Document:

Amended Loan and Security Agreement

 EXHIBIT 10.119 
  
 CONFIDENTIAL TREATMENT REQUESTED 
 CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE 
 SECURITIES EXCHANGE COMMISSION.

  
 EXECUTION COPY 
  
 AMENDED AND RESTATED 
  
 LOAN AND SECURITY AGREEMENT 
  
 THIS AMENDED AND
RESTATED LOAN AND SECURITY AGREEMENT (as further amended, restated, or otherwise modified from time to time, this “Agreement”)
dated the Effective Date, between SILICON VALLEY BANK (“Bank”) and EQUINIX, INC., a Delaware corporation, whose address
is 301 Velocity Way, 5th Floor, Foster City, California 94404 (“Borrower”), provides the terms on which Bank will lend to Borrower, and Borrower will repay Bank. This Agreement amends and restates in its entirety that Loan
and Security Agreement dated November 23, 2004, between Bank and Borrower (the “Original Loan Agreement”). 
  
 1. ACCOUNTING AND OTHER TERMS 
  
 Accounting terms not defined in this Agreement shall be construed following GAAP. Calculations and determinations must be made following GAAP. The term
“financial statements” includes the notes and schedules. The terms “including” and “includes” always mean “including (or includes) without limitation,” in this or any Loan Document. Capitalized terms in this
Agreement shall have the meanings as set forth in Section 13. All other terms contained in this Agreement, unless otherwise indicated, shall have the meanings provided by the Code, to the extent such terms are defined therein.

  
 2. LOAN AND TERMS OF PAYMENT 
  
 2.1 Promise to Pay. 
  
 Borrower hereby unconditionally promises to pay Bank the unpaid principal
amount of all Credit Extensions hereunder with all interest, fees, and finance charges due thereon as and when due in accordance with this Agreement. 
  
 2.1.1 Revolving Advances. 
  
 (a) Subject to the terms and conditions hereof, Bank shall make Advances to Borrower from time to time until the Revolving Maturity Date not
exceeding the Committed Revolving Line minus the Sublimit Utilization Amount. Until the Revolving Maturity Date and subject to the terms hereof and the applicable terms and conditions precedent in Sections 3.1 and 3.2,
Borrower may borrow, repay, and reborrow under this Section 2.1.1. The proceeds of the Advances shall be used solely for working capital and general corporate purposes. 
  
 (b) Interest on each Advance shall be paid pursuant to the terms of Section 2.4(b). The outstanding
principal amount of and all accrued but unpaid interest on the Advances shall be due and payable on the Revolving Maturity Date. 
  
 (c) To obtain an Advance, Borrower must follow the procedures set forth in Section 3.3. 

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 2.1.2 Letters of Credit Sublimit. 
  
 Bank will issue letters of credit (“Letters of
Credit”) for Borrower’s account not exceeding the Committed Revolving Line minus the sum of (a) all amounts for services utilized under the Cash Management Services Sublimit, (b) the FX Reserve, and (c) the
sum of the outstanding principal balance of the Advances. Each Letter of Credit will have an expiry date of no later than 180 days after the Revolving Maturity Date. Borrower’s reimbursement obligation with respect to any Letter of Credit with
an expiry date later than the Revolving Maturity Date will be secured by cash on terms reasonably acceptable to Bank on or before the Revolving Maturity Date if the term of this Agreement is not extended by Bank. Borrower agrees to execute any
further documentation in connection with the Letters of Credit as Bank may reasonably request. 
  
 2.1.3 FX Forward Contracts. 
  
 If there is availability under the Committed Revolving Line, then Borrower may enter into foreign exchange forward contracts with the Bank under which Borrower commits to purchase from or sell to Bank a set amount of foreign currency more
than one business day after the contract date (the “FX Forward Contract”). Bank will subtract ten percent (10%) of each outstanding FX Forward Contract from the foreign exchange sublimit (the “FX
Reserve”). The foreign exchange sublimit shall be the Committed Revolving Line minus the sum of (a) all amounts for services utilized under the Cash Management Services Sublimit, (b) the amount of all outstanding
Letters of Credit (including drawn but unreimbursed Letters of Credit), and (c) the sum of the outstanding principal balance of the Advances. The total FX Forward Contracts at any one time may not exceed ten (10) times the amount of the FX
Reserve. 
  
 2.1.4 Cash Management Services. 
  
 Borrower may use amounts up to the Committed Revolving Line minus the
sum of (a) the amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit), (b) the FX Reserve, and (c) the sum of the outstanding principal balance of the Advances (the “Cash Management
Services Sublimit”) for Bank’s Cash Management Services, which may include merchant services, direct deposit of payroll, business credit card, and check cashing services identified in various cash management services agreements
related to such services, including automated clearing house and electronic funds transfer services (the “Cash Management Services”). Such aggregate amounts utilized under the Cash Management Services Sublimit will at all
times reduce the amount otherwise available to be borrowed under the Committed Revolving Line. Any amounts Bank pays on behalf of Borrower or any amounts that are not paid by Borrower when due for any Cash Management Services will be treated as
Prime Rate Advances under the Committed Revolving Line and will accrue interest at the rate for Prime Rate Advances. 
  
 2.2 Suspension and Termination of Commitment to Lend; Termination of this Agreement. 
  
 Bank shall have no obligation to make Credit Extensions (a) upon the occurrence and during the continuance of an Event
of Default or if there exists any event, condition, or act which 
  

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 with notice or lapse of time, or both, would constitute an Event of Default or (b) upon the occurrence of any
Change in Control of Borrower. Bank’s obligation to make Credit Extensions shall terminate on the Revolving Maturity Date. Borrower may, upon five (5) Business Days’ prior written notice to Bank, irrevocably terminate this Agreement
provided that all Obligations have been paid in full and no Letters of Credit remain outstanding (other than Letters of Credit that have been secured by cash on terms acceptable to Bank) as of the effective date of such termination. 
  
 2.3 Overadvances. 
  
 If, at any time Borrower’s aggregate obligations under Sections
2.1.1, 2.1.2, 2.1.3, and 2.1.4, exceed the Committed Revolving Line, Borrower must, after written notice from Bank, immediately pay Bank the excess. 
  

2.4 Interest Rates. 
  
 (a) Borrower shall pay interest on the Advances at the following rates: (i) the Prime Rate, or (ii) at the election of Borrower,
Adjusted LIBOR, in each case plus the Applicable Margin per annum. Any increase or decrease in the Applicable Margins resulting from a change in the Senior Leverage Ratio, as evidenced by the most recently-delivered Compliance Certificate,
shall be effective retroactively to the first day of the fiscal quarter in which such Compliance Certificate is delivered; provided, however, that if Borrower fails to deliver a Compliance Certificate when due in accordance with
Section 6.2(b), then the Applicable Margins shall be 2.85% for LIBOR Advances and 1.25% for Prime Rate Advances effective retroactively to the first day of the fiscal quarter in which such Compliance Certificate is required to be
delivered and until such time that Borrower shall deliver a Compliance Certificate evidencing that its Senior Leverage Ratio at the end of the immediately preceding fiscal quarter was less than or equal to 2.5x (in which case the Applicable Margins
shall automatically adjust to the percentages corresponding to such Senior Leverage Ratio). The Applicable Margins in effect from the Effective Date until Borrower delivers the first Compliance Certificate required by this Agreement shall be 2.50%
for LIBOR Advances and 0.50% for Prime Rate Advances, whereupon any increase or decrease in the Applicable Margins shall be computed in accordance with the immediately preceding sentence. 
  
 The Applicable Margins are as follows: 
  

							
	 If Borrower’s Senior Leverage Ratio is:

	  	LIBOR
Applicable
Margin

	 	 	Prime Rate Applicable
Margin

	 
	 less than or equal to 1.0x
	  	1.75	%	 	0.00	%
	 more than 1.0x but less than or equal to 2.0x
	  	2.50	%	 	0.50	%
	 more than 2.0x but less than or equal to 2.5x
	  	2.75	%	 	1.00	%
	 greater than 2.5x
	  	2.85	%	 	1.25	%

  

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 (b) Pursuant to the terms of Section 3.7, interest on each Advance shall be paid
in arrears on each Interest Payment Date. Interest shall also be paid on the date of any prepayment of any Advance pursuant to this Agreement for the portion of any Advance so prepaid and upon payment (including prepayment) in full thereof.

  
 (c) After an Event of Default occurs and so long as
such Event of Default continues, including after an acceleration of the Obligations pursuant to Section 9.1(a) (whether before or after entry of judgment to the extent permitted by law), Obligations shall accrue interest at two percent
(2.00%) above the rate effective immediately before the Event of Default; provided, however, that on and after the expiration of any Interest Period applicable to any LIBOR Advance outstanding on the date of occurrence of such Event of Default
or acceleration, the Effective Amount of such LIBOR Advance shall, during the continuance of such Event of Default or after acceleration, bear interest at a rate per annum equal to the Prime Rate plus two percent (2.00%). Payment or acceptance of
the increased interest provided in this Section 2.4(c) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Bank. 
  
 2.5 Intentionally Omitted. 
  
 2.6 General Provisions. 
  
 Bank may debit any of Borrower’s deposit accounts maintained with Bank
for principal and interest payments due and owing or any amounts Borrower owes Bank pursuant to the Loan Documents which are then due and owing, including the Designated Deposit Account. These debits are not a set-off. Payments received after 12:00
noon (Pacific time) are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment is due the next Business Day and additional fees or interest accrue. 

 
 2.7 Fees. 
  
 Borrower shall pay to Bank: 
  
 (a) all documented Bank Expenses incurred through and after the
Effective Date, when due (including reasonable attorneys’ fees and expenses incurred in connection with the documentation, negotiation, execution, and delivery of the Loan Documents associated with the initial Credit Extension, which shall not
exceed $60,000 unless otherwise agreed by Borrower and which shall be due and payable on the Effective Date); and 
  
 (b) as additional compensation for Bank’s Revolving Loan Commitment, in arrears, on the first Business Day of each quarter prior to the
Revolving Maturity Date and on the Revolving Maturity Date, a per annum facility fee in an amount equal to the applicable Facility Fee Percentage multiplied by the Revolving Loan Commitment; and 
  

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 (c) such additional fees as set forth in the letter agreement dated as of September 16,
2005 between Borrower and Bank setting forth certain fees payable in connection with this Agreement. 
  
 2.8 Mandatory Prepayment Event. 
  
 Concurrently with the occurrence of any Change in Control of Borrower, Borrower shall prepay in full, without penalty or premium, all outstanding
Obligations and shall post cash collateral, upon terms reasonably acceptable to Bank, in the face amount of any undrawn Letters of Credit. 
  
 3. CONDITIONS OF CREDIT EXTENSIONS 
  
 3.1 Conditions Precedent to Initial Credit Extension. 
  
 Bank’s obligation to make the initial Credit Extension is subject to the condition precedent that the following have been satisfied, all in form and
substance reasonably satisfactory to Bank: 
  
 (a) the
parties shall have executed and delivered the Loan Documents; 
  
 (b) To the extent not previously delivered to Bank in connection with the Original Loan Agreement, Borrower shall have delivered executed one or more Control Agreement(s), in form and substance satisfactory to Bank, by and among
Borrower, Bank, and such banks or financial institutions as is necessary for Bank to perfect its security interest in the Domestic Collateral Accounts; 
  
 (c) each of Borrower and Guarantor shall have delivered its Operating Documents and a good standing certificate from the Secretary of State of
their jurisdiction of formation; 
  
 (d) each of Borrower
and Guarantor shall have delivered a copy of the resolutions of its Board of Directors certified to be a true and correct copy by its secretary or other authorized officer, together with incumbency information and specimen signatures; 
  
 (e) the Leasehold Deeds of Trust for which landlord consents are
either not required to permit Borrower to encumber the underlying leasehold interest or for which such landlord consents have been obtained on the Effective Date, shall have been duly executed and delivered by Borrower; 
  
 (f) Bank shall have received the certificates of insurance described
in Section 6.5 hereof; 
  
 (g) Subject to the
limitations set forth in Section 2.7, Borrower shall have paid all documented and invoiced costs and fees, including Bank Expenses, then due; and 
  

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 (h) Borrower shall have delivered to Bank, in addition to the documents required in
Sections 3.2 and 3.3, all documents, certificates, and other assurances that Bank or its counsel may reasonably request. 
  
 3.2 Conditions Precedent to all Credit Extensions. 
  
 3.2.1 Bank’s obligation to make each Credit Extension, including the initial Credit Extension, is subject to the following: 
  
 (a) timely receipt of a Notice of Borrowing in the form attached as
Exhibit A; and 
  
 (b) the representations and warranties
in Section 5 shall be true, accurate and complete on the date of the Notice of Borrowing and on the Funding Date, and no Event of Default shall have occurred and be continuing, or result from, an Advance and/or Credit Extension;
provided, however, that those representations and warranties expressly referring to a date other than the Funding Date are true, accurate and complete as of such date; and provided, further, that the representations and
warranties set forth in Section 5 shall be deemed to be made with respect to the financial statements most recently delivered to the Bank pursuant to Section 6.2. Borrower’s receipt of an Advance is Borrower’s
representation and warranty on that date that the representations and warranties in Section 5 remain true, accurate and complete, subject to the provisos set forth in the preceding sentence. 
  
 3.2.2 Bank’s obligation to make Credit Extensions on or after
December 31, 2005, is subject to the additional condition that Borrower shall have used commercially reasonable efforts to have obtained and delivered to Bank not later than such date [*]. 
  
 3.3 Procedure for the Borrowing of Advances. 
  
 (a) Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in
this Agreement, including Section 3.1 and Section 3.2 for Advances made on the Effective Date and Section 3.2 for all Advances, each Advance shall be made upon Borrower’s irrevocable written notice delivered
to Bank in the form of a Notice of Borrowing, each executed by a Responsible Officer of Borrower or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due. Bank may rely on any telephone
notice given by a person whom Bank believes is a Responsible Officer or designee. Borrower will indemnify Bank for any loss Bank suffers due to such reliance (other than losses resulting from Bank’s gross negligence or willful misconduct). Such
Notice of Borrowing must be received by Bank prior to 12:00 noon (Pacific time), (i) at least three (3) Business Days prior to the requested Funding Date, in the case of LIBOR Advances, and (ii) at least one (1) Business Day
prior to the requested Funding Date, in the case of Prime Rate Advances, specifying: 
  
 (i) the amount of the Advance, which, if a LIBOR Advance is requested, shall be in an aggregate minimum principal amount of $1,000,000 or in any integral multiple of $100,000 in excess thereof; 
  

	*	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

  

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 (ii) the requested Funding Date, which shall be a Business Day; 
  
 (iii) whether the Advance is to be comprised of LIBOR Advances or
Prime Rate Advances; and 
  
 (iv) the duration of the
Interest Period applicable to any such LIBOR Advances included in such notice; provided that if the Notice of Borrowing shall fail to specify the duration of the Interest Period for any Advance comprised of LIBOR Advances, such Interest
Period shall be one (1) month. 
  
 (b) The proceeds
of all such Advances will then be made available to Borrower on the Funding Date by Bank by transfer to the Designated Deposit Account. 
  
 3.4 Conversion and Continuation Elections. 
  
 (a) So long as (1) no Event of Default or event which with notice, passage of time, or both would constitute an Event of Default exists;
(2) no party hereto shall have sent any notice of termination of this Agreement; and (3) Borrower shall have complied with such customary procedures as Bank has established from time to time for Borrower’s requests for LIBOR Advances,
Borrower may, upon irrevocable written notice to Bank: 
  
 (i) elect to convert on any Business Day, Prime Rate Advances in an amount equal to $1,000,000 or any integral multiple of $100,000 in excess thereof into LIBOR Advances; 
  
 (ii) elect to continue on any Interest Payment Date any LIBOR Advances maturing on such Interest Payment Date (or
any part thereof in an amount equal to $1,000,000 or any integral multiple of $100,000 in excess thereof); provided, that if the aggregate amount of LIBOR Advances shall have been reduced, by payment, prepayment, or conversion of part thereof, to be
less than $1,000,000, such LIBOR Advances shall automatically convert into Prime Rate Advances; or 
  
 (iii) elect to convert on any Interest Payment Date any LIBOR Advances maturing on such Interest Payment Date (or any part thereof in an amount
equal to $1,000,000 or any integral multiple of $100,000 in excess thereof) into Prime Rate Advances. 
  
 (b) Borrower shall deliver a Notice of Conversion/Continuation substantially in the form attached hereto as Exhibit B to be received
by Bank prior to 11:00 a.m. (Pacific time) at least (i) three (3) Business Days in advance of the Conversion Date or Continuation Date, if any Advances are to be converted into or continued as LIBOR Advances; and (ii) one (1)
Business Day in advance of the Conversion Date, if any Advances are to be converted into Prime Rate Advances, in each case specifying: 
  
 (i) the proposed Conversion Date or Continuation Date; 
  

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 (ii) the aggregate amount of the Advances to be converted or continued which, if any Advances
are to be converted into or continued as LIBOR Advances, shall be in an aggregate minimum principal amount of $1,000,000 or in any integral multiple of $100,000 in excess thereof; 
  
 (iii) whether a conversion or a continuation is proposed; and 
  
 (iv) the duration of the requested Interest Period. 
  
 (c) If upon the expiration of any Interest Period applicable to any
LIBOR Advances, Borrower shall have timely failed to select a new Interest Period to be applicable to such LIBOR Advances, Borrower shall be deemed to have elected to convert such LIBOR Advances into Prime Rate Advances. 
  
 (d) Any LIBOR Advances shall, at Bank’s option, convert into
Prime Rate Advances in the event that (i) an Event of Default, or event which with notice, the passage of time, or both would constitute an Event of Default, shall exist, (ii) the Agreement shall terminate, or (iii) the aggregate
principal amount of the Prime Rate Advances which have been previously converted to LIBOR Advances, or the aggregate principal amount of existing LIBOR Advances continued, as the case may be, at the beginning of an Interest Period shall at any time
during such Interest Period exceed the Committed Revolving Line. Borrower agrees to pay Bank, upon demand by Bank (or Bank may, at its option, charge the Designated Deposit Account or any other account Borrower maintains with Bank) any amounts
required to compensate Bank for any loss (including loss of anticipated profits), cost, or expense incurred by Bank, as a result of the conversion of LIBOR Advances to Prime Rate Advances pursuant to any of the foregoing. Concurrently with any
demand for compensation under this Section 3.4(d), Bank will furnish Borrower with a statement setting forth the basis and amount of such request by Bank for such compensation. Determinations by Bank for purposes of this Section 3.4(d) of
the amounts required to compensate Bank in respect of any loss, costs or expense incurred by Bank as a result of the conversion of LIBOR Advances to Prime Rate Advances pursuant to the circumstances set forth in Sections 3.4(d)(i)-(iii) shall
be conclusive absent manifest error. 
  
 (e)
Notwithstanding anything to the contrary contained herein, Bank shall not be required to purchase United States Dollar deposits in the London interbank market or other applicable LIBOR market to fund any LIBOR Advances, but the provisions hereof
shall be deemed to apply as if Bank had purchased such deposits to fund the LIBOR Advances. 
  
 3.5 Special Provisions Governing LIBOR Advances. 
  
 Notwithstanding any other provision of this Agreement to the contrary, the following provisions shall govern with respect to LIBOR Advances as to the matters covered: 
  
 (a) Determination of Applicable Interest Rate. As soon as
practicable on each Interest Rate Determination Date, Bank shall determine (which determination shall, absent manifest error in calculation, be final, conclusive and binding upon all parties) the interest rate that shall apply to the LIBOR Advances
for which an interest rate is then being determined for the applicable Interest Period and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to Borrower. 
  

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 (b) Inability to Determine Applicable Interest Rate. In the event that Bank shall have
determined (which determination shall be final and conclusive and binding upon all parties hereto), on any Interest Rate Determination Date with respect to any LIBOR Advance, that by reason of circumstances affecting the London interbank market
adequate and fair means do not exist for ascertaining the interest rate applicable to such Advance on the basis provided for in the definition of LIBOR, Bank shall on such date give notice (by telefacsimile or by telephone confirmed in writing) to
Borrower of such determination, whereupon (i) no Advances may be made as, or converted to, LIBOR Advances until such time as Bank notifies Borrower that the circumstances giving rise to such notice no longer exist, and (ii) any Notice of
Borrowing or Notice of Conversion/Continuation given by Borrower with respect to Advances in respect of which such determination was made shall be deemed to be rescinded by Borrower and, with respect to a Notice of Conversion/Continuation, be deemed
a request to convert or continue Advances referred to therein as Prime Rate Advances. 
  
 (c) Compensation for Breakage or Non-Commencement of Interest Periods. Borrower shall compensate Bank, upon written request by Bank (which request shall set forth the manner and method of computing such
compensation), for all reasonable losses, expenses and liabilities, if any (including any interest paid by Bank to lenders of funds borrowed by it to make or carry its LIBOR Advances and any loss, expense or liability incurred by Bank in connection
with the liquidation or re-employment of such funds) such that Bank may incur: (i) if for any reason (other than a default by Bank or due to any failure of Bank to fund LIBOR Advances due to illegality under Section 3.6(e) or
impracticability under Section 3.6(d)) a borrowing or a conversion to or continuation of any LIBOR Advance does not occur on a date specified in a Notice of Borrowing or a Notice of Conversion/Continuation, as the case may be, or
(ii) if any principal payment or any conversion of any of its LIBOR Advances occurs on a date prior to the last day of an Interest Period applicable to that Advance. 
  
 Concurrently with any demand for compensation under this Section 3.5(c), Bank will furnish Borrower with a
statement setting forth the basis and amount of such request by Bank for such compensation. Determinations by Bank for purposes of this Section 3.5(c) of the amounts required to compensate Bank in respect of any loss, expense or
liability incurred by Bank as a result of the circumstances set forth in Sections 3.5(c)(i)-(ii) shall be conclusive absent manifest error. 
  
 (d) Assumptions Concerning Funding of LIBOR Advances. Calculation of all amounts payable to Bank under this Section 3.5 and under
Section 3.3 shall be made as though Bank had actually funded each of its relevant LIBOR Advances through the purchase of a Eurodollar deposit bearing interest at the rate obtained pursuant to the definition of LIBOR Rate in an amount
equal to the amount of such LIBOR Advance and having a maturity comparable to the relevant Interest Period; provided, however, that Bank may fund each of its LIBOR Advances in any manner it sees fit and the foregoing assumptions shall
be utilized only for the purposes of calculating amounts payable under this Section 3.5 and under Section 3.3. 
  
 (e) LIBOR Advances After Event of Default. After the occurrence of and during the continuation of an Event of Default, (i) Borrower may not
elect to have an Advance be made or continued as, or converted to, a LIBOR Advance after the expiration of any Interest Period then in effect for such Advance, and (ii) subject to the provisions of Section 
  

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 3.5(c), any Notice of Conversion/Continuation given by Borrower with respect to a requested conversion/continuation
that has not yet occurred shall be deemed to be rescinded by Borrower and be deemed a request to convert or continue Advances referred to therein as Prime Rate Advances. 
  
 3.6 Additional Requirements/Provisions Regarding LIBOR Advances. 
  
 (a) If for any reason (including voluntary or mandatory prepayment
or acceleration), Bank receives all or part of the principal amount of a LIBOR Advance prior to the last day of the Interest Period for such Advance, Borrower shall immediately notify Borrower’s account officer at Bank and, within fifteen
(15) days after written demand by Bank, pay Bank the amount (if any) by which (i) the additional interest which would have been payable on the amount so received had it not been received until the last day of such Interest Period exceeds
(ii) the interest which would have been recoverable by Bank by placing the amount so received on deposit in the certificate of deposit markets, the offshore currency markets, or United States Treasury investment products, as the case may be,
for a period starting on the date on which it was so received and ending on the last day of such Interest Period at the interest rate determined by Bank in its reasonable discretion. Bank’s determination as to such amount shall be conclusive
absent manifest error. 
  
 (b) Borrower shall pay Bank,
within fifteen (15) days after written demand by Bank, from time to time such amounts as Bank may determine to be necessary to compensate it for any costs incurred by Bank that Bank determines are attributable to its making or maintaining of
any amount receivable by Bank hereunder in respect of any Advances relating thereto (such increases in costs and reductions in amounts receivable being herein called “Additional Costs”), in each case resulting from any
Regulatory Change which: 
  
 (i) changes the basis of
taxation of any amounts payable to Bank under this Agreement in respect of any Advances (other than changes which affect taxes measured by or imposed on the overall net income or capital of Bank by the jurisdiction in which Bank has its principal
office); 
  
 (ii) imposes or modifies any reserve, special
deposit or similar requirements relating to any extensions of credit or other assets of, or any deposits with, or other liabilities of Bank (including any Advances or any deposits referred to in the definition of LIBOR); or 
  
 (iii) imposes any direct costs on Bank in respect of any Advances.

  
 Bank will notify Borrower of any event occurring after the
Effective Date which will entitle Bank to compensation pursuant to this Section 3.6(b) as promptly as practicable after it obtains knowledge thereof and determines to request such compensation. Concurrently with any demand for
compensation under this Section 3.6(b), Bank will furnish Borrower with a statement setting forth the basis and amount of such request by Bank for such compensation. Determinations and allocations by Bank for purposes of this
Section 3.6(b) of the effect of any Regulatory Change on its costs of maintaining its obligations to make Advances, of making or 
  

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 maintaining Advances, or on amounts receivable by it in respect of Advances, and of the additional amounts required
to compensate Bank in respect of any Additional Costs, shall be conclusive absent manifest error. 
  
 (c) If Bank shall determine that the adoption or implementation of any applicable law, rule, regulation, or treaty regarding capital adequacy, or
any change therein, or any change in the interpretation or administration thereof by any governmental authority, central bank, or comparable agency charged with the interpretation or administration thereof, or compliance by Bank (or its applicable
lending office) with any respect or directive regarding capital adequacy (whether or not having the force of law) of any such authority, central bank, or comparable agency, has or would have the effect of reducing the rate of return on capital of
Bank or any person or entity controlling Bank (a “Parent”) as a consequence of its obligations hereunder to a level below that which Bank (or its Parent) could have achieved but for such adoption, change, or compliance
(taking into consideration policies with respect to capital adequacy) by an amount deemed by Bank to be material, then from time to time, within fifteen (15) days after written demand by Bank, Borrower shall pay to Bank such additional amount
or amounts as will compensate Bank for such reduction. Concurrently with any demand for compensation under this Section 3.6(c), Bank will furnish Borrower with a statement setting forth the basis and amount of such request by Bank for
such compensation, which statement shall be conclusive absent manifest error. 
  
 (d) If, at any time, (i) the amount of LIBOR Advances for periods equal to the corresponding Interest Periods is not available to Bank in the offshore currency interbank markets, or (ii) LIBOR does
not accurately reflect the cost to Bank of lending the LIBOR Advances, then Bank shall promptly give notice thereof to Borrower. Upon the giving of such notice, Bank’s obligation to make the LIBOR Advances shall terminate. 
  
 (e) If it shall become unlawful for Bank to continue to fund or
maintain any LIBOR Advances, or to perform its obligations hereunder, upon demand by Bank, Borrower shall prepay the Advances in full with accrued interest thereon and all other amounts payable by Borrower hereunder (including, without limitation,
any amount payable in connection with such prepayment pursuant to Section 3.6(a)). Notwithstanding the foregoing, to the extent a determination by Bank as described above relates to a LIBOR Advance then being requested by Borrower
pursuant to a Notice of Borrowing or a Notice of Conversion/Continuation, Borrower shall have the option, subject to the provisions of Section 3.5(c), to (i) rescind such Notice of Borrowing or Notice of Conversion/Continuation by
giving notice (by telefacsimile or by telephone confirmed in writing) to Bank of such rescission on the date on which Bank gives notice of its determination as described above, or (ii) modify such Notice of Borrowing or Notice of
Conversion/Continuation to obtain a Prime Rate Advance or to have outstanding Advances converted into or continued as Prime Rate Advances by giving notice (by telefacsimile or by telephone confirmed in writing) to Bank of such modification on the
date on which Bank gives notice of its determination as described above. 
  
 (f) Failure or delay on the part of Bank to demand compensation pursuant to the provisions of Sections 3.6(b) or 3.6(c) shall not constitute a waiver of Bank’s right to demand such
compensation, provided that Borrower shall not be required to compensate Bank pursuant to the provisions of Sections 3.6(b) or 3.6(c) for any costs incurred or reductions 
  

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 suffered more than 90 days prior to the date that Bank notifies Borrower of the Regulatory Change giving rise to such
increased costs or reductions and of Bank’s intention to claim compensation therefor. 
  
 3.7 Calculation of Interest and Fees. 
  
 Interest on the Advances and all fees payable hereunder shall be computed on the basis of a 360-day year and the actual number of days elapsed (other than Prime Rate Advances, which shall be computed on the basis of a
365-day year and the actual number of days elapsed) in the period during which such interest accrues. In computing interest on any Advance, the date of the making of such Advance shall be included and the date of payment shall be excluded;
provided, however, that if any Advance is repaid on the same day on which it is made, such day shall be included in computing interest on such Advance. 
  
 (a) Prime Rate Advances. Each change in the interest rate of the Prime Rate Advances based on changes in the Prime
Rate shall be effective on the effective date of such change and to the extent of such change. Interest on Prime Rate Advances is payable quarterly by debit to the Designated Deposit Account on each Interest Payment Date. 
  
 (b) LIBOR Advances. The interest rate applicable to each LIBOR
Advance shall be determined in accordance with Section 3.5(a) hereunder. Subject to Sections 3.5 and 3.6, such rate shall apply during the entire Interest Period applicable to such LIBOR Advance, and interest calculated
thereon shall be payable on the Interest Payment Date applicable to such LIBOR Advance. 
  
 4. CREATION OF SECURITY INTEREST 
  
 4.1 Grant
of Security Interest. 
  
 Borrower hereby grants Bank, to
secure the payment and performance in full of all of the Obligations and the performance of each of Borrower’s duties under the Loan Documents, a continuing security interest in the Collateral and all proceeds and products thereof. Borrower
warrants and represents that the security interest granted herein shall be a perfected first priority security interest in the Filing Collateral (which security interest shall be perfected by the filing of any financing statements required by the
Code) and in the Domestic Collateral Accounts (which security interest shall be perfected by “control” pursuant to Section 9104 or Section 9106 of the Code, as applicable), subject only to Permitted Liens. 
  
 Borrower agrees that any disposition of the Collateral in violation of this
Agreement, by either Borrower or any other Person, shall be deemed to violate the rights of Bank under the Code. If the Agreement is terminated, Bank’s lien and security interest in the Collateral shall continue until Borrower fully satisfies
its Obligations. If Borrower shall at any time, file a commercial tort claim in any court where the amount of damages claimed exceeds $500,000, Borrower shall promptly notify Bank in a writing signed by Borrower of the brief details thereof and
grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank. 
  

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 Once the Obligations have been indefeasibly paid in full (other than inchoate indemnity obligations)
or otherwise performed in full and Bank’s obligations to provide Credit Extensions hereunder have terminated, (i) Bank’s security interest in the Collateral shall automatically terminate, (ii) all rights to the Collateral shall
automatically revert to Borrower and (iii) Bank shall promptly return any pledged Collateral to Borrower, or to the Person or Persons legally entitled thereto, and shall promptly endorse, execute, deliver, record and file all financing
statements, reconveyances, instruments and documents, and do all other acts and things, reasonably required for the return of the Collateral to Borrower, or to the Person or Persons legally entitled thereto, and to evidence or document the release,
reconveyance and termination of Bank’s interests arising under this Agreement, all as reasonably requested by, and at the expense of, Borrower. Bank’s Lien on any Collateral sold or otherwise transferred by Borrower in a transaction which
is not a Default or Event of Default under this Agreement shall terminate effective upon such sale or other transfer. Upon such termination or Bank’s release of any Collateral prior to indefeasible payment or performance in full of the
Obligations, Bank shall execute and deliver to Borrower (or to a party designated by Borrower) such documents as may be appropriate to confirm such termination or release, including documents necessary to reconvey interests in real property,
terminate financing statements or to evidence the release (or partial release) of Collateral under financing statements filed under the Code. 
  
 4.2 Authorization to File Financing Statements. 
  
 Borrower hereby authorizes Bank to file financing statements with all appropriate jurisdictions, to perfect or protect Bank’s interest or rights
hereunder. 
  
 5. REPRESENTATIONS AND WARRANTIES 
  
 Borrower represents and warrants as follows: 
  
 5.1 Due Organization and Authorization. 
  
 Borrower and each Subsidiary is duly existing and, in any jurisdiction in
which such legal concept is applicable, in good standing in its jurisdiction of organization and is qualified and licensed to do business in, and, in any jurisdiction in which such legal concept is applicable, is in good standing in, any
jurisdiction in which the conduct of its business or its ownership of property requires that it be qualified, except where the failure to do any of the foregoing could not reasonably be expected to cause a Material Adverse Change. In connection with
this Agreement, Borrower has delivered to Bank a certificate signed by Borrower and entitled “Collateral Information Certificate”. Borrower represents and warrants to Bank that: (a) Borrower’s exact legal name is that indicated
on the Collateral Information Certificate and on the signature page hereof; (b) Borrower is an organization of the type, and is organized in the jurisdiction, set forth in the Collateral Information Certificate; (c) the Collateral
Information Certificate accurately sets forth Borrower’s organizational identification number or accurately states that Borrower has none; and (d) the Collateral Information Certificate accurately sets forth Borrower’s place of
business, or, if more than one, its chief executive office as well as Borrower’s mailing address if different, and (e) all other information set forth on the Collateral Information Certificate pertaining to Borrower is accurate and
complete. If Borrower does not now have an organizational identification number, but later obtains one, Borrower shall promptly notify Bank of such organizational identification number. 
  

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 The execution, delivery and performance of the Loan Documents have been duly authorized by Borrower,
and do not conflict with Borrower’s organizational documents, nor constitute an event of default under any material agreement by which Borrower is bound. Borrower is not in default under any agreement to which or by which it is bound in which
the default could reasonably be expected to cause a Material Adverse Change. 
  
 5.2 Collateral. 
  
 Borrower has good title to the Collateral, free of Liens except Permitted Liens. Borrower maintains its primary operating accounts with Bank or with Bank’s Affiliates and all other deposit or investment accounts of Borrower are
disclosed in the Collateral Information Certificate or have otherwise been disclosed to Bank in writing. The Domestic Accounts are bona fide, existing obligations, and the service or property has been performed or delivered to the account debtor or
its agent for immediate shipment to and unconditional acceptance by the account debtor. Except as otherwise disclosed in writing to Bank, no Collateral consisting of Inventory with an aggregate value in excess of $200,000 is in the possession of any
third party bailee (such as a warehouse). Except as hereafter disclosed to Bank in writing by Borrower pursuant to and within the timeframe provided by Section 6.2(f)(i), none of the components of the Collateral with an aggregate value
in excess of $200,000 is maintained at locations other than as provided in the Collateral Information Certificate. In the event that Borrower, after the date hereof, intends to deliver possession of any Collateral consisting of Inventory with an
aggregate value in excess of $200,000 to a bailee, then Borrower shall first obtain the written consent of Bank, and such bailee must acknowledge in writing that the bailee is holding such Collateral for the benefit of Bank. All Inventory is in all
material respects of good and marketable quality, free from material defects. 
  
 5.3 Litigation. 
  
 Except
as shown in the Collateral Information Certificate, there are no actions or proceedings pending or, to the knowledge of Borrower’s Responsible Officers or legal counsel, threatened in writing by or against Borrower or any Subsidiary which could
reasonably be expected to cause a Material Adverse Change. 
  
 5.4 No Material Deterioration in Financial Statements. 
  
 All consolidated financial statements for Borrower, and any Subsidiary, delivered to Bank fairly present in all material respects Borrower’s consolidated financial condition and Borrower’s consolidated results of operations. There
has not been a Material Adverse Change since the date of the most recent financial statements submitted to Bank. 
  
 5.5 Solvency. 
  
 The fair salable value of Borrower’s assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities; Borrower is not
left with unreasonably small capital after the transactions in this Agreement; and Borrower is able to pay its debts (including trade debts) as they mature. 
  

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 5.6 Regulatory Compliance. 
  
 Borrower is not an “investment company” under the Investment Company Act. Borrower is not engaged as one of its
important activities in extending credit for margin stock (under Regulations T and U of the Federal Reserve Board of Governors). Borrower has complied in all material respects with the Federal Fair Labor Standards Act. Borrower has not violated any
laws, ordinances or rules, the violation of which could reasonably be expected to cause a Material Adverse Change. None of Borrower’s or any Subsidiary’s properties or assets has been used by Borrower or any Subsidiary or, to the best of
Borrower’s knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting any hazardous substance other than legally. Borrower and each Subsidiary have timely (taking into account any extensions of time granted to
Borrower) filed all required tax returns and paid, or made adequate provision to pay, all material taxes, except those being contested in good faith with adequate reserves under GAAP. Borrower and each Subsidiary have obtained all consents,
approvals and authorizations of, made all declarations or filings with, and given all notices to, all government authorities that are necessary to continue its business as currently conducted, except where the failure to make such declarations,
notices or filings would not reasonably be expected to cause a Material Adverse Change. 
  
 5.7 Subsidiaries. 
  
 Except as shown in the Collateral Information Certificate or as Borrower may otherwise notify Bank in writing from time to time, Borrower does not own any stock, partnership interest or other equity securities except for Permitted
Investments. 
  
 5.8 Full Disclosure. 
  
 No written representation, warranty or other statement of Borrower in any
certificate or written statement given to Bank (taken together with all such written certificates and written statements given to Bank) contains any untrue statement of a material fact or omits to state a material fact necessary to make the
statements contained in the certificates or statements not misleading, it being recognized by Bank that the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are not viewed as facts and that actual
results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results. 
  

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 6. AFFIRMATIVE COVENANTS 
  
 Borrower shall, and, where indicated, shall cause each of its Domestic Subsidiaries to, do all of the following for so long
as Bank has an obligation to lend or there are outstanding Obligations: 
  
 6.1 Government Compliance. 
  
 (a) Except
as to Subsidiaries in connection with a transaction permitted by Section 7.1(f) or a merger permitted by Section 7.4, maintain its and all its Domestic Subsidiaries’ legal existence and, to the extent such legal concept
is applicable, good standing in their respective jurisdictions of organization except where the failure to do so could not reasonably be expected to cause a Material Adverse Change; 
  
 (b) Maintain its and its Domestic Subsidiaries’ qualification to do business (to the extent such legal concept
is applicable) in each jurisdiction where the failure to so qualify could reasonably be expected to cause a Material Adverse Change; and 
  
 (c) Comply, and have each of its Domestic Subsidiaries comply, with all laws, ordinances and regulations to which it is subject, for which
noncompliance or would reasonably be expected to cause a Material Adverse Change. 
  
 6.2 Financial Statements, Reports, Certificates. 
  
 (a) Deliver to Bank: (i) as soon as available, but no later than forty-five (45) days after the last day of each quarter (other than the fiscal quarter ending December 31), a company prepared
consolidated balance sheet and income statement covering Borrower’s consolidated operations during the period certified by a Responsible Officer and in a form acceptable to Bank; (ii) as soon as available, but no later than ninety
(90) days after the last day of Borrower’s fiscal year, audited consolidated financial statements prepared under GAAP, consistently applied, together with an opinion on the financial statements from a nationally-recognized, independent,
certified public accounting firm; (iii) within five (5) Business Days of filing, copies of all reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission; (iv) a prompt report of any legal actions pending or
threatened in writing against Borrower or any Subsidiary that could result in damages or costs to Borrower or any Subsidiary of Three Million Dollars ($3,000,000) or more; (v) as soon as available, but no later than ninety (90) days after
the end of each fiscal year, a one (1) year (prepared on a quarterly basis) financial projections of Borrower on a consolidated basis, including a balance sheet and statements of income and cash flows prepared in accordance with GAAP and
showing projected operating revenues, expenses and debt service of Borrower on a consolidated basis; and (vi) budgets, sales projections, operating plans or other financial information reasonably requested by Bank. 
  
 Documents required to be delivered pursuant to this
Section 6.2(a) (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 on which Borrower posts such
documents, or provides a link thereto on the Borrower’s website on the Internet at Borrower’s website address of www.equinix.com (or such other website address as Borrower may provide to Bank in writing from time to time);
provided that: (x) to the extent Bank is otherwise unable to receive any such electronically delivered documents, Borrower shall, upon request by Bank, deliver paper copies of such documents to Bank until a written request to cease
delivering paper copies is given by Bank and (y) Borrower shall notify Bank (by telecopier or electronic mail) of the posting of any such documents or provide to Bank by electronic mail electronic versions (i.e., soft copies) of such documents.

  

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 (b) Borrower shall deliver to Bank, (i) as soon as available, but no later than
forty-five (45) days after the last day of each fiscal quarter (other than the fiscal quarter ending December 31) and (ii) together with the annual financial statements set forth in clause (a)(ii) above, a Compliance
Certificate signed by a Responsible Officer in the form of Exhibit C. 
  
 (c) Borrower shall, during normal business hours, from time to time upon five (5) Business Days’ prior notice: (i) provide Bank and any of its officers, employees and agents access to its
properties, facilities, advisors, officers and employees of Borrower and to the Collateral, (ii) permit Bank, and any of its officers, employees and agents, to inspect, audit and make extracts from Borrower’s books and records, and
(iii) permit Bank, and its officers, employees and agents, to inspect, review, evaluate and make test verifications and counts of the Domestic Accounts, Inventory and other Collateral of Borrower. So long as no Default or Event of Default shall
have occurred and be continuing, Borrower shall reimburse Bank for not more than one (1) inspection in any calendar year in an amount not to exceed $10,000. If an Event of Default has occurred and is continuing, Borrower shall provide access to
(x) its properties, facilities, advisors, officers and employees of Borrower and to the Collateral at all times and without advance notice, and (y) its suppliers and customers upon request from Bank. Borrower shall promptly make available
to Bank and its counsel originals or copies of all books and records that Bank may reasonably request. 
  
 (d) Borrower shall provide written notice to Bank (i) such notice to be delivered at the end of the fiscal quarter in which the following
such relocation or additions occur, if Borrower relocates its chief executive office, or adds any new offices or business locations, including warehouses (unless such new offices or business locations contain less than $200,000 in Borrower’s
assets or property), (ii) such notice to be delivered at least thirty (30) days prior to the effective date of the following changes, if Borrower changes (1) its jurisdiction of organization, (2) its organizational structure or
type, (3) its legal name, or (4) the organizational number (if any) assigned by its jurisdiction of organization. 
  
 6.3 Inventory; Returns. 
  
 Keep all Inventory in good and marketable condition, free from material defects. Returns and allowances between Borrower and its account debtors shall
follow Borrower’s customary practices. Borrower must promptly notify Bank of all returns, recoveries, disputes and claims, that involve more than $250,000. 
  

6.4 Taxes. 
  
 Make, and cause each Subsidiary to make, timely (taking into account any extensions of time granted to Borrower) payment of all material federal, state,
and local taxes or assessments (other than taxes and assessments which Borrower is contesting in good faith, with reserves maintained to the extent required by GAAP) and will deliver to Bank, on demand, appropriate certificates attesting to such
payments. 
  
 6.5 Insurance. 
  
 Keep its business and the Collateral insured for such risks and in such
amounts as is customary for Persons similarly situated as Borrower. All property policies shall have a lenders’ 
  

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 loss payable endorsement showing Bank as an additional loss payee; all liability policies shall show Bank as an
additional insured; all policies shall provide that the insurer must give Bank at least twenty (20) days notice before canceling its policy. At Bank’s request, Borrower shall deliver certified copies of policies and evidence of all premium
payments. Following the occurrence and during the continuance of an Event of Default, proceeds payable under any policy shall, at Bank’s option be payable to Bank on account of the Obligations. 
  
 6.6 Primary Accounts. 
  
 (a) Maintain Borrower’s primary operating accounts with Bank or
any Affiliate of Bank (collectively, “SVB Accounts”) and not less than 90% of Borrower’s total cash in Domestic Collateral Accounts; and 
  
 (b) Provide Bank five (5) Business Days advance written notice before establishing any Domestic Collateral
Account at or with any bank or financial institution (other than Bank). In addition, for each Domestic Collateral Account that Borrower at any time maintains, Borrower shall cause each applicable bank or financial institution (other than Bank) at or
with which any Domestic Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Domestic Collateral Account to perfect Bank’s security interest in such Domestic Collateral
Account. 
  
 6.7 Financial Covenants. 
  
 (a) At each date that is a quarter-end, Borrower and its
consolidated Subsidiaries shall maintain a Quick Ratio of not less than [*]. 
  
 (b) At each date that
is a fiscal quarter-end, Borrower and its consolidated Subsidiaries shall have achieved EBITDA for a trailing two fiscal quarter period ending on such date (except at 9/30/05, which measurement shall be for the quarter then ending only) equal to or
greater than the amounts set forth below opposite each time period set forth below: 
  

			
	 Period

	  	Minimum EBITDA

	 For the fiscal quarter ending 9/30/05
	  	[*]
		
	 For the two fiscal quarters ending 12/31/05, 3/31/06, 6/30/06 and 9/30/06
	  	[*]
		
	 For the two fiscal quarters ending 12/31/06 and each fiscal quarter end thereafter
	  	[*]

	*	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

  

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 (c) At each date that is a fiscal quarter-end, the Total Senior Funded Debt divided by the
trailing two fiscal quarter annualized EBITDA of Borrower and its consolidated Subsidiaries (the “Senior Leverage Ratio”) shall be less than or equal to the ratio set forth below opposite each time period set forth below:

  

			
	 Period

	  	Maximum Senior Leverage Ratio

	 For the fiscal quarters ending 9/30/05 through 6/30/07
	  	[*]
		
	 For the fiscal quarters ending 9/30/07 and each fiscal quarter end thereafter
	  	[*]

  
 (d) At each
date that is a fiscal quarter-end, the Total Funded Debt divided by the trailing two fiscal quarter annualized EBITDA of Borrower and its consolidated Subsidiaries shall be less than or equal to the ratio set forth below opposite each time period
set forth below: 
  

			
	 Period

	  	Maximum Total Leverage Ratio

	 For the fiscal quarters ending 9/30/05 through 6/30/07
	  	[*]
		
	 For the fiscal quarters ending 9/30/07 and each fiscal quarter end thereafter
	  	[*]

  
 6.8 Intentionally
Omitted. 
  
 6.9 Further Assurances. 
  
 Borrower shall execute any further instruments and take further action as
Bank reasonably requests to perfect or continue Bank’s security interest in the Collateral or to effect the purposes of this Agreement. 
  
 7. NEGATIVE COVENANTS 
  
 Borrower shall not, and, where indicated, shall not permit any of its Subsidiaries to, do any of the following without Bank’s prior written consent,
for so long as Bank has an obligation to lend or there are any outstanding Obligations: 
  
 7.1 Dispositions. 
  
 Convey, sell, lease, transfer or otherwise dispose of (collectively a “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for (a) Transfers of
Inventory in the ordinary course of business; (b) non-exclusive licenses, leases, and similar arrangements for the use of the property of Borrower or its Subsidiaries in the ordinary course of business; (c) Transfers of worn out, surplus,
damaged, or obsolete Equipment; (d) Transfers associated with the making or disposition of a Permitted Investment; (e) dispositions of 
  

	*	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

  

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 cash or Permitted Investments in a manner not prohibited by this Agreement; (f) mergers or consolidations of any
Subsidiary into Borrower or another Subsidiary or liquidations of or dissolutions of Subsidiaries; (g) Transfers in connection with transaction permitted under Section 7.4; (h) Transfers of unimproved real property;
(i) Transfers of any Facility if as of the date of such Transfer such Facility is a Non-Performing Facility; (j) Transfers in connection with Permitted Sale-Leaseback Transactions; (k) Transfers that are Permitted Liens; and
(l) Transfers not otherwise permitted in this Section 7.1, provided, that the aggregate book value of all such other Transfers by Borrower and its Subsidiaries, together, shall not exceed $5,000,000 in any fiscal year.

  
 7.2 Changes in Business. 
  
 Engage in or permit any of its Subsidiaries to engage in any business other
than the businesses currently engaged in by Borrower or reasonably related thereto. 
  
 7.3 Dissolution. 
  
 Dissolve or elect to dissolve. 
  
 7.4 Mergers;
Consolidations. 
  
 Merge or consolidate with another
corporation or entity, or acquire all or substantially all of the capital stock or property of a Person; provided that Borrower may merge or consolidate with another corporation or entity or acquire all or substantially all of the capital stock or
property of a Person, if (a) a Default or an Event of Default shall not have occurred and be continuing and would not occur as a result of such transaction, as evidenced by a certificate of a Responsible Officer of Borrower attaching pro forma
covenant calculations through the Revolving Maturity Date, and (b) Borrower is the sole survivor after giving effect to the transaction; 
  
 7.5 Indebtedness. 
  
 Create, incur, assume, or be liable for any Indebtedness, or permit any Subsidiary to do so, other than Permitted Indebtedness. 
  
 7.6 Encumbrance. 
  
 Create, incur, or allow any Lien on any of its property, or assign or convey
any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, or permit any Collateral not to be subject to the first priority security interest granted herein, subject only
to Permitted Liens. In addition, Borrower shall not enter into any agreement, document, instrument or other arrangement after the date hereof (except with or in favor of Bank) with any Person which directly or indirectly prohibits or has the effect
of prohibiting Borrower from transferring, assigning, mortgaging, pledging, granting a security interest in or upon, or otherwise encumbering, any of Borrower’s real property to or in favor of Bank; provided, however, that Bank shall, at the
request of Borrower at or prior to the time that Borrower or any Subsidiary enters into any lease with respect to real property or incurs any Permitted Indebtedness secured by real property (including accessions, additions, parts, 
  

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 replacements, fixtures, improvements and attachments thereto, and equipment associated therewith, and the proceeds
thereof), negotiate in good faith with the related landlord or lender the form and substance of a deed of trust or mortgage, together with any related documents reasonably required by Bank or such landlord or lender, pursuant to which any Lien in
favor of Bank on such real property would be permitted under the terms of such lease or Permitted Indebtedness. 
  
 7.7 Distributions; Investments. 
  
 Directly or indirectly acquire or own any Person, or make any Investment in any Person, other than Permitted Investments, or permit any of its Domestic
Subsidiaries to do so; or pay any dividends or make any distribution or payment or redeem, retire or purchase any capital stock except for Permitted Distributions. 
  
 7.8 Transactions with Affiliates. 
  
 Directly or indirectly enter into or permit to exist any material transaction with any Affiliate of Borrower except for
transactions that are in the ordinary course of Borrower’s business, or upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an arm’s length transaction with a non-affiliated Person. 

 
 7.9 Subordinated Debt. 
  
 Make or permit any payment on any Subordinated Debt, except under the terms
of the Subordinated Debt or any intercreditor agreement to which Bank is a party, or amend any provision in any document relating to the Subordinated Debt without Bank’s prior written consent. 
  
 7.10 Compliance. 
  
 Become an “investment company” under the Investment Company Act of
1940 or undertake as one of its important activities extending credit to purchase or carry margin stock, or use the proceeds of any Credit Extension for that purpose; fail to meet the minimum funding requirements of ERISA, permit a Reportable Event
or Prohibited Transaction, as defined in ERISA, to occur; fail to comply with the Federal Fair Labor Standards Act or violate any other law or regulation, if the violation could reasonably be expected to have a material adverse effect on
Borrower’s business or operations or would reasonably be expected to cause a Material Adverse Change, or permit any of its Subsidiaries to do so. 
  
 8. EVENTS OF DEFAULT 
  
 Any one of the following is an Event of Default: 
  
 8.1 Payment Default. 
  
 If Borrower fails to pay (a) the principal portion of any Credit Extension when due, or (b) the interest portion of any Credit Extension within
three (3) Business days after the date due, or (c) any other monetary Obligations within three (3) Business Days after payment of such other Obligation becomes delinquent. During any cure period, the failure to cure the payment
default is not an Event of Default (but no Credit Extensions will be made during the cure period). 
  

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 8.2 Covenant Default. 
  
 (a) If Borrower fails to perform any obligation under Section 6.7 or violates any of the covenants
contained in Section 7 of this Agreement other than Sections 7.5, 7.6 or 7.7, or 
  
 (b) If Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant, or agreement contained in
this Agreement, in any other Loan Document, or in any other present or future agreement between Borrower and Bank and as to any default under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure such
default within fifteen (15) days after a Responsible Officer is aware of the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the fifteen (15) day period or cannot after diligent
attempts by Borrower be cured within such fifteen (15) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed thirty
(30) days) to attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default (but no Credit Extensions will be made during such cure period). 
  
 8.3 Material Adverse Change. 
  
 If a Material Adverse Change occurs. 
  
 8.4 Attachment. 
  
 If (a) any material portion of Borrower’s assets is attached,
seized, levied on, or comes into possession of a trustee or receiver and the attachment, seizure or levy is not removed in fifteen (15) days; (b) the service of process upon Borrower seeking to attach, by trustee or similar process, any
material portion of funds of Borrower on deposit with Bank, or any entity under the control of Bank (including a subsidiary); (c) Borrower is enjoined, restrained, or prevented by court order from conducting a material part of its business;
(d) a judgment or other claim becomes a Lien on a material portion of Borrower’s assets; or (e) a notice of lien, levy, or assessment is filed against any material portion of Borrower’s assets by any government agency and not
paid within fifteen (15) days after Borrower receives notice. These are not Events of Default if stayed or if a bond is posted pending contest by Borrower (but no Credit Extensions shall be made during the cure period). For purposes of this
Section 8.4, “material portion” means an amount equal to or in excess of Three Million Dollars ($3,000,000). 
  
 8.5 Insolvency. 
  
 If (a) Borrower is unable to pay its debts (including trade debts) as they mature; (b) Borrower begins an Insolvency Proceeding; or (c) an
Insolvency Proceeding is begun against Borrower and not dismissed or stayed within sixty (60) days (but no Credit Extensions shall be made before any Insolvency Proceeding is dismissed). 
  

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 8.6 Other Agreements. 
  
 If there is a default in any agreement (other than a lease of real property under which a bona fide dispute exists between
Borrower and the landlord regarding the existence of a default and for which adequate reserves are maintained) to which Borrower is a party with a third party or parties resulting in a right by such third party or parties, whether or not exercised,
to accelerate the maturity of any Indebtedness in an amount in excess of [*] or that could result in a Material Adverse Change. 
  
 8.7 Judgments. 
  
 If a judgment or judgments for the payment of money in an amount, individually or in the aggregate, of at least Three Million Dollars ($3,000,000) shall
be rendered against Borrower and shall (a) remain unsatisfied and unstayed for a period of ten (10) days and (b) not be appealed within the shorter of forty-five (45) days or the time period during which such appeal is required
to be brought under applicable law (provided that no Credit Extensions will be made prior to the satisfaction or stay of such judgment). 
  
 8.8 Misrepresentations. 
  
 If Borrower or any Person acting for Borrower makes any material misrepresentation or material misstatement now or later in any warranty or representation
in this Agreement or in any writing delivered to Bank or to induce Bank to enter this Agreement or any Loan Document. 
  
 9. RIGHTS AND REMEDIES 
  
 9.1 Rights and Remedies. 
  
 When an Event of Default occurs and continues Bank may, without notice or demand, do any or all of the following: 
  
 (a) declare all Obligations immediately due and payable (but if an
Event of Default described in Section 8.5 occurs, all Obligations are immediately due and payable without any action by Bank); 
  
 (b) Stop advancing money or extending credit for Borrower’s benefit under this Agreement or under any other agreement between Borrower and
Bank; 
  
 (c) settle or adjust disputes and claims
directly with account debtors for amounts, on terms and in any order that Bank considers advisable and notify any Person owing Borrower money of Bank’s security interest in such funds and collect and verify the amount of such account. Borrower
shall collect all payments in trust for Bank and, if requested by Bank, immediately deliver the payments to Bank in the form received from the account debtor, with proper endorsements for deposit; 

	*	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

  

 23 

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 (d) make any payments and do any acts it considers necessary or reasonable to protect its
security interest in the Collateral. Borrower shall assemble the Collateral if Bank requests and make it available as Bank designates. Bank may enter premises where the Collateral is located, take and maintain possession of any part of the
Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Borrower grants Bank a license to enter and occupy any of its premises, without charge, to
exercise any of Bank’s rights or remedies; 
  
 (e)
apply to the Obligations any (i) balances and deposits of Borrower it holds, or (ii) any amount held by Bank owing to or for the credit or the account of Borrower; 
  
 (f) ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the
Collateral. Bank is hereby granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s labels, patents, copyrights, mask works, rights of use of any name, trade secrets, trade names, trademarks, service
marks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Bank’s exercise of its rights under this Section,
Borrower’s rights under all licenses and all franchise agreements inure to Bank; 
  
 (g) place a “hold” on any account maintained with Bank and/or deliver a notice of exclusive control, any entitlement order, or other directions or instructions pursuant to any control agreement or
similar agreements providing control of any Collateral; 
  
 (h) exercise any of its rights and remedies under the Leasehold Deeds of Trust; 
  
 (i) require Borrower to provide cash collateral in the face amount of all undrawn Letters of Credit; 
  
 (j) terminate any FX Forward Contracts; and 
  
 (k) dispose of the Collateral according to the Code. 
  
 9.2 Power of Attorney. 
  
 Borrower hereby irrevocably appoints Bank as its lawful attorney-in-fact, to
be effective upon the occurrence and during the continuance of an Event of Default, to: (a) endorse Borrower’s name on any checks or other forms of payment or security; (b) sign Borrower’s name on any invoice or bill of lading
for any Account or drafts against account debtors, (c) settle and adjust disputes and claims about the Accounts directly with account debtors, for amounts and on terms Bank determines reasonable; (d) make, settle, and adjust all claims
under Borrower’s insurance policies; and (e) transfer the Collateral into the name of Bank or a third party as the Code permits. Borrower hereby appoints Bank as its lawful attorney-in-fact to sign Borrower’s name on any documents
necessary to perfect or continue the perfection of any security interest regardless of whether an Event of Default has occurred until all Obligations have been satisfied in full and Bank is under no further obligation to make Credit Extensions
hereunder. Bank’s foregoing appointment as Borrower’s attorney in fact, and all of Bank’s rights and powers, coupled with an interest, are irrevocable until all Obligations have been fully repaid and performed and Bank’s
obligation to provide Credit Extensions terminates. 
  

 24 

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 9.3 Intentionally Omitted. 
  
 9.4 Bank Expenses. 
  
 If Borrower fails to pay any amount or furnish any required proof of payment to third persons Bank may make all or part of the payment or obtain insurance
policies required in Section 6.5. Any amounts paid by Bank as provided herein are Bank Expenses and are immediately due and payable and shall bear interest at the highest applicable default rate and be secured by the Collateral. No payments by
Bank shall be deemed an agreement to make similar payments in the future or Bank’s waiver of any Event of Default. 
  
 9.5 Bank’s Liability for Collateral. 
  
 So long as Bank complies with reasonable banking practices regarding the safekeeping of Collateral, Bank shall not be liable or responsible for:
(a) the safekeeping of the Collateral; (b) any loss or damage to the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears
all risk of loss, damage or destruction of the Collateral. 
  
 9.6 Remedies Cumulative. 
  
 Bank’s rights
and remedies under this Agreement, the other Loan Documents, and all other agreements among Borrower and Bank, are cumulative. Bank has all rights and remedies provided under the Code, by law, or in equity. Bank’s exercise of one right or
remedy is not an election, and Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay in enforcing its rights is not a waiver, election, or acquiescence. No waiver hereunder by Bank shall be effective unless signed
by Bank and then is only effective for the specific instance and purpose for which it was given. 
  
 9.7 Demand Waiver. 
  
 Borrower waives demand, notice of default or dishonor, notice of payment and nonpayment, notice of any default, nonpayment at maturity, release,
compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Bank on which Borrower is liable. 
  
 10. NOTICES 
  
 Notices or demands by either party about this Agreement must be in writing and personally delivered or sent by an overnight delivery service, or by
certified mail, postage prepaid, return receipt requested, or by facsimile at the addresses and facsimile numbers listed below. For purposes of Section 2.3, Bank may send notice to Borrower by electronic mail at the email address set
forth below (provided that a copy of such notice shall be mailed promptly thereafter to Borrower at the address set forth below). Failure to provide copies of notices to Borrower or Bank to the Persons named below to receive copies shall not
invalidate the notice to Borrower or to Bank, as applicable. A party may change its notice address by written notice to the other party. 
  

 25 

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	If to Borrower:	 	Equinix, Inc.
	 	 	301 Velocity Way, 5th Floor
	 	 	Foster City, California 94404
	 	 	Attn: Treasurer
	 	 	Fax: (650) 513-7913
	 	 	Email:mmock@equinix.com
		
	with a copy to:	 	Equinix, Inc.
	 	 	301 Velocity Way, 5th Floor
	 	 	Foster City, California 94404
	 	 	Attn: General Counsel
	 	 	Fax: (650) 513-7913
		
	and to:	 	Orrick, Herrington & Sutcliffe LLP
	 	 	405 Howard Street
	 	 	San Francisco, California 94105
	 	 	Attn: Richard S. Grey, Esq.
	 	 	Fax: (415) 773-5759
		
	If to Bank:	 	Silicon Valley Bank
	 	 	2400 Geng Road, Suite 200
	 	 	Palo Alto, California 94303
	 	 	Attn: Maria Leaf
	 	 	Fax: (650) 320-0016
		
	with a copy to:	 	Bingham McCutchen LLP
	 	 	Three Embarcadero Center
	 	 	San Francisco, California 94111-4067
	 	 	Attn: Pamela J. Martinson, Esq.
	 	 	Fax: (415) 393-2286

  
 11. CHOICE OF LAW, VENUE AND JURY
TRIAL WAIVER 
  
 California law governs the Loan Documents
without regard to principles of conflicts of law. Borrower and Bank each submit to the exclusive jurisdiction of the State and Federal courts in California, and Borrower accepts jurisdiction of the courts and venue in Santa Clara County, California.
NOTWITHSTANDING THE FOREGOING, BANK SHALL HAVE THE RIGHT TO BRING ANY ACTION OR PROCEEDING AGAINST BORROWER OR ITS PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION WHICH BANK DEEMS NECESSARY OR APPROPRIATE IN ORDER TO REALIZE ON THE COLLATERAL OR TO
OTHERWISE ENFORCE BANK’S RIGHTS AGAINST BORROWER OR ITS PROPERTY. 
  

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 BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT
OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS
REVIEWED THIS WAIVER WITH ITS COUNSEL. 
  
 12. GENERAL PROVISIONS

  
 12.1 Successors and Assigns. 
  
 This Agreement binds and is for the benefit of the successors and permitted
assigns of each party. Borrower may not assign this Agreement or any rights or Obligations under it without Bank’s prior written consent which may be granted or withheld in Bank’s sole discretion. Bank has the right, with the consent (not
to be unreasonably withheld or delayed) of Borrower so long as no Default or Event of Default has occurred, to sell, assign or transfer all or any part of, or any interest in, Bank’s obligations, rights and benefits under this Agreement, the
Loan Documents or any other related agreement, provided that no consent shall be required for Bank to grant participations in all or any part of, or any interest in, Bank’s obligations, rights and benefits under this Agreement so long as the
sale of any such participation interests does not relieve Bank of its obligations hereunder or create any additional obligations of Borrower. 
  
 12.2 Indemnification. 
  
 Borrower hereby indemnifies, defends and holds Bank and its respective officers, employees, and agents harmless against: (a) all obligations,
demands, claims, and liabilities asserted by any other party in connection with the transactions contemplated by the Loan Documents; and (b) all losses, or Bank’s Expenses incurred, or paid by Bank from, following, or consequential to
transactions between Bank and Borrower (including reasonable attorneys’ fees and expenses), except to the extent any of the foregoing are caused by Bank’s gross negligence or willful misconduct. 
  
 12.3 Attorneys’ Fees, Costs and Expenses. 
  
 In any action or proceeding between Borrower and Bank arising out of the
Loan Documents the prevailing party will be entitled to recover its reasonable attorneys’ fees and other reasonable costs and expenses incurred, in addition to any other relief to which it may be entitled. 
  
 12.4 Right of Set-Off. 
  
 Borrower hereby grants to Bank, a lien, security interest and right of
set-off as security for all Obligations to Bank hereunder, whether now existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Bank or any
entity under the control of Bank (including a Bank subsidiary) or in transit to any of them. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may set-off the same or any part thereof
and apply the same to any liability or obligation of Borrower and any guarantor even 
  

 27 

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 though unmatured and regardless of the adequacy of any other collateral securing the Obligations. ANY AND ALL RIGHTS
TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER OR ANY GUARANTOR, ARE
HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 
  
 12.5
Time of Essence. 
  
 Time is of the essence for the payment
and performance of all Obligations in this Agreement. 
  
 12.6
Severability of Provisions. 
  
 Each provision of this
Agreement is severable from every other provision in determining the enforceability of any provision. 
  
 12.7 Amendments in Writing, Integration. 
  
 All amendments to this Agreement must be in writing signed by both Bank and Borrower. This Agreement and the Loan Documents represent the entire agreement
about this subject matter, and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Agreement and the Loan Documents
merge into this Agreement and the Loan Documents. 
  
 12.8
Counterparts. 
  
 This Agreement may be executed in any
number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, are an original, and all taken together, constitute one Agreement. 
  
 12.9 Survival. 
  
 All covenants, representations and warranties made in this Agreement continue in full force while any Obligations remain outstanding. The obligation of
Borrower in Section 12.2 to indemnify Bank shall survive until the statute of limitations with respect to such claim or cause of action shall have run. 
  
 12.10 Confidentiality. 
  
 In handling any confidential information, Bank shall exercise the same degree of care that it exercises for its own proprietary information, but
disclosure of information may be made: (a) to Bank’s subsidiaries or affiliates in connection with their business with Borrower; (b) to prospective transferees or purchasers of any interest in the Credit Extensions (provided, however,
Bank shall obtain such prospective transferee’s or purchaser’s agreement to the terms of this provision); (c) as required by law, regulation, subpoena, or other order; (d) as required in 
  

 28 

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 connection with Bank’s examination or audit; and (e) as Bank considers appropriate in exercising remedies
under this Agreement. Confidential information does not include information that either: (x) is in the public domain or in Bank’s possession when disclosed to Bank (other than information that becomes part of the public domain by reason of
Bank’s breach of this Section 12.10), or becomes part of the public domain after disclosure to Bank; or (y) is disclosed to Bank by a third party, if, at the time of disclosure, Bank does not know that the third party is prohibited
from disclosing the information. 
  
 12.11 Designation of
Obligations as “Designated Senior Debt”. 
  
 Borrower and Bank expressly agree that the Obligations constitute “Designated Senior Debt” for purposes of and as defined in that certain Indenture, dated as of February 11, 2004, between Borrower and U.S. Bank National
Association, as Trustee, as amended, modified or supplemented from time to time. 
  
 13. DEFINITIONS 
  
 13.1 Definitions.

  
 In this Agreement: 
  
 “Accounts” are all existing and later arising
accounts, contract rights, and other obligations owed Borrower or Guarantor in connection with its sale or lease of goods (including licensing software and other technology) or provision of services, all credit insurance, guaranties, other security
and all merchandise returned or reclaimed by Borrower or Guarantor and Borrower’s Books relating to any of the foregoing, as such definition may be amended from time to time according to the Code. 
  
 “Adjusted LIBOR” means, for each Interest Period in
respect of LIBOR Advances comprising part of the same Advances, an interest rate per annum (rounded upward to the nearest 1/16th of one percent (0.0625%)) equal to LIBOR for such Interest Period divided by one (1) minus the Reserve Requirement
for such Interest Period. 
  
 “Advance” or
“Advances” is a loan advance (or advances) under the Committed Revolving Line. 
  
 “Affiliate” of any Person is (a) any Person that owns or controls directly or indirectly such Person, (b) any Person
that controls or is controlled by or is under common control with such Person, and (c) each of such Person’s senior executive officers or directors, (d) for any Person that is a limited liability company, such Person’s managers
and members, and (e) for any Person that is a partnership, such Person’s general partner. 
  
 “Applicable Margin” means the per annum interest rate from time to time in effect and payable in addition to the Prime Rate or
LIBOR Rate applicable to the Advances, as determined by reference to the table in Section 2.4(a) of the Agreement. 
  

 29 

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 “Bank Expenses” are all audit fees and expenses and costs or expenses
(including reasonable attorneys’ fees and expenses) for preparing, negotiating, administering, defending and enforcing the Loan Documents (including appeals or Insolvency Proceedings). 
  
 “Borrower’s Books” are all Borrower’s and
Guarantor’s books and records including ledgers, records regarding Borrower’s and Guarantor’s assets or liabilities, the Collateral, business operations or financial condition and all computer programs or discs or any equipment
containing the information. 
  
 “Business
Day” is any day that is not a Saturday, Sunday or a day on which Bank is closed. 
  
 “Cash Equivalents” are (a) marketable direct obligations issued or unconditionally guaranteed by the United States government or its agencies or any state or municipality maturing within
one (1) year from its acquisition, (b) commercial paper maturing no more than one (1) year after its acquisition and having an A-1/P-1 or better rating from either Standard & Poor’s Rating Services or Moody’s
Investors Service, Inc., (c) Bank’s certificates of deposit issued maturing no more than one (1) year after issue, (d) floating rate securities with a rating of Aaa/AAA, (e) corporate bonds or notes with a credit rating of
Aa/AA, (f) shares in money market funds, and (g) any other investments administered through Bank or its Affiliates. 
  
 “Cash Management Services” has the meaning ascribed to it in Section 2.1.4. 
  
 “Cash Management Services Sublimit” has the meaning
ascribed to it in Section 2.1.4. 
  
 “Change in Control” is a transaction in which (a) any “person” or “group” (within the meaning of Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
“Act”)), other than STT or its Affiliates, becomes the “beneficial owner” (as defined in Rule 13d-3 under the Act), directly or indirectly, of greater than 35% of the shares of all classes of stock then outstanding of a Person
ordinarily entitled to vote in the election of the directors of such Person; or (b) STT, considered together with its Affiliates, becomes the “beneficial owner” (as defined in Rule 13d-3 under the Act), directly or indirectly, of
greater than 50% of the shares of all classes of stock then outstanding of a Person ordinarily entitled to vote in the election of the directors of such Person. 
  

“Code” is the Uniform Commercial Code as adopted in California as amended and in effect from time to time. 
  
 “Collateral” is the property described on
Exhibit D attached hereto. 
  
 “Collateral
Information Certificates” are the Collateral Information Certificates delivered by Borrower and Guarantor to Bank on or before the Effective Date. 
  

“Committed Revolving Line” is an aggregate principal amount equal to $50,000,000. 
  
 “Commodity Account” has the meaning ascribed to it in
the Code. 
  

 30 

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 “Contingent Obligation” is, for any Person, any direct or indirect liability,
contingent or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation directly or indirectly guaranteed, endorsed, co made, discounted or sold with recourse by that
Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or commodity swap agreement,
interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation” does not include
endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably
anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under the guarantee or other support arrangement. 
  
 “Continuation Date” means any date on which Borrower elects to continue a LIBOR Advance into another
Interest Period. 
  
 “Control Agreement”
means, collectively, any control agreement entered into among Borrower, Bank and the depositary bank, securities intermediary, or commodity intermediary at which Borrower maintains a Deposit Account, Securities Account, or a Commodity Account,
pursuant to which Bank obtains control (within the meaning of the applicable provision of the Code) over such Deposit Account, Securities Account, or Commodity Account. 
  
 “Conversion Date” means any date on which Borrower elects to convert a Prime Rate Advance to a LIBOR
Advance or a LIBOR Advance to a Prime Rate Advance. 
  
 “Copyright” means any of the following now owned or hereafter acquired or created (as a work for hire for the benefit of Borrower) by Borrower or in which Borrower now holds or hereafter acquires or receives any
right or interest, in whole or in part: (a) any copyright, whether registered or unregistered, held pursuant to the laws of the United States or of any other country or foreign jurisdiction, (b) registration, application or recording in
the United States Copyright Office or in any similar office or agency of the United States or any other country or foreign jurisdiction, (c) any continuation, renewal or extension thereof, and (d) any registration to be issued in any
pending application, and shall include any right or interest in and to work protectable by any of the foregoing which are presently or in the future owned, created or authorized (as a work for hire for the benefit of Borrower) or acquired by
Borrower, in whole or in part. 
  
 “Credit
Extension” is each Advance, Letter of Credit, FX Forward Contract, Cash Management Services, or any other extension of credit by Bank for Borrower’s benefit. 
  
 “Default” means an event, condition, or act which with notice or the passage of time, or both, would
constitute an Event of Default. 
  
 “Deposit
Accounts” means all present and future “deposit accounts” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation all general and special
bank accounts, demand accounts, checking accounts, savings accounts and certificates of deposit, whether maintained with Bank or other institutions. 
  

 31 

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 “Designated Deposit Account” means that certain deposit account maintained
with Bank in the name of Borrower, account number [*]. 
  
 “Domestic Accounts” means Accounts for which the account debtor has its principal place of business in the United States. 
  
 “Domestic Collateral Account” is any Deposit Account, Securities Account or Commodity Account established by Borrower or Guarantor
at or with any bank or financial institution located in the United States. 
  
 “Domestic Subsidiary” means any direct or indirect Subsidiary of Borrower or Guarantor which is organized under the laws of the United States or any State thereof. 
  
 “EBITDA” means Borrower’s consolidated profit or
loss from operations plus depreciation, amortization, accretion, stock-based compensation expense, non-cash restructuring charges, and such other cash restructuring charges as agreed by Bank in writing. 
  
 “Effective Amount” means with respect to any Advances
on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowing and prepayments or repayments thereof occurring on such date. 
  
 “Effective Date” means the date that Bank signs this Agreement as indicated on the signature page
hereof. 
  
 “Equipment” is all present and
future machinery, equipment, tenant improvements, furniture, fixtures, vehicles, tools, parts and attachments in which Borrower has any interest. 
  
 “Facility” means any Internet Business ExchangeTM (IBX) center owned or leased and under construction or operated by the
Borrower or any of its Subsidiaries together with any accessions, additions, parts, replacements, fixtures, improvements and attachments thereto, and equipment associated therewith, and the proceeds thereof. 
  
 “Facility Fee Percentage” means the percentage set
forth in the table below, for each period during which the corresponding Senior Leverage Ratio is in effect: 
  

			
	If Borrower’s Senior Leverage Ratio is:	  	The Facility Fee Percentage per annum is:
		
	less than or equal to 1.0x	  	0.20%
		
	greater than 1.0x but less than or equal to 2.5x	  	0.30%
		
	greater than 2.5x	  	0.35%

	*	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

  

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 Any increase or decrease in the Facility Fee Percentage resulting from a change in the Senior
Leverage Ratio, as evidenced by the most recently-delivered Compliance Certificate, shall be effective; provided, however, that if Borrower fails to deliver a Compliance Certificate when due in accordance with Section 6.2(b), then the Facility
Fee Percentage shall be 0.35% per annum effective retroactively to the first day of the fiscal quarter in which such Compliance Certificate is required to be delivered and until such time that Borrower shall deliver a Compliance Certificate
evidencing that its Senior Leverage Ratio at the end of the immediately preceding fiscal quarter was less than or equal to 2.5x (in which case the Facility Fee Percentage shall automatically adjust to the percentage corresponding to such Senior
Leverage Ratio). The Facility Fee Percentage in effect from the Effective Date until Borrower delivers the first Compliance Certificate required by this Agreement shall be 0.30% per annum, whereupon any increase or decrease in the Facility Fee
Percentage shall be computed in accordance with the immediately preceding sentence. 
  
 “Filing Collateral” means any Collateral in which a security interest may be perfected by the filing of a financing statement in the appropriate jurisdiction under the Code. 
  
 “Foreign Assets” means (a) any tangible assets
not located within the United States; (b) Accounts that are not Domestic Accounts; (c) any Deposit Account, Securities Account, Commodity Account or Letter of Credit Right if the jurisdiction (as determined pursuant to Section 9304,
9305 or 9306, as applicable, of the Code) of the related depositary bank, securities intermediary, commodity intermediary or issuer is outside the United States; (d) any equity securities issued by a Subsidiary of Borrower or Guarantor that is
not a Domestic Subsidiary; and (e) any “instrument” (as defined in the Code) if the payor thereof does not have its principal place of business in the United States. 
  
 “Funding Date” is the date on which an Advance is made to or on account of Borrower. 
  
 “FX Forward Contract” has the meaning ascribed
thereto in Section 2.1.3. 
  
 “FX
Reserve” has the meaning ascribed thereto in Section 2.1.3. 
  
 “GAAP” is generally accepted accounting principles in effect under the laws of the United States of America from time to time. 
  
 “General Intangibles” has the meaning ascribed to it in the Code. 
  
 “Governmental Authority” means (a) any foreign,
federal, state, county, or municipal government, or political subdivision thereof, (b) any governmental or quasi-governmental agency, authority, board, bureau, commission, department, instrumentality or public body, (c) any court or
administrative tribunal or (d) with respect to any Person, any arbitration tribunal or other non-governmental authority to whose jurisdiction that Person has consented. 
  
 “Guarantor” means Equinix Operating Co., Inc., a Delaware corporation. 
  

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 “Guaranty” means that certain Unconditional Secured Guaranty, dated as of
November 23, 2004, executed by Guarantor in favor of Bank, as reaffirmed by Guarantor pursuant to that certain Reaffirmation of Guaranty dated as of the Effective Date. 
  
 “Indebtedness” is (a) indebtedness for borrowed money or the deferred price of property or
services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital lease obligations and (d) Contingent Obligations.

  
 “Insolvency Proceeding” is any
proceeding by or against any Person under the United States Bankruptcy Code, or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking
reorganization, arrangement, or other relief. 
  
 “Intellectual Property” means any intellectual property, in any medium, of any kind or nature whatsoever, now or hereafter owned or acquired or received by Borrower or in which Borrower now holds or hereafter
acquires or receives any right or interest, and shall include, in any event, any Copyright, Trademark, Patent, trade secret, customer list, Internet domain name (including any right related to the registration thereof), proprietary or confidential
information, Mask Works, source, object or other programming code, invention (whether or not patented or patentable), technical information, procedure, design, knowledge, know how, software, data base, data, skill, expertise, recipe, experience,
process, model, drawing, material or record, all claims for damages by way of past, present and future infringement of any of the rights included above and all licenses or other rights to use any property or rights of a type described above.

  
 “Interest Payment Date” means, with
respect to any LIBOR Advance, the last day of each Interest Period applicable to such LIBOR Advance and the 90th day following such Advance, if sooner, and, with respect to Prime Rate Advances, the last day of each fiscal quarter, and each date a
Prime Rate Advance is converted into a LIBOR Advance to the extent of the amount converted to a LIBOR Advance. 
  
 “Interest Period” means, as to any LIBOR Advance, the period commencing on the date of such LIBOR Advance, or on the
conversion/continuation date on which the LIBOR Advance is converted into or continued as a LIBOR Advance, and ending on the date that is thirty (30), sixty (60), ninety (90), or one hundred eighty (180) days thereafter, in each case as
Borrower may elect in the applicable Notice of Borrowing or Notice of Conversion/Continuation; provided, however, that (a) no Interest Period with respect to any LIBOR Advance shall end later than the Revolving Maturity Date, (b) the last
day of an Interest Period shall be determined in accordance with the practices of the LIBOR interbank market as from time to time in effect, (c) if any Interest Period would otherwise end on a day that is not a Business Day, that Interest
Period shall be extended to the following Business Day, and (d) interest shall accrue from and include the first Business Day of an Interest Period but exclude the last Business Day of such Interest Period. 
  
 “Interest Rate Determination Date” means each date
for calculating the LIBOR for purposes of determining the interest rate in respect of an Interest Period. The Interest Rate Determination Date shall be the second Business Day prior to the first day of the related Interest Period for a LIBOR
Advance. 
  

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 “Inventory” is present and future inventory in which Borrower has any
interest, including merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products intended for sale or lease or to be furnished under a contract of service, of every kind and description now or
later owned by or in the custody or possession, actual or constructive, of Borrower, including inventory temporarily out of its custody or possession or in transit and including returns on any accounts or other proceeds (including insurance
proceeds) from the sale or disposition of any of the foregoing and any documents of title. 
  
 “Investment” is any beneficial ownership of (including stock, partnership interest or other securities) any Person, or any loan, advance or capital contribution to any Person. 
  
 “Investment Property” has the meaning ascribed to it
in the Code. 
  
 “Leasehold Deed of Trust”
means a Leasehold Deed of Trust or Mortgage, Security Agreement, Assignment of Rents and Leases and Fixture Filing with respect to a Real Property Lease listed on Exhibit D hereto. 
  
 “Letter of Credit” has the meaning ascribed to it in Section 2.1.2. 
  
 “Letter of Credit Rights” has the meaning ascribed to
it in the Code. 
  
 “LIBOR” means, for any
Interest Rate Determination Date with respect to an Interest Period for any Advance to be made, continued as or converted into a LIBOR Advance, the rate of interest per annum determined by Bank to be the per annum rate of interest at which deposits
in United States Dollars are offered to Bank in the London interbank market in which Bank customarily participates at 11:00 a.m. (local time in such interbank market) two (2) Business Days prior to the first day of such Interest Period for a
period approximately equal to such Interest Period and in an amount approximately equal to the amount of such Advance. 
  
 “LIBOR Advance” means an Advance that bears interest based on Adjusted LIBOR. 
  
 “Lien” is a mortgage, lien, deed of trust, charge,
pledge, security interest or other encumbrance. 
  
 “Loan Documents” are, collectively, this Agreement, the Collateral Information Certificates, any note executed by Borrower, the Guaranty, the Leasehold Deeds of Trust and any other present or future agreement between
Borrower or Guarantor and/or for the benefit of Bank in connection with this Agreement, all as amended, extended or restated. 
  
 “Mask Works” are all mask works or similar rights available for the protection of semiconductor chips, now owned or later
acquired. 
  
 “Material Adverse Change”
is: (a) an impairment in the perfection or priority of Banks’ security interest in a material portion of the Collateral or in the value of such Collateral; or (b) a 
  

 35 

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 material adverse change in the business, operations, or financial condition of Borrower and Guarantor taken as a
whole, which results in a material impairment of the prospect of repayment of any portion of the Obligations. 
  
 “Non-Performing Facility” means, as of any date of determination, a Facility with negative operating cash flow during the period
consisting of the two immediately preceding quarters. 
  
 “Notice of Borrowing” means a notice given by Borrower to Bank in accordance with Section 3.2(a), substantially in the form of Exhibit A, with appropriate insertions. 
  
 “Notice of Conversion/Continuation” means a notice
given by Borrower to Bank in accordance with Section 3.4, substantially in the form of Exhibit B, with appropriate insertions. 
  
 “Obligations” are debts, principal, interest, Bank Expenses, and other amounts Borrower owes Bank now or later, including Cash
Management Services, Letters of Credit and FX Forward Contracts, if any and including interest accruing after Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower assigned to Bank. 
  
 “Operating Documents” shall mean, for any Person,
such Person’s formation documents, as currently filed with the Secretary of State of such Person’s state of formation, and, (a) if such Person is a corporation, its bylaws in current form, (b) if such Person is a limited
liability company, its limited liability company agreement (or similar agreement), each of the foregoing with all current modifications and amendments thereto. 
  

“Other Property” means (a) the following as defined in the Code in effect on the date hereof with such additions to such
term as may hereafter be made, and all rights relating thereto: all present and future “commercial tort claims”, “documents”, “instruments”, “promissory notes”, “chattel paper”, “letters of
credit”, “letter-of-credit rights”, “fixtures”, “farm products” and “money”; and (b) all other goods and personal property of every kind, tangible and intangible, whether or not governed by the Code,
but shall not include Intellectual Property. 
  
 “Patent” means any of the following now hereafter owned or acquired or received by Borrower or in which Borrower now holds or hereafter acquires or receives any right or interest: (a) letters patent and right
corresponding thereto, of the United States or any other country or other foreign jurisdiction, any registration and recording thereof, and any application for letters patent, and rights corresponding thereto, of the United States or any other
country or other foreign jurisdiction, including, without limitation, registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other
country or other foreign jurisdiction; (b) any reissue, continuation, continuation-in-part or extension thereof; (c) any petty patent, divisional, and patent of addition; and (d) any patent to issue in any such application.

  
 “Permitted Distributions” means:

  
 (a) purchases of capital stock from former employees,
consultants and directors pursuant to repurchase agreements or other similar agreements; 
  

 36 

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 (b) distributions or dividends consisting solely of Borrower’s capital stock; 
  
 (c) purchases for value of any rights distributed in connection with any
stockholder rights plan; 
  
 (d) payments of dividends or
distributions made by any Subsidiary of Borrower to Borrower or another Subsidiary of Borrower; 
  
 (e) mandatory dividends provided for under Borrower’s Certificate of Incorporation as in existence as of the Effective Date; 
  
 (f) exchanges of equity securities of Borrower for other equity securities of
Borrower that do not provide for any mandatory dividend or redemption prior to the Revolving Maturity Date; and 
  
 (g) other distributions, dividends or purchases of Borrower’s capital stock in cash, provided that the aggregate amount of such distributions,
dividends, or purchases made pursuant to this clause (g) not exceeding 25% of Borrower’s assets. 
  
 “Permitted Indebtedness” is: 
  
 (a) Borrower’s indebtedness to Bank under this Agreement or the other Loan Documents; 
  
 (b) Indebtedness existing on the Effective Date and shown on the Collateral Information Certificate; 
  
 (c) Subordinated Debt; 
  
 (d) Indebtedness to trade creditors incurred in the ordinary course of
business; 
  
 (e) capital leases with respect to Property;

  
 (f) purchase money Indebtedness secured by Permitted Liens not
exceeding $10,000,000; 
  
 (g) Indebtedness secured by Permitted
Liens; 
  
 (h) Indebtedness under any performance, surety,
statutory or appeal bonds or similar obligations incurred in the ordinary course of business 
  
 (i) (i) Indebtedness of Borrower to any of its Subsidiaries to the extent it is Subordinated Debt; (ii) Indebtedness of any Subsidiary of Borrower to another Subsidiary of Borrower; and
(iii) Indebtedness of any Subsidiary to Borrower to the extent permitted under clause (h) of the definition of Permitted Investments; 
  
 (j) guaranty obligations of Borrower or any Subsidiary in respect of Permitted Indebtedness of any wholly-owned Subsidiary of such Person; 
  

 37 

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 (k) Indebtedness of any Persons acquired in connection with any merger or acquisition transaction
permitted under this Agreement; 
  
 (l) Indebtedness incurred in
connection with Rate Contracts; 
  
 (m) obligations resulting from
the assumption of a real property lease or sublease to the extent such obligation is treated as a capital lease obligation for accounting purposes only; 
  
 (n) Indebtedness secured by Property if the Lien securing such Indebtedness is confined to such Property and either (i) such Indebtedness is
non-recourse to Borrower and its Subsidiaries or (ii) such Indebtedness does not exceed [*] in the aggregate outstanding at any one time and the holder of such Indebtedness has entered into an agreement in form and substance reasonably
satisfactory to Bank providing that, to the extent of any deficiency existing after such holder has applied to the outstanding Indebtedness the proceeds of any collateral securing such Indebtedness, any recourse of such holder against the obligor of
such Indebtedness shall be subordinate to the Obligations on terms acceptable to Bank; 
  
 Permitted Sale-Leaseback Transactions; 
  
 (o) other Indebtedness not otherwise permitted by Section 7.5 not exceeding $1,000,000 in the aggregate outstanding at any time; and 
  
 (p) (q) extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness (a) through (k),
(n) and (o) above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon Borrower or its Subsidiary, as the case may be. 
  
 “Permitted Investments” are: 
  
 (a) Investments shown on the Collateral Information Certificate and existing
on the Effective Date; 
  
 (b) Cash Equivalents; 
  
 (c) Investments consisting of the endorsement of negotiable instruments for
deposit or collection or similar transactions in the ordinary course of Borrower; 
  
 (d) Investments accepted in connection with Transfers permitted by Section 7.1; 
  
 (e) Investments consisting of extensions of credit to Borrower’s or its Subsidiaries’ customers in the nature of accounts receivable, prepaid
royalties or notes receivable arising from the sale or lease of goods, provision of services or licensing activities of Borrower; 

	*	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. 

  

 38 

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 (f) Investments consisting of (i) travel advances and employee relocation loans and other
employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plans or
agreements approved by Borrower’s Board of Directors; 
  
 (g)
Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary
course of business; 
  
 (h) (i) Investments of Subsidiaries
of Borrower in or to Borrower; (ii) Investments of Subsidiaries of Borrower in or to other Subsidiaries of Borrower; and (iii) Investments of Borrower in or to Subsidiaries in an amount not to exceed $1,000,000 in any month and $12,000,000
in any fiscal year so long as no Event of Default exists or would result therefrom; 
  
 (i) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates, in the ordinary course of business; provided that this paragraph
(i) shall not apply to Investments of Borrower in any Subsidiary; 
  
 (j) Investments resulting from transactions not prohibited by Section 7.4 or Investments acquired in connection with such transactions; 
  
 (k) Investments consisting of joint ventures entered into by Borrower or any Subsidiary not exceeding $1,000,000 in the aggregate; 
  
 (l) deposits, prepayment and other credits to suppliers made in the ordinary
course of business not in excess of $100,000; and 
  
 (m)
Investments permitted by the investment policy adopted by Borrower’s Board of Directors, a true and correct copy of which has been provided to Bank. 
  
 “Permitted Liens” are: 
  
 (a) Liens existing on the Effective Date and shown on the Collateral Information Certificate or arising under this Agreement or other Loan Documents;

  
 (b) Liens for taxes, fees, assessments or other government
charges or levies, either not delinquent or being contested in good faith and for which Borrower maintains adequate reserves on its Books, if they have no priority over any of Bank’s security interests; 
  
 (c) Liens (including with respect to capital leases) on Property, if the Lien
is confined to such Property and the Indebtedness secured thereby is Permitted Indebtedness; 
  
 (d) Liens to secure existing Indebtedness of any Persons acquired in connection with any merger or acquisition transaction permitted under this Agreement; 
  

 39 

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 (e) licenses or sublicenses granted in the ordinary course of Borrower’s business and any
interest or title of a licensor or under any license or sublicense, if the licenses and sublicenses permit granting Bank a security interest; 
  
 (f) Liens incurred in the extension, renewal or refinancing of the Indebtedness secured by Liens described in (a) through (d), but any extension,
renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase; 
  
 (g) Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of Default under Section 8.3 or 8.6; 

 
 (h) carriers’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s, landlord’s or other like Liens arising in the ordinary course of business which are not overdue for a period of more than 30 days or which are being contested in good faith and by appropriate proceeding if
adequate reserves with respect thereto are maintained on the books of the applicable Person; 
  
 (i) pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation; 
  
 (j) deposits to secure the performance of bids, trade contracts (other than
for borrowed money), contracts for the purchase of property, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case, incurred in the ordinary course of business and not
representing an obligation for borrowed money; 
  
 (k) easements,
rights-of-way, restrictions and other similar encumbrances affecting real property which do not materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable
Person; 
  
 (l) statutory, common law or contractual Liens of
depository institutions or institutions holding securities accounts (including rights of set-off) provided they are subordinate to Bank’s Liens pursuant to the terms of a control agreement; 
  
 (m) Liens in favor of customs or revenue authorities arising as a matter of
law to secure payment of customs duties in connection with the importation of goods; 
  
 (n) Liens on insurance proceeds in favor of insurance companies granted solely to secure financed insurance premiums; 
  
 (o) purported Liens evidenced by the precautionary filing of UCC financing statements relating solely to operating leases of personal property entered
into in the ordinary course of business; and 
  
 (p) Liens on
escrowed cash representing a portion of the proceeds of permitted sales of assets by Borrower or any Subsidiary established to satisfy contingent post-closing obligations that it owes (including earn-outs, indemnities and working capital
adjustments). 
  

 40 

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 “Permitted Sale-Leaseback Transaction” means any transaction whereby Borrower
transfers Borrower’s interest in any Property and immediately leases back from such Person such Property. 
  
 “Person” is any individual, sole proprietorship, partnership, limited liability company, joint venture, company association,
trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 
  
 “Prime Rate” is Bank’s most recently announced “prime rate,” even if it is not the
lowest rate offered by Bank. 
  
 “Prime Rate
Advance” means an Advance that bears interest based on the Prime Rate. 
  
 “Property” means Borrower’s or any Subsidiary’s real property, together with any accessions, additions, parts, replacements, fixtures, improvements and attachments thereto, and
equipment associated therewith, and the proceeds thereof (including, without limitation, any Facilities). 
  
 “Quick Ratio” means the sum of Borrower’s and its consolidated Subsidiaries’ domestic, unrestricted cash, cash
equivalents, short term investments, net accounts receivable and 80% of long term investments divided by Borrower’s and its consolidated Subsidiaries’ current liabilities (computed in accordance with GAAP). 
  
 “Rate Contract” means swap agreements (as that term
is defined in Section 101 of the Federal Bankruptcy Reform Act of 1978, as amended) and any other agreements or arrangements designed to provide protection against fluctuations in interest or currency exchange rates. 
  
 “Real Property Leases” has the meaning set forth in
Exhibit D hereto. 
  
 “Regulatory Change”
means, with respect to Bank, any change on or after the date of this Agreement in United States federal, state, or foreign laws or regulations, including Regulation D, or the adoption or making on or after such date of any interpretations,
directives, or requests applying to a class of lenders including Bank, of or under any United States federal or state, or any foreign laws or regulations (whether or not having the force of law) by any court or governmental or monetary authority
charged with the interpretation or administration thereof. 
  
 “Requirement of Law” means, as to any Person, any law (statutory or common), treaty, rule, regulation, guideline or determination of an arbitrator or of a Governmental Authority, in each case applicable to or binding
upon the Person or any of its Property or to which the Person or any of its Property is subject. 
  
 “Reserve Requirement” means, for any Interest Period, the average maximum rate at which reserves (including any marginal,
supplemental, or emergency reserves) are required to be maintained during such Interest Period under Regulation D against “Eurocurrency liabilities” (as such term is used in Regulation D) by member banks of the Federal Reserve System.
Without limiting the effect of the foregoing, the Reserve Requirement shall reflect any other reserves required to be maintained by Bank by reason of any Regulatory Change against (a) any category 
  

 41 

 EXECUTION COPY 
  

 of liabilities which includes deposits by reference to which Adjusted LIBOR is to be determined as provided in the
definition of LIBOR or (b) any category of extensions of credit or other assets which include Advances. 
  
 “Responsible Officer” is any of the Chief Executive Officer, President, Chief Financial Officer, Chief Accounting Officer,
Controller, Vice President-Finance, or Treasurer of Borrower. 
  
 “Revolving Maturity Date” is September 15, 2008. 
  
 “STT” means iSTT Investments Pte Ltd, a corporation organized under the laws of the Republic of Singapore. 
  
 “Securities Account” has the meaning ascribed to it in the Code. 
  
 “Senior Leverage Ratio” has the meaning ascribed to
it in Section 6.7(c). 
  
 “Subordinated
Debt” is debt incurred by Borrower subordinated to Borrower’s debt to Bank (pursuant to a subordination agreement entered into among Bank, Borrower and the subordinated creditor), on terms reasonably acceptable to Bank. 

 
 “Subsidiary” is any Person, corporation,
partnership, limited liability company, joint venture, or any other business entity of which more than fifty percent (50%) of the voting stock or other equity interests is owned or controlled, directly or indirectly, by the Person or one or
more Affiliates of the Person. 
  
 “Sublimit
Utilization Amount” means the sum of (a) all amounts for services utilized under the Cash Management Services Sublimit, (b) the amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit),
and (c) the FX Reserve. 
  
 “Trademark” means any of the following now or hereafter owned or acquired or received by Borrower or in which Borrower now holds or hereafter acquires or receives any right or interest: (a) any trademark, trade
name, corporate name, business name, trade style, service mark, logo, other source or business identifier, print or label on which any of the foregoing have appeared or appear, design or other general intangibles of like nature, now existing or
hereafter adopted or acquired, all registrations and recordings thereof, and any applications in connection therewith, including registration, recording and application in the United States Patent and Trademark Office or in any similar office or
agency of the United States, any State thereof or any other country or other foreign jurisdiction and (b) any reissue, extension or renewal of any of the foregoing. 
  
 “Total Funded Debt” means the sum of Total Senior Funded Debt and the principal amount of
outstanding convertible subordinated debentures or notes issued by the Borrower. 
  
 “Total Senior Funded Debt” means all funded debt plus capitalized leases plus “synthetic” or other off-balance sheet lease obligations (unless in each case cash
collateralized, and then only to the extent such obligations exceed the cash collateral), but shall exclude the principal amount of outstanding convertible subordinated debentures or notes issued by the Borrower. 
  

 42 

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the Effective
Date. 
  

					
	BORROWER	 	EQUINIX, INC.
			
	 	 	By:	 	 /s/ KEITH TAYLOR

	 	 	Name:	 	Keith Taylor
	 	 	Title:	 	Chief Financial Officer
		
	BANK	 	SILICON VALLEY BANK
			
	 	 	By:	 	 /s/ MARIA FISCHER LEAF

	 	 	Name:	 	Maria Fischer Leaf
	 	 	Title:	 	Senior Vice President
	 	 	Effective Date: September 16, 2005

  

 43 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	 	  	Page

	 1
	  	 	  	 	  	 
			
	 2.
	  	LOAN AND TERMS OF PAYMENT	  	1
				
	 	  	2.1	  	Promise to Pay.	  	1
				
	 	  	 	  	2.1.1    Revolving Advances.	  	1
				
	 	  	 	  	2.1.2    Letters of Credit Sublimit.	  	2
				
	 	  	 	  	2.1.3    FX Forward Contracts.	  	2
				
	 	  	 	  	2.1.4    Cash Management Services.	  	2
				
	 	  	2.2	  	Suspension and Termination of Commitment to Lend; Termination of this Agreement.	  	2
				
	 	  	2.3	  	Overadvances.	  	3
				
	 	  	2.4	  	Interest Rates.	  	3
				
	 	  	2.5	  	Intentionally Omitted.	  	4
				
	 	  	2.6	  	General Provisions.	  	4
				
	 	  	2.7	  	Fees.	  	4
				
	 	  	2.8	  	Mandatory Prepayment Event.	  	5
			
	 3.
	  	CONDITIONS OF CREDIT EXTENSIONS	  	5
				
	 	  	3.1	  	Conditions Precedent to Initial Credit Extension.	  	5
				
	 	  	3.2	  	Conditions Precedent to all Credit Extensions.	  	6
				
	 	  	3.3	  	Procedure for the Borrowing of Advances.	  	6
				
	 	  	3.4	  	Conversion and Continuation Elections.	  	7
				
	 	  	3.5	  	Special Provisions Governing LIBOR Advances.	  	8
				
	 	  	3.6	  	Additional Requirements/Provisions Regarding LIBOR Advances.	  	10
				
	 	  	3.7	  	Calculation of Interest and Fees.	  	12
			
	 4.
	  	CREATION OF SECURITY INTEREST	  	12
				
	 	  	4.1	  	Grant of Security Interest.	  	12
				
	 	  	4.2	  	Authorization to File Financing Statements.	  	13
			
	 5.
	  	REPRESENTATIONS AND WARRANTIES	  	13
				
	 	  	5.1	  	Due Organization and Authorization.	  	13
				
	 	  	5.2	  	Collateral.	  	14
				
	 	  	5.3	  	Litigation.	  	14
				
	 	  	5.4	  	No Material Deterioration in Financial Statements.	  	14
				
	 	  	5.5	  	Solvency.	  	14
				
	 	  	5.6	  	Regulatory Compliance.	  	15
				
	 	  	5.7	  	Subsidiaries.	  	15
				
	 	  	5.8	  	Full Disclosure.	  	15

  

 i 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	 	  	Page

	 6.
	  	AFFIRMATIVE COVENANTS	  	16
				
	 	  	6.1	  	Government Compliance.	  	16
				
	 	  	6.2	  	Financial Statements, Reports, Certificates.	  	16
				
	 	  	6.3	  	Inventory; Returns.	  	17
				
	 	  	6.4	  	Taxes.	  	17
				
	 	  	6.5	  	Insurance.	  	17
				
	 	  	6.6	  	Primary Accounts.	  	18
				
	 	  	6.7	  	Financial Covenants.	  	18
				
	 	  	6.8	  	Intentionally Omitted.	  	19
				
	 	  	6.9	  	Further Assurances.	  	19
			
	 7.
	  	NEGATIVE COVENANTS	  	19
				
	 	  	7.1	  	Dispositions.	  	19
				
	 	  	7.2	  	Changes in Business.	  	20
				
	 	  	7.3	  	Dissolution.	  	20
				
	 	  	7.4	  	Mergers; Consolidations.	  	20
				
	 	  	7.5	  	Indebtedness.	  	20
				
	 	  	7.6	  	Encumbrance.	  	20
				
	 	  	7.7	  	Distributions; Investments.	  	21
				
	 	  	7.8	  	Transactions with Affiliates.	  	21
				
	 	  	7.9	  	Subordinated Debt.	  	21
				
	 	  	7.10	  	Compliance.	  	21
			
	 8.
	  	EVENTS OF DEFAULT	  	21
				
	 	  	8.1	  	Payment Default.	  	21
				
	 	  	8.2	  	Covenant Default.	  	22
				
	 	  	8.3	  	Material Adverse Change.	  	22
				
	 	  	8.4	  	Attachment.	  	22
				
	 	  	8.5	  	Insolvency.	  	22
				
	 	  	8.6	  	Other Agreements.	  	23
				
	 	  	8.7	  	Judgments.	  	23
				
	 	  	8.8	  	Misrepresentations.	  	23
			
	 9.
	  	RIGHTS AND REMEDIES	  	23
				
	 	  	9.1	  	Rights and Remedies.	  	23
				
	 	  	9.2	  	Power of Attorney.	  	24
				
	 	  	9.3	  	Intentionally Omitted.	  	25
				
	 	  	9.4	  	Bank Expenses.	  	25
				
	 	  	9.5	  	Bank’s Liability for Collateral.	  	25

  

 ii 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	 	  	Page

	 	  	9.6	  	Remedies Cumulative.	  	25
				
	 	  	9.7	  	Demand Waiver.	  	25
			
	 10.
	  	NOTICES	  	25
			
	 11.
	  	CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER	  	26
			
	 12.
	  	GENERAL PROVISIONS	  	27
				
	 	  	12.1	  	Successors and Assigns.	  	27
				
	 	  	12.2	  	Indemnification.	  	27
				
	 	  	12.3	  	Attorneys’ Fees, Costs and Expenses.	  	27
				
	 	  	12.4	  	Right of Set-Off.	  	27
				
	 	  	12.5	  	Time of Essence.	  	28
				
	 	  	12.6	  	Severability of Provisions.	  	28
				
	 	  	12.7	  	Amendments in Writing, Integration.	  	28
				
	 	  	12.8	  	Counterparts.	  	28
				
	 	  	12.9	  	Survival.	  	28
				
	 	  	12.10	  	Confidentiality.	  	28
				
	 	  	12.11	  	Designation of Obligations as “Designated Senior Debt”.	  	29
			
	 13.
	  	DEFINITIONS	  	29
				
	 	  	13.1	  	Definitions.	  	29

  

 iiiPurchase and Sale Agreement

 Exhibit 10.120 
  
 PURCHASE AND SALE AGREEMENT 
  
 This Purchase and Sale Agreement (the “Agreement”) is entered into as of the 7th day of September, 2005 by and among Buyer, Seller and Escrow Agent. For good and valuable consideration, the receipt and sufficiency of which is acknowledged,
the parties hereto agree as follows: 
  
 1. Defined Terms.
As used in this Agreement the terms listed below shall have the following meanings: 
  

			
	Effective Date:	  	August 23, 2005
		
	Seller:	  	 1920 East Maple LLC, a Delaware limited liability company
 c/o Burges Property Company
 12230 El Camino Real, Suite 320
 San Diego, CA 92130

		
	Buyer:	  	 Equinix Operating Co., Inc.
 301 Velocity Way, 5th
Floor
 Foster City, CA 94404
 Attn: Director of Real
Estate

		
	Property:	  	Fee simple title in and to APN: 4138-006-011, commonly known as 1920 East Maple Avenue, El Segundo, CA 90245 and Maple Data Center as more particularly described in Exhibit A hereto (the
“Real Estate”), together with all improvements located thereon, including a 106,774 square foot data center (the “Improvements”), together with all of Seller’s right, title and interest, if any, in and to (a) all
personal property located on the Real Estate and in the Improvements, (b) all appurtenances, streets, alleys, easements, rights-of-way in or to all streets or other interests in, on, across, in front of, abutting, or adjoining the Real Estate, (c)
all contracts, agreements, leases, warranties and guarantees respecting the Real Estate and Improvements thereon, to the extent the same are transferable, and (d) all of Seller’s licenses, permits, authorizations and approvals issued by
governmental authorities respecting the Real Estate and Improvements, to the extent the same are transferable (collectively, the “Property”).
		
	Purchase Price:	  	Thirty Four Million Five Hundred Thousand and 00/100 Dollars ($34,500,000.00).

			
	Deposit:	  	Five Hundred Thousand and 00/100 Dollars ($500,000.00) to be deposited with Escrow Agent simultaneously with the execution of this Agreement (the “Initial Deposit”), to be
increased by One Million Five Hundred Thousand and 00/100 Dollars ($1,500,000.00) upon conclusion of the Inspection Period (the “Additional Deposit”, and with the Initial Deposit, the “Deposit”)
		
	 Wire
 Instructions for Escrow
Agent:
	  	 Union Bank of California
 2001 Michelson Drive

Irvine, CA 92714
 ABA #122-000-496
 Credit to Chicago Title C & I Escrow
 San Diego Account No.
91002-67494
 For further credit to Escrow No. 53723153-U47
 Renee
Marshall, Escrow Officer

		
	Escrow Agent:	  	 Chicago Title Insurance Company
 16969 Von
Karman
 Irvine, CA 92606
 Attn: Susie Calwell
 Assistant Vice President
 Senior Commercial Title Officer
 Phone: (949) 263-0123
 Fax: (949) ) 263-1022

  
 2. Agreement to
Sell; Purchase and Sale Agreement. Buyer agrees to buy the Property and Seller agrees to sell the Property pursuant to and in accordance with the terms and conditions of this Agreement. 
  
 3. Deposit. Simultaneous with the execution of this Agreement, Buyer
shall deposit the Initial Deposit with Escrow Agent, as escrow agent for Buyer and Seller. If Buyer does not elect to terminate this Agreement on or before the conclusion of the Inspection Period, then on or before the conclusion of the Inspection
Period, and as a condition to the continuing purchase rights of Buyer hereunder, Buyer shall increase the amount of the Initial Deposit by delivering the Additional Deposit to Escrow Agent, and thereafter the Deposit shall be non-refundable except
as otherwise set forth herein. The Deposit will be held in an interest-bearing account with interest to follow the Deposit. At the Closing the Deposit, together with accrued interest, will be applied against the Purchase Price. In the event Buyer
breaches this Agreement or fails to close notwithstanding Seller’s being ready, willing and able to perform at Closing, Seller shall retain the Deposit as liquidated damages and Seller shall have no further remedy at law or in equity. The
Deposit shall be refundable to Buyer in the event this Agreement is terminated pursuant to 
  

 2 

 Paragraphs 10, 14 or 15 hereof. Escrow Agent agrees to act as escrow agent for Buyer and Seller hereunder and to
administer the Deposit in accordance with the terms of this Agreement. Escrow Agent may also rely on instructions jointly given by Buyer and Seller as to the disposition of the Deposit. 
  
 BY INITIALING OR SIGNING WHERE INDICATED BELOW, THE PARTIES SPECIFICALLY APPROVE THE LIQUIDATED DAMAGES PROVISION CONTAINED IN THIS
PARAGRAPH 3, AND ACKNOWLEDGE THAT UPON A DEFAULT BY BUYER, SELLER SHALL ONLY BE ENTITLED TO LIQUIDATED DAMAGES IN THE AMOUNT OF THE DEPOSIT AS ITS EXCLUSIVE REMEDY, WHETHER AT LAW OR IN EQUITY, FOR BUYER’S FAILURE TO PURCHASE THE PROPERTY
HEREUNDER. 
  

					
	 	 	Seller:	 	 /s/ JEFFREY W. BURGES

			
	 	 	Buyer:	 	 /s/ RENEE F. LANAM

  
 4. Closing.
Except as otherwise provided in this Agreement, the consummation of the transactions contemplated by this Agreement shall take place no later than the date that is seven (7) days after the expiration of the Inspection Period at the offices of
the Escrow Agent or at such other location as may be mutually agreed to by the parties (such time, as the same may be extended, is referred to herein as the “Time of Closing”). All closing documents, the Purchase Price, and any other items
required to complete the Closing, shall be deposited with Escrow Agent on or before the Time of Closing, to be held in escrow, and an escrow closing shall be conducted by Escrow Agent. 
  
 (a) Conditions: The following are conditions to the parties’ respective obligations to close: 
  
 (i) Buyer’s Conditions: (1) Seller shall have performed and
complied with all material agreements, covenants and conditions required by this Agreement to be performed or complied with by Seller at the Time of Closing, including the delivery of the items required by subsection (b) below, (2) all of
Seller’s representations and warranties shall be true and correct, and (3) title to the Property shall be in the condition required by Paragraph 6 hereof as evidenced by the written commitment of the Title Company to issue the Title Policy
(as hereafter defined). 
  
 (ii) Seller’s Conditions:
(1) Buyer shall have performed and complied with all agreements, covenants and conditions required by this Agreement to be performed or complied with by Buyer prior to or at the Time of Closing; (2) all of Buyer’s representations and
warranties shall be true and correct, and (3) Buyer shall have delivered into escrow with Escrow Holder, all funds required to be delivered into Escrow by Buyer. 
  

 3 

 (b) At the Closing, Seller shall deliver to Buyer: 
  
 (i) A grant deed, an assignment of contracts (if Buyer has
elected, on or before the conclusion of the Inspection Period, to assume any assumable contracts) and a bill of sale, each in form and substance reasonably satisfactory to Buyer, running to Buyer or such nominee or nominees as Buyer may designate in
writing not less than five days prior to the Time of Closing. 
  
 (ii) All necessary information for IRS Form 1099-S; 
  
 (iii) An affidavit as to nonforeign status of the Seller; 
  
 (iv) A certificate that Seller’s representations in this Agreement are true and correct as of the Time
of Closing; 
  
 (v) Any customary and ordinary
items required by Title Company for issuance of the Title Policy such as a parties in possession affidavit and a workmen’s lien affidavit; 
  
 (vi) A settlement statement showing all of the payments, adjustments and prorations provided for in Paragraph 5 and otherwise agreed upon
by Seller and Purchaser; 
  
 (vii) All original
delivery items and the contents of the Property. 
  
 (c) At the Closing Buyer shall (i) deliver to Seller a signed counterpart of the settlement statement, and (ii) pay the Purchase Price by a federal wire transfer of immediately available funds. The Deposit, together with any
accrued interest which accrued prior to the Closing, shall be credited against the Purchase Price. Seller may use the purchase money or any portion thereof to clear the title of any or all encumbrances or interests, provided that all instruments
necessary for this purpose are recorded or registered simultaneously with the deed, except that where an institutional lender has provided a payoff letter the actual reconveyance of the deed of trust may be recorded when received. 
  
 5. Adjustments. Collected rents (if any), association fees or other
common charges, electricity, water and sewer use charges, fuel, supplies and other operating expenses, taxes assessed for the then current tax year and other reasonable and customary closing costs shall be prorated as of the Time of Closing such
that Seller shall be responsible for charges accruing before the Time of Closing and Buyer shall bear the responsibility for charges accruing on and after the Time of Closing. If, for any reason, real property taxes for the current fiscal year have
not been assessed on the Property, such proration shall be estimated based upon such taxes for the immediately preceding fiscal year, and thereafter adjusted when actual amounts become available. Any errors or omissions in computing apportionments
at the Time of Closing shall be corrected as soon after discovery as possible. The provisions of this Paragraph 5 shall survive the Closing for a period of one (1) year. 
  

 4 

 6. Title. The deed shall convey good, merchantable and insurable title to the Property free from
encumbrances except the Permitted Exceptions, as described in Exhibit C attached hereto, public utility easements, zoning laws, building laws, subdivision laws and other laws, rules and regulations of general applicability, and taxes for the current
year to the extent that the same are not yet due and payable. Seller shall be obligated to cause the removal of all mortgages, deeds of trust, or other monetary liens, if any, affecting the Property and all encumbrances (other than the Permitted
Exceptions) created by Seller on or before the Closing. Evidence of the delivery of title in the condition set forth above shall be the issuance by the Title Company or the ability of the Title Company to issue at the Time of Closing its standard
form ALTA extended coverage owner’s policy of title insurance (rev’d 10/17/70), at its standard rate, and in the amount of the purchase price, showing title to the Property vested in Buyer subject only to the standard pre-printed
exceptions on the policy jacket, the requirements of schedule B-1 to be completed by Buyer and Seller, and the Permitted Exceptions with such endorsements, all in such form as the Title Company shall have committed to issue during the Due Diligence
Period (the “Title Policy”). 
  
 7. Possession and
Condition. Full possession, subject only to matters of record, shall be delivered at the Time of Closing, the Property to be in the same condition as it now is, reasonable use and wear thereof excepted. The Property is to be conveyed “as
is” without any representation or warranty that survives the Closing, except as specifically set forth herein. Buyer acknowledges that it is a sophisticated real estate investor, advised by counsel, and that its decision to acquire the Property
is based solely upon its own investigation of the Property and the market. 
  
 8. Disclaimers. IT IS UNDERSTOOD AND AGREED THAT EXCEPT AS SET FORTH HEREIN SELLER IS NOT MAKING AND HAS NOT AT ANY TIME MADE ANY WARRANTIES OR REPRESENTATIONS OF ANY KIND OR CHARACTER, EXPRESS OR IMPLIED, WITH
RESPECT TO THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OR REPRESENTATIONS AS TO HABITABILITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE (OTHER THAN ANY LIMITED WARRANTY OF TITLE THAT MAY BE SET FORTH IN THE DEED),
LEASING, ZONING, TAX CONSEQUENCES, LATENT OR PATENT PHYSICAL OR ENVIRONMENTAL CONDITION, UTILITIES, OPERATING HISTORY OR PROJECTIONS, VALUATION, GOVERNMENTAL APPROVALS, THE COMPLIANCE OF THE PROPERTY WITH LAWS, THE TRUTH, ACCURACY OR COMPLETENESS OF
THE DOCUMENTS OR ANY OTHER INFORMATION PROVIDED BY OR ON BEHALF OF SELLER TO BUYER, OR ANY OTHER MATTER OR THING REGARDING THE PROPERTY. BUYER ACKNOWLEDGES AND AGREES THAT AT THE CLOSING AND EXCEPT AS PROVIDED HEREIN, SELLER SHALL SELL AND CONVEY TO
BUYER AND BUYER SHALL ACCEPT THE PROPERTY “AS IS, WHERE IS, WITH ALL FAULTS”. EXCEPT FOR THE REPRESENTATIONS OF SELLER CONTAINED HEREIN, BUYER HAS NOT RELIED AND WILL NOT RELY ON, AND SELLER IS NOT LIABLE FOR OR BOUND BY, 
  

 5 

 ANY EXPRESS OR IMPLIED WARRANTIES, GUARANTIES, STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE PROPERTY OR
RELATING THERETO (INCLUDING SPECIFICALLY, WITHOUT LIMITATION, PROPERTY INFORMATION PACKAGES DISTRIBUTED WITH RESPECT TO THE PROPERTY) MADE OR FURNISHED BY SELLER, THE MANAGER OF THE PROPERTY, OR ANY REAL ESTATE BROKER OR AGENT REPRESENTING OR
PURPORTING TO REPRESENT SELLER, TO WHOMEVER MADE OR GIVEN, DIRECTLY OR INDIRECTLY, ORALLY OR IN WRITING, UNLESS SPECIFICALLY SET FORTH IN THIS AGREEMENT. BUYER REPRESENTS TO SELLER THAT BUYER HAS CONDUCTED, OR WILL CONDUCT PRIOR TO CLOSING, SUCH
INVESTIGATIONS OF THE PROPERTY, INCLUDING BUT NOT LIMITED TO THE PHYSICAL AND ENVIRONMENTAL CONDITION THEREOF, AS BUYER DEEMS NECESSARY TO SATISFY ITSELF AS TO THE CONDITION OF THE PROPERTY AND THE EXISTENCE OR NONEXISTENCE OR CURATIVE ACTION TO BE
TAKEN WITH RESPECT TO ANY HAZARDOUS SUBSTANCES ON, IN, UNDER OR DISCHARGED FROM THE PROPERTY, AND WILL RELY SOLELY UPON SAME AND NOT UPON ANY INFORMATION PROVIDED BY OR ON BEHALF OF SELLER OR ITS AGENTS OR EMPLOYEES WITH RESPECT THERETO. AT THE
CLOSING, BUYER SHALL ASSUME THE RISK THAT ADVERSE MATTERS, INCLUDING BUT NOT LIMITED TO, CONSTRUCTION DEFECTS AND ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS, MAY NOT HAVE BEEN REVEALED BY BUYER’S INVESTIGATIONS, AND BUYER, UPON CLOSING,
SHALL BE DEEMED TO HAVE WAIVED, RELINQUISHED AND RELEASED SELLER (AND SELLER’S OFFICERS, DIRECTORS, MEMBERS, EMPLOYEES AND AGENTS), SUBJECT TO THE TERMS OF THIS PARAGRAPH 8, FROM AND AGAINST ANY AND ALL CLAIMS, DEMANDS, CAUSES OF ACTION
(INCLUDING CAUSES OF ACTION IN TORT), LOSSES, DAMAGES, LIABILITIES, COSTS AND EXPENSES (INCLUDING ATTORNEYS’ FEES AND COURT COSTS) OF ANY AND EVERY KIND OR CHARACTER, KNOWN OR UNKNOWN, WHICH BUYER MIGHT HAVE ASSERTED OR ALLEGED AGAINST SELLER
(AND SELLER’S OFFICERS, DIRECTORS, MEMBERS, EMPLOYEES AND AGENTS) AT ANY TIME BY REASON OF OR ARISING OUT OF ANY LATENT OR PATENT CONSTRUCTION DEFECTS OR PHYSICAL CONDITIONS, VIOLATIONS OF ANY APPLICABLE LAWS (INCLUDING, WITHOUT LIMITATION, ANY
ENVIRONMENTAL LAWS) AND ANY AND ALL OTHER ACTS, OMISSIONS, EVENTS, CIRCUMSTANCES OR MATTERS REGARDING THE PROPERTY. BUYER AGREES THAT SHOULD ANY CLEANUP, REMEDIATION OR REMOVAL OF HAZARDOUS SUBSTANCES OR OTHER ENVIRONMENTAL CONDITIONS ON THE
PROPERTY BE REQUIRED AFTER THE CLOSING DATE, SUCH CLEAN-UP, REMOVAL OR REMEDIATION SHALL BE THE RESPONSIBILITY OF AND SHALL BE PERFORMED AT THE SOLE COST AND EXPENSE OF BUYER AND THAT BUYER SHALL HAVE NO CLAIM, AGAINST SELLER (OR SELLER’S
OFFICERS, DIRECTORS, MEMBERS, EMPLOYEES AND AGENTS); PROVIDED THAT THE FOREGOING WAIVERS AND RELEASES SHALL NOT CONSTITUTE OR BE DEEMED A WAIVER OR RELEASE BY BUYER OF ITS RIGHTS, IF 
  

 6 

 ANY, TO SEEK FROM SELLER “CONTRIBUTION” OR REIMBURSEMENT OF ANY AMOUNTS HELD TO BE PAYABLE BY SELLER BY A COURT
OF COMPETENT JURISDICTION IN A NON-APPEALABLE ORDER OR JUDGMENT IN AN ACTION OR PROCEEDING TO WHICH SELLER IS MADE A PARTY, IN CONNECTION WITH CLAIMS BROUGHT BY THIRD PARTIES UNRELATED TO BUYER AGAINST BUYER BASED ON OR ARISING OUT OF ANY DAMAGE OR
INJURY SUFFERED BY SUCH THIRD PARTY BY RELEASE OF HAZARDOUS MATERIALS BY SELLER DURING SELLER’S OWNERSHIP OF THE PROPERTY. THIS SECTION SHALL SURVIVE CLOSING OR THE EARLIER TERMINATION OF THIS AGREEMENT. 
  
 BUYER HEREBY ACKNOWLEDGES THAT IT HAS READ AND IS FAMILIAR WITH THE PROVISIONS OF CALIFORNIA
CIVIL CODE SECTION 1542 (“SECTION 1542”), WHICH IS SET FORTH BELOW: 
  
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF
EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.” 
  
 BY INITIALING BELOW, BUYER HEREBY WAIVES THE PROVISIONS OF SECTION 1542 SOLELY IN CONNECTION WITH THE MATTERS WHICH ARE THE SUBJECT OF THE FOREGOING WAIVERS AND RELEASES.

  

					
	 	 	Buyer’s Initials	 	 /s/ RFL

  
 9. Waiver of
Natural Hazard Disclosure Statement. Buyer hereby knowingly, voluntarily and intentionally waives its right to disclosure of natural hazards found in the Natural Hazard Disclosure Act, California Government Code Sections 8589.3, 8589.4, and
51183.5, California Public Resources Code Sections 2621.9, 2694, and 4136, and California Civil Code Section 1102.6c(d), and any similar or successor statutes or laws. This waiver is a material inducement to Seller’s decision to enter into
this Agreement and the calculation of the Purchase Price, and Buyer acknowledges that Seller would not have entered into this Agreement but for this waiver. Seller and Buyer acknowledge that the compensation to be paid to Seller for the Property
takes into account that the Property is being sold subject to the provisions of paragraphs 8 and 9 hereof. Seller and Buyer agree that the provisions of said paragraphs 8 and 9 shall survive Closing. 
  
 10. Seller Defaults. In the event Seller fails to perform any of
Seller’s obligations hereunder, Buyer may either (i) terminate this Agreement by written notice to Seller and receive the return to it of the Deposit with all interest accrued thereon, whereupon all obligations of the parties hereto shall
cease and this Agreement shall be void and without recourse to the parties hereto, or (ii) seek specific performance of this Agreement, which action shall be commenced within twenty (20) days of the Time of Closing (if not commenced within
such time period, Buyer shall be deemed to have waived any action at law or in equity for any alleged failure of Seller to perform its obligations hereunder). 
  

 7 

 11. Merger. The acceptance of a deed and possession by Buyer or its nominee shall be deemed to be
a full performance and discharge of every agreement and obligation of Seller, except as to any agreements which by their terms are to be performed after delivery of said deed. 
  
 12. Insurance. Until the Time of Closing, Seller shall retain the risk of loss and shall maintain insurance on the
Property against fire and hazards covered by standard “All-Risk” insurance coverage. 
  
 13. Broker. Buyer and Seller each represents that Gerald L. Eggleston of Grubb & Ellis Company, Joseph F. Hamilton of Liberty Greenfield/California, Inc. and Jason Warner of Trammell Crow Company
(collectively referred to herein as the “Brokers”) are the only brokers with whom they have dealt in connection with this Agreement and the Property. The commission of the Brokers shall be paid by Seller pursuant to a separate agreement
with Grubb & Ellis Company. Buyer and Seller each agrees to indemnify and hold the other harmless from and against any liability, loss, cost, damage, or expense, including court costs and attorneys fees, resulting from a breach of the
representation and warranty set forth in this Paragraph 13. Buyer acknowledges that the Brokers have made no, and Seller has not authorized the Brokers to make any, representations or warranties of any kind regarding the condition, permitted use, or
value of the Property. The provisions of this Paragraph shall survive the Closing and any termination of this Agreement. 
  
 14. Casualty or Condemnation. (a) If, prior to the Time of Closing, any portion of the Property shall be condemned or become the subject of
any pending or threatened condemnation action, Seller shall promptly notify Buyer thereof, and Buyer may either (i) terminate this Agreement by written notice thereof to Seller given within five (5) business days after Buyer shall have
been notified of such condemnation (in which event the Deposit will be returned to Buyer), or (ii) consummate the Closing, in which event this Agreement shall remain in full force and effect, regardless of such condemnation or threatened or
pending action, and if any condemnation award is received by Seller prior to the Time of Closing, the amount of such award shall be applied as a credit against the Purchase Price. Any condemnation awards received by Seller on or after the Time of
Closing shall be promptly delivered by Seller to Buyer. Buyer’s failure to timely deliver such termination notice to Seller within such five (5) business day period shall constitute Buyer’s election to proceed to Closing. 

 
 (b) In the event of any damage to or destruction of the Property prior to
the Time of Closing not caused by Buyer or by any of Buyer’s agents or invitees, Seller shall promptly notify Buyer thereof and the Closing shall nevertheless occur as otherwise provided for in this Agreement, except Seller shall assign to
Buyer upon the Closing all insurance proceeds paid or payable to Seller in connection with such occurrences and shall provide Buyer with a credit 
  

 8 

 against the Purchase Price in the amount of any deductible (or, at Buyer’s election, Seller shall provide Buyer with
a reduction in the Purchase Price equal to the cost of the repairs, as reasonably determined by Seller and as supported by a licensed contractor’s estimate in which case Seller and its insurance agent shall have a license to enter the Property
after Closing to facilitate Seller’s receipt of insurance proceeds). Notwithstanding the foregoing, if such damage or destruction to the Property not caused by Buyer or by Buyer’s agents or invitees shall be reasonably estimated by Seller
to cost more than $250,000 to repair or is not covered by insurance, then Seller shall promptly so notify Buyer and within five (5) business days after Buyer’s receipt of such notice, Buyer may deliver written notice to Seller and to the
Escrow Agent, electing to terminate this Agreement, whereupon this Agreement shall terminate and the Deposit will be returned to Buyer. If Buyer does not elect to terminate this Agreement within such five (5) business day period, then the
parties shall proceed with this transaction and Closing in accordance with this Agreement notwithstanding such damage or destruction. 
  
 15. Due Diligence. From the Effective Date until 5:00 p.m. PDT on the date that is twenty-one days following the Effective Date (the
“Inspection Period”), Seller shall allow Buyer and their respective agents, consultants and prospective tenants access to the Property upon reasonable notice, and upon execution by such party and delivery to Seller of an Access
Agreement in the form previously delivered to Buyer, for the purposes of conducting non-invasive surveys, tests, and inspections, provided that they shall be conducted in such a manner as not to unreasonably interfere with normal business operations
on the Property. Such inspections may include, without implied limitation, inspections and investigations relating to the general building, the sewage disposal system, the water and water distribution systems, the heating and air conditioning
systems, power distribution and backup power systems, roof, and foundation. All inspections and investigations shall be conducted at Buyer’s cost. All inspections and investigations shall be conducted by qualified professionals in accordance
with applicable legal requirements. After its inspections are completed, Buyer, at Buyer’s sole cost and expense, shall promptly restore the Property to its prior condition. Buyer agrees to indemnify and hold Seller harmless from all liability,
loss, cost, damage or expense arising from the conduct of any such survey, test, or inspection by Buyer or Buyer’s agents or contractors, except such as may result from the mere discovery of existing conditions on the Property. Buyer also
(i) shall not contact any governmental agencies without the prior written consent of Seller (provided that Buyer shall be entitled to contact governmental agencies, without the consent of Seller, for the sole purpose of confirming the zoning or
land-use status of the Property); (ii) shall permit a representative of Seller to accompany Buyer on any interviews with governmental agencies (except as provided in the parenthetical in the preceding clause (i)) or on other inspections of the
Property; (iii) shall not permit any inspections, investigations or other due diligence activities to result in any liens, judgments or other encumbrances being filed against the Property and shall, at its sole cost and expense, promptly
discharge of record any such liens or encumbrances that are so filed or recorded; (iv) shall not permit any borings, drillings or samplings to be done without the prior written consent of Seller; (v) shall maintain, with insurance
companies satisfactory to Seller, a policy of comprehensive general public liability insurance, with a broad form contractual liability endorsement covering Buyer’s indemnification 
  

 9 

 obligations hereunder, and with a combined single limit of not less than $2,000,000 per occurrence for bodily injury and
property damage, automobile liability coverage including owned and hired vehicles with a combined single limit of $1,000,000 per occurrence for bodily injury and property damage, and an excess umbrella liability policy for bodily injury and property
damage in the amount of $5,000,000, insuring Seller and its affiliates as additional insureds (certificates of which shall be given to Seller prior to the first entry on the Property), all of which insurance shall be written on an “occurrence
form”; and (vi) shall deliver to Seller all materials with respect to the Property if Buyer fails to acquire the Property for any reason. The provisions of this Section shall survive the termination of this Agreement. 
  
 Seller has previously provided to Buyer or has made and will continue to make available at
the Property at any time on or after the Effective Date, for review by the Buyer, (i) Seller’s Owner’s Title Insurance Policy; (ii) Seller’s Current Preliminary Title Report; (iii) ALTA Survey, prepared by DCA Civil
Engineering Group dated February 20, 2004; (iv) Seller’s Phase I Environmental Report; and (v) Seller’s Infrastructure Equipment List as well as the items listed on Exhibit B attached hereto and made a part hereof (items
(i)-(v) and those items listed on Exhibit B herein collectively, the “Due Diligence Materials”). 
  
 Buyer may obtain, at its sole cost, and review a non-invasive Phase I environmental report from a reputable professional engineering firm licensed in California and an
updated A.L.T.A. survey of the Property. 
  
 Buyer may, at its sole and absolute
discretion, for any reason or no reason, terminate its obligations under this Agreement by giving written notice to Seller prior to the end of the Inspection Period. In that case, (a) Escrow Holder is instructed to return the Deposit, together
with any accrued interest, to Buyer, and (b) except for obligations that this Agreement expressly states survive termination, neither party shall have any further rights hereunder against the other. Failure of Buyer to elect to terminate its
obligation will constitute a waiver of the condition by Buyer. If Buyer does not terminate this Agreement pursuant to this Paragraph 15, Buyer shall have agreed to accept the Property in its current condition and subject to all of the conditions
disclosed in the items listed on Exhibit B, including without limitation, the Permitted Exceptions, the matters shown on the survey prepared by DCA Civil Engineering Group dated February 20, 2004, and the environmental and physical
condition of the Property. 
  
 16. Seller’s
Representations. Seller represents to Buyer, as of the date hereof, and at the Time of Closing, as follows: 
  
 a. Ability to Perform. Seller has full power to execute, deliver and carry out the terms and provisions of this Agreement and has taken all
necessary action to authorize the execution, delivery and performance of this Agreement. The person signing this Agreement on behalf of Seller is authorized to do so. 
  

 10 

 b. No Impediments. Seller has received no written notice of any action, suit, arbitration,
unsatisfied order or judgment, government investigation or proceeding pending nor, to Seller’s knowledge, is any such matter threatened against Seller or the Property which, if adversely determined, could individually or in the aggregate
materially interfere with the consummation of the transactions contemplated by this Agreement. 
  
 c. Proceedings. Seller has received no written notice of special assessments, environmental, zoning or other land use regulation proceedings, either pending or planned to be instituted, with respect to the
Property or any part thereof. 
  
 d. Eminent Domain. Seller
has not received, with respect to the Property, written notice from any governmental authority regarding any condemnation proceeding. 
  
 e. Hazardous Materials. Except (i) in amounts customarily found in uses for which the Property is used and (ii) in compliance with
applicable law, to Seller’s knowledge, Seller has not released or generated any Hazardous Materials on the Property, and Seller has no knowledge of any release or generation of Hazardous Materials on the Property by any tenants or any third
party. Seller has not received any summons, citation, directive, letter or other communication, written or oral, from the United States Environmental Protection Agency or the state environmental protection agency having jurisdiction over the
Property. For purposes hereof, “Hazardous Material” means: (i) “hazardous substances” or “toxic substances,” as those terms are defined by the Comprehensive Environmental Response, Compensation and Liability Act
(“CERCLA”), 42 U.S.C. §9601 et seq.; or the Hazardous Materials Transportation Act, 49 U.S.C. §1802; (ii) “hazardous wastes”, as that term is defined by the Resource Conservation and Recovery Act
(“RCRA”), 42 U.S.C. §6902 et seq.; and (iii) any radioactive material, including any source, special nuclear or by-product material as defined at 42 U.S.C. §2011 et seq., as amended or hereafter
amended; (v) asbestos in any form or condition; and (vi) polychlorinated biphenyls (“PCBs”) or substances or compounds containing PCBs. 
  
 f. 9/11 Dealings. Neither Seller nor any of its affiliates, nor any of their respective partners, members, shareholders or other equity owners, and
none of their respective employees, officers, directors, representatives or agents, is a person or entity with whom U.S. persons or entities are restricted from doing business under regulations of the Office of Foreign Asset Control
(“OFAC”) of the Department of the Treasury (including those named on OFAC’s Specially Designated and Blocked Persons List) or under any statute, executive order (including the September 24, 2001, Executive Order Blocking Property
and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action. 
  
 g. No Leases. There are no leases, licenses or other occupancy agreements affecting any portion of the Property on the date hereof. 
  

 11 

 h. No Other Agreements. There are no contracts, agreements, licenses or permits for or affecting
the Property that may be binding on Buyer other than those listed on Exhibit B attached hereto. 
  
 i. No Litigation. Except as disclosed to Purchaser by Seller in writing, Seller has received no written notice of any pending or threatened
litigation (i) with respect to the Property, or (ii) with respect to Seller that would inhibit Seller’s ability to perform its obligations hereunder. 
  
 j. Survival of Seller’s Representations. The representations of Seller set forth in this Paragraph 16 shall be
deemed restated by the Seller at Closing and shall survive the Closing for period of six (6) months. 
  
 With respect to each of the foregoing representations, “knowledge” or “know” and their variants means the actual knowledge of Jeffrey W. Burges and not any imputed or deemed awareness of facts and
circumstances. 
  
 17. Buyer’s Representations and
Warranties. Buyer hereby represents and warrants to Seller, as of the date hereof, and at the Time of Closing, as follows: 
  
 a. No Prohibited Transaction. Buyer is not acquiring the Property with the assets of an employee benefit plan (as defined in Section 3(3) of
ERISA), or, if plan assets will be used to acquire the Property, Buyer will deliver to Seller at Closing a certificate containing such factual representations as shall permit Seller and its counsel to conclude that no prohibited transaction would
result from the consummation of the transactions contemplated by this Agreement. 
  
 b. No Party In Interest. Buyer is not a “party in interest” within the meaning of Section 3(3) of ERISA with respect to any beneficial owner of Seller. 
  
 c. Ability To Perform. Buyer has the full right, power and authority
to purchase the Property as provided in this Agreement and to carry out Buyer’s obligations hereunder, and all requisite action necessary to authorize Buyer to enter into this Agreement and to carry out its obligations hereunder have been
taken, including, without limitation, approval of this Agreement (and the transaction to be consummated hereunder) by the Board of Directors of Buyer. The person signing this Agreement on behalf of Buyer is authorized to do so. 
  
 d. No Impediments. There is no action, suit, arbitration, unsatisfied
order or judgment, government investigation or proceeding pending against Buyer which, if adversely determined, could individually or in the aggregate materially interfere with the consummation of the transactions contemplated by this Agreement.

  

 12 

 e. 9/11 Dealings. Neither Buyer nor any of its affiliates, nor any of their respective partners,
members, shareholders or other equity owners, and none of their respective employees, officers, directors, representatives or agents, is a person or entity with whom U.S. persons or entities are restricted from doing business under regulations of
the OFAC (including those named on OFAC’s Specially Designated and Blocked Person List) or under any statute, executive order (including the September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions with Persons Who
Commit, Threaten to Commit, or Support Terrorism), or other governmental action. 
  
 f. Survival of Buyer’s Representations and Warranties. The representations and warranties of Buyer set forth in this Paragraph 17 shall be deemed restated at the Time of Closing and shall survive Closing
for a period of six (6) months. 
  
 18. Operation of
Property. Seller shall operate, manage and maintain the Property in substantially the same manner as Seller is so operating, managing and maintaining the Property as of the date hereof and as may be necessary for Seller to comply with its
obligations hereunder, provided, however, that Seller shall not enter into any leases or grant any party any present or future possessory interest in the Property without having obtained the advance written approval of Buyer in each instance.

  
 19. Confidentiality. Buyer shall, and shall cause it
officers, directors and other personnel, representatives and agents to hold in strict confidence and not to disclose to any other party without the express written consent of Seller any of the information respecting the Property or provided to Buyer
by Seller or any of its agents, representatives or employees. Notwithstanding the foregoing, Buyer’s obligation to keep such information confidential shall expire upon the occurrence of the Closing, and during the period on or after the date
hereof through the Time of Closing Buyer may disclose such information on a need-to-know basis to its professional advisors who are providing assistance in connection with the acquisition of the Property, to one or more reputable, institutional
lenders in connection with applications for financing, to governmental bodies in order to comply with any laws applicable to Buyer so long as each of such parties is advised of the confidential nature of the information. Seller shall, and shall
cause its officers, directors and other personnel, representatives and agents to hold in strict confidence and not to disclose to any other party without the express written consent of Buyer, the terms of this Agreement including, without
limitation, the Purchase Price until the earlier of the Closing Date, as it may be extended, or the date on which the Agreement is terminated by either party or expires by its terms. If Buyer acquires the Property from Seller, Seller shall have the
right, subsequent to the Closing, to publicize the transaction (exclusive of the Purchase Price) in whatever manner it deems appropriate. The provisions of this Paragraph shall survive the termination of this Agreement. 
  
 20. Authority. The execution of this Agreement and the performance of
each party’s obligations hereunder have been approved by any necessary board of directors, members, general partner or other authorizing body and is not subject to any further approval or contingency other than as set forth herein. 

 

 13 

 21. Notices. All notices given hereunder shall be in writing and shall be deemed received when
delivered in hand, delivered by recognized overnight delivery service, received by facsimile, or 72 hours after the same have been deposited in the United States mails, postage prepaid, certified or registered mail, return receipt requested,
addressed to Buyer and Seller (and in the case of Seller, with a copy to Lerner & Holmes PC, 98 North Washington Street, Suite 550, Boston, MA 02114, Fax: 617.443.9471, Attn: Daniel P. Holmes, Esq.; and in the case of Buyer, with a copy to
Orrick, Herrick & Sutcliffe LLP, 405 Howard Street, San Francisco, CA 94105, Attn: William G. Murray, Jr., Esq., or to such other address or addresses as the parties may from time to time specify by notice so given. 
  
 22. Escrow Instructions. If requested by the Escrow Agent, Seller and
Buyer shall simultaneously upon execution of this Agreement execute standard form printed escrow instructions of Escrow Agent. 
  
 23. Closing Costs. Seller shall pay the fees of its own attorneys, the cost for recording the deed and any transfer or recordation tax required in
connection with the transfer of the Property to Buyer. Buyer shall pay the fees of Buyer’s attorneys and the costs of Buyer’s physical inspections, due diligence, survey costs and the premium for issuance of the Title Policy and any cost
for extended coverage and endorsements to the Title Policy. Escrow costs in connection with the acquisition of the Property will be split on a 50/50 basis between Buyer and Seller. Any other costs of closing shall be paid in accordance with what is
customary in the locality of the Property. 
  
 24.
Attorney’s Fees. If litigation evolves between the parties concerning this Agreement, the unsuccessful party shall pay to the prevailing party all costs of suit, including reasonable attorneys’ fees. 
  
 25. Assignment of this Agreement. Upon written notice to Seller, Buyer
may assign this Agreement to a nominee owned and controlled by Buyer or any affiliate of Buyer. No such assignment shall relieve Buyer of its obligations hereunder. Any other assignment of this Agreement by Buyer shall be permitted so long as
(a) Seller has given its express written approval of such nominee, which consent shall not be unreasonably withheld, (b) such nominee agrees in writing to assume all of Buyer’s obligations hereunder, and (c) Buyer acknowledges in
writing that an assignment of this Agreement does not relieve Buyer of any of its obligations under this Agreement. This Paragraph 25 shall survive Closing or the earlier termination of this Agreement. 
  
 26. Termination of Agreement. It is understood and agreed that if
either Buyer or Seller terminates this Agreement pursuant to a right of termination granted hereunder, such termination shall operate to relieve Seller and Buyer from all obligations under this Agreement, and the Agreement shall be null and void and
without further force or effect, except for such obligations as are specifically stated herein to survive the termination of this Agreement. 
  

 14 

 27. General. Time is of the essence of this Agreement. This Agreement shall be binding upon and
shall inure to the benefit of the parties hereto, their successors, personal representatives, and assigns. No member, officer, director, shareholder, trustee, or beneficiary of a trust, if any, under which the Seller or Buyer acts in executing this
Agreement shall be personally liable for any obligation, express or implied, hereunder. Any liability of Seller hereunder is limited to Seller’s interest in the Property. This Agreement is to be construed as a California contract, sets forth
the entire contract between the parties, may not be canceled, amended, or waived except in writing, is the complete and exclusive expression of the parties’ agreement respecting the Property (any and all prior statements, representations,
warranties and/or agreements, if any, being merged into this Agreement), and no party hereto is relying on any statement, representation or warranty made by or on behalf of any other party except as expressly set forth herein. This Agreement may be
executed in one or more counterparts, and signatures transmitted by facsimile shall be treated as original signatures. Neither this Agreement nor any memorandum thereof may be recorded and that any such recordation shall, at Seller’s election,
relieve Seller of any obligation to convey the Property to Buyer. 
  
 28. WAIVER OF TRIAL BY JURY. BUYER AND SELLER DO EACH HEREBY KNOWINGLY, VOLUNTARILY, UNCONDITIONALLY, IRREVOCABLY AND INTENTIONALLY FOREVER WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT
OF, UNDER OR CONNECTED WITH, IN ANY MANNER WHATSOEVER, THIS AGREEMENT. THIS SECTION SHALL SURVIVE CLOSING OR THE EARLIER TERMINATION OF THIS AGREEMENT. 
  
 [SIGNATURES ON FOLLOWING PAGE] 
  

 15 

 Executed under seal as of the date first set forth above. 
  
 SELLER: 
  
 1920 EAST MAPLE LLC, a Delaware limited liability company

  

			
	By:	 	Burges Property Company, its manager

  

					
	 	 	By:	 	 /s/ JEFFREY W. BURGES

	 	 	Name:	 	Jeffrey W. Burges
	 	 	Title:	 	President

  

			
	BUYER:
	
	 Equinix Operating Co., Inc.,
 a Delaware
corporation

		
	By:	 	 /s/ RENEE F. LANAM

	Name:	 	Renee F. Lanam
	Title:	 	Secretary

  

			
	ESCROW AGENT:
	
	Chicago Title Insurance Company
		
	By:	 	 /s/ RENEE MARSHALL

	Name:	 	Renee Marshall
	Title:	 	Escrow Officer

  

 16 

 ASSIGNMENT AND ASSUMPTION OF 
 PURCHASE AND SALE AGREEMENT 
  
 THIS ASSIGNMENT AND ASSUMPTION OF PURCHASE AND SALE AGREEMENT (this “Assignment”) is dated as of September 13, 2005, between EQUINIX OPERATING CO., INC., a Delaware corporation (“Assignor”),
and EQUINIX RP, INC., a Delaware corporation (“Assignee”). 
  
 Assignor hereby assigns to Assignee all of its right, title and interest in and to that certain Agreement of Purchase and Sale dated as of September 7, 2005 between Assignor, as buyer, and 1920 East Maple LLC, a Delaware limited
liability company, as seller (“Seller”) (the “Purchase Agreement”), and Assignee hereby assumes all of Assignor’s obligations under the Purchase Agreement. Assignee hereby indemnifies, releases and holds harmless Assignor
from and against any and all costs, claims, actions, obligations and liabilities directly or indirectly relating to or arising under the Purchase Agreement. 
  
 [Remainder of page intentionally left blank] 
  

 17 

 IN WITNESS WHEREOF, Assignor and Assignee have caused this Assignment to be executed on the day and year
first above written. 
  

					
	ASSIGNOR:	 	 
		
	 	 	Equinix Operating Co., Inc.,
	 	 	a Delaware corporation
			
	 	 	By:	 	 /s/ PETER VAN CAMP

	 	 	Name:	 	Peter Van Camp
	 	 	Title:	 	Chief Executive Officer

  

					
	ASSIGNEE:	 	 
		
	 	 	Equinix RP, Inc.,
	 	 	a Delaware corporation
			
	 	 	By:	 	 /s/ PETER VAN CAMP

	 	 	Name:	 	Peter Van Camp
	 	 	Title:	 	Chief Executive Officer

  

 18

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