Document:

EX-10.2

 Exhibit 10.2 

Execution Copy 
 CREDIT AGREEMENT

 Dated as of September 17, 2015 

by and among 
 INDEPENDENCE REALTY
OPERATING PARTNERSHIP, LP, 
 AS BORROWER, 

KEYBANK NATIONAL ASSOCIATION, 

THE HUNTINGTON NATIONAL BANK, 

THE OTHER LENDERS WHICH ARE PARTIES TO THIS AGREEMENT 

AND 
 OTHER LENDERS THAT MAY
BECOME 
 PARTIES TO THIS AGREEMENT, 

KEYBANK NATIONAL ASSOCIATION, 
 AS
AGENT, 
 THE HUNTINGTON NATIONAL BANK, 

AS SYNDICATION AGENT, 
 AND 

KEYBANC CAPITAL MARKETS and THE HUNTINGTON NATIONAL BANK, 

AS JOINT LEAD ARRANGERS AND BOOK MANAGERS 
  

 
 $120 MILLION
SENIOR INTERIM TERM LOAN FACILITY 

 TABLE OF CONTENTS 

 

									
	 §1.
	 	 DEFINITIONS AND RULES OF INTERPRETATION.
	  	 	2	  
				
		 	 §1.1
	  	 Definitions
	  	 	2	  
		 	 §1.2
	  	 Rules of Interpretation.
	  	 	21	  
			
	 §2.
	 	 THE CREDIT FACILITY.
	  	 	22	  
				
		 	 §2.1
	  	 The Term Loan
	  	 	22	  
		 	 §2.2
	  	 Notes
	  	 	22	  
		 	 §2.3
	  	 [Reserved]
	  	 	22	  
		 	 §2.4
	  	 [Reserved]
	  	 	23	  
		 	 §2.5
	  	 [Reserved].
	  	 	23	  
		 	 §2.6
	  	 Interest on Loans.
	  	 	23	  
		 	 §2.7
	  	 [Reserved]
	  	 	23	  
		 	 §2.8
	  	 [Reserved].
	  	 	23	  
		 	 §2.9
	  	 Use of Proceeds
	  	 	23	  
		 	 §2.10
	  	 [Reserved].
	  	 	24	  
		 	 §2.11
	  	 [Reserved].
	  	 	24	  
		 	 §2.12
	  	 Extension of Maturity Date
	  	 	24	  
			
	 §3.
	 	 REPAYMENT OF THE LOANS.
	  	 	24	  
				
		 	 §3.1
	  	 Stated Maturity
	  	 	24	  
		 	 §3.2
	  	 Mandatory Prepayments
	  	 	25	  
		 	 §3.3
	  	 Optional Prepayments.
	  	 	26	  
		 	 §3.4
	  	 Partial Prepayments
	  	 	26	  
		 	 §3.5
	  	 Effect of Prepayments
	  	 	26	  
			
	 §4.
	 	 CERTAIN GENERAL PROVISIONS.
	  	 	26	  
				
		 	 §4.1
	  	 Conversion Options.
	  	 	26	  
		 	 §4.2
	  	 Fees
	  	 	27	  
		 	 §4.3
	  	 [Reserved].
	  	 	27	  
		 	 §4.4
	  	 Funds for Payments.
	  	 	27	  
		 	 §4.5
	  	 Computations
	  	 	30	  
		 	 §4.6
	  	 Suspension of LIBOR Rate Loans
	  	 	30	  
		 	 §4.7
	  	 Illegality
	  	 	31	  
		 	 §4.8
	  	 Additional Interest
	  	 	31	  
		 	 §4.9
	  	 Additional Costs, Etc.
	  	 	31	  
		 	 §4.10
	  	 Capital Adequacy
	  	 	32	  
		 	 §4.11
	  	 Breakage Costs
	  	 	33	  
		 	 §4.12
	  	 Default Interest; Late Charge
	  	 	33	  
		 	 §4.13
	  	 Certificate
	  	 	33	  
		 	 §4.14
	  	 Limitation on Interest
	  	 	33	  
		 	 §4.15
	  	 Certain Provisions Relating to Increased Costs and Non-Funding Lenders
	  	 	33	  
			
	 §5.
	 	 COLLATERAL SECURITY.
	  	 	34	  
				
		 	 §5.1
	  	 Collateral
	  	 	34	  

  
 i 

									
	 	 	§5.2	  	[Reserved]. 	  	36	 
		 	 §5.3
	  	 [Reserved]
	  	 	36	  
		 	 §5.4
	  	 [Reserved]
	  	 	36	  
		 	 §5.5
	  	 [Reserved]
	  	 	36	  
		 	 §5.6
	  	 [Reserved]
	  	 	36	  
		 	 §5.7
	  	 Release of Collateral
	  	 	36	  
			
	 §6.
	 	 REPRESENTATIONS AND WARRANTIES.
	  	 	36	  
				
		 	 §6.1
	  	 Corporate Authority, Etc.
	  	 	36	  
		 	 §6.2
	  	 Governmental Approvals
	  	 	38	  
		 	 §6.3
	  	 [Reserved]
	  	 	38	  
		 	 §6.4
	  	 Financial Statements
	  	 	38	  
		 	 §6.5
	  	 No Material Changes
	  	 	38	  
		 	 §6.6
	  	 Franchises, Patents, Copyrights, Etc.
	  	 	38	  
		 	 §6.7
	  	 Litigation
	  	 	38	  
		 	 §6.8
	  	 No Material Adverse Contracts, Etc.
	  	 	39	  
		 	 §6.9
	  	 Compliance with Other Instruments, Laws, Etc.
	  	 	39	  
		 	 §6.10
	  	 Tax Status
	  	 	39	  
		 	 §6.11
	  	 No Event of Default
	  	 	39	  
		 	 §6.12
	  	 Investment Company Act
	  	 	39	  
		 	 §6.13
	  	 Absence of UCC Financing Statements, Etc.
	  	 	39	  
		 	 §6.14
	  	 Setoff, Etc.
	  	 	40	  
		 	 §6.15
	  	 [Reserved].
	  	 	40	  
		 	 §6.16
	  	 Employee Benefit Plans
	  	 	40	  
		 	 §6.17
	  	 Disclosure
	  	 	40	  
		 	 §6.18
	  	 Trade Name; Place of Business
	  	 	40	  
		 	 §6.19
	  	 Regulations T, U and X
	  	 	41	  
		 	 §6.20
	  	 Environmental Compliance
	  	 	41	  
		 	 §6.21
	  	 Subsidiaries; Organizational Structure
	  	 	42	  
		 	 §6.22
	  	 [Reserved]
	  	 	42	  
		 	 §6.23
	  	 [Reserved]
	  	 	42	  
		 	 §6.24
	  	 Brokers
	  	 	43	  
		 	 §6.25
	  	 Other Debt
	  	 	43	  
		 	 §6.26
	  	 Solvency
	  	 	43	  
		 	 §6.27
	  	 No Bankruptcy Filing
	  	 	43	  
		 	 §6.28
	  	 No Fraudulent Intent
	  	 	43	  
		 	 §6.29
	  	 Transaction in Best Interests of Loan Parties; Consideration
	  	 	43	  
		 	 §6.30
	  	 OFAC
	  	 	43	  
		 	 §6.31
	  	 REIT Status
	  	 	44	  
			
	 §7.
	 	 AFFIRMATIVE COVENANTS.
	  	 	44	  
				
		 	 §7.1
	  	 Punctual Payment
	  	 	44	  
		 	 §7.2
	  	 Maintenance of Office
	  	 	44	  
		 	 §7.3
	  	 Records and Accounts
	  	 	44	  
		 	 §7.4
	  	 Financial Statements, Certificates and Information
	  	 	44	  
		 	 §7.5
	  	 Notices.
	  	 	46	  
		 	 §7.6
	  	 Existence.
	  	 	47	  

  
 ii 

									
	 	 	§7.7	  	Insurance.	  	47	 
		 	 §7.8
	  	 Taxes; Liens
	  	 	47	  
		 	 §7.9
	  	 Inspection of Books and Records
	  	 	48	  
		 	 §7.10
	  	 Compliance with Laws, Contracts, Licenses, and Permits
	  	 	48	  
		 	 §7.11
	  	 Further Assurances
	  	 	48	  
		 	 §7.12
	  	 Management
	  	 	49	  
		 	 §7.13
	  	 [Reserved]
	  	 	49	  
		 	 §7.14
	  	 Business Operations
	  	 	49	  
		 	 §7.15
	  	 [Reserved]
	  	 	49	  
		 	 §7.16
	  	 [Reserved]
	  	 	49	  
		 	 §7.17
	  	 Distributions of Income to Borrower.
	  	 	49	  
		 	 §7.18
	  	 Plan Assets
	  	 	49	  
		 	 §7.19
	  	 Parent Guarantor Covenants
	  	 	49	  
		 	 §7.20
	  	 [Reserved]
	  	 	50	  
		 	 §7.21
	  	 Keepwell
	  	 	50	  
			
	 §8.
	 	 NEGATIVE COVENANTS.
	  	 	50	  
				
		 	 §8.1
	  	 Restrictions on Indebtedness.
	  	 	50	  
		 	 §8.2
	  	 Restrictions on Liens, Etc.
	  	 	53	  
		 	 §8.3
	  	 Restrictions on Investments
	  	 	56	  
		 	 §8.4
	  	 Merger, Consolidation
	  	 	57	  
		 	 §8.5
	  	 [Reserved].
	  	 	57	  
		 	 §8.6
	  	 Compliance with Environmental Laws
	  	 	57	  
		 	 §8.7
	  	 [Reserved]
	  	 	58	  
		 	 §8.8
	  	 Asset Sales
	  	 	58	  
		 	 §8.9
	  	 [Reserved]
	  	 	58	  
		 	 §8.10
	  	 Restriction on Prepayment of Indebtedness
	  	 	58	  
		 	 §8.11
	  	 [Reserved]
	  	 	58	  
		 	 §8.12
	  	 Derivatives Contracts
	  	 	58	  
		 	 §8.13
	  	 Transactions with Affiliates
	  	 	59	  
		 	 §8.14
	  	 Management Fees
	  	 	59	  
			
	 §9.
	 	 FINANCIAL COVENANTS.
	  	 	59	  
				
		 	 §9.1
	  	 Maximum Consolidated Leverage Ratio
	  	 	59	  
		 	 §9.2
	  	 Minimum Consolidated Fixed Charge Coverage Ratio
	  	 	59	  
		 	 §9.3
	  	 Minimum Consolidated Tangible Net Worth
	  	 	59	  
		 	 §9.4
	  	 Maximum Distributions
	  	 	60	  
		 	 §9.5
	  	 Minimum Liquidity
	  	 	60	  
		 	 §9.6
	  	 Maximum Recourse Indebtedness
	  	 	60	  
		 	 §9.7
	  	 Maximum Unhedged Variable Rate Indebtedness
	  	 	60	  
		 	 §9.8
	  	 Intentionally Deleted.
	  	 	60	  
		 	 §9.9
	  	 Business Assets of IRT
	  	 	60	  
			
	 §10.
	 	 CLOSING CONDITIONS.
	  	 	60	  
				
		 	 §10.1
	  	 Loan Documents
	  	 	60	  
		 	 §10.2
	  	 Certified Copies of Organizational Documents
	  	 	60	  
		 	 §10.3
	  	 Resolutions
	  	 	61	  

  
 iii 

									
	 	 	§10.4	  	Incumbency Certificate; Authorized Signers	  	61	 
		 	 §10.5
	  	 Opinion of Counsel
	  	 	61	  
		 	 §10.6
	  	 Payment of Fees
	  	 	61	  
		 	 §10.7
	  	 Insurance
	  	 	61	  
		 	 §10.8
	  	 Performance; No Default
	  	 	61	  
		 	 §10.9
	  	 Representations and Warranties
	  	 	61	  
		 	 §10.10
	  	 Proceedings and Documents
	  	 	61	  
		 	 §10.11
	  	 Security Documents
	  	 	62	  
		 	 §10.12
	  	 Compliance Certificate
	  	 	62	  
		 	 §10.13
	  	 [Reserved]
	  	 	62	  
		 	 §10.14
	  	 Consents
	  	 	62	  
		 	 §10.15
	  	 Acquisition
	  	 	62	  
		 	 §10.16
	  	 Other
	  	 	62	  
		 	 §10.17
	  	 Specified Senior Secured Credit Facility
	  	 	62	  
			
	 §11.
	 	 [RESERVED].
	  	 	63	  
			
	 §12.
	 	 EVENTS OF DEFAULT; ACCELERATION; ETC.
	  	 	63	  
				
		 	 §12.1
	  	 Events of Default and Acceleration
	  	 	63	  
		 	 §12.2
	  	 Certain Cure Periods
	  	 	65	  
		 	 §12.3
	  	 Termination of Commitments
	  	 	65	  
		 	 §12.4
	  	 Remedies
	  	 	66	  
		 	 §12.5
	  	 Distribution of Collateral Proceeds
	  	 	66	  
			
	 §13.
	 	 SETOFF.
	  	 	67	  
			
	 §14.
	 	 THE AGENT.
	  	 	67	  
				
		 	 §14.1
	  	 Authorization
	  	 	67	  
		 	 §14.2
	  	 Employees and Agents
	  	 	68	  
		 	 §14.3
	  	 No Liability
	  	 	68	  
		 	 §14.4
	  	 No Representations
	  	 	68	  
		 	 §14.5
	  	 Payments.
	  	 	69	  
		 	 §14.6
	  	 Holders of Notes
	  	 	69	  
		 	 §14.7
	  	 Indemnity
	  	 	70	  
		 	 §14.8
	  	 Agent as Lender
	  	 	70	  
		 	 §14.9
	  	 Resignation
	  	 	70	  
		 	 §14.10
	  	 Duties in the Case of Enforcement
	  	 	70	  
		 	 §14.11
	  	 Bankruptcy
	  	 	71	  
		 	 §14.12
	  	 Request for Agent Action
	  	 	71	  
		 	 §14.13
	  	 Reliance by Agent
	  	 	71	  
		 	 §14.14
	  	 Approvals
	  	 	72	  
		 	 §14.15
	  	 Borrower Not Beneficiary
	  	 	72	  
		 	 §14.16
	  	 Defaulting Lenders.
	  	 	72	  
		 	 §14.17
	  	 Reliance on Hedge Provider
	  	 	74	  

  
 iv 

									
	 §15.
	 	 EXPENSES.
	  	 	74	  
			
	 §16.
	 	 INDEMNIFICATION.
	  	 	75	  
			
	 §17.
	 	 SURVIVAL OF COVENANTS, ETC.
	  	 	76	  
			
	 §18.
	 	 ASSIGNMENT AND PARTICIPATION.
	  	 	76	  
				
		 	 §18.1
	 	 Conditions to Assignment by Lenders
	  	 	76	  
		 	 §18.2
	 	 Register
	  	 	77	  
		 	 §18.3
	 	 New Notes
	  	 	77	  
		 	 §18.4
	 	 Participations
	  	 	77	  
		 	 §18.5
	 	 Pledge by Lender
	  	 	78	  
		 	 §18.6
	 	 No Assignment by Loan Parties
	  	 	78	  
		 	 §18.7
	 	 Disclosure
	  	 	79	  
		 	 §18.8
	 	 Titled Agents
	  	 	79	  
		 	 §18.9
	 	 Amendments to Loan Documents
	  	 	79	  
			
	 §19.
	 	 NOTICES.
	  	 	80	  
			
	 §20.
	 	 RELATIONSHIP.
	  	 	80	  
			
	 §21.
	 	 GOVERNING LAW; CONSENT TO JURISDICTION AND SERVICE.
	  	 	80	  
			
	 §22.
	 	 HEADINGS.
	  	 	81	  
			
	 §23.
	 	 COUNTERPARTS.
	  	 	81	  
			
	 §24.
	 	 ENTIRE AGREEMENT, ETC.
	  	 	81	  
			
	 §25.
	 	 WAIVER OF JURY TRIAL AND CERTAIN DAMAGE CLAIMS.
	  	 	81	  
			
	 §26.
	 	 DEALINGS WITH THE LOAN PARTIES.
	  	 	82	  
			
	 §27.
	 	 CONSENTS, AMENDMENTS, WAIVERS, ETC.
	  	 	82	  
			
	 §28.
	 	 SEVERABILITY.
	  	 	83	  
			
	 §29.
	 	 TIME OF THE ESSENCE.
	  	 	83	  
			
	 §30.
	 	 NO UNWRITTEN AGREEMENTS.
	  	 	83	  
			
	 §31.
	 	 REPLACEMENT NOTES.
	  	 	83	  
			
	 §32.
	 	 NO THIRD PARTIES BENEFITED.
	  	 	84	  
			
	 §33.
	 	 PATRIOT ACT.
	  	 	84	  
			
	 §34.
	 	 [RESERVED].
	  	 	84	  
			
	 §35.
	 	 [RESERVED].
	  	 	84	  
			
	 §36.
	 	 [RESERVED].
	  	 	84	  
			
	 §37.
	 	 [RESERVED].
	  	 	84	  
			
	 §38.
	 	 RECOURSE PROVISIONS
	  	 	84	  

  
 v 

 EXHIBITS AND SCHEDULES 

 

			
	 Exhibit A
	    	 FORM OF TERM NOTE

		
	 Exhibit B
	    	 [RESERVED]

		
	 Exhibit C
	    	 [RESERVED]

		
	 Exhibit D
	    	 [RESERVED]

		
	 Exhibit E
	    	 [RESERVED]

		
	 Exhibit F
	    	 [RESERVED]

		
	 Exhibit G
	    	 FORM OF COMPLIANCE CERTIFICATE

		
	 Exhibit H
	    	 FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT

		
	 Exhibit I
	    	 [RESERVED]

		
	 Schedule 1.1
	    	 LENDERS AND COMMITMENTS

		
	 Schedule 1.1-A
	    	 DISQUALIFIED LENDERS

		
	 Schedule 1.1-B
	    	 COLLATERAL – DISTRIBUTION INTEREST PLEDGES

		
	 Schedule 1.1-C
	    	 COLLATERAL – OWNERSHIP INTEREST PLEDGES

		
	 Schedule 1.2
	    	 [RESERVED]

		
	 Schedule 5.1
	    	 BORROWER SUBSIDIARIES REQUIRING NOTICE TO LENDER

		
	 Scheduled 5.3
	    	 [RESERVED]

		
	 Schedule 6.3
	    	 [RESERVED]

		
	 Schedule 6.5
	    	 [RESERVED]

		
	 Schedule 6.7
	    	 PENDING LITIGATION

		
	 Schedule 6.20
	    	 ENVIRONMENTAL MATTERS

		
	 Schedule 6.21(a)
	    	 BORROWER SUBSIDIARIES

		
	 Schedule 6.23
	    	 [RESERVED]

		
	 Schedule 8.1
	    	 SPECIFIED INDEBTEDNESS

		
	 Schedule 8.14
	    	 MANAGEMENT FEES

		
	 Schedule 19
	    	 NOTICE ADDRESSES

  
 vi 

 CREDIT AGREEMENT 

THIS CREDIT AGREEMENT is made as of the 17th day of September, 2015, by and among INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP,
a Delaware limited partnership (“Borrower”), KEYBANK NATIONAL ASSOCIATION (together with any successor in interest, “KeyBank”), THE HUNTINGTON NATIONAL BANK (together with any successor in interest,
“Huntington”), the other lending institutions which are parties to this Agreement as “Lenders”, and the other lending institutions that may become parties hereto pursuant to §18, KEYBANK NATIONAL ASSOCIATION,
as administrative agent for the Lenders (the “Agent”), THE HUNTINGTON NATIONAL BANK, as Syndication Agent (“Syndication Agent”), and KEYBANC CAPITAL MARKETS and THE HUNTINGTON NATIONAL BANK, as
Joint Lead Arranger and Joint Book Managers. 
 R E C I T A L S 

WHEREAS, Borrower has requested that Lenders provide an interim term loan facility to Borrower; and 

WHEREAS, Agent and Lenders are willing to provide such interim term loan facility on and subject to the terms and conditions set forth
herein; and 
 WHEREAS, Guarantor is willing to guaranty all of the Obligations of Borrower pursuant to this Agreement and the other
Loan Documents on the terms and conditions set forth in the Guaranty to which it is a party; and 
 WHEREAS, contemporaneously with
the closing of the Facility (defined below), IRT (defined below) intends to acquire (the “Acquisition”) one hundred percent (100%) of the equity interests of Trade Street Residential, Inc. (the “Target”)
pursuant to that certain Agreement and Plan of Merger dated as of May 11, 2015 (including the exhibits and schedules thereto, the “Acquisition Agreement”) entered into among IRT, Borrower, Adventure Merger Sub LLC, a newly
formed Delaware limited liability company wholly-owned by the Borrower (“OP MergerSub”), IRT Limited Partner, LLC, a Delaware limited liability company wholly-owned by IRT (“IRT LP LLC”), the Target and Trade Street
Operating Partnership, LP (the “Target OP”). In connection with the Acquisition, (a) OP MergerSub will merge with and into the Target OP, with the Target OP as the surviving entity of such merger (and the Target OP shall
convert to a Delaware limited liability company and be renamed IR TS Op Co, LLC), (b) Target will merge with and into IRT LP LLC, with IRT LP LLC as the surviving entity of such merger, (c) as a result of the transactions described in
(a) and (b) above, IRT will become the owner of the Target and indirect owner of the Target OP, with the Target’s stockholders receiving the aggregate amount of consideration set forth in the Acquisition Agreement, (c) the
Borrower will obtain the Facility (as defined below) and the Specified Senior Secured Credit Facility (as defined below), (d) certain existing indebtedness and commitments, including the Huntington Bank Credit Facility (as defined below) and
the Regions Bank Credit Facility (as defined below) shall be repaid in full and all commitments with respect thereto shall be terminated (collectively, the “Refinancing”) and (e) reasonable and documented fees and expenses
incurred in connection with the foregoing (the “Transaction Costs”) will be paid. The transactions described in this paragraph are collectively referred to herein as the “Transactions”; 

 NOW, THEREFORE, in consideration of the recitals herein and mutual covenants and
agreements contained herein, the parties hereto hereby covenant and agree as follows: 
  

	§1.	DEFINITIONS AND RULES OF INTERPRETATION. 

 §1.1 Definitions. The following terms
shall have the meanings set forth in this §1 or elsewhere in the provisions of this Agreement referred to below. Further, certain definitions of the Specified Senior Secured Credit Agreement have been incorporated herein by reference, as
provided below. Each of the parties hereto expressly acknowledges and agrees that (1) each has reviewed the terms and provisions of the Specified Senior Secured Credit Agreement executed and delivered as of the date hereof; (2) all of the
terms and provisions of the Specified Senior Secured Credit Agreement (as and to the extent referenced herein) are specifically incorporated herein by reference; (3) references herein to the Specified Senior Secured Credit Agreement, including,
without limitation, with respect to certain defined terms, shall be used herein as if separately restated, mutatis mutandis; (4) all references to the Specified Senior Secured Credit Agreement shall mean and refer to such agreement as
executed, delivered, and in effect as of the Closing Date, unless otherwise expressly agreed in writing by the Agent and Required Lenders (or all Lenders, if applicable, with respect to any corresponding amendments thereto requiring the approval of
all “Lenders” thereunder) with respect to any amendments or modifications to the Specified Senior Secured Credit Agreement from and after the Closing Date; (5) if requested by Agent, in its reasonable discretion (and at the
direction of the Required Lenders), including, without limitation, (x) on account of there being a syndicate of Lenders under the Specified Senior Secured Credit Agreement which differs from the syndicate of Lenders under the Facility
hereunder) or (y) in the event that the Specified Senior Secured Credit Facility is refinanced or otherwise satisfied, repaid, or terminated prior to the repayment in full of the Obligations hereunder, the Loan Parties shall promptly execute
and deliver, at no cost or expense to Agent or Lenders, an amendment to this Agreement which shall expressly incorporate and restate the provisions of the Specified Senior Secured Credit Agreement (including, without limitation, certain defined
terms therein), mutatis mutandis, which remain applicable to this Agreement, as reasonably determined by Agent; provided, however, that the terms and provisions of the Specified Senior Secured Credit Agreement (as then last having been
approved in writing by Agent and Required Lenders (and, if applicable, all Lenders) as of the date of any such refinancing, satisfaction, repayment, or termination of the Specified Senior Secured Credit Facility) shall nevertheless remain in effect
and applicable to this Agreement (notwithstanding any such refinancing, satisfaction, repayment, or termination of the Specified Senior Secured Credit Facility) until such time, if any, that Agent requests that the Loan Parties enter into any such
amendment of this Agreement. 
 Acquisition. As defined in the preamble hereto. 

Acquisition Agreement. As defined in the preamble hereto. 

Adjusted EBITDA. As defined in the Specified Senior Secured Credit Agreement. 

Adjusted NOI. As defined in the Specified Senior Secured Credit Agreement. 

Affected Lender. See §4.15. 

  
 2 

 Affiliate. An Affiliate, as applied to any Person, shall mean any other Person directly or
indirectly controlling, controlled by, or under common control with, that Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and
“under common control with”), as applied to any Person, means (a) the possession, directly or indirectly, of the power to vote fifty percent (50%) or more of the stock, shares, voting trust certificates, beneficial interest,
partnership interests, member interests or other interests having voting power for the election of directors of such Person or otherwise to direct or cause the direction of the management and policies of that Person, whether through the ownership of
voting securities or by contract or otherwise, or (b) the ownership of (i) a general partnership interest, (ii) a managing member’s or manager’s interest in a limited liability company or (iii) a limited partnership
interest or preferred stock (or other ownership interest) representing fifty percent (50%) or more of the outstanding limited partnership interests, preferred stock or other ownership interests of such Person. 

Agent. KeyBank National Association, acting as administrative agent for the Lenders, and its successors and assigns. 

Agent’s Head Office. The Agent’s head office located at 127 Public Square, Cleveland, Ohio 44114-1306, or at such other
location as the Agent may designate from time to time by notice to the Borrower and the Lenders. 
 Agent’s Special Counsel.
Riemer & Braunstein LLP or such other counsel as selected by Agent. 
 Aggregate Credit Exposure. The aggregate Term Loan
Exposure of all of the Lenders. 
 Agreement. This Credit Agreement, as the same may be amended, modified, supplemented and/or
extended from time to time, including the Schedules and Exhibits hereto. 
 Agreement Regarding Fees. See §4.2.

 Anti-Corruption Laws. All laws, rules, and regulations of any jurisdiction applicable to Borrower or its Subsidiaries from time to
time concerning or relating to bribery or corruption. 
 Applicable Margin. The Applicable Margin (a) for LIBOR Rate Loans shall
be (x) five percent (5.00%) during the Initial Term and (y) six and one half percent (6.50%) during any Extended Term and (b) for Base Rate Loans shall be (x) four percent (4.00%) during the Initial Term and
(y) five and one half percent (5.50%) during any Extended Term. 
 Approved Fund. Any Fund that is administered or managed
by (a) a Lender, or (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

Arranger. KeyBanc Capital Markets, The Huntington Bank, and/or any successors thereto. 

Assignment and Acceptance Agreement. See §18.1. 

  
 3 

 Authorized Officer. Any of the following Persons: Scott F. Schaeffer, Farrell M. Ender,
James J. Sebra and Anders Laren, and such other Persons as Borrower shall designate in a written notice to Agent. 
 Balance Sheet
Date. December 31, 2014. 
 Bankruptcy Code. Title 11, U.S.C.A., as amended from time to time or any successor statute
thereto. 
 Base Rate. The greater of (a) the Applicable Margin for Base Rate Loans plus the greater of (i) the fluctuating
annual rate of interest announced from time to time by the Agent at the Agent’s Head Office as its “prime rate”, or (ii) one half of one percent (0.50%) above the Federal Funds Effective Rate, or (b) the sum of LIBOR with an
Interest Period of one (1) month based on the then applicable LIBOR determined for such Interest Period) plus the then Applicable Margin for LIBOR Rate Loans. The Base Rate is a reference rate and does not necessarily represent the lowest or
best rate being charged to any customer. Any change in the rate of interest payable hereunder resulting from a change in the Base Rate shall become effective as of the opening of business on the day on which such change in the Base Rate becomes
effective, without notice or demand of any kind. 
 Base Rate Loans. Collectively, the Term Base Rate Loans. 

Borrower. As defined in the Preamble. 

Borrower Subsidiaries. Means each Subsidiary of Borrower, including, without limitation, each “Subsidiary Borrower”
(as such quoted term is defined in the Specified Senior Secured Credit Agreement); provided, however, that each reference herein to Borrower Subsidiary or Borrower Subsidiaries shall (unless otherwise indicated) be deemed to exclude any Excluded
Subsidiary. 
 Borrowing Base Adjusted NOI. As defined in the Specified Senior Secured Credit Agreement. 

Borrowing Base Value. As defined in the Specified Senior Secured Credit Agreement. 

Breakage Costs. The commercially reasonable cost to any Lender of re-employing funds bearing interest at LIBOR incurred (or reasonably
expected to be incurred) in connection with (i) any payment of any portion of the Loans bearing interest at LIBOR prior to the termination of any applicable Interest Period, (ii) the conversion of a LIBOR Rate Loan to any other applicable
interest rate on a date other than the last day of the relevant Interest Period, or (iii) the failure of Borrower to draw down, on the first day of the applicable Interest Period, any amount as to which Borrower has elected a LIBOR Rate Loan.

 Building. As defined in the Specified Senior Secured Credit Agreement. 

Business Day. Any day on which banking institutions located in the same city and State as the Agent’s Head Office are located are
open for the transaction of banking business and, in the case of LIBOR Rate Loans, which also is a LIBOR Business Day. 

  
 4 

 Cash Equivalents. As defined in the Specified Senior Secured Credit Agreement. 

CERCLA. The Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. 9601 et seq. 

CFTC Regulations. Any and all regulations, rules, directives, or orders now or hereafter promulgated or issued by the Commodity and
Futures Trading Commission (including any successor thereto) relating to Derivatives Contracts. 
 Change in Law. The occurrence,
after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or
application thereof by any Governmental Authority or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided, that, notwithstanding anything herein to
the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives
promulgated by the Bank for International settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States 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 or issued. 
 Change of Control. As defined in the
Specified Senior Secured Credit Agreement. 
 Closing Date. The first date on which all of the conditions set forth in §10 have
been satisfied. 
 Code. The Internal Revenue Code of 1986, as amended. 

Collateral. All of the property, rights and interests of the Borrower and/or Guarantors (or any other Person) which are subject to the
pledges, security interests, security title, and liens created by the Security Documents. 
 Collateral Property or Collateral
Properties. Means Real Estate owned by each Subsidiary of Borrower, including, without limitation, each “Collateral Property” (as such quoted term is defined in the Specified Senior Secured Credit Agreement). 

Commitment. As to each Lender, the Term Loan Commitment of such Lender (or either of them, as the context requires). 

Commitment Percentage. As to each Lender, the ratio, expressed as a percentage, of (a) the amount of such Lender’s
outstanding Term Loans to (b) the sum of the outstanding Term Loans of all Lenders. 
 Commodity Exchange Act. The Commodity
Exchange Act (7 U.S.C. § 1 et seq.), as amended and in effect from time to time, or any successor law. 
 Compliance
Certificate. See §7.4(c). 

  
 5 

 Consolidated. As defined in the Specified Senior Secured Credit Agreement. 

Consolidated EBITDA. As defined in the Specified Senior Secured Credit Agreement. 

Consolidated Fixed Charge Coverage Ratio. As defined in the Specified Senior Secured Credit Agreement. 

Consolidated Group. As defined in the Specified Senior Secured Credit Agreement. 

Consolidated Group Pro Rata Share. As defined in the Specified Senior Secured Credit Agreement. 

Consolidated Leverage Ratio. As defined in the Specified Senior Secured Credit Agreement. 

Consolidated Net Income. As defined in the Specified Senior Secured Credit Agreement. 

Consolidated Tangible Net Worth. As defined in the Specified Senior Secured Credit Agreement. 

Construction in Process. As defined in the Specified Senior Secured Credit Agreement. 

Conversion/Continuation Request. A notice given by the Borrower to the Agent of its election to convert or continue a Loan in
accordance with §4.1. 
 Default. See §12.1. 

Default Rate. See §4.12. 

Defaulting Lender. Any Lender that, as determined by the Agent, (a) has failed to perform any of its funding obligations
hereunder, including in respect of its Loans, within three (3) Business Days of the date required to be funded by it hereunder, unless such Lender is contesting its obligation to fund such amount in good faith, provided that if such Lender is
the only Lender contesting its obligation to fund, such Lender shall be deemed to be a Defaulting Lender hereunder if such contest is not resolved within ninety (90) days, (b) has notified the Borrower, or the Agent that it does not intend
to comply with its funding obligations or has made a public statement to that effect with respect to its funding obligations hereunder or under other agreements in which it has extended credit, (c) has failed, within three Business Days after
request by the Agent, to confirm in a manner reasonably satisfactory to the Agent that it will comply with its funding obligations, unless such Lender is contesting its obligation to fund in good faith, provided that if such Lender is the only
Lender contesting its obligation to fund, such Lender shall be deemed to be a Defaulting Lender hereunder if such contest is not resolved within ninety (90) days, or (d) has, or has a direct or indirect parent company that has,
(i) become the subject of a proceeding under any bankruptcy or other debtor relief law, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or
liquidation of its business or a custodian appointed for it, or (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment; provided that a Lender shall not be a
Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority. 

  
 6 

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

Directions. See §14.14 

Disqualified Lender. Not more than ten (10) publicly traded real estate investment entities that invest primarily in multi-family
housing as detailed in Schedule 1.1-A hereto. 
 Distribution. Any (a) dividend or other distribution, direct or indirect, on
account of any Equity Interest of a Loan Party or any Subsidiary of a Loan Party, now or hereafter outstanding, except a dividend or other distribution payable solely in Equity Interest to the holders of that class; (b) redemption, conversion,
exchange, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any Equity Interest of a Loan Party or any Subsidiary of a Loan Party now or hereafter outstanding; and (c) payment made to
retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire any Equity Interests of a Loan Party or any Subsidiary of a Loan Party now or hereafter outstanding. 

Distribution Interest Pledges. The Pledge and Security Agreement (Distribution Interests) from each of (x) Borrower, (y) IR
OpCo, and (z) any other Borrower Subsidiary which has an intervening ownership interest in another Borrower Subsidiary, respectively, to the Agent for the benefit of the Lenders respecting the “Collateral” as therein defined
and described, including, without limitation, all “Distributions” (as therein defined) with respect to the “Ownership Interests” (as defined therein) of (a) Borrower in the Equity Interests of IR OpCo and
(b) IR OpCo (and as may be applicable, any Borrower Subsidiary which has an intervening ownership interest in another Borrower Subsidiary) in the Equity Interests of a Borrower Subsidiary, respectively, without duplication, for whom Borrower,
IR OpCo, and/or such Borrower Subsidiary, respectively as applicable, is not able (and/or is prohibited) to grant an Ownership Interest Pledge with respect to such Ownership Interests and is able to grant a Distribution Interest Pledge in respect
thereof (each as reasonably determined in good faith), whether now existing or hereafter arising, as further provided therein, respectively, now or hereafter delivered to secure the Obligations, as the same may be modified or amended. The initial
Collateral granted pursuant to the Distribution Interest Pledges as of the Closing Date is detailed on Schedule 1.1-B, but shall exclude any of the Distributions related to any of the Excluded Subsidiaries. 

  
 7 

 Dollars or $. Dollars in lawful currency of the United States of America. 

Domestic Lending Office. Initially, the office of each Lender designated as such on Schedule 1.1 hereto; thereafter, such other
office of such Lender, if any, located within the United States that will be making or maintaining Base Rate Loans. 
 Drawdown Date.
The date on which any Loan is made or is to be made (which shall be the Closing Date), and the date on which any Loan is converted in accordance with §4.1. 

Eligible Assignee. (a) A Lender; (b) an Affiliate of a Lender; (c) an Approved Fund, and (d) any other Person
(other than a natural person) approved by (i) the Agent, and (ii) unless an Event of Default has occurred and is continuing, the Borrower (each such approval not to be unreasonably withheld or delayed); provided that notwithstanding the
foregoing, “Eligible Assignee” shall not include (x) Borrower or any of the Borrower’s or the Guarantors’ Affiliates or Subsidiaries and (y) so long as no payment or bankruptcy related Event of Default shall have
occurred and is continuing, any Disqualified Lender. 
 Eligible Bank. As defined in the Specified Senior Secured Credit Agreement.

 Environmental Engineer. As defined in the Specified Senior Secured Credit Agreement. 

Environmental Laws. As defined in the Specified Senior Secured Credit Agreement. 

Equity Interests. With respect to any Person, any share of capital stock of (or other ownership or profit interests in) such Person,
any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in) such Person, any security convertible into or exchangeable for any share of
capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares (or such other interests), and any other ownership or profit interest in such
Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting. 
 Equity
Issuance. See §3.2(a). 
 Equity Issuance Pledges. The Pledge and Security Agreement (Equity Issuance Proceeds) from each of
(x) Borrower and (y) Parent Guarantor to the Agent for the benefit of the Lenders respecting the “Collateral” as therein defined and described, including, without limitation, all Net Equity Issuance Proceeds, respectively,
now or hereafter delivered to secure the Obligations, as the same may be modified or amended. 
 ERISA. The Employee Retirement
Income Security Act of 1974, as amended and in effect from time to time. 
 ERISA Affiliate. Any Person that is subject to ERISA and
is treated as a single employer with Borrower or its Subsidiaries under §414 of the Code. 

  
 8 

 ERISA Reportable Event. A reportable event with respect to a Guaranteed Pension Plan
within the meaning of §4043 of ERISA and the regulations promulgated thereunder as to which the requirement of notice has not been waived. 

Excess Refinanced Principal Amount. As defined in the Specified Senior Secured Credit Agreement. 

Excluded Subsidiary. Each of (a) IRT UPREIT Lender, LP, (b) IRT UPREIT Lender Limited Partner, LLC, (c) BREF/Midlothian,
LLC, (d) MTC-East, LLC, (e) TS Manager LLC, (f) Trade Street Property Management, LLC and (g) Bayview Club TIC I – XXVII LLCs, and, collectively, the “Excluded Subsidiaries”. 

Excluded Swap Obligation. With respect to any Loan Party, any Hedge Obligation of another Loan Party as to which such Loan Party is
jointly and severally or otherwise liable (as Borrower or as a Guarantor) pursuant to the terms of this Agreement or any other Loan Document if, and to the extent that, the incurrence of Obligations by such Loan Party in respect of such Hedge
Obligation, or the grant under a Loan Document by Borrower of a security interest to secure such Hedge Obligation (or any guaranty thereof), is or becomes illegal under the Commodity Exchange Act (or the application or official interpretation
thereof, including under any applicable CFTC Regulation) by virtue of Borrower’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act (determined after giving effect to any
“keepwell,” support or other agreement for the benefit of such Loan Party and any and all guarantees of, or other credit support for, any Hedge Obligation provided by other Loan Parties as further provided in §7.21) at the time such
Loan Party becomes jointly and severally or otherwise liable with respect to such Hedge Obligation or grants a security interest to secure same. If a Hedge Obligation arises under a Derivatives Contract governing more than one Hedge Obligation, such
exclusion shall apply only to the portion of such Hedge Obligation that is attributable to a Derivatives Contract for which such Hedge Obligation or security interest becomes illegal. 

Extended Maturity Date. See §2.12(a). 

Extended Term. To the extent that the Initial Maturity Date is extended to the Extended Maturity Date pursuant to §2.12(a), the
extended term of the Loans, being the period commencing from and after (but not including) the Initial Maturity Date through and including the Extended Maturity Date. 

Extension Request. See §2.12(a). 

Event of Default. See §12.1. 

Facility. The credit facility described herein with respect to the Loans up to the Maximum Facility Amount. 

FATCA. Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
substantively comparable), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b) of the Code and any legislation, rules or practices adopted pursuant to any
intergovernmental agreement entered into in connection with the foregoing. 

  
 9 

 Federal Funds Effective Rate. For any day, the rate per annum (rounded upward to the
nearest one-hundredth of one percent (1/100 of 1%)) announced by the Federal Reserve Bank of New York on such day as being the weighted average of the rates on overnight federal funds transactions arranged by federal funds brokers on the previous
trading day, as computed and announced by such Federal Reserve Bank in substantially the same manner as such Federal Reserve Bank computes and announces the weighted average it refers to as the “Federal Funds Effective Rate.” 

Fixed Charges. For any period for the Consolidated Group, the sum of (a) Interest Expense and (b) the aggregate of all
regularly scheduled principal payments on Indebtedness (but excluding (i) balloon payments of principal due upon the stated maturity of any Indebtedness, (ii) payments of principal outstanding under the Facility, and (iii) principal
payments under the Specified Senior Secured Credit Facility) of such the Consolidated Group made or required to be made during such period, measured on a Consolidated basis, and (c) the aggregate of all dividends payable on the preferred Equity
Interests of a member of the Consolidated Group (excluding, for the avoidance of doubt, any dividends payable by one member of the Consolidated Group to another member of the Consolidated Group); in each instance Fixed Charges shall include such
Person’s Consolidated Group Pro Rata Share of Fixed Charges attributable to any Non-Wholly Owned Subsidiary. 
 Fund. Any Person
(other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

Funds from Operations. As defined in the Specified Senior Secured Credit Agreement. 

GAAP. Generally accepted accounting principles consistently applied. 

Governmental Authority. The government of the United States or any other nation, or of any political subdivision thereof, whether state
or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government
(including any supra-national bodies such as the European Union or the European Central Bank). 
 Gross Asset Value. As defined in
the Specified Senior Secured Credit Agreement. 
 Ground Lease. As defined in the Specified Senior Secured Credit Agreement. 

Guarantors. Collectively, (a) the Parent Guarantor; (b) IR OpCo; (c) any other Borrower Subsidiaries which are permitted
to (and/or not prohibited from) providing a Guaranty of the Obligations; and (d) any other Person who subsequently provides a Guaranty, but excluding, in any case, any of the Excluded Subsidiaries. 

  
 10 

 Guaranty. The guaranty of each Guarantor in favor of the Agent and the Lenders of certain
of the Obligations of the Borrower hereunder. 
 Hazardous Substances. As defined in the Specified Senior Secured Credit Agreement.

 Hedge Obligations. As may be applicable at any time, all obligations of the Borrower to any Lender Hedge Provider to make any
payments (including termination payments) under any Derivatives Contract with respect to an interest rate swap, collar, or floor or a forward rate agreement or other agreement regarding the hedging of interest rate risk exposure (other than any
interest rate “cap”), and any confirming letter executed pursuant to such hedging agreement, all as amended, restated or otherwise modified. 

Huntington. As defined in the preamble hereto. 

Huntington Bank Credit Facility. As defined in the Specified Senior Secured Credit Agreement. 

Indebtedness. As defined in the Specified Senior Secured Credit Agreement. 

Indemnified Person. See §16. 

Initial Maturity Date. September 16, 2016 

Initial Term. The initial term of the Loans, being the period commencing on the Closing Date through and including the Initial Maturity
Date. 
 Intercompany Note. As defined in the Specified Senior Secured Credit Agreement. 

Interest Expense. As defined in the Specified Senior Secured Credit Agreement. 

Interest Payment Date. As to each Loan, the first day of each calendar month, or if such date is not a Business Day, then the next
succeeding Business Day. 
 Interest Period. With respect to each LIBOR Rate Loan (a) initially, the period commencing on the
Drawdown Date of such LIBOR Rate Loan and ending one, two, or three months thereafter and (b) thereafter, each period commencing on the day following the last day of the next preceding Interest Period applicable to such Loan and ending on the
last day of one of the periods set forth above, as selected by the Borrower in a Loan Request or Conversion/Continuation Request; provided that all of the foregoing provisions relating to Interest Periods are subject to the following: 

(i) if any Interest Period with respect to a LIBOR Rate Loan would otherwise end on a day that is not a LIBOR Business Day, such Interest
Period shall end on the next succeeding LIBOR Business Day, unless such next succeeding LIBOR Business Day occurs in the next calendar month, in which case such Interest Period shall end on the next preceding LIBOR Business Day, as determined
conclusively by the Agent in accordance with the then current bank practice in London, England; 

  
 11 

 (ii) if the Borrower shall fail to give notice as provided in §4.1, the Borrower shall be
deemed to have requested a continuation of the affected LIBOR Rate Loan as a LIBOR Rate Loan for an interest period of one month on the last day of the then current Interest Period with respect thereto as provided in and subject to the terms of
§4.1(c); 
 (iii) any Interest Period pertaining to a LIBOR Rate Loan that begins on the last Business Day of a calendar month (or on
a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the applicable calendar month; and 

(iv) no Interest Period relating to any LIBOR Rate Loan shall extend beyond the Maturity Date, as applicable. 

Interpolated Rate. At any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places as LIBOR)
determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) LIBOR for the longest period for which
LIBOR is available that is shorter than the Impacted Interest Period; and (b) the LIBOR for the shortest period for which that LIBOR is available that exceeds the Impacted Interest Period, in each case, at such time. 

Investments. As defined in the Specified Senior Secured Credit Agreement. 

IR OpCo. IR TS Op Co, LLC a Delaware limited liability company, as successor by conversion to Trade Street Operating Partnership, L.P.,
a Delaware limited partnership. 
 IRT. Independence Realty Trust, Inc., a Maryland corporation, and its successors and assigns. 

IRT LP LLC. As defined in the Preamble. 

KeyBank. As defined in the preamble hereto. 

Leases. As defined in the Specified Senior Secured Credit Agreement. 

Legal Requirements shall mean all applicable federal, state, county and local laws, rules, regulations, codes and ordinances, and the
requirements in each case of any governmental agency or authority having or claiming jurisdiction with respect thereto, including, but not limited to, those applicable to zoning, subdivision, building, health, fire, safety, sanitation, the
protection of the handicapped, and environmental matters and shall also include all orders and directives of any court, governmental agency or authority having or claiming jurisdiction with respect thereto. 

Lenders. KeyBank, Huntington, the other lending institutions which are party hereto and any other Person which becomes an assignee of
any rights of a Lender pursuant to §18 (but not including any participant as described in §18); and collectively, the Term Loan Lenders. 

  
 12 

 Lender Hedge Provider. As may be applicable at any time with respect to any Hedge
Obligations, any counterparty thereto that, at the time the applicable hedge agreement was entered into, was a Lender or an Affiliate of a Lender. 

LIBOR. For any LIBOR Rate Loan for any Interest Period, the London interbank offered rate as administered by ICE Benchmark
Administration (or any other Person that takes over the administration of such rate for U.S. Dollars) for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in
the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as
selected by the Administrative Agent in its reasonable discretion; in each case the “LIBOR Screen Rate”) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that
(i) if the LIBOR Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement; provided further that if the LIBOR Screen Rate shall not be available at such time for such Interest Period (an
“Impacted Interest Period”) then LIBOR shall be the Interpolated Rate; provided that if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement, and (ii) if no such rate
administered by ICE Benchmark Administration (or by such other Person that has taken over the administration of such rate for U.S. Dollars) is available to the Administrative Agent, the applicable LIBOR for the relevant Interest Period shall instead
be the rate determined by the Administrative Agent to be the rate at which KeyBank or one of its Affiliate banks offers to place deposits in U.S. dollars with first class banks in the London interbank market at approximately 11:00 a.m. (London time)
two Business Days prior to the first day of such Interest Period, in the approximate amount of the relevant LIBOR Rate Loan and having a maturity equal to such Interest Period. For any period during which a Reserve Percentage shall apply, LIBOR with
respect to LIBOR Rate Loans shall be equal to the amount determined above divided by an amount equal to one (1) minus the Reserve Percentage. 

LIBOR Business Day. Any day on which commercial banks are open for international business (including dealings in Dollar deposits) in
London, England. 
 LIBOR Lending Office. Initially, the office of each Lender designated as such on Schedule 1.1 hereto;
thereafter, such other office of such Lender, if any, that shall be making or maintaining LIBOR Rate Loans. 
 LIBOR Rate Loans. All
Loans bearing interest at a rate based on LIBOR, including the Term LIBOR Rate Loans. 
 Lien. See §8.2. 

Liquidity. As defined in the Specified Senior Secured Credit Agreement. 

Loan Documents. This Agreement, the Notes, the Guaranty, the Security Documents and all other documents, instruments or agreements now
or hereafter executed or delivered by or on behalf of the Borrower in connection with the Loans and intended to constitute a Loan Document. 

  
 13 

 Loan Party. Means the Borrower, each Guarantor and IRT OKC Portfolio Member, LLC, a
Delaware limited liability company, individually, and Loan Parties means those parties collectively. 
 Loan Request. See §2.7.

 Loan and Loans. An individual Term Loan or the aggregate Term Loans to be made by the Lenders hereunder. All Loans shall be
made in Dollars. 
 Management Agreements. As defined in the Specified Senior Secured Credit Agreement. 

Material Adverse Effect. A material adverse effect on (a) the business, properties, assets, financial condition or results of
operations of the Consolidated Group considered as a whole; (b) the ability of the Loan Parties and Borrower Subsidiaries (taken as a whole) to perform their material obligations, respectively as applicable, under the Loan Documents (including,
without limitation, with respect to matters relating to Borrower Subsidiaries); or (c) the validity or enforceability of any of the material Loan Documents or the material rights or remedies of Agent or the Lenders thereunder. 

Material Asset. Any asset (other than Real Estate) with a book value in excess of $250,000.00. 

Maturity Date. The Initial Maturity Date, as such date may be extended to the Extended Maturity Date as provided in §2.12, or such
earlier date on which the Loans shall become due and payable pursuant to the terms hereof. 
 Maximum Facility Amount. The maximum
aggregate amount of the Facility, which amount shall be the Term Loan Facility Amount. 
 Moody’s. Moody’s Investor
Service, Inc. 
 Mortgages. As defined in the Specified Senior Secured Credit Agreement. 

Multiemployer Plan. Any multiemployer plan within the meaning of §3(37) of ERISA maintained or contributed to by Borrower or any
ERISA Affiliate. 
 Multifamily Property. As defined in the Specified Senior Secured Credit Agreement. 

Net Equity Issuance Proceeds. See §3.2(a). 

Net Proceeds. Means (a) with respect to any Refinanced Indebtedness in respect of any Real Estate or Material Assets, one hundred
percent (100%) of any Excess Refinanced Principal Amount in connection with any Refinancing by a Loan Party or its Subsidiaries of Real Estate or Material Assets and (b) with respect to the sale of any Real Estate or Material Assets of a
Loan Party or its Subsidiaries, one hundred percent (100%) of the actual gross sales price under the applicable purchase and sale agreement with respect to such Real Estate or such Material Assets less (c) in each case, for clause
(a) and (b) above, actual customary, reasonable, and documented closing costs and expenses (including reasonable and documented sales costs, commissions, 

  
 14 

 
legal fees and transfer taxes), less (d) in the case of clause (b) above, the payment of principal, premium, penalty interest or other amounts in respect of Indebtedness secured by the
Real Property or Material Asset that is the subject of such sale, less (e) in the case of clause (b) above, the amount of any reasonable reserve established in accordance with GAAP against any liabilities associated with the Real Estate or
Material Asset that is the subject of such sale, less (f) in the case of clause (b) in respect of any Material Asset, any proceeds of such sale reinvested in fixed, capital, or similar assets of Parent Guarantor and its Subsidiaries. 

Non Excluded Taxes. See §4.4(b). 

Non-Funding Lender. See §4.15. 

Non-Recourse Exclusions. As defined in the Specified Senior Secured Credit Agreement. 

Non-Recourse Indebtedness. As defined in the Specified Senior Secured Credit Agreement. 

Non-U.S. Lender. See §4.4(c). 

Non-Wholly Owned Subsidiary. As defined in the Specified Senior Secured Credit Agreement. 

Notes. Collectively, the Term Notes. 

Notice. See §19. 

Obligations. The term “Obligations” shall mean and include: 

A. The payment, in accordance with the terms of the Loan Documents, of the principal sum, interest at variable rates, charges and indebtedness
evidenced by the Notes including any extensions, renewals, replacements, increases, modifications and amendments thereof, given by Borrower to the order of the respective Lenders; 

B. The payment, performance, discharge and satisfaction, in accordance with the terms of the Loan Documents, of each of the covenants,
warranties, representations, undertakings and conditions to be paid, performed, satisfied and complied with by Borrower under and pursuant to this Credit Agreement or the other Loan Documents; 

C. The payment, in accordance with the terms of the Loan Documents, of the costs, expenses, legal fees and liabilities incurred by Agent and
the Lenders in connection with the enforcement of any of Agent’s or any Lender’s rights or remedies under this Credit Agreement or the other Loan Documents, or any other instrument, agreement or document which evidences or secures any
other obligations or collateral therefor, whether now in effect or hereafter executed; 
 D. The payment, performance, discharge and
satisfaction of all other liabilities and obligations of Borrower to Agent or any Lender, whether now existing or hereafter arising, direct 

  
 15 

 
or indirect, absolute or contingent, and including, without limitation express or implied upon the generality of the foregoing, each liability and obligation of Borrower under any one or more of
the Loan Documents and any amendment, extension, modification, replacement or recasting of any one or more of the instruments, agreements and documents referred to in this Credit Agreement or any other Loan Document or executed in connection with
the transactions contemplated by this Credit Agreement or any other Loan Document; and 
 E. All Hedge Obligations; provided,
however, that (x) in no event shall “Obligations” include any Excluded Swap Obligations and (y) the provisions set forth in the definition of Security Documents herein shall be applicable with respect to any Security Document
securing any Hedge Obligation. 
 OFAC. Office of Foreign Asset Control of the Department of the Treasury of the United States of
America. 
 OP MergerSub. As defined in the Preamble. 

Operating Property Value. As defined in the Specified Senior Secured Credit Agreement. 

Other Real Estate Investments. As defined in the Specified Senior Secured Credit Agreement. 

Outstanding. With respect to the Loans, the aggregate unpaid principal thereof as of any date of determination. 

Ownership Interest Pledges. The Pledge and Security Agreement (Ownership Interests) from (x) Borrower, (y) IR OpCo, and
(z) any other Borrower Subsidiary which has an intervening ownership interest in another Borrower Subsidiary, respectively, to the Agent for the benefit of the Lenders respecting the “Collateral” as therein defined and
described, including, without limitation, all “Pledged Ownership Interests” (as therein defined) respecting Borrower’s and IR OpCo’s (and as may be applicable, that of any Borrower Subsidiary which has an intervening
ownership interest in another Borrower Subsidiary) maximum allowable percentage ownership interest, respectively, to and in the Equity Interests in all Subsidiaries of Borrower and/or IR OpCo for which Borrower and/or IR OpCo (or any such Borrower
Subsidiary) is able (and/or not prohibited) to grant such Ownership Interest Pledge therein (as reasonably determined in good faith), whether now existing or hereafter arising, as further provided therein, respectively, now or hereafter delivered to
secure the Obligations, as the same may be modified or amended. The initial Collateral granted pursuant to the Ownership Interest Pledges as of the Closing Date is detailed on Schedule 1.1-C, but shall exclude any of the Equity Interests in
any of the Excluded Subsidiaries. 
 Parent Guarantor. IRT. 

Participant Register. See §18.4. 

  
 16 

 Patriot Act. The Uniting and Strengthening America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism Act of 2001, as the same may be amended from time to time, and corresponding provisions of future laws. 

PBGC. The Pension Benefit Guaranty Corporation created by §4002 of ERISA and any successor entity or entities having similar
responsibilities. 
 Permitted Liens. Liens, security interests and other encumbrances permitted (or of a nature permitted) by
§8.2. 
 Permitted Refinancing Indebtedness. As defined in the Specified Senior Secured Credit Agreement. 

Person. Any individual, corporation, limited liability company, partnership, trust, unincorporated association, or other legal entity,
and any government or any governmental agency or political subdivision thereof. 
 Plan. Any employee pension benefit plan within the
meaning of §3(2) of ERISA maintained or contributed to by Borrower or any ERISA Affiliate the benefits of which are guaranteed on termination in full or in part by the PBGC pursuant to Title IV of ERISA, other than a Multiemployer Plan. 

Plan Assets. Assets of any Plan subject to Part 4, Subtitle B, Title I of ERISA. 

Pro Forma Basis. As defined in the Specified Senior Secured Credit Agreement. 

Property NOI. As defined in the Specified Senior Secured Credit Agreement. 

Qualified ECP Loan Party. Means, in respect of any Hedge Obligation, each Loan Party with total assets exceeding $10,000,000 at the
time the relevant guaranty or grant of the relevant security interest becomes effective with respect to such Hedge Obligation or that qualifies at such time as an “eligible contract participant” under the Commodity Exchange Act and can
cause another Person to qualify as an “eligible contract participant” at such time under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

Qualified Manager. As defined in the Specified Senior Secured Credit Agreement. 

Real Estate. As defined in the Specified Senior Secured Credit Agreement. 

Recourse Indebtedness. As defined in the Specified Senior Secured Credit Agreement. 

Refinanced Indebtedness. As defined in the Specified Senior Secured Credit Agreement. 

Refinancing. As defined in the Preamble and further defined in the definition of Permitted Refinancing Indebtedness, as applicable and
as the context may require. 
 Regions Bank Credit Facility. As defined in the Specified Senior Secured Credit Agreement. 

  
 17 

 Register. See §18.2. 

Release. See §6.20(c). 

Rent Roll. As defined in the Specified Senior Secured Credit Agreement. 

Representative. See §14.17. 

Required Lenders. As of any date, the Lender or Lenders whose aggregate Commitment Percentage is equal to or greater than fifty-one
percent (51%) of the aggregate amount of the Total Commitment, or, if the Total Commitment has been terminated or reduced to zero, Lenders whose aggregate Commitment Percentage is equal to or greater than fifty-one percent (51%) of the
principal amount of the Aggregate Credit Exposure; provided that (a) in determining such Commitment Percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded and the Commitment Percentages of the
Lenders shall be redetermined, for voting purposes only, to exclude the Commitment Percentages of such Defaulting Lenders, and (b) at all times when two or more Lenders are party to this Agreement, the term “Required Lenders” shall in
no event mean less than two (2) Lenders; provided, however, that until such time as KeyBank holds an aggregate Commitment Percentage of less than fifty-one percent of (x) the aggregate amount of the Total Commitment or (y) the
principal amount of the Aggregate Credit Exposure, as specified above, as may be applicable at any time and as the context may require, the term “Required Lenders” shall include both KeyBank and Huntington. 

Reserve Percentage. For any Interest Period, that percentage which is specified three (3) Business Days before the first day of
such Interest Period by the Board of Governors of the Federal Reserve System (or any successor) or any other governmental or quasi-governmental authority with jurisdiction over Agent or any Lender for determining the maximum reserve requirement
(including, but not limited to, any marginal reserve requirement) for Agent or any Lender with respect to liabilities constituting of or including (among other liabilities) Eurocurrency liabilities in an amount equal to that portion of the Loan
affected by such Interest Period and with a maturity equal to such Interest Period. 
 S&P. Standard & Poor’s
Ratings Group. 
 Sanctioned Entity. Means (a) an agency, political subdivision, or instrumentality of the government of,
(b) an organization directly or indirectly controlled by or (c) a Person or group resident in, in each case, a country that is itself subject to Sanctions. 

Sanctioned Person. A Person or group named on the list of Specially Designated Nationals or Blocked Persons maintained by the OFAC as
published from time to time or any Sanctions-related list of designated Persons maintained by OFAC or the U.S. Department of State, the United Nations Security Council, the European Union, or any EU member state. 

Sanctions. Economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S.
government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom. 

  
 18 

 SEC. The federal Securities and Exchange Commission. 

Secured Indebtedness. As defined in the Specified Senior Secured Credit Agreement. 

Secured Recourse Indebtedness. As defined in the Specified Senior Secured Credit Agreement. 

Security Documents. Collectively, the Ownership Interest Pledges, the Distribution Interest Pledges, the Equity Issuance Pledges, UCC-1
financing statements, and any further collateral security agreements or assignments to the Agent for the benefit of the Lenders, respecting the Collateral, previously, now or hereafter delivered to secure the Obligations, as the same may be modified
or amended; provided, however, that only Hedge Obligations relating to the Obligations arising under the Facility shall be secured by the Security Documents and only to the extent that: (x) such Hedge Obligations are subject and
subordinate to such Obligations arising under the Facility and (y) the Agent has received a notice from the “Representative” (as defined in §14.17) or the holder of such Hedge Obligations (except where Agent or its Affiliate is
the Lender Hedge Provider) advising Agent of the existence of such conforming Hedge Obligation. 
 Solvent. As defined in the
Specified Senior Secured Credit Agreement. 
 Specified Hedging Party. Any Loan Party that is not then a Qualified ECP Loan Party
(determined prior to giving effect to Section §7.21). 
 Specified Senior Secured Credit Agreement. That certain Credit
Agreement of even date herewith among Borrower, as “Parent Borrower”, Guarantor, as “Guarantor”, certain of the Borrower Subsidiaries, as “Subsidiary Borrowers”, KeyBank, as
“Agent,” and KeyBank and certain other financial institutions as “Lenders” respecting the Specified Senior Secured Credit Facility. 

Specified Senior Secured Credit Facility. That certain senior secured credit facility of even date herewith in the original principal
amount of up to Three Hundred Twenty-Five Million Dollars ($325,000,000.00) (and subject to increase or decrease as therein provided) evidenced by, among other instruments, documents, and agreements, the Specified Senior Secured Credit Agreement.
For the avoidance of doubt, the Specified Senior Secured Credit Facility is not part of the Facility hereunder. 
 State. A state of
the United States of America and the District of Columbia. 
 Subsidiary. For any Person, any corporation, partnership, limited
liability company or other entity of which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar
functions of such corporation, partnership, limited liability company or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such
Person or by such Person and one or more Subsidiaries of such Person, and shall include all Persons the accounts of which are consolidated with those of such Person pursuant to GAAP. 

  
 19 

 Syndication Agent. As defined in the preamble hereto. 

Target. As defined in the preamble hereto. 

Target OP. As defined in the preamble hereto. 

Taxes. Any present or future taxes, levies, imposts, duties, charges, fees, or similar deductions or withholdings that are imposed by
any Governmental Authority. 
 Term Base Rate Loans. Term Loans bearing interest calculated by reference to the Base
Rate, subject to the provisions of §2.6(a). 
 Term LIBOR Rate Loans. Term Loans bearing interest calculated by
reference to the LIBOR Rate. 
 Term Loan or Loans. An individual Term Loan or the aggregate Term Loans, as the case may be, in the
maximum principal amount of the Term Loan Facility Amount, to be made by the Term Loan Lenders hereunder as more particularly described in §2. 

Term Loan Commitment. As to each Term Loan Lender, its obligation to make Term Loans to Borrower pursuant to §2.1, in an amount up
to, but not exceeding, the amount set forth for such Lender on Schedule 1.1 attached hereto as such Lender’s “Term Loan Commitment Amount” or as set forth in the applicable Assignment and Assumption Agreement. 

Term Loan Commitment Percentage. As to each Term Loan Lender, the ratio, expressed as a percentage, of (a) the amount of such Term
Loan Lender’s Term Loan Commitment to (b) the aggregate amount of the Term Loan Commitments of all Term Loan Lenders; provided, however, that if at the time of determination the Term Loan Lender’s Term Loan Commitments have
terminated or been reduced to zero (0), the “Term Loan Commitment Percentage” of each Term Loan Lender shall be the Term Loan Commitment Percentage of such Term Loan Lender in effect immediately prior to such termination or reduction. 

Term Loan Exposure. The aggregate Term Loans held by the Term Loan Lenders. 

Term Loan Facility. At any time, the Term Loans which the Term Loan Lenders have agreed to make in accordance with the terms of this
Agreement in the aggregate amount of the Term Loan Lenders’ Term Loan Commitments at such time. 
 Term Loan Facility Amount.
One Hundred Twenty Million Dollars ($120,000,000.00). 
 Term Loan Lender. Any Lender that has a Term Loan Commitment. 

Term Loan Notes. See §2.2. 

Titled Agents. The Arranger, the Syndication Agent, or any documentation agent. 

Transaction Costs. As defined in the Preamble. 

Transactions. As defined in the Preamble. 

  
 20 

 Total Commitment. The sum of the Term Loan Commitments as in effect from time to time.

 Total Indebtedness. As defined in the Specified Senior Secured Credit Agreement. 

Type. As to any Loan, its nature as a Base Rate Loan or a LIBOR Rate Loan. 

Unhedged Variable Rate Indebtedness. As defined in the Specified Senior Secured Credit Agreement. 

Unimproved Land. As defined in the Specified Senior Secured Credit Agreement. 

Unrestricted Cash and Cash Equivalents. As of any date of determination, the sum of (a) the aggregate amount of Unrestricted cash
and (b) the aggregate amount of Unrestricted Cash Equivalents (valued at fair market value). As used in this definition, “Unrestricted cash” and “Unrestricted Cash Equivalents” means, as of any date of determination, the
aggregate amount of cash and Cash Equivalents included in the cash accounts that would be listed on the consolidated balance sheet of the Consolidated Group prepared in accordance with GAAP as of the end of the most recently ended fiscal quarter
ending prior to the date of such determination for which consolidated financial statements of the Consolidated Group are available to the extent such cash is not classified as restricted for financial statement purposes (unless so classified solely
because of any provision under this Agreement, the Loan Documents and/or the documentation related to the Specified Senior Secured Credit Facility or because they are subject to a Lien securing the Obligations hereunder or the obligations
thereunder). 
 U.S. Lender. See §4.4(c). 

Wholly Owned Subsidiary. As defined in the Specified Senior Secured Credit Agreement. 

§1.2 Rules of Interpretation. 

(a) A reference to any document or agreement shall include such document or agreement as amended, modified or supplemented from time to time
in accordance with its terms and the terms of this Agreement. 
 (b) The singular includes the plural and the plural includes the singular.

 (c) A reference to any law includes any amendment or modification of such law. 

(d) A reference to any Person includes its permitted successors and permitted assigns. 

(e) Accounting terms not otherwise defined herein have the meanings assigned to them by GAAP applied on a consistent basis by the accounting
entity to which they refer. 

  
 21 

 (f) The words “include”, “includes” and “including” are not
limiting. 
 (g) The words “approval” and “approved”, as the context requires, means an approval in writing given to
the party seeking approval. 
 (h) All terms not specifically defined herein or by GAAP, which terms are defined in the Uniform Commercial
Code as in effect in the State of New York, have the meanings assigned to them therein. 
 (i) Reference to a particular
“§”, refers to that section of this Agreement unless otherwise indicated. 
 (j) The words “herein”,
“hereof”, “hereunder” and words of like import shall refer to this Agreement as a whole and not to any particular section or subdivision of this Agreement. 

(k) The words “the date hereof” or words of like import shall mean the date that this Agreement is fully executed by all parties.

 (l) In the event of any change in generally accepted accounting principles after the date hereof or any other change in accounting
procedures pursuant to §7.3 which would affect the computation of any financial covenant, ratio or other requirement set forth in any Loan Document, then upon the request of Borrower or Agent, the Borrower and the Agent shall negotiate
promptly, diligently and in good faith in order to amend the provisions of the Loan Documents such that such financial covenant, ratio or other requirement shall continue to provide substantially the same financial tests or restrictions of the
Borrower as in effect prior to such accounting change, as determined by the Borrower and the Agent in good faith. Until such time as such amendment shall have been executed and delivered by the Borrower and the Agent, such financial covenants, ratio
and other requirements, and all financial statements and other documents required to be delivered under the Loan Documents, shall be calculated and reported as if such change had not occurred. 

 

	§2.	THE CREDIT FACILITY. 

 §2.1 The Term Loan. Subject to the terms and conditions set
forth in this Agreement, on the Closing Date the Term Loan Lenders severally agree to make the Term Loans in the original principal amount of the Term Loan Facility Amount to the Borrower. 

§2.2 Notes. The Loans shall, if requested by each Lender, be evidenced by separate promissory notes of the Borrower in
substantially the form of Exhibit A hereto (collectively, the “Term Loan Notes”), dated of even date with this Agreement (except as otherwise provided in §18.3) and completed with appropriate insertions. One Term
Loan Note shall be payable to the order of each Term Loan Lender which so requests the issuance of a Term Loan Note in the principal amount equal to such Term Loan Lender’s Term Loan Commitment. 

§2.3 [Reserved] 

  
 22 

 §2.4 [Reserved]. 

§2.5 [Reserved]. 

§2.6 Interest on Loans. 

(a) Each Term Base Rate Loan shall bear interest for the period commencing with the Drawdown Date thereof and ending on the date on which such
Term Base Rate Loan is repaid or converted to a Term LIBOR Rate Loan at the rate per annum equal to the Base Rate. 
 (b) [Reserved]. 

(c) Each Term LIBOR Rate Loan shall bear interest for the period commencing with the Drawdown Date thereof and ending on the last day of each
Interest Period with respect thereto at the rate per annum equal to the sum of LIBOR determined for such Interest Period plus the Applicable Margin for Term LIBOR Rate Loans. 

(d) [Reserved]. 
 (e) The
Borrower promises to pay interest on each Loan in arrears on each Interest Payment Date with respect thereto. 
 (f) Base Rate Loans and
LIBOR Rate Loans may be converted to Loans of the other Type as provided in §4.1. 
 (g) [Reserved] 

§2.7 [Reserved]. 

§2.8 [Reserved]. 

§2.9 Use of Proceeds. The Borrower will use the proceeds of the Term Loans solely to (a) pay closing costs in connection with
this Agreement and the related Transaction Costs in connection with the Transactions; (b) repay then existing loans including the Huntington Bank Credit Facility and the Regions Bank Credit Facility; (c) fund the direct or indirect
acquisition of additional Multifamily Properties located within the fifty (50) States of the continental United States or the District of Columbia, (d) fund capital and construction expenditures, tenant improvements, leasing or other
commissions and property and equipment acquisitions within the fifty (50) States of the continental United States or the District of Columbia; and (e) for general working capital purposes (including without limitation to finance interest
shortfalls, general operating expenses, including without limitation taxes, insurance and other expenses, and the payment of fees and expenses related to the Facility). 

  
 23 

 §2.10 [Reserved]. 

§2.11 [Reserved]. 

§2.12 Extension of Maturity Date. The Borrower shall have the right and option to extend the Maturity Date from the Initial
Maturity Date to March 17, 2017 (the “Extended Maturity Date”), upon satisfaction or waiver (with any such waiver requiring the approval of all of the Lenders) of the following conditions precedent, which must be satisfied (or
so waived) prior to the effectiveness of any extension of the Maturity Date: 
 (a) Extension Request. The Borrower shall deliver
written notice of such request (the “Extension Request”) to the Agent not earlier than the date which is ninety (90) days and not later than the date which is thirty (30) days prior to the Initial Maturity Date (as
determined without regard to such extension). Any such Extension Request shall be irrevocable and binding on the Borrower unless otherwise agreed to by the Agent in its reasonable discretion. 

(b) Payment of Extension Fee. The Borrower shall pay to the Agent, for the pro rata accounts of the Term Loan Lenders, an extension fee
in an amount equal to one hundred (100) basis points on the aggregate outstanding Term Loans of the Term Loan Lenders in effect on the Initial Maturity Date, which fee shall, when paid, be fully earned and non-refundable. 

(c) No Default. On the date the Extension Request is given and on the Initial Maturity Date (as determined without regard to such
extension) no Default or Event of Default shall have occurred and be continuing. 
 (d) Reduction of Term Loan Facility Amount. The
Borrower shall have made payments in reduction of the Term Loans such that on the date of the Initial Maturity Date (as determined without regard to such extension) the Outstanding principal balance of the Term Loans (and the Aggregate Credit
Exposure of Lenders thereunder) shall be no greater than Seventy-Five Million Dollars ($75,000,000.00). 
 (e) Representations and
Warranties. The representations and warranties made by the Borrower and Guarantors, respectively, in the Loan Documents or otherwise made by or on behalf of the Borrower and Guarantors, respectively, in connection therewith shall be true and
correct in all material respects on the date the Extension Request is given and on the Initial Maturity Date (as determined without regard to such extension), unless such representations and warranties are by their terms limited to a specified date.

 (f) [Reserved]. 
  

	§3.	REPAYMENT OF THE LOANS. 

 §3.1 Stated Maturity. The Borrower promises to pay on the
Maturity Date and there shall become absolutely due and payable on the Maturity Date all of the Term Loans outstanding on such date, together with any and all accrued and unpaid interest thereon. 

  
 24 

 §3.2 Mandatory Prepayments. Borrower shall and shall cause Parent Guarantor to comply
with the following covenants (and by its execution and delivery of the Guaranty, Parent Guarantor hereby covenants and agrees that): 
 (a)
Any and all “Net Equity Issuance Proceeds” (as defined in the Equity Issuance Pledge and so referred to herein) of Borrower and/or Parent Guarantor, respectively, as and when received or otherwise payable to Borrower and/or Parent
Guarantor (to the extent Borrower and/or Parent Guarantor, respectively, is entitled to receive the same) from time to time, as applicable, shall be paid by Borrower and/or Parent Guarantor, respectively, to Agent in reduction of the then
outstanding principal balance of the Loans, as mandatory prepayments hereunder, together with any additional amounts payable pursuant to §4.8 (it being understood that any such payment by or on behalf of a Loan Party or any of its Subsidiaries
will be subject to (i) the terms and provisions of any loan document or other agreement to which such Loan Party or Subsidiary or any of its direct or indirect parent entities is subject and (ii) permissibility under applicable laws for
distributing such Net Proceeds to Borrower (including fraudulent transfer and corporate benefit restrictions)). Without limiting the foregoing, Borrower and Parent Guarantor, respectively, shall provide Agent with at least five (5) Business
Days’] prior written notice of any “Equity Issuance” (as defined in the Equity Issuance Pledge and so referred to herein), detailing with specificity the terms and conditions applicable with respect thereto (and such other
information as Agent shall reasonably request with respect to any such Equity Issuance). 
 (b) Any and all Net Proceeds received or payable
to any Loan Party or its Subsidiaries from the sale or Refinancing of any Real Estate or Material Assets of such Loan Party or its Subsidiaries, respectively, as and when received or otherwise payable to such Loan Party or its Subsidiaries from time
to time, as applicable, shall be paid (or caused to be paid) by such Loan Party, respectively, to Agent in reduction of the then outstanding principal balance of the Loans, as mandatory prepayments hereunder, together with any additional amounts
payable pursuant to §4.8 (it being understood that any such payment by or on behalf of a Loan Party or any of its Subsidiaries will be subject to (i) the terms and provisions of any loan document or other agreement to which such Loan Party
or Subsidiary or any of its direct or indirect parent entities is subject and (ii) permissibility under applicable laws for distributing such net proceeds to Borrower (including fraudulent transfer and corporate benefit restrictions)). Without
limiting the foregoing, each Loan Party, respectively, shall provide Agent with at least ten (10) Business Days’ prior written notice of any such sale or Refinancing, detailing with specificity the terms and conditions applicable with
respect thereto (and such other information as Agent shall reasonably request with respect to any such sale or Refinancing); provided, however, that no such mandatory prepayment shall be applicable with respect to the proceeds of the sale of
that certain Real Estate owned by MTC-East, LLC, with an address of 1000 Winterfield Road, Midlothian, Virginia 23113, GPIN#725-709-5083. 

(c) On or before March 17, 2016 the Borrower shall have made one or more payments to Agent (accompanied by the payment of any amounts due
pursuant to §4.8) in reduction of the Term Loans, as a mandatory prepayment hereunder, such that the Outstanding principal balance of the Term Loans (and the Aggregate Credit Exposure of Lenders thereunder) on such date shall be no greater than
One Hundred Million Dollars ($100,000,000.00). 

  
 25 

 §3.3 Optional Prepayments. 

(a) Subject to the terms and provisions of the Agreement Regarding Fees, Borrower shall have the right, at its election, to prepay the
outstanding amount of the Loans, as a whole or in part, at any time without penalty or premium; provided, that if any prepayment of the outstanding amount of any LIBOR Rate Loans pursuant to this §3.3 is made on a date that is not the last day
of the Interest Period relating thereto, such prepayment shall be accompanied by the payment of any amounts due pursuant to §4.8. 

(b) The Borrower shall give the Agent, no later than 1:00 p.m. (Eastern time) at least three (3) days prior written notice of any
prepayment pursuant to this §3.3, in each case specifying the proposed date of prepayment of the Loans and the principal amount to be prepaid (provided that (i) any such notice may be revoked or modified upon one (1) day’s prior
notice to the Agent) and/or (ii) any such notice or repayment may be conditioned upon the consummation of a transaction. 
 §3.4
Partial Prepayments. Each partial prepayment of the Loans under §3.3 shall be in a minimum amount of $100,000.00, shall be accompanied by the payment of accrued interest on the principal prepaid to the date of payment. Each partial
payment under §3.2 and §3.3 shall be applied first to the principal of the Loans (first to the principal of Base Rate Loans, and then to the principal of LIBOR Rate Loans). 

§3.5 Effect of Prepayments. Amounts of the Term Loans prepaid under §3.3 prior to the Maturity Date may not be reborrowed.

  

	§4.	CERTAIN GENERAL PROVISIONS. 

 §4.1 Conversion Options. 

(a) The Borrower may elect from time to time to convert any of its outstanding Loans to a Loan of another Type and such Loans shall thereafter
bear interest as a Base Rate Loan or a LIBOR Rate Loan, as applicable; provided that (i) with respect to any such conversion of a LIBOR Rate Loan to a Base Rate Loan, the Borrower shall give the Agent at least one (1) Business
Day’s prior written notice of such election, and such conversion shall only be made on the last day of the Interest Period with respect to such LIBOR Rate Loan unless the Borrower pays Breakage Costs as required under this Agreement;
(ii) with respect to any such conversion of a Base Rate Loan to a LIBOR Rate Loan, the Borrower shall give the Agent at least three (3) LIBOR Business Days’ prior written notice of such election and the Interest Period requested for
such Loan, the principal amount of the Loan so converted shall be in a minimum aggregate amount of $100,000.00 and, after giving effect to the making of such Loan, there shall be no more than seven (7) LIBOR Rate Loans outstanding at any one
time; and (iii) no Loan may be converted into a LIBOR Rate Loan when any Default or Event of Default has occurred and is continuing. All or any part of the outstanding Loans of any Type may be converted as provided herein, provided that
no partial conversion shall result in a Base Rate Loan in a principal amount of less than $100,000.00 or a LIBOR Rate Loan in a principal amount of less than $100,000.00. On the date on which such conversion is being made, each Lender shall take
such action as is necessary to transfer its Commitment Percentage of such Loans to its 

  
 26 

 
Domestic Lending Office or its LIBOR Lending Office, as the case may be. Each Conversion/Continuation Request relating to the conversion of a Base Rate Loan to a LIBOR Rate Loan shall be
irrevocable by the Borrower. 
 (b) Any LIBOR Rate Loan may be continued as such Type upon the expiration of an Interest Period with respect
thereto by compliance by the Borrower with the terms of §4.1; provided that no LIBOR Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing, but shall be automatically converted to a Base
Rate Loan on the last day of the Interest Period relating thereto ending during the continuance of any Default or Event of Default. 
 (c)
In the event that the Borrower does not notify the Agent of their election hereunder with respect to any LIBOR Rate Loan, such Loan shall be automatically continued at the end of the applicable Interest Period as a LIBOR Rate Loan for an Interest
Period of one (1) month unless such Interest Period shall be greater than the time remaining until the Maturity Date, in which case such Loan shall be automatically converted to a Base Rate Loan at the end of the applicable Interest Period.

 §4.2 Fees. In addition to all fees specified herein, the Borrower agrees to pay to KeyBank and the Arranger for their own
account certain fees for services rendered or to be rendered in connection with the Loans as provided pursuant to two (2) separate fee letters dated June 24, 2015 between the Borrower, KeyBank and the Arranger (the “Agreement
Regarding Fees”). 
 §4.3 [Reserved]. 

§4.4 Funds for Payments. 

(a) All payments of principal, interest, facility fees, closing fees and any other amounts due hereunder or under any of the other Loan
Documents shall be made to the Agent, for the respective accounts of the Lenders and the Agent, as the case may be, at the Agent’s Head Office, not later than 3:00 p.m. (Eastern time) on the day when due (or such later time as is acceptable to
the Agent in the event of a payment in full of all Loans and a termination of Commitments hereunder), in each case in lawful money of the United States in immediately available funds. Subject to the foregoing, all payments made to Agent on behalf of
the Lenders, and actually received by Agent, shall be deemed received by the Lenders on the date actually received by Agent. 
 (b) All
payments by the Borrower hereunder and under any of the other Loan Documents shall be made without setoff or counterclaim and free and clear of and without deduction or withholding for any Taxes , excluding any income Taxes, franchise or similar
Taxes and any Taxes imposed by a jurisdiction (i) as a result of the Agent or Lender being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction
imposing such Tax (or any political subdivision thereof) or (ii) as a result of any present or former connection between the Agent or a Lender and such jurisdiction other than any connection arising solely from executing, delivering, performing
its obligations under, or enforcing any Loan Document (such Taxes, other than those so excluded 

  
 27 

 
as specifically set forth in this sentence and elsewhere in this §4.4(b), referred to as “Non-Excluded Taxes”), unless the Borrower are required by law to make such
deduction or withholding. If any such obligation is imposed upon the Borrower with respect to any amount payable by the Borrower hereunder or under any of the other Loan Documents, the Borrower will pay to the Agent, for the account of the Lenders
or (as the case may be) the Agent, on the date on which such amount is due and payable hereunder or under such other Loan Document, such additional amount in Dollars as shall be necessary to enable the Lenders or the Agent to receive, after such
deduction or withholding has been made, the same net amount which the Lenders or the Agent would have received on such due date had no such obligation been imposed upon the Borrower; provided, however, that the Borrower shall not be required to
increase any such amounts payable to any Lender with respect to any Non-Excluded Taxes (i) that are attributable to such Lender’s failure to comply with the requirements of §4.4(c); (ii) that are branch profits taxes imposed by
the United States or any similar taxes imposed by any other jurisdiction under the laws of which a Lender is organized or in which its applicable lending office is located; (iii) in the case of a Non-U.S. Lender and notwithstanding any consent
given pursuant to §18.1, that are imposed on amounts payable to such Lender pursuant to a law in effect on the date on which such Lender becomes a party to this Agreement (or designates a new lending office), except to the extent that such
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 Non-Excluded Taxes pursuant to this §4.4(b); or
(iv) that are U.S. federal withholding Taxes imposed under FATCA. The Borrower shall indemnify each of the Agent and the Lenders, as applicable, within 10 days after demand therefor, for the full amount of any Non-Excluded (including
Non-Excluded Taxes imposed or asserted on or attributable to amounts payable under this §4) payable or paid by the Agent or Lenders or required to be withheld or deducted from a payment to such the Agent or Lenders and any reasonable expenses
arising therefrom or with respect thereto, whether or not such Non-Excluded Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the
Borrower by a Lender (with a copy to the Agent), or by the Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. The Borrower will deliver promptly to the Agent certificates or other valid vouchers for all
Taxes or other charges deducted from or paid with respect to payments made by the Borrower hereunder or under any other Loan Document. In the event a Lender receives a refund or credit of any Non-Excluded Taxes paid by the Borrower pursuant to this
section, such Lender will pay to the Borrower the amount of such refund or credit (and any interest received with respect thereto) promptly upon receipt thereof; provided that if at any time thereafter such Lender is required to return such refund
or credit, the Borrower shall promptly repay to such Lender the amount of such refund or credit, net of any reasonable incremental additional costs. 

(c) If a Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document it
shall deliver to the Borrower, at the time or times reasonably requested by the Borrower, such properly completed and executed documentation reasonably requested by the Borrower as will permit such payments to be made without withholding or at a
reduced rate of withholding. In addition, if reasonably requested by the Borrower the Lender shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower as will enable the Borrower or to determine
whether or not such Lender is subject to backup withholding or information reporting 

  
 28 

 
requirements. Notwithstanding the generality of the foregoing, each Lender that is not a United States Person (as such term is defined in Section 7701(a)(30) of the Code) for U.S. federal
income tax purposes (a “Non-U.S. Lender”), to the extent such Lender is lawfully able to do so, shall provide the Borrower on or prior to the Closing Date (in the case of each Lender listed on the signature pages hereof on the
Closing Date) or on or prior to the date of the Assignment and Acceptance Agreement pursuant to which it becomes a Lender (in the case of each other Lender), and at such other times as may be necessary in the determination of the Borrower, with
(x) two (2) original copies of Internal Revenue Service Form W-8BEN, W-8BEN-E, W-8ECI and/or W-8IMY (or, in each case, any successor forms), properly completed and duly executed by such Lender, and any other such duly executed form(s) or
statement(s) (including whether such Lender has complied with the FATCA) which may, from time to time, be prescribed by law and, which, pursuant to applicable provisions of (i) an income tax treaty between the United States and the country of
residence of such Lender, (ii) the Code, or (iii) any applicable rules or regulations in effect under (i) or (ii) above, establish that such Lender is not subject to deduction or withholding of United States federal income tax
with respect to any payments to such Lender of principal, interest, fees or other amounts payable under any of the Loan Documents, or (y) if such Lender is not a “bank” or other Person described in Section 881(c)(3) of the Code,
a Certificate Regarding Non-Bank Status together with two (2) original copies of Internal Revenue Service Form W-8BEN or W-8BEN-E (or any successor form), properly completed and duly executed by such Lender, and such other documentation
required under the Code and requested by the Borrower to establish that such Lender is not subject to deduction or withholding of United States federal income tax with respect to any payments to such Lender of interest payable under any of the Loan
Documents. Each Lender that is a United States Person (as such term is defined in Section 7701(a)(30) of the Code) for United States federal income tax purposes (a “U.S. Lender”) shall provide the Borrower on or prior to the
Closing Date (or, if later, on or prior to the date on which such Lender becomes a party to this Agreement) two (2) original copies of Internal Revenue Service From W-9 (or any successor form), properly completed and duly executed by such
Lender, certifying that such U.S. Lender is entitled to an exemption from United States backup withholding tax, or otherwise prove that it is entitled to such an exemption. 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 Borrower at the time or times prescribed by law and at such time or times reasonably requested by the Borrower 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 Borrower as may be necessary for the Borrower to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to
determine the amount to deduct and withhold from such payment (for purposes of this sentence, “FATCA” shall include any amendments made to FATCA after the date of this Agreement). Each Lender required to deliver any forms, certificates or
other evidence with respect to United States federal income tax withholding matters pursuant to this section hereby agrees, from time to time after the initial delivery by such Lender of such forms, certificates or other evidence, whenever a lapse
in time or change in circumstances renders such forms, certificates or other evidence obsolete or inaccurate in any material respect, that such Lender shall promptly provide the Borrower two (2) new original copies of Internal Revenue Service
Form W-9, W-8BEN, W-8BEN-E, W-8ECI 

  
 29 

 
and/or W-8IMY (or, in each case, any successor form), a Certificate Regarding Non-Bank Status and two (2) original copies of Internal Revenue Service Form W-8BEN or W-8BEN-E (or any
successor form), or any documentation required under applicable reporting requirements of FATCA, as the case may be, properly completed and duly executed by such Lender, and such other documentation required under the Code and requested by the
Borrower to confirm or establish that such Lender is not subject to deduction or withholding of United States federal income tax with respect to payments to such Lender under the Loan Documents, or notify the Borrower of its inability to deliver any
such forms, certificates or other evidence. 
 (d) In the event it is reasonably necessary to determine the fair market value of the
Commitments, Loans and/or other obligations under the Loan Documents for purposes of Treasury Regulation Section 1.1273-2(f), the Agent shall assist Borrower as reasonably requested in connection with making such determination (including by
using commercially reasonable efforts to obtain quotes and sales prices for the Commitments, Loans and/or other obligations), and the Agent shall promptly make any such determination by Borrower available to the Lenders in accordance with Treasury
Regulation Section 1.1273-2(f)(9). 
 (e) The obligations of the Borrower to the Lenders under this Agreement shall be absolute,
unconditional and irrevocable, and shall be paid and performed strictly in accordance with the terms of this Agreement, under all circumstances whatsoever, including, without limitation, the following circumstances: (i) any lack of validity or
enforceability of this Agreement or any of the other Loan Documents; (ii) [Reserved]; (iii) the existence of any claim, set-off, defense or any right which the Borrower or any of its Subsidiaries or Affiliates may have at any time against
any of the Lenders (other than the defense of payment to the Lenders in accordance with the terms of this Agreement) or any other person, whether in connection with this Agreement, any other Loan Document, or any unrelated transaction;
(iv) [Reserved]; (v) any breach of any agreement between Borrower or any of its Subsidiaries or Affiliates; (vi) [Reserved]; (vii) [Reserved]; (viii) [Reserved]; (ix) [Reserved]; (x) [Reserved]; (xi) the
surrender or impairment of any security for the performance or observance of any of the terms of any of the Loan Documents; (xii) the occurrence of any Default or Event of Default; and (xiii) any other circumstance or happening whatsoever,
whether or not similar to any of the foregoing, provided that nothing contained herein shall relieve Agent or any Lender for liability to Borrower arising as a result of gross negligence or willful misconduct on the part of the Agent or any Lender,
as applicable, as determined by a court of competent jurisdiction after the exhaustion of all applicable appeal periods. 
 §4.5
Computations. All computations of interest on the Loans and of other fees to the extent applicable shall be based on a 360-day year and paid for the actual number of days elapsed. Except as otherwise provided in the definition of the term
“Interest Period” with respect to LIBOR Rate Loans, whenever a payment hereunder or under any of the other Loan Documents becomes due on a day that is not a Business Day, the due date for such payment shall be extended to the next
succeeding Business Day, and interest shall accrue during such extension. The Outstanding Loans as reflected on the records of the Agent from time to time shall be considered prima facie evidence of such amount. 

§4.6 Suspension of LIBOR Rate Loans. In the event that, prior to the commencement of any Interest Period relating to any LIBOR
Rate Loan, the Agent shall determine that 

  
 30 

 
adequate and reasonable methods do not exist for ascertaining LIBOR for such Interest Period, or the Agent shall reasonably determine that LIBOR will not accurately and fairly reflect the cost of
the Lenders making or maintaining LIBOR Rate Loans for such Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrower and the Lenders absent manifest error) to the Borrower
and the Lenders. In such event (a) any Loan Request with respect to a LIBOR Rate Loan shall be automatically withdrawn and shall be deemed a request for a Base Rate Loan and (b) each LIBOR Rate Loan will automatically, on the last day of
the then current Interest Period applicable thereto, become a Base Rate Loan, and the obligations of the Lenders to make LIBOR Rate Loans shall be suspended until the Agent determines that the circumstances giving rise to such suspension no longer
exist, whereupon the Agent shall so notify the Borrower and the Lenders. 
 §4.7 Illegality. Notwithstanding any other
provisions herein, if any Change in Law shall make it unlawful, or any central bank or other governmental authority having or claiming jurisdiction over a Lender or its LIBOR Lending Office shall assert that it is unlawful, for any Lender to make or
maintain LIBOR Rate Loans, such Lender shall forthwith give notice of such circumstances to the Agent and the Borrower and thereupon (a) the commitment of the Lenders to make LIBOR Rate Loans shall forthwith be suspended and (b) the LIBOR
Rate Loans then outstanding shall be converted automatically to Base Rate Loans on the last day of each Interest Period applicable to such LIBOR Rate Loans or within such earlier period as may be required by law. Notwithstanding the foregoing,
before giving such notice, the applicable Lender shall designate a different lending office if such designation will void the need for giving such notice and will not, in the reasonable judgment of such Lender, be otherwise materially
disadvantageous to such Lender or increase any costs payable by Borrower hereunder. 
 §4.8 Additional Interest. If any LIBOR
Rate Loan or any portion thereof is repaid or is converted to a Base Rate Loan for any reason on a date which is prior to the last day of the Interest Period applicable to such LIBOR Rate Loan, or if repayment of the Loans has been accelerated as
provided in §12.1, the Borrower will pay to the Agent upon demand for the account of the applicable Lenders in accordance with their respective Commitment Percentages, in addition to any amounts of interest otherwise payable hereunder, the
Breakage Costs. Borrower understands, agrees and acknowledges the following: (i) no Lender has any obligation to purchase, sell and/or match funds in connection with the use of LIBOR as a basis for calculating the rate of interest on a LIBOR
Rate Loan; (ii) LIBOR is used merely as a reference in determining such rate; and (iii) Borrower has accepted LIBOR as a reasonable and fair basis for calculating such rate and any Breakage Costs. Borrower further agrees to pay the
Breakage Costs, if any, whether or not a Lender elects to purchase, sell and/or match funds. 
 §4.9 Additional Costs, Etc.
Notwithstanding anything herein to the contrary, if any Change in Law, shall: 
 (a) impose, modify or deem applicable any reserve, special
deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in determining LIBOR); 

  
 31 

 (b) subject Agent or any Lender to any Tax (other than Taxes addressed by §4.4(b)) on its
loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or 

(c) impose on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or
Loans made by such Lender; or 
 (d) impose on any Lender or the Agent any other conditions or requirements with respect to this Agreement,
the other Loan Documents, the Loans, such Lender’s Commitment, or any class of loans or commitments of which any of the Loans or such Lender’s Commitment forms a part; and the result of any of the foregoing is: 

(i) to increase the cost to any Lender of making, funding, issuing, renewing, extending or maintaining any of the Loans or such Lender’s
Commitment, or 
 (ii) to reduce the amount of principal, interest or other amount payable to any Lender or the Agent hereunder on account
of such Lender’s Commitment or any of the Loans, or 
 (iii) to require any Lender or the Agent to make any payment or to forego any
interest or other sum payable hereunder, the amount of which payment or foregone interest or other sum is calculated by reference to the gross amount of any sum receivable or deemed received by such Lender or the Agent from the Borrower hereunder,

 then, and in each such case, the Borrower will (and as to clauses (a) and (b) above, subject to the provisions of §4.4), within thirty
(30) days of demand made by such Lender or (as the case may be) the Agent at any time and from time to time and as often as the occasion therefor may arise, pay to such Lender or the Agent such additional amounts as such Lender or the Agent
shall reasonably determine in good faith to be sufficient to compensate such Lender or the Agent for such additional cost, reduction, payment or foregone interest or other sum. For the avoidance of doubt, the provisions of this §4.9 shall not
apply with respect to Taxes, which shall be governed by §4.4(b) and §4.4(c). 
 §4.10 Capital Adequacy. If after the
date hereof any Lender determines that (a) as a result of a Change in Law, or (b) compliance by such Lender or its parent bank holding company with any directive of any such entity regarding liquidity or capital adequacy, has the effect of
reducing the return on such Lender’s or such holding company’s capital as a consequence of such Lender’s commitment to make Loans hereunder to a level below that which such Lender or holding company could have achieved but for such
adoption, change or compliance (taking into consideration such Lender’s or such holding company’s then existing policies with respect to capital adequacy and assuming the full utilization of such entity’s capital) by any amount deemed
by such Lender to be material, then such Lender may notify the Borrower thereof. The Borrower agrees to pay to such Lender the amount of such reduction in the return on capital as and when such reduction is reasonably determined, upon presentation
by such Lender of a statement of the amount setting forth the Lender’s calculation thereof. In determining such amount, such Lender may use any reasonable averaging and attribution methods generally applied by such Lender. 

  
 32 

 §4.11 Breakage Costs. Borrower shall pay all Breakage Costs required to be paid by
them pursuant to this Agreement and incurred from time to time by any Lender within fifteen (15) days from receipt of written notice from Agent, or such earlier date as may be required by this Agreement. 

§4.12 Default Interest; Late Charge. Following the occurrence and during the continuance of any Event of Default, and regardless
of whether or not the Agent or the Lenders shall have accelerated the maturity of the Loans, all Loans shall bear interest payable on demand at a rate per annum equal to three percent (3.0%) above the interest rate that would otherwise be in
effect hereunder (the “Default Rate”), until such amount shall be paid in full (after as well as before judgment). In addition, the Borrower shall pay a late charge equal to three percent (3.0%) of any amount of interest and/or
principal payable on the Loans (other than amounts due on the Maturity Date or as a result of acceleration), which is not paid by the Borrower within ten (10) days of the date when due. 

§4.13 Certificate. A certificate setting forth any amounts payable pursuant to §4.8, §4.9, §4.10, §4.11 or
§4.12 and a reasonably detailed explanation of such amounts which are due, submitted by any Lender or the Agent to the Borrower, shall be conclusive in the absence of manifest error. A Lender shall be entitled to reimbursement under §4.9,
or §4.10 from and after notice to Borrower that such amounts are due given in accordance with §4.9 or §4.10 and for a period of nine (9) months prior to receipt of such notice. 

§4.14 Limitation on Interest. Notwithstanding anything in this Agreement or the other Loan Documents to the contrary, all
agreements between or among the Borrower, the Lenders and the Agent, whether now existing or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of acceleration of the maturity of any of the
Obligations or otherwise, shall the interest contracted for, charged or received by the Lenders exceed the maximum amount permissible under applicable law. If, from any circumstance whatsoever, interest would otherwise be payable to the Lenders in
excess of the maximum lawful amount, the interest payable to the Lenders shall be reduced to the maximum amount permitted under applicable law; and if from any circumstance the Lenders shall ever receive anything of value deemed interest by
applicable law in excess of the maximum lawful amount, an amount equal to any excessive interest shall be applied to the reduction of the principal balance of the Obligations and to the payment of interest or, if such excessive interest exceeds the
unpaid balance of principal of the Obligations, such excess shall be refunded to the Borrower. All interest paid or agreed to be paid to the Lenders shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread
throughout the full period until payment in full of the principal of the Obligations (including the period of any renewal or extension thereof) so that the interest thereon for such full period shall not exceed the maximum amount permitted by
applicable law. This Section shall control all agreements between or among the Borrower, the Lenders and the Agent. 
 §4.15 Certain
Provisions Relating to Increased Costs and Non-Funding Lenders. If a Lender gives notice of the existence of the circumstances set forth in §4.7 or any Lender 

  
 33 

 
requests compensation for any losses or costs to be reimbursed pursuant to any one or more of the provisions of §4.4(b), §4.9 or §4.10, then, upon the request of the Borrower, such
Lender, as applicable, shall use reasonable efforts in a manner consistent with such institution’s practice in connection with loans like the Loan of such Lender to eliminate, mitigate or reduce amounts that would otherwise be payable by
Borrower under the foregoing provisions, provided that such action would not be otherwise prejudicial to such Lender, including, without limitation, by designating another of such Lender’s offices, branches or affiliates; the Borrower
agreeing to pay all reasonably incurred costs and expenses incurred by such Lender in connection with any such action. Notwithstanding anything to the contrary contained herein, if no Default or Event of Default shall have occurred and be
continuing, and if any Lender (a) has given notice of the existence of the circumstances set forth in §4.7 or has requested payment or compensation for any losses or costs to be reimbursed pursuant to any one or more of the provisions of
§4.4(b), §4.9 or §4.10 and following the request of Borrower has been unable to take the steps described above to mitigate such amounts (each, an “Affected Lender”) or (b) has failed to make available to Agent
its pro rata share of any Loan and such failure has not been cured (a “Non-Funding Lender”), then, within ninety (90) days after such notice or request for payment or compensation or
failure to fund, as applicable, Borrower shall have the one-time right as to such Affected Lender or Non-Funding Lender, as applicable, to be exercised by delivery of written notice delivered to the Agent and the Affected Lender or Non-Funding
Lender, within ninety (90) days of receipt of such notice or failure to fund, as applicable, to elect to cause the Affected Lender or Non-Funding Lender, as applicable, to transfer its Commitment. The Agent shall promptly notify the remaining
Lenders that each of such Lenders shall have the right, but not the obligation, to acquire a portion of the Commitment, pro rata based upon their relevant Commitment Percentages, of the Affected Lender or Non-Funding Lender, as applicable (or if any
of such Lenders does not elect to purchase its pro rata share, then to such remaining Lenders in such proportion as approved by the Agent). In the event that the Lenders do not elect to acquire all of the Affected Lender’s or Non-Funding
Lender’s Commitment, then the Agent shall endeavor to obtain a new Lender to acquire such remaining Commitment. Upon any such purchase of the Commitment of the Affected Lender or Non-Funding Lender, as applicable, the Affected Lender’s or
Non-Funding Lender’s interest in the Obligations and its rights hereunder and under the Loan Documents shall terminate at the date of purchase, and the Affected Lender or Non-Funding Lender, as applicable, shall promptly execute all documents
reasonably requested to surrender and transfer such interest. The purchase price for the Affected Lender’s or Non-Funding Lender’s Commitment shall equal any and all amounts outstanding and owed by Borrower to the Affected Lender or
Non-Funding Lender, as applicable, including principal, prepayment premium or fee, and all accrued and unpaid interest or fees. 
  

	§5.	COLLATERAL SECURITY. 

 §5.1 Collateral. The Obligations and the Hedge Obligations
(subject to the provisions set forth in the definition of Security Documents) shall be secured by a perfected first priority lien and security interest to be held by the Agent for the benefit of the Lenders on the Collateral, pursuant to the terms
of the Security Documents, and in each case subject to Permitted Liens. If Borrower enters into any interest rate agreements or hedging agreements which are in any manner related to the Loans or the Facility, Borrower agrees to assign the same to
Agent, for the benefit of the Lenders, by entering into Agent’s reasonable form of assignment of interest 

  
 34 

 
rate agreements or hedging agreements at the time Borrower enters into such agreements. The Borrower shall (and shall cause IR OpCo) to comply, in all material respects, with the terms and
provisions of the Security Documents, including, without limitation, with respect to all additional Collateral to be provided to Agent, for the benefit of Lenders, as and when therein provided, on account of any and all additional Subsidiaries of
Borrower and/or IR OpCo which shall exist from and after the Closing Date. Borrower shall provide Agent with at least five (5) Business Days’ notice prior to the Borrower and/or IR OpCo acquiring or creating any such additional Borrower
Subsidiary, together with such information, documents, and materials (including, without limitation, ownership certificates, stock/transfer powers, and other documentation required to be provided to Agent pursuant to the terms and provisions of the
Ownership Interest Pledge, the Distribution Interest Pledge, or any other applicable Security Document, including, without limitation, all “know your customer” and other materials reasonably requested by Agent to ensure that each such
Borrower Subsidiary is in compliance with §6.1(e)). Without limiting the foregoing or the terms and provisions of each Ownership Interest Pledge and each Distribution Interest Pledge (and as further provided therein) provided hereunder, with
respect to each additional Borrower Subsidiary which is established from and after the Closing Date, Borrower shall cause IR OpCo and such Borrower Subsidiary (x) to confirm the applicable Ownership Interest Pledge or Distribution Interest
Pledge, and the ability to enter into a Guaranty of Obligations, respectively as applicable, and to provide such other stock or ownership certificates, executed transfer powers, and documentation (as further provided therein) as reasonably required
by Agent to perfect or vest more securely its pledge and security interest to and in the applicable “Collateral” (as defined in each such applicable Ownership Interest Pledge or Distribution Interest Pledge), and (y) to execute
and deliver a corresponding joinder to the Guaranty, in form and substance reasonably satisfactory to Agent (in each case to the extent such Ownership Interest Pledge, Distribution Interest Pledge, or Guaranty of Obligations is permitted to be
provided (and/or not prohibited from being provided) as reasonably determined in good faith), respectively as applicable, together with all “know your customer” and other materials reasonably requested by Agent to ensure that each such
Borrower Subsidiary is in compliance with §6.1(e). 
 Without limiting the foregoing, with respect to those Borrower Subsidiaries set
forth in Schedule 5.1, Borrower covenants and agrees that (a) Borrower and/or IR OpCo, as applicable, shall promptly provide written notice to each lender or other third party required for it to grant the applicable Ownership
Interest Pledge and Distribution Interest Pledge, to the extent detailed in Schedule 5.1 (it being understood that, for the avoidance of doubt, no consent shall be required to be obtained from any such lender or other third party (which
is not an Affiliate or Subsidiary of Borrower or Guarantors) in respect of such Ownership Interest Pledge, Distribution Interest Pledge or Guaranty of Obligations) and (b) within sixty (60) days after the Closing Date, Borrower and/or IR
OpCo, as applicable, shall have provided the applicable Ownership Interest Pledge or Distribution Interest Pledge (and, as provided above, the corresponding joinder to the Guaranty), respectively as applicable, and shall have provided such other
stock or ownership certificates, executed transfer powers, and documentation (as further provided therein) as reasonably required by Agent to perfect or vest more securely its pledge and security interest to and in the applicable
“Collateral” (as defined in each such applicable Ownership Interest Pledge or Distribution Interest Pledge) (in each case to the extent such Ownership Interest Pledge, Distribution Interest Pledge, or Guaranty of Obligations is
permitted to be provided (and/or not prohibited from being provided) as reasonably determined in good faith), together with all “know your customer” and other materials reasonably requested by Agent to ensure that each such Borrower
Subsidiary is in compliance with §6.1(e). 

  
 35 

 §5.2 [Reserved]. 

§5.3 [Reserved]. 

§5.4 [Reserved]. 

§5.5 [Reserved]. 

§5.6 [Reserved]. 

§5.7 Release of Collateral. Upon the refinancing or repayment of the Obligations in full, in cash, then the Agent shall release
the Collateral from the lien and security interest of the Security Documents; provided, however, that Agent shall not be required to release such Collateral until such time as (x) Borrower has provided Agent with evidence reasonably
satisfactory to Agent confirming the discharge, assumption or other satisfaction of all Hedge Obligations secured by the Collateral (subject to the provisions set forth in the definition of Mortgages) or (y) Required Lenders, at their option,
direct Agent to release such Collateral, notwithstanding that any such Hedge Obligations may then remain outstanding (and each Lender Hedge Provider hereby agrees to be bound by any such direction of Required Lenders, notwithstanding any provision
herein or in the Security Documents to the contrary). 
  

	§6.	REPRESENTATIONS AND WARRANTIES. 

 The Borrower represents and warrants to the Agent and the
Lenders as follows, each as of the Closing Date hereof, and as of the date of the funding of any Loan hereunder: 
 §6.1 Corporate
Authority, Etc. 
 (a) Incorporation; Good Standing. Borrower is a Delaware limited partnership duly organized pursuant to its
certificate of limited partnership filed with the Delaware Secretary of State, and is validly existing and in good standing under the laws of the State of Delaware. Parent Guarantor is a Maryland corporation duly incorporated pursuant to its
articles of incorporation filed with the Maryland Secretary of State, and is validly existing and in good standing under the laws of the State of Maryland. IR OpCo is a Delaware limited liability company organized pursuant to its certificate of
formation filed with the Delaware Secretary of State, and is validly existing and in good standing under the laws of the State of Delaware. Each of Borrower and each Guarantor (i) has all requisite power to own its property and conduct its
business as now conducted and as presently contemplated, except where the failure to be so qualified would not be reasonably likely to have a Material Adverse Effect and (ii) is in good standing in its jurisdiction of organization or formation
and in each other jurisdiction where a failure to be so qualified in such other jurisdiction would be reasonably likely to have a Material Adverse Effect. 

(b) Subsidiaries. Each of the Borrower Subsidiaries (i) is a corporation, limited partnership, general partnership, limited
liability company or trust duly organized under 

  
 36 

 
the laws of its State of organization and is validly existing and in good standing under the laws thereof, (ii) has all requisite power to own its property and conduct its business as now
conducted and as presently contemplated except where the failure to be so qualified would not be reasonably likely to have a Material Adverse Effect and (iii) is in good standing and is duly authorized to do business in its jurisdiction of
organization or formation and in each jurisdiction where a Collateral Property is owned or leased by it (to the extent required to do so under applicable law), and in each other jurisdiction where a failure to be so qualified would be reasonably
likely to have a Material Adverse Effect. 
 (c) Authorization. The execution, delivery and performance of this Agreement and the
other Loan Documents to which any of the Loan Parties is a party and the transactions contemplated hereby and thereby (i) are within the corporate or other organizational authority of the Loan Parties, (ii) have been duly authorized by all
necessary actions on the part of the Loan Parties, (iii) do not and will not conflict with or result in any breach or contravention of any provision of law, statute, rule or regulation to which any Loan Party is subject or any judgment, order,
writ, injunction, license or permit applicable to any Loan Party, in each case except as would not be reasonably likely to have a Material Adverse Effect, (iv) do not and will not conflict with or constitute a default (whether with the passage
of time or the giving of notice, or both) under any provision of the partnership agreement, limited liability company agreement, articles of incorporation or other charter documents or bylaws of any Loan Party, (v) do not and will not result in
or require the imposition of any lien or other encumbrance on any of the properties, assets or rights of any Loan Party other than Permitted Liens, and (vi) do not require the approval or consent of any Governmental Authority other than those
already obtained and delivered to Agent or except as would not reasonably be likely to have a Material Adverse Effect. 
 (d)
Enforceability. The execution and delivery of this Agreement and the other Loan Documents to which any of the Loan Parties is a party are valid and legally binding obligations of the Loan Parties enforceable in accordance with the respective
terms and provisions hereof and thereof, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and general principles of
equity. 
 (e) Foreign Assets Control. To the knowledge of each Loan Party, none of the Loan Parties or any Subsidiaries of the Loan
Parties: (i) is a Sanctioned Person, (ii) has any of its assets in Sanctioned Entities, or (iii) derives any of its operating income from investments in, or transactions with, Sanctioned Persons or Sanctioned Entities. To the
knowledge of each Loan Party, each Loan Party and its respective officers, employees, directors and agents, are in compliance, in all material respects, with Anti-Corruption Laws and applicable Sanctions. No use of the proceeds of any Loan will
violate Anti-Corruption Laws or applicable Sanctions. Neither the making of the Loans nor the use of the proceeds thereof will violate the Patriot Act, the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of
the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or successor statute thereto. Each Loan Party and its Subsidiaries are in compliance, in all
material respects, with the Patriot Act. 

  
 37 

 §6.2 Governmental Approvals. The execution, delivery and performance of this
Agreement and the other Loan Documents to which any Loan Party is a party and the transactions contemplated hereby and thereby do not require the approval or consent of, or filing or registration with, or the giving of any notice to, any court,
department, board, governmental agency or authority other than those already obtained and the filing of the Security Documents in the appropriate records office with respect thereto, in each case, except as would not be reasonably likely to result
in a Material Adverse Effect. 
 §6.3 [Reserved]. 

§6.4 Financial Statements. Parent Guarantor has furnished to Agent on or prior to the Closing Date: (a) the consolidated
balance sheet of Parent Guarantor and its Consolidated Subsidiaries as of the Balance Sheet Date and the related consolidated statement of income and cash flow for the most recent period then ended (and available) certified by an Authorized Officer
or the chief financial or accounting officer of Parent Guarantor and (b) certain other financial information relating to the Borrower. Such balance sheet and statement have been prepared in accordance with generally accepted accounting
principles and fairly present in all material respects the consolidated financial condition of Parent Guarantor and its Consolidated Subsidiaries as of such dates and the consolidated results of the operations of Parent Guarantor and its
Consolidated Subsidiaries for such periods. 
 §6.5 No Material Changes. Since the later of Balance Sheet Date or the date of
the most recent financial statements delivered pursuant to §7.4(a), as applicable, except as otherwise disclosed in writing to Agent, there has occurred no materially adverse change in the financial condition, or business of the Loan Parties,
and their respective Subsidiaries taken as a whole as shown on or reflected in the consolidated balance sheet of Parent Guarantor as of the Balance Sheet Date (or as of the last day of the fiscal year of Parent Guarantor most recently ended, as
applicable), or its consolidated statement of income or cash flows for the fiscal year then ended, other than changes that have not and would not be reasonably likely to have a Material Adverse Effect. 

§6.6 Franchises, Patents, Copyrights, Etc. To the knowledge of the Borrower, each of the Borrower and the Borrower Subsidiaries
possesses all franchises, patents, copyrights, trademarks, trade names, service marks, licenses and permits, and rights in respect of the foregoing, adequate for the conduct of their business substantially as now conducted without known conflict
with any rights of others, except where failure to possess such franchises, patents, copyrights, trademarks, trade names, service marks, licenses and permits, and any rights in respect of the foregoing, would not be reasonably likely to have a
Material Adverse Effect. 
 §6.7 Litigation. Except as stated on Schedule 6.7, as of the Closing Date, there are no
actions, suits, proceedings or investigations of any kind pending or to the knowledge of the Borrower threatened against Borrower or any of the Borrower Subsidiaries before any court, tribunal, arbitrator, mediator or administrative agency or board
which question the validity of this Agreement or any of the other Loan Documents, any action taken or to be taken pursuant hereto or thereto or any lien, security title or security interest created or intended to be created pursuant hereto or
thereto, in each case which would be reasonably likely to have a Material Adverse Effect. Except as set forth on Schedule 6.7 as of the Closing Date, there are no judgments, final orders or awards outstanding against or affecting Borrower or
the Borrower Subsidiaries individually or in the aggregate in excess of $5,000,000.00. 

  
 38 

 §6.8 No Material Adverse Contracts, Etc. To the knowledge of the Borrower, none of
the Loan Parties or Borrower Subsidiaries is subject to any charter, corporate or other legal restriction, or any judgment, decree, order, rule or regulation that has or would be reasonably likely to have a Material Adverse Effect. To the knowledge
of the Borrower, none of the Loan Parties or Borrower Subsidiaries is a party to any contract, agreement, or instrument that has or would be reasonably likely to have a Material Adverse Effect. To the knowledge of Borrower, no event of default or
unmatured event of default under any of the Borrower’s, any Borrower Subsidiary’s, or Guarantor’s financial obligations exists at the time of, or after giving effect to the making of, the Loans under the Facility that has or would be
reasonably likely to have a Material Adverse Effect. 
 §6.9 Compliance with Other Instruments, Laws, Etc. To the knowledge of
the Borrower, none of the Loan Parties or Borrower Subsidiaries is in violation of any provision of its charter or other organizational documents, bylaws, or any agreement or instrument to which it is subject or by which it or any of its properties
is bound or any decree, order, judgment, statute, license, rule or regulation, in any of the foregoing cases in a manner that has had or would be reasonably likely to have a Material Adverse Effect. 

§6.10 Tax Status. Except as would not reasonably be likely to have a Material Adverse Effect, each of the Borrower and each
Borrower Subsidiary (a) has made or filed all federal and state income and all other material Tax returns, reports and declarations required by any jurisdiction to which it is subject or has obtained an extension for filing, (b) has paid
prior to delinquency all Taxes and other governmental assessments and charges shown or determined to be due on such returns, reports and declarations, except those being contested in good faith and by appropriate proceedings or for which any of the
Borrower or its respective Subsidiaries, as applicable has set aside on its books provisions reasonably adequate for the payment of such Taxes, and (c) has made provisions reasonably adequate for the payment of all accrued Taxes not yet due and
payable. In each case, except as would not reasonably be likely to have a Material Adverse Effect, there are no unpaid Taxes claimed by the taxing authority of any jurisdiction to be due by the Borrower or its respective Subsidiaries, the officers
or partners of such Person know of no basis for any such claim, and there are no audits pending or to the knowledge of Borrower threatened with respect to any Tax returns filed by Borrower or its respective Subsidiaries. 

§6.11 No Event of Default. No Default or Event of Default has occurred and is continuing. 

§6.12 Investment Company Act. None of the Loan Parties or any of their respective Subsidiaries is an “investment
company”, or an “affiliated company” or a “principal underwriter” of an “investment company”, as such terms are defined in the Investment Company Act of 1940. 

§6.13 Absence of UCC Financing Statements, Etc. Except with respect to Permitted Liens or as disclosed on the lien search reports
delivered to and approved by the Agent, to the 

  
 39 

 
knowledge of Borrower, there is no financing statement (but excluding any financing statements that may be filed against Borrower or Borrower Subsidiaries without the consent or agreement of such
Persons), security agreement, chattel mortgage, real estate mortgage or other document filed or recorded with any applicable filing records, registry, or other public office, that purports to cover, affect or give notice of any present or possible
future lien on, or security interest or security title in, any Collateral. 
 §6.14 Setoff, Etc. The Collateral and the rights
of the Agent and the Lenders with respect to the Collateral are not subject to any setoff, claims, withholdings or other defenses by the Borrower or any of its Subsidiaries or Affiliates or, to the best knowledge of Borrower, any other Person other
than Permitted Liens described in §8.2. 
 §6.15 [Reserved]. 

§6.16 Employee Benefit Plans. Except as would not reasonably be likely to have a Material Adverse Effect, each Borrower and each
Borrower Subsidiary and each ERISA Affiliate that is subject to ERISA has fulfilled its obligation, if any, under the minimum funding standards of ERISA and the Code with respect to each Plan or Multiemployer Plan and is in compliance in all
material respects with the presently applicable provisions of ERISA and the Code with respect to each Plan or Multiemployer Plan. Except as would not reasonably be likely to result in a Material Adverse Effect, neither Borrower or Borrower
Subsidiaries nor any ERISA Affiliate has (a) sought a waiver of the minimum funding standard under Section 412 of the Code in respect of any Multiemployer Plan or Plan or (b) incurred any liability under Title IV of ERISA other than a
liability to the PBGC for premiums under Section 4007 of ERISA. Neither Borrower or Borrower Subsidiaries nor any ERISA Affiliate has failed to make any contribution or payment to any Multiemployer Plan or Plan, or made any amendment to any
Multiemployer Plan or Plan, which has resulted or would reasonably be likely to result in the imposition of a Lien. 
 §6.17
Disclosure. All information, taken as a whole, contained in this Agreement, the other Loan Documents or otherwise furnished to or made available to the Agent or the Lenders by Borrower or any Guarantor (other than projections, estimates,
budgets, and other forward-looking information), is and will be, to the best of the Borrower’s or Guarantors’ knowledge, true and correct in all material respects and does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements contained therein not materially misleading when taken as a whole. Without limiting the foregoing, the written information, reports and other papers and data with respect to the Borrower or any
Borrower Subsidiary (other than projections and estimates) furnished to the Agent or the Lenders by the Borrower or Guarantor in connection with this Agreement was, at the time so furnished, correct in all material respects, or has been subsequently
supplemented by other written information, reports or other papers or data, to the extent necessary to give in all material respects a true and accurate knowledge of the subject matter in all material respects; provided that such
representation shall not apply to the accuracy of any appraisal, title commitment, survey, or engineering and environmental reports prepared by third parties. 

§6.18 Trade Name; Place of Business. None of the Loan Parties uses any trade name and conducts business under any name other than
its actual name (and Independence Realty 

  
 40 

 
Trust, Inc. or abbreviations thereof) set forth in the Loan Documents. The principal place of business of the Loan Parties, as of the Closing Date, is Cira Centre, 2929 Arch Street, 17th Floor,
Philadelphia, Pennsylvania 19104. 
 §6.19 Regulations T, U and X. No portion of any Loan is to be used for the purpose of
purchasing or carrying any “margin security” or “margin stock” as such terms are used in Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R. Parts 220, 221 and 224. Neither Borrower nor any
Borrower Subsidiary is engaged, nor will it engage, principally or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any “margin security” or “margin stock” as such
terms are used in Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R. Parts 220, 221 and 224. 

§6.20 Environmental Compliance. Except as set forth on Schedule 6.20 or as specifically set forth in the written
environmental site assessment reports of any environmental engineer provided to the Agent on or before the date hereof, or in the case of any Collateral Property acquired after the date hereof, taken as a whole, the environmental site assessment
reports with respect thereto provided to the Agent, Borrower makes the following representations and warranties: 
 (a) To the knowledge of
the Borrower, the Collateral Properties and/or any tenant or operations thereon, taken as a whole, is not in violation, or alleged violation, of any Environmental Law, which violation would be reasonably likely to have a Material Adverse Effect.

 (b) Neither Borrower nor any Borrower Subsidiary has received written notice from any third party including, without limitation, any
federal, state or local governmental authority, (i) that it has been identified by the United States Environmental Protection Agency (“EPA”) as a potentially responsible party under CERCLA with respect to a site listed on the
National Priorities List, 40 C.F.R. Part 300 Appendix B (1986); (ii) that any Hazardous Substance(s) which it has generated, transported or disposed of have been found at any site at which a federal, state or local agency or other third party
has conducted, or has demanded that Borrower conduct a remedial investigation, removal or other response action pursuant to any Environmental Law, except in cases that would not reasonably be likely to have a Material Adverse Effect; or
(iii) that it is or shall be a named party to any claim, action, cause of action, complaint, or legal or administrative proceeding (in each case, contingent or otherwise) arising out of any third party’s incurrence of costs, expenses,
losses or damages in connection with the release of Hazardous Substances, which in the case of any of the matters set forth in this §6.20(b) involves a Collateral Property and would be reasonably likely to have a Material Adverse Effect. 

(c) (i) To the knowledge of the Borrower, no portion of the Collateral Properties, taken as a whole, is used for the handling, processing,
storage or disposal of Hazardous Substances except in compliance, in all material respects, with applicable Environmental Laws, and no underground tank or other underground storage receptacle for Hazardous Substances is located on any portion of the
Collateral Properties except those which are being operated and maintained, and, if required, remediated, in compliance, in all material respects, with Environmental Laws, except in cases that would not reasonably be likely to have a

  
 41 

 
Material Adverse Effect; (ii) in the course of any business activities conducted by the Borrower or Borrower Subsidiaries, their respective Subsidiaries or, to the Borrower’s knowledge,
the tenants and operators of their properties, no Hazardous Substances have been generated or are being used on the Collateral Properties except in the ordinary course of Borrower’s, any Borrower Subsidiary’s, or its respective
tenants’ and operators’ business and in compliance, in all material respects, with applicable Environmental Laws, except in cases that would not reasonably be likely to have a Material Adverse Effect; (iii) to Borrower’s
knowledge, there has been no past or present releasing, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, disposing or dumping (other than in reasonable quantities to the extent necessary in the ordinary
course of operation of Borrower’s, any Borrower Subsidiary’s, its respective tenants’ or operators’ business and, in any event, in compliance, in all material respects, with all Environmental Laws) (a “Release”)
or threatened Release of Hazardous Substances on, upon, into or from the Collateral Properties, which Release would be reasonably likely to have a Material Adverse Effect; (iv) to Borrower’s knowledge, there have been no Releases on, upon,
from or into any real property in the vicinity of any of the Collateral Properties which, through soil or groundwater contamination, have come to be located on the Collateral Properties, and which would be reasonably likely to have a Material
Adverse Effect; and (v) to Borrower’s knowledge, any Hazardous Substances that have been generated on any of the Collateral Properties have been transported off site in accordance with all applicable Environmental Laws and in a manner that
would not reasonably be likely to have a Material Adverse Effect. 
 (d) [Reserved]. 

(e) To the knowledge of the Borrower, there are no existing or closed sanitary waste landfills, or hazardous waste treatment, storage or
disposal facilities on the Collateral Properties except where such existence would not reasonably be likely to have a Material Adverse Effect. 

(f) Neither the Borrower nor any Borrower Subsidiary has received any written notice from any party that any use, operation, or condition of
any Collateral Properties has caused any adverse condition on any other property that would reasonably be likely to result in a claim under applicable Environmental Law that would have a Material Adverse Effect, nor does Borrower have actual
knowledge of any existing facts or circumstances that could reasonably be likely to form the basis for such a claim. 
 §6.21
Subsidiaries; Organizational Structure. Schedule 6.21(a) sets forth, as of the Closing Date, all of the Borrower Subsidiaries, the form and jurisdiction of organization of such Borrower Subsidiaries, and the owners of the direct
ownership interests therein. On the Closing Date, no Person owns any legal, equitable or beneficial interest in any of the Borrower Subsidiaries except as set forth on such Schedule, other than pursuant to the Security Documents. As of the Closing
Date, the Parent Guarantor owns in excess of 94% of the Equity Interests in the Borrower. 
 §6.22 [Reserved]. 

§6.23 [Reserved]. 

  
 42 

 §6.24 Brokers. None of the Borrower or any of its respective Subsidiaries has engaged
or otherwise dealt with any broker, finder or similar entity in connection with this Agreement or the Loans contemplated hereunder. 

§6.25 Other Debt. Without limiting the provisions of §8.1 or §8.2, none of the Borrower or Borrower Subsidiaries is a
party to or bound by any agreement, instrument or indenture that requires the subordination in right or time or payment of any of the Obligations to any other Indebtedness of Borrower or Borrower Subsidiaries. 

§6.26 Solvency. As of the Closing Date and after giving effect to the transactions contemplated by this Agreement and the other
Loan Documents, including all Loans made or to be made hereunder, the Loan Parties, taken as a whole, are Solvent. 
 §6.27 No
Bankruptcy Filing. As of the Closing Date, no Loan Party or Borrower Subsidiary is contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or the liquidation of its assets or property, and the
Loan Parties have no knowledge of any Person contemplating the filing of any such petition against it. 
 §6.28 No Fraudulent
Intent. Neither the execution and delivery of this Agreement or any of the other Loan Documents nor the performance of any actions required hereunder or thereunder is being undertaken by any Loan Party with or as a result of any actual intent by
any of such Persons to hinder, delay or defraud any entity to which any of such Persons is now or will hereafter become indebted. 

§6.29 Transaction in Best Interests of Loan Parties; Consideration. The transaction evidenced by this Agreement and the other Loan
Documents is in the best interests of each Loan Party. The direct and indirect benefits to inure to the Loan Parties pursuant to this Agreement and the other Loan Documents constitute at least “reasonably equivalent value” (as such term is
used in §548 of the Bankruptcy Code) and “valuable consideration,” “fair value,” and “fair consideration,” (as such terms are used in any applicable state fraudulent conveyance law), in exchange for the benefits to
be provided by the Loan Parties pursuant to this Agreement and the other Loan Documents, and but for the willingness of the Guarantors to guarantee the Loan, the Borrower would be unable to obtain the financing contemplated hereunder which financing
will enable the Borrower to have available financing to conduct and expand its business. The Loan Parties further acknowledge and agree that the Loan Parties and Borrower Subsidiaries constitute a single integrated and common enterprise and that
each receives a benefit from the availability of credit under this Agreement. 
 §6.30 OFAC. None of the Borrower or Borrower
Subsidiaries is (or will be) a person with whom any Lender is restricted from doing business under OFAC (including, those Persons named on OFAC’s Specially Designated and Blocked Persons list) or under any statute, executive order (including
the September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism. In addition, Borrower hereby agrees to provide to the Lenders any additional information
that a Lender reasonably deems necessary from time to time in order to ensure compliance with all applicable laws concerning money laundering and similar activities. 

  
 43 

 §6.31 REIT Status. Parent Guarantor is qualified to elect or has elected status as a
real estate investment trust under Section 856 of the Code and currently is in compliance in all material respects with all provisions of the Code applicable to the qualification of Parent Guarantor as a real estate investment trust. 

 

	§7.	AFFIRMATIVE COVENANTS. 

 The Borrower covenants and agrees that, so long as any Loan or Note is
outstanding or any Lender has any obligation to make any Loans: 
 §7.1 Punctual Payment. The Borrower will duly and punctually
pay or use commercially reasonable efforts to cause to be paid (but without limiting the provisions of §4.12, §12.1(a), and/or §12.1(b)) the principal and interest on the Loans and all interest and fees provided for in this Agreement,
all in accordance with the terms of this Agreement and the Notes, as well as all other sums owing pursuant to the Loan Documents in accordance with the terms hereof. 

§7.2 Maintenance of Office. The Loan Parties will maintain their respective chief executive office at Cira Centre, 2929 Arch
Street, 17th Floor, Philadelphia, Pennsylvania 19104, or at such other place in the United States of America as the Loan Parties shall designate upon prompt written notice to the Agent, where
notices, presentations and demands to or upon the Loan Parties in respect of the Loan Documents may be given or made. 
 §7.3
Records and Accounts. The Loan Parties will (a) keep, and cause each of their respective Subsidiaries to keep true and accurate records and books of account in which full, true and correct entries will be made in accordance with GAAP (in
each case, in all material respects) and (b) maintain, in all material respects in accordance with GAAP, adequate accounts and reserves for the payment of all Taxes (including income taxes) , depreciation and amortization of its properties and
the properties of their respective Subsidiaries, contingencies and other reserves. Neither Borrower nor any of its respective Subsidiaries shall, without the prior written consent of the Agent (x) make any material change to the accounting
policies/principles used by such Person in preparing the financial statements and other information described in §6.4 or §7.4 (unless required or permitted by GAAP or other applicable accounting standards), or (y) change its fiscal
year. 
 §7.4 Financial Statements, Certificates and Information. Borrower will deliver or cause to be delivered to the Agent
which the Agent shall promptly deliver to each of the Lenders: 
 (a) not later than one hundred twenty (120) days after the end of
each fiscal year, the audited Consolidated balance sheet of the Parent Guarantor and its Subsidiaries at the end of such fiscal year, and the related audited Consolidated statements of income, and cash flows for such year, setting forth in
comparative form the figures for the previous fiscal year and all such statements to be in reasonable detail, prepared in accordance with GAAP, and accompanied by an auditor’s report and opinion prepared without qualification as to the scope of
the audit by KPMG or another nationally recognized accounting firm, and any other information the Agent may reasonably request to complete a financial analysis of Borrower and its Subsidiaries; 

  
 44 

 (b) not later than sixty (60) days after the end of each fiscal quarter (or ninety
(90) days in the case of fiscal year end) of each fiscal year, copies of the unaudited Consolidated balance sheet of the Parent Guarantor and its Subsidiaries as at the end of such fiscal quarter, and the related unaudited Consolidated
statements of income and cash flows for the portion of the Parent Guarantor’s fiscal year then elapsed, all in reasonable detail and prepared in all material respects in accordance with GAAP, together with a certification by an Authorized
Officer or the chief financial officer or accounting officer of Parent Guarantor that the information contained in such financial statements fairly presents in all material respects the financial position of the Parent Guarantor and its Subsidiaries
on the date thereof (subject to year-end adjustments and the absence of footnotes); 
 (c) simultaneously with the delivery of the financial
statements referred to in subsections (a) and (b) above a statement (a “Compliance Certificate”) certified by an Authorized Officer or the chief financial officer or chief accounting officer of Parent Guarantor in the form
of Exhibit G hereto (or in such other form as the Agent may reasonably approve from time to time) setting forth in reasonable detail computations evidencing compliance or non-compliance (as the case may be) with the covenants contained in
§9. All income, expense, debt and value associated with Real Estate or other Investments acquired or disposed of during any fiscal quarter will be added or eliminated from calculations, on a pro forma basis, where applicable. 

(d) [Reserved]; 
 (e)
[Reserved]; 
 (f) [Reserved]; 

(g) Within nine (9) months after the Closing Date, Borrower shall provide evidence reasonably satisfactory to Agent that it is actively
engaged in marketing Real Estate and/or Material Assets of Borrower and/or Borrower Subsidiaries for sale or Refinancing in a commercially reasonable manner that would reasonably be expected to pay in full all Obligations arising under this Facility
on or prior to the Maturity Date; 
 (h) from time to time such other financial data and information in the possession of the Borrower
(including without limitation finalized auditors’ management letters, status of material litigation or material investigations against the Borrower or Borrower Subsidiaries and any settlement discussions relating thereto (unless the Borrower in
good faith believe that such disclosure could result in a waiver or loss of attorney work product, attorney-client or any other applicable privilege). 

Any material to be delivered pursuant to this §7.4 may be delivered electronically directly to Agent or made available to Agent pursuant to an accessible
website and the Lenders provided that such material is in a format reasonably acceptable to Agent, and such material shall be deemed to have been delivered to Agent and the Lenders upon Agent’s receipt thereof or access to the website
containing such material. Upon the request of Agent, Borrower shall deliver paper 

  
 45 

 
copies thereof to Agent and the Lenders. Borrower authorize Agent and Arranger to disseminate any such materials through the use of Intralinks, SyndTrak or any other electronic information
dissemination system, and the Borrower releases Agent and the Lenders from any liability in connection therewith (other than the liability based on Agent’s gross negligence or willful misconduct). 

§7.5 Notices. 
 (a)
Defaults. The Borrower will promptly upon becoming aware of same notify the Agent in writing of the occurrence of any Default or Event of Default, which notice shall describe such occurrence with reasonable specificity and shall state that
such notice is a “notice of default”. If any Person shall give any written notice or take any other action in respect of a claimed default (whether or not constituting an Event of Default) under this Agreement or under any note, evidence
of indebtedness, indenture or other obligation to which or with respect to which Borrower or any Borrower Subsidiary is a party or obligor, whether as principal or surety, and such default would permit the holder of such note or obligation or other
evidence of indebtedness to accelerate the maturity thereof, which acceleration would be reasonably likely to have a Material Adverse Effect, the Borrower shall forthwith give written notice thereof to the Agent and each of the Lenders, describing
the notice or action and the nature of the claimed default. 
 (b) Environmental Events. The Borrower will give notice to the Agent
within five (5) Business Days of becoming aware of (i) any potential or known Release, or threat of Release, of any Hazardous Substances in violation of any applicable Environmental Law; (ii) any violation of any Environmental Law
that Borrower or any Borrower Subsidiary reports in writing or is reportable by such Person in writing (or for which any written report supplemental to any oral report is made) to any federal, state or local environmental agency or (iii) any
inquiry, proceeding, investigation, or other action including a notice from any agency of potential environmental liability, of any federal, state or local environmental agency or board, that in the case of either clauses (i) –
(iii) above would reasonably be expected to have a Material Adverse Effect. 
 (c) Notification of Claims Against Collateral.
The Borrower will give notice to the Agent in writing within five (5) Business Days of becoming aware of any material setoff, claims, withholdings or other defenses to which any of the Collateral, or the rights of the Agent or the Lenders with
respect to the Collateral, are subject, in each case which would be reasonably likely to have a Material Adverse Effect. 
 (d) Notice of
Litigation and Judgments. The Borrower will give notice to the Agent in writing within five (5) Business Days of becoming aware of any litigation or proceedings threatened in writing or any pending litigation and proceedings affecting any
Loan Party or Borrower Subsidiary or to which any Loan Party or Borrower Subsidiary is a party involving an uninsured claim against Borrower or Borrower Subsidiaries that could reasonably be likely to have a Material Adverse Effect and stating the
nature and status of such litigation or proceedings. The Borrower will give notice to the Agent, in writing, in form and detail reasonably satisfactory to the Agent within ten (10) days of any single judgment not covered by insurance, whether
final or otherwise, against Borrower or any of its respective Subsidiaries in an amount in excess of $5,000,000.00. 

  
 46 

 (e) ERISA. The Borrower will give notice to the Agent within ten (10) Business Days
after the Borrower, any Borrower Subsidiary, or any ERISA Affiliate (i) gives or is required to give notice to the PBGC of any “reportable event” (as defined in §4043 of ERISA) with respect to any Plan or Multiemployer Plan, or
knows that the plan administrator of any such plan has given or is required to give notice of any such reportable event; (ii) gives a copy of any notice (including any received from the trustee of a Multiemployer Plan) of complete or partial
withdrawal liability under Title IV of ERISA; or (iii) receives any notice from the PBGC under Title IV or ERISA of an intent to terminate or appoint a trustee to administer any such plan, in each case if such event or occurrence would
reasonably be likely to have a Material Adverse Effect. 
 (f) Notification of Lenders. Within five (5) Business Days after
receiving any notice under this §7.5, the Agent will forward a copy thereof to each of the Lenders, together with copies of any certificates or other written information that accompanied such notice. 

§7.6 Existence. The Loan Parties will (and will cause Borrower Subsidiaries to) preserve and keep in full force and effect their
legal existence in the jurisdiction of its incorporation or formation. The Borrower will (and will cause Borrower Subsidiaries to) preserve and keep in full force and effect all of their rights and franchises, except where failure to do so would
reasonably be likely to have a Material Adverse Effect. 
 §7.7 Insurance. At all times, the Borrower will (and will cause
Borrower Subsidiaries to) maintain with financially sound and reputable insurance companies not Affiliates of any Person in the Consolidated Group, insurance with respect to the properties and business of the Consolidated Group against loss or
damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons. 

§7.8 Taxes; Liens. The Borrower shall cause the Borrower Subsidiaries to duly pay and discharge, or cause to be paid and
discharged, before the same shall become delinquent, all material Taxes, material assessments and other material governmental charges imposed upon them, as well as all material claims for labor, materials or supplies, that if unpaid might by law
become a lien or charge upon any of the Collateral; provided that any such Tax, assessment, charge or claim need not be paid if the validity or amount thereof shall currently be contested in good faith by appropriate proceedings which shall
suspend the collection thereof with respect to such property (such that in the reasonable determination of Agent neither such property nor any portion thereof or interest therein would be in any danger of sale, forfeiture or loss by reason of such
proceeding), and such Borrower Subsidiary or the Borrower shall have set aside on its books adequate reserves for such Tax, assessment, charge or claim in accordance with GAAP; and provided, further, that forthwith upon the commencement of
proceedings to foreclose any lien that may have attached as security therefor, Borrower or such Borrower Subsidiary either (i) will provide a bond issued by a surety reasonably acceptable to the Agent and sufficient to stay all such proceedings
or (ii) if no such bond is provided, will pay each such Tax, assessment, charge or claim. With respect to all material Real Estate of the Consolidated 

  
 47 

 
Group, the Borrower shall (or shall cause Borrower Subsidiaries to) pay and discharge (or shall cause to be paid and discharged) as the same shall become due and payable all material Taxes,
material assessments and other material governmental charges or claims upon it or its properties or assets, unless (a) the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in
accordance with GAAP are being maintained by the Consolidated Group or (b) the failure to do so would not have a Material Adverse Effect. 

§7.9 Inspection of Books and Records. The Borrower will (and will cause each Borrower Subsidiary to) permit the Agent and the
Lenders, at the Borrower’s expense (subject to the limitation set forth below) and upon reasonable prior notice, to visit and inspect any of the Borrower Subsidiaries during normal business hours, to examine the books of account of the Borrower
or Borrower Subsidiaries (and to make copies thereof and extracts therefrom) and to discuss the affairs, finances and accounts of the Borrower or Borrower Subsidiaries with, and to be advised as to the same by, their respective officers, partners or
members, all at such reasonable times and intervals as the Agent may reasonably request, provided that so long as no Event of Default shall have occurred and be continuing, the Borrower shall not be required to pay for such visits and
inspections more often than once in any twelve (12) month period. The Agent shall use good faith efforts to coordinate such visits and inspections so as to minimize the interference with and disruption to the normal business operations of the
Borrower or Borrower Subsidiaries. 
 §7.10 Compliance with Laws, Contracts, Licenses, and Permits. The Borrower will (and will
cause Borrower Subsidiaries to) comply in all material respects with (i) all applicable laws (including without limitation Anti-Corruption Laws and applicable Sanctions) and regulations now or hereafter in effect wherever its business is
conducted, (ii) the provisions of its corporate charter, partnership agreement, limited liability company agreement or declaration of trust, as the case may be, and other charter documents and bylaws, (iii) all agreements and instruments
to which it is a party or by which it or any of its properties may be bound, (iv) all applicable decrees, orders, and judgments, and (v) all licenses and permits required by applicable laws and regulations for the conduct of its business
or the ownership, use or operation of its properties, except where a failure to so comply with any of clauses (i) through (v) would not reasonably be likely to have a Material Adverse Effect. If any authorization, consent, approval, permit
or license from any officer, agency or instrumentality of any government shall become necessary or required in order that the Borrower or its respective Subsidiaries may fulfill any of its obligations hereunder, the Borrower or such Subsidiary will
immediately take or cause to be taken all steps necessary to obtain such authorization, consent, approval, permit or license and furnish the Agent and the Lenders with evidence thereof, except to the extent any failure by Borrower to do so would not
be reasonably likely to have a Material Adverse Effect. Borrower shall develop and implement such programs, policies and procedures as are necessary to comply, in all material respects, with the Patriot Act and Anti-Corruption Laws. 

§7.11 Further Assurances. The Borrower will (and will cause Borrower Subsidiaries to) cooperate with the Agent and the Lenders and
execute such further instruments and documents as the Agent may reasonably request to carry out to its reasonable satisfaction the transactions contemplated by this Agreement and the other Loan Documents. 

  
 48 

 §7.12 Management. At all times, the Borrower will (and will cause Borrower
Subsidiaries to) professionally manage the Collateral Properties using a qualified property manager (which may be a Loan Party or an Affiliate of a Loan Party) which is a reputable and experienced regionally-recognized management organization at the
time of its appointment as property manager and in manner customary in the multi-family housing industry with respect to reasonably comparable properties. 

§7.13 [Reserved]. 

§7.14 Business Operations. The Consolidated Group will not engage to any material extent in any business if, as a result, the
general nature of the business in which the Consolidated Group, taken as a whole, would then be engaged would be substantially changed from the general nature of the business in which the Consolidated Group, taken as a whole, are engaged on the date
of this Agreement. 
 §7.15 [Reserved]. 

§7.16 [Reserved]. 

§7.17 Distributions of Income to Borrower. Borrower shall use commercially reasonable efforts to cause all of its Borrower
Subsidiaries (subject to (i) the terms and provisions of any loan document or other agreement to which such Subsidiary or any of its direct or indirect parent entities is subject and (ii) permissibility under applicable laws for
distributing such net profits, net proceeds or other net income (including fraudulent transfer and corporate benefit restrictions)) to distribute to Borrower (but, to the extent possible by virtue of the foregoing restriction, not less frequently
than once each calendar quarter, unless otherwise approved by the Agent), whether in the form of dividends, distributions or otherwise, all net profits, net proceeds or other net income relating to or arising from such Borrower Subsidiaries’
use, operation, financing, refinancing, sale or other disposition of their respective assets and properties after (a) the payment by each such Borrower Subsidiary of its debt service, operating expenses, capital improvements and leasing
commissions for such quarter and (b) the establishment of reasonable reserves for the payment of operating expenses not paid on at least a quarterly basis and capital improvements and tenant improvements to be made to such Borrower
Subsidiary’s assets and properties approved by such Borrower Subsidiary in the course of its business consistent with its past practices. 

§7.18 Plan Assets. The Borrower shall use commercially reasonable efforts to (and shall cause Borrower Subsidiaries to use
commercially reasonable efforts to) do, or cause to be done, all things necessary to ensure that none of the Collateral Properties will be deemed to be Plan Assets at any time. 

§7.19 Parent Guarantor Covenants. Borrower shall use commercially reasonable efforts to cause Parent Guarantor to comply with the
following covenants (and by its execution and delivery of the Guaranty, Parent Guarantor covenants and agrees that): 
 (a) Parent Guarantor
will not make or permit to be made, by voluntary or involuntary means, any transfer or encumbrance of its interest in Borrower which would result in a Change of Control; 

  
 49 

 (b) Parent Guarantor shall not dissolve, liquidate or otherwise
wind-up its business, affairs or assets, except to the extent permitted by §8.4; 
 (c) Parent
Guarantor shall maintain at least one class of common shares having trading privileges on the New York Stock Exchange or the NYSE MKT LLC or which is the subject of price quotations in the over-the-counter market as reported by the National
Association of Securities Dealers Automated Quotation System; and 
 (d) Parent Guarantor will at all times comply with all applicable
provisions of the Code necessary to allow Parent Guarantor to qualify for status as a real estate investment trust. 
 §7.20
[Reserved]. 
 §7.21 Keepwell. Each Loan Party that is a Qualified ECP Loan Party at the time any Specified
Hedging Party either becomes jointly and severally liable for any Hedge Obligations pursuant to the terms of this Agreement or grants a security interest to secure Hedge Obligations, hereby jointly and severally, absolutely, unconditionally and
irrevocably undertakes to provide such funds or other support to each Specified Hedging Party with respect to such Hedge Obligation as may be needed by such Specified Hedging Party from time to time to honor all of its obligations under the Loan
Documents in respect of such Hedge Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP Loan Party’s obligations and undertakings hereunder voidable
under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations and undertakings of each Qualified ECP Loan Party under this paragraph shall remain in full force and effect until all
Obligations have been paid in full, in cash. Each Borrower intends this paragraph to constitute, and this paragraph shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of, each Specified Hedging Party
for all purposes of the Commodity Exchange Act and applicable CFTC Regulations. 
  

	§8.	NEGATIVE COVENANTS. 

 The Borrower covenants and agrees that, so long as any Loan or Note is
outstanding or any of the Lenders has any obligation to make any Loans: 
 §8.1 Restrictions on Indebtedness. 

The Loan Parties will not (and will not cause or permit Borrower Subsidiaries to) create, incur, assume, guarantee or be or remain liable,
contingently or otherwise, with respect to any Indebtedness other than: 
 (i) (A) Indebtedness to (x) the Lenders arising under any
of the Loan Documents, (y) Hedge Obligations to a Lender Hedge Provider, and (z) to any counterparty other than a Lender Hedge Provider with respect to any Derivative Contracts made in the ordinary course of business (and not for
speculative purposes) which are not secured by any portion of the 

  
 50 

 
collateral granted to the Agent under any of the Loan Documents; and (B) Indebtedness evidenced by the Specified Senior Credit Facility (including, without limitation, any Hedge Obligations
in respect thereof); 
 (ii) current liabilities incurred in the ordinary course of business but not incurred through (i) the
borrowing of money, or (ii) the obtaining of credit except for credit on an open account basis customarily extended and in fact extended in connection with normal purchases of goods and services; 

(iii) Indebtedness in respect of taxes, assessments, governmental charges or levies and claims for labor, materials and supplies to the
extent that payment therefor shall not at the time be required to be made in accordance with the provisions of §7.8; 
 (iv)
Indebtedness in respect of judgments only to the extent, for the period and for an amount not resulting in an Event of Default; 
 (v)
endorsements for collection, deposit or negotiation and warranties of products or services, in each case incurred in the ordinary course of business; 

(vi) Indebtedness incurred to any other landowners, government or quasi-government or entity or similar entity in the ordinary course of
business in connection with the construction or development of any Real Estate, including, without limitation, subdivision improvement agreements, development agreements, reimbursement agreements, infrastructure development agreements, agreements to
construct or pay for on-site or off-site improvements and similar agreements incurred in the ordinary course of business in connection with the development of Real Estate or construction of infrastructure in connection therewith; 

(vii) Recourse Indebtedness (whether unsecured or Secured Recourse Indebtedness) of the Parent Guarantor, the Borrower, and IR OpCo as and to
the extent expressly permitted (and subject to the limitations set forth) in §9.6; 
 (viii) (a) the Indebtedness set forth on
Schedule 8.1 hereto, and any Permitted Refinancing Indebtedness in respect of any such Indebtedness, (b) Indebtedness (including Capitalized Leases) financing the acquisition or replacement of equipment and, limited as to each of the
Loan Parties, to $25,000.00 per fiscal year, and (c) intercompany Indebtedness of the Loan Parties and their Subsidiaries outstanding from time to time; provided that all such intercompany Indebtedness of any Loan Party owed to any Subsidiary
of Parent Guarantor that is not a Loan Party shall be subordinated to the Obligations pursuant to an Intercompany Note; 
 (ix)
Non-Recourse Indebtedness entered into in the ordinary course of business of the Loan Parties and their Subsidiaries (other than the Loan Parties) (including, without limitation, any Indebtedness referred to in the proviso to the definition of
Secured Recourse Indebtedness); 
 (x) [Reserved]; 

  
 51 

 (xi) Recourse Indebtedness consisting of the Non-Recourse Exclusions in respect of Non-Recourse
Indebtedness permitted to be incurred pursuant to §8.1(ix); 
 (xii) Indebtedness of Parent Guarantor and its Subsidiaries (other than
a Loan Party) in an amount not to exceed $100,000.00 in the aggregate assumed in connection with an Investment permitted by this Agreement and any Permitted Refinancing Indebtedness incurred, issued or otherwise obtained to Refinance (in whole or in
part) such Indebtedness; provided that, (A) immediately after giving effect to such Indebtedness, no Event of Default exists or is continuing or would result therefrom, and (B) such Indebtedness is and remains solely the obligation of the
Person and/or such Person’s subsidiaries that are acquired and such Indebtedness was not incurred in anticipation of such Investment; 

(xiii) (a) Indebtedness in respect of any bankers’ acceptance, bank guarantees, letters of credit, warehouse receipt or similar
facilities entered into in the ordinary course of business (including in respect of workers’ compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness
with respect to reimbursement-type obligations regarding workers’ compensation claims) and (b) Indebtedness represented by letters of credit, to the extent such letters of credit support Indebtedness otherwise permitted under this
§8.1(xiii); 
 (xiv) Indebtedness arising from agreements providing for deferred compensation, indemnification, adjustments of
purchase price (including “earnouts”) or similar obligations, in each case entered into in connection with any Investments permitted pursuant to this Agreement; 

(xv) Indebtedness in respect of performance bonds, bid bonds, appeal bonds, surety bonds, performance and completion guarantees and similar
obligations incurred in the ordinary course of business and not in connection with the borrowing of money; 
 (xvi) Indebtedness consisting
of obligations to pay insurance premiums arising in the ordinary course of business and not in connection with the borrowing of money; 

(xvii) Indebtedness representing deferred compensation to employees, consultants or independent contractors of, the Parent Guarantor and its
Subsidiaries incurred in the ordinary course of business or in connection with any Investments permitted pursuant to this Agreement; 

(xviii) obligations, under cash management agreements, cash management services and other Indebtedness in respect of netting services,
automatic clearing house arrangements, employees’ credit or purchase cards, overdraft protections and similar arrangements in each case incurred in the ordinary course of business; 

(xix) Indebtedness comprising take or pay obligations contained in supply agreements entered into the ordinary course of business; and 

(xx) all customary premiums (if any), interest (including post-petition and capitalized interest), fees, expenses, charges and additional or
contingent interest on obligations described in each of §8.1(i) through §8.1(xix) above. 

  
 52 

 §8.2 Restrictions on Liens, Etc. The Loan Parties, respectively and as applicable,
will not (and will not cause or permit Borrower Subsidiaries to) (a) create or incur or suffer to be created or incurred or to exist any lien, security title, encumbrance, mortgage, pledge, negative pledge, charge, restriction, or other
security interest of any kind upon (i) [Reserved], (ii) any direct or indirect Equity Interests in (A) any Borrower Subsidiary held by the Borrower or IR OpCo, or (B) in the Borrower held by the Parent Guarantor, or
(iii) any Borrower Subsidiary’s material respective property or assets of any character whether now owned or hereafter acquired, or upon such Borrower Subsidiary’s interest in the income or profits therefrom; (b) transfer any of
their material property or assets or the income or profits therefrom for the purpose of subjecting the same to the payment of Indebtedness or performance of any other material obligation in priority to payment of its general creditors;
(c) acquire, or agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement, device or arrangement; (d) [Reserved]; (e) sell, assign, pledge or
otherwise transfer any accounts, contract rights, general intangibles, chattel paper or instruments, with or without recourse; or (f) incur or maintain any obligation to any holder of Indebtedness of any of such Persons which prohibits the
creation or maintenance of any lien securing the Obligations (collectively, “Liens”); provided that notwithstanding anything to the contrary contained herein, the Loan Parties and the Borrower Subsidiaries, respectively as
applicable, may create or incur or suffer to be created or incurred or to exist: 
 (i) Liens on properties to secure taxes, assessments
and other governmental charges (excluding any Lien imposed pursuant to any of the provisions of ERISA) or claims for labor, material or supplies incurred in the ordinary course of business, in each case to the extent not yet due or not overdue by
more than sixty (60) days or are being contested in good faith and by appropriate proceedings diligently conducted with adequate reserves being maintained by the Loan Parties in accordance with GAAP or not otherwise required to be paid or
discharged under the terms of this Agreement or any of the other Loan Documents; 
 (ii) deposits or pledges made in connection with, or to
secure payment of, workers’ compensation, unemployment insurance, old age pensions or other social security obligations; 
 (iii)
Liens incurred or deposits made to secure the performance of bids, trade contracts, 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;

 (iv) judgment liens and judgments that do not constitute an Event of Default; 

(v) Liens consisting of pledges and/or security interests (x) in the Equity Interests of any Subsidiary of Parent Guarantor which is not
the Borrower, IR OpCo, or another Loan Party or (y) in the assets or properties of any Person which is the direct or indirect holder of Equity Interests in any Subsidiary of Parent Guarantor which is not the Borrower, IR OpCo, or another Loan
Party, in each case securing Indebtedness which is not prohibited by §8.1 and which does not constitute (1) Collateral or (2) Equity Interests (including, without limitation, interests in Distributions) which a Borrower Subsidiary has
not granted as Collateral hereunder on account of the granting of the respective Ownership Interest Pledge and/or Distribution Interest Pledge not being permitted (and/or prohibited from being provided) as further set forth in §5.1; 

  
 53 

 (vi) encumbrances on a Collateral Property or any other Real Estate consisting of easements,
rights of way, zoning restrictions, restrictions on the use of real property and defects and irregularities in the title thereto, landlord’s or lessor’s liens under leases to which Borrower is a party, purchase money security interests and
other liens or encumbrances, which do not individually or in the aggregate have a Material Adverse Effect; 
 (vii) (A) Liens in favor of
the Agent and the Lenders under the Loan Documents to secure the Obligations and the Hedge Obligations; (B) Liens in favor of the agent and the lenders under the documentation in respect of the Specified Senior Secured Credit Facility; and
(C) Liens to secure the obligations in respect of Derivatives Contracts permitted to be entered into pursuant to §8.1(i)(A)(z) hereof, but in no event secured by a Lien on the Collateral; 

(viii) Liens and encumbrances on a Collateral Property or any other Real Estate expressly permitted under the terms of a mortgage or as set
forth in a title report relating thereto, subject to any other provisions herein contained; 
 (ix) Liens securing or entered into in
connection with any Indebtedness permitted under §8.1(vii), §8.1(viii), §8.1(ix), §8.1(x), §8.1(xi), and §8.1(xii), and in each case any Refinancing thereof as Permitted Refinancing Indebtedness, in each case to the
extent applicable (and subject to the limitations set forth in §9.6), but in no event secured by a Lien on the Collateral; 
 (x)
Liens not securing Indebtedness in respect of property or assets imposed by law that were incurred in the ordinary course of business, including, but not limited to carriers’, suppliers’, warehousemen’s, materialmen’s and
mechanics’ Liens and other similar Liens arising in the ordinary course of business which do not individually or in the aggregate have a Material Adverse Effect; 

(xi) Liens or deposits made or other security provided to secure liabilities to insurance carriers under insurance or self-insurance
arrangements; 
 (xii) leases or subleases granted in the ordinary course of business to others, and, any interest or title of a lessor
under any lease not in violation of this Agreement; 
 (xiii) Liens arising from the rights of lessors under leases (including financing
statements regarding property subject to lease) not in violation of the requirements of this Agreement, provided that such Liens are only in respect of the property subject to, and secure only, the respective lease (and any other lease with the same
or an affiliated lessor); 
 (xiv) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of
customs duties in connection with the importation of goods in the ordinary course of business; 

  
 54 

 (xv) Liens (a) of a collection bank arising under Section 4-210 of the Uniform
Commercial Code (or Section 4-208 of the Uniform Commercial Code) or any comparable or successor provision on items in the course of collection, and (b) in favor of banking institutions arising as a matter of law encumbering deposits
(including the right of set-off) and which are within the general parameters customary in the banking industry; 
 (xvi) Liens that are
contractual rights of set-off (i) relating to the establishment of depository relations with banks not given in connection with the issuance of Indebtedness or (ii) relating to pooled deposit or sweep accounts to permit satisfaction of
overdraft or similar obligations incurred in the ordinary course of business; 
 (xvii) Liens solely on any cash earnest money deposits
made by Borrower or any Borrower Subsidiary in connection with any letter of intent or purchase agreement permitted under this Agreement; 

(xviii) security given to a public utility or any municipality or Governmental Authority when required by such utility or authority in
connection with the operations of that Person in the ordinary course of business; 
 (xix) operating leases of vehicles or equipment which
are entered into in the ordinary course of the business or otherwise permitted under this Agreement; 
 (xx) statutory Liens incurred or
pledges or deposits made, in each case in the ordinary course of business, in favor of a Governmental Authority to secure the performance of obligations of Borrower or any Borrower Subsidiary under Environmental Laws to which any such Person is
subject; and 
 (xxi) Subject to the provisions of any Security Documents: (A) other than with respect to a Loan Party: to the extent
constituting negative pledges, Liens consisting of (a) contractual obligations that exist on the date hereof and any agreement evidencing any permitted renewal, extension or refinancing of such contractual obligations so long as such renewal,
extension or refinancing does not expand the scope of such agreement or obligation, (b) contractual obligations relating to any Permitted Lien or any asset sale or other disposition not prohibited by this Agreement and relate solely to assets
or Persons subject to such Permitted Lien, asset sale or disposition, (c) contractual obligations in respect of customary provisions in joint venture agreements and other similar agreements applicable to joint ventures and applicable solely to
such joint venture entered into in the ordinary course of business, (d) contractual obligations that include negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted under Paragraph 8.1 above, but solely to
the extent any negative pledge relates to the property financed by or the subject of such Indebtedness and the proceeds thereof, (e) contractual obligations that include customary restrictions on leases, subleases, licenses or asset sale
agreements otherwise permitted hereby so long as such restrictions relate to the assets subject thereto, (f) contractual obligations relating to secured Indebtedness permitted pursuant to §8.1 above, to the extent that such restrictions
apply only to the property or assets securing such Indebtedness or in the case of Indebtedness incurred in connection with an Investment permitted by this Agreement, only to the Person incurring or guaranteeing such Indebtedness,
(g) contractual obligations that include customary provisions restricting subletting or assignment of 

  
 55 

 
any lease governing a leasehold interest, (h) contractual obligations that include customary provisions restricting assignment of any agreement entered into in the ordinary course of
business, and (i) contractual obligations that include customary restrictions that arise in connection with cash or other deposits permitted under this §8.2 and limited to such cash deposit; and (B) in respect of any Loan Party, to
the extent constituting negative pledges, Liens consisting of (a) contractual obligations that include negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted under §8.1 above (to the extent permitted to
be incurred by a Loan Party), but solely to the extent any negative pledge relates to the property financed by or the subject of such Indebtedness and the proceeds thereof (but not with respect to any Distributions to be made, directly or
indirectly, to a Loan Party), (b) contractual obligations that include customary restrictions on leases, subleases, licenses or asset sale agreements otherwise permitted hereby so long as such restrictions relate to the assets subject thereto,
(c) contractual obligations relating to secured Indebtedness permitted pursuant to §8.1 above (to the extent permitted to be incurred by a Loan Party but not with respect to any Distributions to be made, directly or indirectly, to a Loan
Party), (d) contractual obligations that include customary provisions restricting subletting or assignment of any lease governing a leasehold interest, (e) contractual obligations that include customary provisions restricting assignment of
any agreement entered into in the ordinary course of business, and (f) contractual obligations that include customary restrictions that arise in connection with cash or other deposits permitted under this §8.2 and limited to such cash
deposit. 
 §8.3 Restrictions on Investments. From and after the Closing Date, the Borrower shall not, nor shall it permit any
of the other Loan Parties or Borrower Subsidiaries to, engage in any material line of business other than the businesses engaged in by the Loan Parties and the Borrower Subsidiaries, respectively, on the Closing Date and similar, incidental,
complementary, ancillary or related businesses and Investments. In furtherance of the foregoing, the Borrower shall not permit Investments by Borrower, the Parent Guarantor, and IR OpCo in Unimproved Land, in Construction in Process, in Other Real
Estate Investments, and in Non-Wholly-Owned Subsidiaries (including real estate funds or privately held companies) exceeding the following limits set forth below: 

(i) Investments in Unimproved Land not to exceed five percent (5%) of Gross Asset Value; 

(ii) Investments in Construction in Process not to exceed ten percent (10%) of Gross Asset Value; 

(iii) Investments consisting of Other Real Estate Investments not to exceed five percent (5%) of Gross Asset Value; and 

(iv) Investments in Non-Wholly Owned Subsidiaries (including real estate funds or privately held companies) not to exceed ten percent
(10%) of Gross Asset Value. 
 Notwithstanding the foregoing, in no event shall the aggregate value of the Investments of Borrower, the Parent
Guarantor, and IR OpCo described in §8.3(i) through (iv) above exceed twenty percent (20%) of Gross Asset Value at any time; provided, further, that a violation of the restrictions set forth in this §8.3 (including the
restriction set forth above in this sentence) shall not result in a Default hereunder, but the excess value of any such restricted Investment(s) shall be excluded when calculating Gross Asset Value. 

  
 56 

 For the purposes of this §8.3, the Investment of Borrower, Parent Guarantor, or IR OpCo in
any Non-Wholly Owned Subsidiaries will equal (without duplication) the sum of (i) such Person’s pro rata share of their Non-Wholly Owned Subsidiary’s Investment in Real Estate assets; plus (ii) such Person’s pro rata share
of any other Investments valued at the GAAP book value. 
 §8.4 Merger, Consolidation. No Loan Party or Borrower Subsidiary will
dissolve, liquidate, dispose of all or substantially all of its assets or business, merge, reorganize, consolidate or consummate any other business combination, in each case without the prior written consent of the Required Lenders, except
(i) for the merger or consolidation of one or more of the Subsidiaries of Borrower with and into Borrower (it being understood and agreed that in any such event Borrower will be the surviving Person), (ii) for the merger or consolidation
of two or more Subsidiaries of Borrower or a Borrower Subsidiary, (iii) for the merger or consolidation of two or more Borrower Subsidiaries, (iv) in connection with the release of all Collateral owned by a Borrower Subsidiary,
(v) the merger or consolidation of the Borrower or the Parent Guarantor to the extent it does not result in a Change of Control, or (vi) for the Acquisition and related transactions under the Acquisition Agreement. 

§8.5 [Reserved]. 

§8.6 Compliance with Environmental Laws. Borrower shall not cause or permit any of Borrower Subsidiaries to do any of the
following: (a) use any of the Collateral Properties or any portion thereof as a facility for the handling, processing, storage or disposal of Hazardous Substances, except for quantities of Hazardous Substances used in the ordinary course of
such Borrower’s or its tenants’ business and in material compliance with all applicable Environmental Laws, (b) cause or permit to be located on any of the Collateral Properties any underground tank or other underground storage
receptacle for Hazardous Substances except in material compliance with Environmental Laws, (c) generate any Hazardous Substances on any of the Collateral Properties except in material compliance with Environmental Laws, (d) conduct any
activity at any Collateral Properties or use any Collateral Properties in any manner that would reasonably be likely to cause a Release of Hazardous Substances on, upon or into the Collateral Properties or any surrounding properties which would
reasonably be likely to give rise to material liability under CERCLA or any other Environmental Law, or (e) directly or indirectly transport or arrange for the transport of any Hazardous Substances (except in compliance with all material
Environmental Laws) in connection with any Collateral Properties, except, any such use, generation, conduct or other activity described in clauses (a) to (e) of this §8.6 would not reasonably be likely to have a Material Adverse
Effect. 
 Borrower shall cause and take all actions to ensure that Borrower Subsidiaries shall: 

(i) in the event of any change in applicable Environmental Laws governing the assessment, release or removal of Hazardous Substances with
respect to any Collateral Property, take all reasonable action as required by such Laws and in a manner that would not reasonably be likely to have a Material Adverse Effect, and 

  
 57 

 (ii) if any Release or disposal of Hazardous Substances which Borrower Subsidiaries are legally
obligated to contain, correct or otherwise remediate shall occur or shall have occurred on any Collateral Property (including without limitation any such Release or disposal occurring prior to the acquisition or leasing of such Collateral Property
by the Borrower), the relevant Borrower Subsidiary shall, after obtaining knowledge thereof, cause the performance of actions required by applicable Environmental Laws at the Collateral Property in material compliance with all applicable
Environmental Laws and in a manner that would not reasonably be likely to have a Material Adverse Effect; provided, that each of the Borrower and Borrower Subsidiaries shall be deemed to be in compliance with Environmental Laws for the
purpose of this clause (ii) so long as it or a responsible third party with sufficient financial resources is taking reasonable action to remediate or manage such event to the reasonable satisfaction of the Agent or has taken and is diligently
pursuing a challenge to any such alleged legal obligation through appropriate administrative or judicial proceedings. 
 §8.7
[Reserved]. 
 §8.8 Asset Sales. The Borrower shall not cause or permit Borrower Subsidiaries to sell, transfer or
otherwise dispose of any material asset other than pursuant to a bona fide arm’s length transaction. 
 §8.9 [Reserved].

 §8.10 Restriction on Prepayment of Indebtedness. Borrower shall not cause or permit any Borrower Subsidiary to
(a) voluntarily prepay, redeem, defease, purchase or otherwise retire the principal amount, in whole or in part, of any Indebtedness that is junior in right of payment to the Obligations, except in accordance with the subordination provisions
applicable thereto; provided, that the foregoing shall not prohibit (x) any Permitted Refinancing Indebtedness, (y) the prepayment, redemption, defeasance or other retirement of Indebtedness which is financed solely from the
proceeds of a new loan or external equity which would otherwise be permitted by the terms of §8.1; and (z) the prepayment, redemption, defeasance or other retirement of the principal of Indebtedness secured by Real Estate which is
satisfied solely from the proceeds of a sale of the Real Estate securing such Indebtedness or external equity; and (b) modify any document evidencing any Indebtedness that is junior in right of payment to the Obligations to accelerate the
maturity date of such Indebtedness after the occurrence and during the continuance of an Event of Default. 
 §8.11 [Reserved].

 §8.12 Derivatives Contracts Borrower shall not cause or permit any Borrower Subsidiary to contract, create, incur, assume or
suffer to exist any Derivatives Contracts except for Derivative Contracts made in the ordinary course of business and not prohibited pursuant to §8.1 which are not secured by any portion of the collateral granted to the Agent under any of the
Loan Documents (other than Hedge Obligations). All Derivative Contracts (including, without limitation, any and all guarantees provided in connection therewith) shall at all times be in compliance, in all material respects, with the Commodity
Exchange Act and all CFTC Regulations. 

  
 58 

 §8.13 Transactions with Affiliates. Borrower shall not cause or permit any Borrower
Subsidiary to permit to exist or enter into any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate (but not including any member of the Consolidated Group), except
(i) transactions in connection with the Management Agreements, (ii) transactions pursuant to the reasonable requirements of the business of such Person and upon fair and reasonable terms which are no less favorable to such Person than
would be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate, (iii) Indebtedness permitted under §8.1(viii) or §8.1(ix), (iv) the consummation of the Transactions contemplated by the
Acquisition Agreement, including the Acquisition, the Specified Senior Credit Facility and the payment of fees and expenses relating thereto, (v) Investments permitted under §8.3, and Distributions permitted under §7.17 and §9.4
and (vi) the issuance of Equity Interests by the Parent Guarantor or any other applicable Loan Party. 
 §8.14 Management
Fees. Other than fees set forth on Schedule 8.14 attached hereto, Borrower shall not cause or permit any Borrower Subsidiary to pay, and shall not permit to be paid, (x) any fees or payments (other than actual management fees or
other payments under any Management Agreement in the ordinary course) for any Collateral Property to any manager that is an Affiliate of any Borrower and/or (y) any advisory fees or other payments in excess of fifty percent (50%) of those
payable in the ordinary course pursuant to that certain Second Amended and Restated Advisory Agreement dated May 7, 2013, as amended, with Independence Realty Advisors, LLC , in each case, in the event that an Event of Default shall have
occurred and be continuing. 
  

	§9.	FINANCIAL COVENANTS. 

 The Borrower covenants and agrees that, so long as any Loan or Note is
outstanding, the Loan Parties shall comply with the following covenants, with such compliance being tested quarterly, as of the close of each fiscal quarter. 

§9.1 Maximum Consolidated Leverage Ratio. Parent Guarantor’s Consolidated Leverage Ratio shall not exceed:
(x) seventy-two and one half percent (72.5%), from and after the Closing Date through and including September 17, 2016 and (y) sixty-five percent (65%), from and after September 17, 2016. 

§9.2 Minimum Consolidated Fixed Charge Coverage Ratio. Parent Guarantor’s Consolidated Fixed Charge Ratio shall not be less
than 1.50 to 1.0, determined based on information for the most recent fiscal quarter annualized. 
 §9.3 Minimum Consolidated
Tangible Net Worth. Parent Guarantor’s Consolidated Tangible Net Worth shall not be less than the sum of (x) $333,507,000.00 plus (y) seventy-five percent (75%) of the aggregate proceeds received by the Parent
Guarantor, Borrower, or any “Subsidiary Borrower” (as defined in the Specified Senior Secured Credit Agreement) (net of reasonable and customary related fees and expenses and net of any intercompany contributions among the Parent
Guarantor and its Subsidiaries) in connection with any offering of stock or other Equity Interests of such Person (but excluding any such offering to Parent Guarantor or any of its Subsidiaries), on a cumulative basis, from and after the Closing
Date. 

  
 59 

 §9.4 Maximum Distributions. Parent Guarantor shall not make any Distributions
(a) which, after giving effect to the making of any such Distribution, would exceed an amount equal to (x) one hundred ten percent (110%), for the period from and after the Closing Date through and including September 17, 2017, and
(y) one hundred percent (100%), at any time after September 17, 2017, of Funds from Operations of the Consolidated Group for the four (4) fiscal quarter period then most recently ended and (b) at any time that an Event of Default
shall exist; provided, however, that so long as no Event of Default under §12.1(a), §12.1(b), §12.1(h), §12.1(i), and/or §12.1(j) shall have occurred and be continuing Distributions shall be permitted to the extent
required for the Parent Guarantor to comply with all applicable provisions of the Code necessary or required to allow Guarantor to maintain its status as a real estate investment trust (but, for the avoidance of doubt, if any Event of Default under
§12.1(a), §12.1(b), §12.1(h), §12.1(i), and/or §12.1(j) shall have occurred and be continuing, no Distributions shall be permitted). 

§9.5 Minimum Liquidity. Consolidated Group shall maintain Liquidity in an amount equal to or greater than Five Million Dollars
($5,000,000.00). 
 §9.6 Maximum Recourse Indebtedness. The aggregate amount of Recourse Indebtedness (excluding the Obligations
under the Facility) of the Parent Guarantor, the Borrower, and IR OpCo shall not exceed the aggregate amount of (x) the Indebtedness arising under the Specified Senior Secured Credit Facility and (y) an aggregate amount of up to One
Million Dollars ($1,000,000.00) at any one time outstanding. The Parent Guarantor, the Borrower, and IR OpCo shall have no unsecured Indebtedness, except to the permitted pursuant to §8.1 

§9.7 Maximum Unhedged Variable Rate Indebtedness. The aggregate amount of Unhedged Variable Rate Indebtedness of Consolidated
Group shall not exceed thirty percent (30%) of Gross Asset Value. 
 §9.8 Intentionally Deleted.. 

§9.9 Business Assets of IRT. At all times not less than ninety percent (90.0%) of the assets of Parent Guarantor shall be
held, directly or indirectly, by Borrower or the direct or indirect Subsidiaries of Borrower. 
  

	§10.	CLOSING CONDITIONS. 

 The obligation of the Lenders to make the Loans on the Closing Date shall
be subject to the satisfaction (or waiver) of the following conditions precedent: 
 §10.1 Loan Documents. Each of the Loan
Documents shall have been duly executed and delivered by the respective parties thereto and shall be in full force and effect. The Agent shall have received a fully executed counterpart of each such document. 

§10.2 Certified Copies of Organizational Documents. The Agent shall have received from each Loan Party (and for such constituent
entities as is necessary to confirm each Loan Party’s authority to enter into the Loan Documents) a copy, certified as of a recent date by the appropriate officer of each State in which such Person is organized and a duly authorized

  
 60 

 
officer, partner or member of such Person, as applicable, to be true and complete, of the partnership agreement, corporate charter or operating agreement and/or other organizational agreements of
such Loan Party, as applicable, and its qualification to do business, as applicable, as in effect on such date of certification. 

§10.3 Resolutions. All action on the part of Borrower and each Guarantor, as applicable, necessary for the valid execution,
delivery and performance by such Person of this Agreement and the other Loan Documents to which such Person is or is to become a party shall have been duly and effectively taken, and evidence thereof reasonably satisfactory to the Agent shall have
been provided to the Agent. 
 §10.4 Incumbency Certificate; Authorized Signers. The Agent shall have received from Borrower an
incumbency certificate, dated as of the Closing Date, signed by a duly authorized officer of such Person and giving the name and bearing a specimen signature of each individual who shall be authorized to sign, in the name and on behalf of such
Person, each of the Loan Documents to which such Person is or is to become a party. The Agent shall have also received from Borrower a certificate, dated as of the Closing Date, signed by a duly authorized representative of Borrower and giving the
name and specimen signature of each Authorized Officer who shall be authorized to make Loan Requests and Conversion/Continuation Requests and to give notices and to take other action on behalf of the Borrower under the Loan Documents. 

§10.5 Opinion of Counsel. The Agent shall have received an opinion addressed to the Lenders and the Agent and dated as of the
Closing Date from counsel to the Loan Parties in form and substance reasonably satisfactory to the Agent. 
 §10.6 Payment of
Fees. The Borrower shall have paid to the Agent the fees payable pursuant to §4.2. 
 §10.7 Insurance. The Agent shall
have received certificates evidencing that the Agent and the Lenders are named as additional insured, as applicable, on all policies of insurance as required by this Agreement or the other Loan Documents. 

§10.8 Performance; No Default. The Loan Parties shall have performed and complied with all terms and conditions herein required to
be performed or complied with by it on or prior to the Closing Date, and on the Closing Date there shall exist no Default or Event of Default. 

§10.9 Representations and Warranties. The representations and warranties made by the Loan Parties in the Loan Documents or
otherwise made by or on behalf of the Borrower and their respective Subsidiaries in connection therewith or after the date thereof shall have been true and correct in all material respects when made and shall also be true and correct in all material
respects on the Closing Date. 
 §10.10 Proceedings and Documents. All proceedings in connection with the transactions
contemplated by this Agreement and the other Loan Documents shall be reasonably satisfactory to the Agent and the Agent’s counsel in form and substance, and the Agent shall have received all information and such counterpart originals or
certified copies of such documents and such other certificates, opinions, assurances, consents, approvals or documents as the Agent and the Agent’s counsel may reasonably require and are customarily required in connection with similar
transactions. 

  
 61 

 §10.11 Security Documents. 

(a) The Security Documents, and upon the filing of a UCC financing statement and delivery of all certificates or similar instruments with
respect to stock or certificated membership interests, or the like, and assignments in blank, stock transfer powers and the like, required to be delivered in accordance with the terms hereof (as further described in the Security Documents), shall
constitute a valid first priority lien on the Collateral, subject in each case to Permitted Liens. 
 §10.12 Compliance
Certificate. The Agent shall have received a Compliance Certificate dated as of the date of the Closing Date demonstrating compliance with each of the covenants calculated therein. Further, such Compliance Certificate shall include within the
calculation of Property NOI for any Collateral Properties which have been owned for less than a calendar quarter, and shall be based upon financial data and information with respect to Collateral Properties as of the end of the most recent calendar
month as to which data and information is available. Notwithstanding the foregoing, the Consolidated Leverage Ratio, the Consolidated Fixed Charge Coverage Ratio, Consolidated Tangible Net Worth or any other financial ratio or test (the
“Specified Financial Covenants”), shall be calculated on a Pro Forma Basis in determining compliance of such Specified Financial Covenants (x) as of the Closing Date and (y) with respect to the fiscal quarter ending on
September 30, 2015; provided, however, (1) in making any determination on a Pro Forma Basis, the calculations shall be made in good faith by an Authorized Officer of the Borrower ; (2) determination of compliance with the
Specified Financial Covenants on a Pro Forma Basis, as and when expressly provided above, shall not relate to any other or further date or period of determination with respect to compliance with such Specified Financial Covenants; and (3) the
foregoing shall not be deemed or construed to modify, amend, limit, waive, or suspect any of the Specified Financial Covenants, as further provided in §9 or otherwise provided herein. 

§10.13 [Reserved]. 

§10.14 Consents. The Agent shall have received evidence reasonably satisfactory to the Agent that all necessary stockholder,
partner, member or other consents required in connection with the consummation of the transactions contemplated by this Agreement and the other Loan Documents have been obtained. 

§10.15 Acquisition. The Transactions contemplated in the Acquisition Agreement are simultaneously closing, and the Huntington Bank
Credit Facility and the Regions Bank Credit Facility shall be repaid in full and terminated at or prior to the Closing Date. 
 §10.16
Other. The Agent shall have reviewed such other documents, instruments, certificates, opinions, assurances, consents and approvals as the Agent or the Agent’s Special Counsel may reasonably have requested. 

§10.17 Specified Senior Secured Credit Facility. The closing of the Specified Senior Credit Facility shall have been consummated
or will be consummated simultaneously with the closing of the Facility. 

  
 62 

	§11.	[RESERVED]. 

  

	§12.	EVENTS OF DEFAULT; ACCELERATION; ETC. 

 §12.1 Events of Default and Acceleration. If
any of the following events (“Events of Default” or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, “Defaults”) shall occur: 

(a) the Borrower shall fail to pay any principal of the Loans when the same shall become due and payable, whether at the stated date of
maturity or any accelerated date of maturity or at any other date fixed for payment; 
 (b) the Borrower shall fail to pay any interest on
the Loans within five (5) Business Days of the date that the same shall become due and payable or any fees or other sums due hereunder (other than any voluntary prepayment) or under any of the other Loan Documents within five (5) Business
Days after notice from Agent, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; 

(c) [Reserved]; 
 (d) the
Borrower shall fail to perform any other term, covenant or agreement contained in §9.1,§9.2, §9.3, §9.4, §9.5, §9.6, §9.7, or §9.9 which they are required to perform; 

(e) Borrower or any other Loan Party shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan
Documents which it is required to perform (other than those specified in the other subclauses of this §12 (including, without limitation, §12.2 below) or in the other Loan Documents), and such failure shall continue for thirty
(30) days after Borrower receives from Agent written notice thereof, and in the case of a default that cannot be cured within such thirty (30)-day period despite Borrower’s diligent efforts but is susceptible of being cured within ninety
(90) days of Borrower’s receipt of Agent’s original notice, then Borrower shall have such additional time as is reasonably necessary to effect such cure, but in no event in excess of ninety (90) days from Borrower’s receipt
of Agent’s original notice; provided that the foregoing cure provisions shall not pertain to any default consisting of a failure to comply with §8.4, §7.17, or to any Default excluded from any provision of cure of defaults contained
in any other of the Loan Documents and with respect to any defaults under §8.1, §8.2, §8.3, §8.8, or §8.14, the thirty (30) day cure period described above shall be reduced to a period of ten (10) Business Days and
no additional cure period shall be provided with respect to such defaults; 
 (f) any material representation or warranty made by or on
behalf of the Borrower or any of its respective Subsidiaries in this Agreement or any other Loan Document, or any report, certificate, financial statement, request for a Loan, or in any other document or instrument delivered pursuant to or in
connection with this Agreement, any advance of a Loan, or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made; 

(g) Borrower, any Guarantor (or any Subsidiary thereof) defaults under (i) any Recourse Indebtedness in an aggregate amount equal to or
greater than $5,000,000.00 with 

  
 63 

 
respect to all uncured defaults at any time, or (ii) any Non-Recourse Indebtedness in an aggregate amount equal to or greater than $50,000,000.00 with respect to all uncured defaults at any
time; 
 (h) any of the Borrower, Borrower Subsidiaries, or Guarantors, (i) shall make an assignment for the benefit of creditors, or
admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver for it or any substantial part of
its assets, (ii) shall commence any case or other proceeding relating to it under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in
effect, or (iii) shall take any action to authorize any of the foregoing; 
 (i) a petition or application shall be filed for the
appointment of a trustee or other custodian, liquidator or receiver of any of the Borrower, Borrower Subsidiaries, or Guarantors or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against any such
Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, and any such Person shall indicate its approval thereof, consent
thereto or acquiescence therein or such petition, application, case or proceeding shall not have been dismissed within sixty (60) days following the filing or commencement thereof; 

(j) a decree or order is entered appointing a trustee, custodian, liquidator or receiver for any of the Borrower, Borrower Subsidiaries, or
Guarantors or adjudicating any such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of any such Person in an involuntary case under federal bankruptcy
laws as now or hereafter constituted; 
 (k) there shall remain in force, undischarged, unsatisfied and unstayed, for more than sixty
(60) days, whether or not consecutive, one or more uninsured or unbonded final judgments against any Guarantor or Borrower (or any Subsidiary thereof) that, either individually or in the aggregate, exceed in excess of $5,000,000.00; 

(l) any of the Loan Documents shall be canceled, terminated, revoked or rescinded otherwise than in accordance with the terms thereof or the
express prior written agreement, consent or approval of the Required Lenders, or any action at law, suit in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of any of the
Borrower or the Borrower Subsidiaries, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination, or issue a judgment, order, decree or ruling, to the effect that any one or more of
the material Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof, and in each case of the foregoing the Borrower or any Borrower Subsidiary fails to enter into an amendment or modification to the existing Loan
Documents or enter into new documentation, each in form and substance reasonably satisfactory to the Agent and Required Lenders, which have the effect of rendering the cancellation, termination, revocation, rescission, illegality, invalidity or
unenforceability immaterial; 

  
 64 

 (m) any dissolution, termination, partial or complete liquidation, merger or consolidation of any
of the Loan Parties or Borrower Subsidiaries shall occur or any sale, transfer or other disposition of the assets of any of the Loan Parties shall occur other, in each case, than as permitted under the terms of this Agreement or the other Loan
Documents; 
 (n) with respect to any Plan, an ERISA Reportable Event shall have occurred and such event reasonably would be likely to
result in liability of any of the Borrower or Borrower Subsidiaries to pay money to the PBGC or such Plan in an aggregate amount exceeding $5,000,000.00 and one of the following shall apply with respect to such event: (x) such event in the
circumstances occurring reasonably would be likely to result in the termination of such Plan by the PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan; or (y) a trustee shall have
been appointed by the United States District Court to administer such Plan; or (z) the PBGC shall have instituted proceedings to terminate such Plan; 

(o) the occurrence of any Change of Control; 

(p) an Event of Default under any of the other Loan Documents shall occur (subject, in any case, to any applicable cure provision set forth in
§12.1(e)); or 
 (q) without limiting the provisions of §12.1(g), the occurrence of any “Event of Default” (as defined
in the Specified Senior Secured Credit Agreement) (after the expiration of all grace and cure periods thereunder). 
 then, and upon any such Event of
Default, the Agent may, and upon the request of the Required Lenders shall, by notice in writing to the Borrower declare all amounts owing with respect to this Agreement, the Notes, and the other Loan Documents to be, and they shall thereupon
forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; provided that in the event of any Event of Default specified in
§12.1(h), §12.1(i) or §12.1(j), all such amounts shall become immediately due and payable automatically and without any requirement of presentment, demand, protest or other notice of any kind from any of the Lenders or the Agent. 

§12.2 Certain Cure Periods. In the event that there shall occur any Default or Event of Default that affects only certain
Collateral Property or the owner(s) thereof (if such owner is a Borrower Subsidiary), then the Borrower may elect to cure such Default or Event of Default (so long as no other Default or Event of Default would arise as a result of such Default or
Event of Default) by electing to have Agent remove such Collateral Property from the calculation of the Borrowing Base Availability (as defined in the Specified Senior Secured Credit Agreement and the Borrower’s compliance with §3.2
therein as a result thereof, in which event such removal and reduction shall be completed within thirty (30) days after receipt of notice of such Default or Event of Default from the Agent or the Required Lenders therein), as further provided
in the Specified Senior Secured Credit Agreement. 
 §12.3 Termination of Commitments. If any one or more Events of Default
specified in §12.1(h), §12.1(i) or §12.1(j) shall occur, then immediately and without any action on the part of the Agent or any Lender any unused portion of the credit hereunder shall terminate and the

  
 65 

 
Lenders shall be relieved of all obligations to make Loans to the Borrower. If any other Event of Default shall have occurred, the Agent may, and upon the election of the Required Lenders shall,
by notice to the Borrower terminate the obligation to make Loans to the Borrower. No termination under this §12.3 shall relieve the Borrower of their obligations to the Lenders arising under this Agreement or the other Loan Documents. 

§12.4 Remedies. In case any one or more Events of Default shall have occurred and be continuing, and whether or not the Lenders
shall have accelerated the maturity of the Loans pursuant to §12.1, the Agent on behalf of the Lenders may, and upon the direction of the Required Lenders shall, proceed to protect and enforce their rights and remedies under this Agreement, the
Notes and/or any of the other Loan Documents by suit in equity, action at law or other appropriate proceeding, including to the full extent permitted by applicable law the specific performance of any covenant or agreement contained in this Agreement
and the other Loan Documents, the obtaining of the ex parte appointment of a receiver, and, if any amount shall have become due, by declaration or otherwise, the enforcement of the payment thereof. No remedy herein conferred upon the Agent or
the holder of any Note is intended to be exclusive of any other remedy and each and every remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute or any
other provision of law. Notwithstanding the provisions of this Agreement providing that the Loans may be evidenced by multiple Notes in favor of the Lenders, the Lenders acknowledge and agree that only the Agent may exercise any remedies arising by
reason of a Default or Event of Default. If Borrower fails to perform any agreement or covenant contained in this Agreement or any of the other Loan Documents beyond any applicable period for notice and cure, Agent may itself perform, or cause to be
performed, any agreement or covenant of such Person contained in this Agreement or any of the other Loan Documents which such Person shall fail to perform, and the out-of-pocket costs of such performance, together with any reasonable expenses,
including reasonable attorneys’ fees actually incurred (including attorneys’ fees incurred in any appeal) by Agent in connection therewith, shall be payable by Borrower upon demand and shall constitute a part of the Obligations and shall
if not paid within five (5) Business Days after demand bear interest at the rate for overdue amounts as set forth in this Agreement. In the event that all or any portion of the Obligations is collected by or through an attorney-at-law, the
Borrower shall pay all costs of collection including, but not limited to, reasonable and documented attorney’s fees. 
 §12.5
Distribution of Collateral Proceeds. In the event that, following the occurrence and during the continuance of any Event of Default, any monies are received in connection with the enforcement of any of the Loan Documents, or otherwise with
respect to the realization upon any of the Collateral or other assets of Borrower, such monies shall be distributed for application as follows: 

(a) First, to the payment of, or (as the case may be) the reimbursement of the Agent for or in respect of, all reasonable out-of-pocket costs,
expenses, disbursements and losses which shall have been paid, incurred or sustained by the Agent in accordance with the terms of the Loan Documents to protect or preserve the Collateral or in connection with the collection of such monies by the
Agent, for the exercise, protection or enforcement by the Agent of all or any of the rights, remedies, powers and privileges of the Agent or the Lenders under this Agreement or any of the other Loan Documents or in respect of the Collateral or in
support of any provision of adequate indemnity to the Agent against any taxes or liens which by law shall have, or may have, priority over the rights of the Agent or the Lenders to such monies; 

  
 66 

 (b) Second, to all other Obligations (including any interest, expenses or other obligations
incurred after the commencement of a bankruptcy, but excluding Hedge Obligations) in such order or preference as the Required Lenders shall determine; provided, that (i) [Reserved], (ii) distributions in respect of such other
Obligations shall include, on a pari passu basis, any Agent’s fee payable pursuant to §4.2; (iii) [Reserved]; and (iv) Obligations owing to the Lenders with respect to each type of Obligation such as interest, principal,
fees and expenses shall be made among the Lenders, pro rata; and provided, further that the Required Lenders may in their discretion make proper allowance to take into account any Obligations not then due and payable; 

(c) Third, to all Hedge Obligations secured by the Security Documents and other Collateral, on a pari passu basis among the Lender
Hedge Providers pro rata; 
 (d) Fourth, to all other Hedge Obligations, on a pari passu basis among the Lender Hedge Providers pro
rata; and 
 (e) Fifth, the excess, if any, shall be returned to the Borrower or to such other Persons as are entitled thereto. 

 

	§13.	SETOFF. 

 Regardless of the adequacy of any Collateral, during the continuance of any Event of
Default, any deposits (general or specific, time or demand, provisional or final, regardless of currency, maturity, or the branch where such deposits are held) or other sums credited by or due from any Lender or any Affiliate thereof to the Borrower
and any securities or other property of the Borrower in the possession of such Lender or any Affiliate may, without notice to Borrower (any such notice being expressly waived by Borrower) but with the prior written approval of Agent, be applied to
or set off against the payment of Obligations and any and all other liabilities, direct, or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, of the Borrower to such Lender. Each of the Lenders agrees with
each other Lender that if such Lender shall receive from Borrower, whether by voluntary payment, exercise of the right of setoff, or otherwise, and shall retain and apply to the payment of the Note or Notes held by such Lender any amount in excess
of its ratable portion of the payments received by all of the Lenders with respect to the Notes held by all of the Lenders, such Lender will make such disposition and arrangements with the other Lenders with respect to such excess, either by way of
distribution, pro tanto assignment of claims, subrogation or otherwise as shall result in each Lender receiving in respect of the Notes held by it its proportionate payment as contemplated by this Agreement; provided that if all or any
part of such excess payment is thereafter recovered from such Lender, such disposition and arrangements shall be rescinded and the amount restored to the extent of such recovery, but without interest. 

 

	§14.	THE AGENT. 

 §14.1 Authorization. The Agent is authorized to take such action on
behalf of each of the Lenders and to exercise all such powers as are hereunder and under any of the other Loan 

  
 67 

 
Documents and any related documents delegated to the Agent and all other powers not specifically reserved to the Lenders, together with such powers as are reasonably incident thereto, provided
that no duties or responsibilities not expressly assumed herein or therein shall be implied to have been assumed by the Agent. The obligations of the Agent hereunder are primarily administrative in nature, and nothing contained in this Agreement or
any of the other Loan Documents shall be construed to constitute the Agent as a trustee for any Lender or to create an agency or fiduciary relationship. Agent shall act as the contractual representative of the Lenders hereunder, and notwithstanding
the use of the term “Agent”, it is understood and agreed that Agent shall not have any fiduciary duties or responsibilities to any Lender by reason of this Agreement or any other Loan Document and is acting as an independent contractor,
the duties and responsibilities of which are limited to those expressly set forth in this Agreement and the other Loan Documents. The Borrower and any other Person shall be entitled to conclusively rely on a statement from the Agent that it has the
authority to act for and bind the Lenders pursuant to this Agreement and the other Loan Documents. 
 §14.2 Employees and
Agents. The Agent may exercise its powers and execute its duties by or through employees or agents and shall be entitled to take, and to rely on, advice of counsel concerning all matters pertaining to its rights and duties under this Agreement
and the other Loan Documents. The Agent may utilize the services of such Persons as the Agent may reasonably determine, and all reasonable and documented fees and expenses of any such Persons shall be paid by the Borrower. 

§14.3 No Liability. Neither the Agent nor any of its shareholders, directors, officers or employees nor any other Person assisting
them in their duties nor any agent, or employee thereof, shall be liable to the Lenders for (a) any waiver, consent or approval given or any action taken, or omitted to be taken, in good faith by it or them hereunder or under any of the other
Loan Documents, or in connection herewith or therewith, or be responsible for the consequences of any oversight or error of judgment whatsoever, except that the Agent or such other Person, as the case may be, shall be liable for losses due to its
willful misconduct or gross negligence as finally determined by a court of competent jurisdiction after the expiration of all applicable appeal periods or (b) any action taken or not taken by Agent with the consent or at the request of the
Required Lenders or such greater number of Lenders as may be required hereunder. The Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default, except with respect to defaults in the payment of
principal, interest and fees required to be paid to the Agent for the account of the Lenders, unless the Agent has received notice from a Lender or the Borrower referring to the Loan Documents and describing with reasonable specificity such Default
or Event of Default and stating that such notice is a “notice of default”. 
 §14.4 No Representations. The Agent
shall not be responsible for the execution or validity or enforceability of this Agreement, the Notes, any of the other Loan Documents or any instrument at any time constituting, or intended to constitute, collateral security for the Notes, or for
the value of any such collateral security or for the validity, enforceability or collectability of any such amounts owing with respect to the Notes, or for any recitals or statements, warranties or representations made herein, or any agreement,
instrument or certificate delivered in connection therewith or in any of the other Loan Documents or in any certificate or instrument hereafter furnished to it by or on behalf of the Borrower or any of its respective Subsidiaries, or

  
 68 

 
be bound to ascertain or inquire as to the performance or observance of any of the terms, conditions, covenants or agreements herein or in any of the other Loan Documents. The Agent shall not be
bound to ascertain whether any notice, consent, waiver or request delivered to it by the Borrower or any holder of any of the Notes shall have been duly authorized or is true, accurate and complete. The Agent has not made nor does it now make any
representations or warranties, express or implied, nor does it assume any liability to the Lenders, with respect to the creditworthiness or financial condition of the Borrower or any of its respective Subsidiaries, or the value of the Collateral or
any other assets of the Borrower or any of its respective Subsidiaries. Each Lender acknowledges that it has, independently and without reliance upon the Agent or any other Lender, and based upon such information and documents 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 Agent or any other Lender, based upon such information and documents as it
deems appropriate at the time, continue to make its own credit analysis and decisions in taking or not taking action under this Agreement and the other Loan Documents. Agent’s Special Counsel has only represented Agent and KeyBank in connection
with the Loan Documents and the only attorney client relationship or duty of care is between Agent’s Special Counsel and Agent or KeyBank. Each Lender has been independently represented by separate counsel on all matters regarding the Loan
Documents and the granting and perfecting of liens in the Collateral. 
 §14.5 Payments. 

(a) A payment by the Borrower to the Agent hereunder or under any of the other Loan Documents for the account of any Lender shall constitute a
payment to such Lender. The Agent agrees to distribute to each Lender not later than one Business Day after the Agent’s receipt of good funds, determined in accordance with the Agent’s customary practices, such Lender’s pro rata share
of payments received by the Agent for the account of the Lenders except as otherwise expressly provided herein or in any of the other Loan Documents. In the event that the Agent fails to distribute such amounts within one Business Day as provided
above, the Agent shall pay interest on such amount at a rate per annum equal to the Federal Funds Effective Rate from time to time in effect. 

(b) If in the reasonable opinion of the Agent the distribution of any amount received by it in such capacity hereunder, under the Notes or
under any of the other Loan Documents might involve it in liability, it may refrain from making such distribution until its right to make such distribution shall have been adjudicated by a court of competent jurisdiction. If a court of competent
jurisdiction shall adjudge that any amount received and distributed by the Agent is to be repaid, each Person to whom any such distribution shall have been made shall either repay to the Agent its proportionate share of the amount so adjudged to be
repaid or shall pay over the same in such manner and to such Persons as shall be determined by such court. 
 §14.6 Holders of
Notes. Subject to the terms of §18, the Agent may deem and treat the payee of any Note as the absolute owner or purchaser thereof for all purposes hereof until it shall have been furnished in writing with a different name by such payee or
by a subsequent holder, assignee or transferee. 

  
 69 

 §14.7 Indemnity. The Lenders ratably agree hereby to indemnify and hold harmless the
Agent from and against any and all claims, actions and suits (whether groundless or otherwise), losses, damages, costs, expenses (including any expenses for which the Agent has not been reimbursed by the Borrower as required by §15), and
liabilities of every nature and character arising out of or related to this Agreement, the Notes, or any of the other Loan Documents or the transactions contemplated or evidenced hereby or thereby, or the Agent’s actions taken hereunder or
thereunder, except to the extent that any of the same shall be directly caused by the Agent’s willful misconduct or gross negligence as finally determined by a court of competent jurisdiction after the expiration of all applicable appeal
periods. The agreements in this §14.7 shall survive the payment of all amounts payable under the Loan Documents. 
 §14.8 Agent
as Lender. In its individual capacity, KeyBank shall have the same obligations and the same rights, powers and privileges in respect to its Commitment and the Loans made by it, and as the holder of any of the Notes as it would have were it not
also the Agent. 
 §14.9 Resignation. The Agent may resign at any time by giving thirty (30) calendar days’ prior
written notice thereof to the Lenders and the Borrower. The Required Lenders may remove the Agent from its capacity as Agent in the event of the Agent’s gross negligence or willful misconduct. Upon any such resignation, or removal, the Required
Lenders, subject to the terms of §18.1, shall have the right to appoint as a successor Agent, (i) any Lender or (ii) any bank whose senior debt obligations are rated not less than “A” or its equivalent by Moody’s or not
less than “A” or its equivalent by S&P and which has a net worth of not less than $500,000,000.00. Unless a Default or Event of Default shall have occurred and be continuing, such successor Agent, shall be reasonably acceptable to the
Borrower. If no successor Agent shall have been appointed and shall have accepted such appointment within thirty (30) days after the retiring Agent’s giving of notice of resignation or the Required Lender’s removal of the
Agent, then the retiring or removed Agent may, on behalf of the Lenders, appoint a successor Agent, which shall be (ii) any Lender or (ii) any financial institution whose senior debt obligations are rated not less than
“A2” or its equivalent by Moody’s or not less than “A” or its equivalent by S&P and which has a net worth of not less than $500,000,000.00. Upon the acceptance of any appointment as Agent hereunder by a successor Agent,
such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Agent, and the retiring or removed Agent shall be discharged from its duties and obligations hereunder as
Agent. After any retiring Agent’s resignation or removal, the provisions of this Agreement and the other Loan Documents shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as
Agent. Upon any change in the Agent under this Agreement, the resigning or removed Agent shall execute such assignments of and amendments to the Loan Documents as may be necessary to substitute the successor Agent for the resigning or removed Agent.

 §14.10 Duties in the Case of Enforcement. In case one or more Events of Default have occurred and shall be continuing, and
whether or not acceleration of the Obligations shall have occurred, the Agent may and, if (a) so requested by the Required Lenders and (b) the Lenders have provided to the Agent such additional indemnities and assurances in accordance with
their respective Commitment Percentages against expenses and liabilities as the Agent may reasonably request, shall proceed to exercise all or any legal and equitable and other rights or 

  
 70 

 
remedies as it may have; provided, however, that unless and until the Agent shall have received such directions, the Agent may (but shall not be obligated to) take such action, or
refrain from taking such action, with respect to such Default or Event of Default as it shall deem to be in the best interests of the Lenders. Without limiting the generality of the foregoing, if Agent reasonably determines payment is in the best
interest of all the Lenders, Agent may without the approval of the Lenders pay taxes and insurance premiums and spend money for maintenance, repairs or other expenses which may be necessary to be incurred, and Agent shall promptly thereafter notify
the Lenders of such action. Each Lender shall, within thirty (30) days of request therefor, pay to the Agent its Commitment Percentage of the reasonable costs incurred by the Agent in taking any such actions hereunder to the extent that such
costs shall not be promptly reimbursed to the Agent by the Borrower or out of the Collateral within such period. The Required Lenders may direct the Agent in writing as to the method and the extent of any such exercise, the Lenders hereby agreeing
to indemnify and hold the Agent harmless in accordance with their respective Commitment Percentages from all liabilities incurred in respect of all actions taken or omitted in accordance with such directions, except to the extent that any of the
same shall be directly caused by the Agent’s willful misconduct or gross negligence as finally determined by a court of competent jurisdiction after the expiration of all applicable appeal periods, provided that the Agent need not comply
with any such direction to the extent that the Agent reasonably believes the Agent’s compliance with such direction to be unlawful in any applicable jurisdiction or commercially unreasonable under the UCC as enacted in any applicable
jurisdiction. 
 §14.11 Bankruptcy. In the event a bankruptcy or other insolvency proceeding is commenced by or against any Loan
Party or Borrower Subsidiary with respect to the Obligations, the Agent shall have the sole and exclusive right to file and pursue a joint proof claim on behalf of all Lenders. Any votes with respect to such claims or otherwise with respect to such
proceedings shall be subject to the vote of the Required Lenders or all of the Lenders as required by this Agreement. Each Lender irrevocably waives its right to file or pursue a separate proof of claim in any such proceedings unless Agent fails to
file such claim within thirty (30) days after receipt of written notice from the Lenders requesting that Agent file such proof of claim. 

§14.12 Request for Agent Action. Agent and the Lenders acknowledge that in the ordinary course of business of the Borrower and
Borrower Subsidiaries, the Borrower may desire to take actions or enter into other agreements in the ordinary course of business which may require the consent, approval or agreement of the Agent. In connection with the foregoing, and to the extent
applicable at any time, the Lenders hereby expressly authorize the Agent to execute consents, approvals, or other agreements in form and substance satisfactory to the Agent in connection with such other actions or agreements as may be necessary in
the ordinary course of Borrower’s and Borrower Subsidiaries’ business. 
 §14.13 Reliance by Agent. The Agent shall be
entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other
distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by an Authorized Officer. The Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the
proper Person, 

  
 71 

 
and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, that by its terms must be fulfilled to the satisfaction of a
Lender, the Agent may presume that such condition is satisfactory to such Lender unless the Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. The 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. 

§14.14 Approvals. If consent is required for some action under this Agreement, or except as otherwise provided herein an approval
of the Lenders or the Required Lenders is required or permitted under this Agreement, each Lender agrees to give the Agent, within ten (10) days of receipt of the request for action together with all reasonably requested information related
thereto (or such lesser period of time required by the terms of the Loan Documents), notice in writing of approval or disapproval (collectively “Directions”) in respect of any action requested or proposed in writing pursuant to the
terms hereof. To the extent that any Lender does not approve any recommendation of Agent, such Lender shall in such notice to Agent describe the actions that would be acceptable to such Lender. If consent is required for the requested action, any
Lender’s failure to respond to a request for Directions within the required time period shall be deemed to constitute a Direction to take such requested action. In the event that any recommendation is not approved by the requisite number of
Lenders and a subsequent approval on the same subject matter is requested by Agent, then for the purposes of this paragraph each Lender shall be required to respond to a request for Directions within five (5) Business Days of receipt of such
request. Agent and each Lender shall be entitled to assume that any officer of the other Lenders delivering any notice, consent, certificate or other writing is authorized to give such notice, consent, certificate or other writing unless Agent and
such other Lenders have otherwise been notified in writing. 
 §14.15 Borrower Not Beneficiary. Except for the provisions of
§14.9 relating to the appointment of a successor Agent, the provisions of this §14 are solely for the benefit of the Agent and the Lenders, may not be enforced by the Borrower, and except for the provisions of §14.9, may be modified
or waived without the approval or consent of the Borrower. 
 §14.16 Defaulting Lenders. 

(a) Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as
that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Legal Requirements: 
 (i) That Defaulting
Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in §27. 

(ii) Any payment of principal, interest, fees or other amounts received by the Agent for the account of that Defaulting Lender (whether
voluntary or mandatory, at maturity, or otherwise, and including any amounts made available to the Agent by that Defaulting Lender pursuant to §13), shall be applied at such time or times as may be determined by the Agent as follows: first, to
the payment of any amounts owing by that Defaulting Lender to 

  
 72 

 
the Agent hereunder; second, [Reserved]; third, [Reserved]; fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which
that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent; fifth, if so determined by the Agent and the Borrower, to be held in a non-interest bearing deposit account and released in
order to satisfy obligations of that Defaulting Lender to fund Loans under this Agreement; sixth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against that
Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists or non-defaulting Lenders have been paid in full all amounts then due, to the
payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this
Agreement; and eighth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is a payment of the principal amount of any Loans in respect of which that Defaulting Lender has not fully
funded its appropriate share, such payment shall be applied solely to pay the Loans of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of that Defaulting Lender. Any payments, prepayments or other
amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this §14.16(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender, and
each Lender irrevocably consents hereto. 
 (iii) [Reserved] 

(iv) [Reserved] 
 (v) During
any period that a Lender is a Defaulting Lender, the Borrower may, by giving written notice thereof to the Agent, such Defaulting Lender, and the other Lenders, demand that such Defaulting Lender assign its Commitment to an Eligible Assignee subject
to and in accordance with the provisions of §18.1. No party hereto shall have any obligation whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. In addition, any Lender who is not a Defaulting Lender may,
but shall not be obligated, in its sole discretion, to acquire the face amount of all or a portion of such Defaulting Lender’s Commitment via an assignment subject to and in accordance with the provisions of §18.1. No such assignment shall
be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Agent in an aggregate amount sufficient with any applicable amounts held pursuant
to the immediately preceding subsection (f), upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the
consent of the Borrower and the Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and
satisfy in full all payment liabilities then owed by such Defaulting Lender to the Agent or any Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) such Defaulting Lender’s full pro rata share of all
Loans. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under any Legal Requirement without compliance with the provisions of this paragraph, then the
assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 

  
 73 

 (b) Defaulting Lender Cure. If the Borrower and the Agent agree in writing in their sole
discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which
may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Agent may determine to be necessary to cause
the Loans and funded by the Lenders in accordance with their Applicable Percentages (without giving effect to §14.16(a)(iv)), whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively
with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from
Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

§14.17 Reliance on Hedge Provider. For purposes of applying payments received in accordance with §12.5, the Agent shall be
entitled to rely upon the trustee, paying agent or other similar representative (each, a “Representative”) or, in the absence of such a Representative, upon the holder of the Hedge Obligations for a determination (which each holder
of the Hedge Obligations agrees (or shall agree) to provide upon request of the Agent) of the outstanding Hedge Obligations owed to the holder thereof. Unless it has actual knowledge (including by way of written notice from such holder) to the
contrary, the Agent, in acting hereunder, shall be entitled to assume that no Hedge Obligations are outstanding. 
  

	§15.	EXPENSES. 

 The Borrower agrees to pay (a) the reasonable and documented costs incurred by
the Agent of producing and reproducing this Agreement, the other Loan Documents and the other agreements and instruments mentioned herein, (b) any recording taxes in connection with the Security Documents and other Loan Documents, (c) the
reasonable and documented fees, expenses and disbursements of one outside counsel to the Agent and one local counsel in each applicable jurisdiction to the Agent incurred in connection with the preparation, administration, or interpretation of the
Loan Documents and other instruments mentioned herein, and amendments, modifications, approvals, consents or waivers hereto or hereunder, (d) all other reasonable and documented out of pocket fees, expenses and disbursements (other than Taxes
unless such payment is otherwise required pursuant to the terms of this Agreement) of the Agent incurred by the Agent in connection with the preparation or interpretation of the Loan Documents and other instruments mentioned herein, the addition or
substitution of additional Collateral (in connection with each Loan and/or otherwise), the making of each Loan hereunder, and the third party out-of-pocket costs and expenses incurred in connection with the syndication of the Commitments pursuant to
§18 hereof, and (e) without duplication, all reasonable and documented out-of-pocket expenses (including reasonable and documented attorneys’ fees and costs, and the fees and costs of appraisers, engineers, investment bankers or other
experts retained by the Agent) incurred by the Lenders or the Agent in connection with (i) the 

  
 74 

 
enforcement of or preservation of rights under any of the Loan Documents against the Borrower or the administration thereof after the occurrence of a Default or Event of Default and (ii) any
litigation, proceeding or dispute whether arising hereunder or otherwise, in any way related to the Agent’s or any of the Lenders’ relationship with the Borrower (provided that any attorneys’ fees and costs pursuant to this clause
(e) shall be limited to those incurred by the Agent and one other counsel with respect to the Lenders as a group), (f) all reasonable and documented fees, expenses and disbursements of the Agent incurred in connection with UCC searches,
UCC filings, title rundowns, title searches or mortgage recordings, (g) all reasonable and documented out-of-pocket fees, expenses and disbursements (including reasonable and documented attorneys’ fees and costs of one counsel) which may
be incurred by Agent in connection with the execution and delivery of this Agreement and the other Loan Documents (without duplication of any of the items listed above), and (h) all expenses relating to the use of Intralinks, SyndTrak or any
other similar system for the dissemination and sharing of documents and information in connection with the Loans. The covenants of this §15 shall survive the repayment of the Loans and the termination of the obligations of the Lenders
hereunder. 
  

	§16.	INDEMNIFICATION. 

 The Borrower agrees to indemnify and hold harmless the Agent, the Lenders and
the Arranger and each director, officer, employee, agent and Affiliate thereof and Person who controls the Agent or any Lender or the Arranger (each, an “Indemnified Person”) against any and all claims, actions and suits, whether
groundless or otherwise, and from and against any and all liabilities, losses, damages and expenses of every nature and character arising out of or relating to any claim, action, suit or litigation arising out of this Agreement or any of the other
Loan Documents or the transactions contemplated hereby and thereby including, without limitation, (a) any and all claims for brokerage, leasing, finders or similar fees which may be made relating to the Collateral or the Loans by parties
claiming by or through Borrower, (b) [Reserved], (c) any actual or proposed use by the Borrower or Borrower Subsidiaries of the proceeds of any of the Loans, (d) any actual or alleged infringement of any patent, copyright, trademark,
service mark or similar right of the Borrower or Borrower Subsidiaries, (e) the Borrower entering into or performing this Agreement or any of the other Loan Documents, (f) any actual or alleged violation of any law, ordinance, code, order,
rule, regulation, approval, consent, permit or license relating to the Collateral, (g) with respect to the Borrower and the Borrower Subsidiaries and their respective properties and assets, subject to any limitations set forth in the
“Indemnity Agreements” (as such quoted term is defined in the Specified Senior Secured Credit Agreement), the violation of any Environmental Law, the Release or threatened Release of any Hazardous Substances or any action, suit,
proceeding or investigation brought or threatened with respect to any Hazardous Substances (including, but not limited to, claims with respect to wrongful death, personal injury, nuisance or damage to property), and (h) to the extent used by
Borrower or Borrower Subsidiaries, any use of Intralinks, SyndTrak or any other system for the dissemination and sharing of documents and information, in each case including, without limitation, the reasonable and documented fees and disbursements
of one counsel incurred in connection with any such investigation, litigation or other proceeding; provided, however, that the Borrower shall not be obligated under this §16 or otherwise to indemnify any Person for liabilities to the
extent (a) found in a final judgment by a court of competent jurisdiction (not subject to further appeal) to have resulted from such Indemnified Person’s or any of its Related Persons’ actual bad faith, gross negligence or willful
misconduct or (b) being the result from any 

  
 75 

 
action, suit, proceeding or investigation solely among Indemnified Persons and not arising out of or in connection with any act or omission of the Loan Parties or Borrower Subsidiaries. For
purposes hereof, a “Related Person” of any Indemnified Person means its Affiliates, directors, officers, employees and agents, in each case that are controlled by such Indemnified Person. In litigation, or the preparation therefor,
the Lenders and the Agent shall be entitled to select a single law firm as their own counsel, taken as a whole, and, in addition to the foregoing indemnity, the Borrower agrees to pay promptly the reasonable and documented fees and expenses of such
counsel. If, and to the extent that the obligations of the Borrower under this §16 are unenforceable for any reason, the Borrower hereby agrees to make the maximum contribution to the payment in satisfaction of such obligations which is
permissible under applicable law. The provisions of this §16 shall survive the repayment of the Loans and the termination of the obligations of the Lenders hereunder. This §16 shall not apply with respect to Taxes other than any Taxes that
represent losses, claims, damages, etc. arising from any non-Tax claim. 
  

	§17.	SURVIVAL OF COVENANTS, ETC. 

 All covenants, agreements, representations and warranties made
herein, in the Notes, in any of the other Loan Documents or in any documents or other papers delivered by or on behalf of the Loan Parties or any of their respective Subsidiaries pursuant hereto or thereto shall be deemed to have been relied upon by
the Lenders and the Agent, notwithstanding any investigation heretofore or hereafter made by any of them, and shall survive the making by the Lenders of any of the Loans, as herein contemplated, and shall continue in full force and effect so long as
any amount due under this Agreement or the Notes or any of the other Loan Documents remains outstanding or any Lender has any obligation to make any Loans. The indemnification obligations of the Loan Parties provided herein and in the other Loan
Documents shall survive the full repayment of amounts due and the termination of the obligations of the Lenders hereunder and thereunder to the extent provided herein. All statements contained in any certificate delivered to any Lender or the Agent
at any time by or on behalf of the Loan Parties or any of their respective Subsidiaries pursuant hereto or in connection with the transactions contemplated hereby shall constitute representations and warranties by such Person hereunder. 

 

	§18.	ASSIGNMENT AND PARTICIPATION. 

 §18.1 Conditions to Assignment by Lenders. Except as
provided herein, each Lender may assign to one or more Eligible Assignee all or a portion of its interests, rights and obligations under this Agreement (including all or a portion of its Commitment Percentage and Commitment and the same portion of
the Loans at the time owing to it and the Notes held by it); provided that (a) the Agent shall have given its prior written consent to such assignment, which consent shall not be unreasonably withheld or delayed (b) each such
assignment shall be of a constant, and not a varying, percentage of all the assigning Lender’s rights and obligations under this Agreement with respect to the Term Loan Commitment; (c) the parties to such assignment shall execute and
deliver to the Agent, for recording in the Register (as hereinafter defined) an Assignment and Acceptance Agreement in the form of Exhibit H hereto, together with any Notes subject to such assignment, (d) in no event shall any assignment
be to any Person controlling, controlled by or under common control with, or which is not otherwise free 

  
 76 

 
from influence or control by, Borrower or Guarantor, and (e) such assignee shall acquire an interest in the Loans of not less than $5,000,000.00 and integral multiples of $1,000,000.00 in
excess thereof (or if less, the remaining Loans of the assignor), unless waived by the Agent, and so long as no Event of Default exists hereunder, Borrower. Upon execution, delivery, acceptance and recording of such Assignment and Acceptance
Agreement, (i) the assignee thereunder shall be a party hereto and all other Loan Documents executed by the Lenders and, to the extent provided in such Assignment and Acceptance Agreement, have the rights and obligations of a Lender hereunder,
(ii) the assigning Lender shall, upon payment to the Agent of the registration fee referred to in §18.2, be released from its obligations under this Agreement arising after the effective date of such assignment with respect to the assigned
portion of its interests, rights and obligations under this Agreement, and (iii) the Agent may unilaterally amend Schedule 1.1 to reflect such assignment. In connection with each assignment, the assignee shall represent and warrant to
the Agent, the assignor and each other Lender as to whether such assignee is controlling, controlled by, under common control with or is not otherwise free from influence or control by, the Borrower and Guarantors. 

§18.2 Register. The Agent shall maintain on behalf of the Borrower a copy of each assignment delivered to it and a register or
similar list (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment Percentages of and principal amount of and interest on the Loans owing to the Lenders from time to time. The entries in
the Register shall be conclusive, in the absence of manifest error, and the Borrower, the Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes, notwithstanding notice to the
contrary. The Register shall be available for inspection by the Borrower and the Lenders at any reasonable time and from time to time upon reasonable prior notice. Upon each such recordation, the assigning Lender agrees to pay to the Agent a
registration fee in the sum of $3,500.00. 
 §18.3 New Notes. Upon its receipt of an Assignment and Acceptance Agreement
executed by the parties to such assignment, together with each Note subject to such assignment, the Agent shall record the information contained therein in the Register. Within five (5) Business Days after receipt of notice of such assignment
from Agent, the Borrower, at their own expense, shall execute and deliver to the Agent, in exchange for each surrendered Note, a new Note (if requested by the subject Lender) to the order of such assignee in an amount equal to the amount assigned to
such assignee pursuant to such Assignment and Acceptance Agreement and, if the assigning Lender has retained some portion of its obligations hereunder, a new Note to the order of the assigning Lender in an amount equal to the amount retained by it
hereunder. Such new Notes shall provide that they are replacements for the surrendered Notes, shall be in an aggregate principal amount equal to the aggregate principal amount of the surrendered Notes, shall be dated the effective date of such
Assignment and Acceptance Agreement and shall otherwise be in substantially the form of the assigned Notes. The surrendered Notes shall be canceled and returned to the Borrower. 

§18.4 Participations. Each Lender may sell participations to one or more Lenders or other entities in all or a portion of such
Lender’s rights and obligations under this Agreement and the other Loan Documents; provided that (a) any such sale or participation shall not affect the rights and duties of the selling Lender hereunder, (b) such participation
shall not entitle such participant to any rights or privileges under this Agreement or any Loan Documents, including 

  
 77 

 
without limitation, rights granted to the Lenders under §4.8, §4.9 and §4.10, (c) such participation shall not entitle the participant to the right to approve waivers,
amendments or modifications, (d) such participant shall have no direct rights against the Borrower, (e) such participant shall be entitled to the benefits of §4.4(b) (subject to the requirements of §4.4(c); it being understood
that the documentation required under §4.4(c) shall be delivered to the participating Lender) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to §18.1, provided that such Participant
(i) agrees to be subject to the provisions of §4.15 as if it were an assignee under §18.1; and (ii) shall not be entitled to receive any greater payment under §4.4(b) than the applicable Lender would have been entitled to
receive with respect to the participation sold to such Participant, (f) such sale is effected in accordance with all applicable laws, and (g) such participant shall not be a Person controlling, controlled by or under common control with,
or which is not otherwise free from influence or control by the Borrower; provided, however, such Lender may agree with the participant that it will not, without the consent of the participant, agree to (i) increase, or extend the
term or extend the time or waive any requirement for the reduction or termination of, such Lender’s Commitment, (ii) extend the date fixed for the payment of principal of or interest on the Loans or portions thereof owing to such Lender
(other than pursuant to an extension of the Maturity Date pursuant to §2.12), (iii) reduce the amount of any such payment of principal, (iv) reduce the rate at which interest is payable thereon or (v) release Borrower (except as
otherwise permitted under §5.4, §5.6 or §5.7). Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of Borrower, maintain a register on which it enters the name and address of each
Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that, except as set forth below, no
Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its
other obligations under any Loan Document) to any Person, except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of
the United States Treasury Regulations or except, upon request of Borrower, the Lender shall provide to Borrower the identity of such participant and the amount of its participation. The entries in the Participant Register shall be conclusive absent
manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Credit Agreement notwithstanding any notice to the contrary. For the avoidance of
doubt, Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register. 
 §18.5 Pledge by
Lender. Any Lender may at any time pledge all or any portion of its interest and rights under this Agreement (including all or any portion of its Note) to any of the twelve Federal Reserve Banks organized under §4 of the Federal Reserve
Act, 12 U.S.C. §341 or any other central banking authority or to such other Person as the Agent may approve to secure obligations of such lenders. No such pledge or the enforcement thereof shall release the pledgor Lender from its obligations
hereunder or under any of the other Loan Documents. 
 §18.6 No Assignment by Loan Parties. The Loan Parties shall not assign or
transfer any of their rights or obligations under this Agreement without the prior written consent of each of the Lenders. 

  
 78 

 §18.7 Disclosure. Borrower agrees to promptly and reasonably cooperate with any
Lender in connection with any proposed assignment or participation of all or any portion of its Commitment. The Borrower agrees that in addition to disclosures made in accordance with standard banking practices any Lender may disclose information
obtained by such Lender pursuant to this Agreement to assignees or participants and potential assignees or participants hereunder. Each Lender agrees for itself that it shall use reasonable efforts in accordance with its customary procedures to hold
confidential all non-public information obtained from Borrower that has been identified in writing as confidential by any of them, and shall use reasonable efforts in accordance with its customary procedures to not disclose such information to any
other Person, it being understood and agreed that, notwithstanding the foregoing, a Lender may make (a) disclosures to its participants (provided such Persons are advised of the provisions of this §18.7), (b) disclosures to its
directors, officers, employees, Affiliates, accountants, appraisers, legal counsel and other professional advisors of such Lender (provided that such Persons who are not employees of such Lender are advised of the provision of this §18.7),
(c) disclosures customarily provided or reasonably required by any potential or actual bona fide assignee, transferee or participant or their respective directors, officers, employees, Affiliates, accountants, appraisers, legal counsel and
other professional advisors in connection with a potential or actual assignment or transfer by such Lender of any Loans or any participations therein (provided such Persons are advised of the provisions of this §18.7), (d) disclosures to
bank regulatory authorities or self-regulatory bodies with jurisdiction over such Lender, or (e) disclosures required or requested by any other governmental authority or representative thereof or pursuant to legal process; provided that, unless
specifically prohibited by applicable law or court order, each Lender shall notify Borrower of any request by any governmental authority or representative thereof prior to disclosure (other than any such request in connection with any examination of
such Lender by such government authority) for disclosure of any such non-public information prior to disclosure of such information. In addition, each Lender may make disclosure of such information to any contractual counterparty in swap agreements
or such contractual counterparty’s professional advisors (so long as such contractual counterparty or professional advisors agree to be bound by the provisions of this §18.7). Non-public information shall not include any information which
is or subsequently becomes publicly available other than as a result of a disclosure of such information by a Lender, or prior to the delivery to such Lender is within the possession of such Lender if such information is not known by such Lender to
be subject to another confidentiality agreement with or other obligations of secrecy to the Borrower, or is disclosed with the prior approval of Borrower. Nothing herein shall prohibit the disclosure of non-public information to the extent necessary
to enforce the Loan Documents. 
 §18.8 Titled Agents. The Titled Agents shall not have any additional rights or obligations
under the Loan Documents, except for those rights, if any, as a Lender. 
 §18.9 Amendments to Loan Documents. Upon any such
assignment or participation, the Borrower shall (and shall cause Borrower Subsidiaries, if applicable, to), upon the request of the Agent, enter into such documents as may be reasonably required by the Agent to modify the Loan Documents to reflect
such assignment or participation. 

  
 79 

	§19.	NOTICES. 

 Each notice, demand, election or request provided for or permitted to be given
pursuant to this Agreement (hereinafter in this §19 referred to as “Notice”) must be in writing and shall be deemed to have been properly given or served by personal delivery or by sending same by overnight courier or by
depositing same in the United States Mail, postpaid and registered or certified, return receipt requested, and addressed to the parties at the address set forth on Schedule 19. 

Each Notice shall be effective upon being personally delivered or upon being sent by overnight courier or upon being deposited in the United
States Mail as aforesaid, or if transmitted by telegraph, telecopy, telefax or telex is permitted, upon being sent and confirmation of receipt. The time period in which a response to such Notice must be given or any action taken with respect thereto
(if any), however, shall commence to run from the date of receipt if personally delivered or sent by overnight courier, or if so deposited in the United States Mail, the earlier of three (3) Business Days following such deposit or the date of
receipt as disclosed on the return receipt. Rejection or other refusal to accept or the inability to deliver because of changed address for which no notice was given shall be deemed to be receipt of the Notice sent. By giving at least fifteen
(15) days’ prior Notice thereof, Borrower, a Lender or Agent shall have the right from time to time and at any time during the term of this Agreement to change their respective addresses and each shall have the right to specify as its
address any other address within the United States of America. 
  

	§20.	RELATIONSHIP. 

 Neither the Agent nor any Lender has any fiduciary relationship with or
fiduciary duty to the Loan Parties or their respective Subsidiaries arising out of or in connection with this Agreement or the other Loan Documents or the transactions contemplated hereunder and thereunder, and the relationship between each Lender
and Agent, and the Loan Parties is solely that of a lender and borrower, and nothing contained herein or in any of the other Loan Documents shall in any manner be construed as making the parties hereto partners, joint venturers or any other
relationship other than lender and borrower. 
  

	§21.	GOVERNING LAW; CONSENT TO JURISDICTION AND SERVICE. 

 THIS AGREEMENT SHALL BE GOVERNED BY THE
LAWS OF THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401. THE BORROWER, THE AGENT AND THE LENDERS AGREE THAT ANY SUIT FOR THE ENFORCEMENT OF THIS AGREEMENT MAY BE BROUGHT IN ANY COURT OF COMPETENT
JURISDICTION IN THE STATE OF NEW YORK (INCLUDING ANY FEDERAL COURT SITTING THEREIN). THE BORROWER, THE AGENT AND THE LENDERS FURTHER ACCEPT, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF
SUCH COURTS AND ANY RELATED APPELLATE COURT AND IRREVOCABLY (i) AGREE TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY WITH RESPECT TO THIS AGREEMENT AND (ii) WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION ANY OF THEM
MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT OR THAT 

  
 80 

 
SUCH A COURT IS AN INCONVENIENT FORUM. IN ADDITION TO THE COURTS OF THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING THEREIN, THE AGENT OR ANY LENDER MAY BRING ACTION(S) FOR ENFORCEMENT ON A
NONEXCLUSIVE BASIS WHERE ANY COLLATERAL OR ASSETS OF BORROWER OR BORROWER SUBSIDIARIES EXIST AND THE BORROWER CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURTS. THE BORROWER EXPRESSLY ACKNOWLEDGES AND AGREES THAT THE FOREGOING CHOICE OF NEW
YORK LAW WAS A MATERIAL INDUCEMENT TO THE AGENT AND THE LENDERS IN ENTERING INTO THIS AGREEMENT AND IN MAKING THE LOANS HEREUNDER. 
  

	§22.	HEADINGS. 

 The captions in this Agreement are for convenience of reference only and shall not
define or limit the provisions hereof. 
  

	§23.	COUNTERPARTS. 

 This Agreement and any amendment hereof may be executed in several counterparts
and by each party on a separate counterpart, each of which when so executed and delivered shall be an original, and all of which together shall constitute one instrument. In proving this Agreement it shall not be necessary to produce or account for
more than one such counterpart signed by the party against whom enforcement is sought. 
  

	§24.	ENTIRE AGREEMENT, ETC. 

 This Agreement and the Loan Documents are intended by the parties as
the final, complete and exclusive statement of the transactions evidenced by this Agreement and the Loan Documents. All prior or contemporaneous promises, agreements and understandings, whether oral or written, are deemed to be superseded by this
Agreement and the Loan Documents, and no party is relying on any promise, agreement or understanding not set forth in this Agreement and the Loan Documents. Neither this Agreement nor any term hereof may be changed, waived, discharged or terminated,
except as provided in §27. 
  

	§25.	WAIVER OF JURY TRIAL AND CERTAIN DAMAGE CLAIMS. 

 EACH OF THE LOAN PARTIES, THE AGENT AND THE
LENDERS HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT, ANY NOTE OR ANY OF THE OTHER LOAN DOCUMENTS, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER OR THE
PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS AND AGREE THAT NEITHER PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EACH PARTY HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR
RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES AND TO THE EXTENT PERMITTED BY APPLICABLE LAW, PUNITIVE OR ANY DAMAGES OTHER THAN, OR IN 

  
 81 

 
ADDITION TO, ACTUAL DAMAGES. EACH PARTY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT,
IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS TO WHICH THEY ARE PARTIES BY, AMONG OTHER THINGS,
THE WAIVERS AND CERTIFICATIONS CONTAINED IN THIS §25. EACH PARTY ACKNOWLEDGES THAT IT HAS HAD AN OPPORTUNITY TO REVIEW THIS §25 WITH LEGAL COUNSEL AND THAT EACH PARTY AGREES TO THE FOREGOING AS ITS FREE, KNOWING AND VOLUNTARY ACT. 

 

	§26.	DEALINGS WITH THE LOAN PARTIES. 

 The Agent, the Lenders and their affiliates may accept
deposits from, extend credit to, invest in, act as trustee under indentures of, serve as financial advisor of, and generally engage in any kind of banking, trust or other business with the Loan Parties and their respective Subsidiaries or any of
their Affiliates regardless of the capacity of the Agent or the Lender hereunder. The Lenders acknowledge that, pursuant to such activities, KeyBank or its Affiliates may receive information regarding such Persons (including information that may be
subject to confidentiality obligations in favor of such Person) and acknowledge that the Agent shall be under no obligation to provide such information to them. 
  

	§27.	CONSENTS, AMENDMENTS, WAIVERS, ETC. 

 Except as otherwise expressly provided in this Agreement,
any consent or approval required or permitted by this Agreement may be given, and any term of this Agreement or of any other instrument related hereto or mentioned herein may be amended, and the performance or observance by the Borrower of any terms
of this Agreement or such other instrument or the continuance of any Default or Event of Default may be waived (either generally or in a particular instance and either retroactively or prospectively) with, but only with, the written consent of the
Required Lenders and, with respect to any amendment of any term of this Agreement or of any other instrument related hereto or mentioned herein, the Borrower or the Guarantors, as the case may be. Notwithstanding the foregoing, none of the following
may occur without the written consent of each Lender adversely affected thereby: (a) a reduction in the rate of interest on the Notes (other than a reduction or waiver of default interest); (b) any increase or reduction in the amount of
the Commitment of a Lender (except as provided in §2.4 and §18.1); (c) a forgiveness, reduction or waiver of the principal of any unpaid Loan or any interest thereon or fee payable under the Loan Documents; (d) a change in the
amount of any fee payable to a Lender hereunder; (e) the postponement of any date fixed for any payment of principal of or interest on the Loan or any fees payable under the Loan Documents; (f) an extension of the Maturity Date (except as
provided in §2.12); (g) a change in the manner of distribution of any payments to the Lenders or the Agent; (h) the release of Borrower, any Distribution Interest Pledge, any Equity Issuance Pledge, any Ownership Interest Pledge, or
any material portion of any other Collateral (provided, however, for the avoidance of doubt, the foregoing shall not be deemed to limit the partial release by Agent of any Distribution Interest Pledge, Equity Issuance Pledge, Ownership
Interest Pledge, or any such other Collateral in connection with the sale or 

  
 82 

 
Refinancing of Real Estate or Material Assets permitted hereunder and in accordance with the terms and provisions hereof), or the release of any Guarantor or any reduction of Guarantor’s
liability under the Guaranty except as otherwise provided in §5.4, §5.6 or §5.7; (i) an amendment of the definition of Required Lenders, or of any requirement for consent by all of the Lenders; (j) [Reserved]; (k) an
amendment to this §27; or (l) an amendment of any provision of this Agreement or the Loan Documents which requires the approval of all of the Lenders or the Required Lenders to require a lesser number of Lenders to approve such action. The
provisions of §14 may not be amended without the written consent of the Agent. No waiver shall extend to or affect any obligation not expressly waived or impair any right consequent thereon. No course of dealing or delay or omission on the part
of the Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any
amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders),
except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by
its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender. 
  

	§28.	SEVERABILITY. 

 The provisions of this Agreement are severable, and if any one clause or
provision hereof shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof, in such jurisdiction, and shall not in any manner
affect such clause or provision in any other jurisdiction, or any other clause or provision of this Agreement in any jurisdiction. 
  

	§29.	TIME OF THE ESSENCE. 

 Time is of the essence with respect to each and every covenant, agreement
and obligation of Borrower under this Agreement and the other Loan Documents. 
  

	§30.	NO UNWRITTEN AGREEMENTS. 

 THE LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. ANY ADDITIONAL TERMS OF THE AGREEMENT BETWEEN THE PARTIES ARE SET
FORTH BELOW. 
  

	§31.	REPLACEMENT NOTES. 

 Upon receipt of evidence reasonably satisfactory to Borrower of the loss,
theft, destruction or mutilation of any Note, and in the case of any such loss, theft or destruction, upon delivery of an indemnity agreement reasonably satisfactory to Borrower or, in the case of any such mutilation, upon surrender and cancellation
of the applicable Note, Borrower will execute 

  
 83 

 
and deliver, in lieu thereof, a replacement Note, identical in form and substance to the applicable Note and dated as of the date of the applicable Note and upon such execution and delivery all
references in the Loan Documents to such Note shall be deemed to refer to such replacement Note. 
  

	§32.	NO THIRD PARTIES BENEFITED. 

 This Agreement and the other Loan Documents are made and entered
into for the sole protection and legal benefit of the Borrower, the Lenders, the Agent, the Lender Hedge Provider, and their permitted successors and assigns, and no other Person shall be a direct or indirect legal beneficiary of, or have any direct
or indirect cause of action or claim in connection with, this Agreement or any of the other Loan Documents. All conditions to the performance of the obligations of the Agent and the Lenders under this Agreement, including the obligation to make
Loans, are imposed solely and exclusively for the benefit of the Agent and the Lenders, and their permitted successors and assigns, and no other Person shall have standing to require satisfaction of such conditions in accordance with their terms or
be entitled to assume that the Agent and the Lenders will refuse to make Loans in the absence of strict compliance with any or all thereof and no other Person shall, under any circumstances, be deemed to be a beneficiary of such conditions, any and
all of which may be freely waived in whole or in part by the Agent and the Lenders at any time if in their sole discretion they deem it desirable to do so. In particular, the Agent and the Lenders make no representations and assume no obligations as
to third parties concerning the quality of the construction by the Borrower or any of its Subsidiaries of any development or the absence therefrom of defects. 
  

	§33.	PATRIOT ACT. 

 Each Lender and the Agent (for itself and not on behalf of any Lender) hereby
notifies Borrower that, pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies Borrower, which information includes names and addresses and other information that will allow such
Lender or the Agent, as applicable, to identify Borrower in accordance with the Patriot Act. 
  

	§34.	[RESERVED]. 

  

	§35.	[RESERVED]. 

  

	§36.	[RESERVED]. 

  

	§37.	[RESERVED]. 

  

	§38.	RECOURSE PROVISIONS. 

 (a) Borrower Fully Liable. Borrower shall be fully liable for the
Loan and the Obligations of Borrower to each of the Lenders. 
 (b) Additional Matters. To the extent permitted under applicable law,
nothing contained in these provisions or elsewhere shall limit the right of Agent or any of the Lenders to obtain injunctive relief or to pursue equitable remedies under any of the Loan Documents, or to pursue common law remedies for matters
constituting fraud, or misappropriation of rents, or insurance or condemnation proceeds, against any party. 

  
 84 

 [Remainder of page intentionally left blank.] 

  
 85 

 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be executed by
its duly authorized representatives as of the date first set forth above. 
  

			
	BORROWER:
	
	INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP, a Delaware limited partnership
		
	By:	 	Independence Realty Trust, Inc.,
		 	a Maryland Corporation, its general partner
		
	By:	 	 /s/ Farrell Ender

	Name:	 	Farrell Ender
	Title:	 	President
		
		 	(SEAL)

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
 [$120MM Credit Agreement
– Signature Page] 

 
			
	AGENT AND LENDER:
	
	KEYBANK NATIONAL ASSOCIATION, as Lender and as Agent
		
	By:	 	 /s/ Christopher T. Neil

	Name:	 	Christopher T. Neil
	Title:	 	Senior Relationship Manager

  

			
	KeyBank National Association
	225 Franklin Street
	Boston, Massachusetts 02110
	Attention:	 	Christopher T. Neil
	Telephone:	 	617-385-6202
	Facsimile:	 	617-385-6293

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
 [$120MM Credit Agreement
– Signature Page] 

 
			
	LENDER:
	
	THE HUNTINGTON NATIONAL BANK, a national banking association
		
	By:	 	 /s/ Florentina Djulvezan

	Name:	 	Florentina Djulvezan
	Title:	 	Assistant Vice President

 The Huntington National Bank 

200 Public Square, CM17 
 Cleveland, OH 44114 

Attention: Scott Childs 
 Telephone: 216-515-6529 

Facsimile: 888-987-9315 

  
 [$120MM Credit Agreement
– Signature Page]EXHIBIT 4.1

 

NEITHER
THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A
LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.
THIS SECURITY AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

Original
Issue Date: September 8, 2015

Principal
Amount: $473,684.00

 

 

 

 

	10%
    CONVERTIBLE PROMISSORY NOTE

 

DUE
September 8, 2016

 

THIS
10% CONVERTIBLE PROMISSORY NOTE is a duly authorized and validly issued convertible note of Lifelogger Technologies Corp., a Nevada
corporation, (the “Company”), having its principal place of business at 11380 Prosperity Farms Road, Suite
221E, Palm Beach Gardens, FL 33410, and such convertible note is due September 8, 2016 (the “Note”).

 

FOR
VALUE RECEIVED, the Company promises to pay to Old Main Capital, LLC, or its registered assigns (the “Holder”),
or shall have paid pursuant to the terms hereunder, the principal sum of $473,684.00 (the “Principal Amount”)
on September 8, 2016 (the “Maturity Date”) or such earlier date as this Note is required or permitted to be
repaid as provided hereunder, and to pay interest to the Holder on the aggregate unconverted and then outstanding principal amount
of this Note in accordance with the provisions hereof. The consideration to the Company for this Note is up to $450,000.00 (the
“Consideration”), due to an original issuance discount of 5% (representing $23,684.00 of the Principal Amount)
(the “OID”), and such OID shall be applied in full at the closing of the First Tranche (as defined herein).
The Holder shall pay $250,000.00 of the Consideration to the Company within a reasonable amount of time after the issuance of
this Note (the “First Tranche”). At the closing of the First Tranche, the outstanding principal amount under
this Note shall be $273,684.00, which includes the principal amount of the First Tranche and the OID. Within 30 days after the
closing of First Tranche, the Holder shall pay $200,000.00 of the Consideration to the Company (the “Second Tranche”).
The Holder may, in its sole discretion, decide not to fund any and/or all tranches of the Consideration to the Company, if an
Event of Default (as defined herein) occurs, or if sufficient shares of Common Stock are not reserved. THE PRINCIPAL SUM DUE
TO THE HOLDER SHALL BE PRORATED BASED ON THE CONSIDERATION ACTUALLY PAID BY THE HOLDER, AS WELL AS THE APPLICABLE INTEREST, SUCH
THAT THE ISSUER IS ONLY REQUIRED TO REPAY THE AMOUNT FUNDED (PLUS THE OID AND APPLICABLE INTEREST) AND THE ISSUER IS NOT REQUIRED
TO REPAY ANY UNFUNDED PORTION OF THIS NOTE. This Note is also subject to the following additional provisions:

 

    	 	 	 

     

    

 

Section
1.Definitions. For the purposes hereof, in addition to the terms defined elsewhere in this Note, (a) capitalized
terms not otherwise defined herein shall have the meanings set forth in the Purchase Agreement and (b) the following terms shall
have the following meanings:

 

“Alternate
Consideration” shall have the meaning set forth in Section 5(e).

 

“Alternate
Conversion Price” shall mean 52% of the lowest VWAP of the Common Stock for the 15 consecutive Trading Days ending on
the Trading Day that is immediately prior to the applicable Conversion Date.

 

“Amortization
Payment Date” shall mean the date that is six (6) months after the Original Issue Date.

 

“Bankruptcy
Event” means any of the following events: (a) the Company or any Significant Subsidiary (as such term is defined in
Rule 1-02(w) of Regulation S-X) thereof commences a case or other proceeding under any bankruptcy, reorganization, arrangement,
adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction relating to the
Company or any Significant Subsidiary thereof, (b) there is commenced against the Company or any Significant Subsidiary thereof
any such case or proceeding that is not dismissed within 60 days after commencement, (c) the Company or any Significant Subsidiary
thereof is adjudicated insolvent or bankrupt or any order of relief or other order approving any such case or proceeding is entered,
(d) the Company or any Significant Subsidiary thereof suffers any appointment of any custodian or the like for it or any substantial
part of its property that is not discharged or stayed within 60 calendar days after such appointment, (e) the Company or any Significant
Subsidiary thereof makes a general assignment for the benefit of creditors, (f) the Company or any Significant Subsidiary thereof
calls a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts or (g) the Company
or any Significant Subsidiary thereof, by any act or failure to act, expressly indicates its consent to, approval of or acquiescence
in any of the foregoing or takes any corporate or other action for the purpose of effecting any of the foregoing.

 

    	 	 	 

     

    

 

“Beneficial
Ownership Limitation” shall have the meaning set forth in Section 4(d).

 

“Buy-In”
shall have the meaning set forth in Section 4(b)(v).

 

“Change
of Control Transaction” means the occurrence after the date hereof of any of (a) an acquisition after the date hereof
by an individual or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act)
of effective control (whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise)
of in excess of 33% of the voting securities of the Company (other than by means of conversion or exercise of the Note and the
Securities issued together with the Note), (b) the Company merges into or consolidates with any other Person, or any Person merges
into or consolidates with the Company and, after giving effect to such transaction, the stockholders of the Company immediately
prior to such transaction own less than 66% of the aggregate voting power of the Company or the successor entity of such transaction,
(c) the Company sells or transfers all or substantially all of its assets to another Person and the stockholders of the Company
immediately prior to such transaction own less than 66% of the aggregate voting power of the acquiring entity immediately after
the transaction, (d) a replacement at one time or within a three year period of more than one-half of the members of the Board
of Directors which is not approved by a majority of those individuals who are members of the Board of Directors on the Original
Issue Date (or by those individuals who are serving as members of the Board of Directors on any date whose nomination to the Board
of Directors was approved by a majority of the members of the Board of Directors who are members on the date hereof), or (e) the
execution by the Company of an agreement to which the Company is a party or by which it is bound, providing for any of the events
set forth in clauses (a) through (d) above.

 

“Common
Stock” shall mean the Company’s common stock.

 

“Conversion”
shall have the meaning ascribed to such term in Section 4.

 

“Conversion
Date” shall have the meaning set forth in Section 4(a).

 

“Conversion
Schedule” means the Conversion Schedule in the form of Schedule 1 attached hereto.

 

“Conversion
Shares” means, collectively, the shares of Common Stock issuable upon conversion of this Note in accordance with the
terms hereof.

 

“Note
Register” shall have the meaning set forth in Section 2(b).

 

“DTC”
means the Depository Trust Company.

 

    	 	 	 

     

    

 

“DTC/FAST
Program” means the DTC’s Fast Automated Securities Transfer Program.

 

“DWAC
Eligible” means that (a) the Common Stock is eligible at DTC for full services pursuant to DTC’s Operational Arrangements,
including without limitation transfer through DTC’s DWAC system, (b) the Company has been approved (without revocation)
by the DTC’s underwriting department, (c) the Transfer Agent is approved as an agent in the DTC/FAST Program, (d) the Conversion
Shares are otherwise eligible for delivery via DWAC, and (e) the Transfer Agent does not have a policy prohibiting or limiting
delivery of the Conversion Shares via DWAC.

 

“Equity
Conditions” means, during the period in question, (a) the Company shall have duly honored all conversions and redemptions
scheduled to occur or occurring by virtue of one or more Notices of Conversion of the Holder, if any, (b) the Company shall have
paid all liquidated damages and other amounts owing to the Holder in respect of this Note, (c)(i) there is an effective Registration
Statement pursuant to which the Holder is permitted to utilize the prospectus thereunder to resell all of the shares of Common
Stock issuable pursuant to the Transaction Documents (and the Company believes, in good faith, that such effectiveness will continue
uninterrupted for the foreseeable future) or (ii) all of the Conversion Shares issuable pursuant to the Transaction Documents
(and shares issuable in lieu of cash payments of interest) may be resold pursuant to Rule 144 without volume or manner-of-sale
restrictions as determined by the counsel to the Company as set forth in a written opinion letter to such effect, addressed and
acceptable to the Transfer Agent and the Holder, (d) the Common Stock is trading on a Trading Market and all of the shares issuable
pursuant to the Transaction Documents are listed or quoted for trading on such Trading Market (and the Company believes, in good
faith, that trading of the Common Stock on a Trading Market will continue uninterrupted for the foreseeable future), (e) there
is a sufficient number of authorized but unissued and otherwise unreserved shares of Common Stock for the issuance of all of the
shares then issuable pursuant to the Transaction Documents, (f) there is no existing Event of Default and no existing event which,
with the passage of time or the giving of notice, would constitute an Event of Default, (g) the issuance of the shares in question
to the Holder would not violate the limitations set forth in Section 4(d) herein, (h) there has been no public announcement of
a pending or proposed Fundamental Transaction or Change of Control Transaction that has not been consummated, (i) the applicable
Holder is not in possession of any information provided by the Company that constitutes, or may constitute, material non-public
information, (j) the Company has timely filed (or obtain extensions in respect thereof and file within the applicable grace period)
all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act, (k) on any date that the Company
desires to make a payment of interest and/or principal, the average daily dollar volume of the Company’s common stock for
the previous twenty (20) trading days must be greater than $25,000, (l) the Company shares of common stock must be DWAC Eligible
and not subject to a “DTC chill”, (m) the Conversion Shares must be delivered via an “Automatic Conversion”
of principal and/or interest, and (n) on any date that the Company desires to make a payment of interest and/or principal, the
conversion price for such payment will be the lower of the (i) Fixed Conversion Price or (ii) 70% of the average of the lowest
VWAP of the Common Stock in the fifteen (15) trading days immediately prior to such date of payment.

 

    	 	 	 

     

    

 

“Event
of Default” shall have the meaning set forth in Section 6(a).

 

“Fixed
Conversion Price” shall have the meaning set forth in Section 4(b).

 

“Fundamental
Transaction” shall have the meaning set forth in Section 5(e).

 

“Late
Fees” shall have the meaning set forth in Section 2(c).

 

“Mandatory
Default Amount” means the payment of 125% of the outstanding principal amount of this Note and accrued and unpaid interest
hereon, in addition to the payment of all other amounts, costs, expenses and liquidated damages due in respect of this Note.

 

“Florida
Courts” shall have the meaning set forth in Section 7(d).

 

“Notice
of Conversion” shall have the meaning set forth in Section 4(a).

 

“Original
Issue Date” means the date of the first issuance of this Note, regardless of any transfers of any Note and regardless
of the number of instruments which may be issued to evidence such Note.

 

“Purchase
Agreement” means the Securities Purchase Agreement, dated as of September 8, 2015 among the Company and the original
Holder, as amended, modified or supplemented from time to time in accordance with its terms.

 

“Registration
Statement” means a registration statement covering the resale of the Underlying Shares by each Holder.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Share
Delivery Date” shall have the meaning set forth in Section 4(c)(ii).

 

“Successor
Entity” shall have the meaning set forth in Section 5(e).

 

Section
2.Amortization and Interest.

 

a)Payment
of Interest in Cash or Kind. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding
principal amount of this Note at the rate of 10% per annum, which half of the base interest amount shall be guaranteed and the
total amount of interest due on the Note for a period of six (6) months shall be deemed earned as of the Original Issue Date.
All interest payments hereunder will be payable in cash, or subject to the Equity Conditions, in cash or common stock in the Company’s
discretion. Accrued and unpaid interest shall be due on payable on each Conversion Date and on the Maturity Date, or as otherwise
set forth herein. Notwithstanding anything to the contrary contained herein, the Company.

 

    	 	 	 

     

    

 

b)Interest
Calculations. Interest shall be calculated on the basis of a 360-day year, consisting of twelve 30 calendar day periods, and
shall accrue daily commencing on the Original Issue Date until payment in full of the outstanding principal, together with all
accrued and unpaid interest, liquidated damages and other amounts which may become due hereunder, has been made. Interest hereunder
will be paid to the Person in whose name this Note is registered on the records of the Company regarding registration and transfers
of this Note (the “Note Register”).

 

c)Late
Fee. All overdue accrued and unpaid interest to be paid hereunder shall entail a late fee at an interest rate equal to the
lesser of 18% per annum or the maximum rate permitted by applicable law (the “Late Fees”) which shall accrue
daily from the date such interest is due hereunder through and including the date of actual payment in full.

 

d)Prepayment
and Redemption. At any time upon ten (10) days written notice to the Holder, and provided the Holder accepts such notice in
its sole discretion, the Company may prepay any portion of the principal amount of this Note and any accrued and unpaid interest.
If the Company exercises its right to prepay the Note, the Company shall make payment to the Holder of an amount in cash equal
to the sum of the then outstanding principal amount of this Note and interest multiplied by 125%. The Holder may continue to convert
the Note from the date notice of the prepayment is given until the date of the prepayment. Upon the occurrence of an Event of
Default, which is not cured within ten (10) business days after the Holder provides written notice of such applicable Event of
Default to the Company, the Holder shall have the right to require the Company to make payment to the Holder of an amount in cash
equal to the sum of the then outstanding principal amount of this Note and interest multiplied by 130%.

 

e)Amortization
and Installment Payments. Beginning on the Amortization Payment Date, the Company shall begin to make bi-weekly amortization
payments (for the avoidance of debt, bi-weekly shall mean every two weeks) (each a “Bi-Weekly Payment”), in cash to
the Holder, until this Note is repaid in full. Each Bi-Weekly Payment shall consist of at least 1/12th of the total
outstanding amount under this Note as of the Amortization Payment Date, including the principal and accrued and unpaid interest.
The Company may make a Bi-Weekly Payment to the Holder in Common Stock, in the event that the Equity Conditions detailed above
are satisfied.

 

Section
3.Registration of Transfers and Exchanges.

 

a)Different
Denominations. This Note is exchangeable for an equal aggregate principal amount of convertible promissory notes of different
authorized denominations, as requested by the Holder surrendering the same. No service charge will be payable for such registration
of transfer or exchange.

 

    	 	 	 

     

    

 

b)Investment
Representations. This Note has been issued subject to certain investment representations of the original Holder set forth
in the Purchase Agreement and may be transferred or exchanged only in compliance with the Purchase Agreement and applicable federal
and state securities laws and regulations.

 

c)Reliance
on Note Register. Prior to due presentment for transfer to the Company of this Note, the Company and any agent of the Company
may treat the Person in whose name this Note is duly registered on the Note Register as the owner hereof for the purpose of receiving
payment as herein provided and for all other purposes, whether or not this Note is overdue, and neither the Company nor any such
agent shall be affected by notice to the contrary.

 

Section
4.Conversion.

 

a)Voluntary
Conversion. At any time, beginning six (6) months after the Original Issue Date, and until this Note is no longer outstanding,
this Note shall be convertible, in whole or in part, into shares of Common Stock at the option of the Holder, at any time and
from time to time (subject to the conversion limitations set forth in Section 4(d) hereof). The Holder shall effect conversions
by delivering to the Company a Notice of Conversion, the form of which is attached hereto as Annex A (each, a “Notice
of Conversion”), specifying therein the principal amount of this Note to be converted and the date on which such conversion
shall be effected (such date, the “Conversion Date”). If no Conversion Date is specified in a Notice of Conversion,
the Conversion Date shall be the date that such Notice of Conversion is deemed delivered hereunder. No ink-original Notice of
Conversion shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of
Conversion form be required. To effect conversions hereunder, the Holder shall not be required to physically surrender
this Note to the Company unless the entire principal amount of this Note, plus all accrued and unpaid interest thereon, has been
so converted. Conversions hereunder shall have the effect of lowering the outstanding principal amount of this Note in an amount
equal to the applicable conversion. The Holder and the Company shall maintain a Conversion Schedule showing the principal amount(s)
converted and the date of such conversion(s). The Company may deliver an objection to any Notice of Conversion within one (1)
Business Day of delivery of such Notice of Conversion. In the event of any dispute or discrepancy, the records of the Holder shall
be controlling and determinative in the absence of manifest error. The Holder, and any assignee by acceptance of this Note,
acknowledge and agree that, by reason of the provisions of this paragraph, following conversion of a portion of this Note, the
unpaid and unconverted principal amount of this Note may be less than the amount stated on the face hereof.

 

    	 	 	 

     

    

 

b)Conversion
Price. The conversion price in effect on any Conversion Date shall be equal to the closing price of the Common Stock on September
8, 2015 (the “Fixed Conversion Price”). Notwithstanding anything herein to the contrary, at any time after
the occurrence of any Event of Default until this Note is no longer outstanding, the Holder may require the Company to, at such
Holder’s option and otherwise in accordance with the provisions for conversion herein, convert all or any part of this Note
into Common Stock at the Alternate Conversion Price. All such determinations will be appropriately adjusted for any stock dividend,
stock split, stock combination, reclassification or similar transaction that proportionately decreases or increases the Common
Stock during such measuring period. Nothing herein shall limit a Holder’s right to pursue actual damages or declare an Event
of Default pursuant to Section 6 hereof and the Holder shall have the right to pursue all remedies available to it hereunder,
at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief. The exercise of
any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof or under applicable
law.

 

c)
Mechanics of Conversion.

 

i.Conversion
Shares Issuable Upon Conversion of Principal Amount. The number of Conversion Shares issuable upon a conversion hereunder
shall be determined by the quotient obtained by dividing (x) the outstanding principal amount of this Note to be converted and
any accrued and unpaid interest to be converted by (y) the Fixed Conversion Price or Alternate Conversion Price, depending upon
which is in effect at that time.

 

ii.Delivery
of Certificate Upon Conversion. Not later than three (3) Trading Days after each Conversion Date (the “Share Delivery
Date”), the Company shall deliver, or cause to be delivered, to the Holder (A) a certificate or certificates representing
the Conversion Shares which, on or after the date on which such Conversion Shares are eligible to be sold under Rule 144 without
the need for current public information and the Company has received an opinion of counsel to such effect reasonably acceptable
to the Company (which opinion the Company will be responsible for obtaining) shall be free of restrictive legends and trading
restrictions (other than those which may then be required by the Purchase Agreement) representing the number of Conversion Shares
being acquired upon the conversion of this Note, and (B) a bank check in the amount of accrued and unpaid interest (if the Company
has elected or is required to pay accrued interest in cash). All certificate or certificates required to be delivered by the Company
under this Section 4(d) shall be delivered electronically through the Depository Trust Company or another established clearing
corporation performing similar functions. If the Conversion Date is prior to the date on which such Conversion Shares are eligible
to be sold under Rule 144 without the need for current public information the Conversion Shares shall bear a restrictive legend
in the following form, as appropriate:

 

“NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN
A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE
144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

    	 	 	 

     

    

 

Notwithstanding
the foregoing, commencing on such date that the Conversion Shares are eligible for sale under Rule 144 subject to current public
information requirements, the Company, upon request of the Holder, shall obtain a legal opinion to allow for such sales under
Rule 144.

 

iii.Failure
to Deliver Certificates. If, in the case of any Notice of Conversion, such certificate or certificates are not delivered to
or as directed by the applicable Holder by the Share Delivery Date, the Holder shall be entitled to elect by written notice to
the Company at any time on or before its receipt of such certificate or certificates, to rescind such Conversion, in which event
the Company shall promptly return to the Holder any original Note delivered to the Company and the Holder shall promptly return
to the Company the Common Stock certificates issued to such Holder pursuant to the rescinded Conversion Notice.

 

iv.Obligation
Absolute; Partial Liquidated Damages. The Company’s obligations to issue and deliver the Conversion Shares upon conversion
of this Note in accordance with the terms hereof are absolute and unconditional, irrespective of any action or inaction by the
Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any
Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or
alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law
by the Holder or any other Person, and irrespective of any other circumstance which might otherwise limit such obligation of the
Company to the Holder in connection with the issuance of such Conversion Shares; provided, however, that such delivery
shall not operate as a waiver by the Company of any such action the Company may have against the Holder. In the event the Holder
of this Note shall elect to convert any or all of the outstanding principal or interest amount hereof, the Company may not refuse
conversion based on any claim that the Holder or anyone associated or affiliated with the Holder has been engaged in any violation
of law, agreement or for any other reason, unless an injunction from a court, on notice to Holder, restraining and or enjoining
conversion of all or part of this Note shall have been sought and obtained, and the Company posts a surety bond for the benefit
of the Holder in the amount of 150% of the outstanding principal amount of this Note, which is subject to the injunction, which
bond shall remain in effect until the completion of arbitration/litigation of the underlying dispute and the proceeds of which
shall be payable to the Holder to the extent it obtains judgment. In the absence of such injunction, the Company shall issue Conversion
Shares or, if applicable, cash, upon a properly noticed conversion. If the Company fails for any reason to deliver to the Holder
such certificate or certificates pursuant to Section 4(c)(ii) by the Share Delivery Date, the Company shall pay to the Holder,
in cash, as liquidated damages and not as a penalty, $1,000 per Trading Day for each Trading Day after such Share Delivery Date
until such certificates are delivered or Holder rescinds such conversion. Nothing herein shall limit a Holder’s right to
pursue actual damages or declare an Event of Default pursuant to Section 6 hereof for the Company’s failure to deliver Conversion
Shares within the period specified herein and the Holder shall have the right to pursue all remedies available to it hereunder,
at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief. The exercise of
any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof or under applicable
law.

 

    	 	 	 

     

    

 

v.Compensation
for Buy-In on Failure to Timely Deliver Certificates Upon Conversion. In addition to any other rights available to the Holder,
if the Company fails for any reason to deliver to the Holder such certificate or certificates by the Share Delivery Date pursuant
to Section 4(c)(ii), and if after such Share Delivery Date the Holder is required by its brokerage firm to purchase (in an open
market transaction or otherwise), or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver
in satisfaction of a sale by the Holder of the Conversion Shares which the Holder was entitled to receive upon the conversion
relating to such Share Delivery Date (a “Buy-In”), then the Company shall (A) pay in cash to the Holder (in
addition to any other remedies available to or elected by the Holder) the amount, if any, by which (x) the Holder’s total
purchase price (including any brokerage commissions) for the Common Stock so purchased exceeds (y) the product of (1) the aggregate
number of shares of Common Stock that the Holder was entitled to receive from the conversion at issue multiplied by (2) the actual
sale price at which the sell order giving rise to such purchase obligation was executed (including any brokerage commissions)
and (B) at the option of the Holder, either reissue (if surrendered) this Note in a principal amount equal to the principal amount
of the attempted conversion (in which case such conversion shall be deemed rescinded) or deliver to the Holder the number of shares
of Common Stock that would have been issued if the Company had timely complied with its delivery requirements under Section 4(c)(ii).
For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an
attempted conversion of this Note with respect to which the actual sale price of the Conversion Shares (including any brokerage
commissions) giving rise to such purchase obligation was a total of $10,000 under clause (A) of the immediately preceding sentence,
the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts
payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing
herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including,
without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely
deliver certificates representing shares of Common Stock upon conversion of this Note as required pursuant to the terms hereof.

 

vi.Reservation
of Shares Issuable Upon Conversion. The Company covenants that it will at all times reserve and keep available out of its
authorized and unissued shares of Common Stock a number of shares of Common Stock at least equal to 200% of the total amount of
Common Stock that this Note would be convertible into, in full and irrespective of beneficial ownership limitations, at any time,
for the sole purpose of issuance upon conversion of this Note and payment of interest on this Note, each as herein provided, free
from preemptive rights or any other actual contingent purchase rights of Persons other than the Holder (and the other holders
of the Note), not less than such aggregate number of shares of the Common Stock as shall (subject to the terms and conditions
set forth in the Purchase Agreement) be issuable (taking into account the adjustments and restrictions of Section 5) upon the
conversion of the then outstanding principal amount of this Note and payment of interest hereunder. The Company covenants that
all shares of Common Stock that shall be so issuable shall, upon issue, be duly authorized, validly issued, fully paid and nonassessable,
and, at such times as the Registration Statement covering such shares is then effective under the Securities Act, will be registered
for public resale in accordance with such Registration Statement.

 

vii.Fractional
Shares. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of this Note. As
to any fraction of a share which the Holder would otherwise be entitled to purchase upon such conversion, the Company shall at
its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by
the Fixed Conversion Price or Alternate Conversion Price, whichever is in effect, or round up to the next whole share.

 

    	 	 	 

     

    

 

viii.Transfer
Taxes and Expenses. The issuance of certificates for shares of the Common Stock on conversion of this Note shall be made without
charge to the Holder hereof for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery
of such certificates, provided that, the Company shall not be required to pay any tax that may be payable in respect of any transfer
involved in the issuance and delivery of any such certificate upon conversion in a name other than that of the Holder of this
Note so converted and the Company shall not be required to issue or deliver such certificates unless or until the Person or Persons
requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction
of the Company that such tax has been paid. The Company shall pay all Transfer Agent fees required for same-day processing of
any Notice of Conversion.

 

d)Holder’s
Conversion Limitations. The Company shall not effect any conversion of principal and/or interest of this Note, and a Holder
shall not have the right to convert any principal and/or interest of this Note, to the extent that after giving effect to the
conversion set forth on the applicable Notice of Conversion, the Holder (together with the Holder’s Affiliates, and any
Persons acting as a group together with the Holder or any of the Holder’s Affiliates) would beneficially own in excess of
the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common
Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon conversion
of this Note with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which
are issuable upon (i) conversion of the remaining, unconverted principal amount of this Note beneficially owned by the Holder
or any of its Affiliates and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of
the Company subject to a limitation on conversion or exercise analogous to the limitation contained herein (including, without
limitation, any other promissory notes or the warrants as further defined in the securities purchase agreement dated September
8, 2015) beneficially owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes
of this Section 4(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder. To the extent that the limitation contained in this Section 4(d) applies, the determination
of whether this Note is convertible (in relation to other securities owned by the Holder together with any Affiliates) and of
which principal amount of this Note is convertible shall be in the sole discretion of the Holder, and the submission of a Notice
of Conversion shall be deemed to be the Holder’s determination of whether this Note may be converted (in relation to other
securities owned by the Holder together with any Affiliates) and which principal amount of this Note is convertible, in each case
subject to the Beneficial Ownership Limitation. To ensure compliance with this restriction, the Holder will be deemed to represent
to the Company each time it delivers a Notice of Conversion that such Notice of Conversion has not violated the restrictions set
forth in this paragraph and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition,
a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange
Act and the rules and regulations promulgated thereunder. For purposes of this Section 4(e), in determining the number of outstanding
shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as stated in the most recent of
the following: (i) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (ii)
a more recent public announcement by the Company, or (iii) a more recent written notice by the Company or the Company’s
transfer agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the
Company shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.
In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise
of securities of the Company, including this Note, by the Holder or its Affiliates since the date as of which such number of outstanding
shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of
shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon
conversion of this Note held by the Holder. The Holder, upon not less than 61 days’ prior notice to the Company, may increase
or decrease the Beneficial Ownership Limitation provisions of this Section 4(e), provided that the Beneficial Ownership Limitation
in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance
of shares of Common Stock upon conversion of this Note held by the Holder and the Beneficial Ownership Limitation provisions of
this Section 4(e) shall continue to apply. Any such increase or decrease will not be effective until the 61st day after
such notice is delivered to the Company. The Beneficial Ownership Limitation provisions of this paragraph shall be construed and
implemented in a manner otherwise than in strict conformity with the terms of this Section 4(d) to correct this paragraph (or
any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation contained herein
or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained
in this paragraph shall apply to a successor holder of this Note.

 

    	 	 	 

     

    

 

Section
5.Certain Adjustments.

 

a)Stock
Dividends and Stock Splits. If the Company, at any time while this Note is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions payable in shares of Common Stock on shares of Common Stock or any Common Stock Equivalents
(which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon conversion of, or payment
of interest on, the Note), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including
by way of a reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues, in the event
of a reclassification of shares of the Common Stock, any shares of capital stock of the Company, then the Fixed Conversion Price
or Alternate Conversion Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common
Stock (excluding any treasury shares of the Company) outstanding immediately before such event, and of which the denominator shall
be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to this Section
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b)Intentionally
Omitted.

 

c)Intentionally
Omitted.

 

d)Intentionally
Omitted.

 

    	 	 	 

     

    

 

e)Fundamental
Transaction. If, at any time while this Note is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property, (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than 50% of the
outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making
or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or
other business combination) (each a “Fundamental Transaction”), then, upon any subsequent conversion of this
Note, the Holder shall have the right to receive, for each Conversion Share that would have been issuable upon such conversion
immediately prior to the occurrence of such Fundamental Transaction (without regard to any limitation in Section 4(e) on the conversion
of this Note), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the
surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result
of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Note is convertible immediately
prior to such Fundamental Transaction (without regard to any limitation in Section 4(d) on the conversion of this Note). For purposes
of any such conversion, the determination of the applicable conversion price shall be appropriately adjusted to apply to such
Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one (1) share of Common Stock in
such Fundamental Transaction, and the Company shall apportion the applicable conversion price among the Alternate Consideration
in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of
Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the
Holder shall be given the same choice as to the Alternate Consideration it receives upon any conversion of this Note following
such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is
not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under
this Note and the other Transaction Documents (as defined in the Purchase Agreement) in accordance with the provisions of this
Section 5(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder
(without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the holder of this Note, deliver
to the Holder in exchange for this Note a security of the Successor Entity evidenced by a written instrument substantially similar
in form and substance to this Note which is convertible for a corresponding number of shares of capital stock of such Successor
Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon conversion of this Note
(without regard to any limitations on the conversion of this Note) prior to such Fundamental Transaction, and with a conversion
price which applies the conversion price hereunder to such shares of capital stock (but taking into account the relative value
of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number
of shares of capital stock and such conversion price being for the purpose of protecting the economic value of this Note immediately
prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the
Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for
(so that from and after the date of such Fundamental Transaction, the provisions of this Note and the other Transaction Documents
referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of
the Company and shall assume all of the obligations of the Company under this Note and the other Transaction Documents with the
same effect as if such Successor Entity had been named as the Company herein.

 

    	 	 	 

     

    

 

f)Calculations.
All calculations under this Section 5 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 5, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding any treasury shares of the Company) issued and outstanding.

 

g)Notice
to the Holder.

 

i.Adjustment
to Conversion Price. Whenever the Fixed Conversion Price is adjusted pursuant to any provision of this Section 5, the Company
shall promptly deliver to each Holder a notice setting forth the Fixed Conversion Price after such adjustment and setting forth
a brief statement of the facts requiring such adjustment.

 

ii.Notice
to Allow Conversion by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on
the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C)
the Company shall authorize the granting to all holders of the Common Stock of rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required
in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any
sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common
Stock is converted into other securities, cash or property or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be filed at each office
or agency maintained for the purpose of conversion of this Note, and shall cause to be delivered to the Holder at its last address
as it shall appear upon the Note Register, at least twenty (20) calendar days prior to the applicable record or effective date
hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution,
redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record
to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such
reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date
as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common
Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or
share exchange, provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect
the validity of the corporate action required to be specified in such notice. To the extent that any notice provided hereunder
constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall
simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled
to convert this Note during the 20-day period commencing on the date of such notice through the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

 

Section
6.Events of Default.

 

a)“Event
of Default” means, wherever used herein, any of the following events (whatever the reason for such event and whether
such event shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any
court, or any order, rule or regulation of any administrative or governmental body):

 

i.any
default in the payment of (A) the principal amount of any Note or (B) interest, liquidated damages and other amounts owing to
a Holder on any Note, as and when the same shall become due and payable (whether on a Conversion Date or the Maturity Date or
by acceleration or otherwise) which default, solely in the case of an interest payment or other default under clause (B) above,
is not cured within 3 Trading Days;

 

    	 	 	 

     

    

 

ii.the
Company shall materially fail to observe or perform any other covenant or agreement contained in the Note (other than a breach
by the Company of its obligations to deliver shares of Common Stock to the Holder upon conversion, which breach is addressed in
clause (xi) below) which failure is not cured, if possible to cure, within the earlier to occur of (A) 5 Trading Days after notice
of such failure sent by the Holder or by any other Holder to the Company and (B) 10 Trading Days after the Company has become
or should have become aware of such failure;

 

iii.a
default or event of default (subject to any grace or cure period provided in the applicable agreement, document or instrument)
shall occur under any of the Transaction Documents.

 

iv.any
representation or warranty made in this Note, any other Transaction Documents, any written statement pursuant hereto or thereto
or any other report, financial statement or certificate made or delivered to the Holder or any other Holder shall be untrue or
incorrect in any material respect as of the date when made or deemed made;

 

v.the
Company or any Significant Subsidiary (as such term is defined in Rule 1-02(w) of Regulation S-X) shall be subject to a Bankruptcy
Event;

 

vi.the
Company or any Subsidiary shall default on any of its obligations under any mortgage, credit agreement or other facility, indenture
agreement, factoring agreement or other instrument under which there may be issued, or by which there may be secured or evidenced,
any indebtedness for borrowed money or money due under any long term leasing or factoring arrangement that (a) involves an obligation
greater than $50,000, whether such indebtedness now exists or shall hereafter be created, and (b) results in such indebtedness
becoming or being declared due and payable prior to the date on which it would otherwise become due and payable;

 

vii.the
Common Stock shall not be eligible for listing or quotation for trading on a Trading Market and shall not be eligible to resume
listing or quotation for trading thereon within five Trading Days or the transfer of shares of Common Stock through the Depository
Trust Company System is no longer available or “chilled”;

 

viii.the
Company shall be a party to any Change of Control Transaction or Fundamental Transaction or shall agree to sell or dispose of
all or in excess of 33% of its assets in one transaction or a series of related transactions (whether or not such sale would constitute
a Change of Control Transaction);

 

ix.the
Company shall fail for any reason to deliver shares of Common Stock to the Holder prior to the third Trading Day after a Conversion
Date pursuant to Section 4(c) or the Company shall provide at any time notice to the Holder, including by way of public announcement,
of the Company’s intention to not honor requests for conversions of any Note in accordance with the terms hereof;

 

    	 	 	 

     

    

 

x.the
Company fails to file with the Commission any required reports under Section 13 or 15(d) of the Exchange Act such that it is not
in compliance with Rule 144(c)(1) (or Rule 144(i)(2), if applicable);

 

xi.if
the Company or any Significant Subsidiary shall: (i) apply for or consent to the appointment of a receiver, trustee, custodian
or liquidator of it or any of its properties, (ii) admit in writing its inability to pay its debts as they mature, (iii) make
a general assignment for the benefit of creditors, (iv) be adjudicated a bankrupt or insolvent or be the subject of an order for
relief under Title 11 of the United States Code or any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution
or liquidation law or statute of any other jurisdiction or foreign country, or (v) file a voluntary petition in bankruptcy, or
a petition or an answer seeking reorganization or an arrangement with creditors or to take advantage or any bankruptcy, reorganization,
insolvency, readjustment of debt, dissolution or liquidation law or statute, or an answer admitting the material allegations of
a petition filed against it in any proceeding under any such law, or (vi) take or permit to be taken any action in furtherance
of or for the purpose of effecting any of the foregoing;

 

xii.if
any order, judgment or decree shall be entered, without the application, approval or consent of the Company or any Significant
Subsidiary, by any court of competent jurisdiction, approving a petition seeking liquidation or reorganization of the Company
or any Subsidiary, or appointing a receiver, trustee, custodian or liquidator of the Company or any Subsidiary, or of all or any
substantial part of its assets, and such order, judgment or decree shall continue unstayed and in effect for any period of sixty
(60) days;

 

xiii.the
occurrence of any levy upon or seizure or attachment of, or any uninsured loss of or damage to, any property of the Company or
any Subsidiary having an aggregate fair value or repair cost (as the case may be) in excess of $100,000 individually or in the
aggregate, and any such levy, seizure or attachment shall not be set aside, bonded or discharged within thirty (30) days after
the date thereof;

 

xiv.the
Company shall fail to maintain sufficient reserved shares pursuant to Section 4.10 of the Purchase Agreement;

 

xv.any
monetary judgment, writ or similar final process shall be entered or filed against the Company, any subsidiary or any of their
respective property or other assets for more than $50,000, and such judgment, writ or similar final process shall remain unvacated,
unbonded or unstayed for a period of 45 calendar days;

 

    	 	 	 

     

    

 

xvi.
a breach or default by the Company of any covenant or other term or condition contained in any of the other financial instrument
currently issued or hereafter issued by the Company, to the Holder, including but not limited to promissory notes (the “Other
Agreements”), after the passage of all applicable notice and cure or grace periods, shall, at the option of the Holder,
be considered a default under this Note, in which event the Holder shall be entitled (but in no event required) to apply all rights
and remedies of the Holder under the terms of this Note by reason of a default under said Other Agreement; or

 

xvii.any
attempt by the Company or its officers, directors, and/or affiliates to transmit, convey, disclose, or any actual transmittal,
conveyance, or disclosure by the Company or its officers, directors, and/or affiliates of, material non-public information concerning
the Company, to the Holder or its successors and assigns, which is not immediately cured by Company’s filing of a Form 8-K
pursuant to Regulation FD on that same date.

 

b)Remedies
Upon Event of Default. Subject to the Beneficial Ownership Limitation as set forth in Section 4(d), if any Event of Default
occurs, then the outstanding principal amount of this Note, plus accrued but unpaid interest, liquidated damages and other amounts
owing in respect thereof through the date of acceleration, shall become, at the Holder’s election, immediately due and payable
in cash at the Mandatory Default Amount. After the occurrence of any Event of Default that results in the eventual acceleration
of this Note, the interest rate on this Note shall accrue at an additional interest rate equal to the lesser of 2% per month (24%
per annum) or the maximum rate permitted under applicable law. Upon the payment in full of the Mandatory Default Amount, the Holder
shall promptly surrender this Note to or as directed by the Company. In connection with such acceleration described herein, the
Holder need not provide, and the Company hereby waives, any presentment, demand, protest or other notice of any kind, and the
Holder may immediately and without expiration of any grace period enforce any and all of its rights and remedies hereunder and
all other remedies available to it under applicable law. Such acceleration may be rescinded and annulled by Holder at any time
prior to payment hereunder and the Holder shall have all rights as a holder of the Note until such time, if any, as the Holder
receives full payment pursuant to this Section 6(b). No such rescission or annulment shall affect any subsequent Event of Default
or impair any right consequent thereon.

 

    	 	 	 

     

    

 

Section
7.Miscellaneous.

 

a)Notices.
Any and all notices or other communications or deliveries to be provided by the Holder hereunder, including, without limitation,
any Notice of Conversion, shall be in writing and delivered personally, by facsimile, or sent by a nationally recognized overnight
courier service, addressed to the Company, at the address set forth above, or such other facsimile number or address as the Company
may specify for such purposes by notice to the Holder delivered in accordance with this Section 7(a). Any and all notices or other
communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile,
or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number or address of the
Holder appearing on the books of the Company, or if no such facsimile number or address appears on the books of the Company, at
the principal place of business of such Holder, as set forth in the Purchase Agreement. Any notice or other communication or deliveries
hereunder shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto prior to 12:00 p.m. (EST time)
on any date, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 12:00
p.m. (EST time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized
overnight courier service or (iv) upon actual receipt by the party to whom such notice is required to be given.

 

b)Absolute
Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of, liquidated damages and accrued interest, as applicable, on this
Note at the time, place, and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation of the
Company. This Note ranks pari passu with all other promissory notes now or hereafter issued under the terms set
forth herein.

 

c)Lost
or Mutilated Note. If this Note shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver, in exchange
and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen or destroyed
Note, a new Note for the principal amount of this Note so mutilated, lost, stolen or destroyed, but only upon receipt of evidence
of such loss, theft or destruction of such Note, and of the ownership hereof, reasonably satisfactory to the Company.

 

d)Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Note shall be governed by
and construed and enforced in accordance with the internal laws of the State of Florida, without regard to the principles of conflict
of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense of the transactions
contemplated by any of the Transaction Documents (whether brought against a party hereto or its respective Affiliates, directors,
officers, shareholders, employees or agents) shall be commenced in the state and federal courts sitting in Broward County, Florida
(the “Florida Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the Florida
Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or
discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives,
and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
such Florida Courts, or such Florida Courts are improper or inconvenient venue for such proceeding. Each party hereby irrevocably
waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy
thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect
for notices to it under this Note and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted
by applicable law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all
right to trial by jury in any legal proceeding arising out of or relating to this Note or the transactions contemplated hereby.
If any party shall commence an action or proceeding to enforce any provisions of this Note, then the prevailing party in such
action or proceeding shall be reimbursed by the other party for its attorneys fees and other costs and expenses incurred in the
investigation, preparation and prosecution of such action or proceeding.

 

    	 	 	 

     

    

 

e)Waiver.
Any waiver by the Company or the Holder of a breach of any provision of this Note shall not operate as or be construed to be a
waiver of any other breach of such provision or of any breach of any other provision of this Note. The failure of the Company
or the Holder to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver
or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Note on any
other occasion. Any waiver by the Company or the Holder must be in writing.

 

f)Severability.
If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in effect, and if any
provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and circumstances.
If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury,
the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under
applicable law. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead,
or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would
prohibit or forgive the Company from paying all or any portion of the principal of or interest on this Note as contemplated herein,
wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Note, and
the Company (to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants
that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Holder,
but will suffer and permit the execution of every such as though no such law has been enacted.

 

g)Remedies,
Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Note shall be cumulative
and in addition to all other remedies available under this Note and any of the other Transaction Documents at law or in equity
(including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the Holder’s
right to pursue actual and consequential damages for any failure by the Company to comply with the terms of this Note. The Company
covenants to the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein.
Amounts set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall
be the amounts to be received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation
of the Company (or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause
irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees
that, in the event of any such breach or threatened breach, the Holder shall be entitled, in addition to all other available remedies,
to an injunction restraining any such breach or any such threatened breach, without the necessity of showing economic loss and
without any bond or other security being required. The Company shall provide all information and documentation to the Holder that
is requested by the Holder to enable the Holder to confirm the Company’s compliance with the terms and conditions of this
Note.

 

    	 	 	 

     

    

 

h)Next
Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment
shall be made on the next succeeding Business Day.

 

i)Headings.
The headings contained herein are for convenience only, do not constitute a part of this Note and shall not be deemed to limit
or affect any of the provisions hereof.

 

j)Section
3(a)(9) and 3(a)(10) Transactions. The express written consent of the Holder must be obtained by the Company, if at any time
while this Note is outstanding, the Company seeks to enter into a transaction structured in accordance with, based upon, or related
or pursuant to, in whole or in part, Section 3(a)(9) or 3(a)(10) of the Securities Act.

 

Section
8.Participation in Future Financing.

 

a)Subject
to any existing obligations of the Company, from the date hereof until the date that is the 12-month anniversary of the date of
this Note, upon any issuance by the Company or any of its Subsidiaries of Common Stock, Common Stock Equivalents or debt for cash
consideration, indebtedness or a combination of units hereof, other than any issuance that is through a public underwritten offering
or to an investor or a group of investors that already own Common Stock or Common Stock Equivalents (a “Subsequent Financing”),
each Holder shall have the right to participate in the Subsequent Financing in an amount up to 100% of such Holder’s Pro
Rata Portion (as defined below) (the “Participation Maximum”) on the same terms, conditions and price provided
for in the Subsequent Financing, subject to any existing obligations of the Company with respect to participation rights.

 

b)At
least five (5) Trading Days prior to the closing of the Subsequent Financing, the Company shall deliver to each Holder a written
notice of its intention to effect a Subsequent Financing (“Pre-Notice”), which Pre-Notice shall ask such Holder
if it wants to review the details of such financing (such additional notice, a “Subsequent Financing Notice”).
Upon the request of a Holder within two (2) Trading Days after the Pre-Notice, and only upon a request by such Holder, for a Subsequent
Financing Notice, the Company shall promptly, but no later than one (1) Trading Day after such request, deliver a Subsequent Financing
Notice to such Holder. The Subsequent Financing Notice shall describe in reasonable detail the proposed terms of such Subsequent
Financing, the amount of proceeds intended to be raised thereunder and the Person or Persons through or with whom such Subsequent
Financing is proposed to be effected and shall include a term sheet or similar document relating thereto as an attachment.

 

    	 	 	 

     

    

 

c)Any
Holder desiring to participate in such Subsequent Financing must provide written notice to the Company no later than two (2) Trading
Days after delivery of such Subsequent Financing Notice that such Holder is willing to participate in the Subsequent Financing,
the amount of such Holder’s participation, and representing and warranting that such Holder has such funds ready, willing,
and available for investment on the terms set forth in the Subsequent Financing Notice.

 

d)If
notifications by the Holders of their willingness to participate in the Subsequent Financing (or to cause their designees to participate)
is, in the aggregate, less than the total amount of the Subsequent Financing, then the Company may effect the remaining portion
of such Subsequent Financing on the terms and with the Persons set forth in the Subsequent Financing Notice.

 

e)If
the Company receives responses to a Subsequent Financing Notice from Holders seeking to purchase more than the aggregate amount
of the Participation Maximum, each such Holder shall have the right to purchase its Pro Rata Portion of the Participation Maximum.
“Pro Rata Portion” means the ratio of (x) the amount of Notes held by a Holder participating under this Section
8 and (y) $450,000.00.

 

f)The
Company must provide the Holders with a second Subsequent Financing Notice, and the Holders will again have the right of participation
set forth above in this Section 8, if the Subsequent Financing subject to the initial Subsequent Financing Notice is not consummated
for any reason on the terms set forth in such Subsequent Financing Notice within thirty (30) Trading Days after the date of the
initial Subsequent Financing Notice.

 

g)The
Company and each Holder agree that if any Holder elects to participate in the Subsequent Financing, the transaction documents
related to the Subsequent Financing shall not include any term or provision whereby such Holder shall be required to agree to
any restrictions on trading as to any of the Securities purchased hereunder or be required to consent to any amendment to or termination
of, or grant any waiver, release or the like under or in connection with, this Note, without the prior written consent of such
Holder.

 

h)Notwithstanding
anything to the contrary in this Section 8 and unless otherwise agreed to by such Holder, the Company shall either confirm in
writing to such Holder that the transaction with respect to the Subsequent Financing has been abandoned or shall publicly disclose
its intention to issue the securities in the Subsequent Financing, in either case in such a manner such that such Holder will
not be in possession of any material, non-public information, by the tenth (10th) Business Day following delivery of the Subsequent
Financing Notice. If by such tenth (10th) Business Day, no public disclosure regarding a transaction with respect to the Subsequent
Financing has been made, and no notice regarding the abandonment of such transaction has been received by such Holder, such transaction
shall be deemed to have been abandoned and such Holder shall not be deemed to be in possession of any material, non-public information
with respect to the Company or any of its Subsidiaries.

 

i)Notwithstanding
the foregoing, this Section 8 shall not apply in respect of an Exempt Issuance.

 

*********************

 

(Signature
Pages Follow)

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Note to be duly executed by a duly authorized officer as of the date first above
indicated.

 

 

	 	Lifelogger
    Technologies Corp.
	 	 
	 	By:	/s/
    Stewart Garner
	 	Name:	Stewart
    Garner
	 	Title:	Chief
    Executive Officer
	 	Facsimile
    No. for delivery of Notices: ______________________

 

    	 	 	 

     

    

 

ANNEX
A

 

NOTICE
OF CONVERSION

 

The
undersigned hereby elects to convert principal under the 10% convertible promissory note due September 8, 2016 of Lifelogger Technologies
Corp., a Nevada corporation (the “Company”), into shares of common stock (the “Common Stock”),
of the Company according to the conditions hereof, as of the date written below. If shares of Common Stock are to be issued in
the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and
is delivering herewith such certificates and opinions as reasonably requested by the Company in accordance therewith. No fee will
be charged to the holder for any conversion, except for such transfer taxes, if any.

 

By
the delivery of this Notice of Conversion the undersigned represents and warrants to the Company that its ownership of the Common
Stock does not exceed the amounts specified under Section 4 of this Note, as determined in accordance with Section 13(d) of the
Exchange Act.

 

The
undersigned agrees to comply with the prospectus delivery requirements under the applicable securities laws in connection with
any transfer of the aforesaid shares of Common Stock.

 

Conversion
calculations:

 

	 	Date
    to Effect Conversion:
	 	 
	 	Principal
    Amount of Note to be Converted:
	 	 
	 	Payment
    of Interest in Common Stock __ yes __ no 
	 	If
    yes, $_____ of Interest Accrued on Account of Conversion at Issue.
	 	 
	 	Number
    of shares of Common Stock to be issued:
	 	 
	 	Signature:
	 	 
	 	Name:
	 	 
	 	Delivery
    Instructions:

 

    	 	 	 

     

    

 

Schedule
1

 

CONVERSION
SCHEDULE

 

This
10% convertible promissory note due on September 8, 2016 in the original principal amount of $473,684.00 is issued by Lifelogger
Technologies Corp., a Nevada corporation. This Conversion Schedule reflects conversions made under Section 4 of the above referenced
Note.

 

Dated:

 

	Date
    of Conversion (or for first entry, Original Issue Date)	 	Amount
    of Conversion	 	Aggregate
    Principal Amount
 Remaining Subsequent to Conversion (or
    original Principal Amount)	 	Company
    Attest

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00249-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00249-of-00352.parquet"}]]