Document:

Form of Supplemental Indenture No. 3

 Exhibit 4.1 
 AMERICAN TOWER CORPORATION 
 and 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 
 as Trustee 
  

 
 SUPPLEMENTAL
INDENTURE NO. 3 
 Dated as of              

to 
 BASE
INDENTURE 
 Dated as of May 13, 2010 
 $500,000,000 Principal Amount 
 $5.900% SENIOR NOTES
DUE 2021 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 Article I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	  
			
	 Section 1.01.
	  	Definitions	  	 	1	  
			
	 Section 1.02.
	  	Incorporation by Reference of Trust Indenture Act	  	 	9	  
			
	 Section 1.03.
	  	Rules of Construction	  	 	9	  
		
	 Article II THE SECURITIES
	  	 	10	  
			
	 Section 2.01.
	  	Form and Dating	  	 	10	  
			
	 Section 2.02.
	  	Execution and Authentication of Securities	  	 	10	  
			
	 Section 2.03.
	  	Registrar and Paying Agent	  	 	10	  
			
	 Section 2.04.
	  	Paying Agent to Hold Money in Trust	  	 	10	  
			
	 Section 2.05.
	  	Transfer and Exchange	  	 	11	  
			
	 Section 2.06.
	  	Outstanding Securities	  	 	11	  
			
	 Section 2.07.
	  	Interest Payment and Record Dates	  	 	11	  
			
	 Section 2.08.
	  	No Sinking Fund	  	 	11	  
			
	 Section 2.09.
	  	Defaulted Interest	  	 	11	  
			
	 Section 2.10.
	  	CUSIP and ISIN Numbers	  	 	12	  
			
	 Section 2.11.
	  	Global Securities	  	 	12	  
			
	 Section 2.12.
	  	Ranking	  	 	12	  
			
	 Section 2.13.
	  	Additional Securities	  	 	12	  
		
	 Article III OPTIONAL REDEMPTION; MANDATORY REDEMPTION
	  	 	13	  
			
	 Section 3.01.
	  	Notice to Trustee	  	 	13	  
			
	 Section 3.02.
	  	Optional Redemption	  	 	13	  
			
	 Section 3.03.
	  	Mandatory Redemption	  	 	13	  
		
	 Article IV COVENANTS
	  	 	13	  
			
	 Section 4.01.
	  	Additional Covenants	  	 	13	  
		
	 Article V MISCELLANEOUS
	  	 	15	  
			
	 Section 5.01.
	  	Conflict of Any Provision of Indenture with Trust Indenture Act	  	 	15	  
			
	 Section 5.02.
	  	Duplicate Originals	  	 	15	  
			
	 Section 5.03.
	  	New York Law to Govern	  	 	15	  
			
	 Section 5.04.
	  	No Adverse Interpretation of Other Agreements	  	 	15	  
			
	 Section 5.05.
	  	Successors and Assigns of Company Bound by Supplemental Indenture	  	 	15	  
			
	 Section 5.06.
	  	Severability	  	 	15	  
			
	 Section 5.07.
	  	Effect of Headings	  	 	15	  

 Exhibit A — Form of Global Security 
 Exhibit B — Form of Legend for Global Security 

  
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 SUPPLEMENTAL INDENTURE NO. 3 (the “Supplemental Indenture”), dated
as of             , between American Tower Corporation, a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., a national banking
association, as trustee (the “Trustee”). 
 WITNESSETH THAT: 

WHEREAS, the Company and the Trustee have executed and delivered a base indenture, dated as of May 13, 2010 (as amended,
supplemented or otherwise modified from time to time, the “Base Indenture,” and, together with this Supplemental Indenture, as amended, supplemented or otherwise modified from time to time, the “Indenture”) to
provide for the future issuance of the Company’s senior debt securities to be issued from time to time in one or more series; and 
 WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of a series of its Securities, to be titled as its “5.900% Senior Notes due 2021,” the
form and substance of such Securities and the terms, provisions and conditions thereof to be set forth as provided in the Indenture; 
 NOW, THEREFORE: 
 Each party agrees as follows for the benefit of the other
party and for the equal and ratable benefit of the Holders of the Securities. 
 ARTICLE I DEFINITIONS AND INCORPORATION BY
REFERENCE 
  

	Section 1.01.	DEFINITIONS. 

 Capitalized terms used herein without definition shall have the respective meanings ascribed to them in the Base Indenture. The following definitions supplement, and, to the extent inconsistent with,
replace the definitions in Article I of the Base Indenture: 
 “Additional Security Board Resolution”
means resolutions duly adopted by the Board of Directors of the Company and delivered to the Trustee in an Officers’ Certificate providing for issuance of Additional Securities. 

“Additional Security Supplemental Indenture” means a supplement to this Indenture duly executed and delivered by the
Company and the Trustee pursuant to Article 7 of the Base Indenture. 
 “Additional Securities” means the
Company’s Securities originally issued hereunder after the Issue Date pursuant to Section 2.13 hereof, except for Securities authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of other Securities
pursuant to Section 3.07, 3.09, 7.05 or 9.06 of the Base Indenture, or 4.01(b) hereof, as specified in the relevant Additional Security Board Resolutions or Additional Security Supplemental Indenture issued therefor in accordance with this
Indenture. 
 “Adjusted EBITDA” means, for the 12-month period preceding the calculation date, for the Company
and its Subsidiaries on a consolidated basis in accordance with GAAP, the sum of (a) Net Income, plus (b) to the extent deducted in determining Net Income, the sum of (i) Interest Expense, (ii) income tax expense, including,
without limitation, taxes paid or accrued based on income, profits or capital, including state, franchise and similar taxes and foreign withholding taxes, (iii) depreciation and amortization (including, without limitation, amortization of
goodwill and other intangible assets), (iv) extraordinary losses and non-recurring non-cash charges and expenses, (v) all other non-cash charges, expenses and interest (including, without limitation, any non-cash losses in respect of
Commodity Agreements, Currency Agreements or Interest Rate Agreements, non-cash impairment charges, non- cash valuation charges for stock option grants or vesting of restricted stock awards or any other non-cash compensation charges, and losses from
the early extinguishment of Indebtedness) and (vi) non-recurring charges and expenses, restructuring charges, transaction expenses (including, without limitation, transaction expenses incurred in connection with any merger or acquisition) and
underwriters’ fees or discounts, and severance and retention payments in connection with any merger or acquisition, in each case for such period, less extraordinary gains and cash payments (not otherwise deducted in determining net income) made
during such period with respect to non-

 
cash charges that were added back in a prior period; provided, however, (I) with respect to any Person that became a Subsidiary, or was merged with or consolidated into the
Company or any Subsidiary, during such period, or any acquisition by the Company or any Subsidiary of the assets of any Person during such period, “Adjusted EBITDA” shall, at the option of the Company in respect of any or all of the
foregoing, also include the Adjusted EBITDA of such Person or attributable to such assets, as applicable, during such period as if such acquisition, merger or consolidation had occurred on the first day of such period and (II) with respect to any
Person that has ceased to be a Subsidiary during such period, or any material assets of the Company or any Subsidiary sold or otherwise disposed of by the Company or any Subsidiary during such period, “Adjusted EBITDA” shall exclude the
Adjusted EBITDA of such Person or attributable to such assets, as applicable, during such period as if such sale or disposition of such Subsidiary or such assets had occurred on the first day of such period. 

“Adjusted Treasury Rate” means, with respect to any redemption date: 

(1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently
published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury
securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life, yields
for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest
month); or 
 (2) if such release (or any successor release) is not published during the week preceding the calculation date or
does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such redemption date. 
 The Adjusted Treasury Rate shall be calculated on the third
Business Day preceding the redemption date. 
 “Beneficial Owner” has the meaning assigned to such term in Rule
13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have
beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent
condition. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 

“Capital Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of
a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 

“Capital Stock” means: 
 (1) in the case of a corporation, corporate stock; 
 (2) in the case of an
association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and 

(4) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or
distributions of assets of, the issuing Person. 
 “Change of Control” means the occurrence of any of the
following: 
 (1) the adoption of a plan relating to the liquidation or dissolution of the Company; 

  
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 (2) any “person,” as such term is used in Section 13(d)(3) of the Exchange
Act, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the voting power of the Voting Stock of the Company; provided that a transaction in which the Company becomes a Subsidiary of another Person shall not constitute a Change
of Control if (a) the stockholders of the Company immediately prior to such transaction Beneficially Own, directly or indirectly through one or more intermediaries, 50% or more of the voting power of the outstanding Voting Stock of such other
Person of whom the Company is a Subsidiary immediately following such transaction and (b) immediately following such transaction no person (as defined above) other than such other Person, Beneficially Owns, directly or indirectly, more than 50%
of the voting power of the Voting Stock of the Company; or 
 (3) the first day on which a majority of the members of the Board
of Directors of the Company are not Continuing Directors. 
 “Change of Control Offer” has the meaning set
forth in Section 4.01(b). 
 “Change of Control Payment” has the meaning set forth in
Section 4.01(b). 
 “Change of Control Payment Date” has the meaning set forth in Section 4.01(b).

 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a Ratings Decline
(as defined below). 
 “Commodity Agreement” of any Person means any commodity forward contract, commodity swap
agreement, commodity option agreement or other similar agreement or arrangement to which such Person is a party. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker (as
defined below) as having a maturity comparable to the remaining term of the Securities that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of the Securities (“Remaining Life”). 
 “Comparable Treasury
Price” means, for any redemption date, (1) the average of four Reference Treasury Dealer Quotations (as defined below) for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or
(2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Continuing Directors” means a director who either was a member of the Company’s Board of Directors on the Issue Date or who becomes a member of the Company’s Board of Directors
subsequent to the Issue Date and whose appointment, election or nomination for election by the Company’s stockholders is duly approved by a majority of the Continuing Directors on the Company’s Board of Directors at the time of such
approval, either by specific vote or by approval of the proxy statement issued by the Company on behalf of the Company’s Board of Directors in which such individual is named as nominee for director. Solely for purposes of this definition, the
term “Board of Directors” shall be defined without regard to the words “or any authorized committee of the Board of Directors of such Person or any officer of such Person duly authorized by the Board of Directors of such Person to
take a specific action” in such definition. 
 “Currency Agreement” of any Person means any foreign
exchange contract, currency swap agreement or other similar agreement or arrangement as to which such Person is a party. 

“Default” means any event which is, or after notice or passage of time or both would be, an Event of Default.

 “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which
it is convertible, or for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or
redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the Stated Maturity of the Securities. 

  
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 “DTC” means The Depository Trust Company, its nominees and successors.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the
SEC promulgated thereunder. 
 “Existing SpectraSite Indebtedness” means that certain mortgage loan more fully
described in the Offering Memorandum dated April 27, 2007 regarding the $1,750,000,000 American Tower Trust I Commercial Mortgage Pass-Through Certificates, Series 2007-1. 

“Fair Market Value” means, with respect to any asset, the price that (after taking into account any liabilities relating
to such asset) would be paid in an arm’s-length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy, as determined in good faith by the Board of Directors,
whose determination shall be conclusive if evidenced by a Board Resolution. 
 “Fitch” means Fitch, Inc. or any
successor to the rating agency business thereof. 
 “Foreign Subsidiary” means, with respect to any Person,
(a) any Subsidiary of such Person that is not organized or existing under the laws of, and whose principal business is conducted outside of, the United States, any state thereof, the District of Columbia, or any territory thereof (for purposes
of this definition only, the “United States”), or (b) any Subsidiary of such Person that is organized or existing under the laws of the United States whose only material assets are the Capital Stock of Foreign Subsidiaries meeting
clause (a) of this definition. 
 “GAAP” means generally accepted accounting principles set forth in the
standards, statements and pronouncements of the Financial Accounting Standards Board, or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the United States, which are in effect
on the Issue Date. 
 “Guarantee” means a guarantee (other than by endorsement of negotiable instruments for
collection in the ordinary course of business), direct or indirect, in any manner (including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof), of all or any part of any
Indebtedness. The term “Guarantee” used as a verb has a corresponding meaning. 
 “Indebtedness”
means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent: 
 (1) in respect of
borrowed money; 
 (2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement
agreements in respect thereof); 
 (3) in respect of banker’s acceptances; 

(4) representing Capital Lease Obligations; 
 (5) representing the balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes an accrued expense or trade payable; 

(6) representing obligations under any Interest Rate Agreements, Commodity Agreements and Currency Agreements except for those entered
into for the purpose of fixing, hedging or swapping interest rate, commodity price or foreign currency exchange risk; or 

  
 4 

 (7) in respect of all Disqualified Stock issued by such Person with the amount of
Indebtedness represented by such Disqualified Stock being equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price, but excluding accrued dividends, if any; provided that (a) if the
Disqualified Stock does not have a fixed repurchase price, such maximum fixed repurchase price shall be calculated in accordance with the terms of the Disqualified Stock as if the Disqualified Stock were purchased on any date on which Indebtedness
shall be required to be determined pursuant to the applicable indenture, and (b) if the maximum fixed repurchase price is based upon, or measured by, the fair market value of the Disqualified Stock, the fair market value shall be the Fair
Market Value thereof; 
 if and to the extent any of the preceding items (other than letters of credit and obligations under
Interest Rate Agreements, Commodity Agreements and Currency Agreements) would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of
others secured by a Lien on any asset of such Person whether or not such Indebtedness is assumed by such Person (the amount of such Indebtedness as of any date being deemed to be the lesser of the Fair Market Value of such property or assets as of
such date or the principal amount of such Indebtedness of such other Person so secured) and, to the extent not otherwise included, the Guarantee by such Person of any Indebtedness of any other Person. 

The amount of any Indebtedness outstanding as of any date shall be: 

(1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; and 

(2) the principal amount of the Indebtedness, together with any interest on the Indebtedness that is more than 30 days past due, in the
case of any other Indebtedness. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers
appointed by the Company. 
 “Interest Expense” means, for any period, all cash interest expense (including
imputed interest with respect to Capital Lease Obligations and commitment fees) with respect to any Indebtedness of the Company and of its Subsidiaries’ Indebtedness on a consolidated basis during such period pursuant to the terms of such
Indebtedness. 
 “Interest Rate Agreement” of any Person means any interest rate protection agreement, interest
rate future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement, option or future contract or other similar agreement or arrangement as
to which such Person is a party. 
 “Investment Grade Rating” means a rating equal to or greater than BBB- by
S&P and Fitch and Baa3 by Moody’s or the equivalent thereof under any new ratings system if the ratings system of any such agency shall be modified after the date hereof, or the equivalent rating or any other Ratings Agency selected by the
Company as provided in the definition of Ratings Agency. 
 “Issue Date” means
                    . 

“Licenses” means, collectively, any telephone, microwave, radio transmissions, personal communications or other license,
authorization, certificate of compliance, franchise, approval or permit, whether for the construction, ownership or operation of any communications tower facilities, granted or issued by the Federal Communications Commission (or other similar or
successor agency of the federal government administering the Communications Act of 1934 or any similar or successor federal statute) and held by the Company or any of its Subsidiaries. 

“Lien” means, with respect to any property or assets, including Capital Stock, any mortgage, lien, pledge, charge,
security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof,
any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction). 

  
 5 

 “Moody’s” means Moody’s Investors Services, Inc. or any successor
to the rating agency business thereof. 
 “Net Income” means, for any period of determination, net income
(loss) of the Company and its Subsidiaries, on a consolidated basis, determined in accordance with GAAP. 
 “Newly
Created Subsidiary” means a newly created direct or indirect Subsidiary of the Company that is formed or organized after the Issue Date; provided that neither the Company nor any Subsidiary of the Company shall have transferred, or may in
the future transfer, any assets (other than cash or cash equivalents) to such Newly Created Subsidiary for so long as such Newly Created Subsidiary remains designated as an Unrestricted Subsidiary. 

“Original Securities” has the meaning set forth in Section 2.02. 

“Paying Agent” has the meaning set forth in Section 2.03. 

“Permitted Amount” means, on any date, an amount equal to 3.5 times Adjusted EBITDA as of the most recent fiscal quarter
for which financial statements of the Company are internally available immediately preceding such date. 
 “Permitted
Liens” means: 
 (1) Liens in favor of the Company or its Subsidiaries; 

(2) Liens existing on the Issue Date (other than those securing Existing SpectraSite Indebtedness) and renewals and replacements thereof;

 (3) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in
good faith by appropriate proceedings promptly instituted and diligently conducted; provided that any reserve or other appropriate provision as shall be required in conformity with GAAP shall have been made therefor; 

(4) Liens of carriers, warehousemen, mechanics, vendors (solely to the extent arising by operation of law), laborers and materialmen
incurred in the ordinary course of business for sums not yet due or being diligently contested in good faith, if reserves or appropriate provisions shall have been made therefor; 

(5) Liens incurred in the ordinary course of business in connection with worker’s compensation and unemployment insurance, social
security obligations, assessments or government charges which are not overdue for more than 60 days; 
 (6) restrictions on the
transfer of Licenses or assets of the Company or any of its Subsidiaries imposed by any of the Licenses as in effect on the Issue Date or imposed by the Communications Act of 1934, any similar or successor federal statute or the rules and
regulations of the Federal Communications Commission (or other similar or successor agency of the federal government administering such Act or successor statute) thereunder, all as the same may be in effect from time to time; 

(7) Liens arising by operation of law in favor of purchasers in connection with the sale of an asset; provided, however, that such Lien
only encumbers the property being sold; 
 (8) Liens to secure performance of statutory obligations, surety or appeal bonds,
performance bonds, bids or tenders; 
 (9) judgment Liens; 

  
 6 

 (10) Liens in connection with escrow or security deposits made in connection with any
acquisition of assets; 
 (11) Liens securing Indebtedness since the Issue Date represented by Capital Lease Obligations,
mortgage financings or purchase money obligations, in each case incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property, plant or equipment used in any business of the Company or
any Subsidiary of the Company in an aggregate principal amount, including all Indebtedness incurred to refund, refinance or replace any other Indebtedness incurred pursuant to this clause (11), not to exceed $500.0 million at any time outstanding
for the Company and any Subsidiaries of the Company; 
 (12) Liens securing obligations under Interest Rate Agreements,
Commodity Agreements and Currency Agreements not for speculative purposes; 
 (13) easements, rights-of-way, zoning
restrictions, licenses or restrictions on use and other similar encumbrances on the use of real property that: 
 (a) are not
incurred in connection with the borrowing of money or the obtaining of advances or credit (other than trade credit in the ordinary course of business); and 
 (b) do not in the aggregate materially detract from the value of the property or materially impair the use thereof in the operation of business by the Company and its Subsidiaries; 

(14) Liens on property of the Company or a Subsidiary of the Company at the time the Company or such Subsidiary acquired the property,
including acquisition by means of a merger or consolidation with or into the Company or any Subsidiary, or an acquisition of assets, and any replacement thereof, provided, however, that such Liens are not created, incurred or assumed in connection
with or in contemplation of such acquisition, and provided further that such Liens may not extend to any other property owned by the Company or any Subsidiary of the Company; 
 (15) leases and subleases of real property in the ordinary course of business (for the avoidance of doubt, excluding sale and lease-back transactions) which do not materially interfere with the ordinary
conduct of the business; and 
 (16) banker’s Liens, rights of set-off or similar rights and remedies as to deposit
accounts or other funds maintained with a depositary institution; provided that: 
 (a) such deposit account is
not a dedicated cash collateral account and is not subject to restrictions against access in excess of those set forth by regulations promulgated by the Federal Reserve Board or other applicable law; and 

(b) such deposit account is not intended to provide collateral to the depositary institution. 

“Person” or “person” means any individual, corporation, partnership, limited liability company, joint
venture, association, joint-stock company, trust, estate, unincorporated organization or government or other agency or political subdivision thereof or any other entity. 
 “Ratings Agencies” means (1) S&P, Moody’s and Fitch; and (2) if any of S&P, Moody’s and Fitch ceases to rate the Securities or ceases to make a rating on the
Securities publicly available, an entity registered as a “nationally recognized statistical rating organization” (registered as such pursuant to Rule 17g-1 of the Exchange Act) then making a rating on the Securities publicly available
selected by the Company (as certified by an Officers’ Certificate), which shall be substituted for S&P, Moody’s or Fitch, as the case may be. 
 “Ratings Decline” means the occurrence of the following on, or within 90 days after, the date of the public notice of the occurrence of a Change of Control or of the intention by the
Company or any third-party to effect a Change of Control (which period shall be extended for so long as the rating of the securities is under publicly 

  
 7 

 
announced consideration for possible downgrade by any of the Ratings Agencies if such period exceeds 90 days): (1) in the event that the Securities have an Investment Grade Rating by all
three Ratings Agencies, the Securities cease to have an Investment Grade Rating by two of the three Rating Agencies, (2) in the event that the Securities have an Investment Grade Rating by only two Ratings Agencies, the Securities cease to have
an Investment Grade Rating by both such Rating Agencies, or (3) in the event that the Securities do not have an Investment Grade Rating, the rating of the Securities by two of the three Ratings Agencies (or if there are less than three Rating
Agencies rating the securities, the rating of each Rating Agency) decreases by one or more gradations (including gradations within ratings categories as well as between rating categories) or is withdrawn. 

“Reference Treasury Dealer” means any of the primary U.S. Government securities dealers in New York City. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date,
the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at
5:00 p.m., New York City time, on the third Business Day preceding such redemption date. 
 “Registrar” has the
meaning set forth in Section 2.03. 
 “S&P” means Standard & Poor Rating Services, a division
of The McGraw-Hill Companies, Inc., or any successor to the rating agency business thereof. 
 “SEC” means the
Securities and Exchange Commission. 
 “Securities” means the 5,900% Senior Notes due 2021 established by this
Supplemental Indenture and issued by the Company pursuant to the Indenture. 
 “Securities Act” means the
Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder. 
 “Securities
Agent” means any Registrar, Paying Agent, or co-Registrar or co-agent. 
 “Stated Maturity” means,
with respect to the payment of principal on the Securities, November 1, 2021. 
 “Subsidiary” means, with
respect to any Person, (1) any corporation, limited liability company, association or other business entity of which more than 50% of the voting power of the outstanding Voting Stock is owned, directly or indirectly, by such Person and one or
more other Subsidiaries of such Person or (2) any partnership (A) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (B) the only general partners of which are such
Person or one or more Subsidiaries of such Person (or any combination thereof). The term “Subsidiary” with respect to the Company shall not include any Unrestricted Subsidiary. 

“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as amended and in effect from time
to time. 
 “Unrestricted Subsidiary” means (a) any Foreign Subsidiary or Newly Created Subsidiary of the
Company that is designated by the Board of Directors as an Unrestricted Subsidiary until such time as the Board of Directors may designate it to be a Subsidiary, provided that no Default or Event of Default would occur or be existing following such
designation, and (b) any subsidiary of an Unrestricted Subsidiary. Any such designation by the Board of Directors shall be evidenced to the Trustee by filing a Board Resolution with the Trustee giving effect to such designation. At the time of
designation of an Unrestricted Subsidiary as a Subsidiary, such Subsidiary shall be deemed to incur outstanding Indebtedness and grant any existing Liens. 

  
 8 

 “Voting Stock” of any Person as of any date means the Capital Stock of such
Person that is normally entitled to vote in the election of the board of directors, managers or trustees of such Person. 
  

	Section 1.02.	INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.

 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and
made a part of this Indenture. 
 The following TIA terms used in this Indenture have the following meanings: 

“Commission” means the SEC; 
 “indenture securities” means the Securities; 
 “indenture
security holder” means a Securityholder or a Holder; 
 “indenture to be qualified” means this
Indenture; and 
 “obligor” on the indenture securities means the Company or any successor. 

All other terms used in this Indenture that are defined by the TIA, defined by the TIA by reference to another statute or defined by SEC
rule under the TIA and not otherwise defined herein have the meanings so assigned to them. 
  

	Section 1.03.	RULES OF CONSTRUCTION. 

 Unless the context otherwise requires: 
 (i) a term has the meaning
assigned to it; 
 (ii) an accounting term not otherwise defined has the meaning assigned to it in accordance
with generally accepted accounting principles in effect from time to time; 
 (iii) “or” is not
exclusive; 
 (iv) “including” means “including without limitation”; 

(v) words in the singular include the plural and in the plural include the singular; 

(vi) provisions apply to successive events and transactions; 

(vii) “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not
to any particular Article, Section or other subdivision of this Indenture; and 
 (viii) references to currency
shall mean the lawful currency of the United States of America, unless the context requires otherwise. 
 In addition, to the
extent that the terms of this Supplemental Indenture are inconsistent or conflict with the terms of the Base Indenture, then, for purposes of the Securities, the terms of this Supplemental Indenture shall apply to the extent of such inconsistency or
conflict. 

  
 9 

 ARTICLE II THE SECURITIES 

 

	Section 2.01.	FORM AND DATING. 

 The Securities and the Trustee’s certificate of authentication shall be substantially in the form set forth in Exhibit A, which is incorporated in and forms a part of this Indenture. The
Securities may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication. 
 The Securities shall be issued initially in the form of one or more Global Securities, substantially in the form set forth in Exhibit A, deposited with the Trustee, as custodian for DTC (who shall be
the initial Depositary with respect to the Securities), duly executed by the Company and authenticated by the Trustee and bearing the legend set forth in Exhibit B. The aggregate principal amount of the Global Security may from time to time be
increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depository, as hereinafter provided; provided, that, except as permitted by Section 2.13, in no event shall the aggregate principal amount of
the Global Security or Global Securities exceed $500,000,000. 
 Securities in the form of Physical Securities issued in
exchange for Securities represented by interests in a Global Security pursuant to Section 3.08 of the Base Indenture may be issued in the form of permanent certificated Securities in registered form in substantially the form set forth in
Exhibit A and, if applicable, bearing any legends required hereby. 
 The Securities shall be denominated in Dollars, and
all cash payments due thereon shall be made in Dollars. The Securities shall be issuable only in registered form without interest coupons and only in denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof.

  

	Section 2.02.	EXECUTION AND AUTHENTICATION OF SECURITIES. 

Upon a Company Order, the Trustee shall authenticate Securities for original issue in the aggregate principal amount of $500,000,000 (the
“Original Securities”). 
  

	Section 2.03.	REGISTRAR AND PAYING AGENT. 

The Company shall maintain an office or agency where Securities may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Securities may be presented for payment (“Paying Agent”). The Corporate Trust Office shall serve as the office or agency for the aforementioned purposes. The Registrar
shall keep a register of the Securities and of their transfer and exchange. The Company may appoint or change one or more co-Registrars, one or more additional paying agents upon reasonable prior written notice to the Trustee and may act in any such
capacity on its own behalf. The term “Registrar” includes any co-Registrar and the term “Paying Agent” includes any additional paying agent. 
 The Company shall enter into an appropriate agency agreement with any Securities Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such
Securities Agent. The Company shall notify the Trustee in writing of the name and address of any Securities Agent not a party to this Indenture. If the Company fails to maintain a Registrar or Paying Agent, the Trustee shall act as such. 

The Company initially appoints the Trustee as Paying Agent and Registrar. 

For purposes of the Securities, the Payment Office shall be the Corporate Trust Office. 

 

	Section 2.04.	PAYING AGENT TO HOLD MONEY IN TRUST.

 Each Paying Agent shall hold in trust for the benefit of the Securityholders or the Trustee all moneys held
by the Paying Agent for the payment of the Securities, and shall notify the Trustee in writing of any Default by the Company in making any such payment. While any such Default continues, the Trustee may require a Paying Agent

  
 10 

 
to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent shall
have no further liability for such money. If the Company acts as Paying Agent, it shall segregate and hold as a separate trust fund all money held by it as Paying Agent. 

 

	Section 2.05.	TRANSFER AND EXCHANGE. 

 The Company or the Trustee, as the case may be, shall not be required to register the transfer of or exchange any Security selected for redemption in whole or in part, in accordance with this Indenture,
except the unredeemed portion of Securities being redeemed in part. 
 No service charge shall be made for any transfer or
exchange of Securities, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge that may be imposed in connection with any transfer or exchange of Securities, other than exchanges pursuant to
Section 3.11 or Section 7.05 of the Base Indenture or Section 4.01(b) or Article III, not involving any transfer. 
  

	Section 2.06.	OUTSTANDING SECURITIES 

 The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a
Global Security effected by the Trustee in accordance with the provisions hereof, and those described in this Section and the Base Indenture as not outstanding. Except as set forth in Section 3.13 of the Base Indenture, a Security does not
cease to be outstanding because the Company or an affiliate of the Company holds the Security. 
 If a Security is replaced
pursuant to Section 3.09 of the Base Indenture, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser. 

If the principal amount of any Security is considered paid under Section 4.01 of the Base Indenture, it ceases to be outstanding and
interest on it ceases to accrue. 
 If the Paying Agent (other than the Company, a Subsidiary or an affiliate of any thereof)
holds, on a redemption date or maturity date, money sufficient to pay Securities payable on that date, then on and after that date such Securities shall be deemed to be no longer outstanding and shall cease to accrue interest. 

 

	Section 2.07.	INTEREST PAYMENT AND RECORD DATES. 

The Interest Payment Dates for the Securities shall be May 1 and November 1 of each calendar year, beginning with, and
including, May 1, 2012. The Regular Record Date for an Interest Payment Date that falls on May 1 shall be the immediately preceding April 15, and the Regular Record Date for an Interest Payment Date that falls on November 1 shall
be the immediately preceding October 15. 
  

	Section 2.08.	NO SINKING FUND. 

 There shall be no sinking fund with respect to the Securities. 
  

	Section 2.09.	DEFAULTED INTEREST. 

 If and to the extent the Company defaults in a payment of interest on the Securities, the Company shall pay in cash the defaulted interest in any lawful manner plus, to the extent not prohibited by
applicable statute or case law, interest on such defaulted interest at the rate provided in the Securities and in this Section 2.09. The Company may pay the defaulted interest (plus interest on such defaulted interest) to the persons who are
Securityholders on a subsequent record date as provided in Section 3.05(c) of the Base Indenture. 
 The Company shall pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal on the Securities at the rate equal to 1% per annum in excess of the then applicable 

  
 11 

 interest rate on the Securities of that series to the extent lawful; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) on the Securities of any series at the same rate to the extent lawful. 

 

	Section 2.10.	CUSIP AND ISIN NUMBERS. 

 The Company in issuing the Securities may use one or more CUSIP and ISIN numbers, and, if so, the Trustee shall use the CUSIP and ISIN numbers in notices of repurchase or exchange as a convenience to
Holders; provided, however, that no representation is hereby deemed to be made by the Trustee as to the correctness or accuracy of the CUSIP and ISIN numbers printed on the notice or on the Securities; provided further, that
reliance may be placed only on the other identification numbers printed on the Securities, and the effectiveness of any such notice shall not be affected by any defect in, or omission of, such CUSIP and ISIN numbers. The Company shall promptly
notify the Trustee of any change in the CUSIP and ISIN numbers. 
  

	Section 2.11.	GLOBAL SECURITIES. 

 The Securities shall initially be issued in the form of one of more Global Securities, and the provisions of the Base Indenture (including, but not limited to, Section 3.06 and Section 3.08)
relating to Global Securities shall apply to the Securities. 
  

	Section 2.12.	RANKING. 

The indebtedness of the Company arising under or in connection with this Indenture and every outstanding Security issued under this
Indenture from time to time constitutes and will constitute a senior unsecured obligation of the Company, ranking pari passu in right of payment with each other and with all other existing and future senior unsecured obligations of the
Company. Unless the context otherwise requires, the Securities shall be considered collectively to be a single class for all purposes of this Indenture, including without limitation waivers, amendments, redemptions and Change of Control Offers.

  

	Section 2.13.	ADDITIONAL SECURITIES. 

 The Company may, from time to time, subject to compliance with any other applicable provisions of this Indenture, without the consent of the Holders, create and issue pursuant to this Indenture additional
securities (“Additional Securities”) having terms and conditions identical to those of the Securities, except that Additional Securities: 
 (i) may have a different issue date from the Securities; 
 (ii) may have a
different amount of interest payable on the first Interest Payment Date after issuance than is payable on other Securities; and 

(iii) may have terms specified in the Additional Securities Board Resolution or Additional Securities Supplemental Indenture for such
Additional Securities making appropriate adjustments to Article II and Exhibit A (and related definitions) applicable to such Additional Securities in order to conform to and ensure compliance with the Securities Act (or other applicable securities
laws) and any other agreement applicable to such Additional Securities, which are not adverse in any material respect to the Holder of any Securities (other than such Additional Securities); 

provided, that no adjustment pursuant to this Section 2.13 shall cause such Additional Securities to constitute, as
determined pursuant to an Opinion of Counsel, a different class of securities than the Original Securities for U.S. federal income tax purposes. The Original Securities and any Additional Securities would rank equally and ratably and would be
treated as a single series of debt securities for all purposes under the Indenture. 

  
 12 

 ARTICLE III OPTIONAL REDEMPTION; MANDATORY REDEMPTION 

 

	Section 3.01.	NOTICE TO TRUSTEE 

 If the Company elects to redeem Securities pursuant to the optional redemption provisions of Section 3.02 hereof, it shall furnish to the Trustee, at least 30 days but not more than 60 days before a
redemption date, an Officers’ Certificate setting forth (1) the redemption date, (2) the principal amount of Securities to be redeemed and (3) the redemption price (expressed as a percentage of the principal amount). 

 

	Section 3.02.	OPTIONAL REDEMPTION. 

 (a) The Securities are redeemable at the Company’s election, in whole or in part, at any time at a redemption price equal to the greater of: 

(1) 100% of the principal amount of the Securities to be redeemed then outstanding; and 

(2) as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments
of principal and interest on the securities to be redeemed (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of
twelve 30-day months) at the Adjusted Treasury Rate for such securities, plus 50 basis points; 
 plus, in either of the above cases, accrued
and unpaid interest to the date of redemption on the securities to be redeemed. 
 If the optional redemption date is on or
after a Regular Record Date and on or before the related Interest Payment Date, the accrued and unpaid interest, if any, will be paid to the person in whose name the security is registered at the close of business on such Regular Record Date.

 (b) Any redemption pursuant to this Section 3.02 shall be made pursuant to Section 3.01 hereof and the provisions
of Article 9 of the Base Indenture. 
  

	Section 3.03.	MANDATORY REDEMPTION. 

 The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities. 
 ARTICLE IV COVENANTS 
  

	Section 4.01.	ADDITIONAL COVENANTS. 

 In addition to those Covenants set forth in Article 4 of the Base Indenture, the Company shall comply with the following covenants: 

(a) Limitation on Liens. 
 The Company shall not, and shall not permit any of its Subsidiaries to, allow any Lien on any of the Company’s or its Subsidiaries’ property or assets (which includes Capital Stock) securing
Indebtedness, unless the Lien secures the Securities equally and ratably with, or prior to, any other Indebtedness secured by such Lien, so long as such other Indebtedness is so secured, other than Permitted Liens. 

Notwithstanding the foregoing, the Company may, and may permit any of its Subsidiaries to, incur Liens securing Indebtedness without
equally and ratably securing the Securities if, after giving effect to the incurrence of such Liens, the aggregate amount (without duplication) of the Indebtedness secured by Liens (other than Permitted Liens) on the property or assets (which
includes Capital Stock) of the Company and its Subsidiaries shall not exceed 

  
 13 

 
the Permitted Amount at the time of the incurrence of such Liens (it being understood that Liens securing Existing SpectraSite Indebtedness shall be deemed to be incurred pursuant to this
paragraph). For the avoidance of doubt, “incur” means to create, incur, issue, assume, guarantee or otherwise become directly liable, contingently or otherwise. 
 (b) Repurchase of the Securities Upon a Change of Control Triggering Event. 

Upon the occurrence of a Change of Control Triggering Event, each Holder of Securities shall have the right to require the Company to
repurchase all or any part, equal to $2,000 or an integral multiple of $1,000 thereafter, of that Holder’s Securities pursuant to an offer (the “Change of Control Offer”) on the terms set forth in this Indenture at an offer
price in cash equal to 101% of the aggregate principal amount of Securities repurchased plus accrued and unpaid interest on the Securities up to but excluding the applicable date of repurchase (the “Change of Control Payment”).
Within 30 days following any Change of Control Triggering Event, if the Company had not, prior to the Change of Control Triggering Event, sent a redemption notice for all the Securities in connection with an optional redemption permitted by
Section 3.02 hereof, the Company shall mail or caused to be mailed a notice to each registered Holder briefly describing the transaction or transactions that constitute a Change of Control Triggering Event and offering to repurchase Securities
on the date specified in such notice (the “Change of Control Payment Date”), which date shall be no earlier than 30 days and no later than 60 days from the date the notice is mailed, pursuant to the procedures required by this
Indenture and described in such notice. 
 The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act
and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable to any Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of
this Section 4.01(b), the Company shall comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the provisions of this Section 4.01(b) by virtue of such conflict. 

On the Change of Control Payment Date, the Company shall, to the extent lawful: 

(1) accept for payment all Securities or portions thereof properly tendered pursuant to the Change of Control Offer;

 (2) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all
Securities or portions thereof properly tendered; and 
 (3) deliver or cause to be delivered to the Trustee the
Securities so accepted together with an Officers’ Certificate stating the aggregate principal amount of Securities or portions thereof being purchased by the Company. 
 The Paying Agent will promptly mail to each registered Holder of Securities so tendered the Change of Control Payment for such Securities, and the Trustee will promptly authenticate and mail (at the
Company’s expense), or cause to be transferred by book entry, to each Holder a new Security equal in principal amount to any unpurchased portion of the Securities surrendered, if any; provided that each such new Security shall be in a
principal amount of $2,000 or an integral multiple of $1,000 thereafter. Any Security so accepted for payment shall cease to accrue interest on and after the Change of Control Payment Date. 

This Section 4.01(b) shall be applicable, except as described in this Section 4.01(b), regardless of whether or not any other
provisions of this Indenture are applicable. 
 Notwithstanding the foregoing, the Company shall not be required to make a
Change of Control Offer upon a Change of Control Triggering Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.01(b) applicable to a
Change of Control Offer made by the Company and purchases all Securities properly tendered and not withdrawn under the Change of Control Offer. 

  
 14 

 The Company may make a Change of Control Offer in advance of a Change of Control Triggering
Event, and conditional upon the occurrence of such Change of Control Triggering Event, if a definitive agreement is in place for the Change of Control Triggering Event at the time of making the Change of Control Offer. 

ARTICLE V MISCELLANEOUS 
  

	Section 5.01.	CONFLICT OF ANY PROVISION OF INDENTURE WITH
TRUST INDENTURE ACT. 

 If and to the extent that any provision of
this Supplemental Indenture limits, qualifies or conflicts with another provision included in this Supplemental Indenture by operation of Sections 310 to 317, inclusive, of the Trust Indenture Act (an “incorporated provision”), such
incorporated provision shall control. 
  

	Section 5.02.	DUPLICATE ORIGINALS. 

 The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. Delivery of an executed counterpart
by facsimile shall be effective as delivery of a manually executed counterpart thereof. 
  

	Section 5.03.	NEW YORK LAW TO GOVERN. 

THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE AND THE SECURITIES WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  

	Section 5.04.	NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS.

 This Supplemental Indenture and the Base Indenture may not be used to interpret another indenture, loan or
debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Supplemental Indenture or the Base Indenture. 

 

	Section 5.05.	SUCCESSORS AND ASSIGNS OF COMPANY BOUND BY
SUPPLEMENTAL INDENTURE. 

 All the covenants, stipulations, promises and
agreements in this Supplemental Indenture contained by or in behalf of the Company shall bind their successors and assigns, whether so expressed or not. All the covenants, stipulations, promises and agreements in this Supplemental Indenture
contained by or in behalf of the Trustee shall bind their successors and assigns, whether so expressed or not. 
  

	Section 5.06.	SEVERABILITY. 

 If any provision of this Supplemental shall be held to be invalid, illegal or unenforceable under applicable law, then the remaining provisions hereof shall be construed as though such invalid, illegal or
unenforceable provision were not contained herein. 
  

	Section 5.07.	EFFECT OF HEADINGS. 

 The Article and Section headings in this Supplemental Indenture and the Table of Contents are for convenience only and shall not affect the construction hereof. 

[The Remainder of This Page Intentionally Left Blank; Signature Page Follows] 

  
 15 

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

			
	AMERICAN TOWER CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
	
	 THE BANK OF NEW YORK MELLON TRUST
 COMPANY, N.A., AS TRUSTEE

		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT A 

[Face of Security] 
 AMERICAN TOWER CORPORATION 
 Certificate
No.                     

[INSERT GLOBAL SECURITY LEGEND AS REQUIRED] 
 5.900% Senior Notes due 2021 
 CUSIP
No.                 
 ISIN
No.                 
 American Tower
Corporation, a Delaware corporation (the “Company”), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of
                                  dollars
($                 ) on November 1, 2021 and to pay interest thereon, as provided on the reverse hereof, until the principal and any unpaid and accrued
interest are paid or duly provided for. 
 Interest Payment Dates: May 1 and November 1, with the first payment to be
made on May 1, 2012. 
 Regular Record Dates: April 15 and October 15. 

The provisions on the back of this certificate are incorporated as if set forth on the face hereof. 

  
 A-1

 IN WITNESS WHEREOF, American Tower Corporation has caused this instrument to be duly
signed. 
  

			
	AMERICAN TOWER CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 Dated
                     

  
 A-2

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee 
  

			
	By:	 	  

			
	Authorized Signatory
		
	Dated:	 	

  
 A-3

 [REVERSE OF SECURITY] 

AMERICAN TOWER CORPORATION 
         % Senior Notes due 2021 

1. Interest. American Tower Corporation, a Delaware corporation (the “Company”), promises to pay interest on
the principal amount of this Security at the rate per annum shown above. The Company will pay interest, payable semi-annually in arrears, on May 1 and November 1 of each year, with the first payment to be made on May 1, 2012.
Interest on the Securities will accrue on the principal amount from, and including, the most recent date to which interest has been paid or provided for or, if no interest has been paid, from, and including,
                    , in each case to, but excluding, the next Interest Payment Date or the Stated Maturity for the payment of principal on the
Securities, as the case may be; provided that if there is no existing Default in the payment of interest, the Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and
premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

2. Maturity. The Securities will mature on November 1, 2021. 

3. Method of Payment. Except as provided in the Indenture (as defined below), the Company will pay interest on the Securities
to the persons who are Holders of record of Securities at the close of business on the Regular Record Date set forth on the face of this Security next preceding the applicable Interest Payment Date. Holders must surrender Securities to a Paying
Agent to collect the principal amount. The Company will pay, in money of the United States that at the time of payment is legal tender for payment of public and private debts, all amounts due in cash with respect to the Securities, which amounts
shall be paid (A) in the case this Security is a Global Security, by wire transfer of immediately available funds to the account designated by the Depository for the Securities or its nominee; and (B) in the case this Security is a
Physical Security, by mailing a check to the address of the relevant Holder set forth in the Security Register for the Securities. The Company shall pay, in cash, interest on any overdue amount (including, to the extent permitted by applicable law,
overdue interest) at the rate borne by the Securities. 
 4. Paying Agent and Registrar. Initially, The Bank of New
York Mellon Trust Company, N.A. (the “Trustee”) will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar upon prior written notice to the Trustee. The Company or any of its Subsidiaries may act in
any such capacity. 
 5. Indenture. The Company issued the Securities under an indenture dated as of May 13,
2010 (the “Base Indenture”) between the Company and the Trustee, as amended, supplemented or otherwise modified by the Supplemental Indenture No. 3 (the “Supplemental Indenture”), dated as of
                    , between the Company and the Trustee (the Base Indenture, as amended, supplemented or otherwise modified by the Supplemental
Indenture, the “Indenture”). The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) (the
“TIA”) as amended and in effect from time to time. The Securities are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of such terms. To the extent any provision of this Security
conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Securities are general unsecured senior obligations of the Company. The Original Securities are limited to $500,000,000
aggregate principal amount, except as otherwise provided in the Indenture (except for Securities issued in substitution for destroyed, mutilated, lost or stolen Securities). Subject to the conditions set forth in the Indenture and without the
consent of the Holders, the Company may issue Additional Securities. All Securities, including any Additional Securities, will be treated as a single class of securities under the Indenture. Terms used herein without definition and which are defined
in the Indenture have the meanings assigned to them in the Indenture. 

  
 A-4

 6. Optional Redemption. The Securities are redeemable at the Company’s
election, in whole or in part, at any time at redemption price equal to the greater of: 
 (1) 100% of the principal amount of
the Securities to be redeemed then outstanding; and 
 (2) as determined by an Independent Investment Banker, the sum of the
present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption date on a
semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 50 basis points; 
 plus, in
either of the above cases, accrued and unpaid interest to the date of redemption on the Securities to be redeemed. 
 If the
Company selects a redemption date that is on or after a Regular Record Date and on or before the related Interest Payment Date, the accrued and unpaid interest, if any, shall be paid to the person in whose name the Security is registered at the
close of business on such Regular Record Date. 
 The Company will mail or caused to be mailed a notice of redemption at least
30 days, but not more than 60 days, before the redemption date to each Holder of the Securities to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is
issued in connection with a defeasance of the Securities or a satisfaction and discharge of the Indenture. Notices of redemption may not be conditional. 
 Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Securities or portions thereof called for redemption. Securities
called for redemption become due on the date fixed for redemption. 
 For purposes of the foregoing, the following terms shall
have the following meanings: 
 “Adjusted Treasury Rate” means, with respect to any redemption date:

 (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in
the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United
States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (as defined below) (if no maturity is within three months before or
after the Remaining Life (as defined below), yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such
yields on a straight line basis, rounding to the nearest month); or 
 (2) if such release (or any successor
release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price (as defined below) for such redemption date. 
 The Adjusted Treasury Rate shall be calculated on the third Business Day preceding the redemption date. 
 “Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker (as defined below) as having a maturity comparable to the remaining term
of the Securities that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities
(“Remaining Life”). 

  
 A-5

 “Comparable Treasury Price” means, for any redemption date, (1) the
average of four Reference Treasury Dealer Quotations (as defined below) for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four
such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Independent Investment
Banker” means one of the Reference Treasury Dealers appointed by the Company. 
 “Reference Treasury
Dealer” means any of the primary U.S. Government securities dealers in New York City. 
 “Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in
each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New York City time, on the third Business Day preceding such redemption date. 

7. No Mandatory Redemption. The Company shall not be required to make mandatory redemption payments with respect to the
Securities. 
 8. Repurchase at Option of Holder. Upon the occurrence of a Change of Control Triggering Event, and
subject to certain conditions set forth in the Indenture, the Company will be required to offer to purchase all of the outstanding Securities at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if
any, thereon to the date of repurchase. 
 9. Notice of Redemption. Notice of redemption shall be mailed at least 30
days but not more than 60 days before the redemption date to each Holder whose Securities are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued
in connection with Article 10 or Article 11 of the Base Indenture. Securities in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Securities held by a Holder are to be redeemed. Unless
the Company defaults in payment of the redemption price, on and after the redemption date interest ceases to accrue on Securities or portions thereof called for redemption. 
 10. Denominations, Transfer, Exchange. The Securities are in registered form, without coupons, in denominations of $2,000 principal amount and integral multiples of $1,000 principal amount.
The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents. 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 similar governmental charge that may be imposed in connection with certain transfers or exchanges. The Company shall
not be required to register the transfer of or exchange any Security selected for redemption, except for the unredeemed portion of any Security being redeemed in part. Also, the Company need not exchange or register the transfer of any Securities
for a period of 15 days next preceding the first mailing of notice of redemption of Securities to be redeemed. 

11. Persons Deemed Owners. The registered Holder of a Security may be treated as the owner of such Security for all purposes.

 12. Merger or Consolidation. The Company shall not consolidate with or merge with or into, or sell, transfer,
lease, convey or otherwise dispose of all or substantially all of its property or assets to, another Person (including pursuant to a statutory arrangement), whether in a single transaction or series of related transactions, unless it complies with
Article 8 of the Base Indenture. 
 13. Amendments, Supplements and Waivers. The Indenture or the Securities
may be amended or supplemented as provided in the Indenture. 

  
 A-6

 14. Defaults and Remedies. The Events of Default relating to the Securities are
defined in Section 5.01 of the Base Indenture. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Securities may declare the principal, premium, if any,
interest and any other monetary obligations on all the then outstanding Securities to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all
outstanding Securities will become due and payable immediately without further action or notice. 
 Holders may not enforce the
Indenture or the Securities except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Securities may direct the Trustee in its exercise of any trust or power. The
Trustee may withhold from Holders of the Securities notice of any continuing Default (except a Default relating to the payment of principal, premium, if any, or interest) if it determines that withholding notice is in their interest. The Holders of
a majority in aggregate principal amount of the Securities then outstanding by notice to the Trustee may on behalf of the Holders of all of the Securities waive any existing Default or and its consequences under the Indenture except a continuing
Default in payment of the principal of, premium, if any, or interest, if any, on, any of the Securities held by a non-consenting Holder. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture,
and the Company is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 
 15. Trustee Dealings with the Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its affiliates,
and may otherwise deal with the Company or its affiliates, as if it were not the Trustee. 
 16. No Recourse Against
Others. A director, officer, employee, incorporator or stockholder, of the Company, as such, shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of,
or by reason of, such obligations or their creation. Each Holder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Securities. 

17. Authentication. This Security shall not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent in accordance with the Indenture. 
 18. Abbreviations. Customary abbreviations may be used in
the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to
Minors Act). 
 19. CUSIP and ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Company has caused CUSIP and ISIN numbers to be printed on the Securities and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the
accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon 

THE COMPANY WILL FURNISH TO ANY HOLDER UPON WRITTEN REQUEST AND WITHOUT CHARGE A COPY OF THE BASE INDENTURE OR THE SUPPLEMENTAL
INDENTURE. REQUESTS MAY BE MADE TO: 
 American Tower Corporation 

116 Huntington Avenue 
 Boston, MA 02116 
 Telecopier No.: (617) 375-7575 

Attention: Investor Relations. 

  
 A-7

 [FORM OF ASSIGNMENT] 
 I or we assign to 
  

			
	PLEASE INSERT SOCIAL SECURITY OR	 	
	OTHER IDENTIFYING NUMBER	 	
		
	  
	 	
		
	(please print or type name and address)	 	
		
	  
	 	
		
	  
	 	
	
	the within Security and all rights thereunder, and hereby irrevocably constitute and appoint
		
	  
	 	
	
	Attorney to transfer the Security on the books of the Company with full power of substitution in the
premises.

					
			
	Dated:	 		 	

  

					
		  	NOTICE: The signature on this assignment must correspond with the name as it appears upon the face of the within Security in every particular without alteration or
enlargement or any change whatsoever and be guaranteed by a guarantor institution participating in the Securities Transfer Agents Medallion Program or in such other guarantee program acceptable to the Trustee.

  

			
	Signature Guarantee:	 	  

  
 A-8

 Option of Holder to Elect Purchase 

If you want to elect to have only part of the Security purchased by the Company pursuant to Section 4.01(b) of the Supplemental Indenture, state the
amount you elect to have purchased: 

$                       
      

Date:                        
     
 Your
Signature:                                       
                          
 (Sign exactly as your name appears on 
 the face of this Security)

 Tax Identification
No.:                                        

 Signature
Guarantee*:                                       
  
  

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

  
 A-9

 SCHEDULE A 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY* 

The initial principal amount of this Global Security is $500,000,000. The following exchanges of a part of this Global Security for an
interest in another Global Security or for Securities in certificated form, have been made: 
  

									
	 Date of Exchange
	 	 Amount of decrease in

Principal Amount of
 this Global Security
	 	 Amount of increase
in
Principal Amount of
this Global Security
	  	Principal Amount of
this Global Security
following such decrease
(or increase)	  	Signature of
authorized officer of
Trustee or Custodian
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	

  

	*	This schedule should be included only if the Security is issued in global form. 

  
 A-10

 EXHIBIT B 

FORM OF LEGEND FOR GLOBAL SECURITY 
 Any 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 THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE
COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITORY
TRUST COMPANY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. 

  
 B-1Amended and Restated Credit Agreement

 Exhibit 10.1 
  

 
  

AMENDED AND RESTATED 
 CREDIT AGREEMENT 
 dated as of 

September 30, 2011 
 among 
 WEINGARTEN REALTY INVESTORS, 

The Lenders Party Hereto 
 and 
 JPMORGAN CHASE BANK, N.A., 

as Administrative Agent 
 and 
 BANK OF AMERICA, N.A., 

as Syndication Agent 
 and 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 

PNC BANK, NATIONAL ASSOCIATION, and 
 REGIONS BANK, 
 as Documentation Agents 

and 
 ROYAL BANK
OF CANADA, 
 As Co-Documentation Agent 
 and 
 COMPASS BANK, 

U.S. BANK, NATIONAL ASSOCIATION and 
 THE BANK OF NOVA SCOTIA, 
 as Managing Agents 

 
  

 
 J.P. MORGAN SECURITIES LLC and

 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 

as Joint Bookrunners and as Co-Arrangers 

 TABLE OF CONTENTS 

 

					
	 ARTICLE I Definitions
	  	 	1	  
	 SECTION 1.01.     Defined Terms
	  	 	1	  
	 SECTION 1.02.     Classification of Loans and Borrowings
	  	 	23	  
	 SECTION 1.03.     Terms Generally
	  	 	24	  
	 SECTION 1.04.     Accounting Terms; GAAP
	  	 	24	  
		
	 ARTICLE II The Credits
	  	 	25	  
	 SECTION 2.01.     Commitments
	  	 	25	  
	 SECTION 2.02.     Loans and Borrowings
	  	 	25	  
	 SECTION 2.03.     Requests for Revolving Borrowings
	  	 	26	  
	 SECTION 2.04.     Competitive Bid Procedure
	  	 	27	  
	 SECTION 2.04.A  Swingline Loans
	  	 	29	  
	 SECTION 2.05.     Letters of Credit
	  	 	30	  
	 SECTION 2.06.     Funding of Borrowings
	  	 	35	  
	 SECTION 2.07.     Interest Elections
	  	 	36	  
	 SECTION 2.08.     Termination, Reduction and Increase of Commitments
	  	 	37	  
	 SECTION 2.09.     Repayment of Loans; Evidence of Debt
	  	 	38	  
	 SECTION 2.10.     Prepayment of Loans
	  	 	39	  
	 SECTION 2.11.     Fees
	  	 	40	  
	 SECTION 2.12.     Interest
	  	 	41	  
	 SECTION 2.13.     Alternate Rate of Interest
	  	 	42	  
	 SECTION 2.14.     Increased Costs
	  	 	43	  
	 SECTION 2.15.     Break Funding Payments
	  	 	44	  
	 SECTION 2.16.     Taxes
	  	 	45	  
	 SECTION 2.17.     Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	  	 	47	  
	 SECTION 2.18.     Mitigation Obligations; Replacement of Lenders
	  	 	49	  
	 SECTION 2.19.     Extension
	  	 	50	  
		
	 ARTICLE III Representations and Warranties
	  	 	52	  
	 SECTION 3.01.     Organization; Powers
	  	 	52	  
	 SECTION 3.02.     Authorization; Enforceability
	  	 	52	  
	 SECTION 3.03.     Governmental Approvals; No Conflicts
	  	 	52	  
	 SECTION 3.04.     Financial Condition; No Material Adverse Change
	  	 	52	  
	 SECTION 3.05.     Properties
	  	 	53	  
	 SECTION 3.06.     Intellectual Property
	  	 	54	  
	 SECTION 3.07.     Litigation and Environmental Matters
	  	 	54	  
	 SECTION 3.08.     Compliance with Laws and Agreements
	  	 	56	  
	 SECTION 3.09.     Investment Company Status
	  	 	57	  
	 SECTION 3.10.     Taxes
	  	 	57	  
	 SECTION 3.11.     ERISA
	  	 	57	  
	 SECTION 3.12.     Disclosure
	  	 	57	  

  
 i 

					
	 SECTION 3.13.     Insurance
	  	 	58	  
	 SECTION 3.14.     Subsidiaries
	  	 	58	  
		
	 ARTICLE IV Conditions
	  	 	58	  
	 SECTION 4.01.     Effective Date
	  	 	58	  
	 SECTION 4.02.     Each Credit Event
	  	 	59	  
		
	 ARTICLE V Affirmative Covenants
	  	 	59	  
	 SECTION 5.01.     Financial Statements; Ratings Change and Other Information
	  	 	60	  
	 SECTION 5.02.     Financial Tests
	  	 	61	  
	 SECTION 5.03.     Notices of Material Events
	  	 	61	  
	 SECTION 5.04.     Existence; Conduct of Business
	  	 	62	  
	 SECTION 5.05.     Payment of Obligations
	  	 	62	  
	 SECTION 5.06.     Maintenance of Properties; Insurance
	  	 	62	  
	 SECTION 5.07.     Books and Records; Inspection Rights
	  	 	63	  
	 SECTION 5.08.     Compliance with Laws
	  	 	63	  
	 SECTION 5.09.     Use of Proceeds and Letters of Credit
	  	 	63	  
	 SECTION 5.10.     Fiscal Year
	  	 	63	  
	 SECTION 5.11.     Environmental Matters
	  	 	63	  
	 SECTION 5.12.     Guaranties
	  	 	64	  
	 SECTION 5.13.     Further Assurances
	  	 	64	  
		
	 ARTICLE VI Negative Covenants
	  	 	64	  
	 SECTION 6.01.     Liens
	  	 	64	  
	 SECTION 6.02.     Fundamental Changes
	  	 	65	  
	 SECTION 6.03.     Investments, Loans, Advances and Acquisitions
	  	 	65	  
	 SECTION 6.04.     Hedging Agreements
	  	 	66	  
	 SECTION 6.05.     Transactions with Affiliates
	  	 	66	  
	 SECTION 6.06.     Restrictive Agreements
	  	 	66	  
	 SECTION 6.07.     Government Regulation
	  	 	67	  
	 SECTION 6.08.     Prohibited Restricted Payments
	  	 	67	  
		
	 ARTICLE VII Events of Default
	  	 	68	  
		
	 ARTICLE VIII The Administrative Agent
	  	 	70	  
	 SECTION 8.01.     General
	  	 	70	  
	 SECTION 8.02.     Defaulting Lenders
	  	 	72	  
		
	 ARTICLE IX Miscellaneous
	  	 	75	  
	 SECTION 9.01.     Notices
	  	 	75	  
	 SECTION 9.02.     Waivers; Amendments
	  	 	76	  
	 SECTION 9.03.     Expenses; Indemnity; Damage Waiver
	  	 	77	  

  
 ii 

					
	 SECTION 9.04.     Successors and Assigns
	  	 	78	  
	 SECTION 9.05.     Survival
	  	 	82	  
	 SECTION 9.06.     Counterparts; Integration; Effectiveness
	  	 	82	  
	 SECTION 9.07.     Severability
	  	 	82	  
	 SECTION 9.08.     Right of Setoff
	  	 	82	  
	 SECTION 9.09.     Governing Law; Jurisdiction; Consent to Service of Process
	  	 	83	  
	 SECTION 9.10.     WAIVER OF JURY TRIAL
	  	 	83	  
	 SECTION 9.11.     Headings
	  	 	84	  
	 SECTION 9.12.     Confidentiality
	  	 	84	  
	 SECTION 9.13.     Interest Rate Limitation
	  	 	85	  
	 SECTION 9.14.     Liability of Holders
	  	 	86	  
	 SECTION 9.15.     USA Patriot Act
	  	 	86	  

 SCHEDULES: 
  

			
	 Schedule 2.01 — Commitments
	  	
	 Schedule 2.05(d) — Existing Letters of Credit
	  	
	 Schedule 3.05(f) — Flood, Earthquake or Seismic Area
	  	
	 Schedule 3.07 — Disclosed Matters
	  	
	 Schedule 3.14 — Subsidiaries
	  	
	 Schedule 6.01 — Existing Liens
	  	
	 Schedule 6.06 — Existing Restrictions
	  	

 EXHIBITS: 
  

	
	 Exhibit A — Form of Assignment and Assumption

	 Exhibit B — Form of Compliance Certificate

	 Exhibit C — Form of Guaranty

	 Exhibit C-1 — List of Guarantors

	 Exhibit D — Form of Note

	 Exhibit D-1 — Form of Swingline Note

	 Exhibit E — Form of Borrowing Request/Interest Rate Election

	 Exhibit F — Form of Competitive Bid Request

	Exhibit G-1 — Form of U.S. Tax Certificate (For Non-U.S. Lenders that are not Partnerships for U.S. Federal Income Tax Purposes)
	 Exhibit G-2 — Form of U.S. Tax Certificate (For Non-U.S. Participants that are not Partnerships for U.S.
Federal Income Tax

                        
Purposes)

	Exhibit G-3 — Form of U.S. Tax Certificate (For Non-U.S. Lenders that are Partnerships for U.S. Federal Income Tax Purposes)
	Exhibit G-4 — Form of U.S. Tax Certificate (For Non-U.S. Participants that are Partnerships for U.S. Federal Income Tax Purposes)

  
 iii

 AMENDED AND RESTATED CREDIT AGREEMENT (“Agreement”) dated as of 

September 30, 2011, among WEINGARTEN REALTY INVESTORS, 
 a Texas real estate investment trust, the LENDERS party hereto, 
 JPMORGAN CHASE
BANK, N.A., as Administrative Agent, 
 BANK OF AMERICA, N.A., as Syndication Agent, and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 PNC BANK, NATIONAL ASSOCIATION, and 
 REGIONS BANK, as Documentation Agents, and

 ROYAL BANK OF CANADA, as Co-Documentation Agent, 
 COMPASS BANK, U.S. BANK, NATIONAL ASSOCIATION 
 and THE BANK OF NOVA SCOTIA, as
Managing Agents. 
 WHEREAS, the Borrower, the Administrative Agent and certain of the Lenders entered into an Amended and
Restated Credit Agreement dated as of February 11, 2010 (as amended to the date hereof, the “Original Credit Agreement”); and 
 WHEREAS, the Borrower has requested that the Administrative Agent and the Lenders amend and restate the Original Credit Agreement and the Administrative Agent and the Lenders have agreed to do so pursuant
to the terms of this Agreement; and 
 WHEREAS, the Borrower desires to obtain Loans and obtain Letters of Credit (as such terms
are hereinafter defined) from the Lenders; and 
 WHEREAS, subject to and upon the terms and conditions set forth herein, the
Lenders are willing to make Loans and provide for the issuance of Letters of Credit to the Borrower, as provided for herein; 

NOW, THEREFORE, in consideration of the promises and the covenants and agreements contained herein, the adequacy of which is hereby
acknowledged, the parties hereto hereby agree that the aforementioned recitals are true and correct and hereby incorporated herein and that the parties hereto hereby agree as follows: 

ARTICLE I 

Definitions 
 SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the
Alternate Base Rate. 

 “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for
any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

“Adjusted Net Operating Income” means, for any income producing Real Property, the Net Operating Income less the Capital
Expenditure Reserve for such property. 
 “Administrative Agent” means JPMorgan Chase Bank, N.A., in its
capacity as administrative agent for the Lenders hereunder. 
 “Administrative Questionnaire” means an
Administrative Questionnaire in a form supplied by the Administrative Agent. 
 “Affiliate” means, with respect
to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. In no event shall the Administrative Agent or any Lender be
deemed to be an Affiliate of Borrower. 
 “Alternate Base Rate” means, for any day, a rate per annum equal to
the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%, and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is
not a Business Day, the immediately preceding Business Day) plus 1%, provided that, for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the rate appearing on the Reuters BBA Libor Rates Page 3750 (or on any successor or
substitute page of such page) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and
including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively. 
 “Applicable Percentage” means, with respect to any Lender, the percentage of the total Commitments represented by such Lender’s Commitment; provided that in the case of
Section 8.02 where a Defaulting Lender shall exist, “Applicable Percentage” shall mean, under the circumstances therein stated, the percentage of the total Commitments (disregarding any Defaulting Lender’s Commitment)
represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Revolving Credit Exposure most recently in effect, giving effect to any assignments.

 “Applicable Rate” means, for any day, with respect to any ABR Loan or Eurodollar Revolving Loan, or with
respect to the facility fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “ABR Spread”, “Eurodollar Spread” or “Facility Fee Rate”, as the case may be, based
upon the ratings by Moody’s and S&P, respectively, applicable on such date to the Index Debt: 

  
 2 

							
	 Index Debt Ratings:
	  	 ABR

Spread
	  	 Eurodollar

Spread
	  	 Facility Fee

Rate

	 Category 1

A-/A3 or better
	  	0.0%	  	1.000%	  	0.175%
	 Category 2

BBB+/Baa1
	  	0.075%	  	1.075%	  	0.200%
	 Category 3

BBB/Baa2
	  	0.250%	  	1.250%	  	0.250%
	 Category 4

BBB-/Baa3
	  	0.500%	  	1.500%	  	0.350%
	 Category 5

Worse than BBB-/Baa3
	  	0.850%	  	1.850%	  	0.450%

 For purposes of the foregoing, (i) if either Moody’s or S&P shall not have in effect a
rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition), then such rating agency shall be deemed to have established a rating in Category 5; (ii) if the ratings established or
deemed to have been established by Moody’s and S&P for the Index Debt shall fall within different Categories, the Applicable Rate shall be based on the higher of the two ratings unless one of the two ratings is two or more Categories lower
than the other, in which case the Applicable Rate shall be determined by reference to the Category next below that of the higher of the two ratings; and (iii) if the ratings established or deemed to have been established by Moody’s and
S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Moody’s or S&P), such change shall be effective as of the date on which it is first announced by the applicable rating agency,
irrespective of when notice of such change shall have been furnished by the Borrower to the Agent and the Lenders pursuant to Section 5.01(e) hereof or otherwise. Each change in the Applicable Rate shall apply during the period
commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody’s or S&P shall change, or if either such rating agency shall cease to be
in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the
effectiveness of any such amendment, the Applicable Rate shall be determined by reference to the rating most recently in effect prior to such change or cessation. 
 “Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary
course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

  
 3 

 “Assignment and Assumption” means an assignment and assumption entered into
by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent.

 “Availability Period” means the period from and including the Effective Date to but excluding the Maturity
Date. 
 “Board” means the Board of Governors of the Federal Reserve System of the United States of America.

 “Borrower” means Weingarten Realty Investors, a Texas real estate investment trust. 

“Borrowing” means (a) Revolving Loans of the same Type, made, converted or continued on the same date and, in the
case of Eurodollar Loans, as to which a single Interest Period is in effect, (b) a Competitive Loan or group of Competitive Loans of the same Type made on the same date and as to which a single Interest Period is in effect, or (c) a
Swingline Loan. 
 “Borrowing Request” means a request by the Borrower for a Revolving Borrowing in accordance
with Section 2.03 or 2.04.A. 
 “Business Day” means any day that is not a Saturday, Sunday
or other day on which commercial banks in New York, New York are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any
day on which banks are not open for dealings in dollar deposits in the London interbank market. 
 “Capital Expenditure
Reserve” means, on an annual basis, an amount equal to (a) for use in calculating the Fixed Charge Coverage Ratio and the Adjusted Net Operating Income, the product of (i) the aggregate number of gross square feet of improvements
contained in each Real Property parcel owned by Borrower or any Subsidiary measured as of the last day of each of the immediately preceding four (4) calendar quarters and averaged, multiplied by (ii) $0.15; and (b) for use in
calculating Value, the product of (i) the aggregate number of gross square feet of improvements contained in the applicable Real Property owned by Borrower or any Subsidiary as of the last day of the immediately preceding calendar quarter,
multiplied by (ii) $0.15. Capital Expenditure Reserve shall be calculated on a consolidated basis in accordance with GAAP, and including (without duplication) the Equity Percentage of Capital Expenditure Reserve for the Borrower’s
Unconsolidated Affiliates. 
 “Capital Lease Obligations” of any Person means the obligations of such Person to
pay rent or other amounts under any lease of (or other arrangement conveying the right to use) 

  
 4 

 
real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the
amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 
 “Change in
Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange
Commission thereunder as in effect on the date hereof), of shares representing more than 33% of the aggregate ordinary voting power represented by the issued and outstanding capital stock of the Borrower; (b) occupation of a majority of the
seats (other than vacant seats) on the board of directors of the Borrower by Persons who were neither (i) nominated by the board of directors of the Borrower nor (ii) appointed by directors so nominated; or (c) the acquisition of
direct or indirect Control of the Borrower by any Person or group. 
 “Change in Law” means the occurrence
after the date of this Agreement or, with respect to any Lender, such later date on which such Lender becomes a party to this Agreement of (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law,
rule, regulation or treaty or in the interpretation, implementation or application thereof by any Governmental Authority or (c) compliance by any Lender or the Issuing Bank (or, for purposes of Section 2.14(b), by any lending office
of such Lender or by such Lender’s or the Issuing Bank’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority; provided however, that notwithstanding
anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, interpretations, guidelines or directives thereunder or issued in connection therewith (whether or not
having the force of law) or (ii) regulations promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in
each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, promulgated, implemented or issued. 
 “Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans, Competitive Loans or Swingline Loans.

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

“Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire
participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be reduced or increased from time
to time pursuant to assignments by or to such Lender pursuant to 

  
 5 

 
Section 9.04. The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to which such Lender shall have
assumed its Commitment, as applicable. The initial aggregate amount of the Lenders’ Commitments is $500,000,000.00. 

“Competitive Bid” means an offer by a Lender to make a Competitive Loan in accordance with Section 2.04.

 “Competitive Bid Rate” means, with respect to any Competitive Bid, the Margin or the Fixed Rate, as
applicable, offered by the Lender making such Competitive Bid. 
 “Competitive Bid Request” means a request by
the Borrower for Competitive Bids in accordance with Section 2.04. 
 “Competitive Loan” means a
Loan made pursuant to Section 2.04. 
 “Compliance Certificate” has the meaning set forth in
Section 5.01(c) hereof and a form of which is attached hereto as Exhibit B. 
 “Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise, which includes the customary
powers of a managing member of any limited liability company, any general partner of any limited partnership, or any board of directors of a corporation. “Controlling” and “Controlled” have meanings correlative
thereto. 
 “Credit Party” means the Borrower and each Guarantor, if any. 

“Debt to Total Asset Value Ratio” means the ratio (expressed as a percentage) of the Borrower’s Indebtedness (net
of cash and cash equivalents not subject to a Lien or negative pledge or otherwise restricted, in excess of $35,000,000 to the extent there is an equivalent amount of Indebtedness maturing within two (2) years (the “Net Unrestricted
Cash Amount”) to Total Asset Value. 
 “Default” means any event or condition which constitutes an
Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 

“Defaulting Lender” means any Lender, as determined by Administrative Agent, that has (a) failed to fund any
portion of its Loans or participations in Letters of Credit within three (3) Business Days after the date required to be funded by it hereunder, (b) notified Borrower, Administrative Agent, Issuing Bank or any Lender in writing that it
does not intend to comply with any of its funding obligations under this Agreement or has made a public statement 

  
 6 

 
to the effect that it does not intend to comply with its funding obligations under this Agreement or under other agreements in which it commits to extend credit, (c) failed, within three
(3) Business Days after request by Administrative Agent, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans and participations in then outstanding Letters of Credit,
(d) otherwise failed to pay over to Administrative Agent or any other Lender any other amount required to be paid by it hereunder within three (3) Business Days after the date when due, unless the subject of a good faith dispute, or
(e) (i) become or is insolvent or has a parent company that has become or is insolvent or (ii) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or
has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a
receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment. 

“Development Property” means the property described in clause (c) of the definition of Value. 

“Disclosed Matters” means the actions, suits and proceedings and the environmental matters disclosed in
Schedule 3.07. 
 “Dollars” or “$” refers to lawful money of the United States of
America. 
 “EBITDA” means an amount derived from (a) net income, plus (b) to the extent included in
the determination of net income, depreciation, amortization, interest expense and income taxes, in each case, as determined on a consolidated basis in accordance with GAAP, plus or minus (c) to the extent included in the determination of net
income, any losses or gains resulting from (i) Real Property sales other than merchant build sales, (ii) write-downs, write-ups, write-offs or other valuation adjustments of assets or liabilities or (iii) the early retirement of
Indebtedness, plus (d) to the extent included in the determination of net income, Real Property acquisition costs, and including (without duplication) the Equity Percentage of EBITDA for Borrower’s Unconsolidated Affiliates. 

“Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived
in accordance with Section 9.02). 
 “Eligible Ground Lease” means a lease of Real Property in
which the Borrower or a Subsidiary is ground lessee meeting the following requirements: (a) a remaining term (including renewal options exercisable at lessee’s sole option) of at least twenty-five (25) years, and (b) the
Administrative Agent has determined that the ground lease is financeable in that it provides or allows (either in the ground lease or in a current valid estoppel letter executed by the landlord) for, without further consent from the landlord,
(i) notice and right to cure to lessee’s lender, (ii) a pledge and mortgage of the leasehold interest, and (iii) recognition of a foreclosure of the leasehold interest including no prohibition on entering into a new lease with
the lender. 

  
 7 

 “Environmental Laws” means all applicable laws, rules, regulations, codes,
ordinances, orders, decrees, judgments, injunctions, or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management,
release or threatened release of any Hazardous Material or to health and safety matters and includes (without limitation) the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”), 42 U.S.C.
§ 9601 et seq., the Hazardous Materials Transportation Authorization Act, 49 U.S.C. § 5101 et seq., the Federal Insecticide, Fungicide, and Rodenticide Act, 7 U.S.C. § 136 et
seq., the Resource Conservation and Recovery Act (“RCRA”), 42 U.S.C. § 6901 et seq., the Toxic Substances Control Act, 15 U.S.C. § 2601 et seq., the Clean Air Act, 42 U.S.C.
§7401 et seq., the Clean Water Act, 33 U.S.C. § 1251 et seq., the Occupational Safety and Health Act, 29 U.S.C. § 651 et seq., (to the extent the same relates to any Hazardous
Materials), and the Oil Pollution Act of 1990, 33 U.S.C. § 2701 et seq, as such laws have been amended or supplemented, and the regulations promulgated pursuant thereto, and all analogous state and local statutes. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) exposure to any Hazardous Materials in violation
of any Environmental Law, (c) the Release or threatened Release of any Hazardous Materials into the environment in violation of any Environmental Law or (d) any contract, agreement or other consensual arrangement pursuant to which
liability is assumed or imposed with respect to any of the foregoing. 
 “Equity Percentage” means the
aggregate ownership percentage of Borrower and its Subsidiaries in each Unconsolidated Affiliate, which shall be calculated as follows: (a) for inclusion in Indebtedness, Borrower’s nominal capital ownership interest in the Unconsolidated
Affiliate as set forth in the Unconsolidated Affiliate’s organizational documents, and (b) for all other purposes, the greater of (i) Borrower’s nominal capital ownership interest in the Unconsolidated Affiliate as set forth in
the Unconsolidated Affiliate’s organizational documents, and (ii) Borrower’s economic ownership interest in the Unconsolidated Affiliate, reflecting Borrower’s share of income and expenses of the Unconsolidated Affiliate.

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

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated
as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 

  
 8 

 “ERISA Event” means (a) any “reportable event”, as defined
in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the
minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower
or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates
of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or
any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 

“Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate (or, in the case of a Competitive Loan, the LIBO Rate). 
 “Event of Default” has the meaning assigned to such term in Article VII. 
 “Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of the
Borrower hereunder: (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America, or by the jurisdiction under the laws of which such recipient is organized or in which its principal office is located
or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by the United States of America or any similar taxes imposed by any other jurisdiction in which the Borrower is located and
(c) in the case of a Non-U.S. Lender (other than an assignee pursuant to a request by the Borrower under Section 2.18(b)), any withholding taxes resulting from any law in effect (including FACTA) on such Non-U.S. Lender at the time
such Non-U.S. Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Non-U.S. Lender’s failure to comply with Section 2.16(f), except to the extent that such Non-U.S. Lender (or its
assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such withholding taxes pursuant to Section 2.16(a). 

  
 9 

 “Extension Request” has the meaning set forth in Section 2.19.

 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement and any regulations
or official interpretations thereof. 
 “Federal Funds Effective Rate” means, for any day, the weighted average
(rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the
Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the
Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
 “Financial
Officer” means the vice president of capital markets, the chief financial officer, chief accounting officer, treasurer or controller of the Borrower. 
 “Fixed Charge Coverage Ratio” means the ratio of (a) the Borrower’s EBITDA for the immediately preceding four (4) calendar quarters less the Capital Expenditure Reserve for
such period; to (b) all of the principal due and payable and principal paid on the Borrower’s Indebtedness (excluding balloon payments of principal due at the stated maturity of such Indebtedness, and any full or partial loan prepayments
prior to the stated maturity thereof), plus all of the Borrower’s Interest Expense, plus the aggregate of all cash dividends payable on the Borrower’s or any of its Subsidiaries’ preferred stock, in each case for the period used to
calculate EBITDA, all of the foregoing calculated without duplication. 
 “Fixed Rate” means, with respect to
any Competitive Loan (other than a Eurodollar Competitive Loan), the fixed rate of interest per annum specified by the Lender making such Competitive Loan in its related Competitive Bid. 

“Fixed Rate Loan” means a Competitive Loan bearing interest at a Fixed Rate. 

“GAAP” means generally accepted accounting principles in the United States of America, subject to the provisions of
Section 1.04. 
 “Governmental Authority” means the government of the United States of America, any
other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government, and any group or body charged with setting financial accounting or regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the
Bank for International Settlements or the Basel Committee on Banking Supervision) or any successor or similar authority to any of the foregoing. 

  
 10 

 “Guarantee” of or by any Person (the “guarantor”) means
any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or
indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply
funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to
maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of
any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business, and shall not include
guaranties or contingent liabilities under operating leases customarily undertaken or incurred by Borrower or any Subsidiary in the ordinary course of business as either landlord or tenant. 

“Guarantor” means the Persons listed on Exhibit C-1 attached hereto, and any other Person who from time to time
has executed a Guaranty as required by the terms of this Agreement. 
 “Guaranty” means a guaranty in the form
of Exhibit C attached hereto. 
 “Hazardous Materials” means all explosive or radioactive substances or
wastes and all hazardous or toxic substances or wastes, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of
any nature regulated pursuant to any Environmental Law. 
 “Hedging Agreement” means any interest rate
protection agreement, foreign currency exchange agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement. 

“Historical Value” means the recorded book value, before consideration of accumulated depreciation, of Real Property,
including improvements, ordinary related purchase transaction costs, and the cost of capital improvements (including construction costs for property under construction or development) made by the Borrower, less any provision for losses, all
determined in accordance with GAAP. 
 “Indebtedness” of any Person means, without duplication, (a) all
obligations of such Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon
which interest charges are customarily paid, (d) all obligations 

  
 11 

 
of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase
price of property or services (excluding current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or
otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others based on the amount guaranteed by
such Person, (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) all obligations, contingent
or otherwise, of such Person in respect of bankers’ acceptances, (k) all obligations contingent or otherwise, of such Person with respect to any Hedging Agreements (calculated on a mark-to-market basis as of the reporting date), however,
in the case of more than one Hedging Agreement with the same counterparty, the obligation shall be netted, (l) payments received in consideration of sale of an ownership interest in Borrower when the interest so sold is determined, and the date
of delivery is, more than one (1) month after receipt of such payment and only to the extent that the obligation to deliver such interest is not payable solely in such interest of such Person, and (m) all TIF liabilities characterized as
debt by GAAP, less the amount of any of the identical TIF obligations that are owned by the obligor under such TIF liabilities. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which
such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such
Person is not liable therefor. Indebtedness shall be calculated on a consolidated basis in accordance with GAAP, and including (without duplication) the Equity Percentage of Indebtedness for the Borrower’s Unconsolidated Affiliates. 

“Indemnified Taxes” means Taxes other than Excluded Taxes. 

“Index Debt” means senior, unsecured, long-term indebtedness for borrowed money of the Borrower that is not guaranteed
by any other Person or subject to any other credit enhancement. 
 “Industrial Property” means Real Property
that is used primarily for service center/light industrial/bulk warehouse (not heavy manufacturing) purposes. 

“Interest Election Request” means a request by the Borrower to convert or continue a Revolving Borrowing in accordance
with Section 2.07. 
 “Interest Expense” means all of a Person’s paid, accrued or capitalized
interest expense on such Person’s Indebtedness (whether direct, indirect or contingent, and including, without limitation, interest on all convertible debt but not non-cash interest expense on convertible debt), and including (without
duplication) the Equity Percentage of Interest Expense for the Borrower’s Unconsolidated Affiliates. 

  
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 “Interest Payment Date” means (a) with respect to any ABR Loan (other
than a Swingline Loan) or Eurodollar Loan the first Business Day of each calendar quarter, (b) with respect to any Fixed Rate Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of
a Fixed Rate Borrowing with an Interest Period of more than 90 days’ duration (unless otherwise specified in the applicable Competitive Bid Request), each day prior to the last day of such Interest Period that occurs at intervals of 90
days’ duration after the first day of such Interest Period, and any other dates that are specified in the applicable Competitive Bid Request as Interest Payment Dates with respect to such Borrowing, and (c) with respect to any Swingline
Loan, the day that such Loan is required to be repaid. 
 “Interest Period” means (a) with respect to any
Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending (i) on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, or (ii) seven or fourteen days
thereafter for no more than three (3) Eurodollar Revolving Borrowings outstanding at one time, as the Borrower may elect, and (b) with respect to any Fixed Rate Borrowing, the period (which shall not be less than fourteen days or more than
six months) commencing on the date of such Borrowing and ending on the date specified in the applicable Competitive Bid Request; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period
shall be extended to the next succeeding Business Day unless, in the case of a Eurodollar Borrowing only, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding
Business Day and (ii) any Interest Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such
Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case of a Revolving
Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“Issuing Bank” means JPMorgan Chase Bank, N.A., in its capacity as the issuer of Letters of Credit hereunder, and its
successors in such capacity as provided in Section 2.05(i). The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing Bank, in which case the term “Issuing
Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. 

“JPMC” means JPMorgan Chase Bank, N.A., in its individual capacity. 

“LC Disbursement” means a payment made by the Issuing Bank pursuant to a Letter of Credit. 

  
 13 

 “LC Exposure” means, at any time, the sum of (a) the aggregate undrawn
amount of all outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Lender at any time shall be
its Applicable Percentage of the total LC Exposure at such time. 
 “Lenders” means the Persons listed on
Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the context
otherwise requires, the term “Lenders” includes the Swingline Lender. 
 “Letter of Credit” means any
letter of credit issued pursuant to this Agreement. 
 “LIBO Rate” means, with respect to any Eurodollar
Borrowing for any Interest Period, the rate appearing on Reuters BBA Libor Rates Page 3750 (or on any successor or substitute page of such page, providing rate quotations comparable to those currently provided on such page of such page), as
determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two (2) Business Days prior
to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “LIBO Rate” with
respect to such Eurodollar Borrowing for such Interest Period shall be the rate at which dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Administrative Agent in
immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period. 
 “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the
interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in
the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

“Loan Documents” means this Agreement, the Notes, any Guaranty and all other instruments, agreements and written
obligations executed and delivered by any of the Credit Parties in connection with the transactions contemplated hereby. 

“Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement. 

“Major Acquisition” means (i) any single acquisition of a Person or assets by Borrower that has a gross purchase
price equal to or greater than ten percent (10.0%) of the then 

  
 14 

 
Total Asset Value (without giving effect to the acquisition), or (ii) one or more acquisitions of one or more Persons or assets by Borrower in any two (2) consecutive calendar quarters
which in the aggregate have a gross purchase price equal to or greater than ten percent (10.0%) of the Total Asset Value (without giving effect to the acquisition). 
 “Margin” means, with respect to any Competitive Loan bearing interest at a rate based on the LIBO Rate, the marginal rate of interest, if any, to be added to or subtracted from the LIBO
Rate to determine the rate of interest applicable to such Loan, as specified by the Lender making such Loan in its related Competitive Bid. 
 “Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations, or condition, financial or otherwise, of the Borrower and the Subsidiaries taken as
a whole, (b) the ability of the Credit Parties (as a whole) to perform their obligations under the Loan Documents or (c) the rights of or benefits available to the Lenders under the Loan Documents. 

“Material Indebtedness” means Indebtedness (other than the Loans, Letters of Credit and Non-recourse Debt), or
obligations in respect of one or more Hedging Agreements, of any one or more of the Borrower and the other Credit Parties in an aggregate principal amount exceeding $25,000,000. 

“Maturity Date” means four (4) years after the date of this Agreement, as the same may be extended in accordance
with Section 2.19. 
 “Maximum Rate” has the meaning set forth in Section 9.13.

 “Minority Subsidiary” means a Subsidiary whose accounts would be consolidated with those of its parent (as
defined in the definition of Subsidiary) as provided in the definition of Subsidiary, but the parent owns securities or other ownership interests representing less than 50% of the equity or less than 50% of the ordinary voting power or, in the case
of a partnership, less than 50% of the general partnership interests. 
 “Moody’s” means Moody’s
Investors Service, Inc. 
 “Mortgage Notes” means mortgages and notes receivable secured by valid and
enforceable first priority liens on real estate. 
 “Multiemployer Plan” means a multiemployer plan as defined
in Section 4001(a)(3) of ERISA. 
 “Net Operating Income” means, for any income producing operating Real
Property, the difference between (a) any rentals (other than those paid or payable other than in cash), proceeds and other income received from such property, including all pass-through 

  
 15 

 
reimbursables (to the extent the expense being reimbursed is included as an expense in clause (b) below) and percentage rent (but excluding security or other deposits, early lease
termination or other penalties, or other income of a non-recurring nature) during the determination period, less (b) an amount equal to all costs and expenses (excluding interest expense, income taxes and any expenditures that are
capitalized in accordance with GAAP) incurred as a result of, or in connection with, or properly allocated to, the operation or leasing of such property during the determination period; provided, however, that the amount for the expenses for the
management of a property included in clause (b) above shall be set at three percent (3%) of the amount provided in clause (a) above. Net Operating Income shall be calculated on a consolidated basis in accordance with
GAAP, and including (without duplication) the Equity Percentage of Net Operating Income for the Borrower’s Unconsolidated Affiliates. 
 “Net Secured Cash Amount” has the meaning set forth in the definition of Secured Debt to Total Asset Value Ratio. 
 “Net Unrestricted Cash Amount” has the meaning set forth in the definition of Debt to Total Asset Value Ratio. 
 “Net Worth” means Total Asset Value less Indebtedness of the Borrower. 
 “Non-recourse Debt” means any Indebtedness the payment of which the Borrower or any of its Subsidiaries is not obligated to make other than to the extent of any security therefor and
customary carve-outs, including, without limitation, fraud, criminal activity, misapplication of funds, ad valorem taxes, and environmental matters. 
 “Non-U.S. Lender” means a Lender that is not a U.S. Person. 

“Note” means a promissory note in the form attached hereto as Exhibit D payable to a Lender evidencing certain of
the obligations of the Borrower to such Lender and executed by Borrower, as the same may be amended, supplemented, modified or restated from time to time and shall include the Swingline Note; “Notes” means, collectively, all of such
Notes outstanding at any given time. 
 “Occupancy Level” means the occupancy level of a Real Property that is
leased to bona fide tenants not Affiliates of any Credit Party or the subject property manager (or any of their respective Affiliates) paying rent under written leases, based on the square feet of occupancy at the time of determination. 

“Other Taxes” means any and all present or future stamp or documentary taxes or any other excise or property taxes,
charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement. 

  
 16 

 “Participant” has the meaning set forth in Section 9.04.

 “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor
entity performing similar functions. 
 “Permitted Encumbrances” means: 

(a) Liens imposed by law for taxes that are not yet due or are being contested in compliance with Section 5.05; 

(b) carriers’, warehousemen’s, mechanics’, materialmen’s, workers’, repairmen’s and other like Liens
imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than thirty (30) days or are being contested in compliance with Section 5.05; 

(c) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance
and other social security laws or regulations (excluding any Liens imposed by ERISA); 
 (d) deposits to secure the performance
of bids, trade contracts, purchase, construction or sales contracts and similar obligations, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of
business; 
 (e) judgment liens in respect of judgments that do not constitute an Event of Default under clause
(j) of Article VII; 
 (f) easements, outstanding mineral and royalty interests, building setback lines,
maintenance liens, use restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the
affected property or interfere with the ordinary conduct of business of the Borrower or any Subsidiary; 
 (g) uniform
commercial code protective filings with respect to personal property leased to the Borrower or any Subsidiary; and 
 (h)
landlords’ liens for rent not yet due and payable; 
 provided that the term “Permitted Encumbrances”
shall not include any Lien securing Indebtedness consisting of borrowed money. 

  
 17 

 “Permitted Investments” means: 

(a) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of
America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of acquisition thereof; 

(b) investments in commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of
acquisition, a credit rating from S&P or from Moody’s of A2/P2 or better; 
 (c) investments in certificates of
deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial
bank organized under the laws of the United States of America or any State thereof which has a combined capital and surplus and undivided profits of not less than $500,000,000; 

(d) fully collateralized repurchase agreements with a term of not more than thirty (30) days for securities described in
clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; 
 (e) investments in Subsidiaries and Unconsolidated Affiliates made in accordance with this Agreement; 
 (f) investments in obligations of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, with the highest credit rating obtainable from S&P or from Moody’s;

 (g) investments in other real estate investment trusts; and 

(h) investments in TIF obligations issued solely to finance Real Property owned by the Borrower, Subsidiaries or Unconsolidated
Affiliates. 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension
benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were
terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

  
 18 

 “Prime Rate” means the rate of interest per annum publicly announced from
time to time by JPMC as its prime rate in effect at its office located at 270 Park Avenue, New York, New York 10017; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.
The Prime Rate is a reference rate and is not necessarily the lowest rate. 
 “Qualified Real Property” means
Real Property that (a) is not subject to a Lien in any manner, other than Permitted Encumbrances, and (b) is not subject to or affected by any limiting agreement described in Section 6.06(a). 

“Real Property” means, collectively, all interest in any land and improvements located thereon (including Eligible
Ground Leases and direct financing leases of land and improvements owned by a Person), together with all equipment, furniture, materials, supplies and personal property now or hereafter located at or used in connection with the land and all
appurtenances, additions, improvements, renewals, substitutions and replacements thereof now or hereafter acquired by any Person. 
 “Register” has the meaning set forth in Section 9.04. 

“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective
directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 

“Release” means any release, spill, emission, leaking, pumping, pouring, dumping, emptying, injection, deposit,
disposal, discharge, dispersal, leaching or migration on or into the indoor or outdoor environment or into or out of any property. 
 “Remedial Action” means all actions, including without limitation any capital expenditures, required or necessary to (i) clean up, remove, treat or in any other way address any
Hazardous Material; (ii) prevent the Release or threat of Release, or minimize the further Release, of any Hazardous Material so it does not migrate or endanger public health or the environment; (iii) perform pre-remedial studies and
investigations or post-remedial monitoring and care; or (iv) bring facilities on any property owned or leased by the Borrower or any of its Subsidiaries into compliance with all Environmental Laws. 

“Required Lenders” means, at any time, Lenders having Revolving Credit Exposures and unused Commitments representing at
least 51% of the sum of the total Revolving Credit Exposures and unused Commitments at such time. 
 “Retail
Property” means Real Property other than undeveloped land that is used primarily as a retail shopping center, which may include ancillary uses such as office, medical and restaurant uses. 

  
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 “Revolving Credit Exposure” means, with respect to any Lender at any time,
the sum of the outstanding principal amount of such Lender’s Revolving Loans and its LC Exposure and its Swingline Exposure at such time. 
 “Revolving Loan” means a Loan made pursuant to Section 2.03. 
 “S&P” means Standard & Poor’s. 

“Secured Debt” means the Indebtedness of the Borrower and any of its subsidiaries secured by a Lien, and (without
duplication) any Indebtedness (secured and unsecured) of any Subsidiary of the Borrower that is not a Guarantor. 

“Secured Debt to Total Asset Value Ratio” means the ratio (expressed as a percentage) of Secured Debt (net of cash and
cash equivalents not subject to a Lien or negative pledge or otherwise restricted, in excess of $35,000,000 to the extent there is an equivalent amount of Secured Debt maturing within two (2) years (the “Net Secured Cash
Amount”)) to Total Asset Value. 
 “Stabilization Date” means, with respect to a property, the earlier
of (a) eighteen (18) months after substantial completion of new construction or development, or (b) the first date the Occupancy Level is at least ninety percent (90%). 

“Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the
denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board of Governors of the Federal Reserve
System to which the Administrative Agent is subject, with respect to the Adjusted LIBO Rate, for Eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentage shall
include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute Eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may
be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited
liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with
full consolidation method GAAP as of such date. 

  
 20 

 “Swingline Exposure” means, at any time, the aggregate principal amount of
all Swingline Loans outstanding at such time. The Swingline Exposure of any Lender at any time shall be its Applicable Percentage of the total Swingline Exposure at such time. 
 “Swingline Lender” means JPMorgan Chase Bank, N.A., in its capacity as lender of Swingline Loans hereunder. 
 “Swingline Loan” means a Loan made pursuant to Section 2.04.A. 
 “Swingline Note” means a promissory note in the form attached hereto as Exhibit D-1 payable to the Swingline Lender evidencing the obligations of the Borrower to the Swingline
Lender and executed by the Borrower, as the same may be amended, supplemented, modified or restated from time to time. 

“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed
by any Governmental Authority. 
 “TIF” means tax increment financing issued by a Governmental Authority
chartered in the United States of America backed by dedicated tax increments. 
 “Total Asset Value” means the
sum of (without duplication) (a) the aggregate Value of all of Borrower’s Real Property; plus (b) the amount of any cash and cash equivalents, excluding tenant security and other restricted deposits of the Borrower, less the Net
Unrestricted Cash Amount (but only in the case of a calculation of the Debt to Total Asset Value Ratio) or the Net Secured Cash Amount (but only in the case of a calculation of the Secured Debt to Total Asset Value Ratio); plus (c) investments
in Unconsolidated Affiliates that are engaged primarily in the business of investment in and operation of Real Property, valued at an amount equal to the Value of each Unconsolidated Affiliate’s Real Property multiplied by the Equity Percentage
for that Unconsolidated Affiliate; plus (d) loans, advances and extensions of credit that are not then in default (calculated on the book value of the investment in accordance with GAAP) (but the amount of same that are not loans to Affiliates
of the Borrower that are Mortgage Notes or used to purchase TIF obligations may not exceed five percent (5%) of Total Asset Value inclusive of such amount); plus (e) the result of multiplying (i) Borrower’s aggregate gross asset
management and property management income for the immediately preceding six (6) calendar months multiplied by two (2), by (ii) five (5), provided, however, that such amount may not exceed five percent (5%) of Total
Asset Value inclusive of such amount. Total Asset Value for items (a) through (e) above shall be calculated on a consolidated basis in accordance with GAAP. For the purposes of calculating Total Asset Value, (x) the aggregate value of
Real Property under construction or development (to include Real Property subject to unconditional purchase contracts), investments in Unconsolidated Affiliates, loans to Affiliates of the Borrower that are Mortgage Notes or used to purchase TIF
obligations, other loans and undeveloped land may not exceed thirty percent (30%) of Total Asset Value inclusive of such amount, and (y) the value of Real Property (not including undeveloped land) that is not Retail Property may not exceed
fifteen percent (15%) of Total Asset Value inclusive of such amount. 

  
 21 

 “Transactions” means the execution, delivery and performance by the Credit
Parties of the Loan Documents, the borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of Credit hereunder. 
 “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the
Adjusted LIBO Rate, the Alternate Base Rate or, in the case of a Competitive Loan or Borrowing, the LIBO Rate or a Fixed Rate. 

“Unconsolidated Affiliate” means, with respect to any Person (the “parent”), at any date, any corporation,
limited liability company, partnership, association or other entity the accounts of which would not be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in
accordance with full consolidation method GAAP as of such date. 
 “Unencumbered Interest Coverage Ratio” means
the ratio of (a) the Adjusted Net Operating Income for Qualified Real Property for the immediately preceding four (4) calendar quarters (and solely for the purposes of this definition, including Adjusted Net Operating Income for Qualified
Real Property owned by Unconsolidated Affiliates that are engaged primarily in the business of investment in and operation of Real Property, based on the Equity Percentage of Adjusted Net Operating Income for such Unconsolidated Affiliates), to
(b) the Borrower’s Interest Expense on all of the Borrower’s Indebtedness other than Secured Debt for the period used to calculate Adjusted Net Operating Income. 

“Unencumbered Value Ratio” means the ratio (expressed as a percentage) of (a) Borrower’s Indebtedness other
than Secured Debt to (b) the sum of (without duplication) the aggregate Value of all of Borrower’s Qualified Real Property plus investments in Unconsolidated Affiliates that are engaged primarily in the business of investment in and
operation of Real Property, valued at an amount equal to the Value of each Unconsolidated Affiliate’s Qualified Real Property multiplied by the Equity Percentage for that Unconsolidated Affiliate (with Value for the purposes of this ratio not
including (i) Real Property that is under construction and development or that is undeveloped land in excess of fifteen percent (15%) of Value inclusive of such amount and (ii) Real Property that is not owned by Borrower or a
wholly-owned Subsidiary of Borrower in excess of twenty percent (20%) of Value inclusive of such amount. 
 “U.S.
Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code. 

“U.S. Tax Certificate” has the meaning assigned to such term in Section 2.16(f)(iv). 

  
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 “Value” means the sum of the following: 

(a) for Real Property that has reached the Stabilization Date and that Borrower or Subsidiary of Borrower has owned for all of the
immediately preceding eighteen (18) calendar months, and for any Real Property project (but not a portion thereof) that Borrower or a Subsidiary of Borrower has owned for at least six (6) calendar months that is described in clause
(b) of this definition but which Borrower elects to include (which shall be an irrevocable decision) in this clause (a), the result of dividing (i) the aggregate Net Operating Income of the subject property based on the
immediately preceding six (6) calendar months and multiplied by two (2), less the Capital Expenditure Reserve for such property, by (ii) seven and one-half percent (7.50%); plus 

(b) for Real Property that is completed but (i) has not reached the Stabilization Date or (ii) has not been owned by Borrower
or a Subsidiary of Borrower for all of the immediately preceding eighteen (18) calendar months, the Historical Value of the subject property, provided, however, that such aggregate amount (not including Real Property that Borrower
or a Subsidiary of Borrower has owned for less than six (6) calendar months) included in Total Asset Value may not exceed ten percent (10%) of Total Asset Value before inclusion of such amount; plus 

(c) for Real Property that is under construction or development, the Historical Value of the subject property; plus 

(d) for Real Property that is undeveloped land, and for Real Property that is the Borrower’s corporate offices owned in fee by the
Borrower, currently located at 2600 Citadel, Houston, Texas, the Historical Value of the subject property. 
 In calculating Value, if the Real
Property is not owned by the Borrower or a wholly-owned Subsidiary but the Borrower or a Subsidiary guarantees Indebtedness secured by such Real Property, the Value of the applicable Real Property will be based on the percentage of the Indebtedness
that is guaranteed and recorded in accordance with GAAP so long as the guaranty is senior in right of payment to any equity interest of an owner. 
 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of
Subtitle E of Title IV of ERISA. 
 “Withholding Agent” means any Credit Party and the Administrative
Agent. 
 SECTION 1.02. Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified
and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g., a
“Revolving Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving Borrowing”). 

  
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 SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any
definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and
Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to
any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION
1.04. Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies
the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the
Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof,
then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Without
limiting the generality of the foregoing, Administrative Agent and Lenders recognize that the Borrower changed its method of accounting from the pro rata method of accounting to the full consolidation method of accounting for financial accounting
purposes, in accordance with GAAP. Notwithstanding such change, the Borrower shall continue to calculate compliance with the financial covenants in this Agreement based on GAAP prior to the change, and shall prepare footnotes to each Compliance
Certificate required to be delivered under this Agreement that indicate which method was used for a particular covenant calculation. 

  
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 ARTICLE II 
 The Credits 
 SECTION 2.01. Commitments. Subject to the terms and
conditions set forth herein, each Lender agrees to make Revolving Loans to the Borrower from time to time during the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving Credit Exposure
exceeding such Lender’s Commitment or (ii) the sum of the total Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans exceeding the total Commitments. Within the foregoing limits and subject to the
terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans. Pursuant to Chapter 346 (“Chapter 346”) of the Texas Credit Code, Borrower, Administrative Agent and Lenders expressly agree that
Chapter 346 shall not apply to the Notes or to any Loan evidenced by the Notes and that neither the Notes nor any such Loan shall be governed by or subject to the provisions of Chapter 346 in any manner whatsoever. 

SECTION 2.02. Loans and Borrowings. 
 (a) Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans made by the Lenders ratably (based on the total Commitments of Lenders that are not Defaulting Lenders) in
accordance with their respective Commitments. Each Competitive Loan shall be made in accordance with the procedures set forth in Section 2.04. The failure of any Lender to make any Loan required to be made by it shall not relieve any
other Lender of its obligations hereunder; provided that the Commitments and Competitive Bids of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 

(b) Subject to Section 2.13, (i) each Revolving Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans
as the Borrower may request in accordance herewith, and (ii) each Competitive Borrowing shall be comprised entirely of Eurodollar Loans or Fixed Rate Loans as the Borrower may request in accordance herewith. Each Swingline Loan shall be an ABR
Loan. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to
repay such Loan in accordance with the terms of this Agreement. 
 (c) At the commencement of each Interest Period for any
Eurodollar Revolving Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000. At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate
amount that is an integral multiple of $1,000,000 and not less than $5,000,000, provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments or that is

  
 25 

 
required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.05(e). Each Competitive Borrowing shall be in an aggregate amount that is an integral multiple
of $1,000,000 and not less than $5,000,000. Each Swingline Loan shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000. Borrowings of more than one Type and Class may be outstanding at the same time;
provided that there shall not at any time be more than a total of eight Eurodollar Borrowings (both Revolving and Competitive) outstanding. 
 (d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect
thereto would end after the Maturity Date. 
 SECTION 2.03. Requests for Revolving Borrowings. To request a Revolving
Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., Chicago, Illinois time, three (3) Business Days before the date of the
proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 11:00 a.m., Chicago, Illinois time, one (1) Business Day before the date of the proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing to
finance the reimbursement of an LC Disbursement as contemplated by Section 2.05(e) may be given not later than 10:00 a.m., Chicago, Illinois time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be
irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request in the form of Exhibit E attached hereto and hereby made a part hereof and signed by the Borrower. Each such
telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: 
  

	 	(i)	the aggregate amount of the requested Borrowing; 

  

	 	(ii)	the date of such Borrowing, which shall be a Business Day; 

  

	 	(iii)	whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 

 

	 	(iv)	in the case of a Eurodollar Borrowing, the Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest
Period”; and 

  

	 	(v)	the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.06.

 If no election as to the Type of Revolving Borrowing is specified in the Borrowing Request, then the requested Revolving
Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Revolving Borrowing, then the Borrower shall 

  
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be deemed to have selected an Interest Period of one month’s duration, in the case of a Eurodollar Borrowing. Promptly following receipt of a Borrowing Request in accordance with this
Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 
 SECTION 2.04. Competitive Bid Procedure. 
 (a) Wherever and for so long as
the Borrower’s Index Debt rating is in Category 4 (as referenced in the definition of Applicable Rate) or better, and subject to the terms and conditions set forth herein, from time to time during the Availability Period the Borrower may
request Competitive Bids and may (but shall not have any obligation to) accept Competitive Bids and borrow Competitive Loans up to an aggregate principal amount outstanding at any one time equal to 50% of the aggregate Commitments; provided that the
sum of the total Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans at any time shall not exceed the total Commitments. To request Competitive Bids, the Borrower shall notify the Administrative Agent of
such request by telephone, in the case of a Eurodollar Borrowing, not later than 11:00 a.m., Chicago, Illinois time, four (4) Business Days before the date of the proposed Borrowing and, in the case of a Fixed Rate Borrowing, not later than
10:00 a.m., Chicago, Illinois time, one (1) Business Day before the date of the proposed Borrowing; provided that the Borrower may submit up to (but not more than) three (3) Competitive Bid Requests on the same day, but a Competitive Bid
Request shall not be made within five (5) Business Days after the date of any previous Competitive Bid Request, unless any and all such previous Competitive Bid Requests shall have been withdrawn by the Borrower or all Competitive Bids received
in response thereto rejected. Each such telephonic Competitive Bid Request shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Competitive Bid Request in the form of Exhibit F attached hereto and signed
by the Borrower. Each such telephonic and written Competitive Bid Request shall specify the following information in compliance with Section 2.02: 
  

	 	(i)	the aggregate amount of the requested Borrowing; 

  

	 	(ii)	the date of such Borrowing, which shall be a Business Day; 

  

	 	(iii)	whether such Borrowing is to be a Eurodollar Borrowing or a Fixed Rate Borrowing; 

 

	 	(iv)	the Interest Period to be applicable to such Borrowing, which shall be a period contemplated by the definition of the term “Interest Period”; and

  

	 	(v)	the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.06.

  
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 Promptly following receipt of a Competitive Bid Request in accordance with this Section, the Administrative
Agent shall notify the Lenders of the details thereof by telecopy, inviting the Lenders to submit Competitive Bids. 
 (b) Each
Lender may (but shall not have any obligation to) make one or more Competitive Bids to the Borrower in response to a Competitive Bid Request. Each Competitive Bid by a Lender must be in a form approved by the Administrative Agent and must be
received by the Administrative Agent by telecopy, in the case of a Eurodollar Competitive Borrowing, not later than 10:00 a.m., Chicago, Illinois time, three (3) Business Days before the proposed date of such Competitive Borrowing, and in
the case of a Fixed Rate Borrowing, not later than 10:00 a.m., Chicago, Illinois time, on the proposed date of such Competitive Borrowing. Competitive Bids that do not conform substantially to the form approved by the Administrative Agent may
be rejected by the Administrative Agent, and the Administrative Agent shall notify the applicable Lender as promptly as practicable. Each Competitive Bid shall specify (i) the principal amount (which shall be a minimum of $5,000,000 and an
integral multiple of $1,000,000 and which may equal the entire principal amount of the Competitive Borrowing requested by the Borrower) of the Competitive Loan or Loans that the Lender is willing to make, (ii) the Competitive Bid Rate or Rates
at which the Lender is prepared to make such Loan or Loans (expressed as a percentage rate per annum in the form of a decimal to no more than four decimal places) and (iii) the Interest Period applicable to each such Loan and the last day
thereof. 
 (c) The Administrative Agent shall promptly notify the Borrower by telecopy of the Competitive Bid Rate and the
principal amount specified in each Competitive Bid and the identity of the Lender that shall have made such Competitive Bid. 

(d) Subject only to the provisions of this paragraph, the Borrower may accept or reject any Competitive Bid. The Borrower shall notify
the Administrative Agent by telephone, confirmed by telecopy in a form approved by the Administrative Agent, whether and to what extent it has decided to accept or reject each Competitive Bid, in the case of a Eurodollar Competitive Borrowing, not
later than 10:30 a.m., Chicago, Illinois time, three (3) Business Days before the date of the proposed Competitive Borrowing, and in the case of a Fixed Rate Borrowing, not later than 10:30 a.m., Chicago, Illinois time, on the
proposed date of the Competitive Borrowing; provided that (i) the failure of the Borrower to give such notice shall be deemed to be a rejection of each Competitive Bid, (ii) the Borrower shall not accept a Competitive Bid made at a
particular Competitive Bid Rate if the Borrower rejects a Competitive Bid made at a lower Competitive Bid Rate, (iii) the aggregate amount of the Competitive Bids accepted by the Borrower shall not exceed the aggregate amount of the requested
Competitive Borrowing specified in the related Competitive Bid Request, (iv) to the extent necessary to comply with clause (iii) above, the Borrower may accept Competitive Bids at the same Competitive Bid Rate in part, which
acceptance, in the case of multiple Competitive Bids at such Competitive Bid Rate, shall be made pro rata in accordance with the amount of each such Competitive Bid, and (v) except pursuant to clause (iv) above, no Competitive Bid shall
be 

  
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accepted for a Competitive Loan unless such Competitive Loan is in a minimum principal amount of $5,000,000 and an integral multiple of $1,000,000; provided further that if a Competitive
Loan must be in an amount less than $5,000,000 because of the provisions of clause (iv) above, such Competitive Loan may be for a minimum of $1,000,000 or any integral multiple thereof, and in calculating the pro rata allocation of
acceptances of portions of multiple Competitive Bids at a particular Competitive Bid Rate pursuant to clause (iv) the amounts shall be rounded to integral multiples of $1,000,000 in a manner determined by the Borrower. A notice given by
the Borrower pursuant to this paragraph shall be irrevocable. 
 (e) The Administrative Agent shall promptly notify each bidding
Lender by telecopy whether or not its Competitive Bid has been accepted (and, if so, the amount and Competitive Bid Rate so accepted), and each successful bidder will thereupon become bound, subject to the terms and conditions hereof, to make the
Competitive Loan in respect of which its Competitive Bid has been accepted. 
 (f) If the Administrative Agent shall elect to
submit a Competitive Bid in its capacity as a Lender, it shall submit such Competitive Bid directly to the Borrower at least one quarter of an hour earlier than the time by which the other Lenders are required to submit their Competitive Bids to the
Administrative Agent pursuant to paragraph (b) of this Section. 
 SECTION 2.04.A. Swingline Loans.

 (a) Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make Swingline Loans to the Borrower
from time to time during the Availability Period, in an aggregate principal amount at any time outstanding that will not result, after giving effect to the requested Swingline Loan, in (i) the aggregate principal amount of outstanding Swingline
Loans exceeding $50,000,000 or (ii) the sum of the total Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans exceeding the total Commitments; provided that the Swingline Lender shall not be required
to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans. 

(b) To request a Swingline Loan, the Borrower shall notify the Administrative Agent of such request by telephone (confirmed by telecopy),
not later than 11:00 a.m., Chicago, Illinois time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the requested Swingline Loan. Each
such telephonic Borrowing Request shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request signed by the Borrower. The Administrative Agent will promptly advise the Swingline Lender of any
such Borrowing Request received from the Borrower. The Administrative Agent will promptly notify each Lender of the funding of a Swingline Loan, and the amount. 

  
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 (c) The Swingline Lender shall, by written notice given to the
Administrative Agent not later than 10:00 a.m., Chicago, Illinois time, on the third (3rd) Business Day after the Swingline Loan has been funded require the Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans outstanding. Such notice shall
specify the aggregate amount of Swingline Loans in which Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Lender, specifying in such notice such Lender’s Applicable
Percentage of such Swingline Loan or Loans. Each Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender’s
Applicable Percentage of such Swingline Loan or Loans. Each Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any
circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender
shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.06 with respect to Loans made by such Lender (and Section 2.06 shall apply,
mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Lenders. The Administrative Agent shall notify the Borrower of
any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline
Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any
such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear;
provided that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Borrower for any reason. The purchase of
participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof. 
 SECTION 2.05. Letters of Credit. 
 (a) General. Subject to the terms
and conditions set forth herein, the Borrower may request the issuance of Letters of Credit for its own account (or for the account of any Subsidiary, and in such event the Borrower shall be obligated under this Agreement and under such Letter of
Credit as if the Borrower were the named account party and such Letter of Credit shall create LC Exposure), in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time during the Availability
Period. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower
with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. 

  
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 (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request
the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by
the Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit
to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this
Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the Issuing Bank, the Borrower
also shall submit a letter of credit application on the Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment,
renewal or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure shall not exceed $150,000,000, (ii) the
sum of the total Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans shall not exceed the total Commitments, (iii) no more than twenty (20) Letters of Credit shall be outstanding, and
(iv) the face amount of the subject Letter of Credit shall not be less than $50,000. Promptly upon the issuance, increase or extension of a Letter of Credit, the Administrative Agent shall advise each Lender of the details thereof. 

(c) Expiration Date. Each Letter of Credit shall expire not later than the close of business on the date that is ten
(10) days prior to the Maturity Date (including the extension period provided in Section 2.19 so long as the Borrower remains qualified to exercise the extension). At least ten (10) days prior to the Maturity Date (as same may
be extended pursuant to Section 2.19), any Letter of Credit that will expire after the Maturity Date must be secured by cash collateral as provided in Section 2.05(j). 

(d) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof)
and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Lender’s
Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for
the account of the Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph (e) of this Section, or

  
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of any reimbursement payment required to be refunded to the Borrower for any reason. Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph
in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction
or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Letters of credit referred to on Schedule 2.05(d) have previously been issued by JPMC under a
previous loan agreement by and between JPMC and other banks, as lenders, and Borrower. Without the necessity for any reissuance, such letters of credit shall be deemed issued under this Agreement as “Letters of Credit” by JPMC as of the
Effective Date hereof, and, with respect to such letters of credit, JPMC shall have all the rights and obligations of the Issuing Bank under this Agreement. 
 (e) Reimbursement. If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an
amount equal to such LC Disbursement not later than 12:00 noon, Chicago, Illinois time, on the Business Day that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., Chicago, Illinois
time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, Chicago, Illinois, on (i) the Business Day that the Borrower receives such notice, if such notice is
received prior to 10:00 a.m., Chicago, Illinois time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time on the day of receipt;
provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.04.A. that such payment be financed with an ABR Revolving Borrowing or Swingline Loan in
an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing or Swingline Loan. If the Borrower fails to make such payment when
due, the Administrative Agent shall promptly notify each Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s Applicable Percentage thereof. Promptly following receipt of such
notice, each Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.06 with respect to Loans made by such Lender (and
Section 2.06 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Lenders. Promptly following
receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that Lenders have made payments pursuant to this paragraph
to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the funding of ABR
Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement. 

  
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 (f) Obligations Absolute. The Borrower’s obligation to reimburse LC
Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and
irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or
invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such
Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff
against, the Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor the Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or
transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or
delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes
beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect
of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a
Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of the Issuing Bank, the Issuing Bank shall be deemed to have exercised care in each such
determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit,
the Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any information to the contrary, or refuse to accept and make payment upon such
documents if such documents are not in strict compliance with the terms of such Letter of Credit. 
 (g) Disbursement
Procedures. The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the
Borrower by telephone (confirmed by telecopy) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the
Borrower of its obligation to reimburse the Issuing Bank and the Lenders with respect to any such LC Disbursement. 

  
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 (h) Interim Interest. If the Issuing Bank shall make any LC Disbursement, then,
unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date
that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this
Section, then Section 2.12(e) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph
(e) of this Section to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment. 
 (i) Replacement of the Issuing Bank. The Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor
Issuing Bank. If the credit rating of the Issuing Bank has been downgraded so that the Issuing Bank no longer satisfies the requirements of the beneficiary of a Letter of Credit, then the Borrower has the right to replace the Issuing Bank as the
issuer of that Letter of Credit with a successor Issuing Bank (with the consent of the successor Issuing Bank) which must be a Lender. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank. At the time any
such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.11(b). From and after the effective date of any such replacement, (i) the
successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed
to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto
and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. 

(j) Cash Collateralization. If (i) any Event of Default shall occur and be continuing, on the Business Day that the Borrower
receives notice from the Administrative Agent demanding the deposit of cash collateral pursuant to this paragraph, or (ii) any Letter of Credit will expire after the Maturity Date as allowed by Section 2.05(c), then at least ten
(10) days before the Maturity Date, the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders, an amount in cash equal to the LC Exposure as of such date
plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, 

  
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and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in
clause (g) or (h) of Article VII. Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement. The Administrative Agent
shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the
Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative
Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or,
if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure representing greater than 51% of the total LC Exposure), be applied to satisfy other obligations of the Borrower under this Agreement. If the
Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default or because the Letter of Credit will expire after the Maturity Date, such amount (to the extent not applied as aforesaid)
shall be returned to the Borrower within three (3) Business Days after all Events of Default have been cured or waived, or after the Maturity Date has been extended, respectively. 

SECTION 2.06. Funding of Borrowings. 
 (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 noon, Chicago, Illinois time, to the account of the
Administrative Agent most recently designated by it for such purpose by notice to the Lenders; provided that Swingline Loans shall be made as provided in Section 2.04.A. The Administrative Agent will make such Loans available to the
Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent in Houston, Texas and designated by the Borrower in the applicable Borrowing Request or Competitive Bid
Request; provided that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.05(e) shall be remitted by the Administrative Agent to the Issuing Bank. 

(b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender
will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this
Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the
applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such 

  
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corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative
Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the
Borrower, the interest rate applicable to the corresponding Loan made to the Borrower. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. A Defaulting
Lender shall also make the payments required by the last paragraph of Article VIII. 
 SECTION 2.07. Interest
Elections. 
 (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and,
in the case of a Eurodollar Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the
case of a Eurodollar Revolving Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion
shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Competitive Borrowings or Swingline
Borrowings, which may not be converted or continued. 
 (b) To make an election pursuant to this Section, the Borrower shall
notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be
made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in the
form of a Borrowing Request (with proper election made for an interest rate election only) and signed by the Borrower. 
 (c)
Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: 
 (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each
resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 

(ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 

  
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 (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing;
and 
 (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving
effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such Interest
Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of seven days’ duration. 

(d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof
and of such Lender’s portion of each resulting Borrowing. 
 (e) If the Borrower fails to deliver a timely Interest
Election Request with respect to a Eurodollar Revolving Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be
converted to a Eurodollar Revolving Borrowing with an Interest Period of seven days’ duration. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of
the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Revolving Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar
Revolving Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto. 
 SECTION
2.08. Termination, Reduction and Increase of Commitments. 
 (a) Unless previously terminated by the Administrative Agent
in accordance with this Agreement, the Commitments shall terminate on the Maturity Date. 
 (b) The Borrower may only reduce the
Commitments without the prior written consent of the Administrative Agent and all of the Lenders in the following circumstances: the Borrower may from time to time prior to the Maturity Date reduce the Commitments, provided that each reduction in
the Commitments shall be in an amount that is an integral multiple of $5,000,000 and the total Commitments may not be reduced to less than $200,000,000. The Borrower shall not reduce the Commitments if, after giving effect to any concurrent
prepayment of the Loans in accordance with Section 2.10, the sum of the total Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans would exceed the total Commitments as reduced. 

(c) The Borrower shall notify the Administrative Agent of any election to reduce the Commitments under Section 2.08(b) at
least five (5) Business Days prior to the effective date of 

  
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such reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each
notice delivered by the Borrower pursuant to this Section shall be irrevocable. Any reduction of the Commitments shall be permanent. Each reduction in the Commitments shall be made ratably among the Lenders in accordance with their respective
Commitments. 
 (d) So long as the Borrower is not then in Default and so long as the Borrower has not reduced the Commitment
pursuant to Section 2.08(b), the Borrower may on two (2) occasions prior to three (3) years after the date of this Agreement, request that the aggregate Commitments be increased, so long as the aggregate Commitments do not
exceed Seven Hundred Million Dollars ($700,000,000.00) (the “Maximum Commitment”). If the Borrower requests that the aggregate Commitments be increased, the Administrative Agent shall use commercially reasonable efforts to obtain
increased or additional commitments up to the Maximum Commitment, and to do so the Administrative Agent may, after first offering the Lenders the opportunity to participate in the increased Commitments, obtain additional lenders of its choice (and
approved by Borrower, such approval not to be unreasonably withheld or delayed), and without the necessity of approval from any of the Lenders. The Borrower and each Guarantor shall execute an amendment to this Agreement, additional Notes and other
documents as the Administrative Agent may reasonably require to evidence the increase of the Commitments, and the admission of additional Persons as Lenders, if necessary. 
 SECTION 2.09. Repayment of Loans; Evidence of Debt. 
 (a) The Borrower
hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date, (ii) to the Administrative Agent for the account of each
Lender the then unpaid principal amount of each Competitive Loan on the last day of the Interest Period applicable to such Loan, and (iii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the
Maturity Date and the date that is two (2) Business Days after such Swingline Loan is made. The Loans shall be evidenced by the Notes; provided, however, that upon written request of any Lender, its Loans will be evidenced by this Agreement and
a Note will not be executed in favor of such Lender. Except as set forth in the immediately preceding sentence, the Revolving Loans shall be evidenced by Revolving Notes executed by the Borrower, one to each Lender for such Lender’s Commitment.
The Swingline Loans shall be evidenced by the Swingline Note. Except as set forth above, the Competitive Loans shall be evidenced by Competitive Notes executed by the Borrower to each Lender, with each such Competitive Note being in the original
principal sum of $250,000,000.00, which is the maximum principal amount of Competitive Loans that can be outstanding at any one time in the aggregate under this Agreement. Borrower’s liability to each Lender under its Competitive Note shall not
exceed the principal amount advanced by such Lender as a Competitive Loan. 

  
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 (b) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class
and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by
the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. All payments received on the Notes shall be applied first to pay the Swingline Loans. 

(d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be
prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner
affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. 
 SECTION 2.10.
Prepayment of Loans. 
 (a) The Borrower shall have the right at any time and from time to time to prepay, without
penalty, any Borrowing in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section, and subject to Section 2.15, if applicable; provided that the Borrower shall not have the right to prepay
any Competitive Loan without the prior consent of the Lender thereof. 
 (b) The Borrower shall notify the Administrative Agent
(and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Revolving Borrowing, not later than 1:00 p.m., Chicago,
Illinois time, three (3) Business Days before the date of prepayment, (ii) in the case of prepayment of an ABR Revolving Borrowing, not later than 1:00 p.m., Chicago, Illinois time, one (1) Business Day before the date of
prepayment, or (iii) in the case of prepayment of a Swingline Loan, not later than 11:00 a.m., Chicago, Illinois time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal
amount of each Borrowing or portion thereof to be prepaid. Promptly following receipt of any such notice relating to a Revolving Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any
Revolving Borrowing shall be in an amount that would be permitted in the case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Revolving Borrowing shall be applied ratably to the
Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.12. 

  
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 (c) In connection with the prepayment of any Loan prior to the expiration of the Interest
Period applicable thereto, the Borrower shall also pay any applicable expenses pursuant to Section 2.15. 
 (d)
Amounts to be applied to the prepayment of Loans pursuant to any of the preceding subsections of this Section shall be applied, first, to reduce outstanding ABR Loans and next, to the extent of any remaining balance, to reduce outstanding Eurodollar
Loans. Each such prepayment shall be applied to prepay ratably the Loans of the Lender. 
 SECTION 2.11. Fees.

 (a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a facility fee, which shall accrue
at the Facility Fee Rate referenced in the definition of Applicable Rate on the daily amount of the Commitment of such Lender (whether used or unused) during the period from and including the date of this Agreement to but excluding the date on which
such Commitment terminates; provided that, if such Lender continues to have any Revolving Credit Exposure after its Commitment terminates, then such facility fee shall continue to accrue on the daily amount of such Lender’s Revolving Credit
Exposure from and including the date on which its Commitment terminates to but excluding the date on which such Lender ceases to have any Revolving Credit Exposure. Accrued facility fees shall be payable in arrears on the last day of March, June,
September and December of each year and on the date on which the Commitments terminate, commencing on the first such date to occur after the date hereof; provided that any facility fees accruing after the date on which the Commitments terminate
shall be payable on demand. All facility fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

(b) The Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to
its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to Eurodollar Revolving Loans on the average daily amount of such Lender’s LC Exposure (excluding any portion
thereof attributable to unreimbursed LC Disbursements) during the period from and including the date of this Agreement to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases
to have any LC Exposure, and (ii) to the Issuing Bank a fronting fee, in the amount of 0.125% of the face amount of each Letter of Credit, as well as the Issuing Bank’s standard administrative fees with respect to the issuance, amendment,
renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees accrued through and including the last day of March, June, September and December of each year shall be payable on the third Business Day following
such last day, commencing on the first such date to occur after the date of this Agreement; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the
Commitments terminate shall be payable on demand. 

  
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Fronting fees shall be payable in full in advance on the date of the issuance, or renewal or extension of each Letter of Credit, and are not refundable. JPMC shall not charge a fronting fee for
Letters of Credit issued under this Agreement to replace or extend the letters of credit listed on Schedule 2.05(d). Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within ten (10) days after
demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

(c) The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately
agreed upon between the Borrower and the Administrative Agent. 
 (d) All fees payable hereunder shall be paid on the dates due,
in immediately available funds, to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of facility fees and participation fees, to the Lenders. Fees paid shall not be refundable under
any circumstances. 
 (e) In the event that the Maturity Date is extended in accordance with the terms of
Section 2.19, the Borrower agrees to pay to the Administrative Agent for the account of each Lender an extension fee equal to 0.20% of the aggregate Revolving Credit Exposure on the first effective day of the extension. 

SECTION 2.12. Interest. 
 (a) The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the lesser of (x) the Alternate Base Rate plus the Applicable Rate, or (y) the Maximum
Rate. 
 (b) The Loans comprising each Eurodollar Borrowing shall bear interest (i) in the case of a Eurodollar Revolving
Loan, at the lesser of (x) the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate, or (y) the Maximum Rate, or (ii) in the case of a Eurodollar Competitive Loan, at the lesser of
(x) the LIBO Rate for the Interest Period in effect for such Borrowing plus (or minus, as applicable) the Margin applicable to such Loan, or (y) the Maximum Rate. 
 (c) Each Fixed Rate Loan shall bear interest at the lesser of (i) the Fixed Rate applicable to such Loan or (ii) the Maximum Rate. 

(d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower
hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any
Loan, the lesser of (x) 2% plus the rate otherwise applicable to such Loan as provided in paragraphs 

  
 41 

 
(a), (b) and (c) of this Section, or (y) the Maximum Rate, or (ii) in the case of any other amount, the lesser of (x) 2% plus the rate applicable to
ABR Loans as provided in paragraph (a) of this Section, or (y) the Maximum Rate. 
 (e) Accrued interest on
each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (d) of this
Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or
prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be
payable on the effective date of such conversion. 
 (f) All interest hereunder shall be computed on the basis of a year of 360
days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be
payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be
conclusive absent manifest error. 
 SECTION 2.13. Alternate Rate of Interest. If prior to the commencement of any
Interest Period for a Eurodollar Borrowing: 
 (a) the Administrative Agent determines (which determination shall be conclusive
absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 
 (b) the Administrative Agent is advised by the Required Lenders (or, in the case of a Eurodollar Competitive Loan, the Lender that is required to make such Loan) that (i) the Adjusted LIBO Rate or
the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making, converting, continuing or maintaining their Loans (or its Loan) included in such Borrowing for such
Interest Period and (ii) such fact is generally applicable to its loans of this type to similar borrowers, as evidenced by a certification from such Lenders; 
 then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the
Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a
Eurodollar Borrowing shall be ineffective, (ii) if any Borrowing Request requests a Eurodollar Revolving Borrowing, such Borrowing shall 

  
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be made as an ABR Borrowing and (iii) any request by the Borrower for a Eurodollar Competitive Borrowing shall be ineffective; provided that (A) if the circumstances giving rise
to such notice do not affect all the Lenders, then requests by the Borrower for Eurodollar Competitive Borrowings may be made to Lenders that are not affected thereby and (B) if the circumstances giving rise to such notice affect only one Type
of Borrowings, then the other Type of Borrowings shall be permitted. 
 SECTION 2.14. Increased Costs. 

(a) If any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve
requirement reflected in the Adjusted LIBO Rate) or the Issuing Bank; or 
 (ii) impose on any Lender or the Issuing Bank or the
London interbank market any other condition (other than one relating to Excluded Taxes), affecting this Agreement or Eurodollar Loans or Fixed Rate Loans made by such Lender or any Letter of Credit or participation therein; 

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

  
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 (c) A certificate of a Lender or the Issuing Bank setting forth the amount or amounts
necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent
manifest error. The Borrower shall pay such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

(d) Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section shall not constitute a
waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or the Issuing Bank pursuant to this Section for any increased costs or
reductions incurred more than sixty (60) days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or
the Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 60-day period referred to above shall be extended
to include the period of retroactive effect thereof. 
 (e) Notwithstanding the foregoing provisions of this Section, a Lender
shall not be entitled to compensation pursuant to this Section in respect of any Competitive Loan if the Change in Law that would otherwise entitle it to such compensation shall have been publicly announced prior to submission of the Competitive Bid
pursuant to which such Loan was made. 
 SECTION 2.15. Break Funding Payments. In the event of (a) the payment of
any principal of any Eurodollar Loan or Fixed Rate Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of
the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurodollar Loan or Fixed Rate Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be
revoked under Section 2.10(b)), (d) the failure to borrow any Competitive Loan after accepting the Competitive Bid to make such Loan, or (e) the assignment of any Eurodollar Loan or Fixed Rate Loan other than on the last day of
the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.18, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. In
the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of
such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to
borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid
were it to bid, at the commencement of 

  
 44 

 
such period, for dollar deposits of a comparable amount and period from other banks in the eurodollar market. A certificate of any Lender setting forth any amount or amounts that such Lender is
entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

 SECTION 2.16. Taxes. 
 (a) Any and all payments by or on account of any obligation of the Borrower hereunder shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the
Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional
sums payable under this Section) the Administrative Agent, any Lender or Issuing Bank (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions
and (iii) the Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 
 (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c) The Borrower shall indemnify the Administrative Agent, each Lender and the Issuing Bank, within ten (10) days after written demand therefor, for the full amount of any Indemnified Taxes or Other
Taxes paid by the Administrative Agent, such Lender or the Issuing Bank, as the case may be, on or with respect to any payment by or on account of any obligation of the Borrower hereunder (including Indemnified Taxes or Other Taxes imposed or
asserted on or attributable to amounts payable under this Section) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed
or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or the Issuing Bank, or by the Administrative Agent on its own behalf or on behalf of a Lender or
the Issuing Bank, shall be conclusive absent manifest error. 
 (d) As soon as practicable after any payment of Indemnified
Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the
return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (e) Any
Non-U.S. Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this
Agreement shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by 

  
 45 

 
applicable law, such properly completed and executed documentation prescribed by applicable law or reasonably requested by the Borrower as will permit such payments to be made without withholding
or at a reduced rate. 
 (f) Any Lender shall, if it is legally eligible to do so, deliver to Borrower and the Administrative
Agent (in such number of copies reasonably requested by Borrower and the Administrative Agent) on or prior to the date on which such Lender becomes a party hereto, duly completed and executed copies of whichever of the following is applicable

 (i) in the case of a Lender that is a U.S. Person, IRS Form W-9 certifying that such Lender is exempt from U.S. Federal
backup withholding tax; 
 (ii) in the case of a Non-U.S. Lender claiming the benefits of an income tax treaty to which the
United States is a party (1) with respect to payments of interest under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax
treaty and (2) with respect to any other applicable payments under this Agreement, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other
income” article of such tax treaty; 
 (iii) in the case of a Non-U.S. Lender for whom payments under this Agreement
constitute income that is effectively connected with such Lender’s conduct of a trade or business in the United States, IRS Form W-8ECI; 
 (iv) in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code both (1) IRS Form W-8BEN and (2) a certificate
substantially in the form of Exhibit G (a “U.S. Tax Certificate”) to the effect that such Lender is not (a) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (b) a “10 percent
shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code (c) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code and (d) conducting a trade or business in the
United States with which the relevant interest payments are effectively connected; 
 (v) in the case of a Non-U.S. Lender that
is not the beneficial owner of payments made under this Agreement (including a partnership or a participating Lender) (1) an IRS Form W-8IMY on behalf of itself and (2) the relevant forms prescribed in clauses (i), (ii), (iii),
(iv) and (vi) of this subsection (f) that would be required of each such beneficial owner or partner of such partnership if such beneficial owner or partner were a Lender; provided, however, that if the Lender is a
partnership and one or more of its partners are claiming the exemption for portfolio interest under Section 881(c) of the Code, such Lender may provide a U.S. Tax Certificate on behalf of such partners; or 

  
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 (vi) any other form prescribed by law as a basis for claiming exemption from, or a reduction
of, U.S. Federal withholding Tax together with such supplementary documentation necessary to enable the Borrower or the Administrative Agent to determine the amount of Tax (if any) required by law to be withheld. 

For purposes of Section 2.16(f), the term “Lender” includes any Issuing Bank. 

(g) If a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such
Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Withholding Agent, at the time or times
prescribed by law and at such time or times reasonably requested by the Withholding Agent, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Withholding Agent as may be necessary for the Withholding Agent to comply with its obligations under FATCA, to determine that such Lender has or has not complied with such Lender’s obligations under FATCA and, as
necessary, to determine the amount to deduct and withhold from such payment. Solely for purposes of this subsection, “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

SECTION 2.17. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. 

(a) The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC
Disbursements, or of amounts payable under Section 2.14, 2.15 or 2.16, or otherwise) prior to 12:00 noon, Chicago, Illinois time, on the date when due, in immediately available funds, without set-off or counterclaim. Any
amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the
Administrative Agent at its offices at 10 South Dearborn, Chicago, Illinois, except payments to be made directly to the Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.14,
2.15, 2.16 and 9.03 shall be made directly to the Persons entitled thereto. If the Administrative Agent receives a payment for the account of a Lender prior to 12:00 noon, Chicago, Illinois time, such payment must be delivered
to the Lender on the same day and if it is not so delivered due to the fault of the Administrative Agent, the Administrative Agent shall pay to the Lender entitled to the payment interest thereon for each day after payment should have been received
by the Lender pursuant hereto until the Lender receives payment, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. If any payment
hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such
extension. All payments hereunder shall be made in Dollars. 

  
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 (b) If at any time insufficient funds are received by and available to the Administrative
Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled
thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance
with the amounts of principal and unreimbursed LC Disbursements then due to such parties. 
 (c) If any Lender shall, by
exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Revolving Loans or participations in LC Disbursements or Swingline Loans resulting in such Lender receiving payment
of a greater proportion of the aggregate amount of its Revolving Loans and participations in LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater
proportion shall purchase (for cash at face value) participations in the Revolving Loans and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by
the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving Loans and participations in LC Disbursements and Swingline Loans; provided that (i) if any such participations
are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this
paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a
participation in any of its Loans or participations in LC Disbursements to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower
consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim
with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 
 (d) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing
Bank hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the
Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact 

  
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made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such
Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate
determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
 (e) If any Lender
shall fail to make any payment required to be made by it pursuant to Section 2.04.A, 2.05(d) or (e), 2.06(b) or 2.17(d), then the Administrative Agent may, in its discretion (notwithstanding any contrary
provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 

(f) If the Administrative Agent or a Lender determines, in its sole discretion, that it has received a refund of any Indemnified Taxes or
Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section 2.17, it shall pay over such refund to the Borrower (but only to the extent of
indemnity payments made, or additional amounts paid, by the Borrower under this Section 2.17 with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent
or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the
amount paid over to the Borrower and without interest on such sums (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or
such Lender is required to repay such refund to such Governmental Authority. This Section shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes
which it deems confidential) to the Borrower or any other Person. 
 SECTION 2.18. Mitigation Obligations; Replacement of
Lenders. 
 (a) Each Lender and the Issuing Bank will notify the Borrower of any event occurring after the date of this
Agreement which will entitle such Person to compensation pursuant to Sections 2.14 and 2.16 as promptly as practicable after it obtains knowledge thereof and determines to request such compensation, provided that such Person shall
not be liable for the failure to provide such notice. If any Lender or the Issuing Bank requests compensation under Section 2.14, or if the Borrower is required to pay any additional amount to any such Person or any Governmental
Authority for the account of any Lender pursuant to Section 2.16, then such Lender or the Issuing Bank shall use reasonable efforts to avoid or minimize the amounts payable, including, without limitation, the designation of a different
lending office for funding or booking its Loans and Letters of Credit hereunder or the assignment of its rights and 

  
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obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender or the Issuing Bank, such designation or assignment (i) would eliminate or reduce
amounts payable pursuant to Section 2.14 or 2.16, as the case may be, in the future and (ii) would not subject such Lender or the Issuing Bank to any unreimbursed cost or expense and would not otherwise be disadvantageous to
such Lender or the Issuing Bank. The Borrower hereby agrees to pay all reasonable and documented costs and expenses incurred by any Lender or the Issuing Bank in connection with any such designation or assignment. 

(b) If any Lender requests compensation under Section 2.14, or if the Borrower is required to pay any additional amount to
any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, or if any Lender becomes a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the
Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations under this Agreement to an
assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent (and, if a
Commitment is being assigned, the Issuing Bank), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements
and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other
amounts), and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.14 or payments required to be made pursuant to Section 2.16, such assignment will result in a reduction in
such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and
delegation cease to apply. 
 SECTION 2.19. Extension. 

(a) Subject to the provisions of this Section, the Borrower may extend the Maturity Date one (1) time for one (1) year by
giving written request therefor (the “Extension Request”) to the Administrative Agent of the Borrower’s desire to extend such term, at least ninety (90) days prior to the Maturity Date. 

  
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 (b) If the Maturity Date is extended, all of the other terms and conditions of this
Agreement and the other Loan Documents (including interest payment dates) shall remain in full force and effect and unmodified, except as expressly provided for herein. The extension of the Maturity Date is subject to the satisfaction of each of the
following additional conditions: 
 (i) the representations and warranties of each Credit Party set forth in this Agreement or
any other Loan Document to which such Credit Party is a signatory shall be true and correct in all material respects on the date that the Extension Request is given to the Administrative Agent and on the first day of the extension (except to the
extent such representations and warranties relate to a specified date); 
 (ii) no Default or Event of Default has occurred and
is continuing on the date on which the Borrower gives the Administrative Agent the Extension Request or on the first day of the extension; 
 (iii) the Borrower shall be in compliance with all of the financial covenants set forth in Article V hereof both on the date on which the Extension Request is given to the Administrative Agent and
on the first day of the extension; 
 (iv) the Borrower shall have paid to the Administrative Agent all amounts then due and
payable to any of the Lenders, the Issuing Bank and the Administrative Agent under the Loan Documents (other than principal and interest to be included in the amounts extended), including the extension fee described in Section 2.11(e)
hereof; 
 (v) the Borrower shall pay for any and all reasonable out-of-pocket costs and expenses, including, reasonable
attorneys’ fees and disbursements, incurred by the Administrative Agent in connection with or arising out of the extension of the Maturity Date; 
 (vi) no change in the business, assets, management, operations or financial condition of any Credit Party shall have occurred since the most recent funding of any Loan, which change, in the judgment of
the Administrative Agent, will have or is reasonably likely to have a Material Adverse Effect; 
 (vii) the Borrower shall
execute and deliver to the Administrative Agent such other documents, financial statements, instruments, certificates, opinions of counsel, reports, or amendments to the Loan Documents as the Administrative Agent shall reasonably request regarding
the Credit Parties as shall be necessary to effect such extension; and 
 (viii) a written agreement evidencing the extension is
signed by the Administrative Agent, the Lenders, the Credit Parties and any other Person to be charged with compliance therewith, which agreement such parties agree to execute if the extension conditions set forth above have been satisfied.

  
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 ARTICLE III 
 Representations and Warranties 
 The Borrower represents and warrants to
the Lenders, the Administrative Agent and the Issuing Bank that: 
 SECTION 3.01. Organization; Powers. Each Credit Party
is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or
in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 

SECTION 3.02. Authorization; Enforceability. The Transactions are within the trust, corporate, partnership or limited liability
company powers (as applicable) of the respective Credit Parties and have been duly authorized by all necessary corporate, partnership or limited liability company action. This Agreement and the Loan Documents have been duly executed and delivered by
each Credit Party which is a party thereto and constitute the legal, valid and binding obligation of each such Person, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 SECTION 3.03. Governmental Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental
Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of any Credit Party or any of the
Borrower’s Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon any Credit Party or any of the Borrower’s Subsidiaries or
its assets, or give rise to a right thereunder to require any payment to be made by any Credit Party or any of the Borrower’s Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of any Credit Party
or any of the Borrower’s Subsidiaries. 
 SECTION 3.04. Financial Condition; No Material Adverse Change. 

(a) The Borrower has heretofore furnished to the Lenders financial statements (i) as of and for the fiscal year ended
December 31, 2010 reported on by Deloitte & Touche LLP, independent public accountants, and (ii) as of and for the fiscal quarter and the portion of the fiscal year ended June 30, 2011 certified by its chief financial
officer. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of such dates and for such periods in accordance with
GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii) above. 

  
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 (b) Since June 30, 2011 there has been no material adverse change in the business,
assets, operations, prospects or condition, financial or otherwise, of the Borrower and its Subsidiaries, taken as a whole. 

SECTION 3.05. Properties. 
 (a) Subject to Liens permitted by Section 6.01, each of the Borrower and its Subsidiaries has title to, or valid leasehold interests in, all its real and personal property material to its
business, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes. 

(b) Each of the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other
intellectual property material to the Borrower’s business, and the use thereof by the Borrower and its Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect. 
 (c) All components of all improvements included
within the Real Property owned or leased, as lessee, by any Credit Party, including, without limitation, the roofs and structural elements thereof and the heating, ventilation, air conditioning, plumbing, electrical, mechanical, sewer, waste water,
storm water, paving and parking equipment, systems and facilities included therein, are in good working order and repair, subject to such exceptions which are not reasonably likely to have, in the aggregate, a Material Adverse Effect. All water,
gas, electrical, steam, compressed air, telecommunication, sanitary and storm sewage lines and systems and other similar systems serving the Real Property owned or leased by any Credit Party are installed and operating and are sufficient to enable
the Real Property to continue to be used and operated in the manner currently being used and operated, and no Credit Party has any knowledge of any factor or condition that reasonably could be expected to result in the termination or material
impairment of the furnishing thereof, subject to such exceptions which are not likely to have, in the aggregate, a Material Adverse Effect. No improvement or portion thereof is dependent for its access, operation or utility on any land, building or
other improvement not included in the Real Property owned or leased by the Borrower or its Subsidiaries, other than for access provided pursuant to a recorded easement or other right of way establishing the right of such access subject to such
exceptions which are not likely to have, in the aggregate, a Material Adverse Effect. 
 (d) All franchises, licenses,
authorizations, rights of use, governmental approvals and permits (including all certificates of occupancy and building permits) required to have been issued by Governmental Authority to enable all Real Property owned or leased by Borrower or any of
its Subsidiaries to be operated as then being operated have been lawfully issued and are in 

  
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full force and effect, other than those which the failure to obtain in the aggregate could not be reasonably expected to have a Material Adverse Effect. No Credit Party is in violation of the
terms or conditions of any such franchises, licenses, authorizations, rights of use, governmental approvals and permits, which violation would reasonably be expected to have a Material Adverse Effect. 

(e) None of the Credit Parties has received any notice or has any knowledge, of any pending, threatened or contemplated condemnation
proceeding affecting any Real Property owned or leased by Borrower or any of its Subsidiaries or any part thereof, or any proposed termination or impairment of any parking at any such owned or leased Real Property or of any sale or other disposition
of any Real Property owned or leased by Borrower or any of its Subsidiaries or any part thereof in lieu of condemnation, which in the aggregate, are reasonably likely to have a Material Adverse Effect. 

(f) Except for events or conditions not reasonably likely to have, in the aggregate, a Material Adverse Effect, (i) no portion of
any Real Property owned or leased by Borrower or any of its Subsidiaries has suffered any material damage by fire or other casualty loss which has not heretofore been completely repaired and restored to its condition prior to such casualty, and
(ii) no portion of any Real Property owned or leased by Borrower or any of its Subsidiaries is located in a special flood hazard area as designated by any federal Government Authorities or any area identified by the insurance industry or other
experts acceptable to the Administrative Agent as an area that is a high probable earthquake or seismic area, except as set forth on Schedule 3.05(f). 
 SECTION 3.06. Intellectual Property. To the knowledge of each Credit Party, such Credit Party owns, or is licensed to use, all trademarks, trade names, copyrights, patents and other intellectual
property material to its business, and the use thereof by such Credit Party does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result
in a Material Adverse Effect. To the knowledge of each Credit Party, there are no material slogans or other advertising devices, projects, processes, methods, substances, parts or components, or other material now employed, or now contemplated to be
employed, by any Credit Party with respect to the operation of any Real Property, and no claim or litigation regarding any slogan or advertising device, project, process, method, substance, part or component or other material employed, or now
contemplated to be employed by any Credit Party, is pending or threatened, the outcome of which could reasonably be expected to have a Material Adverse Effect. 
 SECTION 3.07. Litigation and Environmental Matters. 
 (a) There are no
actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower, threatened against or affecting any Credit Party or any of the Borrower’s Subsidiaries (i) as to
which there is 

  
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a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect
(other than the Disclosed Matters) or (ii) that involve this Agreement or the Transactions. 
 (b) Except for the Disclosed
Matters and except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect : 
 (i) to the knowledge of the Credit Parties, all Real Property leased or owned by Borrower or any of its Subsidiaries is free from contamination by any Hazardous Material, except to the extent such
contamination could not reasonably be expected to cause a Material Adverse Effect; 
 (ii) to the knowledge of the Credit
Parties, the operations of Borrower and its Subsidiaries, and the operations at the Real Property leased or owned by Borrower or any of its Subsidiaries are in compliance with all applicable Environmental Laws, except to the extent such
noncompliance could not reasonably be expected to cause a Material Adverse Effect; 
 (iii) neither the Borrower nor any of its
Subsidiaries have known liabilities with respect to Hazardous Materials and, to the knowledge of each Credit Party, no facts or circumstances exist which could reasonably be expected to give rise to liabilities with respect to Hazardous Materials,
in either case, except to the extent such liabilities could not reasonably be expected to have a Material Adverse Effect; 

(iv) neither the Real Property currently leased or owned by Borrower nor any of its Subsidiaries, nor, to the knowledge of any Credit
Party, (x) any predecessor of any Credit Party, nor (y) any of Credit Parties’ Real Property owned or leased in the past, nor (z) any owner of Real Property leased or operated by Borrower or any of its Subsidiaries, are subject
to any outstanding written order or contract, with any Governmental Authority or other Person, or to any federal, state, local, foreign or territorial investigation of which a Credit Party has been given notice respecting (A) Environmental
Laws, (B) Remedial Action, or (C) the Release or threatened Release of any Hazardous Material, in each case, except to the extent such written order, contract or investigation could not reasonably be expected to have a Material Adverse
Effect; 
 (v) none of the Credit Parties are subject to any pending legal proceeding alleging the violation of any
Environmental Law nor, to the knowledge of each Credit Party, are any such proceedings threatened, in either case, except to the extent any such proceedings could not reasonably be expected to have a Material Adverse Effect; 

  
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 (vi) neither the Borrower nor any of its Subsidiaries nor, to the knowledge of each Credit
Party, any predecessor of any Credit Party, nor to the knowledge of each Credit Party, any owner of Real Property leased by Borrower or any of its Subsidiaries, have filed any notice under federal, state or local, territorial or foreign law
indicating past or present treatment, storage, or disposal of or reporting a Release of Hazardous Material into the environment, in each case, except to the extent such Release of Hazardous Material could not reasonably be expected to have a
Material Adverse Effect; 
 (vii) none of the operations of the Borrower or any of its Subsidiaries or, to the knowledge of each
Credit Party, of any owner of premises currently leased by Borrower or any of its Subsidiaries or of any tenant of premises currently leased from Borrower or any of its Subsidiaries, involve or previously involved the generation, transportation,
treatment, storage or disposal of hazardous waste, as defined under 40 C.F.R. Part 261.3 (in effect as of the date of this Agreement) or any state, local, territorial or foreign equivalent, in violation of Environmental Laws, except to the extent
the same could not readily be expected to have a Material Adverse Effect; and 
 (viii) to the knowledge of the Credit Parties,
there is not now, nor has there been in the past (except, in all cases, to the extent the existence thereof could not reasonably be expected to have a Material Adverse Effect), on, in or under any Real Property leased or owned by Borrower or any of
its Subsidiaries, or any of their predecessors (A) any underground storage tanks or surface tanks, dikes or impoundments (other than for surface water); (B) any friable asbestos-containing materials; (C) any polychlorinated biphenyls;
or (D) any radioactive substances other than naturally occurring radioactive material. 
 (c) Since the date of this
Agreement, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect. 

SECTION 3.08. Compliance with Laws and Agreements. Each of the Credit Parties is in compliance with all laws, regulations and
orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect. No Default has occurred and is continuing. 

  
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 SECTION 3.09. Investment Company Status. Neither any of the Credit Parties nor any of
the Borrower’s Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940. 
 SECTION 3.10. Taxes. Each Credit Party and each of the Borrower’s Subsidiaries that Borrower Controls has timely filed or caused to be filed all Tax returns and reports required to have been
filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which such Person has set aside on its books adequate reserves or
(b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.11. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such
ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for
purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $10,000,000 the fair market value of the assets of such Plan, and the
present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements
reflecting such amounts, exceed by more than $10,000,000 the fair market value of the assets of all such underfunded Plans. 

SECTION 3.12. Disclosure. The Borrower has disclosed or made available to the Lenders all agreements, instruments and corporate or
other restrictions to which it, any other Credit Party, or any of its Subsidiaries is subject, and all other matters known to it, that, in the aggregate, could reasonably be expected to result in a Material Adverse Effect. Neither the Confidential
Information Memorandum dated August 2011 prepared by the Administrative Agent in conjunction with the Borrower, nor any of the other reports, financial statements, certificates or other information furnished by or on behalf of the Borrower to the
Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Borrower represents only that such information was
prepared in good faith based upon assumptions believed to be reasonable at the time. 

  
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 SECTION 3.13. Insurance. Borrower has provided to Administrative Agent an insurance
schedule which accurately sets forth, in all material respects, as of the Effective Date all insurance policies and programs currently in effect with respect to the assets and business of Borrower and its Subsidiaries, specifying for each such
policy and program, (i) the amount thereof, (ii) the risks insured against thereby, (iii) the name of the insurer and each insured party thereunder, (iv) the policy or other identification number thereof and (v) the
expiration date thereof. Such insurance policies and programs (or such other similar policies as are permitted pursuant to Section 5.06) are currently in full force and effect, and, together with payment by the insured of scheduled
deductible payments, are in amounts sufficient to cover the replacement value of the respective assets of the Borrower and its Subsidiaries. 
 SECTION 3.14. Subsidiaries. As of the Effective Date, the Borrower has only the Subsidiaries listed on Schedule 3.14 attached hereto. Each of the Borrower’s Subsidiaries that is a
corporation other than Weingarten Investments Inc. is a “qualified REIT subsidiary” under Section 856 of the Code. 
 ARTICLE IV 
 Conditions 

SECTION 4.01. Effective Date. The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit
hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02): 
 (a) The Administrative Agent (or its counsel) shall have received from each Credit Party either (i) a counterpart of this Agreement and all other Loan Documents to which it is party signed on behalf
of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of each such Loan Document other than the Notes) that such party has signed a counterpart of the
Loan Documents, together with copies of all Loan Documents. 
 (b) The Administrative Agent shall have received a favorable
written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of Winstead PC, counsel for the Borrower, covering such matters relating to the Credit Parties, the Loan Documents or the Transactions as the
Required Lenders shall reasonably request. The Borrower hereby requests such counsel to deliver such opinion. 
 (c) The
Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Credit Parties, the authorization of the
Transactions and any other legal matters relating to the Credit Parties, this Agreement or the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel. 

  
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 (d) The Administrative Agent shall have received a Compliance Certificate, dated the date of
this Agreement (but calculated as of, and for the period ending, June 30, 2011) and signed by a Financial Officer of the Borrower, in form and substance satisfactory to the Administrative Agent. 

(e) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including,
to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder. 

The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. 

SECTION 4.02. Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of the Issuing
Bank to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions: 
 (a)
The representations and warranties of each Credit Party set forth in this Agreement or in any other Loan Document shall be true and correct on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such
Letter of Credit, as applicable. 
 (b) At the time of and immediately after giving effect to such Borrowing or the issuance,
amendment, renewal or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing. 

(c) With respect to (i) any requested Borrowings, the Borrower shall have complied with Section 2.03 or
Section 2.04, as applicable, and (ii) the request for the issuance, amendment, renewal or extension of any Letters of Credit, the Borrower shall have complied with Section 2.05(b). 

Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by
the Borrower on the date thereof as to the matters specified in this Section. 
 ARTICLE V 

Affirmative Covenants 
 Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit shall have
expired or terminated, in each case, without any pending draw, and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that: 

  
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 SECTION 5.01. Financial Statements; Ratings Change and Other Information. The
Borrower will furnish to the Administrative Agent and each Lender: 
 (a) within ninety (90) days after the end of each
fiscal year of the Borrower, its audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the
previous fiscal year, all reported on by Deloitte & Touche LLP or other independent public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or
exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a
consolidated basis in accordance with GAAP consistently applied; 
 (b) within forty-five (45) days after the end of each
of the first three fiscal quarters of each fiscal year of the Borrower, its consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed
portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its
Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to
normal year-end audit adjustments and the absence of footnotes; 
 (c) concurrently with any delivery of financial statements
under clause (a) or (b) above, a certificate of a Financial Officer of the Borrower (the “Compliance Certificate”) in the form of Exhibit B attached hereto; 

(d) promptly after the same become publicly available for Forms 10-K and 10-Q described below, and upon written request for items other
than Forms 10-K and 10-Q described below, copies of all periodic and other reports, proxy statements and other materials filed by the Borrower or any Subsidiary with the Securities and Exchange Commission (including registration statements and
reports on Form 10-K, 10-Q and 8-K (or their equivalents)), or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any national securities exchange, or distributed by the Borrower to its shareholders
generally, as the case may be; 
 (e) promptly after Moody’s or S&P shall have announced a change in the rating
established or deemed to have been established for the Index Debt, written notice of such rating change; 

  
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 (f) concurrently with any delivery of financial statements under clause
(a) above (or earlier if prepared and completed earlier by the Borrower) a current capital plan of the Borrower and its Subsidiaries (based on the Borrower’s good faith estimates and projections) for the next four (4) calendar
quarters including projected sources and uses of funds (including dividend and debt payments); and 
 (g) promptly following any
request therefor, such other information regarding the operations, business affairs and financial condition of any Credit Party or any Subsidiary of the Borrower, or compliance with the terms of the Loan Documents, as the Administrative Agent or any
Lender may reasonably request. 
 SECTION 5.02. Financial Tests. The Borrower shall have and maintain, on a consolidated
basis in accordance with GAAP: 
 (a) a Secured Debt to Total Asset Value Ratio no greater than thirty-five percent (35%)
at all times; 
 (b) a Fixed Charge Coverage Ratio of not less than 1.50:1.00 at all times; 

(c) a Net Worth of at least Two Billion Four Hundred Million Dollars ($2,400,000,000), plus fifty percent (50%) of the net proceeds
(gross proceeds less reasonable and customary costs of sale and issuance paid to Persons not Affiliates of any Credit Party) received by the Borrower at any time from the issuance of capital stock of the Borrower after the date of this Agreement, at
all times; 
 (d) an Unencumbered Interest Coverage Ratio of not less than 2.00:1.00 at all times; 

(e) an Unencumbered Value Ratio no greater than sixty percent (60%) at all times; provided that said ratio may increase to
sixty-five percent (65%) for up to two (2) consecutive calendar quarters ending immediately following a Major Acquisition; and 
 (f) a Debt to Total Asset Value Ratio no greater than sixty percent (60%) at all times; provided that said ratio may increase to sixty-five percent (65%) for up to two (2) consecutive
calendar quarters ending immediately following a Major Acquisition. 
 SECTION 5.03. Notices of Material Events. The
Borrower will furnish to the Administrative Agent and each Lender written notice of the following promptly after it becomes aware of same: 
 (a) the occurrence of any Default; 
 (b) the filing or commencement of any action,
suit or proceeding by or before any arbitrator or Governmental Authority against or affecting any Credit Party or any Affiliate thereof that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; 

  
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 (c) the occurrence of any ERISA Event that, alone or together with any other ERISA Events
that have occurred, could reasonably be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $10,000,000; and 
 (d) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect. 
 Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting forth the details of the event or development
requiring such notice and any action taken or proposed to be taken with respect thereto. 
 SECTION 5.04. Existence; Conduct
of Business. The Borrower will, and will cause each of its Subsidiaries that it Controls to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits,
privileges and franchises material to the conduct of its business; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.02. The Borrower will maintain at least one
class of common shares of the Borrower having trading privileges on the New York Stock Exchange. 
 SECTION 5.05. Payment of
Obligations. The Borrower will, and will cause each of its Subsidiaries that it Controls to, pay its obligations, including Tax liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or
in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance
with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.06. Maintenance of Properties; Insurance. The Borrower will, and will cause each of its Subsidiaries that it Controls to, (a) keep and maintain all property material to the conduct
of its business in good working order and condition, ordinary wear and tear excepted, and (b) maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are set forth in the schedule
provided pursuant to Section 3.13, or as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. 

  
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 SECTION 5.07. Books and Records; Inspection Rights. 

(a) The Borrower will, and will cause each of its Subsidiaries that it Controls to, keep proper books of record and account in which
full, true and correct entries are made of all dealings and transactions in relation to its business and activities. 
 (b) The
Borrower will, and will cause each of its Subsidiaries that it Controls to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice and subject to rights of tenants, to visit and inspect its
properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested. 

SECTION 5.08. Compliance with Laws. The Borrower will, and will cause each of its Subsidiaries that it Controls to, comply with
all laws, rules, regulations and orders of any Governmental Authority (a) applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect, and (b) required to maintain, and will at all times qualify as and maintain, its status as a real estate investment trust under Section 856(c)(1) of the Code. 

SECTION 5.09. Use of Proceeds and Letters of Credit. The proceeds of the Loans will be used for general corporate purposes
including acquisition, development and enhancement of Real Property. No part of the proceeds of any Loan will be used, whether directly or indirectly, for financing, funding or completing the hostile acquisition of publicly traded Persons or for any
purpose that entails a violation of any of the Regulations of the Board, including Regulations G, U and X. 
 SECTION 5.10.
Fiscal Year. Borrower shall maintain as its fiscal year the twelve (12)-month period ending on December 31 of each year. 
 SECTION 5.11. Environmental Matters. 
 (a) Borrower shall comply and shall
cause each of its Subsidiaries that it Controls and each Real Property owned or leased by such parties to comply in all material respects with all applicable Environmental Laws currently or hereafter in effect, except to the extent noncompliance
could not reasonably be expected to have a Material Adverse Effect. 
 (b) If the Administrative Agent or the Required Lenders
at any time have a reasonable basis to believe that there may be a material violation of any Environmental Law related to any Real Property owned or leased by Borrower or any of its Subsidiaries that it Controls, or Real Property adjacent to such
Real Property, which could reasonably be expected to have a Material Adverse Effect, then Borrower agrees, upon request from the Administrative Agent, to provide the Administrative Agent, at the Borrower’s expense, with such reports,

  
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certificates, engineering studies or other written material or data as the Administrative Agent or the Required Lenders may reasonably require so as to reasonably satisfy the Administrative Agent
and the Required Lenders that any Credit Party or Real Property owned or leased by them is in material compliance with all applicable Environmental Laws. 
 (c) Borrower shall, and shall cause each of its Subsidiaries that it Controls to, take such Remedial Action or other action as required by Environmental Law or any Governmental Authority. 

SECTION 5.12. Guaranties. Each wholly owned Subsidiary of Borrower now or hereafter in existence that (a) is not a special
purpose entity, or formed solely to own an interest in a special purpose entity, formed to own a single asset or group of assets in a bankruptcy remote manner, and (b) owns material unencumbered assets (as determined by the Administrative
Agent), must execute and deliver to the Administrative Agent a Guaranty (within forty-five (45) days after the calendar quarter when the Subsidiary was formed or otherwise acquired for Subsidiaries formed or otherwise acquired after the
Effective Date). 
 SECTION 5.13. Further Assurances. At any time upon the request of the Administrative Agent, Borrower
will, promptly and at its expense, execute, acknowledge and deliver such further documents and perform such other acts and things as the Administrative Agent may reasonably request to evidence the Loans made hereunder and interest thereon in
accordance with the terms of this Agreement. 
 ARTICLE VI 

Negative Covenants 
 Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all Letters of Credit have expired or terminated,
in each case, without any pending draw, and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that: 
 SECTION 6.01. Liens. The Borrower will not create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it or its Subsidiaries, or assign or sell
any income or revenues (including accounts receivable) or rights in respect of any thereof, except: 
 (a) Permitted
Encumbrances; 
 (b) any Lien on any property or asset of the Borrower or any Subsidiary existing on the date hereof and set
forth in Schedule 6.01; provided that (i) such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary and (ii) such Lien shall secure only those obligations (whether present or future) set
forth in the governing loan documents, as of the date hereof and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof; and 

  
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 (c) any Lien securing Indebtedness not prohibited by this Agreement. 

SECTION 6.02. Fundamental Changes. 
 (a) The Borrower will not, and will not permit any Subsidiary to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease
or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all of the assets of the Borrower and its Subsidiaries when taken as a whole, or all or substantially all of the stock of its Subsidiaries when taken as
a whole (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing (i) any Person may merge
into, or consolidate with, the Borrower in a transaction in which the Borrower is the surviving corporation, (ii) any Person not a Credit Party may merge into, or consolidate with, any Subsidiary in a transaction in which the surviving entity
is a Subsidiary, (iii) any Subsidiary not a Credit Party may sell, transfer, lease or otherwise dispose of its assets to the Borrower or to another Subsidiary, (iv) any Subsidiary not a Credit Party may liquidate or dissolve if the
Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders, (v) any Subsidiary which is a Credit Party may merge into (or consolidate
with) or liquidate or dissolve into, any other Subsidiary which is a Credit Party, and (vi) any Subsidiary which is a Credit Party may sell, transfer, lease or otherwise dispose of its assets to Borrower or to any other Subsidiary which is a
Credit Party; provided that any such merger involving a Person that is not a wholly owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by Section 6.03. 

(b) The Borrower will not, and will not permit any of its Subsidiaries to, engage to any material extent in any business other than
businesses of the type conducted by the Borrower and its Subsidiaries on the date of execution of this Agreement and businesses reasonably related thereto. 
 SECTION 6.03. Investments, Loans, Advances and Acquisitions. The Borrower will not, and will not permit any of its Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with
any Person that was not a wholly owned Subsidiary prior to such merger) any capital stock, evidences of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any
loans or advances to, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business
unit, not including receivables, deposits or prepaid items, except: 
 (a) Permitted Investments; 

  
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 (b) investments in the capital stock of new or existing Subsidiaries and intercompany loans
between or among the Borrower and/or its Subsidiaries; 
 (c) investments in Unconsolidated Affiliates (valued at an amount
equal to the Value of each Unconsolidated Affiliate’s Real Property multiplied by the Equity Percentage for that Unconsolidated Affiliate), and in other real estate investment trusts (at market value); 

(d) loans, advances and extensions of credit to Affiliates of the Borrower that are Mortgage Notes or are used to purchase TIF
obligations; 
 (e) loans, advances and extensions of credit that are not included in clause (d); 

(f) undeveloped land; 
 (g) Real Property; 
 (h) capital stock, obligations or securities received in
settlement of debts (created in the ordinary course of business) owing to the Borrower or any Subsidiary; and 
 (i) mergers,
consolidations and other transactions permitted under Section 6.02, so long as same do not cause the Borrower to be in violation of any provision of this Section 6.03. 
 The loans and investments described above may be purchased or acquired, directly or indirectly, through partnerships, joint ventures, or otherwise. 

SECTION 6.04. Hedging Agreements. The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Hedging
Agreement, other than Hedging Agreements entered into in the ordinary course of business to hedge or mitigate risks to which the Borrower or any Subsidiary is exposed in the conduct of its business or the management of its liabilities. 

SECTION 6.05. Transactions with Affiliates. The Borrower will not, and will not permit any of its Subsidiaries to, sell, lease or
otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) in the ordinary course of business at
prices and on terms and conditions not less favorable to the Borrower or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, and (b) transactions between or among the Borrower and its wholly owned
Subsidiaries not involving any other Affiliate. 
 SECTION 6.06. Restrictive Agreements. The Borrower will not, and will
not permit any Guarantor to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement (including the organizational documents of such Person) that prohibits or restricts (a) the ability of the Borrower or
any Guarantor to create, incur or permit to exist any Lien upon, or sell, transfer or otherwise convey all or any part of, any of its property or assets, or (b) the 

  
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ability of any Guarantor to pay dividends or other distributions with respect to any shares of its capital stock or to make or repay loans or advances to the Borrower or any other Subsidiary or
to Guarantee Indebtedness of the Borrower or any other Subsidiary; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by law or by this Agreement, (ii) the foregoing shall not apply to restrictions and
conditions existing on the date hereof, which are to the best of Borrower’s knowledge, identified on Schedule 6.06 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such
restriction or condition), (iii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale or other disposition of a Subsidiary pending such sale, provided such restrictions and
conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured
Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness, (v) clause (a) of the foregoing shall not apply to customary provisions in leases
restricting the assignment thereof, and (vi) clause (a) of the foregoing shall not apply to customary provisions in joint venture and partnership agreements, or other organizational documents, with Persons other than Borrower or its
Affiliates restricting Liens on property owned thereby or on venture or partnership interests. 
 SECTION 6.07. Government
Regulation. The Borrower will not (a) be or become subject at any time to any legal requirement, or list of any government agency (including, without limitation, the U.S. Office of Foreign Asset Control list) that prohibits or limits the
Lenders from making any advance or extension of credit to the Borrower or from otherwise conducting business with the Borrower, or (b) fail to provide documentary and other evidence of the Borrower’s identity as may be requested by the
Administrative Agent or any Lender at any time to enable the Administrative Agent or any Lender to verify its identity or to comply with any applicable legal requirement, including, without limitation, Section 326 of the USA Patriot Act of
2001, 31 U.S.C. Section 5318. 
 SECTION 6.08. Prohibited Restricted Payments. During the existence of a Default or
an Event of Default the Borrower will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any dividend or other distribution (whether in cash, securities or other property) with
respect to any ownership interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property) on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such ownership
interests (including any sinking fund or similar deposit), or any option, warrant or other right to acquire any such ownership interests (“Restricted Payment”), except (a) the minimum amount of Restricted Payments required to
be made in other to maintain Borrower’s REIT status, and (b) dividends payable by the Borrower solely in additional shares of common stock. 

  
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 ARTICLE VII 
 Events of Default 
 If any of the following events (“Events of
Default”) shall occur: 
 (a) the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation
in respect of any LC Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 
 (b) any Credit Party shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under any Loan
Documents, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of over three (3) Business Days; 
 (c) any representation or warranty made or deemed made by or on behalf of any Credit Party in or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, or in
any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any amendment or modification hereof or waiver hereunder, shall prove to have been incorrect in any material respect when
made or deemed made; 
 (d) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in
Article V or VI other than Sections 5.05, 5.06, 5.07(a), 5.08, and 5.11; 
 (e)
any Credit Party shall fail to observe or perform any covenant, condition or agreement contained in any Loan Document (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue
unremedied for a period of over thirty (30) days after notice thereof from the Administrative Agent to the Borrower (which notice will be given at the request of any Lender); 

(f) the principal of any Material Indebtedness is not paid when due, or the interest on any Material Indebtedness is not paid when due
and, in either case, any grace period has expired, or any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of
time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to
its scheduled maturity; provided that this clause (f) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; 

(g) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization
or other relief in respect of any Credit Party or any 

  
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other Subsidiary, other than a Minority Subsidiary, of the Borrower or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership
or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Credit Party or any other Subsidiary, other than a Minority Subsidiary, of the Borrower
or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered; 

(h) any Credit Party or any other Subsidiary, other than a Minority Subsidiary, of the Borrower shall (i) voluntarily commence any
proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail
to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar
official for such Person or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or
(vi) take any action for the purpose of effecting any of the foregoing; 
 (i) any Credit Party shall become unable, admit
in writing its inability or fail generally to pay its debts as they become due; 
 (j) one or more judgments for the payment of
money in an aggregate amount in excess of $10,000,000 shall be rendered against any Credit Party, any other Subsidiary, other than a Minority Subsidiary, of the Borrower or any combination thereof and the same shall remain undischarged for a period
of thirty (30) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of such Person to enforce any such judgment; 

(k) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that
have occurred, could reasonably be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding (i) $5,000,000 in any year or (ii) $10,000,000 for all periods; or 

(l) a Change in Control shall occur; 
 then, and in every such event (other than an event described in clause (g) or (h) of this Article), and at any time thereafter during the continuance of such event, the
Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take some or all of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments
shall terminate immediately, (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon
the principal of 

  
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the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately,
without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower, and (iii) exercise any other rights or remedies provided under this Agreement (including Section 2.05(j)) or any other
Loan Document, or any other right or remedy available by law or equity; and in case of any event described in clause (g) or (h) of this Article, the Commitments shall automatically terminate and the principal of the Loans
then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which
are hereby waived by the Borrower. 
 ARTICLE VIII 
 The Administrative Agent 
 SECTION 8.01. General. Each of the
Lenders and the Issuing Bank hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the
terms hereof, together with such actions and powers as are reasonably incidental thereto. 
 The bank serving as the
Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from,
lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder. 
 The Administrative Agent shall not have any duties or obligations except those expressly set forth herein. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be
subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except
discretionary rights and powers expressly contemplated hereby that the Administrative Agent is required to exercise in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances
as provided in Section 9.02), and (c) except as expressly set forth herein, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Credit
Party that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request
of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct. The Administrative
Agent shall be 

  
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deemed not to have knowledge of any Default (other than the non-payment of principal of or interest on Loans) unless and until written notice thereof is given to the Administrative Agent by the
Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement, (ii) the contents of
any certificate, report or other document delivered hereunder or in connection herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of
items expressly required to be delivered to the Administrative Agent. 
 The Administrative Agent shall be entitled to rely
upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The
Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal
counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts
reasonably selected. 
 The Administrative Agent may perform any and all its duties and exercise its rights and powers by or
through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory
provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit
facilities provided for herein as well as activities as Administrative Agent. 
 Subject to the appointment and acceptance of a
successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Bank and the Borrower. The Required Lenders (without consideration of Administrative Agent’s
ownership interest in the Loans) may remove Administrative Agent immediately at any time it is determined that Administrative Agent has committed gross negligence or willful misconduct in the exercise of its duties hereunder. Upon any such
resignation or removal, the Required Lenders shall have the right, with the approval of Borrower (provided no Default has occurred and is continuing), which approval shall not be unreasonably withheld, to appoint a successor. If no successor shall
have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may,

  
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on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor
shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Administrative Agent, and the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder.
The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s resignation or removal
hereunder, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or
omitted to be taken by any of them while it was acting as Administrative Agent. 
 Each Lender acknowledges that it has,
independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also
acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking
or not taking action under or based upon this Agreement, any related agreement or any document furnished hereunder or thereunder. 
 SECTION 8.02. Defaulting Lenders. If for any reason any Lender shall become a Defaulting Lender, then, in addition to the rights and remedies that may be available to Administrative Agent, the
other Lenders, Borrower or any other party at law or in equity, and not as a limitation thereof, 
  

	 	(i)	such Defaulting Lender’s right to participate in the administration of, or decision-making rights related to, the Loans, this Agreement and the other Loan
Documents shall be suspended during the pendency of such failure or refusal; 

  

	 	(ii)	fees shall cease to accrue on the Commitment of such Defaulting Lender pursuant to Section 2.11; 

 

	 	(iii)	the Commitment and the Loans of such Defaulting Lender shall not be included in determining whether all Lenders or the Required Lenders have taken or may take any
action hereunder (including any consent to any amendment or waiver pursuant to Section 9.02); provided that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender which affects such
Defaulting Lender differently than other affected Lenders shall require the consent of such Defaulting Lender; 

  
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	 	(iv)	any amount payable to such Defaulting Lender hereunder (whether on account of principal, interest, fees or otherwise) shall, in lieu of being distributed to such
Defaulting Lender, and in satisfaction of any such payment obligation, be retained by Administrative Agent in a segregated account and, subject to any applicable requirements of law, be applied at such time or times as may be determined by
Administrative Agent (a) first, to the payment of any amounts owing by such Defaulting Lender to Administrative Agent hereunder, (b) second, to the payment of any amounts owing by such Defaulting Lender to the Issuing Bank
hereunder, (c) third, to the funding of any Loan or the funding or cash collateralization of any participating interest in any Letter of Credit in respect of which such Defaulting Lender has failed to fund its portion thereof as required by
this Agreement, as determined by Administrative Agent, (d) fourth, if so determined by Administrative Agent and Borrower, held in such account as cash collateral for future funding obligations of the Defaulting Lender under this
Agreement, (e) fifth, pro rata, to the payment of any amounts owing to Borrower or the Lenders as a result of any judgment of a court of competent jurisdiction obtained by Borrower or any Lender against such Defaulting Lender as a result
of such Defaulting Lender’s breach of its obligations under this Agreement, and (f) sixth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is a prepayment
of the principal amount of any Loans or reimbursement obligations in respect of LC Disbursements which a Defaulting Lender has funded, such payment shall be applied solely to prepay the Loans of, and reimbursement obligations owed to, all
non-defaulting Lenders pro rata prior to being applied to the prepayment of any Loans, or reimbursement obligations owed to, any Defaulting Lender; 

  

	 	(v)	provided there is no Default or Event of Default then existing, if any LC Exposure exists at the time a Lender becomes a Defaulting Lender then:

  

	 	(1)	all or any part of such LC Exposure shall be reallocated among the non-defaulting Lenders in accordance with their respective Applicable Percentages but only to the
extent the sum of all non-defaulting Lenders’ Revolving Credit Exposures plus such Defaulting Lender’s LC Exposure does not exceed the total of all non-defaulting Lenders’ Commitments; 

 

	 	(2)	 if the reallocation described in clause (1) above cannot, or can only partially, be effected, the Borrower shall within one Business Day
following notice by the Administrative Agent cash collateralize 

  
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such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (1) above) in accordance with the procedures set forth in
Section 2.05(j) for so long as such LC Exposure is outstanding; 

  

	 	(3)	if the Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to this Paragraph, the Borrower shall not be required to pay any
fees to such Defaulting Lender pursuant to Section 2.11 with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized; 

 

	 	(4)	if the LC Exposure of the non-defaulting Lenders is reallocated pursuant to this Paragraph, then the fees payable to the Lenders pursuant to Section 2.11
shall be adjusted in accordance with such non-defaulting Lenders’ Applicable Percentages; or 

  

	 	(5)	if any Defaulting Lender’s LC Exposure is neither cash collateralized nor reallocated pursuant to this Paragraph, then, without prejudice to any rights or remedies
of the Issuing Bank or any Lender hereunder, all fees that otherwise would have been payable to such Defaulting Lender with respect to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Bank until such LC Exposure is cash
collateralized and/or reallocated; and 

  

	 	(vi)	so long as any Lender is a Defaulting Lender, the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the
related exposure will be 100% covered by the Commitments of the non-defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with this Paragraph, and participating interests in any such newly issued or increased
Letter of Credit shall be allocated among non-defaulting Lenders in a manner consistent with this Paragraph (and Defaulting Lenders shall not participate therein). 

 A Defaulting Lender’s rights to participate in Lender decision-making and to fully participate in payments due from Borrower shall be restored only upon the payment by such Defaulting Lender of the
amounts as to which it is delinquent, and any damages suffered by Borrower as a result of such Defaulting Lender’s default hereunder (including, without limitation, interest on any portion of draw requests funded by Borrower with equity at the
Prime Rate plus three percent (3%) per annum). 

  
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 (i) The non-defaulting Lenders shall also have the right, but not the obligation, in their
respective, sole and absolute discretion, to acquire for no cash consideration (pro rata, based on the respective Commitments of those Lenders electing to exercise such right), the Defaulting Lender’s Commitment to fund future Loans (the
“Future Commitment”). Upon any such purchase of the Defaulting Lender’s Future Commitment, the Defaulting Lender’s share in future Loans and its rights under the Loan Documents with respect thereto shall terminate
on the date of purchase, and the Defaulting Lender shall promptly execute all documents reasonably requested to surrender and transfer such interest. Each Defaulting Lender shall indemnify Administrative Agent and each non-defaulting Lender from and
against any and all loss, damage or expenses, including, but not limited to, reasonable attorneys’ fees and funds advanced by Administrative Agent or by any non-defaulting Lender, on account of a Defaulting Lender’s failure to timely
perform its obligations under the Loan Documents. 
 ARTICLE IX 

Miscellaneous 
 SECTION 9.01. Notices. Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other communications provided for herein shall be in
writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 
 (a) if to the Borrower, to it at 2600 Citadel Plaza Drive, P. O. Box 924111, Houston, Texas 77292, Attention: Steve Richter (Telecopy No. 713/866-6072); with a copy to Weingarten Realty Investors,
2600 Citadel Plaza Drive, P. O. Box 924111, Houston, Texas 77292, Attention: Linda Kubena (Telecopy No. 713/880-6107); with a copy to Winstead PC, 600 Travis Street, Suite 1100, Houston, Texas 77002, Attention: Vincent Marino (Telecopy
No. 713/650-2400); 
 (b) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., 707 Travis
Street, 6th Floor North, Houston, Texas 77002, Attention:
Manager, Real Estate Group (Telephone No. 713/216-1270 (Kristin Burton) and Telecopy No. 713/216-2391, with a copy to JPMorgan Chase & Co., Central Technology & Ops, 10 South Dearborn, Floor 07, Chicago, Illinois 60603
Attention: Yvonne Dixon (Telephone No. 312/385-7030 and Telecopy No. 312/385-7101); 
 (c) if to
the Issuing Bank, to it at JPMorgan Chase Bank, N.A., 707 Travis Street, 6th Floor North, Houston, Texas 77002, Attention: Manager, Real Estate Group (Telephone No. 713/216-1270 (Kristin Burton) and Telecopy No. 713/216-2391; and 

(d) if to any other Lender, to it at its address (or telecopy number) set forth on the signature pages of this Agreement, or as provided
to Borrower in writing by the Administrative Agent or the Lender. 

  
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 Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic
communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. The
Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be
limited to particular notices or communications. 
 Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given (i) if given by telecopy, when
such telecopy is transmitted to the telecopy number specified in this Section and the appropriate confirmation is received (or if such day is not a Business Day, on the next Business Day); (ii) if given by mail (return receipt requested), on
the earlier of receipt or three (3) Business Days after such communication is deposited in the mail with first class postage prepaid, addressed as aforesaid; or (iii) if given by any other means, when delivered at the address specified in
this Section; provided that notices to the Administrative Agent under Article II shall not be effective until received. 
 SECTION 9.02. Waivers; Amendments. 
 (a) No failure or delay by the
Administrative Agent, the Issuing Bank or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Bank and the
Lenders hereunder and under any other Loan Document are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom
shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting
the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or the Issuing Bank may have had notice or
knowledge of such Default at the time. 
 (b) Neither this Agreement nor any provision hereof may be waived, amended or modified
except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall
(i) increase the aggregate Commitments without the written consent of each Lender, except pursuant to Section 2.08, or increase the Commitment of any Lender without such Lender’s consent, (ii) reduce the principal

  
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amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected thereby,
(iii) postpone or extend the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone or
extend the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, (iv) change Section 2.17(b) or (c) in a manner that would alter the pro rata sharing of payments
required thereby, without the written consent of each Lender, (v) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders
required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender, or (vi) except for a release by the Administrative Agent of a Guarantor whose Guaranty
is no longer required pursuant to Section 5.12, release any Credit Party from its obligations under the Loan Documents, without the written consent of each Lender; provided further that no such agreement shall amend, modify or
otherwise affect the rights or duties of the Administrative Agent, the Issuing Bank or the Swingline Lender hereunder without the prior written consent of the Administrative Agent, the Issuing Bank or the Swingline Lender, as the case may be.

 SECTION 9.03. Expenses; Indemnity; Damage Waiver. 

(a) The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates,
including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication of the credit facilities provided for herein, the preparation and administration of this Agreement or any
amendments, modifications or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby shall be consummated); provided, however, that unless requested by the Borrower, the Borrower shall not be required to pay
the expenses associated with assignments or participations from Lenders after the Effective Date in accordance with Section 9.04, (ii) all reasonable out-of-pocket expenses incurred by the Issuing Bank in connection with the
issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Administrative Agent, the Issuing Bank or any Lender, including the fees, charges and
disbursements of any counsel for the Administrative Agent, the Issuing Bank or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement, including its rights under this Section, or in connection
with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 

(b) The Borrower shall indemnify the Administrative Agent, the Issuing Bank and each Lender, and each Related Party of any of the
foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements

  
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of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any
agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of
Credit or the use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such
Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or
any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party
thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses resulted from the gross negligence or willful misconduct of such Indemnitee.
THE FOREGOING INDEMNITY INDEMNIFIES EACH INDEMNITEE FROM ITS OWN NEGLIGENCE. 
 (c) To the extent that the Borrower fails
to pay any amount required to be paid by it to the Administrative Agent, the Issuing Bank or the Swingline Lender under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent,
the Issuing Bank or the Swingline Lender, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that
the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent, the Issuing Bank or the Swingline Lender in its capacity as such.

 (d) To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any
Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument
contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. 
 (e) All amounts due
under this Section shall be payable not later than ten days after written demand therefor. 
 SECTION 9.04. Successors and
Assigns. 
 (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may 

  
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not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such
consent shall be null and void), and (ii) a Lender may not assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer
upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit) and, to the extent expressly contemplated hereby, the Related
Parties of each of the Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b)    (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of: 

(A) the Borrower, provided that no consent of the Borrower shall be required for an assignment to a Lender, an
Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee; and 
 (B) the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment to a Lender, an Affiliate of a Lender or an Approved Fund. The Administrative
Agent will provide written notice of consent or denial within ten (10) days Business Days after its receipt of a written request for assignment. 
 (ii) Assignments shall be subject to the following additional conditions: 
 (A) except in the case of an assignment to a Lender, an Affiliate of a Lender, or an Approved Fund, or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans, the
amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than
$5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing; 

(B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement, provided that this clause shall not apply to rights and obligations in respect of outstanding Competitive Loans; 

  
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 (C) the parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500; 

(D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire;
and 
 (E) no assignment shall be made to (1) the Borrower or any of the Borrower’s Affiliates or
Subsidiaries, (2) any Defaulting Lender or (3) any natural person. 
 (iii) Subject to acceptance and recording
thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such
Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under
this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits
of Sections 2.14, 2.15, 2.16 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement
as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section. 
 (iv) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices in Houston, Texas a copy of each Assignment and Assumption delivered to it and a
register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent, the Issuing Bank and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as
a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, the Issuing Bank and any Lender, at any reasonable time and from time to time upon
reasonable prior notice. 
 (v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender
and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written
consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for
purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 

  
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 (c)(i) Any Lender may, without the consent of the Borrower, the Administrative Agent, the
Issuing Bank or the Swingline Lender, sell participations to one or more banks or other entities other than a natural person, a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates or Subsidiaries (a
“Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s
obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent, the Issuing Bank
and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation
shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such
Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant. Subject to paragraph (c)(ii) of this Section,
the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.14, 2.15 and 2.16 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to
paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to
Section 2.17(c) as though it were a Lender. 
 (ii) A Participant shall not be entitled to receive any greater
payment under Section 2.14 or 2.16 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with
the Borrower’s prior written consent. A Participant that would be a Non-U.S. Lender if it were a Lender shall not be entitled to the benefits of Section 2.16 unless the Borrower is notified of the participation sold to such
Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 2.16(e) as though it were a Lender. 
 (d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to
secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that written notice thereof is given to the Administrative Agent and that no such pledge or
assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

  
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 SECTION 9.05. Survival. All covenants, agreements, representations and warranties
made by the Borrower herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery
of this Agreement and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, the Issuing Bank or any Lender may
have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee
or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections 2.14, 2.15, 2.16 and 9.03 and
Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or
the termination of this Agreement or any provision hereof. 
 SECTION 9.06. Counterparts; Integration; Effectiveness.
This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and any
separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or
written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received
counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an
executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION 9.07. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision
in any other jurisdiction. 
 SECTION 9.08. Right of Setoff. If an Event of Default shall have occurred and be
continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final)
at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing under this Agreement

  
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held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. Each Lender agrees promptly to
notify the Borrower after any such setoff and application made by such Lender, provided that the failure to give such notice shall not affect the validity of such setoff and application. The rights of each Lender under this Section are in addition
to other rights and remedies (including other rights of setoff) which such Lender may have. 
 SECTION 9.09. Governing Law;
Jurisdiction; Consent to Service of Process. 
 (a) This Agreement shall be construed in accordance with and governed by the
law of the State of Texas. 
 (b) The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to
the nonexclusive jurisdiction of the district courts of Harris County, Texas and of the United States District Court of the Southern District of Texas (Houston Division), and any appellate court from any thereof, in any action or proceeding arising
out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and
determined in such State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on
the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement
against the Borrower or its properties in the courts of any jurisdiction. 
 (c) The Borrower hereby irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court
referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such
court. 
 (d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 9.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 SECTION 9.10. WAIVER OF JURY TRIAL. THE BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED.
EACH OF THEM, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT, WITH COUNSEL OF THEIR CHOICE, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT ANY OF THEM MAY 

  
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HAVE TO A TRIAL BY JURY IN ANY LITIGATION (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) BETWEEN OR AMONG THEM ARISING OUT OF OR IN ANY WAY RELATED TO THE LOAN DOCUMENTS OR ANY OF THE
TRANSACTIONS CONTEMPLATED BY THE LOAN DOCUMENTS OR ANY COURSE OF CONDUCT, DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTION OF ANY OF THEM. THIS PROVISION IS A MATERIAL INDUCEMENT TO LENDERS TO PROVIDE THE FINANCING DESCRIBED HEREIN OR IN THE
OTHER LOAN DOCUMENTS. 
 SECTION 9.11. Headings. Article and Section headings and the Table of Contents used herein are
for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 SECTION 9.12. Confidentiality. 
 (a) Each of the Administrative Agent, the
Issuing Bank and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its and its Affiliates’ directors, officers, employees and agents, including
accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to
the extent requested by any regulatory authority, (iii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (iv) to any other party to this Agreement, (v) in connection with the
exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (vi) subject to an agreement containing provisions substantially the same as those of this Section, to
(1) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (2) any actual or prospective counterparty (or its advisors) to any swap or derivative
transaction relating to the Borrower and it obligations, (vii) with the consent of the Borrower or (viii) to the extent such Information (1) becomes publicly available other than as a result of a breach of this Section or
(2) becomes available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis from a source other than the Borrower. For the purposes of this Section, “Information” means all information received from
any Credit Party relating to the Credit Party or its business, other than any such information that is available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by any Credit Party; provided
that, in the case of information received from any Credit Party after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in
this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

  
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 (b) EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12(a)
FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF
MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS. 

(c) ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO,
OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER, THE CREDIT PARTIES AND THEIR AFFILIATES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER
AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.

 SECTION 9.13. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the
interest applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively, the “Charges”), shall exceed the maximum which may be contracted for,
charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law (the “Maximum Rate”), the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in
respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been paid in respect of such Loan but were not payable as result of the operation of this Section shall be cumulated and the
interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date
of repayment, shall have been received by such Lender. If, for any reason whatsoever, the Charges paid or received on the Loans produces a rate which exceeds the Maximum Rate, the Lenders shall credit against the principal of the Loans (or, if such
indebtedness shall have been paid in full, shall refund to the payor of such Charges) such portion of said Charges as shall be necessary to cause the interest paid on the Loans to produce a rate equal to the Maximum Rate. All sums paid or agreed to
be paid to the holders of the Loans for the use, forbearance or detention of the Loans shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread in equal parts throughout the full term of this Agreement, so that
the interest rate is uniform throughout the full term of this Agreement. The 

  
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provisions of this Section shall control all agreements, whether now or hereafter existing and whether written or oral, between the parties hereto. On each day, if any, that Texas law establishes
the Maximum Rate, the Maximum Rate shall be the “weekly ceiling” (as defined in Chapter 303 of the Texas Finance Code (the “Texas Finance Code”) as amended) for that day. The Administrative Agent may from time to time, as
to current and future balances, implement any other ceiling under the Texas Finance Code by notice to the Borrower, if and to the extent permitted by the Texas Finance Code. Without notice to the Borrower or any other person or entity, the Maximum
Rate shall automatically fluctuate upward and downward as and in the amount by which such maximum nonusurious rate of interest permitted by applicable law fluctuates. 
 SECTION 9.14. Liability of Holders. With respect to the incurrence of certain liabilities hereunder and the making of certain agreements by the Borrower as herein stated, such incurrence of
liabilities and such agreements shall be binding upon the Borrower only as a trust formed under the Texas Real Estate Investment Trust Act pursuant to that certain Restated Declaration of Trust dated March 23, 1988 (as amended from time to
time), and only upon the assets of such Borrower. No Trust Manager or officer or holder of any beneficial interest in the Borrower shall have any personal liability for the payment of any indebtedness or other liabilities incurred by the Borrower
hereunder or for the performance of any agreements made by the Borrower hereunder, nor for any other act, omission or obligation incurred by the Borrower or the Trust Managers except, in the case of a Trust Manager, any liability arising from his
own willful misfeasance or malfeasance or gross negligence. 
 SECTION 9.15. USA Patriot Act. Each Lender that is subject
to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and
record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Act. 

[Signature Pages Follow] 

  
 86 

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

			
	WEINGARTEN REALTY INVESTORS
		
	 By:
	 	 

	 Name:
	 	Stephen C. Richter
	 Title:
	 	Executive VP/CFO
	
	JPMORGAN CHASE BANK, N.A., individually and as Administrative Agent,
		
	 By:
	 	 

	 Name:
	 	Kristin Burton
	 Title:
	 	Officer

  
 87 

 Signature page to Credit Agreement with Weingarten Realty Investors 

 

			
	 BANK OF AMERICA, N.A.

		
	 By:
	 	 

		 	Steven P. Renwick, Senior Vice President

  

	
	 Address:

	
	 901 Main Street, 64th Floor

	 Dallas, Texas 75202

	 Attention: Mr. Steven Renwick

	 Telephone No.: (214) 209-1867

	 Telecopy No.: (214) 209-0995

  
 88 

 Signature page to Credit Agreement with Weingarten Realty Investors 

 

			
	 ROYAL BANK OF CANADA

		
	 By:
	 	 

		 	Dan LePage, Authorized Signatory

  

	
	 Address:

	
	 3 World Financial Center

	 200 Vesey Street

	 New York, New York 10281

	 Attention: Mr. Dan LePage

	 Telephone No.: (212) 428-6605

	 Telecopy No.: (212) 428-6459

  
 89 

 Signature page to Credit Agreement with Weingarten Realty Investors 

 

			
	 SUMITOMO MITSUI BANKING CORPORATION

		
	 By:
	 	 

	 Name:
	 	William G. Karl
	 Title:
	 	General Manager

  

	
	 Address:

	
	 277 Park Avenue

	 New York, New York 10172

	 Attention: William G. Karl

	 Telephone No.: (212) 224-4164

	 Telecopy No.: (212) 224-4887

  
 90 

 Signature page to Credit Agreement with Weingarten Realty Investors 

 

			
	REGIONS BANK
		
	By:	 	 

		 	Robert P MacGregor, Sr. Vice President
	
	Notices to:
	
	1900 5th Avenue North, 15th Floor
	Birmingham, Alabama 35203
	Attention: Mr. Ronald J. Bennett
	Telephone No.: (205) 264-7159
	Telecopy No.: (205) 264-5456

  
 91 

 Signature page to Credit Agreement with Weingarten Realty Investors 

 

			
	 THE NORTHERN TRUST COMPANY

		
	 By:
	 	 

	 Name:
	 	Blake Lunt
	 Title:
	 	2nd Vice President

  

	
	 Address:

	
	 50 South LaSalle Street

	 Floor M-27

	 Chicago, Illinois 60603

	 Attention: Anne M. Hafer

	 Telephone No.: (312) 444-3218

	 Telecopy No.: (312) 444-7028

  
 92 

 THIS PAGE INTENTIONALLY OMITTED. 

  
 93 

 Signature page to Credit Agreement with Weingarten Realty Investors 

 

			
	 COMPASS BANK

		
	 By:
	 	 

	 Name:
	 	Brian Tuerff
	 Title:
	 	SVP

  

	
	 Address:

	
	 24 Greenway Plaza, Suite 1400B

	 Houston, Texas 77046

	 Attention: Kevi Seadler

	 Telephone No.: (713) 968-8234

	 Telecopy No.: (205) 524-0385

  
 94 

 Signature page to Credit Agreement with Weingarten Realty Investors 

 

			
	THE BANK OF NOVA SCOTIA
		
	By:	 	 

	Name:	 	Diane Emanuel
	Title:	 	Managing Director

  

			
	Address:
	
	 650 West Georgia Street, 18th Floor

Vancouver, BC, Canada
 V6B 4N7

Attention: Christopher Usas
 Telephone No.: (604)
697-2212
 Telecopy No.: (604) 697-2202

  
 95 

 Signature page to Credit Agreement with Weingarten Realty Investors 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	 

	Name:	 	Marc J. Krebs
	Title:	 	Vice President
	
	Address:
	
	 1000 Louisiana, 4th Floor

MAC:T0002-041
 Houston, Texas 77002

Attention: Marc J. Krebs
 Telephone No.:
(713) 319-1417
 Telecopy No.: (713) 739-1077

  
 96 

 Signature page to Credit Agreement with Weingarten Realty Investors 

 

			
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	 

	Name:	 	Michael J. Catalano
	Title:	 	Vice President

  

			
	Address:
	
	 One PNC Plaza
 Mail Stop: P1-POPP-19-1
 249 5th Avenue

Pittsburgh, Pennsylvania 15219
 Attention:
Michael Catalano
 Telephone No.: (412) 762-5450
 Telecopy No.: (412) 762-6500

  
 97 

 Signature page to Credit Agreement with Weingarten Realty Investors 

 

			
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 

		 	Gregory N. Kaye, Senior Vice President

  

			
	Address:
	
	 14241 Dallas Parkway, Suite 490
 Dallas, Texas 75254
 Attention: Gregory N. Kaye

Telephone No.: (972) 458-4503
 Telecopy No.:
(972) 386-8370

  
 98 

 Signature page to Credit Agreement with Weingarten Realty Investors 

 

			
	CAPITAL ONE, N.A.
		
	By:	 	 

		 	Frederick H. Denecke, Vice President

  

			
	Address:
	
	 1680 Capital One Drive
 10th
Floor
 McLean, VA 22102

	
	 Attention: Frederick H. Denecke
 Telephone No: (703) 720-6760
 Telecopy No: (703) 720-2032

	
	 Attention: Michael J. Sleece
 Telephone No: (703) 720-6755
 Telecopy No: (703) 720-2032

  
 99

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