrees not to assert any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption,
the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale of the Property for the collection of the Debt without any prior or different resort for
collection or of the right of Lender to the payment of the Debt out of the net proceeds of the Property in preference to every other claimant whatsoever. 
 Section 18.8 Waiver of Statute of Limitations. Borrower hereby expressly waives and releases, to the fullest extent permitted by law, the pleading of any statute of limitations as a defense to
payment of the Debt or performance of its Other Obligations. 
 Section 18.9 Waiver of Counterclaim. Borrower hereby
waives the right to assert a counterclaim, other than a compulsory counterclaim, in any action or proceeding brought against it by Lender or its agents. 
 ARTICLE 19 
 GOVERNING LAW 

Section 19.1 Choice of Law. This Agreement shall be governed, construed, applied and enforced in accordance with the laws of
the State and applicable laws of the United States of America (except that, with respect to the security interest in the Reserve Accounts, the laws of the state where the Reserve Accounts are located shall apply). 

Section 19.2 Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Agreement. 

  
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 Section 19.3 Preferences. Lender shall have the continuing and exclusive right
to apply or reverse and reapply any and all payments by Borrower to any portion of the obligations of Borrower hereunder. To the extent Borrower makes a payment or payments to Lender, which payment or proceeds or any part thereof are subsequently
invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any Creditors Rights Laws, state or federal law, common law or equitable cause, then, to the extent of such
payment or proceeds received, the obligations hereunder or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received by Lender. 

ARTICLE 20 

MISCELLANEOUS 
 Section 20.1 Survival. This Agreement and all covenants, agreements, representations and warranties made herein and in the certificates delivered pursuant hereto shall survive the making by
Lender of the Loan and the execution and delivery to Lender of the Note, and shall continue in full force and effect so long as all or any of the Debt is outstanding and unpaid unless a longer period is expressly set forth herein or in the other
Loan Documents. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the legal representatives, successors and assigns of such party. All covenants, promises and agreements in this Agreement,
by or on behalf of Borrower, shall inure to the benefit of the legal representatives, successors and assigns of Lender. 

Section 20.2 Lender’s Discretion. Whenever pursuant to this Agreement, Lender exercises any right given to it to approve
or disapprove, or any arrangement or term is to be satisfactory to Lender, the decision of Lender to approve or disapprove or to decide whether arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise specifically
herein provided) be in the sole discretion of Lender and shall be final and conclusive. 
 Section 20.3 Headings.
The Article and/or Section headings and the Table of Contents in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 

Section 20.4 Schedules Incorporated. The Schedules annexed hereto are hereby incorporated herein as a part of this Agreement
with the same effect as if set forth in the body hereof. 
 Section 20.5 Offsets, Counterclaims and Defenses. Any
assignee of Lender’s interest in and to this Agreement, the Note and the other Loan Documents shall take the same free and clear of all offsets, counterclaims or defenses which are unrelated to such documents which Borrower may otherwise have
against any assignor of such documents, and no such unrelated counterclaim or defense shall be interposed or asserted by Borrower in any action or proceeding brought by any such assignee upon such documents and any such right to interpose or assert
any such unrelated offset, counterclaim or defense in any such action or proceeding is hereby expressly waived by Borrower, The preceding sentence shall not be construed as a waiver by Borrower of any offsets, counterclaims or defenses which are
related to such documents. 

  
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 Section 20.6 No Joint Venture or Partnership; No Third Party Beneficiaries.

 (a) Borrower and Lender intend that the relationships created hereunder and under the other Loan Documents be solely that of
borrower and lender. Nothing herein of therein is intended to create a joint venture, partnership, tenancy-in-common, or joint tenancy relationship between Borrower and Lender or to grant Lender any interest in the Property other than that of
mortgagee, beneficiary or lender. 
 (b) This Agreement and the other Loan Documents are solely for the benefit of Lender and
Borrower and nothing contained in this Agreement or the other Loan Documents shall be deemed to confer upon anyone other than Lender and Borrower any right to insist upon or to enforce the performance or observance of any of the obligations
contained herein or therein. All conditions to the obligations of Lender to make the Loan hereunder are imposed solely and exclusively for the benefit of Lender and no other Person shall have standing to require satisfaction of such conditions in
accordance with their terms or be entitled to assume that Lender will refuse to make the Loan in the absence of strict compliance with any or all thereof and no other Person shall under any circumstances be deemed to be a beneficiary of such
conditions, any or all of which may be freely waived in whole or in part by Lender if, in Lender’s sole discretion, Lender deems it advisable or desirable to do so. 
 (c) The general partners, members, principals and (if Borrower is a trust) beneficial owners of Borrower are experienced in the ownership and operation of properties similar to the Property, and Borrower
and Lender are relying solely upon such expertise and business plan in connection with the ownership and operation of the Property. Borrower is not relying on Lender’s expertise, business acumen or advice in connection with the Property.

 (d) Notwithstanding anything to the contrary contained herein, Lender is not undertaking the performance of (i) any
obligations under the Leases; or (ii) any obligations with respect to such agreements, contracts, certificates, instruments, franchises, permits, trademarks, licenses and other documents. 

(e) By accepting or approving anything required to be observed, performed or fulfilled or to be given to Lender pursuant to this
Agreement, the Mortgage, the Note or the other Loan Documents, including, without limitation, any officer’s certificate, balance sheet, statement of profit and loss or other financial statement, survey, appraisal, or insurance policy, Lender
shall not be deemed to have warranted, consented to, or affirmed the sufficiency, the legality or effectiveness of same, and such acceptance or approval thereof shall not constitute any warranty or affirmation with respect thereto by Lender.

 (f) Borrower recognizes and acknowledges that in accepting this Agreement, the Note, the Mortgage and the other Loan
Documents, Lender is expressly and primarily relying on the truth and accuracy of the representations and warranties set forth in Article 4 of this Agreement without any obligation to investigate any Individual Property and notwithstanding
any investigation of any Individual Property by Lender; that such reliance existed on the part of Lender prior to the date hereof, that the warranties and representations are a material inducement to Lender in making the Loan; and that Lender would
not be willing to make the Loan and accept 

  
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this Agreement, the Note, the Mortgage and the other Loan Documents in the absence of the warranties and representations as set forth in Article 4 of this Agreement. 

Section 20.7 Publicity. Except as set forth in that certain confidential private placement memorandum delivered to investors
in connection with the closing of the Loan, all news releases, publicity or advertising by Borrower or its Affiliates through any media intended to reach the general public which refers to the Loan, Lender, Banc of America Securities LLC, or any of
their Affiliates shall be subject to the prior written approval of Lender, not to be unreasonably withheld, conditioned or delayed. Lender shall be permitted to make any news, releases, publicity or advertising by Lender or its Affiliates through
any media intended to reach the general public which refers to the Loan, the Property, Borrower, Borrower Principal and their respective Affiliates without the approval of Borrower or any such Persons. Borrower also agrees that Lender may share any
information pertaining to the Loan with Bank of America Corporation, including its bank subsidiaries, Banc of America Securities LLC, and any other Affiliates of the foregoing, in connection with the sale or transfer of the Loan or any
Participations and/or Securities created. 
 Section 20.8 Conflict; Construction of Documents; Reliance. In the
event of any conflict between the provisions of this Agreement and any of the other Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that they were represented by competent counsel in connection with the
negotiation, drafting and execution of the Loan Documents and that such Loan Documents shall not be subject to the principle of construing their meaning against the party which drafted same. Borrower acknowledges that, with respect to the Loan,
Borrower shall rely solely on its own judgment and advisors in entering into the Loan without relying in any manner on any statements, representations or recommendations of Lender or any parent, subsidiary or Affiliate of Lender. Lender shall not be
subject to any limitation whatsoever in the exercise of any rights or remedies available to it under any of the Loan Documents or any other agreements or instruments which govern the Loan by virtue of the ownership by it or any parent, subsidiary or
Affiliate of Lender of any equity interest any of them may acquire in Borrower, and Borrower hereby irrevocably waives the right to raise any defense or take any action on the basis of the foregoing with respect to Lender’s exercise of any such
rights or remedies. Borrower acknowledges that Lender engages in the business of real estate financings and other real estate transactions and investments which may be viewed as adverse to or competitive with the business of Borrower or its
Affiliates. 
 Section 20.9 Cross-Default; Cross-Collateralization; Waiver of Marshalling of Assets. Borrower
acknowledges that Lender has made the Loan to Borrower upon the security of its collective interest in each Individual Property and in reliance upon the aggregate of all Individual Properties taken together being of greater value as collateral
security than the sum of each Individual Property taken separately. Borrower agrees that the Mortgages are and will be cross-collateralized and cross-defaulted with each other so that (i) an Event of Default under any of the Mortgages shall
constitute an Event of Default under each of the other Mortgages which secure the Note; (ii) an Event of Default under the Note or this Agreement shall constitute an Event of Default under each Mortgage; (iii) each Mortgage shall
constitute security for the Note as if a single blanket lien were placed on all of the Individual Properties as security for the Note; and (iv) such cross-collateralization shall in no event be deemed to constitute a fraudulent conveyance.

  
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 To the fullest extent permitted by law, Borrower for itself and its successors and assigns,
waives all rights to a marshalling of the assets of Borrower, Borrower’s partners or members and others with interests in Borrower, and of the Properties, or to a sale in inverse order of alienation in the event of foreclosure of all or any of
the Mortgages, and agrees not to assert any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to
defeat, reduce or affect the right of Lender under the Loan Documents to a sale of any of the Individual Properties for the collection of the Debt without any prior or different resort for collection or of the right of Lender to the payment of the
Debt out of the net proceeds of any of the Individual Properties in preference to every other claimant whatsoever. In addition, Borrower, for itself and its successors and assigns, waives in the event of foreclosure of any or all of the Mortgages,
any equitable right otherwise available to Borrower which would require the separate sale of the Individual Properties or require Lender to exhaust its remedies against any Individual Property or any combination of the Individual Properties before
proceeding against any other Individual Property or combination of Individual Properties; and further in the event of such foreclosure Borrower does hereby expressly consents to and authorizes, at the option of Lender, the foreclosure and sale
either separately or together of any combination of the Individual Properties. 
 Section 20.10 Entire Agreement.
This Agreement and the other Loan Documents contain the entire agreement of the parties hereto and thereto in respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties, whether oral or
written between Borrower and Lender are superseded by the terms of this Agreement and the other Loan Documents. 
 [SIGNATURE
PAGE IMMEDIATELY FOLLOWS] 

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

			
	BORROWER:
	
	EP RHINO, DST, a Delaware statutory trust
		
	By:	 	U.S. Commercial LLC, a Virginia limited
		 	liability company, its signatory trustee

  

					
		 	By:	 	/s/ H. Michael Schwartz
		 		 	Name: H. Michael Schwartz
		 		 	Title: President

 
			
	BORROWER PRINCIPAL:
	
	Acknowledged and agreed to with respect to its obligations set forth in Article 4, Article 5, Section 12.6, Section 13.4, Article 15 and Article 18
hereof:

  

			
	U.S. ADVISOR, LLC, a Virginia limited liability company
		
	By:	 	/s/ Kevin S. Fitzgerald
		 	Name: Kevin S. Fitzgerald
		 	Title: Chairman and President
	
	WATSON & TAYLOR MANAGEMENT, INC, a Texas corporation
		
	By:	 	/s/ A. Starke Taylor, III
		 	Name: A. Starke Taylor, III
		 	Title: President

 
			
	MASTER LESSEE:
	
	Acknowledged and agreed to with respect to its obligations and representations set forth in Article 4, Article 5, Article 11, Article 13 and Article 15.
	
	EP RHINO LEASECO, LTD., a Texas limited partnership
		
	By:	 	EP Rhino LeaseCo GP, LLC, a Texas
		 	limited liability company, its general partner

  

					
		 	By:	 	/s/ H. Michael Schwartz
		 		 	Name: H. Michael Schwartz
		 		 	Title: Manager

 Loan Agreement 

 
			
	LENDER:
	BANK OF AMERICA, N.A., a national banking association
		
	By:	 	/s/ Fay Smith
		 	Name: Fay Smith
		 	Title: Vice-President

 Loan Agreement

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