Document:

ex48_cosd

EXECUTION VERSION     Ref: mInitials mFileNo     © Corrs Chambers Westgarth        CCEP    CCEP BidCo  TCCC   TCCC Holder  Co-operation and Sale  Deed    

 

Corrs Chambers Westgarth     page i     Contents  1 Definitions and interpretation 2  1.1 Definitions 2  1.2 Interpretation 7  2 Nature of this deed 8  Acknowledgements 8  3 Proposed Transaction 8  4 Conduct of the Proposed Transaction 9  4.1 Co-operation generally 9  4.2 Conduct of the Scheme 9  4.3 Disclosure 10  5 Sale and purchase 11  5.1 Sale and purchase on the Implementation Date 11  5.2 Title and risk 12  5.3 Conditions 12  5.4 Consideration 13  5.5 Completion 13  5.6 TCCC Holder’s obligations at Completion 14  5.7 CCEP BidCo’s obligations at Completion 15  5.8 Spanish listings 16  6 Put Option 16  6.1 Exercise of Put Option 16  6.2 Obligations on Put Option Completion Date 20  6.3 Director appointment right 22  6.4 Change of Control 24  7 Costs 24  8 Termination 24  8.1 General termination 24  8.2 Effect of termination 24  9 Warranties and undertakings 24  10 Relationship between the parties 26  10.1 No authority to bind 26  10.2 Separate tax and accounting obligations 26  11 Confidentiality 26  11.1 Confidentiality 26  11.2 Survival of confidentiality obligations 27  12 General 27  12.1 Amendment 27  12.2 Transfer & Assignment 27  

 

Corrs Chambers Westgarth     page ii     12.3 Flip to CCEP HoldCo 28  12.4 Notices 29  12.5 Entire agreement 30  12.6 Governing law and jurisdiction 30  12.7 Severability of provisions 30  12.8 No waiver 30  12.9 No merger 30  12.10 Duty 30  12.11 Counterparts 31     

 

   page 1     Date  Parties  Coca-Cola European Partners plc (company number: 09717350) of Pemberton  House, Bakers Road, Uxbridge, UB8 1EZ, United Kingdom (CCEP)  CCEP Australia Pty Ltd (company number: ACN 645 548 634) of 8 Chifley, Level 17,  8-12 Chifley Square, Sydney, NSW 2000, Australia (CCEP BidCo)  The Coca-Cola Company of One Coca-Cola Plaza, Atlanta, Georgia 30313 United  States of America (TCCC)  Coca-Cola Holdings (Overseas) Limited of One Coca-Cola Plaza, Atlanta, Georgia  30313 United States of America (TCCC Holder)    Background  A TCCC Holder, a wholly owned subsidiary of TCCC, holds approximately  30.81% of the issued capital in CCA as at the date of this deed.  B Prior to entry into this deed, none of CCEP and its subsidiaries (including  CCEP BidCo) have a Relevant Interest in any CCA Shares.   C CCEP BidCo, a wholly owned subsidiary of CCEP, proposes to acquire all of  the CCA Shares (other than those held by TCCC Holder) pursuant to a scheme  of arrangement under Part 5.1 of the Corporations Act, subject to the  satisfaction or waiver of all conditions in the Scheme Implementation Deed.   D CCEP, CCEP BidCo and CCA propose to enter into the Scheme  Implementation Deed on or about the date of this deed.  E CCEP and TCCC have agreed that, conditional upon the Scheme becoming  Effective, CCEP BidCo will acquire the Sale Shares and, if applicable, the Put  Option Shares from TCCC Holder in accordance with the terms and conditions  set out in this deed.   F This deed governs the relationship between the parties for the purposes of  making, pursuing and implementing the Proposed Transaction.      

 

   page 2     Agreed terms  1 Definitions and interpretation  1.1 Definitions  In this deed, the following definitions apply unless the context requires  otherwise:  Affiliate means, in relation to TCCC and the TCCC Holder, an "Associated  Entity" or a "Subsidiary" (in each case within the meaning given in the  Corporations Act) (provided that no shareholder of TCCC shall constitute an  Affiliate of TCCC).  Applicable Law and Regulation means all applicable laws, statutes,  regulations, binding regulatory guidance, rules (including the rules, regulations  and guidance of any relevant stock exchange), orders or directives of any  Governmental Authority and circulars, judgments and written decisions of any  Governmental Authority having jurisdiction over and binding the relevant party  from time to time.   ASIC means the Australian Securities and Investments Commission.  Associate has the meaning given in sections 12 and 16 of the Corporations  Act.  Business Day means a day other than a Saturday, or Sunday, or a public or  bank holiday in Sydney, Australia, London, United Kingdom or Atlanta, USA.  CCA means Coca-Cola Amatil Limited (ACN 004 139 397).  CCA Board means the board of directors of CCA.  CCA Dividend means any dividend declared or determined by CCA and paid  by CCA to a CCA shareholder in respect of that CCA Share on or after the date  of this deed but on or before the Implementation Date excluding (x) any  dividends declared, determined or paid by CCA after 30 June 2021 in line with  historic payout ratios and (y) the value attributed to any franking credits  attached to any dividends declared or determined by CCA or paid by CCA to  CCA shareholders at any time.  CCA Dividend Amount means, in respect of a CCA Share, the cash amount  of any CCA Dividend in respect of that CCA Share.  CCA Group means CCA and its Subsidiaries.  CCA Share means a fully paid ordinary share in CCA.  CCEP HoldCo means CCEP Holdings (Australia) Pty Ltd (ACN 645 547 968)  of Level 17, 8 Chifley, 8 – 12 Chifley Square, Sydney NSW 2000.  CCEP HoldCo Shares has the meaning given to it in clause 12.3(a).  

 

   page 3     CCEP SHA means the shareholders agreement between CCEP, Olive  Partners S.A., European Refreshments, Coca-Cola GmbH and Vivaqa  Beteiligungs GmbH & Co. KG, dated 28 May 2016.  CCEP Shares means ordinary shares of nominal value of €0.01 each in the  share capital of CCEP.   Completion means completion of the sale and purchase of the First Tranche  Sale Shares and, to the extent elected by CCEP BidCo pursuant to clause  5.1(b), the Second Tranche Sale Shares pursuant to clause 5.   Confidential Information means this deed, the Transaction Documents, the  Scheme Implementation Deed, the status of negotiations (and any other  agreements) with CCA and between the parties and any confidential  information provided by one party to another or to any person, but excludes  any information that:  (a) at the time it was provided to the party, was lawfully in the possession of  the party and without breach of any duty or obligation; or  (b) has been provided to the party but subsequently, through no act or  omission of the party (or any person to whom it discloses that  information) becomes available from another source and is not subject to  any duty or obligation as to confidence.  Consideration means the First Tranche Consideration and the Second  Tranche Consideration.  Corporations Act means the Corporations Act 2001 (Cth).  Effective means, when used in relation to the Scheme, the coming into effect,  pursuant to section 411(10) of the Corporations Act, of the order of the Court  made under section 411(4)(b) of the Corporations Act in relation to the  Scheme.  Encumbrance means any:  (a) interest in or right over, including an option or right to acquire, property  and anything which would at any time prevent, restrict or delay the  registration of any interest in or dealing with property; or   (b) any interest or right which secures the payment of a debt or other  monetary obligation or the compliance with any other obligation,  including any;  (i) mortgage;  (ii) security interest under the Personal Property Securities Act 2009  (Cth);  (iii) retention of title to any property; or  (iv) right to set off or withhold payment of any deposit or other money;  or  

 

   page 4     (c) any agreement or commitment to give or create any interest or right  referred to in (a) or (b) above.  European Exchanges means: (i) the London Stock Exchange; (ii) Euronext  Amsterdam; and (iii) the continuous market of the Spanish Stock Exchanges, in  each case if CCEP Shares are admitted to trading on such exchange at the  relevant time.  Expert has the meaning given to it in clause 6.1(e).  Expert Determination Notice has the meaning given to it in clause 6.1(e).  FCA has the meaning given to it in clause 5.3(b)(ii).  First Tranche Consideration means an amount in cash equal to  A$748,297,124.19 (i.e. A$9.57 per CCA Share, representing, for each CCA  Share, as an amount equal to the 15-day volume weighted average price of the  CCA Shares as at the close of trading on 21 October 2020, discounted by 5%)  less the aggregate of any CCA Dividend Amounts in respect of the First  Tranche Sale Shares.  First Tranche Sale Shares means 78,191,967 CCA Shares held by TCCC  Holder, representing approximately 10.8% of the CCA Shares on issue as at  the date of this deed.   Governmental Authority means any national or state governmental bodies,  authorities, court of judicial authority, arbitrators and public and industry  regulatory authorities, or political subdivision thereof, national or supranational  body or any person or body exercising legislative, judicial, regulatory, taxing or  administrative functions on behalf of any of them and includes all relevant  securities commissions, stock exchange authorities, foreign authorities, foreign  investment authorities, competition and anti-trust authorities, financial and  insurance regulatory authorities, taxation authorities and similar entities or  authorities.   Implementation Date means the date on which the Scheme is implemented  pursuant to the Scheme Implementation Deed.  Joint Bid Relief Instrument means the ASIC instrument in respect of the  Proposed Transaction, issued on 4 November 2020.  Listing Obligations has the meaning given to it in clause 5.3(c).  Listing Rules means the official listing rules of ASX Limited.   LSE has the meaning given to it in clause 5.3(b)(ii).  Notice has the meaning given to it in clause 12.4.  NYSE means the New York Stock Exchange.   Proposed Transaction means the proposal to be made by CCEP pursuant to  which CCEP BidCo would acquire:   (a) all of the outstanding CCA Shares held by shareholders of CCA other  than TCCC Holder pursuant to the Scheme;   

 

   page 5     (b) all of the Sale Shares from TCCC Holder; and  (c) all of the Put Option Shares from TCCC Holder.   Put Option has the meaning given to it in clause 6.1(a).  Put Option Completion Date has the meaning given to it in clause 6.1(b).  Put Option Consideration means the allotment and issue by CCEP to TCCC  Holder (or to such TCCC Nominee as TCCC or TCCC Holder shall nominate)  of the Put Option Consideration Shares in accordance with clause 6.2(b)(ii).  Put Option Consideration Shares means 0.19372 new CCEP Shares per  CCA Share, subject to any adjustment (x) under clause 6.1(e) or (y) as  expressly contemplated in this definition. The number of Put Option  Consideration Shares is calculated by reference to the ratio of:  (a) the CCA share price as at close of trading on the Australian Securities  Exchange on 22 October 2020 (in Sydney, Australia) (being A$10.75);   (b) divided by, the CCEP share price as at close of trading on the New York  Stock Exchange on 22 October 2020 (in New York, USA) (being  USD39.48),  with the closing price for the purposes of paragraph (b) converted into  Australian dollars using the USD-AUD exchange rate of 1.40558. If any CCA  Dividend is declared or determined and paid to CCA shareholders, the number  of Put Option Consideration Shares shall be calculated by reference to the ratio  referred to above having first deducted the CCA Dividend Amount per CCA  Share from the numerator in (a) above.  Put Option Exercise Notice has the meaning given to it in clause 6.1(a).  Put Option Exercise Period means a period of three years commencing on  the date that is three years after the Implementation Date.  Put Option Shares has the meaning given to it in clause 6.1(a).  Registration Rights Agreement means the registration rights agreement  between CCEP, TCCC and Olive Partners S.A.  Related Body Corporate has the meaning given in section 50 the  Corporations Act.  Related Entity means, in respect of CCEP and TCCC respectively, any  Related Body Corporate of CCEP and TCCC (provided that no shareholder of  TCCC shall constitute a Related Entity of TCCC).  Relevant Interest has the meaning given in sections 608 and 609 of the  Corporations Act.  Remaining Sale Shares means 144,857,309 CCA Shares held by TCCC  Holder, representing approximately 20% of the CCA Shares on issue as at the  date of this deed.  Representative means, in relation to a party:  

 

   page 6     (a) any director, officer or employee of that party or any of its Related  Entities; and  (b) any adviser, consultant or agent of that party or any of its Related  Entities engaged in connection with the Proposed Transaction.  Rights means:  (a) in respect of the Sale Shares, all accreditations, rights or benefits of  whatever kind attaching or arising from the Sale Shares directly or  indirectly at or after Completion, including all dividends or other  distributions and all rights to receive them or rights to receive or  subscribe for units, notes, bonds, options or other securities declared,  paid or issued by CCA; and  (b) in respect of the Put Option Shares, all accreditations, rights or benefits  of whatever kind attaching or arising from the Put Option Shares directly  or indirectly at or after the applicable Put Option Completion Date,  including, but not limited to, all dividends or other distributions and all  rights to receive them or rights to receive or subscribe for units, notes,  bonds, options or other securities declared, paid or issued by CCA.  Sale Shares means the First Tranche Sale Shares and the Second Tranche  Sale Shares.  Scheme means a scheme of arrangement pursuant to Part 5.1 of the  Corporations Act between CCA and its shareholders (except for TCCC Holder)  under which CCEP BidCo will acquire all of the CCA Shares held by  shareholders of CCA other than TCCC Holder.  Scheme Conditions means the conditions precedent to the Scheme  becoming Effective, which are set out in the Scheme Implementation Deed.  Scheme Implementation Deed means the agreement governing CCEP  BidCo’s and CCA’s obligations in respect of the Scheme, entered into between  one or more of CCEP BidCo and CCA and their respective Related Entities on  or around the date of this deed.   Second Tranche Cash Consideration means an amount in cash equal to  A$10.75 per CCA Share less the CCA Dividend Amount per CCA Share. The  Second Tranche Cash Consideration is, for each CCA Share (and prior to any  deduction of a CCA Dividend Amount in respect of such CCA Share),  calculated as an amount equal to the CCA Share price at close of trading on 22  October 2020.    Second Tranche Consideration means, at CCEP BidCo’s election:  (a) the Second Tranche Cash Consideration;   (b) the Second Tranche Scrip Consideration; or   (c) a combination of Second Tranche Cash Consideration and Second  Tranche Scrip Consideration in proportions elected by CCEP BidCo.   Second Tranche Sale Shares has the meaning given to it in clause 5.1(b).  

 

   page 7     Second Tranche Scrip Consideration means the allotment and issue by  CCEP to TCCC Holder (or to such TCCC Nominee as TCCC or TCCC Holder  shall nominate) of the Second Tranche Scrip Shares in accordance with  clause 5.7(b)(ii).   Second Tranche Scrip Shares means 0.19372 new CCEP Shares per CCA  Share, subject to any adjustment expressly contemplated in this definition. The  number of Second Tranche Scrip Shares is calculated by reference to the ratio  of:  (a) the CCA share price as at close of trading on the Australian Securities  Exchange on 22 October 2020 (in Sydney, Australia) (being A$10.75);   (b) divided by, the CCEP share price as at close of trading on the New York  Stock Exchange on 22 October 2020 (in New York, USA) (being  USD39.48),   with the closing price for the purposes of paragraph (b) converted into  Australian dollars using the USD-AUD exchange rate of 1.40558. If any CCA  Dividend is declared or determined and paid to CCA shareholders, the number  of Second Tranche Scrip Shares shall be calculated by reference to the ratio  referred to above having first deducted the CCA Dividend Amount per CCA  Share from the numerator in (a) above.  Spanish Stock Exchanges means the Barcelona, Bilbao, Madrid and  Valencia Stock Exchanges, in each case if CCEP shares are admitted to  trading on such exchange at the relevant time.  Subsidiary has the meaning given in section 46 of the Corporations Act.     TCCC Filings has the meaning given to it in clause 6.3(d).  TCCC Holding means 223,049,276 CCA Shares which are held by TCCC  Holder on the date of this deed, representing approximately 30.81% of the  CCA Shares on issue as at the date of this deed.  TCCC Nominee means: (i) any Affiliate of TCCC; (ii) a depositary (including  Computershare Trust Company N.A.) or a nominee of a depositary (including  GTU Ops Inc.); or (iii) a nominee of, or participant in, any clearing system  (including The Depositary Trust Company, Cede & Co., Euroclear,  Clearstream, Iberclear and CREST), provided, in the case of (ii) and (iii), the  beneficial owner of the CCEP Shares to be issued to any such TCCC Nominee  shall be TCCC or any Affiliate of TCCC.  Transaction Document means:   (a) this deed; and  (b) any other document that the parties agree is a Transaction Document.  1.2 Interpretation  (a) Headings are for convenience only and do not affect interpretation.  (b) Mentioning anything after includes, including, for example, or similar  expressions, does not limit what else might be included.  

 

   page 8     (c) Nothing in this deed is to be interpreted against a party solely on the  ground that the party put forward this deed or a relevant part of it.  (d) The following rules apply unless the context requires otherwise:  (i) The singular includes the plural, and the converse also applies.  (ii) A gender includes all genders.  (iii) If a word or phrase is defined, its other grammatical forms have a  corresponding meaning.  (iv) A reference to a person includes a corporation, trust, partnership,  unincorporated body or other entity, whether or not it comprises a  separate legal entity.  (v) A reference to an agreement or document (including a reference to  this deed) is to the agreement or document as amended,  supplemented, novated or replaced, except to the extent prohibited  by this deed or that other agreement or document.  (vi) A reference to writing includes any method of representing or  reproducing words, figures, drawings, or symbols in a visible and  tangible form.  (vii) A reference to a party to this deed or another agreement or  document includes the party's successors, permitted substitutes  and permitted assigns (and, where applicable, the party's legal  personal representatives).  (viii) A reference to legislation or to a provision of legislation includes a  modification or re-enactment of it, a legislative provision  substituted for it and a regulation or statutory instrument issued  under it.  (ix) A reference to dollars or A$ is to Australian currency and to USD is  to US dollars.  2 Nature of this deed  Acknowledgements  The parties acknowledge that this deed does not, until Completion:  (a) transfer title or ownership of any CCA Shares held by TCCC Holder; or  (b) confer control over, or power to substantially influence, the exercise of a  voting right attached to any CCA Shares held by TCCC Holder.  3 Proposed Transaction  Each party agrees to act in good faith in its dealings with each other party in  relation to the transactions contemplated by this deed and take all steps  reasonably required by the other to give effect to its obligations under this deed  

 

   page 9     and the transactions contemplated by it, provided that nothing in this clause  requires TCCC or any Affiliate of TCCC to breach any obligation (including any  obligation of confidentiality) that it owes to CCA or any Related Body Corporate  of CCA.  4 Conduct of the Proposed Transaction  4.1 Co-operation generally  Except to the extent otherwise agreed, CCEP and TCCC agree to and will  procure their respective Related Entities to, to the full extent permitted by  Applicable Law and Regulation:  (a) co-operate with each other to give effect to the terms set out in this deed  in relation to the sale and purchase of the Sale Shares and Put Option  Shares;  (b) keep each other informed on a timely basis of all developments and  issues which may affect the implementation or success of the Proposed  Transaction;   (c) subject to compliance with non-disclosure obligations and the  preservation of legal privilege, provide all information reasonably  necessary for the preparation of documents required to implement the  Proposed Transaction and to execute the Proposed Transaction  effectively; and  (d) in relation to the Joint Bid Relief Instrument:   (i) to the extent any of the conditions in the Joint Bid Relief Instrument  are expressed to apply to a person, that person must take all  actions necessary and within its control to comply with those  conditions; and   (ii) otherwise, not do anything intended to prevent the satisfaction of,  or that would be reasonably likely to have the effect of preventing  the satisfaction of, or causing a  breach of, the conditions set out in  the Joint Bid Relief Instrument,  provided that nothing in this clause 4.1 requires TCCC or any Affiliate of TCCC  to breach any obligation (including any obligation of confidentiality) that it owes  to CCA or any Related Body Corporate of CCA.  4.2 Conduct of the Scheme  (a) The parties agree that:  (i) CCEP and its Related Entities will make all decisions in relation to  the Scheme, including exercising any right held or taking any  action in connection with the Scheme or Scheme Implementation  Deed (including, amending the terms of the Scheme, waiving  Scheme Conditions and terminating the Scheme Implementation  Deed), provided that CCEP shall inform TCCC prior to making any  

 

   page 10     amendment to the terms of the Scheme or the Scheme  Implementation Deed that increases the scheme price offered to  CCA shareholders or materially changes the Scheme timetable;  and  (ii) CCEP and its Related Entities may take all actions it determines  reasonably necessary or desirable to give effect to the Scheme,  including to satisfy any of the Scheme Conditions,  except to the extent that such decisions or actions are inconsistent with  the terms of this deed, including the rights of TCCC or TCCC Holder  under this deed.  (b) TCCC and TCCC Holder acknowledge and agree that TCCC Holder and  its Associates will be excluded from participating in and voting on the  Scheme.  (c) TCCC and TCCC Holder shall not, in bad faith, withdraw any bottling  agreements or material funding arrangements relating to the CCA Group.   4.3 Disclosure  (a) Subject to clauses 4.3(b) and 4.3(e), each party acknowledges that  each other party may be required by Applicable Law and Regulation or  the Listing Rules to disclose the existence and contents of this deed  (including as a result of its voluntary act of entering into this deed) and  confirms that it does not object to such disclosure.  (b) Subject to clause 4.3(e), the parties will provide each other with  sufficient and timely information, and otherwise co-operate with each  other, to enable them to make the disclosures required by, and within the  time limits prescribed by, Parts 5.1 and 6C.1 of the Corporations Act, and  any other disclosure required by Applicable Law and Regulation or the  Listing Rules.  (c) Without limiting clause 4.3(b) and subject to clause 4.3(e), TCCC will  provide to CCEP and CCEP BidCo:  (i) any information relating to TCCC and/or TCCC Holder which is  reasonably required by CCEP to the extent required by Applicable  Law and Regulation for inclusion in any explanatory materials  relating to the Scheme; and  (ii) all reasonable assistance in relation to the verification of any  information provided by, or regarding, TCCC and/or TCCC Holder  for inclusion in any explanatory materials relating to the Scheme.  (d) Subject to clause 4.3(e), each party must use all reasonable endeavours  to ensure that any information provided by it pursuant to this clause 4.3  complies with the requirements of the Corporations Act, the Listing Rules  and applicable ASIC regulatory guides and is not misleading or  deceptive in any material respect (whether by omission or otherwise).  

 

   page 11     (e) Nothing in this clause 4.3 requires TCCC or any Affiliate of TCCC to  breach any obligation (including any obligation of confidentiality) that it  owes to CCA or any Related Body Corporate of CCA.  5 Sale and purchase    5.1 Sale and purchase on the Implementation Date  (a) Subject to clause 5.3, TCCC Holder agrees to sell, and CCEP BidCo  agrees to purchase, immediately after the Scheme is implemented on  the Implementation Date, the First Tranche Sale Shares for the First  Tranche Consideration free and clear of all Encumbrances and together  with all Rights attaching or accruing to the First Tranche Sale Shares on  and from Completion.   (b) Subject to clauses 5.1(c) and 5.3, CCEP BidCo may elect to purchase  some or all of the Remaining Sale Shares immediately after the Scheme  is implemented on the Implementation Date (such number of shares as  CCEP BidCo elects to purchase being the Second Tranche Sale  Shares), and TCCC Holder agrees to sell the Second Tranche Sale  Shares, for the Second Tranche Consideration free and clear of all  Encumbrances and together with all Rights attaching or accruing to the  Second Tranche Sale Shares on and from Completion.  (c) If CCEP BidCo intends to elect to purchase any Second Tranche Sale  Shares pursuant to clause 5.1(b), it must give TCCC and TCCC Holder  a written notice of such election within eight weeks after the date of this  deed (or such longer period agreed in writing with TCCC) which  specifies:   (i) the number of Remaining Sale Shares to be purchased as Second  Tranche Sale Shares, which must be all the Remaining Sale  Shares or fewer than 108,642,982 of the Remaining Sale Shares;  and  (ii) the elected form(s) of Second Tranche Consideration for those  Second Tranche Sale Shares, provided that CCEP BidCo cannot  make an election for Second Tranche Scrip Consideration if the  issue of such Second Tranche Scrip Consideration would result in  TCCC Holder and any TCCC Affiliate holding, in aggregate, 25 per  cent. or more of the issued share capital of CCEP at the time of  issue (excluding any shares then held in treasury),   provided further that CCEP BidCo cannot make an election (x) to  purchase some (but not all) of the Remaining Sale Shares as Second  Tranche Sale Shares or (y) for any Remaining Sale Shares to be  acquired for Second Tranche Scrip Consideration, unless a majority of  the INEDs (as defined in the CCEP SHA) have approved that a number  of CCEP Shares equal to the number of CCEP Shares issued pursuant  

 

   page 12     to this deed (and of shares derived therefrom) are transferable free from  certain restrictions in the CCEP SHA (in the terms agreed between the  parties at the date of this deed) and a certified copy of the relevant  resolution in the agreed form has been provided to TCCC.   (d) If CCEP BidCo makes an election for Second Tranche Scrip  Consideration, TCCC or TCCC Holder may nominate a TCCC Nominee  to which the Second Tranche Scrip Shares will be allotted and issued,  provided that if TCCC Nominee is a depositary, nominee or participant  falling within limbs (ii) or (iii) of the definition of TCCC Nominee:  (i) prior to making that nomination, TCCC or TCCC Holder shall  consult with CCEP about (x) what clearances and consents will be  required to issue the relevant CCEP Shares to that TCCC  Nominee and the likelihood of them being obtained; and (y)  whether that TCCC Nominee will accept the issue of the those  CCEP Shares assuming those clearances and consents have  been obtained; and  (ii) TCCC or TCCC Holder may nominate any TCCC Nominee falling  within limb (ii) of the definition of TCCC Nominee unless CCEP can  demonstrate that (x) any clearances and consents required to issue  those CCEP Shares to that TCCC Nominee cannot be obtained by  Completion or (y) were they obtained, that TCCC Nominee will not  accept the issue of those CCEP Shares at Completion; or  (iii) TCCC or TCCC Holder may nominate any TCCC Nominee falling  within limb (iii) of the definition of TCCC Nominee to the extent that  any clearances and consents required to issue those CCEP Shares  to that TCCC Nominee are obtained by Completion and that TCCC  Nominee will accept the issue of those CCEP Shares at Completion.  The parties acknowledge that the TCCC Nominee is likely to be  Computershare Trust Company N.A. (or a nominee of Computershare  Trust Company N.A. on its behalf) (falling within limb (ii) of the definition  of TCCC Nominee and holding outside of The Depositary Trust  Company) so that the CCEP Shares are issued directly into a depositary,  and agree that, at the date of this deed, TCCC or TCCC Holder would be  entitled to nominate it (or its nominee) as the TCCC Nominee.  5.2 Title and risk  Title to, benefit and risk in the Sale Shares:  (a) remains solely with TCCC Holder until Completion; and  (b) passes to CCEP BidCo on Completion.  5.3 Conditions   (a) The obligations in clause 5.1(a) are conditional upon the Scheme  becoming Effective, and will not become legally binding on the parties  until the Scheme has become Effective.  

 

   page 13     (b) The obligations in clause 5.1(b) are conditional upon the following, and  will not become legally binding on the parties until the following has  occurred:   (i) the Scheme has become Effective; and  (ii) where all or part of the Second Tranche Sale Shares are paid for  by Second Tranche Scrip Consideration, each of the UK Financial  Conduct Authority (the FCA), the London Stock Exchange plc (the  LSE) and Euronext Amsterdam having confirmed that the CCEP  Shares comprising the Second Tranche Scrip Consideration will be  admitted to the official list of the FCA and to trading on the main  market for listed securities of the LSE and admitted to listing and  trading on Euronext Amsterdam pursuant to clause 5.3(c).    (c) Where all or part of the Second Tranche Sale Shares are paid for by  Second Tranche Scrip Consideration, CCEP shall procure that:  (i) the CCEP Shares remain listed on the LSE, Euronext Amsterdam,  the Spanish Stock Exchanges and the NYSE; and  (ii) with effect from Completion:  (A) the Second Tranche Scrip Shares will be admitted to the  official list of the FCA and to trading on the main market for  listed securities of the LSE, in each case in accordance with  Applicable Law and Regulation; and  (B) the Second Tranche Scrip Shares will be admitted to listing  and trading on Euronext Amsterdam in accordance with  Applicable Law and Regulation,  (paragraphs (A) and (B) together, the Listing Obligations).    (d) CCEP agrees not to take any action prior to Completion that would give  rise to a Reorganisation Event unless CCEP has made an election in  accordance with clause 5.1(c) to purchase all Second Tranche Sale  Shares solely for Second Tranche Cash Consideration.  5.4 Consideration  (a) The consideration for the sale of the First Tranche Sale Shares is the  payment of the First Tranche Consideration by CCEP BidCo to TCCC  Holder.  (b) If an election has been made under clause 5.1(b), the consideration for  the sale of the Second Tranche Sale Shares is the payment of the  Second Tranche Cash Consideration by CCEP BidCo to TCCC Holder  and/or the procurement by CCEP Bidco of the allotment and issue of the  Second Tranche Scrip Consideration to TCCC Holder.  5.5 Completion   (a) Completion will take place electronically immediately after the Scheme is  implemented on the Implementation Date in accordance with the  

 

   page 14     Scheme Implementation Deed, or such other time as agreed between  the parties.  (b) Completion will be taken to have occurred when each party has  performed all of its obligations and satisfied all conditions under this  clause 5.  5.6 TCCC Holder’s obligations at Completion  At Completion, TCCC Holder must:   (a) deliver to CCEP BidCo:  (i) a completed transfer form for the Sale Shares in favour of CCEP  BidCo as transferee, duly executed by TCCC Holder; and  (ii) either of the following:  (A) if the Sale Shares are held on the issuer-sponsored  subregister of CCA, deliver to CCEP BidCo holding  statements and security holder reference numbers in respect  of all of the Sale Shares; or  (B) if the Sale Shares are held on the CHESS subregister:  (1) instruct the controlling participant for the Sale Shares  on CHESS to arrange for conversion of the holding to  the issuer-sponsored subregister and deliver to CCEP  BidCo a copy of those instructions and holding  statements and security holder reference numbers in  respect of all of the Sale Shares; or  (2) instruct the controlling participant for the Sale Shares  on CHESS to deliver the Sale Shares to CCEP BidCo  and deliver to CCEP BidCo a copy of those  instructions and TCCC Holder’s holder identification  numbers in respect of all of the Sale Shares;   (b) perform all such further acts and execute and deliver to CCEP BidCo all  such further documents as are necessary to transfer legal and beneficial  ownership in the Sale Shares to CCEP BidCo and have the Sale Shares  registered in CCEP BidCo’s name on or as soon as possible following  Completion, free from all Encumbrances and with all Rights attaching or  accruing to the Sale Shares on and from Completion; and  (c) provide CCEP BidCo with such information as it reasonably requires in  order to issue TCCC Holder (or such TCCC Nominee as TCCC or TCCC  Holder may nominate pursuant to clause 5.1(d)) with CCEP Shares, to  the extent required in accordance with clause 5.7(b)(ii).  

 

   page 15     5.7 CCEP BidCo’s obligations at Completion  At Completion, CCEP BidCo must:   (a) accept, execute and deliver to TCCC Holder the instruments of transfer  of the Sale Shares; and  (b) in relation to the Consideration for the Sale Shares:   (i) pay to TCCC Holder the First Tranche Consideration and the  Second Tranche Cash Consideration (to the extent elected by  CCEP BidCo pursuant to clauses 5.1(b) and 5.1(c)) by wire  transfer of cleared funds for same day value in the country in which  the bank account is located into a bank account nominated by  TCCC or TCCC Holder at least five Business Days before  Completion;  (ii) procure the allotment and issue of the Second Tranche Scrip  Consideration (to the extent elected by CCEP BidCo pursuant to  clauses 5.1(b) and 5.1(c)), by causing the relevant number of  CCEP Shares to be issued to TCCC Holder (or to such TCCC  Nominee as TCCC or TCCC Holder may nominate pursuant to  clause 5.1(d)) to satisfy the Second Tranche Consideration, each  credited as fully paid and free of any Encumbrance, with the same  rights and ranking pari passu in all respects with the existing fully  paid CCEP Shares, including the right to receive dividends,  distributions or return of capital declared, paid or made by CCEP  on or after Completion;  (iii) comply with all other obligations required by Applicable Law and  Regulation relating to the issuance of the Second Tranche Scrip  Consideration, including under, if applicable, section 593 of the UK  Companies Act 2006;  (iv) deliver to TCCC Holder a certified copy of the resolutions of a duly  held meeting of the directors of CCEP authorising the allotment  and issue to TCCC Holder (or TCCC's nominee) of the Second  Tranche Scrip Consideration, and (if applicable) a share certificate  or, if CCEP Shares are to be issued to a depositary in accordance  with clause 5.1(d), a certificate evidencing depositary receipts in  respect of the Second Tranche Scrip Consideration; and  (v) deliver to TCCC Holder a copy of the confirmation by the FCA, the  LSE and Euronext Amsterdam that the CCEP Shares comprising  the Second Tranche Scrip Consideration will be admitted to the  relevant official list and to trading on the relevant exchanges  pursuant to clause 5.3(c).  (c) If relevant, CCEP BidCo shall, at the election of TCCC or TCCC Holder,  if CCEP Shares are to be issued to a depositary in accordance with  clause 5.1(d), procure the issue of the CCEP Shares pursuant to clause  5.7(b) in certificated or uncertificated form. If any clearances, consents,  

 

   page 16     permissions, applications, filings or similar are required for CCEP BidCo  to allot and issue those CCEP Shares to a TCCC Nominee that is:  (i) a depositary or nominee falling within limb (ii) of the definition of  TCCC Nominee, CCEP BidCo will procure that CCEP makes those  applications and filings (or similar) and obtains those consents and  clearances (or similar) by Completion, in each case in line with  then current market practice; or   (ii) a nominee or participant falling within limb (iii) of the definition of  TCCC Nominee, CCEP BidCo will use best endeavours to procure  that CCEP makes those applications and filings (or similar) and  obtains those consents and clearances (or similar) by Completion,  in each case in line with then current market practice.  (d) If CCEP BidCo is not able to procure that CCEP allots and issues the  relevant CCEP Shares to a TCCC Nominee that is a nominee or  participant falling within limb (iii) of the definition of TCCC Nominee, it  shall instead:  (i) issue those CCEP Shares at Completion to TCCC Holder or such  Affiliate of TCCC or (to the extent no clearance or consent is  required to such person) a depositary or nominee falling within limb  (ii) of the definition of TCCC Nominee as TCCC or TCCC Holder  shall nominate; and  (ii) bear any Transfer Tax payable on or in connection with the  transfer of those CCEP Shares from that person to the relevant  TCCC Nominee falling within limb (iii) of the definition of TCCC  Nominee once all applicable consents or clearances have been  obtained (and TCCC and TCCC Holder shall consult with CCEP  Bidco as to the manner in which such transfer is to occur) save to  the extent that such Transfer Tax is otherwise recovered under the  Registration Rights Agreement.    5.8 Spanish listings  CCEP will apply to the Comisión Nacional del Mercado de Valores and the  Spanish Stock Exchanges for the admission of the CCEP Shares comprised in  the Second Tranche Scrip Consideration to listing and trading on the Spanish  Stock Exchanges, and will use reasonable endeavours to obtain such  admission no later than 10 Business Days after the Implementation Date.  6 Put Option  6.1 Exercise of Put Option  (a) In respect of any Remaining Sale Shares that are not acquired by CCEP  BidCo as part of the Second Tranche Sale Shares (Put Option Shares),  TCCC Holder may, at its sole discretion, give a written notice (a Put  

 

   page 17     Option Exercise Notice) to CCEP BidCo during the Put Option Exercise  Period (or at any time permitted by clause 6.4) requiring CCEP BidCo to  purchase all of the Put Option Shares at the Put Option Consideration  (Put Option).   (b) The Put Option Exercise Notice must specify:  (i) that TCCC Holder exercises the Put Option;  (ii) that the notice is irrevocable;  (iii) the proposed date of transfer of the Put Option Shares (Put  Option Completion Date), which must be no less than 20  Business Days after the date of issue of the Put Option Exercise  Notice; and   (iv) that the representations and warranties in clause 9(b) (amended  by replacing references to “Sale Shares” with “Put Option Shares”)  are given as at the date of the Put Option Exercise Notice and the  Put Option Completion Date in respect of the Put Option Shares.  The Put Option Exercise Notice may (but need not) also specify any  regulatory approvals or consents (including antitrust approvals) TCCC  Holder anticipates will be required in connection with the exercise of the  Put Option.  (c) TCCC or TCCC Holder may nominate a TCCC Nominee to which the  CCEP Shares to be issued to satisfy the Put Option Consideration will be  allotted and issued, provided that if TCCC Nominee is a depositary,  nominee or participant falling within limbs (ii) or (iii) of the definition of  TCCC Nominee:  (i) prior to making that nomination, TCCC or TCCC Holder shall  consult with CCEP about (x) what clearances and consents will be  required to issue the relevant CCEP Shares to that TCCC  Nominee and the likelihood of them being obtained; and (y)  whether that TCCC Nominee will accept the issue of the those  CCEP Shares assuming those clearances and consents have  been obtained; and  (ii) TCCC or TCCC Holder may nominate any TCCC Nominee falling  within limb (ii) of the definition of TCCC Nominee unless CCEP can  demonstrate that (x) any clearances and consents required to issue  those CCEP Shares to that TCCC Nominee cannot be obtained by  completion of the Put Option or (y) were they obtained, that TCCC  Nominee will not accept the issue of those CCEP Shares at  completion of the Put Option; or  (iii) TCCC or TCCC Holder may nominate any TCCC Nominee falling  within limb (iii) of the definition of TCCC Nominee to the extent that  any clearances and consents required to issue those CCEP Shares  to that TCCC Nominee are obtained by completion of the Put Option  

 

   page 18     and that TCCC Nominee will accept the issue of those CCEP Shares  at completion of the Put Option.  The parties acknowledge that the TCCC Nominee is likely to be  Computershare Trust Company N.A. (or a nominee of Computershare  Trust Company N.A. on its behalf) (falling within limb (ii) of the definition  of TCCC Nominee and holding outside of The Depositary Trust Company)  so that the CCEP Shares are issued directly into a depositary, and agree  that, at the date of this deed, TCCC or TCCC Holder would be entitled to  nominate it (or its nominee) as the TCCC Nominee.  (d) CCEP shall:  (i) use its best endeavours to ensure that, to the extent necessary, as  at the Put Option Completion Date, the directors of CCEP have the  authority, under section 551 of the UK Companies Act 2006, to  allot the Put Option Consideration Shares, including by:   (A) proposing, at the first general meeting of CCEP held after  the date of this deed, a resolution authorising the directors of  CCEP to allot the Put Option Consideration Shares;   (B) if that (or any subsequent) authority has expired (or is to  expire within the following 15 months), or is varied or  revoked, proposing (at the next general meeting of CCEP) a  new resolution to renew or replace that authority;  (C) procuring that the directors of CCEP (other than the Red  Nominated Directors (as defined in the CCEP SHA)) shall  unanimously recommend that holders of CCEP Shares vote  in favour of any such resolution; and  (D) not taking any action which is likely result in any such  authority being varied or revoked; and  (ii) procure that, with effect from the Put Option Completion Date if  CCEP Shares are admitted to trading on the relevant exchanges at  that time, the Listing Obligations will be satisfied in relation to the  CCEP Shares to be issued as Put Option Consideration (as if  references in the Listing Obligations to Second Tranche Scrip  Shares were to the Put Option Consideration Shares).   (e) In the event of:  (i) any variation of the ordinary share capital of CCEP by way of  consolidation, sub-division, reclassification or redesignation  affecting the number of CCEP Shares in issue;  (ii) any issue of shares by CCEP by way of a capitalisation of profits or  reserves (other than an issuance, offer, exercise, allotment,  purchase or grant of shares pursuant to a CCEP share option or  incentive scheme or pursuant to a dividend reinvestment plan or  similar plan or scheme or approved scrip dividend programme);   

 

   page 19     (iii) any issue of shares by CCEP by way of a rights issue under which  CCEP Shares are issued at less than 90 per cent. of the market  price immediately prior to the announcement of that rights issue, or  any other issue of shares by CCEP for consideration with a value  of less than 90 per cent. of the market price immediately prior to  the announcement of that issue (in each case other than an  issuance, offer, exercise, allotment, purchase or grant of shares  pursuant to a CCEP share option or incentive scheme or pursuant  to a dividend reinvestment plan or similar plan or scheme or  approved scrip dividend programme);  (iv) any material transfer of value from CCEP to holders of CCEP  Shares other than in the ordinary course (including a transfer by  way of an extraordinary dividend or capital distribution) but, for the  avoidance of doubt, excluding pursuant to a share buyback on  terms envisaged in resolutions 23 and 24 passed at the annual  general meeting of CCEP held on 27 May 2020);   (v) any consolidation affecting the number of Remaining Sale Shares  on issue,  (each, a Reorganisation Event) or any other action agreed between  CCEP or TCCC (acting reasonably) should constitute a Reorganisation  Event (and, for the avoidance of doubt, any issuance of shares by CCEP  or CCEP BidCo pursuant to this deed shall not be a Reorganisation  Event), the number of Put Option Consideration Shares as a ratio per  CCA Share shall be adjusted by the parties (acting reasonably) such  that:   (A) the adjusted number of Put Option Consideration Shares  represents the same aggregate percentage of CCEP Shares  had the Reorganisation Event not occurred; and   (B) the economic value of the Put Option is maintained and  TCCC Holder (as the holder of the Put Option) is no worse  off as a result of the Reorganisation Event.  If the parties are unable to reach agreement on the necessary  adjustment within 20 Business Days following the date of the variation,  either CCEP or TCCC may, by notice to the other (an Expert  Determination Notice), require that an expert be appointed to determine  the adjustment (the Expert).  The Expert shall be a high-quality,  independent firm of internationally recognised chartered accountants to  be agreed upon by CCEP and TCCC (or, failing agreement as to their  identity within 10 Business Days of service of the Expert Determination  Notice, to be identified, on the application in writing of either CCEP or  TCCC, by the President for the time being of the Institute of Chartered  Accountants of England and Wales).  The Expert shall be engaged jointly  by CCEP and TCCC.  The Expert shall determine its own procedure,  provided that it shall make its determination as soon as is reasonably  practicable and shall give each of the parties a reasonable opportunity to  

 

   page 20     make representations in writing to it (which shall be shared with the other  parties at the same time).  The Expert's determination shall be made in  writing and sent to the parties at the same time and the Expert shall not  be required to include reasons for its determination.  The Expert shall act  as an expert and not as an arbitrator, and its determination of the  adjustment shall be final and binding on the parties, save in the event of  fraud of any party or the Expert or manifest error of the Expert.  The  charges (including any GST or similar tax) of the Expert shall be borne  equally by CCEP and TCCC.  Each of CCEP and TCCC shall (and shall  procure that each of its Related Entities shall) cooperate with the Expert  and comply with its reasonable requests made in connection with the  carrying out of its duties pursuant to its engagement under the terms of  this paragraph.  (f) If TCCC Holder has not given a Put Option Exercise Notice by the end of  the Put Option Exercise Period, the Put Option shall lapse.  6.2 Obligations on Put Option Completion Date  (a) On the Put Option Completion Date, TCCC Holder must:  (i) deliver to CCEP BidCo a completed transfer form for the Put  Option Shares in favour of CCEP BidCo as transferee, duly  executed by TCCC Holder;   (ii) perform all such further acts and execute and deliver to CCEP  BidCo all such further documents as are necessary to transfer  legal and beneficial ownership in the Put Option Shares to CCEP  BidCo and have the Put Option Shares registered in CCEP  BidCo’s name, free from all Encumbrances and with all Rights  attaching or accruing to the Put Option Shares on or from the  completion of the Put Option; and  (iii) provide CCEP BidCo with such information as it reasonably  requires in order to allot and issue TCCC Holder (or such TCCC  Nominee as TCCC or TCCC Holder may nominate pursuant to  clause 6.1(c)) with CCEP Shares in accordance with clause  6.2(b)(ii).   (b) On the Put Option Completion Date, CCEP BidCo must:  (i) accept, execute and deliver to TCCC Holder the instruments of  transfer of the Put Option Shares;  (ii) procure the allotment and issue of the Put Option Consideration by  causing the relevant number of CCEP Shares to be issued to  TCCC Holder (or to such TCCC Nominee as TCCC or TCCC  Holder may nominate pursuant to clause 6.1(c)) to satisfy the Put  Option Consideration, each credited as fully paid and free of any  Encumbrances, with the same rights and ranking pari passu in all  respects with the existing fully paid CCEP Shares, including the  

 

   page 21     right to receive dividends, distributions or return of capital declared,  paid or made by CCEP on or after completion of the Put Option;  (iii) deliver to TCCC Holder a certified copy of the resolutions of a duly  held meeting of the directors of CCEP authorising the allotment to  TCCC Holder (or TCCC's nominee) of the Put Option  Consideration, and (if applicable) a share certificate or, if CCEP  Shares are to be issued to a depositary in accordance with clause  6.1(c), a certificate evidencing depositary receipts in respect of the  Put Option Consideration;   (iv) deliver to TCCC Holder a copy of the confirmation by the FCA, the  LSE and Euronext Amsterdam that the CCEP Shares comprising  the Put Option Consideration will be admitted to the relevant  official list and to trading on the relevant exchanges pursuant to  clause 6.1(d)(ii); and   (v) comply with all other obligations required by Applicable Law and  Regulation relating to the issuance of the Put Option Consideration  including under, if applicable, section 593 of the UK Companies  Act 2006.  (c) If relevant, CCEP BidCo shall, at the election of TCCC or TCCC Holder,  if CCEP Shares are to be issued to a depositary in accordance with  clause 6.1(c), procure the issue of the CCEP Shares pursuant to   clause 6.2 (b) in certificated or uncertificated form. If any clearances,  consents, permissions, applications, filings or similar are required for  CCEP BidCo to allot and issue those CCEP Shares to a TCCC Nominee  that is:  (i) a depositary or nominee falling within limb (ii) of the definition of  TCCC Nominee, CCEP BidCo will procure that CCEP makes those  applications and filings (or similar) and obtains those consents and  clearances (or similar) by completion of the Put Option, in each  case in line with then current market practice; or   (ii) a nominee or participant falling within limb (iii) of the definition of  TCCC Nominee, CCEP BidCo will use best endeavours to procure  that CCEP makes those applications and filings (or similar) and  obtains those consents and clearances (or similar) by completion  of the Put Option, in each case in line with then current market  practice.  (d) If CCEP BidCo is not able to procure that CCEP allots and issues the  relevant CCEP Shares to a TCCC Nominee that is a nominee or  participant falling within limb (iii) of the definition of TCCC Nominee, it  shall instead:  (i) issue those CCEP Shares at completion of the Put Option to  TCCC Holder or such Affiliate of TCCC or (to the extent no  clearance or consent is required to such person) a depositary or  

 

   page 22     nominee falling within limb (ii) of the definition of TCCC Nominee  as TCCC or TCCC Holder shall nominate; and  (ii) bear any Transfer Tax payable on or in connection with the  transfer of those CCEP Shares from that person to the relevant  TCCC Nominee falling within limb (iii) of the definition of TCCC  Nominee once all applicable consents or clearances have been  obtained (and TCCC and TCCC Holder shall consult with CCEP  Bidco as to the manner in which such transfer is to occur) save to  the extent that such Transfer Tax is otherwise recovered under the  Registration Rights Agreement.   (e) If CCEP Shares are admitted to trading on the Spanish Stock Exchanges  at completion of the Put Option, CCEP will apply to the Comisión  Nacional del Mercado de Valores and the Spanish Stock Exchanges for  the admission of the CCEP Shares comprised in the Put Option  Consideration to listing and trading on to the Spanish Stock Exchanges,  and will use reasonable endeavours to obtain such admission no later  than 10 Business Days after the Put Option Completion Date.  6.3 Director appointment right  (a) The parties agree that, for so long as TCCC directly or indirectly holds  any CCA Shares, TCCC and its Related Entities will be entitled to  nominate the least number of directors to CCA's board as represents not  less than 25% of the total number of directors on CCA’s board (e.g. will  be entitled to nominate one director if the total number of directors on  CCA’s board is fewer than four). CCEP shall procure that each such  nominee from time to time is promptly appointed as a director of CCA  and that no such nominee is removed as a director of CCA by the  directors or shareholders of CCA.  (b) CCEP agrees to procure that, for so long as TCCC directly or indirectly  holds any CCA Shares, the constitution of CCA will provide that:  (i) any CCA director may call a meeting of CCA's directors at any  time;  (ii) notices of a meeting of CCA's directors must be given to all CCA  directors and their alternates;  (iii) CCA shall provide technology for each meeting of CCA directors  that allows any CCA director to join that meeting remotely while  still being able to hear and see all other CCA directors, and to be  heard and be seen by all other CCA directors;  (iv) the quorum for any meeting of CCA directors must include one  director nominated by TCCC or its Related Entities (other than for  any part of a meeting during which an Affiliated Transaction with a  Red Affiliate (each as defined in the Terms of Reference of the  Affiliated Transactions Committee of CCEP) is being considered)  provided that if a meeting is not quorate because of no such  

 

   page 23     director or his alternate being in attendance, at any reconvened  meeting with respect to those matters on the agenda which were  not disposed of at the original meeting held after one business day  of the date of the originally scheduled meeting, it shall not be a  requirement for the quorum of such meeting to include one director  nominated by TCCC;  (v) any CCA director nominated by TCCC shall be entitled to appoint  an alternate director (who need not be another CCA director or a  member of CCA); and  (vi) a written resolution of the directors of CCA is only valid if all the  CCA directors have signified their assent to it in writing or other  permanent form.  (c) CCEP agrees to procure that, for so long as TCCC directly or indirectly  holds any CCA Shares, the approval of any long term business plan for  each rolling three financial year period or annual business plan of the  CCA Group will be a matter reserved for the CCA Board, acting by a  majority.  (d) For so long as TCCC directly or indirectly holds any CCA Shares, CCEP  shall:  (i) provide to TCCC, within such time as it is requested, such  information or documents in the possession of the CCA Group (or  CCEP or any other of its Related Entities) as TCCC may  reasonably request in connection with the preparation of any  releases, statements, reports, notices or other filings to be made  by TCCC or any of its Related Entities pursuant to Applicable Law  and Regulation (including by or to any Governmental Authority)  (TCCC Filings); and  (ii) cooperate with, procure that any officer or employee of the CCA  Group cooperates with, and use reasonable efforts to cause any  auditor of the CCA Group to cooperate with, TCCC or any of its  Related Entities to the extent reasonably requested in writing by  TCCC in the preparation of any TCCC Filings.  (e) The parties acknowledge that, for so long as TCCC directly or indirectly  holds any CCA Shares, TCCC intends to account for that holding using  the equity method of accounting.  However, if the rights set out in this  clause 6.3 are not sufficient to allow it to do so, the parties will cooperate  to grant to TCCC or its Related Entities, as soon as possible, such rights  as may be reasonably required in line with minimum requirements of  relevant accounting standards to allow it to do so.    

 

   page 24     6.4 Change of Control  If any person announces a firm intention to make an offer for CCEP Shares  within the meaning of the UK City Code on Mergers and Acquisitions, the Put  Option may be exercised in full at any time thereafter.  7 Costs  (a) Unless otherwise provided for in this deed, each party must pay its own  costs and expenses in respect of the negotiation, preparation, execution,  delivery and registration of this document and any other agreement or  document entered into or signed under this document.  (b) Any action to be taken by CCEP, CCEP BidCo, TCCC or TCCC Holder  in performing its obligations under this deed must be taken at its own  cost and expense unless otherwise provided in this deed.  8 Termination  8.1 General termination  This deed terminates on the earlier of:  (a) the date on which the Scheme Implementation Deed is terminated; and  (b) any date agreed in writing between the parties to this deed.   8.2 Effect of termination  (a) Termination of this deed does not affect any accrued rights or remedies  of any party.  (b) Clauses 1, 7, 11 and 12 survive any termination of this deed.  (c) For the avoidance of doubt, following termination of this deed, nothing in  this deed may be construed as limiting or restricting in any way the  exercise or enjoyment by TCCC Holder of its rights in relation to the  voting, control and disposal of its CCA Shares.   9 Warranties and undertakings    (a) Each party represents and warrants to each other party that, as at the  date of this deed and as at the time immediately before Completion:  (i) it is duly incorporated under the laws of the place of its  incorporation;  (ii) it has the capacity unconditionally to execute and deliver this deed  and comply with all its terms;  (iii) the execution and delivery of this deed has been properly  authorised by all necessary corporate action;  

 

   page 25     (iv) this deed constitutes its valid and legally binding obligations and is  enforceable against it in accordance with its terms; and  (v) this deed does not conflict with or result in the breach of or a  default under any provision of its constitution (if applicable) or any  writ, order or injunction, judgment, law, rule or regulation to which it  is party or subject or by which it is bound.  (b) TCCC Holder represents and warrants in favour of CCEP that, as at the  date of this deed and as at the time immediately before Completion:  (i) it is the sole legal and beneficial owner of the Sale Shares; and  (ii) the Sale Shares:  (A) are fully paid and no money is owing in respect of them; and  (B) are free from all Encumbrances and other third party  interests or rights and no claim has been made by any  person to be entitled to any.  (c) CCEP represents and warrants in favour of TCCC Holder (and any  relevant Affiliate of TCCC) that:  (i) as at Completion, the CCEP Shares (if any) issued under the  Second Tranche Scrip Consideration:  (A) will be validly allotted and issued to TCCC Holder (or the  TCCC Nominee nominated pursuant to clause 5.1(d));  (B) are fully paid and no money is owing in respect of them;  (C) are free from all Encumbrances and other third party  interests or rights and no claim has been made by any  person to be entitled to any; and  (D) have the same rights and rank pari passu in all respects with  the existing fully paid CCEP Shares,  (ii) as at the Put Option Completion Date, the Put Option  Consideration Shares:  (A) will be validly allotted and issued to TCCC Holder (or the  TCCC Nominee nominated pursuant to clause 6.1(c));  (B) are fully paid and no money is owing in respect of them;  (C) are free from all Encumbrances and other third party  interests or rights and no claim has been made by any  person to be entitled to any; and  (D) have the same rights and rank pari passu in all respects with  the existing fully paid CCEP Shares,  (d) CCEP represents and warrants in favour of TCCC Holder (and any  relevant Affiliate of TCCC) that, in connection with the Second Tranche  Scrip Consideration or Put Option Consideration, as applicable:  

 

   page 26     (i) it will comply with any applicable NYSE rules set forth in the NYSE  Listed Company Manual for the issue of those CCEP Shares;  (ii) the CCEP Shares to be issued will constitute Registrable  Securities subject to the Registration Rights Agreement; and  (iii) such CCEP Shares to be issued will be sold within the meaning of  Section 4(a)(2) of the U.S. Securities Act of 1933, as amended.  10 Relationship between the parties    10.1 No authority to bind  (a) The parties agree that this deed is not to be interpreted as constituting  the relationship of the parties as a partnership, quasi partnership,  fiduciary, association or any other relationship in which one or more of  the parties may (except as specifically provided for in this deed) be liable  generally for the acts or omissions of any other party.  (b) Without limitation to clause 10.1(a);   (i) no party has the authority to pledge or purport to pledge the credit  of any other party or to make or give (or purport to make or give)  any representations, warranties or undertakings for or on behalf of  any other party; and  (ii) no party may legally bind any other party. The content of any  Transaction Document is to be agreed in writing by all parties.   10.2 Separate tax and accounting obligations  (a) Each party is responsible for its own tax, accounting and record keeping  obligations.  (b) No party is responsible for the obligations of the other party under the tax  laws of any relevant jurisdiction, unless otherwise specifically provided  for in a Transaction Document.  11 Confidentiality  11.1 Confidentiality  Other than any information to be disclosed pursuant to clause 4.3(a), each  party must keep confidential and must not disclose, and must procure that its  Related Entities and its Representatives keep confidential and do not disclose  the Confidential Information, except:  (a) with the prior written consent of the other parties;  (b) where the information is in or has come into the public domain other than  due to a breach of any obligation of confidentiality owed by that party;  

 

   page 27     (c) to the extent required by any applicable law, order or rule of any court or  government agency or the rules of a recognised securities exchange;   (d) to a Representative of that party and of its Related Entities, on a need to  know basis and where those persons undertake to keep information  disclosed confidential or are otherwise bound by or subject to a similar  confidentiality obligation.  11.2 Survival of confidentiality obligations  This clause 11 survives the termination of this deed.  12 General  12.1 Amendment  This deed may be amended only by another deed executed by all the parties.  12.2 Transfer & Assignment  (a) Other than as set out in clauses 12.2(b) and (c), no party can assign,  charge, create a security interest over, encumber or otherwise deal with  any of its rights or obligations under this deed, or attempt or purport to do  so, without the prior written consent of the other party.  (b) Notwithstanding anything in this deed, TCCC Holder may at any time  transfer some or all of the CCA Shares that it holds to one or more of its  Affiliates formed pursuant to the laws of any state in the United States of  America or any part of the United Kingdom, provided that:  (i) it must first notify CCEP of the number of CCA Shares that it  proposes to transfer and the name and corporate details of the  proposed transferee(s);   (ii) CCEP consents to that transfer; and  (iii) such transfer shall not prevent Completion on the date due under  this deed or otherwise affect the timetable of the Proposed  Transaction as set out in the Scheme Implementation Deed,  including as a result of the time required to obtain any necessary  approvals for such transfer under Applicable Law and Regulation.  CCEP must consent to any transfer other than one: (i) where there is a  reasonable likelihood that it could prevent Completion on the date due  under this deed or otherwise affect the timetable of the Proposed  Transaction as set out in the Scheme Implementation Deed or (ii) that, in  CCEP’s reasonable judgment, would financially disadvantage (save to  any de minimis extent), CCEP, CCA or any of its or their Affiliates.  (c) In connection with any transfer pursuant to clause 12.2(b), the parties  shall (and TCCC shall procure that each transferee shall) enter into such  documents as are necessary or desirable to ensure that each transferee:  

 

   page 28     (i) is obliged to comply with each of TCCC Holder's relevant  obligations under this deed to the extent relating to CCA Shares  that such transferee holds; and  (ii) receives the benefit of TCCC Holder's relevant rights under this  deed.  TCCC and TCCC Holder shall use their reasonable endeavours to obtain  any necessary approval (including any letter of no objection under the  Foreign Acquisitions and Takeovers Act 1975 (Cth) that may be  required) as quickly as possible, and CCEP and CCEP BidCo will  provide all reasonable assistance to them to do so.   12.3 Flip to CCEP HoldCo  (a) If TCCC Holder (or any transferee under clause 12.2) will hold or holds  any of the Remaining Sale Shares after Completion, at CCEP BidCo’s  election, the parties shall procure that such Remaining Sale Shares are  exchanged for shares in CCEP HoldCo (CCEP HoldCo Shares) at a  time to be specified by CCEP BidCo (not to occur before Completion),  provided that TCCC Holder (or any transferee under clause 12.2) shall  not be obliged to effect such exchange unless:   (i) CCEP BidCo first notifies TCCC of the proposal for such  exchange, and CCEP BidCo and TCCC (each acting reasonably)  discuss the mechanism and timing for effecting such exchange;  (ii) the share capital of CCEP HoldCo will reflect the share capital of  CCA immediately prior to such exchange, and TCCC Holder (and  any transferee pursuant to clause 12.2) shall hold the same  proportion of shares in CCEP HoldCo immediately following such  exchange  as they held in CCA immediately prior to such  exchange and such CCEP HoldCo Shares shall represent the  same percentage interest in CCEP HoldCo as the shares that they  held in CCA represented in the issued share capital of CCA  immediately prior to such exchange; and   (iii) neither TCCC Holder nor any Affiliate of TCCC shall be financially  disadvantaged (save to any de minimis extent), in TCCC’s  reasonable judgment, by such exchange and will, following such  exchange, be able to account for its holding in CCEP HoldCo (on a  consolidated basis) using the equity method of accounting,   and, following the completion of such exchange, this deed shall apply  mutatis mutandis as if, unless the context otherwise requires, references  to CCA were to CCEP HoldCo and references to CCA Shares were to  CCEP HoldCo Shares.  (b) In connection with any transfer pursuant to clause 12.3(a), the parties  shall (and CCEP shall procure that CCEP HoldCo shall and TCCC shall  procure that any transferee under clause 12.2 shall) enter into such  documents as are necessary or desirable to effect such exchange.  

 

   page 29     12.4 Notices  Any notice, demand, consent or other communication (a Notice) given or made  under this deed:  (a) must be in writing and signed by the sender or a person duly authorised  by the sender (or in the case of email, set out the full name and position  or title of the sender or person duly authorised by the sender);  (b) must be delivered to the intended recipient by prepaid post (or if posted  to an address in another country, by registered airmail) or by hand or  email to the address or email address below or the address or email  address last notified by the intended recipient to the sender:  (i) to CCEP  and CCEP  BidCo  Address: Pemberton House, Bakers Road,  Uxbridge, UB8 1EZ, United Kingdom   Email: secretariat@ccep.com    Attention: General Counsel and Company  Secretary  (ii) to TCCC  and TCCC  Holder  Address: One Coca-Cola Plaza, Atlanta, Georgia  30313, United States of America   Email: bgayton@coca-cola.com    Attention: Bradley Gayton, Senior Vice President &  General Counsel  (c) will be conclusively taken to be duly given or made and received:  (i) in the case of delivery in person, when delivered;  (ii) in the case of delivery by express post, to an address in the same  country, two Business Days after the date of posting;  (iii) in the case of delivery by any other method of post, six Business  Days after the date of posting; and  (iv) in the case of email, at the earliest of:  (A) the time that the sender receives an automated message  from the intended recipient's information system confirming  delivery of the email;  (B) the time that the intended recipient confirms receipt of the  email by reply email; and  (C) three hours after the time the email is sent (as recorded on  the device from which the sender sent the email) unless the  sender receives, within that three hour period, an automated  message that the email has not been delivered,  but if the result is that a Notice would be taken to be given or made and  received:  

 

   page 30     (v) in the case of delivery by hand or post, at a time that is later than  5.00 pm;  (vi) in the case of delivery by email, at a time that is later than 7.00 pm;  or  (vii) on a day that is not a Business Day,  in the place specified by the intended recipient as its postal address  under clause 12.3(b), it will be conclusively taken to have been duly  given or made and received at the start of business on the next business  day in that place.  12.5 Entire agreement  This deed contains the entire agreement between the parties with respect to its  subject matter.  It sets out the only conduct, representations, warranties,  covenants, conditions, agreements or understandings (collectively Conduct)  relied on by the parties and supersedes all earlier Conduct by or between the  parties in connection with its subject matter.  No party has relied on or is relying  on any other Conduct in entering into this deed and completing the  transactions contemplated by it.  12.6 Governing law and jurisdiction  This deed is governed by the laws of New South Wales.  In relation to this  deed, and related non-contractual matters, each party irrevocably submits to  the non-exclusive jurisdiction of courts with jurisdiction in New South Wales,  and waives any right to object to the venue on any ground.  12.7 Severability of provisions  Any provision of this deed which is prohibited or unenforceable in any  jurisdiction is ineffective as to that jurisdiction to the extent of the prohibition or  unenforceability.  That will not invalidate the remaining provisions of this deed  nor affect the validity or enforceability of that provision in any other jurisdiction.  12.8 No waiver  A failure to exercise or a delay in exercising any right, power or remedy under  this deed does not operate as a waiver.  A single or partial exercise or waiver  of the exercise of any right, power or remedy does not preclude any other or  further exercise of that or any other right, power or remedy.  A waiver is not  valid or binding on the party granting that waiver unless made in writing.  12.9 No merger  The rights and obligations of the parties will not merge on completion of any  transaction contemplated by this deed.  They will survive the execution and  delivery of any assignment or other document entered into for the purpose of  implementing a transaction.  12.10 Duty  All stamp duty, stamp duty reserve tax and any other similar duties, registration  or transfer taxes (including any fines, penalties and interests in relation thereto,  and any amounts paid under any indemnity in relation thereto) (Transfer Tax)  

 

   page 31     payable on or in connection with this deed and any instrument executed under  or any transaction evidenced by this deed (including any Transfer Tax payable  on or in connection with the transfer of the Sale Shares or Remaining Sale  Shares, or the issue of the Second Tranche Scrip Shares or the Put Option  Consideration Shares (including any Transfer Tax chargeable under sections  93 or 96 of the UK Finance Act 1986 or any legislation having similar or  equivalent effect)) shall be borne by CCEP BidCo save to the extent that any  amount has been incurred or increased solely as a result of TCCC Holder  having transferred its CCA Shares to a person other than CCEP HoldCo or  CCEP BidCo (as distinct from a transfer by TCCC Holder to CCEP BidCo) or  nominated a different person to be the underlying beneficial owner of any  CCEP Shares, in which case such additional Transfer Tax shall be borne by  TCCC Holder.   12.11 Counterparts  This deed may be executed in any number of counterparts. All counterparts  together will be taken to constitute one instrument.    

 

        Execution    Executed as a deed.     CCEP    Signed sealed and delivered by  Coca-Cola European Partners  plc in the presence of      sign here ►  sign here ►    Authorised signatory  Witness  print name     print name                                       Seal  

 

         CCEP BidCo    Signed, sealed and delivered by  CCEP Australia Pty Ltd    )  )  )      ...........................................................  Company Secretary/Director    ...........................................................  Name of Company Secretary/Director  (print)       ...........................................................  Director    ...........................................................  Name of Director (print)       

 

           Signed sealed and delivered by  The Coca-Cola Company in the  presence of     sign here ►   sign here ►    Authorised signatory  Witness  print name     print name                                            

 

            Signed sealed and delivered by  Coca-Cola Holdings (Overseas)  Limited in the presence of     sign here ►   sign here ►    Authorised signatory  Witness  print name     print nameExhibit 10.1

 

EXECUTION
VERSION

 

FINANCING AGREEMENT

 

Dated
as of March 12, 2021

 

by and
among

 

WHEELER
REAL ESTATE INVESTMENT TRUST, INC.

as
Borrower,

 

EACH
SUBSIDIARY OF THE BORROWER

LISTED AS A GUARANTOR ON THE SIGNATURE PAGES HERETO,

as Guarantors,

 

THE
LENDERS FROM TIME TO TIME PARTY HERETO,

as Lenders,

 

WILMINGTON
SAVINGS FUND SOCIETY, FSB,

as Administrative Agent and Collateral Agent

 

     

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS; CERTAIN TERMS	 	1
	Section 1.01	 	Definitions	 	1
	Section 1.02	 	Terms Generally	 	41
	Section 1.03	 	Certain Matters of Construction	 	41
	Section 1.04	 	Accounting and Other Terms	 	42
	Section 1.05	 	Time References	 	43
	Section 1.06	 	Divisions	 	43
	ARTICLE II THE LOANS	 	43
	Section 2.01	 	Commitments	 	43
	Section 2.02	 	Making the Loan	 	43
	Section 2.03	 	Repayment of Loans; Evidence of Debt	 	44
	Section 2.04	 	Interest	 	45
	Section 2.05	 	Prepayment of Loans	 	45
	Section 2.06	 	Fees	 	47
	Section 2.07	 	Taxes	 	48
	Section 2.08	 	Increased Costs and Reduced Return	 	51
	ARTICLE III [INTENTIONALLY OMITTED]	 	53
	ARTICLE IV APPLICATION OF PAYMENTS; DEFAULTING LENDERS	 	53
	Section 4.01	 	Payments; Computations and Statements	 	53
	Section 4.02	 	Sharing of Payments	 	53
	Section 4.03	 	Apportionment of Payments	 	54
	Section 4.04	 	Defaulting Lenders	 	54
	ARTICLE V CONDITIONS TO LOANS	 	55
	Section 5.01	 	Conditions Precedent to Effectiveness	 	55
	Section 5.02	 	Post-Closing Conditions	 	59
	ARTICLE VI REPRESENTATIONS AND
    WARRANTIES	 	60
	Section 6.01	 	Representations and Warranties	 	60
	ARTICLE VII COVENANTS OF THE LOAN PARTIES AND OTHER COLLATERAL MATTERS	 	70
	Section 7.01	 	Affirmative Covenants	 	70
	Section 7.02	 	Negative Covenants	 	83
	Section 7.03	 	Financial Covenants	 	89
	ARTICLE VIII EVENTS OF DEFAULT	 	89
	Section 8.01	 	Events of Default	 	89
	ARTICLE IX AGENTS	 	93
	Section 9.01	 	Appointment	 	93
	Section 9.02	 	Nature of Duties; Delegation	 	93

 

    i

     

    

 

	Section 9.03	 	Rights, Exculpation, Etc.	 	94
	Section 9.04	 	Reliance	 	94
	Section 9.05	 	Indemnification	 	95
	Section 9.06	 	Agents Individually	 	95
	Section 9.07	 	Successor Agent	 	95
	Section 9.08	 	Collateral Matters	 	96
	Section 9.09	 	Agency for Perfection	 	97
	Section 9.10	 	No Reliance on any Agent’s Customer Identification Program	 	97
	Section 9.11	 	No Third Party Beneficiaries	 	97
	Section 9.12	 	No Fiduciary Relationship	 	97
	Section 9.13	 	Reports; Confidentiality; Disclaimers	 	98
	Section 9.14	 	Collateral Custodian	 	98
	Section 9.15	 	Agents May File Proofs of Claim	 	99
	ARTICLE X GUARANTY	 	99
	Section 10.01	 	Guaranty	 	99
	Section 10.02	 	Guaranty Absolute	 	99
	Section 10.03	 	Waiver	 	101
	Section 10.04	 	Continuing Guaranty; Assignments	 	101
	Section 10.05	 	Subrogation	 	101
	Section 10.06	 	Contribution	 	102
	ARTICLE XI MISCELLANEOUS	 	102
	Section 11.01	 	Notices, Etc.	 	102
	Section 11.02	 	Amendments, Etc.	 	104
	Section 11.03	 	No Waiver; Remedies, Etc.	 	106
	Section 11.04	 	Expenses; Attorneys’ Fees	 	106
	Section 11.05	 	Right of Set-off	 	107
	Section 11.06	 	Severability	 	107
	Section 11.07	 	Assignments and Participations.	 	107
	Section 11.08	 	Counterparts	 	110
	Section 11.09	 	Governing Law	 	110
	Section 11.10	 	Consent to Jurisdiction; Service of Process and Venue	 	111
	Section 11.11	 	Waiver of Jury Trial, Etc.	 	111
	Section 11.12	 	Consent by the Agents and Lenders	 	112
	Section 11.13	 	No Party Deemed Drafter	 	112
	Section 11.14	 	Reinstatement; Certain Payments	 	112
	Section 11.15	 	Indemnification; Limitation of Liability for Certain Damages	 	112
	Section 11.16	 	Records	 	113
	Section 11.17	 	Binding Effect	 	113
	Section 11.18	 	Highest Lawful Rate	 	113
	Section 11.19	 	Confidentiality	 	114
	Section 11.20	 	Public Disclosure	 	115
	Section 11.21	 	Integration	 	115
	Section 11.22	 	USA PATRIOT Act	 	115

 

    ii

     

    

 

SCHEDULE AND EXHIBITS

 

	Schedule A	 	Excluded Tenant Improvements
	Schedule B	 	Adverse Change
	Schedule C	 	Harbor Point TIF
	Schedule D	 	Combined Refinancing Properties
	Schedule 1.01(A)	 	Lenders and Lenders’ Commitments
	Schedule 6.01(b)	 	Authorizations, Etc.
	Schedule 6.01(e)	 	Capitalization; Subsidiaries
	Schedule 6.01(f)	 	Litigation
	Schedule 6.01(l)	 	Nature of Business
	Schedule 6.01(o)	 	Properties
	Schedule 6.01(q)	 	Environmental Matters
	Schedule 6.01(r)	 	Insurance
	Schedule 6.01(v)	 	Material Contracts
	Schedule 6.01(dd)	 	Leases
	Schedule 6.01(ee)	 	Property
	Schedule 6.01(hh)	 	Unencumbered Real Estate
	Schedule 6.01(ii)	 	Legal Description of Ground Leased Property
	Schedule 7.01(n)	 	Management
	Schedule 7.02(a)	 	Existing Liens
	Schedule 7.02(b)	 	Existing Indebtedness
	Schedule 7.02(e)	 	Existing Investments
	Schedule 7.02(j)	 	Limitations on Dividends and Other Payment Restrictions Affecting Subsidiaries

 

	Exhibit A	Form of Joinder Agreement
	Exhibit B	Form of Assignment and Acceptance
	Exhibit C	Form of Notice of Borrowing
	Exhibit D	Form of Compliance Certificate
	Exhibit E	Form of Note
	Exhibit F	Form of Control Agreement

 

	Exhibit 2.07(d)-1	U.S Tax Compliance Certificate (Foreign Lenders - Not Partnerships)
	Exhibit 2.07(d)-2	U.S. Tax Compliance Certificate (Foreign Participants - Not Partnerships)
	Exhibit 2.07(d)-3	U.S. Tax Compliance Certificate (Foreign Participants - Partnerships)
	Exhibit 2.07(d)-4	U.S. Tax Compliance Certificate (Foreign Lenders - Partnerships)

 

    iii

     

    

 

FINANCING
AGREEMENT

 

Financing
Agreement, dated as of March 12, 2021, by and among Wheeler Real Estate Investment Trust, Inc., a Maryland corporation (the “Borrower”),
each subsidiary listed as a “Guarantor” on the signature pages hereto (together with each other Person that executes
a joinder agreement and becomes a “Guarantor” hereunder, each a “Guarantor” and collectively, the “Guarantors”),
the lenders from time to time party hereto (each a “Lender” and, collectively, the “Lenders”),
Wilmington Savings Fund Society, FSB, as collateral agent for the Lenders (in such capacity, together with its successors and
assigns in such capacity, the “Collateral Agent”), and Wilmington Savings Fund Society, FSB, as administrative
agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, the “Administrative
Agent” and, together with the Collateral Agent, each an “Agent” and, collectively, the “Agents”).

 

RECITALS

 

The
Borrower has asked the Lenders to extend credit to the Borrower consisting of a term loan in the aggregate principal amount of
$35,000,000. The proceeds of the Loan shall be used (i) to refinance all existing indebtedness of the Borrower with Powerscourt
Investments XXII, LP, (ii) to redeem certain shares of the Borrower’s 8.75% Series D Cumulative Convertible Preferred Stock, and
(iii) to pay fees and expenses in connection with the transactions contemplated hereby. The Lenders are severally, and not jointly,
willing to extend such credit to the Borrower subject to the terms and conditions hereinafter set forth.

 

In
consideration of the premises and the covenants and agreements contained herein, the parties hereto agree as follows:

 

Article
I

DEFINITIONS; CERTAIN TERMS

 

Section
1.01 Definitions. As used in this Agreement, the following terms shall have the respective meanings indicated
below:

 

“Account
Debtor” means, with respect to any Person, each debtor, customer or obligor in any way obligated on or in connection
with any Account of such Person.

 

“Acquisition”
means the acquisition (whether by means of a merger, consolidation or otherwise) of (i) all or substantially all of the (x) Equity
Interests of any Person or (y) assets of (or any division or business line of) any Person or (ii) any Investment, other than Real
Estate, contemplated by clause (g) of the definition of Permitted Investments.

 

“Acquisition
Closing Costs” means the actual deal costs incurred by the Borrower and its Subsidiaries in connection with acquisitions
of Real Estate permitted hereunder and determined in accordance with GAAP. Acquisition Closing Costs shall only include those
deal costs that are associated with Real Estate that is being actively negotiated for purchase, or have been consummated.

 

    1

     

    

 

“Action”
has the meaning specified therefor in Section 11.12.

 

“Administrative
Agent” has the meaning specified therefor in the preamble hereto.

 

“Administrative
Agent’s Account” means an account at a bank designated by the Administrative Agent from time to time as the account into
which the Loan Parties shall make all payments to the Administrative Agent for the benefit of the Agents and the Lenders under
this Agreement and the other Loan Documents.

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries, controls,
is controlled by, or is under common control with, such Person; provided, that as to any Loan Party or any Subsidiary thereof,
the term “Affiliate” shall expressly exclude the Persons constituting Lenders as of the Effective Date and their respective
Affiliates (determined as provided herein without regard to this proviso). For purposes of this definition, “control”
of a Person means the power, directly or indirectly, either to (a) vote 10% or more of the Equity Interests having ordinary voting
power for the election of members of the Board of Directors of such Person or (b) direct or cause the direction of the management
and policies of such Person whether by contract or otherwise.

 

“Agent”
has the meaning specified therefor in the preamble hereto.

 

“Agreement”
means this Financing Agreement, including all amendments, modifications and supplements and any exhibits or schedules to any of
the foregoing, and shall refer to the Agreement as the same may be in effect at the time such reference becomes operative.

 

“Anti-Corruption
Laws” means all Requirements of Law concerning or relating to bribery or corruption, including, without limitation, the
United States Foreign Corrupt Practices Act of 1977, as amended, the UK Bribery Act of 2010, and the anti-bribery and anti-corruption
laws and regulations of those jurisdictions in which the Loan Parties and their Subsidiaries do business.

 

“Anti-Money
Laundering Laws” means all Requirements of Law concerning or relating to terrorism or money laundering, including, without
limitation, the Money Laundering Control Act of 1986 (18 U.S.C. §§ 1956-1957), the USA PATRIOT Act and the Currency
and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act,” 31 U.S.C. §§ 5311-5332 and 12
U.S.C. §§ 1818(s), 1820(b) and §§ 1951-1959) and the rules and regulations thereunder, and any law prohibiting
or directed against the financing or support of terrorist activities (e.g., 18 U.S.C. §§ 2339A and 2339B).

 

“Applicable
Premium” has the meaning set forth in Section 2.06.

 

“Applicable
Securities Legislation” means the Securities Act, the Exchange Act and all other securities laws and the respective
rules and regulations under such laws together with applicable published fee schedules, prescribed forms, policy statements, national
or multilateral instruments, orders, blanket rulings and other applicable regulatory instruments of the SEC and the securities
regulatory authorities in any other jurisdictions as may be agreed to between the Borrower and the Administrative Agent, in each
case applicable to the Borrower and having the force of law.

 

    2

     

    

 

“Appraisal”
means written appraisal addressed to the Lender and its successors and assigns, dated not more than ninety (90) days prior to
the applicable date set forth herein for determination thereof, performed by an MAI designated appraiser of the Appraised Value
of a parcel of Real Estate, performed by an independent and impartial appraiser with experience appraising retail properties selected
by the Agents who is not an employee of the Borrower or any of its Subsidiaries, the Agents or a Lender, the form and substance
of such appraisal and the identity of the appraiser to be in compliance with the Financial Institutions Reform, Recovery and Enforcement
Act of 1989, as amended, the rules and regulations adopted pursuant thereto and all other regulatory laws and policies (both regulatory
and internal) applicable to the Lenders and otherwise acceptable to the Agents, as approved by the Agents.

 

“Appraised
Value” means any property’s market value as determined by an Appraisal on an “as-is” basis performed
by an appraisal firm reasonably acceptable to the Agent.

 

“Assignment
and Acceptance” means an assignment and acceptance entered into by an assigning Lender and an assignee, and accepted
by the Administrative Agent, in accordance with Section 11.07 hereof and substantially in the form of Exhibit B hereto or such
other form acceptable to the Administrative Agent.

 

“Authorized
Officer” means, with respect to any Person, the chief executive officer, chief operating officer, chief financial officer,
treasurer or other financial officer performing similar functions, president or executive vice president of such Person.

 

“Backup
Account” shall have the meaning given to such term in the Closing Date Disbursement Account Agreement.

 

“Bankruptcy
Code” means Title 11 of the United States Code, as amended from time to time and any successor statute or any similar
federal or state law for the relief of debtors.

 

“Board”
means the Board of Governors of the Federal Reserve System of the United States (or any successor).”Board of Directors”
means with respect to (a) any corporation, the board of directors of the corporation or any committee thereof duly authorized
to act on behalf of such board, (b) a partnership, the board of directors of the general partner of the partnership, (c) a limited
liability company, the managing member or members or any controlling committee or board of directors of such company or the sole
member or the managing member thereof, and (d) any other Person, the board or committee of such Person serving a similar
function.

 

“Borrower”
has the meaning specified therefor in the preamble hereto.

 

“Building”
means, with respect to each parcel of Real Estate, all of the buildings, structures, fixtures and other improvements now or hereafter
located thereon.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks in New York City or Wilmington,
Delaware are authorized or required to close.

 

    3

     

    

 

“Capitalized
Lease” means, with respect to any Person, any lease of (or other arrangement conveying the right to use) real or personal
property by such Person as lessee that is required under GAAP to be capitalized on the balance sheet of such Person.

 

“Capitalized
Lease Obligations” means, with respect to any Person, obligations of such Person and its Subsidiaries under Capitalized
Leases, and, for purposes hereof, the amount of any such obligation shall be the capitalized amount thereof determined in accordance
with GAAP excluding, for purposes of the financial covenants set out in Section 7.03 hereof, Capitalized Leases with a corresponding
asset as determined in accordance with GAAP that is reflected in the financial statements of the Borrower and its Subsidiaries
most recently delivered.

 

“Cash
Equivalents” means (a) marketable direct obligations issued or unconditionally guaranteed by the United States Government
or issued by any agency thereof and backed by the full faith and credit of the United States, in each case, maturing within six
months from the date of acquisition thereof; (b) commercial paper, maturing not more than 270 days after the date of issue rated
P 1 by Moody’s or A 1 by Standard & Poor’s; (c) certificates of deposit maturing not more than 270 days after the date of
issue, issued by commercial banking institutions and money market or demand deposit accounts maintained at commercial banking
institutions, each of which is a member of the Federal Reserve System and has a combined capital and surplus and undivided profits
of not less than $500,000,000; (d) repurchase agreements having maturities of not more than 90 days from the date of acquisition
which are entered into with major money center banks included in the commercial banking institutions described in clause (c) above
and which are secured by readily marketable direct obligations of the United States Government or any agency thereof; (e) money
market accounts maintained with mutual funds having assets in excess of $2,500,000,000, which assets are primarily comprised of
Cash Equivalents described in another clause of this definition; (f) marketable tax exempt securities rated A or higher by
Moody’s or A+ or higher by Standard & Poor’s, in each case, maturing within 270 days from the date of acquisition thereof;
and (g) in the case of any Foreign Subsidiary, cash and cash equivalents that are substantially equivalent in such jurisdiction
to those described in clauses (a) through (f) above in respect of each country that is a member of the Organization for Economic
Co-operation and Development.

 

“CERCLA”
means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. 9601 et seq.

 

“Change
in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect
of any law, rule, regulation, judicial ruling, judgment or treaty, (b) any change in any law, rule, regulation or treaty or in
the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance
of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided,
that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all
requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines
or directives concerning capital adequacy promulgated by the Bank for International Settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities in each case pursuant
to Basel III shall, in each case, be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

 

    4

     

    

 

“Change
of Control” means the occurrence of any one of the following events:

 

(a)  during
any twelve (12) month period on or after the Effective Date, individuals who at the beginning of such period constituted the Board
of Directors of the Borrower (together with any new directors whose election by the Board of Directors or whose nomination for
election by the shareholders of the Borrower was approved by a vote of at least a majority of the members of the Board of Directors
then in office who either were members of the Board of Directors at the beginning of such period or whose election or nomination
for election was previously so approved) cease for any reason (other than death or disability) to constitute a majority of the
members of the Board of Directors then in office;

 

(b)  any
Person or group (as that term is used in Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in
its capacity as trustee, agent or other fiduciary or administrator of any such plan and the rules and regulations thereunder)
shall have acquired beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of a percentage (based on voting
power, in the event different classes of stock shall have different voting powers) of the voting stock of the Borrower equal to
at least twenty-five percent (25%);

 

(c)  the
Borrower consolidates with, is acquired by, or merges into or with any Person (other than a consolidation or merger in which the
Borrower is the continuing or surviving entity); or

 

(d)  the
Borrower fails to own, directly or indirectly, at least 75% of the Equity Interests of the Operating Partner and be the sole general
partner of the Operating Partner.

 

“Closing
Date Disbursement Account Agreement” mean that certain Closing Date Disbursement Account Agreement, dated as of the
Effective Date, between the Borrower and the Collateral Agent.

 

“Collateral”
means all of the property and assets and all interests therein and proceeds thereof now owned or hereafter acquired by any Person
upon which a Lien is granted or purported to be granted by such Person as security for all or any part of the Obligations.

 

“Collateral
Agent” has the meaning specified therefor in the preamble hereto.

 

“Collateral
Properties” means each of the properties subject to or required to become subject to a Mortgage; as of the Effective
Date, the Collateral Properties are listed on Schedule 6.01(ee) hereto.

 

“Condemnation”
shall mean a temporary or permanent taking by any Governmental Authority as the result or in lieu or in anticipation of the exercise
of the right of condemnation or eminent domain, of all or any part of any Real Estate, or any interest therein or right accruing
thereto, including any right of access thereto or any change of grade affecting any Real Estate or any part thereof.

 

    5

     

    

 

“Condemnation
Proceeds” means all compensation, awards, damages, judgments and proceeds awarded by reason of any Taking relating to
Collateral.

 

“Commitments”
means, with respect to each Lender, the commitment of such Lender to make the Loan to the Borrower in the amount set forth in
Schedule 1.01(A) hereto or in the Assignment and Acceptance pursuant to which such Lender became a Lender under this Agreement,
as the same may be terminated or reduced from time to time in accordance with the terms of this Agreement.

 

“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.

 

“Compliance
Certificate” has the meaning assigned to such term in Section 7.01(a)(iii).

 

“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.

 

“Consolidated
Adjusted EBITDA” means, for any Reference Period, Consolidated EBITDA less (without duplication) Consolidated
Leasing Costs.

 

“Consolidated
Debt Service” means, for any Reference Period, the sum of (a) Consolidated Interest Expense for such period, plus
(b) all of the scheduled principal payments (other than any balloon payment due at maturity to the extent that the Borrower
has delivered to the Administrative Agent together with the financial statements for such period (i) an executed term sheet contemplating
the refinancing of the Indebtedness relating to such balloon payment or (ii) evidence acceptable to the Administrative Agent that
the Borrower is engaging in good faith negotiations with the lender of the Indebtedness relating to such balloon payment to extend
the maturity of such Indebtedness, at least ninety (90) days prior to the date such balloon payment is due) with respect to Indebtedness
of the Borrower and its Subsidiaries during such period. Such Person’s Equity Percentage in the debt service referred to
above of its Unconsolidated Affiliates and non-Wholly Owned Subsidiaries shall be included (without duplication) in the determination
of Consolidated Debt Service.

 

“Consolidated
Debt Service Coverage Ratio” means, for any Reference Period, the ratio of Consolidated Adjusted EBITDA to Consolidated
Debt Service.

 

“Consolidated
Group” means, the Borrower and all Subsidiaries which are required to be consolidated with them for financial reporting
purposes under GAAP.

 

“Consolidated
EBITDA” means, with respect to the Borrower and its Subsidiaries for any Reference Period (without duplication), an amount
equal to:

 

(a)  Consolidated
Net Income, in accordance with GAAP, plus

 

    6

     

    

 

(b)  the
sum of the following amounts to the extent deducted in the calculation of Consolidated Net Income for such period (without duplication):

 

(i)  depreciation
and amortization expense;

 

(ii)  Consolidated
Interest Expense;

 

(iii)  income
tax expense;

 

(iv)  Acquisition
Closing Costs;

 

(v)  non-recurring
non-cash impairments of Real Estate, in accordance with GAAP;

 

(vi)  cash
payments received as reimbursement from lender held reserves on expenses other than tenant improvements;

 

(vii)  extraordinary
or non-recurring losses (including losses on the sale of assets outside the ordinary course of business) not to exceed $1,500,000
per annum; and

 

(viii)  other
non-cash expenditures, charges or losses (excluding write-down, write-offs and bad debt expenses); minus

 

(c)  the
sum of the following amounts to the extent included in the calculation of Consolidated Net Income for such period (without duplication):

 

(i)  any
credit for income taxes;

 

(ii)  any
net after tax gain or income from the early extinguishment of Indebtedness;

 

(iii)  any
gain from extraordinary items;

 

(iv)  any
net gain from the sale of assets outside the ordinary course of business;

 

(v)  any
other non-cash gain, including any reversal of a charge referred to in clause (b)(vi) above; and

 

(vi)  all
cash payments made on account of restructuring charges and other non-cash charges.

 

Notwithstanding
the foregoing, with respect to any Unconsolidated Affiliate and non-Wholly Owned Subsidiary, the Consolidated EBITDA with respect
to any such Person shall include the amounts calculated in (a), (b) and (c) above multiplied by the applicable Equity Percentage
in such Person.

 

    7

     

    

 

“Consolidated
Indebtedness to EBITDA Ratio” means, for any Reference Period, the ratio of (a) Indebtedness of the Consolidated Group
(adjusted by eliminating any Indebtedness attributable to Unconsolidated Affiliates and non-Wholly-Owned Subsidiaries) plus
the applicable Equity Percentage of Indebtedness of all Unconsolidated Affiliates and non-Wholly Owned Subsidiaries, determined
on a consolidated basis in accordance with GAAP; provided, that for purposes of calculating such Indebtedness, all debt
balances shall be reported on a gross basis (not net of original issue discount, upfront payments or similar discounts or the
application of purchase accounting) to (b) Consolidated Adjusted EBITDA for such period.

 

“Consolidated
Indebtedness to Gross Asset Value Ratio” means, for any Reference Period, the ratio of (a) Indebtedness of the Consolidated
Group (adjusted by eliminating any Indebtedness attributable to Unconsolidated Affiliates and non-Wholly-Owned Subsidiaries) plus
the applicable Equity Percentage of Indebtedness of all Unconsolidated Affiliates and non-Wholly Owned Subsidiaries, to (b)
Gross Asset Value; provided, that for purposes of calculating such Indebtedness, all debt balances shall be reported on
a gross basis (not net of original issue discount, upfront payments or similar discounts or the application of purchase accounting).

 

“Consolidated
Interest Expense” means, for any Reference Period, an amount equal to interest expense (whether accrued or paid) on Indebtedness
of the Consolidated Group, excluding non-cash interest expense, together with (without limitation) the interest portion of payments
on Capitalized Lease Obligations, plus the Equity Percentage (without duplication) of all such interest expense of Unconsolidated
Affiliates and non-Wholly Owned Subsidiaries.

 

“Consolidated
Net Income” means, for any Reference Period, the consolidated net income (or loss) after taxes of the Consolidated Group
(adjusted by eliminating any such earnings or loss attributable to Unconsolidated Affiliates and non-Wholly-Owned Subsidiaries)
plus the applicable Equity Percentage of net earnings (or loss) of all Unconsolidated Affiliates and non-Wholly Owned Subsidiaries
for such period; provided, however, that the following shall be excluded: (a) the net income of any Subsidiary of
such Person that is, on the last day of such period, subject to any restriction or limitation on the payment of dividends or the
making of other distributions, to the extent of such restriction or limitation and (b) the net income of any other Person arising
prior to such other Person becoming a Subsidiary of such Person or merging or consolidating into such Person or its Subsidiaries.

 

“Consolidated
Leasing Costs” means, for any Reference Period, all Consolidated Net Tenant Improvements plus all third party
commissions and other monetary incentives incurred with respect to Leases.

 

“Consolidated
Net Tenant Improvements” means, for any Reference Period, the result of (a) the costs and expenses incurred in respect
of tenant improvements for Real Estate, minus (b) Excluded Tenant Improvements, minus (c) the amount of reserves
used to fund such tenant improvements in clause (a); provided, that amounts in (a) and (c) attributable to Unconsolidated
Affiliates and non-Wholly Owned Subsidiaries shall include only the applicable Equity Percentage of such amounts attributable
to such Persons.

 

“Contingent
Indemnity Obligations” means any Obligation constituting a contingent, unliquidated indemnification obligation of any
Loan Party, in each case, to the extent (a) such obligation has not accrued and is not yet due and payable and (b) no claim has
been made or is reasonably anticipated to be made with respect thereto.

 

    8

     

    

 

“Contingent
Obligation” means, with respect to any Person, any obligation of such Person guaranteeing or intending to guarantee any
Indebtedness, leases, dividends or other obligations (“primary obligations”) of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, including, without limitation, (a) the direct or indirect guaranty,
endorsement (other than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or
sale with recourse by such Person of the obligation of a primary obligor, (b) the obligation to make take-or-pay or similar payments,
if required, regardless of nonperformance by any other party or parties to an agreement, (c) any obligation of such Person, whether
or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor,
(ii) to advance or supply funds (A) for the purchase or payment of any such primary obligation or (B) to maintain working capital
or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase
property, assets, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the
ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the holder
of such primary obligation against loss in respect thereof; provided, however, that the term “Contingent Obligation”
shall not include any product warranties extended in the ordinary course of business. The amount of any Contingent Obligation
shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation with respect to which such
Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for which such Person may be liable
pursuant to the terms of the instrument evidencing such Contingent Obligation) or, if not stated or determinable, the maximum
reasonably anticipated liability with respect thereto (assuming such Person is required to perform thereunder), as determined
by such Person in good faith.

 

“Contractual
Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument
or other undertaking to which such Person is a party or by which it or any of its property is bound.

 

“Control
Agreement” means, with respect to any deposit account, any securities account, commodity account, securities entitlement
or commodity contract, an agreement, in form and substance satisfactory to the Collateral Agent and the Required Lenders, among
the Collateral Agent, the financial institution or other Person at which such account is maintained or with which such entitlement
or contract is carried and the Loan Party maintaining such account, effective to grant “control” (as defined under the
applicable UCC) over such account to the Collateral Agent.

 

“CRE
Debt” means Indebtedness of the Borrower and its Subsidiaries that is secured by commercial real property and/or loan
interests and all obligations of the Borrower and its Subsidiaries related to such Indebtedness.

 

“Debt
Subordination Agreement” means an agreement providing for the express subordination of Subordinated Indebtedness in right
of payment to all Obligations, the form and terms of which are reasonably satisfactory to the Required Lenders.

 

“Debt
Investment” means any real estate related loan to a third party, including but not limited to (a) loans secured by a
mortgage or deed of trust or similar security instrument, (b) mezzanine loans, and (c) B-Notes.

 

    9

     

    

 

“Debtor
Relief Law” means the Bankruptcy Code and any other liquidation, conservatorship, bankruptcy, assignment for the benefit
of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief law of the United
States or other applicable jurisdiction from time to time in effect.

 

“Default”
means an event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

 

“Defaulting
Lender” means 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 or any other Lender any other amount required to be paid by it hereunder
within two (2) Business Days of the date when due, (b) has notified the Borrower, or the Administrative Agent in writing that
it does not intend to comply with its funding obligations hereunder, or has made a public 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, or (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. Notwithstanding
anything to the contrary herein, 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
or from the enforcement of judgments or writs of attachment on its assets or permits 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 clauses (a) through (d) above shall be conclusive and binding absent manifest
error, and such Lender shall be deemed to be a Defaulting Lender upon delivery of written notice of such determination to the
Borrower and each Lender.

 

“Development
Property” means any property that is currently under construction or is a recently completed construction project that
is not yet 85% leased; notwithstanding the foregoing, a completed construction project may not be included as a Development Property
for more than twelve (12) months.

 

    10

     

    

 

“Disposition”
means any transaction, or series of related transactions, pursuant to which any Person or any of its Subsidiaries sells, assigns,
transfers, leases, licenses (as licensor), exchanges or otherwise disposes of any property or assets (whether now owned or hereafter
acquired) to any other Person, in each case, whether or not the consideration therefor consists of cash, securities or other assets
owned by the acquiring Person. For purposes of clarification, “Disposition” shall include (a) the sale or other disposition
for value of any contracts, (b) any disposition of property through a “plan of division” under the Delaware Limited
Liability Company Act or any comparable transaction under any similar law and (c) the early termination or modification of any
contract resulting in the receipt by any Loan Party of a cash payment or other consideration in exchange for such event (other
than (i) payments received in connection with the termination of a lease in the ordinary course and (ii) payments in the ordinary
course for accrued and unpaid amounts due through the date of termination or modification).

 

“Disqualified
Equity Interests” means any Equity Interest that, by its terms (or by the terms of any security or other Equity Interest
into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition, (a) matures or
is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset
sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject
to the prior repayment in full of the Loans and all other Obligations and the termination of the Commitments), (b) is redeemable
at the option of the holder thereof, in whole or in part, (c) provides for the scheduled payments of dividends or distributions
in cash, or (d) is convertible into or exchangeable for (i) Indebtedness or (ii) any other Equity Interests that would constitute
Disqualified Equity Interests, in each case of clauses (a) through (d), prior to the date that is five (5) years days after the
Final Maturity Date; provided, that, solely for purposes of the financial covenants set out in Section 7.03 hereof, the foregoing
definition shall not include (i) the Borrower’s 8.75% Series D Cumulative Convertible Preferred Stock, (ii) the Borrower’s 9.00%
Series B Convertible Preferred Stock, in the case of both clauses (i) and (ii) issued prior to the date hereof or issued in connection
with the Rights Offering, (iii) the SARs Agreement, or (iv) any Warrant or any “Warrant” pursuant to the Existing
Credit Facility.

 

“Dollar,”
“Dollars” and the symbol “$” each means lawful money of the United States of America.

 

“Domestic
Subsidiary” means any Subsidiary that is organized and existing under the laws of the United States or any state or commonwealth
thereof or under the laws of the District of Columbia.

 

“EDGAR”
means the Electronic Data Gathering, Analysis and Retrieval online public database maintained by the U.S. Securities and Exchange
Commission.

 

“Effective
Date” has the meaning specified therefor in Section 5.01.

 

“Employee
Plan” means an employee benefit plan within the meaning of Section 3(3) of ERISA (other than a Multiemployer Plan), regardless
of whether subject to ERISA, that any Loan Party or any of its ERISA Affiliates maintains, sponsors or contributes to or is obligated
to contribute to.

 

    11

     

    

 

“Environmental
Claim” means any complaint, summons, citation, notice, directive, order, claim, litigation, investigation, judicial or
administrative proceeding, judgment, letter or other communication from any Person or Governmental Authority involving any alleged
or actual (a) violation of or liability under any Environmental Law; or (b) manufacture, use, handling, generation, transportation,
storage, treatment, Release, threatened Release or disposal or exposure to any Hazardous Materials.

 

“Environmental
Engineer” means such firm or firms of independent professional engineers or other scientists generally recognized as
expert in the detection, analysis and remediation of Hazardous Substances and related environmental matters and acceptable to
the Agents.

 

“Environmental
Law” means any present and future Requirement of Law relating to or concerning (i) the environment, natural resources,
human health or safety, or (ii) the manufacture, use, handling, generation, transportation, storage, treatment, Release, threatened
Release, disposal or Remedial Action of or exposure to any Hazardous Material, as any of the foregoing may be amended, supplemented
or supplanted from time to time.

 

“Environmental
Liability” means all liabilities (contingent or otherwise, known or unknown), monetary obligations, losses (including
monies paid in settlement), damages, natural resource damages, costs and expenses (including all reasonable fees, costs, client
charges and expenses of counsel, experts and consultants), fines, penalties, sanctions and interest arising directly or indirectly
as a result of or based upon (a) any Environmental Claim; (b) any actual, alleged or threatened non-compliance with Environmental
Law or Environmental Permit; (c) any actual, alleged or threatened Release of or exposure to Hazardous Materials; (d) any Remedial
Action; (f) any environmental condition; or (g) any contract, agreement, or other arrangement pursuant to which liability is assumed
or imposed with respect to any of the foregoing.

 

“Environmental
Lien” means any Lien in favor of any Governmental Authority for Environmental Liability.

 

“Environmental
Permit” means any permit, license, authorization, approval, registration or entitlement required by or issued pursuant
to any Environmental Law or by any Governmental Authority pursuant to Environmental Law.

 

“Equity
Interests” means (a) all shares of capital stock (whether denominated as common stock or preferred stock), equity interests,
beneficial, partnership or membership interests, joint venture interests, participations or other ownership or profit interests
in or equivalents (regardless of how designated) of or in a Person (other than an individual), whether voting or non-voting and
(b) all securities convertible into or exchangeable for any of the foregoing and all warrants, options or other rights to purchase,
subscribe for or otherwise acquire any of the foregoing, whether or not presently convertible, exchangeable or exercisable.

 

“Equity
Issuance” means the sale or issuance by any Loan Party or any of its Subsidiaries of any shares of its Equity Interests.

 

    12

     

    

 

“Equity
Percentage” means, with respect to any Unconsolidated Affiliate or non-Wholly Owned Subsidiary, the pro rata share of
the ownership interests held by the Consolidated Group, in the aggregate, in such Unconsolidated Affiliate or non-Wholly Owned
Subsidiary, as applicable, without duplication.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute of similar import, and regulations
thereunder, in each case, as in effect from time to time. References to sections of ERISA shall be construed also to refer to
any successor sections.

 

“ERISA
Affiliate” means, with respect to any Person, any trade or business (whether or not incorporated) which is a member of
a group of which such Person is a member and which would be deemed to be a “controlled group” or under “common
control” within the meaning of Sections 414(b), (c), (m) or (o) of the Internal Revenue Code or Sections 4001(a)(14) or 4001(b)(1)
of ERISA.

 

“ERISA
Event” means (a) the occurrence of a Reportable Event with respect to any Pension Plan; (b) the failure to meet the minimum
funding standards of Section 412 or 430 of the Internal Revenue Code or Section 302 or 303 of ERISA with respect to any Pension
Plan (whether or not waived in accordance with Section 412(c) of the Internal Revenue Code or Section 302(c) of ERISA) or the
failure to make a contribution or installment required under Section 412 or Section 430(j) of the Internal Revenue Code with respect
to any Pension Plan or the failure to make any required contribution to a Multiemployer Plan; (c) a determination that any Pension
Plan is, or is expected to be, in “at risk” status (as defined in Section 430 of the Internal Revenue Code or Section
303 of ERISA); (d) a determination that any Multiemployer Plan is, or is expected to be, in “critical” or “endangered”
status under Section 432 of the Internal Revenue Code or Section 305 of ERISA; (e) the filing of a notice of intent to terminate
a Pension Plan or the treatment of an amendment to a Pension Plan as a termination under Section 4041 of ERISA; (f) the withdrawal
by any Loan Party or any of its ERISA Affiliates from any Pension Plan with two or more contributing sponsors or the termination
of any such Pension Plan resulting in liability to any Loan Party or any of its ERISA Affiliates pursuant to Section 4063 or 4064
of ERISA; (g) the institution by the PBGC of proceedings to terminate any Pension Plan, or the occurrence of any event or condition
that might constitute grounds under ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan;
(h) the imposition of liability on any Loan Party or any of its ERISA Affiliates pursuant to Section 4062(e) or 4069(a) of ERISA
or by reason of the application of Section 4212(c) of ERISA; (i) the withdrawal of any Loan Party or any of its ERISA Affiliates
in a complete or partial withdrawal (within the meaning of Sections 4203 and 4205 of ERISA) from any Multiemployer Plan or the
receipt by any Loan Party or any of its ERISA Affiliates of notice from any Multiemployer Plan that it is insolvent pursuant to
Section 4245 of ERISA, or that it intends to terminate or has terminated under Section 4041A or 4042 of ERISA; (j) the occurrence
of an act or omission which could give rise to the imposition on any Loan Party or any of its ERISA Affiliates of fines, penalties,
taxes or related charges under Sections 4975 or 4971 of the Internal Revenue Code or under Section 409, Section 502(c), (i) or
(l), or Section 4071 of ERISA in respect of any Employee Plan; (k) the imposition of any liability under Title IV of ERISA, other
than for PBGC premiums due but not delinquent, upon any Loan Party or any of its ERISA Affiliates; (l) the assertion of a claim
(other than routine claims for benefits) against any Employee Plan or the assets thereof, or against any Loan Party or any of
its ERISA Affiliates in connection with any Employee Plan or Multiemployer Plan; (m) receipt from the Internal Revenue Service
of notice of the failure of any Pension Plan (or any other Employee Plan intended to be qualified under Section 401(a) of the
Internal Revenue Code) to qualify under Section 401(a) of the Internal Revenue Code, or the failure of any trust forming part
of any such Pension Plan (or such other Employee Plan) to qualify for exemption from taxation under Section 501(a) of the Internal
Revenue Code; (n) the imposition on any Loan Party of any material fine, excise tax or penalty with respect to any Employee Plan
or Multiemployer Plan resulting from any noncompliance with any Requirements of Law; or (o) the imposition of a Lien pursuant
to Section 430(k) of the Internal Revenue Code or pursuant to ERISA with respect to any Pension Plan.

 

    13

     

    

 

“Event
of Default” has the meaning specified therefor in Section 8.01.

 

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

 

“Excluded
Account” means (a) any deposit account specifically and exclusively used for payroll, payroll taxes and other employee
wage and benefit payments to or for the benefit of any Loan Party’s employees, (b) any Petty Cash Accounts and (c) any deposit
account specifically and exclusively containing deposits of tenants.

 

“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 a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment or (ii) such Lender changes
its lending office, except in each case to the extent that, pursuant to Section 2.07, 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 2.07(d) and (d) any U.S.
federal withholding Taxes imposed under FATCA.

 

“Excluded
Tenant Improvements” means, for each Reference Period, with respect to the Real Estate owned by the Borrower and its
Subsidiaries identified on Schedule A, tenant improvements actually made on such Real Estate not to exceed $3,000,000 in
the aggregate per fiscal year, in each case as disclosed to the Administrative Agent in the reports and deliverables contemplated
by Section 7.01(a)(i), (ii) and (ii); provided, that, for the avoidance of doubt, such tenant improvements may be funded
with Net Cash Proceeds; provided, further, that, if any such Net Cash Proceeds would be included in clauses (a)
or (b) of the definition of Consolidated EBITDA, then the use of such proceeds to fund tenant improvements shall not qualify as
Excluded Tenant Improvements; provided, further, that, the foregoing caps shall not apply to Net Cash Proceeds consisting
of Extraordinary Receipts. Schedule A may be amended on a quarterly basis with the prior written consent of the Agents from and
after the first anniversary of the Effective Date.

 

    14

     

    

 

“Existing
Credit Facility” means the Financing Agreement, dated as of December 22, 2020 (as amended prior to the date hereof),
by and among the Borrower, the Guarantors and Powerscourt Investments XXII, LP.

 

“Existing
Lenders” means the lenders party to the Existing Credit Facility.

 

“Extraordinary
Receipts” means (i) any cash received by any Loan Party not in the ordinary course of business in respect of Insurance
Proceeds (minus Insurance Proceeds received by a Loan Party as reimbursement for any reasonable out-of-pocket costs incurred
or made by such Person prior to the receipt thereof directly related to the event resulting from the payment of such proceeds)
and (ii) Condemnation Proceeds; provided that any Insurance Proceeds received by the Loan Parties in excess of $50,000
in the aggregate per annum shall be deemed to be outside the ordinary course of business for purposes hereof.

 

“Fair
Market Value” means, with respect to any asset, the price (after taking into account any liabilities relating to such
asset) that could be negotiated in an arm’s-length transaction for cash between a willing seller and a willing and able
buyer, neither of which is under any compulsion to complete the transaction. Fair Market Value (other than of any asset with a
public trading market) in excess of $1,000,000 shall be determined by the Board of Directors of the Borrower acting reasonably
and in good faith and shall be evidenced by a board resolution delivered to the Administrative Agent.

 

“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, any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code and any fiscal,
tax or regulatory legislation, rules or official practices adopted pursuant to any intergovernmental agreement, treaty or convention
among Governmental Authorities and implementing Sections 1471 through 1474 of the Internal Revenue Code and the Treasury Regulations
thereunder.

 

“Federal
Funds Rate” means, for any period, a fluctuating interest rate per annum equal to, for each day during such period, 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 on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not
so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by
the Administrative Agent from two Federal funds brokers of recognized standing selected by it.

 

“Final
Maturity Date” means March 12, 2026.

 

    15

     

    

 

“Fiscal
Year” means the fiscal year of the Borrower and its Subsidiaries ending on December 31 of each year.

 

“Foreign
Subsidiary” means any Subsidiary of the Borrower that is not a Domestic Subsidiary.

 

“GAAP”
means generally accepted accounting principles in effect from time to time in the United States, applied on a consistent basis.

 

“Governing
Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or
equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability
company, the certificate or articles of formation or organization, and the operating agreement; (c) with respect to any partnership,
joint venture, trust or other form of business entity, the partnership, joint venture, declaration or other applicable agreement
or documentation evidencing or otherwise relating to its formation or organization, governance and capitalization; and (d) with
respect to any of the entities described above, any other agreement, instrument, filing or notice with respect thereto filed in
connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation
or organization.

 

“Governmental
Authority” means any nation or government, any foreign, Federal, state, territory, provincial, city, town, municipality,
county, local or other political subdivision thereof or thereto and any department, commission, board, bureau, instrumentality,
agency or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of
or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).

 

“Gross
Asset Value” means, on a consolidated basis for the Borrower and its Subsidiaries (except, for purposes of the definition
of Material Subsidiary, in which case it shall mean on an individual basis for any Subsidiary referenced therein), the sum of
(without duplication):

 

		i.	the
                                         lesser of (A) the total book value plus accumulated depreciation and accumulated amortization
                                         of Real Estate as determined in accordance with GAAP, or (B) the Appraised Value of such
                                         Real Estate, plus

 

		ii.	the
                                         total cost determined in accordance with GAAP of all Development Properties owned by
                                         Borrower or any of its Subsidiaries, plus

 

		iii.	the
                                         book value determined in accordance with GAAP of all undeveloped Real Estate of Borrower
                                         and its Subsidiaries, plus

 

		iv.	the
                                         book value determined in accordance with GAAP of all Investments consisting of Indebtedness
                                         which are not in default, plus

 

		v.	the
                                         aggregate amount of all cash and Cash Equivalents of Borrower and its Subsidiaries as
                                         of the date of determination, minus

 

		vi.	the
                                         book value of Real Estate to the extent a corresponding Off-Balance Sheet Obligation
                                         constitutes Non-Recourse Indebtedness.

 

    16

     

    

 

Gross Asset
Value will be adjusted, as appropriate, for acquisitions, dispositions and other changes to the portfolio during the calendar
quarter most recently ended prior to a date of determination. All income, expense and value associated with assets included in
Gross Asset Value disposed of during the calendar quarter period most recently ended prior to a date of determination will be
eliminated from calculations. Gross Asset Value will be adjusted to include an amount equal to the Borrower’s or any of
its Subsidiaries’ pro rata share (based upon the greater of such Person’s Equity Percentage in such Unconsolidated
Affiliate non-Wholly Owned Subsidiary or such Person’s pro rata liability for the Indebtedness of such Unconsolidated Affiliate
or Subsidiary of Borrower that is not a Wholly Owned Subsidiary) of the Gross Asset Value attributable to any of the items listed
above in this definition owned by such Unconsolidated Affiliate or Subsidiary of Borrower that is not a Wholly Owned Subsidiary.
Notwithstanding anything herein to the contrary, Real Estate that has transitioned from a Development Property to a Stabilized
Property and all Real Estate recently acquired by or any of its Subsidiaries may be included at the total cost determined in accordance
with GAAP for a period of ninety (90) calendar days from the date of such transition or acquisition, as applicable.

 

Notwithstanding
the foregoing, in the event that an adverse change occurs with respect to a Major Tenant(s) (individually or in the aggregate)
at Real Estate (e.g., amendment to a lease without the Administrative Agent’s prior written consent, lease termination, default
of base rent or other material payment obligations under its respective Lease for more than seventy-five (75) days beyond the
date upon which such payment obligations were due, assignment or sublease of a material portion of the space without the Administrative
Agent’s prior written consent; provided, that any Major Tenant vacancy existing as of the Effective Date and set
forth in Schedule B will not independently be considered an adverse change with respect to the related Real Estate), then for
the purposes of the covenant calculations, at the Borrower’s election, such Real Estate will immediately after the end of
such seventy-five (75)-day period be valued at either (i) the book value of such Real Estate less the percentage of Rent lost
as the result of the adverse change, (ii) the current Appraised Value as determined by an updated Appraisal acceptable to the
Administrative Agent, or (iii) book value of such Real Estate to the extent that a letter of intent has been executed requiring
a new Major Tenant to begin paying Rent no later than 180 days from the date that the adverse change occurred. Additionally, if
performance of the Real Estate improves or the adverse change is otherwise cured to Administrative Agent’s reasonable satisfaction,
then the Borrower will have the right to obtain a new Appraisal acceptable to the Administrative Agent. Once the new Appraisal
is accepted by the Administrative Agent, then the value of the Real Estate shall be updated for purposes of this Agreement

 

“Ground
Leased Property” shall mean, collectively, (a) that certain real property located at 100 Main Street, Moncks Corner,
South Carolina and (b) that certain real property located at 3818 Devine Street, Columbia, South Carolina; each of which is more
particularly described on Exhibit A.

 

    17

     

    

 

“Ground
Leases” shall mean, collectively, (a) Ground Lease between Paula M. West and Ralph D. West, successors in interest to
Marguerite W. West, individually, and Paula W. Raspberry, Trustee of the Ralph D. West Family Trust B, and Marguerite W. West,
Trustee of the Ralph D. West Family Trust B, as landlord, and A-C Development Club, LLC, a South Carolina limited liability company,
as tenant, dated October 1, 2000, as amended by First Amendment to Lease Agreement dated December 29, 2000, and Second Amendment
to Lease dated February 26, 2001, as assigned to Mortgagor pursuant to that certain Assignment and Assumption of Ground Lease
dated as of April 12, 2016 between A-C Development Club, LLC, a South Carolina limited liability company, and WHLR - MONCKS CORNER,
LLC, a Delaware limited liability company; and (b) Ground Lease between The Niggel Family LLC, a South Carolina limited liability
company, as landlord, and A-C Development Club, LLC, a South Carolina limited liability company, as tenant, dated June 28, 2000,
as assigned to Devine Center Financing, LLC, a pursuant to that certain Assignment of Ground Lease dated as of August 27, 2002
between A-C Development Club, LLC, a South Carolina limited liability company, as assignor to Devine Center Financing, LLC, a
South Carolina limited liability company, as amended by that certain Lease Amendment Agreement dated December 28, 2012, between
The Niggel Family LLC, a South Carolina limited liability company and Devine Center Financing, LLC, a South Carolina limited liability
company, as assigned to Mortgagor pursuant to that certain Assignment and Assumption of Ground Lease dated as of April 12, 2016
between Devine Center Financing, LLC, a South Carolina limited liability company and WHLR - DEVINE STREET, LLC, a Delaware limited
liability company.

 

“Ground
Lessee” shall mean, collectively, (a) WHLR - MONCKS CORNER, LLC, a Delaware limited liability company and (b) WHLR -
DEVINE STREET, LLC, a Delaware limited liability company.

 

“Ground
Lessor” shall mean, collectively, (a) Paula M. West, individually, and Ralph D. West, individually and (b) The Niggel
Family LLC, a South Carolina limited liability company.

 

“Guaranteed
Obligations” has the meaning specified therefor in Section 10.01.

 

“Guarantor”
means (a) each Subsidiary of the Borrower listed as a “Guarantor” on the signature pages hereto and (b) each other Person
which guarantees, pursuant to any Joinder Agreement, a Guaranty or otherwise, all or any part of the Obligations.

 

“Guaranty”
means (a) the guaranty of each Guarantor party hereto contained in Article X hereof and (b) each other guaranty, in form and substance
satisfactory to the Collateral Agent, made by any other Guarantor in favor of the Collateral Agent for the benefit of the Agents
and the Lenders guaranteeing all or part of the Obligations.

 

“Harbor
Point TIF” means the obligations described on Schedule C.

 

    18

     

    

 

“Hazardous
Material” means any substance, object, condition, material, element, compound, chemical or waste that is or may be hazardous
to human health or safety or to the environment due to its radioactivity, ignitability, corrosivity, flammability, toxicity, infectiousness
or other harmful properties or effects, including all such substances, objects, conditions, materials, elements, compounds, chemicals
and wastes that is now or hereafter defined, listed or otherwise classified as a contaminant, pollutant, toxic or hazardous substance,
hazardous waste, special waste, or solid waste or words of similar import under any Environmental Law or that is otherwise regulated
under or for which liability or standards of care are imposed pursuant to any Environmental Law, including, without limitation,
petroleum, polychlorinated biphenyls; asbestos-containing materials, per- and poly fluoroalkyl substances, urea formaldehyde-containing
materials radioactive materials and toxic mold.

 

“Hedging
Agreement” means any interest rate, foreign currency, commodity or equity swap, collar, cap, floor or forward rate agreement,
or other agreement or arrangement designed to protect against fluctuations in interest rates or currency, commodity or equity
values (including, without limitation, any option with respect to any of the foregoing and any combination of the foregoing agreements
or arrangements), and any confirmation executed in connection with any such agreement or arrangement.

 

“Highest
Lawful Rate” means, with respect to any Agent or any Lender, the maximum non-usurious interest rate, if any, that at
any time or from time to time may be contracted for, taken, reserved, charged or received on the Obligations under laws applicable
to such Agent or such Lender which are currently in effect or, to the extent allowed by law, under such applicable laws which
may hereafter be in effect and which allow a higher maximum non-usurious interest rate than applicable laws now allow.

 

“Holdout
Lender” has the meaning specified therefor in Section 11.02(c).

 

“Indebtedness”
means, with respect to any Person, without duplication, (a) all indebtedness of such Person for borrowed money; (b) all obligations
of such Person for the deferred purchase price of property or services (other than trade payables or other accounts payable incurred
in the ordinary course of such Person’s business and not outstanding for more than 180 days after the date such payable was created
and any earn-out, purchase price adjustment or similar obligation until such obligation appears in the liabilities section of
the balance sheet of such Person); (c) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments
or upon which interest payments are customarily made; (d) all reimbursement, payment or other obligations and liabilities of such
Person created or arising under any conditional sales or other title retention agreement with respect to property used and/or
acquired by such Person, even though the rights and remedies of the lessor, seller and/or lender thereunder may be limited to
repossession or sale of such property; (e) all Capitalized Lease Obligations of such Person; (f) all obligations and liabilities,
contingent or otherwise, of such Person, in respect of letters of credit, acceptances and similar facilities; (g) all obligations
and liabilities, calculated on a basis satisfactory to the Agents and in accordance with accepted practice, of such Person under
Hedging Agreements; (h) all monetary obligations under any receivables factoring, receivable sales or similar transactions and
all monetary obligations under any synthetic lease, tax ownership/operating lease, off-balance sheet financing or similar financing
(including, without limitation, all Off-Balance Sheet Obligations; provided, that, for purposes of the financial covenants
set out in Section 7.03 Off-Balance Sheet Obligations (in an aggregate principal amount not to exceed $2,500,000) relating to
that certain Harbor Point TIF shall not constitute Indebtedness; (i) all Contingent Obligations; (j) all Disqualified Equity Interests;
and (k) all obligations referred to in clauses (a) through (j) of this definition of another Person secured by (or for which the
holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) a Lien upon property owned by such
Person, even though such Person has not assumed or become liable for the payment of such Indebtedness. Notwithstanding the forgoing,
any subordinated convertible PIK (equity or cash, at the Borrower’s election), notes issued in connection with the Rights
Offering shall not be included for purposes of the financial covenants set out in Section 7.03 so long as any financial covenants
in such Rights Offering are equally or less restrictive than the financial covenants set out in Section 7.03. The Indebtedness
of any Person shall include the Indebtedness of any partnership of or joint venture in which such Person is a general partner
or a joint venturer.

 

    19

     

    

 

“Indemnified
Matters” has the meaning specified therefor in Section 11.15.

 

“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 any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

 

“Indemnitees”
has the meaning specified therefor in Section 11.15.

 

“Insolvency
Proceeding” means any proceeding commenced by or against any Person under any provision of any Debtor Relief Law.

 

“Insurance
Proceeds” means all insurance proceeds, damages and claims and the right thereto under any insurance policies relating
to any portion of Collateral (other than Pledgor Residual Proceeds (as defined in the Security Agreement)).

 

“Intellectual
Property” has the meaning specified therefor in the Security Agreement.

 

“Intellectual
Property Contracts” means all agreements concerning Intellectual Property, including without limitation license agreements,
technology consulting agreements, confidentiality agreements, co-existence agreements, consent agreements and non-assertion agreements.

 

“Intercompany
Subordination Agreement” means an Intercompany Subordination Agreement made by the Borrower and its Subsidiaries in favor
of the Agents for the benefit of the Agents and the Lenders, in form and substance satisfactory to the Agents.

 

“Interest
Rate” has the meaning specified therefor in Section 2.04(a).

 

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

 

“Investment”
means, with respect to any Person, (a) any investment by such Person in any other Person (including Affiliates) in the form of
loans, guarantees, advances or other extensions of credit (excluding Accounts arising in the ordinary course of business), capital
contributions or acquisitions of Indebtedness (including, any bonds, notes, debentures or other debt securities), Equity Interests,
a material portion of, or all or substantially all of the assets of such other Person (or of any division or business line of
such other Person), (b) the purchase or ownership of any futures contract or liability for the purchase or sale of currency or
other commodities at a future date in the nature of a futures contract, or (c) any investment in any other items that are or would
be classified as investments on a balance sheet of such Person prepared in accordance with GAAP.

 

    20

     

    

 

“Joinder
Agreement” means a Joinder Agreement, substantially in the form of Exhibit A, duly executed by a Subsidiary of a Loan
Party made a party hereto.

 

“Lease”
means any lease, sublease or license of, or other agreement granting the use of or a possessory interest in, real property to
which any Loan Party or any of its Subsidiaries is a party as lessor, lessee, sublessor, sublessee, licensor or licensee.

 

“Lender”
has the meaning specified therefor in the preamble hereto.

 

“Lien”
means any mortgage, deed of trust, deed to secure debt, pledge, lien (statutory or otherwise), security interest, charge or other
encumbrance or security or preferential arrangement of any nature, including, without limitation, any conditional sale or title
retention arrangement, any Capitalized Lease and any assignment, deposit arrangement or financing lease intended as, or having
the effect of, security.

 

“Loan”
means the term loan made by a Lender to the Borrower pursuant to Article II hereof.

 

“Loan
Document” means this Agreement, any Note, any Control Agreement, the Side Letter, the Warrant, the Registration Rights
Agreement, the Closing Date Disbursement Account Agreement, any Intercompany Subordination Agreement, any Joinder Agreement, any
Management Subordination Agreement, any Mortgage, any Security Agreement, any Guaranty, any Debt Subordination Agreement, any
landlord waiver, any collateral access agreement, any Perfection Certificate and any other agreement, instrument, certificate,
report and other document executed and delivered pursuant hereto or thereto or otherwise evidencing or securing any Loan or any
other Obligation.

 

“Loan
Party” means the Borrower and any Guarantor.

 

“Major
Lease” means, for any Real Estate, a Lease with a Major Tenant.

 

“Major
Tenant” means a tenant of the Borrower or any Subsidiary which leases space on Real Estate pursuant to a Lease which
entitles it to occupy (i) fifty percent (50%) or more of the Net Rentable Area of such Real Estate or (ii) 20,000 square feet
or more of the Net Rentable Area of such Real Estate.

 

“Management
Agreements” means any written property management agreements providing for the management of Real Estate.

 

“Management
Subordination Agreement” means any subordination agreement made by the managers or related parties under any Management
Subordination Agreement in favor of the Agents, in form and substance satisfactory to the Agents.

 

    21

     

    

 

“Material
Adverse Effect” means a material adverse effect on (a) any of the business, operations, assets, properties, liabilities
or condition (financial or otherwise) of (i) the Borrower and its Subsidiaries taken as a whole or (ii) the Loan Parties taken
as a whole, (b) the ability of any Loan Party to perform its Obligations, (c) the legality, validity, binding effect or enforceability
against a Loan Party of this Agreement or any other Loan Document to which it is a party, (d) the rights, remedies and benefits
available to, or conferred upon, any Agent or any Lender under any Loan Document, or (e) the validity, perfection or priority
of a Lien in favor of the Collateral Agent for the benefit of the Agents and the Lenders on Collateral having a Fair Market Value
in excess of $250,000.

 

“Material
Contract” means, with respect to any Person, (a) each contract or agreement listed on Schedule 6.01(v) hereto, (b) each
contract or agreement to which such Person or any of its Subsidiaries is a party which is material to the business of such Person
or any of its Subsidiaries, including any contract or agreement involving aggregate consideration payable to or by, (i) in the
case of any such Person which is a Loan Party, $1,000,000 or more in any Fiscal Year, and (ii) in the case of any such Person
or its Subsidiaries other than the Loan Parties, $2,500,000 or more in any Fiscal year (in each case, other than purchase orders
in the ordinary course of the business of such Person or such Subsidiary and other than contracts that by their terms may be terminated
by such Person or Subsidiary in the ordinary course of its business upon less than sixty (60) days’ notice without penalty or
premium), and (c) all other contracts or agreements as to which the breach, nonperformance, cancellation or failure to renew by
any party thereto could reasonably be expected to have a Material Adverse Effect; provided, that no Major Lease shall be
a Material Contract.

 

“Material
Subsidiary” means, as of any date of determination, a Subsidiary of the Operating Partner that (a) is a Guarantor, or
(b) owns Real Estate that either (i) is unencumbered or (ii) has a Gross Asset Value of greater than $1,000,000. For the avoidance
of doubt, when evaluating the Gross Asset Value of a Subsidiary under this definition, the determination thereof will be solely
as it relates to the Gross Asset Value of such Subsidiary on an individual basis.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto.

 

“Mortgage”
means a mortgage (including, without limitation, a leasehold mortgage), deed of trust or deed to secure debt, in form and substance
satisfactory to the Collateral Agent, made by a Loan Party in favor of the Collateral Agent for the benefit of the Agents and
the Lenders, securing the Obligations and delivered to the Collateral Agent.

 

“Multiemployer
Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which any Loan Party or any
of its ERISA Affiliates has contributed, or has been obligated to contribute, to at any time during the preceding the six calendar
years.

 

    22

     

    

 

“Net
Cash Proceeds” means, with respect to the receipt of any Extraordinary Receipts or the proceeds of any Disposition by
any Loan Party, the aggregate amount of cash received (directly or indirectly) from time to time (whether as initial consideration
or through the payment or disposition of deferred consideration) by or on behalf of such Person or such Subsidiary, in connection
therewith after deducting therefrom (without duplication of any items specified in the definition of Extraordinary Receipts) only
(a) in the case of any Permitted Disposition, the amount of any Permitted Indebtedness secured by any Permitted Lien on any asset
other than Grantor Collateral (as defined in the Security Agreement) and the Collateral Properties (other than Indebtedness (i)
assumed by the purchaser of such asset, (ii) under the Loan Documents or (iii) secured by a Lien that is junior to the Lien securing
the Obligations) which is required to be, and is, repaid in connection therewith, (b) reasonable expenses related thereto incurred
by such Loan Party in connection therewith, (c) transfer taxes paid to any taxing authorities by such Loan Party in connection
therewith, and (d) net income taxes to be paid in connection therewith (after taking into account any tax credits or deductions
and any tax sharing arrangements), in each case, to the extent, but only to the extent, that the amounts so deducted are (i) actually
paid to a Person that, except in the case of reasonable out-of-pocket expenses, is not an Affiliate of such Loan Party and (ii)
properly attributable to such transaction or to the asset that is the subject thereof.

 

“Net
Rentable Area” means, with respect to any Real Estate, the net rentable square footage as determined in accordance with
the Appraisal.

 

“Non-Recourse
Exclusions” means, with respect to any Non-Recourse Indebtedness of any Person, any exclusions from the non-recourse
limitations (a) that exist under applicable limited recourse guarantee provisions in effect on the Effective Date that constitute
Permitted Indebtedness (but only with respect to such applicable guarantee provisions in existence as of the Effective Date),
subject to compliance with the proviso at the end of this definition, (b) governing such Indebtedness for claims that (i) are
based on fraud, intentional misrepresentation, misapplication or misappropriation of insurance proceeds, condemnation awards,
or security deposits, or willful misconduct, (ii) result from material waste at the Real Estate securing such Non-Recourse Indebtedness
(but excluding any waste caused by failure to provide services or repairs or to take other actions regarding the Real Estate due
to the unavailability of necessary funds from the Real Estate’s operations), or (iii) arise from the breach of any representation,
warranty, covenant or indemnification regarding the presence of Hazardous Substances on the Real Estate securing such Non-Recourse
Indebtedness (whether contained in a loan agreement, promissory note, indemnity agreement or other document), in each case as
a result of gross negligence or intentional misconduct and (c) such other items as the Required Lenders may reasonably agree in
writing from time to time following the Effective Date; provided, that to the extent any applicable exclusions under clause
(a) hereof are not otherwise listed in clause (b) hereof, then such exclusions shall be provided to the Administrative Agent in
a schedule within 60 days after the Effective Date.

 

    23

     

    

 

“Non-Recourse
Indebtedness” means Indebtedness of Subsidiaries of the Borrower or an Unconsolidated Affiliate or non-Wholly Owned Subsidiary
which is secured by one or more parcels of Real Estate (other than a Collateral Property) or interests therein or equipment and
which is not a general obligation of such Subsidiary or Unconsolidated Affiliate, the holder of such Indebtedness having recourse
solely to the parcels of Real Estate, or interests therein, securing such Indebtedness or the direct owner of such real estate,
the leases thereon and the rents, profits and equity thereof or equipment, as applicable (except for recourse against the general
credit of the Borrower or its Subsidiaries or an Unconsolidated Affiliate for any Non-Recourse Exclusions), provided, that
in calculating the amount of Non-Recourse Indebtedness at any time, the Borrower’s reasonable estimate of the amount of
any Non-Recourse Exclusions which are the subject of a claim and action shall not be included in the Non-Recourse Indebtedness
but shall constitute Recourse Indebtedness. Non-Recourse Indebtedness shall also include Indebtedness of a Subsidiary of Borrower
that is not a Guarantor or of an Unconsolidated Affiliate which is a special purpose entity that is recourse solely to such Subsidiary
or Unconsolidated Affiliate, which is not cross-defaulted to other Indebtedness of the Borrower and which does not constitute
Indebtedness of any other Person (other than such Subsidiary or Unconsolidated Affiliate which is the borrower thereunder).

 

“Note”
means a promissory note of the Borrower, substantially in the form of Exhibit E hereto, evidencing the Indebtedness resulting
from the making of the Loans and delivered to any Lender that requests such Note pursuant to Section 2.03(d) hereof, as such promissory
note may be modified or extended from time to time, and any promissory note or notes issued in exchange or replacement therefor.

 

“Notice
of Borrowing” has the meaning specified therefor in Section 2.02(a).

 

“Off-Balance
Sheet Obligations” means liabilities and obligations of the Borrower, any Subsidiary or any other Person in respect of
“off-balance sheet arrangements” (as defined in the SEC Off-Balance Sheet Rules) which Borrower would be required
to disclose in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section
of Borrower’s report on Form 10 Q or Form 10 K (or their equivalents) which Borrower is required to file with the Securities and
Exchange Commission or would be required to file if it were subject to the jurisdiction of the SEC (or any Governmental Authority
substituted therefore). As used in this definition, the term “SEC Off-Balance Sheet Rules” means the Disclosure in
Management’s Discussion and Analysis about Off Balance Sheet Arrangements, Securities Act Release No. 33-8182, 68 Fed. Reg.
5982 (Feb. 5, 2003) (codified at 17 CFR pts. 228, 229 and 249).

 

“Obligations”
means all present and future indebtedness, obligations, and liabilities of each Loan Party to the Agents and the Lenders arising
under or in connection with this Agreement or any other Loan Document (other than the Warrant or the Registration Rights Agreement),
whether or not the right of payment in respect of such claim is reduced to judgment, liquidated, unliquidated, fixed, contingent,
matured, disputed, undisputed, legal, equitable, secured, unsecured, and whether or not such claim is discharged, stayed or otherwise
affected by any proceeding referred to in Section 8.01. Without limiting the generality of the foregoing, the Obligations of each
Loan Party under the Loan Documents include (a) the obligation (irrespective of whether a claim therefor is allowed in an Insolvency
Proceeding) to pay principal, interest, charges, expenses, fees, premiums (including the Applicable Premium), attorneys’ fees
and disbursements, indemnities and other amounts payable by such Person under the Loan Documents (other than the Warrant or the
Registration Rights Agreement), and (b) the obligation of such Person to reimburse any amount in respect of any of the foregoing
that any Agent or any Lender (in its sole discretion) may elect to pay or advance on behalf of such Person.

 

    24

     

    

 

“OFAC”
means the Office of Foreign Assets Control of the U.S. Department of the Treasury.

 

“Operating
Partner” means Wheeler REIT, LP.

 

“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.

 

“PACE
Financing” shall mean any assessment, bond, loan, financing, or other debt incurred pursuant to “property assessed
clean energy, “special energy financing district,” or similar provisions of Applicable Laws.

 

“PACE
Lien” shall mean a Lien securing PACE Financing.

 

“Paid
in Full” or “Payment in Full” means:

 

(a)
  payment in full in cash of the principal of, premium (including the Applicable Premium)
and interest (including premium and interest accruing on or after the commencement of any bankruptcy proceeding, whether or not
such interest would be allowed in such bankruptcy proceeding) constituting the Obligations;

 

(b)
  payment in full in cash of all other amounts that are due and payable or otherwise accrued
and owing at or prior to the time such principal and interest are paid (other than Contingent Indemnity Obligations) with respect
to the Obligations; and

 

(c)
  termination or expiration of all commitments of the holders of the Obligations, to extend
credit or make loans or other credit accommodations to any of the Loan Parties.

 

“Participant
Register” has the meaning specified therefor in Section 11.07(i).

 

“Payment
Office” means the Administrative Agent’s office located at Wilmington Savings Fund Society, FSB, 500 Delaware Avenue,
Wilmington, DE 19801, or at such other office or offices of the Administrative Agent as may be designated in writing from time
to time by the Administrative Agent to the Collateral Agent and the Borrower.

 

“PBGC”
means the Pension Benefit Guaranty Corporation or any successor thereto.

 

    25

     

    

 

“Pension
Plan” means an Employee Plan that is subject to Section 412 of the Internal Revenue Code, Section 302 of ERISA or Title
IV of ERISA maintained, sponsored or contributed to, or for which there is an actual or contingent, direct or indirect obligation
to contribute to, by any Loan Party or any of its ERISA Affiliates at any time during the preceding six calendar years.

 

“Perfection
Certificate” means a certificate in form and substance satisfactory to the Collateral Agent providing information with
respect to the property of each Loan Party.

 

“Permitted
Acquisition Conditions” means, in respect of any Acquisition by a Loan Party or any Subsidiary thereof, each of the following
conditions:

 

(a)  no
Default or Event of Default shall have occurred and be continuing or would result from the consummation of the proposed Acquisition;

 

(b)  the
Borrower shall have furnished to the Agents at least ten (10) Business Days prior to the consummation of such Acquisition (i)
an executed term sheet and/or commitment letter (setting forth in reasonable detail the terms and conditions of such Acquisition)
and, at the request of any Agent, such other information and documents that any Agent may request, including, without limitation,
executed counterparts of the respective agreements, instruments or other documents pursuant to which such Acquisition is to be
consummated (including, without limitation, any related management, non-compete, employment, option or other material agreements),
any schedules to such agreements, instruments or other documents and all other material ancillary agreements, instruments or other
documents to be executed or delivered in connection therewith, (ii) pro forma financial statements of the Borrower and its Subsidiaries
after the consummation of such Acquisition, and (iii) a quality of earnings report from an independent firm reasonably acceptable
to the Agents in respect of the assets being acquired or the Person whose Equity Interests are being acquired;

 

(c)  the
agreements, instruments and other documents referred to in paragraph (b) above shall provide that (i) neither the Loan Parties
nor any of their Subsidiaries shall, in connection with such Acquisition, assume or remain liable in respect of any Indebtedness
of the Seller or Sellers (except for Permitted Indebtedness), and (ii) all property to be so acquired in connection with such
Acquisition shall be free and clear of any and all Liens, except for Permitted Liens (and if any such property is subject to any
Lien not permitted by this clause (ii) then concurrently with such Acquisition such Lien shall be released);

 

(d)  such
Acquisition shall be effected in such a manner so that the acquired assets or Equity Interests are owned either by the Operating
Partner or a direct Wholly Owned Subsidiary of the Operating Partner and, if effected by merger or consolidation involving a Loan
Party, such Loan Party shall be the continuing or surviving Person or;

 

(e)  the
assets being acquired or the Person whose Equity Interests are being acquired did not have negative Consolidated EBITDA during
the twelve (12) consecutive month period concluding with the most recently concluded fiscal quarter prior to the date of the proposed
Acquisition;

 

    26

     

    

 

(f)  the
assets being acquired (other than a de minimis amount of assets in relation to the Loan Parties’ and their Subsidiaries’
total assets), or the Person whose Equity Interests are being acquired, are useful in or engaged in, as applicable, the business
of the Loan Parties and their Subsidiaries or a business reasonably related thereto;

 

(g)  the
assets being acquired (other than a de minimis amount of assets in relation to the assets being acquired) are located within
the United States or the Person whose Equity Interests are being acquired is organized in a jurisdiction located within the United
States;

 

(h)  such
Acquisition shall be consensual and shall have been approved by the board of directors of the Person whose Equity Interests or
assets are proposed to be acquired and shall not have been preceded by an unsolicited tender offer for such Equity Interests by,
or proxy contest initiated by, Borrower or any of its Subsidiaries or an Affiliate thereof; and

 

(i)  if
Equity Interests are being acquired such entity is joined as a Loan Party hereunder pursuant to a Joinder Agreement and is a party
to a Security Agreement and the respective assets and Equity Interests of and in such Subsidiary are the subject of a Security
Agreement, in each case, which is in full force and effect on the date of and immediately after giving effect to the Acquisition.

 

“Permitted
Disposition” means:

 

(a)  leasing
or subleasing assets in the ordinary course of business and consistent with past practices;

 

(b)  any
involuntary loss, damage or destruction of property;

 

(c)  any
involuntary condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, or confiscation or requisition
of use of property;

 

(d)  so
long as no Event of Default has occurred and is continuing or would result therefrom, transfers of assets (i) from the Borrower
or any of its Subsidiaries to a Loan Party (other than the Borrower), and (ii) from any Subsidiary of the Borrower that is not
a Loan Party to any Subsidiary of the Operating Partner;

 

(e)  Disposition
of obsolete or worn-out equipment in the ordinary course of business;

 

(f)  so
long as no Event of Default has occurred and is continuing or would result therefrom, Disposition of a Collateral Property; provided,
that any such Disposition must be approved by the Required Lenders in writing;

 

(g)  Dispositions
of assets or property of any Subsidiary that is not a Loan Party for cash in an aggregate amount not less than the Fair Market
Value of such assets or property; provided, that the Net Cash Proceeds of such Dispositions are used to reinvest in assets
used in the business of any Subsidiary of the Borrower in accordance with clause (g) of the definition of Permitted Investments
(other than clause (g)(v));

 

    27

     

    

 

(h)  Dispositions
of Equity Interests in any Subsidiary that is not a Loan Party for cash in an aggregate amount not less than the Fair Market Value
of such Equity Interests; provided, that the Net Cash Proceeds of such Dispositions are used to reinvest in assets used
in the business of any Subsidiary of the Borrower in accordance with clause (g) of the definition of Permitted Investments (other
than clause (g)(v)); and

 

(i)  any
other Disposition that is approved in writing by the Required Lenders.

 

“Permitted
Equity Issuance” means (a) in the event that the Borrower or any of its Subsidiaries forms or acquires any Subsidiary
in accordance with this Agreement, the issuance by such Subsidiary of Equity Interests to the Borrower or such Subsidiary, as
applicable, (b) the issuance of Equity Interests of the Borrower to directors, officers and employees of the Borrower and its
Subsidiaries pursuant to employee stock option plans (or other employee incentive plans or other compensation arrangements) approved
by the Board of Directors of the Borrower, (c) the issuance of Equity Interests by a Subsidiary of the Borrower to its parent
or member in connection with the contribution by such parent or member to such Subsidiary of the proceeds of an issuance described
in clauses (a) – (b) above, (d) the issuance of common share Equity Interests of the Borrower and (e) any rights offering
(including the Rights Offering and transactions contemplated thereby) in connection with a Permitted Restricted Payment pursuant
to clause (f) thereof.

 

“Permitted
Indebtedness” means:

 

(j)  any
Indebtedness owing to any Agent or any Lender under this Agreement and the other Loan Documents;

 

(k)  any
other Indebtedness listed on Schedule 7.02(b), and any Permitted Refinancing Indebtedness in respect of such Indebtedness (other
than Preferred Stock referenced therein);

 

(l)  current
liabilities incurred in the ordinary course of business but not incurred through (i) the borrowing of money, or (ii) the obtaining
of credit except for credit on an open account basis customarily extended and in fact extended in connection with normal purchases
of goods and services;

 

(m)  endorsements
for collection, deposit or negotiation and warranties of products or services, in each case incurred in the ordinary course of
business;

 

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

 

    28

     

    

 

(o)  Indebtedness
in respect of taxes, assessments, governmental charges or levies and claims for labor, materials and supplies to the extent that
payment therefor shall not at the time be required to be made in accordance with the provisions of Section 7.01(b)(ii)

 

(p)  Indebtedness
in respect of judgments only to the extent, for the period and for an amount not resulting in an Event of Default under Section
8.01(j);

 

(q)  Indebtedness
of the Borrower and the Operating Partner with respect to customary Non-Recourse Exclusions in connection with Indebtedness permitted
to be incurred under clause (i) below;

 

(r)  so
long as no Event of Default has occurred and is continuing or would result therefrom, Non-Recourse Indebtedness incurred by a
Subsidiary of the Borrower that is not a Loan Party to the extent that (i) such Indebtedness constitutes CRE Debt and (ii) (x)
the proceeds of such CRE Debt are used to fund Permitted Investments under clause (g) of the definition thereof or (y) such CRE
Debt constitutes Permitted Refinancing Indebtedness relating to an existing Permitted Investment under clauses (e) or (g) of the
definition thereof.

 

(s)  Subordinated
Indebtedness incurred by the Borrower not to exceed $30,000,000 in the aggregate (plus interest paid in kind, if any) so long
as such Subordinated Indebtedness does not mature prior to the date that is eighteen (18) months after the Final Maturity Date,
which Subordinated Indebtedness may include the Rights Offering; and

 

(t)  any
other Indebtedness that is approved in writing by the Required Lenders.

 

“Permitted
Intercompany Investments” means Investments made by (a) a Loan Party to or in another Loan Party, (b) a Subsidiary that
is not a Loan Party to or in another Subsidiary that is not a Loan Party, and (c) a Subsidiary that is not a Loan Party to or
in a Loan Party, so long as, in the case of a loan or advance, the parties thereto are party to an Intercompany Subordination
Agreement.

 

“Permitted
Investments” means:

 

(a)  Investments
in cash and Cash Equivalents;

 

(b)  Investments
in negotiable instruments deposited or to be deposited for collection in the ordinary course of business;

 

(c)  advances
made in connection with purchases of goods or services in the ordinary course of business;

 

(d)  Investments
received in settlement of amounts due to any Loan Party or any of its Subsidiaries effected in the ordinary course of business
or owing to any Loan Party or any of its Subsidiaries as a result of Insolvency Proceedings involving an Account Debtor or upon
the foreclosure or enforcement of any Lien in favor of a Loan Party or its Subsidiaries;

 

    29

     

    

 

(e)  Investments
existing on the date hereof, as set forth on Schedule 7.02(e) hereto, but not any increase in the amount thereof as set forth
in such Schedule or any other modification of the terms thereof;

 

(f)  Permitted
Intercompany Investments;

 

(g)  the
following Investments made by the Operating Partner or a direct Subsidiary of the Operating Partner so long as (x) no Default
or Event of Default exists or would result therefrom, (y) if the subject Investment constitutes all or any part of an Acquisition,
the Permitted Acquisition Conditions are satisfied and (z) the subject Investment is acquired for an aggregate amount not more
than its Fair Market Value:

 

(i)  Investments
in unimproved land owned by a Wholly-Owned Subsidiary not to exceed (unless such Investment relates to Real Estate that is managed
by the Property Manager) five percent (5%) of Gross Asset Value;

 

(ii)  Investments
in “ground up” construction and “ground up” development projects of Wholly-Owned Subsidiaries not to exceed
fifteen percent (15%) of Gross Asset Value;

 

(iii)  Debt
Investments (including mezzanine debt and mortgage notes) not to exceed five percent (5%) of Gross Asset Value by any Subsidiary
other than the Guarantors (excluding the Operating Partner);

 

(iv)  Investments
in Real Estate owned by Wholly-Owned Subsidiaries which are not retail Properties not to exceed ten percent (10%) of Gross Asset
Value;

 

(v)  Investments
in non-Wholly Owned Subsidiaries, to the extent that such non-Wholly Owned Subsidiaries (A) are at least 49% owned (directly or
indirectly) by the Operating Partner as of such date and (B) use the proceeds of those Investments to make Investments in accordance
with clauses (g)(i), (ii), (iv) and (vii) of this definition, together with Investments in assets or properties of such Persons
permitted by the other clauses of this definition of Permitted Investments, not to exceed five percent (5%) of Gross Asset Value;
and

 

(vi)  (Reserved);
and

 

(vii)  any
other Investment that is approved in writing by the Required Lenders.

 

Notwithstanding
the foregoing, (i) in no event shall the aggregate value of the Investments described in clauses (g)(i) through (v) above exceed
twenty percent (20%) of Gross Asset Value at any time and (ii) for purposes of clauses (g)(i), (ii), (iv) and (v) above, any Investments
made using funds (x) of a Guarantor (other than the Operating Partner) or (y) distributed or otherwise transferred to the Operating
Partner or the Borrower by a Guarantor (other than the Operating Partner) shall only be permitted to be made if the property in
which the Investment is being made is owned by a Loan Party.

 

For
the purposes of Permitted Investments and Section 7.02(e), the Investment of Loan Parties in any non-Wholly Owned Subsidiaries
and Unconsolidated Affiliates will equal (without duplication) the sum of (i) such Person’s Equity Percentage of their Unconsolidated
Affiliate’s Investment in undeveloped land plus (ii) such Person’s Equity Percentage of any other Investments
valued at the GAAP book value.

 

“Permitted
Liens” means:

 

(u)  Liens
securing the Obligations;

 

    30

     

    

 

 

(v) Liens
for taxes, assessments and governmental charges the payment of which is not required under Section 7.01(b)(ii);

 

(w) Liens
imposed by law, such as carriers’, warehousemen’s, mechanics’, materialmen’s and other similar Liens arising in the ordinary course
of business and securing obligations (other than Indebtedness for borrowed money) that are not overdue by more than 30 days or
are being contested in good faith and by appropriate proceedings promptly initiated and diligently conducted, and a reserve or
other appropriate provision, if any, as shall be required by GAAP shall have been made therefor;

 

(x) Liens
described on Schedule 7.02(a), provided, that any such Lien shall only secure the Indebtedness that it secures on the Effective
Date and any Permitted Refinancing Indebtedness in respect thereof;

 

(y) deposits
and pledges of cash securing (i) obligations incurred in respect of workers’ compensation, unemployment insurance or other forms
of governmental insurance or benefits, (ii) the performance of bids, tenders, leases, contracts (other than for the payment of
money) and statutory obligations or (iii) obligations on surety or appeal bonds, but only to the extent such deposits or pledges
are made or otherwise arise in the ordinary course of business and secure obligations not past due;

 

(z) with
respect to any Collateral Property, (i) zoning restrictions existing as of the date hereof, (ii) easements and similar encumbrances
on real property and minor irregularities in the title thereto listed on Schedule B of the Title Policy, as approved by the Collateral
Agent in its reasonable discretion and that that do not (i) secure obligations for the payment of money or (ii) materially impair
the value of, or otherwise have a Material Adverse Effect on, such property or its use by any Loan Party in the normal conduct
of such Person’s business;

 

(aa) Liens
of landlords and mortgagees of landlords (i) arising by statute or under any Lease or related Contractual Obligation entered into
in the ordinary course of business, (ii) on fixtures and movable tangible property located on the real property leased or subleased
from such landlord, or (iii) for amounts not yet due or that are being contested in good faith by appropriate proceedings diligently
conducted and for which adequate reserves or other appropriate provisions are maintained on the books of such Person in accordance
with GAAP;

 

(bb) the
title and interest of a lessor or sublessor in and to personal property leased or subleased (other than through a Capitalized
Lease), in each case extending only to such personal property;

 

(cc) [reserved];

 

(dd) rights
of set-off or bankers’ liens upon deposits of cash in favor of banks or other depository institutions, solely to the extent incurred
in connection with the maintenance of such deposit accounts in the ordinary course of business;

 

    31

     

    

 

(ee) Liens
granted in the ordinary course of business on the unearned portion of insurance premiums securing the financing of insurance premiums
to the extent the financing is permitted under the definition of Permitted Indebtedness; and

 

(ff) Liens
relating to Non-Recourse Indebtedness of any Subsidiary of a Borrower that is not a Loan Party permitted to be incurred under
clause (i) of the definition of Permitted Indebtedness.

 

“Permitted
Refinancing Indebtedness” means the extension of maturity, refinancing or modification of the terms of Indebtedness (the
Indebtedness being extended, refinanced or modified referred to herein as the “Subject Indebtedness”) so long
as:

 

(gg) after
giving effect to such extension, refinancing or modification, the loan-to-value ratio of such Indebtedness is not greater than
the loan-to-value ratio required to be maintained under its original documentation;

 

(hh) such
extension, refinancing or modification (w) does not result in a shorter scheduled final maturity date, (x) does not result in
a shortening of the average weighted maturity (measured as of the extension, refinancing or modification) of the Indebtedness
so extended, refinanced or modified, (y) does not result in the average weighted maturity (measured as of the extension, refinancing
or modification) of the Indebtedness so extended, refinanced or modified occurring prior to the Final Maturity Date and (z) does
not otherwise increase the amount of, or accelerate the time for, any principal payments;

 

(ii) such
extension, refinancing or modification is pursuant to terms that do not increase the advance rate or effective cost (inclusive
of all fees and interest) of the subject Indebtedness and the terms are otherwise not less favorable to the Agents, Lenders, Loan
Parties and their Subsidiaries than the terms of the Indebtedness (including, without limitation, terms relating to the collateral
(if any), subordination (if any) and any negative pledges) being extended, refinanced or modified and such terms are otherwise
not adverse to the Agents and Lenders;

 

(jj) the
Indebtedness that is extended, refinanced or modified is (i) not recourse to any Loan Party or any of its Subsidiaries that is
liable on account of the obligations other than those Persons which were obligated with respect to the Indebtedness that was refinanced,
renewed, or extended and (ii) is not secured by any property other than the property securing the Indebtedness that was refinanced,
renewed, or extended unless, in the case of property other than Collateral, the Agent is granted a perfected first priority security
interest on such property; provided, notwithstanding the foregoing, that no more than three (3) of the properties listed
on Schedule D may be refinanced together under a single loan that otherwise constitutes Permitted Indebtedness so long as the
principal amount (and/or accreted value, if applicable) of the Indebtedness so refinanced does not exceed the principal amount
(or accreted value, if applicable) of the prior Indebtedness being extended, refinanced or modified, on an aggregate basis, (excluding
unpaid accrued interest and premium thereon and fees, commissions and expenses incurred in connection with the Permitted Refinancing).

 

    32

     

    

 

(kk) if
any Loan Party shall be liable for the Indebtedness that is extended, refinanced or modified in accordance with the preceding
clause (d), then the principal amount (and/or accreted value, if applicable) of such Indebtedness shall not exceed the principal
amount (or accreted value, if applicable) of the prior Indebtedness being extended, refinanced or modified (excluding unpaid accrued
interest and premium thereon and fees, commissions and expenses incurred in connection with the Permitted Refinancing).

 

“Permitted
Restricted Payments” means:

 

(ll) Restricted
Payments made by any Subsidiary of any Loan Party to such Loan Party,

 

(mm) Restricted
Payments in the form of Equity Interests made by each Subsidiary of the Borrower (other than the Operating Partnership) to the
holders of such Subsidiary’s Equity Interests according to their respective holdings of the type of Equity Interest in respect
of which such Restricted Payment is being made;

 

(nn) so
long as no Default or Event of Default has occurred and is continuing, Restricted Payments made with respect to required redemptions
of preferred Equity Interests of the Borrower that are outstanding as of the Effective Date;

 

(oo) Restricted
Payments made by the Borrower and its Subsidiaries in amounts necessary for the Borrower to maintain its status as a real estate
investment trust; provided, however, no Restricted Payments shall be permitted under this clause (d) following an acceleration
of the Obligations pursuant to Section 8.01 or during the continuance of an Event of Default under Section 8.01 (a), (f) or (g);

 

(pp) so
long as no Default or Event of Default has occurred and is continuing Restricted Payments made by the Borrower to (i) holders
of its Preferred Stock to discharge such holdings using proceeds of the Rights Offering pursuant to one or a series of cash tender
offers, other repurchases or other redemptions therefor and at a price no higher than 120% of the average daily closing price
of such shares during the fifteen (15) day period prior to such cash tender offer, repurchase or redemption and on other terms
that are reasonably consistent with market terms for similar transactions for similar companies or (ii) holders of its 8.75% Series
D Cumulative Convertible Preferred Stock to discharge such holdings, in each case in respect of this clause (e)(ii) pursuant to
Section 7.01(s);

 

(qq) so
long as no Default or Event of Default has occurred and is continuing Restricted Payments made by the Borrower pursuant to any
rights offering (including the Rights Offering and transactions contemplated thereby) the net proceeds of which are to be used,
unless otherwise permitted by the Required Lenders, to fund one or a series of cash tender offers or other repurchases or redemptions
pursuant to clause (e)(ii) of this definition;

 

(rr) any
other Restricted Payment that is approved in writing by the Required Lenders;

 

(ss) so
long as no Default or Event of Default has occurred and is continuing the payment of customary management fees disclosed to and
approved by the Agents; and

 

    33

     

    

 

(tt) so
long as no Default or Event of Default has occurred and is continuing, Restricted Payments using proceeds of the Rights Offering
to prepay Permitted Indebtedness or make Permitted Investments.

 

“Permitted
Specified Liens” means Permitted Liens described in clauses (a), (b), (c), and (l) of the definition of Permitted Liens.

 

“Person”
means an individual, corporation, limited liability company, partnership, association, joint-stock company, trust, unincorporated
organization, joint venture or other enterprise or entity or Governmental Authority.

 

“Petty
Cash Accounts” means deposit accounts with deposits at any time in an aggregate amount not in excess of $10,000 for any
one account and $50,000 in the aggregate for all such accounts.

 

“Post-Default
Rate” means the Interest Rate plus 3.00%.

 

“Pro
Rata Share” means, with respect to:

 

(uu) a
Lender’s obligation to make the Loan and the right to receive payments of interest, fees and principal with respect thereto, the
percentage obtained by dividing (i) such Lender’s Commitment, by (ii) the Total Commitment, provided that if the Total Commitment
has been reduced to zero, the numerator shall be the aggregate unpaid principal amount of such Lender’s portion of the Loan and
the denominator shall be the aggregate unpaid principal amount of the Loan, and

 

(vv) all
other matters (including, without limitation, the indemnification obligations arising under Section 9.05), the percentage obtained
by dividing (i) the unpaid principal amount of such Lender’s portion of the Loan, by (ii) the aggregate unpaid principal amount
of the Loan.

 

“Projections”
means financial projections of the Borrower and its Subsidiaries delivered pursuant Section 7.01(a)(ii), which shall be in form
satisfactory to the Required Lenders.

 

“Property
Manager” means Wheeler Real Estate, LLC, a Wholly Owned Subsidiary of the Borrower, or such other manager of Real Estate
approved by the Agents.

 

“Real
Estate” means all real property at any time owned or leased (as lessee or sublessee) by a Loan Party or any of their
respective Subsidiaries, including, without limitation, the Collateral Properties.

 

“Real
Property Deliverables” means each of the following agreements, instruments and other documents in respect of each Collateral
Property, each in form and substance reasonably satisfactory to the Collateral Agent:

 

(ww) a
Mortgage duly executed by the applicable Loan Party;

 

    34

     

    

 

(xx) evidence
of the recording of each Mortgage in such office or offices as may be necessary or, in the reasonable opinion of the Collateral
Agent, desirable to perfect the Lien purported to be created thereby or to otherwise protect the rights of the Collateral Agent
and the Lenders thereunder;

 

(yy) a
Title Insurance Policy or bring-down of the existing Title Insurance Policy with respect to each Mortgage, dated as of the Effective
Date;

 

(zz) an
affidavit of no change with respect to the ALTA survey in respect of each Collateral Property;

 

(aaa) a
zoning report issued by a provider reasonably satisfactory to the Collateral Agent or a copy of each letter issued by the applicable
Governmental Authority, evidencing each Collateral Property’s compliance with all applicable Requirements of Law, together with
a copy of all certificates of occupancy issued with respect to each Collateral Property;

 

(bbb) an
opinion of counsel, satisfactory to the Collateral Agent, in the state where such Collateral Property is located with respect
to the enforceability of the Mortgage to be recorded and such other matters as the Collateral Agent may reasonably request;

 

(ccc) a
current ASTM 1527-13 Phase I Environmental Site Assessment (“Phase I ESA”) (and if reasonably requested by the Collateral
Agent based upon the results of such Phase I, a Phase II Environmental Site Assessment), by an independent firm reasonably satisfactory
to the Collateral Agent;

 

(ddd) Ground
Lessor estoppel and agreement with respect to each of the Ground Leased Properties in form and substance satisfactory to the Collateral
Agent;

 

(eee) Non-Disturbance
Agreement executed by Marguerite W. West, the fee mortgagee of Ground Leased Property located at 100 Main Street, Moncks Corner,
South Carolina;

 

(fff) final
plans and specifications of and for each Collateral Property; and

 

(ggg) such
other agreements, instruments, appraisals and other documents (including guarantees, opinions of counsel and reliance letters
with respect to any third-party report or analysis) as the Collateral Agent may reasonably require.

 

“Recipient”
means any Agent and any Lender, as applicable.

 

“Recourse
Indebtedness” means, as of any date of determination, any Indebtedness (whether secured or unsecured) with respect to
which the liability of the obligor is not limited to the obligor’s interest in specified assets securing such Indebtedness,
subject to Non-Recourse Exclusions. Recourse Indebtedness shall not include Non-Recourse Indebtedness.

 

“Reference
Period” means any period of twelve (12) consecutive months of the Borrower and its Subsidiaries ending with the fiscal
quarter then most recently ended.

 

“Register”
has the meaning specified therefor in Section 11.07(f).

 

    35

     

    

 

“Registered
Intellectual Property” means Intellectual Property that is issued, registered, renewed or the subject of a pending application.

 

“Registered
Loans” has the meaning specified therefor in Section 11.07(f).

 

“Registration
Rights Agreement” means the registration rights agreement dated as of the Effective Date and delivered pursuant to Section
5.01(n), as amended, replaced or otherwise modified pursuant to the terms thereof.

 

“Regulation
T”, “Regulation U” and “Regulation X” mean, respectively, Regulations T, U and X of
the Board or any successor, as the same may be amended or supplemented from time to time.

 

“REIT”
shall mean a Person satisfying the conditions and limitations set forth in Section 856(b), Section 856(c), and Section 857(a)
of the Code, and Treasury Regulations promulgated thereunder, and qualifying as a real estate investment trust, as defined in
Section 856(a) of the Code.

 

“Related
Fund” means, with respect to any Person, an Affiliate of such Person, or a fund or account managed by such Person or
an Affiliate of such Person.

 

“Related
Parties” means, with respect to any Person, such Person’s Affiliates and the direct and indirect equityholders, partners,
directors, officers, employees, agents, consultants, trustees, administrators, managers, advisors and representatives of such
Person and of such Person’s Affiliates.

 

“Release”
means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, seeping, migrating,
dumping or disposing of any Hazardous Material (including the abandonment or discarding of barrels, containers and other closed
receptacles containing any Hazardous Material) into the indoor or outdoor environment, including, without limitation, the movement
of Hazardous Materials through or in the ambient air, soil, surface or ground water, or property.

 

“Remedial
Action” means any investigation, response or action (a) to correct or address any actual, alleged or threatened non-compliance
with any Environmental Law or Environmental Permit, or (b) to clean up, remove, remediate, contain, treat, monitor, assess, evaluate,
investigate, prevent, minimize or in any other way address any environmental condition or the presence, Release or threatened
Release of any Hazardous Material (including the performance of pre-remedial studies and investigations and post-remedial operation
and maintenance activities).

 

“Rent
Roll” means a report prepared by the Borrower showing for each Real Estate property owned by a Loan Party or a Material
Subsidiary, its occupancy, tenants, lease expiration dates, lease rent and other information in form reasonably satisfactory to
the Agents.

 

“Rents”
shall have the meaning set forth in Article 1 of each Mortgage.

 

“Replacement
Lender” has the meaning specified therefor in Section 11.02(c).

 

    36

     

    

 

“Reportable
Event” means an event described in Section 4043 of ERISA (other than an event not subject to the provision for 30-day
notice to the PBGC under the regulations promulgated under such Section).

 

“Required
Lenders” means Lenders whose Pro Rata Shares (calculated in accordance with clause (a) of the definition thereof) aggregate
at least 50.1%; provided that, in the case of the Lenders as of the Effective Date, the failure of a Lender to respond
to any request for approval within thirty (30) days shall be deemed an acceptance thereof, so long as the Borrower has contacted
such Lender in writing (at the email addresses designated by the Lender to Borrower in writing for such purpose from time to time)
regarding such approval at least once every five days during such thirty (30) day period.

 

“Required
Prepayment Date” has the meaning specified therefor in Section 2.05(f).

 

“Requirements
of Law” means, with respect to any Person, collectively, the common law and all federal, state, provincial, local, foreign,
multinational or international laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders,
judgments, writs, injunctions, decrees (including administrative or judicial precedents or authorities) and the interpretation
or administration thereof by, and other determinations, directives, requirements or requests of, any Governmental Authority, in
each case that are applicable to or binding upon such Person or any of its property or to which such Person or any of its property
is subject.

 

“Restricted
Payment” means (a) the declaration or payment of any dividend or other distribution, direct or indirect, on account of
any Equity Interests of any Loan Party or any of its Subsidiaries, now or hereafter outstanding, together with any payment or
distribution pursuant to a “plan of division” under the Delaware Limited Liability Company Act or any comparable transaction
under any similar law, (b) the making of any repurchase, redemption, retirement, defeasance, sinking fund or similar payment,
purchase or other acquisition for value, direct or indirect, of any Equity Interests of any Loan Party or any of its Subsidiaries
or any direct or indirect parent of any Loan Party or any of its Subsidiaries,, now or hereafter outstanding, (c) the making of
any payment to retire, or to obtain the surrender of, any outstanding warrants, options or other rights for the purchase or acquisition
of shares of any class of Equity Interests of any Loan Party or any of its Subsidiaries, now or hereafter outstanding, (d) the
return of any Equity Interests to any shareholders or other equity holders of any Loan Party or any of its Subsidiaries, or make
any other distribution of property, assets, shares of Equity Interests, warrants, rights, options, obligations or securities thereto
as such or (e) the payment of any management, consulting, monitoring or advisory fees or any other fees or expenses (including
the reimbursement thereof by any Loan Party or any of its Subsidiaries) pursuant to any management, consulting, monitoring, advisory
or other services agreement to any of the shareholders or other equityholders of any Loan Party or any of its Subsidiaries or
other Affiliates, or to any other Subsidiaries or Affiliates of any Loan Party.

 

“Rights
Offering” means any rights offering to the common stockholders of the Borrower up to an aggregate amount of $30 million
in subordinated convertible PIK (equity or cash, at the Borrower’s election) notes.

 

    37

     

    

 

“Sale
and Leaseback Transaction” means, with respect to the Borrower or any of its Subsidiaries, any arrangement, directly
or indirectly, with any Person whereby the Borrower or any of its Subsidiaries shall sell or transfer any property used or useful
in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it
intends to use for substantially the same purpose or purposes as the property being sold or transferred.

 

“Sanctioned
Country” means, at any time, a country or territory that is the subject or target of any Sanctions that broadly prohibit
dealings with that country or territory (which, as of the Effective Date, include Crimea, Cuba, Iran, North Korea and Syria).

 

“Sanctioned
Person” means, at any time, (a) any Person listed in OFAC’s Specially Designated Nationals and Blocked Persons List,
OFAC’s Sectoral Sanctions Identification List, and any other Sanctions-related list of designated Persons maintained by OFAC,
the U.S. Department of State, or other relevant sanctions authority, (b) a Person that resides in, is organized in or located
in, or has a place of business in, a country or territory named on any list referred to in clause (a) of this definition or a
country or territory that is designated as a “Non-Cooperative Jurisdiction” by the Financial Action Task Force on Money
Laundering, or whose subscription funds are transferred from or through any such jurisdiction (each of the foregoing in this clause
(b), a “Sanction Target”), or a Person that owns 50% or more of the Equity Interests of, or is otherwise controlled
by, or is acting on behalf of, one or more Sanction Targets, (c) any Person with whom or with which a U.S. Person is prohibited
from dealing under any of the Sanctions, or (d) any Person owned or controlled by any Person or Persons described in clause
(a) or (b).

 

“Sanctions”
means Requirements of Law concerning or relating to economic or financial sanctions or trade embargoes imposed, administered or
enforced from time to time by OFAC, the U.S. Department of State, or other relevant sanctions authority.

 

“SARs
Agreement” means that certain Stock Appreciation Rights Agreement (as amended, restated, supplemented or otherwise modified
from time to time), dated as of August 4, 2020, between the Borrower and Daniel Khoshaba.

 

“SEC”
means the Securities and Exchange Commission or any other similar or successor agency of the Federal government administering
the Securities Act.

 

“Secured
Party” means any Agent and any Lender.

 

“Securities
Act” means the Securities Act of 1933, as amended, or any similar Federal statute, and the rules and regulations of the
SEC thereunder, all as the same shall be in effect from time to time.

 

“Securitization”
has the meaning specified therefor in Section 11.07(l).

 

“Security
Agreement” means each Pledge and Security Agreement, in form and substance satisfactory to the Collateral Agent, made
by a Loan Party in favor of the Collateral Agent for the benefit of the Secured Parties securing the Obligations.

 

    38

     

    

 

“Seller”
means any Person that sells Equity Interests or other property or assets to a Loan Party or a Subsidiary of a Loan Party in a
Permitted Acquisition.

 

“Side
Letter” means the side letter, dated as of the date hereof, among the Borrower, the Lenders and the Agents in respect
of certain fees and the right of first refusal in favor of Lenders for future financings.

 

“Solvent”
means, with respect to any Person on a particular date, that on such date (a) the fair value of the property of such Person is
not less than the total amount of the liabilities of such Person, (b) the present fair salable value of the assets of such Person
is not less than the amount that will be required to pay the probable liability of such Person on its existing debts as they become
absolute and matured, (c) such Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations
and other commitments as they mature in the normal course of business, (d) such Person does not intend to, and does not believe
that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature, and (e) such
Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s
property would constitute unreasonably small capital.

 

“Stabilized
Property” means any Property that is (a) 85% leased or (b) has been a completed construction property for more than twelve
(12) months.

 

“Standard
& Poor’s” means Standard & Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc. and any successor
thereto.

 

“Subordinated
Indebtedness” means Indebtedness of any Loan Party the terms of which (including, without limitation, payment terms,
interest rates, covenants, remedies, defaults and other material terms) are reasonably satisfactory to the Required Lenders and
which has been expressly subordinated in right of payment to all Obligations of such Loan Party under the Loan Documents (a) by
the execution and delivery of a Debt Subordination Agreement or (b) otherwise on terms and conditions reasonably satisfactory
to the Required Lenders.

 

“Subsidiary”
means, with respect to any Person at any date, any corporation, limited or general partnership, limited liability company, trust,
estate, association, joint venture or other business entity (a) the accounts of which would be consolidated with those of such
Person in such Person’s consolidated financial statements if such financial statements were prepared in accordance with GAAP or
(b) of which more than 50% of (i) the outstanding Equity Interests having (in the absence of contingencies) ordinary voting power
to elect a majority of the Board of Directors of such Person, (ii) in the case of a partnership or limited liability company,
the interest in the capital or profits of such partnership or limited liability company or (iii) in the case of a trust, estate,
association, joint venture or other entity, the beneficial interest in such trust, estate, association or other entity business
is, at the time of determination, owned or controlled directly or indirectly through one or more intermediaries, by such Person.
References to a Subsidiary shall mean a Subsidiary of the Borrower unless the context expressly provides otherwise.

 

“Taking”
means the taking or appropriation (including by deed in lieu of condemnation) of any Real Estate, or any part thereof or interest
therein, whether permanently or temporarily, for public or quasi-public use under the power of eminent domain, by reason of any
public improvement or condemnation proceeding, or in any other manner or any customarily recognized and compensated damage or
injury or diminution in value through condemnation, inverse condemnation or other exercise of the power of eminent domain.

 

    39

     

    

 

“Taxes”
means any and all present or future taxes (including social security contributions and value added taxes), levies, imposts, duties
(including stamp duties), deductions, charges (including ad valorem charges) withholdings (including backup withholding), assessments,
fees or other charges of any nature whatsoever imposed by any Governmental Authority, including any interest, additions to tax
or penalties applicable thereto.

 

“Termination
Date” means the first date on which all of the Obligations are paid in full in cash and the Commitments of the Lenders
are terminated.

 

“Title
Insurance Policy” means a lender’s title insurance policy, in form and substance satisfactory to the Collateral
Agent and the Required Lenders, together with all endorsements made from time to time thereto, issued to the Collateral Agent
by or on behalf of a title insurance company selected by or otherwise satisfactory to the Collateral Agent and the Required Lenders,
insuring the Lien created by a Mortgage in an amount and on terms and with such endorsements satisfactory to the Collateral Agent
and the Required Lenders, delivered to the Collateral Agent.

 

“Total
Commitment” means the sum of the amounts of the Lenders’ Commitments.

 

“Treasury
Regulations” means the U.S. Treasury regulations promulgated under the Internal Revenue Code.

 

“Unconsolidated
Affiliate” means, in respect of any Person, (a) any other Person in whom such Person holds an Investment, whose financial
results would not be consolidated under GAAP with the financial results of such first Person on the consolidated financial statements
of such first Person, or (b) which is not a Subsidiary of such first Person; provided, that, Unconsolidated Affiliates
shall not include Persons with Investments in the Borrower or the Operating Partner.

 

“Uniform
Commercial Code” or “UCC” has the meaning specified therefor in Section 1.04.

 

“Unrestricted
Cash” means unencumbered and unrestricted cash on-hand of the Loan Parties held in any depository in the United States
that is free and clear of all Liens other than Liens in favor of the Collateral Agent and Liens permitted pursuant to clause (j)
of the definition of Permitted Liens.

 

“USA
PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism (PATRIOT) Act of 2001 (Title III of Pub. L. 107-56, Oct. 26, 2001)) as amended by the USA Patriot Improvement and Reauthorization
Act of 2005 (Pub. L. 109-177, March 9, 2006) and as the same may have been or may be further renewed, extended, amended, or replaced.

 

    40

     

    

 

“U.S.
Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Internal
Revenue Code.

 

“Waivable
Mandatory Prepayment” has the meaning specified therefor in Section 2.05(f).

 

“Warrant”
means, collectively, the warrants dated as of the Effective Date and delivered pursuant to Section 5.01(n), as amended, replaced
or otherwise modified pursuant to the terms thereof.

 

“Wholly
Owned Subsidiary” means, as to the Operating Partner, any Subsidiary of the Operating Partner that is directly or indirectly
owned 100% by the Operating Partner.

 

“Withholding
Agent” means any Loan Party and the Administrative Agent.

 

Section
1.02 Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The
words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”.
Unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or
otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference
herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof”
and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not
to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed
to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, and (e) the words “asset” and “property”
shall be construed to have the same meaning and effect and to refer to any right or interest in or to assets and properties of
any kind whatsoever, whether real, personal or mixed and whether tangible or intangible.

 

Section 1.03 Certain
Matters of Construction. References in this Agreement to “determination” by any Agent
include good faith estimates by such Agent (in the case of quantitative determinations) and good faith beliefs by such Agent (in
the case of qualitative determinations). A Default or Event of Default shall be deemed to exist at all times during the period
commencing on the date that such Default or Event of Default occurs to the date on which such Default or Event of Default is waived
in writing pursuant to this Agreement or, in the case of a Default, is cured within any period of cure expressly provided for
in this Agreement; and an Event of Default shall “continue” or be “continuing” until such Event of Default
has been waived in writing by the Required Lenders. Any Lien referred to in this Agreement or any other Loan Document as having
been created in favor of any Agent, any agreement entered into by any Agent pursuant to this Agreement or any other Loan Document,
any payment made by or to or funds received by any Agent pursuant to or as contemplated by this Agreement or any other Loan Document,
or any act taken or omitted to be taken by any Agent, shall, unless otherwise expressly provided, be created, entered into, made
or received, or taken or omitted, for the benefit or account of the Agents and the Lenders. Wherever the phrase “to the knowledge
of any Loan Party” or words of similar import relating to the knowledge or the awareness of any Loan Party are used in this
Agreement or any other Loan Document, such phrase shall mean and refer to (i) the actual knowledge of a senior officer of any
Loan Party or (ii) the knowledge that a senior officer would have obtained if such officer had engaged in good faith and diligent
performance of such officer’s duties, including the making of such reasonably specific inquiries as may be necessary of the employees
or agents of such Loan Party and a good faith attempt to ascertain the existence or accuracy of the matter to which such phrase
relates. All covenants hereunder shall be given 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 otherwise within the limitations of, another
covenant shall not avoid the occurrence of a default if such action is taken or condition exists. In addition, all representations
and warranties hereunder shall be given independent effect so that if a particular representation or warranty proves to be incorrect
or is breached, the fact that another representation or warranty concerning the same or similar subject matter is correct or is
not breached will not affect the incorrectness of a breach of a representation or warranty hereunder.

 

    41

     

    

 

Section
1.04 Accounting and Other Terms.(a) Unless otherwise expressly provided herein, each accounting term used herein shall
have the meaning given it under GAAP. For purposes of determining compliance with any incurrence or expenditure tests set forth
in Section 7.01, Section 7.02 and Section 7.03, any amounts so incurred or expended (to the extent incurred or expended in a currency
other than Dollars) shall be converted into Dollars on the basis of the exchange rates (as shown on the Bloomberg currency page
for such currency or, if the same does not provide such exchange rate, by reference to such other publicly available service for
displaying exchange rates as may be reasonably selected by the Agents or, in the event no such service is selected, on such other
basis as is reasonably satisfactory to the Agents) as in effect on the date of such incurrence or expenditure under any provision
of any such Section that has an aggregate Dollar limitation provided for therein (and to the extent the respective incurrence
or expenditure test regulates the aggregate amount outstanding at any time and it is expressed in terms of Dollars, all outstanding
amounts originally incurred or spent in currencies other than Dollars shall be converted into Dollars on the basis of the exchange
rates (as shown on the Bloomberg currency page for such currency or, if the same does not provide such exchange rate, by reference
to such other publicly available service for displaying exchange rates as may be reasonably selected by the Agents or, in the
event no such service is selected, on such other basis as is reasonably satisfactory to the Agents) as in effect on the date of
any new incurrence or expenditures made under any provision of any such Section that regulates the Dollar amount outstanding at
any time). Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation
of any financial covenant) contained herein, Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at
100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities
shall be disregarded.

 

(b) All
terms used in this Agreement which are defined in Article 8 or Article 9 of the Uniform Commercial Code as in effect from time
to time in the State of New York (the “Uniform Commercial Code” or the “UCC”) and which are
not otherwise defined herein shall have the same meanings herein as set forth therein, provided that terms used herein which are
defined in the Uniform Commercial Code as in effect in the State of New York on the date hereof shall continue to have the same
meaning notwithstanding any replacement or amendment of such statute except as any Agent may otherwise determine.

 

    42

     

    

 

Section
1.05 Time References. Unless otherwise indicated herein, all references to time of day refer to Eastern Standard Time or
Eastern daylight saving time, as in effect in New York City on such day. For purposes of the computation of a period of time from
a specified date to a later specified date, the word “from” means “from and including” and the words “to”
and “until” each means “to but excluding”; provided, however, that with respect to a computation
of fees or interest payable to any Secured Party, such period shall in any event consist of at least one (1) full day.

 

Section
1.06 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 and acquired on the first date of its existence by the holders of its Equity Interests at such time.

 

Article
II

THE LOANS

Section
2.01 Commitments. (a) Subject to the terms and conditions and relying upon the representations and warranties herein set
forth, each Lender severally agrees to make the Loan to the Borrower on the Effective Date, in an aggregate principal amount not
to exceed the amount of such Lender’s Commitment.

 

(b) Notwithstanding
the foregoing, the aggregate principal amount of the Loan made on the Effective Date shall not exceed the Total Commitment. The
Total Commitment and each Lender’s Commitment shall be permanently terminated immediately and without further action upon the
funding of the Loan on the Effective Date. Any principal amount of the Loan which is repaid or prepaid may not be reborrowed.

 

Section
2.02 Making the Loan (a) . (a) The Borrower shall give the Administrative Agent notice (in substantially the form of
Exhibit C hereto (a “Notice of Borrowing”)), not later than 12:00 noon (New York City time) on the date
which is one (1) Business Day prior to the date of the proposed Loan (or such shorter period as the Administrative Agent is
willing to accommodate, but in no event later than 11:00 AM (New York City time) on the borrowing date of the proposed Loan).
Such Notice of Borrowing shall be irrevocable. The Administrative Agent and the Lenders may act without liability upon the
basis of written, telecopied or telephonic notice believed by the Administrative Agent in good faith to be from the Borrower
(or from any Authorized Officer thereof designated in writing purportedly from the Borrower to the Administrative Agent). The
Administrative Agent and each Lender shall be entitled to rely conclusively on any Authorized Officer’s authority to request
a Loan on behalf of the Borrower until the Administrative Agent receives written notice to the contrary. The Administrative
Agent and the Lenders shall have no duty to verify the authenticity of the signature appearing on any written Notice of
Borrowing.

 

    43

     

    

 

(b) The
Loan shall be made by the Lenders simultaneously and proportionately to their Pro Rata Shares of the Total Commitment, as the
case may be, it being understood that no Lender shall be responsible for any default by any other Lender in that other Lender’
obligations to make the Loan, nor shall the Commitment of any Lender be increased or decreased as a result of the default by any
other Lender in that other Lender’s obligation to make a Loan requested hereunder, and each Lender shall be obligated to make
the Loans required to be made by it by the terms of this Agreement regardless of the failure by any other Lender.

 

Section
2.03 Repayment of Loans; Evidence of Debt. (a) The outstanding unpaid principal amount of the Loan, and all accrued and
unpaid interest thereon, and all other amounts (including any Applicable Premium), shall be due and payable on the earliest of
(i) the Final Maturity Date and (ii) the date on which the Loan is declared due and payable pursuant to the terms of this Agreement.

 

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

 

(b) The
Administrative Agent shall maintain accounts in which it shall record (i) the amount of the Loan, (ii) the amount of any principal
or interest due and payable or to become due and payable from the Borrower to each Lender hereunder, and (iii) the amount of any
sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof.

 

(c) The
entries made in the accounts maintained pursuant Section 11.07(f) or Section 2.03(b) shall be prima facie evidence of the
existence and amounts of the obligations recorded therein; provided, that (i) the failure of any Lender or the Administrative
Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the
Loans in accordance with the terms of this Agreement and (ii) in the event of any conflict between the entries made in the accounts
maintained pursuant to Section 11.07(f) and the accounts maintained pursuant to Section 2.03(b), the accounts maintained pursuant
to Section 11.07(f) shall govern and control.

 

(d) Any
Lender may request that Loans made by it be evidenced by a Note. In such event, the Borrower shall execute and deliver to such
Lender a Note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns),
in the form annexed hereto as Exhibit E. Thereafter, the Loans evidenced by such Note and interest thereon shall at all times
(including after assignment pursuant to Section 11.07) be represented by one or more Notes in such form payable to the order of
the payee named therein (or, if such Note is a registered note, to such payee and its registered assigns).

 

    44

     

    

 

Section
2.04 Interest.

 

(a) Loan.
Subject to the terms of this Agreement, the Loan shall bear interest on the principal amount thereof from time to time outstanding,
from the Effective Date until repaid, at a rate per annum equal to 8.00% (the “Interest Rate”).

 

(b) Default
Interest. To the extent permitted by law and notwithstanding anything to the contrary in this Section, upon the occurrence
and during the continuance of an Event of Default, at the election of the Required Lenders (except no election shall be required
upon an Event of Default under clauses (a), (f) or (g) of Section 8.01) the principal of, and all accrued and unpaid interest
on, all Loans, fees, indemnities or any other Obligations of the Loan Parties under this Agreement and the other Loan Documents,
shall bear interest, from the date such Event of Default occurred until the date such Event of Default is cured or waived in writing
in accordance herewith, at a rate per annum equal at all times to the Post-Default Rate.

 

(c) Interest
Payment. Interest on the Loan shall be payable (i) quarterly, in arrears, on the fifteenth (15th) day of each January,
April, July and October of each Fiscal Year commencing April 15, 2021, or if such date is not a Business Day, then on the immediately
succeeding Business Day and (ii) at maturity (whether upon demand, by acceleration or otherwise). Interest at the Post-Default
Rate shall be payable on demand.

 

(d) General.
All interest shall be computed on the basis of a year of 360 days for the actual number of days, including the first day but excluding
the last day, elapsed.

 

Section
2.05 Prepayment of Loans.

 

(a) Optional
Prepayment. The Borrower may, upon at least ten (10) Business Days’ prior written notice to the Administrative Agent (or such
shorter period as the Administrative Agent is willing to accommodate), prepay the Loan, in part (provided that any such partial
prepayment is at least $500,000) or in full, by paying to the Administrative Agent, in cash, the Obligations in part or in full,
plus the Applicable Premium payable in connection with such prepayment. If the Borrower has sent a notice of prepayment pursuant
to this Section 2.05(a), then the Borrower shall be obligated to repay the Obligations, in part or in full, as applicable, plus
the Applicable Premium payable in connection with such prepayment on the date set forth as the date of prepayment in such notice.

 

(b) Mandatory
Prepayment.

 

(i) On
the date of receipt by Borrower or any of its Subsidiaries of any Cash proceeds from (i) the incurrence of any Indebtedness which
does not constitute Permitted Indebtedness or (ii) any Disposition which does not constitute a Permitted Disposition, the Borrower
shall prepay the Loans in an aggregate amount equal to 100% of such proceeds.

 

(ii) [Reserved].

 

    45

     

    

 

(iii) Within
three (3) Business Days of the receipt by any Loan Party or any of its Subsidiaries of any Extraordinary Receipts, the Borrower
shall prepay the outstanding principal of the Loans in accordance with Section 2.05(c) in an amount equal to 100% of the Net Cash
Proceeds received by such Person in connection therewith; provided, that such Net Cash Proceeds shall not be required to
be so used to prepay the Obligations to the extent that (A) no Default or Event of Default has occurred and is continuing on the
date such Person receives such Net Cash Proceeds, (B) the Borrower delivers a certificate to the Administrative Agent within five
(5) days after such Extraordinary Receipt stating that such Net Cash Proceeds shall be used to replace, repair, restore or improve
such Collateral Property within a period specified in such certificate not to exceed one hundred eighty (180) days after the date
of receipt of such Net Cash Proceeds (which certificate shall set forth estimates of the Net Cash Proceeds to be so expended),
(C) such Net Cash Proceeds are deposited in an account subject to a springing Control Agreement, and (D) such Net Cash Proceeds
are used to replace, repair, restore or improve such Collateral Property prior to the period specified in the certificate furnished
pursuant to clause (B) above. Notwithstanding the foregoing, upon the earlier of (1) the expiration of the period specified in
the relevant certificate furnished to the Administrative Agent pursuant to clause (B) above and (2) the occurrence of a Default
or an Event of Default, such Net Cash Proceeds, if not theretofore so used, shall be used to prepay the Obligations in accordance
herewith.

 

(c) Application
of Payments. Each prepayment pursuant to subsection (b) above shall be applied to the Loan, until paid in full. Notwithstanding
the foregoing, after the occurrence and during the continuance of an Event of Default, if the Administrative Agent has elected,
or has been directed by the Collateral Agent or the Required Lenders, to apply payments in respect of any Obligations in accordance
with Section 4.03(b), prepayments required under Section 2.05(b) shall be applied in the manner set forth in Section 4.03(b).

 

(d) Interest
and Fees. Any payment, repayment prepayment made pursuant to this Section 2.05 shall be accompanied by (i) accrued interest
on the principal amount being prepaid to the date of prepayment and (ii) the Applicable Premium payable in connection with such
payment, repayment or prepayment of the Loans (if applicable).

 

(e) Cumulative
Prepayments. Except as otherwise expressly provided in this Section 2.05, payments with respect to any subsection of this
Section 2.05 are in addition to payments made or required to be made under any other subsection of this Section 2.05.

 

(f) Waivable
Mandatory Prepayments. Anything contained herein to the contrary notwithstanding, in the event that the Borrower is required
to make any mandatory prepayment (a “Waivable Mandatory Prepayment”) of the Loans pursuant to Section 2.05(c),
not less than one (1) Business Day prior to the date on which the Borrower is required to make such Waivable Mandatory Prepayment
(the “Required Prepayment Date”), the Borrower shall notify the Administrative Agent of the amount of such prepayment,
and the Administrative Agent will promptly thereafter notify each Lender of the amount of such Lender’s Pro Rata Share of such
Waivable Mandatory Prepayment and such Lender’s option to refuse such amount. Each such Lender may exercise such option by giving
written notice to the Borrower and the Administrative Agent of its election to do so on or before the first Business Day prior
to the Required Prepayment Date (it being understood that any Lender that does not notify the Borrower and the Administrative
Agent of its election to exercise such option on or before the first Business Day prior to the Required Prepayment Date shall
be deemed to have elected, as of such date, not to exercise such option). On the Required Prepayment Date, the Borrower shall
pay to the Administrative Agent the amount of the Waivable Mandatory Prepayment, which amount shall be applied (i) in an amount
equal to that portion of the Waivable Mandatory Prepayment payable to those Lenders that have elected not to exercise such option,
to prepay the Loans of such Lenders (which prepayment shall be applied to prepay the outstanding principal amount of the Obligations
in accordance with Section 2.05(c)) and (ii) to the extent of any excess, to the Borrower for working capital and general corporate
purposes.

 

    46

     

    

 

Section
2.06 Fees.

 

(a) Applicable
Premium.

 

(i)
In the event that all or any portion of the principal of the Loan is repaid or prepaid for any reason (including as a result
of any mandatory prepayments, voluntary prepayments, payments made following acceleration of the Loans or after an Event of
Default), such repayments or prepayments will be made together with a premium equal to 5% of the amount repaid or prepaid
(the “Applicable Premium”). If the Loans are accelerated or otherwise become due prior to their maturity date,
in each case, as a result of an Event of Default (including upon the occurrence of a bankruptcy or insolvency event
(including the acceleration of claims by operation of law)), the amount of principal of and premium on the Loans that becomes
due and payable shall equal 100% of the principal amount of the Loans plus the Applicable Premium as if such acceleration or
other occurrence were a voluntary prepayment of the Loans accelerated or otherwise becoming due. Without limiting the
generality of the foregoing, it is understood and agreed that if the Loans are accelerated or otherwise become due prior to
their maturity date, in each case, in respect of any Event of Default (including upon the occurrence of a bankruptcy or
insolvency event (including the acceleration of claims by operation of law)), the Applicable Premium applicable with respect
to a voluntary prepayment of the Loans will also be due and payable on the date of such acceleration or such other prior due
date as though the Loans were voluntarily prepaid as of such date and shall constitute part of the Obligations, in view of
the impracticability and extreme difficulty of ascertaining actual damages and by mutual agreement of the parties as to a
reasonable calculation of each Lender’s loss as a result thereof. Any premium payable above shall be presumed to be the
liquidated damages sustained by each Lender and the Borrower agrees that it is reasonable under the circumstances currently
existing. THE LOAN PARTIES EXPRESSLY WAIVE (TO THE FULLEST EXTENT IT MAY LAWFULLY DO SO) THE PROVISIONS OF ANY PRESENT OR
FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE APPLICABLE PREMIUM IN CONNECTION WITH ANY SUCH
ACCELERATION.

 

(ii) Each
Loan Party expressly agrees (to the fullest extent it may lawfully do so) that: (A) the Applicable Premium is reasonable and is
the product of an arm’s length transaction between sophisticated business people, ably represented by counsel; (B) the Applicable
Premium shall be payable notwithstanding the then prevailing market rates at the time payment is made; (C) there has been a course
of conduct between the Lenders and the Loan Parties giving specific consideration in this transaction for such agreement to pay
the Applicable Premium; (D) the Loan Parties shall be estopped hereafter from claiming differently than as agreed to in this Section
2.06; (E) their agreement to pay the Applicable Premium is a material inducement to Lenders to provide the Commitments and make
the Loans.

 

    47

     

    

 

(iii) Nothing
contained in this Section 2.06(a) shall permit any prepayment of the Loans or reduction of the Commitments not otherwise permitted
by the terms of this Agreement or any other Loan Document.

 

(b) Other
Fees. The Borrower agrees to pay to each Lender and each Agent (i) the fees contemplated by the Side Letter and (ii) such
other fees in the amounts and at the times separately agreed upon.

 

Section
2.07 Taxes. (a) Any and all payments by or on account of any obligation of any Loan Party hereunder or under any other
Loan Document shall be made free and clear of and without deduction or withholding for any and all Taxes, except as required by
applicable law. If any applicable law (as determined in the good faith discretion of any Withholding Agent) requires the deduction
or withholding of any Taxes from or in respect of any such payment, (i) the applicable Withholding Agent shall make such deduction
or withholding, (ii) the applicable Withholding Agent shall timely pay the full amount deducted or withheld to the relevant Governmental
Authority in accordance with applicable law and (iii) if such Tax is an Indemnified Tax, then the sum payable by the applicable
Loan Party shall be increased by the amount necessary such that after making all required deductions and withholdings (including
deductions and withholdings applicable to additional sums payable under this Section 2.07) the applicable Recipient receives the
amount equal to the sum it would have received had no such deduction or withholding been made.

 

(b) In
addition, each Loan Party shall timely pay to the relevant Governmental Authority in accordance with applicable law any Other
Taxes, or at the option of the Administrative Agent timely reimburse it for the payment of any Other Taxes by any Secured Party.
Each Loan Party shall deliver to each Secured Party official receipts in respect of any Taxes or Other Taxes payable hereunder
promptly after payment of such Taxes or Other Taxes.

 

(c) The
Loan Parties hereby jointly and severally indemnify and agree to hold each Secured Party harmless from and against Indemnified
Taxes and Other Taxes (including, without limitation, Indemnified Taxes and Other Taxes imposed on or asserted on or attributable
to any amounts payable under this Section 2.07) paid or payable by such Secured Party or required to be withheld or deducted from
a payment to such Secured Party and any expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes
or Other Taxes were correctly or legally asserted. Such indemnification shall be paid within ten (10) days from the date on which
any such Person makes written demand therefore specifying in reasonable detail the nature and amount of such Indemnified Taxes
or Other Taxes. A certificate as to the amount of such payment or liability delivered to the Borrower by a Secured Party (with
a copy to the Administrative Agent) or by the Administrative Agent on its own behalf or on behalf of another Secured Party shall
be conclusive absent manifest error.

 

(d) (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 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 Section 2.07(d)(ii)(A), Section 2.07(B) and (D) below) 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.

 

    48

     

    

 

(ii) Without
limiting the generality of the foregoing,

 

(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), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding
tax;

 

(B) any
Lender that is not a U.S. Person (a “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 reasonably 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:

 

(1)
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, executed copies of IRS Form W-8BEN or W-8BEN-E 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 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;

 

(2) executed
copies of IRS Form W-8ECI;

 

(3) 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 2.07(d)-1 hereto 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 copies of IRS Form W-8BEN or W-8BEN-E; or

 

(4) to
the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN or W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit 2.07(d)-2 or Exhibit 2.07(d)-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 2.07(d)-4 on
behalf of each such direct and indirect partner;

 

    49

     

    

 

(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 reasonably 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), executed copies 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 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 Administrative Agent in writing of its legal inability to do
so.

 

(e) 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 any Loan Party has not already indemnified the Administrative Agent
for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such
Lender’s failure to comply with the provisions of Section 11.07(i) 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 paragraph (e).

 

    50

     

    

 

(f) 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 2.07 (including by the payment of additional amounts pursuant to this Section 2.07),
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 2.07 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 paragraph (f) (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding
anything to the contrary in this paragraph (f), in no event will the indemnified party be required to pay any amount to an indemnifying
party pursuant to this paragraph (f) 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 paragraph 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.

 

(g) The
obligations of the Loan Parties under this Section 2.07 shall survive the termination of this Agreement and the payment of the
Loans and all other amounts payable hereunder.

 

Section
2.08 Increased Costs and Reduced Return. (a) If any Secured Party shall have determined that any Change in Law shall (i)
subject such Secured Party, or any Person controlling such Secured Party to any Tax (other than (A) Indemnified Taxes, (B) Taxes
described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loan, loan principal,
letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto,
(ii) impose, modify or deem applicable any reserve, special deposit or similar requirement against any Loan or against assets
of or held by, or deposits with or for the account of, or credit extended by, such Secured Party or any Person controlling such
Secured Party, or (iii) impose on such Secured Party or any Person controlling such Secured Party any other condition regarding
this Agreement or any Loan, and the result of any event referred to in clauses (i), (ii) or (iii) above shall be to increase the
cost to such Secured Party of making any Loan or agreeing to make any Loan, or to reduce any amount received or receivable by
such Secured Party hereunder, then, upon demand by such Secured Party, the Borrower shall pay to such Secured Party such additional
amounts as will compensate such Secured Party for such increased costs or reductions in amount.

 

    51

     

    

 

(b) If
any Secured Party shall have determined that any Change in Law either (i) affects or would affect the amount of capital required
or expected to be maintained by such Secured Party or any Person controlling such Secured Party, and such Secured Party determines
that the amount of such capital is increased as a direct or indirect consequence of any Loans made or maintained, such Secured
Party’s or such other controlling Person’s other obligations hereunder, or (ii) has or would have the effect of reducing the rate
of return on such Secured Party’s or such other controlling Person’s capital to a level below that which such Secured Party or
such controlling Person could have achieved but for such circumstances as a consequence of any Loans made or maintained, or any
agreement to make Loans, or such Secured Party’s or such other controlling Person’s other obligations hereunder (in each case,
taking into consideration, such Secured Party’s or such other controlling Person’s policies with respect to capital adequacy),
then, upon demand by such Secured Party, the Borrower shall pay to such Secured Party from time to time such additional amounts
as will compensate such Secured Party for such cost of maintaining such increased capital or such reduction in the rate of return
on such Secured Party’s or such other controlling Person’s capital.

 

(c) All
amounts payable under this Section 2.08 shall bear interest from the date that is ten (10) days after the date of demand by any
Secured Party until payment in full to such Secured Party at the Reference Rate. A certificate of such Secured Party claiming
compensation under this Section 2.08, specifying the event herein above described and the nature of such event shall be submitted
by such Secured Party to the Borrower, setting forth the additional amount due and an explanation of the calculation thereof,
and such Secured Party’s reasons for invoking the provisions of this Section 2.08, and shall be final and conclusive absent manifest
error.

 

(d) Failure
or delay on the part of any Secured Party to demand compensation pursuant to the foregoing provisions of this Section 2.08 shall
not constitute a waiver of such Secured Party’s right to demand such compensation; provided, that the Borrower shall not
be required to compensate a Secured Party pursuant to the foregoing provisions of this Section 2.08 for any increased costs incurred
or reductions suffered more than nine (9) months prior to the date that such Secured Party notifies the Borrower of the Change
in Law giving rise to such increased costs or reductions and of such Secured Party’s intention to claim compensation therefor
(except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine (9)-month period
referred to above shall be extended to include the period of retroactive effect thereof).

 

(e) The
obligations of the Loan Parties under this Section 2.08 shall survive the termination of this Agreement and the payment of the
Loans and all other amounts payable hereunder, and any assignment of rights by, or the replacement of, a Lender.

 

    52

     

    

 

Article
III

[INTENTIONALLY OMITTED]

 

Article
IV

APPLICATION OF PAYMENTS; DEFAULTING LENDERS

 

Section
4.01 Payments; Computations and Statements. The Borrower will make each payment under this Agreement not later than 11:00
AM (New York City time) on the day when due, in lawful money of the United States of America and in immediately available funds,
to the Administrative Agent’s Account. All payments received by the Administrative Agent after 11:00 AM (New York City time) on
any Business Day will be credited on the next succeeding Business Day. All payments shall be made by the Borrower without set-off,
counterclaim, recoupment, deduction or other defense to the Agents and the Lenders. Except as provided in Section 2.02, after
receipt, the Administrative Agent will promptly thereafter cause to be distributed like funds relating to the payment of principal
ratably to the Lenders in accordance with their Pro Rata Shares and like funds relating to the payment of any other amount payable
to any Lender to such Lender, in each case to be applied in accordance with the terms of this Agreement. Whenever any payment
to be made under any such Loan Document shall be stated to be due on a day other than a Business Day, such payment shall be made
on the next succeeding Business Day and such extension of time shall in such case be included in the computation of interest or
fees, as the case may be. All computations of fees shall be made by the Administrative Agent on the basis of a year of 360 days
for the actual number of days. Each determination by the Administrative Agent of an interest rate or fees hereunder shall be conclusive
and binding for all purposes in the absence of manifest error. It is understood and agreed to by the Loan Parties and the Lenders
that the Administrative Agent and the Collateral Agent shall not be required to advance any of their own funds for any purpose
whatsoever hereunder or under any other Loan Document.

 

Section
4.02 Sharing of Payments. If any Lender shall obtain any payment (whether voluntary, involuntary, through the exercise
of any right of set-off, or otherwise) on account of any Obligation in excess of its ratable share of payments on account of similar
obligations obtained by all the Lenders, such Lender shall forthwith purchase from the other Lenders such participations in such
similar obligations held by them as shall be necessary to cause such purchasing Lender to share the excess payment ratably with
each of them; provided, however, that (a) if all or any portion of such excess payment is thereafter recovered from
such purchasing Lender, such purchase from each Lender shall be rescinded and each Lender shall repay to the purchasing Lender
the purchase price to the extent of such recovery together with an amount equal to such Lender’s ratable share (according to the
proportion of (i) the amount of such Lender’s required repayment to (ii) the total amount so recovered from the purchasing Lender)
of any interest or other amount paid by the purchasing Lender in respect of the total amount so recovered and (b) the provisions
of this Section shall not be construed to apply to (i) any payment made by the Borrower pursuant to and in accordance with the
express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender and any
payment of an amendment, consent or waiver fee to consenting Lenders pursuant to an effective amendment, consent or waiver with
respect to this Agreement), or (ii) any payment obtained by a Lender as consideration for the assignment of or sale of a participation
in any of its Loans, other than to any Loan Party or any Subsidiary thereof (as to which the provisions of this Section shall
apply). The Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this Section may, to
the fullest extent permitted by law, exercise all of its rights (including the Lender’s right of set-off) with respect to such
participation as fully as if such Lender were the direct creditor of the Borrower in the amount of such participation.

 

    53

     

    

 

Section
4.03 Apportionment of Payments. Subject to Section 2.02 hereof:

 

(a) All
payments of principal and interest in respect of outstanding Loans, all payments of fees (other than the fees set forth in Section
2.06 hereof) and all other payments in respect of any other Obligations, shall be allocated by the Administrative Agent among
such of the Lenders as are entitled thereto, in proportion to their respective Pro Rata Shares or otherwise as provided herein
or, in respect of payments not made on account of Loans, as designated by the Person making payment when the payment is made.

 

(b) After
the occurrence and during the continuance of an Event of Default, the Administrative Agent may, and upon the direction of the
Collateral Agent or the Required Lenders shall, apply all payments in respect of any Obligations, including without limitation,
all proceeds of the Collateral, subject to the provisions of this Agreement, (i) first, ratably to pay the Obligations
in respect of any customary and reasonable fees, expense reimbursements, indemnities and other amounts then due and payable to
the Agents (in their capacity as Agents) until paid in full; (ii) second, ratably to pay the Obligations in respect of
any fees (other than the Applicable Premium), expense reimbursements, indemnities and other amounts then due and payable to the
Lenders until paid in full; (iii) third, ratably to pay interest then due and payable in respect of the Loan until paid
in full; (iv) fourth, ratably to pay principal of the Loan until paid in full; (v) fifth, ratably to pay the Obligations
in respect of any Applicable Premium then due and payable to the Lenders until paid in full; and (vi) sixth, to the ratable
payment of all other Obligations then due and payable.

 

(c) For
purposes of Section 4.03(b), “paid in full” means payment in cash of all amounts owing under the Loan Documents according
to the terms thereof, including loan fees, service fees, professional fees, interest otherwise provided for under the Loan Documents
(and specifically including interest accrued after the commencement of any Insolvency Proceeding), default interest, interest
on interest, and expense reimbursements, whether or not same would be or is allowed or disallowed in whole or in part in any Insolvency
Proceeding.

 

(d) In
the event of a direct conflict between the priority provisions of this Section 4.03 and other provisions contained in any other
Loan Document, it is the intention of the parties hereto that both such priority provisions in such documents shall be read together
and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict
that cannot be resolved as aforesaid, the terms and provisions of Section 4.03 shall control and govern.

 

Section
4.04 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) 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 Section 11.02.

 

(b) The
Administrative Agent shall not be obligated to transfer to such Defaulting Lender any payments made by the Borrower to the Administrative
Agent for such Defaulting Lender’s benefit, and, in the absence of such transfer to such Defaulting Lender, the Administrative
Agent shall transfer any such payments to each other non-Defaulting Lender ratably in accordance with their Pro Rata Shares (without
giving effect to the Pro Rata Shares of such Defaulting Lender) (but only to the extent that such Defaulting Lender’s Loans were
funded by the other Lenders) or, if so directed by the Borrower and if no Default or Event of Default has occurred and is continuing
(and to the extent such Defaulting Lender’s Loans were not funded by the other Lenders), retain the same to be re-advanced to
the Borrower as if such Defaulting Lender had made such Loans to the Borrower. Subject to the foregoing, the Administrative Agent
may hold and, in its discretion, re-lend to the Borrower for the account of such Defaulting Lender the amount of all such payments
received and retained by the Administrative Agent for the account of such Defaulting Lender.

 

    54

     

    

 

(c) The
operation of this Section shall not be construed to increase or otherwise affect the Commitments of any Lender, to relieve or
excuse the performance by such Defaulting Lender or any other Lender of its duties and obligations hereunder, or to relieve or
excuse the performance by the Borrower of its duties and obligations hereunder to the Administrative Agent or to the Lenders other
than such Defaulting Lender.

 

(d) This
Section shall remain effective with respect to such Lender until either (i) the Obligations under this Agreement shall have been
declared or shall have become immediately due and payable or (ii) the non-Defaulting Lenders, the Agents, and the Borrower shall
have waived such Defaulting Lender’s default in writing, and the Defaulting Lender makes its Pro Rata Share of the applicable
defaulted Loans and pays to the Agents all amounts owing by such Defaulting Lender in respect thereof; provided, that no
adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while such
Lender was a Defaulting Lender; 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 such Lender’s having been a Defaulting Lender.

 

Article
V

CONDITIONS TO LOANS

 

Section
5.01 Conditions Precedent to Effectiveness and Loan. The effectiveness of this Agreement, and the obligation of any
Agent or Lender to make any Loan, shall be subject to the satisfaction of each of the following conditions precedent in a
manner satisfactory to the Agents (the date of such satisfaction, which shall be a Business Day, the “Effective
Date”):

 

(a) Payment
of Fees, Etc. The Borrower shall have paid on or before the Effective Date all fees, costs, expenses and taxes then payable
pursuant to Section 2.06 and Section 11.04.

 

(b) Representations
and Warranties; No Event of Default. The following statements shall be true and correct: (i) the representations and warranties
contained in Article VI and in each other Loan Document, certificate or other writing delivered to any Secured Party pursuant
hereto or thereto on or prior to the Effective Date are true and correct in all material respects (except that such materiality
qualifier shall not be applicable to any representations or warranties that already are qualified or modified as to materiality
or “Material Adverse Effect” in the text thereof, which representations and warranties shall be true and correct in
all respects subject to such qualification) on and as of the Effective Date as though made on and as of such date, except to the
extent that any such representation or warranty expressly relates solely to an earlier date (in which case such representation
or warranty shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable
to any representations or warranties that already are qualified or modified as to materiality or “Material Adverse Effect”
in the text thereof, which representations and warranties shall be true and correct in all respects subject to such qualification)
on and as of such earlier date) and (ii) no Default or Event of Default shall have occurred and be continuing on the Effective
Date or would result from this Agreement or the other Loan Documents becoming effective in accordance with its or their respective
terms.

 

    55

     

    

 

(c) Legality.
The making of the Loan shall not contravene any law, rule or regulation applicable to any Secured Party.

 

(d) Notices.
The Administrative Agent shall have received a Notice of Borrowing pursuant to Section 2.02 hereof directing payment of
$18,834,233 of the Loan proceeds, which are not expected to be applied in the initial Series D Redemption, into the Backup
Account and a flow funds which is otherwise satisfactory to the Lenders.

 

(e) Delivery
of Documents. The Agents shall have received on or before the Effective Date the following, each in form and substance satisfactory
to the Agents and, unless indicated otherwise, dated the Effective Date and, if applicable, duly executed by the Persons party
thereto:

 

(i) this
Agreement;

 

(ii) a
Security Agreement, together with the original stock certificates representing all of the Equity Interests and all promissory
notes required to be pledged thereunder, accompanied by undated stock powers executed in blank and other proper instruments of
transfer;

 

(iii) the
results of searches for any effective UCC financing statements, tax Liens or judgment Liens filed against any Loan Party or its
property, which results shall not show any such Liens (other than Permitted Liens acceptable to the Collateral Agent);

 

(iv) a
Perfection Certificate;

 

(v)
the Side Letter;

 

(vi) the
Closing Date Disbursement Account Agreement;

 

(vii) (Reserved);

 

(viii) each
Mortgage for each Collateral Property and each of the other Real Property Deliverables related to such Collateral Property;

 

    56

     

    

 

(ix) a
certificate of an Authorized Officer of each Loan Party, certifying (A) as to copies of the Governing Documents of such Loan Party,
together with all amendments thereto (including, without limitation, (1) a true and complete copy of the charter, certificate
of formation, certificate of limited partnership or other publicly filed organizational document of each Loan Party certified
as of a recent date by an appropriate official of the jurisdiction of organization of such Loan Party which shall set forth the
same complete name of such Loan Party as is set forth herein and the organizational number of such Loan Party, if an organizational
number is issued in such jurisdiction and (2) the inclusion of provisions in the applicable Governing Documents permitting the
Liens and other rights of the Secured Parties), (B) as to a copy of the resolutions or written consents of such Loan Party authorizing
(1) the borrowing hereunder and the transactions contemplated by the Loan Documents to which such Loan Party is or will be a party,
and (2) the execution, delivery and performance by such Loan Party of each Loan Document to which such Loan Party is or will be
a party and the execution and delivery of the other documents to be delivered by such Person in connection herewith and therewith,
and (C) the names and true signatures of the representatives of such Loan Party authorized to sign each Loan Document (in the
case of a Borrower, including, without limitation, Notices of Borrowing and all other notices under this Agreement and the other
Loan Documents) to which such Loan Party is or will be a party and the other documents to be executed and delivered by such Loan
Party in connection herewith and therewith, together with evidence of the incumbency of such authorized officers;

 

(x) a
certificate of the chief financial officer of the Borrower, certifying as to the solvency of the Loan Parties (after giving effect
to the Loans made on the Effective Date);

 

(xi) an
opinion of (A) Cadwalader Wickersham & Taft LLP, counsel to the Loan Parties, (B) Graybill, Lansche & Vinzani, LLC, Georgia
and South Carolina counsel to the Loan Parties, and (C) Saul Ewing Arnstein & Lehr LLP, Maryland, Virginia and Delaware counsel
to the Loan Parties;

 

(xii) evidence
of the insurance coverage required by Section 7.01 (other than the loss payable and additional insured endorsements in favor of
the Collateral Agent which shall be subject to Section 5.02(a)) and the terms of each Security Agreement and each Mortgage and
such other insurance coverage with respect to the business and operations of the Loan Parties as the Collateral Agent may reasonably
request;

 

(xiii) evidence
of the payment in full of all Indebtedness under the Existing Credit Facility, together with (A) a termination and release agreement
with respect to the Existing Credit Facility and all related documents, duly executed by the Loan Parties and the Existing Lenders,
(B) a satisfaction of mortgage for each mortgage filed by the Existing Lender on each Collateral Property (and such Collateral
Properties shall otherwise be unencumbered), (C) if applicable, a termination of security interest in Intellectual Property for
each assignment for security recorded by the Existing Lenders at the United States Patent and Trademark Office or the United States
Copyright Office and covering any intellectual property of the Loan Parties, (D) UCC 3 termination statements for all UCC-1 financing
statements filed by the Existing Lenders, and (E) evidence of such other terminations and releases of security in connection with
the Existing Credit Facility as the Agents may request; and

 

    57

     

    

 

(xiv) such
other agreements, instruments, approvals, opinions and other documents, each satisfactory to the Agents in form and substance,
as any Agent may reasonably request.

 

(f) Material
Adverse Effect. The Administrative Agent shall have determined, in its sole judgment, that no event or development shall have
occurred since December 31, 2019 which would reasonably be expected to have a Material Adverse Effect.

 

(g) Approvals.
All consents, authorizations and approvals of, and filings and registrations with, and all other actions in respect of, any Governmental
Authority or other Person required in connection with the making of the Loans or the conduct of the Loan Parties’ business shall
have been obtained and shall be in full force and effect.

 

(h) Proceedings;
Receipt of Documents. All proceedings in connection with the making of the initial Loans and the other transactions contemplated
by this Agreement and the other Loan Documents, and all documents incidental hereto and thereto, shall be satisfactory to each
Agent and its counsel, and each Agent and such counsel shall have received all such information and such counterpart originals
or certified or other copies of such documents as each Agent or such counsel may reasonably request.

 

(i) No
Litigation. No litigation or other proceeding that is reasonably likely to impair or prevent the consummation of the Effective
Date and the making of the Loans on the Effective Date shall be pending.

 

(j) (Reserved).

 

(k) KYC.
The Agents and the Lenders shall have each received a W-9 and all documentation and other information required by regulatory authorities
with respect to the Loan Parties under applicable “know your customer” and anti-money laundering rules and regulations,
including, without limitation, the PATRIOT Act, in form and substance reasonably satisfactory to the Agents and the Lenders.

 

(l) No
Indebtedness. On the Effective Date, after giving effect to the funding of the Loans, the Borrower and its Subsidiaries shall
have outstanding no Indebtedness (other than the Indebtedness expressly permitted to be outstanding under this Agreement) and
the Agents’ shall have received reasonably satisfactory evidence of the termination of any existing Indebtedness (including
any and all commitments relating thereto, but excluding any existing Indebtedness expressly permitted to be outstanding under
this Agreement) and the release of all Liens in connection therewith, in each case on terms reasonably satisfactory to the Administrative
Agent.

 

(m) Warrants;
Registration Rights Agreement. The Borrower shall have executed, issued and delivered the Warrant and the Registration Rights
Agreement to the initial Lenders.

 

    58

     

    

 

Section
5.02 Post-Closing Conditions. As an accommodation to the Loan Parties, the Agents and the Lenders have agreed to execute
this Agreement and to make the Loan on the Effective Date notwithstanding the failure by the Loan Parties to satisfy the condition
set forth below on or before the Effective Date. In consideration of such accommodation, the Loan Parties agree that, in addition
to all other terms, conditions and provisions set forth in this Agreement and the other Loan Documents, including, without limitation,
those conditions set forth in Section 5.01, the Loan Parties shall satisfy the condition subsequent set forth in Section 5.02(a)
below on or before April 12, 2021 (as such deadline may be extended by the Administrative Agent by up to thirty (30) days in its
reasonable discretion) (it being understood that (i) the failure by the Loan Parties to perform or cause to be performed such
condition subsequent on or before the applicable deadline shall constitute an Event of Default and (ii) to the extent that the
existence of such condition subsequent would otherwise cause any representation, warranty or covenant in this Agreement or any
other Loan Document to be breached, the Required Lenders hereby waive such breach for the period from the Effective Date until
the date on which such condition subsequent is required to be fulfilled pursuant to this Section 5.02):

 

(a) Insurance.
The Collateral Agent shall have received the Secured Parties’ loss payable and additional insured endorsements with respect to
each insurance policy of the Loan Parties relating to Collateral, in each case in accordance with Section 7.01(g)(iv), and the
relevant insurance policies shall have provided that such policy may be terminated or canceled (by the insurer or the insured
thereunder) only upon thirty (30) days’ prior written notice to the Collateral Agent and each such named insured or loss payee,
together with evidence of the payment of all premiums due in respect thereof for such period as the Collateral Agent may request.

 

(b) Real
Property Deliverables. The Collateral Agent shall have received (i) new ALTA surveys for each Collateral Property satisfactory
to the Collateral Agent, the Required Lenders and the title company in their reasonable discretion, (ii) new PZR zoning reports
for each Collateral Property satisfactory to the Collateral Agent, the Required Lenders and the title company in their reasonable
discretion, (iii) zoning confirmation letters from the applicable agency for each Collateral Property, (iv) estoppels and agreements
from any ground lessor with respect to each of the Ground Leased Properties in form and substance satisfactory to the Collateral
Agent and the Required Lenders, (v) subordination, non-disturbance, and attornment agreement and estoppel certificates from each
Major Tenant occupying the Collateral Properties or any portion thereof satisfactory to Collateral Agent, Required Lenders and
the title company in their reasonable discretion, (vi) Lender’s Title Insurance Policies, for each Collateral Property satisfactory
to the Collateral Agent and the Required Lenders in their reasonable discretion (including endorsements and any documents reasonably
requested by the title insurance company in connection therewith) and (vii) evidence of the recording of the items described in
the preceding clause (e)(xiii)(B) to the reasonable satisfaction of the Required Lenders; provided, that until such time
as the Loan Parties have satisfied the conditions set forth in this Section 5.02(b), no proceeds of the Loan shall be released
to the Borrower from the deposit account subject to the applicable blocked Control Agreement (or if such blocked Control Agreement
is not yet in effect, from the Backup Account): provided further, as it relates to the subordination, non-disturbance,
and attornment agreement referenced in the preceding clause (v), if the Borrower shall have used commercially reasonable efforts
(to the reasonable satisfaction of the Required Lenders) to obtain the same and delivered a certification to the Administrative
Agent that it is unable to satisfy such requirements within the allotted time specified in Section 5.02 (including any extension),
then the failure to deliver such agreement within such timeframe shall not serve as a default or restrict the Borrower’s
access to the funds in the blocked Control Agreement, but the Borrower shall continue to use commercially reasonable efforts to
obtain the same and periodically update the Administrative Agent on its progress.

 

    59

     

    

 

(c) Form
of Control Agreement. The Collateral Agent shall have received an execution form of Control Agreement for each deposit account
held by the Loan Parties that is in form and substance satisfactory to the applicable depositories and the Agents (in each case,
other than Excluded Accounts) for future use under Section 7.01(u) (if applicable), the agreed upon form(s) of which are attached
hereto as Exhibit F.

 

Article
VI

REPRESENTATIONS AND WARRANTIES

 

Section
6.01 Representations and Warranties. Each Loan Party hereby represents and warrants to the Secured Parties as follows:

 

(a) Organization,
Good Standing, Etc. Each Loan Party and each of its Subsidiaries (i) is a corporation, limited liability company or limited
partnership duly organized, validly existing and in good standing under the laws of the state or jurisdiction of its organization,
(ii) has all requisite power and authority to conduct its business as now conducted and as presently contemplated and, in the
case of the Borrower, to make the borrowings hereunder, and to execute and deliver each Loan Document to which it is a party,
and to consummate the transactions contemplated thereby, and (iii) is duly qualified to do business and is in good standing in
each jurisdiction in which the character of the properties owned or leased by it or in which the transaction of its business makes
such qualification necessary, except (solely for the purposes of this subclause (iii)) where the failure to be so qualified and
in good standing would not reasonably be expected to have a Material Adverse Effect.

 

(b) Authorization,
Etc. The execution, delivery and performance by each Loan Party of each Loan Document to which it is or will be a party, (i)
have been duly authorized by all necessary action, (ii) do not and will not contravene (A) any of its Governing Documents, (B)
any applicable material Requirement of Law, or (C) subject to Schedule 6.01(b) in respect of Pledged Shares (as defined in the
Security Agreement) any material Contractual Obligation binding on or otherwise affecting it or any of its properties, (iii) do
not and will not result in or require the creation of any Lien (other than pursuant to any Loan Document) upon or with respect
to any of its properties, and (iv) do not and will not result in any default, noncompliance, suspension, revocation, impairment,
forfeiture or nonrenewal of any permit, license, authorization or approval applicable to its operations or any of its properties,
except, in the case of clause (iv), to the extent where such contravention, default, noncompliance, suspension, revocation, impairment,
forfeiture or nonrenewal would not reasonably be expected to have a Material Adverse Effect.

 

(c) Governmental
Approvals. No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is
required in connection with the due execution, delivery and performance by any Loan Party of any Loan Document to which it is
or will be a party other than filings and recordings with respect to Collateral to be made, or otherwise delivered to the Collateral
Agent for filing or recordation, on the Effective Date, and customary 8-K filings made with the SEC.

 

(d) Enforceability
of Loan Documents. This Agreement is, and each other Loan Document to which any Loan Party is or will be a party, when delivered
hereunder, will be, a legal, valid and binding obligation of such Person, enforceable against such Person in accordance with its
terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar
laws affecting the enforcement of creditors’ rights generally and by general principles of equity.

 

    60

     

    

 

(e) Capitalization;
Subsidiaries. The authorized Equity Interests of the Borrower and each of its Subsidiaries and the issued and outstanding
Equity Interests of the Borrower and each of its Subsidiaries are as set forth on Schedule 6.01(e). Schedule 6.01(e) sets forth,
as of the Effective Date, all of the Guarantors, the form and jurisdiction of organization of each of their Subsidiaries, and
the owners of the direct ownership interests therein. No Person owns any legal, equitable or beneficial interest in any of the
Guarantors except as set forth on such Schedules. As of the Effective Date, the Borrower owns 98.50% of the Equity Interests in
the Operating Partner. All of the issued and outstanding shares of Equity Interests of the Borrower and each of its Subsidiaries
have been validly issued and are fully paid and nonassessable, and the holders thereof are not entitled to any preemptive, first
refusal or other similar rights. All Equity Interests of such Subsidiaries of the Borrower are owned by the Borrower or the Operating
Partner, as applicable, free and clear of all Liens (other than Permitted Specified Liens). Except as described on Schedule 6.01(e),
there are no outstanding debt or equity securities of the Borrower or any of its Subsidiaries and no outstanding obligations of
the Borrower or any of its Subsidiaries convertible into or exchangeable for, or warrants, options or other rights for the purchase
or acquisition from the Borrower or any of its Subsidiaries, or other obligations of the Borrower or any of its Subsidiaries to
issue, directly or indirectly, any shares of Equity Interests of the Borrower or any of its Subsidiaries.

 

(f) Litigation.
Except as set forth in Schedule 6.01(f), (i) there is no pending or, to the knowledge of any Loan Party, material threatened action,
suit or proceeding affecting any Loan Party or any of its properties before any court or other Governmental Authority or any arbitrator
or (ii) there is no pending or, to the knowledge of any Loan Party, threatened action, suit or proceeding relating to this Agreement
or any other Loan Document or any transaction contemplated hereby or thereby.

 

(g) Financial
Statements. The financial statements for the Fiscal Year ending on December 31, 2019 fairly present the consolidated financial
condition of the Borrower and its Subsidiaries as at the respective dates thereof and the consolidated results of operations of
the Borrower and its Subsidiaries for the fiscal periods ended on such respective dates, all in accordance with GAAP. All material
indebtedness and other liabilities (including, without limitation, Indebtedness, liabilities for taxes, long-term leases and other
unusual forward or long-term commitments), direct or contingent, of the Borrower and its Subsidiaries are set forth in the financial
statements. Since December 31, 2019, no event or development has occurred that has had or could reasonably be expected to have
a Material Adverse Effect.

 

(h) Compliance
with Law, Etc. No Loan Party or any of its Subsidiaries is in violation of (i) any of its Governing Documents, (ii) any Requirement
of Law, or (iii) any term of any Contractual Obligation (including, without limitation, any Material Contract) binding on or otherwise
affecting it or any of its properties, except where the failure to so comply with any material obligation, individually or in
the aggregate, would not reasonably be expected to have a Material Adverse Effect.

 

    61

     

    

 

(i) ERISA.
Except as would not reasonably be expected to have a Material Adverse Effect, (i) each Employee Plan is in compliance with all
Requirements of Law, including ERISA, the Internal Revenue Code and the Patient Protection and Affordable Care Act of 2010, as
amended by the Health Care and Education Reconciliation Act of 2010, (ii) no ERISA Event has occurred nor is reasonably expected
to occur with respect to any Employee Plan or Multiemployer Plan, (iii) the most recent annual report (Form 5500 Series) with
respect to each Pension Plan, including any required Schedule SB (Actuarial Information) thereto, copies of which have been filed
with the Internal Revenue Service and delivered to the Agents, is complete and correct and fairly presents the funding status
of such Pension Plan, and since the date of such report, there has been no change in such funding status, ((iv) no Loan Party
or any of its ERISA Affiliates has incurred any liability to the PBGC which remains outstanding other than the payment of premiums,
and there are no premium payments which have become due which are unpaid, (v) there are no pending or, to the knowledge of any
Loan Party, threatened claims, actions, proceedings or lawsuits (other than claims for benefits in the normal course) asserted
or instituted against (A) any Employee Plan or its assets, (B) any fiduciary with respect to any Employee Plan, or (C) any Loan
Party or any of its ERISA Affiliates with respect to any Employee Plan and (vi) except as required by Section 4980B of the Internal
Revenue Code, no Loan Party or any of its ERISA Affiliates maintains an employee welfare benefit plan (as defined in Section 3(1)
of ERISA) that provides health benefits (through the purchase of insurance or otherwise) for any retired or former employee of
any Loan Party or any of its ERISA Affiliates or has any obligation to provide any such benefits for any current employee after
such employee’s termination of employment. Each Employee Plan that is intended to be a qualified plan under Section 401(a) of
the Code has received a favorable determination letter from the Internal Revenue Service to the effect that the form of such Employee
Plan is qualified under Section 401(a) of the Code and the trust related thereto has been determined by the Internal Revenue Service
to be exempt from federal income tax under Section 501(a) of the Code, or an application for such a letter is currently being
processed by the Internal Revenue Service, and to the knowledge of each Loan Party and its ERISA Affiliates, nothing has occurred
that would prevent or cause the loss of such tax-qualified status.

 

(j) Taxes,
Etc. (i) All Tax returns and other reports required by applicable Requirements of Law to be filed by any Loan Party and their
Subsidiaries have been timely filed and (ii) all Taxes imposed upon any Loan Party and their Subsidiaries or any property of any
Loan Party or any Subsidiary which have become due and payable on or prior to the date hereof have been paid, except Taxes contested
in good faith by proper proceedings which stay the imposition of any Lien resulting from the non-payment thereof and with respect
to which adequate reserves have been set aside for the payment thereof on the financial statements in accordance with GAAP. All
transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes required to be paid by any Person
under applicable Legal Requirements currently in effect in connection with the transfer of the Real Estate to Borrower have been
paid in full. All mortgage, mortgage recording, stamp, intangible or other similar tax required to be paid by any Person under
applicable Legal Requirements currently in effect in connection with the execution, delivery, recordation, filing, registration,
perfection or enforcement of any of the Loan Documents, including, without limitation, the Mortgage, have been paid or will be
paid at or prior to the filing or recordation of the Mortgage or any other Loan Document.

 

    62

     

    

 

(k) Regulations
T, U and X. No Loan Party is or will be engaged in the business of extending credit for the purpose of purchasing or carrying
margin stock (as defined in Regulation U), and no proceeds of any Loan will be used to purchase or carry any margin stock (except
as permitted pursuant to Section 7.01(s)) or to extend credit to others for the purpose of purchasing or carrying any margin stock
or for any purpose that violates, or is inconsistent with, the provisions of Regulation T, U and X. No Collateral granted pursuant
to any Loan Document consists, or will consist, of margin stock.

 

(l) Nature
of Business.

 

(i) No
Loan Party or any Subsidiary is engaged in any business other than as set forth on Schedule 6.01(l).

 

(ii) Except
as set forth in Schedule 6.01(l), the Borrower does not have any material liabilities (other than liabilities arising under the
Loan Documents), own any material assets (other than the Equity Interests of its Subsidiaries), or engage in any operations or
business (other than the ownership of its Subsidiaries).

 

(m) Adverse
Agreements, Etc. No Loan Party or any of its Subsidiaries is a party to any Contractual Obligation or subject to any restriction
or limitation in any Governing Document or any judgment, order, regulation, ruling or other requirement of a court or other Governmental
Authority, which (either individually or in the aggregate) has, or in the future would reasonably be expected (either individually
or in the aggregate) to have, a Material Adverse Effect.

 

(n) Permits,
Etc. Each Loan Party and each of its Subsidiaries has, and is in compliance with, all permits, licenses, authorizations, approvals,
entitlements and accreditations required for such Person lawfully to own, lease, manage or operate, or to acquire, each business
and Collateral Property currently owned, leased, managed or operated, or to be acquired, by such Person, except to the extent
the failure to have or be in compliance therewith could not reasonably be expected to have a Material Adverse Effect. No condition
exists or event has occurred which, in itself or with the giving of notice or lapse of time or both, would result in the suspension,
revocation, impairment, forfeiture or non-renewal of any such permit, license, authorization, approval, entitlement or accreditation,
and there is no claim that any thereof is not in full force and effect.

 

    63

     

    

 

(o) Properties.
Each Loan Party and each of its Subsidiaries has good and marketable title to all property and assets material to its business
(including the Collateral Property), free and clear of all Liens, except Permitted Liens. The Permitted Liens, individually or
in the aggregate, do not (a) materially interfere with the benefits of the security intended to be provided by the Mortgages and
this Agreement, (b) have a Material Adverse Effect on the value, operation or use of any of the Real Estate, or (c) impair the
Loan Party’s ability to repay the Loan. No Condemnation or other proceeding has been commenced or, to any Loan Party’s
knowledge, is contemplated with respect to all or any portion of the Real Estate or for the relocation of roadways providing access
to the Real Estate. All Buildings lie wholly within the boundaries and building restriction lines of the Real Estate and no buildings
or other improvements on adjoining properties encroach upon the Real Estate, and no easements or other encumbrances affecting
the Real Estate encroach upon any of the Buildings. Except as set forth on Schedule 6.01(o), no Collateral Properties or any part
thereof is subject to any purchase options, rights or first refusal, rights of first offer or other similar rights in favor of
third parties. All such properties and assets are in good working order and condition, ordinary wear and tear excepted, and there
is no structural or other material defect or damage to the Real Estate. The Real Estate (a) is located on or adjacent to a public
road and has direct legal access to such road, or has access via an irrevocable easement or irrevocable right of way permitting
ingress and egress to/from a public road, and (b) is served by or has uninhibited access rights to public or private water and
sewer (or well and septic) and all required utilities, all of which are appropriate for the current use of the Real Estate. All
public utilities necessary or convenient to the full use and enjoyment of the Real Estate are located either in the public right-of-way
abutting the Real Estate (which are connected so as to serve the Property without passing over other property) or in recorded
easements serving the Real Estate and such easements are set forth in and insured by the Title Insurance Policy. All roads necessary
for the use of the Real Estate for its current purposes have been completed, are physically open and are dedicated to public use
and have been accepted by all Governmental Authorities. The Real Estate is comprised of one or more parcels which constitute a
separate tax lot or lots and does not constitute a portion of any other tax lot not a part of the Real Estate. There are no taxes,
pending or proposed special or other governmental assessments for public improvements, PACE Liens or other outstanding governmental
charges (including, without limitation, water and sewage charges) otherwise affecting the Property, nor are there any contemplated
improvements to the Property that may result in such special or other assessments.

 

(p) Employee
and Labor Matters. (i) Each Loan Party and its Subsidiaries is in compliance with all Requirements of Law in all material
respects pertaining to employment and employment practices, terms and conditions of employment, wages and hours, and occupational
safety and health, (ii) no Loan Party is party to any collective bargaining agreement, nor has any labor union been recognized
as the representative of the employees of any Loan Party, (iii) there is no unfair labor practice complaint pending or, to the
knowledge of any Loan Party, threatened against any Loan Party before any Governmental Authority and no grievance or arbitration
proceeding pending or threatened against any Loan Party which arises out of or under any collective bargaining agreement, (iv)
there has been no strike, work stoppage, slowdown, lockout, or other labor dispute pending or threatened against any Loan Party
or any Subsidiary, and (v) to the knowledge of each Loan Party, no labor organization or group of employees has made a pending
demand for recognition or certification, and there are no representation or certification proceedings or petitions seeking a representation
proceeding presently pending or threatened to be brought or filed, with the National Labor Relations Board or any other labor
relations tribunal or authority. All material payments due from any Loan Party on account of wages and employee health and welfare
insurance and other benefits have been paid or accrued as a liability on the books of such Loan Party.

 

(q) Environmental
Compliance. Except as set forth on Schedule 6.01(q),

 

(i) None
of the Real Estate (excluding the Collateral Properties), nor to the Borrower’s knowledge, any tenant or operations thereon, is
in violation, or alleged violation, of any Environmental Law, which violation could reasonably be expected to have a Material
Adverse Effect. None of the Collateral Properties, nor to the Borrower’s knowledge, any tenant or operations thereon, is in violation,
or alleged violation, of any Environmental Law, which violation could reasonably be expected to result in a material liability.

 

    64

     

    

 

(ii) None
of the Loan Parties has received written notice from any third party including, without limitation, any federal, state or local
governmental authority, (i) that it has been identified by the United States Environmental Protection Agency as a potentially
responsible party under CERCLA with respect to a site listed on the National Priorities List, 40 C.F.R. Part 300 Appendix B (1986),
(ii) that any Hazardous Substance(s) which it has generated, transported or disposed of have been found at any site at which a
federal, state or local agency or other third party has conducted, or has demanded that any Loan Party conduct a remedial investigation,
removal or other response action pursuant to any Environmental Law, or (iii) that it is or shall be a named party to any claim,
action, cause of action, complaint, or legal or administrative proceeding (in each case, contingent or otherwise) arising out
of any third party’s incurrence of costs, expenses, losses or damages in connection with the release of Hazardous Substances,
which could reasonably be expected to result in a material liability.

 

(iii) (A)
No portion of the Real Estate (including the Collateral Properties) is used for the handling, processing, storage or disposal
of Hazardous Substances except in compliance with applicable Environmental Laws, and no underground tank or other underground
storage receptacle for Hazardous Substances is located on any portion of such Real Estate except those which are being operated
and maintained, and, if required, remediated, in compliance with Environmental Laws; (B) in the course of any business activities
conducted by the Loan Parties or the tenants and operators of their properties, no Hazardous Substances have been generated or
are being used on such Real Estate except in the ordinary course of any such Loan Party’s or its tenants’ and operators’
business and in compliance with applicable Environmental Laws; (C) there has been no past or present releasing, spilling, leaking,
pumping, pouring, emitting, emptying, discharging, injecting, escaping, disposing or dumping (other than in reasonable quantities
to the extent necessary in the ordinary course of operation of the Loan Parties’, their tenants’ or operators’
business and, in any event, in compliance with all Environmental Laws) (a “Release”) or threatened Release
of Hazardous Substances on, upon, into or from such Real Estate, which Release could reasonably be expected to have a Material
Adverse Effect; (D) there have been no Releases on, upon, from or into any real property in the vicinity of any of such Real Estate
which, through soil or groundwater contamination, have come to be located on any Real estate, and which could be reasonably anticipated
to have a Material Adverse Effect; and (E) any Hazardous Substances that have been generated on (i) any of the Collateral Properties
have been transported off-site in accordance with all applicable Environmental Laws and in a manner that could not reasonably
be expected to result in a material liability and (ii) any of the Real Estate (other than the Collateral Properties) have been
transported off-site in accordance with all applicable Environmental Laws and in a manner that could not reasonably be expected
have a Material Adverse Effect.

 

(iv) Except
for such matters that shall be complied with as of the Effective Date, by virtue of the transactions set forth herein and contemplated
hereby, or as a condition to the recording of the Mortgages or to the effectiveness of any other transactions contemplated hereby,
none of the Loan Parties, nor the Real Estate will become subject to any applicable Environmental Law requiring the performance
of environmental site assessments, or the removal or remediation of Hazardous Substances, or the giving of notice to any governmental
agency or the recording or delivery to other Persons of an environmental disclosure document or statement pursuant to applicable
Environmental Laws, which could reasonably be expected to result in a material liability or interfere materially with the use,
enjoyment, transferability or financing of any such Real Estate.

 

    65

     

    

 

 

(v) There
are no existing or closed sanitary waste landfills, or hazardous waste treatment, storage or disposal facilities on the Real Estate
except where such existence could not reasonably be expected to result in a material liability.

 

(vi) The
Loan Parties have not received any written notice from any party that any use, operation, or condition of any Real Estate has caused
any adverse condition on any other property that could reasonably be expected to result in a claim under applicable Environmental
Law that could reasonably be expected to result in a material liability., nor does any Loan Party have actual knowledge of any
existing facts or circumstances that could reasonably be expected to form the basis for such a claim.

 

(r) Insurance.
Each Loan Party maintains all insurance required by Section 7.01(g). No Loan Party has received notice from any insurance company
or bonding company of any defects or inadequacies with respect to any Real Estate, or any party thereof, which would have a Material
Adverse Effect on the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or any termination
or threatened termination of any policy of insurance or bond. Schedule 6.01(r) sets forth a list of all such insurance maintained
by or for the benefit of each Loan Party on the Effective Date.

 

(s) Use
of Proceeds. The proceeds of the Loan made on the Effective Date shall be used in accordance with Section 7.01(s).

 

(t) Solvency.
After giving effect to the transactions contemplated by this Agreement and before and after giving effect to each Loan, each Loan
Party is, and the Loan Parties on a consolidated basis are, Solvent. No transfer of property is being made by any Loan Party and
no obligation is being incurred by any Loan Party in connection with the transactions contemplated by this Agreement or the other
Loan Documents with the intent to hinder, delay, or defraud either present or future creditors of such Loan Party.

 

(u) Intellectual
Property. Each Loan Party owns or licenses or otherwise has the right to use all Intellectual Property rights that are necessary
for the operation of its business, without infringement upon or conflict with the rights of any other Person with respect thereto,
except where such failure or conflict would not reasonably be expected to have a Material Adverse Effect. No trademark or other
advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed,
by any Loan Party infringes upon or conflicts with any rights owned by any other Person, and no claim or litigation regarding any
of the foregoing is pending or threatened, except where such failure or conflict would not reasonably be expected to have a Material
Adverse Effect. None of the Collateral Properties is owned or operated under or by reference to any registered or protected trademark,
trade name, service mark or logo, except where such failure or conflict would not reasonably be expected to have a Material Adverse
Effect.

 

(v) Material
Contracts. Set forth on Schedule 6.01(v) is a complete and accurate list as of the Effective Date of all Material Contracts
of each Loan Party and each Material Subsidiary thereof (other than any loan document in respect of Permitted Indebtedness of a
Subsidiary reflected on Schedule 7.02(b)), showing the parties and subject matter thereof and amendments and modifications thereto.
Each such Material Contract (i) is in full force and effect and is binding upon and enforceable against each Loan Party and each
Subsidiary thereof that is a party thereto and, to the knowledge of such Loan Party, all other parties thereto in accordance with
its terms, (ii) has not been otherwise amended or modified, and (iii) is not in default due to the action of any Loan Party or
any Subsidiary thereof or, to the knowledge of any Loan Party, any other party thereto.

 

    66

     

    

 

(w) Investment
Company Act. The Loan Parties are not required to register as an “investment company”, as such term is defined in
the Investment Company Act of 1940, as amended, or (ii) subject to regulation under any Requirement of Law that limits in any respect
its ability to incur Indebtedness or which may otherwise render all or a portion of the Obligations unenforceable.

 

(x) Sanctions;
Anti-Corruption and Anti-Money Laundering Laws. None of any Loan Party, any Subsidiary thereof, any of their respective directors,
officers, or employees, shareholders or owners, nor, to the knowledge of any Loan Party, any of their respective agents or Affiliates,
(i) is a Sanctioned Person or currently the subject or target of any applicable Sanctions, (ii) has assets located in
a Sanctioned Country, (iii) conducts any business with or for the benefit of any Sanctioned Person, (iv) directly or to its knowledge
indirectly derives revenues from investments in, or transactions with, Sanctioned Persons, (v) is a “Foreign Shell Bank”
within the meaning of the USA PATRIOT Act, i.e., a foreign bank that does not have a physical presence in any country and that
is not affiliated with a bank that has a physical presence and an acceptable level of regulation and supervision, or (vi) is a
Person that resides in or is organized under the laws of a jurisdiction designated by the United States Secretary of the Treasury
under Section 311 or 312 of the USA PATRIOT Act as warranting special measures due to money laundering concerns. Each Loan
Party and its Subsidiaries has implemented and maintains in effect policies and procedures reasonably designed to ensure compliance
by each Loan Party and its Subsidiaries and their respective directors, officers, employees, agents and Affiliates with all applicable
Anti-Corruption Laws and Anti-Money Laundering Law. Each Loan Party and each Subsidiary is in compliance with all applicable Sanctions,
Anti-Money Laundering Laws and Anti-Corruption Laws. Each Loan Party and each Affiliate, officer, employee or director acting on
behalf of any Loan Party is (and is taking no action that would result in any such Person not being) in compliance with all applicable
Sanctions.

 

(y) Anti-Bribery
and Corruption.

 

(i) Neither
any Loan Party nor, to the knowledge of any Loan Party, any director, officer, employee, or any other Person acting on behalf of
any Loan Party, has offered, promised, paid, given or authorized the payment or giving of any money or other thing of value, directly
or indirectly, to or for the benefit of any Person, including without limitation, any employee, official or other Person acting
on behalf of any Governmental Authority, or otherwise engaged in any activity that may violate any Anti-Corruption Law.

 

(ii) Neither
any Loan Party nor, to the knowledge of any Loan Party, any director, officer, employee, or any other Person acting on behalf of
any Loan Party, has engaged in any activity that would breach any Anti-Corruption Laws.

 

(iii) To
the best of each Loan Party’s knowledge and belief, there is no pending or, to the knowledge of any Loan Party, threatened action,
suit, proceeding or investigation before any court or other Governmental Authority against any Loan Party or any of its directors,
officers, employees or other Person acting on its behalf that relates to a potential violation of any Anti-Corruption Laws, Anti-Money
Laundering Laws or Sanctions.

 

    67

     

    

 

(iv) The
Loan Parties will not directly or indirectly use, lend or contribute the proceeds of the Loans for any purpose that would breach
the Anti-Bribery and Corruption Laws.

 

(z) Absence
of UCC Financing Statements. Except with respect to Permitted Liens and financing statements to be terminated pursuant to the
pay-off documents in connection with the Existing Credit Facility, there is no financing statement (but excluding any financing
statements that may be filed against any Loan Party without the consent or agreement of such Loan Party), security agreement, chattel
mortgage, real estate mortgage or other document filed or recorded with any applicable filing records, registry, or other public
office, that purports to cover, affect or give notice of any present or possible future lien on, or security interest or security
title in, any Collateral or other assets of the Loan Parties.

 

(aa) Setoff.
The Collateral and the rights of the Agents and the Lenders with respect to the Collateral are not subject to any setoff, claims,
withholdings or other defenses by the Loan Parties or any of their Affiliates or, to the knowledge of the Loan Parties, any other
Person other than Permitted Liens described in Schedule 7.02(a).

 

(bb) Trade Name;
Place of Business. No Loan Party uses any trade name and conducts business under any name other than its actual name set forth
in the Loan Documents. The principal place of business of the Borrower is 2529 Virginia Beach Boulevard, Virginia Beach, VA 23452.

 

(cc) Full Disclosure.
None of the reports, financial statements, certificates or other information furnished in writing by or on behalf of any Loan Party
to the Agents or Lenders (other than forward-looking information, budgets estimates and projections and information of a general
economic nature and general information about Borrower’s industry) in connection with the negotiation of this Agreement or delivered
hereunder (as modified or supplemented by other information so furnished in writing), when taken as a whole, as of the date furnished,
contains any untrue statement of material fact or omits to state any material fact necessary to make the statements therein, in
the light of the circumstances under which it was made, not misleading. There are no facts known (or which should upon the reasonable
exercise of diligence be known) to a Loan Party (other than matters of a general economic nature) that, individually or in the
aggregate, would reasonably be expected to result in a Material Adverse Effect.

 

(dd) Leases.
No tenant under any Lease is entitled to any free rent, partial rent, rebate of rent payments, credit, offset or deduction in rent,
including, without limitation, lease support payments or lease buy-outs, except as reflected in the Leases. Except as set forth
in Schedule 6.01(dd), the Leases reflected therein are in full force and effect in accordance with their respective terms, without
any payment default or any other material default thereunder, nor are there any defenses, counterclaims, offsets, concessions or
rebates available to any tenant thereunder, and except as reflected in Schedule 6.01(dd), no Loan Party or Material Subsidiary
has given or made, any notice of any payment or other material default, or any claim, which remains uncured or unsatisfied, with
respect to any of the Leases, and to the best of the knowledge and belief of the Loan Parties, there is no basis for any such claim
or notice of default by any tenant. No Loan Party knows of any condition which with the giving of notice or the passage of time
or both would constitute a default on the part of any tenant with respect to the terms under a Lease or of the respective Loan
Party or Material Subsidiary as landlord under the Lease. No security deposit or advance rental or fee payment (more than one (1)
month in advance) has been made by any lessee or licensor under the Leases except as may be specifically designated in the applicable
Leases. No other property is necessary to comply with the requirements (including, without limitation, parking requirements) contained
in such Lease. There are no prior assignments of (i) the Leases or (ii) any portion of the Rents due and payable or to become due
and payable which are presently outstanding.

 

    68

     

    

 

(ee) Property.
Except as set forth in Schedule 6.01(ee), all of the Real Estate properties owned by the Loan Parties or Material Subsidiaries,
and all major building systems located thereon, are structurally sound, in good condition and working order and free from material
defects, subject to ordinary wear and tear, except for such portion of such Real Estate which is not occupied by any tenant and
which may not be in final working order pending final build-out of such space. Each of the Real Estate properties owned by the
Loan Parties or Material Subsidiaries, and the use and operation thereof, is in material compliance with all applicable federal
and state law and governmental regulations and any local ordinances, orders or regulations, including without limitation, laws,
regulations and ordinances relating to zoning, building codes, subdivision, fire protection, health, safety, handicapped access,
historic preservation and protection, wetlands, tidelands, and Environmental Laws. All water, sewer, electric, gas, telephone and
other utilities necessary for the use and operation of each Real Estate property owned by the Loan Parties or Material Subsidiaries
are installed to the property lines of such property through dedicated public rights of way or through perpetual private easements
with respect to which the applicable Mortgage creates a valid and enforceable first lien subject to Permitted Liens and, except
in the case of drainage facilities, are connected to the Building located thereon with valid permits and are adequate to service
the Building in compliance with applicable law. There are no material unpaid or outstanding real estate or other taxes or assessments
on or against any of the properties which are payable by any Loan Party (except only real estate or other taxes or assessments,
that are not yet delinquent or are being protested as permitted by this Agreement) or Material Subsidiary. Except as otherwise
disclosed to the Agents in writing, there are no pending, or to the knowledge of Loan Parties threatened or contemplated, eminent
domain proceedings against any of the properties. Except as otherwise disclosed to the Agents in writing, none of the Real Estate
properties owned by the Loan Parties or Material Subsidiaries is now damaged as a result of any fire, explosion, accident, flood
or other casualty. Except as otherwise disclosed to the Agents in writing, none of the Loan Parties has received any outstanding
notice from any insurer or its agent requiring performance of any work with respect to any of the Real Estate properties owned
by the Loan Parties or Material Subsidiaries or canceling or threatening to cancel any policy of insurance, and each of the properties
complies with the material requirements of all of the Loan Parties’ and Material Subsidiaries’ insurance carriers. Except as otherwise
disclosed to the Agents, the Loan Parties and Material Subsidiaries have no Management Agreements for any of the Real Estate properties
owned by the Loan Parties or Material Subsidiaries. To the knowledge of the Loan Parties, there are no materials claims or any
bases for material claims in respect of any Real Estate property owned by the Loan Parties or Material Subsidiaries or its operation
by any party to any service agreement or Management Agreement. No person or entity has any right or option to acquire any Collateral
Property or any Building thereon or any portion thereof or interest therein. The use of the Collateral Properties has not been
materially modified following the date of the zoning reports delivered pursuant to clause (e) of the definition of Real Estate
Deliverables in respect thereof and there have been no material modifications to the zoning of any Collateral Property since the
date of such reports.

 

(ff) REIT Status.
The Borrower has elected status as a REIT under Section 856 of the Internal Revenue Code and currently is in compliance with all
provisions of the Internal Revenue Code, and Treasury Regulations promulgated thereunder, applicable to the qualification of the
Borrower as a REIT.

 

(gg) Condemnation.
No Condemnation or other similar proceeding has been commenced or, to Borrower’s knowledge, is threatened or contemplated
with respect to all or any portion of any Real Estate or for the relocation of roadways providing access to any Real Estate.

 

    69

     

    

 

(hh) No Unencumbered
Real Estate. Except as set forth in Schedule 6.01(hh), no Real Estate owned by the Loan Parties and their Subsidiaries is subject
to Liens securing Indebtedness other than the Obligations.

 

(ii) Ground
Leases.

 

(i) (1)
The Ground Leases are in full force and effect and have not been modified or amended in any manner whatsoever, (2) there are no
events of default under the Ground Leases by Ground Lessee or Ground Lessor, and no event has occurred which but for the passage
of time, or notice, or both would constitute an event of default under the Ground Leases, (3) all rents, additional rents and other
sums due and payable under the Ground Leases have been paid in full, (4) neither Ground Lessee nor Ground Lessor has commenced
any action or given or received any notice for the purpose of terminating the Ground Leases, (5) the Ground Lessor, as debtor in
possession or by a trustee for the Ground Lessor, has not given any notice of, and Ground Lessee has not consented to, any attempt
to transfer its interest free and clear of the Ground Leases under section 363(f) of the Bankruptcy Code, (6) the Ground Lessor
is not subject to any voluntary or involuntary bankruptcy, reorganization or insolvency proceeding and the Fee Estate is not an
asset in any voluntary or involuntary bankruptcy, reorganization or insolvency proceeding, and (7) the Ground Leases or a memorandum
thereof has been duly recorded, and the Ground Leases permit the interest of the lessee thereunder to be encumbered.

 

(ii) Ground
Lessee’s interest in the Ground Leases are not subject to any Lien superior to, or of equal priority with, the Mortgage on the
related Real Estate.

 

Article
VII

COVENANTS OF THE LOAN PARTIES AND OTHER COLLATERAL MATTERS

 

Section 7.01 Affirmative
Covenants. Until the Obligations are indefeasibly Paid in full in cash, each Loan Party shall:

 

(a) Reporting
and Notice Requirements. Furnish to each Agent (which shall in turn deliver to each Lender) and, if requested by any Lender,
to such Lender:

 

(i) (A)
as soon as available and in any event within forty five (45) days after the end of the first three fiscal quarters of the Borrower
and its Subsidiaries in each Fiscal Year, consolidated and consolidating balance sheets, statements of operations and retained
earnings and statements of cash flows of the Borrower and its Subsidiaries as at the end of such quarter, and for the period commencing
at the end of the immediately preceding Fiscal Year and ending with the end of such quarter, setting forth in each case in comparative
form the figures for the corresponding date or period set forth in the financial statements for the immediately preceding Fiscal
Year, all in reasonable detail and certified by an Authorized Officer of the Borrower as fairly presenting, in all material respects,
the financial position of the Borrower and its Subsidiaries as of the end of such quarter and the results of operations and cash
flows of the Borrower and its Subsidiaries for such quarter and for such year-to-date period, in accordance with GAAP applied in
a manner consistent with that of the most recent audited financial statements of the Borrower and its Subsidiaries furnished to
the Agents and the Lenders, subject to the absence of footnotes and normal year-end adjustments and (B) within forty five (45)
days after the end of each fiscal quarter, (1) an operating statement for each of the Real Estate properties for each such calendar
month and year to date and a consolidated operating statement for such properties for each such calendar month and year to date
(such statements and reports to be in form reasonably satisfactory to Agents) and (2) a statement listing the Real Estate owned
by the Loan Parties and their Subsidiaries (or in which the Loan Parties or their Subsidiaries owns an interest) and stating the
location thereof and the date acquire (or confirmation that there have been no changes to the information contained in the statement
last delivered pursuant to this clause);

 

    70

     

    

 

(ii) as
soon as available, and in any event within (A) ninety (90) days after the end of each Fiscal Year of the Borrower and its Subsidiaries,
(i) consolidated and consolidating balance sheets, statements of operations and retained earnings and statements of cash flows
of the Borrower and its Subsidiaries as at the end of such Fiscal Year, setting forth in each case in comparative form the figures
for the corresponding date or period set forth in (A) the financial statements for the immediately preceding Fiscal Year, and (B)
the Projections, all in reasonable detail and prepared in accordance with GAAP and (ii) with respect to such consolidated and consolidating
financial statements a report thereon by independent certified public accountants of Cherry Bekaert LLP or any other independent
certified public accountant selected by Borrower, and reasonably satisfactory to the Required Lenders (which report and/or the
accompanying financial statements shall be unqualified as to going concern and scope of audit, and shall state that such consolidated
financial statements fairly present, in all material respects, the consolidated financial position of Borrower and its Subsidiaries
as at the dates indicated and the results of their operations and their cash flows for the periods indicated in conformity with
GAAP applied on a basis consistent with prior years (except as otherwise disclosed in such financial statements) and that the examination
by such accountants in connection with such consolidated financial statements has been made in accordance with generally accepted
auditing standards);

 

(iii) (A)
simultaneously with the delivery of the financial statements of the Borrower and its Subsidiaries required by clauses (i) and (ii)
of this Section 7.01(a) and (B) within ninety (90) days after the end of the fourth fiscal quarter, a certificate of an Authorized
Officer of the Borrower in substantially similar form as that annexed hereto as Exhibit D (a “Compliance Certificate”):

 

(A) stating
that such Authorized Officer has reviewed the provisions of this Agreement and the other Loan Documents and has made or caused
to be made under his or her supervision a review of the condition and operations of the Borrower and its Subsidiaries during the
period covered by such financial statements with a view to determining whether the Borrower and its Subsidiaries were in compliance
with all of the provisions of this Agreement and such Loan Documents at the times such compliance is required hereby and thereby,
and that such review has not disclosed, and such Authorized Officer has no knowledge of, the occurrence and continuance during
such period of a Default or an Event of Default or, if a Default or an Event of Default had occurred and continued or is continuing,
describing the nature and period of existence thereof and the action which the Borrower and its Subsidiaries proposes to take or
have taken with respect thereto,

 

(B)
(1) attaching a schedule showing the calculation of the financial covenants specified in Section 7.03 and (2) including a discussion
and analysis of the financial condition and results of operations of the Borrower and its Subsidiaries for the portion of the Fiscal
Year then elapsed and discussing the reasons for any significant variations from the Projections for such period and the figures
for the corresponding period in the previous Fiscal Year, and

 

(C) in
the case of the delivery of the financial statements of the Borrower and its Subsidiaries required by clause (ii) of this Section
7.01(a), attaching (1) a summary of all material insurance coverage maintained as of the date thereof by any Loan Party and evidence
that such insurance coverage meets the requirements set forth in Section 7.01, each Security Agreement and each Mortgage, together
with such other related documents and information as the Administrative Agent may reasonably require and (2) confirmation that
there have been no changes to the information contained in the Perfection Certificate delivered on the Effective Date or the date
of the most recently updated Perfection Certificate delivered pursuant to this clause (iii) and/or attaching an updated Perfection
Certificate identifying any such changes to the information contained therein;

 

(iv) simultaneously
with the delivery of the financial statements required by clauses (i) and (ii) of this Section 7.01(a):

 

(A) the
statement of all contingent liabilities involving amounts of $1,000,000 or more of the Loan Parties which are not reflected in
such financial statements or referred to in the notes thereto (including, without limitation, all guaranties, endorsements and
other contingent obligations in respect of the indebtedness of others, and obligations to reimburse the issuer in respect of any
letters of credit, but excluding any customary carve-out guaranties and environmental indemnities); and

 

    71

     

    

 

(B) if,
as a result of any change in accounting principles and policies from those used in the preparation of the financial statements
that is permitted by Section 7.02(p), the consolidated financial statements of the Borrower and its Subsidiaries delivered pursuant
to clauses (i) and (ii) of this Section 7.01(a) will differ from the consolidated financial statements that would have been delivered
pursuant to such subdivisions had no such change in accounting principles and policies been made, then, together with the first
delivery of such financial statements after such change, one or more statements of reconciliation for all such prior financial
statements in form and substance satisfactory to the Agents.

 

(v) [Reserved]:

 

(vi) as
soon as possible and in any event within ten (10) days after the end of each calendar month, a Rent Roll for each of the Real Estate
properties and a summary thereof as of the end of such month;

 

(vii) promptly
after submission to any Governmental Authority, all documents and information furnished to such Governmental Authority in connection
with any investigation of any Loan Party other than routine inquiries by such Governmental Authority;

 

(viii) as
soon as possible, and in any event within three (3) Business Days after becoming aware of the occurrence of a Default or an Event
of Default, the written statement of an Authorized Officer of the Borrower setting forth the details of such Default or Event of
Default and the action which the affected Loan Party proposes to take with respect thereto;

 

(ix) as
soon as possible and in any event at least ten (10) days prior to any event or development that could reasonably be expected to
result in or constitute an ERISA Event that could reasonably be expected to have a Material Adverse Effect, and, to the extent
not reasonably expected, within five (5) days after the occurrence of any ERISA Event that could reasonably be expected to have
a Material Adverse Effect, notice of such ERISA Event (in reasonable detail);

 

(x) as
soon as possible and in any event within five (5) days after execution, receipt or delivery thereof, copies of any material notices
that any Loan Party executes or receives in connection with any Major Lease;

 

(xi) as
soon as possible and in any event within five (5) days after execution, receipt or delivery thereof, copies of any material agreements
or notices that any Loan Party or any Subsidiary thereof executes or receives in connection with the sale or other Disposition
of the Equity Interests of, or all or substantially all of the assets of, any Loan Party or any Subsidiary thereof;

 

(xii) copies
of all reports or other information delivered to the Borrower’s Board of Directors in accordance with Section 7.01(r);

 

(xiii) promptly
after (A) the sending or filing thereof, copies of all statements, reports and other information any Loan Party sends to any holders
of its Indebtedness or its securities or files with the SEC or any national (domestic or foreign) securities exchange and (B) the
receipt thereof, a copy of any material notice received from any holder of its Indebtedness;

 

(xiv) promptly
upon receipt thereof, copies of all financial reports (including, without limitation, management letters), if any, submitted to
any Loan Party by its auditors in connection with any annual or interim audit of the books thereof;

 

    72

     

    

 

(xv) promptly
upon request, any certification or other evidence requested from time to time by any Lender in its sole discretion, confirming
the Borrower’s compliance with Section 7.02(q);

 

(xvi) as
soon as possible and in any event within five (5) days after becoming aware of any claim, litigation, action, suit or proceedings
affecting any Loan Party or any Subsidiary or any of their assets or properties that could either cause an Event of Default or
could reasonably be expected to have a Material Adverse Effect and stating the nature and status of such claim, litigation, action,
suit or proceedings;

 

(xvii) evidence
reasonably satisfactory to Agent of the timely payment of all real estate taxes for the Collateral Properties;

 

(xviii) as
soon as possible and in any event within five (5) days after becoming aware of any material setoff, claims (including, with respect
to the Collateral Property, Environmental Claims), withholdings or other defenses to which any of the Collateral, or the rights
of the Agents or the Lenders with respect to the Collateral, are subject, which would have a Material Adverse Effect; and

 

(xix) from
time to time such other information concerning the condition or operations, financial or otherwise, of any Loan Party or its Subsidiaries
(including, without limitation, auditors’ management letters, status of litigation or investigations against the Loan Parties
and any settlement discussions relating thereto (unless the Borrower in good faith believe that such disclosure could result in
a waiver or loss of attorney work product, attorney-client or any other applicable privilege), third-party property inspection
and environmental reports with respect to the Collateral Properties and information as to zoning and other legal and regulatory
changes affecting the Collateral Properties) as the Agents may reasonably request.

 

Documents required to
be delivered pursuant to Section 7.01(a)(i), (ii) or (xiii) (to the extent any such documents are included in materials otherwise
filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i)
on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the following
website address: https://ir.whlr.us/; or (ii) on which such documents are posted on the Borrower’s behalf on an Internet
or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website
or whether sponsored by the Administrative Agent); provided that: (a) the Borrower shall deliver paper copies of such documents
to the Administrative Agent or any Lender upon its request to the Borrower to deliver such paper copies until a written request
to cease delivering paper copies is given by the Administrative Agent or such Lender and (b) the Borrower shall notify the Administrative
Agent and each Lender (by telecopier or electronic mail) of the posting of any such documents and provide to the Administrative
Agent by electronic mail electronic versions (i.e., soft copies) of such documents. The Administrative Agent shall have no obligation
to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility
to monitor compliance by the Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible
for requesting delivery to it or maintaining its copies of such documents. Notwithstanding the foregoing, the Borrower shall use
commercially reasonable efforts to separate and notate any items containing material non-public information that is posted by the
Borrower on an Internet or intranet website pursuant to the preceding clause (ii) or otherwise delivered to the Administrative
Agent under this Section 7.01.

 

    73

     

    

 

(b) Compliance
with Laws; Payment of Taxes.

 

(i) Comply,
and cause each of its Subsidiaries to comply, in all material respects, with all Requirements of Law, judgments and awards (including
any settlement of any claim that, if breached, could give rise to any of the foregoing).

 

(ii) Pay,
and cause each of its Subsidiaries to pay, in full before delinquency or before the expiration of any extension period, all Taxes
imposed upon any Loan Party or any of its Subsidiaries, or any property of any Loan Party or any of its Subsidiaries (including,
without limitation, state, county and municipal recording, mortgage, intangible, and all other taxes imposed upon the execution
and recordation of the Mortgage and/or upon the execution and delivery of the Note), or for which any Loan Party or any of its
Subsidiaries is otherwise responsible for collecting, remitting or paying, except (i) unpaid Taxes in an aggregate amount at any
one time not in excess of $250,000, and (ii) Taxes contested in good faith by proper proceedings which stay the imposition of any
Lien resulting from the non-payment thereof and with respect to which adequate reserves have been set aside for the payment thereof
in accordance with GAAP.

 

(c) Preservation
of Existence, Etc. (i) Maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, its existence, rights
and privileges, and (ii) become or remain, and cause each of its Subsidiaries to become or remain, duly qualified and in good standing
in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction of its business
makes such qualification necessary, except to the extent that the failure to be so qualified could not reasonably be expected to
have a Material Adverse Effect.

 

(d) Keeping
of Records and Books of Account. Keep, and cause each of its Subsidiaries to keep, adequate records and books of account, with
complete entries made to permit the preparation of financial statements in accordance with GAAP.

 

(e) Inspection
Rights; Lender Meetings.

 

(i) Permit,
and cause each of its Subsidiaries to permit, the agents and representatives of any Agent, prior to the occurrence of an Event
of Default, once per calendar year per each applicable property, and upon the occurrence and continuation of an Event of Default,
at any time and from time to time, during normal business hours, all at the expense of the Borrower, to examine and make copies
of and abstracts from its records and books of account, to visit and inspect its properties, to verify materials, leases, notes,
accounts receivable, deposit accounts and its other assets, to conduct audits, physical counts, valuations, appraisals or examinations
and to discuss its affairs, finances and accounts with any of its directors, officers, managerial employees, independent accountants
or any of its other representatives. In furtherance of the foregoing, each Loan Party hereby authorizes its independent accountants,
and the independent accounts of its Subsidiaries, to discuss the affairs, finances and accounts of such Person (independently or
together with representatives of such Person) with the agents and representatives of any Agent in accordance with this Section
7.01(e).

 

(ii) No
less than once during each fiscal quarter, upon the request of the Administrative Agent or the Required Lenders, upon reasonable
prior notice, participate in a meeting with Administrative Agent and the Lenders at a mutually agreeable location and time or,
at the option of Administrative Agent, by conference calls with all Lenders who choose to attend such meeting to discuss the financial
performance of the Loan Parties.

 

    74

     

    

 

(iii) Upon
the request of the Administrative Agent, procure reasonably promptly property valuations, at the cost and expense of the Borrower,
in the form of broker opinion of value (BOV) for any property owned by any Loan Party where the maturity for any existing loan
on such property is maturing within a year of such request.

 

(f) Maintenance
of Properties, Etc. Maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, all of its properties
which are necessary or useful in the proper conduct of its business in good working order and condition, ordinary wear and tear
and casualty excepted, and comply, and cause each of its Subsidiaries to comply, in all material respects, at all times with the
provisions of all leases to which it is a party as lessee or under which it occupies property, so as to prevent any loss or forfeiture
thereof or thereunder, except, in the case of any Subsidiaries which are not Loan Parties, to the extent the failure to so maintain
and preserve or so comply could not reasonably be expected to have a Material Adverse Effect (but without giving effect to the
term “material” heretofore referenced in the phrase “in all material respects”).

 

(g) Maintenance
of Insurance.

 

(i) Maintain,
and cause each of its Subsidiaries to be covered by, insurance with responsible and reputable insurance companies or associations
(including, without limitation, comprehensive general liability, hazard, flood, rent, worker’s compensation and business interruption
insurance) with respect to the Collateral and its other properties (including all real property leased or owned by it) and business,
in such amounts and covering such risks as is (w) carried generally in accordance with sound business practice by companies in
similar businesses similarly situated, (x) required by any Requirement of Law, (y) required by any Material Contract, and (z) in
any event in amount, adequacy and scope reasonably satisfactory to the Collateral Agent. Without limiting the foregoing, the following
types of insurance shall cover each Collateral Property:

 

(A) “All
Risks” or “Special Form” property insurance, coverage from loss or damage arising from flood, earthquake, and
acts of terrorism (with such coverage satisfactory to Collateral Agent), and comprehensive boiler and machinery (if applicable)
or “breakdown” coverages on each Building that forms part of the Collateral Property in an amount not less than the
full insurable replacement cost of each Building. As approved by the Collateral Agent, flood, earthquake and boiler and machinery/breakdown
coverages may be subject to sublimits less than the Building’s insurable replacement cost. Losses shall be valued on a replacement
cost basis, and coinsurance (if any) shall be waived. The deductibles shall not to exceed $1,000,000 for physical damage, a 24-hour
waiting period for business interruption and five percent (5%) of the insured value per location for earthquake or named windstorm.
Full insurable replacement cost as used herein means the cost of replacing the Building (exclusive of the cost of excavations,
foundations and footings below the lowest basement floor) without deduction for physical depreciation thereof;

 

(B) if
not covered by or under the terms or provisions of the policies required in clause (A) above, during the course of construction
or repair of any Building or of any renovations or repairs that are not covered by the Loan Parties’ property insurance,
the insurance required in this Section 7.01(g) shall be written on a builder’s risk, completed value, non-reporting form,
with recovery not affected by interim reports of value submitted for premium accounting purposes, meeting all of the terms required
above in this Section 7.01(g), covering the total value of work performed, materials, equipment, machinery and supplies furnished,
existing structures, and temporary structures being erected on or near the Collateral Property, including coverage against collapse
and damage during transit or while being stored off-site, and containing a soft costs (including loss of rents) coverage endorsement
and a permission to occupy endorsement;

 

    75

     

    

 

(C) if
not insured by the flood insurance required in clause (A), flood insurance if at any time any Building is located in any federally
designated “special hazard area” (including any area having special flood, mudslide and/or flood-related erosion hazards,
and shown on a Flood Hazard Boundary Map or a Flood Insurance Rate Map published by the Federal Emergency Management Agency as
Zone A, AO, Al-30, AE, A99, AH, VO, V1-30, VE, V, M or E), in an amount equal to the full replacement cost or the maximum amount
then available under the National Flood Insurance Program;

 

(D) rent
loss insurance in an amount sufficient to recover at least the total estimated gross receipts from all sources of income of the
Loan Parties, including without limitation, rental income for the Collateral Property for a twelve (12)-month period, including
a provision for an extended period of indemnity of not less than one year;

 

(E) commercial
general liability insurance against claims for bodily injury and property damage liability, on an occurrence basis, including personal
injury and advertising injury liability, contractual liability coverage, and completed operations coverage with a general aggregate
limit of not less than $2,000,000, a completed operations aggregate limit of not less than $2,000,000, a combined single limit
of not less than $1,000,000 per occurrence for bodily injury, and property damage liability, and a limit of not less than $1,000,000
for personal injury and advertising injury;

 

(F) umbrella
liability insurance with limits of not less than $10,000,000 to be in excess of the limits of the insurance required by clause
(E) above, with coverage at least as broad as the primary coverages, with any excess liability insurance to be at least as broad
as the coverages of the lead umbrella policy. All such policies shall include language to provide defense coverage obligations;
and

 

(G) such
other insurance in such form and in such amounts as may from time to time be reasonably required by the Agent against other insurable
hazards and casualties which at the time are commonly insured against in the case of properties of similar character and location
to the Collateral Properties.

 

(ii) The
insurance policies with respect to all Collateral Property provided for in clauses (E), (F) and (G) above, shall contain standard
mortgagee clauses or endorsements to the effect that (A) no act or omission of the Loan Parties or anyone acting for the Loan Parties
(including, without limitation, any representations made in the procurement of such insurance), which might otherwise result in
a forfeiture of such insurance or any part thereof, no occupancy or use of the property for purposes more hazardous than permitted
by the terms of the policy, and no foreclosure or any other change in title to the property or any part thereof, shall affect the
validity or enforceability of such insurance insofar as the Collateral Agent is concerned, (B) such policies shall not be canceled
or terminated prior to the scheduled expiration date thereof without the insurer thereunder giving at least thirty (30) days prior
written notice except in cases of non-payment of premium, ten (10) days prior written notice, to the Collateral Agent, (C) that
the Collateral Agent or the Lenders shall have the right but not any obligation to pay any premiums thereon or any assessments
thereunder, and to file claims under all policies, (D) the insurer waives any right of subrogation, and (E) such insurance is primary
and without right of contribution from any other insurance which may be available.

 

    76

     

    

 

(iii) In
the event of any loss or damage to the Collateral Property, the Borrower shall give immediate written notice to the insurance carrier
and the Collateral Agent.

 

(iv) All
policies covering the Collateral are to be made payable to the Collateral Agent for the benefit of the Agents and the Lenders,
as their interests may appear, in case of loss, under a standard non-contributory “lender” or “secured party”
clause and are to contain such other provisions as the Collateral Agent may require to fully protect the Lenders’ interest in the
Collateral and to any payments to be made under such policies. All certificates of insurance are to be delivered to the Collateral
Agent and the policies are to be premium prepaid, with the loss payable and additional insured endorsement in favor of the Collateral
Agent for the benefit of the Agents and the Lenders, as their respective interests may appear, and such other Persons as the Collateral
Agent may designate from time to time, and shall provide for not less than thirty (30) days’ (ten (10) days’ in the case of non-payment)
prior written notice to the Collateral Agent of the exercise of any right of cancellation. If any Loan Party fails to maintain
such insurance, the Collateral Agent may arrange for such insurance, but at the Borrower’s expense and without any responsibility
on the Collateral Agent’s part for obtaining the insurance, the solvency of the insurance companies, the adequacy of the coverage,
or the collection of claims. Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent shall
have the sole right, in the name of the Lenders and any Loan Party, to file claims under any such insurance policies, to receive,
receipt and give acquittance for any payments that may be payable thereunder, and to execute any and all endorsements, receipts,
releases, assignments, reassignments or other documents that may be necessary to effect the collection, compromise or settlement
of any claims under any such insurance policies. For the avoidance of doubt, nothing in this clause (iv) shall prohibit any Subsidiaries
(other than the Guarantors) to comply with their insurance requirements as it relates to property that is not Collateral pursuant
to any loan documents evidencing Permitted Indebtedness.

 

(h) Obtaining
of Permits, Etc. Obtain, maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, and take all necessary
action to timely renew, all permits, licenses, authorizations, approvals, entitlements and accreditations that are necessary or
useful in the proper conduct of its business, in each case, except to the extent the failure to obtain, maintain, preserve or take
such action (i) in the case of any Loan Party, is not materially adverse to the Secured Parties, and (ii) in the case of any Subsidiaries
that are not Loan Parties, could not reasonably be expected to have a Material Adverse Effect.

 

(i) Environmental.

 

(i) Keep
the Real Estate free of any Environmental Lien;

 

(ii) Obtain,
maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, and take all necessary action to timely renew,
all Environmental Permits that are necessary or useful in the proper conduct of its business, and comply, and cause each of its
Subsidiaries to comply, with all Environmental Laws and Environmental Permits, except to the extent the failure to so obtain, maintain,
preserve or comply could not reasonably be expected to result in a material Environmental Claim or Environmental Liability;

 

    77

     

    

 

(iii) Take
all commercially reasonable steps to prevent any Release of Hazardous Materials in violation of any Environmental Law or Environmental
Permit at, on, under or from any property owned, leased or operated by any Loan Party or its Subsidiaries that could reasonably
be expected to result in material Environmental Liabilities;

 

(iv) Provide
the Collateral Agent with written notice within ten (10) days of any of the following: (A) discovery of any Release of a Hazardous
Material or environmental condition at, on, under or from any property currently or formerly owned, leased or operated by any Loan
Party, Subsidiary or predecessor in interest or any violation of Environmental Law or Environmental Permit that in any case could
reasonably be expected to result in any material Environmental Claim or Environmental Liability; (B) notice that an Environmental
Lien has been filed against any Collateral; or (C) a material Environmental Claim or Environmental Liabilities; and provide such
reports, documents and information as the Collateral Agent may reasonably request from time to time with respect to any of the
foregoing.

 

In addition to the foregoing, at any time
after an Event of Default shall have occurred hereunder, the Collateral Agent may at its election (and will at the request of the
Required Lenders) obtain, and the Loan Parties shall assist in the Collateral Agent obtaining, such environmental assessments of
any or all of the Collateral Properties prepared by an Environmental Engineer as may be reasonably necessary or advisable for the
purpose of evaluating or confirming (i) whether any Hazardous Substances are present in the soil or water at any such Collateral
Property in a quantity or condition that is required to be contained, corrected or otherwise remediated by the owner or operator
of the Collateral Property pursuant to applicable Environmental Laws and (ii) whether the use and operation of any such Collateral
Property complies with all Environmental Laws to the extent required by the Loan Documents. Additionally, at any time that the
Collateral Agent or the Required Lenders shall have reasonable and objective grounds to believe that a Release or threatened Release
of Hazardous Substances may have occurred at or from any Collateral Property which the owner or operator of such property would
be obligated to contain, correct or otherwise remediate pursuant to applicable Environmental Laws, or that any of the Collateral
Property is not in compliance with Environmental Laws to the extent required by the Loan Documents, the Borrower shall promptly
upon the request of the Collateral Agent obtain and deliver to the Collateral Agent such environmental assessments of such Collateral
Property prepared by an Environmental Engineer as may be reasonably necessary or advisable for the purpose of evaluating or confirming
(i) whether any Hazardous Substances are present in the soil or water at such Collateral Property and (ii) whether the use and
operation of such Collateral Property complies with all Environmental Laws. Environmental assessments may include detailed visual
inspections of such Collateral Property including, without limitation, any and all storage areas, storage tanks, drains, dry wells
and leaching areas, and the taking of soil samples, as well as such other investigations or analyses as are reasonably necessary
or appropriate for a complete determination of the compliance of such Collateral Property and the use and operation thereof with
all applicable Environmental Laws. All reasonable expenses of environmental assessments contemplated hereby shall be at the sole
cost and expense of the Borrower.

 

(j) [Reserved].

 

(k) Anti-Corruption
Laws; Anti-Money Laundering Laws; Sanctions.

 

(i) Maintain,
and cause each of its Subsidiaries to maintain, policies and procedures reasonably designed to promote compliance by each Loan
Party, its Subsidiaries and their respective directors, officers, employees and agents with all applicable Anti-Corruption Laws
and Anti-Money Laundering Laws.

 

(ii) Comply,
and cause each of its Subsidiaries to comply, with all applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions.

 

    78

     

    

 

(iii) Ensure
that neither any Loan Party, any Subsidiary nor, to the knowledge of any Loan Party, any director, officer, employee or any Person
acting on behalf of any Loan Party or any Subsidiary will engage in any activity that would breach any Anti-Corruption Law.

 

(iv) Promptly
notify the Administrative Agent of any action, suit or investigations by any court or Governmental Authority in relation to an
alleged breach of the Anti-Corruption Law.

 

(v) Not
directly or to its knowledge indirectly use, lend or contribute the proceeds of any Loan for any purpose that would breach any
Anti-Corruption Law.

 

(vi) Cause
each Loan Party and Affiliate, officer, employee or director, acting on behalf of such Loan Party to be (and will take no action
which would result in any such Person not being) in compliance with all applicable Sanctions and all applicable provisions
of the USA PATRIOT Act.

 

(vii) Ensure
that none of the activities or business of any Loan Party includes any kind of activities or business of or with any Person or
in any country or territory that is subject to any Sanctions.

 

(viii) In
order to comply with the “know your customer/borrower” requirements of the Anti-Money Laundering Laws, promptly provide
to the Administrative Agent upon its reasonable request from time to time (A) information relating to individuals and entities
affiliated with any Loan Party that maintain a business relationship with the Administrative Agent, and (B) such identifying information
and documentation as may be available for such Loan Party in order to enable the Administrative Agent or any Lender to comply with
applicable Anti-Money Laundering Laws.

 

(l) [Reserved].

 

(m) Further
Assurances. Take such action and execute, acknowledge and deliver, at its sole cost and expense, such agreements, instruments
or other documents as any Agent may reasonably require from time to time in order (i) to carry out more effectively the purposes
of this Agreement and the other Loan Documents, (ii) to subject to valid and perfected first priority Liens (subject to Permitted
Liens) any of the Collateral of any Loan Party (subject to Section 6(k)(vi) of the Security Agreement), (iii) to establish and
maintain the validity and effectiveness of any of the Loan Documents and the validity, perfection and priority of the Liens intended
to be created thereby, and (iv) to better assure, convey, grant, assign, transfer and confirm unto each Secured Party the rights
now or hereafter intended to be granted to it under this Agreement or any other Loan Document. In furtherance of the foregoing,
to the maximum extent permitted by applicable law, each Loan Party (i) authorizes each Agent to execute any such agreements, instruments
or other documents in such Loan Party’s name and to file such agreements, instruments or other documents, in the case of each of
the foregoing in this clause (i) in any appropriate filing office, (ii) authorizes each Agent to file any financing statement required
hereunder or under any other Loan Document, and any continuation statement or amendment with respect thereto, in any appropriate
filing office without the signature of such Loan Party, and (iii) ratifies the filing of any financing statement, and any continuation
statement or amendment with respect thereto, filed without the signature of such Loan Party prior to the date hereof.

 

(n) Management.
Not enter into any Management Agreement for any Real Estate, other than with the Property Manager, without the prior written consent
of the Required Lenders. Not enter into any new Management Agreement with the Property Manager, without the prior written consent
of the Required Lenders, unless on terms substantially similar to the then-existing Management Agreements involving such Property
Manager for any Real Estate. No Management Agreement shall be modified in any material respect or terminated without the Required
Lenders’ prior written approval. The Agents may condition any approval of a new Property Manager and new Management Agreement
on the execution and delivery to the Agents of a collateral assignment of such Management Agreement to the Collateral Agent and
a subordination of the manager’s rights thereunder to the rights of the Collateral Agent and the Lenders under the Loan Documents
pursuant to a Management Subordination Agreement. All existing Management Agreements are described on Schedule 7.01(n) hereto,
which Schedule shall be updated from time to time with any new Management Agreements. Notwithstanding the foregoing, (i) during
the occurrence and continuance of any Event of Default, if requested by the Required Lenders, the Borrower shall cause a subordination
of the manager’s payment rights thereunder to the payment rights of the Collateral Agent and the Lenders under the Loan Documents
pursuant to a Management Subordination Agreement before any payments thereunder are made and (ii) payments under any Management
Agreement shall not exceed 5% of monthly gross revenue of the applicable Real Estate subject to such Management Agreement.

 

    79

     

    

 

(o) Leases
of the Property.

 

(i) Give
notice to the Collateral Agent of any proposed new Major Lease at any Real Estate (including any Collateral Property) and shall
provide to the Agents a copy of such proposed Lease and any and all material agreements or documents related thereto, current financial
information for the proposed tenant and any guarantor of the proposed Lease and such other information as the Agents may reasonably
request.

 

(ii) Not
lease all or any portion of Real Estate (including the Collateral Property) pursuant to a Major Lease or amend, supplement or otherwise
modify any material economic term of any Major Lease, terminate or cancel, or accept the surrender of, or consent to the assignment
or subletting of, or grant any material monetary concessions to or waive the performance of any material monetary obligations of
any tenant, lessee or licensee under, any now existing or future Major Lease without, (x) with respect to any Collateral Property,
the prior written consent of the Collateral Agent, and (y) with respect to any Real Estate that is not Collateral Property, providing
written notice to the Collateral Agent no less than five (5) Business Days prior to the consummation of any such transaction.

 

(iii) Use
commercially reasonable best efforts to cause each Major Tenant of a Collateral Property to enter into a subordination and non-disturbance
agreement in form and substance reasonably acceptable to the Collateral Agent and such Major Tenant with respect to each Major
Lease, and Agent agrees, upon request, to enter into such agreement.

 

(p) Real
Estate. Without limiting the further covenants contained in the Security Documents, at all times, cause the Loan Parties to,
or cause the applicable tenant to:

 

(i) pay
all real estate and personal property taxes, assessments, water rates or sewer rents, ground rents, maintenance charges, impositions,
and any other charges, including vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Real
Estate (including any Collateral Property), now or hereafter levied or assessed or imposed against any Real Estate (including any
Collateral Property) or any part thereof (except those which are being contested in good faith by appropriate proceedings diligently
conducted where the failure to pay any of the foregoing (x) in the case of the Collateral Properties, would not be materially adverse
to the Secured Parties, and (y) in the case of any other Real Estate, would not reasonably be expected to have a Material Adverse
Effect);

 

(ii) promptly
pay (or cause to be paid) when due all bills and costs for labor, materials, and specifically fabricated materials incurred in
connection with any Real Estate (including any Collateral Property) (except those which are being contested in good faith by appropriate
proceedings diligently conducted where the failure to pay any of the foregoing (x) in the case of the Collateral Properties, would
not be materially adverse to the Secured Parties, and (y) in the case of any other Real Estate, would not reasonably be expected
to have a Material Adverse Effect), and in any event never permit to be created or exist in respect of any Real Estate (including
any Collateral Property) or any part thereof any other or additional Lien or security interest other than Liens permitted hereunder;

 

(iii) operate
the Real Estate (including the Collateral Properties) in a good and workmanlike manner and in all material respects in accordance
with all legal requirements in accordance with the Borrower’s prudent business judgment, except where the failure to do so
(x) in the case of the Collateral Properties, would not be materially adverse to the Secured Parties, and (y) in the case of any
other Real Estate, would not reasonably be expected to have a Material Adverse Effect; and

 

    80

     

    

 

(iv) maintain,
preserve and protect all Real Estate in a good and safe condition and promptly repair, replace or rebuild any part of the Real
Estate that becomes damaged, worn or dilapidated, or as otherwise required to comply with this Agreement, subject to any casualty
beyond the control of the Borrower and its Subsidiaries.

 

(q) REIT
and Public Company Covenants.

 

(i) Cause
the Borrower at all times to comply with all applicable provisions of the Internal Revenue Code, and Treasury Regulations promulgated
thereunder, necessary to allow the Borrower to qualify currently for status as a REIT and avoid income and excise tax and to continue
to qualify for status as a REIT and avoid income and excise tax; provided, that if the Borrower reasonably determines that
it no longer desires to qualify for status as a REIT, the Borrower shall notify the Lenders, and if (x) the Lenders have determined
that the Borrower ceasing to qualify for such status will not result in any adverse effect on the Lenders’ interests (including,
if necessary, after consulting with tax counsel), (y) no Default or Event of Default exists or would result therefrom, and (z)
this Agreement is amended to reflect any necessary or desirable changes in connection with the change in the Borrower’s REIT
status, the Lenders shall permit the Borrower to cease to qualify for status as a REIT.

 

(ii) Cause
the common stock of the Borrower at all times to be listed for trading and be traded on the NASDAQ or another national exchange
approved by the Administrative Agent, unless otherwise consented to in writing by the Required Lenders.

 

(r) Board
Materials. Following the occurrence and continuance of an Event of Default and if requested by any Lender that was a Lender
as of the Effective Date (or any Lender which is an Affiliate thereof), deliver to such Lender (A) copies of any agenda and other
written materials provided to the Board of Directors (or any committee thereof) of the Borrower prior to any meeting of the Board
of Directors (or such committee thereof), at the time or promptly (but no later than two (2) Business Days) after such materials
are furnished to the members of the Board of Directors (or such committee thereof), (B) copies of all minutes of meetings of the
Board of Directors (or any committee thereof) of the Borrower at the time or promptly (but no later than two (2) Business Days)
after such minutes are furnished to the members of the Board of Directors (or such committee thereof), (C) copies of all material
written consents duly passed by the Board of Directors (or any committee thereof) of the Borrower, and (D) promptly (but no later
than two (2) Business Days) upon presentation of any regular periodic materials to the Board of Directors (or any committee thereof)
of the Borrower reporting on the current, past or future financial performance and business and operations of the Borrower or any
of its Subsidiaries (which shall include, among other things, development updates with respect to material Investments, Real Estate
(including the Collateral Properties), and updates with respect to material events relating to other Material Contracts), copies
of all such materials; provided, that any such materials may be redacted by the Borrower to preserve attorney-client privilege;
provided, further that such redactions are restricted so as to be only as extensive as is reasonably necessary in
order to exclude such information.

 

(s) Use
of Proceeds. The proceeds of the Loan shall be used to (a) refinance the Existing Credit Facility, (b) subject to requirements
set forth in this clause (s), purchase or redeem certain shares of its 8.75% Series D Cumulative Convertible Preferred Stock (the
“Series D Preferred”), and (c) pay certain fees and expenses outstanding as of the Effective Date as reflected
in the flow of funds delivered pursuant to Section 5.01(d). Any purchases or redemptions of the Series D Preferred by the Borrower
(“Series D Purchases”) shall be (i) at a price no higher than 120% of the average daily closing price of such
shares during the fifteen (15) day period prior to the date of such Series D Purchases, and (ii) on other terms that are reasonably
consistent with market terms for similar transactions for similar companies. In addition, (x) if any Series D Purchase is structured
as a tender offer or a Rule 10b5-1 stock repurchase program, then it shall be subject to the Borrower’s purchase of such
shares held by at least one holder that is not an insider or other Affiliate of the Borrower, and (y) if not structured as a tender
offer or a Rule 10b5-1 stock repurchase program, then it shall not include shares held by an insider or other Affiliate. To the
extent any proceeds of the Loan remain unapplied after any Series D Purchases, the Borrower shall diligently pursue in good faith
subsequent tender offers (or other repurchases or redemptions) to apply such remaining proceeds to repurchase or redeem the Series
D Preferred on terms consistent with the two immediately preceding sentences, which proceeds shall, until application thereof to
any subsequent tender offer, other repurchase or redemption, at all times be held (unless otherwise agreed by the Required Lenders
in writing) in the Backup Account or, once available pursuant to the terms of the Closing Date Disbursement Account Agreement,
in a deposit account subject to a blocked Control Agreement.

 

    81

     

    

 

(t) Ground
Lease. Without limitation of the other provisions herein, Ground Lessee makes the following covenants with respect to the Ground
Leases:

 

(i) Ground
Lessee shall (1) pay (or cause to be paid) all rents, additional rents and other sums required to be paid by Ground Lessee, as
tenant under and pursuant to the provisions of the Ground Leases, (2) diligently perform and observe (or cause to be performed
and observed) all of the terms, covenants and conditions of the Ground Leases on the part of Ground Lessee, as tenant thereunder,
(3) promptly notify Administrative Agent of the giving of any notice by the Ground Lessor under the Ground Lease to Ground Lessee
of any event of default (whether or not any applicable notice and cure periods have expired) by Ground Lessee and deliver to Agent
a true copy of each such notice within two (2) Business Days of receipt, and (4) promptly notify Administrative Agent of any bankruptcy,
reorganization or insolvency of the Ground Lessor under the Ground Leases or of any notice thereof, and deliver to Administrative
Agent a true copy of such notice within two (2) Business Days of Ground Lessee’s receipt, together with copies of all notices,
pleadings, schedules and similar matters received by Ground Lessee in connection with such bankruptcy, reorganization or insolvency
within five (5) days after receipt.

 

(ii) Ground
Lessee shall not, without the prior written consent of the Required Lenders, surrender the leasehold estate created by the Ground
Leases or sublet (unless on terms acceptable to the Administrative Agent), terminate or cancel the Ground Leases or modify, change,
supplement, alter or amend the Ground Leases, and if Ground Lessee shall default in the performance or observance of any term,
covenant or condition of the Ground Leases on the part of Ground Lessee and shall fail to cure the same prior to the expiration
of any applicable cure period provided thereunder, Administrative Agent shall have the right, but shall be under no obligation,
to pay any sums and to perform any act or take any action as may be appropriate to cause all of the terms, covenants and conditions
of the Ground Leases on the part of Ground Lessee to be performed or observed on behalf of Ground Lessee, to the end that the rights
of Ground Lessee in, to and under the Ground Lease shall be kept unimpaired and free from default. If the Ground Lessor under the
Ground Leases shall deliver to Administrative Agent a copy of any notice of default under the Ground Leases, such notice shall
constitute full protection to Administrative Agent for any action taken or omitted to be taken by Administrative Agent, in good
faith, in reliance thereon. Ground Lessee shall exercise each individual option, if any, to extend or renew the term of the Ground
Leases upon demand by Administrative Agent made at any time within sixty (60) days prior to the last day upon which any such
option may be exercised, and Ground Lessee hereby expressly authorizes and appoints Administrative Agent its attorney-in-fact to
exercise any such option in the name of and on behalf of Ground Lessee, which power of attorney shall be irrevocable and shall
be deemed to be coupled with an interest.

 

(u) Cash
Management. The Loan Parties shall, if requested by any Agent or the Required Lenders upon the occurrence and continuance of
an Event of Default, maintain at all times thereafter (whether or not such Event of Default is subsequently cured) all cash and
Cash Equivalents (other than Cash and Cash Equivalents held in Excluded Accounts) in accounts with a financial institution that
has entered into a Control Agreement in favor of the Collateral Agent; provided that to the extent the Collateral Agent
has exercised any rights under the Control Agreements to limit the Loan Parties access to the accounts subject thereto, then such
notice shall be rescinded and the relevant Loan Parties shall be granted access to such accounts to the extent all outstanding
Events of Defaults have been cured.

 

    82

     

    

 

(v) Applicable
Disclosure Obligations. The Borrower shall timely file all documents that must be publicly filed pursuant to Applicable Securities
Legislation within the time prescribed by such Applicable Securities Legislation and make such documents available on EDGAR within
such prescribed time period.

 

Section 7.02 Negative
Covenants. Until the Obligations are indefeasibly Paid in Full in cash, each Loan Party shall not:

 

(a) Liens,
Etc. Create, incur, assume or suffer to exist, or permit any of its Subsidiaries to create, incur, assume or suffer to exist,
any Lien upon or with respect to any of its properties, whether now owned or hereafter acquired; file or suffer to exist under
the Uniform Commercial Code or any Requirement of Law of any jurisdiction, a financing statement (or the equivalent thereof) that
names it or any of its Subsidiaries as debtor; sign or suffer to exist any security agreement authorizing any secured party thereunder
to file such financing statement (or the equivalent thereof) other than, as to all of the above, Permitted Liens.

 

(b) Indebtedness.
Create, incur, assume, guarantee or suffer to exist, or otherwise become or remain liable with respect to, or permit any of its
Subsidiaries to create, incur, assume, guarantee or suffer to exist or otherwise become or remain liable with respect to, any Indebtedness
(including, without limitation, preferred Equity Interests) other than Permitted Indebtedness.

 

(c) Fundamental
Changes; Dispositions.

 

(i) Wind-up,
liquidate or dissolve, or merge, consolidate or amalgamate with any Person, including by means of a “plan of division”
under the Delaware Limited Liability Company Act or any comparable transaction under any similar law, or permit any of its Subsidiaries
to do (or agree to do) any of the foregoing; provided, however, that any Wholly Owned Subsidiary of any Loan Party
(other than the Borrower) may be merged into such Loan Party or another Wholly Owned Subsidiary of such Loan Party, or may consolidate
or amalgamate with another Wholly Owned Subsidiary of such Loan Party, so long as (A) no other provision of this Agreement would
be violated thereby, (B) such Loan Party gives the Agents at least thirty (30) days’ prior written notice of such merger,
consolidation or amalgamation accompanied by true, correct and complete copies of all material agreements, documents and instruments
relating to such merger, consolidation or amalgamation, including, without limitation, the certificate or certificates of merger
or amalgamation to be filed with each appropriate Secretary of State (with a copy as filed promptly after such filing), (C) no
Default or Event of Default shall have occurred and be continuing either before or after giving effect to such transaction, (D)
the Lenders’ rights in (i) any Collateral, including, without limitation, the existence, perfection and priority of any Lien thereon
and (ii) the Warrants are not adversely affected by such merger, consolidation or amalgamation, and (E) in the case of a transaction
involving a Loan Party, the surviving Subsidiary, if any, if not already a Loan Party, is joined as a Loan Party hereunder pursuant
to a Joinder Agreement and is a party to a Security Agreement and the respective assets and Equity Interests of and in such Subsidiary
are the subject of a Security Agreement, in each case, which is in full force and effect on the date of and immediately after giving
effect to such merger, consolidation or amalgamation; and

 

    83

     

    

 

(ii) Make
any Disposition, whether in one transaction or a series of related transactions, of all or any part of its business, property or
assets, whether now owned or hereafter acquired (or agree to do any of the foregoing), or permit any of its Subsidiaries to do
any of the foregoing, directly or indirectly; provided, however, that any Loan Party and its Subsidiaries may make
Permitted Dispositions.

 

(iii) In
the case of the Loan Parties only, make (i) any purchase or other acquisition of Equity Interests, property, assets or the business
of any Person outside of the ordinary course of business in excess of $100,000 per annum or (ii) make any payment to any Person
outside the ordinary course of business in excess of $100,000 per annum, in each case except to the extent otherwise expressly
permitted by the terms of this Agreement.

 

(d) Change
in Nature of Business. Make, or permit any of its Subsidiaries to make, any change in the nature of its business as described
in Section 6.01(l).

 

(e) Loans,
Advances, Investments, Etc. Make or commit or agree to make, or permit any of its Subsidiaries to make or commit or agree to
make, directly or indirectly, any Investment except for Permitted Investments.

 

(f) Sale
and Leaseback Transactions. Enter into, or permit any of its Subsidiaries to enter into, any Sale and Leaseback Transaction.

 

(g) Restricted
Payments; Equity Issuances.

 

(i) Make
or permit any of its Subsidiaries to make, directly or indirectly, any Restricted Payment other than Permitted Restricted Payments.

 

(ii) Make
or permit any of its Subsidiaries to make, directly or indirectly, any Equity Issuance other than Permitted Equity Issuances.

 

(h) Federal
Reserve Regulations. Permit any Loan or the proceeds of any Loan under this Agreement to, directly or indirectly, be used for
any purpose that would cause such Loan to be a margin loan under the provisions of Regulation T, U or X of the Board.

 

(i) Transactions
with Affiliates. Enter into, renew, extend or be a party to, or permit any of its Subsidiaries to enter into, renew, extend
or be a party to, any transaction or series of related transactions (including, without limitation, the purchase, sale, lease,
transfer or exchange of property or assets of any kind or the rendering of services of any kind) with any Affiliate, except (i)
transactions consummated in the ordinary course of business in a manner and to an extent consistent with past practice, for fair
consideration and on terms no less favorable to it or its Subsidiaries than would be obtainable in a comparable arm’s length transaction
with a Person that is not an Affiliate thereof, and that are fully disclosed to the Agents prior to the consummation thereof, if
they involve one or more payments by the Borrower or any of its Subsidiaries in excess of $250,000 for any single transaction or
series of related transactions, (ii) transactions with another Loan Party, (iii) transactions permitted by Section 7.02(e) and
Section 7.02(g), (iv) reasonable and customary director and officer compensation (including bonuses and stock option programs),
benefits and indemnification arrangements, in each case approved by the Board of Directors (or a committee thereof) of such Loan
Party or such Subsidiary; provided, that any such director and officer compensation will be deemed to be reasonable and customary
for purposes of this clause (iii) if approved by the Board of Directors of the Borrower in writing or at a meeting of the board
recorded in the minutes therefor, and (v) reimbursement of any Affiliate’s out-of-pocket expenses incident to the solicitation
of proxies, to the extent approved by the Board of Directors (or a committee thereof) of the Borrower and consistent with its Governing
Documents.

 

    84

     

    

 

(j) Limitations
on Dividends and Other Payment Restrictions Affecting Subsidiaries. Create or otherwise cause, incur, assume, suffer or permit
to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Subsidiary of any Loan
Party (i) to pay dividends or to make any other distribution on any shares of Equity Interests of such Subsidiary owned by any
Loan Party or any of its Subsidiaries, (ii) to pay or prepay or to subordinate any Indebtedness owed to any Loan Party or any of
its Subsidiaries, (iii) to make loans or advances to any Loan Party or any of its Subsidiaries, or (iv) to transfer any of
its property or assets to any Loan Party or any of its Subsidiaries, or permit any of its Subsidiaries to do any of the foregoing;
provided, however, that nothing in any of clauses (i) through (iv) of this Section 7.02(j) shall prohibit or restrict
compliance with:

 

(A) this
Agreement and the other Loan Documents;

 

(B) any
agreement in effect on the date of this Agreement and described on Schedule 7.02(j), or any extension, replacement or continuation
of any such agreement; provided, that, any such encumbrance or restriction contained in such extended, replaced or continued
agreement is no less favorable to the Agents and the Lenders than the encumbrance or restriction under or pursuant to the agreement
so extended, replaced or continued;

 

(C) any
applicable law, rule or regulation (including, without limitation, applicable currency control laws and applicable state corporate
statutes restricting the payment of dividends in certain circumstances);

 

(D) in
the case of clause (iv), customary restrictions on the subletting, assignment or transfer of any specified property or asset set
forth in a lease, license, asset sale agreement or similar contract for the conveyance of such property or asset and;

 

(E) customary
restrictions on dispositions of real property interests in reciprocal easement agreements;

 

(F) customary
restrictions in agreements for the sale of assets on the transfer or encumbrance of such assets during an interim period prior
to the closing of the sale of such assets provided, that such restrictions apply only to the assets to be sold or disposed
of and such sale or disposition is permitted hereunder;

 

(G) restrictions
or conditions imposed by any agreement relating to Indebtedness permitted by Section 7.02(b) of this Agreement that is secured
by a Permitted Lien; or

 

(H) customary
restrictions in contracts that prohibit the assignment of such contract.

 

(k) Limitations
on Negative Pledges. Enter into, incur or permit to exist, or permit any Subsidiary to enter into, incur or permit to exist,
directly or indirectly, any agreement, instrument, deed, lease or other arrangement that prohibits, restricts or imposes any condition
upon the ability of any Loan Party or any Subsidiary of any Loan Party to create, incur or permit to exist any Lien upon any of
its property or revenues, whether now owned or hereafter acquired, or that requires the grant of any security for an obligation
if security is granted for another obligation, except the following: (i) this Agreement and the other Loan Documents, (ii) restrictions
or conditions imposed by any agreement relating to Indebtedness permitted by Section 7.02(b) of this Agreement that is secured
by a Permitted Lien, (iii) any customary restrictions and conditions contained in agreements relating to the sale or other disposition
of assets or of a Subsidiary pending such sale or other disposition; provided, that such restrictions and conditions apply
only to the assets or Subsidiary to be sold or disposed of and such sale or disposition is permitted hereunder, and (iv) customary
provisions in leases restricting the assignment or sublet thereof.

 

    85

     

    

 

(l) Modifications
of Indebtedness, Organizational Documents and Certain Other Agreements; Etc. 

 

(i) As
to any Indebtedness of the Borrower or any of its Subsidiaries amend, modify or otherwise change (or permit the amendment, modification
or other change in any manner of) any of the provisions of any such Indebtedness or of any instrument or agreement (including,
without limitation, any purchase agreement, indenture, loan agreement or security agreement) relating to any such Indebtedness
if, after giving effect to such amendment, modification or change, such Indebtedness would not qualify as Permitted Refinancing
Indebtedness;

 

(ii) except
for the Obligations, (A) make any voluntary or optional payment, prepayment, redemption, defeasance, sinking fund payment or other
acquisition for value of any of its Indebtedness (including, without limitation, by way of depositing money or securities with
the trustee therefor before the date required for the purpose of paying any portion of such Indebtedness when due) (other than
Permitted Restricted Payments contemplated by clause (c) of the definition thereof), (B) refund, refinance, replace or exchange
any other Indebtedness for any such Indebtedness, or permit any of its Subsidiaries to refund, refinance, replace or exchange any
other Indebtedness for any such Indebtedness (in each case, other than with respect to Permitted Refinancing Indebtedness), (C)
make any payment, prepayment, redemption, defeasance, sinking fund payment or repurchase of any Subordinated Indebtedness in violation
of the subordination provisions thereof or any subordination agreement with respect thereto, or (D) make any payment, prepayment,
redemption, defeasance, sinking fund payment or repurchase of any of its Indebtedness as a result of any asset sale, change of
control, issuance and sale of debt or equity securities or similar event, or give any notice with respect to any of the foregoing;

 

(iii) amend,
modify or otherwise change any of its or its Subsidiaries Governing Documents (including, without limitation, by the filing or
modification of any certificate of designation, or any agreement or arrangement entered into by it) with respect to any of its
or its Subsidiaries Equity Interests (including any shareholders’ agreement), or enter into any new agreement with respect to any
such Equity Interests, except any such amendments, modifications or changes or any such new agreements or arrangements pursuant
to this clause (iii) that either individually or in the aggregate would not reasonably be expected to be materially adverse to
the Secured Parties, provided, that no such amendment, modification or change or new agreement or arrangement shall provide
for any plan of division pursuant to Section 18-217 of the Delaware Limited Liability Company Act (or any similar statute or provision
under applicable law); or

 

(iv) agree
to any amendment, modification or other change to or waiver of any of its rights under any Material Contract if such amendment,
modification, change or waiver would be adverse in any material respect to any Loan Party or any Material Subsidiary or the Agents
and the Lenders.

 

(m) Investment
Company Act of 1940. Engage in any business, enter into any transaction, use any securities or take any other action, or permit
any of its Subsidiaries to do any of the foregoing, that would cause it or any of its Subsidiaries to become subject to the registration
requirements of the Investment Company Act of 1940, as amended.

 

(n) ERISA.
Except as would not reasonably be expected to have a Material Adverse Effect, (i) cause or fail to prevent, or permit any of its
ERISA Affiliates to cause or fail to prevent, an ERISA Event, or (ii) adopt, or permit any of its ERISA Affiliates to adopt, any
employee welfare benefit plan within the meaning of Section 3(1) of ERISA that provides benefits to employees after termination
of employment other than as required by Section 601 of ERISA or other Requirements of Law.

 

    86

     

    

 

(o) Environmental.

 

(i) Permit
(A) the use of any of the Real Estate or any portion thereof as a facility for the handling, processing, treatment, storage or
disposal of Hazardous Substances, except for quantities of Hazardous Substances used in the ordinary course of such Guarantor’s
or its tenants’ business and in material compliance with all applicable Environmental Laws, (B) to be located on any of the
Real Estate any underground tank or other underground storage receptacle for Hazardous Substances except in material compliance
with Environmental Laws, (C) any Hazardous Substances on any of the Real Estate except in material compliance with Environmental
Laws, (D) any activity at any of the Real Estate or use any Real Estate in any manner that could reasonably be expected to cause
a Release of Hazardous Substances on, upon or into the Real Estate or any surrounding properties which would reasonably be expected
to give rise to liability under CERCLA or any other Environmental Law, or (E) directly or indirectly the transport or arrange for
the transport of any Hazardous Substances (except in compliance with all Environmental Laws) in connection with any Real Estate,
except any such use, generation, conduct or other activity described in clauses (A) to (E) of this Section 7.02(o) that would,
(i) in the case of the Collateral Properties not reasonably be expected to result in a material liability, and (ii) in the case
of Real Estate (other than the Collateral Properties) would not reasonably be expected to have a Material Adverse Effect.

 

(ii)
Fail to cause the Loan Parties or their Subsidiaries to: (A) in the event of any change in applicable Environmental Laws governing
the assessment, release or removal of Hazardous Substances with respect to any Real Estate, take all reasonable action as required
by such Laws, (ii) if any Release or disposal of Hazardous Substances which Loan Parties are legally obligated to contain, correct
or otherwise remediate shall occur or shall have occurred on any Real Estate (including without limitation any such Release or
disposal occurring prior to the acquisition or leasing of such Real Estate), cause the performance of actions required by applicable
Environmental Laws at the Real Estate in material compliance with all applicable Environmental Laws; provided, that each
of the Loan Parties shall be deemed to be in compliance with Environmental Laws for the purpose of this clause so long as it or
a responsible third party with sufficient financial resources is taking reasonable action to remediate or manage such event to
the reasonable satisfaction of the Collateral Agent or has taken and is diligently pursuing a challenge to any such alleged legal
obligation through appropriate administrative or judicial proceedings; provided, further, that the Collateral Agent
may engage its own Environmental Engineer to review the environmental assessments and the compliance with the covenants contained
herein, and upon the Release or disposal of Hazardous Substances, at the sole cost and expense of Borrower.

 

(p) Accounting
Methods. Modify or change, or permit any of its Subsidiaries to modify or change, its method of accounting or accounting principles
from those utilized in the preparation of the financial statements (other than as may be required to conform to GAAP).

 

(q) Sanctioned
Persons; Anti-Corruption Laws; Anti-Money Laundering Laws.

 

(i) Conduct,
or permit any of its Subsidiaries to conduct, any business or engage in any transaction or deal with or for the benefit of any
Sanctioned Person, including the making or receiving of any contribution of funds, goods or services to, from or for the benefit
of any Sanctioned Person; or

 

(ii) use,
or permit any of its Subsidiaries to use, directly or indirectly, any of the proceeds of any Loan, (A) to fund any activities or
business of or with any Sanctioned Person or in any other manner that would result in a violation of any applicable Sanctions by
any Person (including by any Person participating in any Loan, whether as underwriter, advisor, investor or otherwise), or (B)
for the purpose 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 Law.

 

    87

     

    

 

(r) Real
Estate.

 

(i) Use
or occupy or conduct any activity on, or knowingly permit the use or occupancy of or the conduct of any activity on any Real Estate
owned by the Loan Parties or Material Subsidiaries (including any Collateral Properties) by any tenant, in any manner which violates
any Legal Requirement or which constitutes a public or private nuisance in any manner which could (or could reasonably be expected
to) (i) in the case of the Collateral Properties be materially adverse to the Secured Parties, and (ii) in the case of any other
Real Estate, have a Material Adverse Effect or which makes void, voidable, or cancelable any insurance then in force with respect
thereto or makes the maintenance of insurance in accordance with this Agreement commercially unreasonable (including by way of
increased premium);

 

(ii) without
the prior written consent of the Required Lenders, except in connection with any construction, development or redevelopment of
any real estate, initiate or permit any zoning reclassification of any Real Estate owned by the Loan Parties or Material Subsidiaries
or seek any variance under existing zoning ordinances applicable to any Real Estate owned by the Loan Parties or Material Subsidiaries
or in any event use or knowingly permit the use of any Real Estate owned by the Loan Parties or Material Subsidiaries in such a
manner which would result in such use becoming a nonconforming use under applicable zoning ordinances or other legal requirements
if such nonconforming use could (i) in the case of the Collateral Properties, be materially adverse to the Secured Parties, and
(ii) in the case of any other Real Estate, reasonably be expected to have a Material Adverse Effect;

 

(iii) without
the prior written consent of the Required Lenders, except in connection with any construction, development or redevelopment of
any real estate, (i) impose any material easement, restrictive covenant, or encumbrance upon any Real Estate owned by the Loan
Parties or Material Subsidiaries, other than the easements entered into the ordinary course of business and that would customarily
be agreed to by a reasonably prudent land owner, (ii) execute or file any subdivision plat or condominium declaration affecting
any Real Estate owned by the Loan Parties or Material Subsidiaries, or (iii) consent to the annexation of any Real Estate owned
by the Loan Parties or Material Subsidiaries to any municipality;

 

(iv) do
or permit any act which could reasonably be expected to materially decrease the value of any Real Estate owned by the Loan Parties
as reflected in the most-recent appraisal (including by way of negligent act);

 

(v) without
the prior written consent of the Required Lenders, take any affirmative action to permit any drilling or exploration for or extraction,
removal or production of any mineral, hydrocarbon, gas, natural element, compound or substance (including sand and gravel) from
the surface or subsurface of any Real Estate owned by the Loan Parties or Material Subsidiaries regardless of the depth thereof
or the method of mining or extraction thereof;

 

(vi) without
the prior consent of the Required Lenders, surrender the leasehold estate created by any applicable ground lease (accepted by the
Agents and the Required Lenders) respecting any Real Estate or terminate or cancel any such ground lease or materially modify,
change, supplement, alter, or amend any such ground lease, either orally or in writing; and

 

    88

     

    

 

(vii) without
the prior consent of the Required Lenders, remove (other removal of fixtures in the ordinary course of business), demolish or adversely
alter the Buildings in respect of the Collateral Properties, or make or perform (i) any alteration to any Collateral Property that
adversely effects (x) the value or Net Operating Income thereof or (y) any Loan Party’s financial condition, or (ii) any
alterations to the Collateral Properties during the continuation of any Event of Default.

 

Section 7.03 Financial
Covenants. Until the Obligations are indefeasibly Paid in Full in cash, each Loan Party shall not:

 

(a) Minimum
Unrestricted Cash. Permit the Loan Parties to maintain or hold, as of the end of each calendar month ending on or before February
28, 2021, Unrestricted Cash in an aggregate amount less than $3,000,000, and as of the end of each calendar month thereafter, Unrestricted
Cash in an aggregate amount less than $5,000,000.

 

(b) Minimum
Debt Service Coverage Ratio. Permit, as of the end of each fiscal quarter, the Consolidated Debt Service Coverage Ratio to
be (i) prior to the first anniversary of the Closing Date, less than 1.00:1.00, (ii) on and after the first anniversary of the
Closing Date but prior to the second anniversary of the Closing Date, less than 1.05:1.00 and (iii) on and after the second anniversary
of the Closing Date, less than 1.10:1.00.

 

(c) Maximum
Indebtedness to Gross Asset Value Ratio. Permit, as of the end of each fiscal quarter, the Consolidated Indebtedness to Gross
Asset Value Ratio to exceed seventy five percent (75%).

 

(d) Maximum
Indebtedness to EBITDA Ratio. Permit, as of the end of each fiscal quarter, the Consolidated Indebtedness to EBITDA Ratio to
exceed 11.00:1.00.

 

Article
VIII

EVENTS OF DEFAULT

 

Section 8.01 Events
of Default. Each of the following events shall constitute an event of default (each, an “Event of Default”):

 

(a) any
Loan Party shall fail to pay, when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise),
(i) any interest on any Loan, or any fee, indemnity or other amount payable under this Agreement or any other Loan Document (other
than any portion thereof constituting principal of the Loans) or (ii) all or any portion of the principal of the Loans; provided,
that, in the case of any failure to pay any amount in clause (i), other than any amount due and payable on the Final Maturity Date,
such failure continues for two (2) or more Business Days;

 

(b) any
representation or warranty made or deemed made by or on behalf of any Loan Party or by any officer of the foregoing under or in
connection with any Loan Document or under or in connection with any certificate or other writing delivered to any Secured Party
pursuant to any Loan Document shall have been incorrect in any material respect (or in any respect if such representation or warranty
is qualified or modified as to materiality or “Material Adverse Effect” in the text thereof) when made or deemed made;

 

    89

     

    

 

(c) any
Loan Party shall fail to perform or comply with any covenant or agreement contained in Section 5.02 (Post-Closing Conditions),
Section 7.01(a) (Reporting and Notice Requirements), Section 7.01(c)(i) (Preservation of Existence Etc.) (but solely with respect
to the Loan Parties), Section 7.01(c)(ii) (Preservation of Existence Etc.), Section 7.01(e) (Inspection Rights; Lender Meetings),
Section 7.01(g) (Maintenance of Insurance), Section 7.01(m) (Further Assurances), Section 7.01(n) (Management), solely with respect
to the Collateral Properties, Section 7.01(p) (Real Estate), Section 7.01(q) (REIT and Public Company Covenants), Section 7.01(r)
(Board Materials), Section 7.01(s) (Use of Proceeds), Section 7.01(t) (Ground Leases), Section 7.01(u) (Cash Management), Section
7.02 or Section 7.03, or any Loan Party shall fail to perform or comply with any covenant or agreement contained in any Security
Agreement or any Mortgage to which it is a party; provided, that in respect of any failure to comply with (i) Section 7.03(a)(i),
(ii) or (iii) such default, if capable of being remedied, continues for three (3) or more Business Days (and Borrower fails to
(x) provide immediate notice to the Agents on the first day of such failure and its intent to cure same or (y) provide information
to the Agents relating to the Borrower’s cash position if requested (or any other financial information requested by the Agents)
on any day during such three-(3) Business Day period) or (ii) (x) Section 7.01(a) (other than clauses (a)(i), (ii) and (iii) therein),
(y) any covenant or agreement contained in any Security Agreement or any Mortgage or (z) Section 7.01(t) or Section 7.01(p)(iv),
in each case, if such default, if capable of being remedied, continues for a period of 10 days;

 

(d) any
Loan Party shall fail to perform or comply with any other term, covenant or agreement contained in any Loan Document to be performed
or observed by it and, except as set forth in subsections (a), (b) and (c) of this Section 8.01, such failure, if capable of being
remedied, shall remain unremedied for a period of thirty (30) days;

 

(e) any
Loan Party or any Subsidiary thereof shall (i) fail to pay when due (whether by scheduled maturity, required prepayment, acceleration,
demand or otherwise) any principal, interest or other amount payable in respect of Indebtedness (excluding Indebtedness evidenced
by this Agreement) having an aggregate amount outstanding in excess of $1,000,000 (or, in the case of any Non-Recourse Indebtedness
that is not secured by any Collateral, the lesser of (x) $8,000,000 and (y) the aggregate amount of CRE Debt (other than the Obligations)
outstanding in respect of any ten (10) Real Estate properties (other than Collateral Properties) of the Borrower and its Subsidiaries),
and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to
such Indebtedness, or (ii) there shall occur any other default under any agreement or instrument relating to any such Indebtedness,
or any other event, shall occur and shall continue after the applicable grace period, if any, specified in such agreement or instrument,
if the effect of such default or event is to accelerate, or to permit the acceleration of (if the debtholder has declared in writing
to the Borrower the existence of an event of default which would permit such acceleration), the maturity of such Indebtedness;
or any such Indebtedness shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled
required prepayment), redeemed, purchased or defeased or an offer to prepay, redeem, purchase or defease such Indebtedness shall
be required to be made, in each case, prior to the stated maturity thereof; provided, that, notwithstanding the foregoing, the
Borrower may from time to time request that the Agents permit the Borrower (or its applicable Subsidiary) to dispose of Real Estate
that is secured by Indebtedness to the holder of such Indebtedness without resulting in an Event of Default under this clause (e)
by delivering to the Agents a written request therefor accompanied by one or more projections and supporting detail reflecting
that such disposition will not be materially adverse to any Loan Party and, in the event that the Agents grant such permission
(not to be unreasonably withheld or delayed), such disposition (and the underlying default in respect of such Indebtedness) shall
not cause an Event of Default under this clause (e); provided that (x) in the case of any such Indebtedness which is not
paid on the scheduled maturity date thereof, and so long as the lenders or such other Person(s) to whom such Indebtedness is owing
have not commenced any enforcement procedures in respect of such non-payment, such default shall continue unremedied for a period
of 30 days after the scheduled maturity thereof and (y) in the case of any default or event referenced in the preceding clause
(ii) if the effect of such default or event is only to permit acceleration, but not accelerate the maturity of the relevant Indebtedness
and such default does not stem from a “bad act”, then so long as the lenders or such other Person(s) to whom such Indebtedness
is owing have not accelerated such Indebtedness, then it shall not constitute an event of default hereunder unless such default
or event shall continue unremedied for a period of 30 days beyond the grace period applicable thereto.

 

    90

     

    

 

(f) any
Loan Party or any of its Subsidiaries (i) shall institute any proceeding or voluntary case seeking to adjudicate it a bankrupt
or insolvent, or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition
of it or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking the entry
of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for any such Person or for
any substantial part of its property, (ii) shall be generally not paying its debts as such debts become due or shall admit in writing
its inability to pay its debts generally, (iii) shall make a general assignment for the benefit of creditors, or (iv) shall take
any action to authorize or effect any of the actions set forth above in this subsection (f);

 

(g) any
proceeding shall be instituted against any Loan Party or any of its Subsidiaries seeking to adjudicate it a bankrupt or insolvent,
or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief of debtors, or seeking
the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for any such Person
or for any substantial part of its property, and either such proceeding shall remain undismissed or unstayed for a period of sixty
(60) days or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against
any such Person or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part
of its property) shall occur;

 

(h) any
material provision of any Loan Document shall at any time for any reason (other than pursuant to the express terms thereof) cease
to be valid and binding on or enforceable against any Loan Party intended to be a party thereto, or the validity or enforceability
thereof shall be contested by any party thereto, or a proceeding shall be commenced by any Loan Party or any Governmental Authority
having jurisdiction over any of them, seeking to establish the invalidity or unenforceability thereof, or any Loan Party shall
deny in writing that it has any liability or obligation purported to be created under any Loan Document;

 

(i) any
Security Agreement, any Mortgage or any other security document, after delivery thereof pursuant hereto, shall for any reason fail
or cease to create a valid and perfected and, except to the extent expressly permitted by the terms hereof or thereof (including
pursuant to the definition of Permitted Lien), first priority Lien in favor of the Collateral Agent for the benefit of the Agents
and the Lenders on any Collateral purported to be covered thereby;

 

(j) one
or more judgments, orders or awards (or any settlement of any litigation or other proceeding that, if breached, could result in
a judgment, order or award) for the payment of money exceeding (i) in the case of any such judgment, order or award in respect
of the Borrower and/or Operating Partner, $1,500,000 in the aggregate, (ii) in the case of any such judgment, order or award in
respect of any other individual Loan Party or Subsidiary thereof, $250,000, and/or (iii) in the case of any such judgment,
order or award in respect of the Borrower and its Subsidiaries, taken together, $3,000,000 in the aggregate (except, in each case,
to the extent fully covered (other than to the extent of customary deductibles) by insurance pursuant to which the insurer has
been notified and has not denied coverage) shall be rendered and remain unsatisfied and (i) enforcement proceedings shall have
been commenced by any creditor upon any such judgment, order, award or settlement or (ii) there shall be a period of ten (10) consecutive
days after entry thereof during which (A) a stay of enforcement thereof is not be in effect or (B) the same is not vacated, stayed
or bonded pending appeal;

 

(k) [Reserved];

 

(l) [Reserved];

 

(m) [Reserved];

 

    91

     

    

 

(n) the
indictment of any Loan Party or any senior officer thereof under any criminal statute, or commencement of criminal or civil proceedings
against any Loan Party or any senior officer thereof, pursuant to which statute or proceedings the penalties or remedies sought
or available include forfeiture to any Governmental Authority of any material portion of the property of such Loan Party;

 

(o) (i)
there shall occur one or more ERISA Events that individually or in the aggregate results in, or could reasonably be expected to
result in, liability of any Loan Party or any of its ERISA Affiliates in excess of $1,000,000, or (ii) there exists any fact or
circumstance that could reasonably be expected to result in the imposition of a Lien pursuant to Section 430(k) of the Internal
Revenue Code or Section 4068 of ERISA upon the property or rights to property of any Loan Party or any of its ERISA Affiliates
that would reasonably be expected to have a Material Adverse Effect;

 

(p) (i)
there shall occur and be continuing any “Event of Default” (or any comparable term) under, and as defined in the documents
evidencing or governing any Subordinated Indebtedness, (ii) any of the Obligations for any reason shall cease to be “Senior
Indebtedness” or “Designated Senior Indebtedness” (or any comparable terms) under, and as defined in the documents
evidencing or governing any Subordinated Indebtedness, (iii) any Indebtedness other than the Obligations shall constitute “Designated
Senior Indebtedness” (or any comparable term) under, and as defined in, the documents evidencing or governing any Subordinated
Indebtedness, (iv) any holder of Subordinated Indebtedness shall fail to perform or comply with any of the subordination provisions
of the documents evidencing or governing such Subordinated Indebtedness, or (v) the subordination provisions of the documents evidencing
or governing any Subordinated Indebtedness shall, in whole or in part, terminate, cease to be effective or cease to be legally
valid, binding and enforceable against any holder of the applicable Subordinated Indebtedness;

 

(q) a
Change of Control shall have occurred; or

 

(r) there
shall occur any event that results in, or would reasonably be expected to result in, a Material Adverse Effect;

 

then, during the continuance of an Event
of Default, any Agent may, and shall at the request of the Required Lenders, by notice to the Borrower, (i) terminate or reduce
all Commitments, whereupon all Commitments shall immediately be so terminated or reduced, (ii) declare all or any portion of the
Loans then outstanding to be accelerated and due and payable, whereupon all or such portion of the aggregate principal of all Loans,
all accrued and unpaid interest thereon, all fees and all other amounts payable under this Agreement and the other Loan Documents
shall become due and payable immediately, together with the payment of the Applicable Premium with respect to the Commitments so
terminated and the Loans so repaid, without presentment, demand, protest or further notice of any kind, all of which are hereby
expressly waived by each Loan Party, (iii) (reserved), and (iv) exercise any and all of its other rights and remedies under
applicable law, hereunder and under the other Loan Documents; provided, however, that upon the occurrence of any
Event of Default described in subsection (f) or (g) of this Section 8.01 with respect to any Loan Party, without any notice to
any Loan Party or any other Person or any act by any Agent or any Lender, all Commitments shall automatically terminate and all
Loans then outstanding, together with all accrued and unpaid interest thereon, all fees and all other amounts due under this Agreement
and the other Loan Documents, including, without limitation, the Applicable Premium, shall be accelerated and become due and payable
automatically and immediately, without presentment, demand, protest or notice of any kind, all of which are expressly waived by
each Loan Party.

 

    92

     

    

 

Article
IX

AGENTS

 

Section 9.01 Appointment.
Each Lender (and each subsequent maker of any Loan by its making thereof) hereby irrevocably appoints, authorizes and empowers
the Administrative Agent and the Collateral Agent to perform the duties of each such Agent as set forth in this Agreement and the
other Loan Documents, together with such actions and powers as are reasonably incidental thereto, including: (i) to receive on
behalf of each Lender any payment of principal of or interest on the Loans outstanding hereunder and all other amounts accrued
hereunder for the account of the Lenders and paid to such Agent, and, subject to Section 2.02 of this Agreement, to distribute
promptly to each Lender its Pro Rata Share of all payments so received; (ii) to distribute to each Lender copies of all material
notices and agreements received by such Agent and not required to be delivered to each Lender pursuant to the terms of this Agreement;
provided, that the Agents shall not have any liability to the Lenders for any Agent’s inadvertent failure to distribute
any such notices or agreements to the Lenders; (iii) to maintain, in accordance with its customary business practices, ledgers
and records reflecting the status of the Obligations, the Loans, and related matters and to maintain, in accordance with its customary
business practices, ledgers and records reflecting the status of the Collateral and related matters; (iv) to execute or file any
and all financing or similar statements or notices, amendments, renewals, supplements, documents, instruments, proofs of claim,
notices and other written agreements with respect to this Agreement or any other Loan Document; (v) (reserved); (vi) to perform,
exercise, and enforce any and all other rights and remedies of the Lenders with respect to the Loan Parties, the Obligations, or
otherwise related to any of same to the extent reasonably incidental to the exercise by such Agent of the rights and remedies specifically
authorized to be exercised by such Agent by the terms of this Agreement or any other Loan Document; (vii) to incur and pay such
fees necessary or appropriate for the performance and fulfillment of its functions and powers pursuant to this Agreement or any
other Loan Document; (viii) subject to Section 9.03, to take such action as such Agent deems appropriate on its behalf to administer
the Loans and the Loan Documents and to exercise such other powers delegated to such Agent by the terms hereof or the other Loan
Documents (including, without limitation, the power to give or to refuse to give notices, waivers, consents, approvals and instructions
and the power to make or to refuse to make determinations and calculations); and (ix) to act with respect to all Collateral under
the Loan Documents, including for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of
the Loan Parties to secure any of the Obligations. As to any matters not expressly provided for by this Agreement and the other
Loan Documents (including, without limitation, enforcement or collection of the Loans), the Agents 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 Required Lenders (or such other number or percentage of the Lenders as
shall be expressly provided for herein or in the other Loan Documents), and such instructions of the Required Lenders (or such
other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents) shall be binding
upon all Lenders and all makers of Loans; provided, however, the Agents shall not be required to take any action
which, in the reasonable opinion of any Agent, exposes such Agent to liability or which is contrary to this Agreement or any other
Loan Document or applicable law.

 

Section 9.02 Nature
of Duties; Delegation. (a) The Agents shall have no duties or responsibilities except those expressly set forth in this Agreement
or in the other Loan Documents. The duties of the Agents shall be mechanical and administrative in nature. The Agents shall not
have by reason of this Agreement or any other Loan Document a fiduciary relationship in respect of any Lender. Nothing in this
Agreement or any other Loan Document, express or implied, is intended to or shall be construed to impose upon the Agents any obligations
in respect of this Agreement or any other Loan Document except as expressly set forth herein or therein. Each Lender shall make
its own independent investigation of the financial condition and affairs of the Loan Parties in connection with the making and
the continuance of the Loans hereunder and shall make its own appraisal of the creditworthiness of the Loan Parties and the value
of the Collateral without reliance upon the Administrative Agent or any other Lender or any of their Related Parties, and neither
the Agents nor any of their Related Parties shall have any duty or responsibility, either initially or on a continuing basis,
to provide any Lender with any credit or other information with respect thereto, whether coming into their possession before the
initial Loan hereunder or at any time or times thereafter; provided, that, upon the reasonable request of a Lender, each
Agent shall provide to such Lender any documents or reports delivered to such Agent by the Loan Parties pursuant to the terms
of this Agreement or any other Loan Document. If any Agent seeks the consent or approval of the Required Lenders (or such other
number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents) to the taking or
refraining from taking any action hereunder, such Agent shall send notice thereof to each Lender. Each Agent shall promptly notify
each Lender any time that the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided
for herein or in the other Loan Documents) have instructed such Agent to act or refrain from acting pursuant hereto.

 

    93

     

    

 

(b) Each
Agent may, upon any term or condition it specifies, delegate or exercise any of its rights, powers and remedies under, and delegate
or perform any of its duties or any other action with respect to, any Loan Document by or through any of its Related Parties or
any other trustee, co-agent or other Person (including any Lender). Any such Related Party, trustee, co-agent or other Person shall
benefit from this Article IX to the extent provided by the applicable Agent.

 

Section 9.03 Rights,
Exculpation, Etc. The Agents and their Related Parties shall not be liable for any action taken or omitted to be taken by
them under or in connection with this Agreement or the other Loan Documents, except for their own gross negligence or willful
misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction. Without limiting the generality
of the foregoing, the Agents (i) may treat the payee of any Loan as the owner thereof until the Agents receive written notice
of the assignment or transfer thereof, pursuant to Section 11.07 hereof, signed by such payee and in form satisfactory to the
Agents; (ii) may consult with legal counsel (including, without limitation, counsel to any Agent or counsel to the Loan Parties),
independent public accountants, and other experts selected by any of them and shall not be liable for any action taken or omitted
to be taken in good faith by any of them in accordance with the advice of such counsel or experts; (iii) make no warranty or representation
to any Lender and shall not be responsible to any Lender for any statements, certificates, warranties or representations made
in or in connection with this Agreement or the other Loan Documents; (iv) shall not have any duty to ascertain or to inquire as
to the performance or observance of any of the terms, covenants or conditions of this Agreement or the other Loan Documents on
the part of any Person, the existence or possible existence of any Default or Event of Default, or to inspect the Collateral or
other property (including, without limitation, the books and records) of any Person; (v) shall not be responsible to any Lender
for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or the other Loan
Documents or any other instrument or document furnished pursuant hereto or thereto; and (vi) shall not be deemed to have made
any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or
perfection of the Collateral Agent’s Lien thereon, or any certificate prepared by any Loan Party in connection therewith, nor
shall the Agents be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral.
The Agents shall not be liable for any apportionment or distribution of payments made in good faith pursuant to Section 4.03,
and if any such apportionment or distribution is subsequently determined to have been made in error, and the sole recourse of
any Lender to whom payment was due but not made shall be to recover from other Lenders any payment in excess of the amount which
they are determined to be entitled. The Agents may at any time request instructions from the Lenders with respect to any actions
or approvals which by the terms of this Agreement or of any of the other Loan Documents the Agents are permitted or required to
take or to grant, and if such instructions are promptly requested, the Agents shall be absolutely entitled to refrain from taking
any action or to withhold any approval under any of the Loan Documents until they shall have received such instructions from the
Required Lenders. Without limiting the foregoing, no Lender shall have any right of action whatsoever against any Agent as a result
of such Agent acting or refraining from acting under this Agreement or any of the other Loan Documents in accordance with the
instructions of the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein
or in the other Loan Documents).

 

Section 9.04 Reliance.
Each Agent shall be entitled to rely upon any written notices, statements, certificates, orders or other documents or any telephone
message believed by it in good faith to be genuine and correct and to have been signed, sent or made by the proper Person, and
with respect to all matters pertaining to this Agreement or any of the other Loan Documents and its duties hereunder or thereunder,
upon advice of counsel selected by it.

 

    94

     

    

 

Section 9.05 Indemnification.
To the extent that any Agent or any Related Party of the foregoing is not reimbursed and indemnified by any Loan Party, and whether
or not such Agent has made demand on any Loan Party for the same, the Lenders will, within five (5) days of written demand by such
Agent, reimburse such Agent and such Related Parties for and indemnify such Agent and such Related Parties from and against any
and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including, without limitation,
client charges and expenses of counsel or any other advisor to such Agent and such Related Parties), advances or disbursements
of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against such Agent and the Related Parties in
any way relating to or arising out of this Agreement or any of the other Loan Documents or any action taken or omitted by such
Agent and such Related Parties under this Agreement or any of the other Loan Documents, in proportion to each Lender’s Pro Rata
Share, including, without limitation, advances and disbursements made pursuant to Section 9.08; provided, however,
that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses, advances or disbursements for which there has been a final non-appealable judicial determination that such
liability resulted from such Agent’s or such Related Party’s gross negligence or willful misconduct. The obligations of the Lenders
under this Section 9.05 shall survive the payment in full of the Loans and the termination of this Agreement. This Section 9.05
shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax
claim.

 

Section 9.06 Agents
Individually. With respect to its Pro Rata Share of the Total Commitment hereunder and the Loans made by it, each Agent shall
have and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the
extent set forth herein for any other Lender or maker of a Loan. The terms “Lenders” or “Required Lenders”
or any similar terms shall, unless the context clearly otherwise indicates, include each Agent in its individual capacity as a
Lender or one of the Required Lenders. Each Agent and its Affiliates may accept deposits from, lend money to, and generally engage
in any kind of banking, trust or other business with the Borrower as if it were not acting as an Agent pursuant hereto without
any duty to account to the other Lenders.

 

Section 9.07 Successor
Agent. (a)  Any Agent may at any time give at least thirty (30) days prior written notice of its resignation to the Lenders
and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right to appoint a successor
Agent. If no such successor Agent shall have been so appointed by the Required Lenders and shall have accepted such appointment
within thirty (30) days after the retiring Agent gives notice of its resignation (or such earlier day as shall be agreed by the
Required Lenders) (the “Resignation Effective Date”), then the retiring Agent may (but shall not be obligated
to), on behalf of the Lenders, appoint a successor Agent. Whether or not a successor Agent has been appointed, such resignation
shall become effective in accordance with such notice on the Resignation Effective Date.

 

(b) With
effect from the Resignation Effective Date, (i) the retiring Agent shall be discharged from its duties and obligations hereunder
and under the other Loan Documents (except that in the case of any Collateral held by such Agent on behalf of the Lenders under
any of the Loan Documents, the retiring Agent shall continue to hold such collateral security until such time as a successor Agent
is appointed) and (ii) all payments, communications and determinations provided to be made by, to or through such retiring Agent
shall instead be made by or to each Lender directly, until such time, if any, as a successor Agent shall have been appointed as
provided for above. Upon the acceptance of a successor’s Agent’s appointment as Agent hereunder, such successor shall succeed to
and become vested with all of the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be
discharged from all of its duties and obligations hereunder or under the other Loan Documents. After the retiring Agent’s resignation
hereunder and under the other Loan Documents, the provisions of this Article, Section 11.04 and Section 11.15 shall continue in
effect for the benefit of such retiring Agent, its sub-agents and their respective Related Parties in respect of any actions taken
or omitted to be taken by it while the retiring Agent was acting as Agent.

 

    95

     

    

 

Section 9.08 Collateral
Matters.

 

(a) [Reserved].

 

(b) The
Lenders hereby irrevocably authorize the Collateral Agent to release any Lien granted to or held by the Collateral Agent upon any
Collateral upon termination of the Total Commitment and the indefeasible Payment in Full in cash of Obligations in accordance with
the terms hereof; or constituting property being sold or disposed of in the ordinary course of any Loan Party’s business or otherwise
in compliance with the terms of this Agreement and the other Loan Documents; or constituting property in which the Loan Parties
owned no interest at the time the Lien was granted or at any time thereafter; or if approved, authorized or ratified in writing
by the Lenders in accordance with Section 11.02. Upon request by the Collateral Agent at any time, the Lenders will confirm in
writing the Collateral Agent’s authority to release particular types or items of Collateral pursuant to this Section 9.08(b).

 

(c) Without
in any manner limiting the Collateral Agent’s authority to act without any specific or further authorization or consent by the
Lenders (as set forth in Section 9.08(b)), each Lender agrees to confirm in writing, upon request by the Collateral Agent, the
authority to release Collateral conferred upon the Collateral Agent under Section 9.08(b). Upon receipt by the Collateral Agent
of confirmation from the Lenders of its authority to release any particular item or types of Collateral, and upon prior written
request by any Loan Party, the Collateral Agent shall (and is hereby irrevocably authorized by the Lenders to) execute such documents
as may be necessary to evidence the release of the Liens granted to the Collateral Agent for the benefit of the Agents and the
Lenders upon such Collateral; provided, however, that (i) the Collateral Agent shall not be required to execute any
such document on terms which, in the Collateral Agent’s opinion, would expose the Collateral Agent to liability or create any obligations
or entail any consequence other than the release of such Liens without recourse or warranty, and (ii) such release shall not in
any manner discharge, affect or impair the Obligations or any Lien upon (or obligations of any Loan Party in respect of) all interests
in the Collateral retained by any Loan Party.

 

(d) Anything
contained in any of the Loan Documents to the contrary notwithstanding, the Loan Parties, each Agent and each Lender hereby agree
that (i) no Lender shall have any right individually to realize upon any of the Collateral under any Loan Document or to enforce
any Guaranty, it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely
by the Collateral Agent for the benefit of the Lenders in accordance with the terms thereof, (ii) in the event of a foreclosure
by the Collateral Agent on any of the Collateral pursuant to a public or private sale, the Administrative Agent, the Collateral
Agent or any Lender may be the purchaser of any or all of such Collateral at any such sale, and (iii) the Collateral Agent, as
agent for and representative of the Agents and the Lenders (but not any other Agent or any Lender or Lenders in its or their respective
individual capacities unless the Required Lenders shall otherwise agree in writing) shall be entitled (either directly or through
one or more acquisition vehicles) for the purpose of bidding and making settlement or payment of the purchase price for all or
any portion of the Collateral to be sold (A) at any public or private sale, (B) at any sale conducted by the Collateral Agent under
the provisions of the Uniform Commercial Code (including pursuant to Sections 9-610 or 9-620 of the Uniform Commercial Code), (C)
at any sale or foreclosure conducted by the Collateral Agent (whether by judicial action or otherwise) in accordance with applicable
law, or (D) at any sale conducted pursuant to the provisions of any Debtor Relief Law (including Section 363 of the Bankruptcy
Code), to use and apply all or any of the Obligations as a credit on account of the purchase price for any Collateral payable by
the Collateral Agent at such sale.

 

    96

     

    

 

(e) The
Collateral Agent shall have no obligation whatsoever to any Lender to assure that the Collateral exists or is owned by the Loan
Parties or is cared for, protected or insured or has been encumbered or that the Lien granted to the Collateral Agent pursuant
to this Agreement or any other Loan Document has been properly or sufficiently or lawfully created, perfected, protected or enforced
or is entitled to any particular priority, or to exercise at all or in any particular manner or under any duty of care, disclosure
or fidelity, or to continue exercising, any of the rights, authorities and powers granted or available to the Collateral Agent
in this Section 9.08 or in any other Loan Document, it being understood and agreed that in respect of the Collateral, or any act,
omission or event related thereto, the Collateral Agent may act in any manner it may deem appropriate, in its sole discretion,
given the Collateral Agent’s own interest in the Collateral as one of the Lenders and that the Collateral Agent shall have no duty
or liability whatsoever to any other Lender, except as otherwise provided herein.

 

Section 9.09 Agency
for Perfection. Each Agent and each Lender hereby appoints each other Agent and each other Lender as agent and bailee for the
purpose of perfecting the security interests in and liens upon the Collateral in assets which, in accordance with Article 9 of
the Uniform Commercial Code, can be perfected only by possession or control (or where the security interest of a secured party
with possession or control has priority over the security interest of another secured party) and each Agent and each Lender hereby
acknowledges that it holds possession of or otherwise controls any such Collateral for the benefit of the Agents and the Lenders
as secured party. Should the Administrative Agent or any Lender obtain possession or control of any such Collateral, the Administrative
Agent or such Lender shall notify the Collateral Agent thereof, and, promptly upon the Collateral Agent’s request therefor shall
deliver such Collateral to the Collateral Agent or in accordance with the Collateral Agent’s instructions. In addition, the Collateral
Agent shall also have the power and authority hereunder to appoint such other sub-agents as may be necessary or required under
applicable state law or otherwise to perform its duties and enforce its rights with respect to the Collateral and under the Loan
Documents. Each Loan Party by its execution and delivery of this Agreement hereby consents to the foregoing.

 

Section 9.10 No
Reliance on any Agent’s Customer Identification Program. Each Lender acknowledges and agrees that neither such Lender, nor
any of its Affiliates, participants or assignees, may rely on any Agent to carry out such Lender’s, Affiliate’s, participant’s
or assignee’s customer identification program, or other requirements imposed by the USA PATRIOT Act or the regulations issued thereunder,
including the regulations set forth in 31 C.F.R. §§ 1010.100(yy), (iii), 1020.100, and 1020.220 (formerly 31 C.F.R.
§ 103.121), as hereafter amended or replaced (“CIP Regulations”), or any other Anti-Terrorism Laws,
including any programs involving any of the following items relating to or in connection with any of the Loan Parties, their Affiliates
or their agents, the Loan Documents or the transactions hereunder or contemplated hereby: (1) any identity verification procedures,
(2) any recordkeeping, (3) comparisons with government lists, (4) customer notices, or (5) other procedures required
under the CIP Regulations or other regulations issued under the USA PATRIOT Act. Each Lender, Affiliate, participant or assignee
subject to Section 326 of the USA PATRIOT Act will perform the measures necessary to satisfy its own responsibilities under the
CIP Regulations.

 

Section 9.11 No
Third Party Beneficiaries. The provisions of this Article are solely for the benefit of the Secured Parties, and no Loan Party
shall have rights as a third-party beneficiary of any of such provisions.

 

Section 9.12 No
Fiduciary Relationship. It is understood and agreed that the use of the term “agent” herein or in any other Loan
Document (or any other similar term) with reference to any Agent is not intended to connote any fiduciary or other implied (or
express) obligations arising under agency doctrine of any applicable law. Instead such term is used as a matter of market custom,
and is intended to create or reflect only an administrative relationship between contracting parties.

 

    97

     

    

 

Section 9.13 Reports;
Confidentiality; Disclaimers. By becoming a party to this Agreement, each Lender:

 

(a) is
deemed to have requested that each Agent furnish such Lender, promptly after it becomes available, a copy of each field audit or
examination report with respect to the Borrower or any of its Subsidiaries (each, a “Report”) prepared by or at
the request of such Agent, and each Agent shall so furnish each Lender with each such Report;

 

(b) expressly
agrees and acknowledges that the Agents (i) do not make any representation or warranty as to the accuracy of any Reports, and (ii)
shall not be liable for any information contained in any Reports;

 

(c) expressly
agrees and acknowledges that the Reports are not comprehensive audits or examinations, that any Agent or other party performing
any audit or examination will inspect only specific information regarding the Borrower and its Subsidiaries and will rely significantly
upon the Borrower’s and its Subsidiaries’ books and records, as well as on representations of their personnel;

 

(d) agrees
to keep all Reports and other material, non-public information regarding the Borrower and its Subsidiaries and their operations,
assets, and existing and contemplated business plans in a confidential manner in accordance with Section 11.19; and

 

(e) without
limiting the generality of any other indemnification provision contained in this Agreement, agrees: (i) to hold any Agent and any
other Lender preparing a Report harmless from any action the indemnifying Lender may take or fail to take or any conclusion the
indemnifying Lender may reach or draw from any Report in connection with any loans or other credit accommodations that the indemnifying
Lender has made or may make to the Borrower, or the indemnifying Lender’s participation in, or the indemnifying Lender’s purchase
of, a loan or loans of the Borrower, and (ii) to pay and protect, and indemnify, defend and hold any Agent and any other Lender
preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including,
attorneys’ fees and costs) incurred by any such Agent and any such other Lender preparing a Report as the direct or indirect result
of any third parties who might obtain all or part of any Report through the indemnifying Lender.

 

Section 9.14 Collateral
Custodian. Upon the occurrence and during the continuance of any Default or Event of Default, the Collateral Agent or its designee
may at any time and from time to time employ and maintain on the premises of any Loan Party a custodian selected by the Collateral
Agent or its designee who shall have full authority to do all acts necessary to protect the Agents’ and the Lenders’ interests.
Each Loan Party hereby agrees to, and to cause its Subsidiaries to, cooperate with any such custodian and to do whatever the Collateral
Agent or its designee may reasonably request to preserve the Collateral. All costs and expenses incurred by the Collateral Agent
or its designee by reason of the employment of the custodian shall be the responsibility of the Borrower as set forth in Section
11.04.

 

    98

     

    

 

Section 9.15 Agents
May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding
relative to any Loan Party, the Agents (irrespective of whether the principal of any Loan shall then be due and payable as herein
expressed or by declaration or otherwise and irrespective of whether any Agent shall have made any demand on the Borrower) shall
be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

 

(a) to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims
of the Secured Parties (including any claim for the compensation, expenses, disbursements and advances of the Secured Parties and
their respective agents and counsel and all other amounts due the Secured Parties hereunder and under the other Loan Documents)
allowed in such judicial proceeding; and

 

(b) to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Secured
Party to make such payments to each Agent and, in the event that the Agents shall consent to the making of such payments directly
to the Secured Parties, to pay to each Agent any amount due for the reasonable compensation, expenses, disbursements and advances
of each Agent and its agents and counsel, and any other amounts due the Agent hereunder and under the other Loan Documents.

 

Article
X

GUARANTY

 

Section 10.01 Guaranty.
Each Guarantor hereby jointly and severally and unconditionally and irrevocably guarantees the punctual payment in cash when due,
whether at stated maturity, by acceleration or otherwise, of all Obligations of the Borrower now or hereafter existing under any
Loan Document, whether for principal, interest (including, without limitation, all interest and other amounts that accrue after
the commencement of any Insolvency Proceeding of the Borrower or its Affiliates, whether or not a claim for post-filing interest
or other amounts is allowed in such Insolvency Proceeding), fees, commissions, expense reimbursements, indemnifications or otherwise
(all such obligations, the “Guaranteed Obligations”), and agrees to pay any and all expenses (including reasonable
counsel fees and expenses) incurred by the Secured Parties in enforcing any rights under the guaranty set forth in this Article
X as set forth in Section 11.04. Without limiting the generality of the foregoing, each Guarantor’s liability shall extend to all
amounts that constitute part of the Guaranteed Obligations and would be owed by the Borrower to the Secured Parties under any Loan
Document but for the fact that they are unenforceable or not allowable due to the existence of an Insolvency Proceeding.

 

Section 10.02 Guaranty
Absolute. Each Guarantor jointly and severally guarantees that the Guaranteed Obligations will be paid in full in cash strictly
in accordance with the terms of the Loan Documents, regardless of any law, regulation or order now or hereafter in effect in any
jurisdiction affecting any of such terms or the rights of the Secured Parties with respect thereto. Each Guarantor agrees that
this Article X constitutes a guaranty of payment when due and not of collection and waives any right to require that any resort
be made by any Agent or any Lender to any other Person or any Collateral. The obligations of each Guarantor under this Article
X are independent of the Guaranteed Obligations, and a separate action or actions may be brought and prosecuted against each Guarantor
to enforce such obligations, irrespective of whether any action is brought against any Loan Party or whether any Loan Party is
joined in any such action or actions. The liability of each Guarantor under this Article X shall be irrevocable, absolute and unconditional
irrespective of, and each Guarantor hereby irrevocably waives any defenses it may now or hereafter have in any way relating to,
any or all of the following:

 

(a) diligence,
presentment, protest, demand for payment and notice of default or nonpayment to or upon the Borrower or any of the Guarantors with
respect to the Guaranteed Obligations;

 

(b) any
lack of validity or enforceability of any Loan Document or any agreement or instrument relating thereto;

 

    99

     

    

 

(c) any
change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations, or any other
amendment or waiver of or any consent to departure from any Loan Document, including, without limitation, any increase in the Guaranteed
Obligations resulting from the extension of additional credit to any Loan Party or otherwise;

 

(d) any
taking, exchange, release or non-perfection of any Collateral, or any taking, release or amendment or waiver of or consent to departure
from any other guaranty, for all or any of the Guaranteed Obligations;

 

(e) the
existence of any claim, set-off, defense, counterclaim or other right that any Guarantor may have at any time against any Person,
including, without limitation, any Secured Party;

 

(f) any
change, restructuring or termination of the corporate, limited liability company or partnership structure or existence of any Loan
Party; or

 

(g) any
defense based upon any Secured Party’s errors or omissions in the administration of the Guaranteed Obligations;

 

(h) the
defense of the statute of limitations in any action hereunder or for the collection or performance of the Guaranteed Obligations;

 

(i) any
right to require any Secured Party to marshal assets in favor of the Borrower, such Guarantor, any other Guarantor or any other
Person, to proceed against the Borrower, any Guarantor or any other Person, to proceed against or exhaust any of the Collateral,
to give notice of the terms, time and place of any public or private sale of personal property security constituting the Collateral
or other collateral for the Guaranteed Obligations or to comply with any other provisions of Section 9-611 of the UCC (or any equivalent
provision of any other applicable law) or to pursue any other right, remedy, power or privilege of any Secured Party whatsoever;
and

 

(j) any
other circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on any representation
by the Secured Parties that might otherwise constitute a defense available to, or a discharge of, any Loan Party or any other guarantor
or surety.

 

This Article X shall continue to be effective
or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise
be returned by Secured Parties or any other Person upon the insolvency, bankruptcy or reorganization of the Borrower or otherwise,
all as though such payment had not been made.

 

    100

     

    

 

Section 10.03 Waiver.
Each Guarantor hereby further waives (i) promptness and diligence, (ii) notice of acceptance and any other notice with respect
to any of the Guaranteed Obligations and this Article X and any requirement that the Secured Parties exhaust any right or take
any action against any Loan Party or any other Person or any Collateral, (iii) any right to compel or direct any Secured Party
to seek payment or recovery of any amounts owed under this Article X from any one particular fund or source or to exhaust any right
or take any action against any other Loan Party, any other Person or any Collateral, (iv) any requirement that any Secured Party
protect, secure, perfect or insure any security interest or Lien on any property subject thereto or exhaust any right to take any
action against any Loan Party, any other Person or any Collateral, and (v) any other defense available to any Guarantor. Each Guarantor
agrees that the Secured Parties shall have no obligation to marshal any assets in favor of any Guarantor or against, or in payment
of, any or all of the Obligations. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing
arrangements contemplated herein and that the waivers set forth in this Section 10.03 and in Section 10.02 are knowingly made in
contemplation of such benefits. Each Guarantor hereby waives any right to revoke this Article X, and acknowledges that this Article
X is continuing in nature and applies to all Guaranteed Obligations, whether existing now or in the future.

 

Section 10.04 Continuing
Guaranty; Assignments. This Article X is a continuing guaranty and shall (a) remain in full force and effect until the Guaranteed
Obligations and all other amounts payable under this Article X are indefeasibly Paid in Full in cash, (b) be binding upon each
Guarantor, its successors and assigns, and (c) inure to the benefit of and be enforceable by the Secured Parties and their successors,
pledgees, transferees and assigns. Without limiting the generality of the foregoing clause (c), any Lender may pledge, assign or
otherwise transfer all or any portion of its rights and obligations under this Agreement (including, without limitation, all or
any portion of its Commitments, its Loans owing to it) to any other Person, and such other Person shall thereupon become vested
with all the benefits in respect thereof granted such Lender herein or otherwise, in each case as provided in Section 11.07.

 

Section 10.05 Subrogation.
No Guarantor will exercise any rights that it may now or hereafter acquire against any Loan Party or any other guarantor that arise
from the existence, payment, performance or enforcement of such Guarantor’s obligations under this Article X, including, without
limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate
in any claim or remedy of the Secured Parties against any Loan Party or any other guarantor or any Collateral, whether or not such
claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take
or receive from any Loan Party or any other guarantor, directly or indirectly, in cash or other property or by set-off or in any
other manner, payment or security solely on account of such claim, remedy or right, unless and until all of the Guaranteed Obligations
and all other amounts payable under this Article X shall have been indefeasibly Paid in Full in cash and the Final Maturity Date
shall have occurred. If any amount shall be paid to any Guarantor in violation of the immediately preceding sentence at any time
when any of the Guaranteed Obligations or other amounts payable under this Article X shall not have been indefeasibly Paid in Full
in cash, such amount shall be held in trust for the benefit of the Secured Parties and shall forthwith be paid to the Secured Parties
to be credited and applied to the Guaranteed Obligations and all other amounts payable under this Article X, whether matured or
unmatured, in accordance with the terms of this Agreement, or to be held as Collateral for any Guaranteed Obligations or other
amounts payable under this Article X thereafter arising. If (i) any Guarantor shall make payment to the Secured Parties of all
or any part of the Guaranteed Obligations, (ii) all of the Guaranteed Obligations and all other amounts payable under this Article
X shall be indefeasibly Paid in Full in cash, and (iii) the Final Maturity Date shall have occurred, the Secured Parties will,
at such Guarantor’s request and expense, execute and deliver to such Guarantor appropriate documents, without recourse and without
representation or warranty, necessary to evidence the transfer by subrogation to such Guarantor of an interest in the Guaranteed
Obligations resulting from such payment by such Guarantor.

 

    101

     

    

 

Section 10.06 Contribution.
All Guarantors desire to allocate among themselves, in a fair and equitable manner, their obligations arising under this Guaranty.
Accordingly, in the event any payment or distribution is made on any date by a Guarantor under this Guaranty such that its Aggregate
Payments exceeds its Fair Share as of such date, such Guarantor shall be entitled to a contribution from each of the other Guarantors
in an amount sufficient to cause each Guarantor’s Aggregate Payments to equal its Fair Share as of such date. “Fair Share”
means, with respect to any Guarantor as of any date of determination, an amount equal to (a) the ratio of (i) the Fair Share Contribution
Amount with respect to such Guarantor, to (ii) the aggregate of the Fair Share Contribution Amounts with respect to all Guarantors
multiplied by, (b) the aggregate amount paid or distributed on or before such date by all Guarantors under this Guaranty in respect
of the obligations Guaranteed. “Fair Share Contribution Amount” means, with respect to any Guarantor as of any
date of determination, the maximum aggregate amount of the obligations of such Guarantor under this Guaranty that would not render
its obligations hereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of Title 11 of the United
States Code or any comparable applicable provisions of state law; provided, solely for purposes of calculating the “Fair
Share Contribution Amount” with respect to any Guarantor for purposes of this Section 10.06, any assets or liabilities of
such Guarantor arising by virtue of any rights to subrogation, reimbursement or indemnification or any rights to or obligations
of contribution hereunder shall not be considered as assets or liabilities of such Guarantor. “Aggregate Payments”
means, with respect to any Guarantor as of any date of determination, an amount equal to (A) the aggregate amount of all payments
and distributions made on or before such date by such Guarantor in respect of this Guaranty (including, without limitation, in
respect of this Section 10.06), minus (B) the aggregate amount of all payments received on or before such date by such Guarantor
from the other Guarantors as contributions under this Section 10.06. The amounts payable as contributions hereunder shall be determined
as of the date on which the related payment or distribution is made by the applicable Guarantor. The allocation among Guarantors
of their obligations as set forth in this Section 10.06 shall not be construed in any way to limit the liability of any Guarantor
hereunder. Each Guarantor is a third party beneficiary to the contribution agreement set forth in this Section 10.06.

 

Article
XI

MISCELLANEOUS

 

Section 11.01 Notices,
Etc.

 

(a) Notices
Generally. All notices and other communications provided for hereunder shall be in writing and shall be delivered by hand,
sent by registered or certified mail (postage prepaid, return receipt requested), overnight courier, or telecopier. In the case
of notices or other communications to any Loan Party, Administrative Agent or the Collateral Agent, as the case may be, they shall
be sent to the respective address set forth below (or, as to each party, at such other address as shall be designated by such party
in a written notice to the other parties complying as to delivery with the terms of this Section 11.01):

 

if to any Loan Party, to it at the following
address:

 

Wheeler Real Estate Investment Trust,
Inc.

2529 Virginia Beach Boulevard

Virginia Beach, VA 23452

Attention: Chief Financial Officer

Telephone: (757) 627-9088 

Email: Loans@whlr.us

 

    102

     

    

 

with a copy to:

 

Cadwalader, Wickersham
& Taft LLP

200 Liberty Street,
New York, NY 10281

Attention:
Daniel Raglan

Telephone:
212-504-6790

Email: Daniel.Raglan@cwt.com

 

if to the Administrative Agent or the
Collateral Agent, to it at the following address:

 

Wilmington Savings Fund Society, FSB

500 Delaware Avenue

Wilmington, DE 19801

Attention: Raye Goldsborough

Telephone: 302-888-7580

Facsimile: 302-421-9137

Email: rgoldsborough@wsfsbank.com

 

in each case, with a copy to:

 

Kramer Levin Naftalis & Frankel LLP

1177 Avenue of the Americas

New York, NY 10036

Attention: Richard E. Farley

Telephone: 212-715-9106

Email: rfarley@kramerlevin.com

 

All notices or other communications sent
in accordance with this Section 11.01, shall be deemed received on the earlier of the date of actual receipt or three (3) Business
Days after the deposit thereof in the mail; provided, that (i) notices sent by overnight courier service shall be deemed
to have been given when received and (ii) notices by facsimile shall be deemed to have been given when sent (except that, if not
given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next
Business Day for the recipient), provided, further that notices to any Agent pursuant to Article II shall not be
effective until received by such Agent.

 

(b) Electronic
Communications.

 

(i) Each
Agent and the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it; provided, that approval of such procedures may be limited to particular notices or
communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication
(including e-mail and Internet or intranet websites) pursuant to procedures approved by the Agents; provided, that the foregoing
shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Agents that it is incapable of
receiving notices under such Article by electronic communication.

 

    103

     

    

 

(ii) Unless
the Administrative Agent otherwise prescribes, (A) notices and other communications sent to an e-mail address shall be deemed received
upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement), and (B) notices or communications posted to an Internet
or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described
in the foregoing clause (A), of notification that such notice or communication is available and identifying the website address
therefor; provided, that, for both clauses (A) and (B) above, if such notice, e-mail or other communication is not sent
during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening
of business on the next business day for the recipient.

 

Section 11.02 Amendments,
Etc. (a) No amendment or waiver of any provision of this Agreement or any other Loan Document (excluding the Warrant, which
may be amended, waived or supplemented in accordance with the terms thereof), and no consent to any departure by any Loan Party
therefrom, shall in any event be effective unless the same shall be in writing and signed (x) in the case of an amendment, consent
or waiver to cure any ambiguity, omission, defect or inconsistency or granting a new Lien for the benefit of the Agents and the
Lenders or extending an existing Lien over additional property, by the Agents and the Borrower, (y) in the case of any other waiver
or consent, by the Required Lenders (or by the Administrative Agent or Collateral Agent with the consent of the Required Lenders)
and (z) in the case of any other amendment, by the Required Lenders (or by the Administrative Agent or Collateral Agent with the
consent of the Required Lenders) and the Borrower, and then such waiver or consent shall be effective only in the specific instance
and for the specific purpose for which given; provided, however, that no amendment, waiver or consent shall:

 

(i) increase
the Commitment of any Lender, reduce the principal of, or interest on, the Loans payable to any Lender, reduce the amount of any
fee payable for the account of any Lender, or postpone or extend any scheduled date fixed for any payment of principal of, or interest
or fees on, the Loans payable to any Lender, in each case, without the written consent of such Lender;

 

(ii) increase
the Total Commitment without the written consent of each Lender;

 

(iii) change
the percentage of the Commitments or of the aggregate unpaid principal amount of the Loans that is required for the Lenders or
any of them to take any action hereunder without the written consent of each Lender;

 

(iv) amend
the definition of “Required Lenders” or “Pro Rata Share” without the written consent of each Lender;

 

(v) release
all or a substantial portion of the Collateral (except as otherwise provided in this Agreement and the other Loan Documents), subordinate
any Loan, right of payment or any Lien granted in favor of the Administrative Agent or the Collateral Agent for the benefit of
the Agents and the Lenders, or release the Borrower or any Guarantor (except in connection with a Disposition of the Equity Interests
thereof permitted by Section 7.02(c)(ii)), in each case, without the written consent of each Lender; or

 

    104

     

    

 

(vi) amend,
modify or waive Section 4.02, Section 4.03 or this Section 11.02 of this Agreement without the written consent of each Lender.

 

(b) Notwithstanding
anything to the contrary in Section 11.02(a):

 

(i) no
amendment, waiver or consent shall, unless in writing and signed by an Agent, affect the rights or duties of such Agent (but not
in its capacity as a Lender) under this Agreement or the other Loan Documents;

 

(ii) any
amendment, waiver or consent to any provision of this Agreement (including Sections 4.01 and 4.02) that permits any Loan Party,
any equity holder of the Borrower or any of their respective Affiliates to purchase Loans on a non-pro rata basis, become an eligible
assignee pursuant to Section 11.07 and/or make offers to make optional prepayments on a non-pro rata basis shall require the prior
written consent of the Required Lenders rather than the prior written consent of each Lender directly affected thereby;

 

(iii) any
Control Agreement, Guaranty, Mortgage, Security Agreement, collateral access agreement, landlord waiver or other agreement or document
purporting to create or perfect a security interest in any of the Collateral (a “Collateral Document”) may be
amended, waived or otherwise modified with the consent of the applicable Agent and the applicable Loan Party without the need to
obtain the consent of any Lender or any other Person if such amendment, modification, supplement or waiver is delivered in order
(A) to comply with local Requirements of Law (including foreign law or regulatory requirements) or advice of local counsel, (B)
to cure any ambiguity, inconsistency, omission, mistake or defect or (C) to cause such Collateral Document to be consistent with
this Agreement and the other Loan Documents, and if the Administrative Agent and the Borrower shall have jointly identified an
ambiguity, inconsistency, omission, mistake or defect, in each case, in any provision of any Loan Document (other than a Collateral
Document), then the Administrative Agent and the Borrower shall be permitted to amend such provision; any amendment, waiver or
modification pursuant to this paragraph shall become effective without any further action or consent of any other party to any
Loan Document if the same is not objected to in writing by the Required Lenders within five (5) Business Days following receipt
of notice thereof;

 

(iv) no
consent of any Loan Party shall be required to change any order of priority set forth in Section 2.05(c) and Section 4.03; and

 

(v) no
Defaulting Lender, Loan Party, equity holder of the Borrower or any of their respective Affiliates that is a Lender shall have
any right to approve or disapprove any amendment, waiver or consent under the Loan Documents and any Loans held by such Person
for purposes hereof shall be automatically deemed to be voted pro rata according to the Loans of all other Lenders in the aggregate
(other than such Defaulting Lender, Loan Party, equity holder of the Borrower or Affiliate).

 

(c) If
any action to be taken by the Lenders hereunder requires the consent, authorization, or agreement of all of the Lenders or any
Lender affected thereby, and a Lender (the “Holdout Lender”) fails to give its consent, authorization, or agreement,
then the Agents, upon at least five (5) Business Days prior irrevocable notice to the Holdout Lender, may permanently replace the
Holdout Lender with one or more substitute lenders (each, a “Replacement Lender”), and the Holdout Lender shall
have no right to refuse to be replaced hereunder. Such notice to replace the Holdout Lender shall specify an effective date for
such replacement, which date shall not be later than fifteen (15) Business Days after the date such notice is given. Prior to the
effective date of such replacement, the Holdout Lender and each Replacement Lender shall execute and deliver an Assignment and
Acceptance, subject only to the Holdout Lender being repaid its share of the outstanding Obligations without any premium or penalty
of any kind whatsoever. If the Holdout Lender shall refuse or fail to execute and deliver any such Assignment and Acceptance prior
to the effective date of such replacement, the Holdout Lender shall be deemed to have executed and delivered such Assignment and
Acceptance. The replacement of any Holdout Lender shall be made in accordance with the terms of Section 11.07. Until such time
as the Replacement Lenders shall have acquired all of the Obligations, the Commitments, and the other rights and obligations of
the Holdout Lender hereunder and under the other Loan Documents, the Holdout Lender shall remain obligated to make its Pro Rata
Share of Loans.

 

    105

     

    

 

Section 11.03 No
Waiver; Remedies, Etc. No failure on the part of any Agent or any Lender to exercise, and no delay in exercising, any right
hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right
under any Loan Document preclude any other or further exercise thereof or the exercise of any other right. The rights and remedies
of the Agents and the Lenders provided herein and in the other Loan Documents are cumulative and are in addition to, and not exclusive
of, any rights or remedies provided by law. The rights of the Agents and the Lenders under any Loan Document against any party
thereto are not conditional or contingent on any attempt by the Agents and the Lenders to exercise any of their rights under any
other Loan Document against such party or against any other Person.

 

Section 11.04 Expenses;
Attorneys’ Fees. The Borrower will promptly pay all reasonable and documented out-of-pocket costs and expenses incurred by
or on behalf of each Agent and each Lender, including, without limitation, reasonable and documented out-of-pocket fees, costs,
client charges and expenses of counsel and other consultants for each Agent (and, in the case of clauses (b) through (m) below,
each Lender), accounting, due diligence, periodic field audits, physical counts, valuations, investigations, searches and filings,
monitoring of assets, appraisals of Collateral, the rating of the Loans, title searches and reviewing environmental assessments,
miscellaneous disbursements, examination, travel, lodging and meals, arising from or relating to: (a) the negotiation, preparation,
execution, delivery, performance and administration of this Agreement and the other Loan Documents (including, without limitation,
the preparation of any additional Loan Documents or the review of any of the agreements, instruments and documents referred to
in Section 7.01(e)), (b) any requested amendments, waivers or consents to this Agreement or the other Loan Documents whether or
not such documents become effective or are given, (c) the preservation, protection, exercise and enforcement of the Agents’ or
any of the Lenders’ rights under this Agreement or the other Loan Documents, (d) the defense of any claim or action asserted or
brought against any Agent or any Lender by any Person that arises from or relates to this Agreement, any other Loan Document, the
Agents’ or the Lenders’ claims against any Loan Party, or any and all matters in connection therewith, (e) the commencement or
defense of, or intervention in, any court proceeding arising from or related to this Agreement or any other Loan Document, (f)
the filing of any petition, complaint, answer, motion or other pleading by any Agent or any Lender, or the taking of any action
in respect of the Collateral or other security, in connection with this Agreement or any other Loan Document, (g) the protection,
collection, lease, sale, taking possession of or liquidation of, any Collateral or other security in connection with this Agreement
or any other Loan Document, (h) any attempt to enforce any Lien or security interest in any Collateral or other security in connection
with this Agreement or any other Loan Document, (i) any attempt to collect from any Loan Party, (j) any Environmental Claim, Environmental
Liability or Remedial Action arising from or in connection with the past, present or future operations of, or any property currently,
formerly or in the future owned, leased or operated by, any Loan Party, any of its Subsidiaries or any predecessor in interest,
(k) any Environmental Lien, (l) the rating of the Loans by one or more rating agencies in connection with any Lender’s Securitization,
or (m) the receipt by any Agent or any Lender of any advice from professionals with respect to any of the foregoing; provided
that in the case of the preceding clause (a), the Borrower shall not be required to pay the legal expenses of the Lenders in excess
of $300,000 which accrued prior to the Effective Date. Without limitation of the foregoing or any other provision of any Loan Document:
(x) the Borrower agrees to pay all reasonable broker fees that may become due in connection with the transactions contemplated
by this Agreement and the other Loan Documents and (y) if the Borrower fails to perform any covenant or agreement contained herein
or in any other Loan Document, any Agent may itself perform or cause performance of such covenant or agreement, and the reasonable
and documented out-of-pocket expenses of such Agent incurred in connection therewith shall be reimbursed on demand by the Borrower.
The obligations of the Borrower under this Section 11.04 shall survive the repayment of the Obligations and discharge of any Liens
granted under the Loan Documents.

 

    106

     

    

 

Section 11.05 Right
of Set-off. Upon the occurrence and during the continuance of any Event of Default, any Agent or any Lender may, and is hereby
authorized to, at any time and from time to time, without notice to any Loan Party (any such notice being expressly waived by the
Loan Parties) and to the fullest extent permitted by law, set off and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held and other Indebtedness at any time owing by such Agent or such Lender or any of their respective
Affiliates to or for the credit or the account of any Loan Party against any and all obligations of the Loan Parties either now
or hereafter existing under any Loan Document, irrespective of whether or not such Agent or such Lender shall have made any demand
hereunder or thereunder and although such obligations may be contingent or unmatured; provided, that in the event that any
Defaulting Lender shall exercise any such right of set-off, (a) all amounts so set off shall be paid over immediately to the Administrative
Agent for further application in accordance with the provisions of Section 4.04 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 Agents and the Lenders, and (b)
the 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 set-off. Each Agent and each Lender agrees to notify such
Loan Party promptly after any such set-off and application made by such Agent or such Lender or any of their respective Affiliates;
provided, that the failure to give such notice shall not affect the validity of such set-off and application. The rights
of the Agents and the Lenders under this Section 11.05 are in addition to the other rights and remedies (including other rights
of set-off) which the Agents and the Lenders may have under this Agreement or any other Loan Documents of law or otherwise.

 

Section 11.06 Severability.
Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or affecting
the validity or enforceability of such provision in any other jurisdiction.

 

Section 11.07 Assignments
and Participations.

 

(a) This
Agreement and the other Loan Documents shall be binding upon and inure to the benefit of each Loan Party and each Agent and each
Lender and their respective successors and assigns; provided, however, that none of the Loan Parties may assign or
transfer any of its rights hereunder or under the other Loan Documents without the prior written consent of each Lender and any
such assignment without the Lenders’ prior written consent shall be null and void.

 

(b) Subject
to the conditions set forth in clause (c) below, each Lender may assign to one or more other lenders or other entities all or a
portion of its rights and obligations under this Agreement with respect to:

 

(i) all
or a portion of its Commitment and any Loan made by it with the written consent of the Administrative Agent, and

 

provided, however, that no
written consent of any Agent shall be required if such assignment is in connection with any merger, consolidation, sale, transfer,
or other disposition of all or any substantial portion of the business or loan portfolio of such Lender.

 

(c) Assignments
shall be subject to the following additional conditions:

 

(i) Each
such assignment shall be in an amount which is at least $1,000,000 or a multiple of $100,000 in excess thereof (or the remainder
of such Lender’s Commitment) (except such minimum amount shall not apply to an assignment by a Lender to (A) a Lender, an Affiliate
of such Lender or a Related Fund of such Lender or (B) a group of new Lenders, each of whom is an Affiliate or Related Fund of
each other to the extent the aggregate amount to be assigned to all such new Lenders is at least $1,000,000 or a multiple of $100,000
in excess thereof);

 

    107

     

    

 

(ii) The
parties to each such assignment shall execute and deliver to the Administrative Agent, for its acceptance, an Assignment and Acceptance,
together with any promissory note subject to such assignment and such parties shall deliver to the Administrative Agent, for the
benefit of the Administrative Agent, a processing and recordation fee of $5,000 (except the payment of such fee shall not be required
in connection with an assignment by a Lender to a Lender, an Affiliate of such Lender or a Related Fund of such Lender); and

 

(iii) The
consent of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed) shall be required (provided,
however, that 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) unless (A) a Default or
Event of Default has occurred and is continuing at the time of such assignment or (B) such assignment is to a Lender or an Affiliate
or Related Fund of a Lender;

 

(iv) No
such assignment shall be made to (A) any Loan Party or any of their respective Affiliates or (B) any Defaulting Lender or
any of its Affiliates, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described
in this clause (B).

 

(d) Upon
such execution, delivery and acceptance, from and after the effective date specified in each Assignment and Acceptance and recordation
on the Register, which effective date shall be at least three (3) Business Days after the delivery thereof to the Administrative
Agent (or such shorter period as shall be agreed to by the Administrative Agent and the parties to such assignment), (A) the assignee
thereunder shall become a “Lender” hereunder and, in addition to the rights and obligations hereunder held by it immediately
prior to such effective date, have the rights and obligations hereunder that have been assigned to it pursuant to such Assignment
and Acceptance and (B) the assigning Lender thereunder shall, to the extent that rights and obligations hereunder have been assigned
by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement
(and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations
under this Agreement, such Lender shall cease to be a party hereto).

 

(e) By
executing and delivering an Assignment and Acceptance, the assigning Lender and the assignee thereunder confirm to and agree with
each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, the assigning
Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations
made in or in connection with this Agreement or any other Loan Document or the execution, legality, validity, enforceability, genuineness,
sufficiency or value of this Agreement or any other Loan Document furnished pursuant hereto; (ii) the assigning Lender makes no
representation or warranty and assumes no responsibility with respect to the financial condition of any Loan Party or any of its
Subsidiaries or the performance or observance by any Loan Party of any of its obligations under this Agreement or any other Loan
Document furnished pursuant hereto; (iii) such assignee confirms that it has received a copy of this Agreement and the other Loan
Documents, together with such other documents and information it has deemed appropriate to make its own credit analysis and decision
to enter into such Assignment and Acceptance; (iv) such assignee will, independently and without reliance upon the assigning Lender,
any Agent or any Lender and based on such documents and information as it shall deem appropriate at the time, continue to make
its own credit decisions in taking or not taking action under this Agreement and the other Loan Documents; (v) such assignee appoints
and authorizes the Agents to take such action as agents on its behalf and to exercise such powers under this Agreement and the
other Loan Documents as are delegated to the Agents by the terms hereof and thereof, together with such powers as are reasonably
incidental hereto and thereto; and (vi) such assignee agrees that it will perform in accordance with their terms all of the obligations
which by the terms of this Agreement and the other Loan Documents are required to be performed by it as a Lender.

 

    108

     

    

 

(f) The
Administrative Agent shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain, or cause to be maintained
at the Payment Office, a copy of each Assignment and Acceptance delivered to and accepted by it and a register (the “Register”)
for the recordation of the names and addresses of the Lenders and the Commitments of, and the principal amount of the Loans (and
stated interest thereon) (the “Registered Loans”) owing to each Lender from time to time. The entries in
the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Agents and the Lenders
shall treat each Person whose name is recorded in the Register 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.

 

(g) Upon
receipt by the Administrative Agent of a completed Assignment and Acceptance, and subject to any consent required from the Administrative
Agent or the Collateral Agent pursuant to Section 11.07(b) (which consent of the applicable Agent must be evidenced by such Agent’s
execution of an acceptance to such Assignment and Acceptance), the Administrative Agent shall accept such assignment, record the
information contained therein in the Register (as adjusted to reflect any principal payments on or amounts capitalized and added
to the principal balance of the Loans and/or Commitment reductions made subsequent to the effective date of the applicable assignment,
as confirmed in writing by the corresponding assignor and assignee in conjunction with delivery of the assignment to the Administrative
Agent) and provide to the Administrative Agent a copy of the fully executed Assignment and Acceptance.

 

(h) A
Registered Loan (and the registered note, if any, evidencing the same) may be assigned or sold in whole or in part only by registration
of such assignment or sale on the Register (and each registered note shall expressly so provide). Any assignment or sale of all
or part of such Registered Loan (and the registered note, if any, evidencing the same) may be effected only by registration of
such assignment or sale on the Register, together with the surrender of the registered note, if any, evidencing the same duly endorsed
by (or accompanied by a written instrument of assignment or sale duly executed by) the holder of such registered note, whereupon,
at the request of the designated assignee(s) or transferee(s), one or more new registered notes in the same aggregate principal
amount shall be issued to the designated assignee(s) or transferee(s).

 

(i) If
any Lender sells participations in a Registered Loan, such Lender shall, acting for this purpose as a non-fiduciary agent on behalf
of the Borrower, maintain, or cause to be maintained, a register, on which it enters the name of all participants in the Registered
Loans held by it and the principal amount (and stated interest thereon) of the portion of the Registered Loan that is the subject
of the participation (the “Participant Register”). A Registered Loan (and the registered note, if any, evidencing
the same) may be participated in whole or in part only by registration of such participation on the Participant Register (and each
registered note shall expressly so provide). Any participation of such Registered Loan (and the registered note, if any, evidencing
the same) may be effected only by the registration of such participation on the Participant Register. The Participant 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.

 

(j) [Reserved].

 

    109

     

    

 

(k) Each
Lender may sell participations to one or more banks or other entities in or to all or a portion of its rights and obligations under
this Agreement and the other Loan Documents (including, without limitation, all or a portion of its Commitments and the Loans made
by it); provided, that (i) such Lender’s obligations under this Agreement (including without limitation, its Commitments
hereunder) and the other Loan Documents shall remain unchanged; (ii) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations, and the Borrower, the Agents and the other Lenders shall continue to deal solely
and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents;
and (iii) a participant shall not be entitled to require such Lender to take or omit to take any action hereunder except (A) actions
directly effecting an extension of the maturity dates or decrease in the principal amount of the Loans, (B) actions directly effecting
an extension of the due dates or a decrease in the rate of interest payable on the Loans or the fees payable under this Agreement,
or (C) actions directly effecting a release of all or a substantial portion of the Collateral or any Loan Party (except as set
forth in Section 9.08 of this Agreement or any other Loan Document). The Loan Parties agree that each participant shall be entitled
to the benefits of Section 2.07 and Section 2.08 of this Agreement with respect to its participation in any portion of the Commitments
and the Loans as if it was a Lender.

 

(l) 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 or loans made to,
or other indebtedness issued by, such Lender pursuant to a securitization transaction (including any structured warehouse credit
facility, collateralized loan obligation transaction or similar facility or transaction, and including any further securitization
of the indebtedness or equity issued under such a transaction) (a “Securitization”); 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. The Loan Parties shall cooperate with such Lender and its Affiliates to effect a Securitization,
including, without limitation, by providing such information as may be reasonably requested by such Lender in connection with the
rating of its Loans or any Securitization.

 

Section 11.08 Counterparts.
This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of
which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement. Delivery
of an executed counterpart of this Agreement by telecopier or electronic mail shall be equally as effective as delivery of an original
executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by telecopier or electronic
mail also shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart
shall not affect the validity, enforceability, and binding effect of this Agreement. The words “execution,” “signed,”
“signature,” and words of like import 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 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. The foregoing shall apply to each other Loan
Document mutatis mutandis.

 

Section 11.09 Governing
Law. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY PROVIDED TO THE CONTRARY IN ANOTHER LOAN DOCUMENT
IN RESPECT OF SUCH OTHER LOAN DOCUMENT) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK
APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK.

 

    110

     

    

 

Section 11.10 Consent
to Jurisdiction; Service of Process and Venue.

 

(a) ANY
LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE
OF NEW YORK IN THE COUNTY OF NEW YORK OR OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION
AND DELIVERY OF THIS AGREEMENT, EACH LOAN PARTY HEREBY IRREVOCABLY ACCEPTS IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY,
THE JURISDICTION OF THE AFORESAID COURTS. EACH LOAN PARTY HEREBY IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE
AFOREMENTIONED COURTS AND IN ANY SUCH ACTION OR PROCEEDING BY ANY MEANS PERMITTED BY APPLICABLE LAW, INCLUDING, WITHOUT LIMITATION,
BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO THE BORROWER AT ITS ADDRESS FOR NOTICES AS
SET FORTH IN Section 11.01, SUCH SERVICE TO BECOME EFFECTIVE 10 DAYS AFTER SUCH
MAILING. THE LOAN PARTIES AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED
IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING HEREIN SHALL AFFECT THE RIGHT OF
THE AGENTS AND THE LENDERS TO SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE
PROCEED AGAINST ANY LOAN PARTY IN ANY OTHER JURISDICTION. EACH LOAN PARTY HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE JURISDICTION OR LAYING OF VENUE OF ANY SUCH LITIGATION
BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO
THE EXTENT THAT ANY LOAN PARTY HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS
(WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO
ITSELF OR ITS PROPERTY, EACH LOAN PARTY HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS AGREEMENT
AND THE OTHER LOAN DOCUMENTS.

 

(b) Each
Loan Party irrevocably and unconditionally agrees that it will not commence any action or proceeding of any kind or description,
whether in law or equity, whether in contract or in tort or otherwise, against any Agent, any Lender 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.

 

(c) Each
Loan Party irrevocably consents to the service of process out of the said courts by mailing copies thereof by registered United
States air mail postage prepaid to it at its address (or such other manner of notice) specified in Section 11.01. Nothing in this
Section 11.10 shall affect the right of any Secured Party to (i) commence legal proceedings or otherwise sue any Loan Party in
any other court having jurisdiction over such Loan Party or (ii) serve process upon any Loan Party in any manner authorized by
the laws of any such jurisdiction.

 

Section 11.11 Waiver
of Jury Trial, Etc. EACH LOAN PARTY, EACH AGENT AND EACH LENDER HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM CONCERNING ANY RIGHTS UNDER THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS, OR UNDER ANY AMENDMENT, WAIVER,
CONSENT, INSTRUMENT, DOCUMENT OR OTHER AGREEMENT DELIVERED OR WHICH IN THE FUTURE MAY BE DELIVERED IN CONNECTION THEREWITH, OR
ARISING FROM ANY FINANCING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT, AND AGREES THAT ANY SUCH ACTION, PROCEEDINGS
OR COUNTERCLAIM SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. EACH LOAN PARTY CERTIFIES THAT NO OFFICER, REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY AGENT OR ANY LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT ANY AGENT OR ANY LENDER WOULD NOT,
IN THE EVENT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM, SEEK TO ENFORCE THE FOREGOING WAIVERS. EACH LOAN PARTY HEREBY ACKNOWLEDGES
THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE AGENTS AND THE LENDERS ENTERING INTO THIS AGREEMENT.

 

    111

     

    

 

Section 11.12 Consent
by the Agents and Lenders. Except as otherwise expressly set forth herein to the contrary or in any other Loan Document, if
the consent, approval, satisfaction, determination, judgment, acceptance or similar action (an “Action”) of any
Agent or any Lender shall be permitted or required pursuant to any provision hereof or any provision of any other agreement to
which any Loan Party is a party and to which any Agent or any Lender has succeeded thereto, such Action shall be required to be
in writing and may be withheld or denied by such Agent or such Lender, in its sole discretion, with or without any reason, and
without being subject to question or challenge on the grounds that such Action was not taken in good faith.

 

Section 11.13 No
Party Deemed Drafter. Each of the parties hereto agrees that no party hereto shall be deemed to be the drafter of this Agreement.

 

Section 11.14 Reinstatement;
Certain Payments. If any claim is ever made upon any Secured Party for repayment or recovery of any amount or amounts received
by such Secured Party in payment or on account of any of the Obligations, such Secured Party shall give prompt notice of such claim
to each other Agent and Lender and the Borrower, and if such Secured Party repays all or part of such amount by reason of (i) any
judgment, decree or order of any court or administrative body having jurisdiction over such Secured Party or any of its property,
or (ii) any good faith settlement or compromise of any such claim effected by such Secured Party with any such claimant, then and
in such event each Loan Party agrees that (A) any such judgment, decree, order, settlement or compromise shall be binding upon
it notwithstanding the cancellation of any Indebtedness hereunder or under the other Loan Documents or the termination of this
Agreement or the other Loan Documents, and (B) it shall be and remain liable to such Secured Party hereunder for the amount so
repaid or recovered to the same extent as if such amount had never originally been received by such Secured Party.

 

Section 11.15 Indemnification;
Limitation of Liability for Certain Damages.

 

(a) In
addition to each Loan Party’s other Obligations under this Agreement, each Loan Party agrees to, jointly and severally, defend,
protect, indemnify and hold harmless each Secured Party and all of their respective Related Parties (collectively called the “Indemnitees”)
from and against any and all losses, damages, liabilities, obligations, penalties, fees, reasonable costs and expenses (including,
without limitation, reasonable attorneys’ fees, costs and expenses) incurred by such Indemnitees, whether prior to or from and
after the Effective Date, whether direct, indirect or consequential, as a result of or arising from or relating to or in connection
with any of the following: (i) the negotiation, preparation, execution or performance or enforcement of this Agreement, any other
Loan Document or of any other document executed in connection with the transactions contemplated by this Agreement, (ii) any Agent’s
or any Lender’s furnishing of funds to the Borrower under this Agreement or the other Loan Documents, including, without limitation,
the management of any such Loans or the Borrower’s use of the proceeds thereof, (iii) the Agents and the Lenders relying on any
instructions of the Borrower or the handling of Collateral as herein provided, (iv) any matter relating to the financing transactions
contemplated by this Agreement or the other Loan Documents or by any document executed in connection with the transactions contemplated
by this Agreement or the other Loan Documents, or (v) any claim, litigation, investigation or proceeding relating to any of the
foregoing, whether or not any Indemnitee is a party thereto (collectively, the “Indemnified Matters”); provided,
however, that the Loan Parties shall not have any obligation to any Indemnitee under this subsection (a) for any Indemnified
Matter caused by the gross negligence, willful misconduct or willful material breach of the Loan Documents of such Indemnitee,
as determined by a final non-appealable judgment of a court of competent jurisdiction. This Section 11.15(a) shall not apply with
respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

(b) The
indemnification for all of the foregoing losses, damages, fees, costs and expenses of the Indemnitees set forth in this Section
11.15 are chargeable against the Loan Parties and their accounts. To the extent that the undertaking to indemnify, pay and hold
harmless set forth in this Section 11.15 may be unenforceable because it is violative of any law or public policy, each Loan Party
shall, jointly and severally, contribute the maximum portion which it is permitted to pay and satisfy under applicable law, to
the payment and satisfaction of all Indemnified Matters incurred by the Indemnitees.

 

    112

     

    

 

(c) No
Loan Party shall assert, and each Loan Party hereby waives, any claim against the Indemnitees, on any theory of liability, for
special, indirect, consequential or punitive damages (as opposed to direct or actual damages) (whether or not the claim therefor
is based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, as a result
of, or in any way related to, this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby
or referred to herein or therein, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof
or any act or omission or event occurring in connection therewith, and each Loan Party hereby waives, releases and agrees not to
sue upon any such claim or seek any such damages, whether or not accrued and whether or not known or suspected to exist in its
favor.

 

(d) The
indemnities and waivers set forth in this Section 11.15 shall survive the repayment of the Obligations and discharge of any Liens
granted under the Loan Documents.

 

Section 11.16 Records.
The unpaid principal of and interest on the Loans, the interest rate or rates applicable to such unpaid principal and interest,
the duration of such applicability, the Commitments, and the accrued and unpaid fees payable pursuant to Section 2.06 hereof, shall
at all times be ascertained from the records of the Agents, which shall be conclusive and binding absent manifest error.

 

Section 11.17 Binding
Effect. This Agreement shall become effective when it shall have been executed by each Loan Party, each Agent and each Lender
and when the conditions precedent set forth in Section 5.01 hereof have been satisfied or waived in writing by the Agents, and
thereafter shall be binding upon and inure to the benefit of each Loan Party, each Agent and each Lender, and their respective
successors and assigns, except that the Loan Parties shall not have the right to assign their rights hereunder or any interest
herein without the prior written consent of each Agent and each Lender, and any assignment by any Lender shall be governed by Section
11.07 hereof.

 

Section 11.18 Highest
Lawful Rate. It is the intention of the parties hereto that each Agent and each Lender shall conform strictly to usury laws
applicable to it. Accordingly, if the transactions contemplated hereby or by any other Loan Document would be usurious as to any
Agent or any Lender under laws applicable to it (including the laws of the United States of America and the State of New York or
any other jurisdiction whose laws may be mandatorily applicable to such Agent or such Lender notwithstanding the other provisions
of this Agreement), then, in that event, notwithstanding anything to the contrary in this Agreement or any other Loan Document
or any agreement entered into in connection with or as security for the Obligations, it is agreed as follows: (i) the aggregate
of all consideration which constitutes interest under law applicable to any Agent or any Lender that is contracted for, taken,
reserved, charged or received by such Agent or such Lender under this Agreement or any other Loan Document or agreements or otherwise
in connection with the Obligations shall under no circumstances exceed the maximum amount allowed by such applicable law, any excess
shall be canceled automatically and if theretofore paid shall be credited by such Agent or such Lender on the principal amount
of the Obligations (or, to the extent that the principal amount of the Obligations shall have been or would thereby be paid in
full, refunded by such Agent or such Lender, as applicable, to the Borrower); and (ii) in the event that the maturity of the Obligations
is accelerated by reason of any Event of Default under this Agreement or otherwise, or in the event of any required or permitted
prepayment, then such consideration that constitutes interest under law applicable to any Agent or any Lender may never include
more than the maximum amount allowed by such applicable law, and excess interest, if any, provided for in this Agreement or otherwise
shall, subject to the last sentence of this Section 11.18, be canceled automatically by such Agent or such Lender, as applicable,
as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by such Agent or such Lender, as
applicable, on the principal amount of the Obligations (or, to the extent that the principal amount of the Obligations shall have
been or would thereby be paid in full, refunded by such Agent or such Lender to the Borrower). All sums paid or agreed to be paid
to any Agent or any Lender for the use, forbearance or detention of sums due hereunder shall, to the extent permitted by law applicable
to such Agent or such Lender, be amortized, prorated, allocated and spread throughout the full term of the Loans until payment
in full so that the rate or amount of interest on account of any Loans hereunder does not exceed the maximum amount allowed by
such applicable law. If at any time and from time to time (x) the amount of interest payable to any Agent or any Lender on any
date shall be computed at the Highest Lawful Rate applicable to such Agent or such Lender pursuant to this Section 11.18 and (y)
in respect of any subsequent interest computation period the amount of interest otherwise payable to such Agent or such Lender
would be less than the amount of interest payable to such Agent or such Lender computed at the Highest Lawful Rate applicable to
such Agent or such Lender, then the amount of interest payable to such Agent or such Lender in respect of such subsequent interest
computation period shall continue to be computed at the Highest Lawful Rate applicable to such Agent or such Lender until the total
amount of interest payable to such Agent or such Lender shall equal the total amount of interest which would have been payable
to such Agent or such Lender if the total amount of interest had been computed without giving effect to this Section 11.18.

 

    113

     

    

 

For purposes of this
Section 11.18, the term “applicable law” shall mean that law in effect from time to time and applicable to the loan transaction
between the Borrower, on the one hand, and the Agents and the Lenders, on the other, that lawfully permits the charging and collection
of the highest permissible, lawful non-usurious rate of interest on such loan transaction and this Agreement, including laws of
the State of New York and, to the extent controlling, laws of the United States of America.

 

The right to accelerate
the maturity of the Obligations does not include the right to accelerate any interest that has not accrued as of the date of acceleration.

 

Section 11.19 Confidentiality.
Each Agent and each Lender agrees (on behalf of itself and its Related Parties) to keep confidential, in accordance with its customary
procedures for handling confidential information of this nature and in accordance with safe and sound practices of comparable commercial
finance companies, any non-public information supplied to it by the Loan Parties pursuant to this Agreement or the other Loan Documents
which is identified in writing by the Loan Parties as being confidential at the time the same is delivered to such Person (and
which at the time is not, and does not thereafter become, publicly available or available to such Person from another source not
known to be subject to a confidentiality obligation to such Person not to disclose such information); provided, that nothing
herein shall limit the disclosure by any Agent or any Lender of any such information (i) to its Affiliates, its Related Parties
or the Related Parties of any Person described in clause (ii) or (iii) below) (it being understood that the Persons to whom such
disclosure is made either will be informed of the confidential nature of such information and instructed to keep such information
confidential in accordance with this Section 11.19 or is subject to other customary confidentiality obligations); (ii) to any other
party hereto; (iii) to any assignee or participant (or prospective assignee or participant) or any party to a Securitization, so
long as such assignee or participant (or prospective assignee or participant) or party to a Securitization agrees, in writing,
to be bound by or is otherwise subject to customary confidentiality obligations (including, without limitation, confidentiality
provisions similar in substance to this Section 11.19); (iv) to the extent required by any Requirement of Law or judicial process
or as otherwise requested by any Governmental Authority; (v) to the National Association of Insurance Commissioners or any similar
organization, any examiner, auditor or accountant or any nationally recognized rating agency; (vi) in connection with any litigation
to which any Agent or any Lender is a party; (vii) in connection with the exercise of any remedies hereunder or under any other
Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder
or thereunder; (viii) to any other Person if such information is general portfolio information that does not identity the Loan
Parties, or (ix) with the consent of the Borrower. In addition, the Agents and the Lenders may disclose the existence of this Agreement
and information about this Agreement to market data collectors, similar service providers to the lending industry and service providers
to any Agent or any Lender in connection with the administration of this Agreement, the other Loan Documents and the Commitments.
Notwithstanding the foregoing or anything to the contrary contained herein or in any other Loan Document, the parties hereto may
disclose to any and all Persons, without limitation of any kind, the federal, state and local tax treatment of the Loan, any fact
relevant to understanding the federal, state and local tax treatment of the Loan, and all materials of any kind (including opinions
or other tax analyses) relating to such federal, state and local tax treatment and that may be relevant to understanding such tax
treatment; provided, however, that no party shall disclose any names or other identifying information of the parties or the Loan
that are unrelated to the federal, state and local tax treatment of the Loan and are not relevant to understanding the federal,
state and local tax treatment of the Loan, without the prior written consent of the Administrative Agent.

 

    114

     

    

 

Section 11.20 Public
Disclosure. Each Loan Party agrees that neither it nor any of its Affiliates will now or in the future issue any press release
or other public disclosure using the name of an Agent, any Lender or any of their respective Affiliates or referring to this Agreement
or any other Loan Document without the prior written consent of such Agent or such Lender, except to the extent that such Loan
Party or such Affiliate is required to do so under applicable law (in which event, such Loan Party or such Affiliate will consult
with such Agent or such Lender before issuing such press release or other public disclosure). Each Loan Party hereby authorizes
each Agent and each Lender, after consultation with the Borrower, to advertise the closing of the transactions contemplated by
this Agreement, and to make appropriate announcements of the financial arrangements entered into among the parties hereto, as such
Agent or such Lender shall deem appropriate, including, without limitation, on a home page or similar place for dissemination of
information on the Internet or worldwide web, or in announcements commonly known as tombstones, in such trade publications, business
journals, newspapers of general circulation and to such selected parties as such Agent or such Lender shall deem appropriate.

 

Section 11.21 Integration.
This Agreement, together with the other Loan Documents, reflects the entire understanding of the parties with respect to the transactions
contemplated hereby and shall not be contradicted or qualified by any other agreement, oral or written, before the date hereof.

 

Section 11.22 USA
PATRIOT Act. Each Lender that is subject to the requirements of the USA PATRIOT Act hereby notifies the Borrower that pursuant
to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies the Borrower,
which information includes the name and address of each entity and other information that will allow such Lender to identify the
Borrower in accordance with the USA PATRIOT Act. Each Loan Party agrees to take such action and execute, acknowledge and deliver
at its sole cost and expense, such instruments and documents as any Lender may reasonably require from time to time in order to
enable such Lender to comply with the USA PATRIOT Act.

 

[REMAINDER OF THIS PAGE INTENTIONALLY
LEFT BLANK]

 

    115

     

    

 

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

 

	 	BORROWER:
	 	 
	 	Wheeler Real Estate Investment Trust, Inc., a Maryland
    corporation
        

	 	 
	 	By:	/s/
                                         Daniel Khoshaba

	 	 	Name:  	Daniel Khoshaba
	 	 	Title:	President and CEO

  

[Signature Page to Financing Agreement]

 

     

     

    

 

	 	GUARANTORS:
	 	 	 	 	 
	 	Wheeler REIT, L.P., a Virginia limited partnership
	 	 	 	 	 
	 	By:	Wheeler Real Estate Investment Trust, Inc., a Maryland corporation
	 	 	 	 	 
	 	 	By:	/s/ Daniel Khoshaba
	 	 	 	Name: 	Daniel Khoshaba
	 	 	 	Title:	President and CEO

 

	 	WHLR- DARIEN, LLC
	 	 	 	 	 	 
	 	By: 	Wheeler REIT, L.P., a Virginia limited partnership
	 	 	 	 	 	 
	 	 	By:	Wheeler Real Estate Investment Trust, Inc., a Maryland corporation
	 	 	 	 	 	 
	 	 	 	By:	/s/ Daniel Khoshaba
	 	 	 	 	Name: 	Daniel Khoshaba
	 	 	 	 	Title:	President and CEO

 

	 	WHLR-DEVINE
                    STREET, LLC

	 	 	 	 	 	 
	 	By: 	Wheeler REIT, L.P., a Virginia limited partnership
	 	 	 	 	 	 
	 	 	By:	Wheeler Real Estate Investment Trust, Inc., a Maryland
    corporation
	 	 	 	 	 	 
	 	 	 	By:	/s/ Daniel
    Khoshaba
	 	 	 	 	Name: 	Daniel Khoshaba
	 	 	 	 	Title:	President and CEO

 

[Signature Page to the Financing Agreement]

 

     

     

    

 

	 	WHLR-LAKE
                    MURRAY, LLC

	 	 	 	 	 	 
	 	By: 	Wheeler REIT, L.P., a Virginia limited partnership
	 	 	 	 	 	 
	 	 	By:	Wheeler Real Estate Investment Trust, Inc., a Maryland
    corporation
	 	 	 	 	 	 
	 	 	 	By:	/s/ Daniel
    Khoshaba
	 	 	 	 	Name: 	Daniel Khoshaba
	 	 	 	 	Title:	President and CEO

 

	 	WHLR-MONCKS
                    CORNER, LLC

	 	 	 	 	 	 
	 	By: 	Wheeler REIT, L.P., a Virginia limited partnership
	 	 	 	 	 	 
	 	 	By:	Wheeler Real Estate Investment Trust, Inc., a Maryland
    corporation
	 	 	 	 	 	 
	 	 	 	By:	/s/ Daniel
    Khoshaba
	 	 	 	 	Name: 	Daniel Khoshaba
	 	 	 	 	Title:	President and CEO

 

	 	WHLR-SOUTH
                    LAKE POINTE, LLC

	 	 	 	 	 	 
	 	By: 	Wheeler REIT, L.P., a Virginia limited partnership
	 	 	 	 	 	 
	 	 	By:	Wheeler Real Estate Investment Trust, Inc., a Maryland
    corporation
	 	 	 	 	 	 
	 	 	 	By:	/s/ Daniel
    Khoshaba
	 	 	 	 	Name: 	Daniel Khoshaba
	 	 	 	 	Title:	President and CEO

 

[Signature Page to the Financing Agreement]

 

     

     

    

 

	 	COLLATERAL AGENT ADMINISTRATIVE
    AGENT AND LENDER:
	 	 
	 	WILMINGTON
        SAVINGS FUND SOCIETY,

        FSB

	 	 
	 	By:	/s/
    Raye Goldsborough
	 	 	Name:  	Raye Goldsborough
	 	 	Title:    	Assistant Vice President

  

[Signature Page to
the Financing Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}]]