Document:

sols_ex103

  Exhibit 10.3

 

 

 

 

 

 

Sollensys Corp

 

 

2021 Equity Incentive Plan

 

 

Dated as of April 14, 2021

 

 

 

 

 

 

 

Table of Contents

 

	
Article
I. Purposes and
Definitions

	
 1

	
    Section
1.01 Purposes of this
Plan; Structure.

	
 1

	
    Section
1.02 Definitions.

	
 1

	
    Section
1.03 Additional
Interpretations.

	
 5

	
Article
II. Stock Subject to this
Plan; Administration.

	
 6

	
    Section
2.01 Stock Subject to
this Plan.

	
 6

	
    Section
2.02 Administration of
this Plan.

	
 6

	
    Section
2.03 Eligibility.

	
 8

	
    Section
2.04 Indemnification.

	
 8

	
Article
III. Awards.

	
 8

	
    Section
3.01 Stock
Options.

	
 8

	
    Section
3.02 Stock Appreciation
Rights.

	
 11

	
    Section
3.03 Restricted
Stock.

	
 11

	    Section
3.04 Restricted Stock
Units.	
 12

	    Section
3.05 Performance Units
and Performance Shares.	
 13

	    Section 3.06 Cash-Based
Awards and Other Stock-Based Awards.	
 14

	    Section
3.07 Form of Award
Agreements.	
 15

	Article IV.Additional
Provisions Applicable to this Plan and Awards	
 15

	    Section
4.01 Outside Director
Limitations.	
 15

	    Section
4.02 Compliance With
Code Section 409A.	
 15

	    Section 4.03 Leaves of
Absence/Transfer Between Locations.	
 16

	    Section
4.04 Limited
Transferability of Awards.	
 16

	    Section
4.05 Adjustments;
Dissolution, Merger, Etc.	
 16

	    Section
4.06 Tax
Withholding.	
 18

	    Section
4.07 Compliance with
Securities Laws.	
 18

	    Section
4.08 Tax
Withholding.	
 18

	    Section
4.09 No Effect on
Employment or Service.	
 19

	    Section
4.10 Repurchase
Rights.	
 19

	    Section
4.11 Fractional
Shares.	
 19

	    Section
4.12 Forfeiture
Events.	
 19

	    Section
4.13 Date of
Grant.	
 19

	    Section
4.14 Term of
Plan.	
 20

	    Section
4.15 Amendment and
Termination of this Plan.	
 20

	    Section
4.16 Conditions Upon
Issuance of Shares.	
 20

	    Section
4.17 Inability to Obtain
Authority.	
 20

	    Section
4.18 Shareholder
Approval.	
 20

	    Section
4.19 Retirement and
Welfare Plans.	
 21

	    Section
4.20 Beneficiary
Designation.	
 21

	    Section
4.21 Severability.	
 21

	    Section
4.22 No Constraint on
Corporate Action.	
 21

	    Section
4.23 Unfunded
Obligation.	
 21

	    Section
4.24 Choice of
Law.	
 21

 

 

	

Exhibits

	
 

	
Exhibit
A

	
Form of Award
Agreement for Options

	
  

	
  

	
Exhibit
B

	
Form of Award
Agreement for Stock Appreciation Rights

	
  

	
 

	
Exhibit
C

	
Form of Award
Agreement for Restricted Stock

	
  

	
 

	
Exhibit
D

	
Form of Award
Agreement for Restricted Stock Units

 

 

 

Sollensys Corp 2021 Equity Incentive Plan

 

Article
I.     Purposes and
Definitions

  

 

Section 1.01      

Purposes of this Plan;
Structure.

  

(a) 

The purposes of
this Plan are (i) to attract and retain the best available
personnel for positions of substantial responsibility, (ii) to
provide additional incentive to Employees, Directors and
Consultants, and (ii) to promote the success of the Company’s
business.

 

(b)

This Plan permits
the grant of Incentive Stock Options, Nonstatutory Stock Options,
Stock Appreciation Rights, Restricted Stock, Restricted Stock
Units, Performance Awards, Cash-Based Awards and Other Stock-Based
Awards.

 

Section
1.02 Definitions.

 

 As used
herein, the following definitions will apply:

 

(a)

“Administrator”
means the Board or any of its Committees as will be administering
this Plan, in accordance with Section
2.02.

 

(b)

“Affiliate”
means, with respect to any Person, any other Person directly or
indirectly Controlling, Controlled by, or under common Control with
such Person.

 

(c)

“Applicable
Laws” means the legal and regulatory requirements relating to
the administration of equity-based awards, including but not
limited to the related issuance of shares of Common Stock,
including but not limited to under U.S. federal and state corporate
laws, U.S. federal and state securities laws, the Code, any stock
exchange or quotation system on which the Common Stock is listed or
quoted and the applicable laws of any non-U.S. country or
jurisdiction where Awards are, or will be, granted under this
Plan.

 

(d)

“Award”
means, individually or collectively, a grant under this Plan of
Options, Stock Appreciation Rights, Restricted Stock, Restricted
Stock Units, Performance Units or Performance Shares, or Cash-Based
Award or Other Stock-Based Award granted under this
Plan.

 

(e)

“Award
Agreement” means the written or electronic agreement setting
forth the terms and provisions applicable to each Award granted
under this Plan, which Award Agreement shall be is subject to the
terms and conditions of this Plan.

 

(f)

“Board”
means the Board of Directors of the Company.

 

(g)

“Cash-Based
Award” means an Award denominated in cash and granted
pursuant to Section 3.06.

 

 

1

 

 

(h)

“Cause”
means, unless such term or an equivalent term is otherwise defined
by the applicable Award Agreement or other written agreement
between a Participant and the Company or its Affiliates applicable
to an Award, any of the following: (i) the Participant’s
theft, dishonesty, willful misconduct, breach of fiduciary duty for
personal profit, or falsification of documents or records of the
Company or any of its Affiliates; (ii) the Participant’s
material failure to abide by the Company’s or any
Affiliate’s code of conduct or other policies (including,
without limitation, policies relating to confidentiality and
reasonable workplace conduct); (iii) the Participant’s
unauthorized use, misappropriation, destruction or diversion of any
tangible or intangible asset or corporate opportunity of the
Company or any of its Affiliates (including, without limitation,
the Participant’s improper use or disclosure of the
Company’s or any of its Affiliate’s confidential or
proprietary information); (iv) any intentional act by the
Participant which has a material detrimental effect on the
Company’s or any of its Affiliate’s reputation or
business; (v) the Participant’s repeated failure to perform
any reasonable assigned duties after written notice from the
Company or any of its Affiliates, and a reasonable opportunity to
cure, such failure; (vi) any material breach by the Participant of
any employment, service, non-disclosure, non-competition,
non-solicitation or other similar agreement between the Participant
and the Company or any of its Affiliates which breach is not cured
pursuant to the terms of such agreement; or (vii) the
Participant’s conviction (including any plea of guilty or
nolo contendere) of any criminal act involving fraud, dishonesty,
misappropriation or moral turpitude, or which impairs the
Participant’s ability to perform his or her duties with the
Company or any of its Affiliates.

 

(i)

“Change
in Control” means the occurrence of any of the following
events, subject to the provisions of Section 1.03:

 

(i)

Change in Ownership of the
Company. A change in the
ownership of the Company which occurs on the date that any one
person, or more than one person acting as a group
(“Person”), acquires ownership of the stock of the
Company that, together with the stock held by such Person,
constitutes more than fifty percent (50%) of the total voting power of the stock of the
Company; provided, however, that for purposes of this
Section
1.02(i)(i), the acquisition
of additional stock by any one Person, who is considered to own
more than fifty percent (50%) of the total voting power of the stock of the
Company will not be considered a Change in Control. Further, if the
shareholders of the Company immediately before such change in
ownership continue to retain immediately after the change in
ownership, in substantially the same proportions as their ownership
of shares of the Company’s voting stock immediately prior to
the change in ownership, direct or indirect beneficial ownership of
fifty percent (50%) or more of the total voting power of the stock
of the Company or of the ultimate parent entity of the Company,
such event shall not be considered a Change in Control under
this Section 1.02(i)(i). For this purpose, indirect beneficial ownership
shall include, without limitation, an interest resulting from
ownership of the voting securities of one or more corporations or
other business entities which own the Company, as the case may be,
either directly or through one or more subsidiary corporations or
other business entities.

 

(ii)

Change in Effective Control of the
Company. A change in the effective control of the Company
which occurs on the date that a majority of members of the Board is
replaced during any twelve (12) month period by Directors whose
appointment or election is not endorsed by a majority of the
members of the Board prior to the date of the appointment or
election. For purposes of this Section
1.02(i)(ii), if any Person is considered to be in effective
control of the Company, the acquisition of additional control of
the Company by the same Person will not be considered a Change in
Control.

 

(iii)

Change in Ownership of a Substantial
Portion of the Company’s Assets. A change in the ownership of a substantial portion
of the Company’s assets which occurs on the date that any
Person acquires (or has acquired during the twelve (12) month
period ending on the date of the most recent acquisition by such
person or persons) assets from the Company that have a total
gross fair market value equal to or more than fifty percent
(50%) of the total gross fair
market value of all of the assets of the Company immediately prior
to such acquisition or acquisitions; provided, however, that for
purposes of this Section 1.02(i)(iii), the following will not constitute a change in
the ownership of a substantial portion of the Company’s
assets: (A) a transfer to an entity that is controlled by the
Company’s shareholders immediately after the transfer, or
(B) a transfer of assets by the Company to: (1) a
shareholder of the Company (immediately before the asset
transfer) in exchange for or with respect to the
Company’s stock, (2) an entity, fifty percent
(50%) or more of the total value
or voting power of which is owned, directly or indirectly, by the
Company, (3) a Person, that owns, directly or
indirectly, fifty percent (50%) or more of the total value or voting power of all
the outstanding stock of the Company, or (4) an entity, at
least fifty percent (50%) of the total value or voting power of which is
owned, directly or indirectly, by a Person described in clause
(B)(3) of this Section 1.02(i)(iii). For purposes of this Section
1.02(i)(iii), gross fair
market value means the value of the assets of the Company, or the
value of the assets being disposed of, determined without regard to
any liabilities associated with such assets.

 

(j)

“Code”
means the Internal Revenue Code of 1986, as amended, and reference
to a specific section of the Code or regulation thereunder shall
include such section or regulation, any valid regulation
promulgated under such section, and any comparable provision of any
future legislation or regulation amending, supplementing or
superseding such section or regulation.

 

 

2

 

 

(k)

“Committee”
means a committee of Directors or of other individuals satisfying
Applicable Laws appointed by the Board, or by a duly authorized
committee of the Board, in accordance with Section 2.02.

 

(l)

“Common
Stock” means the common stock, par value $0.001 per share, of
the Company.

 

(m)

“Company”
means Sollensys Corp, a Nevada corporation, or any successor
thereto.

 

(n)

“Consultant”
means any natural person, including an advisor, engaged by the
Company or a Parent or Subsidiary to render bona fide services to
such entity, provided the services (i) are not in connection
with the offer or sale of securities in a capital-raising
transaction, and (ii) do not directly promote or maintain a
market for the Company’s securities, in each case, within the
meaning of Form S-8 promulgated under the Securities Act, and
provided further, that a Consultant will include only those persons
to whom the issuance of Shares may be registered under Form S-8
promulgated under the Securities Act.

 

(o)

“Control”
of a Person means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and
policies of such Person, whether through the ownership of voting
securities, by contract, or otherwise.” Controlled”,
“Controlling” and “under common Control
with” have correlative meanings. Without limiting the
foregoing a Person (the “Controlled Person”) shall be
deemed Controlled by (a) any other Person (the “10%
Owner”) (i) owning beneficially, as meant in Rule 13d-3 under
the Exchange Act, securities entitling such Person to cast 10% or
more of the votes for election of directors or equivalent governing
authority of the Controlled Person or (ii) entitled to be allocated
or receive 10% or more of the profits, losses, or distributions of
the Controlled Person; (b) an officer, director, general partner,
partner (other than a limited partner), manager, or member (other
than a member having no management authority that is not a 10%
Owner ) of the Controlled Person; or (c) a spouse, parent, lineal
descendant, sibling, aunt, uncle, niece, nephew, mother-in-law,
father-in-law, sister-in-law, or brother-in-law of an Affiliate of
the Controlled Person or a trust for the benefit of an Affiliate of
the Controlled Person or of which an Affiliate of the Controlled
Person is a trustee.

 

(p)

“Director”
means a member of the Board.

 

(q)

“Disability”
means total and permanent disability as defined in Code
Section 22(e)(3), provided that in the case of Awards other
than Incentive Stock Options, the Administrator in its discretion
may determine whether a permanent and total disability exists in
accordance with uniform and non-discriminatory standards adopted by
the Administrator from time to time.

 

(r)

“Dividend
Equivalent Right” means the right of a Participant, granted
at the discretion of the Administrator or as otherwise provided by
this Plan, to receive a credit for the account of such Participant
in an amount equal to the cash dividends paid on one Share for each
Share represented by an Award held by such
Participant.

 

(s)

“Employee”
means any person, including Officers and Directors, employed by the
Company or any Parent or Subsidiary of the Company, provided that
neither service as a Director nor payment of a director’s fee
by the Company will be sufficient to constitute
“employment” by the Company or any Parent or Subsidiary
of the Company.

 

(t)

“Exchange
Act” means the Securities Exchange Act of 1934, as
amended.

 

(u)

“Exchange
Program” means a program under which (i) outstanding Awards
are surrendered or cancelled in exchange for awards of the same
type (which may have higher or lower exercise prices and different
terms), awards of a different type, and/or cash, (ii) Participants
would have the opportunity to transfer any outstanding Awards to a
financial institution or other person or entity selected by the
Administrator, and/or (iii) the exercise price of an outstanding
Award is reduced or increased. The Administrator will determine the
terms and conditions of any Exchange Program in its sole
discretion.

 

 

3

 

 

(v)

“Fair Market
Value” means, as of any date, the value of Common Stock
determined as follows:

 

(i)

If the Common Stock
is listed on any established stock exchange or a national market
system (other than an over-the counter market, which will not be
considered an established stock exchange of national market system
for the purposes of this definition), including without
limitation the New York Stock
Exchange, the Nasdaq Global Select Market, the Nasdaq Global Market
or the Nasdaq Capital Market of The Nasdaq Stock Market, its Fair
Market Value will be the closing sales price for such stock (or, if
no closing sales price was reported on that date, as applicable, on
the last trading date such closing sales price was reported) as
quoted on such exchange or system on the day of determination, as
reported in The Wall Street Journal or such other source as the
Administrator deems reliable;

 

(ii)

If the Common Stock
is regularly quoted by a recognized securities dealer but selling
prices are not reported, the Fair Market Value of a Share will be
the mean between the high bid and low asked prices for the Common
Stock on the day of determination (or, if no bids and asks were
reported on that date, as applicable, on the last trading date such
bids and asks were reported), as reported in The Wall Street
Journal or such other source as the Administrator deems
reliable;

 

(iii)

In the absence of
an established market for the Common Stock, the Fair Market Value
will be determined in good faith by the Administrator.

 

(w)

“Fiscal
Year” means the fiscal year of the Company.

 

(x)

“Incentive
Stock Option” means an Option that by its terms qualifies and
is otherwise intended to qualify as an incentive stock option
within the meaning of Code Section 422 and the regulations
promulgated thereunder.

 

(y)

“Nonstatutory
Stock Option” means an Option that by its terms does not
qualify or is not intended to qualify as an Incentive Stock
Option.

 

(z)

“Officer”
means a person who is an officer of the Company within the meaning
of Section 16 of the Exchange Act and the rules and regulations
promulgated thereunder.

 

(aa)

“Option”
means a stock option granted pursuant to this Plan.

 

(bb)

“Outside
Director” means a Director who is not an
Employee.

 

(cc)

“Other
Stock-Based Award” means an Award denominated in Shares and
granted pursuant to Section
3.06.

 

(dd)

“Parent”
means a “parent corporation,” whether now or hereafter
existing, as defined in Code Section 424(e).

 

(ee)

“Participant”
means the holder of an outstanding Award.

 

(ff)

“Performance
Award” means an Award of Performance Shares or Performance
Units.

 

(gg)

“Performance
Award Formula” means, for any Performance Award, a formula or
table established by the Administrator pursuant to Section 3.05 which provides the basis for
computing the value of a Performance Award at one or more levels of
attainment of the applicable Performance Goal(s) measured as of the
end of the applicable Performance Period.

 

 

4

 

 

(hh)

“Performance
Share” means an Award denominated in Shares which may be
earned in whole or in part upon attainment of performance goals or
other vesting criteria as the Administrator may determine pursuant
to Section 3.05.

 

(ii)

 “Performance
Unit” means an Award which may be earned in whole or in part
upon attainment of performance goals or other vesting criteria as
the Administrator may determine and which may be settled for cash,
Shares or other securities or a combination of the foregoing
pursuant to Section 3.05.

 

(jj)

“Period of
Restriction” means the period during which the transfer of
Shares of Restricted Stock are subject to restrictions and
therefore, the Shares are subject to a substantial risk of
forfeiture. Such restrictions may be based on the passage of time,
the achievement of target levels of performance, or the occurrence
of other events as determined by the Administrator.

 

(kk)

“Person”
means an individual, corporation, partnership (including a general
partnership, limited partnership or limited liability partnership),
limited liability company, association, trust or other entity or
organization, including a government, domestic or foreign, or
political subdivision thereof, or an agency or instrumentality
thereof.

 

(ll)

“Plan”
means this 2021 Equity Incentive Plan.

 

(mm)

“Restricted
Stock” means Shares issued pursuant to an Award of Restricted
Stock under Section 3.03, or issued
pursuant to the early exercise of an Option.

 

(nn)

“Restricted
Stock Unit” means a bookkeeping entry representing an amount
equal to the Fair Market Value of one Share, granted pursuant to
Section 3.04. Each Restricted Stock
Unit represents an unfunded and unsecured obligation of the
Company.

 

(oo)

“Rule
16b-3” means Rule 16b-3 of the Exchange Act or any successor
to Rule 16b-3, as in effect when discretion is being exercised with
respect to this Plan.

 

(pp)

“Section 16(b)”
means Section 16(b) of the Exchange Act.

 

(qq)

“Securities
Act” means the Securities Act of 1933, as
amended.

 

(rr)

“Service
Provider” means an Employee, Director or
Consultant.

 

(ss)

“Share”
means a share of the Common Stock, as adjusted in accordance with
Section 4.05.

 

(tt)

“Stock
Appreciation Right” means an Award, granted alone or in
connection with an Option, that pursuant to Section 3.02 is designated as a Stock
Appreciation Right.

 

(uu)

“Subsidiary”
means a “subsidiary corporation,” whether now or
hereafter existing, as defined in Code
Section 424(f).

 

Section
1.03 Additional
Interpretations.

 

 

 For purposes
of Section 1.02(i), persons will be
considered to be acting as a group if they are owners of a
corporation that enters into a merger, consolidation, purchase or
acquisition of stock, or similar business transaction with the
Company. Notwithstanding the foregoing, a transaction will not be
deemed a Change in Control unless the transaction qualifies as a
change in control event within the meaning of Code Section 409A, as
it has been and may be amended from time to time, and any proposed
or final Treasury Regulations and Internal Revenue Service guidance
that has been promulgated or may be promulgated thereunder from
time to time. Further and for the avoidance of doubt, a transaction
will not constitute a Change in Control if: (i) its sole purpose is
to change the jurisdiction of the Company’s incorporation, or
(ii) its sole purpose is to create a holding company that will be
owned in substantially the same proportions by the persons who held
the Company’s securities immediately before such
transaction.

 

 

5

 

 

Article
II.     Stock Subject to this
Plan; Administration.

 

Section 2.01       

Stock Subject to this Plan.

 

(a) 

Subject to the
provisions of Section 2.01(a) and
Section 4.05, the maximum aggregate
number of Shares that may be subject to Awards and sold under this
Plan is 1,000,000 Shares. The Shares may be authorized but
unissued, or reacquired Common Stock.

 

(b)

Subject to
adjustment as provided in Section 4.05,
the maximum aggregate number of shares of Shares that may be issued
under this Plan as set forth in Section
2.01(a) shall be cumulatively increased on January 1, 2022 and
on each subsequent January 1 through and including January 1, 2023,
by a number of shares (the “Annual Increase”) equal to
the smaller of (a) three percent (3%) of the number of shares of
Common Stock issued and outstanding on the immediately preceding
December 31, or (b) an amount determined by the Board.

 

(c)

If an Award expires or becomes un-exercisable
without having been exercised in full, is surrendered pursuant to
an Exchange Program, or, with respect to Restricted Stock,
Restricted Stock Units, Performance Units or Performance Shares, is
forfeited to or repurchased by the Company due to the failure to
vest, the unpurchased Shares (or for Awards other than Options or
Stock Appreciation Rights the forfeited or repurchased Shares)
which were subject thereto will become available for future grant
or sale under this Plan (unless this Plan has terminated). With
respect to Stock Appreciation Rights, only Shares actually issued
pursuant to a Stock Appreciation Right will cease to be available
under this Plan; all remaining Shares under Stock Appreciation
Rights will remain available for future grant or sale under this
Plan (unless this Plan has terminated). Shares that have actually
been issued under this Plan under any Award will not be returned to
this Plan and will not become available for future distribution
under this Plan; provided, however, that if Shares issued pursuant
to Awards of Restricted Stock, Restricted Stock Units, Performance
Shares or Performance Units are repurchased by the Company or are
forfeited to the Company due to the failure to vest, such Shares
will become available for future grant under this Plan. Shares used
to pay the exercise price of an Award or to satisfy the tax
withholdings related to an Award will become available for future
grant or sale under this Plan. To the extent an Award under this
Plan is paid out in cash rather than Shares, such cash payment will
not result in reducing the number of Shares available for issuance
under this Plan. Notwithstanding the foregoing and, subject to
adjustment as provided in Section
4.05, the maximum number of
Shares that may be issued upon the exercise of Incentive Stock
Options will equal the aggregate Share number stated in
Section
2.01(a), plus, to the
extent allowable under Code Section 422 and the Treasury
Regulations promulgated thereunder, any Shares that become
available for issuance under this Plan pursuant to Section
2.01(c) and Section
2.01(d).

 

(d)

The Company, during the term of this Plan, will at
all times reserve and keep available such number of Shares as will
be sufficient to satisfy the requirements of this
Plan.

 

Section
2.02 Administration of this
Plan.

 

(a) 

Procedure.

 

(i)

Multiple Administrative Bodies.
Different Committees with respect to different groups of Service
Providers may administer this Plan.

 

(ii)

Rule 16b-3. To the extent desirable to
qualify transactions hereunder as exempt under Rule 16b-3, the
transactions contemplated hereunder will be structured to satisfy
the requirements for exemption under Rule 16b-3.

 

(iii)

Other Administration. Other than as
provided above, this Plan will be administered by (A) the
Board or (B) a Committee, which Committee will be constituted
to satisfy Applicable Laws.

 

 

6

 

 

(b)

Powers of the Administrator. Subject to
the provisions of this Plan, and in the case of a Committee,
subject to the specific duties delegated by the Board to such
Committee, the Administrator will have the authority, in its
discretion:

 

(i)

to determine the
Fair Market Value;

 

(ii)

to select the
Service Providers to whom Awards may be granted
hereunder;

 

(iii)

to determine the
number of Shares to be covered by each Award granted
hereunder;

 

(iv)

to approve forms of
Award Agreements for use under this Plan;

 

(v)

to determine the
terms and conditions, not inconsistent with the terms of this Plan,
of any Award granted hereunder, with such terms and conditions
including, but not being limited to, the exercise price, the time
or times when Awards may be exercised (which may be based on
performance criteria), any vesting acceleration or waiver of
forfeiture restrictions, and any restriction or limitation
regarding any Award or the Shares relating thereto, based in each
case on such factors as the Administrator will
determine;

 

(vi)

to determine
whether an Award will be settled in Shares, cash, other property or
in any combination thereof;

 

(vii)

to institute and
determine the terms and conditions of an Exchange
Program;

 

(viii)

to construe and
interpret the terms of this Plan and Awards granted pursuant to
this Plan;

 

(ix)

to prescribe, amend
and rescind rules and regulations relating to this Plan, including
rules and regulations relating to sub-plans established for the
purpose of satisfying applicable non-U.S. laws or for qualifying
for favorable tax treatment under applicable non-U.S.
laws;

 

(x)

to modify or amend
each Award (subject to Section
4.15(c)), including but not limited to the discretionary
authority to extend the post-termination exercisability period of
Awards; provided, however, that in no case will an Option or Stock
Appreciation Right be extended beyond its original maximum
term;

 

(xi)

to allow
Participants to satisfy tax withholding obligations in a manner
prescribed in Section
4.06(b);

 

(xii)

to authorize any
person to execute on behalf of the Company any instrument required
to effect the grant of an Award previously granted by the
Administrator;

 

(xiii)

to allow a
Participant to defer the receipt of the payment of cash or the
delivery of Shares that otherwise would be due to such Participant
under an Award;

 

(xiv)

to prescribe, amend
or rescind rules, guidelines and policies relating to this Plan, or
to adopt sub-plans or supplements to, or alternative versions of,
this Plan, including, without limitation, as the Administrator
deems necessary or desirable to comply with the laws of, or to
accommodate the tax policy, accounting principles or custom of,
foreign jurisdictions whose residents may be granted
Awards;

 

 

7

 

 

(xv)

to correct any
defect, supply any omission or reconcile any inconsistency in this
Plan or any Award Agreement and to make all other determinations
and take such other actions with respect to this Plan or any Award
as the Administrator may deem advisable to the extent not
inconsistent with the provisions of this Plan or applicable law;
and

 

(xvi)

to make all other
determinations deemed necessary or advisable for administering this
Plan.

 

(c)

Option or Stock Appreciation Right
Repricing. The Administrator shall have the authority,
without additional approval by the shareholders of the Company, to
approve a program providing for either (a) the cancellation of
outstanding Options or Stock Appreciation Rights having exercise
prices per share greater than the then Fair Market Value of a Share
(“Underwater Awards”) and the grant in substitution
therefor of new Options or Stock Appreciation Rights covering the
same or a different number of shares but with an exercise price per
share equal to the Fair Market Value per share on the new grant
date or payments in cash, or (b) the amendment of outstanding
Underwater Awards to reduce the exercise price thereof to the Fair
Market Value per share on the date of amendment.

 

(d)

Effect of
Administrator’s Decision. The
Administrator’s decisions, determinations and interpretations
will be final and binding on all Participants and any other holders
of Awards and will be given the maximum deference permitted by
Applicable Laws

 

Section
2.03 Eligibility.

 

 Nonstatutory
Stock Options, Stock Appreciation Rights, Restricted Stock,
Restricted Stock Units, Performance Shares and Performance Units
may be granted to Service Providers. Incentive Stock Options may be
granted only to Employees.

 

 

Section
2.04 Indemnification.

 

 In addition
to such other rights of indemnification as they may have as members
of the Board or the Administrator or as officers or employees of
the Company or any of its Affiliates, to the extent permitted by
applicable law, members of the Board or the Administrator and any
officers or employees of the Company or any of its Affiliates to
whom authority to act for the Board, the Administrator or the
Company is delegated shall be indemnified by the Company against
all reasonable expenses, including attorneys’ fees, actually
and necessarily incurred in connection with the defense of any
action, suit or proceeding, or in connection with any appeal
therein, to which they or any of them may be a party by reason of
any action taken or failure to act under or in connection with this
Plan, or any right granted hereunder, and against all amounts paid
by them in settlement thereof (provided such settlement is approved
by independent legal counsel selected by the Company) or paid by
them in satisfaction of a judgment in any such action, suit or
proceeding, except in relation to matters as to which it shall be
adjudged in such action, suit or proceeding that such person is
liable for gross negligence, bad faith or intentional misconduct in
duties; provided, however, that within sixty (60) days after the
institution of such action, suit or proceeding, such person shall
offer to the Company, in writing, the opportunity at its own
expense to handle and defend the same.

 

Article
III.      Awards.

 

Section 3.01     
Stock Options.

 

(a) 

Grant of Options. Subject to the terms
and provisions of this Plan, the Administrator, at any time and
from time to time, may grant Options in such amounts as the
Administrator, in its sole discretion, will determine.

 

(b)

Option Agreement. Each Award of an
Option will be evidenced by an Award Agreement that will specify
the exercise price, the term of the Option, the number of Shares
subject to the Option, the exercise restrictions, if any,
applicable to the Option, and such other terms and conditions as
the Administrator, in its sole discretion, will
determine.

 

 

8

 

 

(c)

Limitations. Each Option will be
designated in the Award Agreement as either an Incentive Stock
Option or a Nonstatutory Stock Option. Notwithstanding such
designation, however, to the extent that the aggregate Fair Market
Value of the Shares with respect to which Incentive Stock Options
are exercisable for the first time by the Participant during any
calendar year (under all plans of the Company and any Parent or
Subsidiary) exceeds one hundred thousand dollars ($100,000), such
Options will be treated as Nonstatutory Stock Options. For purposes
of this Section 3.01(c), Incentive
Stock Options will be taken into account in the order in which they
were granted, the Fair Market Value of the Shares will be
determined as of the time the Option with respect to such Shares is
granted, and the calculation will be performed in accordance with
Code Section 422 and Treasury Regulations promulgated
thereunder.

 

(d)

Nonemployee Director Award Limit.
Notwithstanding any other provision of this Plan to the contrary,
the aggregate grant date fair value (computed as of the date of
grant in accordance with generally accepted accounting principles
in the United States) of all Awards granted to any Director who is
not an Employee, during any fiscal year of the Company, taken
together with any cash compensation paid to such Director during
such fiscal year, shall not exceed $300,000.

 

(e)

Term of Option. The term of each Option
will be stated in the Award Agreement. In the case of an Incentive
Stock Option, the term will be no more than ten (10) years from the
date of grant thereof. In the case of an Incentive Stock Option
granted to a Participant who, at the time the Incentive Stock
Option is granted, owns stock representing more than ten percent
(10%) of the total combined voting power of all classes of stock of
the Company or any Parent or Subsidiary, the term of the Incentive
Stock Option will be five (5) years from the date of grant or such
shorter term as may be provided in the Award
Agreement.

 

(f)

Option Exercise Price and
Consideration.

 

(i)

Exercise Price. The per Share
exercise price for the Shares to be issued pursuant to the exercise
of an Option will be determined by the Administrator, subject to
the following:

 

(1)

In the case of an
Incentive Stock Option: 

 

(A)

granted to an
Employee who, at the time the Incentive Stock Option is granted,
owns stock representing more than ten percent (10%) of the voting
power of all classes of stock of the Company or any Parent or
Subsidiary, the per Share exercise price will be no less than one
hundred ten percent (110%) of the Fair Market Value per Share (or
the fair market value per Share as determined in accordance with
Treas. Reg. 1.409A-1(b)(5)(iv)(A)) on the date of
grant;

 

(B)

granted to any
Employee other than an Employee described in paragraph (1) immediately above, the per Share exercise
price will be no less than one hundred percent (100%) of the Fair
Market Value per Share on the date of grant;

 

(2)

In the case of a
Nonstatutory Stock Option, the per Share exercise price will be no
less than one hundred percent (100%) of the Fair Market Value
per Share on the date of grant (or the fair market value per Share
as determined in accordance with Treas. Reg.
1.409A-1(b)(5)(iv)(A)).

 

(3)

Notwithstanding the
foregoing provisions of this Section
3.01(f), Options may be granted with a per Share exercise price
of less than one hundred percent (100%) of the Fair Market Value
per Share on the date of grant pursuant to a transaction described
in, and in a manner consistent with, Code
Section 424(a).

 

 

9

 

 

(ii)

Waiting Period and Exercise
Dates. At the time an Option is granted, the Administrator
will fix the period within which the Option may be exercised and
will determine any conditions that must be satisfied before the
Option may be exercised.

 

(iii)

Form of Consideration. The
Administrator will determine the acceptable form of consideration
for exercising an Option, including the method of payment. In the
case of an Incentive Stock Option, the Administrator will determine
the acceptable form of consideration at the time of grant. Such
consideration may consist entirely of: (1) cash; (2) check; (3)
promissory note; to the extent permitted by Applicable Laws; (4)
other Shares, provided that such Shares have a Fair Market Value on
the date of surrender equal to the aggregate exercise price of the
Shares as to which such Option will be exercised and provided
further that accepting such Shares will not result in any adverse
accounting consequences to the Company, as the Administrator
determines in its sole discretion; (5) consideration received by
the Company under a broker assisted (or other) cashless exercise
program (whether through a broker or otherwise) implemented by the
Company in connection with this Plan; (6) by net exercise; (7) such
other consideration and method of payment for the issuance of
Shares to the extent permitted by Applicable Laws; or (8) any
combination of the foregoing methods of payment. In making its
determination as to the type of consideration to accept, the
Administrator will consider if acceptance of such consideration may
be reasonably expected to benefit the Company.

 

(g)

Exercise of Option.

 

(i)

Procedure for Exercise; Rights as a
Shareholder. Any Option granted hereunder will be
exercisable according to the terms of this Plan and at such times
and under such conditions as determined by the Administrator and
set forth in the Award Agreement. An Option may not be exercised
for a fraction of a Share. An Option will be deemed exercised when
the Company receives: (i) notice of exercise (in such form as
the Administrator may specify from time to time) from the person
entitled to exercise the Option, and (ii) full payment for the
Shares with respect to which the Option is exercised (together with
applicable tax withholding). Full payment may consist of any
consideration and method of payment authorized by the Administrator
and permitted by the Award Agreement and this Plan. Shares issued
upon exercise of an Option will be issued in the name of the
Participant or, if requested by the Participant, in the name of the
Participant and his or her spouse. Until the Shares are issued (as
evidenced by the appropriate entry on the books of the Company or
of a duly authorized transfer agent of the Company), no right to
vote or receive dividends or any other rights as a shareholder will
exist with respect to the Shares subject to an Option,
notwithstanding the exercise of the Option. The Company will issue
(or cause to be issued) such Shares promptly after the Option is
exercised. No adjustment will be made for a dividend or other right
for which the record date is prior to the date the Shares are
issued, except as provided in Section
4.05. Exercising an Option in any manner will decrease the
number of Shares thereafter available, both for purposes of this
Plan and for sale under the Option, by the number of Shares as to
which the Option is exercised.

 

(ii)

Termination of Relationship as a
Service Provider. If a Participant ceases to be a Service
Provider, other than upon the Participant’s termination as
the result of the Participant’s death or Disability, the
Participant may exercise his or her Option within such period of
time as is specified in the Award Agreement to the extent that the
Option is vested on the date of termination (but in no event later
than the expiration of the term of such Option as set forth in the
Award Agreement). In the absence of a specified time in the Award
Agreement, the Option will remain exercisable for three
(3) months following the Participant’s termination.
Unless otherwise provided by the Administrator, if on the date of
termination the Participant is not vested as to his or her entire
Option, the Shares covered by the unvested portion of the Option
will revert to this Plan. If after termination the Participant does
not exercise his or her Option within the time specified by the
Administrator, the Option will terminate, and the Shares covered by
such Option will revert to this Plan.

 

(iii)

Disability of Participant. If a
Participant ceases to be a Service Provider as a result of the
Participant’s Disability, the Participant may exercise his or
her Option within such period of time as is specified in the Award
Agreement to the extent the Option is vested on the date of
termination (but in no event later than the expiration of the term
of such Option as set forth in the Award Agreement). In the absence
of a specified time in the Award Agreement, the Option will remain
exercisable for twelve (12) months following the
Participant’s termination. Unless otherwise provided by the
Administrator, if on the date of termination the Participant is not
vested as to his or her entire Option, the Shares covered by the
unvested portion of the Option will revert to this Plan. If after
termination the Participant does not exercise his or her Option
within the time specified herein, the Option will terminate, and
the Shares covered by such Option will revert to this
Plan.

 

(iv)

Death of Participant. If a
Participant dies while a Service Provider, the Option may be
exercised following the Participant’s death within such
period of time as is specified in the Award Agreement to the extent
that the Option is vested on the date of death (but in no event may
the option be exercised later than the expiration of the term of
such Option as set forth in the Award Agreement), by the
Participant’s designated beneficiary, provided such
beneficiary has been designated prior to Participant’s death
in a form acceptable to the Administrator. If no such beneficiary
has been designated by the Participant, then such Option may be
exercised by the personal representative of the Participant’s
estate or by the person(s) to whom the Option is transferred
pursuant to the Participant’s will or in accordance with the
laws of descent and distribution. In the absence of a specified
time in the Award Agreement, the Option will remain exercisable for
twelve (12) months following Participant’s death. Unless
otherwise provided by the Administrator, if at the time of death
Participant is not vested as to his or her entire Option, the
Shares covered by the unvested portion of the Option will
immediately revert to this Plan. If the Option is not so exercised
within the time specified herein, the Option will terminate, and
the Shares covered by such Option will revert to this
Plan.

 

10

 

 

Section
3.02 Stock Appreciation
Rights.

 

(a) 

Grant of Stock Appreciation Rights.
Subject to the terms and conditions of this Plan, a Stock
Appreciation Right may be granted to Service Providers at any time
and from time to time as will be determined by the Administrator,
in its sole discretion.

 

(b)

Number of Shares. The Administrator
will have complete discretion to determine the number of Shares
subject to any Award of Stock Appreciation Rights.

 

(c)

Exercise Price and Other Terms. The per
Share exercise price for the Shares that will determine the amount
of the payment to be received upon exercise of a Stock Appreciation
Right as set forth in Section 3.02(f)
will be determined by the Administrator and will be no less than
one hundred percent (100%) of the Fair Market Value per Share on
the date of grant. Otherwise, the Administrator, subject to the
provisions of this Plan, will have complete discretion to determine
the terms and conditions of Stock Appreciation Rights granted under
this Plan. Stock Appreciation Rights which have become exercisable may be exercised by
delivery of written or electronic notice of exercise to the Company
in accordance with the terms of the Award Agreement, specifying the
number of Stock Appreciation Rights to be exercised and the date on which such
Stock Appreciation Rights were awarded
and vested.

 

(d)

Stock Appreciation Right Agreement.
Each Stock Appreciation Right grant will be evidenced by an Award
Agreement that will specify the exercise price, the term of the
Stock Appreciation Right, the conditions of exercise, and such
other terms and conditions as the Administrator, in its sole
discretion, will determine.

 

(e)

Expiration of Stock Appreciation
Rights. A Stock Appreciation Right granted under this Plan
will expire upon the date determined by the Administrator, in its
sole discretion, and set forth in the Award Agreement.
Notwithstanding the foregoing, the rules of Section 3.01(e) relating to the maximum term
and Section 3.01(g) relating to
exercise also will apply to Stock Appreciation Rights.

 

(f)

Payment of Stock Appreciation Right
Amount. Upon exercise of a Stock Appreciation Right, a
Participant will be entitled to receive payment from the Company in
an amount determined by multiplying (i) the difference between the
Fair Market Value of a Share on the date of exercise over the
exercise price; and (ii) the number of Shares with respect to which
the Stock Appreciation Right is exercised. At the discretion of the
Administrator, the payment upon Stock Appreciation Right exercise
may be in cash, in Shares of equivalent value, or in some
combination thereof.

 

(g)

Deemed Exercise of Stock Appreciation
Rights. If, on the date on which a Stock Appreciation Rights
would otherwise terminate or expire, the Stock Appreciation Right
by its terms remains exercisable immediately prior to such
termination or expiration and, if so exercised, would result in a
payment to the holder of such Stock Appreciation Right, then any
portion of such Stock Appreciation Right which has not previously
been exercised shall automatically be deemed to be exercised as of
such date with respect to such portion.

 

Section
3.03 Restricted Stock.

 

(a) 

Grant of Restricted Stock. Subject to
the terms and provisions of this Plan, the Administrator, at any
time and from time to time, may grant Shares of Restricted Stock to
Service Providers in such amounts as the Administrator, in its sole
discretion, will determine.

 

(b)

Restricted Stock Agreement. Each Award
of Restricted Stock will be evidenced by an Award Agreement that
will specify the Period of Restriction, the number of Shares
granted, and such other terms and conditions as the Administrator,
in its sole discretion, will determine. Unless the Administrator
determines otherwise, the Company as escrow agent will hold Shares
of Restricted Stock until the restrictions on such Shares have
lapsed.

 

(c)

Transferability. Except as provided in
this Section 3.03 or as the
Administrator determines, Shares of Restricted Stock may not be
sold, transferred, pledged, assigned, or otherwise alienated or
hypothecated until the end of the applicable Period of
Restriction.

 

(d)

Other Restrictions. The Administrator,
in its sole discretion, may impose such other restrictions on
Shares of Restricted Stock as it may deem advisable or
appropriate.

 

 

11

 

 

(e)

Removal of Restrictions. Except as
otherwise provided in this Section
3.03, Shares of Restricted Stock covered by each Restricted
Stock grant made under this Plan will be released from escrow as
soon as practicable after the last day of the Period of Restriction
or at such other time as the Administrator may determine. The
Administrator, in its discretion, may accelerate the time at which
any restrictions will lapse or be removed.

 

(f)

Voting Rights. During the Period of
Restriction, Service Providers holding Shares of Restricted Stock
granted hereunder may exercise full voting rights with respect to
those Shares, unless the Administrator determines
otherwise.

 

(g)

Dividends and Other Distributions.
During the Period of Restriction, Service Providers holding Shares
of Restricted Stock will be entitled to receive all dividends and
other distributions paid with respect to such Shares, unless the
Administrator provides otherwise. If any such dividends or
distributions are paid in Shares, the Shares will be subject to the
same restrictions on transferability and forfeitability as the
Shares of Restricted Stock with respect to which they were
paid.

 

(h)

Return of Restricted Stock to Company.
On the date set forth in the Award Agreement, the Restricted Stock
for which restrictions have not lapsed will revert to the Company
and again will become available for grant under this
Plan.

 

Section 
3.04 Restricted Stock
Units.

 

(a) 

Grant. Restricted Stock Units may be granted at any
time and from time to time as determined by the Administrator.
After the Administrator determines that it will grant Restricted
Stock Units under this Plan, it will advise the Participant in an
Award Agreement of the terms, conditions, and restrictions related
to the grant, including the number of Restricted Stock
Units.

 

(b)

Vesting Criteria and Other
Terms. The Administrator will
set vesting criteria in its discretion, which, depending on the
extent to which the criteria are met, will determine the number of
Restricted Stock Units that will be paid out to the Participant.
The Administrator may set vesting criteria based upon the
achievement of Company-wide, divisional, business unit, or
individual goals (including, but not limited to, continued
employment or service), applicable federal or state securities
laws, or any other basis determined by the Administrator in its
discretion.

 

(c)

Earning Restricted Stock
Units. Upon meeting the
applicable vesting criteria, the Participant will be entitled to
receive a payout as determined by the Administrator or as set forth
in the applicable Award Agreement. Notwithstanding the foregoing,
at any time after the grant of Restricted Stock Units, the
Administrator, in its sole discretion, may reduce or waive any
vesting criteria that must be met to receive a
payout.

 

(d)

Form and Timing of
Payment. Payment of earned
Restricted Stock Units will be made as soon as practicable after
the date(s) determined by the Administrator and set forth in the
Award Agreement. The Administrator, in its sole discretion, may
settle earned Restricted Stock Units in cash, Shares, or a
combination of both.

 

(e)

Voting Rights, Dividend
Equivalent Rights and Distributions. Participants shall have no voting rights with
respect to Shares represented by Restricted Stock Units until the
date of the issuance of such shares (as evidenced by the
appropriate entry on the books of the Company or of a duly
authorized transfer agent of the Company). However, the
Administrator, in its discretion, may provide in the Award
Agreement evidencing any Restricted Stock Unit Award that the
Participant shall be entitled to Dividend Equivalent Rights with
respect to the payment of cash dividends on Stock during the period
beginning on the date such Award is granted and ending, with
respect to each share subject to the Award, on the earlier of the
date the Award is settled or the date on which it is terminated.
Dividend Equivalent Rights, if any, shall be paid by crediting the
Participant with a cash amount or with additional whole Restricted
Stock Units as of the date of payment of such cash dividends on
Stock, as determined by the Administrator. The number of additional
Restricted Stock Units (rounded to the nearest whole number), if
any, to be credited shall be determined by dividing (a) the amount
of cash dividends paid on the dividend payment date with respect to
the number of Shares represented by the Restricted Stock Units
previously credited to the Participant by (b) the Fair Market Value
per Share on such date. Such cash amount or additional Restricted
Stock Units shall be subject to the same terms and conditions and
shall be settled in the same manner and at the same time as the
Restricted Stock Units originally subject to the Restricted Stock
Unit Award. In the event of a dividend or distribution paid in
Shares or other property or any other adjustment made upon a change
in the capital structure of the Company as described in
Section
4.05, appropriate
adjustments shall be made in the Participant’s Restricted
Stock Unit Award so that it represents the right to receive upon
settlement any and all new, substituted or additional securities or
other property (other than regular, periodic cash dividends) to
which the Participant would be entitled by reason of the Shares
issuable upon settlement of the Award, and all such new,
substituted or additional securities or other property shall be
immediately subject to the same vesting conditions as are
applicable to the Award.

 

(f)

Cancellation.
On the date set forth in the Award Agreement, all unearned
Restricted Stock Units will be forfeited to the
Company.

 

 

12

 

 

Section
3.05 Performance Units and Performance
Shares.

 

(a) 

Issuance. Performance Awards may be
granted to Service Providers at any time and from time to time, as
will be determined by the Administrator, in its sole discretion.
The Administrator will have complete discretion in determining the
number of Performance Units and Performance Shares granted to each
Participant.

 

(b)

Value of Performance Units/Shares. Each
Performance Unit will have an initial value that is established by
the Administrator on or before the date of grant. Each Performance
Share will have an initial value equal to the Fair Market Value of
a Share on the date of grant.

 

(c)

Performance Objectives and Other Terms.
The Administrator will set performance objectives or other vesting
provisions (including, without limitation, continued status as a
Service Provider) in its discretion which, depending on the
extent to which they are met, will determine the number or value of
Performance Units/Shares that will be paid out to the Service
Providers. The time period during which the performance objectives
or other vesting provisions must be met will be called the
“Performance Period.” Each Performance Awards will be
evidenced by an Award Agreement that will specify the Performance
Period, and such other terms and conditions as the Administrator,
in its sole discretion, will determine.

 

(d)

Performance Targets and Goals. The
Administrator may set performance objectives based upon the
achievement of Company-wide, divisional, business unit or
individual goals (including, but not limited to, continued
employment or service), applicable federal or state securities
laws, or any other basis determined by the Administrator in its
discretion (“Performance Goals”). Performance Goals
shall be established by the Administrator on the basis of targets
to be attained (“Performance Targets”) with respect to
one or more measures of business or financial performance (each, a
“Performance Measure”), subject to the
following:

 

(i)

Performance
Measures.
Performance Measures shall be calculated in accordance with the
Company’s financial statements, or, if such measures are not
reported in the Company’s financial statements, they shall be
calculated in accordance with generally accepted accounting
principles, a method used generally in the Company’s
industry, or in accordance with a methodology established by the
Administrator prior to the grant of the Performance Award. As
specified by the Administrator, Performance Measures may be
calculated with respect to the Company and its Subsidiaries
consolidated therewith for financial reporting purposes, one or
more Subsidiaries or such division or other business unit of any of
them selected by the Administrator. Unless otherwise determined by
the Administrator prior to the grant of the Performance Award, the
Performance Measures applicable to the Performance Award shall be
calculated prior to the accrual of expense for any Performance
Award for the same Performance Period and excluding the effect
(whether positive or negative) on the Performance Measures of any
change in accounting standards or any unusual or infrequently
occurring event or transaction, as determined by the Administrator,
occurring after the establishment of the Performance Goals
applicable to the Performance Award. Each such adjustment, if any,
shall be made solely for the purpose of providing a consistent
basis from period to period for the calculation of Performance
Measures in order to prevent the dilution or enlargement of the
Participant’s rights with respect to a Performance Award.
Performance Measures may be based upon one or more of the
following, as determined by the Administrator: (1) revenue; (2)
sales; (3) expenses; (4) operating income; (5) gross margin; (6)
operating margin; (7) earnings before any one or more of:
stock-based compensation expense, interest, taxes, depreciation and
amortization; (8) pre-tax profit; (9) net operating income; (10)
net income; (11) economic value added; (12) free cash flow; (13)
operating cash flow; (14) balance of cash, cash equivalents and
marketable securities; (15) stock price; (16) earnings per share;
(17) return on shareholder equity; (18) return on capital; (19)
return on assets; (20) return on investment; (21) total shareholder
return; (22) employee satisfaction; (23) employee retention; (24)
market share; (25) customer satisfaction; (26) product development;
(27) research and development expenses; (28) completion of an
identified special project; and (29) completion of a joint venture
or other corporate transaction.

 

(ii)

Performance Targets.
Performance Targets may include a minimum, maximum, target level
and intermediate levels of performance, with the final value of a
Performance Award determined under the applicable Performance Award
Formula by the Performance Target level attained during the
applicable Performance Period. A Performance Target may be stated
as an absolute value, an increase or decrease in a value, or as a
value determined relative to an index, budget or other standard
selected by the Administrator.

 

(e)

Earning of Performance Units/Shares.
After the applicable Performance Period has ended, the holder of
Performance Units/Shares will be entitled to receive a payout of
the number of Performance Units/Shares earned by the Participant
over the Performance Period, to be determined as a function of the
extent to which the corresponding performance objectives or other
vesting provisions have been achieved. After the grant of a
Performance Unit/Share, the Administrator, in its sole discretion,
may reduce or waive any performance objectives or other vesting
provisions for such Performance Unit/Share.

 

(f)

Form and Timing of Payment of Performance
Units/Shares. Payment of earned Performance Units or
Performance Shares will be made as soon as practicable after the
expiration of the applicable Performance Period. The Administrator,
in its sole discretion, may pay earned Performance Units/Shares in
the form of cash, in Shares (which have an aggregate Fair Market
Value equal to the value of the earned Performance Units/Shares at
the close of the applicable Performance Period) or in a
combination thereof.

 

(g)

Cancellation of Performance
Units/Shares. On the date set forth in the Award Agreement,
all unearned or unvested Performance Units or Performance Shares
will be forfeited to the Company, and again will be available for
grant under this Plan.

 

 

13

 

 

(h)

Qualified Performance-Based Awards.
Restricted Stock and Restricted Stock Units granted to officers and
Employees of the Company or any Parent or Subsidiary of the Company
(within the meaning of Code Section 424) may be granted with the
intent that the award satisfy the “Performance-Based
Exception” (any such award intended to satisfy the
Performance-Based Exception, a “Qualified Performance-Based
Award”). The grant, vesting, or payment of a Qualified
Performance-Based Awards may depend on the degree of achievement of
one or more performance goals relative to a pre-established
targeted level or levels using one or more performance targets as
determined by the Administrator (on an absolute or relative
(including, without limitation, relative to the performance of one
or more other companies or upon comparisons of any of the
indicators of performance relative to one or more other companies)
basis, any of which may also be expressed as a growth or decline
measure relative to an amount or performance for a prior date or
period) for the Company on a consolidated basis or for one or more
of the Company’s Subsidiaries, segments, divisions, or
business or operational units, or any combination of the foregoing.
The performance period applicable to any Performance Units or
Performance Shares may not be less than three (3) months nor more
than ten (10) years. To satisfy the Performance-Based Exception,
the performance measure(s) applicable to the Qualified
Performance-Based Award and specific performance formula, goal or
goals (“targets”), including must be established and
approved by the Administrator during the first ninety (90) days of
the applicable Performance Period (and, in the case of Performance
Periods of less than one year, in no event after 25% or more of the
Performance Period has elapsed) and while performance relating to
such target(s) remains substantially uncertain within the meaning
of Section 162(m) of the Code.

 

(i)

Voting Rights; Dividend Equivalent Rights and
Distributions. Participants shall have no voting rights with
respect to Shares represented by Performance Share Awards until the
date of the issuance of such Shares, if any (as evidenced by the
appropriate entry on the books of the Company or of a duly
authorized transfer agent of the Company). However, the
Administrator, in its discretion, may provide in the Award
Agreement evidencing any Performance Share Award that the
Participant shall be entitled to Dividend Equivalent Rights with
respect to the payment of cash dividends on Stock during the period
beginning on the date the Award is granted and ending, with respect
to each share subject to the Award, on the earlier of the date on
which the Performance Shares are settled or the date on which they
are forfeited. Such Dividend Equivalent Rights, if any, shall be
credited to the Participant either in cash or in the form of
additional whole Performance Shares as of the date of payment of
such cash dividends on Stock, as determined by the Administrator.
The number of additional Performance Shares (rounded to the nearest
whole number), if any, to be so credited shall be determined by
dividing (a) the amount of cash dividends paid on the dividend
payment date with respect to the number of Shares represented by
the Performance Shares previously credited to the Participant by
(b) the Fair Market Value per Share on such date. Dividend
Equivalent Rights, if any, shall be accumulated and paid to the
extent that the related Performance Shares become nonforfeitable.
Settlement of Dividend Equivalent Rights may be made in cash,
Shares, or a combination thereof as determined by the
Administrator, and may be paid on the same basis as settlement of
the related Performance Share as provided in Section 3.05(e). Dividend Equivalent Rights
shall not be paid with respect to Performance Units. In the event
of a dividend or distribution paid in Shares or other property or
any other adjustment made upon a change in the capital structure of
the Company as described in Section
4.05, appropriate adjustments shall be made in the
Participant’s Performance Share Award so that it represents
the right to receive upon settlement any and all new, substituted
or additional securities or other property (other than regular,
periodic cash dividends) to which the Participant would be entitled
by reason of the Shares issuable upon settlement of the Performance
Share Award, and all such new, substituted or additional securities
or other property shall be immediately subject to the same
Performance Goals as are applicable to the Award.

 

Section
3.06 Cash-Based Awards and Other
Stock-Based Awards.

 

 Cash-Based
Awards and Other Stock-Based Awards shall be evidenced by Award
Agreements in such form as the Administrator shall establish. Such
Award Agreements may incorporate all or any of the terms of this
Plan by reference and shall comply with and be subject to the
following terms and conditions.

 

(a)

Grant of Cash-Based Awards. Subject to
the provisions of this Plan, the Administrator, at any time and
from time to time, may grant Cash-Based Awards to Participants in
such amounts and upon such terms and conditions, including the
achievement of performance criteria, as the Administrator may
determine.

 

(b)

Grant of Other Stock-Based Awards. The
Administrator may grant other types of equity-based or
equity-related Awards not otherwise described by the terms of this
Plan (including the grant or offer for sale of unrestricted
securities, stock-equivalent units, stock appreciation units,
securities or debentures convertible into common stock or other
forms determined by the Administrator) in such amounts and subject
to such terms and conditions as the Administrator shall determine.
Other Stock-Based Awards may be made available as a form of payment
in the settlement of other Awards or as payment in lieu of
compensation to which a Participant is otherwise entitled. Other
Stock-Based Awards may involve the transfer of actual Shares to
Participants, or payment in cash or otherwise of amounts based on
the value of a Share and may include, without limitation, Awards
designed to comply with or take advantage of the applicable local
laws of jurisdictions other than the United States.

 

(c)

Value of Cash-Based and Other Stock-Based
Awards. Each Cash-Based Award shall specify a monetary
payment amount or payment range as determined by the Administrator.
Each Other Stock-Based Award shall be expressed in terms of Shares
or units based on such Shares, as determined by the Administrator.
The Administrator may require the satisfaction of such Service
requirements, conditions, restrictions or performance criteria,
including, without limitation, Performance Goals as described in
Section 3.05, as shall be established
by the Administrator and set forth in the Award Agreement
evidencing such Award. If the Administrator exercises its
discretion to establish performance criteria, the final value of
Cash-Based Awards or Other Stock-Based Awards that will be paid to
the Participant will depend on the extent to which the performance
criteria are met. The establishment of performance criteria with
respect to the grant or vesting of any Cash-Based Award or Other
Stock-Based Award intended to result in Performance-Based
Compensation shall follow procedures substantially equivalent to
those applicable to Performance Awards set forth in Section 3.05.

 

 

14

 

 

(d)

Payment or Settlement of Cash-Based Awards and
Other Stock-Based Awards. Payment or settlement, if any,
with respect to a Cash-Based Award or an Other Stock-Based Award
shall be made in accordance with the terms of the Award, in cash,
Shares or other securities or any combination thereof as the
Administrator determines. The determination and certification of
the final value with respect to any Cash-Based Award or Other
Stock-Based Award intended to result in Performance-Based
Compensation shall comply with the requirements applicable to
Performance Awards set forth in Section 3.05. To the extent
applicable, payment or settlement with respect to each Cash-Based
Award and Other Stock-Based Award shall be made in compliance with
the requirements of Section 409A.

 

(e)

Voting Rights; Dividend Equivalent Rights and
Distributions. Participants shall have no voting rights with
respect to Shares represented by Other Stock-Based Awards until the
date of the issuance of such Shares (as evidenced by the
appropriate entry on the books of the Company or of a duly
authorized transfer agent of the Company), if any, in settlement of
such Award. However, the Administrator, in its discretion, may
provide in the Award Agreement evidencing any Other Stock-Based
Award that the Participant shall be entitled to Dividend Equivalent
Rights with respect to the payment of cash dividends on Stock
during the period beginning on the date such Award is granted and
ending, with respect to each share subject to the Award, on the
earlier of the date the Award is settled or the date on which it is
terminated. Such Dividend Equivalent Rights, if any, shall be paid
in accordance with the provisions set forth in Section 3.04(e). Dividend Equivalent Rights
shall not be granted with respect to Cash-Based Awards. In the
event of a dividend or distribution paid in Shares or other
property or any other adjustment made upon a change in the capital
structure of the Company as described in Section 4.05, appropriate adjustments shall be
made in the Participant’s Other Stock-Based Award so that it
represents the right to receive upon settlement any and all new,
substituted or additional securities or other property (other than
regular, periodic cash dividends) to which the Participant would be
entitled by reason of the Shares issuable upon settlement of such
Award, and all such new, substituted or additional securities or
other property shall be immediately subject to the same vesting
conditions and performance criteria, if any, as are applicable to
the Award.

 

(f)

Nontransferability of Cash-Based Awards and
Other Stock-Based Awards. Prior to the payment or settlement
of a Cash-Based Award or Other Stock-Based Award, the Award shall
not be subject in any manner to anticipation, alienation, sale,
exchange, transfer, assignment, pledge, encumbrance, or garnishment
by creditors of the Participant or the Participant’s
beneficiary, except transfer by will or by the laws of descent and
distribution. The Administrator may impose such additional
restrictions on any Shares issued in settlement of Cash-Based
Awards and Other Stock-Based Awards as it may deem advisable,
including, without limitation, minimum holding period requirements,
restrictions under applicable federal securities laws, under the
requirements of any stock exchange or market upon which such Shares
are then listed and/or traded, or under any state securities laws
or foreign law applicable to such Shares.

 

Section
3.07 Form of Award
Agreements.

 

 A
form of Award Agreement for a grant of Options is attached hereto
as Exhibit A, a form of Award Agreement for a grant of Stock
Appreciation Rights is attached hereto as Exhibit B, a form of
Award Agreement for a grant of Restricted Stock is attached hereto
as Exhibit C; and a form of Award Agreement for a grant of
Restricted Stock Units is attached hereto as Exhibit D, provided
that the Administrator shall have the discretion to modify such
forms and to replace such forms with any other agreement as
determined by the Administrator. In the event of a conflict between
the terms of any Award Agreement and the provisions in the body of
this Plan, the terms of the Award Agreement shall
control.

 

Article
IV.     Additional Provisions Applicable to
this Plan and Awards

 

Section
4.01         

Outside Director Limitations.

 

 No Outside
Director may be granted, in any Fiscal Year, Awards with a grant
date fair value (determined in accordance with U.S. generally
accepted accounting principles) of more than $750,000, increased to
$1,500,000 in connection with his or her initial service. Any
Awards granted to an individual while he or she was an Employee, or
while he or she was a Consultant but not an Outside Director, will
not count for purposes of the limitations under this Section 4.01.

 

Section
4.02 Compliance With Code
Section 409A.

 

 Awards will
be designed and operated in such a manner that they are either
exempt from the application of, or comply with, the requirements of
Code Section 409A such that the grant, payment, settlement or
deferral will not be subject to the additional tax or interest
applicable under Code Section 409A, except as otherwise
determined in the sole discretion of the Administrator. This Plan
and each Award Agreement under this Plan is intended to meet
the requirements of Code Section 409A and will be
construed and interpreted in accordance with such intent, except as
otherwise determined in the sole discretion of the Administrator.
To the extent that an Award or payment, or the settlement or
deferral thereof, is subject to Code Section 409A the Award
will be granted, paid, settled or deferred in a manner that will
meet the requirements of Code Section 409A, such that the
grant, payment, settlement or deferral will not be subject to the
additional tax or interest applicable under Code Section 409A.
In no event will the Company have any obligation under the terms of
this Plan to reimburse a Participant for any taxes or other costs
that may be imposed on Participant as a result of Section
409A.

 

 

15

 

 

Section
4.03 Leaves of Absence/Transfer Between
Locations.

 

 Unless the
Administrator provides otherwise, vesting of Awards granted
hereunder will be suspended during any unpaid leave of absence. A
Participant will not cease to be an Employee in the case of
(i) any leave of absence approved by the Company or
(ii) transfers between locations of the Company or between the
Company, its Parent, or any Subsidiary. For purposes of Incentive
Stock Options, no such leave may exceed three (3) months, unless
reemployment upon expiration of such leave is guaranteed by statute
or contract. If reemployment upon expiration of a leave of absence
approved by the Company is not so guaranteed, then six (6) months
following the first (1st) day of such leave,
any Incentive Stock Option held by the Participant will cease to be
treated as an Incentive Stock Option and will be treated for tax
purposes as a Nonstatutory Stock Option.

 

Section
4.04 Limited Transferability of
Awards.

 

 Unless
determined otherwise by the Administrator, Awards may not be sold,
pledged, assigned, hypothecated, or otherwise transferred in any
manner other than by will or by the laws of descent and
distribution, and may be exercised, during the lifetime of the
Participant, only by the Participant. If the Administrator makes an
Award transferable, such Award will contain such additional terms
and conditions as the Administrator deems appropriate.

 

Section
4.05 Adjustments; Dissolution, Merger,
Etc.

 

(a) 

Adjustments. In the event that any dividend or other
distribution (whether in the form of cash, Shares, other
securities, or other property), recapitalization, stock split,
reverse stock split, reorganization, merger, consolidation,
split-up, spin-off, combination, repurchase, or exchange of Shares
or other securities of the Company, or other change in the
corporate structure of the Company affecting the Shares occurs, the
Administrator, in order to prevent diminution or enlargement of the
benefits or potential benefits intended to be made available under
this Plan, will adjust the number and class of shares of stock that
may be delivered under this Plan and/or the number, class, and
price of shares of stock covered by each outstanding Award, and the
numerical Share limits of Section
2.01.

 

(b)

Dissolution or Liquidation. In the
event of the proposed dissolution or liquidation of the Company,
the Administrator will notify each Participant as soon as
practicable prior to the effective date of such proposed
transaction. To the extent it has not been previously exercised, an
Award will terminate immediately prior to the consummation of such
proposed action.

 

(c)

Change in Control.

 

(i)

In the event of a merger of the Company with or
into another corporation or other entity or a Change in Control,
each outstanding Award will be treated as the Administrator
determines (subject to the provisions of the following paragraph) without a
Participant’s consent, including, without limitation, that
(i) Awards will be assumed, or substantially equivalent awards
will be substituted, by the acquiring or succeeding corporation (or
an Affiliate thereof) with appropriate adjustments as to the number
and kind of shares and prices; (ii) upon written notice to a
Participant, that the Participant’s Awards will terminate
upon or immediately prior to the consummation of such merger or
Change in Control; (iii) outstanding Awards will vest and
become exercisable, realizable, or payable, or restrictions
applicable to an Award will lapse, in whole or in part prior to or
upon consummation of such merger or Change in Control, and, to the
extent the Administrator determines, terminate upon or immediately
prior to the effectiveness of such merger or Change in Control;
(iv) (A) the termination of an Award in exchange for an amount of
cash and/or property, if any, equal to the amount that would have
been attained upon the exercise of such Award or realization of the
Participant’s rights as of the date of the occurrence of the
transaction (and, for the avoidance of doubt, if as of the date of
the occurrence of the transaction the Administrator determines in
good faith that no amount would have been attained upon the
exercise of such Award or realization of the Participant’s
rights, then such Award may be terminated by the Company without
payment), or (B) the replacement of such Award with other
rights or property selected by the Administrator in its sole
discretion; or (v) any combination of the foregoing. In taking any
of the actions permitted under this Section
4.05(c), the Administrator
will not be obligated to treat all Awards, all Awards held by a
Participant, or all Awards of the same type,
similarly.

 

 

16

 

 

(ii)

In
the event that the successor corporation does not assume or
substitute for the Award (or portion thereof), the Participant will
fully vest in and have the right to exercise all of his or her
outstanding Options and Stock Appreciation Rights, including Shares
as to which such Awards would not otherwise be vested or
exercisable, all restrictions on Restricted Stock and Restricted
Stock Units will lapse, and, with respect to Awards with
performance-based vesting, all performance goals or other vesting
criteria will be deemed achieved at one hundred percent (100%) of
target levels and all other terms and conditions met, in all cases,
unless specifically provided otherwise under the applicable Award
Agreement or other written agreement between the Participant and
the Company or any of its Subsidiaries or Parents, as applicable.
In addition, if an Option or Stock Appreciation Right is not
assumed or substituted in the event of a merger or Change in
Control, the Administrator will notify the Participant in writing
or electronically that the Option or Stock Appreciation Right will
be exercisable for a period of time determined by the Administrator
in its sole discretion, and the Option or Stock Appreciation Right
will terminate upon the expiration of such period.

 

(iii)

For the purposes of this Section
4.05(c) and Section
4.05(d), an Award will be
considered assumed if, following the merger or Change in Control,
the Award confers the right to purchase or receive, for each Share
subject to the Award immediately prior to the merger or Change in
Control, the consideration (whether stock, cash, or other
securities or property) received in the merger or Change in Control by holders of Common
Stock for each Share held on the effective date of the transaction
(and if holders were offered a choice of consideration, the type of
consideration chosen by the holders of a majority of the
outstanding Shares); provided, however, that if such consideration
received in the merger or Change in Control is not solely common
stock of the successor corporation or its Parent, the Administrator
may, with the consent of the successor corporation, provide for the
consideration to be received upon the exercise of an Option or
Stock Appreciation Right or upon the payout of a Restricted Stock
Unit, Performance Unit, or Performance Share, for each Share
subject to such Award, to be solely common stock of the successor
corporation or its Parent equal in fair market value to the per
share consideration received by holders of Common Stock in the
merger or Change in Control.

 

(iv)

Notwithstanding
anything in this Section 4.05(c) to the
contrary, an Award that vests, is earned or paid-out upon the
satisfaction of one or more performance goals will not be
considered assumed if the Company or its successor modifies any of
such performance goals without the Participant’s
consent, in all cases, unless
specifically provided otherwise under the applicable Award
Agreement or other written agreement between the Participant and
the Company or any of its Subsidiaries or Parents, as
applicable; provided, however, a modification to such
performance goals only to reflect the successor corporation’s
post-Change in Control corporate structure will not be deemed to
invalidate an otherwise valid Award assumption.

 

(v)

Notwithstanding
anything in this Section 4.05(c) to the
contrary, and unless otherwise provided in an Award Agreement, if
an Award that vests, is earned or paid-out under an Award Agreement
is subject to Code Section 409A and if the change in control
definition contained in the Award Agreement does not comply with
the definition of “change of control” for purposes of a
distribution under Code Section 409A, then any payment of an amount
that is otherwise accelerated under this Section 4.05(c) will be delayed until the
earliest time that such payment would be permissible under Code
Section 409A without triggering any penalties applicable under Code
Section 409A.

 

(vi)

The Administrator
may, without affecting the number of Shares reserved or available
hereunder, authorize the issuance or assumption of benefits under
this Plan in connection with any merger, consolidation, acquisition
of property or stock, or reorganization upon such terms and
conditions as it may deem appropriate, subject to compliance with
Section 409A and any other applicable provisions of the
Code.

 

(d)

Outside Director Awards. In the event of a Change in Control, with respect
to Awards granted to an Outside Director, the Outside Directors
will fully vest in and have the right to exercise Options and/or
Stock Appreciation Rights as to all of the Shares underlying such
Award, including those Shares which would not otherwise be vested
or exercisable, all restrictions on Restricted Stock and Restricted
Stock Units will lapse, and, with respect to Awards with
performance-based vesting, all performance goals or other vesting
criteria will be deemed achieved at one hundred percent (100%) of
target levels and all other terms and conditions met, unless
specifically provided otherwise under the applicable Award
Agreement or other written agreement between the Participant and
the Company or any of its Subsidiaries or Parents, as
applicable.

 

 

17

 

 

Section
4.06 Tax
Withholding.

 

(a) 

Withholding Requirements. Prior to the
delivery of any Shares or cash pursuant to an Award (or exercise
thereof) or such earlier time as any tax withholding obligation is
due, the Company will have the power and the right to deduct or
withhold, or require a Participant to remit to the Company, an
amount sufficient to satisfy federal, state, local, non-U.S. or
other taxes (including the Participant’s FICA obligation)
required to be withheld with respect to such Award (or exercise
thereof).

 

(b)

Withholding Arrangements. The
Administrator, in its sole discretion and pursuant to such
procedures as it may specify from time to time, may permit a
Participant to satisfy such tax withholding obligation, in whole or
in part by such methods as the Administrator shall determine,
including, without limitation, (i) paying cash, (ii) electing
to have the Company withhold otherwise deliverable cash or Shares
having a fair market value equal to the minimum statutory amount
required to be withheld or such greater amount as the Administrator
may determine if such amount would not have adverse accounting
consequences, as the Administrator determines in its sole
discretion, (iii) delivering to the Company already-owned Shares
having a fair market value equal to the minimum statutory amount
required to be withheld or such greater amount as the Administrator
may determine, in each case, provided the delivery of such Shares
will not result in any adverse accounting consequences, as the
Administrator determines in its sole discretion, (iv) selling a sufficient number of Shares
otherwise deliverable to the Participant through such means as the
Administrator may determine in its sole discretion (whether through
a broker or otherwise) equal to the amount required to be withheld,
or (v) any combination of the foregoing methods of payment. The
amount of the withholding requirement will be deemed to include any
amount which the Administrator agrees may be withheld at the time
the election is made, not to exceed the amount determined by using
the maximum federal, state or local marginal income tax rates
applicable to the Participant with respect to the Award on the date
that the amount of tax to be withheld is to be determined or
such greater amount as the Administrator may determine if such
amount would not have adverse accounting consequences, as the
Administrator determines in its sole discretion. The fair market value of the Shares to be
withheld or delivered will be determined as of the date that the
taxes are required to be withheld.

 

Section
4.07 Compliance with Securities
Laws.

 

 The grant of
Awards and the issuance of Shares pursuant to any Award shall be
subject to compliance with all applicable requirements of federal,
state and foreign law with respect to such securities and the
requirements of any stock exchange or market system upon which the
Stock may then be listed. In addition, no Award may be exercised or
shares issued pursuant to an Award unless (a) a registration
statement under the Securities Act shall at the time of such
exercise or issuance be in effect with respect to the shares
issuable pursuant to the Award, or (b) in the opinion of legal
counsel to the Company, the shares issuable pursuant to the Award
may be issued in accordance with the terms of an applicable
exemption from the registration requirements of the Securities Act.
The inability of the Company to obtain from any regulatory body
having jurisdiction the authority, if any, deemed by the
Company’s legal counsel to be necessary to the lawful
issuance and sale of any shares under this Plan shall relieve the
Company of any liability in respect of the failure to issue or sell
such shares as to which such requisite authority shall not have
been obtained. As a condition to issuance of any Stock, the Company
may require the Participant to satisfy any qualifications that may
be necessary or appropriate, to evidence compliance with any
applicable law or regulation and to make any representation or
warranty with respect thereto as may be requested by the
Company.

 

Section
4.08 Tax Withholding.

 

(a) 

Tax Withholding in General. The Company
shall have the right to deduct from any and all payments made under
this Plan, or to require the Participant, through payroll
withholding, cash payment or otherwise, to make adequate provision
for, the federal, state, local and foreign taxes (including social
insurance), if any, required by law to be withheld by the Company
or any of its Affiliates with
respect to an Award or the Shares acquired pursuant thereto. The
Company shall have no obligation to deliver Shares, to release
Shares from an escrow established pursuant to an Award Agreement,
or to make any payment in cash under this Plan until the Company or
its Affiliate’s, as applicable, withholding obligations have
been satisfied by the Participant.

 

(b)

Withholding in or Directed Sale of
Shares. The Company shall have the right, but not the
obligation, to deduct from the Shares issuable to a Participant
upon the exercise or settlement of an Award, or to accept from the
Participant the tender of, a number of whole Shares having a Fair
Market Value, as determined by the Administrator, equal to all or
any part of the tax withholding obligations of any the Company or
its Affiliates, as applicable. The Fair Market Value of any Shares
withheld or tendered to satisfy any such tax withholding
obligations shall not exceed the amount determined by the
applicable minimum statutory withholding rates. The Administrator
may require a Participant to direct a broker, upon the vesting,
exercise or settlement of an Award, to sell a portion of the shares
subject to the Award determined by the Administrator in its
discretion to be sufficient to cover the tax withholding
obligations of the Company or its Affiliates, as applicable, and to
remit an amount equal to such tax withholding obligations to the
Company or its Affiliates, as applicable ,in cash.

 

 

18

 

 

Section
4.09 No Effect on Employment or
Service.

 

 Neither this
Plan nor any Award will confer upon a Participant any right with
respect to continuing the Participant’s relationship as a
Service Provider with the Company or its Subsidiaries or Parents,
as applicable, nor will they interfere in any way with the
Participant’s right or the right of the Company and its
Subsidiaries or Parents, as applicable to terminate such
relationship at any time, with or without cause, to the extent
permitted by Applicable Laws.

 

Section
4.10 Repurchase Rights

 

 Shares issued
under this Plan may be subject to one or more repurchase options,
or other conditions and restrictions as determined by the
Administrator in its discretion at the time the Award is granted.
The Company shall have the right to assign at any time any
repurchase right it may have, whether or not such right is then
exercisable, to one or more persons as may be selected by the
Company. Upon request by the Company, each Participant shall
execute any agreement evidencing such transfer restrictions prior
to the receipt of Shares hereunder and shall promptly present to
the Company any and all certificates representing Shares acquired
hereunder for the placement on such certificates of appropriate
legends evidencing any such transfer restrictions.

 

Section
4.11 Fractional Shares.

 

 The Company
shall not be required to issue fractional shares upon the exercise
or settlement of any Award.

 

Section
4.12 Forfeiture Events.

 

(a) 

All Awards under
this Plan will be subject to recoupment under any clawback policy
that the Company is required to adopt pursuant to the listing
standards of any national securities exchange or association on
which the Company’s securities are listed or as is otherwise
required by the Dodd-Frank Wall Street Reform and Consumer
Protection Act or other Applicable Laws. In addition, the
Administrator may impose such other clawback, recovery or
recoupment provisions in an Award Agreement as the Administrator
determines necessary or appropriate, including but not limited to a
reacquisition right regarding previously acquired Shares or other
cash or property. Unless this Section
4.12 is specifically mentioned and waived in an Award Agreement
or other document, no recovery of compensation under a clawback
policy or otherwise will be an event that triggers or contributes
to any right of a Participant to resign for “good
reason” or “constructive termination” (or similar
term) under any agreement with the Company or a Subsidiary or
Parent of the Company.

 

(b)

Notwithstanding any
other provision of this Plan or any Award Agreement to the
contrary, if the Participant’s service to the Company or any
of its Affiliates as a Service Provider is terminated for Cause,
then any Award which has no vested as of such time in accordance
with its terms shall automatically be forfeited and cancelled and
shall cease to vest, be exercisable or otherwise provide any
benefit to Participant.

 

(c)

The Administrator
may specify in an Award Agreement that the Participant’s
rights, payments, and benefits with respect to an Award will be
subject to reduction, cancellation, forfeiture, or recoupment upon
the occurrence additional of specified events, in addition to any
otherwise applicable vesting or performance conditions of an Award.
Such events may include, but will not be limited to, termination of
such Participant’s status as Service Provider for Cause or
any specified action or inaction by a Participant, whether before
or after such termination of service, that would constitute Cause
for termination of such Participant’s status as a Service
Provider.

 

Section
4.13 Date of Grant.

 

 The date of
grant of an Award will be, for all purposes, the date on which the
Administrator makes the determination granting such Award, or such
other later date as is determined by the Administrator. Notice of
the determination will be provided to each Participant within a
reasonable time after the date of such grant.

 

 

19

 

 

Section
4.14 Term of
Plan.

 

 This Plan
will become effective upon its adoption by the Board. It will
continue in effect for a term of ten (10) years from the date
adopted by the Board, unless terminated earlier under Section 4.15.

 

Section
4.15 Amendment and Termination of this
Plan.

 

(a) 

Amendment and Termination. The
Administrator may at any time amend, alter, suspend or terminate
this Plan.

 

(b)

Shareholder Approval. The Company will
obtain shareholder approval of any Plan amendment to the extent
necessary and desirable to comply with Applicable
Laws.

 

(c)

Effect of Amendment or Termination. No
amendment, alteration, suspension or termination of this Plan will
impair the rights of any Participant, unless mutually agreed
otherwise between the Participant and the Administrator, which
agreement must be in writing and signed by the Participant and the
Company. Termination of this Plan will not affect the
Administrator’s ability to exercise the powers granted to it
hereunder with respect to Awards granted under this Plan prior to
the date of such termination.

Section
4.16 Conditions Upon Issuance of
Shares.

 

(a) 

Legal Compliance. Shares will not be
issued pursuant to the exercise of an Award unless the exercise of
such Award and the issuance and delivery of such Shares will comply
with Applicable Laws and will be further subject to the approval of
counsel for the Company with respect to such
compliance.

 

(b)

Investment Representations. As a
condition to the exercise of an Award, the Company may require the
person exercising such Award to represent and warrant at the time
of any such exercise that the Shares are being purchased only for
investment and without any present intention to sell or distribute
such Shares if, in the opinion of counsel for the Company, such a
representation is required.

Section
4.17 Inability to Obtain
Authority.

 

 The inability
of the Company to obtain authority from any regulatory body having
jurisdiction or to complete or comply with the requirements of any
registration or other qualification of the Shares under any state,
federal or non-U.S. law or under the rules and regulations of the
Securities and Exchange Commission, the stock exchange on which
Shares of the same class are then listed, or any other governmental
or regulatory body, which authority, registration, qualification or
rule compliance is deemed by the Company’s counsel to be
necessary or advisable for the issuance and sale of any Shares
hereunder, will relieve the Company of any liability in respect of
the failure to issue or sell such Shares as to which such requisite
authority, registration, qualification or rule compliance will not
have been obtained.

 

Section
4.18 Shareholder
Approval.

 

 This Plan
will be presented for approval by the shareholders of the Company
within twelve (12) months after the date this Plan is adopted by
the Board. Such shareholder approval will be obtained in the manner
and to the degree required under Applicable Laws. No Option granted
under this Plan may be treated as an Incentive Stock Option if this
Plan is not approved by shareholders of the Company within twelve
(12) months after the date this Plan is adopted by the
Board.

 

 

20

 

 

Section
4.19 Retirement and Welfare
Plans.

 

 Neither
Awards made under this Plan nor Shares or cash paid pursuant to
such Awards may be included as “compensation” for
purposes of computing the benefits payable to any Participant under
the Company’s or any of its Affiliates’ retirement
plans (both qualified and non-qualified) or welfare benefit plans
unless such other plan expressly provides that such compensation
shall be taken into account in computing a Participant’s
benefit.

 

Section
4.20 Beneficiary
Designation.

 

 Subject to
local laws and procedures, each Participant may file with the
Company a written designation of a beneficiary who is to receive
any benefit under this Plan to which the Participant is entitled in
the event of such Participant’s death before he or she
receives any or all of such benefit. Each designation will revoke
all prior designations by the same Participant, shall be in a form
prescribed by the Company, and will be effective only when filed by
the Participant in writing with the Company during the
Participant’s lifetime. If a married Participant designates a
beneficiary other than the Participant’s spouse, the
effectiveness of such designation may be subject to the consent of
the Participant’s spouse. If a Participant dies without an
effective designation of a beneficiary who is living at the time of
the Participant’s death, the Company will pay any remaining
unpaid benefits to the Participant’s legal
representative.

 

Section
4.21 Severability.

 

 If any one or
more of the provisions (or any part thereof) of this Plan shall be
held invalid, illegal or unenforceable in any respect, such
provision shall be modified so as to make it valid, legal and
enforceable, and the validity, legality and enforceability of the
remaining provisions (or any part thereof) of this Plan shall not
in any way be affected or impaired thereby.

 

Section
4.22 No Constraint on Corporate
Action.

 

 Nothing in
this Plan shall be construed to: (a) limit, impair, or otherwise
affect the Company’s or any of its Affiliate’s right or
power to make adjustments, reclassifications, reorganizations, or
changes of its capital or business structure, or to merge or
consolidate, or dissolve, liquidate, sell, or transfer all or any
part of its business or assets; or (b) limit the right or power of
the Company any of its Affiliates to take any action which such
entity deems to be necessary or appropriate.

 

Section
4.23 Unfunded
Obligation.

 

 Participants
shall have the status of general unsecured creditors of the
Company. Any amounts payable to Participants pursuant to this Plan
shall be considered unfunded and unsecured obligations for all
purposes, including, without limitation, Title I of the Employee
Retirement Income Security Act of 1974. Neither the Company nor any
of its Affiliates shall be required to segregate any monies from
its general funds, or to create any trusts, or establish any
special accounts with respect to such obligations. The Company
shall retain at all times beneficial ownership of any investments,
including trust investments, which the Company may make to fulfill
its payment obligations hereunder. Any investments or the creation
or maintenance of any trust or any Participant account shall not
create or constitute a trust or fiduciary relationship between the
Administrator, the Company or any of its Affiliates and a
Participant, or otherwise create any vested or beneficial interest
in any Participant or the Participant’s creditors in any
assets of the Company or any of its Affiliates. The Participants
shall have no claim against the Company or any of its Affiliates
for any changes in the value of any assets which may be invested or
reinvested by the Company with respect to this Plan.

 

Section
4.24 Choice of Law.

 

 Except to the
extent governed by applicable federal law, the validity,
interpretation, construction and performance of this Plan and each
Award Agreement shall be governed by the laws of the State of
Nevada, without regard to its conflict of law rules.

 

 

***

 

 

21

 

 

Exhibit A

Form of Option Award Agreement

 

 

Sollensys Corp

Option Award Agreement

 

This
grant of an Award to purchase Shares (“Grant”) is made
as of [_______________] (the “Effective Date”) by
Sollensys Corp, a Nevada corporation (the “Company”)
under the Sollensys Corp 2021 Equity Incentive Plan (the
“Plan”), to [__________________] (the
“Participant”). Under applicable
provisions of the Internal Revenue Code of 1986, as amended, the
Option is treated as [an
incentive option][a non-qualified option].

 

 

By signing this cover sheet, you hereby accept the Option (as
defined below) and agree to all of the terms and conditions
described herein and in this Plan.

 

 

 

Participant
Name:                             
_____________________________

 

Signature:                                           ____________________________

 

 

 

Sollensys
Corp

 

By:           _________________________

 

Name:     
_________________________

 

Title:        
_________________________

 

 

This is not a stock certificate or a negotiable instrument. This
grant of Option is a

voluntary, revocable grant from the Company and Participant hereby
acknowledges that the Company has no obligation to make additional
grants in the future.

 

UPON RECEIPT OF YOUR SIGNED AGREEMENT, A BOOKKEEPING ENTRY WILL BE
ENTERED INTO THE COMPANY’S BOOKS AND RECORDS

TO EVIDENCE THE OPTIONS GRANTED TO YOU.

 

***

 

A-1

 

 

 

1.

Grant. As of
the Effective Date, the Company grants to the Participant an option
(the “Option”) to purchase on the terms and
conditions hereinafter set forth all or any part of an aggregate of
[________________] shares of
the Company’s Common
Stock, par value $0.001 per share, (the “Option Shares”), at the purchase price of
$[____________] per share (the “Option Price”). The Participant shall have the
cumulative right to exercise the Option, and the Option is only
exercisable, with respect to the following number of Option Shares
on or after the following dates:

 

	

Date

 

	

Number of Options Vested and Shares Which May be
Acquired

 

	
 

	
 

	
 

	
 

 

The
Administrator may, in its sole discretion, accelerate the date on
which the Participant may purchase Option Shares.

 

2.

Term. The
Option granted hereunder shall expire in all events at 5:00 p.m.,
Pacific time on [______________], unless sooner terminated as
provided in in this Section 2.

 

3.

Change in Accounting
Treatment. If the Administrator finds that a change in the
financial accounting treatment for options granted under this Plan
adversely affects the Company or, in the determination of the
Administrator, may adversely affect the Company in the foreseeable
future, the Administrator may, in its discretion, set an
accelerated termination date for the Option. In such event, the
Administrator may take whatever other action, including
acceleration of any exercise provisions, it deems
necessary.

 

4.

Blackout
Periods. The Administrator reserves the right to suspend or
limit the Participant’s
rights to exercise and sell Shares acquired through the exercise of
Options to comply with Applicable Requirements and any
Company’s insider trading
policy, any Applicable Law, or at any other times that it deems
appropriate.

 

5.

Transfers.
Except as otherwise provided herein or in any separate provisions
applicable to this Option, the Option is transferable by the
Participant only by will or pursuant to the laws of descent and
distribution in the event of the Participant’s death, in which event the Option
may be exercised by the heirs or legal representatives of the
Participant as set forth in this Plan. Any attempt at assignment,
transfer, pledge or disposition of the Option contrary to the
provisions hereof or the levy of any execution, attachment or
similar process upon the Option shall be null and void and without
effect. Any exercise of the Option by a Person other than the
Participant shall be accompanied by appropriate proofs of the right
of such person to exercise the Option.

 

6.

Adjustments on Changes
in Common Stock. In the event that, prior to the delivery by
the Company of all of the Option Shares in respect of which the
Option is granted, there shall be an increase or decrease in the
number of issued shares of Common Stock of the Company as a result
of a subdivision or consolidation of Shares or other capital
adjustment, or the payment of a stock dividend or other increase or
decrease in such Shares, effected without receipt of consideration
by the Company, the remaining number of Option Shares still subject
to the Option and the Option Price therefor shall be adjusted in a
manner determined by the Administrator so that the adjusted number
of Option Shares and the adjusted Option Price shall be the
substantial equivalent of the remaining number of Option Shares
still subject to the Option and the Option Price thereof prior to
such change. For purposes of this Section 7 no adjustment shall be
made as a result of the issuance of Common Stock upon the
conversion of other securities of the Company which are convertible
into Shares.

 

7.

Legal
Requirements. If the listing, registration or qualification
of the Option Shares upon any securities exchange or under any
federal or state law, or the consent or approval of any
governmental regulatory body is necessary as a condition of or in
connection with the purchase of such Option Shares, the Company
shall not be obligated to issue or deliver the certificates
representing the Option Shares as to which the Option has been
exercised unless and until such listing, registration,
qualification, consent or approval shall have been effected or
obtained. If registration is considered unnecessary by the Company
or its counsel, the Company may cause a legend to be placed on the
Option Shares being issued calling attention to the fact that they
have been acquired for investment and have not been
registered.

 

8.

Administration.
The Option has been granted pursuant to, and is subject to the
terms and provisions of, this Plan. All questions of interpretation
and application of this Plan and the Option shall be determined by
the Administrator, and such determination shall be final, binding
and conclusive. The Option shall not be treated as an incentive
stock option (as such term is defined in section 422(b) of the
Code) for federal income tax purposes unless expressly indicated as
same hereupon.

 

 A-2

 

 

9.

Severability.
Should a court of competent jurisdiction deem any of the provisions
in this Agreement to be unenforceable in any respect, it is the
intention of the parties to this Agreement that this Agreement be
deemed, without further action on the part of the parties hereto,
modified, amended and limited to the extent necessary to render the
same valid and enforceable. It is further the parties’ intent
that all provisions not deemed to be overbroad shall be given their
full force and effect. You acknowledge that you are freely,
knowingly and voluntarily entering into this Agreement after having
an opportunity for consultation with your own independent
counsel.

 

10.

Notices. Any
notice to be given to the Company shall be addressed to the
Administrator at its principal executive office, and any notice to
be given to the Participant shall be addressed to the Participant
at the address then appearing on the personnel or other records of
the Company, or at such other address as either party hereafter may
designate in writing to the other. Any such notice shall be deemed
to have been duly given when deposited in the United States mail,
addressed as aforesaid, registered or certified mail, and with
proper postage and registration or certification fees
prepaid.

 

11.

Reservation of Right to
Terminate. Nothing herein contained shall affect the right
of the Company or any Affiliate to terminate the Participant in its
applicable capacity as a Service Provider at any time for any
reason whatsoever.

 

12.

Choice of Law; Jurisdiction.
This Grant shall be governed by and construed and interpreted in
accordance with the substantive laws of the State of Nevada,
without giving effect to any conflicts of law rule or principle
that might require the application of the laws of another
jurisdiction. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF
OR BASED UPON THIS AGREEMENT SHALL BE INSTITUTED SOLELY IN THE
COURTS OF THE STATE OF FLORIDA OR THE FEDERAL COURTS OF THE UNITED
STATES, IN EACH LOCATED IN BREVARD COUNTY, FLORIDA AND EACH PARTY
IRREVOCABLY SUBMITS TO THE PERSONAL JURISDICTION OF SUCH COURTS IN
ANY SUCH SUIT, ACTION OR PROCEEDING.

 

13.

Taxes.
You agree to comply with the appropriate procedures established by
the Company, from time to time, to provide for payment or
withholding of such income or other taxes as may be required by law
to be paid or withheld in connection with the Options and exercise
thereof.

 

***

 

A-3

 

 

Exhibit B

 

Form of Stock Appreciation Right Award Agreement

 

 

Sollensys Corp

Stock Appreciation Rights Award Agreement

 

 

	

Number of SARs

	

Grant Date

	

Vesting Schedule

	
 

	
 

	
 

	
 

	
 

	
 

 

 Exercise Price:
$_______________ per share of Common Stock

 

Sollensys
Corp, a Nevada corporation (the “Company”), hereby
grants to [_________] (the “Participant”, also referred
to as “you”) Stock Appreciation Rights (the
“SAR”), pursuant to the terms of the attached Stock
Appreciation Rights Award Agreement and the Sollensys Corp 2021
Equity Incentive Plan (the “Plan”).

 

By signing this cover sheet, you agree to all of the terms and
conditions described in the attached Stock Appreciation Rights
Award Agreement and this Plan.

 

 

 

Participant:
_____________________________

 

Signature:
____________________________

 

 

 

Sollensys
Corp

 

By:           _________________________

 

Name:                      _________________________

 

Title:                      _________________________

 

 

This is not a stock certificate or a negotiable instrument. This
grant of SAR is a

voluntary, revocable grant from the Company and Participant hereby
acknowledges that the

Company has no obligation to make additional grants in the
future.

 

UPON RECEIPT OF YOUR SIGNED AGREEMENT, A BOOKKEEPING
ENTRY

WILL BE ENTERED INTO THE COMPANY’S BOOKS AND
RECORDS

TO EVIDENCE THE SAR GRANTED TO YOU.

 

 

 B-1

 

 

Sollensys Corp

 

 

STOCK APPRECIATION RIGHTS AWARD AGREEMENT

 

1.

SAR/Nontransferability.
This Stock Appreciation Rights Award Agreement (this
“Agreement”) evidences the grant to you on the Grant
Date set forth on the cover page of this Agreement the Stock
Appreciation Right as set forth therein (the “SAR”)
under the Sollensys Corp 2021 Equity Incentive Plan (the
“Plan”). These SARs represent the right to receive,
upon exercise thereof, an amount in cash as set forth in this Plan.
This SAR will NOT be credited with dividends to the extent
dividends are paid on the Common Stock of the Company. Your SAR may
not be transferred, assigned, pledged or hypothecated, whether by
operation of law or otherwise, nor may the SAR be made subject to
execution, attachment or similar process. Any capitalized, but
undefined, term used in this Agreement shall have the meaning
ascribed to it in this Plan.

 

2.

The
Plan. The SAR is issued in
accordance with and is subject to and conditioned upon all of the
terms and conditions of this Agreement and this Plan as amended
from time to time; provided, however, that no future amendment or
termination of this Plan shall, without your consent, alter or
impair any of your rights or obligations under this Plan, all of
which are incorporated by reference in this Agreement as if fully
set forth herein.

 

3.

Cash Value
Determination upon Vesting and Exercise. Subject to the terms and conditions set forth in
this Agreement, the SARs covered by this grant shall vest on the
vesting date set forth on the cover page of this Agreement,
provided the Participant is a Service Provider of the
Company on the Date of Vesting. The
payment of the value of the SARs shall be made no later than ten
(10) days following exercise. The payment of amounts with
respect to the SARs is subject to the provisions of this Plan and
to interpretations, regulations and determinations concerning this
Plan as established from time to time by the Administrator in
accordance with the provisions of this Plan, including, but not
limited to, provisions relating to (i) rights and obligations
with respect to withholding taxes, (ii) capital or other
changes of the Company and (iii) other requirements of
applicable law.

 

4.

No Shareholder
Rights. SARs are not Shares.
Neither the Participant, nor any Person entitled to exercise the
Participant’s rights in the event of the Participant’s
death, shall have any of the rights and privileges of a holder of
Shares.

 

5.

Severability.
Should a court of competent jurisdiction deem any of the provisions
in this Agreement to be unenforceable in any respect, it is the
intention of the parties to this Agreement that this Agreement be
deemed, without further action on the part of the parties hereto,
modified, amended and limited to the extent necessary to render the
same valid and enforceable. It is further the parties’ intent
that all provisions not deemed to be overbroad shall be given their
full force and effect. You acknowledge that you are freely,
knowingly and voluntarily entering into this Agreement after having
an opportunity for consultation with your own independent
counsel.

 

6.

Notices. Any
notice to be given to the Company shall be addressed to the
Administrator at its principal executive office, and any notice to
be given to the Participant shall be addressed to the Participant
at the address then appearing on the personnel or other records of
the Company, or at such other address as either party hereafter may
designate in writing to the other. Any such notice shall be deemed
to have been duly given when deposited in the United States mail,
addressed as aforesaid, registered or certified mail, and with
proper postage and registration or certification fees
prepaid.

 

7.

Reservation of Right to
Terminate. Nothing herein contained shall affect the right
of the Company or any Affiliate to terminate the Participant in its
applicable capacity as a Service Provider at any time for any
reason whatsoever.

 

8.

Choice of Law; Jurisdiction.
This Grant shall be governed by and construed and interpreted in
accordance with the substantive laws of the State of Nevada,
without giving effect to any conflicts of law rule or principle
that might require the application of the laws of another
jurisdiction. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF
OR BASED UPON THIS AGREEMENT SHALL BE INSTITUTED SOLELY IN THE
COURTS OF THE STATE OF FLORIDA OR THE FEDERAL COURTS OF THE UNITED
STATES, IN EACH LOCATED IN BREVARD COUNTY, FLORIDA AND EACH PARTY
IRREVOCABLY SUBMITS TO THE PERSONAL JURISDICTION OF SUCH COURTS IN
ANY SUCH SUIT, ACTION OR PROCEEDING.

 

9.

Taxes.
You agree to comply with the appropriate procedures established by
the Company, from time to time, to provide for payment or
withholding of such income or other taxes as may be required by law
to be paid or withheld in connection with the
SARs.

 

 

***

 

B-2

 

 

Exhibit C

 

Form of Restricted Stock Award Agreement

 

 

Sollensys Corp

Restricted Stock Award Agreement

 

 

	

Number of Shares

	

Grant Date

	

Vesting Schedule

	
 

	
 

	
 

	
 

	
 

	
 

 

Sollensys
Corp, a Nevada corporation (the “Company”), hereby
grants to [_________] (the “Participant”, also referred
to as “you”) shares of Restricted Stock (the
“Shares”), pursuant to the terms of the attached
Restricted Stock Award Agreement and the Sollensys Corp 2021 Equity
Incentive Plan (the “Plan”).

 

By signing this cover sheet, you agree to all of the terms and
conditions described in the attached Restricted Stock Award
Agreement and this Plan.

 

 

 

Participant:
_____________________________

 

Signature:
____________________________

 

 

 

Sollensys
Corp

 

By:           _________________________

 

Name:     
_________________________

 

Title:    
  
_________________________

 

 

This is not a stock certificate or a negotiable instrument. This
grant of Shares is a

voluntary, revocable grant from the Company and Participant hereby
acknowledges that the

Company has no obligation to make additional grants in the
future.

 

UPON RECEIPT OF YOUR SIGNED AGREEMENT, A BOOKKEEPING
ENTRY

WILL BE ENTERED INTO THE COMPANY’S BOOKS AND
RECORDS

TO EVIDENCE THE SHARES GRANTED TO YOU.

 

 

 

C-1

 

 

Sollensys Corp

 

 

RESTRICTED STOCK AWARD AGREEMENT

 

1.

Award.
This Restricted Stock Award Agreement (this
“Agreement”) evidences the grant to Participant on the
Grant Date set forth on the cover page of this Agreement the shares
of Restricted Stock as set forth therein (the “Shares”)
under the Sollensys Corp 2021 Equity Incentive Plan (the
“Plan”). Any capitalized, but undefined, term used in
this Agreement shall have the meaning ascribed to it in this
Plan.

 

2.

Non-Transferability of
the Shares. Your Shares may not
be transferred, assigned, pledged or hypothecated, whether by
operation of law or otherwise, nor may the Shares be made subject
to execution, attachment or similar process. Except as may be
required by federal income tax withholding provisions or by the tax
laws of any state, your interests (and the interests of your
beneficiaries, if any) under this Agreement are not subject to the
claims of your creditors and may not be voluntarily or
involuntarily sold, transferred, alienated, assigned, pledged,
anticipated, or encumbered. Any attempt to sell, transfer,
alienate, assign, pledge, anticipate, encumber, charge or otherwise
dispose of any right to benefits payable hereunder shall be void.
Your rights to your Shares are no greater than that of other
general, unsecured creditors of the Company.

 

3.

Vesting.
Subject to the terms and conditions set forth in this Agreement,
the Shares covered by this grant shall vest on the vesting date set
forth on the cover page of this Agreement, provided the Participant
is a Service Provider of the Company or a member of the
Company Group on the Date of
Vesting.

 

4.

Delivery of
Shares.

 

(a)

Vesting.
Shares that vest (together with any payment due pursuant to the
terms herein in respect of such Shares) shall be delivered to
Participant (or the person to whom ownership rights may have passed
by will or the laws of descent and distribution), on or as soon as
administratively practicable after, the date of such
vesting.

 

(b)

Certain
Limitations. Notwithstanding
the foregoing provisions of this Section 3,
delivery of Shares, if any, by reason of Participant’s
termination of employment shall be delayed until the six (6) month
anniversary of the date of Participant’s termination of
employment to the extent necessary to comply with Code Section
409A(a)(B)(i), and the determination of whether or not there has
been a termination of Participant’s employment with the
Company shall be made by the Administrator consistent with the
definition of “separation from service” (as that phrase
is used for purposes of Code Section 409A, and as set forth in
Treasury Regulation Section 1.409A-1(h)).

 

5.

Withholding
Taxes. Participant shall be
responsible to pay to the Company the amount of withholding taxes
as determined by the Company with respect to the date the Shares
are delivered. If Participant does not arrange for payment of the
applicable withholding taxes by providing such amount to the
Company in cash prior to the date established by the Company as the
deadline for such payment, Participant shall be treated as having
elected to relinquish to the Company a portion of the Shares that
would otherwise have been transferred to Participant having a fair
market value, based on the Fair Market Value of the Common Stock on
the business day immediately preceding the date of delivery of the
Shares, equal to the amount of such applicable withholding taxes,
in lieu of paying such amount to the Company in cash. Participant
authorizes the Company to withhold in accordance with applicable
law from any compensation payable to him or her any taxes required
to be withheld for federal, state or local law in connection with
this Agreement.

 

6.

Legal
Requirements. If the listing,
registration or qualification of Shares deliverable in respect of
an Shares upon any securities exchange or under any federal or
state law, or the consent or approval of any governmental
regulatory body is necessary as a condition of or in connection
with the issuance of such Shares, the Company shall not be
obligated to issue or deliver such Shares unless and until such
listing, registration, qualification, consent or approval shall
have been effected or obtained. If registration is considered
unnecessary by the Company or its counsel, the Company may cause a
legend to be placed on any Shares being issued calling attention to
the fact that they have been acquired for investment and have not
been registered. The Administrator may from time to time impose any
other conditions on the Shares it deems necessary or advisable to
ensure that Shares are issued and resold in compliance with the
Securities Act of 1933, as amended.

 

7.

Severability.
Should a court of competent jurisdiction deem any of the provisions
in this Agreement to be unenforceable in any respect, it is the
intention of the parties to this Agreement that this Agreement be
deemed, without further action on the part of the parties hereto,
modified, amended and limited to the extent necessary to render the
same valid and enforceable. It is further the parties’ intent
that all provisions not deemed to be overbroad shall be given their
full force and effect. You acknowledge that you are freely,
knowingly and voluntarily entering into this Agreement after having
an opportunity for consultation with your own independent
counsel.

 

8.

Notices. Any
notice to be given to the Company shall be addressed to the
Administrator at its principal executive office, and any notice to
be given to the Participant shall be addressed to the Participant
at the address then appearing on the personnel or other records of
the Company, or at such other address as either party hereafter may
designate in writing to the other. Any such notice shall be deemed
to have been duly given when deposited in the United States mail,
addressed as aforesaid, registered or certified mail, and with
proper postage and registration or certification fees
prepaid.

 

9.

Reservation of Right to
Terminate. Nothing herein contained shall affect the right
of the Company or any Affiliate to terminate the Participant in its
applicable capacity as a Service Provider at any time for any
reason whatsoever.

 

10.

Choice of Law; Jurisdiction.
This Grant shall be governed by and construed and interpreted in
accordance with the substantive laws of the State of Nevada,
without giving effect to any conflicts of law rule or principle
that might require the application of the laws of another
jurisdiction. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF
OR BASED UPON THIS AGREEMENT SHALL BE INSTITUTED SOLELY IN THE
COURTS OF THE STATE OF FLORIDA OR THE FEDERAL COURTS OF THE UNITED
STATES, IN EACH LOCATED IN BREVARD COUNTY, FLORIDA AND EACH PARTY
IRREVOCABLY SUBMITS TO THE PERSONAL JURISDICTION OF SUCH COURTS IN
ANY SUCH SUIT, ACTION OR PROCEEDING.

 

 

11.

Taxes.
You agree to comply with the appropriate procedures established by
the Company, from time to time, to provide for payment or
withholding of such income or other taxes as may be required by law
to be paid or withheld in connection with the Restricted
Stock.

 

 

***

 

C-2

 

 

Exhibit D

 

Form of Restricted Unit Award Agreement

 

 

Sollensys Corp

Restricted Unit Award Agreement

 

 

	

Number of Restricted Stock Units

	

Grant Date

	

Vesting Schedule/Performance Period/Performance Vesting
Requirements

	
 

	
 

	
 

	
 

	
 

	
 

 

Sollensys
Corp, a Nevada corporation (the “Company”), hereby
grants to [_________] (the “Participant”, also referred
to as “you”) the Restricted Stock Units (the
“Restricted Stock Units” or “RSUs”),
pursuant to the terms of the attached Restricted Unit Award
Agreement and the Sollensys Corp 2021 Equity Incentive Plan (the
“Plan”).

 

By signing this cover sheet, you agree to all of the terms and
conditions described in the attached Restricted Unit Award
Agreement and this Plan.

 

 

 

Participant:
_____________________________

 

Signature:
____________________________

 

 

 

Sollensys
Corp

 

By:           _________________________

 

Name:     _________________________

 

Title:      
_________________________

 

This is not a stock certificate or a negotiable instrument. This
grant of RSUs is a

voluntary, revocable grant from the Company and Participant hereby
acknowledges that the

Company has no obligation to make additional grants in the
future.

 

UPON RECEIPT OF YOUR SIGNED AGREEMENT, A BOOKKEEPING
ENTRY

WILL BE ENTERED INTO THE COMPANY’S BOOKS AND
RECORDS

TO EVIDENCE THE RSUs GRANTED TO YOU.

 

 

 

D-1

 

 

Sollensys Corp

 

 

RESTRICTED UNIT AWARD AGREEMENT

 

1.

Award.
This Restricted Unit Award Agreement (this “Agreement”)
evidences the grant to Participant on the Grant Date set forth on
the cover page of this Agreement the Restricted Stock Units as set
forth therein (the “Restricted Stock Units” or
“RSUs”) under the Sollensys Corp 2021 Equity Incentive
Plan (the “Plan”). As used herein, the term
“Restricted Stock Unit” or “RSU” shall mean
a non-voting unit of measurement which is deemed for bookkeeping
purposes to be equivalent to one outstanding Share solely for
purposes of this Plan and this Agreement. The Restricted Stock
Units shall be used solely as a device for the determination of the
payment to eventually be made to the Participant if such Restricted
Stock Units vest pursuant to this Award Agreement. The Restricted
Stock Units shall not be treated as property or as a trust fund of
any kind. Any capitalized, but undefined, term used in this
Agreement shall have the meaning ascribed to it in this
Plan.

 

2.

Non-Transferability of
the RSUs. Your RSUs may not be
transferred, assigned, pledged or hypothecated, whether by
operation of law or otherwise, nor may the RSUs be made subject to
execution, attachment or similar process. Except as may be required
by federal income tax withholding provisions or by the tax laws of
any state, your interests (and the interests of your beneficiaries,
if any) under this Agreement are not subject to the claims of your
creditors and may not be voluntarily or involuntarily sold,
transferred, alienated, assigned, pledged, anticipated, or
encumbered. Any attempt to sell, transfer, alienate, assign,
pledge, anticipate, encumber, charge or otherwise dispose of any
right to benefits payable hereunder shall be void. Your rights to
your RSUs are no greater than that of other general, unsecured
creditors of the Company.

 

3.

Vesting.
Subject to the terms and conditions set forth in this Agreement,
the RSUs covered by this grant shall vest on the vesting date set
forth on the cover page of this Agreement and subject to the
satisfaction or attainment of the performance criteria set forth
therein, if any, provided the Participant is employed by the
Company on the date of vesting. The Administrator may not
accelerate vesting of Restricted Stock Units for any
reason.

 

4.

Dividends.
Participant shall not be entitled to any cash, securities or
property that would have been paid or distributed as dividends with
respect to the RSUs subject to this Agreement prior to the date the
RSUs are delivered to Participant; provided, however, that the
Company shall keep a hypothetical account in which any such items
shall be recorded, and shall pay to Participant the amount of such
dividends (in cash or in kind as determined by the Company) on the
same date that the RSUs to which such payments or distributions
relate are required to be delivered under this
Agreement.

 

5.

Timing and Manner of
Payment on RSUs.

 

(a)

On
or as soon as administratively practical following the vesting
event pursuant to this Agreement (and in all events not later than
two and one-half (21⁄2) months after such vesting event), the
Company shall deliver to the Participant a number of Shares (either
by delivering one or more certificates for such Shares or by
entering such Shares in book entry form, as determined by the
Company in its discretion) equal to the number of Shares subject to
the RSU that vest on the Vesting Date, less any withholding or
expenses as set forth herein, or may settle the RSU in cash or
other payment as provided in this Plan, as determined by the
Administrator. The Company’s obligation to deliver Shares or
otherwise make payment with respect to vested RSUs is subject to
the condition precedent that the Participant or other person
entitled under this Plan to receive any Shares or payment with
respect to the vested RSUs deliver to the Company any
representations or other documents or assurances required pursuant
to this Plan. The Participant shall have no further rights with
respect to any RSUs that are paid or that terminate pursuant to
this Agreement or this Plan.

 

(b)

Certain
Limitations. Notwithstanding
the foregoing provisions of this Section 3,
delivery of Shares or other payment, if any, with respect to RSUs
by reason of Participant’s termination of employment shall be
delayed until the six (6) month anniversary of the date of
Participant’s termination of employment to the extent
necessary to comply with Code Section 409A(a)(B)(i), and the
determination of whether or not there has been a termination of
Participant’s employment with the Company shall be made by
the Administrator consistent with the definition of
“separation from service” (as that phrase is used for
purposes of Code Section 409A, and as set forth in Treasury
Regulation Section 1.409A-1(h)).

 

6.

Rights of
Participant. Participant shall
have none of the rights of a shareholder at any time prior to the
delivery of any Shares pursuant to the RSUs subject to this
Agreement, except as expressly set forth in this Plan or
herein.

 

7.

Withholding
Taxes. Participant shall be
responsible to pay to the Company the amount of withholding taxes
as determined by the Company with respect to the date the RSUs are
settled. If Participant does not arrange for payment of the
applicable withholding taxes by providing such amount to the
Company in cash prior to the date established by the Company as the
deadline for such payment, Participant shall be treated as having
elected to relinquish to the Company a portion of the Shares that
would otherwise have been transferred to Participant having a fair
market value, based on the Fair Market Value of the Common Stock on
the business day immediately preceding the date of delivery of the
Shares, equal to the amount of such applicable withholding taxes,
in lieu of paying such amount to the Company in cash, or an amount
in cash if the RSU is settled in cash. Participant authorizes the
Company to withhold in accordance with applicable law from any
compensation payable to him or her any taxes required to be
withheld for federal, state or local law in connection with this
Agreement.

 

8.

Legal
Requirements. If the listing,
registration or qualification of Shares deliverable in respect of
an RSU upon any Securities Exchange or any Applicable
Requirement, or the consent or
approval of any governmental regulatory body is necessary as a
condition of or in connection with the issuance of such Shares, the
Company shall not be obligated to issue or deliver such Shares
unless and until such Applicable Requirements shall have been
effected or obtained. If registration is considered unnecessary by
the Company or its counsel, the Company may cause a legend to be
placed on any Shares being issued calling attention to the fact
that they have been acquired for investment and have not been
registered. The Administrator may from time to time impose any
other conditions on the Shares it deems necessary or advisable to
ensure that Shares are issued and resold in compliance with the
Securities Act of 1933, as amended.

 

9.

Severability.
Should a court of competent jurisdiction deem any of the provisions
in this Agreement to be unenforceable in any respect, it is the
intention of the parties to this Agreement that this Agreement be
deemed, without further action on the part of the parties hereto,
modified, amended and limited to the extent necessary to render the
same valid and enforceable. It is further the parties’ intent
that all provisions not deemed to be overbroad shall be given their
full force and effect. You acknowledge that you are freely,
knowingly and voluntarily entering into this Agreement after having
an opportunity for consultation with your own independent
counsel.

 

10.

Notices. Any
notice to be given to the Company shall be addressed to the
Administrator at its principal executive office, and any notice to
be given to the Participant shall be addressed to the Participant
at the address then appearing on the personnel or other records of
the Company, or at such other address as either party hereafter may
designate in writing to the other. Any such notice shall be deemed
to have been duly given when deposited in the United States mail,
addressed as aforesaid, registered or certified mail, and with
proper postage and registration or certification fees
prepaid.

 

11.

Reservation of Right to
Terminate. Nothing herein contained shall affect the right
of the Company or any Affiliate to terminate the Participant in its
applicable capacity as a Service Provider at any time for any
reason whatsoever.

 

12.

Choice of Law; Jurisdiction.
This Grant shall be governed by and construed and interpreted in
accordance with the substantive laws of the State of Nevada,
without giving effect to any conflicts of law rule or principle
that might require the application of the laws of another
jurisdiction. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF
OR BASED UPON THIS AGREEMENT SHALL BE INSTITUTED SOLELY IN THE
COURTS OF THE STATE OF FLORIDA OR THE FEDERAL COURTS OF THE UNITED
STATES, IN EACH LOCATED IN BREVARD COUNTY, FLORIDA AND EACH PARTY
IRREVOCABLY SUBMITS TO THE PERSONAL JURISDICTION OF SUCH COURTS IN
ANY SUCH SUIT, ACTION OR PROCEEDING.

 

13.

Taxes.
You agree to comply with the appropriate procedures established by
the Company, from time to time, to provide for payment or
withholding of such income or other taxes as may be required by law
to be paid or withheld in connection with the
RSUs.

 

 

***

D-2EX-10.1

 Exhibit 10.1 
  

			
	

	  	 Loan Number: 1015816
  

EXECUTION VERSION

  
  

 
 AMENDED AND RESTATED CREDIT
AGREEMENT 
 Dated as of April 15, 2021 

by and among 
 AMERICAN HOMES 4
RENT, L.P., 
 as Borrower, 

AMERICAN HOMES 4 RENT, 

    as Parent, solely for the limited 

purposes described in Section 12.18; 

THE FINANCIAL INSTITUTIONS PARTY HERETO 

AND THEIR ASSIGNEES UNDER SECTION 12.5, 

as Lenders, 

and 
 WELLS FARGO BANK, National
Association, 
 as Administrative Agent 
  

 
 WELLS FARGO
SECURITIES, LLC, 
 JPMORGAN CHASE BANK, N.A., 

BOFA SECURITIES, INC., 
 PNC CAPITAL
MARKETS LLC, 
 and 
 RAYMOND
JAMES BANK, N.A. 
 as Lead Arrangers 

WELLS FARGO SECURITIES, LLC, 

JPMORGAN CHASE BANK, N.A., 
 and

 BOFA SECURITIES, INC., 

as Bookrunners, 

JPMORGAN CHASE BANK, N.A., 

as Syndication Agent, 

BANK OF AMERICA, N.A., PNC BANK, NATIONAL ASSOCIATION, RAYMOND JAMES BANK, 

N.A., BANK OF MONTREAL, MIZUHO BANK, LTD., MORGAN STANLEY SENIOR FUNDING, 

INC., THE BANK OF NOVA SCOTIA, and U.S. BANK NATIONAL ASSOCIATION, 

as Documentation Agents, 

CITIBANK, N.A. and REGIONS BANK, 

as Senior Managing Agents 

and 
 BBVA USA, 

as Sustainability Agent 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I.
	 	 DEFINITIONS
	  	 	1	 
			
	 Section 1.1.
	 	 Definitions
	  	 	1	 
			
	 Section 1.2.
	 	 General; References to Central Time
	  	 	39	 
			
	 Section 1.3.
	 	 Financial Attributes of Non-Wholly Owned
Subsidiaries
	  	 	40	 
			
	 Section 1.4.
	 	 Rates
	  	 	40	 
			
	 Section 1.5.
	 	 Divisions
	  	 	41	 
			
	 ARTICLE II.
	 	 CREDIT FACILITY
	  	 	41	 
			
	 Section 2.1.
	 	 Revolving Loans
	  	 	41	 
			
	 Section 2.2.
	 	 Intentionally Omitted
	  	 	42	 
			
	 Section 2.3.
	 	 Bid Rate Loans
	  	 	42	 
			
	 Section 2.4.
	 	 Letters of Credit
	  	 	46	 
			
	 Section 2.5.
	 	 Swingline Loans
	  	 	50	 
			
	 Section 2.6.
	 	 Rates and Payment of Interest on Loans
	  	 	52	 
			
	 Section 2.7.
	 	 Number of Interest Periods
	  	 	53	 
			
	 Section 2.8.
	 	 Repayment of Loans
	  	 	53	 
			
	 Section 2.9.
	 	 Prepayments
	  	 	53	 
			
	 Section 2.10.
	 	 Continuation
	  	 	54	 
			
	 Section 2.11.
	 	 Conversion
	  	 	54	 
			
	 Section 2.12.
	 	 Notes
	  	 	55	 
			
	 Section 2.13.
	 	 Voluntary Reductions of Commitments
	  	 	55	 
			
	 Section 2.14.
	 	 Extensions of Termination Dates
	  	 	56	 
			
	 Section 2.15.
	 	 Expiration Date of Letters of Credit Past Revolving Commitment Termination
	  	 	57	 
			
	 Section 2.16.
	 	 Amount Limitations
	  	 	57	 
			
	 Section 2.17.
	 	 Increase in Revolving Commitments; Incremental Term Loans
	  	 	57	 
			
	 Section 2.18.
	 	 Funds Transfer Disbursements
	  	 	59	 
			
	 ARTICLE III.
	 	 PAYMENTS, FEES AND OTHER GENERAL PROVISIONS
	  	 	59	 
			
	 Section 3.1.
	 	 Payments
	  	 	59	 
			
	 Section 3.2.
	 	 Pro Rata Treatment
	  	 	60	 
			
	 Section 3.3.
	 	 Sharing of Payments, Etc
	  	 	61	 
			
	 Section 3.4.
	 	 Several Obligations
	  	 	61	 
			
	 Section 3.5.
	 	 Fees
	  	 	61	 
			
	 Section 3.6.
	 	 Computations
	  	 	62	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 3.7.
	 	 Usury
	  	 	62	 
			
	 Section 3.8.
	 	 Statements of Account
	  	 	63	 
			
	 Section 3.9.
	 	 Defaulting Lenders
	  	 	63	 
			
	 Section 3.10.
	 	 Taxes
	  	 	66	 
			
	 ARTICLE IV.
	 	 YIELD PROTECTION, ETC
	  	 	70	 
			
	 Section 4.1.
	 	 Additional Costs; Capital Adequacy
	  	 	70	 
			
	 Section 4.2.
	 	 Suspension of LIBOR Loans and LIBOR Margin Loans; Benchmark Replacement
	  	 	72	 
			
	 Section 4.3.
	 	 Illegality
	  	 	74	 
			
	 Section 4.4.
	 	 Compensation
	  	 	75	 
			
	 Section 4.5.
	 	 Treatment of Affected Loans
	  	 	75	 
			
	 Section 4.6.
	 	 Affected Lenders
	  	 	76	 
			
	 Section 4.7.
	 	 Change of Lending Office
	  	 	77	 
			
	 Section 4.8.
	 	 Assumptions Concerning Funding of LIBOR Loans
	  	 	77	 
			
	 ARTICLE V.
	 	 CONDITIONS PRECEDENT
	  	 	77	 
			
	 Section 5.1.
	 	 Initial Conditions Precedent
	  	 	77	 
			
	 Section 5.2.
	 	 Conditions Precedent to All Loans and Letters of Credit
	  	 	79	 
			
	 ARTICLE VI.
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	80	 
			
	 Section 6.1.
	 	 Representations and Warranties
	  	 	80	 
			
	 Section 6.2.
	 	 Survival of Representations and Warranties, Etc
	  	 	86	 
			
	 ARTICLE VII.
	 	 AFFIRMATIVE COVENANTS
	  	 	87	 
			
	 Section 7.1.
	 	 Preservation of Existence and Similar Matters
	  	 	87	 
			
	 Section 7.2.
	 	 Compliance with Applicable Law
	  	 	87	 
			
	 Section 7.3.
	 	 Maintenance of Property
	  	 	87	 
			
	 Section 7.4.
	 	 Conduct of Business
	  	 	87	 
			
	 Section 7.5.
	 	 Insurance
	  	 	87	 
			
	 Section 7.6.
	 	 Payment of Taxes and Claims
	  	 	88	 
			
	 Section 7.7.
	 	 Books and Records; Inspections
	  	 	88	 
			
	 Section 7.8.
	 	 Use of Proceeds
	  	 	88	 
			
	 Section 7.9.
	 	 Environmental Matters
	  	 	89	 
			
	 Section 7.10.
	 	 Further Assurances
	  	 	89	 
			
	 Section 7.11.
	 	 Intentionally Omitted
	  	 	89	 
			
	 Section 7.12.
	 	 REIT Status
	  	 	89	 

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 7.13.
	 	 Exchange Listing
	  	 	89	 
			
	 Section 7.14.
	 	 Guarantors
	  	 	89	 
			
	 Section 7.15.
	 	 Intentionally Omitted
	  	 	91	 
			
	 Section 7.16.
	 	 Compliance with Anti-Corruption Laws and Sanctions
	  	 	91	 
			
	 ARTICLE VIII.
	 	 INFORMATION
	  	 	92	 
			
	 Section 8.1.
	 	 Quarterly Financial Statements
	  	 	92	 
			
	 Section 8.2.
	 	 Year-End Statements
	  	 	92	 
			
	 Section 8.3.
	 	 Compliance Certificate
	  	 	92	 
			
	 Section 8.4.
	 	 Other Information
	  	 	93	 
			
	 Section 8.5.
	 	 Electronic Delivery of Certain Information
	  	 	95	 
			
	 Section 8.6.
	 	 Public/Private Information
	  	 	96	 
			
	 Section 8.7.
	 	 USA Patriot Act Notice; Compliance
	  	 	96	 
			
	 ARTICLE IX.
	 	 NEGATIVE COVENANTS
	  	 	96	 
			
	 Section 9.1.
	 	 Financial Covenants
	  	 	96	 
			
	 Section 9.2.
	 	 Liens; Negative Pledge
	  	 	98	 
			
	 Section 9.3.
	 	 Restrictions on Intercompany Transfers
	  	 	98	 
			
	 Section 9.4.
	 	 Merger, Consolidation, Sales of Assets and Other Arrangements
	  	 	99	 
			
	 Section 9.5.
	 	 Plans
	  	 	100	 
			
	 Section 9.6.
	 	 Fiscal Year
	  	 	100	 
			
	 Section 9.7.
	 	 Modifications of Organizational Documents
	  	 	100	 
			
	 Section 9.8.
	 	 Transactions with Affiliates
	  	 	100	 
			
	 Section 9.9.
	 	 Environmental Matters
	  	 	101	 
			
	 Section 9.10.
	 	 Derivatives Contracts
	  	 	101	 
			
	 Section 9.11.
	 	 Use of Proceeds
	  	 	101	 
			
	 Section 9.12.
	 	 Limitation on Parent’s Assets and Liabilities
	  	 	101	 
			
	 ARTICLE X.
	 	 DEFAULT
	  	 	102	 
			
	 Section 10.1.
	 	 Events of Default
	  	 	102	 
			
	 Section 10.2.
	 	 Remedies Upon Event of Default
	  	 	106	 
			
	 Section 10.3.
	 	 Remedies Upon Default
	  	 	107	 
			
	 Section 10.4.
	 	 Marshaling; Payments Set Aside
	  	 	107	 
			
	 Section 10.5.
	 	 Allocation of Proceeds
	  	 	107	 
			
	 Section 10.6.
	 	 Letter of Credit Collateral Account
	  	 	108	 

  
 -iii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 10.7.
	 	 Performance by Administrative Agent
	  	 	110	 
			
	 Section 10.8.
	 	 Rights Cumulative
	  	 	110	 
			
	 ARTICLE XI.
	 	 THE ADMINISTRATIVE AGENT
	  	 	110	 
			
	 Section 11.1.
	 	 Appointment and Authorization
	  	 	110	 
			
	 Section 11.2.
	 	 Administrative Agent as Lender
	  	 	111	 
			
	 Section 11.3.
	 	 Approvals of Lenders
	  	 	112	 
			
	 Section 11.4.
	 	 Notice of Events of Default
	  	 	112	 
			
	 Section 11.5.
	 	 Administrative Agent’s Reliance
	  	 	112	 
			
	 Section 11.6.
	 	 Indemnification of Administrative Agent
	  	 	113	 
			
	 Section 11.7.
	 	 Lender Credit Decision, Etc
	  	 	114	 
			
	 Section 11.8.
	 	 Successor Administrative Agent
	  	 	114	 
			
	 Section 11.9.
	 	 Titled Agents
	  	 	115	 
			
	 Section 11.10.
	 	 Specified Derivatives Contracts
	  	 	116	 
			
	 Section 11.11.
	 	 Erroneous Payments
	  	 	116	 
			
	 ARTICLE XII.
	 	 MISCELLANEOUS
	  	 	117	 
			
	 Section 12.1.
	 	 Notices
	  	 	117	 
			
	 Section 12.2.
	 	 Expenses
	  	 	119	 
			
	 Section 12.3.
	 	 Setoff
	  	 	120	 
			
	 Section 12.4.
	 	 Litigation; Jurisdiction; Other Matters; Waivers
	  	 	121	 
			
	 Section 12.5.
	 	 Successors and Assigns
	  	 	122	 
			
	 Section 12.6.
	 	 Amendments and Waivers
	  	 	127	 
			
	 Section 12.7.
	 	 Non-Liability of Administrative Agent and Lenders
	  	 	129	 
			
	 Section 12.8.
	 	 Confidentiality
	  	 	130	 
			
	 Section 12.9.
	 	 Indemnification
	  	 	130	 
			
	 Section 12.10.
	 	 Termination; Survival
	  	 	132	 
			
	 Section 12.11.
	 	 Severability of Provisions
	  	 	132	 
			
	 Section 12.12.
	 	 GOVERNING LAW
	  	 	132	 
			
	 Section 12.13.
	 	 Counterparts
	  	 	132	 
			
	 Section 12.14.
	 	 Obligations with Respect to Loan Parties and Subsidiaries
	  	 	133	 
			
	 Section 12.15.
	 	 Independence of Covenants
	  	 	133	 
			
	 Section 12.16.
	 	 Limitation of Liability
	  	 	133	 
			
	 Section 12.17.
	 	 Acknowledgement and Consent to a Bail-In of Affected
Financial Institutions
	  	 	133	 

  
 -iv- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 12.18.
	 	 Nonrecourse to Parent; Limited Nature of Parent’s Obligations under this Agreement
	  	 	134	 
			
	 Section 12.19.
	 	 Entire Agreement
	  	 	134	 
			
	 Section 12.20.
	 	 Construction
	  	 	135	 
			
	 Section 12.21.
	 	 Headings
	  	 	135	 
			
	 Section 12.22.
	 	 Certain ERISA Matters
	  	 	135	 
			
	 Section 12.23.
	 	 Acknowledgement Regarding Any Supported QFCs
	  	 	136	 
			
	 Section 12.24.
	 	 Amendment and Restatement; No Novation
	  	 	137	 

  
 -v- 

			
	SCHEDULE I	  	Commitments
	SCHEDULE 1.1.(a)	  	List of Loan Parties
	SCHEDULE 2.4	  	Existing Letters of Credit
	SCHEDULE 6.1.(b)	  	Ownership Structure
	SCHEDULE 6.1.(f)	  	Properties
	SCHEDULE 6.1.(g)	  	Indebtedness and Guaranties
	SCHEDULE 6.1.(i)	  	Litigation
	SCHEDULE 6.1.(r)	  	Affiliate Transactions
	SCHEDULE 9.12.(a)	  	Parent Assets
	SCHEDULE 9.12.(b)	  	Parent Liabilities
		
	EXHIBIT A	  	Form of Assignment and Assumption Agreement
	EXHIBIT B	  	Form of Disbursement Instruction Agreement
	EXHIBIT C	  	Form of Guaranty
	EXHIBIT D	  	Form of Notice of Continuation
	EXHIBIT E	  	Form of Notice of Conversion
	EXHIBIT F	  	Form of Notice of Revolving Borrowing
	EXHIBIT G	  	Form of Notice of Swingline Borrowing
	EXHIBIT H	  	Form of Notice of Term Loan Borrowing
	EXHIBIT I	  	Form of Bid Rate Note
	EXHIBIT J	  	Form of Revolving Note
	EXHIBIT K	  	Form of Swingline Note
	EXHIBIT L	  	Form of Term Note
	EXHIBITS M-1 – M-4	  	Forms of U.S. Tax Compliance Certificates
	EXHIBIT N	  	Form of Compliance Certificate
	EXHIBIT O	  	Form of Bid Rate Quote Request
	EXHIBIT P	  	Form of Bid Rate Quote
	EXHIBIT Q	  	Form of Bid Rate Quote Acceptance
	EXHIBIT R	  	Form of Designation Agreement

  
 -vi- 

 AMENDED AND RESTATED CREDIT AGREEMENT 

THIS AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”), dated as of April 15, 2021, by and among AMERICAN HOMES 4
RENT, L.P., a limited partnership formed under the laws of the State of Delaware (the “Borrower”), AMERICAN HOMES 4 RENT, a real estate investment trust formed under the laws of the State of Maryland (the “Parent”),
solely for the limited purposes described in Section 12.18, each of the financial institutions initially a signatory hereto together with their successors and assignees under Section 12.5 (the
“Lenders”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”), with WELLS FARGO SECURITIES, LLC, JPMORGAN CHASE BANK, N.A., BOFA SECURITIES, INC., PNC CAPITAL MARKETS
LLC, and RAYMOND JAMES BANK, N.A., as Lead Arrangers (in such capacities, each a “Lead Arranger”), WELLS FARGO SECURITIES, LLC, JPMORGAN CHASE BANK, N.A. and BOFA SECURITIES, INC., as Bookrunners (in such capacities, each a
“Bookrunner”), JPMORGAN CHASE BANK, N.A., as Syndication Agent (the “Syndication Agent”), BANK OF AMERICA, N.A., PNC BANK, NATIONAL ASSOCIATION, RAYMOND JAMES BANK, N.A., BANK OF MONTREAL, MIZUHO BANK, LTD., MORGAN
STANLEY SENIOR FUNDING, INC., THE BANK OF NOVA SCOTIA, and U.S. BANK NATIONAL ASSOCIATION, as Documentation Agents (in such capacities, each a “Documentation Agent”), CITIBANK, N.A. and REGIONS BANK, as Senior Managing Agents (in
such capacities, each a “Senior Managing Agent”), and BBVA USA, as Sustainability Agent (the “Sustainability Agent”). 

WHEREAS, the Lenders previously made available to the Borrower (i) a $800,000,000 revolving credit facility, with a competitive bid loan
subfacility, a $65,000,000 swingline subfacility and a $30,000,000 letter of credit subfacility (collectively, the “Existing Revolving Facility”) and (ii) a $200,000,000 term loan facility (the “Existing Term Loan
Facility” and, together with the Existing Revolving Facility, the “Existing Facilities”), in each case pursuant to the Credit Agreement, dated as of August 17, 2016, by and among the Borrower, the financial
institutions party thereto as “Lenders,” Wells Fargo, as Administrative Agent, and the other agent parties thereto, if any, as modified by that certain Amendment No. 1 to Credit Agreement, dated as of June 30, 2017 (as heretofore
amended, modified or supplemented from time to time, collectively, the “Existing Agreement”). 
 WHEREAS, the parties
hereto desire to amend and restate the Existing Agreement to provide, among other things, that the Lenders will make available to the Borrower a $1,250,000,000 revolving credit facility, with a competitive bid loan subfacility, a $65,000,000
swingline subfacility and a $50,000,000 letter of credit subfacility, on the terms and conditions contained herein. As of the date hereof, the Existing Term Loan Facility has been repaid in full. 

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

Section 1.1. Definitions. 

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

“Absolute Rate” has the meaning given that term in Section 2.3(c)(ii)(C). 

“Absolute Rate Auction” means a solicitation of Bid Rate Quotes setting forth Absolute Rates pursuant to
Section 2.3(c)(ii)(C). 

 “Absolute Rate Loan” means a Bid Rate Loan, the interest rate on which is
determined on the basis of an Absolute Rate pursuant to an Absolute Rate Auction. 
 “Accession Agreement” means an
Accession Agreement substantially in the form of Annex I to the Guaranty. 
 “Acquisition
Property” means, as of any given date, any completed Property acquired by the Borrower or any Subsidiary of the Borrower during the fiscal quarter most recently ended or during the four consecutive fiscal quarters immediately preceding such
fiscal quarter most recently ended. 
 “Additional Costs” has the meaning given that term in
Section 4.1(b). 
 “Administrative Agent” means Wells Fargo Bank, National Association as
contractual representative of the Lenders under this Agreement, or any successor Administrative Agent appointed pursuant to Section 11.8. 

“Administrative Questionnaire” means the Administrative Questionnaire completed by each Lender and delivered to the
Administrative Agent in a form supplied by the Administrative Agent to the Lenders from time to time. 
 “Affected Financial
Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution. 
 “Affected
Lender” has the meaning given that term in Section 4.6. 
 “Affiliate” means, with
respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

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

“Announcements” has the meaning given that term in Section 1.4. 

“Anti-Corruption Laws” means all Applicable Laws of any jurisdiction applicable to the Parent or its Subsidiaries from time
to time concerning or relating to bribery or corruption, including, without limitation, the United States Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder. 

“Applicable Law” means all international, foreign, federal, state and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes, executive orders, and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or
administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 

“Applicable Margin” means, with respect to a particular Class and Type of Loans, the percentage rate set forth in the
table below corresponding to the level (each a “Level”) into which the Parent’s Credit Rating then falls. As of the Effective Date, the Applicable Margins are determined based on Level 4. Any change in the Parent’s
Credit Rating which would cause the Applicable Margins to be determined based on a different Level shall be effective as of the first day of the first calendar month immediately following receipt by the Administrative Agent of written notice
delivered by the Borrower in accordance with 

  
 - 2 - 

 
Section 8.4(o) that the Parent’s Credit Rating has changed; provided, however, if the Borrower has not delivered the notice required by such Section but the
Administrative Agent becomes aware that the Parent’s Credit Rating has changed, then the Administrative Agent may, in its sole discretion, adjust the Level effective as of the first day of the first calendar month following the date the
Administrative Agent becomes aware that the Parent’s Credit Rating has changed. During any period that the Parent has received more than one Credit Rating, and such Credit Ratings do not fall in the same Level of the table set forth in this
definition, then: (A) if the difference between such Credit Ratings is one Level (e.g., BBB- by S&P and Baa2 by Moody’s), the Applicable Margin shall be determined based on the Level
corresponding to the higher of the Credit Ratings (e.g., Level 3); (B) if the difference between such Credit Ratings is two Levels (e.g., BBB- by S&P and Baa1 by Moody’s), the Applicable Margin
shall be determined based on the Level corresponding to the applicable Credit Rating that is in between such Levels (e.g., Level 3) and (C) if the difference between such Credit Ratings is three Levels (e.g.,
BBB- by S&P and A3 by Moody’s), the Applicable Margin shall be determined based on the Level corresponding to the Credit Rating that is one Level below the Level corresponding to the higher of the
applicable Credit Ratings (e.g., Level 2). During any period that the Parent has not received a Credit Rating from any Rating Agency, the Applicable Margin shall be determined based on Level 5. 

During any applicable Sustainability Adjustment Period, the Applicable Margin set forth in the table below shall be decreased by the
Applicable Sustainability Adjustment (if any) in effect during such Sustainability Adjustment Period; provided that in no event shall the Applicable Margin be less than zero. 
  

											
	 Level
	  	 Parent’s Credit

Rating

(S&P/Moody’s or

equivalent)
	  	Applicable
Margin for
Revolving Loans
that are LIBOR
Loans	 	 	Applicable
Margin for
Revolving Loans
that are Base
Rate Loans	 
	1	  	A-/A3
(or equivalent) or higher	  	 	0.725	% 	 	 	0.00	% 
	2	  	BBB+/Baa1
(or equivalent)	  	 	0.775	% 	 	 	0.00	% 
	3	  	BBB/Baa2
(or equivalent)	  	 	0.90	% 	 	 	0.00	% 
	4	  	BBB-/Baa3
(or equivalent)	  	 	1.10	% 	 	 	0.10	% 
	5	  	BB+/Ba1
(or equivalent)
or lower or unrated	  	 	1.45	% 	 	 	0.45	% 

 “Applicable Sustainability Adjustment” means, for any Sustainability Adjustment Period
(beginning with the Sustainability Adjustment Period commencing on the Sustainability Adjustment Date corresponding to the Compliance Certificate delivered in respect of the fiscal quarter in which the Sustainability Rating for the fiscal year
ending December 31, 2020 is first reported by GRESB), determined, in the case of the following clause (a)(i) or (b)(i), by reference to the Sustainability Rating Change or Sustainability Rating, as applicable, reported in the Compliance
Certificate delivered by the Borrower pursuant to Section 8.3 for the immediately preceding fiscal year of the Borrower (a “Reference Year”): 

  
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 (a) if (i) the Sustainability Rating Change for such Reference Year shall be an
improvement in the Sustainability Rating equal to or greater than five percent (5.0%) or (ii) the Sustainability Rating reported in the Compliance Certificate delivered by the Borrower pursuant to Section 8.3 in
respect of such Sustainability Adjustment Period is equal to or greater than 96, then the Applicable Sustainability Adjustment for such Sustainability Adjustment Period shall be a one (1) basis point reduction in the Applicable Margin set forth
in the pricing table above; and 
 (b) if (i) the Sustainability Rating Change for such Reference Year shall be an improvement in the
Sustainability Rating of less than five percent (5.0%) (or if the Sustainability Rating Change for such Reference Year shall have declined) or (ii) the Borrower shall have elected in its sole discretion to not report a Sustainability Rating
Adjustment in the applicable Compliance Certificate, then the Applicable Sustainability Adjustment for such Sustainability Adjustment Period shall be zero and there shall be no Applicable Sustainability Adjustment to the Applicable Margin; provided
that this clause (b) shall not apply if the Sustainability Rating Change for such Reference Year cannot be determined due to the occurrence of any event described in clause (A), (B) or (C) of clause (i) of the following proviso; 

provided, that, notwithstanding the foregoing, 

(i) if (A) GRESB fails or is no longer able to issue a Sustainability Rating, or otherwise delays the issuance of a Sustainability Rating
without the consent of the Borrower, (B) GRESB notifies the Borrower, or makes an announcement to the effect, that it will no longer issue a Sustainability Rating, or (C) the scoring methodologies or other basis upon which the
Sustainability Rating is determined shall materially change from the methodologies and basis for the determination of the Sustainability Rating in effect for the Reference Year ending December 31, 2020, then in any such case, 

(x) the Borrower or the Administrative Agent (acting on the instructions of the Requisite Lenders) may request that discussions be entered into
between the Borrower and the Sustainability Agent (for a period of no more than 30 consecutive days, or such longer period as may be mutually agreed by the Borrower and the Administrative Agent (with the consent of the Requisite Lenders)) with a
view to agreeing on a substitute basis for determining a Sustainability Rating; 
 (y) during any such discussion period, the Applicable
Sustainability Adjustment with respect to the applicable Sustainability Adjustment Period shall be determined pursuant to clause (a) or (b) of this definition above, based on the Sustainability Rating Change or Sustainability Rating, as
applicable, that was in effect and applied immediately prior to the date on which such discussion period commenced; 
 (z) if no agreement
can be reached between the Borrower and the Sustainability Agent during such discussion period, unless otherwise agreed by the Borrower and the Administrative Agent (with the consent of the Requisite Lenders), the Applicable Sustainability
Adjustment shall be determined pursuant to clause (b) of this definition above and shall apply to the Applicable Margin from and after the last day of such discussion period; 

(ii) until the Compliance Certificate is delivered pursuant to Section 8.3 in respect of the first fiscal quarter
for which the Sustainability Rating Change is able to be determined by reference to the Sustainability Rating reported for the immediately preceding Reference Year, clause (a)(i) above shall be disregarded for purposes of determining the Applicable
Sustainability Adjustment for any Sustainability Adjustment Period ending prior to such date of delivery, and there shall be no Applicable Sustainability Adjustment to the Applicable Margin in reliance on clause (a)(i) above; and 

(iii) the Borrower may elect to deliver to the Administrative Agent a revised Compliance Certificate for any Reference Year reflecting a
revised Sustainability Rating Change or Sustainability Rating, as applicable, and commencing on the Business Day immediately following the date of delivery of such revised Compliance Certificate through the end of such Sustainability Adjustment
Period, such revised Sustainability Rating Change or Sustainability Rating as applicable, shall apply. 

  
 - 4 - 

 “Approved Fund” means any Fund that is administered, managed or
underwritten by (a) a Lender, (b) an Affiliate of a Lender, or (c) an entity or an Affiliate of any entity that administers or manages a Lender. 

“Assignment and Assumption” means an Assignment and Assumption entered into by a Lender and an Eligible Assignee (with the
consent of any party whose consent is required by Section 12.5), and accepted by the Administrative Agent, in substantially the form of Exhibit A or any other form approved by the Administrative
Agent. 
 “Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as
applicable, (x) if the then-current Benchmark is a term rate, any tenor for such Benchmark or (y) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining
the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to
Section 4.2(b). 
 “Bail-In Action” means the exercise of
any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 

“Bail-In Legislation” means (a) with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the
United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). 

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

“Base Rate” means, at any time, the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus one half
of one percent (0.50%) and (c) the LIBOR Market Index Rate plus one percent (1.0%); each change in the Base Rate shall take effect simultaneously with the corresponding change or changes in the Prime Rate, the Federal Funds Rate or the
LIBOR Market Index Rate (provided that clause (c) shall not be applicable during any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor); provided, however, that if
the Base Rate determined as provided above would be less than zero percent (0.0%), then the Base Rate shall be deemed to be zero percent (0.0%). 

“Base Rate Loan” means a Revolving Loan or Term Loan (or any portion thereof) bearing interest at a rate based on the Base
Rate. 
 “Benchmark” means, initially, LIBOR; provided that if a Benchmark Transition Event, a Term SOFR Transition Event,
or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to LIBOR or the then-current Benchmark, then “Benchmark” means the applicable
Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 4.2(b)(i). 

“Benchmark Replacement” means, for any Available Tenor, 

  
 - 5 - 

 (a) with respect to any Benchmark Transition Event or Early
Opt-in Election, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date: 

(1) the sum of: (A) Term SOFR and (B) the related Benchmark Replacement Adjustment; 

(2) the sum of: (A) Daily Simple SOFR and (B) the related Benchmark Replacement Adjustment; 

(3) the sum of: (A) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body
or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for Dollar-denominated syndicated credit facilities at such time and (B) the related Benchmark
Replacement Adjustment; or 
 (b) with respect to any Term SOFR Transition Event, the sum of (i) Term SOFR and (ii) the related
Benchmark Replacement Adjustment; 
 provided that, (i) in the case of clause (a)(1), if the Administrative Agent decides that
Term SOFR is not administratively feasible for the Administrative Agent, then Term SOFR will be deemed unable to be determined for purposes of this definition and (ii) in the case of clause (a)(1) or clause (b) of this definition, the
applicable Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion. If the Benchmark Replacement as
determined pursuant to clause (a)(1), (a)(2) or (a)(3) or clause (b) of this definition would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents. 

“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted
Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement: 
 (1)
for purposes of clauses (a)(1) and (a)(2) of the definition of “Benchmark Replacement,” the first alternative set forth in the order below that can be determined by the Administrative Agent: 

(a) the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero)
as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the Relevant Governmental Body for the replacement of such Available Tenor of such Benchmark with the applicable
Unadjusted Benchmark Replacement; 
 (b) the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time
such Benchmark Replacement is first set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Available Tenor
of such Benchmark; 
 (2) for purposes of clause (a)(3) of the definition of “Benchmark Replacement,” the spread adjustment, or
method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or
recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Available Tenor of such Benchmark with 

  
 - 6 - 

 
the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention for
determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Available Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated
credit facilities; and 
 (3) for purposes of clause (b) of the definition of “Benchmark Replacement,” the spread adjustment,
or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by
the Relevant Governmental Body for the replacement of such Available Tenor of LIBOR with a SOFR-based rate; 
 provided that,
(x) in the case of clause (1) of this definition above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in
its reasonable discretion and (y) if the then-current Benchmark is a term rate, more than one tenor of such Benchmark is available as of the applicable Benchmark Replacement Date and the applicable Unadjusted Benchmark Replacement that will
replace such Benchmark in accordance with Section 4.2(b)(i) will not be a term rate, the Available Tenor of such Benchmark for purposes of this definition of “Benchmark Replacement Adjustment” shall be deemed to
be, with respect to each Unadjusted Benchmark Replacement having a payment period for interest calculated with reference thereto, the Available Tenor that has approximately the same length (disregarding business day adjustments) as such payment
period. 
 “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical,
administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making
payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the
Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice
(or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement
exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents). 

“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

 (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of
the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all
Available Tenors of such Benchmark (or such component thereof); 
 (2) in the case of clause (3) of the definition of “Benchmark
Transition Event,” the date of the public statement or publication of information referenced therein; 

  
 - 7 - 

 (3) in the case of a Term SOFR Transition Event, the date that is thirty (30) days
after the Administrative Agent has provided the Term SOFR Notice to the Lenders and the Borrower pursuant to Section 4.2(b)(i)(B); or 

(4) in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of
such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such
Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Requisite Lenders. 

For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than,
the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have
occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used
in the calculation thereof). 
 “Benchmark Transition Event” means the occurrence of one or more of the following events
with respect to the then-current Benchmark: 
 (1) a public statement or publication of information by or on behalf of the administrator of
such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely,
provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); 

(2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the FRB, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the
administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or
such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that
will continue to provide any Available Tenor of such Benchmark (or such component thereof); or 
 (3) a public statement or publication of
information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer
representative. 
 For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any
Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof). 

“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date
pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with
Section 4.2(b) and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with
Section 4.2(b). 

  
 - 8 - 

 “Beneficial Ownership Certification” means a certification regarding
beneficial ownership as required by the Beneficial Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 CFR
§ 1010.230. 
 “Benefit Arrangement” means at any time an employee benefit plan within the meaning of
Section 3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by any member of the ERISA Group. 

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is
subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Internal Revenue Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of
Title I of ERISA or Section 4975 of the Internal Revenue Code) the assets of any such “employee benefit plan” or “plan”. 

“Bid Rate Borrowing” has the meaning given that term in Section 2.3(b). 

“Bid Rate Loan” means a loan made by a Lender under Section 2.3(f). 

“Bid Rate Note” means a promissory note of the Borrower substantially in the form of Exhibit I,
payable to a Lender and otherwise duly completed. 
 “Bid Rate Quote” means an offer in accordance with
Section 2.3(c) by a Lender to make a Bid Rate Loan with one single specified interest rate. 
 “Bid Rate
Quote Request” has the meaning given that term in Section 2.3(b). 
 “Borrower” has the
meaning set forth in the introductory paragraph hereof and shall include the Borrower’s successors and permitted assigns. 

“Business Day” means (a) for all purposes other than as set forth in clause (b) below, any day (other than a
Saturday, Sunday or legal holiday) on which banks in San Francisco, California, and New York, New York, are open for the conduct of their commercial banking business, and (b) with respect to all notices and determinations in connection with,
and payments of principal and interest on, any LIBOR Loan, or any Base Rate Loan as to which the interest rate is determined by reference to LIBOR, any day that is a Business Day described in clause (a) and that is also a day for trading by and
between banks in Dollar deposits in the London interbank market. Unless specifically referenced in this Agreement as a Business Day, all references to “days” shall be to calendar days. 

“Capitalization Rate” means six percent (6.00%). 

“Capitalized Lease Obligations” means obligations under a lease (or other arrangement conveying the right to use property) to
pay rent or other amounts that are required to be capitalized for financial reporting purposes in accordance with GAAP. The amount of a Capitalized Lease Obligation is the capitalized amount of such obligation as would be required to be reflected on
a balance sheet of the applicable Person prepared in accordance with GAAP as of the applicable date. 

  
 - 9 - 

 “Cash Collateralize” means, to pledge and deposit with or deliver to the
Administrative Agent, for the benefit of the Issuing Banks and the Lenders, as collateral for Letter of Credit Liabilities or obligations of Lenders to fund participations in respect of Letter of Credit Liabilities, cash or deposit account balances
or, if the Administrative Agent and the applicable Issuing Bank shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to the Administrative Agent and the applicable
Issuing Bank. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. 

“Cash Equivalents” means: (a) securities issued, guaranteed or insured by the United States of America or any of its
agencies with maturities of not more than one year from the date acquired; (b) certificates of deposit with maturities of not more than one year from the date acquired issued by a United States federal or state chartered commercial bank of
recognized standing, or a commercial bank organized under the laws of any other country which is a member of the Organisation for Economic Cooperation and Development, or a political subdivision of any such country, acting through a branch or
agency, which bank has capital and unimpaired surplus in excess of $500,000,000 and which bank or its holding company has a short-term commercial paper rating of at least
A-2 or the equivalent by S&P or at least P-2 or the equivalent by Moody’s; (c) reverse repurchase agreements with terms of not more than seven days from
the date acquired, for securities of the type described in clause (a) above and entered into only with commercial banks having the qualifications described in clause (b) above; (d) commercial paper issued by any Person incorporated
under the laws of the United States of America or any State thereof and rated at least A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof
by Moody’s, in each case with maturities of not more than one year from the date acquired; and (e) investments in money market funds registered under the Investment Company Act of 1940, as amended, which have net assets of at least
$500,000,000 and at least eighty-five percent (85%) of whose assets consist of securities and other obligations of the type described in clauses (a) through (d) above. 

“CIP” means cash expenditures for land and improvements (including indirect costs internally allocated and development costs)
determined in accordance with GAAP on all Properties (a) on which development has commenced on the applicable parcel or lots contained within a project or (b) formerly included under the preceding clause (a) on which development has
been completed on a lot for which a Certificate of Occupancy has been obtained during the fiscal quarter most recently ended or during the four consecutive fiscal quarters immediately preceding such fiscal quarter most recently ended. 

“Certificate of Occupancy” means any temporary certificate of occupancy, any permanent certificate of occupancy or any other
local equivalent of either of the foregoing. 
 “Class” (a) when used with respect to a Commitment, refers to whether such
Commitment is a Revolving Commitment or Term Loan Commitment, (b) when used with respect to a Loan, refers to whether such Loan is a Revolving Loan or a Term Loan, and (c) when used with respect to a Lender, refers to whether such Lender
has a Loan or Commitment with respect to a particular Class of Loans or Commitments; provided, that Incremental Term Loan Commitments (and the Incremental Term Loans made pursuant to such Incremental Term Loan Commitments) that have different
terms and conditions (to the extent permitted by the terms of this Agreement) compared to other outstanding Incremental Term Loan Commitments or Incremental Term Loans previously incurred hereunder shall be construed to be in different Classes. 

“Commitment” means, as to a Lender, such Lender’s Revolving Commitment or such Lender’s Term Loan Commitment, as
the context may require. 
 “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et
seq.) as amended from time to time, and any successor statute. 

  
 - 10 - 

 “Compliance Certificate” has the meaning given that term in
Section 8.3. 
 “Connection Income Taxes” means Other Connection Taxes that are imposed on or
measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Continue”,
“Continuation” and “Continued” each refers to the continuation of a LIBOR Loan from one Interest Period to another Interest Period pursuant to Section 2.10. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Convert”, “Conversion” and “Converted” each refers to the conversion of a Loan of one Type
into a Loan of another Type pursuant to Section 2.11 or Section 4.2(b). 

“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an
interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor. 

“Credit Event” means any of the following: (a) the making (or deemed making) of any Loan, and (b) the issuance of a
Letter of Credit or the amendment of a Letter of Credit that extends the maturity, or increases the Stated Amount, of such Letter of Credit. 

“Credit Rating” means the rating assigned by a Rating Agency to the senior unsecured long term Indebtedness of a Person. 

“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being
established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for syndicated business loans; provided, that if the
Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion. 

“Debtor Relief Laws” means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the
benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar Applicable Laws relating to the relief of debtors in the United States of America or other applicable jurisdictions from time to time in effect.

 “Default” means any of the events specified in Section 10.1, whether or not there has been
satisfied any requirement for the giving of notice, the lapse of time, or both. 
 “Defaulting Lender” means, subject to
Section 3.9(f), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies
the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default,
shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any Issuing Bank, the Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in
respect of its participation in Letters of Credit or Swingline Loans) within two (2) Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent, any Issuing Bank or the Swingline Lender in writing that it
does not intend to comply with its funding obligations hereunder, or has made a public 

  
 - 11 - 

 
statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s
determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three
(3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that
such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has,
(i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization
or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a
Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company
thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States of America or from the enforcement of judgments or writs of
attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting
Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 3.9(f)) upon
delivery of written notice of such determination to the Borrower, each Issuing Bank, the Swingline Lender and each Lender. 

“Derivatives Contract” means a “swap agreement” as defined in Section 101 of the
Bankruptcy Code. 
 “Derivatives Termination Value” means, in respect of any one or more Derivatives Contracts, after
taking into account the effect of any legally enforceable netting agreement or provision relating thereto, (a) for any date on or after the date such Derivatives Contracts have been terminated or closed out, the termination amount or value
determined in accordance therewith, and (b) for any date prior to the date such Derivatives Contracts have been terminated or closed out, the then-current
mark-to-market value for such Derivatives Contracts, determined based upon one or more mid-market quotations or estimates
provided by any recognized dealer in Derivatives Contracts (which may include the Administrative Agent, any Lender, any Specified Derivatives Provider or any Affiliate of any of them). 

“Designated Lender” means a special purpose corporation which is an Affiliate of, or sponsored by, a Lender, that is engaged
in making, purchasing or otherwise investing in commercial loans in the ordinary course of its business and that issues (or the parent of which issues) commercial paper rated at least P-1 (or the then
equivalent grade) by Moody’s or A-1 (or the then equivalent grade) by S&P that, in either case, (a) is organized under the laws of the United States of America or any state thereof,
(b) shall have become a party to this Agreement pursuant to Section 12.5(g) and (c) is not otherwise a Lender. 

“Designating Lender” has the meaning given that term in Section 12.5(g). 

“Designation Agreement” means a Designation Agreement between a Lender and a Designated Lender and accepted by the
Administrative Agent, substantially in the form of Exhibit R or such other form as may be agreed to by such Lender, such Designated Lender and the Administrative Agent. 

  
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 “Disbursement Instruction Agreement” means an agreement substantially in
the form of Exhibit B to be executed and delivered by the Borrower pursuant to Section 5.1(a), as the same may be amended, restated or modified from time to time with the prior written approval of
the Administrative Agent. 
 “Documentation Agent” has the meaning given to that term in the introductory paragraph hereof.

 “Dollars” or “$” means the lawful currency of the United States of America. 

“Early Opt-in Election” means, if the then-current Benchmark is LIBOR, the occurrence
of: 
 (1) a notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the
other parties hereto that at least five currently outstanding Dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate
based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and 

(2) the joint election by the Administrative Agent and the Borrower to trigger a fallback from LIBOR and the provision by the Administrative
Agent of written notice of such election to the Lenders. 
 “EBITDA” means, with respect to a Person for any period and
without duplication: (a) net income (loss) of such Person for such period determined on a consolidated basis excluding the following (but only to the extent included in determining net income (loss) for such period): (i) depreciation and
amortization; (ii) interest expense; (iii) income tax expense; (iv) extraordinary or nonrecurring items, including, without limitation, gains and losses from the sale of operating Properties;
(v) non-cash charges (other than non-cash charges that constitute an accrual of a reserve for future cash payments) and
non-cash gains (other than any non-cash gain to the extent it represents the reversal of an accrual or reserve for a potential cash item that reduced net income in any
prior period), (vi) equity in net income (loss) of its Unconsolidated Affiliates, and (vii) expenses of opening and marketing promotions; plus (b) such Person’s Ownership Share of EBITDA of its Unconsolidated Affiliates.
EBITDA shall be adjusted to remove any impact from straight line rent leveling adjustments required under GAAP and amortization of intangibles pursuant to FASB ASC 805. For purposes of this definition, nonrecurring items shall be deemed to include
(v) gains and losses on early extinguishment of Indebtedness, (w) severance and other restructuring charges, (x) transaction costs of acquisitions, dispositions, capital markets offerings, debt financings and amendments thereto not
permitted to be capitalized pursuant to GAAP (including, without limitation, any portion of the purchase price payable with respect to an acquisition that is not permitted to be capitalized pursuant to GAAP), (y) impairment losses, (z) equity
based, non-cash compensation, and (aa) hurricane-related charges net of insurance reimbursements. 

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country
which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution
established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

  
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 “Effective Date” means the later of (a) the Agreement Date and
(b) the date on which all of the conditions precedent set forth in Section 5.1 shall have been fulfilled or waived by all of the Lenders. 

“Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and (d) any
other Person (other than a natural person or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person) approved by the Administrative Agent (such approval not to be unreasonably withheld
or delayed). 
 “Eligible Property” means a Property which satisfies all of the following requirements as confirmed by the
Administrative Agent: (a) such Property is fully developed as a one (1) to four (4) family rental Property, including single family homes in planned unit developments and individual single family townhomes and individual residential
condominium units in a low-rise or high-rise condominium project (but excluding co-ops and manufactured housing); (b) such Property is owned in fee simple entirely by
the Borrower or a Wholly Owned Subsidiary of the Borrower; (c) such Property is located in a State of the United States of America or in the District of Columbia; (d) regardless of whether such Property is owned by the Borrower or a
Subsidiary, the Borrower has the right directly, or indirectly through a Subsidiary, to take the following actions without the need to obtain the consent of any Person: (i) to create Liens on such Property as security for Indebtedness of the
Borrower or such Subsidiary, as applicable, and (ii) to sell, transfer or otherwise dispose of such Property (other than, in the case of either of the preceding clause (i) or (ii), Permitted Sale Restrictions or Permitted Transfer
Restrictions); (e) neither such Property, nor if such Property is owned by a Subsidiary, any of the Borrower’s direct or indirect ownership interest in such Subsidiary, is subject to (i) any Lien other than Permitted Liens or (ii) any
Negative Pledge (other than a Negative Pledge permitted under Section 9.2(c)(ii)), (f) such Property is free of all structural defects or major architectural deficiencies, title defects, environmental conditions or other
adverse matters except for defects, deficiencies, conditions or other matters which, individually or collectively, are not material to the profitable operation of such Property, and (g) no direct or indirect owner of such Property shall have
incurred, guaranteed or otherwise become obligated in respect of any Recourse Indebtedness (other than unsecured intercompany Indebtedness owing to the Borrower or any other Loan Party or any Subsidiary), unless such Person is a Guarantor. A
Property shall be excluded from the calculations of Unencumbered NOI and Unencumbered Asset Value if such Property shall cease to be an Eligible Property. 

“Eligible Property Subsidiary” means any Subsidiary that owns one or more Eligible Properties included in the calculation of
Unencumbered Asset Value or Unencumbered NOI, or any Subsidiary that directly or indirectly owns any Equity Interest in any Subsidiary that owns one or more Eligible Properties included in the calculation of Unencumbered Asset Value or Unencumbered
NOI. 
 “Environmental Claims” means any and all administrative, regulatory or judicial actions, suits, demands, demand
letters, claims, liens, accusations, allegations, notices of noncompliance or violation, investigations (other than internal reports prepared by any Person in the ordinary course of business and not in response to any third party action or request
of any kind) or proceedings relating in any way to any actual or alleged violation of or liability under any Environmental Law or relating to any permit issued, or any approval given, under any such Environmental Law, including, without limitation,
any and all claims by Governmental Authorities for enforcement, cleanup, removal, response, remedial or other actions or damages, contribution, indemnification cost recovery, compensation or injunctive relief resulting from Hazardous Materials or
arising from alleged injury or threat of injury to human health or the environment. 
 “Environmental Laws” means any
Applicable Law relating to environmental protection or the manufacture, storage, remediation, disposal or clean-up of Hazardous Materials including, without limitation, the following: Clean Air Act, 42 U.S.C.
§ 7401 et seq.; Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et
seq.; Comprehensive Environmental Response, Compensation and Liability Act, 

  
 - 14 - 

 
42 U.S.C. § 9601 et seq.; National Environmental Policy Act, 42 U.S.C. § 4321 et seq.; regulations of the Environmental Protection Agency, any
applicable rule of common law and any judicial interpretation thereof relating primarily to the environment or Hazardous Materials, and any analogous or comparable state or local laws, regulations or ordinances that concern Hazardous Materials or
protection of the environment. 
 “Equity Interest” means, with respect to any Person, any share of capital stock of (or
other ownership or profit interests in) such Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in) such Person, whether or not
certificated, any security convertible into or exchangeable for any share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares
(or such other interests), and any other ownership or profit interest in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right
or other interest is authorized or otherwise existing on any date of determination. 
 “Equity Issuance” means any issuance
or sale by a Person of any Equity Interest in such Person and shall in any event include the issuance of any Equity Interest upon the conversion or exchange of any security constituting Indebtedness that is convertible or exchangeable, or is being
converted or exchanged, for Equity Interests. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as in
effect from time to time. 
 “ERISA Event” means, with respect to the ERISA Group, (a) any “reportable
event” as defined in Section 4043 of ERISA with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the withdrawal of a member of the ERISA Group from a
Plan subject to Section 4063 of ERISA during a plan year in which it was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under
Section 4062(e) of ERISA; (c) the incurrence by a member of the ERISA Group of any liability with respect to the withdrawal or partial withdrawal from any Multiemployer Plan; (d) the incurrence by any member of the ERISA Group of any
liability under Title IV of ERISA with respect to the termination of any Plan or Multiemployer Plan; (e) the institution of proceedings to terminate a Plan or Multiemployer Plan by the PBGC; (f) the failure by any member of the ERISA
Group to make when due required contributions to a Multiemployer Plan or Plan unless such failure is cured within thirty (30) days or the filing pursuant to Section 412(c) of the Internal Revenue Code or Section 302(c) of ERISA of an
application for a waiver of the minimum funding standard; (g) any other event or condition that might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to
administer, any Plan or Multiemployer Plan or the imposition of liability under Section 4069 or 4212(c) of ERISA; (h) the receipt by any member of the ERISA Group of any notice or the receipt by any Multiemployer Plan from any member of
the ERISA Group of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent (within the meaning of Section 4245 of ERISA), in reorganization (within the
meaning of Section 4241 of ERISA), or in “critical” status (within the meaning of Section 432 of the Internal Revenue Code or Section 305 of ERISA); (i) the imposition of any liability under Title IV of ERISA,
other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any member of the ERISA Group or the imposition of any Lien in favor of the PBGC under Title IV of ERISA; or (j) a determination that a Plan is, or is
reasonably expected to be, in “at risk” status (within the meaning of Section 430 of the Internal Revenue Code or Section 303 of ERISA). 

  
 - 15 - 

 “ERISA Group” means the Parent, the Borrower, any other Subsidiary and all
members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control, which, together with the Parent, the Borrower or any other Subsidiary, are treated as a single employer under
Section 414 of the Internal Revenue Code. 
 “Erroneous Payment” has the meaning assigned thereto in
Section 11.11(a). 
 “EU Bail-In Legislation Schedule”
means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Event of Default” means any of the events specified in Section 10.1, provided that any
requirement for notice or lapse of time or any other condition has been satisfied. 
 “Excluded Subsidiary” means
any Subsidiary (a) (i) holding title to assets that are or are to become collateral for any Secured Indebtedness of such Subsidiary or (ii) any Subsidiary that is a direct or indirect owner of a Subsidiary with title to assets described in
the immediately preceding clause (a)(i) (but which has no assets other than the Equity Interests in such Subsidiary (or if an indirect owner, other than the Equity Interests in another direct or indirect owner of such Subsidiary which also has no
other assets) and other assets of nominal value incidental thereto) and (b) that is prohibited from guarantying the Indebtedness of any other Person pursuant to (i) any document, instrument or agreement evidencing such Secured Indebtedness
or (ii) a provision of such Subsidiary’s organizational documents which provision was included in such Subsidiary’s organizational documents as a condition to the extension of such Secured Indebtedness. 

“Excluded Swap Obligation” means, with respect to any Loan Party, any Swap Obligation if, and to the extent that, all or a
portion of the liability of such Loan Party for or the Guarantee of such Loan Party of, or the grant by such Loan Party of a Lien to secure, such Swap Obligation (or any liability or guarantee thereof) is or becomes illegal under the Commodity
Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Loan Party’s failure for any reason to constitute an “eligible
contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the liability for or the Guarantee of such Loan Party or the grant of such Lien becomes effective with respect to such Swap Obligation
(such determination being made after giving effect to any applicable keepwell, support or other agreement for the benefit of the applicable Loan Party, including under Section 31 of the Guaranty). If a Swap Obligation
arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or Lien is or becomes illegal for the reasons identified in
the immediately preceding sentence of this definition. 
 “Excluded Taxes” means any of the following Taxes imposed on or
with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as
a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or
(ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to an
Applicable Law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 4.6) or (ii) such Lender
changes its lending office, except in each case to the extent that, pursuant to Section 3.10, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a
party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.10(g) and (d) any U.S. federal withholding Taxes
imposed under FATCA. 

  
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 “Existing Agreement” has the meaning given that term in the recitals. 

“Existing Letters of Credit” means each of the letters of credit originally issued under the Existing Agreement identified in
Schedule 2.4. 
 “Existing Revolving Facility” has the meaning given that term in the recitals. 

“Existing Term Loan Facility” has the meaning given that term in the recitals. 

“Extended Letter of Credit” has the meaning given that term in Section 2.4(b). 

“Fair Market Value” means, (a) with respect to a security listed on a national securities exchange or the NASDAQ
National Market, the price of such security as reported on such exchange or market by any widely recognized reporting method customarily relied upon by financial institutions and (b) with respect to any other property, the price which could be
negotiated in an arm’s-length free market transaction, for cash, between a willing seller and a willing buyer, neither of which is under pressure or compulsion to complete the transaction. 

“FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board. 

“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or
successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the
Internal Revenue Code. 
 “FCA” has the meaning given that term in Section 1.4. 

“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to
the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the immediately preceding
Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three Federal
Funds brokers of recognized standing selected by the Administrative Agent; provided, however, that if the Federal Funds Rate shall be less than zero, such rate shall be deemed zero for purposes of the Loan Documents. 

“Fee Letter” means that certain fee letter, dated as of April 6, 2021, by and among the Borrower, Wells Fargo, Wells
Fargo Securities, LLC and JPMorgan Chase Bank, N.A. 
 “Fees” means the fees and commissions provided for or referred to in
Section 3.5 and any other fees payable by the Borrower hereunder, or under any other Loan Document. 

“First Extended Revolving Termination Date” means October 15, 2025. 

“First Extension Option” has the meaning given that term in Section 2.14. 

“Fixed Charges” means, with respect to a Person and for a given period: (a) the Interest Expense of such Person
for such period, plus (b) the aggregate of all regularly scheduled principal payments on Indebtedness payable by such Person during such period (excluding balloon, bullet or similar payments of principal due upon the stated maturity of
Indebtedness), plus (c) the aggregate amount of all Preferred Dividends paid by such Person during such period. The Parent’s Ownership Share of the Fixed Charges of its Unconsolidated Affiliates will be included in when determining
the Fixed Charges of the Parent. 

  
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 “Floor” means the benchmark rate floor, if any, provided in this Agreement
initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to LIBOR. As of the Agreement Date, the Floor is zero percent (0.0%). 

“Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the
Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. 

“FRB” means the Board of Governors of the Federal Reserve System. 

“Fronting Exposure” means, at any time there is a Defaulting Lender that is a Revolving Lender, (a) with respect to each
Issuing Bank, such Defaulting Lender’s Revolving Commitment Percentage of the outstanding Letter of Credit Liabilities attributable to such Issuing Bank other than Letter of Credit Liabilities as to which such Defaulting Lender’s
participation obligation has been reallocated to other Revolving Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the Swingline Lender, such Defaulting Lender’s Revolving Commitment Percentage of
outstanding Swingline Loans other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Revolving Lenders. 

“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or
otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

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

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

“GRESB” means GRESB B.V., a wholly owned subsidiary of Green Business Certification Inc., a
non-profit corporation incorporated in the United States under the laws of the District of Columbia. 

“Guaranteed Obligations” means, collectively, (a) the Obligations and (b) all existing or future payment and other
obligations owing by any Loan Party under any Specified Derivatives Contract (other than any Excluded Swap Obligation). 

  
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 “Guarantor” means any Person that is party to any Guaranty as a
“Guarantor”. 
 “Guaranty”, “Guaranteed” or to “Guarantee” as applied to any
obligation means and includes: (a) a guaranty (other than by endorsement of negotiable instruments for collection in the ordinary course of business), directly or indirectly, in any manner, of any part or all of such obligation, or (b) an
agreement, direct or indirect, contingent or otherwise, and whether or not constituting a guaranty, the practical effect of which is to assure the payment or performance (or payment of damages in the event of nonperformance) of any part or all of
such obligation whether by: (i) the purchase of securities or obligations, (ii) the purchase, sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily for the purpose of enabling the obligor with
respect to such obligation to make any payment or performance (or payment of damages in the event of nonperformance) of or on account of any part or all of such obligation, or to assure the owner of such obligation against loss, (iii) the
supplying of funds to or in any other manner investing in the obligor with respect to such obligation, (iv) repayment of amounts drawn down by beneficiaries of letters of credit (including Letters of Credit), or (v) the supplying of funds
to or investing in a Person on account of all or any part of such Person’s obligation under a Guaranty of any obligation or indemnifying or holding harmless, in any way, such Person against any part or all of such obligation. As the context
requires, “Guaranty” shall also mean any guaranty executed and delivered pursuant to Section 7.14 and substantially in the form of Exhibit C. 

“Hazardous Materials” means all or any of the following: (a) substances that are defined or listed in, or otherwise
classified pursuant to, any applicable Environmental Laws as “hazardous substances”, “hazardous materials”, “hazardous wastes”, “toxic substances” or any other formulation intended to define, list or classify
substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, “TCLP.” toxicity, or “EP toxicity”; (b) oil, petroleum or petroleum derived substances, natural
gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production of crude oil, natural gas or geothermal resources; (c) any flammable substances or
explosives or any radioactive materials; (d) asbestos in any form; (e) toxic mold; and (f) electrical equipment which contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of fifty parts per
million. 
 “IBA” has the meaning given that term in Section 1.4. 

“Incremental Assumption Agreement” means an incremental assumption agreement among, and in form and substance reasonably
satisfactory to, the Borrower, the Administrative Agent and the applicable Lenders party thereto. 
 “Incremental Term Loan
Commitment” has the meaning given that term in Section 2.17. 
 “Incremental Term Loans”
has the meaning given that term in Section 2.17. 
 “Indebtedness” means, with respect to a
Person, at the time of computation thereof, all of the following (without duplication): (a) all obligations of such Person in respect of money borrowed or for the deferred purchase price of property or services (excluding trade debt incurred in the
ordinary course of business) and all accrued expenses; (b) all obligations of such Person, whether or not for money borrowed (i) represented by notes payable, or drafts accepted, in each case representing extensions of credit,
(ii) evidenced by bonds, debentures, notes or similar instruments, or (iii) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments, upon which interest charges
are customarily paid or that are issued or assumed as full or partial payment for property or for services rendered; (c) Capitalized Lease Obligations of such Person; (d) all reimbursement obligations (contingent or otherwise) of such
Person under or in respect of any letters of credit or acceptances (whether or not the same have been presented for payment); (e) all Off-Balance Sheet 

  
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Obligations of such Person; (f) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Mandatorily Redeemable Stock issued by
such Person or any other Person, valued at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; (g) net obligations under any Derivatives Contract not entered into as a hedge against interest
rate risk in respect of existing Indebtedness, in an amount equal to the Derivatives Termination Value thereof at such time (but in no event less than zero); (h) all Indebtedness of other Persons which such Person has Guaranteed or is otherwise
recourse to such Person (except for guaranties of customary exceptions for fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and other similar customary exceptions to non-recourse liability); and (i) all Indebtedness of another Person secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on
property or assets owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness or other payment obligation (valued, in the case of any such Indebtedness as to which recourse for the payment
thereof is expressly limited to the property or assets on which such Lien is granted, at the lesser of (i) the stated or determinable amount of the Indebtedness that is so secured or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof (assuming such Person is required to perform thereunder) and (ii) the GAAP book value of such property or assets). Indebtedness of a Person shall include Indebtedness of any other Person to the extent
such Indebtedness is recourse to such first Person. All Loans and Letter of Credit Liabilities shall constitute Indebtedness of the Borrower. 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on
account of any obligation of the Borrower or any other Loan Party under any Loan Document and (b) to the extent not otherwise described in the immediately preceding clause (a), Other Taxes. 

“Intellectual Property” has the meaning given that term in Section 6.1(s). 

“Interest Expense” means, with respect to a Person and for any period, without duplication, all paid, accrued or
capitalized interest expense (including, without limitation, capitalized interest expense (other than capitalized interest expense funded under a construction loan interest reserve account) but excluding non–cash amortization of debt discounts
and deferred loan costs), determined on a consolidated basis in accordance with GAAP for such period. The Parent’s Ownership Share of the Interest Expense of its Unconsolidated Affiliates will be included when determining the Interest Expense
of the Parent. 
 “Interest Period” means: 

(a) with respect to each LIBOR Loan, each period commencing on the date such LIBOR Loan is made, or in the case of the
Continuation of a LIBOR Loan the last day of the preceding Interest Period for such LIBOR Loan, and ending seven (7) days thereafter (in such case, only if (x) such end date would be prior to December 31, 2021 and (y) such period
is available to all Lenders of the Class of the applicable LIBOR Loans and all Lenders agree to provide such period) or on the numerically corresponding day in the first, third or sixth calendar month thereafter, as the Borrower may select in a
Notice of Borrowing, Notice of Continuation or Notice of Conversion, as the case may be, except that each Interest Period (other than an Interest Period having a duration of seven (7) days) that commences on the last Business Day of a calendar
month (or on any day for which there is no numerically corresponding day in the appropriate subsequent calendar month) shall end on the last Business Day of the appropriate subsequent calendar month; and 

  
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 (b) with respect to each Bid Rate Loan, the period commencing on the date
such Bid Rate Loan is made and ending on any Business Day not less than seven (7) nor more than one hundred eighty (180) days thereafter, as the Borrower may select as provided in Section 2.3(b). 

Notwithstanding the foregoing: (a) if any Interest Period for a Class of Loans would otherwise end after the
Termination Date for such Class of Loans, such Interest Period shall end on the Termination Date for such Class of Loans and (b) each Interest Period that would otherwise end on a day which is not a Business Day shall end on the
immediately following Business Day (or, if such immediately following Business Day falls in the next calendar month, on the immediately preceding Business Day). 

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

“Investment” means, with respect to any Person, any acquisition or investment (whether or not of a controlling interest) by
such Person, by means of any of the following: (a) the purchase or other acquisition of any Equity Interest in another Person, (b) a loan, advance or extension of credit to, capital contribution to, Guaranty of Indebtedness of, or purchase
or other acquisition of any Indebtedness of, another Person, including any partnership or joint venture interest in such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of
another Person that constitute the business or a division or operating unit of another Person. Any irrevocable commitment to make an Investment in any other Person, as well as any option of another Person to require an Investment in such Person,
shall constitute an Investment. Except as expressly provided otherwise, for purposes of determining compliance with any covenant contained in a Loan Document, the amount of any Investment shall be the amount actually invested, without adjustment for
subsequent increases or decreases in the value of such Investment. 
 “Investment Grade Rating” means a Credit Rating of BBB- or higher from S&P and Baa3 or higher from Moody’s. 
 “ISDA Definitions”
means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives
published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto. 
 “Issuing
Bank” means each of Wells Fargo and JPMorgan Chase Bank, N.A. in its capacity as an issuer of Letters of Credit pursuant to Section 2.4. Each Issuing Bank may, in its discretion, arrange for one or more Letters of
Credit to be issued by Affiliates of adequate creditworthiness of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. The Borrower, the
Administrative Agent and any Lender may agree that such Lender may issue Letters of Credit hereunder, in which case the term “Issuing Bank” shall include such Lender with respect to the Letters of Credit issued by such Lender, and each
reference to “Issuing Bank” shall mean the applicable Issuing Bank or all Issuing Banks, as the context may require. 

“Lead Arranger” has the meaning given to such term in the introductory paragraph hereof. 

“L/C Commitment Amount” has the meaning given to that term in Section 2.4(a). 

“L/C Disbursement” has the meaning given to that term in Section 3.9(b). 

  
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 “Lender” means each financial institution from time to time party hereto as
a “Revolving Lender” or a “Term Loan Lender”, in each case, together with its respective successors and permitted assigns, and, as the context requires, includes the Swingline Lender; provided, however, that the
term “Lender” (i) shall exclude each Designated Lender when used in reference to any Loan other than a Bid Rate Loan, the Commitments or terms relating to any Loan other than a Bid Rate Loan and shall further exclude each Designated Lender
for all other purposes under the Loan Documents except that any Designated Lender which funds a Bid Rate Loan shall, subject to Section 12.5(d), have only the rights (including the rights given to a Lender contained in
Section 12.2 and Section 12.9) and obligations of a Lender associated with holding such Bid Rate Loan and (ii) except as otherwise expressly provided herein, shall exclude any Lender (or its
Affiliates) in its capacity as a Specified Derivatives Provider. 
 “Lender Parties” means, collectively, the
Administrative Agent, the Lenders, the Issuing Banks, the Specified Derivatives Providers, each co-agent or sub-agent appointed by the Administrative Agent from time to
time pursuant to Section 11.5, any other holder from time to time of any Obligations and, in each case, their respective successors and permitted assigns. 

“Lending Office” means, for each Lender and for each Type of Loan, the office of such Lender specified in such Lender’s
Administrative Questionnaire or in the applicable Assignment and Assumption, or such other office of such Lender as such Lender may notify the Administrative Agent in writing from time to time. 

“Letter of Credit” has the meaning given that term in Section 2.4(a). 

“Letter of Credit Collateral Account” means a special deposit account maintained by the Administrative Agent, for the benefit
of the Administrative Agent, the Issuing Banks and the Lenders, and under the sole dominion and control of the Administrative Agent. 

“Letter of Credit Documents” means, with respect to any Letter of Credit, collectively, any application therefor, any
certificate or other document presented in connection with a drawing under such Letter of Credit and any other agreement, instrument or other document governing or providing for (a) the rights and obligations of the parties concerned or at risk
with respect to such Letter of Credit or (b) any collateral security for any of such obligations. 
 “Letter of Credit
Exposure” means, without duplication, at any time (i) in respect of any Letter of Credit issued by the applicable Lender as an Issuing Bank, the Stated Amount of such Letter of Credit plus (ii) the aggregate unpaid
principal amount of all Reimbursement Obligations of the Borrower at such time due and payable in respect of all drawings made under any Letter of Credit issued by the applicable Lender as an Issuing Bank, plus (iii) in respect of any
Letter of Credit issued by another Lender as an Issuing Bank, the applicable Lender’s Letter of Credit Liability. 
 “Letter of
Credit Liabilities” means, without duplication, at any time and in respect of any Letter of Credit (a) the Stated Amount of such Letter of Credit plus (b) the aggregate unpaid principal amount of all Reimbursement
Obligations of the Borrower at such time due and payable in respect of all drawings made under such Letter of Credit. For purposes of this Agreement, a Lender (other than a Lender then acting as an Issuing Bank of a Letter of Credit) shall be deemed
to hold a Letter of Credit Liability in an amount equal to its participation interest under Section 2.4 in the related Letter of Credit, and each Lender then acting as an Issuing Bank shall be deemed to hold a Letter of
Credit Liability in an amount equal to its retained interest in the related Letter of Credit after giving effect to the acquisition by the Lenders (other than a Lender that is the Issuing Bank of such Letter of Credit) of their participation
interests under such Section. 
 “Level” has the meaning given that term in the definition of the term “Applicable
Margin.” 

  
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 “LIBOR” means, subject to implementation of a Benchmark Replacement in
accordance with Section 4.2(b), with respect to any LIBOR Loan for any Interest Period, the rate of interest obtained by dividing (i) the rate of interest per annum determined on the basis of the rate for deposits in
Dollars for a period equal to the applicable Interest Period published by the ICE Benchmark Administration Limited, a United Kingdom company, at approximately 11:00 a.m.(London time) two Business Days prior to the first day of the applicable
Interest Period by (ii) a percentage equal to 1 minus the stated maximum rate (stated as a decimal) of all reserves, if any, required to be maintained with respect to Eurocurrency funding (currently referred to as “Eurocurrency
liabilities”) as specified in Regulation D of the FRB (or against any other category of liabilities which includes deposits by reference to which the interest rate on LIBOR Loans is determined or any applicable category of extensions of credit
or other assets which includes loans by an office of any Lender outside of the United States of America). If, for any reason, the rate referred to in the preceding clause (i) is not published, then the rate to be used for such clause
(i) shall be determined by the Administrative Agent from another recognized source or interbank quotation at approximately 11:00 a.m.(London time) two Business Days prior to the first day of the applicable Interest Period for a period
equal to such Interest Period. Any change in the maximum rate or reserves described in the preceding clause (ii) shall result in a change in LIBOR on the date on which such change in such maximum rate becomes effective. Notwithstanding the
foregoing, (x) if LIBOR (including, without limitation, any Benchmark Replacement with respect thereto) determined as provided above would be less than zero, LIBOR (or any such Benchmark Replacement with respect thereto) shall be deemed to be
zero, and (y) in the event of the implementation of a Benchmark Replacement in accordance with Section 4.2(b), any references herein to LIBOR shall be deemed references to such Benchmark Replacement. 

“LIBOR Auction” means a solicitation of Bid Rate Quotes setting forth LIBOR Margin Loans based on LIBOR pursuant to
Section 2.3. 
 “LIBOR Loan” means a Revolving Loan or Term Loan (or any portion thereof) (other
than a Base Rate Loan) bearing interest at a rate based on LIBOR. 
 “LIBOR Margin” has the meaning given that term in
Section 2.3(c)(ii)(D). 
 “LIBOR Margin Loan” means a Bid Rate Loan the interest rate on which is
determined on the basis of LIBOR pursuant to a LIBOR Auction. 
 “LIBOR Market Index Rate” means, for any day, LIBOR as of
that day that would be applicable for a LIBOR Loan having a one-month Interest Period determined at approximately 10:00 a.m. Central Time for such day (rather than 11:00 a.m. (London time) two
Business Days prior to the first day of such Interest Period as otherwise provided in the definition of “LIBOR”), or if such day is not a Business Day, the immediately preceding Business Day. The LIBOR Market Index Rate shall be determined
on a daily basis. If LIBOR Market Index Rate determined as provided above would be less than zero, the LIBOR Market Index Rate shall be deemed to be zero. 

“Lien” as applied to the property of any Person means: (a) any security interest, encumbrance, mortgage, deed to secure
debt, deed of trust, assignment of leases and rents, pledge, lien, hypothecation, assignment, charge or lease constituting a Capitalized Lease Obligation, conditional sale or other title retention agreement, or other security title or encumbrance of
any kind in respect of any property of such Person, or upon the income, rents or profits therefrom; (b) any arrangement, express or implied, under which any property of such Person is transferred, sequestered or otherwise identified for the
purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person; and (c) the filing of any financing statement under the UCC or
its equivalent in any jurisdiction, other than any precautionary filing not otherwise constituting or giving rise to a Lien, including a financing statement filed (i) in respect of a lease not 

  
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constituting a Capitalized Lease Obligation pursuant to Section 9-505 (or a successor provision) of the UCC or its equivalent as
in effect in an applicable jurisdiction or (ii) in connection with a sale or other disposition of accounts or other assets not prohibited by this Agreement in a transaction not otherwise constituting or giving rise to a Lien. 

“Loan” means a Revolving Loan, a Term Loan, a Bid Rate Loan or a Swingline Loan. 

“Loan Document” means this Agreement, each Note, any Guaranty, each Letter of Credit Document, the Fee Letter and each other
document or instrument now or hereafter executed and delivered by a Loan Party in connection with, pursuant to or relating to this Agreement (other than any Specified Derivatives Contract). 

“Loan Party” means each of the Borrower and each Guarantor from time to time party to any Guaranty pursuant to
Section 7.14. Schedule 1.1(a) sets forth the Loan Parties as of the Agreement Date. 

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

“Material Acquisition” means the acquisition (whether by direct purchase, merger or otherwise and whether in one or more
related or unrelated transactions (to the extent occurring within any six-month period)) in which the purchase price of the assets acquired exceeds an amount greater than ten percent (10%) of Total Asset Value
(not taking into account such new acquisition) as of the last day of the most recently ending fiscal quarter of the Parent for which financial statements are available. 

“Material Adverse Effect” means a materially adverse effect on (a) the business, assets, liabilities, financial
condition or results of operations of the Parent and its Subsidiaries, or the Borrower and its Subsidiaries, in each case, taken as a whole, (b) the ability of the Borrower, the other Loan Parties and the Parent, taken as a whole, to perform
their obligations under the Loan Documents, (c) the validity or enforceability of any of the Loan Documents, or (d) the rights and remedies of the Lenders, the Issuing Banks and the Administrative Agent under any of the Loan Documents.

 “Material Subsidiary” means (a) each Subsidiary of the Borrower that owns a Property included in the determination
of Unencumbered Asset Value, (b) any direct or indirect Subsidiary of the Borrower that holds direct or indirect Equity Interests in a Person which owns a Property included in the determination of Unencumbered Asset Value and (c) any
direct or indirect Subsidiary of the Borrower to which more than ten percent (10%) of Total Asset Value is attributable on an individual basis, other than, (i) solely in the case of the preceding clauses (b) and (c), any Excluded
Subsidiary. 
 “Moody’s” means Moody’s Investors Service, Inc. and its successors. 

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

  
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 “Mortgage Receivable” means a promissory note secured by a Mortgage of
which the Borrower or a Subsidiary of the Borrower is the holder and retains the rights of collection of all payments thereunder. 

“Multiemployer Plan” means at any time a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA to which
any member of the ERISA Group is then making or accruing an obligation to make contributions or has within the preceding six plan years made contributions, including for these purposes any Person which ceased to be a member of the ERISA Group during
such six-year period. 
 “Negative Pledge” means, with respect to a given asset,
any provision of a document, instrument or agreement (other than any Loan Document) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning such asset or any
other Person (unless such prohibition does not apply to Liens securing the Obligations and any refinancing, replacement, or extension thereof); provided, however, that (i) an agreement that conditions a Person’s ability to
encumber its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets,
(ii) an agreement relating to Unsecured Indebtedness containing restrictions substantially similar to, or taken as a whole, not more restrictive than, the restrictions contained in the Loan Documents (as determined by the Borrower in good
faith), (iii) Permitted Sale Restrictions, and (iv) Permitted Transfer Restrictions, in each case, shall not constitute a Negative Pledge. 

“Net Operating Income” means, for any Property and for a given period, the following (without duplication and determined on a
consistent basis with prior periods): (a) rents and other revenues received in the ordinary course from such Property (including proceeds from rent loss or business interruption insurance (but not in excess of the actual rent otherwise payable) but
excluding pre-paid rents and revenues and security deposits except to the extent applied in satisfaction of tenants’ obligations for rent or obligations for other charges such as fees, utilities or
damages), minus (b) all expenses paid (excluding interest but including an appropriate accrual for property taxes and insurance) related to the ownership, operation or maintenance of such Property, including but not limited to property
taxes, assessments and the like, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses, marketing expenses, and general and administrative expenses (including an appropriate allocation for legal, accounting, advertising,
marketing and other expenses incurred in connection with such Property, but specifically excluding general overhead expenses of the Parent and its Subsidiaries and any property management fees), minus (c) the actual property management
fee paid during such period with respect to such Property. 
 “Non-Consenting
Lender” means any Lender that does not approve any consent, waiver, amendment or release with respect to any Loan Document that (i) requires the approval of all Lenders or all affected Lenders in accordance with the terms of
Section 12.6(b) and (ii) has been approved by the Requisite Lenders and in the case of amendments that require the approval of all or all affected Lenders of a particular Class, the Requisite Class Lenders of such
Class. 
 “Non-Defaulting Lender” means, at any time, each Lender that is not a
Defaulting Lender at such time. 
 “Nonrecourse Indebtedness” means, with respect to a Person, Indebtedness for borrowed
money in respect of which recourse for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, prohibited transfers, failure to pay taxes, noncompliance with “separateness covenants,”
voluntary bankruptcy, collusive involuntary bankruptcy and other similar customary exceptions to nonrecourse liability) is contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness; provided that
if any event occurs after which recourse for payment for such Indebtedness is no longer limited to specific assets of such Person, such Indebtedness shall not be Nonrecourse Indebtedness after such event. 

  
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 “Note” means a Revolving Note, Term Note, a Bid Rate Note or a Swingline
Note. 
 “Notice of Continuation” means a notice substantially in the form of Exhibit D (or such
other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.10 evidencing the Borrower’s
request for the Continuation of a LIBOR Loan. 
 “Notice of Conversion” means a notice substantially in the form of
Exhibit E (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to
Section 2.11 evidencing the Borrower’s request for the Conversion of a Loan from one Type to another Type. 

“Notice of Revolving Borrowing” means a notice substantially in the form of Exhibit F (or such
other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.1(b) evidencing the Borrower’s
request for a borrowing of Revolving Loans. 
 “Notice of Swingline Borrowing” means a notice substantially in the form of
Exhibit G (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Swingline Lender pursuant to
Section 2.5(b) evidencing the Borrower’s request for a Swingline Loan. 
 “Notice of Term Loan
Borrowing” means a notice substantially in the form of Exhibit H (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the
Administrative Agent in connection with an Incremental Assumption Agreement evidencing the Borrower’s request for a borrowing of Term Loans. 

“Obligations” means, individually and collectively: (a) the aggregate principal balance of, and all accrued and unpaid
interest on, all Loans; (b) all Reimbursement Obligations and all other Letter of Credit Liabilities; and (c) all other indebtedness, liabilities, obligations, covenants and duties of the Borrower and the other Loan Parties owing to the
Administrative Agent, any Issuing Bank or any Lender of every kind, nature and description, under or in respect of this Agreement or any of the other Loan Documents, including, without limitation, the Fees and indemnification obligations, whether
direct or indirect, absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any promissory note. For the avoidance of doubt, “Obligations” shall not include any
indebtedness, liabilities, obligations, covenants or duties in respect of Specified Derivatives Contracts. 
 “OFAC” means
the U.S. Department of the Treasury’s Office of Foreign Assets Control. 
 “Off-Balance
Sheet Obligations” means liabilities and obligations of the Parent, any Subsidiary or any other Person in respect of “off-balance sheet arrangements” (as defined in Item 303(a)(4)(ii) of
Regulation S-K promulgated under the Securities Act) which the Parent would be required to disclose in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
section of the Parent’s report on Form 10 Q or Form 10 K (or their equivalents) which the Parent is required to file with the SEC. 

“Original Revolving Termination Date” means April 15, 2025. 

  
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 “Other Connection Taxes” means, with respect to any Recipient, Taxes
imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under,
received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 4.6). 

“Ownership Share” means, with respect to any Subsidiary of a Person (other than a Wholly Owned Subsidiary) or any
Unconsolidated Affiliate of a Person, the greater of (a) such Person’s relative nominal direct and indirect ownership interest (expressed as a percentage) in such Subsidiary or Unconsolidated Affiliate or (b) such Person’s
relative direct and indirect economic interest (calculated as a percentage) in such Subsidiary or Unconsolidated Affiliate determined in accordance with the applicable provisions of the declaration of trust, articles or certificate of incorporation,
articles of organization, partnership agreement, joint venture agreement or other applicable organizational document of such Subsidiary or Unconsolidated Affiliate. 

“Parent” has the meaning given that term in the introductory paragraph hereof. 

“Participant” has the meaning given that term in Section 12.5(d). 

“Participant Register” has the meaning given that term in Section 12.5(d). 

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

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

“Permitted Holders” means (a) B. Wayne Hughes, Tamara Hughes Gustavson, B. Wayne Hughes Jr., each of their respective
spouses, children (and their respective spouses), and grandchildren (and their respective spouses) (such individuals being referred to as “Hughes Family Members”), (b) the B.W. Hughes Living Trust, B. Wayne Hughes 5-04 Annuity Trust, B. Wayne Hughes 6-04 Annuity Trust, B. Wayne Hughes 9-05 Annuity Trust, (c) so long as Controlled by any
Hughes Family Members, American Commercial Equities, LLC and American Commercial Equities Two, LLC, and/or (d) any other trust solely for the benefit of any one or more of the Hughes Family Members or Person Controlled by any Hughes Family
Members. 
 “Permitted Liens” means, with respect to any asset or property of a Person, (a) Liens securing taxes,
assessments and other charges or levies imposed by any Governmental Authority (excluding any Lien imposed pursuant to any of the provisions of ERISA or pursuant to any Environmental Laws) which are not at the time required to be paid or discharged
under Section 7.6, (b) the claims of materialmen, mechanics, carriers, warehousemen or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business, which, in each case, are not at
the time required to be paid or discharged under Section 7.6; (c) Liens consisting of deposits or pledges made, in the ordinary course of business, in connection with, or to secure payment of, obligations under
workers’ compensation, unemployment 

  
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insurance or similar Applicable Laws; (d) Liens consisting of encumbrances in the nature of zoning restrictions, easements, and rights or restrictions of record on the use of real property,
which do not materially detract from the value of such property or impair the intended use thereof in the business of such Person; (e) the rights of tenants under leases or subleases not interfering with the ordinary conduct of business of such
Person; and (f) Liens in favor of the Administrative Agent for its benefit and the benefit of the other Lender Parties. 

“Permitted Sale Restrictions” means restrictions contained in any arms’-length sale agreement relating to the sale of
any Subsidiary or Property restricting the creation of Liens on, or the sale, transfer or other disposition of Equity Interests or Property that is subject to, such Subsidiary or Property pending such sale; provided that the restrictions apply only
to the Subsidiary or Property that are subject to such sale agreement. 
 “Permitted Transfer Restrictions” means
reasonable and customary obligations, encumbrances or restrictions contained in unrecorded agreements not constituting Indebtedness entered into with limited partners or members of the Borrower or of any other Subsidiary of the Parent imposing
obligations in respect of contingent obligations to make any tax “make whole” or similar payment arising out of the sale or other transfer of assets reasonably related to such limited partners’ or members’ interest in the
Borrower or such Subsidiary pursuant to “tax protection” or other similar agreements. 
 “Person” means any
natural person, corporation, limited partnership, general partnership, joint stock company, limited liability company, limited liability partnership, joint venture, association, company, trust, bank, trust company, land trust, business trust or
other organization, whether or not a legal entity, or any other nongovernmental entity, or any Governmental Authority. 

“Plan” means at any time an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of
ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code and either (a) is maintained, or contributed to, by any member of the ERISA Group for employees of any member of the ERISA Group or
(b) has at any time within the preceding six years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which was at such time a member of the ERISA Group. 

“Post-Default Rate” means, (i) in respect of any principal of any Class of Loans that are Base Rate Loans, the Base
Rate as in effect from time to time plus the Applicable Margin for such Class of Loans that are Base Rate Loans plus an additional two percent (2.0%) per annum, (ii) in respect of any principal of any
Class of Loans that are LIBOR Loans (for so long as such Loans remain LIBOR Loans and subject to Section 2.10), the rate of interest due under Section 2.6(a)(ii) as in effect from time to time
for such Class of Loans that are LIBOR Loans plus an additional two percent (2.0%) per annum, (iii) in respect of any principal of Loans that are Absolute Rate Loans, the rate of interest due under
Section 2.6(a)(iii) for such Absolute Rate Loans as in effect from time to time plus an additional two percent (2.0%) per annum, (iv) in respect of any principal of Loans that are LIBOR Margin Loans, the rate of
interest due under Section 2.6(a)(iv) for such LIBOR Margin Loans as in effect from time to time plus an additional two percent (2.0%) per annum, and (v) with respect to any other Obligation, a rate per annum
equal to the Base Rate as in effect from time to time plus the Applicable Margin for Revolving Loans that are Base Rate Loans plus two percent (2.0%). 

“Preferred Dividends” means, for any period and without duplication, all Restricted Payments paid during such period on
Preferred Equity Interests issued by the Parent, the Borrower or any other Subsidiary. Preferred Dividends shall not include dividends or distributions (a) paid or payable solely in Equity Interests (other than Mandatorily Redeemable Stock)
payable to holders of such class of Equity Interests, (b) paid or payable to the Parent, the Borrower or any other Subsidiary, or (c) constituting or resulting in the redemption of Preferred Equity Interests, other than scheduled
redemptions not constituting balloon, bullet or similar redemptions in full. 

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

“Prime Rate” means, at any time, the rate of interest per annum publicly announced from time to time by the Lender then
acting as the Administrative Agent as its prime rate. Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime rate occurs. The parties hereto acknowledge that the rate announced publicly by
the Lender acting as Administrative Agent as its prime rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks. 

“Principal Office” means the office of the Administrative Agent located at 600 South 4th Street, 8th Floor, Minneapolis, Minnesota 55415, or any other subsequent office that the Administrative Agent shall have specified as the
Principal Office by written notice to the Borrower and the Lenders. 
 “Pro Rata Share” means, as to each Lender, the
ratio, expressed as a percentage of (a) (i) the amount of such Lender’s Revolving Commitment plus (ii) the amount of such Lender’s outstanding Term Loans to (b) (i) the aggregate amount of the Revolving Commitments of all
Lenders plus (ii) the aggregate amount of all outstanding Term Loans; provided, however, that if at the time of determination the Revolving Commitments have terminated or been reduced to zero, the “Pro Rata Share” of
each Lender shall be the ratio, expressed as a percentage of (A) the sum of the unpaid principal amount of all outstanding Revolving Loans, Term Loans, Bid Rate Loans, Swingline Loans and Letter of Credit Liabilities owing to such Lender as of
such date to (B) the sum of the aggregate unpaid principal amount of all outstanding Revolving Loans, Term Loans, Bid Rate Loans, Swingline Loans and Letter of Credit Liabilities of all Lenders as of such date. For purposes of this definition,
a Revolving Lender shall be deemed to hold a Swingline Loan or a Letter of Credit Liability to the extent such Lender has acquired a participation therein under the terms of this Agreement and has not failed to perform its obligations in respect of
such participation. If at the time of determination the Commitments have terminated and there are no outstanding Loans or Letter of Credit Liabilities, then the Pro Rata Shares of the Lenders shall be determined as of the most recent date on which
Commitments were in effect or Loans or Letters of Credit Liabilities were outstanding. 
 “Property” means a parcel (or
group of related parcels) of real property developed (or to be developed) by the Parent, the Borrower, any Subsidiary or any Unconsolidated Affiliate. 

“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be
amended from time to time. 
 “Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party that has
total assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract participant”
under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the
Commodity Exchange Act. 
 “Qualified Plan” means a Benefit Arrangement that is intended to be tax-qualified under Section 401(a) of the Internal Revenue Code. 
 “Rating Agency”
means S&P or Moody’s. 

  
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 “Recipient” means (a) the Administrative Agent, (b) any Lender
and (c) any Issuing Bank, as applicable. 
 “Recourse Indebtedness” means, with respect to a Person, Indebtedness for
borrowed money that is not Nonrecourse Indebtedness. 
 “Reference Time” with respect to any setting of the then-current
Benchmark means (1) if such Benchmark is LIBOR, 11:00 a.m. (London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not LIBOR, the time determined by the Administrative Agent
in its reasonable discretion. 
 “Reference Year” has the meaning given that term in the definition of Applicable
Sustainability Adjustment. 
 “Register” has the meaning given that term in Section 12.5(c). 

“Regulatory Change” means, with respect to any Lender, any change effective after the Agreement Date in Applicable Law
(including, without limitation, Regulation D of the FRB) or the adoption or making after such date of any interpretation, directive or request applying to a class of banks, including such Lender, of or under any Applicable Law (whether or not having
the force of law and whether or not failure to comply therewith would be unlawful) by any Governmental Authority or monetary authority charged with the interpretation or administration thereof or compliance by any Lender with any request or
directive regarding capital adequacy or liquidity. Notwithstanding anything herein to the contrary, (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in
connection therewith and (b) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign
regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Regulatory Change”, regardless of the date enacted, adopted or issued. 

“Reimbursement Obligation” means the absolute, unconditional and irrevocable obligation of the Borrower to reimburse an
Issuing Bank for any drawing honored by such Issuing Bank under a Letter of Credit issued by such Issuing Bank. 
 “REIT”
means a Person qualifying for treatment as a “real estate investment trust” under the Internal Revenue Code. 
 “Related
Parties” means, with respect to any Person, such Person’s Affiliates and the partners, shareholders, directors, officers, employees, agents, counsel, auditors, consultants and other advisors and representatives of such Person and of
such Person’s Affiliates. 
 “Relevant Governmental Body” means the FRB or the Federal Reserve Bank of New York, or a
committee officially endorsed or convened by the FRB or the Federal Reserve Bank of New York, or any successor thereto. 
 “Required
Delivery Date” has meaning given to such term in Section 7.14(a). 
 “Requisite
Class Lenders” means, with respect to a Class of Lenders as of any date of determination, Lenders of such Class (a) having more than fifty percent (50.0%) of the aggregate amount of the Commitments of such
Class and, in the case of Term Loans or Term Loan Commitments, the outstanding Term Loans (if any) of all Lenders or (b) if the Commitments of such Class have been 

  
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terminated or reduced to zero, holding more than fifty percent (50.0%) of the principal amount of the aggregate outstanding Loans of such Class (including Bid Rate Loans), and in the case of
Revolving Lenders, outstanding Letter of Credit Liabilities and Swingline Loans; provided that (i) in determining such percentage at any given time, all then existing Defaulting Lenders of such Class will be disregarded and
excluded, and (ii) at all times when two or more Lenders (excluding Defaulting Lenders) of such Class are party to this Agreement, the term “Requisite Class Lenders” shall in no event mean less than two Lenders of such
Class. For purposes of this definition, a Revolving Lender shall be deemed to hold a Swingline Loan or a Letter of Credit Liability to the extent such Lender has acquired a participation therein under the terms of this Agreement and has not failed
to perform its obligations in respect of such participation. 
 “Requisite Lenders” means, as of any date, (a) Lenders
having more than fifty percent (50.0%) of the aggregate amount of the Revolving Commitments, Term Loan Commitments, if any, and the outstanding Term Loans, if any, of all Lenders, or (b) if the Revolving Commitments have been terminated or
reduced to zero, Lenders holding more than fifty percent (50.0%) of the principal amount of the aggregate outstanding Loans (including Bid Rate Loans) and Letter of Credit Liabilities; provided that (i) in determining such percentage at
any given time, all then existing Defaulting Lenders will be disregarded and excluded, and (ii) at all times when two or more Lenders (excluding Defaulting Lenders) are party to this Agreement, the term “Requisite Lenders” shall in no
event mean fewer than two Lenders. For purposes of this definition, a Lender shall be deemed to hold a Swingline Loan or a Letter of Credit Liability to the extent such Lender has acquired a participation therein under the terms of this Agreement
and has not failed to perform its obligations in respect of such participation. 
 “Resolution Authority” means an EEA
Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority. 
 “Responsible Officer”
means with respect to the Parent, Borrower or any other Subsidiary, any of the chief executive officer, the chief financial officer, the executive vice president of finance, or chief legal officer of the Parent, the Borrower or any other Subsidiary.

 “Restricted Payment” means (a) any dividend or other distribution, direct or indirect, on account of any Equity
Interest of the Parent or any of its Subsidiaries now or hereafter outstanding, except a dividend payable solely in shares of that class of Equity Interests to the holders of that class; (b) any redemption, conversion, exchange, retirement,
sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any Equity Interests of the Parent or any of its Subsidiaries now or hereafter outstanding; and (c) any payment made to retire, or to obtain the
surrender of, any outstanding warrants, options or other rights to acquire any Equity Interests of the Parent or any of its Subsidiaries now or hereafter outstanding. 

“Revolving Facility Fee Rate” means the percentage set forth in the table below corresponding to the Level at which the
“Applicable Margin” is determined in accordance with the definition thereof: 
  

					
	 Level
	  	Facility Fee	 
	 1
	  	 	0.125	% 
	 2
	  	 	0.150	% 
	 3
	  	 	0.200	% 
	 4
	  	 	0.250	% 
	 5
	  	 	0.300	% 

 Any change in the applicable Level at which the Applicable Margin is determined shall be effective as of the
first day of the first calendar month immediately following receipt by the Administrative Agent of written notice delivered by the Borrower in accordance with Section 8.4(o) that the Parent’s Credit Rating has changed.

  
 - 31 - 

 “Revolving Commitment” means, as to a Lender (other than the Swingline
Lender), such Lender’s obligation to make Revolving Loans pursuant to Section 2.1, to issue (in the case of an Issuing Bank) and to participate (in the case of the other Lenders) in Letters of Credit pursuant to
Section 2.4(i), and to participate in Swingline Loans pursuant to Section 2.5(e), in an amount up to, but not exceeding the amount set forth for such Lender on Schedule I as such
Lender’s “Revolving Commitment Amount” or as set forth in any applicable Assignment and Assumption or Incremental Assumption Agreement, as the same may be reduced from time to time pursuant to Section 2.13 or
increased or reduced as appropriate to reflect any assignments to or by such Lender effected in accordance with Section 12.5 or increased as appropriate to reflect any increase effected in accordance with
Section 2.17. 
 “Revolving Commitment Percentage” means, as to each Lender with a Revolving
Commitment, the ratio, expressed as a percentage, of (a) the amount of such Lender’s Revolving Commitment to (b) the aggregate amount of the Revolving Commitments of all Revolving Lenders; provided, however, that if at
the time of determination the Revolving Commitments have been terminated or been reduced to zero, the “Revolving Commitment Percentage” of each Lender with a Revolving Commitment shall be the “Revolving Commitment Percentage” of
such Lender in effect immediately prior to such termination or reduction. 
 “Revolving Credit Exposure” means, as to any
Revolving Lender at any time, the aggregate principal amount at such time of its outstanding Revolving Loans and such Revolving Lender’s participation in Letter of Credit Liabilities and Swingline Loans at such time. 

“Revolving Extension Request” has the meaning given that term in Section 2.14. 

“Revolving Lender” means a Lender having a Revolving Commitment, or if the Revolving Commitments have terminated,
holding any Revolving Loans. 
 “Revolving Loan” means a loan made by a Revolving Lender to the Borrower pursuant to
Section 2.1(a). 
 “Revolving Note” means a promissory note of the Borrower substantially in the
form of Exhibit J, payable to a Revolving Lender in a principal amount equal to the amount of such Lender’s Revolving Commitment. 

“Revolving Termination Date” means the Original Revolving Termination Date, or, if the Original Revolving Termination Date
has been extended pursuant to the First Extension Option, the First Extended Revolving Termination Date, or if the First Extended Revolving Termination Date has been extended pursuant to the Second Extension Option, the Second Extended Revolving
Termination Date. 
 “Sanctioned Country” means at any time, a country, region or territory which is itself the subject or
target of any Sanctions (including, without limitation, Crimea, Cuba, Iran, North Korea, Sudan and Syria). 
 “Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s
Treasury, or other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in clauses (a) and (b). 

  
 - 32 - 

 “Sanctions” means economic or financial sanctions or trade embargoes
imposed, administered or enforced from time to time by the U.S. government (including those administered by OFAC), the European Union, Her Majesty’s Treasury, or other relevant sanctions authority. 

“Second Extended Revolving Termination Date” means April 15, 2026. 

“Second Extension Option” has the meaning given that term in Section 2.14. 

“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal
functions. 
 “Secured Indebtedness” means, with respect to a Person as of a given date, the aggregate principal amount of
all Indebtedness of such Person outstanding on such date that is secured in any manner by any Lien on any property and, in the case of the Parent, shall include (without duplication) the Parent’s Ownership Share of the Secured Indebtedness of
its Unconsolidated Affiliates. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time, together
with all rules and regulations issued thereunder. 
 “Senior Managing Agent” has the meaning given to that term in the
introductory paragraph hereof. 
 “Significant Subsidiary” means any Subsidiary to which more than 5% of Total Asset Value
is attributable on an individual basis. 
 “SOFR” means, with respect to any Business Day, a rate per annum equal to the
secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day. 

“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight
financing rate). 
 “SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York,
currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. 

“Solvent” means, when used with respect to any Person, that (a) the fair value and the fair salable value of its assets
(excluding any Indebtedness due from any Affiliate of such Person) are each in excess of the fair valuation of its total liabilities (including all contingent liabilities computed at the amount which, in light of all facts and circumstances existing
at such time, represents the amount that could reasonably be expected to become an actual and matured liability); (b) such Person is able to pay its debts or other obligations in the ordinary course as they mature; and (c) such Person has
capital not unreasonably small to carry on its business and all business in which it proposes to be engaged. 
 “Specified
Derivatives Contract” means any Derivatives Contract that is made or entered into at any time, or in effect at any time now or hereafter, whether as a result of an assignment or transfer or otherwise, between or among any Loan Party and any
Specified Derivatives Provider, and which was not prohibited by any of the Loan Documents when made or entered into. 

  
 - 33 - 

 “Specified Derivatives Provider” means any Person that (a) at the time
it enters into a Specified Derivatives Contract with a Loan Party, is a Lender or an Affiliate of a Lender or (b) at the time it (or its Affiliate) becomes a Lender (including on the Effective Date), is a party to a Specified Derivatives
Contract with a Loan Party, in each case in its capacity as a party to such Specified Derivatives Contract. 
 “S&P”
means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, or any successor. 

“Stated Amount” means the amount available to be drawn by a beneficiary under a Letter of Credit from time to time, as such
amount may be increased or reduced from time to time in accordance with the terms of such Letter of Credit. 
 “Subsidiary”
means, for any Person, any corporation, partnership, limited liability company or other entity of which at least a majority of the Equity Interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or
other individuals performing similar functions of 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. 

“Substantial Amount” means, at the time of determination thereof, an amount in excess of twenty-five percent (25.0%) of total
consolidated assets (exclusive of depreciation) at such time of the Parent and its Subsidiaries determined on a consolidated basis. 

“Sustainability Adjustment Date” means the Business Day immediately following the date on which the Borrower provides to the
Administrative Agent a Compliance Certificate referencing the Applicable Sustainability Adjustment for the applicable Reference Year pursuant to Section 8.3. 

“Sustainability Adjustment Period” means, (a) in the case of the initial Sustainability Adjustment Period, the period
commencing on the first Sustainability Adjustment Date following the Effective Date and ending on (but excluding) the next Sustainability Adjustment Date and (b) in the case of each other Sustainability Adjustment Period, the period commencing
on the last day of the immediately preceding Sustainability Adjustment Period and ending on (but excluding) the next Sustainability Adjustment Date. 

“Sustainability Agent” has the meaning given to that term in the introductory paragraph hereof. 

“Sustainability Rating” means, with respect to any Reference Year, the “GRESB Score”, as calculated and assigned to
the Borrower from time to time by GRESB and published in the most recently released GRESB Real Estate Assessment thereof. It is understood and agreed that the first Sustainability Rating is expected to be for the Reference Year ending
December 31, 2020, which is expected to be available and reported in the Compliance Certificate to be delivered for the fiscal quarter ending September 30, 2021, and the Sustainability Rating is expected to be updated and reported for each
subsequent Reference Year in September of the calendar year immediately following such Reference Year. 
 “Sustainability Rating
Change” means, for any Reference Year, the percentage change of the Sustainability Rating over the Sustainability Rating for the immediately preceding Reference Year. 

“Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or
transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act. 

“Swingline Availability” has the meaning given that term in Section 2.5. 

  
 - 34 - 

 “Swingline Commitment” means the Swingline Lender’s obligation to make
Swingline Loans pursuant to Section 2.5 in an amount up to, but not exceeding $65,000,000, as such amount may be reduced from time to time in accordance with the terms hereof. 

“Swingline Lender” means Wells Fargo, together with its respective successors and assigns. 

“Swingline Loan” means a loan made by the Swingline Lender to the Borrower pursuant to Section 2.5.

 “Swingline Maturity Date” means the date which is seven (7) Business Days prior to the Revolving Termination Date.

 “Swingline Note” means the promissory note of the Borrower substantially in the form of
Exhibit K, payable to the Swingline Lender in a principal amount equal to the amount of the Swingline Commitment as originally in effect and otherwise duly completed. 

“Syndication Agent” has the meaning given to that term in the introductory paragraph hereof. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term Loan” means an Incremental Term Loan made by a Term Loan Lender to the Borrower pursuant to
Section 2.17. 
 “Term Loan Commitment” means, as to each Term Loan Lender, such Lender’s
obligation to make Term Loans, in an amount up to, but not exceeding, the amount set forth for such Lender on Schedule I as such Lender’s “Term Loan Commitment Amount”, or as set forth in any applicable
Assignment and Assumption Agreement or Incremental Assumption Agreement, as the same may be (i) reduced pursuant to Section 2.13, (ii) increased or reduced as appropriate to reflect assignments to or by such Lender in
accordance with Section 12.5, or (iii) increased to reflect any Incremental Term Loan Commitment effected in accordance with Section 2.17. As of the Effective Date, the aggregate amount of the
Lenders’ Term Loan Commitments is zero Dollars ($0.00). References to “Term Loan Lender”, “Term Loan Maturity Date”, “Term Loan Commitment”, “Term Loans”, and “Term Note” have been included in
the Loan Documents as of the Agreement Date for administrative convenience. 
 “Term Loan Lender” means a Lender having a
Term Loan Commitment, or if the Term Loan Commitments have terminated, a Lender holding a Term Loan. 
 “Term Loan Maturity
Date” means, with respect to any Class of Term Loans, the maturity date of such Class of Term Loans as set forth in the applicable Incremental Assumption Agreement. 

“Term Note” means a promissory note of the Borrower substantially in the form of Exhibit L, payable
to a Term Loan Lender in a principal amount equal to the amount of such Term Loan Lender’s Term Loan. 
 “Term SOFR”
means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body. 

  
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 “Term SOFR Notice” means a notification by the Administrative Agent to the
Lenders and the Borrower of the occurrence of a Term SOFR Transition Event. 
 “Term SOFR Transition Event” means the
determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a
Benchmark Transition Event or an Early Opt-in Election, as applicable, has previously occurred resulting in the replacement of the then-current Benchmark for all purposes hereunder and under any Loan Document
in accordance with Section 4.2(b) with a Benchmark Replacement the Unadjusted Benchmark Replacement component of which is not Term SOFR. 

“Termination Date” means (a) with respect to the Revolving Loans and Revolving Commitments, the Revolving Termination
Date, and (b) with respect to the Term Loans, the Term Loan Maturity Date. 
 “Titled Agent” has the meaning given
that term in Section 11.9. 
 “Total Asset Value” means, at a given time, the sum (without
duplication) of all of the following of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP applied on a consistent basis: 

(a) cash and Cash Equivalents; plus 

(b) (i) Net Operating Income for all Properties (other than (A) any Acquisition Property so long as the value of such Property is
included in the determination of Total Asset Value under the following clause (c), (B) CIP, so long as the value of such CIP is included in the determination of Total Asset Value under clause (f), or (C) Vacant Properties, so long as the value
thereof is included in the determination of Total Asset Value under clause (g)) for the four consecutive fiscal quarters most recently ended divided by (ii) the Capitalization Rate; plus 

(c) the GAAP gross book value (less any amounts paid to the Borrower or such Subsidiary as a purchase price adjustment, held in escrow,
retained as a contingency reserve, or in connection with other similar arrangements) for any Acquisition Properties, provided that the Borrower may irrevocably elect that the value of an Acquisition Property be included in the determination
made in accordance with the preceding clause (b) rather than in accordance with this clause (c); plus 
 (d) the GAAP book value
of all Mortgage Receivables owing by Persons other than Affiliates; plus 
 (e) the GAAP book value of investments in Equity
Interests in Persons that are not Subsidiaries or Unconsolidated Affiliates of the Borrower, plus 
 (f) the GAAP book value of all
Unimproved Land and CIP, provided, however, that the Borrower may irrevocably elect that the value of any CIP that has obtained a Certificate of Occupancy be included in the determination made in accordance with the preceding clause
(b) rather than in accordance with this clause (f); plus 
 (g) the GAAP book value of all Vacant Properties, provided,
however, that the Borrower may irrevocably elect that the value of Vacant Properties be included in the determination made in accordance with the preceding clause (b) rather than in accordance with this clause (g). 

  
 - 36 - 

 The Borrower’s Ownership Share of assets held by Unconsolidated Affiliates (excluding
assets of the type described in the immediately preceding clause (a)) shall be included in the calculation of Total Asset Value consistent with the above described treatment for assets owned by the Borrower or a Subsidiary. For purposes of
determining Total Asset Value: 
 (i) Net Operating Income from Properties disposed of by the Borrower or any Subsidiary during the period
of four consecutive fiscal quarters most recently ended shall be excluded from the immediately preceding clause (b); 
 (ii) to the extent
that Total Asset Value attributable to the value of Acquisition Properties determined in accordance with clause (c) above would exceed twenty-five percent (25.0%), such excess shall be excluded from Total Asset Value; and 

(iii) to the extent that: (w) Total Asset Value attributable to assets owned by Unconsolidated Affiliates would exceed fifteen percent
(15.0%) of Total Asset Value, such excess shall be excluded from Total Asset Value, (x) Total Asset Value attributable to Mortgage Receivables would exceed five percent (5.0%), such excess shall be excluded from Total Asset Value,
(y) Total Asset Value attributable to investments in Equity Interests in Persons that are not Subsidiaries or Unconsolidated Affiliates would exceed five percent (5.0%), such excess shall be excluded from Total Asset Value and (z) Total
Asset Value attributable to investments in Unimproved Land, CIP and Vacant Properties would exceed fifteen percent (15.0%), such excess shall be excluded from Total Asset Value; provided that following the application of the foregoing clause
(z), to the extent that Total Asset Value attributable to (1) Unimproved Land would exceed five percent (5.0%), such excess shall also be excluded from Total Asset Value, and (2) Vacant Properties would exceed $750,000,000, such excess
shall also be excluded from Total Asset Value. 
 In addition to the limitations set forth in the immediately preceding clause (iii), to the
extent that aggregate Total Asset Value attributable to the assets described in sub-clauses (w), (x), (y) and (z) (other than Vacant Properties) of the immediately preceding clause (iii) (in each case,
determined after giving effect to any deductions required by such sentence) would exceed thirty percent (30.0%) of Total Asset Value (determined prior to any reductions required by the immediately preceding sentence), such excess (in addition to the
excesses in the immediately preceding sentence) shall be deducted from Total Asset Value. 
 “Total Indebtedness” means, as
to any Person as of a given date and without duplication: (a) all Indebtedness of such Person and its Subsidiaries determined on a consolidated basis and (b) such Person’s Ownership Share of the Indebtedness of any Unconsolidated
Affiliate of such Person. 
 “Type” with respect to any Revolving Loan or Term Loan, refers to whether such Loan or portion
thereof is a LIBOR Loan or a Base Rate Loan. 
 “UCC” means the Uniform Commercial Code as in effect in any applicable
jurisdiction. 
 “UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as
amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority,
which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 

“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for
the resolution of any UK Financial Institution. 
 “Unadjusted Benchmark Replacement” means the applicable Benchmark
Replacement excluding the related Benchmark Replacement Adjustment. 

  
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 “Unconsolidated Affiliate” means, with respect to any Person, any other
Person in whom such Person holds an Investment, which Investment is accounted for in the financial statements of such Person on an equity basis of accounting and whose financial results would not be consolidated under GAAP with the financial results
of such Person on the consolidated financial statements of such Person. 
 “Unencumbered Asset Value” means, at any given
time, the sum (without duplication) of (a) the Unencumbered NOI for the four consecutive fiscal quarters most recently ended (other than Unencumbered NOI attributable to Eligible Properties that are also: Acquisition Properties the value of
which is included in the determination of Unencumbered Asset Value under the following clause (b), completed Properties constituting CIP pursuant to clause (b) of the definition thereof, the value of which is included in the determination of
Unencumbered Asset Value under the following clause (d), or Vacant Properties the value of which is included in the determination of Unencumbered Asset Value under the following clause (c)) divided by the Capitalization Rate,
plus (b) the GAAP gross book value of each Eligible Property that is also an Acquisition Property, provided, that the Parent may irrevocably elect that the value of such an Eligible Property that is also an Acquisition Property be
included in the determination made in accordance with the preceding clause (a) rather than in accordance with this clause (b), plus (c) the GAAP gross book value of each Eligible Property that is also Vacant Property,
provided, that the Borrower may irrevocably elect that the value of such an Eligible Property that is also a Vacant Property be included in the determination made in accordance with the preceding clause (a) rather than in accordance with
this clause (c), plus (d) the GAAP gross book value of each Eligible Property that constitutes CIP pursuant to clause (b) of the definition thereof, provided, that the Borrower may irrevocably elect that the value of any such
Eligible Property that constitutes CIP pursuant to clause (b) of the definition thereof be included in the determination made in accordance with the preceding clause (a) rather than in accordance with this clause (d). For purposes of
determining Unencumbered Asset Value: (v) to the extent Unencumbered Asset Value attributable to non-single family residential rental properties that are Unencumbered Properties would at any time exceed
ten percent (10.0%) of Unencumbered Asset Value, such excess shall be excluded, (w) Net Operating Income from Properties disposed of by the Borrower or any Subsidiary during the period of the four consecutive fiscal quarters most recently ended
shall be excluded from the immediately preceding clause (a); (x) to the extent the amount of Unencumbered Asset Value attributable to Properties under the immediately preceding clauses (b), (c) and (d) would exceed fifteen percent
(15.0%) of Unencumbered Asset Value, such excess shall be excluded, provided that following the application of this clause (x), to the extent the amount of Unencumbered Asset Value attributable to Properties under the immediately preceding clause
(c) would exceed $750,000,000, such excess shall also be excluded; (y) to the extent that the amount of Unencumbered Asset Value attributable to Properties located in any one Metropolitan Statistical Area (as defined by the United States
Office of Management and Budget) would exceed twenty percent (20.0%) of Unencumbered Asset Value, such excess shall be excluded; and (z) to the extent that the amount of Unencumbered Asset Value attributable to Properties the acquisition cost
of which exceeded $550,000 would exceed five percent (5.0%) of Unencumbered Asset Value, such excess shall be excluded. 

“Unencumbered NOI” means, for any period, the aggregate Net Operating Income for such period of all Eligible Properties the
Net Operating Income of which the Borrower has elected pursuant to the Loan Documents to include for purposes of calculating Unencumbered Asset Value. 

“Unimproved Land” means land on which no development (other than improvements that are not material and are temporary in
nature) has commenced, which shall include, for the avoidance of doubt, any lot development and/or any construction. 
 “Unsecured
Indebtedness” means, with respect to a Person, Indebtedness of such Person that is not Secured Indebtedness; provided, however, that any Indebtedness that is secured only by a pledge of Equity Interests shall be deemed to be
Unsecured Indebtedness. 

  
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 “Unsecured Interest Expense” means, with respect to a Person and for any
period, all Interest Expense of such Person for such period attributable to Unsecured Indebtedness of such Person, but otherwise in accordance with the definition of “Interest Expense”. 

“U.S. Person” means any Person that is a “United States Person” as defined in
Section 7701(a)(30) of the Internal Revenue Code. 
 “U.S. Tax Compliance Certificate” has the
meaning assigned to such term in Section 3.10(g)(ii)(B)(III). 
 “Vacant Property” means, at any
time, any Property that is vacant and held for sale to end users. For the avoidance of doubt, “held for sale” shall be determined in the discretion of the Borrower, which determination may not comport with the GAAP definition of such term.

 “Wells Fargo” means Wells Fargo Bank, National Association, and its successors and assigns. 

“Wholly Owned Subsidiary” means any Subsidiary of a Person in respect of which all of the Equity Interests (other than, in
the case of a corporation, directors’ qualifying shares) are at the time directly or indirectly owned and controlled by such Person or one or more other Subsidiaries of such Person or by such Person and one or more other Subsidiaries of such
Person. In addition, the term “Wholly Owned Subsidiary” means a Subsidiary of the Borrower that has elected to be treated as a “real estate investment trust” in accordance with Section 856 through 860 of the Internal Revenue
Code and in which either the Borrower or a Subsidiary of the Borrower described in the immediately preceding sentence owns 100% of the outstanding common Equity Interests and maintains management control. 

“Withdrawal Liability” means any liability as a result of a complete or partial withdrawal from a Multiemployer Plan as such
terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “Withholding Agent” means (a) the
Borrower, (b) any other Loan Party and (c) the Administrative Agent, as applicable. 
 “Write-Down and Conversion
Powers” means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the
applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable
Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises,
to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any
obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers. 

Section 1.2. General; References to Central Time. 

Unless otherwise indicated, all accounting terms, ratios and measurements shall be interpreted or determined in accordance with GAAP from time
to time; provided that, if at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Parent, the Borrower or the Requisite Lenders shall so request, the
Administrative Agent, the Lenders, the Parent and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the appropriate
Lenders pursuant to Section 12.6); provided further that, until so amended, (i) such ratio or 

  
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requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Parent and the Borrower shall provide to the Administrative Agent and the Lenders
financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.
Notwithstanding the preceding sentence, the calculation of liabilities shall not include any fair value adjustments to the carrying value of liabilities to record such liabilities at fair value pursuant to electing the fair value option election
under FASB ASC 825-10-25 (formerly known as FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities) or other FASB standards allowing entities to
elect fair value option for financial liabilities. References in this Agreement to “Sections”, “Articles”, “Exhibits” and “Schedules” are to sections, articles, exhibits and schedules herein and hereto unless
otherwise indicated. References in this Agreement to any document, instrument or agreement (a) shall include all exhibits, schedules and other attachments thereto, (b) except as expressly provided otherwise in any Loan Document, shall
include all documents, instruments or agreements issued or executed in replacement thereof, to the extent permitted hereby and (c) shall mean such document, instrument or agreement, or replacement or predecessor thereto, as amended,
supplemented, restated or otherwise modified from time to time to the extent not otherwise stated herein or prohibited hereby and in effect at any given time. Wherever from the context it appears appropriate, each term stated in either the singular
or plural shall include the singular and plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter. Unless explicitly set forth to the contrary, a reference to
“Subsidiary” means a Subsidiary of the Parent or a Subsidiary of such Subsidiary and a reference to an “Affiliate” means a reference to an Affiliate of the Parent. Titles and captions of Articles, Sections, subsections and
clauses in this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement. Unless otherwise indicated, all references to time are references to Central Time daylight or standard, as applicable. 

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

When determining compliance by the Parent or the Borrower with any financial covenant contained in any of the Loan Documents (a) only the
Ownership Share of the Parent or the Borrower, as applicable, of the financial attributes of a Subsidiary that is not a Wholly Owned Subsidiary shall be included and (b) the Parent’s Ownership Share of the Borrower shall be deemed to be
one hundred percent (100.0%). 
 Section 1.4. Rates. 

The interest rate on LIBOR Loans and Base Rate Loans (when determined by reference to clause (c) of the definition of Base Rate) may be
determined by reference to LIBOR, which is derived from the London interbank offered rate. The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London
interbank market. On March 5, 2021, ICE Benchmark Administration (“IBA”), the administrator of the London interbank offered rate, and the Financial Conduct Authority (the “FCA”), the regulatory supervisor of
IBA, announced in public statements (the “Announcements”) that the final publication or representativeness date for the London interbank offered rate for Dollars for: (a) 1-week and 2-month tenor settings will be December 31, 2021 and (b) overnight, 1-month, 3-month,
6-month and 12-month tenor settings will be June 30, 2023. No successor administrator for IBA was identified in such Announcements. As a result, it is possible that
commencing immediately after such dates, the London interbank offered rate may no longer be available for such tenors or may no longer be deemed a representative reference rate upon which to determine the interest rate on LIBOR Loans or Base Rate
Loans (when determined by reference to clause (c) of the definition of Base Rate). There is no assurance that the dates set forth in the Announcements will not change or that IBA or the FCA will not take further action that could impact the
availability, composition or characteristics of any London interbank offered rate. Public and private sector industry initiatives have been and continue, as of the date hereof, to be underway to implement new or alternative reference rates to be

  
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used in place of the London interbank offered rate. In the event that the London interbank offered rate or any other then-current Benchmark is no longer available or in certain other
circumstances set forth in Section 4.2(b), such Section 4.2(b) provides a mechanism for determining an alternative rate of interest. The Administrative Agent will notify the Borrower, pursuant to Section 4.2(b), of any change to the
reference rate upon which the interest rate on LIBOR Loans and Base Rate Loans (when determined by reference to clause (c) of the definition of Base Rate) is based. However, the Administrative Agent does not warrant or accept any responsibility
for, and shall not have any liability with respect to, (i) the administration of, submission of, calculation of or any other matter related to the London interbank offered rate or other rates in the definition of “LIBOR” or with
respect to any alternative, comparable or successor rate thereto, or replacement rate thereof (including any then-current Benchmark or any Benchmark Replacement), including whether the composition or characteristics of any such alternative,
successor or replacement reference rate (including any Benchmark Replacement), as it may or may not be adjusted pursuant to Section 4.2(b), will be similar to, or produce the same value or economic equivalence of, LIBOR or any other Benchmark,
or have the same volume or liquidity as did the London interbank offered rate or any other Benchmark prior to its discontinuance or unavailability, or (ii) the effect, implementation or composition of any Benchmark Replacement Conforming
Changes. 
 Section 1.5. Divisions. 

For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event
under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original
Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time. 

ARTICLE II. CREDIT FACILITY 

Section 2.1. Revolving Loans. 

(a) Making of Revolving Loans. Subject to the terms and conditions set forth in this Agreement, including, without limitation,
Section 2.16(a), each Revolving Lender severally and not jointly agrees to make Revolving Loans in Dollars to the Borrower during the period from and including the Effective Date to but excluding the Revolving Termination
Date, in an aggregate principal amount at any one time outstanding up to, but not exceeding, such Lender’s Revolving Commitment. Each borrowing of Revolving Loans that are to be (i) Base Rate Loans shall be in an aggregate minimum amount
of $5,000,000 and integral multiples of $1,000,000 in excess thereof and (ii) LIBOR Loans shall be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof. Notwithstanding the immediately preceding
two sentences, but subject to Section 2.16(a), a borrowing of Revolving Loans may be in the aggregate amount of the unused Revolving Commitments. Within the foregoing limits and subject to the terms and conditions of this
Agreement, the Borrower may borrow, repay and reborrow Revolving Loans. 
 (b) Requests for Revolving Loans. Not later than
11:00 a.m. Central Time on the Business Day of a borrowing of Revolving Loans that are to be Base Rate Loans and not later than 11:00 a.m. Central Time at least three (3) Business Days prior to a borrowing of Revolving Loans that are
to be LIBOR Loans, the Borrower shall deliver to the Administrative Agent a Notice of Revolving Borrowing. Each Notice of Revolving Borrowing shall specify the aggregate principal amount of the Revolving Loans to be borrowed, the date such Revolving
Loans are to be borrowed (which must be a Business Day), the use of the proceeds of such Revolving Loans, the Type of the requested Revolving Loans, and if such Revolving Loans are to 

  
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be LIBOR Loans, the initial Interest Period for such Revolving Loans. Each Notice of Revolving Borrowing shall be irrevocable once given and binding on the Borrower. Prior to delivering a Notice
of Revolving Borrowing, the Borrower may (without specifying whether a Revolving Loan will be a Base Rate Loan or a LIBOR Loan) request that the Administrative Agent provide the Borrower with the most recent LIBOR available to the Administrative
Agent. The Administrative Agent shall provide such quoted rate to the Borrower on the date of such request or as soon as possible thereafter. 

(c) Funding of Revolving Loans. Promptly after receipt of a Notice of Revolving Borrowing under the immediately preceding subsection
(b), the Administrative Agent shall notify each Revolving Lender of the proposed borrowing. Each Revolving Lender shall deposit an amount equal to the Revolving Loan to be made by such Revolving Lender to the Borrower with the Administrative
Agent at the Principal Office, in immediately available funds not later than 2:00 p.m. Central Time of the date of such proposed Revolving Loans. Subject to fulfillment of all applicable conditions set forth herein, the Administrative Agent
shall make available to the Borrower in the account specified by the Borrower in the Disbursement Instruction Agreement, not later than 4:00 p.m. Central Time on the date of the requested borrowing of Revolving Loans, the proceeds of such
amounts received by the Administrative Agent. 
 (d) Assumptions Regarding Funding by Revolving Lenders. With respect to Revolving
Loans to be made after the Effective Date, unless the Administrative Agent shall have been notified by any Revolving Lender that such Revolving Lender will not make available to the Administrative Agent a Revolving Loan to be made by such Revolving
Lender in connection with any borrowing, the Administrative Agent may assume that such Revolving Lender will make the proceeds of such Revolving Loan available to the Administrative Agent in accordance with this Section, and the Administrative Agent
may (but shall not be obligated to), in reliance upon such assumption, make available to the Borrower the amount of such Revolving Loan to be provided by such Revolving Lender. In such event, if such Revolving Lender does not make available to the
Administrative Agent the proceeds of such Revolving Loan, then such Revolving Lender and the Borrower severally agree to pay to the Administrative Agent on demand the amount of such Revolving Loan with interest thereon, for each day from and
including the date such Revolving Loan is made available to the Borrower but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Revolving Lender, the greater of the Federal Funds Rate
and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower
and such Revolving Lender shall pay the amount of such interest to the Administrative Agent for the same or overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such
period. If such Revolving Lender pays to the Administrative Agent the amount of such Revolving Loan, the amount so paid shall constitute such Lender’s Revolving Loan included in the borrowing. Any payment by the Borrower shall be without
prejudice to any claim the Borrower may have against a Revolving Lender that shall have failed to make available the proceeds of a Revolving Loan to be made by such Revolving Lender. 

Section 2.2. Intentionally Omitted. 

Section 2.3. Bid Rate Loans. 

(a) Bid Rate Loans. At any time during the period from the Effective Date to but excluding the Revolving Termination Date, and so long
as the Borrower continues to maintain an Investment Grade Rating, the Borrower may, as set forth in this Section, request that the Revolving Lenders make offers to make Bid Rate Loans denominated in Dollars to the Borrower. The Revolving Lenders
may, but shall have no obligation to, make such offers and the Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section. 

  
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 (b) Requests for Bid Rate Loans. When the Borrower wishes to request from the
Revolving Lenders offers to make Bid Rate Loans, it shall give the Administrative Agent notice (a “Bid Rate Quote Request”) so as to be received no later than 11:00 a.m. Central Time on (x) the Business Day immediately
preceding the date of borrowing proposed therein, in the case of an Absolute Rate Auction and (y) the date four (4) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction. The Administrative Agent shall
deliver to each Revolving Lender a copy of each Bid Rate Quote Request promptly upon receipt thereof by the Administrative Agent. The Borrower may request offers to make Bid Rate Loans for up to three (3) different Interest Periods in any one
Bid Rate Quote Request; provided that if granted each separate Interest Period shall be deemed to be a separate borrowing (a “Bid Rate Borrowing”). Each Bid Rate Quote Request shall be substantially in the form of
Exhibit O and shall specify as to each Bid Rate Borrowing all of the following: 
 (i) the proposed
date of such Bid Rate Borrowing, which shall be a Business Day; 
 (ii) the aggregate amount of such Bid Rate Borrowing which
shall be in a minimum amount of $2,000,000 and integral multiples of $500,000 in excess thereof which shall not cause any of the limits specified in Section 2.16 to be violated; 

(iii) whether the Bid Rate Quote Request is for LIBOR Margin Loans or Absolute Rate Loans; and 

(iv) the duration of the Interest Period applicable thereto, which shall not extend beyond the Revolving Termination Date. 

The Borrower shall not deliver any Bid Rate Quote Request within three (3) days of the giving of any other Bid Rate Quote Request and the Borrower shall
not deliver more than four (4) Bid Rate Quote Requests in any calendar month. 
 (c) Bid Rate Quotes. 

(i) Each Revolving Lender may submit one or more Bid Rate Quotes, each containing an offer to make a Bid Rate Loan in response
to any Bid Rate Quote Request; provided that, if the Borrower’s request under Section 2.3(b) specified more than one Interest Period, such Revolving Lender may make a single submission containing only one Bid
Rate Quote for each such Interest Period. Each Bid Rate Quote must be submitted to the Administrative Agent not later than 10:30 a.m. Central Time (x) on the proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on
the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, and in either case the Administrative Agent shall disregard any Bid Rate Quote received after such time; provided that the
Revolving Lender then acting as the Administrative Agent may submit a Bid Rate Quote only if it notifies the Borrower of the terms of the offer contained therein not later than thirty (30) minutes prior to the latest time by which the Revolving
Lenders must submit applicable Bid Rate Quotes. Any Bid Rate Quote so made shall be irrevocable except with the consent of the Administrative Agent given at the request of the Borrower. Such Bid Rate Loans may be funded by a Revolving Lender’s
Designated Lender (if any) as provided in Section 12.5(g); however, such Revolving Lender shall not be required to specify in its Bid Rate Quote whether such Bid Rate Loan will be funded by such Designated Lender. 

(ii) Each Bid Rate Quote shall be substantially in the form of Exhibit P and shall specify: 

(A) the proposed date of borrowing and the Interest Period therefor; 

  
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 (B) the principal amount of the Bid Rate Loan for which each such offer is
being made; provided that the aggregate principal amount of all Bid Rate Loans for which a Revolving Lender submits Bid Rate Quotes (x) may be greater or less than the Revolving Commitment of such Revolving Lender but (y) shall not exceed
the principal amount of the Bid Rate Borrowing for a particular Interest Period for which offers were requested; provided further that any Bid Rate Quote shall be in a minimum amount of $2,000,000 and integral multiples of $500,000 in
excess thereof; 
 (C) in the case of an Absolute Rate Auction, the rate of interest per annum (rounded upwards, if
necessary, to the nearest one-hundredth of one percent (0.01%)) offered for each such Absolute Rate Loan (the “Absolute Rate”); 

(D) in the case of a LIBOR Auction, the margin above or below applicable LIBOR (the “LIBOR Margin”) offered
for each such LIBOR Margin Loan, expressed as a percentage (rounded upwards, if necessary, to the nearest one-hundredth of one percent (0.01%)) to be added to (or subtracted from) the applicable LIBOR; and

 (E) the identity of the quoting Revolving Lender. 

Unless otherwise agreed by the Administrative Agent and the Borrower, no Bid Rate Quote shall contain qualifying, conditional or similar
language or propose terms other than or in addition to those set forth in the applicable Bid Rate Quote Request and, in particular, no Bid Rate Quote may be conditioned upon acceptance by the Borrower of all (or some specified minimum) of the
principal amount of the Bid Rate Loan for which such Bid Rate Quote is being made. 
 (d) Notification by Administrative Agent. The
Administrative Agent shall, as promptly as practicable after the Bid Rate Quotes are submitted (but in any event not later than 11:30 a.m. Central Time (x) on the proposed date of borrowing, in the case of an Absolute Rate Auction or
(y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction), notify the Borrower of the terms (i) of any Bid Rate Quote submitted by a Revolving Lender that is in accordance with
Section 2.3(c) and (ii) of any Bid Rate Quote that amends, modifies or is otherwise inconsistent with a previous Bid Rate Quote submitted by such Revolving Lender with respect to the same Bid Rate Quote Request. Any
such subsequent Bid Rate Quote shall be disregarded by the Administrative Agent unless such subsequent Bid Rate Quote is submitted solely to correct a manifest error in such former Bid Rate Quote. The Administrative Agent’s notice to the
Borrower shall specify (A) the aggregate principal amount of the Bid Rate Borrowing for which offers have been received and (B) the principal amounts and Absolute Rates or LIBOR Margins, as applicable, so offered by each Revolving Lender
(identifying the Revolving Lender that made such Bid Rate Quote). 
 (e) Acceptance by Borrower. 

(i) Not later than 12:30 p.m. Central Time (x) on the proposed date of borrowing, in the case of an Absolute Rate Auction
and (y) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative Agent of its acceptance or rejection of the Bid Rate Quotes so notified to it
pursuant to Section 2.3(d) which notice shall be in the form of Exhibit Q. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for each Interest
Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute rejection. The Borrower may accept any Bid Rate Quote in whole or in part; provided that: 

  
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 (A) the aggregate principal amount of each Bid Rate Borrowing may not exceed
the applicable amount set forth in the related Bid Rate Quote Request; 
 (B) the aggregate principal amount of each Bid Rate
Borrowing shall comply with the provisions of Section 2.3(b)(ii) and together with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.16 to be violated;

 (C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable,
in each case beginning with the lowest rate so offered; 
 (D) any acceptance in part by the Borrower shall be in a minimum
amount of $2,000,000 and integral multiples of $500,000 in excess thereof; and 
 (E) the Borrower may not accept any Bid
Rate Quote that fails to comply with Section 2.3(c) or otherwise fails to comply with the requirements of this Agreement. 

(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable,
for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted
shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in
the absence of manifest error. 
 (f) Obligation to Make Bid Rate Loans. The Administrative Agent shall promptly (and in any event
not later than (x) 1:30 p.m. Central Time on the proposed date of borrowing of Absolute Rate Loans and (y) on the date three (3) Business Days prior to the proposed date of borrowing of LIBOR Margin Loans) notify each Revolving Lender that
submitted a Bid Rate Quote as to whose Bid Rate Quote has been accepted and the amount and rate thereof. A Revolving Lender which is notified that it has been selected to make a Bid Rate Loan may designate its Designated Lender (if any) to fund such
Bid Rate Loan on its behalf, as described in Section 12.5(d). Any Designated Lender which funds a Bid Rate Loan shall on and after the time of such funding become the obligee in respect of such Bid Rate Loan and be entitled
to receive payment thereof when due. No Revolving Lender shall be relieved of its obligation to fund a Bid Rate Loan, and no Designated Lender shall assume such obligation, prior to the time the applicable Bid Rate Loan is funded. Any Revolving
Lender whose offer to make any Bid Rate Loan has been accepted shall, not later than 2:30 p.m. Central Time on the date specified for the making of such Loan, make the amount of such Loan available to the Administrative Agent at its Principal Office
in immediately available funds, for the account of the Borrower. The amount so received by the Administrative Agent shall, subject to the terms and conditions of this Agreement, be made available to the Borrower not later than 3:30 p.m. Central Time
on such date by depositing the same, in immediately available funds, in the account of the Borrower designated in the Disbursement Instruction Agreement. 

(g) No Effect on Revolving Commitment. Except for the purpose and to the extent expressly stated in
Section 2.13 and Section 2.16, the amount of any Bid Rate Loan made by any Revolving Lender shall not constitute a utilization of such Revolving Lender’s Revolving Commitment. 

  
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 Section 2.4. Letters of Credit. 

(a) Letters of Credit. Subject to the terms and conditions of this Agreement, including, without limitation,
Section 2.16, each Issuing Bank, on behalf of the Revolving Lenders, agrees to issue for the account of the Borrower during the period from and including the Effective Date to, but excluding, the date thirty (30) days
prior to the Revolving Termination Date, one or more standby letters of credit (each a “Letter of Credit”) in Dollars up to a maximum aggregate Stated Amount at any one time outstanding not to exceed $50,000,000, as such amount may
be reduced from time to time in accordance with the terms hereof (the “L/C Commitment Amount”); provided that an Issuing Bank shall not be obligated to issue any Letter of Credit if, after giving effect to such issuance, the
aggregate Stated Amount of Letters of Credit issued by such Issuing Bank would exceed fifty percent (50.0%) of the L/C Commitment Amount. The parties hereto agree that each of the Existing Letters of Credit shall, from and after the Effective Date,
be deemed to be a Letter of Credit issued under this Agreement. 
 (b) Terms of Letters of Credit. At the time of issuance, the
amount, form, terms and conditions of each Letter of Credit, and of any drafts or acceptances thereunder, shall be subject to approval by the applicable Issuing Bank and the Borrower. Notwithstanding the foregoing, in no event may (i) the
expiration date of any Letter of Credit extend beyond the date that is thirty (30) days prior to the Revolving Termination Date, or (ii) any Letter of Credit have an initial duration in excess of two years; provided, however,
a Letter of Credit may contain a provision providing for the automatic extension of the expiration date in the absence of a notice of non-renewal from the applicable Issuing Bank but in no event shall any such
provision permit the extension of the expiration date of such Letter of Credit beyond the date that is thirty (30) days prior to the Revolving Termination Date. Notwithstanding the foregoing, a Letter of Credit may, as a result of its express
terms or as the result of the effect of an automatic extension provision, have an expiration date of not more than one year beyond the Revolving Termination Date (any such Letter of Credit being referred to as an “Extended Letter of
Credit”), so long as the Borrower delivers to the Administrative Agent for its benefit and the benefit of the applicable Issuing Bank and the Revolving Lenders no later than thirty (30) days prior to the Revolving Termination Date,
Cash Collateral for such Letter of Credit for deposit into the Letter of Credit Collateral Account in an amount equal to the Stated Amount of such Letter of Credit; provided, that the obligations of the Borrower under this Section in respect
of such Extended Letters of Credit shall survive the termination of this Agreement and shall remain in effect until no such Extended Letters of Credit remain outstanding. If the Borrower fails to provide Cash Collateral with respect to any Extended
Letter of Credit by the date thirty (30) days prior to the Revolving Termination Date, such failure shall be treated as a drawing under such Extended Letter of Credit (in an amount equal to the maximum Stated Amount of such Letter of Credit),
which shall be reimbursed (or participations therein funded) by the Revolving Lenders in accordance with the immediately following subsections (i) and (j), with the proceeds being utilized to provide Cash Collateral
for such Letter of Credit; provided that, upon the expiry of such Extended Letter of Credit, if there exists excess Cash Collateral (as determined by the Administrative Agent in its sole discretion), the amount of such excess shall be repaid to the
Revolving Lenders pro rata in accordance with their respective Revolving Commitment Percentages. The initial Stated Amount of each Letter of Credit shall be at least $50,000 (or such lesser amount as may be acceptable to the applicable Issuing Bank,
the Administrative Agent and the Borrower). 
 (c) Requests for Issuance of Letters of Credit. The Borrower shall give an Issuing
Bank and the Administrative Agent written notice at least five (5) Business Days prior to the requested date of issuance of a Letter of Credit, such notice to describe in reasonable detail the proposed terms of such Letter of Credit and the
nature of the transactions or obligations proposed to be supported by such Letter of Credit, and in any event shall set forth with respect to such Letter of Credit the proposed (i) initial Stated Amount, (ii) beneficiary, and
(iii) expiration date. The Borrower shall also execute and deliver such customary applications and agreements for standby letters of credit, and other forms as requested from time to time by the applicable Issuing Bank. Provided the Borrower
has given the notice prescribed by the first sentence 

  
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of this subsection and delivered such applications and agreements referred to in the preceding sentence, subject to the other terms and conditions of this Agreement, including the satisfaction of
any applicable conditions precedent set forth in Section 5.2, the applicable Issuing Bank shall issue the requested Letter of Credit on the requested date of issuance for the benefit of the stipulated beneficiary but in no
event prior to the date five (5) Business Days following the date after which such Issuing Bank has received all of the items required to be delivered to it under this subsection. An Issuing Bank shall not at any time be obligated to issue any
Letter of Credit if such issuance would conflict with, or cause such Issuing Bank or any Revolving Lender to exceed any limits imposed by, any Applicable Law. References herein to “issue” and derivations thereof with respect to Letters of
Credit shall also include extensions or modifications of any outstanding Letters of Credit, unless the context otherwise requires. Upon the written request of the Borrower, the applicable Issuing Bank shall deliver to the Borrower a copy of each
issued Letter of Credit within a reasonable time after the date of issuance thereof. To the extent any term of a Letter of Credit Document is inconsistent with a term of any Loan Document, the term of such Loan Document shall control. 

(d) Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit of any demand for payment
under such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank
to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement
Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each Issuing Bank for the amount of each demand for payment under each Letter of Credit issued by such Issuing Bank at or prior to the date on
which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation, such
Issuing Bank shall promptly pay to each Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such Lender’s Revolving Commitment Percentage of such payment.

 (e) Manner of Reimbursement. Upon its receipt of a notice referred to in the immediately preceding
subsection (d), the Borrower shall advise the Administrative Agent and the applicable Issuing Bank whether or not the Borrower intends to borrow hereunder to finance its obligation to reimburse such Issuing Bank for the
amount of the related demand for payment and, if it does, the Borrower shall submit a timely request for such borrowing as provided in the applicable provisions of this Agreement. If the Borrower fails to so advise the Administrative Agent and the
applicable Issuing Bank, or if the Borrower fails to reimburse the applicable Issuing Bank for a demand for payment under a Letter of Credit by the date of such payment, the failure of which the applicable Issuing Bank shall promptly notify the
Administrative Agent, then (i) if the applicable conditions contained in Article V. would permit the making of Revolving Loans, the Borrower shall be deemed to have requested a borrowing of Revolving Loans (which shall
be Base Rate Loans) in an amount equal to the unpaid Reimbursement Obligation and the Administrative Agent shall give each Revolving Lender prompt notice of the amount of the Revolving Loan to be made available to the Administrative Agent not later
than 12:00 noon Central Time and (ii) if such conditions would not permit the making of Revolving Loans, the provisions of subsection (j) of this Section shall apply. The limitations set forth in the second sentence of
Section 2.1(a) shall not apply to any borrowing of Base Rate Loans under this subsection. 
 (f) Effect of
Letters of Credit on Revolving Commitments. Upon the issuance by an Issuing Bank of any Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Commitment of each Revolving Lender shall be deemed to
be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Lender’s Revolving Commitment Percentage and (ii) (A) the Stated Amount of such Letter of Credit plus (B) any related Reimbursement
Obligations then outstanding. 

  
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 (g) Issuing Banks’ Duties Regarding Letters of Credit; Unconditional Nature of
Reimbursement Obligations. In examining documents presented in connection with drawings under Letters of Credit and making payments under such Letters of Credit issued by an Issuing Bank against such documents, such Issuing Bank shall only be
required to use the same standard of care as it uses in connection with examining documents presented in connection with drawings under letters of credit in which it has not sold participations and making payments under such letters of credit. The
Borrower assumes all risks of the acts and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, none of the Issuing Banks, the
Administrative Agent or any of the Lenders shall be responsible for, and the Borrower’s obligations in respect of Letters of Credit shall not be affected in any manner by, (i) the form, validity, sufficiency, accuracy, genuineness or legal
effects of any document submitted by any party in connection with the application for and issuance of or any drawing honored under any Letter of Credit even if such document should in fact prove to be in any or all respects invalid, insufficient,
inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit, or the rights or benefits thereunder or proceeds thereof, in whole or in
part, which may prove to be invalid or ineffective for any reason; (iii) failure of the beneficiary of any Letter of Credit to comply fully with conditions required in order to draw upon such Letter of Credit; (iv) errors, omissions,
interruptions or delays in transmission or delivery of any messages, by mail, cable, facsimile, electronic mail or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the
transmission or otherwise of any document required in order to make a drawing under any Letter of Credit, or of the proceeds thereof; (vii) the misapplication by the beneficiary of any Letter of Credit, or of the proceeds of any drawing under
any Letter of Credit; or (viii) any consequences arising from causes beyond the control of the Issuing Banks, the Administrative Agent or the Lenders. None of the above shall affect, impair or prevent the vesting of any of the Issuing
Banks’ or Administrative Agent’s rights or powers hereunder. Any action taken or omitted to be taken by an Issuing Bank under or in connection with any Letter of Credit, if taken or omitted in the absence of gross negligence or willful
misconduct (as determined by a court of competent jurisdiction in a final, non-appealable judgment), shall not create against such Issuing Bank any liability to the Borrower, the Administrative Agent or any
Lender. In this connection, the obligation of the Borrower to reimburse an Issuing Bank for any drawing made under any Letter of Credit issued by such Issuing Bank, and to repay any Revolving Loan made pursuant to the second sentence of the
immediately preceding subsection (e), shall be absolute, unconditional and irrevocable and shall be paid strictly in accordance with the terms of this Agreement and any other applicable Letter of Credit Document under all
circumstances whatsoever, including, without limitation, the following circumstances: (A) any lack of validity or enforceability of any Letter of Credit Document or any term or provisions therein; (B) any amendment or waiver of or any
consent to departure from all or any of the Letter of Credit Documents; (C) the existence of any claim, setoff, defense or other right which the Borrower may have at any time against such Issuing Bank, any other Issuing Bank, the Administrative
Agent, any Lender, any beneficiary of a Letter of Credit or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or in the Letter of Credit Documents or any unrelated transaction; (D) any breach of
contract or dispute between the Borrower, such Issuing Bank, the Administrative Agent, any Lender or any other Person; (E) any demand, statement or any other document presented under a Letter of Credit proving to be forged, fraudulent, invalid
or insufficient in any respect or any statement therein or made in connection therewith being untrue or inaccurate in any respect whatsoever; (F) any non-application or misapplication by the beneficiary
of a Letter of Credit or of the proceeds of any drawing under such Letter of Credit; (G) payment by such Issuing Bank under any Letter of Credit against presentation of a draft or certificate which does not comply with the terms of such Letter
of Credit; and (H) any other act, omission to act, delay or circumstance whatsoever that might, but for the provisions of this Section, constitute a legal or equitable defense to or discharge of the Borrower’s Reimbursement Obligations.
Notwithstanding anything to the contrary contained in this Section or Section 12.9, but not in limitation of the Borrower’s unconditional obligation to reimburse an Issuing Bank for any drawing made under a Letter of
Credit as provided in this Section and to repay any Revolving Loan made pursuant to the 

  
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second sentence of the immediately preceding subsection (e), the Borrower shall have no obligation to indemnify the Administrative Agent, such Issuing Bank or any Lender
in respect of any liability incurred by the Administrative Agent, such Issuing Bank or such Lender arising solely out of the gross negligence or willful misconduct of the Administrative Agent, such Issuing Bank or such Lender in respect of a Letter
of Credit as determined by a court of competent jurisdiction in a final, non-appealable judgment. Except as otherwise provided in this Section, nothing in this Section shall affect any rights the Borrower may
have with respect to the gross negligence or willful misconduct of the Administrative Agent, an Issuing Bank or any Lender with respect to any Letter of Credit. 

(h) Amendments, Etc. The issuance by an Issuing Bank of any amendment, supplement or other modification to any Letter of Credit shall
be subject to the same conditions applicable under this Agreement to the issuance of new Letters of Credit (including, without limitation, that the request therefor be made through the applicable Issuing Bank), and no such amendment, supplement or
other modification shall be issued unless either (i) the respective Letter of Credit affected thereby would have complied with such conditions had it originally been issued hereunder in such amended, supplemented or modified form or
(ii) the Administrative Agent and the Revolving Lenders, if any, required by Section 12.6 shall have consented thereto. In connection with any such amendment, supplement or other modification, the Borrower shall pay
the fees, if any, payable under the last sentence of Section 3.5(c). 
 (i) Revolving Lenders’
Participation in Letters of Credit. Immediately upon the issuance by an Issuing Bank of any Letter of Credit each Revolving Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from such Issuing Bank,
without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Revolving Commitment Percentage of the liability of such Issuing Bank with respect to such Letter of Credit and each Revolving Lender thereby
shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to such Issuing Bank to pay and discharge when due, such Revolving Lender’s Revolving Commitment Percentage
of such Issuing Bank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Revolving Lender to the Administrative Agent for the account of an Issuing Bank in respect of any Letter of Credit pursuant to the
immediately following subsection (j), such Revolving Lender shall, automatically and without any further action on the part of such Issuing Bank, the Administrative Agent or such Revolving Lender, acquire (i) a
participation in an amount equal to such payment in the Reimbursement Obligation owing to such Issuing Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Revolving Lender’s
Revolving Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to an Issuing Bank pursuant to the last sentence of
Section 3.5(c) and Section 3.5(f)(ii)). 
 (j) Payment Obligation of Revolving
Lenders. Each Revolving Lender severally agrees to pay to the Administrative Agent, for the account of each Issuing Bank, on demand in immediately available funds in Dollars the amount of such Revolving Lender’s Revolving Commitment
Percentage of each drawing paid by such Issuing Bank under each Letter of Credit issued by it to the extent such amount is not reimbursed by the Borrower pursuant to the immediately preceding subsection (d);
provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Revolving Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Revolving
Lender’s Revolving Commitment Percentage of such drawing except as otherwise provided in Section 3.9(d). If the notice referenced in the second sentence of Section 2.4(e) is received by a
Revolving Lender not later than 11:00 a.m. Central Time, then such Revolving Lender shall make such payment available to the Administrative Agent not later than 2:00 p.m. Central Time on the date of demand therefor; otherwise, such payment
shall be made available to the Administrative Agent not later than 1:00 p.m. Central Time on the next succeeding Business Day. Each Revolving Lender’s obligation to make such payments to the Administrative Agent under this subsection, and
the Administrative Agent’s right to receive 

  
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the same for the account of the applicable Issuing Bank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including, without
limitation, (i) the failure of any other Revolving Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other Loan Party, (iii) the existence of any Default or Event of Default,
including any Event of Default described in Section 10.1(e) or (f), (iv) the termination of the Revolving Commitments or (v) the delivery of Cash Collateral in respect of any Extended Letter of Credit. Each
such payment to the Administrative Agent for the account of the applicable Issuing Bank shall be made without any offset, abatement, withholding or deduction whatsoever. 

(k) Information to Lenders. Promptly following any change in Letters of Credit outstanding, the applicable Issuing Bank shall deliver
to the Administrative Agent, which shall promptly deliver the same to each Revolving Lender and the Borrower, a notice describing the aggregate amount of all Letters of Credit issued by such Issuing Bank outstanding at such time. Upon the request of
any Revolving Lender from time to time, an Issuing Bank shall deliver any other information reasonably requested by such Revolving Lender with respect to each Letter of Credit then outstanding that is the subject of such request. Other than as set
forth in this subsection, the Issuing Banks and the Administrative Agent shall have no duty to notify the Lenders regarding the issuance or other matters regarding Letters of Credit issued hereunder. The failure of any Issuing Bank or the
Administrative Agent to perform its requirements under this subsection shall not relieve any Revolving Lender from its obligations under the immediately preceding subsection (j). 

(l) Extended Letters of Credit. Each Revolving Lender confirms that its obligations under the immediately preceding subsections
(i) and (j) shall be reinstated in full and apply if the delivery of any Cash Collateral in respect of an Extended Letter of Credit is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be
repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise. 

Section 2.5. Swingline Loans. 

(a) Swingline Loans. Subject to the terms and conditions hereof, including, without limitation Section 2.16,
the Swingline Lender agrees to make Swingline Loans to the Borrower, during the period from the Effective Date to but excluding the Swingline Maturity Date, in an aggregate principal amount at any one time outstanding up to, but not exceeding, the
lesser of (such lesser amount herein, the “Swingline Availability”) (i) the amount of the Swingline Commitment and (ii) the Revolving Commitment of the Swingline Lender in its capacity as a Revolving Lender minus the
aggregate outstanding amount of the Revolving Loans of the Swingline Lender in its capacity as a Revolving Lender. If at any time the aggregate principal amount of the Swingline Loans outstanding at such time exceeds the Swingline Availability in
effect at such time, the Borrower shall immediately pay the Administrative Agent for the account of the Swingline Lender the amount of such excess. Subject to the terms and conditions of this Agreement, the Borrower may borrow, repay and reborrow
Swingline Loans hereunder. The borrowing of a Swingline Loan shall not constitute usage of any Revolving Lender’s Revolving Commitment for purposes of calculation of the fee payable under Section 3.5(b). 

(b) Procedure for Borrowing Swingline Loans. The Borrower shall give the Administrative Agent and the Swingline Lender notice pursuant
to a Notice of Swingline Borrowing or telephonic notice of each borrowing of a Swingline Loan. Each Notice of Swingline Borrowing shall be delivered to the Swingline Lender no later than 2:00 p.m. Central Time on the proposed date of such
borrowing. Any telephonic notice shall include all information to be specified in a written Notice of Swingline Borrowing and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Swingline Borrowing sent to the Swingline
Lender by facsimile or electronic mail on the same day of the giving of such telephonic notice. Not later than 4:00 p.m. Central Time on the date of the requested Swingline Loan and subject to 

  
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satisfaction of the applicable conditions set forth in Section 5.2 for such borrowing, the Swingline Lender will make the proceeds of such Swingline Loan available to
the Borrower in Dollars, in immediately available funds, at the account specified by the Borrower in the Notice of Swingline Borrowing. 

(c) Interest. Swingline Loans shall bear interest at a per annum rate equal to the LIBOR Market Index Rate as in effect from time to
time plus the Applicable Margin for Revolving Loans that are LIBOR Loans. Interest on Swingline Loans is solely for the account of the Swingline Lender (except to the extent a Revolving Lender acquires a participating interest in a Swingline Loan
pursuant to the immediately following subsection (e)). All accrued and unpaid interest on Swingline Loans shall be payable on the dates and in the manner provided in Section 2.6 with respect to interest on LIBOR
Loans that are Revolving Loans (except as the Swingline Lender and the Borrower may otherwise agree in writing in connection with any particular Swingline Loan). 

(d) Swingline Loan Amounts, Etc. Each Swingline Loan shall be in the minimum amount of $500,000 and integral multiples of $100,000 in
excess thereof, or such other minimum amounts agreed to by the Swingline Lender and the Borrower. Any voluntary prepayment of a Swingline Loan must be in integral multiples of $100,000 or the aggregate principal amount of all outstanding Swingline
Loans (or such other minimum amounts upon which the Swingline Lender and the Borrower may agree) and in connection with any such prepayment, the Borrower must give the Swingline Lender and the Administrative Agent prior written notice thereof no
later than 12:00 noon Central Time on the date of such prepayment. The Swingline Loans shall, in addition to this Agreement, be evidenced by the Swingline Note. 

(e) Repayment and Participations of Swingline Loans. The Borrower agrees to repay each Swingline Loan within one Business Day of demand
therefor by the Swingline Lender and, in any event, within five (5) Business Days after the date such Swingline Loan was made; provided, that the proceeds of a Swingline Loan may not be used to pay a Swingline Loan. Notwithstanding the
foregoing, the Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Swingline Loans on the Swingline Maturity Date (or such earlier date as the Swingline Lender and the Borrower may agree in
writing). In lieu of demanding repayment of any outstanding Swingline Loan from the Borrower, the Swingline Lender may, on behalf of the Borrower (which hereby irrevocably directs the Swingline Lender to act on its behalf), request a borrowing of
Revolving Loans that are Base Rate Loans from the Revolving Lenders in an amount equal to the principal balance of such Swingline Loan. The amount limitations contained in the second sentence of Section 2.1(a) shall not
apply to any borrowing of such Revolving Loans made pursuant to this subsection. The Swingline Lender shall give notice to the Administrative Agent of any such borrowing of Revolving Loans not later than 11:00 a.m. Central Time at least one
Business Day prior to the proposed date of such borrowing. Promptly after receipt of such notice of borrowing of Revolving Loans from the Swingline Lender under the immediately preceding sentence, the Administrative Agent shall notify each
Revolving Lender of the proposed borrowing. Not later than 11:00 a.m. Central Time on the proposed date of such borrowing, each Revolving Lender will make available to the Administrative Agent at the Principal Office for the account of the
Swingline Lender, in immediately available funds, the proceeds of the Revolving Loan to be made by such Revolving Lender. The Administrative Agent shall pay the proceeds of such Revolving Loans to the Swingline Lender, which shall apply such
proceeds to repay such Swingline Loan. If the Revolving Lenders are prohibited from making Revolving Loans required to be made under this subsection for any reason whatsoever, including, without limitation, the existence of any of the Defaults or
Events of Default described in Sections 10.1(e) or (f), each Revolving Lender shall purchase from the Swingline Lender, without recourse or warranty, an undivided interest and participation to the extent of such
Revolving Lender’s Revolving Commitment Percentage of such Swingline Loan, by directly purchasing a participation in such Swingline Loan in such amount and paying the proceeds thereof to the Administrative Agent for the account of the Swingline
Lender in Dollars and in immediately available funds. A Revolving Lender’s obligation to purchase such a participation in a Swingline Loan shall be absolute and unconditional and shall not be affected by any

  
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circumstance whatsoever, including, without limitation, (i) any claim of setoff, counterclaim, recoupment, defense or other right which such Revolving Lender or any other Person may have or
claim against the Administrative Agent, the Swingline Lender or any other Person whatsoever, (ii) the existence of a Default or Event of Default (including, without limitation, any of the Defaults or Events of Default described in
Sections 10.1(e) or (f)), or the termination of any Revolving Lender’s Revolving Commitment, (iii) the existence (or alleged existence) of an event or condition which has had or could have a Material
Adverse Effect, (iv) any breach of any Loan Document by the Administrative Agent, any Lender, the Borrower, any other Loan Party or the Parent or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of
the foregoing. If such amount is not in fact made available to the Swingline Lender by any Revolving Lender, the Swingline Lender shall be entitled to recover such amount on demand from such Revolving Lender, together with accrued interest thereon
for each day from the date of demand thereof, at the Federal Funds Rate. If such Revolving Lender does not pay such amount forthwith upon the Swingline Lender’s demand therefor, and until such time as such Revolving Lender makes the required
payment, the Swingline Lender shall be deemed to continue to have outstanding Swingline Loans in the amount of such unpaid participation obligation for all purposes of the Loan Documents (other than those provisions requiring the other Revolving
Lenders to purchase a participation therein). Further, such Revolving Lender shall be deemed to have assigned any and all payments made of principal and interest on its Revolving Loans, and any other amounts due it hereunder, to the Swingline Lender
to fund Swingline Loans in the amount of the participation in Swingline Loans that such Revolving Lender failed to purchase pursuant to this Section until such amount has been purchased (as a result of such assignment or otherwise). 

Section 2.6. Rates and Payment of Interest on Loans. 

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

(i) during such periods as such Loan is a Base Rate Loan, at the Base Rate (as in effect from time to time), plus the
Applicable Margin for Base Rate Loans of the applicable Class; 
 (ii) during such periods as such Loan is a LIBOR Loan, at
LIBOR for such Loan for the Interest Period therefor, plus the Applicable Margin for LIBOR Loans of the applicable Class; and 

(iii) if such Loan is an Absolute Rate Loan, at the Absolute Rate for such Loan for the Interest Period therefor quoted by the
Lender making such Loan in accordance with Section 2.3; and 
 (iv) if such Loan is a LIBOR Margin
Loan, at LIBOR for such Loan for the Interest Period therefor plus the LIBOR Margin quoted by the Lender making such Loan in accordance with Section 2.3. 

Notwithstanding the foregoing, (x) while an Event of Default specified in Section 10.1(a), 10.1(e) or 10.1.(f)
exists or (y) upon the election of the Requisite Lenders in the case of the existence of any other Event of Default, in each case, the Borrower shall pay to the Administrative Agent for the account of each Class of Lenders, the Swingline
Lender and the Issuing Banks, as the case may be, interest at the Post-Default Rate on the outstanding principal amount of any Class of Loans made by such Lender, the principal amount of any Swingline Loans made by the Swing Line Lender, and on
all Reimbursement Obligations, respectively, and on any other amount payable by the Borrower hereunder or under the Notes held by any such Lender to or for the account of any such Lender (including, without limitation, accrued but unpaid interest to
the extent permitted under Applicable Law). 

  
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 (b) Payment of Interest. All accrued and unpaid interest on the outstanding principal
amount of each Loan shall be payable (i) (A) if such Loan is a Base Rate Loan, monthly in arrears on the first day of each month, commencing with the first full calendar month occurring after the Effective Date and (B) if such Loan is a
LIBOR Loan, in arrears on the last day of the applicable Interest Period (other than Interest Periods longer than three (3) months, on which accrued and unpaid interest shall be payable on each three (3) month anniversary of the
commencement of such Interest Period in arrears) and (ii) on any date on which the principal balance of such Loan is due and payable in full (whether at maturity, due to acceleration or otherwise). Interest payable at the Post-Default Rate
shall be payable from time to time on demand. All determinations by the Administrative Agent of an interest rate hereunder shall be conclusive and binding on the Lenders and the Borrower for all purposes, absent manifest error. 

Section 2.7. Number of Interest Periods. 

There may be no more than (a) ten (10) different Interest Periods for LIBOR Loans that are Revolving Loans and Bid Rate Loans outstanding
at the same time, and (b) seven (7) different Interest Periods for LIBOR Loans that are Term Loans outstanding at the same time. 

Section 2.8. Repayment of Loans. 

(a) Revolving Loans. The Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the
Revolving Loans on the Revolving Termination Date. 
 (b) Term Loans. The Borrower shall repay a principal amount, and accrued and
unpaid interest on such principal amount, of the Incremental Term Loans on the dates set forth, and in amounts equal to the amounts set forth for such dates, in the applicable Incremental Assumption Agreement. 

(c) Bid Rate Loans. The Borrower promises to repay the entire outstanding principal amount of, and all accrued interest on, each Bid
Rate Loan on the last day of the Interest Period of such Bid Rate Loan. 
 Section 2.9. Prepayments. 

(a) Optional. Subject to Section 4.4, the Borrower may prepay any Loan (other than a Bid Rate Loan) at any
time without premium or penalty. A Bid Rate Loan may only be prepaid with the prior written consent of the Lender holding such Bid Rate Loan. The Borrower shall give the Administrative Agent (i) with respect to the prepayment of any LIBOR Loan,
at least three (3) Business Days prior written notice of such prepayment and (ii) with respect to the prepayment of any Base Rate Loan, written notice not later than 12:00 p.m. (noon) Central Time on the date of such prepayment. Each
voluntary prepayment of Loans (other than a prepayment of all outstanding Loans of a Class) shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess thereof. 

(b) Mandatory. 

(i) Revolving Commitment Overadvance. If at any time the aggregate principal amount of all outstanding Revolving Loans,
Bid Rate Loans and Swingline Loans, together with the aggregate amount of all Letter of Credit Liabilities, exceeds the aggregate amount of the Revolving Commitments, the Borrower shall immediately upon demand pay to the Administrative Agent for the
account of the Lenders then holding Revolving Commitments (or if the Revolving Commitments have been terminated, then holding outstanding Revolving Loans, Swingline Loans and/or Letter of Credit Liabilities), the amount of such excess. 

  
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 (ii) Bid Rate Facility Overadvance. If at any time the aggregate
principal amount of all outstanding Bid Rate Loans exceed one half of the aggregate amount of all Revolving Commitments at such time, then the Borrower shall immediately pay to the Administrative Agent for the accounts of the applicable Lenders the
amount of such excess. 
 (iii) Application of Mandatory Prepayments. Amounts paid under the preceding
subsection (b)(i) shall be applied to pay all amounts of principal outstanding on the Revolving Loans and any Reimbursement Obligations pro rata in accordance with Section 3.2 and if any Letters of
Credit are outstanding at such time, the remainder, if any, shall be deposited into the Letter of Credit Collateral Account for application to any Reimbursement Obligations. If the Borrower is required to pay any outstanding LIBOR Loans or Bid Rate
Loans by reason of this Section prior to the end of the applicable Interest Period therefor, the Borrower shall pay all amounts due under Section 4.4. 

(c) No Effect on Derivatives Contracts. No repayment or prepayment of the Loans pursuant to this Section shall affect any of the
Borrower’s obligations under any Derivatives Contracts entered into with respect to the Loans. 
 Section 2.10.
Continuation. 
 So long as no Default or Event of Default exists, the Borrower may on any Business Day, with respect to any LIBOR
Loan, elect to maintain such LIBOR Loan or any portion thereof as a LIBOR Loan by selecting a new Interest Period for such LIBOR Loan. Each Continuation of LIBOR Loans of the same Class shall be in an aggregate minimum amount of $5,000,000 and
integral multiples of $1,000,000 in excess of that amount, and each new Interest Period selected under this Section shall commence on the last day of the immediately preceding Interest Period. Each selection of a new Interest Period shall be made by
the Borrower giving to the Administrative Agent a Notice of Continuation not later than 11:00 a.m. Central Time on the third Business Day prior to the date of any such Continuation. Such notice by the Borrower of a Continuation shall be by
facsimile, electronic mail or other similar form of communication in the form of a Notice of Continuation, specifying (a) the proposed date of such Continuation, (b) the LIBOR Loans, Class and portions thereof subject to such
Continuation and (c) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. Each Notice of Continuation shall be irrevocable by
and binding on the Borrower once given. Promptly after receipt of a Notice of Continuation, the Administrative Agent shall notify each Lender holding Loans of the applicable Class of Loans of the proposed Continuation. If the Borrower shall
fail to select in a timely manner a new Interest Period for any LIBOR Loan in accordance with this Section, such Loan will automatically, on the last day of the current Interest Period therefor, continue as a LIBOR Loan with an Interest Period of
one month; provided, however that if a Default or Event of Default exists, such Loan will automatically, on the last day of the current Interest Period therefor, Convert into a Base Rate Loan notwithstanding the first sentence of
Section 2.11 or the Borrower’s failure to comply with any of the terms of such Section. 

Section 2.11. Conversion. 

The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by facsimile,
electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan may not be Converted into a LIBOR Loan if a Default or Event of
Default exists. Each Conversion of Base Rate 

  
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Loans of the same Class into LIBOR Loans of the same Class shall be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount. Each such
Notice of Conversion shall be given not later than, in the case of a conversion of a Base Rate Loan to a LIBOR Loan, 11:00 a.m. Central Time three (3) Business Days prior to the date of such proposed Conversion, or in the case of a
conversion of a LIBOR Loan into a Base Rate Loan, 11:00 a.m. Central Time on the date of such propose Conversion. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender holding Loans of the
applicable Class of Loans of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by facsimile, electronic mail or other similar form of communication in the form of a Notice of Conversion
specifying (a) the requested date of such Conversion, (b) the Type and Class of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and
(e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. 

Section 2.12. Notes. 

(a) Notes. If requested by any Revolving Lender, the Revolving Loans made by such Revolving Lender shall, in addition to this Agreement,
also be evidenced by a Revolving Note, payable to such Revolving Lender in a principal amount equal to the amount of its Revolving Commitment as originally in effect and otherwise duly completed. Except in the case of a Revolving Lender that has
notified the Administrative Agent in writing that it elects not to receive a Bid Rate Note, the Bid Rate Loans made by a Revolving Lender to the Borrower shall, in addition to this Agreement, also be evidenced by a Bid Rate Note payable to such
Revolving Lender. The Swingline Loans made by the Swingline Lender to the Borrower shall, in addition to this Agreement, also be evidenced by a Swingline Note payable to the Swingline Lender. If requested by any Term Loan Lender, the Term Loans made
by such Term Loan Lender shall, in addition to this Agreement, also be evidenced by a Term Note, payable to such Term Loan Lender in a principal amount equal to the amount of its Term Loan and otherwise duly completed. 

(b) Records. The date, amount, interest rate, Class, Type and duration of Interest Periods (if applicable) of each Loan made by each
Lender to the Borrower, and each payment made on account of the principal thereof, shall be recorded by such Lender on its books and such entries shall be binding on the Borrower absent manifest error; provided, however, that
(i) the failure of a Lender to make any such record shall not affect the obligations of the Borrower under any of the Loan Documents and (ii) if there is a discrepancy between such records of a Lender and the statements of accounts
maintained by the Administrative Agent pursuant to Section 3.8, in the absence of manifest error, the statements of account maintained by the Administrative Agent pursuant to Section 3.8 shall be
controlling. 
 (c) Lost, Stolen, Destroyed or Mutilated Notes. Upon receipt by the Borrower of (i) written notice from a Lender
that a Note of such Lender has been lost, stolen, destroyed or mutilated, and (ii)(A) in the case of loss, theft or destruction, an unsecured agreement of indemnity from such Lender in form reasonably satisfactory to the Borrower, or
(B) in the case of mutilation, upon surrender and cancellation of such Note, the Borrower shall at its own expense execute and deliver to such Lender a new Note dated the date of such lost, stolen, destroyed or mutilated Note. 

Section 2.13. Voluntary Reductions of Commitments. 

The Borrower shall have the right to terminate or reduce the aggregate unused amount of the Revolving Commitments (for which purpose use of the
Revolving Commitments shall be deemed to include the aggregate amount of all Letter of Credit Liabilities and the aggregate principal amount of all outstanding Bid Rate Loans and Swingline Loans) or the Term Loan Commitments at any time and from
time to time without penalty or premium upon not less than three (3) Business Days prior written notice to the 

  
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Administrative Agent of each such termination or reduction, which notice shall specify the Class of Commitments subject to such termination or reduction, the effective date thereof and the
amount of any such reduction (which in the case of any partial reduction of Commitments shall not be less than $10,000,000 and integral multiples of $5,000,000 in excess of that amount in the aggregate) and shall be irrevocable once given and
effective only upon receipt by the Administrative Agent (“Prepayment Notice”); provided, however, that such Prepayment Notice may be revoked or modified in connection with a requested termination of the aggregate
amount of all Commitments that is contingent on the consummation of a refinancing, change of control event or other capital transaction that does not close on the originally anticipated closing date. Promptly after receipt of a Prepayment Notice
with respect to a Class of Commitments, the Administrative Agent shall notify each Lender of such Class of the proposed termination or reduction. Commitments, once reduced or terminated pursuant to this Section, may not be increased or
reinstated, except in accordance with Section 2.17. If the Commitments of a Class are terminated or reduced to zero, the Borrower shall pay all fees on the Commitments so reduced or terminated that have accrued to the
date of such reduction or termination to the Administrative Agent for the account of the Lenders of the applicable Class, including but not limited to any applicable compensation due to any Lender in accordance with
Section 4.4. 
 Section 2.14. Extensions of Termination Dates. 

The Borrower shall have the right to extend (i) the Original Revolving Termination Date to the First Extended Revolving Termination Date
(the “First Extension Option”) and (ii) the First Extended Revolving Termination Date to the Second Extended Revolving Termination Date (the “Second Extension Option”). The Borrower may exercise such First
Extension Option only by executing and delivering to the Administrative Agent at least thirty (30) days but not more than ninety (90) days prior to the Original Revolving Termination Date and such Second Extension Option only by executing
and delivering to the Administrative Agent at least thirty (30) days but not more than ninety (90) days prior to the First Extended Revolving Termination Date, in each such case, a written request for such extension (a “Revolving
Extension Request”). The Administrative Agent shall notify the Revolving Lenders if it receives a Revolving Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Revolving Termination Date
shall be extended to the First Extended Revolving Termination Date or the Second Extended Revolving Termination Date, as then applicable, upon receipt by the Administrative Agent of the Revolving Extension Request and payment of the fee referred to
in the following clause (ii): (i) immediately prior to such extension and immediately after giving effect thereto, (x) no Default or Event of Default shall exist and (y) the representations and warranties made or deemed made by the
Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such
representation or warranty shall be true and correct in all respects) on and as of the date of such extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly
relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such
representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances permitted under the Loan Documents and (ii) the Borrower shall have paid the Fees
payable under Section 3.5(e). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from the chief
executive officer, chief financial officer or executive vice president of finance of the Parent certifying the matters referred to in the immediately preceding clauses (i)(x) and (i)(y). 

  
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 Section 2.15. Expiration Date of Letters of Credit Past Revolving Commitment
Termination. 
 If on the date the Revolving Commitments are terminated or reduced to zero (whether voluntarily, by reason of the
occurrence of an Event of Default or otherwise) there are any Letters of Credit outstanding hereunder and the aggregate Stated Amount of such Letters of Credit exceeds the balance of available funds on deposit in the Letter of Credit Collateral
Account, then the Borrower shall, on such date, pay to the Administrative Agent, for its benefit and the benefit of the Lenders and the Issuing Banks, for deposit into the Letter of Credit Collateral Account, an amount of money equal to the amount
of such excess. 
 Section 2.16. Amount Limitations. 

Notwithstanding any other term of this Agreement or any other Loan Document, no Revolving Lender shall be required to make a Revolving Loan or
a Bid Rate Loan, no Issuing Bank shall be required to issue a Letter of Credit, no Swingline Lender shall be required to make any Swingline Loan and no reduction of the Revolving Commitments pursuant to Section 2.13 shall
take effect, if immediately after the making of such Revolving Loan, Bid Rate Loan or Swingline Loan, the issuance of such Letter of Credit or such reduction in the Revolving Commitments: 

(a) the aggregate principal amount of all outstanding Revolving Loans, Bid Rate Loans and Swingline Loans, together with the aggregate amount
of all Letter of Credit Liabilities, would exceed the aggregate amount of the Revolving Commitments at such time; 
 (b) the aggregate
principal amount of all outstanding Revolving Loans and Swingline Loans made by such Lender, together with the Letter of Credit Exposure of such Lender and such Lender’s participation in, and payment obligations in respect of, Swingline Loans,
would exceed the Revolving Commitment of such Lender at such time; or 
 (c) the aggregate principal amount of all outstanding Bid Rate
Loans would exceed fifty percent (50.0%) of the aggregate amount of the Revolving Commitments at such time. 
 Additionally, no Term Loan
Lender shall be required to make a Term Loan if the amount of such Term Loan would exceed such Lender’s Term Loan Commitment. 

Section 2.17. Increase in Revolving Commitments; Incremental Term Loans. 

The Borrower shall have the right at any time and from time to time during the period beginning on the Effective Date to but excluding the
Revolving Termination Date (a) to request increases in the aggregate amount of the Revolving Commitments, and (b) to request the making of Term Loans or an increase to the amount of any then outstanding Term Loans (each, an
“Incremental Term Loan Commitment” and the term loans thereunder, “Incremental Term Loans”), in the case of each of clauses (a) and (b), by providing written notice to the Administrative Agent, which notice
shall be irrevocable once given; provided, however, that after giving effect to any such increases of the Revolving Commitments and the making of Incremental Term Loans, the aggregate amount of the Revolving Commitments and the
aggregate outstanding principal balance of the Term Loans (including any Incremental Term Loans made pursuant to this Section) shall not exceed $2,000,000,000 (less the amount of any reductions in the Revolving Commitments and Term Loan Commitments
and any prepayments of the Incremental Term Loans made pursuant to this Section). Each such increase in the Revolving Commitments or borrowing of Incremental Term Loans must be an aggregate minimum amount of $50,000,000 and integral multiples of
$10,000,000 in excess thereof. In the case of any Class of Incremental Term Loans, except for (1) the Applicable Margin and any unused commitment fees, upfront fees, arranger fees, or other similar fees applicable to such Class of
Incremental Term Loans, (2) the period available and procedure for borrowing 

  
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such Class of Incremental Term Loans, amortization in respect thereof and any additional mandatory prepayment events applicable thereto, and (3) the Termination Date for such
Class of Incremental Term Loans, the terms and conditions therefor shall be identical to the terms and conditions applicable to the Revolving Loans; provided that (A) no Class of Incremental Term Loans shall have a final
maturity date that is earlier than the latest Term Loan Maturity Date then in effect, and (B) the weighted average life to maturity of any Class of Incremental Term Loans shall be no shorter than the weighted average life to maturity of
any Class of Incremental Term Loans then outstanding. The Administrative Agent, in consultation with the Borrower, shall manage all aspects of the syndication of such increase in the Revolving Commitments and/or the making of any Incremental
Term Loans, including decisions as to the selection of the existing Lenders and/or other banks, financial institutions and other institutional lenders to be approached with respect to any such increase in the Revolving Commitments or making of
Incremental Term Loans and the allocations of any increase in the Revolving Commitments or making of Incremental Term Loans among such existing Lenders and/or other banks, financial institutions and other institutional lenders. No Lender shall be
obligated in any way whatsoever to increase its Revolving Commitment, to provide a new Revolving Commitment, or to make an Incremental Term Loan, and any new Lender becoming a party to this Agreement in connection with any such requested increase of
the Revolving Commitments or making of Incremental Term Loans must be an Eligible Assignee. If a new Revolving Lender becomes a party to this Agreement, or if any existing Revolving Lender is increasing its Revolving Commitment, such Lender shall on
the date it becomes a Revolving Lender hereunder (or in the case of an existing Revolving Lender, increases its Revolving Commitment) (and as a condition thereto) purchase from the other Revolving Lenders its Revolving Commitment Percentage
(determined with respect to the Revolving Lenders’ respective Revolving Commitments and after giving effect to the increase of Revolving Commitments) of any outstanding Revolving Loans, by making available to the Administrative Agent for the
account of such other Revolving Lenders, in same day funds, an amount equal to (A) the portion of the outstanding principal amount of such Revolving Loans to be purchased by such Lender, plus (B) the aggregate amount of payments previously
made by the other Revolving Lenders under Section 2.4(j) that have not been repaid, plus (C) interest accrued and unpaid to and as of such date on such portion of the outstanding principal amount of such Revolving
Loans. The Borrower shall pay to the Revolving Lenders amounts payable, if any, to such Revolving Lenders under Section 4.4 as a result of the prepayment of any such Revolving Loans. Effecting any increase of the Revolving
Commitments or making of Incremental Term Loans under this Section is subject to the following conditions precedent: (x) no Default or Event of Default shall be in existence on the effective date of such increase of the Revolving Commitments or
making of Incremental Term Loans, (y) the representations and warranties made or deemed made by the Borrower or any other Loan Party in any Loan Document to which such Loan Party is a party shall be true and correct in all material respects
(except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on the effective date of any such increase in the Revolving Commitments or making
of Incremental Term Loans except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except
in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances
permitted hereunder, and (z) the Administrative Agent shall have received each of the following, in form and substance satisfactory to the Administrative Agent: (i) if not previously delivered to the Administrative Agent, copies certified
by the Secretary or Assistant Secretary of (A) all corporate or other necessary action taken by the Parent and the Borrower to authorize such increase of the Revolving Commitments or Incremental Term Loans and (B) all corporate or other
necessary action taken by each Guarantor authorizing the guaranty of such increase of the Revolving Commitments or Incremental Term Loans; (ii) unless the Administrative Agent has notified the Borrower that it does not require delivery of such
item, an opinion of counsel to the Borrower, the Parent and the other Guarantors, and addressed to the Administrative Agent and the Lenders covering such matters as reasonably requested by the Administrative Agent; and (iii) in the case of a
Lender that has notified the 

  
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Administrative Agent in writing that it wants to receive Notes, (A) new Revolving Notes executed by the Borrower, payable to any such new Revolving Lenders and replacement Revolving Notes
executed by the Borrower, payable to any such existing Revolving Lenders increasing their Revolving Commitments, in the amount of such Revolving Lender’s Revolving Commitment at the time of the effectiveness of the applicable increase in the
aggregate amount of the Revolving Commitments and/or (B) a new Term Note executed by the Borrower, payable to any such new Term Loan Lenders making Incremental Term Loans in the aggregate amount of such Term Loan Lender’s Incremental Term
Loans, and replacement Term Notes executed by the Borrower payable to any such existing Term Loan Lenders making additional Incremental Term Loans in the aggregate outstanding principal amount of such Term Loan Lender’s Incremental Term Loans
at the time of the making of such additional Incremental Term Loans. In connection with any increase in the aggregate amount of the Revolving Commitments or the making of the Incremental Term Loans pursuant to this
Section 2.17, any Lender becoming a party hereto shall (1) execute such documents and agreements as the Administrative Agent may reasonably request and (2) in the case of any Lender that is organized under the
laws of a jurisdiction outside of the United States of America, provide to the Administrative Agent, its name, address, tax identification number and/or such other information as shall be necessary for the Administrative Agent to comply with
“know your customer” and anti-money laundering rules and regulations, including, without limitation, the Patriot Act. 

Section 2.18. Funds Transfer Disbursements. 

The Borrower hereby authorizes the Administrative Agent to disburse the proceeds of any Loan made by the Lenders or any of their Affiliates
pursuant to the Loan Documents as requested by an authorized representative of the Borrower to any of the accounts designated in the Disbursement Instruction Agreement. 

ARTICLE III. PAYMENTS, FEES AND OTHER GENERAL PROVISIONS 

Section 3.1. Payments. 

(a) Payments by Borrower. Except to the extent otherwise provided herein, all payments of principal, interest, Fees and other amounts to
be made by the Borrower under this Agreement, the Notes or any other Loan Document shall be made in Dollars, in immediately available funds, without setoff, deduction or counterclaim (excluding Taxes required to be withheld pursuant to
Section 3.10), to the Administrative Agent at the Principal Office, not later than 1:00 p.m. Central Time on the date on which such payment shall become due (each such payment made after such time on such due date to
be deemed to have been made on the next succeeding Business Day). Subject to Section 10.5, the Borrower shall, at the time of making each payment under this Agreement or any other Loan Document, specify to the
Administrative Agent the amounts payable by the Borrower hereunder to which such payment is to be applied. Each payment received by the Administrative Agent for the account of a Lender under this Agreement or any Note shall be paid to such Lender by
wire transfer of immediately available funds in accordance with the wiring instructions provided by such Lender to the Administrative Agent from time to time, for the account of such Lender at the applicable Lending Office of such Lender. Each
payment received by the Administrative Agent for the account of an Issuing Bank under this Agreement shall be paid to the applicable Issuing Bank by wire transfer of immediately available funds in accordance with the wiring instructions provided by
such Issuing Bank to the Administrative Agent from time to time, for the account of such Issuing Bank. In the event the Administrative Agent fails to pay such amounts to such Lender or such Issuing Bank, as the case may be, within one Business Day
of receipt of such amounts, the Administrative Agent shall pay interest on such amount until paid at a rate per annum equal to the Federal Funds Rate from time to time in effect. If the due date of any payment under this Agreement or any other Loan
Document would otherwise fall on a day which is not a Business Day such date shall be extended to the next succeeding Business Day and interest shall continue to accrue at the rate, if any, applicable to such payment for the period of such
extension. 

  
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 (b) Presumptions Regarding Payments by Borrower. Unless the Administrative Agent
shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or an Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent
may assume that the Borrower has made such payment on such date in accordance herewith and may (but shall not be obligated to), in reliance upon such assumption, distribute to the Lenders or the applicable Issuing Bank, as the case may be, the
amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the applicable Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent on demand that amount so distributed to
such Lender or such Issuing Bank, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate
determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
 Section 3.2. Pro
Rata Treatment. 
 Except to the extent otherwise provided herein: (a) each borrowing from the Revolving Lenders under
Sections 2.1(a), 2.4(e) and 2.5(e) shall be made from the Revolving Lenders, each payment of the fees under Sections 3.5(b), the first sentence of 3.5(c), and 3.5(e)
shall be made for the account of the Revolving Lenders, and each termination or reduction of the amount of the Revolving Commitments under Section 2.13 shall be applied to the respective Revolving Commitments of the
Revolving Lenders, pro rata according to the amounts of their respective Revolving Commitments; (b) each payment or prepayment of principal of Revolving Loans shall be made for the account of the Revolving Lenders pro rata in accordance with
the respective unpaid principal amounts of the Revolving Loans held by them, provided that, subject to Section 3.9, if immediately prior to giving effect to any such payment in respect of any Revolving Loans the
outstanding principal amount of the Revolving Loans shall not be held by the Revolving Lenders pro rata in accordance with their respective Revolving Commitments in effect at the time such Revolving Loans were made, then such payment shall be
applied to the Revolving Loans in such manner as shall result, as nearly as is practicable, in the outstanding principal amount of the Revolving Loans being held by the Revolving Lenders pro rata in accordance with such respective Revolving
Commitments; (c) the making of any Class of Term Loans shall be made from the Term Loan Lenders holding such Class of Term Loans, pro rata according to the amounts of their respective Term Loan Commitments of such Class; (d) each
payment or prepayment of principal of Term Loans shall be made for the account of the Term Loan Lenders pro rata in accordance with the respective unpaid principal amounts of such Term Loans held by them and each termination or reduction of the
amount of the Term Loan Commitments under Section 2.13 shall be applied to the respective Term Loan Commitments of the Term Loan Lenders, pro rata according to the amounts of their respective Term Loan Commitments;
(e) [intentionally omitted], (f) each payment of interest on Loans of a Class shall be made for the account of the Lenders of such Class pro rata in accordance with the amounts of interest on such Loans of such Class then
due and payable to the respective Lenders of such Class; (g) the Conversion and Continuation of Loans of a particular Type and Class (other than Conversions provided for by Sections 4.1(c) and 4.5) shall be made
pro rata among the Lenders of such Class according to the amounts of their respective Loans and the then current Interest Period for each Lender’s portion of each such Loan of such Type and Class shall be coterminous; (h) each
prepayment of principal of Bid Rate Loans pursuant to Section 2.9(b)(iii) shall be made for account of the Lenders then owed Bid Rate Loans pro rata in accordance with the respective unpaid principal amounts of the Bid Rate
Loans then owing to each such Lender; (i) the Revolving Lenders’ participation in, and payment obligations in respect of, Swingline Loans under Section 2.5, shall be in accordance with their respective Revolving
Commitment Percentages; and (j) the Revolving Lenders’ participation in, and payment obligations in respect of, Letters of Credit under Section 2.4, shall be in accordance with their respective Revolving

  
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Commitment Percentages. All payments of principal, interest, fees and other amounts in respect of the Swingline Loans shall be for the account of the Swingline Lender only (except to the extent
any Lender shall have acquired a participating interest in any such Swingline Loan pursuant to Section 2.5(e), in which case such payments shall be pro rata in accordance with such participating interests). 

Section 3.3. Sharing of Payments, Etc. 

If a Lender shall obtain payment of any principal of, or interest on, any Loan of a Class made by it to the Borrower under this Agreement
or shall obtain payment on any other Obligation owing by the Borrower or any other Loan Party through the exercise of any right of set-off, banker’s lien, counterclaim or similar right or otherwise or
through voluntary prepayments directly to a Lender or other payments made by or on behalf of the Borrower or any other Loan Party to a Lender not in accordance with the terms of this Agreement and such payment should be distributed to the Lenders of
the same Class in accordance with Section 3.2 or Section 10.5, as applicable, such Lender shall promptly purchase from the other Lenders of such Class participations in (or, if and to the
extent specified by such Lender, direct interests in) the Loans of such Class made by the other Lenders of such Class or other Obligations owed to such other Lenders in such amounts, and make such other adjustments from time to time as
shall be equitable, to the end that all the Lenders of such Class shall share the benefit of such payment (net of any reasonable expenses which may actually be incurred by such Lender in obtaining or preserving such benefit) in accordance with
the requirements of Section 3.2 or Section 10.5, as applicable. To such end, all the Lenders of such Class shall make appropriate adjustments among themselves (by the resale of participations
sold or otherwise) if such payment is rescinded or must otherwise be restored. The Borrower agrees that any Lender of such Class so purchasing a participation (or direct interest) in the Loans or other Obligations owed to such other Lenders of
such Class may exercise all rights of set-off, banker’s lien, counterclaim or similar rights with respect to such participation as fully as if such Lender were a direct holder of Loans of such
Class in the amount of such participation. Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise and retain the benefits of exercising, any such right with respect to
any other indebtedness or obligation of the Borrower. 
 Section 3.4. Several Obligations. 

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

(a) Closing Fee. On the Effective Date, the Borrower agrees to pay to the Administrative Agent and each Lender all loan fees as have
been agreed to in writing by the Borrower and the Administrative Agent. 
 (b) Facility Fees. During the period from the Effective
Date to but excluding the Revolving Termination Date, the Borrower agrees to pay to the Administrative Agent for the account of the Revolving Lenders a facility fee equal to the daily aggregate amount of the Revolving Commitments (whether or not
utilized and provided that if the Revolving Commitments terminate, then the Revolving Credit Facility Fee shall continue to accrue and be determined based on the aggregate amount of the Revolving Credit Exposure) multiplied by a
rate per annum equal to the applicable Revolving Facility Fee Rate. Such fee shall be payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Termination Date or
any earlier date of termination of the 

  
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Revolving Commitments or reduction of the Revolving Commitments to zero. The Borrower acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable
compensation to the Lenders for committing to make funds available to the Borrower as described herein and for no other purposes. 
 (c)
Letter of Credit Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender a letter of credit fee at a rate per annum equal to the Applicable Margin for Revolving Loans that are LIBOR Loans times
the daily average Stated Amount of each Letter of Credit for the period from and including the date of issuance of such Letter of Credit (x) to and including the date such Letter of Credit expires or is cancelled or terminated or (y) to
but excluding the date such Letter of Credit is drawn in full. The fees provided for in this subsection shall be nonrefundable and payable in arrears (i) quarterly on the first day of January, April, July and October, (ii) on the Revolving
Termination Date, (iii) on the date the Revolving Commitments are terminated or reduced to zero and (iv) thereafter from time to time on demand of the Administrative Agent. The Borrower shall pay directly to each Issuing Bank from time to
time on demand all commissions, charges, costs and expenses in the amounts customarily charged or incurred by such Issuing Bank from time to time in like circumstances with respect to the issuance, amendment, renewal or extension of any Letter of
Credit or any other transaction relating thereto. 
 (d) Bid Rate Loan Fees. The Borrower agrees to pay to the Administrative Agent a
fee equal to $500 at the time of each Bid Rate Quote Request made hereunder for services rendered by the Administrative Agent in connection with the Bid Rate Loans. 

(e) Revolving Credit Extension Fee. If the Revolving Termination Date is being extended in accordance with
Section 2.14, the Borrower shall pay to the Administrative Agent for the account of each Revolving Lender a fee equal to seventy-five thousandths of one percent (0.075%) of the amount of such Revolving Lender’s
Revolving Commitment so extended (whether or not utilized). Such fee shall be due and payable in full on the effective date of each such extension. 

(f) Intentionally Omitted. 

(g) Administrative and Other Fees. The Borrower agrees to pay (i) the administrative and other fees of the Administrative Agent as
provided in the Fee Letter and as may be otherwise agreed to in writing from time to time by the Borrower and the Administrative Agent and (ii) the fees payable to the Issuing Banks as provided in the Fee Letter. 

Section 3.6. Computations. 

Unless otherwise expressly set forth herein, any accrued interest on any Loan, any Fees or any other Obligations due hereunder shall be
computed on the basis of a year of three hundred sixty (360) days and the actual number of days elapsed (including the first day, but excluding the last day), except that interest on Base Rate Loans shall be computed on the basis of a year of
three hundred sixty-five (365) or three hundred sixty-six (366) days, as applicable and the actual number of days elapsed. 

Section 3.7. Usury. 

In no event shall the amount of interest due or payable on the Loans or other Obligations exceed the maximum rate of interest allowed by
Applicable Law and, if any such payment is paid by the Borrower or any other Loan Party or received by any Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the respective Lender in writing
that the Borrower elects to have such excess sum returned to it forthwith. It is the express intent of the parties hereto that the Borrower not pay and the Lenders not receive, directly or indirectly, in any manner whatsoever, interest in excess of
that 

  
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which may be lawfully paid by the Borrower under Applicable Law. The parties hereto hereby agree and stipulate that the only charge imposed upon the Borrower for the use of money in connection
with this Agreement is and shall be the interest specifically described in Section 2.6(a)(i) through (iv) and, with respect to Swingline Loans, in Section 2.5(c). Notwithstanding the
foregoing, the parties hereto further agree and stipulate that all agency fees, syndication fees, facility fees, closing fees, letter of credit fees, underwriting fees, default charges, late charges, funding or “breakage” charges,
increased cost charges, attorneys’ fees and reimbursement for costs and expenses paid by the Administrative Agent or any Lender to third parties or for damages incurred by the Administrative Agent or any Lender, in each case, in connection with
the transactions contemplated by this Agreement and the other Loan Documents, are charges made to compensate the Administrative Agent or any such Lender for underwriting or administrative services and costs or losses performed or incurred, and to be
performed or incurred, by the Administrative Agent and the Lenders in connection with this Agreement and shall under no circumstances be deemed to be charges for the use of money. All charges other than charges for the use of money shall be fully
earned and nonrefundable when due. 
 Section 3.8. Statements of Account. 

The Administrative Agent will account to the Borrower monthly with a statement of Loans, accrued interest and Fees, charges and payments made
pursuant to this Agreement and the other Loan Documents, and such account rendered by the Administrative Agent shall be deemed conclusive upon the Borrower absent manifest error. The failure of the Administrative Agent to deliver such a statement of
accounts shall not relieve or discharge the Borrower from any of its obligations hereunder. 
 Section 3.9. Defaulting
Lenders. 
 Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until
such time as such Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law: 
 (a) Waivers and Amendments.
Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definitions of Requisite Lenders and Requisite Class Lenders and in
Section 12.6. 
 (b) Defaulting Lender Waterfall. Any payment of principal, interest, Fees or other amounts
received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article X or otherwise) or received by the Administrative Agent from a Defaulting
Lender pursuant to Section 12.3 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the
Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Banks or the Swingline Lender hereunder; third, to Cash Collateralize the Issuing Banks’
Fronting Exposure with respect to such Defaulting Lender in accordance with subsection (e) below; 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 such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a
deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Banks’ future Fronting
Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with subsection (e) below; sixth, to the payment of any amounts owing to the
Lenders, the Issuing Banks or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, any Issuing Bank or the Swingline Lender against such Defaulting Lender as a result of such Defaulting

  
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Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of
any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as
otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans of any Class or amounts owing by such Defaulting Lender under
Section 2.4(j) in respect of Letters of Credit (such amounts “L/C Disbursements”), in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or
the related Letters of Credit were issued at a time when the conditions set forth in Article V were satisfied or waived, such payment shall be applied solely to pay the Loans of such Class of, and L/C Disbursements
owed to, all Non-Defaulting Lenders of the applicable Class on a pro rata basis prior to being applied to the payment of any Loans of such Class, or L/C Disbursements owed to, such Defaulting Lender until
such time as all Loans of such Class and, as applicable, funded and unfunded participations in Letter of Credit Liabilities and Swingline Loans are held by the Revolving Lenders pro rata in accordance with their respective Revolving Commitment
Percentages (determined without giving effect to the immediately following subsection (d)) and all Term Loans (if any) are held by the Term Loan Lenders pro rata as if there had been no Defaulting Lenders that are Term Loan
Lenders. 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 subsection shall be deemed paid to and
redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 
 (c) Certain Fees. 

(i) No Defaulting Lender shall be entitled to receive any Fee payable under Section 3.5(b) for any
period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender). 

(ii) Each Defaulting Lender that is a Revolving Lender shall be entitled to receive the Fee payable under
Section 3.5(c) for any period during which that Revolving Lender is a Defaulting Lender only to the extent allocable to its Revolving Commitment Percentage of the stated amount of Letters of Credit for which it has provided
Cash Collateral pursuant to the immediately following subsection (e). 
 (iii) With respect to any
Fee not required to be paid to any Defaulting Lender that is a Revolving Lender pursuant to the immediately preceding clauses (i) or (ii), the Borrower shall (x) pay to each Non-Defaulting Lender
that is a Revolving Lender that portion of any such Fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in Letter of Credit Liabilities or Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to the immediately following subsection (d), (y) pay to each Issuing Bank and Swingline Lender, as applicable, the amount of any such Fee otherwise
payable to such Defaulting Lender to the extent allocable to such Issuing Bank’s or Swingline Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such Fee. 

(d) Reallocation of Participations to Reduce Fronting Exposure. In the case of a Defaulting Lender that is a Revolving Lender, all or
any part of such Defaulting Lender’s participation in Letter of Credit Liabilities and Swingline Loans shall be reallocated among the Non-Defaulting Lenders that are Revolving Lenders in accordance with
their respective Revolving Commitment Percentages (determined without regard to such Defaulting Lender’s Revolving Commitment) but only to the extent that (x) the conditions set forth in Article V are satisfied at
the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent at such time, the Borrower shall be deemed to have 

  
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represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Commitment. Subject to Section 12.17, no reallocation hereunder shall
constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Revolving Lender having become a Defaulting Lender, including any claim of a Non-Defaulting
Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 

(e) Cash Collateral, Repayment of Swingline Loans. 

(i) If the reallocation described in the immediately preceding subsection (d) above cannot, or can
only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swingline Loans in an amount equal to the Swingline Lender’s Fronting Exposure and
(y) second, Cash Collateralize the Issuing Banks’ Fronting Exposure in accordance with the procedures set forth in this subsection. 

(ii) At any time that there shall exist a Defaulting Lender that is a Revolving Lender, within two (2) Business Days
following the written request of the Administrative Agent or the applicable Issuing Bank (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize such Issuing Bank’s Fronting Exposure with respect to such Defaulting
Lender (determined after giving effect to the immediately preceding subsection (d) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the aggregate Fronting Exposure of such Issuing Bank
with respect to Letters of Credit issued by such Issuing Bank and outstanding at such time. 
 (iii) The Borrower, and to the
extent provided by any Defaulting Lender that is a Revolving Lender, such Defaulting Lender, hereby grant to the Administrative Agent, for the benefit of the Issuing Banks, and agree to maintain, a first priority security interest in all such Cash
Collateral as security for the obligations of Defaulting Lenders that are Revolving Lenders to fund participations in respect of Letter of Credit Liabilities, to be applied pursuant to the immediately following clause (iv). If at any time the
Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent and the Issuing Banks as herein provided, or that the total amount of such Cash Collateral is less than the
aggregate Fronting Exposure of the Issuing Banks with respect to Letters of Credit issued and outstanding at such time, the Borrower will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash
Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender). 

(iv) Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this Section in
respect of Letters of Credit shall be applied to the satisfaction of the obligation of a Lender that is a Revolving Lender to fund participations in respect of Letter of Credit Liabilities (including, as to Cash Collateral provided by a Defaulting
Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein. 

(v) Cash Collateral (or the appropriate portion thereof) provided to reduce the Issuing Banks’ Fronting Exposure shall no
longer be required to be held as Cash Collateral pursuant to this subsection following (x) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Revolving Lender), or
(y) the determination by the Administrative Agent and the applicable Issuing Bank that there exists excess Cash Collateral; provided that, subject to the immediately preceding subsection (b), the Person
providing Cash Collateral and the applicable Issuing Bank may (but shall not be obligated to) agree 

  
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that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations and provided further that to the extent that such Cash Collateral was
provided by the Borrower, such Cash Collateral shall remain subject to the security interest granted pursuant to the Loan Documents. 
 (f)
Defaulting Lender Cure. If the Borrower and the Administrative Agent, and solely in the case of a Defaulting Lender that is a Revolving Lender, the Swingline Lender and the Issuing Banks, agree in writing that a Lender is no longer a
Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which, in the case of a Defaulting Lender that is a Revolving
Lender, may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may
determine to be necessary to cause, as applicable, (i) the Revolving Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to be held pro rata by the Revolving Lenders in accordance with their respective
Revolving Commitment Percentages (determined without giving effect to the immediately preceding subsection (d)), and (ii) the Term Loans (if any) to be held by the Term Loan Lenders pro rata as if there had been no Defaulting Lenders of
such Class, whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to Fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting
Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder
arising from that Lender’s having been a Defaulting Lender. 
 (g) New Swingline Loans/Letters of Credit. So long as any
Revolving Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) no
Issuing Bank shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto. 

(h) Purchase of Defaulting Lender’s Commitment. During any period that a Lender is a Defaulting Lender, the Borrower may, by the
Borrower giving written notice thereof to the Administrative Agent, such Defaulting Lender and the other Lenders, demand that such Defaulting Lender assign its Commitments and Loans to an Eligible Assignee subject to and in accordance with the
provisions of Section 12.5(b). 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 Commitments and Loans via an assignment subject to and in accordance with the provisions of
Section 12.5(b). In connection with any such assignment, such Defaulting Lender shall promptly execute all documents reasonably requested to effect such assignment, including an appropriate Assignment and Assumption. The
exercise by the Borrower of its rights under this Section shall be at the Borrower’s sole cost and expense and at no cost or expense to the Administrative Agent or any of the Lenders. 

Section 3.10. Taxes. 

(a) Issuing Bank. For purposes of this Section, the term “Lender” includes each Issuing Bank and the term “Applicable
Law” includes FATCA. 
 (b) Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower or
any other Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in the good faith discretion of an applicable Withholding Agent)
requires the deduction or withholding of 

  
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any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted
or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower or other applicable Loan Party shall be increased as necessary so that after such
deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or
withholding been made. 
 (c) Payment of Other Taxes by the Borrower. The Borrower and the other Loan Parties shall timely pay to the
relevant Governmental Authority in accordance with Applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 

(d) Indemnification by the Borrower. The Borrower and the other Loan Parties shall jointly and severally indemnify each Recipient,
within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to
be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive
absent manifest error. 
 (e) Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within
ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower or another Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes
and without limiting the obligation of the Borrower and the other Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.5 relating to the
maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the
Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the
Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this subsection. 
 (f)
Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower or any other Loan Party to a Governmental Authority pursuant to this Section, the Borrower or such other Loan Party shall deliver to the Administrative
Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

 (g) Status of Lenders. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower
or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested 

  
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by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable
the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion,
execution and submission of such documentation (other than such documentation set forth in the immediately following clauses (ii)(A), (ii)(B) and (ii)(D)) shall not be required if in the Lender’s reasonable judgment such completion,
execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(ii) Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person: 

(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on
which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), an electronic copy (or an original if requested by the Borrower or the Administrative
Agent) of an executed IRS Form W-9 (or any successor form) certifying that such Lender is exempt from U.S. federal backup withholding tax; 

(B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the
Administrative Agent), whichever of the following is applicable: 
 (I) in the case of a Foreign Lender claiming the
benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of an executed
IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax
pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(II) an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of an executed IRS Form W-8ECI; 
 (III) in the case of a Foreign Lender claiming the benefits of the exemption
for portfolio interest under Section 881(c) of the Internal Revenue Code, (x) a certificate substantially in the form of Exhibit M-1 to the effect that
such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a “10 percent shareholder” of the Borrower within the meaning of
Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance
Certificate”) and (y) executed originals of IRS Form W-8BEN or W-8BEN-E, as applicable; or 

  
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 (IV) to the extent a Foreign Lender is not the beneficial owner, an
electronic copy (or an original if requested by the Borrower or the Administrative Agent) of an executed IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit M-2 or Exhibit M-3, IRS Form W-9 and/or other certification documents from each beneficial owner,
as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance
Certificate substantially in the form of Exhibit M-4 on behalf of each such direct and indirect partner; 

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

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

(h) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a
refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent
of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such
indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the
amount paid over pursuant to this subsection (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event 

  
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that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will the indemnified party be
required to pay any amount to an indemnifying party pursuant to this subsection the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party
would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This
subsection shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

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

ARTICLE IV. YIELD PROTECTION, ETC. 

Section 4.1. Additional Costs; Capital Adequacy. 

(a) Capital Adequacy. If any Lender determines that any Regulatory Change affecting such Lender or any lending office of such Lender or
such Lender’s holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a
consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit or Swingline Loans held by, such Lender, to a level below that which such Lender or such Lender’s holding company could
have achieved but for such Regulatory Change (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay, within ten
(10) Business Days after written demand by such Lender, to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 

(b) Additional Costs. In addition to, and not in limitation of the immediately preceding subsection, the Borrower shall promptly pay to
the Administrative Agent for the account of a Lender from time to time such amounts as such Lender may determine to be necessary to compensate such Lender for any costs incurred by such Lender that it reasonably determines are attributable to its
making or maintaining of any LIBOR Loans or its obligation to make any LIBOR Loans hereunder, any reduction in any amount receivable by such Lender under this Agreement or any of the other Loan Documents in respect of any of such LIBOR Loans or such
obligation or the maintenance by such Lender of capital in respect of its LIBOR Loans or its Commitments (such increases in costs and reductions in amounts receivable being herein called “Additional Costs”), resulting from any
Regulatory Change that: 
 (i) changes the basis of taxation of any amounts payable to such Lender under this Agreement or
any of the other Loan Documents in respect of any of such LIBOR Loans or its Commitments (other than Indemnified Taxes, Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and Connection Income Taxes); 

(ii) imposes or modifies any reserve, special deposit, compulsory loan, insurance charge or similar requirements (other than
Regulation D of the FRB or other similar reserve requirement applicable to any other category of liabilities or category of extensions of credit or other assets by reference to which the interest rate on LIBOR Loans is determined to the extent
utilized when determining LIBOR for such Loans) relating to any extensions of credit or other assets of, or any deposits with or other liabilities of, or other credit extended by, or any other acquisition of funds by such Lender (or its parent
corporation), or any commitment of such Lender (including, without limitation, the Commitments of such Lender hereunder); or 

  
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 (iii) imposes on any Lender or the London interbank market any other
condition, cost or expense (other than Taxes) affecting this Agreement or the Loans made by such Lender. 
 (c) Lender’s Suspension
of LIBOR Loans and LIBOR Margin Loans. Without limiting the effect of the provisions of the immediately preceding subsections (a) and (b), if by reason of any Regulatory Change, any Lender either (i) incurs Additional
Costs based on or measured by the excess above a specified level of the amount of a category of deposits or other liabilities of such Lender that includes deposits by reference to which the interest rate on LIBOR Loans or LIBOR Margin Loans is
determined as provided in this Agreement or a category of extensions of credit or other assets of such Lender that includes LIBOR Loans or LIBOR Margin Loans or (ii) becomes subject to restrictions on the amount of such a category of
liabilities or assets that it may hold, then, if such Lender so elects by notice to the Borrower (with a copy to the Administrative Agent), the obligation of such Lender to make or Continue, or to Convert Base Rate Loans into, LIBOR Loans and/or the
obligation of a Revolving Lender that has outstanding a Bid Rate Quote to make LIBOR Margin Loans shall be suspended until such Regulatory Change ceases to be in effect (in which case the provisions of Section 4.5 shall
apply). 
 (d) Additional Costs in Respect of Letters of Credit. Without limiting the obligations of the Borrower under the preceding
subsections of this Section (but without duplication), if as a result of any Regulatory Change or any risk-based capital guideline or other requirement heretofore or hereafter issued by any Governmental Authority there shall be imposed, modified or
deemed applicable any Tax (other than Indemnified Taxes, Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and Connection Income Taxes), reserve, special deposit, capital adequacy or similar requirement against or
with respect to or measured by reference to Letters of Credit and the result shall be to increase the cost to an Issuing Bank of issuing (or any Lender of purchasing participations in) or maintaining its obligation hereunder to issue (or purchase
participations in) any Letter of Credit or reduce any amount receivable by an Issuing Bank or any Lender hereunder in respect of any Letter of Credit, then, upon demand by the applicable Issuing Bank or such Lender, the Borrower shall pay
immediately to the applicable Issuing Bank or, in the case of such Lender, to the Administrative Agent for the account of such Lender, from time to time as specified by the applicable Issuing Bank or such Lender, such additional amounts as shall be
sufficient to compensate such Issuing Bank or such Lender for such increased costs or reductions in amount. 
 (e) Notification and
Determination of Additional Costs. Each of the Administrative Agent, each Issuing Bank and each Lender, as the case may be, agrees to notify the Borrower (and in the case of an Issuing Bank and or a Lender, to notify the Administrative Agent) of
any event occurring after the Agreement Date entitling the Administrative Agent, such Issuing Bank or such Lender to compensation under any of the preceding subsections of this Section as promptly as practicable; provided, however,
that the failure of the Administrative Agent, any Issuing Bank or any Lender to give such notice shall not release the Borrower from any of its obligations hereunder; provided, further, that the Administrative Agent, any Issuing Bank
or a Lender, as the case may be, shall not be entitled to submit a claim for compensation based upon a Regulatory Change pursuant to any subsection of this Section 4.1 unless such Person shall have determined that the
making of such claim is consistent with its general practices under similar circumstances in respect of similarly situated borrowers with credit agreements entitling it to make such claims (it being agreed that no such Person shall be required to
disclose any confidential or proprietary information in connection with such determination or the making of such claim). The Administrative Agent, each Issuing Bank and each Lender, as the case may be, agrees to furnish to the Borrower (and in the
case of an Issuing Bank or a Lender to the Administrative Agent as well) a certificate setting forth the basis and amount of each request for compensation under this Section. Determinations by the Administrative Agent, such

  
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Issuing Bank or such Lender, as the case may be, of the effect of any Regulatory Change shall be conclusive and binding for all purposes, absent manifest error. The Borrower shall pay the
Administrative Agent, such Issuing Bank and or any such Lender, as the case may be, the amount shown as due on any such certificate within ten (10) Business Days after receipt thereof. Failure or delay on the part of the Administrative Agent,
any Issuing Bank or any Lender to demand compensation pursuant to this Section shall not constitute a waiver of the Administrative Agent’s, such Issuing Bank’s or such Lender’s right to demand such compensation; provided that
the Borrower shall not be required to compensate the Administrative Agent, such Issuing Bank or any such Lender pursuant to this Section for any Additional Costs suffered more than six months prior to the date that the Administrative Agent, such
Issuing Bank or such Lender, as the case may be, notifies the Borrower of the Regulatory Change giving rise to such Additional Costs, and of the Administrative Agent’s, such Issuing Bank’s or such Lender’s intention to claim
compensation therefor (except that, if the Regulatory Change giving rise to such Additional Costs is retroactive, then the six (6)-month period referred to above shall be extended to include the period of retroactive effect thereof). 

Section 4.2. Suspension of LIBOR Loans and LIBOR Margin Loans; Benchmark Replacement. 

(a) Subject to Section 4.2(b) below, if, on or prior to the determination of LIBOR for any Interest Period: 

(i) the Administrative Agent shall determine (which determination shall be conclusive) that reasonable and adequate means do
not exist for the ascertaining LIBOR for such Interest Period; 
 (ii) the Administrative Agent reasonably determines (which
determination shall be conclusive) that quotations of interest rates for the relevant deposits referred to in the definition of LIBOR are not being provided in the relevant amounts or for the relevant maturities for purposes of determining rates of
interest for LIBOR Loans as provided herein; 
 (iii) the Administrative Agent reasonably determines (which determination
shall be conclusive absent manifest error) that the relevant rates of interest referred to in the definition of LIBOR upon the basis of which the rate of interest for LIBOR Loans for such Interest Period is to be determined are not likely to
adequately cover the cost to any Lender of making or maintaining LIBOR Loans for such Interest Period; or 
 (iv) any
Revolving Lender that has outstanding a Bid Rate Quote with respect to a LIBOR Margin Loan reasonably determines (which determination shall be conclusive) that LIBOR will not adequately and fairly reflect the cost to such Revolving Lender of making
or maintaining such LIBOR Margin Loan; 
 then the Administrative Agent shall give the Borrower and each Lender prompt notice thereof and, so long as such
condition remains in effect, (i) the Lenders shall be under no obligation to, and shall not, make additional LIBOR Loans, Continue LIBOR Loans or Convert Loans into LIBOR Loans and the Borrower shall, on the last day of each current Interest
Period for each outstanding LIBOR Loan, either prepay such Loan or Convert such Loan into a Base Rate Loan and (ii) in the case of clause (d) above, no Revolving Lender that has outstanding a Bid Rate Quote with respect to a LIBOR Margin
Loan shall be under any obligation to make such Loan. 

  
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 (b) Benchmark Replacement Setting. 

(i) Benchmark Replacement. 

(A) Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement
is determined in accordance with clause (a)(1) or (a)(2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan
Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is
determined in accordance with clause (a)(3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in
respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without
any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from
Lenders comprising the Requisite Lenders. 
 (B) Notwithstanding anything to the contrary herein or in any other Loan
Document, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement will replace the
then-current Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any
other Loan Document; provided that this clause (B) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term SOFR Notice. For the avoidance of doubt, the Administrative Agent shall not be
required to deliver a Term SOFR Notice after a Term SOFR Transition Event and may elect or not elect to do so in its sole discretion. 

(ii) Benchmark Replacement Conforming Changes. Notwithstanding anything to the contrary in this Agreement or the other
Loan Documents (including, without limitation, Section 12.6), in connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes
from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other
party to this Agreement or any other Loan Document. 
 (iii) Notices; Standards for Decisions and Determinations. The
Administrative Agent will promptly notify the Borrower and the Lenders of (A) any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and
its related Benchmark Replacement Date, (B) the implementation of any Benchmark Replacement, (C) the effectiveness of any Benchmark Replacement Conforming Changes, (D) the removal or reinstatement of any tenor of a Benchmark pursuant
to Section 4.2(b)(iv) below and (E) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any
Lender (or group of Lenders) pursuant to this Section 4.2(b), including, without limitation, any determination with respect to a tenor, rate or adjustment or of the occurrence or
non-occurrence of 

  
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an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their
sole discretion, as applicable, and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 4.2(b). 

(iv) Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan
Document, at any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including Term SOFR or LIBOR) and either (1) any tenor for such Benchmark is not displayed on
a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (2) the regulatory supervisor for the administrator of such Benchmark has provided a public
statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or
after such time to remove such unavailable or non-representative tenor and (B) if a tenor that was removed pursuant to clause (A) above either (1) is subsequently displayed on a screen or
information service for a Benchmark (including a Benchmark Replacement) or (2) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the
Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor. 

(v) Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark
Unavailability Period, the Borrower may revoke any request for a borrowing of, Conversion to or Continuation of LIBOR Loans to be made, Converted or Continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed
to have Converted any such request into a request for a borrowing of or Conversion to Base Rate Loans. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of
the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate. 

(vi) London Interbank Offered Rate Benchmark Transition Event. On March 5, 2021, the IBA and the FCA announced in
the Announcements that the final publication or representativeness date for (i) 1-week and 2-month London interbank offered rate tenor settings will be December 31,
2021 and (ii) overnight, 1-month, 3-month, 6-month and 12-month London interbank
offered rate tenor settings will be June 30, 2023. No successor administrator for the IBA was identified in such Announcements. The parties hereto agree and acknowledge that the Announcements resulted in the occurrence of a Benchmark Transition
Event with respect to the London interbank offered rate pursuant to the terms of this Agreement and that any obligation of the Administrative Agent to notify any parties of such Benchmark Transition Event pursuant to
Section 4.2(b)(iii) shall be deemed satisfied. 
 Section 4.3. Illegality. 

Notwithstanding any other provision of this Agreement, if any Lender shall determine (which determination shall be conclusive and binding) that
it is unlawful for such Lender to honor its obligation to make or maintain LIBOR Loans hereunder and/or (b) if any Lender that has an outstanding Bid Rate Quote shall determine (which determination shall be conclusive and binding) that it is
unlawful for such Lender to honor its obligation to make or maintain LIBOR Margin Loans hereunder, then such Lender shall promptly notify the Borrower thereof (with a copy of such notice to the Administrative Agent) and such

  
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Lender’s obligation to make or Continue, or to Convert Loans of any other Type into, LIBOR Loans shall be suspended and/or such Lender’s obligation to make LIBOR Margin Loans shall be
suspended, in each case until such time as such Lender may again make and maintain LIBOR Loans or LIBOR Margin Loans (in which case the provisions of Section 4.5 shall be applicable). 

Section 4.4. Compensation. 

The Borrower shall pay to the Administrative Agent for the account of each Lender, upon the request of the Administrative Agent, such amount or
amounts as the Administrative Agent shall determine in its sole discretion shall be sufficient to compensate such Lender for any loss, cost or expense attributable to: 

(a) any payment or prepayment (whether mandatory or optional) of a LIBOR Loan or a Bid Rate Loan, or Conversion of a LIBOR Loan, made by such
Lender for any reason (including, without limitation, acceleration) on a date other than the last day of the Interest Period for such Loan; or 

(b) any failure by the Borrower for any reason (including, without limitation, the failure of any of the applicable conditions precedent
specified in Section 5.2 to be satisfied) to borrow a LIBOR Loan or a Bid Rate Loan from such Lender on the date for such borrowing, or to Convert a Base Rate Loan into a LIBOR Loan or Continue a LIBOR Loan on the requested
date of such Conversion or Continuation. 
 Not in limitation of the foregoing, such compensation shall include, without limitation, (i) in the case of
a LIBOR Loan, an amount equal to the then present value of (A) the amount of interest that would have accrued on such LIBOR Loan for the remainder of the Interest Period at the rate applicable to such LIBOR Loan, less (B) the amount of
interest that would accrue on the same LIBOR Loan for the same period if LIBOR were set on the date on which such LIBOR Loan was repaid, prepaid or Converted or the date on which the Borrower failed to borrow, Convert or Continue such LIBOR Loan, as
applicable, calculating present value by using as a discount rate LIBOR quoted on such date and (ii) in the case of a Bid Rate Loan, the sum of such losses and expenses as the Lender or Designated Lender which made such Bid Rate Loan may
reasonably incur by reason of such prepayment, including, without limitation any losses or expenses incurred in obtaining, liquidating or employing deposits from third parties. Upon the Borrower’s request, the Administrative Agent shall provide
the Borrower with a statement setting forth the basis for requesting such compensation and the method for determining the amount thereof. Any such statement shall be conclusive absent manifest error. 

Section 4.5. Treatment of Affected Loans. 

(a) If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended
pursuant to Section 4.1(c), Section 4.2(a) or (b)(v) or Section 4.3 then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans on the
last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 4.1(c), Section 4.2(a) or (b)(v), or
Section 4.3 on such earlier date as such Lender or the Administrative Agent, as applicable, may specify to the Borrower (with a copy to the Administrative Agent, as applicable)) and, unless and until such Lender or the
Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 4.1, Section 4.2(a) or Section 4.3 that gave rise to such
Conversion no longer exist (or until a Benchmark Replacement is implemented in accordance with Section 4.2(b)): 

(i) to the extent that such Lender’s LIBOR Loans have been so Converted, all payments and prepayments of principal that
would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and 

  
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 (ii) all Loans that would otherwise be made or Continued by such Lender as
LIBOR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. 

If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the
circumstances specified in Section 4.1(c), 4.2 or 4.3 that gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent,
as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the
next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types
and Interest Periods) in accordance with their respective Commitments. 
 (b) If the obligation of a Lender to make LIBOR Margin Loans shall
be suspended pursuant to Section 4.1(c) or 4.2, then the LIBOR Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written notice with a copy
to the Administrative Agent; provided that if such notice is delivered after 10:00 a.m. Central Time, then such LIBOR Margin Loan shall be due and payable no earlier than the first Business Day following the date such notice is delivered. 

Section 4.6. Affected Lenders. 

If (a) a Lender requests compensation pursuant to Section 3.10 or 4.1, and the Requisite Lenders are not
also doing the same, (b) the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 4.1(c) or 4.3 but the obligation
of the Requisite Lenders shall not have been suspended under such Sections or (c) a Lender is a Non-Consenting Lender, then, so long as there does not then exist any Default or Event of Default, the
Borrower may demand that such Lender (the “Affected Lender”), and upon such demand the Affected Lender shall promptly, assign its Commitment to an Eligible Assignee subject to and in accordance with the provisions of
Section 12.5(b) for a purchase price equal to (x) the aggregate principal balance of all Loans then owing to the Affected Lender, plus (y) the aggregate amount of payments previously made by the Affected Lender
under Section 2.4(j) that have not been repaid, plus (z) any accrued but unpaid interest thereon and accrued but unpaid fees owing to the Affected Lender, or any other amount as may be mutually agreed upon by such
Affected Lender and Eligible Assignee. Each of the Administrative Agent and the Affected Lender shall reasonably cooperate in effectuating the replacement of such Affected Lender under this Section and the Affected Lender shall promptly execute all
documents reasonably requested to surrender and transfer such interest to the purchaser or assignee thereof, including an appropriate Assignment and Assumption, but at no time shall the Administrative Agent, such Affected Lender, any other Lender or
any Titled Agent be obligated in any way whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. The exercise by the Borrower of its rights under this Section shall be at the Borrower’s sole cost and expense
and at no cost or expense to the Administrative Agent, the Affected Lender or any of the other Lenders. The terms of this Section shall not in any way limit the Borrower’s obligation to pay to any Affected Lender compensation owing to such
Affected Lender pursuant to this Agreement (including, without limitation, pursuant to Sections 3.10, 4.1 or 4.4) with respect to any period up to the date of replacement. 

  
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 Section 4.7. Change of Lending Office. 

Each Lender agrees that it will use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate
an alternate Lending Office with respect to any of its Loans affected by the matters or circumstances described in Sections 3.10, 4.1 or 4.3 to reduce the liability of the Borrower or avoid the results
provided thereunder, so long as such designation is not disadvantageous to such Lender as determined by such Lender in its sole discretion, except that such Lender shall have no obligation to designate a Lending Office located in the United States
of America. 
 Section 4.8. Assumptions Concerning Funding of LIBOR Loans. 

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

ARTICLE V. CONDITIONS PRECEDENT 

Section 5.1. Initial Conditions Precedent. 

The obligation of the Lenders to effect or permit the occurrence of the first Credit Event hereunder, whether as the making of a Loan or the issuance of a
Letter of Credit, is subject to the satisfaction or waiver of the following conditions precedent: 
 (a) The Administrative Agent shall have
received each of the following, in form and substance satisfactory to the Administrative Agent: 
 (i) counterparts of this
Agreement executed by each of the parties hereto; 
 (ii) Revolving Notes executed by the Borrower, payable to each
requesting Lender and complying with the terms of Section 2.12.(a) and the Swingline Note executed by the Borrower; 

(iii) intentionally omitted; 

(iv) intentionally omitted; 

(v) an opinion of Hogan Lovells US LLP, counsel to the Borrower and the other Loan Parties, addressed to the Administrative
Agent and the Lenders and covering the matters reasonably requested by the Administrative Agent; 
 (vi) the certificate or
articles of incorporation or formation, articles of organization, certificate of limited partnership, declaration of trust or other comparable organizational instrument (if any) of each Loan Party certified as of a recent date by the Secretary of
State of the state of formation of such Loan Party; 
 (vii) a certificate of good standing (or certificate of similar
meaning) with respect to each Loan Party issued as of a recent date by the Secretary of State of the state of formation of each such Loan Party and certificates of qualification to transact business or other comparable certificates issued as of a
recent date by each Secretary of State (and any state department of taxation, as applicable) of each state in which such Loan Party is required to be so qualified and where failure to be so qualified could reasonably be expected to have a Material
Adverse Effect; 

  
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 (viii) a certificate of incumbency signed by the Secretary or Assistant
Secretary (or other individual performing similar functions) of each Loan Party with respect to each of the officers of such Loan Party authorized to execute and deliver the Loan Documents to which such Loan Party is a party, and in the case of the
Borrower, authorized to execute and deliver on behalf of the Borrower Notices of Borrowing, Notices of Swingline Borrowing, requests for Letters of Credit, Notices of Conversion and Notices of Continuation; 

(ix) copies certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of each Loan
Party of (A) the by-laws of such Loan Party, if a corporation, the operating agreement, if a limited liability company, the partnership agreement, if a limited or general partnership, or other comparable
document in the case of any other form of legal entity and (B) all corporate, partnership, member or other necessary action taken by such Loan Party to authorize the execution, delivery and performance of the Loan Documents to which it is a
party; 
 (x) a Compliance Certificate calculated on a pro forma basis for the Parent’s fiscal year ended
December 31, 2020; 
 (xi) intentionally omitted; 

(xii) a Disbursement Instruction Agreement effective as of the Agreement Date; 

(xiii) intentionally omitted; 

(xiv) intentionally omitted; 

(xv) the Fee Letter; 

(xvi) evidence that the Fees, if any, then due and payable under Section 3.5., together with, to the extent a reasonably
detailed invoice thereof has been presented to the Borrower prior to the Effective Date, all other reasonable and documented out-of-pocket fees, expenses and
reimbursement amounts due and payable to the Administrative Agent and any of the Lenders, including without limitation, the reasonable and documented out-of-pocket fees
and expenses of counsel to the Administrative Agent, have been paid; and 
 (xvii) such other documents, agreements and
instruments as the Administrative Agent, or any Lender through the Administrative Agent, may reasonably request; 
 (b) since
December 31, 2020, there shall not have occurred any material adverse condition or material adverse change in or affecting, or the occurrence of any circumstance or condition that could reasonably be expected to result in a material adverse
change in, or have a Material Adverse Effect on, the business, assets, liabilities, condition (financial or otherwise), or operations of the Parent, the Borrower and their Subsidiaries; 

(c) no litigation, action, suit, investigation or other arbitral, administrative or judicial proceeding shall be pending or threatened in
writing which could reasonably be expected to (A) result in a Material Adverse Effect or (B) restrain or enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect, the ability of the Borrower, any
other Loan Party or the Parent to fulfill its obligations under the Loan Documents to which it is a party; 

  
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 (d) the Parent, the Borrower, the other Loan Parties and the other Subsidiaries shall have
received all approvals, consents and waivers, and shall have made or given all necessary filings and notices as shall be required to consummate the transactions contemplated hereby without the occurrence of any default under, conflict with or
violation of (A) any Applicable Law or (B) any agreement, document or instrument to which any Loan Party is a party or by which any of them or their respective properties is bound, except for such approvals, consents, waivers, filings and
notices the receipt, making or giving of which could not reasonably be likely to (A) have a Material Adverse Effect, or (B) restrain or enjoin or impose materially burdensome conditions on, or otherwise materially and adversely affect the
ability of the Borrower or any other Loan Party to fulfill its obligations under the Loan Documents to which it is a party; and 
 (e) (i)
the Borrower and each other Loan Party shall have provided all information requested by the Administrative Agent and each Lender in order to comply with applicable “know your customer” and anti-money laundering rules and regulations,
including without limitation, the Patriot Act, and (ii) at least five (5) Business Days prior to the Agreement Date, the Borrower shall deliver, on behalf of itself and any Guarantor that qualifies as a “legal entity customer”
under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to itself and to such Guarantor, to each Lender that so requests such a Beneficial Ownership Certification. 

Section 5.2. Conditions Precedent to All Loans and Letters of Credit. 

In addition to satisfaction or waiver of the conditions precedent to the first Credit Event contained in Section 5.1,
the obligations of (i) Lenders to make any Loans and (ii) an Issuing Bank to issue Letters of Credit are each subject to the further conditions precedent that: (a) no Default or Event of Default shall exist as of the date of the
making of such Loan or date of issuance of such Letter of Credit or would exist immediately after giving effect thereto, and no violation of the limits described in Section 2.16 would occur after giving effect thereto;
(b) the representations and warranties made or deemed made by the Parent, the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in the case of a
representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of the making of such Loan or date of issuance of such Letter of Credit with the same
force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all
material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in
factual circumstances permitted hereunder and (c) in the case of the borrowing of Revolving Loans, the Administrative Agent shall have received a timely Notice of Revolving Borrowing, in the case of the borrowing of Term Loans, the
Administrative Agent shall have received a timely Notice of Term Loan Borrowing, in the case of a Swingline Loan, the Swingline Lender shall have received a timely Notice of Swingline Borrowing, and in the case of the issuance of a Letter of Credit
the applicable Issuing Bank and the Administrative Agent shall have received a timely request for the issuance of such Letter of Credit. Each Credit Event shall constitute a certification by the Borrower to the effect set forth in the preceding
sentence (both as of the date of the giving of notice relating to such Credit Event and, unless the Borrower otherwise notifies the Administrative Agent prior to the date of such Credit Event, as of the date of the occurrence of such Credit Event).
In addition, the Borrower shall be deemed to have represented to the Administrative Agent and the Lenders at the time any Loan is made or any Letter of Credit is issued that all conditions to the making of such Loan or issuing of such Letter of
Credit contained in this Article V have been satisfied. Unless set forth in writing to the contrary, the making of its initial Loan by a Lender shall constitute a certification by such Lender to the Administrative Agent for
the benefit of the Administrative Agent and the Lenders that the conditions precedent for initial Loans set forth in Sections 5.1 and 5.2 that have not previously been waived by the Lenders in accordance with the
terms of this Agreement have been satisfied. 

  
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 ARTICLE VI. REPRESENTATIONS AND WARRANTIES 

Section 6.1. Representations and Warranties. 

In order to induce the Administrative Agent and each Lender to enter into this Agreement and to make Loans and, in the case of each Issuing
Bank, to issue Letters of Credit, the Borrower represents and warrants to the Administrative Agent, each Issuing Bank and each Lender as follows: 

(a) Organization; Power; Qualification. Each of the Parent, the Borrower, the other Loan Parties and the other Subsidiaries is a
corporation, partnership or other legal entity, duly organized or formed, validly existing and in good standing under the jurisdiction of its incorporation or formation, has the power and authority to own or lease its respective properties and to
carry on its respective business as now being and hereafter proposed to be conducted and is duly qualified and is in good standing as a foreign corporation, partnership or other legal entity, and authorized to do business, in each jurisdiction in
which the character of its properties or the nature of its business requires such qualification or authorization and where the failure to be so qualified or authorized could reasonably be expected to have, in each instance, a Material Adverse
Effect. 
 (b) Ownership Structure. Part I of Schedule 6.1(b) is, as of the Agreement Date, a complete and
correct list of all Subsidiaries of the Parent setting forth for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each Person holding any Equity Interest in such Subsidiary, (iii) the nature of the
Equity Interests held by each such Person and (iv) the percentage of ownership of such Subsidiary represented by such Equity Interests. As of the Agreement Date, except as disclosed in such Schedule, (A) each of the Parent and its
applicable Subsidiaries owns, free and clear of all Liens (other than Permitted Liens of the types described in clauses (a) and (f) of the definition of the term “Permitted Liens”), and has the unencumbered right to vote, all
outstanding Equity Interests in each Person, to the extent constituting an Eligible Property Subsidiary, shown to be held by it on such Schedule, (B) all of the issued and outstanding capital stock of each such Person organized as a corporation
is validly issued, fully paid and nonassessable and (C) there are no outstanding subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind (including, without limitation, any stockholders’ or voting trust
agreements) for the issuance, sale, registration or voting of, or outstanding securities convertible into, any additional shares of capital stock of any class, or partnership or other ownership interests of any type in, any such Person. As of the
Agreement Date, Part II of Schedule 6.1(b) correctly sets forth all Unconsolidated Affiliates of the Parent, including the correct legal name of such Person, the type of legal entity which each such Person is, and all
Equity Interests in such Person held directly or indirectly by the Parent. 
 (c) Authorization of Loan Documents and Borrowings. The
Borrower has the right and power, and has taken all necessary action to authorize it, to borrow and obtain other extensions of credit hereunder. The Parent, the Borrower and each other Loan Party has the right and power, and has taken all necessary
action to authorize it, to execute, deliver and perform each of the Loan Documents to which it is a party in accordance with their respective terms and to consummate the transactions contemplated hereby and thereby. The Loan Documents to which the
Parent, the Borrower or any other Loan Party is a party have been duly executed and delivered by the duly authorized officers of such Person and each is a legal, valid and binding obligation of such Person enforceable against such Person in
accordance with its respective terms, except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for the enforcement of certain
obligations (other than the payment of principal) contained herein or therein and as may be limited by equitable principles generally. 

  
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 (d) Compliance of Loan Documents with Laws. The execution, delivery and performance
of this Agreement and the other Loan Documents to which any Loan Party is a party in accordance with their respective terms and the borrowings and other extensions of credit hereunder do not and will not, by the passage of time, the giving of
notice, or both: (i) require any Governmental Approval (other than any required filing with the SEC) or violate any Applicable Law (including all Environmental Laws) relating to the Borrower or any other Loan Party; (ii) conflict with,
result in a breach of or constitute a default under the organizational documents of any Loan Party, or any indenture, agreement or other instrument to which the Parent, the Borrower or any other Loan Party is a party or by which it or any of its
respective properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by any Loan Party other than in favor of the Administrative Agent for
its benefit and the benefit of the other Lender Parties. 
 (e) Compliance with Law; Governmental Approvals. Each of the Parent, the
Borrower, the other Loan Parties and the other Subsidiaries is in compliance with each Governmental Approval and all other Applicable Laws relating to it except for noncompliances which, and Governmental Approvals the failure to possess which, could
not, individually or in the aggregate, reasonably be expected to cause a Default or Event of Default or have a Material Adverse Effect. 

(f) Title to Properties. Schedule 6.1(f) is, as of March 31, 2021, a complete and correct listing of all Eligible
Properties of the Parent, the Borrower, each other Loan Party and each other Subsidiary. Each of the Parent, the Borrower, each other Loan Party and each other Subsidiary has good, marketable and legal title to, or a valid leasehold interest in, its
respective material assets. 
 (g) Existing Indebtedness. Schedule 6.1(g) is, as of the Agreement Date, a
complete and correct listing of all Indebtedness for borrowed money (including all Guarantees) with an outstanding principal amount of $5,000,000 or more (other than the Indebtedness in respect of the Loan Documents) of each of the Parent, the
Borrower, the other Loan Parties and the other Subsidiaries (such Indebtedness, the “Scheduled Indebtedness”), and if such Indebtedness is secured by any Lien, a general description of all of the property subject to such
Lien. As of the Agreement Date, the Parent, the Borrower, the other Loan Parties and the other Subsidiaries have performed and are in compliance with all of the material terms of such Scheduled Indebtedness and all instruments and agreements
relating thereto, and, as of the Agreement Date, no default or event of default, or event or condition which with the giving of notice, the lapse of time, or both, would constitute a default or event of default, exists with respect to any such
Scheduled Indebtedness. 
 (h) Beneficial Ownership Certification. The information included in the Beneficial Ownership Certification
most recently delivered to the Administrative Agent is true and correct in all respects. 
 (i) Litigation. Except as set forth on
Schedule 6.1(i), there are no actions, suits or proceedings pending (or, to the knowledge of any Responsible Officer or any Loan Party, are there any actions, suits or proceedings threatened in writing, nor is there any
basis therefor) against or in any other way relating adversely to or affecting the Parent, the Borrower, any other Loan Party, any other Subsidiary or any of their respective property in any court or before any arbitrator of any kind or before or by
any other Governmental Authority which, (i) could reasonably be expected to have a Material Adverse Effect or (ii) in any manner draws into question the validity or enforceability of any Loan Document. There are no strikes, slow downs,
work stoppages or walkouts or other labor disputes in progress or threatened relating to, any Loan Party or any other Subsidiary which could reasonably be expected to have a Material Adverse Effect. 

  
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 (j) Taxes. All federal, state and other material tax returns of the Parent, the
Borrower, each other Loan Party and each other Subsidiary required by Applicable Law to be filed have been duly filed, and all federal, state and other material taxes, assessments and other governmental charges or levies upon, each Loan Party, each
other Subsidiary and their respective properties, income, profits and assets which are due and payable have been paid, except any such nonpayment or non-filing which is at the time permitted under
Section 7.6. As of the Agreement Date, no Loan Party (or any of its Subsidiaries) has been notified that any of its United States income tax returns are under audit. All charges, accruals and reserves on the books of the
Parent, the Borrower, the other Loan Parties and the other Subsidiaries in respect of any taxes or other governmental charges are, in all material respects, in accordance with GAAP. 

(k) Financial Statements. The Parent has furnished to each Lender copies of (i) the audited consolidated balance sheet of the
Parent and its consolidated Subsidiaries for the fiscal year ended December 31, 2020, and the related audited consolidated statements of operations, shareholders’ equity and cash flow for the fiscal years ended on such dates, with the
opinion thereon of Ernst & Young LLP. Such financial statements (including in each case related schedules and notes) are complete and correct in all material respects and present fairly in all material respects, in accordance with GAAP
consistently applied throughout the periods involved, the consolidated financial position of the Parent and its consolidated Subsidiaries as at their respective dates and the results of operations and the cash flow for such periods. Neither the
Parent nor any of its Subsidiaries has on the Agreement Date any material contingent liabilities, liabilities, liabilities for taxes, unusual or long-term commitments or unrealized or forward anticipated losses from any unfavorable commitments that
would be required to be set forth in its financial statements or notes thereto, except as referred to or reflected or provided for in said financial statements. 

(l) No Material Adverse Change. Since December 31, 2020, there has been no event, change, circumstance or occurrence that could
reasonably be expected to have a Material Adverse Effect. Each of the Parent and the Borrower is Solvent, and the Parent, the Borrower, the other Loan Parties and the other Subsidiaries, taken as a whole, are Solvent. 

(m) ERISA. 

(i) Except as could not reasonably be expected to have a Material Adverse Effect, each Benefit Arrangement is in compliance
with the applicable provisions of ERISA, the Internal Revenue Code and other Applicable Laws in all material respects. Each Qualified Plan and each Plan has received a favorable determination from the Internal Revenue Service, or has timely filed
for a favorable determination letter from the Internal Revenue Service or is maintained under a prototype plan and may rely upon a favorable opinion letter issued by the Internal Revenue Service with respect to such prototype plan. To the best
knowledge of the Borrower, nothing has occurred which would cause the loss of its reliance on each Qualified Plan’s and each Plan’s favorable determination letter or opinion letter. 

(ii) With respect to any Benefit Arrangement that is a retiree welfare benefit arrangement, all amounts have been accrued on
the applicable ERISA Group’s financial statements in accordance with FASB ASC 715. The “benefit obligation” of all Plans does not exceed the “fair market value of plan assets” for such Plans by more than $10,000,000 all as
determined by and with such terms defined in accordance with FASB ASC 715. 
 (iii) Except as could not reasonably be
expected, individually or in the aggregate, to have a Material Adverse Effect: (i) no ERISA Event has occurred or is expected to occur; (ii) there are no pending, or to the knowledge of any Responsible Officer of the Parent or the
Borrower, threatened, claims, actions or lawsuits or other action by any Governmental Authority, plan participant or beneficiary with respect to a Benefit Arrangement; (iii) there are no violations of the

  
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fiduciary responsibility rules with respect to any Benefit Arrangement; and (iv) no member of the ERISA Group has engaged in a non-exempt
“prohibited transaction,” as defined in Section 406 of ERISA and Section 4975 of the Internal Revenue Code, in connection with any Plan, that would subject any member of the ERISA Group
to a tax on prohibited transactions imposed by Section 502(i) of ERISA or Section 4975 of the Internal Revenue Code. 

(n) Absence of Default. None of the Loan Parties or any of the other Subsidiaries is in default under its certificate or articles of
incorporation or formation, bylaws, partnership agreement or other similar organizational documents, and no event has occurred, which has not been remedied, cured or waived: (i) which constitutes a Default or an Event of Default; or
(ii) which constitutes, or which with the passage of time, the giving of notice, or both, would constitute, a default or event of default by any Loan Party or any other Subsidiary under any agreement (other than this Agreement) or judgment,
decree or order to which any such Person is a party or by which any such Person or any of its respective properties may be bound where such default or event of default could, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
 (o) Environmental Laws. In the ordinary course of business and from time to time each of the Parent, the
Borrower, each other Loan Party and each other Subsidiary conducts reviews of the effect of Environmental Laws on its respective business, operations and properties, including, without limitation, its respective Properties, in the course of which
the Parent, the Borrower, such other Loan Party or such other Subsidiary identifies and evaluates associated actual and potential liabilities and costs (including, without limitation, determining whether any capital or operating expenditures are
required for clean-up or closure of properties presently or previously owned, determining whether any capital or operating expenditures are required to achieve or maintain compliance in all material respects
with Environmental Laws or required as a condition of any Governmental Approval, any contract, or any related constraints on operating activities, determining whether any costs or liabilities exist in connection with
on-site or off-site treatment, storage, handling and disposal of wastes or Hazardous Materials, and determining whether any actual or potential liabilities to third
parties, including employees, and any related costs and expenses exist). Each of the Parent, the Borrower, each other Loan Party and each other Subsidiary: (i) is in compliance with all Environmental Laws applicable to its business, operations
and the Properties, (ii) has obtained all Governmental Approvals which are required under Environmental Laws, and each such Governmental Approval is in full force and effect, and (iii) is in compliance with all terms and conditions of such
Governmental Approvals, where with respect to each of the immediately preceding clauses (i) through (iii) the failure to obtain or to comply with could reasonably be expected to have a Material Adverse Effect. Except for any of the following
matters that could not reasonably be expected to have a Material Adverse Effect, no Loan Party has any knowledge of, or has received notice of, any past, present, or pending releases, events, conditions, circumstances, activities, practices,
incidents, facts, occurrences, actions, or plans that, with respect to any Loan Party or any other Subsidiary, their respective businesses, operations or with respect to the Properties, may: (x) cause or contribute to an actual or alleged
violation of or noncompliance with Environmental Laws, (y) cause or contribute to any other potential common-law or legal claim or other liability, or (z) cause any of the Properties to become
subject to any restrictions on ownership, occupancy, use or transferability under any Environmental Law or require the filing or recording of any notice, approval or disclosure document under any Environmental Law and, with respect to the
immediately preceding clauses (x) through (z) is based on or related to the on-site or off-site manufacture, generation, processing, distribution, use,
treatment, storage, disposal, transport, removal, clean up or handling, or the emission, discharge, release or threatened release of any wastes or Hazardous Material, or any other requirement under Environmental Law. There is no civil, criminal, or
administrative action, suit, demand, claim, hearing, notice, or demand letter, mandate, order, lien, request, investigation, or proceeding pending or, to the Parent’s or the Borrower’s knowledge after due inquiry, threatened, against the
Parent, the Borrower, any other Loan Party or any other Subsidiary relating in any way to Environmental Laws which, reasonably could be expected to have a Material Adverse Effect. None of the Properties is listed on or proposed for

  
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listing on the National Priority List promulgated pursuant to the Comprehensive Environmental Response, Compensation and Liability Act of 1980 and its implementing regulations, or any state or
local priority list promulgated pursuant to any analogous state or local law. To the Parent’s or the Borrower’s knowledge, no Hazardous Materials generated at or transported from the Properties are or have been transported to, or disposed
of at, any location that is listed or proposed for listing on the National Priority List or any analogous state or local priority list, or any other location that is or has been the subject of a clean-up,
removal or remedial action pursuant to any Environmental Law, except to the extent that such transportation or disposal could not reasonably be expected to have a Material Adverse Effect. 

(p) Investment Company. None of the Parent, the Borrower, any other Loan Party or any other Subsidiary is (i) an “investment
company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, or (ii) subject to any other Applicable Law which purports to regulate or restrict its
ability to borrow money or obtain other extensions of credit or to consummate the transactions contemplated by this Agreement or to perform its obligations under any Loan Document to which it is a party. 

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

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

(s) Intellectual Property. Each of the Loan Parties and each other Subsidiary owns or has the right to use, under valid license
agreements or otherwise, all patents, licenses, franchises, trademarks, trademark rights, service marks, service mark rights, trade names, trade name rights, trade secrets and copyrights (collectively, “Intellectual Property”) used
in the conduct of its businesses, without known conflict with any patent, license, franchise, trademark, trademark right, service mark, service mark right, trade secret, trade name, copyright, or other proprietary right of any other Person, except
where the failure to own or have the right to use such Intellectual Property, or such conflict with the proprietary right of any other Person, could not reasonably be expected to have a Material Adverse Effect. All Intellectual Property is fully
protected and/or duly and properly registered, filed or issued in the appropriate office and jurisdictions for such registrations, filing or issuances, except where the failure to do so could not reasonably be expected to have a Material Adverse
Effect. Except a claim that could not reasonably be expected to have a Material Adverse Effect, no claim has been asserted by any Person with respect to the use of any such Intellectual Property by the Parent, the Borrower, any other Loan Party or
any other Subsidiary, or challenging or questioning the validity or effectiveness of any such Intellectual Property. The use of such Intellectual Property by the Parent, the Borrower, the other Loan Parties and the other Subsidiaries does not
infringe on the rights of any Person, subject to such claims and infringements as do not, in the aggregate, give rise to any liabilities on the part of the Parent, the Borrower, any other Loan Party or any other Subsidiary that could reasonably be
expected to have a Material Adverse Effect. 
 (t) Business. As of the Agreement Date, the Parent, the Borrower, the other Loan
Parties and the other Subsidiaries are engaged in the business of acquiring, disposing, financing, developing, renovating and, leasing single family homes and rental properties and managing such Properties, together with other business activities
incidental or reasonably related thereto. 
 (u) Broker’s Fees. No broker’s or finder’s fee, commission or similar
compensation will be payable with respect to the transactions contemplated hereby. No other similar fees or commissions will be payable by any Loan Party for any other services rendered to the Parent, the Borrower, any other Loan Party or any other
Subsidiary ancillary to the transactions contemplated hereby. 

  
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 (v) Accuracy and Completeness of Information. All written information, reports and
other papers and data (other than financial projections, information of general economic or industry nature and other forward looking statements) furnished to the Administrative Agent or any Lender by, on behalf of, or at the direction of, the
Parent, the Borrower, any other Loan Party or any other Subsidiary in connection with or relating in any way to this Agreement or any other Loan Document (or with entering into this Agreement or any other Loan Document) were, at the time the same
were so furnished, when taken together with all other information furnished, complete and correct in all material respects, to the extent necessary to give the recipient a true and accurate knowledge of the subject matter, or, in the case of
financial statements, present fairly in all material respects, in accordance with GAAP consistently applied throughout the periods involved, the financial position of the Persons involved as at the date thereof and the results of operations for such
periods (subject, as to interim statements, to changes resulting from normal year end audit adjustments and absence of full footnote disclosure). All financial projections and other forward looking statements prepared by or on behalf of the Parent,
the Borrower, any other Loan Party or any other Subsidiary that have been or may hereafter be made available to the Administrative Agent or any Lender were or will be prepared in good faith based on assumptions believed to be reasonable at the time
made, but with it being understood that such projections and statements are not a guarantee of future performance and that such future performance may vary materially from such projections. No document furnished or written statement made to the
Administrative Agent or any Lender in connection with the negotiation, preparation or execution of, or pursuant to, this Agreement or any of the other Loan Documents contains or will contain any untrue statement of a material fact, or omits or will
omit to state a material fact necessary in order to make the statements contained therein, in light of the circumstances under which they are or will be made, not materially misleading. 

(w) Not Plan Assets; No Prohibited Transactions. None of the assets of the Parent, the Borrower, any other Loan Party or any other
Subsidiary constitutes “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. Assuming that no Lender funds any amount payable by it hereunder with “plan
assets,” as that term is defined in 29 C.F.R. 2510.3-101, the execution, delivery and performance of this Agreement and the other Loan Documents, and the extensions of credit and repayment of amounts
hereunder, do not and will not constitute “prohibited transactions” under ERISA or the Internal Revenue Code. 
 (x)
Anti-Corruption Laws and Sanctions. 
 (i) None of (i) the Parent, the Borrower, any Subsidiary or, to the
knowledge of the Parent, the Borrower or such Subsidiary, any of their respective directors, officers, employees or affiliates, or (ii) to the knowledge of the Parent or the Borrower, any agent or representative of the Parent, the Borrower or
any Subsidiary that will act in any capacity in connection with or benefit from the Loans made and Letters of Credit issued hereunder, (A) is a Sanctioned Person or currently the subject or target of any Sanctions, (B) has its assets
located in a Sanctioned Country in violation of applicable Sanctions, (C) directly or indirectly derives revenues from investments in, or transactions with, Sanctioned Persons in violation of applicable Sanctions or (D) has taken any
action, directly or indirectly, that would result in a violation in any material respect by such Persons of any Anti-Corruption Laws. Each of the Parent, the Borrower and their respective Subsidiaries has implemented and maintains in effect policies
and procedures designed to promote and achieve compliance by the Parent and its Subsidiaries and their respective directors, officers, employees, agents and Affiliates with the Anti-Corruption Laws. Each of the Parent, the Borrower and their
respective Subsidiaries, and to the knowledge of Parent or Borrower, each director, officer, employee, agent and Affiliate of the Parent, the Borrower and each such Subsidiary, is in compliance with the Anti-Corruption Laws in all material respects.

  
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 (ii) No proceeds of any Extension of Credit have been used, directly or
indirectly, by the Borrower, any of its Subsidiaries or any of its or their respective directors, officers, employees and agents (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or
anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country in
violation of applicable Sanctions, including any payments (directly or indirectly) to a Sanctioned Person or a Sanctioned Country in violation of applicable Sanctions or (iii) in any manner that would result in the violation of any Sanctions
applicable to any party hereto. 
 (y) REIT Status. The Parent qualifies as, and has elected to be treated as, a REIT and is in
compliance with all requirements and conditions imposed under the Internal Revenue Code to allow the Parent to maintain its status as a REIT. 

(z) Unencumbered Properties. Each Property included in any calculation of Unencumbered NOI satisfied, at the time of such calculation,
all of the requirements contained in the definition of “Eligible Property”. Each Property included in calculations of Unencumbered Asset Value satisfied, at the time of such calculation, all of the requirements contained in the definition
of “Eligible Property”. 
 Section 6.2. Survival of Representations and Warranties, Etc. 

All statements contained in any certificate, financial statement or other instrument delivered by or on behalf of any Loan Party or any other
Subsidiary to the Administrative Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including, but not limited to, any such statement made in or in connection with any amendment thereto or any
statement contained in any certificate, financial statement or other instrument delivered by or on behalf of any Loan Party prior to the Agreement Date and delivered to the Administrative Agent or any Lender in connection with the underwriting or
closing the transactions contemplated hereby) shall constitute representations and warranties made by the Borrower under this Agreement. All representations and warranties made under this Agreement and the other Loan Documents shall be deemed to be
made at and as of the Agreement Date, the Effective Date, the date on which any extension of the Revolving Termination Date is effectuated pursuant to Section 2.14, the date on which any increase of the Revolving
Commitments is effectuated and/or Incremental Term Loans are made pursuant to Section 2.17 and at and as of the date of the occurrence of each Credit Event, except to the extent that such representations and warranties
expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such
representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances permitted hereunder. All such representations and warranties shall survive the effectiveness of
this Agreement, the execution and delivery of the Loan Documents and the making of the Loans and the issuance of the Letters of Credit. 

  
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 ARTICLE VII. AFFIRMATIVE COVENANTS 

For so long as this Agreement is in effect, each of the Parent and the Borrower shall comply with the following covenants: 

Section 7.1. Preservation of Existence and Similar Matters. 

Except as otherwise permitted under Section 9.4, the Parent and the Borrower shall, and shall cause each other Loan
Party and each other Subsidiary to, (i) preserve and maintain its respective existence in the jurisdiction of its incorporation or formation, (ii) preserve and maintain its respective, rights, franchises, licenses and privileges in the
jurisdiction of its incorporation or formation and (iii) qualify and remain qualified and authorized to do business in each jurisdiction in which the character of its properties or the nature of its business requires such qualification and
authorization, except in the case of clauses (ii) and (iii) where the failure to preserve and maintain or be so authorized and qualified could not reasonably be expected to have a Material Adverse Effect. 

Section 7.2. Compliance with Applicable Law. 

The Parent and the Borrower shall comply, and shall cause each other Loan Party and each other Subsidiary to comply with all Applicable Law,
including the obtaining of all Governmental Approvals, the failure with which to comply could reasonably be expected to have a Material Adverse Effect. Borrower will (a) notify the Administrative Agent and each Lender that previously received a
Beneficial Ownership Certification (or a certification that the Borrower qualifies for an express exclusion to the “legal entity customer” definition under the Beneficial Ownership Regulation) of any change in the information provided in
the Beneficial Ownership Certification that would result in a change to the list of beneficial owners identified therein (or, if applicable, the Borrower ceasing to fall within an express exclusion to the definition of “legal entity
customer” under the Beneficial Ownership Regulation) and (b) promptly upon the reasonable request of the Administrative Agent or any Lender, provide the Administrative Agent or such Lender, as the case may be, any information or
documentation requested by it for purposes of complying with the Beneficial Ownership Regulation. 
 Section 7.3. Maintenance
of Property. 
 In addition to the requirements of any of the other Loan Documents, the Parent and the Borrower shall, and shall cause
each other Loan Party and each other Subsidiary to, protect and preserve all of its respective properties, including, but not limited to, all Intellectual Property necessary to the conduct of its respective business, and maintain in good repair,
working order and condition all tangible properties, ordinary wear and tear and casualty events excepted, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

Section 7.4. Conduct of Business. 

The Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, carry on its respective businesses as
described in Section 6.1(t). 
 Section 7.5. Insurance. 

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

  
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 Section 7.6. Payment of Taxes and Claims. 

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

Section 7.7. Books and Records; Inspections. 

The Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, keep proper books of record and account
in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities. The Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, permit
representatives of the Administrative Agent or any Lender to visit and inspect any of their respective properties, to examine and make abstracts from any of their respective books and records and to discuss their respective affairs, finances and
accounts with their respective officers, employees and independent public accountants (in the presence of an officer of the Parent if an Event of Default does not then exist), all at such reasonable times during business hours and as often as may
reasonably be requested and so long as no Event of Default exists, with reasonable prior notice. The Parent and the Borrower shall be obligated to reimburse the Administrative Agent and the Lenders for their reasonable and documented out-of-pocket costs and expenses incurred in connection with the exercise of their rights under this Section only if such exercise occurs while a Default or Event of Default
exists. Each of the Parent and the Borrower hereby authorizes and instructs its accountants to discuss the financial affairs of the Parent, the Borrower, any other Loan Party or any other Subsidiary with the Administrative Agent or any Lender.
Notwithstanding the foregoing or any other provision of this Agreement, in no event will the Parent, the Borrower, or any of their respective Subsidiaries be required to disclose to the Administrative Agent or any Lender any documents the disclosure
of which would violate regulatory or contractual confidentiality obligations binding upon the Parent, the Borrower or such Subsidiary so long as any such contractual confidentiality obligations arise under documents entered into in the ordinary
course of business for purposes other than avoiding the Loan Parties’ obligations under this Section or would otherwise reasonably be expected to contravene attorney-client privilege or constitute attorney work product. 

Section 7.8. Use of Proceeds. 

The Borrower will use the proceeds of Loans only (a) for the payment of development and renovation costs incurred in connection with
Properties owned by the Borrower or any Subsidiary; (b) to finance acquisitions otherwise permitted under this Agreement; (c) to finance capital expenditures and the repayment of Indebtedness of the Borrower and its Subsidiaries (including
the refinancing of the Existing Agreement); and (d) to provide for the general working capital needs of the Borrower and its Subsidiaries and for other general corporate purposes of the Borrower and its Subsidiaries, including the consummation
of any transactions otherwise permitted under this Agreement. The Borrower shall only use Letters of Credit for the same purposes for which it may use the proceeds of Loans. 

  
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 Section 7.9. Environmental Matters. 

The Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, comply with all Environmental Laws the
failure with which to comply could reasonably be expected to have a Material Adverse Effect. The Parent and the Borrower shall comply, and shall cause each other Loan Party and each other Subsidiary to comply, and the Parent and the Borrower shall
use, and shall cause each other Loan Party and each other Subsidiary to use, commercially reasonable efforts to cause all other Persons occupying, using or present on the Properties to comply, with all Environmental Laws, except where the failure to
comply could not reasonably be expected to have a Material Adverse Effect. The Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, promptly take all actions and pay or arrange to pay all costs necessary
for it and for the Properties to comply with all Environmental Laws and all Governmental Approvals, including actions to remove and dispose of all Hazardous Materials and to clean up the Properties as required under Environmental Laws where the
failure to do so could reasonably be expected to have a Material Adverse Effect. Except as could not reasonably be expected to have a Material Adverse Effect, the Parent and the Borrower shall, and shall cause each other Loan Party and each other
Subsidiary to, promptly take all actions necessary to prevent the imposition of any Liens on any of their respective properties arising out of or related to any Environmental Laws. Nothing in this Section shall impose any obligation or liability
whatsoever on the Administrative Agent or any Lender. 
 Section 7.10. Further Assurances. 

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

Section 7.11. Intentionally Omitted. 

Section 7.12. REIT Status. 
 The
Parent shall maintain its status as, and election to be treated as, a REIT under the Internal Revenue Code. 
 Section 7.13. Exchange Listing.

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

 (a) Generally. 

(i) The Borrower shall, not later than the applicable Required Delivery Date, cause any Subsidiary (other than an Excluded
Subsidiary) that is not already a Guarantor and to which any of the following conditions applies to execute and deliver to the Administrative Agent an Accession Agreement (or if at any time the Guaranty delivered pursuant to
Section 5.1 or this 

  
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Section has been terminated after a release of all Guarantors party thereto, a Guaranty), together with the other items required to be delivered under the immediately following
subsection (b): 
 (A) such Subsidiary Guarantees, or otherwise becomes obligated in respect of,
any Indebtedness of the Parent, the Borrower or any other Subsidiary, other than (x) nonrecourse carveout guaranties (for customary non-recourse exceptions for fraud, misapplication of funds,
misrepresentation, waste, environmental indemnities, prohibited transfers, violation of “special purpose entity” covenants, bankruptcy, insolvency, receivership or other similar events and other similar and customary exceptions to
nonrecourse liability) and completion guaranties, (y) obligations in respect of Indebtedness of a Subsidiary for which recourse for such Indebtedness is limited to pledges of Equity Interests in the Subsidiary that is the primary obligor under
such Indebtedness and (z) without limiting the requirements of clause (B) below, any guaranty of Indebtedness of any Subsidiary acquired or assumed in connection with an acquisition of such Subsidiary so long as such guaranty was in
existence prior to the consummation of such acquisition and not incurred in contemplation thereof; or 
 (B) (1) such
Subsidiary (x) is an Eligible Property Subsidiary and (y) incurs, guarantees or otherwise becomes obligated in respect of Recourse Indebtedness (other than intercompany Unsecured Indebtedness between or among the Borrower or any other Loan
Party or any Subsidiary). 
 Any such Accession Agreement (or Guaranty, as applicable) delivered pursuant to this Section 7.14(a)
and the other items required under the immediately following subsection (c) shall, unless required sooner pursuant to the terms of this Section above or otherwise approved by the Administrative Agent, be delivered to the Administrative
Agent not later than the date on which the Compliance Certificate is required to be delivered with respect to any fiscal quarter (or fiscal year in the case of the fourth fiscal quarter) during which any of the above conditions first applies to a
Subsidiary (the “Required Delivery Date”). In the event such Accession Agreement (or Guaranty, as applicable) and the other items required under the immediately following subsection (b) are delivered on or prior to the
date on which such Compliance Certificate is required to be delivered with respect to any fiscal quarter (or fiscal year in the case of the fourth fiscal quarter), subject to Section 7.15(a), each Eligible Property of the
applicable Subsidiary that becomes a Guarantor pursuant thereto may be included in the calculation of Unencumbered Asset Value provided with such Compliance Certificate for the fiscal periods covered by such Compliance Certificate. 

(b) Other Guarantors. 

(i) The Borrower may, at its option, cause any other Person that is not already a Guarantor to become a Guarantor by causing
such Person to execute and deliver to the Administrative Agent an Accession Agreement (or Guaranty, as applicable), together with the other items required to be delivered under subsection (c) below. 

(ii) If the Parent, or any Wholly Owned Subsidiary of the Parent that directly or indirectly owns any Equity Interests in the
Borrower, at any time (A) has any assets or liabilities other than those permitted under Section 9.12, or (B) guarantees or otherwise becomes obligated in respect of Indebtedness of the Borrower or any of its
Subsidiaries that is pari passu or junior to the Obligations, then the Parent shall become a Guarantor by executing and delivering to the Administrative Agent within five (5) Business Days of such occurrence, an Accession Agreement (or
Guaranty, as applicable), together with the other items required to be delivered under subsection (c) below with each reference to “Subsidiary” in subsection (c) deemed also to be a reference to “Parent”.

  
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 (c) Required Deliverables. Each Accession Agreement to the Guaranty (or Guaranty, as
applicable) delivered by a Subsidiary required to become a Guarantor under the preceding subsection (a) or at the option of the Borrower under the preceding subsection (b) shall be accompanied by the items that would have
been delivered under Section 5.1(a)(v) (unless the Administrative Agent has notified the Borrower that it does not require delivery of such item) – (ix) and (xvii) and Section 5.1(e), as
if such Subsidiary had been a Guarantor on the Agreement Date, each in form and substance reasonably satisfactory to the Administrative Agent. 

(d) Release of Guarantors. The Borrower may request in writing that the Administrative Agent release, and upon receipt of such request
the Administrative Agent shall release, a Guarantor (other than, if the Parent has become a Guarantor pursuant to subsection (b)(ii) of this Section, the Parent) from the Guaranty so long as: (i) such Guarantor is not, or substantially
simultaneously with such release will not be, otherwise required to be a party to the Guaranty under the immediately preceding subsection (a); (ii) no Default or Event of Default shall then be in existence or would
occur as a result of such release, including, without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1; (iii) the representations and warranties made
or deemed made by the Parent, the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by
materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of such release with the same force and effect as if made on and as of such date except to the extent that such
representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by
materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances permitted under the Loan Documents; and (iv) the
Administrative Agent shall have received such written request at least ten (10) Business Days (or such shorter period as may be acceptable to the Administrative Agent) prior to the requested date of release. Delivery by the Borrower to the
Administrative Agent of any such request shall constitute a representation by the Borrower that the matters set forth in the preceding sentence (both as of the date of the giving of such request and as of the date of the effectiveness of such
request) are true and correct with respect to such request. The Administrative Agent agrees to furnish to the Borrower promptly after the Borrower’s request and at the Borrower’s sole cost and expense, any release, termination, or other
agreement or document evidencing the foregoing release as may be reasonably requested by the Borrower. 
 Section 7.15. Intentionally Omitted.

 Section 7.16. Compliance with Anti-Corruption Laws and Sanctions. 

The Parent and the Borrower will maintain in effect and enforce policies and procedures designed to promote and achieve compliance by the
Parent, the Borrower, their respective Subsidiaries and the Parent’s, the Borrower’s and their respective Subsidiaries’ respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 

  
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 ARTICLE VIII. INFORMATION 

For so long as this Agreement is in effect, the Borrower shall furnish to the Administrative Agent for distribution to each of the Lenders:

 Section 8.1. Quarterly Financial Statements. 

As soon as available and in any event within five (5) days after the same is required to be filed with the SEC (but in no event later than
forty-five (45) days after the end of each of the first, second and third fiscal quarters of the Parent), (a) the unaudited consolidated balance sheet of the Parent and its Subsidiaries as at the end of such period and the related
unaudited consolidated statements of operations, stockholders’ equity and cash flows of the Parent and its Subsidiaries for such period, setting forth in each case in comparative form the figures as of the end of and for the corresponding
periods of the previous fiscal year, all of which shall be certified by the chief executive officer, chief financial officer, executive vice president of finance or senior vice president of finance of the Parent, in his or her opinion, to present
fairly, in accordance with GAAP and in all material respects, the consolidated financial position of the Parent and its Subsidiaries as at the date thereof and the results of operations for such period (subject to normal year-end audit adjustments and the inclusion in the final year-end statements of footnotes that were not contained in the quarterly financial statements), and (b) a list
of all assets that are held by the Parent as of the end of such period, certified by the chief executive officer, chief financial officer, executive vice president of finance or senior vice president of finance of the Parent. 

Section 8.2. Year-End Statements. 

As soon as available and in any event within five (5) days after the same is required to be filed with the SEC (but in no event later than
ninety (90) days after the end of each fiscal year of the Parent), (a) the audited consolidated balance sheet of the Parent and its Subsidiaries as at the end of such fiscal year and the related audited consolidated statements of operations,
stockholders’ equity and cash flows of the Parent and its Subsidiaries for such fiscal year, setting forth in comparative form the figures as at the end of and for the previous fiscal year, all of which shall be (i) certified by the chief
executive officer, chief financial officer, executive vice president of finance or senior vice president of finance of the Parent, in his or her opinion, to present fairly, in accordance with GAAP and in all material respects, the financial position
of the Parent and its Subsidiaries as at the date thereof and the result of operations for such period and (ii) accompanied by the report thereon of Ernst & Young LLP or any other independent certified public accountants of recognized
national standing, whose report shall not be subject to (A) any “going concern” or like qualification or exception (other than a “going concern” expressly resulting solely from an upcoming maturity date under any
Indebtedness of the Borrower and its Subsidiaries occurring within one year from the time the report is delivered) or (B) any qualification or exception as to the scope of such audit, and (b) a list of all assets that are held by the
Parent as of the end of such period, certified by the chief executive officer, chief financial officer, executive vice president of finance or senior vice president of finance of the Parent. 

Section 8.3. Compliance Certificate. 

(a) At the time the financial statements are furnished pursuant to Sections 8.1 and 8.2, a certificate
substantially in the form of Exhibit N (a “Compliance Certificate”) executed on behalf of the Parent by the chief executive officer, chief financial officer, executive vice president of finance or senior
vice president of finance of the Parent (a) setting forth in reasonable detail as of the end of such fiscal quarter or fiscal year, as the case may be, the calculations required to establish whether the Parent and the Borrower were in
compliance with the covenants contained in Section 9.1; (b) stating that no Default or Event of Default exists, or, if such is not the case, specifying such Default or Event of Default and its nature, when it occurred
and the steps being taken by the Parent and the Borrower with respect to such event, condition or failure (c) setting forth a statement of funds from operations (as calculated in a manner consistent with the reporting of “funds from
operations” in the Parent’s public filings with the SEC); (d) setting forth a report of newly acquired Properties, including, with respect to each such Property, (i) the Net Operating Income for such Property, (ii) the cost of
acquiring such Property, and (iii) Indebtedness secured 

  
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by a Mortgage on such Property, if any, and (e) a report with respect to each Property then included in calculation of the Unencumbered Asset Value, including, without limitation, a
quarterly and year-to-date statement of Net Operating Income and the occupancy status of such Property, and which identifies which Properties have been added or deleted
from such calculation since the last delivery of a Compliance Certificate; provided, that such reports in clauses (d) and (e) may be provided in electronic format in one or more separate files delivered concurrently with such Compliance
Certificate to the Administrative Agent. 
 (b) Intentionally Omitted. 

Section 8.4. Other Information. 
 (a)
Promptly after any request by Administrative Agent (or any Lender through the Administrative Agent), all reports submitted to the Parent by its independent public accountants in connection with each annual, interim or special audit of the books and
records of the Parent made by such accountants, including any management letter commenting on Parent’s internal controls; 
 (b) Within
five (5) Business Days of the filing thereof, copies of all registration statements (excluding the exhibits thereto (unless requested by the Administrative Agent) and any registration statements on Form
S-8 or its equivalent), reports on Forms 10-K, 10-Q and 8-K (or their equivalents) and
all other periodic reports which any Loan Party or any other Subsidiary shall file with the SEC or any national securities exchange; 
 (c)
Promptly upon the mailing thereof to the shareholders of the Parent generally, copies of all financial statements, reports and proxy statements so mailed and promptly upon the issuance thereof copies of all press releases issued by the Borrower, any
Subsidiary or any other Loan Party; 
 (d) Promptly after the request of any Lender, all financial information maintained on the Parent, the
Borrower, or any other Subsidiary and their individual real estate projects, including property cash flow projections, property budgets, operating statements, leasing status reports, contingent liability summaries, notes receivable summaries, and
summaries of cash and Cash Equivalents and overhead budgets; 
 (e) No later than sixty (60) days after the end of each fiscal year of
the Parent ending prior to the Termination Date that is the latest to occur, projected balance sheets, operating statements, and cash flow budgets of the Parent and its Subsidiaries on a consolidated basis for each quarter of the next succeeding two
fiscal years, all itemized in reasonable detail; 
 (f) If any ERISA Event shall occur that individually, or together with any other ERISA
Event that has occurred, could reasonably be expected to have a Material Adverse Effect, a certificate of the chief executive officer, chief financial officer or executive vice president of finance of the Parent setting forth details as to such
occurrence and the action, if any, which the Parent or applicable member of the ERISA Group is required or proposes to take; 
 (g) To the
extent any Responsible Officer of any Loan Party or any other Subsidiary is aware of the same, prompt notice of the commencement of any proceeding or investigation by or before any Governmental Authority and any action or proceeding in any court or
other tribunal or before any arbitrator against or in any other way relating adversely to, or adversely affecting, any Loan Party or any other Subsidiary or any of their respective properties, assets or businesses which could reasonably be expected
to have a Material Adverse Effect; 

  
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 (h) At the time the financial statements are furnished pursuant to
Section 8.1 or 8.2, a copy of any amendment to the certificate or articles of incorporation or formation, bylaws, partnership agreement or other similar organizational documents of the Parent or any Loan Party; 

(i) Prompt notice of (i) any change in the business, assets, liabilities, financial condition or results of operations of any Loan Party
or any other Subsidiary or (ii) the occurrence of any other event which, in the case of any of the immediately preceding clauses (i) and (ii), has had, or could reasonably be expected to have, a Material Adverse Effect; 

(j) Prompt notice upon any Responsible Officer of the Borrower or Parent having knowledge of the occurrence of any Default or Event of
Default; 
 (k) Prompt notice of any order, judgment or decree in excess of $50,000,000 having been entered against any Loan Party or any
other Subsidiary or any of their respective properties or assets; 
 (l) Upon any Responsible Officer of any Loan Party or any other
Subsidiary becoming aware of the same, prompt notice of any notification of any violation of any Applicable Law or any inquiry shall have been received by any Loan Party or any other Subsidiary from any Governmental Authority; in either case, with
respect to a matter that could reasonably be expected to have a Material Adverse Effect; 
 (m) Prompt notice of the disposition of any
assets of a Substantial Amount; 
 (n) Promptly upon the request of the Administrative Agent, evidence of the Borrower’s calculation of
the Ownership Share with respect to a Subsidiary or an Unconsolidated Affiliate, such evidence to be in form and detail reasonably satisfactory to the Administrative Agent; 

(o) Promptly upon any change in the Parent’s Credit Rating, a certificate stating that the Parent’s Credit Rating has changed and
the new Credit Rating that is in effect; 
 (p) Promptly, upon each request, information identifying the Parent, the Borrower or any other
Loan Party as a Lender may reasonably request in order to comply with the Beneficial Ownership Regulation or applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, the Patriot Act;

 (q) Promptly, and in any event within three (3) Business Days after a Responsible Officer of the Parent or the Borrower obtains
knowledge thereof, written notice of the occurrence of any of the following: (i) the Parent, the Borrower, any Loan Party or any other Subsidiary shall receive notice that any violation of or noncompliance with any Environmental Law has or may
have been committed or is threatened; (ii) the Parent, the Borrower, any Loan Party or any other Subsidiary shall receive notice that any administrative or judicial complaint, order or petition has been filed or other proceeding has been
initiated, or is about to be filed or initiated against any such Person alleging any violation of or noncompliance with any Environmental Law or requiring any such Person to take any action in connection with the release or threatened release of
Hazardous Materials; (iii) the Parent, the Borrower, any Loan Party or any other Subsidiary shall receive any notice from a Governmental Authority or private party alleging that any such Person may be liable or responsible for any costs
associated with a response to, or remediation or cleanup of, a release or threatened release of Hazardous Materials or any damages caused thereby; or (iv) the Parent, the Borrower, any Loan Party or any other Subsidiary shall receive notice of
any other fact, circumstance or condition that could reasonably be expected to form the basis of an environmental claim, and the matters covered by notices referred to in any of the immediately preceding clauses (i) through (iv), whether
individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect; 

  
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 (r) Promptly upon the reasonable request of the Administrative Agent, the Derivatives
Termination Value in respect of any Specified Derivatives Contract from time to time outstanding; 
 (s) From time to time and promptly upon
each request, such data, certificates, reports, statements, documents or further information regarding any Property or the business, assets, liabilities, financial condition or results of operations of the Parent, the Borrower, any of its
Subsidiaries, or any other Loan Party as the Administrative Agent or any Lender may reasonably request; provided, that notwithstanding anything to the contrary in this Section 8.4(s), none of the Parent, the
Borrower, any of its Subsidiaries, or any other Loan Party will be required to provide or disclose any contract entered into in the ordinary course of business the disclosure of which to the Administrative Agent and the Lenders is prohibited by a
confidentiality agreement entered into for purposes other than avoiding the Loan Parties’ and their Subsidiaries’ obligations under this Section 8.4(s) or would otherwise reasonably be expected to contravene
attorney-client privilege or constitute attorney work product; and 
 (t) Prompt notice of any discontinuation of the Sustainability Rating
after a Responsible Officer of the Borrower becomes aware of such event. 
 Section 8.5. Electronic Delivery of Certain Information. 

(a) Documents required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including, the
Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website such as www.Edgar.com <http://www.Edgar.com> or a website
sponsored or hosted by the Administrative Agent, the Parent or the Borrower) provided that the foregoing shall not apply to notices to any Lender (or to an Issuing Bank) pursuant to Article II. The Administrative
Agent, the Parent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for all or particular notices or communications. Documents or
notices delivered electronically shall be deemed to have been delivered on the date and at the time on which the Administrative Agent, the Parent or the Borrower posts such documents or the documents become available on a commercial website and the
Administrative Agent, the Parent or the Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal business hours of the recipient, said posting
date and time shall be deemed to have commenced as of 11:00 a.m. Central Time on the opening of business on the next business day for the recipient; provided, however, documents required to be delivered pursuant to
Sections 8.4.(b), 8.4.(c) and 8.4.(h) shall be deemed to have been delivered on the date on which such documents are filed for public availability on the SEC’s Electronic Data Gathering and Retrieval System (it being
understood that the Company shall not be required to provide notice to the Administrative Agent or any Lender of such electronic filing of information). 

(b) Documents required to be delivered pursuant to Article II may be delivered electronically to a website provided
for such purpose by the Administrative Agent pursuant to the procedures provided to the Borrower by the Administrative Agent. 
 (c)
Notwithstanding anything to the contrary herein, documents and notices required to be delivered by the Loan Parties pursuant to the Loan Documents shall be deemed delivered by, and delivery effective at the time of, the public filing of the same in
electronic format with the SEC so long as the Borrower provides notice to the Administrative Agent of such filing (other than any filings described in Section 8.4(b), (c) and (h)) within five (5) Business Days after
documents and notices are filed with the SEC. 

  
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 Section 8.6. Public/Private Information. 

The Parent and the Borrower shall cooperate with the Administrative Agent in connection with the publication of certain materials and/or
information provided by or on behalf of the Parent and/or the Borrower. Documents required to be delivered pursuant to the Loan Documents shall be delivered by or on behalf of the Parent and/or the Borrower to the Administrative Agent and the
Lenders (collectively, “Information Materials”) pursuant to this Article, and, if requested by the Administrative Agent, the Parent and/or Borrower shall designate Information Materials (a) that are either available to the public or
not material with respect to the Parent and its Subsidiaries or any of their respective securities for purposes of United States federal and state securities laws, as “Public Information” and (b) that are not Public Information as
“Private Information”. All Information Materials shall be presumed by the recipient to be “Private Information” except for Information Materials (x) designated as “Public Information” or (y) previously filed
with the Securities and Exchange Commission (or any Governmental Authority substituted therefor) or any national securities exchange. 

Section 8.7. USA Patriot Act Notice; Compliance. 

The Patriot Act and federal regulations issued with respect thereto require all financial institutions to obtain, verify and record certain
information that identifies individuals or business entities which open an “account” with such financial institution. Consequently, a Lender (for itself and/or as agent for all Lenders hereunder) may from time-to-time request, and both the Parent and the Borrower shall, and shall cause the other Loan Parties to, provide promptly upon any such request to such Lender, such Loan Party’s name, address, tax
identification number and/or such other identification information as shall be necessary for such Lender to comply with federal law. An “account” for this purpose may include, without limitation, a deposit account, cash management service,
a transaction or asset account, a credit account, a loan or other extension of credit, and/or other financial services product. 
 ARTICLE
IX. NEGATIVE COVENANTS 
 For so long as this Agreement is in effect, the Parent and the Borrower shall comply with the following
covenants: 
 Section 9.1. Financial Covenants. 

The Borrower shall comply with the following financial covenants set forth in clauses (a)-(e) of this Section 9.1 at all times but,
unless otherwise expressly required pursuant to this Agreement and the other Loan Documents, the Borrower shall in any event only be obligated to report its compliance therewith at the end of each fiscal quarter or fiscal year, as applicable, as
provided in Section 8.3: 
 (a) Ratio of Total Indebtedness to Total Asset Value. The Parent shall not permit the ratio of
(i) Total Indebtedness of the Parent and its Subsidiaries to (ii) Total Asset Value to exceed 0.60 to 1.00 at any time; provided, however, that if such ratio is greater than 0.60 to 1.00 but is not greater than 0.65 to 1.00,
then the Borrower shall be deemed to be in compliance with this subsection (a) so long as (i) the Borrower completed a Material Acquisition which resulted in such ratio (after giving effect to such Material Acquisition) exceeding 0.60 to
1.00 at any time during the fiscal quarter in which such Material Acquisition took place and for any three subsequent consecutive fiscal quarters, and (ii) such ratio (after giving effect to such Material Acquisition) is not greater than 0.65
to 1.00 at any time. For purposes of calculating such ratio, (A) Total Indebtedness shall be adjusted by deducting therefrom the amount of unrestricted cash and Cash Equivalents to the extent that there is an equivalent amount of Indebtedness
included in Total Indebtedness that matures within twenty-four (24) months (or with respect to Mandatorily Redeemable Stock included in Total Indebtedness that is redeemable within twenty-four (24) months) from the applicable date of the
calculation of such ratio, and (B) Total Asset Value shall be adjusted by deducting therefrom the amount by which Total Indebtedness is adjusted pursuant to the immediately preceding clause (A) above. 

  
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 (b) Ratio of EBITDA to Fixed Charges. The Parent shall not permit the ratio of
(i) EBITDA of the Parent and its Subsidiaries for the period of four consecutive fiscal quarters most recently ended to (ii) Fixed Charges of the Parent and its Subsidiaries for such period to be less than 1.50 to 1.00 as of the last
day of such period. 
 (c) Ratio of Secured Indebtedness to Total Asset Value. The Parent shall not permit the ratio of
(i) Secured Indebtedness of the Parent and its Subsidiaries to (ii) Total Asset Value to exceed 0.40 to 1.00 at any time; provided, however, that if such ratio is greater than 0.40 to 1.00 but is not greater than 0.45 to
1.00, then the Borrower shall be deemed to be in compliance with this subsection (c) so long as (i) the Borrower completed a Material Acquisition which resulted in such ratio (after giving effect to such Material Acquisition) exceeding
0.40 to 1.00 at any time during the fiscal quarter in which such Material Acquisition took place and for any three subsequent consecutive fiscal quarters, and (ii) such ratio (after giving effect to such Material Acquisition) is not greater
than 0.45 to 1.00 at any time. 
 (d) Ratio of Unsecured Indebtedness to Unencumbered Asset Value. The Parent shall not permit the
ratio of (i) Unsecured Indebtedness of the Parent and its Subsidiaries to (ii) Unencumbered Asset Value to exceed 0.60 to 1.00 at any time; provided, however, that if such ratio is greater than 0.60 to 1.00 but is not greater
than 0.65 to 1.00, then the Borrower shall be deemed to be in compliance with this subsection (d) so long as (i) the Borrower completed a Material Acquisition which resulted in such ratio (after giving effect to such Material Acquisition)
exceeding 0.60 to 1.00 at any time during the fiscal quarter in which such Material Acquisition took place and for any three subsequent consecutive fiscal quarters, and (ii) such ratio (after giving effect to such Material Acquisition) is not
greater than 0.65 to 1.00 at any time. For purposes of calculating such ratio, (A) Unsecured Indebtedness shall be adjusted by deducting therefrom the amount of unrestricted cash and Cash Equivalents to the extent that there is an equivalent
amount of Indebtedness included in Unsecured Indebtedness that matures within twenty-four (24) months (or with respect to Mandatorily Redeemable Stock included in Unsecured Indebtedness that is redeemable within twenty-four (24) months)
from the applicable date of the calculation of such ratio, and (B) Unencumbered Asset Value shall be adjusted by deducting therefrom the amount by which Unsecured Indebtedness is adjusted pursuant to the immediately preceding clause
(A) above. 
 (e) Ratio of Unencumbered NOI to Unsecured Interest Expense. The Parent shall not permit the ratio of
(i) Unencumbered NOI for the period of four consecutive fiscal quarters most recently ended to (ii) Unsecured Interest Expense of the Parent and its Subsidiaries for such period, to be less than 1.75 to 1.00 as of the last day of such
period. 
 (f) Dividends and Other Restricted Payments. If (i) an Event of Default under
Section 10.1(a), Section 10.1(e) or Section 10.1(f) exists or would result therefrom, or (ii) as a result of the occurrence of any other Event of Default any of the
Obligations have been accelerated pursuant to Section 10.2(a), in any such case, neither the Parent nor the Borrower shall, and neither the Parent nor the Borrower shall permit any Subsidiary to, make any Restricted
Payments except: (x) to the Borrower or any other Subsidiary or (y) any Subsidiary of the Borrower that is not a Wholly Owned Subsidiary may make Restricted Payments to any Person owning Equity Interests in such Subsidiary ratably in
accordance with the interest held by such Person or otherwise as may be required pursuant to the organizational documents of such Subsidiary. 

  
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 Section 9.2. Liens; Negative Pledge. 

(a) The Borrower shall not, and the Borrower shall not permit any Eligible Property Subsidiary to create, assume, or incur any Lien (other than
Permitted Liens) upon any of its properties, assets, income or profits of any character whether now owned or hereafter acquired if immediately prior to the creation, assumption or incurring of such Lien, or immediately thereafter, a Default or Event
of Default is or would be in existence, including, without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1. 

(b) The Parent shall not, and shall not permit any Wholly Owned Subsidiary of the Parent, if at any time there is any Wholly Owned Subsidiary
of the Parent that directly or indirectly owns Equity Interests in the Borrower, to, create, assume or incur any Lien (other than Permitted Liens of the types described in clauses (a) and (f) of the definition of the term “Permitted
Liens”) upon the Equity Interests of the Borrower or any other Wholly Owned Subsidiary directly or indirectly owning Equity Interests of the Borrower, which the Parent or such other Wholly Owned Subsidiary owns. 

(c) The Borrower shall not, and the Borrower shall not permit any Eligible Property Subsidiary to, enter into, assume or otherwise be bound by
any Negative Pledge except for (i) a Negative Pledge contained in (A) an agreement (x) evidencing Indebtedness which the Borrower or such direct or indirect owner may create, incur, assume, or permit or suffer to exist under this
Agreement, (y) which Indebtedness is secured by a Lien permitted to exist under the Loan Documents, and (z) which prohibits the creation of any other Lien on only the property securing such Indebtedness; (B) a Permitted Sale
Restriction; or (C) an agreement that evidences Unsecured Indebtedness which contains restrictions on encumbering assets that are not more restrictive than those restrictions contained in the Loan Documents, or (ii) to the extent
constituting a Negative Pledge, a restriction on the direct or indirect transfer of Equity Interests in any Excluded Subsidiary, Unconsolidated Affiliate or any Subsidiary that is not a Wholly Owned Subsidiary contained in the organizational
documents of such Person or any document, instrument or agreement evidencing Secured Indebtedness of such Person permitted to exist pursuant to this Agreement. 

Section 9.3. Restrictions on Intercompany Transfers. 

Neither the Parent nor the Borrower shall, and neither the Parent nor the Borrower shall permit any other Loan Party or any other Subsidiary
(other than an Excluded Subsidiary) to, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Subsidiary (other than an Excluded Subsidiary) to: (a) pay
dividends or make any other distribution on any of such Subsidiary’s capital stock or other equity interests owned by the Parent, the Borrower or any Subsidiary; (b) pay any Indebtedness owed to the Parent, the Borrower or any Subsidiary;
(c) make loans or advances to the Parent, the Borrower or any Subsidiary; or (d) transfer any of its property or assets to the Parent, the Borrower or any Subsidiary (other than the direct or indirect transfer of Equity Interests in any
Excluded Subsidiary); other than (i) with respect to clauses (a) through (d) those encumbrances or restrictions (A) contained in any Loan Document, or (B) contained in any other agreement that evidences Unsecured Indebtedness
containing encumbrances or restrictions on the actions described above that are not more restrictive than those contained in the Loan Documents, (ii) with respect to clauses (c) and (d), those encumbrances and restrictions contained in
organizational documents of, or other agreements governing an Investment in, any Excluded Subsidiary, Unconsolidated Affiliate or any Subsidiary that is not a Wholly Owned Subsidiary (but only to the extent applicable to the Equity Interest in such
Subsidiary or Unconsolidated Affiliate (or any direct or indirect owner of such Equity Interest on account of such ownership) or the property or assets of such Subsidiary or Unconsolidated Affiliate), or (iii) with respect to clause (d), (A)
restrictions contained in any agreement relating to the sale of a Subsidiary (other than the Borrower) or the assets of a Subsidiary pending sale, or relating to Indebtedness secured by a Lien on assets that the Borrower or a Subsidiary may create,
incur, assume, or permit or suffer to exist under 

  
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Section 9.2(a); provided that in any such case, the restrictions apply only to the Subsidiary or the assets that are the subject of such sale or Lien, as the case
may be, (B) customary provisions restricting assignment of any agreement entered into by the Parent, the Borrower, any other Loan Party or any other Subsidiary in the ordinary course of business or (C) Permitted Transfer Restrictions.
Notwithstanding anything to the contrary in the foregoing, the restrictions in this Section shall not apply to any provision of any Guaranty entered into by the Borrower, any other Loan Party or any other Subsidiary to Guarantee the Indebtedness of
any Subsidiary permitted to be incurred hereunder, which provision subordinates any rights of the Borrower, such other Loan Party, or such other Subsidiary to payment from such Subsidiary to the payment in full of the Indebtedness Guaranteed
pursuant to the terms of such Guaranty. 
 Section 9.4. Merger, Consolidation, Sales of Assets and Other Arrangements. 

Neither the Parent nor the Borrower shall, and neither the Parent nor the Borrower shall permit any other Loan Party or any other Subsidiary
to, (a) enter into any transaction of merger or consolidation; (b) liquidate, windup or dissolve itself (or suffer any liquidation or dissolution); or (c) convey, sell, lease, sublease, transfer or otherwise dispose of, in one
transaction or a series of transactions, all or substantially all of its business or assets, or the capital stock of or other Equity Interests in any of its Subsidiaries, whether now owned or hereafter acquired; provided, however,
that: 
 (i) any of the actions described in the immediately preceding clauses (a) and (b) may be taken with respect to
any Subsidiary or any other Loan Party (other than the Borrower, or if the Parent has become a Loan Party, the Parent) so long as immediately prior to the taking of such action and after giving effect thereto, no Default or Event of Default exists
or would result therefrom; 
 (ii) (x) any Subsidiary may merge with a Loan Party so long as the survivor is or becomes
a Loan Party simultaneously with the consummation of such merger, and (y) any Subsidiary that is not a Loan Party may merge with any other Subsidiary that is not a Loan Party; 

(iii) a Person may merge with and into the Parent or the Borrower so long as (A) the Parent or the Borrower, as the case
may be, is the survivor of such merger, (B) immediately prior to such merger, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence, and (C) the Borrower shall have given the
Administrative Agent and the Lenders at least ten (10) Business Days’ (or such shorter period as the Administrative Agent may agree) prior written notice of such merger, such notice to include a certification as to the matters described in
the immediately preceding clause (B) (except such prior notice shall not be required in the case of a merger of a Subsidiary with and into the Borrower); 

(iv) the Parent, the Borrower, each Loan Party and each other Subsidiary may sell, transfer, lease, sublease or dispose of its
assets among themselves in connection with any disposition of assets that is not prohibited by this Agreement; 
 (v) a Loan
Party (other than the Borrower or, if the Parent has become a Loan Party, the Parent) and any Subsidiary that is not (and is not required to be) a Loan Party may convey, sell, transfer or otherwise dispose of, in one transaction or a series of
transactions, all or substantially all of its business or assets, or the capital stock of or other Equity Interests in any of its Subsidiaries, and immediately thereafter liquidate, provided that immediately prior to any such conveyance,
sale, transfer, disposition or liquidation and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence; and 

  
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 (vi) the Parent, the Borrower, the other Loan Parties and the other
Subsidiaries may lease, sublease and license their respective assets, as lessor, sublessor or licensor (as the case may be), in the ordinary course of their business. 

Section 9.5. Plans. 
 Neither the Parent
nor the Borrower shall, and neither the Parent nor the Borrower shall permit any other Loan Party or any other Subsidiary to, permit any of its respective assets to become or be deemed to be “plan assets” within the meaning of ERISA, the
Internal Revenue Code and the respective regulations promulgated thereunder. Neither the Parent nor the Borrower shall, and neither the Parent nor the Borrower shall permit any other member of the ERISA Group to cause or permit to occur, any ERISA
Event if such ERISA Event could reasonably be expected to have a Material Adverse Effect. 
 Section 9.6. Fiscal Year. 

Neither the Parent nor the Borrower shall, and neither the Parent nor the Borrower shall permit any other Loan Party or other Subsidiary to,
change its fiscal year from that in effect as of the Agreement Date. 
 Section 9.7. Modifications of Organizational Documents. 

Neither the Parent nor the Borrower shall, and neither the Parent nor the Borrower shall permit any other Loan Party or any other Subsidiary
to, amend, supplement, restate or otherwise modify any provision of its certificate or articles of incorporation or formation, by-laws, operating agreement, declaration of trust, partnership agreement or other
applicable organizational document (and, in the case of any of the foregoing organizational documents of the Parent or the Borrower, waive compliance with any provision therein) if such amendment, supplement, restatement or other modification (or in
the case of the Borrower or the Parent, if such waiver of any provision contained therein) (a) is adverse to the rights and remedies of the Administrative Agent, the Issuing Banks or the Lenders in any material respect or (b) could
reasonably be expected to have a Material Adverse Effect, it being agreed that any amendment, supplement, restatement, or modification of Section 7.5D or Section 7.5F of the Agreement of Limited Partnership of American Homes 4 Rent, L.P.,
as amended and in effect on the Agreement Date, or waiver of any provisions contained in such Sections, would have the effects described in the immediately preceding clauses (a) and (b). 

Section 9.8. Transactions with Affiliates. 

Neither the Parent nor the Borrower shall, and neither the Parent nor the Borrower shall permit any other Loan Party or any other Subsidiary
to, permit to exist or enter into any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate (other than the Parent, the Borrower, any Loan Party or any Wholly Owned
Subsidiary of the Borrower), except (a) as set forth on Schedule 6.1(r), (b) transactions pursuant to the reasonable business purposes of the Parent, the Borrower, or such other Subsidiary and upon fair and
reasonable terms which are no less favorable to the Parent, the Borrower, or such other Subsidiary than would be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate, (c) Restricted Payments to the
extent the same are permitted by Section 9.1(f), (d) transactions between and among any of the Parent and Subsidiaries of the Parent that are not also direct or indirect Subsidiaries of the Borrower, (e) Investments by
any Loan Party or any Subsidiary in other Subsidiaries and Unconsolidated Affiliates to the extent otherwise in compliance with the obligations under this Agreement, and (f) transactions entirely among Subsidiaries that are not Wholly Owned
Subsidiaries. Notwithstanding the foregoing sentence, (x) no payments may be made with respect to any items set forth on such Schedule 6.1(r) if a Default or Event of Default specified in Section 10.1(a),
Section 10.1(e) or Section 10.1(f) shall exist, or if as a result of the occurrence of any other Event of Default any of the Obligations have been accelerated pursuant to
Section 10.2(a), and (y) no 

  
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Loan Party shall make any Investment in any Subsidiary or Unconsolidated Affiliate that is not a Loan Party if a Default or Event of Default specified in
Section 10.1(a), Section 10.1(e) or Section 10.1(f) shall exist, or if as a result of the occurrence of any other Event of Default any of the Obligations have been
accelerated pursuant to Section 10.2(a) other than an Investment of the type described in clause (b) of the immediately preceding sentence. Notwithstanding the foregoing two sentences, this
Section 9.8 shall not limit transactions determined by the Parent in good faith to be reasonably necessary for the Parent to comply with Section 7.12. 

Section 9.9. Environmental Matters. 

Neither the Parent nor the Borrower shall, and neither the Parent nor the Borrower shall permit any other Loan Party, any other Subsidiary or
any other Person to, use, generate, discharge, emit, manufacture, handle, process, store, release, transport, remove, dispose of or clean up any Hazardous Materials on, under or from the Properties in material violation of any Environmental Law or
in a manner that could reasonably be expected to lead to any material environmental claim or pose a material risk to human health, safety or the environment, except, in each case, where the failure to do so could not reasonably be expected to have a
Material Adverse Effect. Nothing in this Section shall impose any obligation or liability whatsoever on the Administrative Agent or any Lender. 

Section 9.10. Derivatives Contracts. 

Neither the Parent nor the Borrower shall, and neither the Parent nor the Borrower shall permit any other Loan Party or any other Subsidiary
to, enter into or become obligated in respect of Derivatives Contracts other than Derivatives Contracts entered into by the Parent, the Borrower, any such Loan Party or any such Subsidiary in the ordinary course of business or in connection with any
transaction that is not prohibited by this Agreement and, in each case, which establish an effective hedge in respect of liabilities, commitments or assets held or reasonably anticipated by the Parent, the Borrower, such other Loan Party or such
other Subsidiary. 
 Section 9.11. Use of Proceeds. 

The Borrower shall not, and shall not permit any other Loan Party, any other Subsidiary or the Parent to, use any part of such proceeds to
purchase or carry, or to reduce or retire or refinance any credit incurred to purchase or carry, any margin stock (within the meaning of Regulation U or Regulation X of the FRB) or to extend credit to others for the purpose of purchasing
or carrying any such margin stock. The Borrower shall not request any Loan, and neither the Parent nor the Borrower shall use, and the Parent and the Borrower shall ensure that their respective Subsidiaries and their respective, and their respective
Subsidiaries’, directors, officers, employees and agents shall not use, the proceeds of any Loan, directly or indirectly, (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or
anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country in
violation of applicable Sanctions, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 

Section 9.12. Limitation on Parent’s Assets and Liabilities. 

(a) So long as the Parent is not a Guarantor, the Parent shall not own any assets other than (a) Equity Interests in the Borrower or any
Wholly Owned Subsidiaries whose assets consist solely of direct or indirect Equity Interests in the Borrower, (b) Equity Interests or assets as of the Effective Date set forth on Schedule 9.12(a), (c) other Equity
Interests or assets with an aggregate book value not to exceed $5,000,000, or with the Administrative Agent’s approval, in the aggregate for this clause (c) not to exceed $50,000,000, and (d) assets maintained on a temporary or
pass-through basis that are held for subsequent payment of dividends or other Restricted Payments not prohibited by this Agreement or any other Loan Document or for contribution to the Borrower. 

  
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 (b) So long as the Parent is not a Guarantor, neither the Parent nor any Wholly Owned
Subsidiaries whose assets consist solely of direct or indirect Equity Interests of the Borrower shall incur, assume or permit to exist any liabilities other than liabilities that would be reflected in consolidated financial statements of the
Borrower; provided that the Parent may have (i) other liabilities incidental to its status as a publicly traded REIT (and not constituting liabilities in respect of Indebtedness for borrowed money), including liabilities associated with
common and preferred equity, employment contracts, employee benefit matters, indemnification obligations pursuant to purchase and sale agreements, banker engagement letters in connection with transactions permitted under this Agreement, tax
liabilities and legacy liabilities arising pursuant to contracts entered into in the ordinary course of business prior to (and not in contemplation of) this Agreement, (ii) liabilities arising pursuant to any merger, purchase, acquisition or
other similar agreements in connection with transactions permitted under Section 9.4, in each case other than liabilities constituting Indebtedness, (iii) liabilities that are less than or substantially equivalent to
Parent’s liabilities under this Agreement that arise under any documentation evidencing Indebtedness (including any Unsecured Indebtedness or unsecured convertible Indebtedness permitted under this Agreement) of the Borrower or any of its
Subsidiaries that is pari passu or junior to the Obligations, (iv) liabilities constituting obligations to satisfy any unsecured convertible Indebtedness of the Borrower or any of its Subsidiaries that is permitted under this Agreement that can
be satisfied solely by the issuance of Equity Interests of the Parent not constituting Mandatorily Redeemable Stock (or, to the extent permitted under this Agreement, making cash payments in lieu of fractional shares in connection with any
conversion request), (v) nonconsensual obligations imposed by operation of Applicable Law, (vi) obligations in existence as of the Effective Date set forth on Schedule 9.12(b); (vii) obligations in the form of
Guarantees in respect of Nonrecourse Indebtedness where liability of the guarantor is limited to customary exceptions for fraud, misapplication of funds, environmental indemnities, prohibited transfers, failure to pay taxes, noncompliance with
“separateness covenants,” voluntary bankruptcy, collusive involuntary bankruptcy and other exceptions to nonrecourse liability that are either customary in non-recourse financings for real estate or
that are substantially the same as those Guarantees in respect of Nonrecourse Indebtedness set forth on Schedule 9.12(b), (viii) other immaterial obligations not exceeding $50,000,000 individually or in the aggregate, and
(ix) other intercompany obligations not exceeding $50,000,000 individually or in the aggregate that are incurred with respect to transactions substantially similar to the transaction for which the intercompany note disclosed on Schedule
9.12(b) was incurred. 
 ARTICLE X. DEFAULT 

Section 10.1. Events of Default. 

Each of the following shall constitute an Event of Default, whatever the reason for such event and whether it shall be voluntary or involuntary
or be effected by operation of Applicable Law or pursuant to any judgment or order of any Governmental Authority: 
 (a) Default in
Payment. (i) The Borrower shall fail to pay when due under this Agreement or any other Loan Document (whether upon demand, at maturity, by reason of acceleration or otherwise) (A) the principal of any of the Loans or any Reimbursement
Obligation, or (B) shall fail to pay interest or any of the other payment Obligations owing by the Borrower under this Agreement or any other Loan Document and, in the case of this subsection (a)(i)(B) only, such failure shall continue
for a period of five (5) Business Days after the due date thereof, or (ii) any other Loan Party shall fail to pay within five (5) Business Days after becoming due any payment obligation owing by such Loan Party under any Loan Document
to which it is a party. 

  
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 (b) Default in Performance. 

(i) The Parent or the Borrower shall fail to perform Section 7.1(i) or
Section 8.4(j), or any Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Article IX
(other than Section 9.12); or 
 (ii) The Parent shall fail to perform
Section 9.12, and such failure shall continue beyond the period provided in Section 7.14(b)(ii) to cause the Parent to become a Guarantor; 

(iii) The Parent or the Borrower shall fail to perform any term, covenant , condition or agreement contained in
Section 8.1, Section 8.2, Section 8.3 or Section 8.4 (other than Section 8.4(j)) and in the case of this subsection
(b)(iii) only, such failure shall continue for a period of five (5) Business Days after the date required for performance under such Section; or 

(iv) Any Loan Party or the Parent shall fail to perform or observe any term, covenant, condition or agreement contained in this
Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section, and in the case of this subsection (b)(iv) only, such failure shall continue for a period of thirty (30) days after the earlier of
(x) the date upon which a Responsible Officer of the Parent, the Borrower or such other Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the
Administrative Agent. 
 (c) Misrepresentations. Any written statement, representation or warranty made or deemed made by or on
behalf of any Loan Party or the Parent under this Agreement or under any other Loan Document, or any amendment hereto or thereto, or in any other writing or statement at any time furnished by, or at the direction of, any Loan Party to the
Administrative Agent, any Issuing Bank or any Lender, shall at any time prove to have been incorrect or misleading in any material respect when furnished or made or deemed made (it being understood that, so long as prepared in good faith by or on
behalf of the applicable Loan Parties and based on assumptions believed to be reasonable at the time, no projections furnished pursuant to Section 8.4.(e) or otherwise shall be a guarantee of future performance and such future performance may
vary materially from such projections). 
 (d) Indebtedness Cross-Default. 

(i) The Parent, the Borrower, any other Loan Party or any other Subsidiary shall fail to make any payment when due and payable
(following the expiration of any applicable grace or cure periods) in respect of (x) any Recourse Indebtedness (other than the Loans and Reimbursement Obligations and Indebtedness in respect of Derivatives Contracts) having an aggregate
outstanding principal amount individually or in the aggregate with all other Recourse Indebtedness as to which such a failure exists, of $100,000,000 or more (“Material Indebtedness”) or (y) an amount of Indebtedness with
respect to Derivatives Contracts, having individually or in the aggregate with all other Indebtedness with respect to Derivatives Contracts as to which such a failure exists, without regard to the effect of any
close-out netting provision, Derivatives Termination Values of $25,000,000 or more; or 

(ii) (x) The maturity of any Material Indebtedness shall have been accelerated in accordance with the provisions of any
indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Material Indebtedness or (y) any Material Indebtedness shall have been required to be prepaid, repurchased, redeemed or defeased prior to
the stated maturity thereof (other than customary non-default mandatory prepayments triggered by asset sales, casualty events, equity issuances or debt issuances); or 

  
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 (iii) Any other event shall have occurred and be continuing in respect of
which any applicable grace or cure period shall have expired so as to permit any holder or holders of any Material Indebtedness, any trustee or agent acting on behalf of such holder or holders or any other Person, to accelerate the maturity of any
such Material Indebtedness or require any such Material Indebtedness to be prepaid, repurchased, redeemed or defeased prior to its stated maturity (other than as a result of customary non-default mandatory
prepayments triggered by asset sales, casualty events, equity issuances or debt issuances); or 
 (iv) There occurs an
“Event of Default” under and as defined in any Derivatives Contract as to which the Borrower, any Loan Party or any other Subsidiary is a “Defaulting Party” (as defined therein), or there occurs an “Early Termination
Date” (as defined therein) in respect of any Specified Derivatives Contract as a result of a “Termination Event” (as defined therein) as to which the Borrower or any of its Subsidiaries is an “Affected Party” (as defined
therein) and the Derivatives Termination Value, without regard to the effect of any close-out netting provision, owed by the Parent or any of its Subsidiaries as a result thereof, individually or in the
aggregate with the Derivatives Termination Values of all other Derivatives Contracts or Specified Derivatives Contracts with respect to which such events have occurred, is $25,000,000 or more. 

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

  
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 (h) Judgment. A judgment or order for the payment of money or for an injunction or
other non-monetary relief shall be entered against the Parent, the Borrower, any other Loan Party, or any other Subsidiary (other than an Excluded Subsidiary) by any court or other tribunal and (i) such
judgment or order shall continue for a period of sixty (60) days without being paid, stayed or dismissed through appropriate appellate proceedings and (ii) either (A) the amount of such judgment or order for which insurance has been
denied by the applicable insurance carrier (but only following formal written notice of such judgment to such insurance carrier) exceeds, individually or together with all other such unsatisfied judgments or orders entered against the Parent, the
Borrower, any other Loan Party or any other Subsidiary, $100,000,000 or (B) in the case of an injunction or other non-monetary relief, such injunction or judgment or order could reasonably be expected to
have a Material Adverse Effect. 
 (i) Attachment. A warrant, writ of attachment, execution or similar process shall be issued
against any property of the Parent, the Borrower, any other Loan Party or any other Subsidiary (other than an Excluded Subsidiary), which exceeds, individually or together with all other such warrants, writs, executions and processes, $100,000,000
in amount and such warrant, writ, execution or process shall not be paid, discharged, vacated, stayed or bonded for a period of sixty (60) days; provided, however, that if a bond has been issued in favor of the claimant or other
Person obtaining such warrant, writ, execution or process, the issuer of such bond shall execute a waiver or subordination agreement in form and substance satisfactory to the Administrative Agent pursuant to which the issuer of such bond
subordinates its right of reimbursement, contribution or subrogation to the Obligations and waives or subordinates any Lien it may have on the assets of the Borrower, any other Loan Party or any other Subsidiary. 

(j) ERISA. 

(i) Any ERISA Event shall have occurred that results or could reasonably be expected to result in liability to any member of
the ERISA Group aggregating in excess of $100,000,000; or 
 (ii) The “benefit obligation” of all Plans exceeds the
“fair market value of plan assets” for such Plans by more than $100,000,000, all as determined, and with such terms defined, in accordance with FASB ASC 715. 

(k) Change of Control/Change in Management. 

(i) Any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)), other than the Permitted Holders is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person will be deemed to have “beneficial ownership” of all securities that such Person has the right to acquire, whether such right is exercisable immediately
or only after the passage of time), directly or indirectly, of more than 35.0% of the total voting power of the then outstanding voting stock of the Parent; 

(ii) During any period of twelve (12) consecutive months ending after the Agreement Date, individuals who at the beginning
of any such 12-month period constituted the Board of Trustees of the Parent (together with any new trustees whose appointment, election or nomination to the Board of Trustees was approved or recommended by a
vote of the Trustees then in office who either were Trustees at the beginning of any such period or whose appointment, election or nomination was previously so approved or recommended) cease for any reason to constitute a majority of the Board of
Trustees of the Parent then in office; 

  
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 (iii) (A) The Parent, together with the Permitted Holders shall cease
to own and control, directly or indirectly, at least 50.0% of the outstanding Equity Interests of the Borrower; or (B) the Parent shall cease to own and control, directly or indirectly, a majority of the outstanding Equity Interests of the
Borrower; or 
 (l) General Partner of Borrower. The Parent or a Wholly Owned Subsidiary of the Parent shall cease to be the sole
general partner of the Borrower or shall cease to have the sole and exclusive power to exercise all management and control over the Borrower. 

Notwithstanding the foregoing provisions of this Section 10.1, if a Default or Event of Default occurs solely as a result of a
Property being treated as an Eligible Property that is not in fact an Eligible Property, such Default or Event of Default shall be deemed not to have occurred so long as the Borrower delivers to the Administrative Agent not later than fifteen
(15) days from the earlier of (x) the date a Responsible Officer of the Parent or the Borrower obtains knowledge of the occurrence of such Default or Event of Default and (y) the date on which the Borrower has received written notice
of such Default or Event of Default from the Administrative Agent, each of the following: (1) written notice thereof and (2) a Compliance Certificate, prepared for each fiscal period in which such Property was included as an Eligible
Property but was not in fact an Eligible Property, evidencing compliance with the covenants set forth in Section 9.1 for such period, excluding such Property as an Eligible Property, as applicable. 

Section 10.2. Remedies Upon Event of Default. 

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

(a) Acceleration; Termination of Facilities. 

(i) Automatic. Upon the occurrence of an Event of Default specified in Sections 10.1(e) or
10.1(f), (1)(A) the principal of, and all accrued interest on, the Loans and the Notes at the time outstanding, (B) an amount equal to the Stated Amount of all Letters of Credit outstanding as of the date of the occurrence of such Event
of Default for deposit into the Letter of Credit Collateral Account and (C) all of the other Obligations, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Notes or any
of the other Loan Documents shall become immediately and automatically due and payable without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Borrower on behalf of itself and the other Loan
Parties, and (2) the Commitments and the Swingline Commitment and the obligation of the Issuing Banks to issue Letters of Credit hereunder, shall all immediately and automatically terminate. 

(ii) Optional. If any other Event of Default shall exist, the Administrative Agent may, and at the direction of the
Requisite Lenders shall: (1) declare (A) the principal of, and accrued interest on, the Loans and the Notes at the time outstanding, (B) an amount equal to the Stated Amount of all Letters of Credit outstanding as of the date of the
occurrence of such Event of Default for deposit into the Letter of Credit Collateral Account and (C) all of the other Obligations, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this
Agreement, the Notes or any of the other Loan Documents to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived
by the Borrower on behalf of itself and the other Loan Parties, and (2) terminate the Commitments and the Swingline Commitment and the obligation of the Issuing Banks to issue Letters of Credit hereunder. 

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

(d) Appointment of Receiver. To the extent permitted by Applicable Law, the Administrative Agent and the Lenders shall be entitled to
the appointment of a receiver for the assets and properties of the Borrower and its Subsidiaries, without notice of any kind whatsoever and without regard to the adequacy of any security for the Obligations or the solvency of any party bound for its
payment, to take possession of all or any portion of the property and/or the business operations of the Borrower and its Subsidiaries and to exercise such power as the court shall confer upon such receiver. 

(e) Remedies in Respect of Specified Derivatives Contracts. Notwithstanding any other provision of this Agreement or other Loan
Document, each Specified Derivatives Provider shall have the right, with prompt notice to the Administrative Agent, but without the approval or consent of or other action by the Administrative Agent, the Issuing Banks or the Lenders, to take any
action or avail itself of any remedies available to such Specified Derivatives Provider under any Specified Derivatives Contract or Applicable Law. 

Section 10.3. Remedies Upon Default. 

Upon the occurrence of a Default specified in Section 10.1(f), the Commitments, the Swingline Commitment and the
obligation of the Issuing Banks to issue Letters of Credit shall immediately and automatically terminate. 
 Section 10.4. Marshaling; Payments Set
Aside. 
 No Lender Party shall be under any obligation to marshal any assets in favor of any Loan Party or any other party or against or
in payment of any or all of the Guaranteed Obligations. To the extent that any Loan Party makes a payment or payments to a Lender Party, or a Lender Party enforces its security interest or exercises its right of setoff, and such payment or payments
or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law,
state or federal law, common law or equitable cause, then to the extent of such recovery, the Guaranteed Obligations, or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in
full force and effect as if such payment had not been made or such enforcement or setoff had not occurred. 
 Section 10.5. Allocation of Proceeds.

 If an Event of Default exists, all payments received by the Administrative Agent (or any Lender as a result of its exercise of
remedies permitted under Section 12.3) under any of the Loan Documents, in respect of any Guaranteed Obligations shall be applied in the following order and priority: 

(a) to payment of that portion of the Guaranteed Obligations constituting fees, indemnities, expenses and other amounts, including attorney
fees, payable to the Administrative Agent in its capacity as such, each Issuing Bank in its capacity as such and the Swingline Lender in its capacity as such, ratably among the Administrative Agent, the applicable Issuing Banks and Swingline Lender
in proportion to the respective amounts described in this clause (a) payable to them; 

  
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 (b) to payment of that portion of the Guaranteed Obligations constituting fees, indemnities
and other amounts (other than principal and interest) payable to the Lenders under the Loan Documents, including attorney fees, ratably among the Lenders in proportion to the respective amounts described in this clause (b) payable to them; 

(c) to payment of that portion of the Guaranteed Obligations constituting accrued and unpaid interest on the Swingline Loans; 

(d) to payment of that portion of the Guaranteed Obligations constituting accrued and unpaid interest on the Loans and Reimbursement
Obligations, ratably among the Lenders and the applicable Issuing Banks in proportion to the respective amounts described in this clause (d) payable to them; 

(e) to payment of that portion of the Guaranteed Obligations constituting unpaid principal of the Swingline Loans; 

(f) to payment of that portion of the Guaranteed Obligations constituting unpaid principal of the Loans, Reimbursement Obligations, other
Letter of Credit Liabilities and payment obligations then owing under Specified Derivatives Contracts, ratably among the Lenders, the Issuing Banks, and the Specified Derivatives Providers in proportion to the respective amounts described in this
clause (f) payable to them; provided, however, to the extent that any amounts available for distribution pursuant to this clause are attributable to the issued but undrawn amount of an outstanding Letter of Credit, such amounts
shall be paid to the Administrative Agent for deposit into the Letter of Credit Collateral Account; and 
 (g) the balance, if any, after
all of the Guaranteed Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Applicable Law. 
 Notwithstanding the
foregoing, Guaranteed Obligations arising under Specified Derivatives Contracts shall be excluded from the application described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation
as the Administrative Agent may request, from the applicable Specified Derivatives Provider, as the case may be. Each Specified Derivatives Provider not a party to this Agreement that has given the notice contemplated by the preceding sentence
shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article XI for itself and its Affiliates as if a “Lender” party hereto. 

Section 10.6. Letter of Credit Collateral Account. 

(a) As collateral security for the prompt payment in full when due of all Letter of Credit Liabilities and the other Obligations, the Borrower
hereby pledges and grants to the Administrative Agent, for the ratable benefit of the Administrative Agent, the Issuing Banks and the Lenders as provided herein, a security interest in all of its right, title and interest in and to the Letter of
Credit Collateral Account and the balances from time to time in the Letter of Credit Collateral Account (including the investments and reinvestments therein provided for below). The balances from time to time in the Letter of Credit Collateral
Account shall not constitute payment of any Letter of Credit Liabilities until applied by an Issuing Bank as provided herein. Anything in this Agreement to the contrary notwithstanding, funds held in the Letter of Credit Collateral Account shall be
subject to withdrawal only as provided in this Section. 

  
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 (b) Amounts on deposit in the Letter of Credit Collateral Account shall be invested and
reinvested by the Administrative Agent in such Cash Equivalents as the Administrative Agent shall determine in its sole discretion. All such investments and reinvestments shall be held in the name of and be under the sole dominion and control of the
Administrative Agent for the ratable benefit of the Administrative Agent, the Issuing Banks and the Lenders; provided, that all earnings on such investments will be credited to and retained in the Letter of Credit Collateral Account. The
Administrative Agent shall exercise reasonable care in the custody and preservation of any funds held in the Letter of Credit Collateral Account and shall be deemed to have exercised such care if such funds are accorded treatment substantially
equivalent to that which the Administrative Agent accords other funds deposited with the Administrative Agent, it being understood that the Administrative Agent shall not have any responsibility for taking any necessary steps to preserve rights
against any parties with respect to any funds held in the Letter of Credit Collateral Account. 
 (c) If a drawing pursuant to any Letter of
Credit occurs on or prior to the expiration date of such Letter of Credit, the Borrower and the Lenders authorize the Administrative Agent to use the monies deposited in the Letter of Credit Collateral Account to reimburse the applicable Issuing
Bank for the payment made by such Issuing Bank to the beneficiary with respect to such drawing. 
 (d) If an Event of Default exists, the
Administrative Agent may (and, if instructed by the Requisite Lenders, shall) in its (or their) discretion at any time and from time to time elect to liquidate any such investments and reinvestments and apply the proceeds thereof to the Obligations
in accordance with Section 10.5. Notwithstanding the foregoing, the Administrative Agent shall not be required to liquidate and release any such amounts if such liquidation or release would result in the amount available in
the Letter of Credit Collateral Account to be less than the Stated Amount of all Extended Letters of Credit that remain outstanding. 
 (e)
So long as no Default or Event of Default exists, and to the extent amounts on deposit in or credited to the Letter of Credit Collateral Account exceed the aggregate amount of the Letter of Credit Liabilities then due and owing, the Administrative
Agent shall, from time to time, at the request of the Borrower, deliver to the Borrower within ten (10) Business Days after the Administrative Agent’s receipt of such request from the Borrower, against receipt but without any recourse,
warranty or representation whatsoever, such amount of the credit balances in the Letter of Credit Collateral Account as exceeds the aggregate amount of Letter of Credit Liabilities at such time. Upon the expiration, termination or cancellation of an
Extended Letter of Credit for which the Lenders reimbursed (or funded participations in) a drawing deemed to have occurred under the fourth sentence of Section 2.4(b) for deposit into the Letter of Credit Collateral Account
but in respect of which the Lenders have not otherwise received payment for the amount so reimbursed or funded, the Administrative Agent shall promptly remit to the Lenders the amount so reimbursed or funded for such Extended Letter of Credit that
remains in the Letter of Credit Collateral Account, pro rata in accordance with the respective unpaid reimbursements or funded participations of the Lenders in respect of such Extended Letter of Credit, against receipt but without any recourse,
warranty or representation whatsoever. When all of the Obligations (other than contingent indemnification obligations for which no claim has been made or asserted) shall have been indefeasibly paid in full and no Letters of Credit remain
outstanding, the Administrative Agent shall deliver to the Borrower, against receipt but without any recourse, warranty or representation whatsoever, the balances remaining in the Letter of Credit Collateral Account. 

(f) The Borrower shall pay to the Administrative Agent from time to time such fees as the Administrative Agent normally charges for similar
services in connection with the Administrative Agent’s administration of the Letter of Credit Collateral Account and investments and reinvestments of funds therein. 

  
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 Section 10.7. Performance by Administrative Agent. 

If the Borrower or any other Loan Party shall fail to perform any covenant, duty or agreement contained in any of the Loan Documents, the
Administrative Agent may, after notice to the Borrower, perform or attempt to perform such covenant, duty or agreement on behalf of the Borrower or such other Loan Party after the expiration of any cure or grace periods set forth herein. In such
event, the Borrower shall, at the request of the Administrative Agent, promptly pay any amount reasonably expended by the Administrative Agent in such performance or attempted performance to the Administrative Agent, together with interest thereon
at the applicable Post-Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, neither the Administrative Agent nor any Lender shall have any liability or responsibility whatsoever for the performance of any
obligation of the Borrower under this Agreement or any other Loan Document. 
 Section 10.8. Rights Cumulative. 

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

(b) Enforcement by Administrative Agent. Notwithstanding anything to the contrary contained herein or in any other Loan Document, the
authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be
instituted and maintained exclusively by, the Administrative Agent in accordance with Article X for the benefit of all the Lenders and the Issuing Banks; provided that the foregoing shall not prohibit (i) the
Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (ii) any Issuing Bank or the Swingline
Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as an Issuing Bank or Swingline Lender, as the case may be) hereunder or under the other Loan Documents, (iii) any Specified Derivatives Provider
from exercising the rights and remedies that inure to its benefit under any Specified Derivatives Contract (iv) any Lender from exercising setoff rights in accordance with Section 12.3 (subject to the terms of
Section 3.3), or (v) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and
provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (x) the Requisite Lenders shall have the rights otherwise ascribed to the Administrative
Agent pursuant to Article X and (y) in addition to the matters set forth in clauses (ii), (iv) and (v) of the preceding proviso and subject to Section 3.3, any Lender may, with the
consent of the Requisite Lenders, enforce any rights and remedies available to it and as authorized by the Requisite Lenders. 
 ARTICLE
XI. THE ADMINISTRATIVE AGENT 
 Section 11.1. Appointment and Authorization. 

Each Lender hereby irrevocably appoints and authorizes the Administrative Agent to take such action as contractual representative on such
Lender’s behalf and to exercise such powers under this 

  
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Agreement and the other Loan Documents as are specifically delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto.
Not in limitation of the foregoing, each Lender authorizes and directs the Administrative Agent to enter into the Loan Documents for the benefit of the Lenders. Each Lender hereby agrees that, except as otherwise set forth herein, any action taken
by the Requisite Lenders in accordance with the provisions of this Agreement or the Loan Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental
thereto, shall be authorized and binding upon all of the Lenders. Nothing herein shall be construed to deem the Administrative Agent a trustee or fiduciary for any Lender or to impose on the Administrative Agent duties or obligations other than
those expressly provided for herein. Without limiting the generality of the foregoing, the use of the terms “Agent”, “Administrative Agent”, “agent” and similar terms in the Loan Documents with reference to the
Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead, use of such terms is merely a matter of market custom, and is intended to create or
reflect only an administrative relationship between independent contracting parties. The Administrative Agent shall deliver to each Lender, promptly upon receipt thereof by the Administrative Agent, copies of each of the financial statements,
certificates, notices and other documents delivered to the Administrative Agent pursuant to Article VIII that the Borrower is not otherwise required to deliver directly to the Lenders. The Administrative Agent will furnish
to any Lender, upon the request of such Lender, a copy (or, where appropriate, an original) of any document, instrument, agreement, certificate or notice furnished to the Administrative Agent by the Borrower, any other Loan Party or any other
Affiliate of the Borrower, pursuant to this Agreement or any other Loan Document not already delivered or otherwise made available to such Lender pursuant to the terms of this Agreement or any such other Loan Document. As to any matters not
expressly provided for by the Loan Documents (including, without limitation, enforcement or collection of any of the Obligations), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to
act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Requisite Lenders (or all of the Lenders if explicitly required under any other provision of this Agreement), and such
instructions shall be binding upon all Lenders and all holders of any of the Obligations; provided, however, that, notwithstanding anything in this Agreement to the contrary, the Administrative Agent shall not be required to take any
action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement or any other Loan Document or Applicable Law. Not in limitation of the foregoing, the Administrative Agent may exercise any right or remedy it
or the Lenders may have under any Loan Document upon the occurrence of a Default or an Event of Default unless the Requisite Lenders have directed the Administrative Agent otherwise. Without limiting the foregoing, no Lender shall have any right of
action whatsoever against the Administrative Agent as a result of the Administrative Agent acting or refraining from acting under this Agreement or any of the other Loan Documents in accordance with the instructions of the Requisite Lenders, or
where applicable, all the Lenders. 
 Section 11.2. Administrative Agent as Lender. 

The Lender acting as Administrative Agent shall have the same rights and powers as a Lender or a Specified Derivatives Provider, as the case
may be, under this Agreement, any other Loan Document, or any Specified Derivatives Contract, as the case may be, as any other Lender or Specified Derivatives Provider and may exercise the same as though it were not the Administrative Agent; and the
term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include the Lender acting as Administrative Agent in each case in its individual capacity. Such Lender acting as Administrative Agent and its Affiliates may
each accept deposits from, maintain deposits or credit balances for, invest in, lend money to, act as trustee under indentures of, serve as financial advisor to, and generally engage in any kind of business with the Borrower, any other Loan Party or
any other Affiliate thereof as if it were any other bank and without any duty to account therefor to any Issuing Bank, the other Lenders or any Specified Derivatives Providers. Further, the Administrative Agent and any Affiliate may accept fees and
other consideration from the 

  
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Borrower for services in connection with this Agreement or any Specified Derivatives Contract, or otherwise without having to account for the same to any Issuing Bank, the other Lenders or any
Specified Derivatives Providers. The Issuing Banks and the Lenders acknowledge that, pursuant to such activities, the Lender acting as Administrative Agent or its Affiliates may receive information regarding the Borrower, other Loan Parties, other
Subsidiaries and other Affiliates (including information that may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Administrative Agent shall be under no obligation to provide such information to them. 

Section 11.3. Approvals of Lenders. 

All communications from the Administrative Agent to any Lender requesting such Lender’s determination, consent or approval (a) shall
be given in the form of a written notice to such Lender, (b) shall be accompanied by a description of the matter or issue as to which such determination, consent or approval is requested, or shall advise such Lender where information, if any,
regarding such matter or issue may be inspected, or shall otherwise describe the matter or issue to be resolved and (c) shall include, if reasonably requested by such Lender and to the extent not previously provided to such Lender, written
materials provided to the Administrative Agent by the Borrower in respect of the matter or issue to be resolved. Unless a Lender shall give written notice to the Administrative Agent that it specifically objects to the requested determination,
consent or approval within ten (10) Business Days (or such lesser or greater period as may be specifically required under the express terms of the Loan Documents) of receipt of such communication, such Lender shall be deemed to have
conclusively approved of or consented to such requested determination, consent or approval. The provisions of this Section shall not apply to any amendment, waiver or consent regarding any of the matters described in
Section 12.6(c). 
 Section 11.4. Notice of Events of Default. 

The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the
Administrative Agent has received notice from a Lender or the Borrower referring to this Agreement, describing with reasonable specificity such Default or Event of Default and stating that such notice is a “notice of default.” If any
Lender (excluding the Lender which is also serving as the Administrative Agent) becomes aware of any Default or Event of Default, it shall promptly send to the Administrative Agent such a “notice of default”; provided, a
Lender’s failure to provide such a “notice of default” to the Administrative Agent shall not result in any liability of such Lender to any other party to any of the Loan Documents. Further, if the Administrative Agent receives such a
“notice of default,” the Administrative Agent shall give prompt notice thereof to the Lenders. 
 Section 11.5. Administrative
Agent’s Reliance. 
 Notwithstanding any other provisions of this Agreement or any other Loan Documents, neither the Administrative
Agent nor any of its Related Parties shall be liable for any action taken or not taken by it under or in connection with this Agreement or any other Loan Document, except for its or their own gross negligence or willful misconduct in connection with
its duties expressly set forth herein or therein as determined by a court of competent jurisdiction in a final non-appealable judgment. Without limiting the generality of the foregoing, the Administrative
Agent may consult with legal counsel (including its own counsel or counsel for the Borrower or any other Loan Party), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken
in good faith by it in accordance with the advice of such counsel, accountants or experts. Neither the Administrative Agent nor any of its Related Parties: (a) makes any warranty or representation to any Lender, any Issuing Bank or any other
Person, or shall be responsible to any Lender, any Issuing Bank or any other Person for any statement, warranty or representation made or deemed made by the Borrower, any other Loan Party or any other Person in or in connection with this Agreement
or any other Loan Document; (b) shall have any duty 

  
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to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or any other Loan Document or the satisfaction of any conditions
precedent under this Agreement or any Loan Document on the part of the Borrower or other Persons, or to inspect the property, books or records of the Borrower or any other Person; (c) shall be responsible to any Lender or any Issuing Bank for
the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan Document, any other instrument or document furnished pursuant thereto; (d) shall have any liability in respect of any
recitals, statements, certifications, representations or warranties contained in any of the Loan Documents or any other document, instrument, agreement, certificate or statement delivered in connection therewith; and (e) shall incur any
liability under or in respect of this Agreement or any other Loan Document by acting upon any notice, consent, certificate or other instrument or writing (which may be by telephone, facsimile or electronic mail) believed by it to be genuine and
signed, sent or given by the proper party or parties. The Administrative Agent may execute any of its duties under the Loan Documents by or through agents, employees or
attorneys-in-fact and shall not be responsible for the negligence or misconduct of any agent or
attorney-in-fact that it selects in the absence of gross negligence or willful misconduct in the selection of such agent or attorney-in-fact as determined by a court of competent jurisdiction in a final non-appealable judgment. 

Section 11.6. Indemnification of Administrative Agent. 

Each Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of
the Borrower to do so) pro rata in accordance with such Lender’s respective Pro Rata Share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought), from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, reasonable out-of-pocket costs and expenses of any kind or nature whatsoever which may at any time be
imposed on, incurred by, or asserted against the Administrative Agent (in its capacity as Administrative Agent but not as a Lender) in any way relating to or arising out of the Loan Documents, any transaction contemplated hereby or thereby or any
action taken or omitted by the Administrative Agent under the Loan Documents (collectively, “Indemnifiable Amounts”); provided, however, that no Lender shall be liable for any portion of such Indemnifiable Amounts to the
extent resulting from (i) the Administrative Agent’s gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment, or (ii) the
failure by another Lender to comply with such other Lender’s obligations under Section 11.11; provided, further, that no action taken in accordance with the directions of the Requisite Lenders (or all of the Lenders, if
expressly required hereunder) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limiting the generality of the foregoing, each Lender agrees to reimburse the Administrative Agent (to the
extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) promptly upon demand for its ratable share of any out-of-pocket
expenses (including the reasonable fees and expenses of the counsel to the Administrative Agent) incurred by the Administrative Agent in connection with the preparation, negotiation, execution, administration, or enforcement (whether through
negotiations, legal proceedings, or otherwise) of, or legal advice with respect to the rights or responsibilities of the parties under, the Loan Documents, any suit or action brought by the Administrative Agent to enforce the terms of the Loan
Documents and/or collect any Obligations, any “lender liability” suit or claim brought against the Administrative Agent and/or the Lenders, and any claim or suit brought against the Administrative Agent and/or the Lenders arising under any
Environmental Laws. Such out-of-pocket expenses (including counsel fees) shall be advanced by the Lenders on the request of the Administrative Agent notwithstanding any
claim or assertion that the Administrative Agent is not entitled to indemnification hereunder upon receipt of an undertaking by the Administrative Agent that the Administrative Agent will reimburse the Lenders if it is actually and finally
determined by a court of competent jurisdiction that the Administrative Agent is not so entitled to indemnification. The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder or under the other
Loan Documents and the termination of this Agreement. If the Borrower shall reimburse the Administrative Agent for any Indemnifiable Amount following payment by any Lender to the Administrative Agent in respect of such Indemnifiable Amount pursuant
to this Section, the Administrative Agent shall share such reimbursement on a ratable basis with each Lender making any such payment. 

  
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 Section 11.7. Lender Credit Decision, Etc. 

Each of the Lenders and the Issuing Banks expressly acknowledges and agrees that neither the Administrative Agent nor any of its Related
Parties has made any representations or warranties to such Issuing Bank or such Lender and that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Parent, the Borrower, any other Loan Party or any other
Subsidiary or Affiliate, shall be deemed to constitute any such representation or warranty by the Administrative Agent to any Issuing Bank or any Lender. Each of the Lenders and the Issuing Banks acknowledges that it has made its own credit and
legal analysis and decision to enter into this Agreement and the transactions contemplated hereby, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent, or any of their respective
Related Parties, and based on the financial statements of the Parent, the Borrower, the other Loan Parties, the other Subsidiaries and other Affiliates, and inquiries of such Persons, its independent due diligence of the business and affairs of the
Parent, the Borrower, the other Loan Parties, the other Subsidiaries and other Persons, its review of the Loan Documents, the legal opinions required to be delivered to it hereunder, the advice of its own counsel and such other documents and
information as it has deemed appropriate. Each of the Lenders and the Issuing Banks also acknowledges that it will, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent or any of
their respective Related Parties, and based on such review, advice, documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under the Loan Documents. The Administrative
Agent shall not be required to keep itself informed as to the performance or observance by the Parent, the Borrower or any other Loan Party of the Loan Documents or any other document referred to or provided for therein or to inspect the properties
or books of, or make any other investigation of, the Parent, the Borrower, any other Loan Party or any other Subsidiary. Except for notices, reports and other documents and information expressly required to be furnished to the Lenders and the
Issuing Banks by the Administrative Agent under this Agreement or any of the other Loan Documents, the Administrative Agent shall have no duty or responsibility to provide any Lender or any Issuing Bank with any credit or other information
concerning the business, operations, property, financial and other condition or creditworthiness of the Borrower, any other Loan Party or any other Affiliate thereof which may come into possession of the Administrative Agent or any of its Related
Parties. Each of the Lenders and the Issuing Banks acknowledges that the Administrative Agent’s legal counsel in connection with the transactions contemplated by this Agreement is only acting as counsel to the Administrative Agent and is not
acting as counsel to any Lender or any Issuing Bank. 
 Section 11.8. Successor Administrative Agent. 

The Administrative Agent may (a) resign at any time as Administrative Agent under the Loan Documents by giving written notice thereof to
the Lenders and the Borrower or (b) be removed as administrative agent by the Requisite Lenders (other than the Lender then acting as Administrative Agent) and the Borrower upon thirty (30) days’ prior written notice if the
Administrative Agent (i) is found by a court of competent jurisdiction in a final, non-appealable judgment to have committed gross negligence or willful misconduct in the course of performing its duties
hereunder or (ii) has become or is insolvent or has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating
its consent to, approval of or acquiescence in any such proceeding or appointment. Upon any such resignation or removal, the Requisite Lenders shall have the right to appoint a successor Administrative Agent which appointment shall, provided
no Event of Default exists, be subject to the Borrower’s approval, which approval shall not 

  
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be unreasonably withheld or delayed. If no successor Administrative Agent shall have been so appointed in accordance with the immediately preceding sentence, and shall have accepted such
appointment, within thirty (30) days after the current Administrative Agent’s giving of notice of resignation or upon the removal of the current Administrative Agent, then the current Administrative Agent may, on behalf of the Lenders and
the Issuing Banks, appoint a successor Administrative Agent, which shall be a Lender, if any Lender shall be willing to serve, and otherwise shall be an Eligible Assignee; provided that if the Administrative Agent shall notify the Borrower
and the Lenders that no Lender has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the Administrative Agent shall be discharged from its duties and obligations hereunder
and under the other Loan Documents and (2) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made to each Lender and each Issuing Bank directly, until such time as a
successor Administrative Agent has been appointed as provided for above in this Section; provided, further that such Lenders and such Issuing Banks so acting directly shall be and be deemed to be protected by all indemnities and other
provisions herein for the benefit and protection of the Administrative Agent as if each such Lender or Issuing Bank were itself the Administrative Agent. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor
Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the current Administrative Agent, and the current Administrative Agent shall be discharged
from its duties and obligations under the Loan Documents. Any resignation by, or removal of, an Administrative Agent shall also constitute the resignation or removal as an Issuing Bank and as the Swingline Lender by the Lender then acting as
Administrative Agent (the “Resigning Lender”) except that such Lender, in its capacity as Issuing Bank, shall continue to have obligations hereunder with respect to Letters of Credit issued prior to such resignation or removal until
a successor Administrative Agent is appointed. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder (i) the Resigning Lender shall be discharged from all duties and obligations of an Issuing Bank and the
Swingline Lender hereunder and under the other Loan Documents and (ii) the successor Issuing Bank shall issue letters of credit in substitution for all Letters of Credit issued by the Resigning Lender as Issuing Bank outstanding at the time of
such succession (which letters of credit issued in substitutions shall be deemed to be Letters of Credit issued hereunder) or make other arrangements satisfactory to the Resigning Lender to effectively assume the obligations of the Resigning Lender
with respect to such Letters of Credit. After any Administrative Agent’s resignation or removal hereunder as Administrative Agent, the provisions of this Article XI shall continue to inure to its benefit as to any
actions taken or omitted to be taken by it while it was Administrative Agent under the Loan Documents. Notwithstanding anything contained herein to the contrary, the Administrative Agent may assign its rights and duties under the Loan Documents to
any of its Affiliates by giving the Borrower and each Lender prior written notice. 
 Section 11.9. Titled Agents. 

Each of the Lead Arrangers, the Bookrunners, Syndication Agent, Sustainability Agent, Documentation Agents and Senior Managing Agents
(each a “Titled Agent”) in each such respective capacity, assumes no responsibility or obligation hereunder, including, without limitation, for servicing, enforcement or collection of any of the Loans, nor any duties as an agent
hereunder for the Lenders. The titles given to the Titled Agents are solely honorific and imply no fiduciary responsibility on the part of the Titled Agents to the Administrative Agent, any Lender, any Issuing Bank, the Parent, the Borrower or any
other Loan Party and the use of such titles does not impose on the Titled Agents any duties or obligations greater than those of any other Lender or entitle the Titled Agents to any rights other than those to which any other Lender is entitled. 

  
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 Section 11.10. Specified Derivatives Contracts. 

No Specified Derivatives Provider that obtains the benefits of Section 10.5 by virtue of the provisions hereof or of
any Loan Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of any Loan Document other than in its capacity as a Lender and, in
such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory
arrangements have been made with respect to, Specified Derivatives Contracts unless the Administrative Agent has received written notice of such Specified Derivatives Contracts, together with such supporting documentation as the Administrative Agent
may request, from the applicable Specified Derivatives Provider. 
 Section 11.11. Erroneous Payments. 

(a) Each Lender and each Issuing Bank hereby severally agrees that if (i) the Administrative Agent notifies (which such notice shall
be conclusive absent manifest error) such Lender or Issuing Bank that the Administrative Agent has determined in its sole discretion that any funds received by such Lender or Issuing Bank from the Administrative Agent or any of its Affiliates
were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Lender or Issuing Bank (whether or not known to such Lender or Issuing Bank) or (ii) it receives any payment from the Administrative Agent (or any of
its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, (y) that was not preceded
or accompanied by a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment or (z) that such Lender or Issuing Bank otherwise becomes aware was transmitted, or received, in error or by mistake
(in whole or in part) then, in each case an error in payment has been made (any such amounts specified in clauses (i) or (ii) of this Section 11.11(a), whether received as a payment, prepayment or repayment of
principal, interest, fees or otherwise; individually and collectively, an “Erroneous Payment”) and the Lender or Issuing Bank, as the case may be, is deemed to have knowledge of such error at the time of its receipt of such
Erroneous Payment and to the extent permitted by applicable law, such Lender or Issuing Bank shall not assert any right or claim to the Erroneous Payment, and hereby waives, any claim, counterclaim, defense or right of
set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments received, including without limitation waiver of any defense based
on “discharge for value” or any similar doctrine. 
 (b) Without limiting the immediately preceding clause (a), each Lender and
each Issuing Bank agrees that, in the case of clause (a)(ii) above, it shall promptly (and, in all events, within one (1) Business Day of its knowledge (or deemed knowledge) of such error) notify the Administrative Agent in writing of such
occurrence and, in the case of either clause (a)(i) or (a)(ii) above upon demand from the Administrative Agent, it shall promptly, but in all events no later than two (2) Business Days thereafter, return to the Administrative Agent the amount
of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or
portion thereof) was received by such Lender or Issuing Bank to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance
with banking industry rules on interbank compensation from time to time in effect. 
 (c) The Borrower and each other Loan Party hereby
agrees that (x) in the event an Erroneous Payment (or portion thereof) is not recovered from any Lender or Issuing Bank that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated
to all 

  
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the rights of such Lender or Issuing Bank with respect to such amount, (y) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the
Borrower or any other Loan Party and (z) to the extent that an Erroneous Payment was in any way or at any time credited as payment or satisfaction of any of the Obligations, the Obligations or any part thereof that were so credited, and all
rights of the applicable Lender, Issuing Bank, or Administrative Agent, as the case may be, shall be reinstated and continue in full force and effect as if such payment or satisfaction had never been received. 

(d) Each party’s obligations under this Section 11.11 shall survive the resignation or replacement of the
Administrative Agent or any transfer of right or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.

 ARTICLE XII. MISCELLANEOUS 

Section 12.1. Notices. 

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

American Homes 4 Rent 

American Homes 4 Rent, L.P. 

23975 Park Sorrento Suite 300 

Calabasas, CA 91302 

Attention: Chief Financial Officer 

Facsimile Number: (805) 456-7859 

Telephone Number: (805) 413-5275 

Email: clau@ah4r.com 

with a copy to: 

American Homes 4 Rent 

American Homes 4 Rent, L.P. 

23975 Park Sorrento Suite 300 

Calabasas, CA 91302 

Attention: Chief Legal Officer 

Facsimile Number: (805) 456-7859 

Telephone Number: (310) 774-5331 

Email: svogtlowell@ah4r.com 

If to the Administrative Agent: 

Wells Fargo Bank, National Association 

401 B Street, Suite 1100 

San Diego, California 92101 

Attn: Dale Northup Telephone: 619-699-3025 

Email: dale.a.nortup@wellsfargo.com 

  
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 with a copy to: 

Wells Fargo Bank, National Association 

Wells Fargo CRE Portfolio Services 

1512 Eureka Road 

Suite 350 

Roseville, California 

Attn: Patty Cabrera 

Telephone: 916-788-4672 

Email: pcabrera@wellsfargo.com 

and a copy to: 

Wells Fargo Bank, National Association 

Minneapolis Loan Center 

MAC N9300-091 

600 South 4th Street,
8th Floor 
 Minneapolis, Minnesota 55415 

Attn: Kirby Wilson, CRE Agency Services 

Facsimile: 866-595-7863 

Telephone: 612-667-6009 

If to Wells Fargo, as an Issuing Bank: 

Wells Fargo Bank, National Association 

401 B Street, Suite 1100 

San Diego, California 92101 

Attn: Dale Northup Telephone: 619-699-3025 

Email: dale.a.nortup@wellsfargo.com 

with a copy to: 

Wells Fargo Bank, National Association 

Wells Fargo CRE Portfolio Services 

1512 Eureka Road 

Suite 350 

Roseville, California 

Attn: Patty Cabrera Telephone: 916-788-4672

 Email: pcabrera@wellsfargo.com 

If to JPMorgan Chase, N.A., as an Issuing Bank: 

JPMorgan Chase Bank, N.A. 

10420 Highland Manor Dr. 4th Floor 

Tampa, FL 33610 
 Attn: Standby
LC Unit 
 Facsimile:    856-294-5267

 Telephone:   800-364-1969 

Email: GTS.Client.Services@jpmchase.com 

  
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 with a copy to: 

JPMorgan Chase Bank, N.A. 

500 Stanton Christiana Rd. 

NCC5 / 1st Floor 

Newark, DE 19713 

Attn: Loan & Agency Services Group 

Email: NA_CPG@jpmorgan.com 

If to any other Lender: 

To such Lender’s address or facsimile number as set forth in the applicable 

Administrative Questionnaire 

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

The Borrower agrees (a) to pay or reimburse the Administrative Agent for all of its reasonable and documented out-of-pocket costs and expenses incurred in connection with the preparation, negotiation and execution of, and any amendment, supplement or modification to, any of the Loan
Documents (including due diligence expenses and reasonable travel expenses related to closing), and the consummation of the transactions contemplated hereby and thereby, including the reasonable and documented out-of-pocket fees and disbursements of counsel to the Administrative Agent and all reasonable and documented out-of-pocket
costs and expenses of the Administrative Agent in connection with the use of IntraLinks, SyndTrak or other 

  
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similar information transmission systems in connection with the Loan Documents, (b) to pay or reimburse the Administrative Agent, the Issuing Banks and the Lenders for all their reasonable
and documented out-of-pocket costs and expenses incurred in connection with the enforcement or preservation of any rights under the Loan Documents, including the
reasonable fees and disbursements of their respective counsel and any payments in indemnification or otherwise payable by the Lenders to the Administrative Agent pursuant to the Loan Documents, (c) to pay, and indemnify and hold harmless the
Administrative Agent, the Issuing Banks and the Lenders from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any failure to pay or delay in paying, documentary, stamp, excise and other similar
taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery of any of the Loan Documents, or consummation of any amendment, supplement or modification of, or any waiver or consent under or in respect
of, any Loan Document and (d) to the extent not already covered by any of the preceding subsections, to pay or reimburse the fees and disbursements of counsel to the Administrative Agent, any Issuing Bank and any Lender incurred in connection
with the representation of the Administrative Agent, such Issuing Bank or such Lender in any matter relating to or arising out of any bankruptcy or other proceeding of the type described in Sections 10.1(e) or
10.1(f), including, without limitation (i) any motion for relief from any stay or similar order, (ii) the negotiation, preparation, execution and delivery of any document relating to the Obligations and (iii) the negotiation
and preparation of any debtor-in-possession financing or any plan of reorganization of the Borrower or any other Loan Party, whether proposed by the Borrower, such Loan
Party, the Lenders or any other Person, and whether such fees and expenses are incurred prior to, during or after the commencement of such proceeding or the confirmation or conclusion of any such proceeding. If the Borrower shall fail to pay any
amounts required to be paid by it pursuant to this Section, the Administrative Agent and/or the Lenders may pay such amounts on behalf of the Borrower and such amounts shall be deemed to be Obligations owing hereunder. Notwithstanding the foregoing,
the obligation to reimburse the Lender Parties for fees and expenses incurred in connection with any preservation of rights under the Loan Documents that is undertaken other than in connection with an enforcement of any Lender Parties’ rights
and remedies under the Credit Agreement or after an Event of Default shall be limited to the reasonable and documented out-of-pocket fees, disbursements and other
charges of one counsel to the Lender Parties and, if reasonably necessary, a single local counsel for the Lender Parties in each relevant jurisdiction and with respect to each relevant specialty, and in the case of an actual or perceived conflict of
interest, one additional counsel in each relevant jurisdiction to the affected Lender Parties similarly situated. All amounts payable pursuant to this Section 12.2 shall be due and payable 15 days after receipt of a
reasonably detailed invoice therefor (or in the case of the costs and expenses described in clause (a) of this Section, any earlier date set forth in the applicable amendment, supplement or modification to any of the Loan Documents for which
such costs and expenses are to be paid or reimbursed). 
 Section 12.3. Setoff. 

Subject to Section 3.3 and in addition to any rights now or hereafter granted under Applicable Law and not by way of
limitation of any such rights, the Borrower hereby authorizes the Administrative Agent, each Issuing Bank, each Lender, each Affiliate of the Administrative Agent, any Issuing Bank or any Lender, and each Participant, at any time or from time to
time while an Event of Default exists, without notice to the Borrower or to any other Person, any such notice being hereby expressly waived, but in the case of an Issuing Bank, a Lender, an Affiliate of an Issuing Bank or a Lender, or a Participant,
subject to receipt of the prior written consent of the Requisite Lenders exercised in their sole discretion, to set off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced
by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Administrative Agent, such Issuing Bank, such Lender, any Affiliate of the Administrative Agent, such Issuing Bank or such Lender,
or such Participant, to or for the credit or the account of the Borrower against and on account of any of the Obligations, irrespective of whether or not any or all of the Loans and all other Obligations have been declared to be, or have otherwise

  
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become, due and payable as permitted by Section 10.2, and although such Obligations shall be contingent or unmatured. Notwithstanding anything to the contrary in this
Section, if any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of
Section 3.9 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Banks and the Lenders and
(y) such Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. 

Section 12.4. Litigation; Jurisdiction; Other Matters; Waivers. 

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

  
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AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT, ANY ISSUING BANK OR
ANY LENDER OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT, ANY ISSUING BANK OR ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 

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

Section 12.5. Successors and Assigns. 

(a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that none of the Parent, the Borrower or any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder or under any other Loan Document
without the prior written consent of the Administrative Agent and each Lender, and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of the
immediately following subsection (b), (ii) by way of participation in accordance with the provisions of the immediately following subsection (d) or (iii) by way of pledge or assignment of
a security interest subject to the restrictions of the immediately following subsection (e) (and, subject to the last sentence of the immediately following subsection (b), any other attempted
assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted
hereby, Participants to the extent provided in the immediately following subsection (d) and, to the extent expressly contemplated hereby, the Related Parties of the Administrative Agent and the Lenders) any legal or
equitable right, remedy or claim under or by reason of this Agreement. 
 (b) Assignments by Lenders. Any Lender may at any time
assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be
subject to the following conditions: 
 (i) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of an assigning Revolving Lender’s Revolving Commitment
and/or the Revolving Loans at the time owing to it, or contemporaneous assignments to related Approved Funds that equal at least the amount specified in the immediately following clause (B) in the aggregate, or in the case of an assignment of
the entire remaining amount of an assigning Term Loan Lender’s Term Loan Commitment and/or Term Loans at the time owing to it, or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be
assigned; and 
 (B) in any case not described in the immediately preceding subsection (A), the aggregate amount of
the Commitment (which for this purpose includes Loans outstanding thereunder) of a Class or, if the applicable Commitments of the same Class as such Commitment are not then in effect, the principal outstanding balance of the Loans of such

  
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Class of the assigning Lender subject to each such assignment (in each case, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the
Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default under
Section 10.1(a), (e) or (f) shall exist, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however, that if, after giving effect to
such assignment, the amount of the Commitment of the applicable Class held by such assigning Lender or if the applicable Commitment is not then in effect, the outstanding principal balance of the Loans of the applicable Class of such
assigning Lender, as applicable, would be less than $5,000,000, then such assigning Lender shall assign the entire amount of its Commitment of such Class and the Loans of such Class at the time owing to it. 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the
assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Revolving Commitment assigned, except that this clause (ii) shall not apply to rights in respect of a Bid Rate Loan or prohibit any Lender from
assigning all or a portion of its rights and obligations among separate Classes of Commitments or Loans on a non pro-rata basis. 

(iii) Required Consents. No consent shall be required for any assignment except to the extent required by
clause (i)(B) of this subsection (b) and, in addition: 
 (A) the consent of the Borrower
(such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default under Section 10.1(a), (e) or (f) shall exist at the time of such assignment or
(y) such assignment is to a Lender of the same Class of Commitments or Loans, an Affiliate of a such a Lender or an Approved Fund of such a Lender; provided that the Borrower shall be deemed to have consented to any such assignment
unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; 

(B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required unless
such assignment is to a Lender of the same Class of Commitments or Loans, an Affiliate of such a Lender or an Approved Fund of such a Lender; and 

(C) the consent of each Issuing Bank and the Swingline Lender (in each case, such consent not to be unreasonably withheld or
delayed) shall be required for any assignment in respect of a Revolving Commitment. 
 (iv) Assignment and Acceptance;
Notes. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $4,500 for each assignment (which fee the Administrative Agent may, in
its sole discretion, elect to waive), and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. If requested by the transferor Lender or the assignee, upon the consummation of any assignment,
the transferor Lender, the Administrative Agent and the Borrower shall make appropriate arrangements so that new Notes are issued to the assignee and such transferor Lender, as appropriate. 

(v) No Assignment to Certain Persons. No such assignment shall be made to (A) the Borrower or any of the
Borrower’s Affiliates or Subsidiaries or (B) to any Defaulting Lender or any of its Subsidiaries, or to any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B). 

  
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 (vi) No Assignment to Natural Persons. No such assignment shall be
made to a natural person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person). 

(vii) Certain Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender
hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount
sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the
Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all
payment liabilities then owed by such Defaulting Lender to the Administrative Agent, each Issuing Bank, the Swingline Lender and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) (1) its
full pro rata share of all Revolving Loans and participations in Letters of Credit and Swingline Loans in accordance with its Revolving Commitment Percentage and (2) all Term Loans and any Term Loan Commitment held by such Defaulting Lender.
Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under Applicable Law without compliance with the provisions of this paragraph, then the assignee of
such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 
 Subject to acceptance and
recording thereof by the Administrative Agent pursuant to the immediately following subsection (c), from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to
this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such
Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be
a party hereto) but shall continue to be entitled to the benefits of Sections 4.4, 12.2 and 12.9 and the other provisions of this Agreement and the other Loan Documents as provided in
Section 12.10. with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment
by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does
not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with the immediately following subsection (d). 

(c) Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent
of the Borrower, shall maintain at the Principal Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated
interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the
Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any Lender, at any
reasonable time and from time to time upon reasonable prior notice. 

  
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 (d) Participations. Any Lender may at any time, without the consent of, or notice to,
the Borrower, the Administrative Agent, any Issuing Bank or the Swingline Lender, sell participations to any Person (other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit
of, a natural Person, or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a
portion of its Commitments and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for
the performance of such obligations and (iii) the Parent, the Borrower, the Administrative Agent, the Issuing Banks and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or
waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to (v) increase such Lender’s Commitment, (w) extend the
date fixed for the payment of principal on the Loans or portions thereof owing to such Lender, (x) reduce the rate at which interest is payable thereon, or (y) release any Guarantor from its Obligations under the Guaranty except as
contemplated by Section 7.14(d), in each case, as applicable to that portion of such Lender’s rights and/or obligations that are subject to the participation. The Borrower agrees that each Participant shall be entitled
to the benefits of Sections 3.10, 4.1, 4.4 (subject to the requirements and limitations therein, including the requirements under Section 3.10(g) (it being understood that the
documentation required under Section 3.10(g) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to
subsection (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Section 4.6 as if it were an assignee under subsection (b) of
this Section; and (B) shall not be entitled to receive any greater payment under Section 4.1 or Section 3.10, with respect to any participation, than its participating Lender would have
been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Regulatory Change that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at
the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 4.6 with respect to any Participant. To the extent permitted by law, each Participant
also shall be entitled to the benefits of Section 12.3 as though it were a Lender; provided that such Participant agrees to be subject to Section 3.3 as though it were a Lender. Each Lender
that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal
amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or
any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any 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. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each
Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as
Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

  
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 (e) Certain Pledges. Any Lender may at any time pledge or assign a security interest
in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such
Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 (f) No
Registration. Each Lender agrees that, without the prior written consent of the Borrower and the Administrative Agent, it will not make any assignment hereunder in any manner or under any circumstances that would require registration or
qualification of, or filings in respect of, any Loan or Note under the Securities Act or any other securities laws of the United States of America or of any other jurisdiction. 

(g) Designated Lenders. Any Lender (each, a “Designating Lender”) may at any time while the Parent has been assigned
an Investment Grade Rating from either S&P or Moody’s designate one Designated Lender to fund Bid Rate Loans on behalf of such Designating Lender subject to the terms of this subsection, and the provisions in the immediately preceding
subsections (b) and (d) shall not apply to such designation. No Lender may designate more than one Designated Lender. The parties to each such designation shall execute and deliver to the Administrative Agent for its acceptance a Designation
Agreement. Upon such receipt of an appropriately completed Designation Agreement executed by a Designating Lender and a designee representing that it is a Designated Lender, the Administrative Agent will accept such Designation Agreement and give
prompt notice thereof to the Borrower, whereupon (i) the Borrower shall, at the request of such Designated Lender, execute and deliver to the Designating Lender a Bid Rate Note payable to the order of the Designated Lender, (ii) from and
after the effective date specified in the Designation Agreement, the Designated Lender shall become a party to this Agreement with a right to make Bid Rate Loans on behalf of its Designating Lender pursuant to Section 2.3
after the Borrower has accepted a Bid Rate Loan (or portion thereof) of the Designating Lender, and (iii) the Designated Lender shall not be required to make payments with respect to any obligations in this Agreement except to the extent of
excess cash flow of such Designated Lender which is not otherwise required to repay obligations of such Designated Lender which are then due and payable; provided, however, that regardless of such designation and assumption by the
Designated Lender, the Designating Lender shall be and remain obligated to the Borrower, the Administrative Agent and the Lenders for each and every of the obligations of the Designating Lender and its related Designated Lender with respect to this
Agreement, including, without limitation, any indemnification obligations under Section 11.6 and any sums otherwise payable to the Borrower by the Designated Lender. Each Designating Lender shall serve as the agent of the
Designated Lender and shall on behalf of, and to the exclusion of, the Designated Lender: (i) receive any and all payments made for the benefit of the Designated Lender and (ii) give and receive all communications and notices and take all
actions hereunder, including, without limitation, votes, approvals, waivers, consents and amendments under or relating to this Agreement and the other Loan Documents. Any such notice, communication, vote, approval, waiver, consent or amendment shall
be signed by the Designating Lender as agent for the Designated Lender and shall not be signed by the Designated Lender on its own behalf and shall be binding on the Designated Lender to the same extent as if signed by the Designated Lender on its
own behalf. The Borrower, the Administrative Agent and the Lenders may rely thereon without any requirement that the Designated Lender sign or acknowledge the same. No Designated Lender may assign or transfer all or any portion of its interest
hereunder or under any other Loan Document, other than assignments to the Designating Lender which originally designated such Designated Lender. The Borrower, the Lenders and the Administrative Agent each hereby agrees that it will not institute
against any Designated Lender or join any other Person in instituting against any Designated Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any federal or state bankruptcy or similar law, until the
later to occur of (x) one year and one day after the payment in full of the latest maturing commercial paper note issued by such Designated Lender and (y) the Revolving Termination Date. In connection with any such designation, the
Designating Lender shall pay to the Administrative Agent an administrative fee for processing such designation in the amount of $1,000. 

  
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 (h) USA Patriot Act Notice; Compliance. In order for the Administrative Agent to
comply with “know your customer” and anti-money laundering rules and regulations, including, without limitation, the Patriot Act, prior to any Lender that is organized under the laws of a jurisdiction outside of the United States of
America becoming a party hereto, the Administrative Agent may request, and such Lender shall provide to the Administrative Agent, its name, address, tax identification number and/or such other identification information as shall be necessary for the
Administrative Agent to comply with federal law. 
 Section 12.6. Amendments and Waivers. 

(a) Generally. Except as otherwise expressly provided in this Agreement, (i) any consent or approval required or permitted by this
Agreement or any other Loan Document to be given by the Lenders may be given, (ii) any term of this Agreement or of any other Loan Document may be amended, (iii) the performance or observance by the Parent, the Borrower, any other Loan
Party or any other Subsidiary of any terms of this Agreement or such other Loan Document may be waived, and (iv) the continuance of any Default or Event of Default may be waived (either generally or in a particular instance and either
retroactively or prospectively) with, but only with, the written consent of the Requisite Lenders (or the Administrative Agent at the written direction of the Requisite Lenders), and, in the case of an amendment to any Loan Document, the written
consent of each Loan Party which is party thereto. Subject to the immediately following subsection (b), any term of this Agreement or of any other Loan Document relating solely to the rights or obligations of the Lenders of a particular
Class, and not Lenders of any other Class, may be amended, and the performance or observance by the Borrower or any other Loan Party or any Subsidiary of any such terms may be waived (either generally or in a particular instance and either
retroactively or prospectively) with, and only with, the written consent of the Requisite Class Lenders for such Class of Lenders (and, in the case of an amendment to any Loan Document, the written consent of each Loan Party which is a
party thereto). Notwithstanding anything to the contrary contained in this Section, the Fee Letter may only be amended, and the performance or observance by any Loan Party thereunder may only be waived, in a writing executed by the parties thereto.

 (b) Additional Lender Consents. In addition to the foregoing requirements, no amendment, waiver or consent shall: 

(i) increase (or reinstate) the Commitments of a Lender or subject a Lender to any additional obligations without the written
consent of such Lender; 
 (ii) reduce the principal of, or interest that has accrued or the rates of interest that will be
charged on the outstanding principal amount of, any Loans or other Obligations without the written consent of each Lender directly affected thereby; provided, however, only the written consent of the Requisite Lenders shall be required
for (x) the waiver of interest payable at the Post-Default Rate, retraction of the imposition of interest at the Post-Default Rate and amendment of the definition of “Post-Default Rate” and (y) any amendment to any financial
covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan or other Obligation or to reduce any fee payable hereunder; 

(iii) reduce the amount of any Fees payable to a Lender without the written consent of such Lender; 

(iv) modify the definitions of “Revolving Termination Date” or clause (a) of the definition of “Termination
Date” (in each case, except in accordance with Section 2.14) or “Revolving Commitment Percentage”, otherwise postpone any date fixed for, or forgive, any payment of principal of, or interest on, any Revolving
Loans or for the payment of Fees or any other Obligations owing to the Revolving Lenders, or extend the expiration date of any Letter of Credit beyond the Revolving Termination Date (except in the case of a Letter of Credit that becomes an Extended
Letter of Credit in accordance with Section 2.4(b)), in each case, without the written consent of each Revolving Lender; 

  
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 (v) modify the definition of “Term Loan Maturity Date” (or clause
(b) of the definition of “Termination Date”) or otherwise postpone any date fixed for, or forgive, any payment of principal of, or interest on, any Term Loans or for the payment of Fees or any other Obligations owing to the Term Loan
Lenders, in each case, without the written consent of each Term Loan Lender; 
 (vi) [intentionally omitted]; 

(vii) modify the definition of “Pro Rata Share” or amend or otherwise modify the provisions of
Section 3.2 or Section 10.5 without the written consent of each Lender; 

(viii) amend this Section or amend the definitions of the terms used in this Agreement or the other Loan Documents insofar as
such definitions affect the substance of this Section without the written consent of each Lender; 
 (ix) modify the
definition of the term “Requisite Lenders” or modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof without the written
consent of each Lender; 
 (x) modify the definition of the term “Requisite Class Lenders” as it relates to a
particular Class of Lenders, or modify in any other manner the number or percentage of a Class of Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof, in each case, solely with
respect to such Class of Lenders, without the written consent of each Lender in such Class; 
 (xi) release all or
substantially all of the value of the Guarantees under the Guaranty (except as contemplated by Section 7.14(d)), without the written consent of each Lender; or 

(xii) amend, or waive the Borrower’s compliance with, Section 2.16 without the written consent
of each Lender. 
 (c) Amendment of Administrative Agent’s Duties, Etc. No amendment, waiver or consent unless in writing and
signed by the Administrative Agent, in addition to the Lenders required hereinabove to take such action, shall affect the rights or duties of the Administrative Agent under this Agreement or any of the other Loan Documents. Any amendment, waiver or
consent relating to Section 2.5 or the obligations of the Swingline Lender under this Agreement or any other Loan Document shall, in addition to the Lenders required hereinabove to take such action, require the written
consent of the Swingline Lender. Any amendment, waiver or consent relating to Section 2.4 or the obligations of the Issuing Banks under this Agreement or any other Loan Document shall, in addition to the Lenders required
hereinabove to take such action, require the written consent of each Issuing Bank. The Administrative Agent may, without the consent of any other party to this Agreement or any other Loan Document, make amendments or modifications to this Agreement
or any of the other Loan Documents to effect Benchmark Replacement Conforming Changes in connection with the implementation of a Benchmark Replacement or to otherwise effectuate the terms of Section 4.2(b) in accordance
with the terms of Section 4.2(b). Any amendment, waiver or consent with respect to any Loan Document that (i) diminishes the rights of a Specified Derivatives Provider in a manner or to an extent dissimilar to that
affecting the Lenders or (ii) increases the liabilities or obligations of a Specified Derivatives Provider shall, in addition to the Lenders required 

  
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hereinabove to take such action, require the consent of the Lender that is (or having an Affiliate that is) such Specified Derivatives Provider. 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 Commitments of any Defaulting Lender may not be increased, reinstated or extended without the written consent of such Defaulting 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 written consent of such Defaulting Lender. No
waiver shall extend to or affect any obligation not expressly waived or impair any right consequent thereon and any amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose set forth therein. No
course of dealing or delay or omission on the part of the Administrative Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto. Any Event of Default occurring hereunder shall continue to
exist until such time as such Event of Default is waived in writing in accordance with the terms of this Section, notwithstanding any attempted cure or other action by the Borrower, any other Loan Party or any other Person subsequent to the
occurrence of such Event of Default. Except as otherwise explicitly provided for herein or in any other Loan Document, no notice to or demand upon the Borrower shall entitle the Borrower to other or further notice or demand in similar or other
circumstances. 
 (d) Technical Amendments. Notwithstanding anything to the contrary in this Section 12.6,
if the Administrative Agent and the Borrower have jointly identified an ambiguity, omission, mistake or defect in any provision of this Agreement or an inconsistency between provisions of this Agreement, the Administrative Agent and the Borrower
shall be permitted to amend such provision or provisions to cure such ambiguity, omission, mistake, defect or inconsistency so long as to do so would not adversely affect the interests of the Lenders and the Issuing Banks. Any such amendment shall
become effective without any further action or consent of any of other party to this Agreement. Following the execution of any such amendment pursuant to this Section 12.6(d), the Administrative Agent shall promptly provide
a copy thereof to the Lenders. 
 (e) Incremental Term Loans. Notwithstanding anything to the contrary in this
Section 12.6, this Agreement may be amended to establish a Class of Incremental Term Loans and effect amendments to this Agreement as are consistent with Section 2.17 in respect of Incremental
Term Loans with only the consent of the Administrative Agent, the Borrower and the Term Loan Lenders providing such Class of Incremental Term Loans. 

Section 12.7. Non-Liability of Administrative Agent and Lenders. 

The relationship between the Borrower, on the one hand, and the Lenders, the Issuing Banks and the Administrative Agent, on the other hand,
shall be solely that of borrower and lender. Each Lender and their affiliates may have economic interests that conflict with those of the Borrower. None of the Administrative Agent, any Issuing Bank or any Lender shall have any fiduciary
responsibilities to the Parent or the Borrower; no provision in this Agreement or in any of the other Loan Documents, and no course of dealing between or among any of the parties hereto, shall be deemed to create any fiduciary duty owing by the
Administrative Agent, any Issuing Bank or any Lender to any Lender, the Parent, the Borrower, any Subsidiary or any other Loan Party, and nothing in the Loan Documents shall be deemed to create any advisory or agency relationship or any other
implied duty between any of the Administrative Agent, any Issuing Bank or any Lender, on the one hand, and any of the Parent, the Borrower, any other Loan Party, and any of their stockholders or Affiliates on the other hand. None of the
Administrative Agent, any Issuing Bank or any Lender undertakes any responsibility to the Parent or the Borrower to review or inform the Parent or the Borrower of any matter in connection with any phase of the Parent’s or Borrower’s
business or operations. 

  
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 Section 12.8. Confidentiality. 

The Administrative Agent, each Issuing Bank and each Lender shall not disclose to any person, and shall treat confidentially, all Information
(as defined below) but in any event may make disclosure: (a) to its Affiliates and to its and its Affiliates’ other respective Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the
confidential nature of such Information and instructed to keep such Information confidential); (b) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any actual or proposed assignee,
Participant or other transferee in connection with a potential transfer of any Commitment or participation therein as permitted hereunder, or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction
relating to the Borrower and its obligations; (c) as required or requested by any Governmental Authority or representative thereof or pursuant to legal process or in connection with any legal proceedings, or as otherwise required by Applicable
Law; (d) to the Administrative Agent’s, such Issuing Bank’s or such Lender’s independent auditors and other professional advisors (provided they shall be notified of the confidential nature of the information); (e) in
connection with the exercise of any remedies under any Loan Document (or any Specified Derivatives Contract) or any action or proceeding relating to any Loan Document (or any Specified Derivatives Contract) or the enforcement of rights hereunder or
thereunder; (f) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section actually known by the Administrative Agent, such Issuing Bank or such Lender to be a breach of this
Section or (ii) becomes available to the Administrative Agent, any Issuing Bank, any Lender or any Affiliate of the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis from a source other than the Borrower or
any Affiliate of the Borrower; (g) to the extent requested by, or required to be disclosed to, any nationally recognized rating agency or regulatory or similar authority (including any self-regulatory authority, such as the National Association
of Insurance Commissioners) having or purporting to have jurisdiction over it; (h) to bank trade publications, such information to consist of deal terms and other information customarily found in such publications; (i) to any other party
hereto; (j) to any credit insurance provider relating to the Borrower or its Obligations; and (k) with the consent of the Borrower. Notwithstanding the foregoing, the Administrative Agent, each Issuing Bank and each Lender may disclose any
such confidential information, without notice to the Borrower or any other Loan Party, to Governmental Authorities in connection with any regulatory examination of the Administrative Agent, such Issuing Bank or such Lender or in accordance with the
regulatory compliance policy of the Administrative Agent, such Issuing Bank or such Lender. As used in this Section, the term “Information” means all information received from the Borrower, any other Loan Party, any other Subsidiary or
Affiliate relating to any Loan Party or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or any Issuing Bank on a nonconfidential basis prior to disclosure by the Borrower,
any other Loan Party, any other Subsidiary or any Affiliate. None of the Administrative Agent, any Issuing Bank or any Lender will be liable for any damages arising from the use by others of Information obtained by electronic means, except to the
extent that damages are found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Person. 

Section 12.9. Indemnification. 
 (a)
The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Issuing Bank, each Lender and each Related Party of any of the foregoing Persons (each such Person being called an
“Indemnified Party”) against, and hold each Indemnified Party harmless from, and shall pay or reimburse any such Indemnified Party for, any and all losses, claims (including, without limitation, Environmental Claims), damages,
liabilities and related expenses (including, without limitation, the 

  
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reasonable and documented out-of-pocket fees, charges and disbursements of any counsel for any Indemnified Party,
incurred by any Indemnified Party or asserted against any Indemnified Party by any Person (including the Borrower, any other Loan Party or any other Subsidiary) other than such Indemnified Party and its Related Parties, arising out of, in connection
with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto or thereto of their respective obligations
hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by an Issuing Bank to honor a demand
for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any
property owned or operated by the Borrower, any other Loan Party or any other Subsidiary, or any Environmental Claim related in any way to the Borrower, any other Loan Party or any other Subsidiary, (iv) any actual or prospective claim,
litigation, investigation or proceeding (an “Indemnity Proceeding”) relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower, any other Loan Party or
any other Subsidiary, and regardless of whether any Indemnified Party is a party thereto, or (v) any claim (including, without limitation, any Environmental Claims), investigation, litigation or other proceeding (whether or not the
Administrative Agent, any Issuing Bank or any Lender is a party thereto) and the prosecution and defense thereof, arising out of or in any way connected with the Loans, this Agreement, any other Loan Document, or any documents contemplated by or
referred to herein or therein or the transactions contemplated hereby or thereby, including, without limitation, reasonable and documented out-of-pocket reasonable
attorneys and consultant’s fees (in any case, limited to the reasonable and documented out-of-pocket fees, disbursements and other charges of one counsel to such
Indemnified Parties and, if reasonably necessary, a single local counsel for the Indemnified Parties in each relevant jurisdiction and with respect to each relevant specialty, and in the case of an actual or perceived conflict of interest, one
additional counsel in each relevant jurisdiction to the affected Indemnified Parties similarly situated); provided, however, that such indemnity shall not, as to any Indemnified Party, be available to the extent that such losses,
claims, damages, liabilities or related expenses (A) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnified Party,
(B) result from a claim brought by any Loan Party or any Subsidiary thereof against an Indemnified Party for breach in bad faith of such Indemnified Party’s obligations hereunder or under any other Loan Document, if such Loan Party or such
Subsidiary has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction, or (C) arise from any dispute solely among Indemnified Parties (except in connection with claims or
disputes (1) relating to whether the conditions to any Credit Event have been satisfied, (2) with respect to a Defaulting Lender or the determination of whether a Lender is a Defaulting Lender, (3) against the Administrative Agent or
the Arrangers in their respective capacities as such, and (4) directly resulting from any act or omission on part of the Borrower, any other Loan Party or any other Subsidiary). This Section 12.9(a) shall not apply
with respect to Taxes addressed in Section 3.10 or yield maintenance obligations described in Section 4.1 and Section 4.4. 

(b) If and to the extent that the obligations of the Borrower under this Section are unenforceable for any reason, the Borrower hereby agrees
to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under Applicable Law. 
 (c) The
Borrower’s obligations under this Section shall survive any termination of this Agreement and the other Loan Documents and the payment in full in cash of the Obligations, and are in addition to, and not in substitution of, any of the other
obligations set forth in this Agreement or any other Loan Document to which it is a party. 

  
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 References in this Section 12.9 to “Lender” or “Lenders” shall
be deemed to include such Persons (and their Affiliates) in their capacity as Specified Derivatives Providers, as applicable. 

Section 12.10. Termination; Survival. 

This Agreement shall terminate at such time as (a) all of the Commitments have been terminated, (b) all Letters of Credit have
terminated or expired or been canceled (other than Extended Letters of Credit in respect of which the Borrower has satisfied the requirements to provide Cash Collateral as required in Section 2.4(b)), (c) none of the
Lenders is obligated any longer under this Agreement to make any Loans and no Issuing Bank is any longer obligated under this Agreement to issue Letters of Credit and (d) all Obligations (other than obligations which survive as provided in the
following sentence) have been paid and satisfied in full. Promptly following such termination, upon the Borrower’s written request, each Lender shall promptly return to the Borrower any Note issued to such Lender. The indemnities to which the
Administrative Agent, the Issuing Banks and the Lenders are entitled under the provisions of Sections 3.10, 4.1, 4.4, 11.6, 12.2 and 12.9 and any other provision of this Agreement and the
other Loan Documents, and the provisions of Section 12.4, shall continue in full force and effect and shall protect the Administrative Agent, the Issuing Banks and the Lenders (i) notwithstanding any termination of
this Agreement, or of the other Loan Documents, against events arising after such termination as well as before and (ii) at all times after any such party ceases to be a party to this Agreement with respect to all matters and events existing on
or prior to the date such party ceased to be a party to this Agreement. Upon the Borrower’s request, the Administrative Agent agrees to deliver to the Borrower, at the Borrower’s sole cost and expense, written confirmation of the foregoing
termination. 
 Section 12.11. Severability of Provisions. 

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

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

(a) To facilitate execution, this Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts
as may be convenient or required (which may be effectively delivered by facsimile, in portable document format (“PDF”) or other similar electronic means). It shall not be necessary that the signature of, or on behalf of, each party, or
that the signature of all persons required to bind any party, appear on each counterpart. All counterparts shall collectively constitute a single document. It shall not be necessary in making proof of this document to produce or account for more
than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto. 
 (b) The words
“execution,” “signed,” “signature,” and words of like import in or related to this Agreement, any other Loan Document or any other document to be signed in connection herewith or the transactions contemplated hereby
shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually 

  
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executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in
Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary,
the Administrative Agent is under no obligation to agree to accept electronic signatures from any Person in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it; provided further
that, upon the reasonable request of the Administrative Agent or any Lender, any such electronic signature shall be followed by a manually executed version thereof. Each of the parties hereto hereby (i) agrees that, for all purposes, electronic
images of this Agreement and each other Loan Document (including, in each case, signature pages thereto) shall have the same legal effect, validity, admissibility into evidence and enforceability as any paper original, and (ii) waives any
argument, defense or right to contest the validity, admissibility into evidence or enforceability of this Agreement or any other Loan Document based solely on the lack of paper original copies hereof, including with respect to any of the signatures
thereto. 
 Section 12.14. Obligations with Respect to Loan Parties and Subsidiaries. 

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

Section 12.15. Independence of Covenants. 

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

None of the Administrative Agent, any Issuing Bank, any Lender, or any of their respective Related Parties shall have any liability with
respect to, and each of the Parent and the Borrower hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, consequential or punitive damages suffered or incurred by the Parent or the
Borrower in connection with, arising out of, or in any way related to, this Agreement, any of the other Loan Documents or any of the transactions contemplated by this Agreement or any of the other Loan Documents. 

Section 12.17. Acknowledgement and Consent to a Bail-In of Affected Financial
Institutions. 
 Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding
among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the
applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 
 (a) the application of any
Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and 

(b) the effects of any Bail-in Action on any such liability, including, if applicable: 

  
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 (i) a reduction in full or in part or cancellation of any such liability;

 (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected
Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any
such liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in
connection with the exercise of the write-down and conversion power of the applicable Resolution Authority. 
 Section 12.18.
Nonrecourse to Parent; Limited Nature of Parent’s Obligations under this Agreement. 
 Unless the Parent becomes a
Guarantor pursuant to Section 7.14 and subject to the limitations described below in this Section, notwithstanding anything to the contrary set forth in this Agreement or in any of the other Loan Documents, the Obligations
of the Borrower and the Guarantors under this Agreement and the other Loan Documents are non-recourse to the Parent as a result of its capacity as the general partner of the Borrower and as a result of its
having joined in the execution of this Agreement; provided that the foregoing shall not limit any recourse to the Borrower and the other Guarantors and their respective assets, whether now owned or hereafter acquired. The Administrative
Agent, the Lenders and the other Lender Parties, by such other Lender Parties’ acceptance of the benefits of this Agreement and the other Loan Documents, agree that, unless the Parent has become a Guarantor pursuant to
Section 7.14, (x) the Parent shall not be liable for any of the Obligations of the Borrower under this Agreement or any other Loan Documents as a result of its status as the general partner of the Borrower and
(y) the Parent is joining in the execution of this Agreement solely for the limited purpose of being bound by the terms of the Sections of this Agreement expressly applicable to the Parent, including all covenants made by the Parent, and the
occurrence of any Default or Event of Default under this Agreement or other Loan Document resulting from a breach by the Parent of, or a misrepresentation by the Parent under or in any way relating to, any of such Sections shall (i) not create
any personal liability on the part of the Parent for the payment of the Obligations, or (ii) give rise to any cause of action against the Parent related to a breach by the Parent of any such Sections. Notwithstanding the foregoing, (a) if
an Event of Default occurs, nothing in this Section 12.18 shall in any way prevent or hinder the Administrative Agent or the Lender Parties in the pursuit or enforcement of any right, remedy, or judgment against the
Borrower or any of the other Guarantors or any of their respective assets, (b) the Parent shall be fully liable to the Administrative Agent and the Lender Parties to the same extent that the Parent would be liable absent the foregoing
provisions of this Section 12.18 for fraud or willful misrepresentation by the Borrower, the Parent, or any of their respective Affiliates or Subsidiaries (to the full extent of losses suffered by the Administrative Agent
or any Lender Party by reason of such fraud or willful misrepresentation); and (c) nothing in this Section 12.18 shall be deemed to be a waiver of any right which the Administrative Agent may have under §506(a),
506(b), 1111(b) or any other provision of the Bankruptcy Code or any successor thereto or similar provisions under applicable state law. 

Section 12.19. Entire Agreement. 

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

  
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 Section 12.20. Construction. 

The Administrative Agent, each Issuing Bank, the Parent, the Borrower and each Lender acknowledge that each of them has had the benefit of
legal counsel of its own choice and has been afforded an opportunity to review this Agreement and the other Loan Documents with its legal counsel and that this Agreement and the other Loan Documents shall be construed as if jointly drafted by the
Administrative Agent, each Issuing Bank, the Parent, the Borrower and each Lender. 
 Section 12.21. Headings. 

The paragraph and section headings in this Agreement are provided for convenience of reference only and shall not affect its construction or
interpretation. 
 Section 12.22. Certain ERISA Matters. 

(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from
the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan
Party, that at least one of the following is and will be true: 
 (i) such Lender is not using “plan assets”
(within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of
and performance of the Loans, the Letters of Credit, the Commitments or this Agreement, 
 (ii) the transaction exemption set
forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a
class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

 (iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the
meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the
Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or 

  
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 (iv) such other representation, warranty and covenant as may be agreed in
writing between the Administrative Agent, in its sole discretion, and such Lender. 
 (b) In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party,
that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and
this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto). 

Section 12.23. Acknowledgement Regarding Any Supported QFCs. 

To the extent that the Loan Documents provide support, through a guarantee or otherwise, for a Derivatives Contract or any other agreement or
instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance
Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in
respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United
States or any other state of the United States): 
 (a) In the event a Covered Entity that is party to a Supported QFC (each, a
“Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC
and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime
if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a
Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party
are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the
United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or
any QFC Credit Support. 
 (b) As used in this Section 12.23., the following terms have the following meanings:

 “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in
accordance with, 12 U.S.C. 1841(k)) of such party. 

  
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 “Covered Entity” means any of the following: 

 

	 	(i)	 a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
252.82(b); 

  

	 	(ii)	 a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
47.3(b); or 

  

	 	(iii)	 a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b). 

 “Default Right” has the meaning assigned to that term in, and shall be interpreted in
accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 
 “QFC” has the meaning assigned to the term
“qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 
 Section 12.24. Amendment and
Restatement; No Novation. 
 This Agreement constitutes an amendment and restatement of the Existing Agreement effective from and after
the Effective Date. Upon satisfaction of the conditions precedent set forth in Section 5.1, this Agreement shall exclusively control and govern the mutual rights and obligations of the parties hereto with respect to the
Existing Revolving Facility, and the Existing Revolving Facility shall be superseded by this Agreement in all respects, in each case, on a prospective basis only. The execution and delivery of this Agreement shall not constitute a novation of any
Loans or other Obligations owing to the Lenders or the Administrative Agent, as applicable, under the Existing Agreement based on facts or events occurring or existing prior to the execution and delivery of this Agreement. On the Effective Date, the
credit facilities described in the Existing Agreement shall be amended, supplemented, modified and restated in their entirety by the facilities described herein, and all loans, letters of credit and other obligations of the Borrower outstanding as
of such date under the Existing Agreement, as amended, shall be deemed to be Loans, Letters of Credit and Obligations outstanding under the corresponding facilities described herein, without any further action by any Person, except that the
Administrative Agent shall make such transfers of funds as are necessary in order that the outstanding balance of such Loans, together with any Loans funded on the Effective Date, reflect the respective Commitments and Loans of the Lenders
hereunder. 
 [Signatures on Following Pages] 

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

			
	AMERICAN HOMES 4 RENT, L.P.
	
	By: American Homes 4 Rent, its General Partner
		
	By:	 	/s/ Christopher C. Lau
		 	Name: Christopher C. Lau
		 	Title: Chief Financial Officer

  

	
	 AMERICAN HOMES 4 RENT,

solely for the limited purposes

described in Section 12.18.

  

			
	
		
	By:	 	/s/ Christopher C. Lau
		 	Name: Christopher C. Lau
		 	Title: Chief Financial Officer

 [Signatures Continued on Next Page] 

  
 R-1 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, as Swingline Lender, as an Issuing Bank and as a Lender
		
	By:	 	/s/ Dale Northup
		 	Name: Dale Northup
		 	Title: Managing Director

  
 R-2 

 
			
	JPMORGAN CHASE BANK, N.A., as an Issuing Bank and as a Lender
		
	By:	 	/s/ Nadeige Dang
		 	Name: Nadeige Dang
		 	Title: Executive Director

  
 R-3 

 
			
	SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG AMERICAN HOMES 4 RENT, L.P., EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENTSIGNATURE PAGE TO AMENDED AND
RESTATED CREDIT AGREEMENT, AMONG AMERICAN HOMES 4 RENT, L.P., EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	
	Name of Institution: RAYMOND JAMES BANK, N.A., as a Lender

 
			
		
	By:	 	/s/ Matt Stein
		 	Name: Matt Stein
		 	Title: Senior Vice President

  
 R-4 

  

			
	SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG AMERICAN HOMES 4 RENT, L.P., EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	
	Name of Institution: BANK OF AMERICA, N.A.,
	as a Lender
		
	By:	 	/s/ Thomas W. Nowak
		 	Name: Thomas W. Nowak
		 	Title: Vice President

  
 R-5 

  

			
	SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG AMERICAN HOMES 4 RENT, L.P., EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	
	 Name of Institution: MIZUHO BANK, LTD.,

as a Lender

		
	By:	 	/s/ Donna DeMagistris
		 	Name: Donna DeMagistris
		 	Title: Authorized Signatory

  
 R-6 

 
			
	SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG AMERICAN HOMES 4 RENT, L.P., EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	
	 Name of Institution: PNC BANK, National Association,

as a Lender

		
	By:	 	/s/ David C. Drouillard
		 	Name: David C. Drouillard
		 	Title: Senior Vice President

  
 R-7 

  

			
	SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG AMERICAN HOMES 4 RENT, L.P., EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	
	 Name of Institution: Citibank, N.A.,

as a Lender

		
	By:	 	/s/ Tina Lin
		 	Name: Tina Lin
		 	Title: Vice President

  
 R-8 

 
			
	SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG AMERICAN HOMES 4 RENT, L.P., EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	
	 Name of Institution: Bank of Montreal,

as a Lender

 
			
		
	By:	 	/s/ Jonas L. Robinson
		 	Name: Jonas L. Robinson
		 	Title: Vice President

  
 R-9 

 
			
	SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG AMERICAN HOMES 4 RENT, L.P., EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	
	 Name of Institution: Morgan Stanley Bank, N.A.,

as a Lender

 
			
		
	By:	 	 /s/ Michael King

		 	Name: Michael King
		 	Title: Authorized Signatory

  
 R-10 

 
			
	SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG AMERICAN HOMES 4 RENT, L.P., EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	
	 Name of Institution: REGIONS BANK,

as a Lender

 
			
		
	By:	 	 /s/ William Chalmers

		 	 Name: William Chalmers

		 	 Title: Vice President

  
 R-11 

  

			
	SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG AMERICAN HOMES 4 RENT, L.P., EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	
	Name of Institution: CITY NATIONAL BANK, a national banking association, as a Lender
		
	By:	 	/s/ Bob Besser
		 	Name: Bob Besser
		 	Title: Senior Vice President

  
 R-12 

  

			
	SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG AMERICAN HOMES 4 RENT, L.P., EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	
	Name of Institution: U.S. Bank National Association, as a Lender
		
	By:	 	/s/ Travis H. Myers
		 	Name: Travis H. Myers
		 	Title: Vice President

  
 R-13 

  

			
	SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG AMERICAN HOMES 4 RENT, L.P., EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	
	Name of Institution: The Bank of Novia Scotia, as a Lender
		
	By:	 	/s/ David Mahmood
		 	Name: David Mahmood
		 	Title: Managing Director

  
 R-14 

 
			
	SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG AMERICAN HOMES 4 RENT, L.P., EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	
	Name of Institution: ASSOCIATED BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Mitchell Vega
		 	Name: Mitchell Vega
		 	Title: Vice President

  
 R-15 

 
			
	SIGNATURE PAGE TO AMENDED AND RESTATED CREDIT AGREEMENT, AMONG AMERICAN HOMES 4 RENT, L.P., EACH LENDER PARTY HERETO AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
	
	 Name of Institution: BBVA USA,

as a Lender

		
	By:	 	/s/ Don Byerly
		 	Name: Don Byerly
		 	 Title: Executive Vice President

  
 R-16

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