Document:

Exhibit 10.16

 

LOAN AGREEMENT

 

Dated as of March 31, 2016

 

between

 

GMR MEMPHIS, LLC, GMR PLANO, LLC, GMR MELBOURNE,
LLC AND GMR

WESTLAND, LLC

collectively, as Borrower

 

and

 

CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.,

as Lender

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Article I DEFINITIONS; PRINCIPLES OF CONSTRUCTION	1
	Section 1.1	Definitions	1
	Section 1.2	Principles of Construction	31
	Article II GENERAL TERMS	31
	Section 2.1	Loan Commitment; Disbursement to Borrower	31
	2.1.1	Agreement to Lend and Borrow	31
	2.1.2	Single Disbursement to Borrower	31
	2.1.3	The Note, Security Instruments and Loan Documents	31
	2.1.4	Use of Proceeds	32
	Section 2.2	Interest Rate	32
	2.2.1	Interest Rate	32
	2.2.2	Interest Calculation	32
	2.2.3	Default Rate	32
	2.2.4	Usury Savings	32
	Section 2.3	Debt Service Payments	32
	2.3.1	Payments Generally	32
	2.3.2	Monthly Debt Service Payment	32
	2.3.3	Payment on Maturity Date	33
	2.3.4	Late Payment Charge	33
	2.3.5	Method and Place of Payment	33
	Section 2.4	Prepayments	33
	2.4.1	Voluntary Prepayments	33
	2.4.2	Mandatory Prepayments	33
	2.4.3	Prepayments Made While an Event of Default Exists	34
	Section 2.5	Defeasance	34
	2.5.1	Voluntary Defeasance	34
	2.5.2	Collateral	36
	2.5.3	Successor Borrower	36
	2.5.4	Additional Requirements Regarding Partial Defeasance Event	37
	Section 2.6	Release of Property	38
	2.6.1	Release of Property	38
	2.6.2	Release on Payment in Full	39
	2.6.3	Release of 2020 Exeter Parcel	39
	Section 2.7	Cash Management	41
	2.7.1	Clearing Accounts	41
	2.7.2	Cash Management Account	42
	2.7.3	Payments Received Under the Cash Management Agreement	44
	Article III EXCULPATION	44
	Section 3.1	Exculpation	44
	Article IV REPRESENTATIONS AND WARRANTIES	48
	Section 4.1	Borrower Representations	48
	4.1.1	Organization	48
	4.1.2	Proceedings	48
	4.1.3	No Conflicts	48
	4.1.4	Litigation	49
	4.1.5	Agreements	49
	4.1.6	Title	49

 

     i

     

    

 

	4.1.7	Solvency	49
	4.1.8	Full and Accurate Disclosure	50
	4.1.9	No Plan Assets	50
	4.1.10	Compliance	50
	4.1.11	Financial Information	50
	4.1.12	Condemnation	51
	4.1.13	Federal Reserve Regulations	51
	4.1.14	Utilities and Public Access	51
	4.1.15	Not a Foreign Person	51
	4.1.16	Separate Lots	51
	4.1.17	Assessments	51
	4.1.18	Enforceability	51
	4.1.19	No Prior Assignment	52
	4.1.20	Insurance	52
	4.1.21	Use of Property	52
	4.1.22	Certificate of Occupancy; Licenses	52
	4.1.23	Flood Zone	52
	4.1.24	Physical Condition	52
	4.1.25	Boundaries	52
	4.1.26	Leases	53
	4.1.27	Survey	53
	4.1.28	Principal Place of Business; State of Organization	53
	4.1.29	Filing and Recording Taxes	53
	4.1.30	Special Purpose Entity/Separateness	53
	4.1.31	Management Agreement	54
	4.1.32	Illegal Activity	54
	4.1.33	No Change in Facts or Circumstances; Disclosure	55
	4.1.34	Investment Company Act	55
	4.1.35	Embargoed Person	55
	4.1.36	Cash Management Account	55
	4.1.37	Filing of Returns	56
	4.1.38	REA	56
	Section 4.2	Survival of Representations	56
	Article V BORROWER COVENANTS	56
	Section 5.1	Affirmative Covenants	56
	5.1.1	Existence; Compliance with Legal Requirements	56
	5.1.2	Taxes and Other Charges	57
	5.1.3	Litigation	58
	5.1.4	Access to Properties	58
	5.1.5	Notice of Default	58
	5.1.6	Cooperate in Legal Proceedings	58
	5.1.7	Perform Loan Documents	58
	5.1.8	Award and Insurance Benefits	58
	5.1.9	Further Assurances	58
	5.1.10	Mortgage Taxes	59
	5.1.11	Financial Reporting	59
	5.1.12	Business and Operations	63
	5.1.13	Title to the Properties	63
	5.1.14	Costs of Enforcement	63
	5.1.15	Estoppel Statement	64
	5.1.16	Loan Proceeds	64

 

     ii

     

    

 

	5.1.17	Performance by Borrower	64
	5.1.18	Confirmation of Representations	64
	5.1.19	No Joint Assessment	64
	5.1.20	Leasing Matters	65
	5.1.21	Alterations	66
	5.1.22	Operation of Property	66
	5.1.23	Changes in the Legal Requirements Regarding Taxation	67
	5.1.24	No Credits on Account of the Obligations	67
	5.1.25	Personal Property	67
	5.1.26	Appraisals	67
	5.1.27	ACM O&M Plan	68
	Section 5.2	Negative Covenants	68
	5.2.1	Operation of Properties	68
	5.2.2	Liens	68
	5.2.3	Dissolution	68
	5.2.4	Change in Business	69
	5.2.5	Debt Cancellation	69
	5.2.6	Zoning	69
	5.2.7	No Joint Assessment	69
	5.2.8	Principal Place of Business and Organization	69
	5.2.9	ERISA	69
	5.2.10	Transfers	70
	5.2.11	REA	73
	5.2.12	Special Purpose Entity/Separateness	73
	5.2.13	Embargoed Person; OFAC	74
	Article VI INSURANCE; CASUALTY; CONDEMNATION	74
	Section 6.1	Insurance	74
	Section 6.2	Casualty	77
	Section 6.3	Condemnation	78
	Section 6.4	Restoration	78
	Article VII RESERVE FUNDS	82
	Section 7.1	Required Repair Funds	82
	7.1.1	Deposits	82
	7.1.2	Release of Required Repair Funds	82
	7.1.3	Balance in Required Repair Account	83
	Section 7.2	Tax and Insurance Escrow	83
	7.2.1	Tax and Insurance Escrow Funds	83
	7.2.2	Disbursements from Tax and Insurance Escrow Funds	84
	7.2.3	Conditional Waiver of Tax Escrow	84
	7.2.4	Conditional Waiver of Insurance Escrow	85
	Section 7.3	Replacements and Replacement Reserve	85
	7.3.1	Replacement Reserve Funds	85
	7.3.2	Disbursements from Replacement Reserve Account	85
	7.3.3	Balance in the Replacement Reserve Account	86
	Section 7.4	Rollover Reserve	86
	7.4.1	Deposits to Rollover Reserve Funds	86
	7.4.2	Withdrawal of Rollover Reserve Funds	87
	Section 7.5	Excess Cash Reserve Funds	88
	Section 7.6	Payment Reserve	88
	Section 7.7	Occupancy Reserve	88
	7.7.1	Deposits to Occupancy Reserve Funds	88

 

     iii

     

    

 

	7.7.2	Withdrawal of Occupancy Reserve Funds	89
	Section 7.8	TI/LC Reserve	89
	7.8.1	Deposits to TI/LC Reserve	89
	7.8.2	Withdrawal of TI/LC Reserve Funds	90
	Section 7.9	Reserve Funds, Generally	90
	Section 7.10	Letter of Credit Option	91
	Article VIII DEFAULTS	92
	Section 8.1	Event of Default	92
	Section 8.2	Remedies	95
	Section 8.3	Remedies Cumulative; Waivers	97
	Article IX SPECIAL PROVISIONS	97
	Section 9.1	Transfer of Loan	97
	Section 9.2	Cooperation	97
	Section 9.3	Servicer	98
	Section 9.4	Restructuring of Loan	99
	Article X MISCELLANEOUS	100
	Section 10.1	Survival	100
	Section 10.2	Lender’s Discretion	100
	Section 10.3	Governing Law	100
	Section 10.4	Modification, Waiver in Writing	102
	Section 10.5	Delay Not a Waiver	102
	Section 10.6	Notices	102
	Section 10.7	Trial by Jury	103
	Section 10.8	Headings	104
	Section 10.9	Severability	104
	Section 10.10	Preferences	104
	Section 10.11	Waiver of Notice	104
	Section 10.12	Remedies of Borrower	104
	Section 10.13	Expenses; Indemnity	104
	Section 10.14	Schedules Incorporated	106
	Section 10.15	Intentionally Omitted	106
	Section 10.16	No Joint Venture or Partnership; No Third Party Beneficiaries	106
	Section 10.17	Publicity	106
	Section 10.18	Waiver of Marshalling of Assets	106
	Section 10.19	Waiver of Counterclaim	107
	Section 10.20	Conflict; Construction of Documents; Reliance	107
	Section 10.21	Brokers and Financial Advisors	107
	Section 10.22	Prior Agreements	107
	Section 10.23	Cumulative Rights	107
	Section 10.24	Counterparts	107
	Section 10.25	Time is of the Essence	108
	Section 10.26	Consent of Holder	108
	Section 10.27	Successor Laws	108
	Section 10.28	Reliance on Third Parties	108
	Section 10.29	Joint and Several Liability	108
	Section 10.30	Condominium Provisions	108
	Section 10.31	Global Medical REIT L.P. as Principal	108

 

     iv

     

    

 

SCHEDULES

 

	SCHEDULE I	Rent Roll
	SCHEDULE II	Required Repairs/Deadlines For Completion
	SCHEDULE III	Borrower Organizational Chart
	SCHEDULE IV	Deposit Amounts
	SCHEDULE V	Condominium Provisions
	SCHEDULE VI	REA Description
	 	 
	Exhibit A-1	Gastro One Property Description
	Exhibit A-2	Star Medical Center Property Description
	Exhibit A-3	Marina Towers Property Description
	Exhibit A-4	Surgical Institute of Michigan Property Description
	Exhibit B	Form of Tenant Direction Letter

 

     v

     

    

 

LOAN AGREEMENT

 

This LOAN AGREEMENT, dated
as of March 31, 2016 (as amended, restated, replaced, supplemented or otherwise modified from time to time, this “Agreement”),
between CANTOR COMMERCIAL REAL ESTATE LENDING, L.P., a Delaware limited partnership, having an address at 110 East 59th Street,
6th Floor, New York, New York 10022 (“Lender”), and GMR MEMPHIS, LLC, a Delaware limited liability
company (“Borrower 1”), GMR PLANO, LLC, a Delaware limited liability company (“Borrower 2”),
GMR MELBOURNE, LLC, a Delaware limited liability company (“Borrower 3”) and GMR WESTLAND, LLC, a
Delaware limited liability company (“Borrower 4”), each having its principal place of business at
4800 Montgomery Lane, Suite 450 Bethesda, Maryland 20814 (Borrower 1, Borrower 2, Borrower 3 and Borrower 4
are hereinafter referred to as, individually or collectively as the context may require, “Borrower”).

 

WITNESSETH:

 

WHEREAS, Borrower desires
to obtain a loan in the original principal amount of Thirty-Two Million Ninety Seven Thousand Four Hundred and No/100 Dollars ($32,097,400.00)
from Lender pursuant to this Agreement (the “Loan”); and

 

WHEREAS, Lender is willing
to make the Loan to Borrower, subject to and in accordance with the terms of this Agreement and the other Loan Documents (as hereinafter
defined).

 

NOW THEREFORE, in consideration
of the making of the Loan by Lender and the covenants, agreements, representations and warranties set forth in this Agreement,
the parties hereto hereby covenant, agree, represent and warrant as follows:

 

Article I

 

DEFINITIONS;
PRINCIPLES OF CONSTRUCTION

 

Section 1.1           Definitions.
For all purposes of this Agreement, except as otherwise expressly required or unless the context clearly indicates a contrary intent:

 

“2020 Exeter
Parcel” shall mean that portion of the Gastro Property located at 2020 Exeter Road, Germantown, Tennessee and
more particularly described on Exhibit A-1 attached hereto and labeled “[2020 EXETER ROAD LEGAL DESCRIPTION]”,
but no other portion of the Gastro Property.

 

“Above the
Line SPE Triggers” shall have the meaning set forth in Section 3.1(b) hereof.

 

“Acceptable
Estoppel” shall mean a tenant estoppel certificate in form and substance acceptable to Lender that is executed by
the applicable Tenant, certifying, among other things, that such Tenant has taken possession of and is in occupancy of the premises
demised under such Tenant’s Lease, that no free rent or rent abatement period then exists, that each such Tenant is currently
paying full rent, that no default or event of default exists under each such Tenant’s Lease, and that such Tenant is Continuously
Operating.

 

“Acceptable
Lease Extension” shall mean a duly executed and delivered renewal or extension of the Occupancy Reserve Lease between
Borrower, as landlord, and the Occupancy Reserve Tenant that triggered the applicable Lease Trigger Period, which renewal or extension
(including the documentation evidencing the same) is consented to in advance by Lender, such consent not to be unreasonably withheld.

 

    	 	1	 

     

    

 

“Acceptable
Replacement Lease” shall mean each Lease duly executed and delivered by Borrower, as landlord, and a Tenant acceptable
to Lender, which is upon terms and in form and substance acceptable to Lender and otherwise complies with the terms and conditions
of Section 5.1.20 hereof.

 

“ACM Maintenance
Program” shall have the meaning set forth in Section 5.1.27(a) hereof.

 

“ACM’s”
shall have the meaning set forth in Section 5.1.27(a) hereof.

 

“Additional
Insolvency Opinion” shall have the meaning set forth in Section 5.1.27(b) hereof.

 

“Adjusted Release
Amount” shall mean in connection with a Partial Defeasance Event with respect to any of the Properties, an amount
equal to the greater of (a) one hundred thirty percent (130%) of the Allocated Loan Amount with respect to such Property that
is the Release Parcel and (b) ninety-five percent (95%) of the Net Sale Proceeds with respect to such Release Parcel.

 

“Affiliate”
shall mean, as to any Person, any other Person that, directly or indirectly, is in Control of, is Controlled by or is under common
Control with such Person or is a director or officer of such Person or of an Affiliate of such Person.

 

“Affiliated
Manager” shall mean any Manager in which Sponsor or Guarantor has, directly or indirectly, any legal, beneficial
or economic interest.

 

“Agreement”
shall mean this Loan Agreement, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to
time.

 

“Allocated
Loan Amount” shall mean (i) with respect to the Gastro One Property, $10,727,400.00, (ii) with respect
to the Star Medical Center Property, $9,250,000.00, (iii) with respect to the Marina Towers Property $9,270,000.00 and (iv) with
respect to the Surgical Institute of Michigan Property $2,850,000.00.

 

“Allocated
Loan Ratio” shall mean, with respect to each individual Property, the ratio of (a) the Allocated Loan Amount
with respect to such Property to (b) the original principal amount of the Loan.

 

“ALTA”
shall mean American Land Title Association or any successor thereto.

 

“Annual Budget”
shall mean the operating budget, including all planned Capital Expenditures, for each of the Properties prepared by Borrower in
accordance with Section 5.1.11(d) hereof for the applicable Fiscal Year or other period.

 

“Approved Accounting
Method” means the income tax method of accounting or another accounting method commonly used for individuals or assets
similarly situated to the Properties which is consistently applied and reasonably acceptable to Lender; provided, however, to the
extent the use of another accounting method would result in the qualification, downgrade or withdrawal of the credit rating of
the applicable Securities, Borrower agrees, upon notice from Lender, to immediately commence using GAAP.

 

“Approved Annual
Budget” shall have the meaning set forth in Section 5.1.11(d) hereof.

 

“Approved Bank”
shall mean a domestic bank or the U.S. agency, or branch of a foreign bank, or other financial institution (having locations acceptable
to Lender) which has the Required Rating.

 

    	 	2	 

     

    

 

“Approved Leasing
Expenses” shall mean actual out-of-pocket expenses incurred by Borrower, on market terms and conditions, in leasing
space at any of the Properties pursuant to Leases entered into in accordance with the Loan Documents, including brokerage commissions
and tenant improvements, which expenses (a) are (i) specifically approved by Lender in connection with approving the
applicable Lease, (ii) incurred in the ordinary course of business and on market terms and conditions in connection with Leases
which do not require Lender’s approval under the Loan Documents, and with respect to which Lender shall have received a budget
for such tenant improvement costs and a schedule of leasing commissions payments payable in connection therewith (which leasing
commission payments shall be deemed “Approved Leasing Expenses” for purposes of this Agreement so long as same are
comparable to existing local market rates), or (iii) otherwise approved in writing by Lender, and (b) are substantiated
by executed Lease documents and brokerage agreements.

 

“Approved Rating
Agencies” shall mean each of S&P, Moody’s, Fitch and Morningstar or any other nationally-recognized statistical
rating agency which has been approved by Lender and designated by Lender to assign a rating to the Securities.

 

“Assignments
of Leases” shall mean, collectively, those certain first priority Assignments of Leases and Rents, dated as of the
date hereof, from each Borrower, as assignor, to Lender, as assignee, assigning to Lender all of each such Borrower’s interest
in and to the Leases and Rents of each of the applicable Properties as security for the Loan, as any of the same may be amended,
restated, replaced, supplemented or otherwise modified from time to time (each, individually, an “Assignment of Leases”).

 

“Assignment
of Management Agreement” shall mean an assignment of management agreement and subordination of management fees with
the Manager, if required hereunder, from Borrower and Manager, if required hereunder, in favor of Lender, which agreement must
be in form and substance acceptable to Lender, together with any amendments, replacements, supplements or other modifications thereto
from time to time.

 

“Award”
shall mean any compensation paid by any Governmental Authority in connection with a Condemnation in respect of all or part of any
Property.

 

“Bankruptcy
Action” shall mean with respect to any Person (a) such Person filing a voluntary petition under the Bankruptcy
Code or any other Federal or state bankruptcy or insolvency law; (b) the filing of an involuntary petition against such Person
under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law, or soliciting or causing to be solicited
petitioning creditors for any involuntary petition against such Person; (c) such Person filing an answer consenting to or
otherwise acquiescing in or joining in any involuntary petition filed against it, by any other Person under the Bankruptcy Code
or any other Federal or state bankruptcy or insolvency law, or soliciting or causing to be solicited petitioning creditors for
any involuntary petition from any Person; (d) such Person consenting to or acquiescing in or joining in an application for
the appointment of a custodian, receiver, trustee, assignee, sequestrator (or similar official), liquidator, or examiner for such
Person or any portion of any Property; (e) the filing of a petition against a Person seeking reorganization, arrangement,
composition, readjustment, liquidation, dissolution or similar relief under the Bankruptcy Code or any other applicable law, (f) under
the provisions of any other law for the relief or aid of debtors, an action taken by any court of competent jurisdiction that allows
such court to assume custody or Control of a Person or of the whole or any substantial part of its property or assets or (g) such
Person making an assignment for the benefit of creditors, or admitting, in writing or in any legal proceeding, its insolvency or
inability to pay its debts as they become due.

 

“Bankruptcy
Code” shall mean Title 11 of the United States Code, 11 U.S.C. § 101, et seq., as the
same may be amended from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated
thereunder, and any comparable foreign laws relating to bankruptcy, insolvency or creditors’ rights or any other Federal
or state bankruptcy or insolvency law.

 

    	 	3	 

     

    

 

“Basic Carrying
Costs” shall mean, for any period, the sum of the following costs: (a) Taxes, (b) Other Charges and (c) Insurance
Premiums.

 

“Borrower”
shall have the meaning set forth in the introductory paragraph hereto, together with its successors and permitted assigns.

 

“Borrower’s
Account” shall mean that certain deposit account specified in Section 5(a) of each Clearing Account Agreement
(collectively, the “Borrower’s Accounts”).

 

“Building”
shall mean, as the context may require, (i) the Improvements now or hereafter constructed on the Gastro One Property, (ii) the
Improvements now or hereafter constructed on the Star Medical Center Property, (iii) the Improvements now or hereafter constructed
on the Marina Towers Property or (iv) the Improvements now or hereafter constructed on the Surgical Institute of Michigan
Property.

 

“Business Day”
shall mean any day other than a Saturday, Sunday or any other day on which any of the following institutions is not open for business:
(i) banks and savings and loan institutions in New York, New York, (ii) the trustee under a Securitization (or, if no
Securitization has occurred, Lender), (iii) any Servicer, (iv) the financial institution that maintains any collection
account for or on behalf of any Servicer or any Reserve Funds, (v) the New York Stock Exchange or (vi) the Federal Reserve
Bank of New York.

 

“Cantor”
shall have the meaning set forth in Section 2.5.3 hereof.

 

“Capital Expenditures”
shall mean, for any period, the amount expended for items capitalized under the Approved Accounting Method (including expenditures
for building improvements or major repairs, leasing commissions and tenant improvements).

 

“Cash Management
Account” shall have the meaning set forth in Section 2.7.2(a) hereof.

 

“Cash Management
Agreement” shall mean that certain Cash Management Agreement, dated as of the date hereof, by and among Borrower,
Deposit Bank and Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Cash Management
Period” shall be deemed to (a) commence upon: (i) the commencement of any Cash Trap Period; (ii) the
failure by Borrower, after the end of two (2) consecutive calendar quarters, to maintain the Debt Service Coverage Ratio of at
least 1.35 to 1.0 or (iii) the occurrence from time to time of a Lease Trigger Period; and (b) end upon Lender giving
notice to Borrower and Clearing Bank that the Cash Management Period has ended, which notice Lender shall only be required to give
if: (1) the Loan and all other obligations under the Loan Documents have been repaid in full; (2) there has been a full
Defeasance Event; (3) in the case of the foregoing clause (a)(i) or (a)(ii), for two (2) consecutive calendar quarters
since the commencement of the existing Cash Management Period (A) no Cash Trap Period, Lease Trigger Period, Default or Event
of Default has occurred or remains in effect during such period, (B) no other Cash Management Period is then in effect and
no event that would trigger another Cash Management Period has occurred and (C) the Debt Service Coverage Ratio after the
end of each of such two (2) consecutive calendar quarters has been at least equal to 1.40 to 1.0.

 

    	 	4	 

     

    

 

“Cash Trap
Period” shall be deemed to (a) commence upon: (i) the occurrence of any Event of Default; (ii) the
occurrence of any Bankruptcy Action of Borrower, Principal, Guarantor or Manager (if required hereunder); or (iii) the failure
by Borrower to maintain the Debt Service Coverage Ratio of at least 1.20 to 1.0 after the end of any calendar quarter; and (b) have
terminated, if ever: (i) in the case of the foregoing clause (a)(i), Lender accepts a cure of the Event of Default giving
rise to such Cash Trap Period and no other Event of Default has occurred which is continuing; (ii) in the case of a Bankruptcy
Action of Manager only, if Borrower replaces the Manager with a Qualified Manager under a Replacement Management Agreement; or
(iii) in the case of the foregoing clause (a)(ii) only, for two (2) consecutive calendar quarters since the commencement
of the existing Cash Trap Period, (1) the Debt Service Coverage Ratio has been at least equal to 1.40 to 1.0 at the end of
each such quarter, and (2) no other Cash Trap Period has occurred or remains in effect during such period.

 

“Casualty”
shall have the meaning set forth in Section 6.2 hereof.

 

“Casualty Consultant”
shall have the meaning set forth in Section 6.4(b)(v) hereof.

 

“Clearing Account(s)”
shall have the meaning set forth in Section 2.7.1(a) hereof.

 

“Clearing Account
Agreement(s)” shall mean those certain Deposit Account Control Agreements, dated the date hereof among the applicable
Borrower, Lender and Clearing Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time
to time, relating to funds deposited in the Clearing Accounts (each, individually, a “Clearing Account Agreement”).

 

“Clearing Bank”
shall mean Wells Fargo Bank, N.A. or any successor or permitted assigns thereof.

 

“Closing Date”
shall mean the date of the funding of the Loan.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended, as it may be further amended from time to time, and any successor statutes
thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form.

 

“Collateral”
shall have the meaning ascribed to such term in the Security Instruments.

 

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

 

“Condemnation
Proceeds” shall have the meaning set forth in Section 6.4(b) hereof.

 

“Continuously
Operate” or “Continuously Operating” shall mean the uninterrupted operation of a Tenant’s
regular and customary business, open to the public, fully staffed, during the normal business hours of the medical centers and/or
office buildings located on the Property by the Tenant, its subtenants or combination thereof. An interruption for a period of
thirty (30) consecutive days shall be conclusive evidence that a Tenant or subtenant has failed to Continuously Operate. Temporary
cessation of normal business operations during an alteration of the Improvements that is being conducted in accordance with Section 5.1.21
or after a Casualty or Condemnation during a Restoration performed in accordance with the terms of this Agreement shall not, in
either instance, constitute an interruption of Tenant’s or subtenant’s regular and customary business for the purposes
of this definition.

 

    	 	5	 

     

    

 

“Contribution
Agreement” shall mean that certain Contribution Agreement dated as of the date hereof by and between each Borrower,
as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Control”
shall mean, with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of
the management, policies or activities of such Person, whether through ownership of voting securities, by contract or otherwise.
“Controlled” and “Controlling” shall have correlative meanings.

 

“Covered Rating
Agency Information” shall have the meaning set forth in Section 10.13(d) hereof.

 

“Debt”
shall mean the Outstanding Principal Balance together with all interest accrued and unpaid thereon and all other sums (including
the Defeasance Payment Amount, and any Yield Maintenance Premium) due to Lender in respect of the Loan under the Note, this Agreement,
the Security Instruments or any other Loan Document.

 

“Debt Service”
shall mean, with respect to any particular period of time, the greater of (a) the sum of all interest and, if applicable,
principal payments actually due with respect to the Loan over such period and (b) the sum of all principal and interest payments
that would be due and payable over such period with respect to a loan in a principal amount equal to the original principal amount
of the Loan, assuming a thirty (30) year amortization period and an interest rate equal to the Interest Rate.

 

“Debt Service
Coverage Ratio” shall mean, as of any date, the ratio calculated by Lender of (a) the Net Operating Income for
the Properties (as a whole) for the twelve (12) month period ending with the most recently completed calendar month to (b) the
Debt Service with respect to such period.

 

“Default”
shall mean the occurrence of any event hereunder or under any other Loan Document which, but for the giving of notice or passage
of time, or both, would be an Event of Default.

 

“Default Rate”
shall mean a rate per annum equal to the lesser of (a) the Maximum Legal Rate and (b) five percent (5%) above the Interest
Rate.

 

“Defeasance
Date” shall have the meaning set forth in Section 2.5.1(a)(i) hereof.

 

“Defeasance
Deposit” shall mean an amount equal to the sum of (x) an amount sufficient to purchase U.S. Obligations which
provide payments that will meet the Scheduled Defeasance Payments, (y) costs and expenses incurred or to be incurred in the
purchase of the U.S. Obligations which provide payments that will meet the Scheduled Defeasance Payments and (z) any revenue,
documentary stamp or intangible taxes or any other tax or charge due in connection with the Defeasance Event (including, without
limitation, any fees and expenses of accountants, attorneys and Rating Agencies).

 

“Defeasance
Event” shall have the meaning set forth in Section 2.5.1(a) hereof.

 

“Defeasance
Payment Amount” shall mean the amount which, when added to the remaining principal amount of the Note, will be sufficient
to purchase U.S. Obligations providing the required Scheduled Defeasance Payments.

 

“Defeased Note”
shall have the meaning set forth in Section 2.5.4 hereof.

 

    	 	6	 

     

    

 

“Deposit Bank”
shall mean Wells Fargo Bank, N.A. or any successor Eligible Institution acting as “Deposit Bank” under
the Cash Management Agreement.

 

“Disclosure
Document” shall mean a prospectus, prospectus supplement, private placement memorandum, offering memorandum, offering
circular, term sheet, road show presentation materials or other offering documents or marketing materials, in each case in preliminary
or final form, used to offer Securities in connection with a Securitization.

 

“Dollars”
and the sign “$” shall mean lawful money of the United States of America.

 

“Eligible Account”
shall mean a separate and identifiable account from all other funds held by the holding institution that is either (a) an
account or accounts maintained with a Federal or state-chartered depository institution or trust company which complies with the
definition of Eligible Institution or (b) a segregated trust account or accounts maintained with a Federal or state chartered
depository institution or trust company acting in its fiduciary capacity that has a Moody’s rating of at least “Baa3”
and which, in the case of a state chartered depository institution or trust company, is subject to regulations substantially similar
to 12 C.F.R. § 9.10(b), having in either case a combined capital and surplus of at least $50,000,000.00 and subject
to supervision or examination by Federal and state authority, as applicable. An Eligible Account will not be evidenced by a certificate
of deposit, passbook or other instrument.

 

“Eligible Institution”
shall mean a depository institution or trust company insured by the Federal Deposit Insurance Corporation, the short-term unsecured
debt obligations or commercial paper of which are rated at least “A-1+” by S&P and “P-1” by Moody’s,
in the case of accounts in which funds are held for thirty (30) days or less (or, in the case of accounts in which funds are held
for more than thirty (30) days, the long-term unsecured debt obligations of which are rated at least “A+” by S&P
and “Aa3” by Moody’s.

 

“Embargoed
Person” shall mean any person, entity or government subject to trade restrictions under U.S. law, including, but
not limited to, The USA Patriot Act (including the anti-terrorism provisions thereof), the International Emergency Economic Powers
Act, 50 U.S.C. §§ 1701, et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq.,
and any Executive Orders or regulations promulgated thereunder including those related to Specially Designated Nationals and Specially
Designated Global Terrorists, with the result that the investment in Borrower, Principal or Guarantor, as applicable (whether directly
or indirectly), is prohibited by law or the Loan made by the Lender is in violation of law.

 

“Environmental
Indemnity” shall mean that certain Environmental Indemnity Agreement, dated as of the date hereof, executed by Borrower
and Guarantor in connection with the Loan for the benefit of Lender, as the same may be amended, restated, replaced, supplemented
or otherwise modified from time to time.

 

    	 	7	 

     

    

 

“Environmental
Statutes” shall mean any present and future Federal, state and local laws, statutes, ordinances, rules, regulations
and the like, as well as common law, relating to protection of human health or the environment, relating to Hazardous Substances,
and/or relating to liability for or costs of other actual or threatened danger to human health or the environment. The term “Environmental
Statutes” includes, but is not limited to, the following statutes, as amended, any successor thereto, and any regulations
promulgated pursuant thereto, and any state or local statutes, ordinances, rules, regulations and the like addressing similar issues:
the Comprehensive Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right-to-Know Act;
the Hazardous Substances Transportation Act; the Resource Conservation and Recovery Act (including but not limited to Subtitle I
relating to underground storage tanks); the Solid Waste Disposal Act; the Clean Water Act; the Clean Air Act; the Toxic Substances
Control Act; the Safe Drinking Water Act; the Occupational Safety and Health Act; the Federal Water Pollution Control Act; the
Federal Insecticide, Fungicide and Rodenticide Act; the Endangered Species Act; the National Environmental Policy Act; and the
River and Harbors Appropriation Act. The term “Environmental Statutes” also includes, but is not limited to, any present
and future Federal, state and local laws, statutes ordinances, rules, regulations, permits or authorizations and the like, as well
as common law, that (a) condition transfer of property upon a negative declaration or other approval of a Governmental Authority
of the environmental condition of any Property; (b) require notification or disclosure of releases of Hazardous Substances
or other environmental condition of a property to any Governmental Authority or other Person, whether or not in connection with
any transfer of title to or interest in such property; (c) impose conditions or requirements in connection with permits or
other authorization for lawful activity; (d) relate to nuisance, trespass or other causes of action related to any Property;
or (e) relate to wrongful death, personal injury, or property or other damage in connection with any physical condition or
use of any Property.

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and
the ruling issued thereunder.

 

“ERISA Affiliate”
shall mean each person (as defined in section 3(9) of ERISA) that together with Borrower would be deemed to be a “single
employer” within the meaning of Section 414(b), (c), (m) or (o) of the Code.

 

“Event of Default”
shall have the meaning set forth in Section 8.1(a) hereof.

 

“Excess Cash”
shall have the meaning set forth in Section 2.7.2(b)(viii) hereof.

 

“Excess Cash
Reserve Account” shall have the meaning set forth in Section 7.5.1
hereof.

 

“Excess Cash
Reserve Funds” shall have the meaning set forth in Section 7.5.1 hereof.

 

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as the same may be amended, modified or replaced, from time to time.

 

“Exchange Act
Filing” shall have the meaning set forth in Section 5.1.11(f) hereof.

 

“Extraordinary
Expense” shall have the meaning set forth in Section 5.1.11(e) hereof.

 

“First Payment
Date” shall mean May 6, 2016.

 

“Fiscal Year”
shall mean each twelve (12) month period commencing on January 1 and ending on December 31 during each year of the term
of the Loan.

 

“Fitch”
shall mean Fitch, Inc.

 

“Force Majeure”
shall mean an extraordinary event or circumstance beyond the reasonable control of Borrower, including war, strike, riot, crime,
fire, flood or other act of God, which causes complete business interruption at the applicable Property; provided, however, that
(i) any lack of funds except to the extent same is due to a default by Lender in advancing funds pursuant to the terms and
conditions of this Agreement and/or (ii) a dislocation in capital or financial markets or economic conditions generally shall
not be deemed to be a condition beyond the control of Borrower.

 

    	 	8	 

     

    

 

“Full Defeasance
Event” shall have the meaning set forth in Section 2.5.1(a) hereof.

 

“Full Replacement
Cost” shall have the meaning set forth in Section 6.1(a)(i).

 

“GAAP”
shall mean generally accepted accounting principles in the United States of America as of the date of the applicable financial
report.

 

“Gastro One”
shall mean Gastroenterology Center of the MidSouth, P.C., a Tennessee professional corporation, together with its permitted successors
or assigns.

 

“Gastro One
Lease” shall mean that certain Lease, dated January 1, 2016, by and between Borrower 1, as landlord, and
Gastro One, as tenant and as the same may be further amended, restated, replaced, supplemented or otherwise modified from time
to time, subject to and in accordance with Section 5.1.20 hereof.

 

“Gastro One
Property” shall mean each parcel of real property described on Exhibit A-1, the Improvements thereon and all Personal
Property owned by Borrower 1 and encumbered by the applicable Security Instruments, together with all rights pertaining to
such property and Improvements, as more particularly described in the granting clause of such Security Instrument.

 

“Governmental
Authority” shall mean any court, board, agency, commission, office or other authority of any nature whatsoever for
any governmental unit (Federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence.

 

“Gross Income
from Operations” shall mean, for any period, all income, computed in accordance with the Approved Accounting Method,
derived from the ownership and operation of the Properties or any individual Property, as applicable, from whatever source during
such period, including, but not limited to, Rents from Tenants that are (directly or through subtenants) in occupancy, open for
business and paying full contractual rent without right of offset or credit, utility charges, escalations, forfeited security deposits,
interest (if any) on credit accounts and on Reserve Funds, business interruption or other loss of income or rental insurance proceeds,
service fees or charges, license fees, parking fees, rent concessions or credits, and other pass-through or reimbursements paid
by Tenants under the Leases of any nature but excluding (i) Rents from month to month Tenants, from Tenants during a free
rent period or from Tenants that are included in any Bankruptcy Action, (ii) sales, use and occupancy or other taxes on receipts
required to be accounted for by Borrower to any Governmental Authority, (iii) refunds and uncollectible accounts, (iv) proceeds
from the sale of furniture, fixtures and equipment, (v) Insurance Proceeds and Condemnation Proceeds (other than business
interruption or other loss of income insurance), and (vi) any disbursements to Borrower from any of the Reserve Funds.

 

“Guarantor”
shall mean Global Medical REIT Inc., a Maryland corporation.

 

“Guaranty”
shall mean that certain Guaranty of Recourse Obligations (Unsecured), dated as of the date hereof, from Guarantor in favor of Lender,
as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Hazardous
Substances” shall include, but is not limited to, (a) any and all substances (whether solid, liquid or gas)
defined, listed, or otherwise classified as pollutants, hazardous wastes, hazardous substances, hazardous materials, extremely
hazardous wastes, or words of similar meaning or regulatory effect under any present or future Environmental Statutes or that may
have a negative impact on human health or the environment, including, but not limited to, petroleum and petroleum products, asbestos
and asbestos-containing materials, polychlorinated biphenyls, lead, radon, radioactive materials, flammables and explosives, but
excluding substances of kinds and in amounts ordinarily and customarily used or stored in properties similar to the Property for
the purposes of cleaning or other maintenance or operations and otherwise in compliance with all Environmental Statutes, and (b) mold,
mycotoxins, microbial matter, and/or airborne pathogens (naturally occurring or otherwise) which pose a threat (imminent or otherwise)
to human health or the environment or adversely affect any Property.

 

    	 	9	 

     

    

 

“Improvements”
shall have the meaning set forth in the granting clause of each Security Instrument.

 

“Indebtedness”
shall mean for any Person, on a particular date, the sum (without duplication) at such date of (a) all indebtedness or liability
of such Person (including, without limitation, amounts for borrowed money and indebtedness in the form of mezzanine debt and preferred
equity); (b) obligations evidenced by bonds, debentures, notes, or other similar instruments; (c) obligations for the
deferred purchase price of property or services (including trade obligations); (d) obligations under letters of credit; (e) obligations
under acceptance facilities; (f) all guaranties, endorsements (other than for collection or deposit in the ordinary course
of business) and other contingent obligations to purchase, to provide funds for payment, to supply funds, to invest in any Person
or entity, or otherwise to assure a creditor against loss; and (g) obligations secured by any Liens, whether or not the obligations
have been assumed (other than Permitted Encumbrances).

 

“Indemnified
Liabilities” shall have the meaning set forth in Section 10.13(b) hereof.

 

“Indemnified
Parties” shall mean Lender and any Affiliate or designee of Lender that has filed any registration statement relating
to the Securitization or has acted as the sponsor or depositor in connection with the Securitization, any Affiliate of Lender that
acts as an underwriter, placement agent or initial purchaser of Securities issued in the Securitization, any other co-underwriters,
co-placement agents or co initial purchasers of Securities issued in the Securitization, and each of their respective officers,
directors, partners, employees, representatives, agents and Affiliates and each Person or entity who Controls any such Person within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, any Person who is or will have been involved
in the origination of the Loan, any Person who is or will have been involved in the servicing of the Loan, any Person in whose
name the encumbrances created by the Security Instruments are or will have been recorded, any Person who may hold or acquire or
will have held a full or partial interest in the Loan (including, but not limited to, investors or prospective investors in the
Securities, as well as custodians, trustees and other fiduciaries who hold or have held a full or partial interest in the Loan
for the benefit of third parties) as well as the respective directors, officers, shareholders, partners, employees, agents, servants,
representatives, contractors, subcontractors, affiliates, subsidiaries, participants, successors and assigns of any and all of
the foregoing (including, but not limited to, any other Person who holds or acquires or will have held a participation or other
full or partial interest in the Loan, whether during the term of the Loan or as a part of or following a foreclosure of the Loan
and including, but not limited to any successors by merger, consolidation or acquisition of all or a substantial portion of Lender’s
assets and business).

 

“Indemnifying
Person” shall mean Borrower and Guarantor, on a joint and several basis.

 

    	 	10	 

     

    

 

“Independent
Director” shall mean a natural Person who (a) is not (at the time of initial appointment as director or manager,
or at any time while serving as a director or manager) and is not, has never been, and will not be (at any time while serving as
a director or manager): (i) a stockholder, partner, member or other equity owner, director (with the exception of serving
as the Independent Director of Borrower), officer, employee, attorney or counsel of Borrower, Guarantor or any Affiliate of Borrower
or Guarantor, (ii) a customer, supplier or other Person who derives any of its purchases or revenues from its activities with
Borrower, Guarantor or any Affiliate of Borrower or Guarantor, (iii) a Person Controlling or under common Control with any
such stockholder, partner, member or other equity owner, director, officer, customer, supplier or other Person, (iv) a member
of the immediate family of any such stockholder, partner, member, equity owner, director, officer, employee, manager, customer,
supplier or other Person, or (v) otherwise affiliated with Borrower, Guarantor or any stockholder, member, partner, director,
officer, employee, attorney or counsel of Borrower or any Guarantor, and (b) has (i) prior experience as an independent
director or independent manager for a corporation, a trust or a limited liability company whose charter documents required the
unanimous consent of all independent directors or independent managers thereof before such corporation, trust or limited liability
company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief
under any applicable Federal or state law relating to bankruptcy and (ii) at least three (3) years of employment experience
with one or more nationally-recognized professional service companies that provides, inter alia, professional independent directors
or independent managers in the ordinary course of their respective business to issuers of securitization or structured finance
instruments, agreements or securities or lenders originating commercial real estate loans for inclusion in securitization or structured
finance instruments, agreements or securities and is at all times during his or her service as an Independent Director of Borrower
an employee of such a company or companies. A natural Person who otherwise satisfies the foregoing definition other than subclause (a)(i)
of this definition by reason of being the Independent Director of a Special Purpose Entity affiliated with Borrower shall not be
disqualified from serving as an Independent Director of the Borrower, provided that the fees that such individual earns from serving
as Independent Director of affiliates of the Borrower in any given year constitute in the aggregate less than five percent (5%)
of such individual’s annual income for that year.

 

As used in this definition
and in the definition of “Special Purpose Entity,” the term “nationally recognized professional service company”
shall mean Corporation Service Company, CT Corporation, Stewart Management Corporation, National Registered Agents, Inc. and Independent
Director Services, Inc. and any other Person approved in writing by Lender.

 

“Individual
Property Debt Service” shall mean, with respect to any Property and any particular period of time, the amount equal
to the Allocated Loan Ratio for such Property multiplied by the Debt Service for such period.

 

“Individual
Property Debt Service Coverage Ratio” shall mean, with respect to any Property as of any date, the ratio calculated
by Lender of (a) the Net Operating Income with respect to such Property for the twelve (12) month period ending with the most
recently completed calendar month to (b) the Individual Property Debt Service for such Property with respect to such period.

 

“Individual
Property Loan to Value Ratio” shall mean, with respect to any Property as of the date of its calculation, the ratio
of (a) the amount equal to the Outstanding Principal Balance multiplied by the Allocated Loan Ratio for such Property to (b) the
fair market value of such Property, as determined, in Lender’s sole discretion, by any commercially reasonable method permitted
to a REMIC.

 

“Initial Insurance
Premiums Deposit” shall mean the amount set forth on Schedule IV.

 

“Initial Rollover
Reserve Deposit” shall mean the amount set forth on Schedule IV.

 

“Initial Tax
Deposit” shall mean the amount set forth on Schedule IV.

 

“Insolvency
Opinion” shall mean that certain substantive non-consolidation opinion letter, dated the date hereof, in connection
with the Loan.

 

“Insurance
Premiums” shall have the meaning set forth in Section 6.1(b) hereof.

 

    	 	11	 

     

    

 

“Insurance
Proceeds” shall have the meaning set forth in Section 6.4(b) hereof.

 

“Interest Only
Period” shall mean the period of time beginning on the Closing Date and continuing thereafter until and including
the Payment Date occurring on April 6, 2021.

 

“Interest Period”
shall mean (i) initially, the period commencing on and including the Closing Date and ending on and including the fifth (5th)
day of the calendar month following the Closing Date, and (ii) thereafter, for any specified Payment Date including the Maturity
Date, the period commencing on and including the sixth (6th) day of the calendar month prior to such Payment Date and ending on
and including the fifth (5th) day of the calendar month in which such Payment Date occurs.

 

“Interest Rate”
shall mean a fixed rate of 5.22000% per annum.

 

“Investor”
shall have the meaning set forth in Section 9.1 hereof.

 

“IPO”
shall mean a one-time sale of the stock in Sponsor, in connection with an initial public offering of such stock on the New York
Stock Exchange or another nationally recognized stock exchange.

 

“Lease”
shall mean any lease, sublease or subsublease, letting, license, concession or other agreement (whether written or oral and whether
now or hereafter in effect) pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or
any portion of any space in the Property by or on behalf of Borrower, and (a) every modification, amendment or other agreement
relating to such lease, sublease, subsublease, or other agreement entered into in connection with such lease, sublease, subsublease,
or other agreement, and (b) every guarantee of the performance and observance of the covenants, conditions and agreements
to be performed and observed by the other party thereto.

 

“Lease Cure
Event” shall mean: (a) in the case of a Lease Trigger Period under clause (a)(i) thereof, (i) either
(A) an Acceptable Lease Extension is delivered to Lender, or (B) at least 80% of the space demised under the Occupancy
Reserve Lease which triggered the applicable Lease Trigger Period has been re-leased pursuant to one or more Acceptable Replacement
Leases delivered to Lender and the Proforma Debt Service Coverage Ratio is equal to or greater than 1.40 to 1.0 at the end of the
third consecutive full calendar month succeeding any such delivery to Lender, (ii) Lender has received an Acceptable Estoppel
for each Acceptable Lease Extension or Acceptable Replacement Lease, as applicable, and (iii) no other Lease Trigger Period
is then in effect and no event that would trigger another Lease Trigger Period has occurred; or (b) in the case of a Lease
Trigger Period under clause (a)(ii) thereof, (i) at least 80% of the space demised under the Occupancy Reserve Lease
which triggered the applicable Lease Trigger Period has been re-leased pursuant to one or more Acceptable Replacement Leases delivered
to Lender and the Proforma Debt Service Coverage Ratio is equal to or greater than 1.40 to 1.0 at the end of the third consecutive
full calendar month succeeding any such delivery to Lender, (ii) Lender has received an Acceptable Estoppel for each Acceptable
Replacement Lease, and (iii) no other Lease Trigger Period is then in effect and no event that would trigger another Lease
Trigger Period has occurred. For the purposes of determining the space demised under each such Occupancy Reserve Lease for this
definition, such demised space shall be equal to the space demised under such Occupancy Reserve Lease as of the Closing Date plus
any additional space demised under such Occupancy Reserve Lease after the Closing Date. In order to facilitate Lender’s determination
that a Lease Cure Event has occurred, during any Lease Trigger Period, Borrower must deliver to Lender each monthly financial reporting
item set forth in Section 5.1.11(c) hereof (including all related certificates) on a monthly basis, notwithstanding any provision
contained therein which allows Borrower to deliver such items on a quarterly basis instead of a monthly basis.

 

    	 	12	 

     

    

 

“Lease Trigger
Period” shall: (a) commence upon the occurrence from time to time of any one or more of the following: (i) with
respect to any Occupancy Reserve Tenant: the date which is the earlier to occur of (A) twelve (12) calendar months prior to
each expiration date under such Tenant’s Lease, or (B) the date set forth in such Tenant’s Lease on or before
which such Tenant is required to notify the landlord of its intent to either renew or terminate such Lease; and/or (ii) with
respect to any Occupancy Reserve Tenant: (A) such Tenant fails to Continuously Operate, (B) such Tenant, or the guarantor
of such Tenant’s obligations under such Tenant’s Lease, is the subject of a Bankruptcy Action, (C) such Tenant
gives notice of its intent to terminate its Lease or to vacate or surrender its demised premises or otherwise vacates or surrenders
its demised premises, or (D) such Tenant’s Lease terminates or expires, and (b) terminate, if ever, upon Lender
giving notice to Borrower that an applicable Lease Cure Event has occurred.

 

“Legal Requirements”
shall mean all Federal, state, county, municipal and other governmental statutes, laws, rules, orders, regulations, ordinances,
judgments, decrees and injunctions of Governmental Authorities affecting any Property or any part thereof, or the construction,
use, alteration or operation thereof, or any part thereof, whether now or hereafter enacted and in force, including, without limitation,
any Environmental Statutes, the Americans with Disabilities Act of 1990, as amended, and all permits, licenses and authorizations
and regulations relating thereto, and all covenants, agreements, restrictions and encumbrances contained in any instruments, either
of record or known to Borrower, at any time in force affecting Borrower, any Property or any part thereof, including, without limitation,
any which may (a) require repairs, modifications or alterations in or to any Property or any part thereof, or (b) in
any way limit the use and enjoyment thereof.

 

“Lender”
shall have the meaning set forth in the introductory paragraph hereto, together with its successors and assigns.

 

“Letter of
Credit” shall have the meaning set forth in Section 7.10(a) hereof.

 

“Liabilities”
shall have the meaning set forth in Section 9.2 hereof.

 

“Licenses”
shall have the meaning set forth in Section 4.1.22 hereof.

 

“Lien”
shall mean any mortgage, deed of trust, deed to secure debt, indemnity deed of trust, lien (statutory or otherwise), pledge, hypothecation,
easement, restrictive covenant, preference, assignment, security interest, or any other encumbrance, charge or transfer of, or
any agreement to enter into or create any of the foregoing, on or affecting Borrower, the Properties or any Property, or any portion
thereof or any interest therein, or any direct or indirect interest in Borrower, including, without limitation, any conditional
sale (other than a purchase and sale agreement where the Loan will be assumed by the purchaser or paid in full or defeased with
respect to the applicable Property at the time of closing thereunder, all as in accordance with the terms hereof) or other title
retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of any
financing statement, and mechanic’s, materialmen’s and other similar liens and encumbrances.

 

“Liquid Assets”
shall mean assets in the form of cash, cash equivalents, obligations of (or fully guaranteed as to principal and interest by) the
United Stated or any agency or instrumentality thereof (provided the full faith and credit of the United States supports such obligation
or guarantee), certificates of deposit issued by a commercial bank having net assets of not less than $500 million, securities
listed and traded on a recognized stock exchange or traded over the counter and listed in the National Association of Securities
Dealers Automatic Quotations, or liquid debt instruments that have a readily ascertainable value and are regularly traded in a
recognized financial market.

 

    	 	13	 

     

    

 

“Loan”
shall have the meaning set forth in the recitals hereof.

 

“Loan Documents”
shall mean, collectively, this Agreement, the Note, the Security Instruments, the Assignments of Leases, the Environmental Indemnity,
the Assignments of Management Agreements, the Guaranty, the Clearing Account Agreements, the Cash Management Agreement, the Contribution
Agreement and all other documents executed and/or delivered in connection with the Loan.

 

“Loan to Value
Ratio” shall mean, as of the date of its calculation, the ratio of (i) the sum of the Outstanding Principal
Balance of the Loan as of the date of such calculation to (ii) the fair market value of the Properties, as determined, in
Lender’s sole discretion, by any commercially reasonable method permitted to a REMIC.

 

“Management
Agreement” shall mean a management agreement entered into by and between Borrower and Qualified Manager which is
in form and substance acceptable to Lender, pursuant to which Qualified Manager is to provide management and other services with
respect to the Properties, or, if the context requires, the Replacement Management Agreement.

 

“Manager”
shall mean a Qualified Manager who is managing the Properties in accordance with the terms and provisions of this Agreement pursuant
to a Management Agreement.

 

“Marina Towers”
shall mean Marina Towers, LLC, a Florida limited liability company, together with its permitted successors or assigns.

 

“Marina Towers
Lease” shall mean that certain Lease, dated on or about the date hereof, by and between Borrower 3, as landlord,
and Marina Towers, as tenant and as the same may be further amended, restated, replaced, supplemented or otherwise modified from
time to time, subject to and in accordance with Section 5.1.20 hereof.

 

“Marina Towers
Property” shall mean each parcel of real property described on Exhibit A-3, the Improvements thereon and all Personal
Property owned by Borrower 3 and encumbered by the applicable Security Instrument, together with all rights pertaining to
such property and Improvements, as more particularly described in the granting clause of such Security Instrument.

 

“Material Action”
means, with respect to Borrower, to consolidate or merge Borrower with or into any Person, or sell all or substantially all of
the assets of Borrower, or to institute a Bankruptcy Action or take action in furtherance of any such action, or, to the fullest
extent permitted by law, to dissolve or liquidate Borrower.

 

“Material Adverse
Change” shall mean the business, operations, prospects, property, assets, liabilities or financial condition of any
applicable Person and each of their subsidiaries, taken as a whole, or in the ability of any such Person to perform its obligations
under the Loan Documents has changed in a manner which could impair the value of Lender’s security for the Loan or prevent
timely repayment of the Loan or otherwise prevent the applicable Person from timely performing any of its material obligations
under the Loan Documents or the Lease, as the case may be, as determined by Lender in its reasonable discretion.

 

“Material Agreements”
shall mean each contract and agreement relating to the ownership, management, development, use, operation, leasing, maintenance,
repair or improvement of each of the Properties, or any individual Property, other than the Management Agreement and the Leases,
as to which either (a) there is an obligation of the applicable Borrower to pay more than $100,000, in the aggregate, or (b) the
term thereof extends beyond one year (unless cancelable on thirty (30) days or less notice without requiring the payment of termination
fees or payments of any kind).

 

    	 	14	 

     

    

 

“Maturity Date”
shall mean the date on which the final payment of principal of the Note becomes due and payable as therein or herein provided,
whether at the Stated Maturity Date, by declaration of acceleration, or otherwise.

 

“Maximum Legal
Rate” shall mean the maximum nonusurious interest rate, if any, that at any time or from time to time may be contracted
for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the other Loan
Documents, under the laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest
rate provisions of the Loan.

 

“Monthly Debt
Service Payment Amount” shall mean (a) during the Interest Only Period, a monthly payment of interest only on
the Outstanding Principal Balance calculated in accordance with Section 2.2 hereof, and (b) after the Interest Only Period,
a constant monthly payment of $176,647.09.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc.

 

“Morningstar”
shall mean Morningstar Credit Ratings, LLC.

 

“Multiemployer
Plan” shall mean a multiemployer plan, as defined in Section 4001(a)(3) of ERISA to which Borrower or any ERISA Affiliate
is making or accruing an obligation to make contributions or has within any of the preceding three plan years made or accrued an
obligation to make contributions.

 

“Multiple Employer
Plan” shall mean an employee benefit plan, other than a Multiemployer Plan, to which Borrower or any ERISA Affiliate,
and one or more employers other than Borrower or an ERISA Affiliate, is making or accruing an obligation to make contributions
or, in the event that any such plan has been terminated, to which Borrower or an ERISA Affiliate made or accrued an obligation
to make contributions during any of the five plan years preceding the date of termination of such plan.

 

“Net Cash Flow”
shall mean, for any period, the amount obtained by subtracting Operating Expenses and Capital Expenditures for such period from
Gross Income from Operations for such period.

 

“Net Cash Flow
Schedule” shall have the meaning set forth in Section 5.1.11(b) hereof.

 

“Net Operating
Income” shall mean, for any period, the amount obtained by subtracting Operating Expenses for such period from Gross
Income from Operations for such period.

 

“Net Proceeds”
shall have the meaning set forth in Section 6.4(b) hereof.

 

“Net Proceeds
Account” shall have the meaning set forth in Section 6.4(b)(iv) hereof.

 

“Net Proceeds
Deficiency” shall have the meaning set forth in Section 6.4(b)(viii) hereof.

 

“Net Proceeds
Threshold Amount” shall mean five percent (5%) of the amount equal to (a) the Outstanding Principal Balance
of the Loan as of the date Net Proceeds are received by Lender multiplied by (b) the Allocated Loan Ratio for the Property
to which such Net Proceeds are attributable, but in no event shall the Net Proceeds Threshold Amount be greater than $1,000,000.00.

 

    	 	15	 

     

    

 

“Net Sale Proceeds”
shall mean, with respect to a sale of any individual Property, the gross proceeds of such sale less all reasonable and customary
transaction costs (i.e., broker’s fees and commissions, attorney’s fees and expenses, defeasance costs, transfer taxes
and other closing costs), such fees, expenses, taxes and other costs shall not exceed ten percent (10%) of the gross proceeds unless
approved by Lender in its reasonable discretion.

 

“Net Worth”
shall mean, as of a given date (x) the total assets of a Person as of such date less (y) the total liabilities of such Person as
of such date, determined in accordance with GAAP.

 

“New Appraisal”
shall mean an appraisal in form and substance acceptable to Lender dated no more than sixty (60) days prior to the Defeasance Date.

 

“New Mezzanine
Loan” shall have the meaning set forth in Section 9.4(a) hereof.

 

“Note”
shall mean that certain Promissory Note of even date herewith in the principal amount of Thirty-Two Million Ninety Seven Thousand
Four Hundred and No/100 Dollars ($32,097,400.00), made by Borrower in favor of Lender, as the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time. Following the occurrence of one or more Partial Defeasance Events hereunder,
the “Note” shall be deemed to mean, collectively, all Defeased Notes and all Undefeased Notes from time
to time outstanding (other than any Undefeased Note with respect to which substitute notes have been executed and delivered to
Lender in accordance with Section 2.5.4(d)(i) in connection with a subsequent Partial Defeasance Event), as the same may be
amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Obligations”
shall mean, collectively, Borrower’s obligations for the payment of the Debt and the performance of the Other Obligations.

 

“Occupancy
Reserve Account” shall have the meaning set forth in Section 7.7.1 hereof.

 

“Occupancy
Reserve Cap” shall mean: (a)(i) $1,441,570.00, if a Lease Trigger Period is continuing solely as a result of
an event solely relating to Gastro One (and no other Lease Trigger Period is continuing); (ii) $785,443.00, if a Lease Trigger
Period is continuing solely as a result of an event solely relating to Star Medical Center (and no other Lease Trigger Period is
continuing); (iii) $1,866,103.00, if a Lease Trigger Period is continuing solely as a result of an event solely relating to
Marina Towers (and no other Lease Trigger Period is continuing); or (iv) $394,469, if a Lease Trigger Period is continuing
solely as a result of an event solely relating to Surgical Institute of Michigan (and no other Lease Trigger Period is continuing);
or (b) if a Lease Trigger Period is continuing solely as a result of a Lease Trigger Period relating to more than one Occupancy
Reserve Tenant, the combined total of the amounts set forth in clause (a) of this definition for each such Occupancy Reserve
Tenant shall be the Occupancy Reserve Cap.

 

“Occupancy
Reserve Cap Condition” shall have the meaning set forth in Section 7.7.1 hereof.

 

“Occupancy
Reserve Funds” shall have the meaning set forth in Section 7.7.1 hereof.

 

“Occupancy
Reserve Lease” shall mean each of the Gastro One Lease, the Star Medical Center Lease, the Marina Towers Lease, the
Surgical Institute of Michigan Lease and any Acceptable Replacement Lease therefor.

 

“Occupancy
Reserve Tenant” shall mean each of Gastro One, Star Medical Center, Marina Towers and Surgical Institute of Michigan
and any other Tenant under an Occupancy Reserve Lease.

 

    	 	16	 

     

    

 

“OFAC”
shall mean the Office of Foreign Asset Control of the Department of the Treasury of the United States of America.

 

“Officer’s
Certificate” shall mean a certificate delivered to Lender by Borrower which is signed by an authorized officer of
(i) the general partner or managing member of Borrower or (ii) Manager, provided Borrower agrees that such shall be deemed
to be signed and bind Borrower.

 

“Open Prepayment
Date” shall mean the date which is the Payment Date occurring four (4) months prior to the Stated Maturity Date.

 

“Operating
Expenses” shall mean, for any period, the greater of (a) the total of all expenditures, computed in accordance
with the Approved Accounting Method, of whatever kind relating to the operation, maintenance and management of the Properties or
any individual Property, as applicable, which expenditures are incurred on a regular monthly or other periodic basis, including
without limitation, utilities, ordinary repairs and maintenance, insurance, license fees, Taxes, Other Charges, advertising expenses,
management fees, accounting fees, payroll and related taxes, computer processing charges, tenant improvements and leasing commissions
(except to the extent the same constitute Capital Expenditures), operational equipment or other lease payments as approved by Lender,
and other similar costs, but excluding depreciation, debt service, Capital Expenditures, and contributions to any of the Reserve
Funds, and (b) the Underwritten Stabilized Expense Amount for the Properties or any individual Property, as applicable.

 

“Other Charges”
shall mean all ground rents, maintenance charges, impositions other than Taxes, any “common expenses”
or other expenses allocated to and required to be paid by Borrower under the REA and any other charges, including, without limitation,
vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Property, now or hereafter levied
or assessed or imposed against any Property or any part thereof.

 

“Other Obligations”
shall mean (a) the performance of all obligations of Borrower contained herein; (b) the performance of each obligation
of Borrower or Guarantor contained in any other Loan Document; (c) the payment of all costs, expenses, legal fees and liabilities
incurred by Lender in connection with the enforcement of any of Lender’s rights or remedies under the Loan Documents, or
any other instrument, agreement or document which evidences or secures any other Obligations or collateral therefor, whether now
in effect or hereafter executed; and (d) the payment, performance, discharge and satisfaction of all other liabilities and
obligations of Borrower and/or Guarantor to Lender, whether now existing or hereafter arising, direct or indirect, absolute or
contingent, and including, without limitation, each liability and obligation of Borrower and Guarantor under any one or more of
the Loan Documents and any amendment, extension, modification, replacement or recasting of any one or more of the instruments,
agreements and documents referred to herein or therein or executed in connection with the transactions contemplated hereby or thereby.

 

“Outstanding
Principal Balance” shall mean, as of any date, the outstanding principal balance of the Loan.

 

“Partial Defeasance
Event” shall have the meaning set forth in Section 2.5.1(a) hereof.

 

“Passive Owner”
shall mean a Person, which (a) owns no indirect or direct interest in Borrower, Guarantor or any other Restricted Party (other
than equity interest of less than 2% in a publicly traded company on the New York stock exchange or another nationally or internationally
recognized stock exchange) and (b) does not Control Borrower, Guarantor or any other Restricted Party.

 

    	 	17	 

     

    

 

“Payment Date”
shall mean, commencing with the First Payment Date, the sixth (6th) day of each calendar month during the term of the Loan until
and including the Maturity Date or, for purposes of making payments hereunder, but not for purposes of calculating Interest Periods,
if such day is not a Business Day, the immediately preceding Business Day.

 

“Payment Reserve”
shall have the meaning set forth in Section 7.6 hereof.

 

“Payment Reserve
Account” shall have the meaning set forth in Section 7.6 hereof.

 

“Payment Reserve
Funds” shall have the meaning set forth in Section 7.6 hereof.

 

“Permitted
Encumbrances” shall mean, collectively (a) the Liens and security interests created by the Loan Documents, (b) all
Liens, encumbrances and other matters disclosed in “Schedule B-I” of the Title Insurance Policy, (c) Liens, if
any, for Taxes imposed by any Governmental Authority which are not yet due or delinquent, and (d) such other title and survey
exceptions as Lender has approved or may approve in writing in Lender’s sole discretion, which Permitted Encumbrances in
the aggregate do not materially adversely affect the value or use of the Properties or any Property or Borrower’s ability
to repay the Loan.

 

“Permitted
Indebtedness” shall mean, with respect to each Borrower, (a) the Loan, (b) unsecured trade and operational
debt incurred in the ordinary course of business relating to the ownership and operation of the Property owned by such Borrower
and the routine administration of such Borrower, in amounts not to exceed one percent (1%) of the Allocated Loan Amount with respect
to the Property owned by such Borrower, in the aggregate, which liabilities are not more than sixty (60) days past the date incurred,
are not evidenced by a note and are paid when due, and which amounts are normal and reasonable under the circumstances, and (c) such
other liabilities that are permitted pursuant to this Agreement.

 

“Permitted
Release Date” shall mean the date that is the earlier of (i) the date that is the fourth (4th) anniversary of
the First Payment Date, or (ii) the date that is two (2) years from the “startup day” within the meaning of Section
860G(a)(9) of the Code for the REMIC which holds the portion of the Note last contributed to a Securitization.

 

“Permitted
Transfer” means any of the following: (a) any transfer, directly as a result of the death of a natural person,
of stock, membership interests, partnership interests or other ownership interests previously held by the decedent in question
to the Person or Persons lawfully entitled thereto, (b) any transfer, directly as a result of the legal incapacity of a natural
person, of stock, membership interests, partnership interests or other ownership interests previously held by such natural person
to the Person or Persons lawfully entitled thereto and (c) any transfer permitted pursuant to Section 5.2.10.

 

“Person”
shall mean any individual, corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated association,
any Governmental Authority, and any fiduciary acting in such capacity on behalf of any of the foregoing.

 

“Personal Property”
shall have the meaning set forth in the granting clause of each Security Instrument.

 

“Physical Conditions
Report” shall mean a structural engineering report or reports prepared by a company satisfactory to Lender regarding
the physical condition of the Properties or any Property, satisfactory in form and substance to Lender in its sole discretion,
which report shall, among other things, (a) confirm that the Properties or any particular Property and their respective uses
comply, in all material respects, with all applicable Legal Requirements (including zoning, subdivision and building codes and
laws), and (b) include a copy of a final certificate of occupancy with respect to all improvements, to the extent available
from the applicable authorities.

 

    	 	18	 

     

    

 

“Policies”
shall have the meaning specified in Section 6.1(b) hereof.

 

“Post-Defeasance
Debt Service Coverage Ratio” shall mean with respect to the Undefeased Note, as of the Defeasance Date, the ratio
calculated by Lender of: (i) the Net Operating Income with respect to the Remaining Parcel for the twelve (12) month period
ending with the most recently completed calendar month to (ii) the Debt Service under the Undefeased Note for the twelve (12)
calendar month period immediately succeeding the Defeasance Date, as estimated by Lender.

 

“Post-Defeasance
Loan-to-Value Ratio” shall mean, with respect to the Remaining Parcel, the ratio of (x) the principal amount
of the Undefeased Note as of the Defeasance Date (immediately after giving effect to the Partial Defeasance Event) to (y) fair
market value of the Remaining Parcel as of the Defeasance Date as determined, in Lender’s sole discretion, by any commercially
reasonably method permitted to a REMIC.

 

“Pre-Securitization
Period” shall mean the period commencing on the Closing Date and ending on the date that is ten (10) days before
Lender sells, transfers or contributes all or any portion of the Note in connection with a Securitization.

 

“Prepayment
Rate” shall mean the bond equivalent yield (in the secondary market) on the United States Treasury Security that
as of the Prepayment Rate Determination Date has a remaining term to maturity closest to, but not exceeding, the remaining term
to the Maturity Date as most recently published in the “Treasury Bonds, Notes and Bills” section in The Wall Street
Journal as of such Prepayment Rate Determination Date. If more than one issue of United States Treasury Securities has the remaining
term to the Maturity Date, the “Prepayment Rate” shall be the yield on such United States Treasury Security most recently
issued as of the Prepayment Rate Determination Date. The rate so published shall control absent manifest error. If the publication
of the Prepayment Rate in The Wall Street Journal is discontinued, Lender shall determine the Prepayment Rate on the basis of “Statistical
Release H.15 (519), Selected Interest Rates,” or any successor publication, published by the Board of Governors of the Federal
Reserve System, or on the basis of such other publication or statistical guide as Lender may reasonably select.

 

“Prepayment
Rate Determination Date” shall mean the date which is five (5) Business Days prior to the date that a prepayment
is received by Lender under Section 2.4.3 hereof.

 

“Principal”
shall mean: (i) if Borrower is a limited partnership, each general partner of Borrower, all of which are and shall continue
to be Special Purpose Entities, or (ii) if Borrower is a multi-member limited liability company, the managing member of Borrower
which is and shall continue to be a Special Purpose Entity, if any, or (iii) if Borrower is a single member limited liability
company, its sole member or non-member manager. As of the Closing Date, Principal is Global Medical REIT L.P., a Delaware limited
partnership, which, notwithstanding anything herein to the contrary, shall not be required to be a Special Purpose Entity. See
Section 10.31 hereof.

 

“Prior Lender”
shall mean East West Bank, a California corporation.

 

“Prior Loan”
shall mean any and all Indebtedness owing from Borrower to Prior Lender.

 

    	 	19	 

     

    

 

“Private Sale
of Stock” shall mean a one-time sale of fifty percent (50%) or more of the stock in Sponsor to a Person that is not
a Restricted Party.

 

“Proforma Debt
Service Coverage Ratio” shall mean, as of any date, the ratio calculated by Lender of (i) the Projected Net
Operating Income, to (ii) the Debt Service with respect to such period.

 

“Projected
Net Operating Income” shall mean, for the twelve (12) month period succeeding the date of determination, the amount
obtained by (i) subtracting Lender’s estimate of Operating Expenses for such period (based on, among other things, the
actual Operating Expenses for the twelve (12) month period preceding the date of determination and the applicable Approved Annual
Budget), from (ii) Lender’s estimate of Gross Income from Operations projected for collection during such period (based
on, among other things, the most recent Rent Roll, in-place Leases, and the applicable Approved Annual Budget).

 

“Prohibited
Transaction” shall mean any action or transaction which would cause any obligation, or action taken or to be taken,
hereunder (or the exercise by Lender of any of its rights under the Note, this Agreement or the other Loan Documents) to be a non-exempt
(under a statutory or administrative class exemption) prohibited transaction under ERISA or Section 4975 of the Code.

 

“Properties”
shall mean, collectively, the Gastro One Property, the Star Medical Center Property, the Marina Towers Property and the Surgical
Institute of Michigan Property.

 

“Property”
shall mean any of the Gastro One Property, the Star Medical Center Property, the Marina Towers Property or the Surgical Institute
of Michigan Property, individually. Any one of such Properties may be referred to herein as an individual Property.

 

“Provided Information”
shall mean any and all financial and other information provided at any time by, or on behalf of, any Indemnifying Person with respect
to the Properties or any Property, Borrower, Guarantor and/or Manager.

 

“Qualified
Letter of Credit” shall mean an irrevocable, evergreen/auto-renewing, unconditional, transferable, clean sight draft
letter of credit, issued by an Approved Bank in favor of Lender, that is freely transferable without cost or the consent of any
Person other than Lender, has an initial term of not less than one (1) year with automatic renewals for one (1) year periods, is
in form and substance reasonably satisfactory to Lender, for which Borrower shall have no reimbursement obligation and for which
no reimbursement obligation is secured by the Property or any other property pledged to secure the Note, entitling Lender, but
no other Person, to draw or make demand thereon, unconditionally, in New York, New York, without notice to Borrower or any Guarantor,
based solely on a statement that Lender has the right to draw thereon purportedly executed by an officer or authorized signatory
of Lender, and which shall permit partial draws.

 

“Qualified
Manager” shall mean, in the reasonable judgment of Lender, a Person which is a reputable and experienced management
organization possessing experience in managing properties similar in size, scope, use and value as the Properties, provided, that
(i) Borrower shall have obtained a Rating Agency Confirmation from each Approved Rating Agency with respect to the change
of management of the Properties, and (ii) such Person shall have entered into a Management Agreement and Assignment of Management
Agreement.

 

“Rating Agencies”
shall mean each of S&P, Moody’s, Fitch and Morningstar or any other nationally recognized statistical rating agency which
has assigned a rating to the Securities.

 

    	 	20	 

     

    

 

“Rating Agency
Confirmation” shall mean a written affirmation from a Rating Agency that the credit rating of the Securities issued
by such Rating Agency immediately prior to the occurrence of the event with respect to which such Rating Agency Confirmation is
sought will not be qualified, downgraded or withdrawn as a result of the occurrence of such event, which affirmation may be granted
or withheld in such Rating Agency’s sole and absolute discretion; provided, however, if (a) a Securitization has not
occurred or (b) a Securitization has occurred but any Rating Agency, within the period of time provided in the Securitization’s
pooling and servicing agreement (or similar agreement), has not responded to the request for a Rating Agency Confirmation of has
responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for
a Rating Agency Confirmation, then Lender’s written approval shall be required in lieu of a Rating Agency Confirmation from
such Rating Agency, which such approval shall be based on Lender’s reasonable determination of whether such Rating Agency
would issue a Rating Agency Confirmation (unless Lender has an independent approval right in respect of the matter at issue pursuant
to the terms of this Agreement, in which case the discretion afforded to Lender in connection with such independent approval right
shall apply instead).

 

“REA”
shall mean, collectively, as the same may be amended, restated, supplemented or otherwise modified from time to time, those certain
documents more specifically described on Schedule VI attached hereto.

 

“Regulation
AB” shall mean Regulation AB under the Securities Act and the Exchange Act, as such Regulation may be amended from
time to time.

 

“REIT Required
Distributions” shall mean the declaration and/or payment (and the incurring of any obligation (contingent or otherwise)
to declare and/or pay) by the Operating Partnership of pro rata dividends on its Equity Interests or make pro rata distributions
with respect thereto, in an amount for any fiscal year of the Sponsor equal to the greater of (i) 95% of funds from operations
for such fiscal year and (ii) such amount that will result in the Sponsor receiving the necessary amount of funds required
to be distributed to its equity holders in order for the Sponsor to (x) maintain its status as a REIT for federal and state
income tax purposes and (y) avoid the payment of federal or state income or excise tax; provided, however, (1) if an
Event of Default shall have occurred and be continuing or would result therefrom, the Operating Partnership shall only be permitted
to declare and/or pay (and incur any obligation (contingent or otherwise) to declare and/or pay) pro rata dividends on its Equity
Interests or make pro rata distributions with respect thereto in an amount that will result in the Parent receiving the minimum
amount of funds required to be distributed to its equity holders in order for the Parent to maintain its status as a REIT for federal
and state income tax purposes and (2) notwithstanding clause (1) of this proviso, no payment pursuant to this paragraph
shall be permitted following an acceleration of the Indebtedness pursuant to Section 8.2 or following the occurrence of an
Event of Default under Section 8.1(a)(vii) or (viii).

 

“Related Entities”
shall have the meaning specified in Section 5.2.10(f)(v) hereof.

 

“Related Loan”
shall mean a loan to an Affiliate of Borrower or secured by a Related Property, that is included in a Securitization with the Loan,
and any other loan that is cross-collateralized with the Loan.

 

“Related Property”
shall mean a parcel of real property, together with improvements thereon and personal property related thereto, that is “related”
within the meaning of the definition of Significant Obligor, to the Property.

 

“Release”
shall have the meaning set forth in Section 2.6.3 hereof.

 

    	 	21	 

     

    

 

“Release Date”
shall mean the date (which must be a Business Day) specified by Borrower in its written request for the Release pursuant to Section 2.6.3(a)
hereof.

 

“Release Parcel”
shall have the meaning set forth in Section 2.5.1(a) hereof.

 

“Remaining
Parcel” shall mean, collectively, the Properties remaining subject to the lien of the Security Instruments after
the occurrence of a Partial Defeasance Event with respect to a Release Parcel.

 

“Remaining
Post-Release Parcel” shall mean, collectively, the Properties remaining subject to the lien of the Security Instruments
after the occurrence of a Release with respect to the 2020 Exeter Parcel.

 

“REMIC”
shall mean a “real estate mortgage investment conduit” within the meaning of Section 860D(a) of the Code.

 

“Rents”
shall mean all rents (including additional rents of any kind and percentage rents), rent equivalents, moneys payable as damages
(including payments by reason of the rejection of a Lease in a Bankruptcy Action) or in lieu of rent or rent equivalents, royalties
(including, without limitation, all oil and gas or other mineral royalties and bonuses), income, receivables, receipts, revenues,
deposits (including security, utility and other deposits), accounts, cash, issues, profits, charges for services rendered, and
other payments and consideration of whatever form or nature received by or paid to or for the account of or benefit of Borrower
or any of their agents or employees from any and all sources arising from or attributable to the Properties or any Property, and
the Improvements, including charges for oil, gas, water, steam, heat, ventilation, air-conditioning, electricity, license fees,
maintenance fees, charges for Taxes, operating expenses or other amounts payable to Borrower (or for the account of Borrower),
revenues, if any, from telephone services, laundry, vending, television and all receivables, customer obligations now existing
or hereafter arising or created out of the sale, lease, sublease, license, concession or other grant of the right of the use and
occupancy of the Properties or any Property or rendering of services by Borrower, Manager, or any of their respective agents or
employees and proceeds, if any, from business interruption or other loss of income insurance.

 

“Replacement
Letter of Credit” shall have the meaning set forth in Section 7.10(b) hereof.

 

“Replacement
Management Agreement” shall mean, collectively, (a) a management agreement with a Qualified Manager which is
acceptable to Lender in form and substance, provided that, Lender, at its option, may require that Borrower obtain a Rating Agency
Confirmation from each Approved Rating Agency with respect to each such management agreement; and (b) an Assignment of Management
Agreement executed and delivered to Lender by Borrower and such Qualified Manager at Borrower’s expense.

 

“Replacement
Reserve Account” shall have the meaning set forth in Section 7.3.1 hereof.

 

“Replacement
Reserve Cap Condition” shall have the meaning set forth in Section 7.3.1 hereof.

 

“Replacement
Reserve Funds” shall have the meaning set forth in Section 7.3.1 hereof.

 

“Replacement
Reserve Monthly Deposit” shall mean the amount set forth on Schedule IV.

 

“Replacements”
shall have the meaning set forth in Section 7.3.1 hereof.

 

    	 	22	 

     

    

 

“Required Rating”
shall mean a long-term unsecured debt rating at the time such letter of credit is delivered to Lender and throughout the term of
such letter of credit, of not lower than “A” and a short-term unsecured debt rating of not less than “A-1”
(or such comparable rating) by the Rating Agencies, or, if a Securitization has not occurred, such other rating that is acceptable
to Lender or, if a Securitization shall have occurred, such other rating with respect to which Lender shall have received a Rating
Agency Confirmation.

 

“Required Records”
shall have the meaning set forth in Section 5.1.11(k) hereof.

 

“Required Repair
Account” shall have the meaning set forth in Section 7.1.1 hereof.

 

“Required Repair
Funds” shall have the meaning set forth in Section 7.1.1 hereof.

 

“Required Repairs”
shall have the meaning set forth in Section 7.1.1 hereof.

 

“Required Repairs
Amount” shall mean the amount set forth on Schedule IV.

 

“Reserve Accounts”
shall mean, collectively, the Tax and Insurance Escrow Account, the Replacement Reserve Account, the Required Repair Account, the
Rollover Reserve Account, the Occupancy Reserve Account, the Excess Cash Reserve Account, the Net Proceeds Account, the Payment
Reserve Account, the TI/LC Reserve Account and any other escrow or reserve account established pursuant to the Loan Documents.

 

“Reserve Funds”
shall mean, collectively, the Tax and Insurance Escrow Funds, the Replacement Reserve Funds, the Rollover Reserve Funds, the Required
Repair Funds, the Occupancy Reserve Funds, the Excess Cash Reserve Funds, the Payment Reserve Funds, the TI/LC Reserve Funds and
any other escrow or reserve fund established pursuant to the Loan Documents.

 

“Restoration”
shall mean the repair and restoration of any Property after a Casualty or Condemnation as nearly as possible to the condition such
Property was in immediately prior to such Casualty or Condemnation, with such alterations as may be reasonably approved by Lender.

 

“Restricted
Party” shall mean, collectively (a) Borrower, Principal, Guarantor and any Affiliated Manager, and (b) any
shareholder, partner, member, non-member manager, direct or indirect legal or beneficial owner, agent or employee of, Borrower,
Guarantor, any Affiliated Manager or any non-member manager, provided that “Restricted Party” shall not include any
of the foregoing Persons or any Person if such Person is a publicly traded company on the New York stock exchange or another nationally
or internationally recognized stock exchange.

 

“Retention
Amount” shall have the meaning set forth in Section 6.4(b)(iv) hereof.

 

“RICO”
shall mean the Racketeer Influenced and Corrupt Organizations Act.

 

“Rollover Reserve
Account” shall have the meaning set forth in Section 7.4.1(a) hereof.

 

“Rollover Reserve
Cap Conditions” shall have the meaning set forth in Section 7.4.1(a) hereof.

 

“Rollover Reserve
Funds” shall have the meaning set forth in Section 7.4.1(a) hereof.

 

“Rollover Reserve
Monthly Deposit” shall mean the amount set forth on Schedule IV.

 

“S&P”
shall mean Standard & Poor’s Ratings Group, a division of the McGraw-Hill Companies.

 

    	 	23	 

     

    

 

“Sale or Pledge”
shall mean a voluntary or involuntary sale, conveyance, assignment, transfer, encumbrance, pledge, grant of an option or other
transfer or disposal of a legal or beneficial interest, whether direct or indirect.

 

“Scheduled
Defeasance Payments” shall have the meaning set forth in Section 2.5.1(b) hereof.

 

“Securities”
shall have the meaning set forth in Section 9.1 hereof.

 

“Securities
Act” shall mean the Securities Act of 1933, as the same shall be amended from time to time.

 

“Securitization”
shall have the meaning set forth in Section 9.1 hereof.

 

“Security Agreement”
shall have the meaning set forth in Section 2.5.1(a)(v) hereof.

 

“Security Instruments”
shall mean those certain first priority mortgages, deeds of trust, deeds to secure debt or similar security agreements, dated the
date hereof, executed and delivered by each Borrower as security for the Obligations which, collectively, encumber one or more
of the Properties, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time (each,
individually, a “Security Instrument”).

 

“Servicer”
shall have the meaning set forth in Section 9.3 hereof.

 

“Servicing
Agreement” shall have the meaning set forth in Section 9.3 hereof.

 

“Severed Loan
Documents” shall have the meaning set forth in Section 8.2(c) hereof.

 

“Significant
Obligor” shall have the meaning set forth in Item 1101(k) of Regulation AB under the Securities Act.

 

“Special Purpose
Entity” shall mean a corporation, limited partnership or limited liability company which at all times prior to, on
and after the date hereof:

 

(a)          was,
is and will be organized solely for the purpose of (i) in the case of Borrower, acquiring, developing, owning, holding, selling,
leasing, transferring, exchanging, managing and operating the applicable Property (and no other property), entering into this Agreement
with Lender and performing its obligations under the Loan Documents, refinancing the applicable Property in connection with a permitted
repayment of the Loan, and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing,
or (ii) in the case of Principal, acting as a general partner of the limited partnership that owns the Property or member
of the limited liability company that owns the Property;

 

(b)          has
not been, is not, and will not be engaged, in any business unrelated to (i) in the case of Borrower, the acquisition, development,
ownership, management or operation of the applicable Property, and (ii) in the case of Principal, acting as general partner
of the limited partnership that owns the applicable Property, or acting as a member of the limited liability company that owns
the applicable Property, as applicable;

 

(c)          has
not had, does not have, and will not have, any assets other than (i) in the case of Borrower, those related to the applicable
Property or (ii) in the case of Principal, its partnership interest in the limited partnership or the membership interest
in the limited liability company that owns the Property or acts as the general partner or managing member thereof, as applicable;

 

    	 	24	 

     

    

 

(d)          has
not engaged, sought or consented to, and will not engage in, seek or consent to, any dissolution, winding up, liquidation, consolidation,
merger, sale of all or substantially all of its assets, transfer of partnership or membership interests (if such entity is a general
partner in a limited partnership or a member in a limited liability company) or amendment of its limited partnership agreement,
articles of incorporation, articles of organization, certificate of formation or operating agreement (as applicable) with respect
to the matters set forth in this definition;

 

(e)          if
such entity is a limited partnership, has, had, now has, and will have as its only general partners, Special Purpose Entities each
of which (A) is a corporation or single-member Delaware limited liability company or multimember Delaware limited liability
company treated as a single member limited liability company that complies with the requirements set forth in Section (h)
hereof, (B) has one (1) Independent Director, and (C) holds a direct interest as general partner in the limited partnership
of not less than 0.5% (or 0.1%, if the limited partnership is a Delaware entity);

 

(f)          if
such entity is a corporation, has had, now has and will have at least one (1) Independent Director, and has not caused or allowed,
and will not cause or allow, the board of directors of such entity to take any Bankruptcy Action either with respect to itself
or, if the corporation is a Principal, with respect to Borrower or any action requiring the unanimous affirmative vote of one hundred
percent (100%) of the members of its board of directors unless the Independent Director shall have participated in such vote and
shall have voted in favor of such action;

 

(g)          if
such entity is a limited liability company with more than one member, has had, now has and will have at least one member that is
a Special Purpose Entity (A) that is a corporation, (B) that has at least one (1) Independent Director, and (C) that
directly owns at least one-half-of-one percent (0.5%) of the equity of the limited liability company (or 0.1% if the limited liability
company is a Delaware entity);

 

(h)          if
such entity is a limited liability company with only one member, has been, now is, and will be a limited liability company organized
in the State of Delaware that (A) intentionally omitted, (B) has at least one (1) Independent Director, (C) has
not caused or allowed, and will not cause or allow the members or managers of such entity to take any Bankruptcy Action, either
with respect to itself or, if the company is a Principal, with respect to Borrower, in each case unless the Independent Director
then serving as managers of the company shall have consented in writing to such action, and (D) has and shall have either
(1) a member which owns no economic interest in the company, has signed the company’s limited liability company agreement
and has no obligation to make capital contributions to the company, or (2) two natural persons or one entity that is not a
member of the company, that has signed its limited liability company agreement and that, under the terms of such limited liability
company agreement becomes a member of the company immediately prior to the withdrawal or dissolution of the last remaining member
of the company;

 

(i)          has
been, is and intends to remain solvent and has paid and shall pay its debts and liabilities from its then available assets (including
a fairly-allocated portion of any personnel and overhead expenses that it shares with any Affiliate) as the same shall become due,
and has maintained and shall intend to maintain adequate capital for the normal obligations reasonably foreseeable in a business
of its size and character and in light of its contemplated business operations; provided, however, that nothing herein shall be
deemed to obligate any member of Borrower to make an additional capital contribution, loan or other financial accommodation available
to Borrower in order to meet such capital requirement nor to prohibit any REIT Required Distributions by the Operating Partnership
or Sponsor;

 

    	 	25	 

     

    

 

(j)          has
not failed, and will not fail, to correct any known misunderstanding regarding the separate identity of such entity and has not
and shall not identify itself as a division of any other Person;

 

(k)          has
maintained and will maintain its accounts, books and records separate from any other Person and has filed and will file its own
tax returns, except to the extent that it has not been or is not required to file tax returns under applicable law, and, if it
is a corporation, has not filed and shall not file a consolidated Federal income tax return with any other corporation, except
to the extent that it is required by law to file consolidated tax returns;

 

(l)          has
maintained and will maintain its own records, books, resolutions and agreements;

 

(m)          other
than with respect to the other Borrowers as provided in the Cash Management Agreement, (i) has not commingled, and will not
commingle, its funds or assets with those of any other Person and (ii) has not participated and will not participate in any
cash management system with any other Person;

 

(n)          has
held and will hold its assets in its own name;

 

(o)          has
conducted and shall conduct its business in its name or in a name franchised or licensed to it by an entity other than an Affiliate
of itself or of Borrower, except for business conducted on behalf of itself by another Person under a business management services
agreement that is on commercially reasonable terms, so long as the manager, or equivalent thereof, under such business management
services agreement holds itself out as an agent of Borrower;

 

(p)          has
maintained and will maintain its books, bank accounts, balance sheets, financial statements, accounting records and other entity
documents separate from any other Person and has not permitted, and will not permit, its assets to be listed as assets on the financial
statement of any other entity except as required by the Approved Accounting Method; provided, however, that appropriate notation
shall be made on any such consolidated statements to indicate its separateness from such Affiliate and to indicate that its assets
and credit are not available to satisfy the debt and other obligations of such Affiliate or any other Person and such assets shall
be listed on its own separate balance sheet;

 

(q)          has
paid and will pay its own liabilities and expenses, including the salaries of its own employees, out of its own funds and assets,
and has maintained and will maintain a sufficient number of employees in light of its contemplated business operations;

 

(r)          has
observed and will observe all partnership, corporate or limited liability company formalities, as applicable;

 

(s)          has
had no and will have no Indebtedness (including loans, whether or not such loans are evidenced by a written agreement) other than
Permitted Indebtedness;

 

(t)          has
not assumed or guaranteed or become obligated for, and will not assume or guarantee or become obligated for, the debts of any other
Person and has not held out and will not hold out its credit as being available to satisfy the obligations of any other Person
except with respect to the other Borrowers as permitted pursuant to this Agreement;

 

(u)          has
not acquired and will not acquire obligations or securities of its partners, members or shareholders or any other Affiliate except
with respect to the other Borrowers as permitted pursuant to this Agreement;

 

    	 	26	 

     

    

 

(v)         has
allocated and will allocate, fairly and reasonably, any overhead expenses that are shared with any Affiliate, including, but not
limited to, paying for shared office space and services performed by any employee of an Affiliate;

 

(w)          has
maintained and used, now maintains and uses, and will maintain and use, separate stationery, invoices and checks bearing its name,
which stationery, invoices, and checks utilized by the Special Purpose Entity or utilized to collect its funds or pay its expenses
have borne, shall bear its own name and have not borne and shall not bear the name of any other entity unless such entity is clearly
designated as being the Special Purpose Entity’s agent;

 

(x)          except
with respect to the other Borrowers pursuant to the Loan Documents, has not pledged and will not pledge its assets for the benefit
of any other Person;

 

(y)          has
held itself out and identified itself, and will hold itself out and identify itself, as a separate and distinct entity under its
own name or in a name franchised or licensed to it by an entity other than an Affiliate of Borrower and not as a division or part
of any other Person, except for services rendered under a business management services agreement with an Affiliate that complies
with the terms contained in clause (z) below of this definition, so long as the manager, or equivalent thereof, under
such business management services agreement holds itself out as an agent of Borrower;

 

(z)          has
maintained and will maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify
its individual assets from those of any other Person;

 

(aa)         has
not made and will not make loans to any Person or hold evidence of indebtedness issued by any other Person or entity (other than
cash and investment-grade securities issued by an entity that is not an Affiliate of or subject to common ownership with such entity);

 

(bb)         has
not identified and will not identify its partners, members or shareholders, or any Affiliate of any of them, as a division or part
of it, and has not identified itself, and shall not identify itself, as a division of any other Person;

 

(cc)         has
not entered into or been a party to, and will not enter into or be a party to, any transaction with its partners, members, shareholders
or Affiliates except (i) in the ordinary course of its business and on terms which are intrinsically fair, commercially reasonable
and are substantially similar to those that would be obtained in a comparable arm’s-length transaction with an unrelated
third party, (ii) in connection with this Agreement, and (iii) capital contributions and distributions permitted under
the terms of its organizational documents;

 

(dd)         has
not had and shall not have any obligation to, and has not indemnified and shall not indemnify its partners, officers, directors
or members, as the case may be, in each case unless such an obligation or indemnification is fully subordinated to the Debt and
shall not constitute a claim against it in the event that its cash flow is insufficient to pay the Debt;

 

(ee)         if
such entity is a corporation, it shall consider the interests of its creditors in connection with all corporate actions;

 

(ff)         does
not and will not have any of its obligations guaranteed by any Affiliate except for the Guarantor as provided in the Loan Documents;

 

(gg)         has
conducted and shall conduct its business so that each of the assumptions made about it and each of the facts stated about it in
the Insolvency Opinion are true;

 

    	 	27	 

     

    

 

(hh)         has
complied and will comply in all material respects with all of the terms and provisions contained in its organizational documents
concerning its status as a Special Purpose Entity and cause statements of facts concerning its status as a Special Purpose Entity
contained in its organizational documents to be and to remain true and correct;

 

(ii)         has
not permitted and shall not permit any Affiliate or constituent party independent access to its bank accounts except with respect
to the other Borrowers as permitted under the Loan Documents; and

 

(jj)         has
not held and will not hold out the assets or credit of any Affiliate as being available to satisfy its debts or obligations, except
for the Guarantor’s as permitted pursuant to this Agreement.

 

“Sponsor”
shall mean Global Medical REIT Inc., a Maryland corporation.

 

“Sponsor Controlled
Party” shall mean an entity Controlled by the Sponsor.

 

“Sponsor Related
Entities” shall have the meaning set forth in the definition of Sponsor Transfer Conditions.

 

“Sponsor Transfer”
shall mean either (i) an IPO, or (ii) a Private Sale of Stock, provided that, in each instance, the applicable Sponsor
Transfer Conditions are satisfied as determined by Lender.

 

“Sponsor Transfer
Conditions” shall mean (A) in connection with an IPO, each of the following conditions: (i) Sponsor, both
immediately before and after the consummation of the IPO, shall not be in default of its obligations under the Guaranty or the
Environmental Indemnity, including the covenants set forth in Section 5.2 of the Guaranty, (ii) Sponsor shall reaffirm
in a writing acceptable to Lender its obligations and liabilities under the Guaranty and the Environmental Indemnity, (iii) each
Approved Rating Agency shall have issued a Rating Agency Confirmation with respect to the IPO, if such confirmation is required
by Lender, (iv) no Default or Event of Default shall have occurred and be continuing and shall not occur as a result of the
consummation of the IPO, and (v) Borrower shall pay any and all reasonable out-of-pocket costs incurred in connection with
such IPO, including Lender’s counsel fees and disbursements and fees of the Approved Rating Agencies; and (B)  in connection
with a Private Sale of Stock, each of the following conditions: (i) Sponsor, both immediately before and after the consummation
of the Private Sale of Stock, shall not be in default of its obligations under the Guaranty or the Environmental Indemnity, including
the covenants set forth in Section 5.2 of the Guaranty, (ii) the reputation, experience and qualifications of the Stock
Transferees and the Stock Transferees’ Principals shall be reasonably acceptable to Lender, (iii) the Stock Transferees,
the Stock Transferees’ Principals and all entities which may be owned or Controlled directly or indirectly by the Stock Transferees’
Principals, or any of them (the “Sponsor Related Entities”) shall not have been subject to a Bankruptcy
Action within the seven (7) years prior to the date of the consummation of the Private Sale of Stock, (iv) Sponsor shall reaffirm
in a writing acceptable to Lender its obligations and liabilities under the Guaranty and the Environmental Indemnity, (v) there
shall be no material litigation or regulatory action pending or threatened against the Stock Transferees, the Stock Transferees’
Principals or the Sponsor Related Entities that is not reasonably acceptable to Lender, (vi) each Approved Rating Agency shall
have issued a Rating Agency Confirmation with respect to the Private Sale of Stock, (vii) no Default or Event of Default shall
have occurred and be continuing and shall not occur as a result of the consummation of the Private Sale of Stock, and (viii) Borrower
shall pay any and all reasonable out-of-pocket costs incurred in connection with such Private Sale of Stock, including Lender’s
counsel fees and disbursements and fees of the Approved Rating Agencies; provided, however, that, in either case, under no circumstances
shall Borrower or Sponsor be required to pay a transfer fee in connection with a Sponsor Transfer that satisfies the requirements
of this Agreement.

 

    	 	28	 

     

    

 

“Star Medical
Center” shall mean Star Medical Center, LLC, a Texas limited liability company, together with its permitted successors
or assigns.

 

“Star Medical
Center Lease” shall mean that certain Lease, dated January 28, 2016, by and between Borrower 2, as landlord,
and Star Medical Center, as tenant, and as the same may be further amended, restated, replaced, supplemented or otherwise modified
from time to time, subject to and in accordance with Section 5.1.20 hereof.

 

“Star Medical
Center Property” shall mean each parcel of real property described on Exhibit A-2, the Improvements thereon and all
Personal Property owned by Borrower 2 and encumbered by the applicable Security Instrument, together with all rights pertaining
to such property and Improvements, as more particularly described in the granting clause of such Security Instrument.

 

“State”
shall mean the State or Commonwealth in which each Property or any part thereof is located.

 

“Stated Maturity
Date” shall mean April 6, 2026.

 

“Stock Transferees”
shall mean the proposed transferees of Sponsor’s stock.

 

“Stock Transferees’
Principals” shall mean collectively (i) each such Stock Transferees’ managing members, general partners
or principal shareholders and (ii) such other members, partners or shareholders which directly or indirectly shall own fifty-one
percent (51%) or greater economic and voting interest in each such Stock Transferee.

 

“Successor
Borrower” shall have the meaning set forth in Section 2.5.3 hereof.

 

“Surgical Institute
of Michigan” shall mean The Surgical Institute of Michigan, LLC, a Delaware limited liability company, together with
its permitted successors or assigns.

 

“Surgical Institute
of Michigan Lease” shall mean that certain Lease, dated on or about the date hereof, by and between Borrower 4,
as landlord, and Surgical Institute of Michigan, as tenant and as the same may be further amended, restated, replaced, supplemented
or otherwise modified from time to time, subject to and in accordance with Section 5.1.20 hereof.

 

“Surgical Institute
of Michigan Property” shall mean each parcel of real property described on Exhibit A-4, the Improvements thereon
and all Personal Property owned by Borrower 4 and encumbered by the applicable Security Instrument, together with all rights
pertaining to such property and Improvements, as more particularly described in the granting clause of such Security Instrument.

 

“Survey”
shall mean collectively, the survey of each Property prepared by a surveyor licensed in the State and satisfactory to Lender and
the company or companies issuing the Title Insurance Policy, and containing a certification of such surveyor satisfactory to Lender.

 

“Swap”
shall mean, collectively, any and all interest rate swaps, caps, floors, collars and other interest hedge agreements, in each case
whether the applicable Person is liable contingently or otherwise, as obligor, guarantor or otherwise, or in respect of which obligations
such applicable Person otherwise assures a creditor against loss, and any other transactions entered into in connection therewith.

 

“Tax and Insurance
Escrow Account” shall have the meaning set forth in Section 7.2.1 hereof.

 

    	 	29	 

     

    

 

“Tax and Insurance
Escrow Funds” shall have the meaning set forth in Section 7.2.1 hereof.

 

“Taxes”
shall mean all taxes, assessments, water rates or sewer rents, now or hereafter levied or assessed or imposed against (a) any
Property or part thereof, together with all interest and penalties thereon and (b) against the rents, issues, income or profits
thereof or upon the lien or estate hereby created, whether any or all of said taxes, assessments or charges be levied directly
or indirectly or as excise taxes or ad valorem real estate or personal property taxes or as income taxes.

 

“Tenant”
shall mean the lessee of all or any portion of the Property under a Lease.

 

“Tenant Direction
Letter” shall mean a letter to each Tenant under a Lease instructing such Tenant to deliver all Rents directly to
the applicable Clearing Account, which letter shall be substantively identical to the form letter attached hereto as Exhibit
B.

 

“Threshold
Amount” shall mean five percent (5%) of the amount equal to (a) the Outstanding Principal Balance of the Loan
as of a date as determined by Lender multiplied by (b) the Allocated Loan Ratio for the Property which is the subject of the
alterations.

 

“TI/LC Lease”
shall mean the Star Medical Center Lease.

 

“TI/LC Reserve
Account” shall have the meaning set forth in Section 7.8.1 hereof.

 

“TI/LC Reserve
Funds” shall mean the amount set forth on Schedule IV attached hereto.

 

“Title Company”
shall mean the title insurance company which issued the Title Insurance Policy.

 

“Title Insurance
Policy” shall mean, one or more ALTA mortgagee title insurance policies in a form acceptable to Lender (or, if a
Property is in a State which does not permit the issuance of such ALTA policy, such form as shall be permitted in such State and
acceptable to Lender) with respect to the Properties and insuring the lien of the Security Instruments encumbering the Properties.

 

“Transfer”
shall have the meaning set forth in Section 5.2.10(b) hereof.

 

“Transferee”
shall have the meaning set forth in Section 5.2.10(f)(iii) hereof.

 

“Transferee’s
Principals” shall mean collectively, (A) Transferee’s managing members, general partners or principal
shareholders and (B) such other members, partners or shareholders which directly or indirectly shall own a fifty-one percent
(51%) or greater economic and voting interest in Transferee.

 

“UCC”
shall mean the Uniform Commercial Code as in effect on the date hereof in the State in which each Property is located, as applicable;
provided, however, that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection
or priority of the security interest in any item or portion of the collateral is governed by the Uniform Commercial Code as in
effect in a jurisdiction other than the State in which each Property is located (“Other UCC State”),
“UCC” means the Uniform Commercial Code as in effect in such Other UCC State for purposes of the provisions
hereof relating to such perfection or effect of perfection or non-perfection or priority.

 

“Undefeased
Note” shall have the meaning set forth in Section 2.5.4 hereof.

 

    	 	30	 

     

    

 

“Underwritten
Stabilized Expense Amount” shall mean (i) with respect to the Gastro One Property, an amount equal to $5,575.54
per month, (ii) with respect to the Star Medical Center Property, an amount equal to $3,124.29 per month, (iii) with
respect to the Marina Towers Property, an amount equal to $8,798.91 per month and (iv) with respect to the Surgical Institute
of Michigan Property, an amount equal to $3,865.63 per month.

 

“U.S. Obligations”
shall mean non-redeemable securities evidencing an obligation to timely pay principal and/or interest in a full and timely manner
that are (a) direct obligations of the United States of America for the payment of which its full faith and credit is pledged,
or (b) to the extent acceptable to the Approved Rating Agencies, other “government securities” within the meaning
of Section 2(a)(16) of the Investment Company Act of 1940, as amended.

 

“Yield Maintenance
Premium” shall mean an amount equal to the greater of (a) three percent (3%) of the outstanding principal balance
of the Loan to be prepaid or satisfied; and (b) the excess, if any, of (i) the sum of the present values of all then-scheduled
payments of principal and interest under the Note assuming that all scheduled payments are made timely and that the remaining outstanding
principal and interest on the Loan is paid on the Stated Maturity Date (with each such payment and assumed payment discounted to
its present value at the date of prepayment at the rate which, when compounded monthly, is equivalent to the Prepayment Rate when
compounded semi-annually and deducting from the sum of such present values any short-term interest paid from the date of prepayment
to the next succeeding Payment Date in the event such payment is not made on a Payment Date), over (ii) the principal amount
being prepaid or satisfied.

 

Section 1.2           Principles
of Construction. All references to sections and schedules are to sections and schedules in or to this Agreement unless otherwise
specified. All uses of the word “including” shall mean “including, without limitation” unless the context
shall indicate otherwise. Unless otherwise specified, the words “hereof,” “herein” and “hereunder”
and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision
of this Agreement. Unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both
the singular and plural forms of the terms so defined.

 

Article II

 

GENERAL
TERMS

 

Section 2.1           Loan
Commitment; Disbursement to Borrower.

 

2.1.1       Agreement
to Lend and Borrow. Subject to and upon the terms and conditions set forth herein, Lender hereby agrees to make, and Borrower
hereby agrees to borrow, the Loan on the Closing Date.

 

2.1.2       Single
Disbursement to Borrower. Borrower may request and receive only one disbursement hereunder in respect of the Loan and any amount
borrowed and repaid or defeased hereunder in respect of the Loan may not be re-borrowed. Borrower acknowledges and agrees that
the Loan has been fully funded as of the Closing Date.

 

2.1.3       The
Note, Security Instruments and Loan Documents. The Loan shall be evidenced by the Note and secured by the Security Instruments,
the Assignments of Leases and other Loan Documents for each Property. Each of the Security Instruments are cross-collateralized
and cross-defaulted.

 

    	 	31	 

     

    

 

2.1.4       Use
of Proceeds. Borrower shall use the proceeds of the Loan to (a) acquire, refinance and/or recapitalize the Properties
and/or repay and discharge any existing loans relating to the Properties, (b) pay all past-due Basic Carrying Costs, if any,
with respect to the Properties, (c) make deposits into the Reserve Funds on the Closing Date in the amounts provided herein,
(d) pay costs and expenses incurred in connection with the closing of the Loan, as approved by Lender, (e) fund any working
capital requirements of the Properties, and (f) distribute the balance, if any, to Borrower for business purposes.

 

Section 2.2           Interest
Rate.

 

2.2.1       Interest
Rate. Subject to Section 2.2.4 hereof, interest on the Outstanding Principal Balance shall accrue from the Closing Date
to but excluding the Maturity Date at the Interest Rate.

 

2.2.2       Interest
Calculation. With respect to any applicable period, interest on the Outstanding Principal Balance shall be calculated by multiplying
(a) the actual number of days elapsed in the period for which the calculation is being made by (b) a daily rate based
on the Interest Rate and a three hundred sixty (360) day year by (c) the average Outstanding Principal Balance in effect for
the applicable period as calculated by Lender.

 

2.2.3       Default
Rate. In the event that, and for so long as, any Event of Default shall have occurred and be continuing, the Outstanding Principal
Balance and, to the extent permitted by law, all accrued and unpaid interest in respect thereof and any other amounts due pursuant
to the Loan Documents, shall accrue interest at the Default Rate, calculated from the date such payment was due without regard
to any grace or cure periods contained herein.

 

2.2.4       Usury
Savings. This Agreement, the Note and the other Loan Documents are subject to the express condition that at no time shall Borrower
be obligated or required to pay interest on the principal balance of the Loan at a rate which could subject Lender to either civil
or criminal liability as a result of being in excess of the Maximum Legal Rate. If, by the terms of this Agreement or the other
Loan Documents, Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate
in excess of the Maximum Legal Rate, the Interest Rate or the Default Rate, as the case may be, shall be deemed to be immediately
reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments
in reduction of principal and not on account of the interest due hereunder. All sums paid or agreed to be paid to Lender for the
use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be amortized,
prorated, allocated, and spread throughout the full stated term of the Loan until payment in full so that the rate or amount of
interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect and applicable to
the Loan for so long as the Loan is outstanding.

 

Section 2.3           Debt
Service Payments.

 

2.3.1       Payments
Generally. For purposes of making payments hereunder, but not for purposes of calculating Interest Periods, if the day on which
such payment is due is not a Business Day, then amounts due on such date shall be due on the immediately preceding Business Day.
All amounts due pursuant to this Agreement and the other Loan Documents shall be payable without setoff, counterclaim, defense
or any other deduction whatsoever.

 

2.3.2       Monthly
Debt Service Payment. On the Closing Date, Borrower shall make a payment of interest only for the period commencing on and
including the Closing Date through and including April 5, 2016. On each Payment Date up to and including the Maturity Date,
Borrower shall make a payment to Lender of interest and, if applicable, principal in an amount equal to the Monthly Debt Service
Payment Amount, which payments shall be applied first to accrued and unpaid interest and, if applicable, the balance to principal.

 

    	 	32	 

     

    

 

2.3.3       Payment
on Maturity Date. Borrower shall pay to Lender not later than 3:00 P.M., New York City time, on the Maturity Date the
Outstanding Principal Balance, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Security
Instruments and the other Loan Documents.

 

2.3.4       Late
Payment Charge. If any principal, interest or any other sums due under the Loan Documents, including the payment of principal
due on the Maturity Date, is not paid by Borrower on or prior to the date on which it is due, Borrower shall pay to Lender upon
demand an amount equal to the lesser of (a) five percent (5%) of such unpaid sum, and (b) the Maximum Legal Rate, in
order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for
the loss of the use of such delinquent payment. Any such amount shall be secured by the Security Instruments and the other Loan
Documents to the extent permitted by applicable law.

 

2.3.5       Method
and Place of Payment. Except as otherwise specifically provided herein, all payments and prepayments under this Agreement and
the Note shall be made to Lender not later than 1:00 P.M., New York City time, on the date when due and shall be made in Dollars
in immediately available funds at Lender’s office or as otherwise directed by Lender, and any funds received by Lender after
such time shall, for all purposes hereof, be deemed to have been paid on the next succeeding Business Day. Any payments required
to be made hereunder or under the Cash Management Agreement by Lender or Servicer out of the Cash Management Account shall be deemed
to have been timely made for purposes of this Section 2.3.5.

 

Section 2.4           Prepayments.

 

2.4.1       Voluntary
Prepayments. (a) Except as otherwise provided herein, Borrower shall not have the right to prepay or defease the Loan
in whole or in part prior to the Maturity Date.

 

(b)          Intentionally
Omitted.

 

(c)          Open
Prepayment. On the Open Prepayment Date, or on any Payment Date thereafter, so long as no Event of Default has occurred and
is continuing, Borrower may, at its option and upon not less than thirty (30) days’ irrevocable prior written notice to Lender,
prepay the entire Outstanding Principal Balance provided that such prepayment is accompanied by (i) all accrued and unpaid
interest on the Outstanding Principal Balance prepaid and (ii) all other amounts due under the Note, this Agreement, or any
of the other Loan Documents, without payment of the Yield Maintenance Premium. In addition, if for any reason Borrower prepays
the Loan on a day other than a Payment Date, Borrower shall also pay interest on the principal amount so prepaid through the next
succeeding Payment Date.

 

2.4.2       Mandatory
Prepayments. Following any Casualty or Condemnation, on the next occurring Payment Date following the date on which Lender
actually receives any Net Proceeds, if Lender is not obligated to make such Net Proceeds available to Borrower for Restoration,
Borrower shall prepay, or authorize Lender to apply Net Proceeds as a prepayment of, the Outstanding Principal Balance of the Note
in an amount equal to one hundred percent (100%) of such Net Proceeds, and provided that no Event of Default has occurred and is
continuing, such prepayment to be made without payment of the Yield Maintenance Premium; provided, however, if an Event of Default
has occurred and is continuing, Lender may apply such Net Proceeds to the Debt (until paid in full) in any order or priority in
its sole discretion. Any partial prepayment under this Section 2.4.2 shall be applied to the last payments of principal due
under the Loan and shall not in any event reduce or otherwise change the Monthly Debt Service Payment Amount. Notwithstanding anything
to the contrary set forth herein, and provided no Event of Default has occurred and is continuing, in the event of a partial prepayment
as set forth in this Section 2.4.2, for a period of one hundred eighty (180) days following such partial prepayment, Borrower
may prepay the remaining Outstanding Principal Balance, without payment of the Yield Maintenance Premium, provided and on condition
that: (i) Borrower shall provide Lender with not less than thirty (30) days irrevocable prior written notice of the date upon
which Borrower shall prepay the Debt; and (ii) Borrower shall pay: (A) all accrued and unpaid interest on the Outstanding
Principal Balance prepaid; (B) all other amounts due under the Note, this Agreement or any of the other Loan Documents; and
(C) interest on the Outstanding Principal Balance so prepaid through the next succeeding Payment Date in the event that Borrower
prepays the Debt on any date other than a Payment Date.

 

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2.4.3       Prepayments
Made While an Event of Default Exists. If, following the occurrence and during the continuance of an Event of Default, payment
of all or any part of the Debt is tendered by Borrower for any reason or otherwise recovered by Lender (including, without limitation,
through acceleration or the application of any Reserve Funds or Net Proceeds), such tender or recovery shall include (a) interest
at the Default Rate on the outstanding principal amount of the Loan from the date such Event of Default occurred through the end
of the Interest Period related to the Payment Date next occurring following the date of such tender or recovery, or if such tender
or recovery occurs on a Payment Date, through and including the Interest Period related to such Payment Date and (b) an amount
equal to the applicable Yield Maintenance Premium.

 

Section 2.5           Defeasance.

 

2.5.1       Voluntary
Defeasance. (a) Provided no Event of Default shall then exist, Borrower shall have the right at any time after the Permitted
Release Date and prior to the Open Prepayment Date, to cause the release of all of the Properties (such event being a “Full
Defeasance Event”) or an individual Property (such event being a “Partial Defeasance Event”;
any such Full Defeasance Event or Partial Defeasance Event is referred to herein as a “Defeasance Event”)
from the lien of the applicable Security Instrument and the other Loan Documents upon the satisfaction of the following conditions:

 

(i)          Borrower
shall provide not less than thirty (30) days nor more than ninety (90) days prior written notice to Lender specifying the Payment
Date (the “Defeasance Date”) on which the Defeasance Event shall occur, and, in the case of a Partial
Defeasance Event, specifying the individual Property to be released (such individual Property, the “Release Parcel”);

 

(ii)         in
the case of a Partial Defeasance Event, Borrower shall deliver to Lender New Appraisals of the Release Parcel and the Remaining
Parcel;

 

(iii)        Borrower
shall pay to Lender all accrued and unpaid interest on the principal balance of the Loan to and including the Defeasance Date.
If for any reason the Defeasance Date is not a Payment Date, Borrower shall also pay interest that would have accrued on the Note
through and including the next Payment Date, unless the Defeasance Deposit shall include (or if the U.S. Obligations purchased
with such Defeasance Deposit shall provide for payment of) all principal and interest computed from the Payment Date prior to the
Defeasance Date through the next succeeding Payment Date;

 

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(iv)        Borrower
shall pay to Lender all other sums, not including scheduled interest or principal payments, then due under the Note, this Agreement,
the Security Instrument and the other Loan Documents;

 

(v)         Borrower
shall deliver to Lender the Defeasance Deposit;

 

(vi)        Borrower
shall execute and deliver a pledge and security agreement, in form and substance that would be reasonably satisfactory to a prudent
lender creating a first priority lien on the Defeasance Deposit and the U.S. Obligations purchased with the Defeasance Deposit
in accordance with the provisions of this Section 2.5 (the “Security Agreement”);

 

(vii)       Borrower
shall deliver an opinion of counsel for Borrower, that is standard in commercial lending transactions and subject only to customary
qualifications, assumptions and exceptions opining, among other things, that (A) Borrower has legally and validly transferred
and assigned the U.S. Obligations and all obligations, rights and duties under and to the Note (in the case of a Full Defeasance
Event) or the Defeased Note (in the case of a Partial Defeasance Event) to the Successor Borrower, (B) Lender has a perfected
first priority security interest in the Defeasance Deposit and the U.S. Obligations delivered by Borrower, (C) any REMIC formed
pursuant to a Securitization will not fail to maintain its status as a “real estate mortgage investment conduit”
within the meaning of Section 860D of the Code as a result of such Defeasance Event, (D) the Defeasance Event will not result
in a deemed exchange for purposes of the Code and will not adversely affect the status of the Note as indebtedness for Federal
income tax purposes, and (E) delivery of the Defeasance Deposit and the grant of a security interest therein to Lender shall
not constitute an avoidable preference under Section 547 of the Bankruptcy Code or applicable state law;

 

(viii)      Borrower
shall deliver a Rating Agency Confirmation from each of the Approved Rating Agencies with respect to such Defeasance Event and,
if required by the Approved Rating Agencies, Borrower shall also deliver or cause to be delivered (from counsel satisfactory to
Lender) a non-consolidation opinion with respect to the Successor Borrower in form and substance satisfactory to Lender and the
Approved Rating Agencies;

 

(ix)         Borrower
shall deliver an Officer’s Certificate certifying that the requirements set forth in this Section 2.5.1(a) have been
satisfied;

 

(x)          Borrower
shall deliver a certificate of Borrower’s independent certified public accountant certifying that the U.S. Obligations purchased
with the Defeasance Deposit generate monthly amounts equal to or greater than the Scheduled Defeasance Payments;

 

(xi)         Borrower
shall deliver such other certificates, documents or instruments as Lender may reasonably request; and

 

(xii)        Borrower
shall pay all costs and expenses of Lender incurred in connection with the Defeasance Event, including (A) any costs and expenses
associated with a release of the Lien of the Security Instrument as provided in Section 2.6 hereof, (B) reasonable attorneys’
fees and expenses incurred in connection with the Defeasance Event, (C) the costs and expenses of the Approved Rating Agencies,
(D) any revenue, documentary stamp or intangible taxes or any other tax or charge due in connection with the transfer of the
Note or the Defeased Note, as applicable, or otherwise required to accomplish the defeasance, and (E) the costs and expenses
of Servicer and any trustee, including reasonable attorneys’ fees and expenses.

 

    	 	35	 

     

    

 

(b)          In
connection with each Defeasance Event, Borrower shall use the Defeasance Deposit to purchase U.S. Obligations which provide payments
(A) on or prior to, but as close as possible to, all successive scheduled Payment Dates after the Defeasance Date through
and including the Open Prepayment Date and (B) in amounts equal to, (x) in the case of a Full Defeasance Event, the scheduled
payments due on each such Payment Date under this Agreement and the Note (including, without limitation, scheduled payments of
principal, interest, servicing fees (if any), and any other amounts due under the Loan Documents) together with the entire outstanding
principal balance of the Note on the Open Prepayment Date (assuming the Note is prepaid in full on the Open Prepayment Date) and
(y) in the case of a Partial Defeasance Event, the scheduled payments due on each such Payment Date under the Defeased Note
(including, without limitation, scheduled payments of principal, interest, servicing fees (if any), and any other amounts due under
the Loan Documents) together with the entire outstanding principal balance of the Defeased Note on the Open Prepayment Date (assuming
the Defeased Note is prepaid in full on the Open Prepayment Date) (the “Scheduled Defeasance Payments”).
Borrower, pursuant to the Security Agreement or other appropriate document, shall authorize and direct that the payments received
from the U.S. Obligations may be made directly to the applicable Clearing Account(s) (unless otherwise directed by Lender) and
applied to satisfy the Debt. Any portion of the Defeasance Deposit in excess of the amount necessary to purchase the U.S. Obligations
required by this Section 2.5 and satisfy the Debt under this Section 2.5 and Section 2.6 shall be remitted to Borrower.

 

(c)          Notwithstanding
anything to the contrary contained herein, no Partial Defeasance Event shall be permitted with respect to any Release Parcel unless,
simultaneously with such Partial Defeasance Event, the applicable Borrower shall transfer fee title to such Release Parcel in connection
with a bona fide arms-length transaction to a third party Person that is not a Restricted Party.

 

2.5.2       Collateral.
Each of the U.S. Obligations that are part of the defeasance collateral shall be duly endorsed by the holder thereof as directed
by Lender or accompanied by a written instrument of transfer in form and substance that would be satisfactory to a prudent lender
(including, without limitation, such instruments as may be required by the depository institution holding such securities or by
the issuer thereof, as the case may be, to effectuate book-entry transfers and pledges through the book-entry facilities of such
institution) in order to perfect upon the delivery of the defeasance collateral a first priority security interest therein in favor
of Lender in conformity with all applicable state and Federal laws governing the granting of such security interests.

 

2.5.3       Successor
Borrower. In connection with any Defeasance Event, Borrower shall transfer and assign all obligations, rights and duties under
and to the Note (in the case of a Full Defeasance Event) or the Defeased Note (in the case of a Partial Defeasance Event) and the
Security Agreement together with the pledged Defeasance Deposit and the U.S. Obligations purchased with the Defeasance Deposit
to a newly-created successor entity, which entity shall be a single purpose, bankruptcy remote entity and which entity shall be
designated or established by Lender, at Lender’s option (the “Successor Borrower”). Lender shall
also have the right to purchase on behalf of Borrower, or cause to be purchased on behalf of Borrower, the U.S. Obligations with
the pledged Defeasance Deposit. Such rights to designate or establish the Successor Borrower as provided above or to purchase,
or cause the purchase of, on behalf of Borrower the U.S. Obligations purchased with the Defeasance Deposit as provided above may
be exercised by Cantor Commercial Real Estate Lending, L.P. (“Cantor”) in its sole discretion and shall
be retained by Cantor (and any successor or assign of Cantor under a specific assignment of such retained rights separate and apart
from a transfer or Securitization of the Loan in whole or in part), notwithstanding any transfer or Securitization of the Loan
in whole or in part. Such Successor Borrower shall assume the obligations under the Note (in the case of a Full Defeasance Event)
or the Defeased Note (in the case of a Partial Defeasance Event) and any Security Agreement and shall be bound by and obligated
under Section 2.3, 3.1, 5.1.19, 5.1.15(a), 8.2, 10.13 and 10.18 of this Agreement; provided, however, that all references
therein to “Property” shall be deemed to refer only to the Defeasance Deposit and the U.S. Obligations
purchased with the Defeasance Deposit delivered to Lender. Upon such assumption by Successor Borrower with respect to a Full Defeasance
Event, Borrower shall be relieved of its obligations under such documents, except with respect to any provision therein which by
their terms expressly survive a payment, repayment, defeasance or other satisfaction of the Loan and/or transfer of the Properties
or any individual Property in connection with Lender’s exercise of its remedies under this Agreement and the other Loan Documents.
Upon such assumption by Successor Borrower with respect to a Partial Defeasance Event, Borrower shall be relieved of its obligations
under the Defeased Note and the Security Agreement, except with respect to any provisions therein which by their terms expressly
survive a payment, repayment, defeasance or other satisfaction of the Loan and/or a transfer of the Properties or any individual
Property in connection with Lender’s exercise of its remedies under this Agreement and the other Loan Documents. Borrower
shall pay a minimum of $1,000 to any such Successor Borrower as consideration for assuming the obligations under the Note (in the
case of a Full Defeasance Event) or the Defeased Note (in the case of a Partial Defeasance Event), this Agreement and the Security
Instrument. Borrower shall pay all costs and expenses incurred by Lender, including the cost of establishing the Successor Borrower
and Lender’s attorney’s reasonable fees and expenses and any fees and expenses of any Rating Agencies, incurred in
connection therewith.

 

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2.5.4       Additional
Requirements Regarding Partial Defeasance Event. With respect to a Partial Defeasance Event, Borrower shall also satisfy all
of the following additional requirements:

 

(a)          Borrower
shall execute and deliver to Lender all documents necessary to amend, restate and substitute the Note with two substitute notes:
one note having a principal balance equal to the Adjusted Release Amount with respect to the Release Parcel (the “Defeased
Note”) and one note having a principal balance equal to the remaining principal balance outstanding on the Note as
of the Defeasance Date (the “Undefeased Note”). The “Monthly Debt Service Payment Amount”
of the Defeased Note and the Undefeased Note shall be determined by proportionately allocating on a pro rata basis the Monthly
Debt Service Payment Amount between them, as determined by Lender, such that the aggregate payment each month under the Defeased
Note and the Undefeased Note equals the Monthly Debt Service Payment Amount. The Defeased Note shall mature on the Stated Maturity
Date, and except as set forth above shall have identical terms as the original Note (except for the principal balance), except
that a Defeased Note cannot be the subject of any further defeasance. The Undefeased Note shall have identical terms as the original
Note (except for the principal balance and Monthly Debt Service Payment Amount thereunder) and may be the subject of a further
defeasance in accordance with the terms of this Section 2.5. After the occurrence of a Partial Defeasance Event, the term
“Note” as used in this Section 2.5, shall refer to the Undefeased Note that is the subject of further
defeasance (and not to the Defeased Note, which is not subject to further defeasance).

 

(b)          if
applicable, an executed copy of the contract for the purchase and sale of the Release Parcel, together with any other information
requested by Lender, certified as true, correct, and complete by Borrower, which contract must be received at least thirty (30)
days prior to the date of the Defeasance Date.

 

(c)          if
applicable, (A) a copy of the proposed closing settlement statement for the purchase and sale of the Release Parcel, certified
as true, correct, and complete by Borrower as of such date, which statement must be received at least two (2) Business Days prior
to the Defeasance Date, and (B) the final, executed closing settlement statement for the purchase and sale of the Release
Parcel, certified as true, correct, and complete by Borrower, which must be received prior to the consummation of the Defeasance
Event.

 

    	 	37	 

     

    

 

(d)          one
or more endorsements to the Title Insurance Policy insuring that, after giving effect to the Partial Defeasance Event, (i) the
Lien created by the Security Instrument is a first priority Lien on the Remaining Parcel, subject only to the Permitted Encumbrances;
(ii) the Title Insurance Policy is in full force and effect showing no new encumbrances that were not otherwise approved by
Lender and other similar materials as Lender may deem necessary at the time of such Partial Defeasance Event; (iii) the Remaining
Parcel is a separate tax lot; and (iv) the Remaining Parcel is in compliance with all applicable zoning codes.

 

(e)          Lender
shall have received a copy of a deed conveying all of such Borrower’s right, title and interest in and to the Release Parcel
and a letter from such Borrower countersigned by a title insurance company acknowledging receipt of such deed and agreeing to record
such deed in the real estate records of the appropriate recording office in which the Release Parcel is located.

 

(f)          No
partial defeasance granted by Lender shall, in any way, impair or affect the lien or priority of the applicable Security Instruments
relating to the Remaining Parcel.

 

(g)          The
Remaining Parcel will be in compliance with all provisions of any Lease(s) of any portion of the Remaining Property that are then
in effect;

 

(h)          After
giving effect to such Partial Defeasance Event:

 

(i)          no
Event of Default would exist;

 

(ii)         the
Post-Defeasance Debt Service Coverage Ratio is not less than the greater of (A) 1.45 to 1.00 and (B) the Debt Service
Coverage Ratio as calculated immediately prior to such Partial Defeasance Event; and

 

(iii)        the
Post-Defeasance Loan to Value Ratio is not greater than the lesser of (A) sixty-percent (60%) and (B) the Loan to Value
Ratio as calculated immediately prior to such Partial Defeasance Event.

 

(i)          Notwithstanding
anything contained herein to the contrary, each Property (other than the Star Medical Center Property) must be released from the
Lien of the applicable Security Instruments (in accordance with the terms of this Agreement) prior to the time that any Partial
Defeasance Event may occur with respect to the Star Medical Center Property. In no event may the Star Medical Center Property be
defeased last.

 

Section 2.6           Release
of Property. Except as set forth in this Section 2.6, no repayment, prepayment or defeasance (if and to the extent expressly
permitted herein) of all or any portion of the Note shall cause, give rise to a right to require, or otherwise result in, the release
of the Lien of the applicable Security Instrument.

 

2.6.1       Release
of Property.

 

(a)          If
Borrower has defeased the entire Loan pursuant to a Full Defeasance Event and the requirements of Section 2.5 and this Section 2.6
have been satisfied, the Properties shall be released from the Liens of the Security Instruments and the U.S. Obligations, pledged
pursuant to the each Security Agreement, shall be the sole source of collateral securing the Note. If Borrower has partially defeased
the Loan pursuant to a Partial Defeasance Event and the requirements of Section 2.5 and this Section 2.6 have been satisfied,
the Release Parcel shall be released from the Lien of the applicable Security Instrument and the U.S. Obligations, pledged pursuant
to such Security Agreement, shall be the sole source of collateral securing the Defeased Note.

 

    	 	38	 

     

    

 

(b)          In
connection with the release of the Properties from the Liens of the Security Instruments (in the case of a Full Defeasance Event)
or of the Release Parcel from the Lien of the applicable Security Instrument (in the case of a Partial Defeasance Event), Borrower
shall submit to Lender, not less than thirty (30) days prior to the Defeasance Date, a release of Lien (and related Loan Documents)
for the Properties (in the case of a Full Defeasance Event) or the Release Parcel (in the case of a Partial Defeasance Event) for
execution by Lender. Such releases shall be in a form appropriate in the jurisdiction(s) in which each individual Property is located
and that would be satisfactory to a prudent lender and contains standard provisions protecting the rights of the releasing lender.
In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection
with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with
all Legal Requirements, and (ii) will effect such releases in accordance with the terms of this Agreement. Borrower shall
reimburse Lender and Servicer for any costs and expenses Lender and Servicer incur arising from such release (including reasonable
attorneys’ fees and expenses) and Borrower shall pay, in connection with such release, (A) all recording charges, filing
fees, taxes or other expenses payable in connection therewith, and (B) to any Servicer, the current fee being assessed by such
Servicer to effect such release.

 

2.6.2        Release
on Payment in Full. Lender shall, upon the written request and at the expense of Borrower, upon payment in full of the Debt in
accordance with the terms of this Agreement and the other Loan Documents, release the Liens of the Security Instruments.

 

2.6.3       Release
of 2020 Exeter Parcel. Borrower may request that Lender release the 2020 Exeter Parcel from the Lien of the Security Instrument
(the “Release”), which request will be granted by Lender after it determines that all of the following
terms and conditions are satisfied by Borrower:

 

(a)          Lender
must have received from Borrower, at least thirty (30) (except that during the Pre-Securitization Period this number shall be reduced
to five (5)) but not more than sixty (60) days’ prior written notice requesting the Release on the Release Date specified
in such written notice, which notice must include a certificate of Borrower stating that the Release is not detrimental in any
material respect to the use, operation and value of, or cash flow from, the Remaining Post-Release Parcel;

 

(b)          The
Release must occur contemporaneously with the transfer of fee title to the 2020 Exeter Parcel to a Person that is not Borrower
or Principal;

 

(c)          No
Event of Default or Cash Management Period has occurred and is continuing as of the date such notice is received by Lender or as
of the specified Release Date;

 

(d)          Lender
must have received from Borrower reimbursement or payment of all reasonable costs and expenses incurred by Lender (including appraisal
and title costs, reasonable attorneys’ fees and disbursements, servicing fees and rating agency fees) in connection with
the Release;

 

(e)          Borrower,
at its sole cost and expense, must have delivered to Lender one or more endorsements to the Title Insurance Policy insuring that,
after giving effect to the Release, (i) the Lien created by the Security Instruments and insured under the Title Insurance
Policy is a first priority lien on the Remaining Post-Release Parcel, subject only to the Permitted Encumbrances, (ii) the
Title Insurance Policy is in full force and effect showing no new encumbrances that were not otherwise approved by Lender;

 

    	 	39	 

     

    

 

(f)          Borrower
must provide Lender with an opinion of counsel dated as of the Release Date in the form and substance reasonably acceptable to
Lender that all consents and approvals required for the transfer of fee title to the 2020 Exeter Parcel or otherwise in connection
with the Release have been obtained from the applicable Governmental Authorities and third parties, if any;

 

(g)          No
default or breach of the Gastro One Lease or the REA will occur as a result of the Release and the Gastro One Lease shall be amended
to remove the 2020 Exeter Parcel from the Gastro One Lease pursuant to a lease amendment in form and substance acceptable to Lender
and Borrower must deliver to Lender such lease amendment along with an updated estoppel from Gastro One certifying, among other
things, that the Gastro One Lease, as so amended, remains in full force and effect;

 

(h)          Borrower
must, at its sole cost and expense, prepare any and all additional documents and instruments necessary to consummate the Release;

 

(i)          Borrower
must have delivered to Lender and the Approved Rating Agencies (if a Securitization has occurred) such other instruments, legal
opinions, certificates and other documents as Lender or such Approved Rating Agencies may reasonably request;

 

(j)          Lender
shall have received (at Borrower’s expense) a Rating Agency Confirmation from each of the Approved Rating Agencies with respect
to the Release;

 

(k)          Lender
must have received from Borrower an Officer’s Certificate certifying that all conditions precedent to the Release have been
complied with;

 

(l)          The
Release must not occur within ten (10) days prior to or thirty (30) days after any Securitization; and

 

(m)          If
any REMIC owns an interest in the Loan, (i) either (A) Borrower must have delivered to the Lender and the Approved Rating
Agencies (if a Securitization has occurred) an opinion of counsel (in form and substance reasonably acceptable to, and given by
counsel reasonably acceptable to, Lender and, if applicable, the Approved Rating Agencies) that the Release will not cause the
Loan to cease to be a qualified mortgage (within the meaning of section 860G(a)(3) of the Code) by reason of section 1.860G-2(a)(8)(i)
of the Treasury Regulations promulgated under the Code, or (B) if such opinion cannot be given, then immediately prior to
or simultaneously with the Release the Loan will be paid down (with payment of the Yield Maintenance Premium) by the lowest amount
that permits the Release to constitute a qualified pay-down transaction (within the meaning of Section 5.03 of Revenue Procedure
2010-30, 2010-36 IRB 316), and (ii) if the REMIC provisions of the Code have been amended or if the Regulation referred to
above (or Regulations incorporated therein by reference) have been revoked, modified or proposed to be changed or if the Servicer
does not reasonably believe that the criterion set forth in clause (i)(B) above has been satisfied (as contemplated by Section
5.06 of the Revenue Procedure referred to above) or such Revenue Procedure has been revoked, declared obsolete or modified, in
each case on or after the date hereof, Borrower must have delivered to the Lender (and, if applicable, the Approved Rating Agencies)
such other opinion or opinions of counsel (as described above) as Lender may request to the effect that the Release will not adversely
affect any such REMIC.

 

Upon the satisfaction of
the conditions set forth in this Section 2.6.3, the Lien of Lender under the applicable Security Instrument and the other
Loan Documents will be released with respect to the 2020 Exeter Parcel, and Lender will execute and deliver any agreements reasonably
requested by Borrower to release and terminate the Lien of the applicable Security Instrument as to the 2020 Exeter Parcel; provided,
however, that such agreements will be made without recourse to Lender and made without any representation or warranty. Upon the
consummation of the Release, all references in this Agreement and the other Loan Documents relating to the 2020 Exeter Parcel will
be deemed deleted, except with respect to indemnities or guaranties relating to such 2020 Exeter Parcel (which will expressly survive
such Release) and except as otherwise expressly provided in any of the other Loan Documents. All agreements, instruments and other
documentation to be delivered to Lender pursuant to this Section 2.6.3 must be in form and substance reasonably satisfactory
to Lender.

 

    	 	40	 

     

    

 

Notwithstanding anything
herein to the contrary, so long as all other conditions for the Release have been satisfied during the Pre-Securitization Period,
and the Release has been recorded in the applicable county real estate records during the Pre-Securitization Period and the title
policy endorsements have been issued by the Title Company pursuant to subparagraph (e) of this Section 2.6.3 during the
Pre-Securitization Period, Borrower shall not be required to satisfy the requirements set forth in subparagraphs (i), (j) and (m)
of this Section 2.6.3 (and in such event no appraisal, servicing or rating agency fees would be payable pursuant to subparagraph (d)
of this Section 2.6.3).

 

Section 2.7           Cash
Management.

 

2.7.1       Clearing
Accounts.

 

(a)          Each
Borrower shall establish and maintain a segregated Eligible Account (individually or collectively, as the context may require,
the “Clearing Account”) with the Clearing Bank in trust for the benefit of Lender in accordance with
the terms hereof and of the Clearing Account Agreements, which Clearing Accounts shall be under the sole dominion and control of
Lender. The Clearing Accounts shall be entitled “[APPLICABLE BORROWER], as pledgor, for the benefit of Cantor Commercial
Real Estate Lending, L.P., as Secured Party – Clearing Account,” or such other name as required by Lender from
time to time. Borrower (i) hereby grants to Lender a first priority security interest in the Clearing Accounts and all deposits
at any time contained therein and the proceeds thereof, and (ii) will take all actions necessary to maintain in favor of Lender
a perfected first priority security interest in the Clearing Accounts, including, without limitation, the execution of any account
control agreement required by Lender. Borrower will not in any way alter, modify or close the Clearing Accounts and will notify
Lender of the account numbers thereof. Except as may be expressly permitted in the Clearing Account Agreements, Lender and Servicer
shall have the sole right to make withdrawals from the Clearing Accounts and all costs and expenses for establishing and maintaining
the Clearing Accounts shall be paid by Borrower. All monies now or hereafter deposited into the Clearing Accounts shall be deemed
additional security for the Debt.

 

(b)          Borrower
shall, or shall cause Manager to, deliver duly executed Tenant Direction Letters to all Tenants under Leases which shall instruct
each such Tenant to deliver all Rents payable thereunder directly to the applicable Clearing Account. Borrower shall, and shall
cause Manager to, deposit into each applicable Clearing Account within one (1) Business Day after receipt all amounts received
by Borrower or Manager constituting Rents. The Clearing Account Agreements and Clearing Accounts for each Borrower shall remain
in effect until the Loan has been repaid or defeased in full with respect to all of the Property owned by such Borrower.

 

(c)          During
any Cash Management Period, Borrower shall cause the Clearing Bank to transfer to the Cash Management Account in immediately available
funds by Federal wire transfer all amounts on deposit in the Clearing Accounts once every Business Day. If a Cash Management Period
has not occurred or ceases to exist, the Clearing Bank shall transfer to the applicable Borrower’s Account(s) in immediately
available funds by federal wire transfer all amounts in the Clearing Accounts once every Business Day.

 

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(d)          Upon
the occurrence of an Event of Default, Lender may, in addition to any and all other rights and remedies available to Lender, direct
Clearing Bank to immediately pay over all funds on deposit in the Clearing Accounts to Lender and to apply any such funds to the
payment of the Debt in any order in its sole discretion.

 

(e)          Funds
deposited into the Clearing Accounts shall not be commingled with other monies held by Borrower, Manager or Clearing Bank.

 

(f)          Borrower
shall not further pledge, assign or grant any security interest in the Clearing Accounts or the monies deposited therein or permit
any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 financing statements, except those naming
Lender as the secured party, to be filed with respect thereto.

 

(g)          Borrower
shall indemnify Lender and Clearing Bank and hold Lender and Clearing Bank harmless from and against any and all actions, suits,
claims, demands, liabilities, losses, damages, obligations and costs and expenses (including litigation costs and reasonable attorneys’
fees and expenses) arising from or in any way connected with the Clearing Accounts, the Clearing Account Agreements or the performance
of the obligations for which the Clearing Accounts were established (unless arising from the gross negligence or willful misconduct
of Lender or Clearing Bank, as applicable).

 

2.7.2           Cash
Management Account. (a) Upon the occurrence of a Cash Management Period, Lender shall establish and maintain a segregated
Eligible Account (the “Cash Management Account”) to be held by Deposit Bank in trust for the benefit
of Lender, which Cash Management Account shall be under the sole dominion and control of Lender. The Cash Management Account shall
be entitled “GMR MEMPHIS, LLC, GMR PLANO, LLC, GMR MELBOURNE, LLC AND GMR WESTLAND, LLC, as pledgor, for the benefit
of Cantor Commercial Real Estate Lending, L.P., as Secured Party – Cash Management Account,” or such other
name as required by Lender from time to time. Lender will also establish subaccounts of the Cash Management Account which shall
at all times be Eligible Accounts (and may be ledger or book entry accounts and not actual accounts) (such subaccounts are referred
to herein as “Subaccounts”). Borrower (i) hereby grants to Lender a first priority security interest
in the Cash Management Account and the Subaccounts and all deposits at any time contained therein and the proceeds thereof, and
(ii) will take all actions necessary to maintain in favor of Lender a perfected first priority security interest in the Cash
Management Account and the Subaccounts, including, without limitation, filing or authorizing Lender to file UCC-1 financing statements
and continuations thereof. Borrower will not in any way alter, modify or close the Cash Management Account and will notify Lender
of the account number thereof. Lender and Servicer shall have the sole right to make withdrawals from the Cash Management Account
and the Subaccounts and all costs and expenses for establishing and maintaining the Cash Management Account and the Subaccounts
shall be paid by Borrower. All monies now or hereafter deposited into the Cash Management Account and the Subaccounts shall be
deemed additional security for the Debt.

 

(b)          Provided
no Event of Default shall have occurred and be continuing, on each Payment Date (or, if such Payment Date is not a Business Day,
on the immediately preceding Business Day) all funds on deposit in the Cash Management Account shall be applied by Lender (or by
Deposit Bank at Lender’s direction) to the payment of the following items in the order indicated:

 

(i)          First,
payment to Lender (for deposit in the Tax and Insurance Escrow Account) in respect of the Tax and Insurance Escrow Funds in accordance
with the terms and conditions of Section 7.2 hereof, to be disbursed as set forth in this Agreement;

 

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(ii)         Second,
payment to Deposit Bank of the fees and expenses of Deposit Bank then due and payable pursuant to the Cash Management Agreement;

 

(iii)        Third,
payment to Lender of the Monthly Debt Service Payment Amount, applied first to the payment of interest computed at the Interest
Rate with the remainder applied to the reduction of the Outstanding Principal Balance;

 

(iv)        Fourth,
payment to Lender (for deposit in the Replacement Reserve Account) in respect of the Replacement Reserve Monthly Deposit in accordance
with the terms and conditions of Section 7.3.1 hereof, if the Replacement Reserve Cap Condition is not satisfied;

 

(v)         Fifth,
payment to Lender (for deposit in the Rollover Reserve Account) in respect of the Rollover Reserve Monthly Deposit in accordance
with the terms and conditions of Section 7.4.1 hereof, if the Rollover Reserve Cap Conditions are not satisfied;

 

(vi)        Sixth,
payment to Lender of any other amounts then due and payable under the Loan Documents (other than the Outstanding Principal Balance);

 

(vii)       Seventh,
payment to Borrower in an amount equal to the aggregate of (A) operating expenses due and payable by Borrower during the succeeding
month with respect to all of the Properties as set forth in the Approved Annual Budget, and (B) Extraordinary Expenses, if
any, approved by Lender, which approval shall not be withheld if the same is necessary to prevent personal injury, damage to a
Property or a default under any Lease;

 

(viii)      Eighth,
if a Lease Trigger Period is then continuing, payment of all amounts then remaining after payment of items (i) through (vii) (all
amounts then remaining after payment of items (i) through (vii) being hereinafter referred to as “Excess Cash”)
to the Occupancy Reserve Account in accordance with the terms and conditions of Section 7.7 hereof, if the Occupancy Reserve
Cap Condition is not satisfied;

 

(ix)         Ninth,
if a Cash Trap Period is then continuing but no Lease Trigger Period is then continuing (or the Occupancy Reserve Cap Condition
is satisfied), then payment of all Excess Cash to the Excess Cash Reserve Account in accordance with the terms and conditions of
Section 7.5 hereof; and

 

(x)          Lastly,
if no Lease Trigger Period (or the Occupancy Reserve Cap Condition is satisfied) or Cash Trap Period is then continuing, all Excess
Cash to Borrower’s Account.

 

(c)          The
insufficiency of funds on deposit in the Cash Management Account shall not relieve Borrower of the obligation to make any payments,
as and when due pursuant to this Agreement and the other Loan Documents, and such obligations shall be separate and independent,
and not conditioned on any event or circumstance whatsoever.

 

(d)          Notwithstanding
Section 2.7.2(b) above, following the occurrence of an Event of Default and during the continuance thereof, all funds on deposit
in the Cash Management Account may be applied by Lender in such order and priority as Lender shall determine in its sole discretion
until the Debt has been paid in full.

 

(e)          Borrower
hereby agrees to reasonably cooperate with Lender with respect to any requested modifications to the Cash Management Agreement
for the purpose of establishing additional sub-accounts in connection with any payments otherwise required under this Agreement
and the other Loan Documents.

 

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2.7.3       Payments
Received Under the Cash Management Agreement. Notwithstanding anything to the contrary contained in this Agreement and the other
Loan Documents, and provided no Event of Default has occurred and is continuing, Borrower’s obligations with respect to the
payment of the Monthly Debt Service Payment Amount and amounts required to be deposited into the Reserve Funds shall be deemed
satisfied to the extent sufficient amounts are deposited in the Cash Management Account to satisfy such obligations on the dates
each such payment is required, regardless of whether any of such amounts are so applied by Lender.

 

Article III

 

EXCULPATION

 

Section 3.1           Exculpation.
(a) Subject to the qualifications below, Lender shall not enforce the liability and obligation of Borrower to perform and
observe the obligations contained in the Note, this Agreement, the Security Instruments or the other Loan Documents by any action
or proceeding wherein a money judgment shall be sought against Borrower, except that Lender may bring a foreclosure action, an
action for specific performance or any other appropriate action or proceeding to enable Lender to enforce and realize upon its
interest under the Note, this Agreement, the Security Instruments and the other Loan Documents, or in the Properties or any Property,
the Rents, or any other collateral given to Lender pursuant to the Loan Documents; provided, however, that, except as specifically
provided herein, any judgment in any such action or proceeding shall be enforceable against Borrower only to the extent of Borrower’s
interest in the Properties, in the Rents and in any other collateral given to Lender, and Lender, by accepting the Note, this Agreement,
the Security Instruments and the other Loan Documents, agrees that it shall not sue for, seek or demand any deficiency judgment
against Borrower in any such action or proceeding under, or by reason of, or in connection with, the Note, this Agreement, the
Security Instruments or the other Loan Documents. The provisions of this Section 3.1 shall not, however, (i) constitute
a waiver, release or impairment of any obligation evidenced or secured by any of the Loan Documents; (ii) impair the right
of Lender to name Borrower as a party defendant in any action or suit for foreclosure and sale under any Security Instrument; (iii) affect
the validity or enforceability of any Guaranty made in connection with the Loan or any of the rights and remedies of Lender thereunder;
(iv) impair the right of Lender to obtain the appointment of a receiver; (v) impair the enforcement of the Assignments
of Leases; or (vi) constitute a prohibition against Lender seeking a deficiency judgment against Borrower in order to fully
realize the security granted by each Security Instrument or commencing any other appropriate action or proceeding in order for
Lender to exercise its remedies against the Properties or any Property.

 

(b)          Nothing
contained herein shall in any manner or way release, affect or impair the right of Lender to recover, and Borrower shall be fully
and personally liable and subject to legal action, for any losses, damages (including, without limitation, punitive or exemplary
damages), costs, expenses, liabilities (including, without limitation, strict liability), claims, obligations, settlement payments,
penalties, fines, assessments, citations, litigation, demands, defenses, judgments, suits, proceedings or other expenses of any
kind whatsoever incurred or suffered by Lender (including reasonable attorneys’ fees and expenses and court costs) arising
out of or in connection with the following:

 

(i)          fraud
or intentional misrepresentation by or on behalf of Borrower, Guarantor, or any Affiliate of any of them in connection with the
Loan or any Property;

 

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(ii)         gross
negligence or willful misconduct of Borrower, Guarantor or any Affiliate of any of them in connection with the Loan or any Property;

 

(iii)        breach
of any representation, warranty, covenant or indemnification provision in the Environmental Indemnity, the Loan Agreement or the
Security Instruments concerning Environmental Statutes or Hazardous Substances;

 

(iv)        material
physical waste of any Property resulting from intentional misconduct or gross negligence by or on behalf of Borrower, Guarantor
or any Affiliate of any of them;

 

(v)         intentional
removal or disposal of any portion of any Property (A) at any time after a monetary Event of Default occurs (without any notice
from Lender of the occurrence of such Event of Default) or (B) at any time after Borrower receives notice from Lender that
a non-monetary Event of Default has occurred;

 

(vi)        breach
of any Legal Requirement (including RICO) mandating the forfeiture by Borrower of the Properties or any Property, or any portion
thereof, because of the conduct or purported conduct of criminal activity by Borrower or any Restricted Party in connection therewith;

 

(vii)       any
intentional misrepresentation, intentionally misleading or incorrect certification by Borrower or Guarantor or breach of any representation,
warranty or certification contained in this Agreement or any other Loan Document or in any document executed in connection therewith
by Borrower or Guarantor, pursuant to any of the Loan Documents or otherwise to induce Lender to make the Loan, or any advance
thereof, or to release monies from any account held by Lender (including any reserve or escrow) or to take other action with respect
to the Collateral;

 

(viii)      misapplication,
misappropriation or conversion by or on behalf of Borrower of (A) any Insurance Proceeds, (B) any Awards, (C) any
Rents, (D) any Rents paid more than one (1) month in advance, (E) any reserves held by Borrower pursuant to any Lease,
or (F) any other monetary collateral for the Loan (including Borrower’s failure to deliver to Lender any insurance proceeds
received in connection with the 2020 Exeter Parcel, whether from fire or other casualty or otherwise, as required by Section 1.9(c)(v)
of Schedule V attached hereto);

 

(ix)         failure
to pay charges for Taxes or Other Charges (except to the extent that (A) sums sufficient to pay such amounts have been deposited
in escrow with Lender pursuant to the terms of this Agreement and there exists no impediment to Lender’s utilization thereof;
or (B) the Property to which such Taxes or Other Charges relate fails to generate sufficient revenues to pay such items when
payments are made in the order set forth in the waterfall at Section 2.7.2(b) hereof), or failure to pay labor or materials
or judgments that can create Liens on any portion of any Property, unless (1) such charges are the subject of a bona fide
dispute in which Borrower is contesting the amount or validity thereof in accordance with the terms of this Agreement, or (2) any
Property fails to generate sufficient revenue to pay for such labor or materials or judgment, provided that this limitation (2)
shall not apply if any such Lien(s) would be senior to the lien of the Security Instruments (or any of them) or otherwise impair
the priority of the Security Instruments (or any of them);

 

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(x)          failure
by Borrower, Manager or any Affiliate of either to deliver to Lender any security deposits, advance deposits or any other deposits
or reserves collected with respect to any Property upon a foreclosure of any such Property or action in lieu thereof, except to
the extent any such security deposits or reserves were applied in accordance with the terms and conditions of any of the Leases
prior to the occurrence of the Event of Default that gave rise to such foreclosure or action in lieu thereof;

 

(xi)         failure
by Borrower to obtain and maintain, from time to time, the fully paid for insurance policies in accordance with the terms of this
Agreement (except to the extent with respect to the payment of Insurance Premiums only: (a) (I) Lender is paying such
Insurance Premiums subject to and in accordance with Section 7.2 of this Agreement, and (II) sums sufficient to pay such
Insurance Premiums have been deposited into the Tax and Insurance Escrow Fund and there exists no impediment to Lender’s
utilization thereof or an Event of Default, or (b) the applicable Property fails to generate sufficient revenues to pay the
Insurance Premiums when payments are made in the order set forth in the waterfall at Section 2.7.2(b) hereof and Borrower
has provided written notice to Lender stating that the Properties are not able to generate sufficient revenues to pay the Insurance
Premiums next becoming due and such notice is delivered to Lender not less than thirty (30) days prior to the earliest date upon
which the payment of Insurance Premiums are next due and payable);

 

(xii)        any
act or omission of Borrower, Principal or Guarantor which hinders, delays or interferes with Lender’s enforcement of its
rights under any Loan Document or the realization of the collateral, including the assertion by any of Borrower, Principal or Guarantor
of defenses or counterclaims, unless Borrower, Principal or Guarantor prevails in any legal proceeding with respect to such matters;

 

(xiii)       breach
or violation by Borrower of any Occupancy Reserve Lease (except to the extent that such breach or violation was directly caused
by Borrower having inadequate funds to satisfy its obligations under such Occupancy Reserve Lease and the applicable Property fails
to generate sufficient revenues to satisfy such obligations when payments are made in the order set forth in the waterfall at Section 2.7.2(b)
hereof and Borrower has provided written notice to Lender stating that the applicable Property is not able to generate sufficient
revenues to satisfy such obligations and such notice is delivered to Lender not less than ten (10) Business Days prior to the expiration
of (A) the applicable notice and cure periods under the applicable Occupancy Reserve Lease or (B) if the applicable Occupancy
Reserve Lease contains no notice and cure periods in favor of Borrower, the earliest date upon which such obligations are due and
payable or are required to be performed pursuant to the applicable Occupancy Reserve Lease;

 

(xiv)      Borrower’s
indemnifications of Lender set forth in Section 9.2 of this Agreement and Section 8.1 of the Security Instruments;

 

(xv)       the
creation of any security interest or lien pursuant to this Agreement or any of the other Loan Documents, or any other transfer
of property described in the Loan Documents, being deemed fraudulent conveyances or preferences or otherwise being deemed void
pursuant to any principles limiting the rights of creditors, whether such claims, demands or assertions are made under the Bankruptcy
Code or under any applicable state fraudulent conveyance statutes or similar laws; or

 

(xvi)      Borrower
failing to comply with any representation, warranty or covenant set forth in Section 4.1.30 hereof specifically related to
any of the following items set forth in the definition of “Special Purpose Entity” at Section 1.1
hereof: (j) - (l), (o) - (r), (u) - (w), (y), (z), (bb), (dd), (ee), (hh) or (ii) (unless such failure is de minimis and promptly
cured) (each such item collectively, the “Above the Line SPE Triggers”).

 

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(c)          Notwithstanding
anything to the contrary in this Agreement, the Note or any of the Loan Documents, (i) Lender shall not be deemed to have
waived any right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the U.S. Bankruptcy Code
to file a claim for the full amount of the Debt secured by the Security Instruments or to require that all collateral shall continue
to secure all of the Obligations in accordance with the Loan Documents, and (ii) Borrower shall be personally liable for the
payment of the Debt in the event of: (A) Borrower, Principal or Guarantor filing a voluntary petition under the Bankruptcy
Code or any other federal or state bankruptcy or insolvency law; (B) the filing of an involuntary petition against Borrower,
Principal or Guarantor under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law, in which Borrower,
Principal, Guarantor or any Person owning an interest (directly or indirectly) in Borrower, Principal or Guarantor causes such
event or condition to occur (by way of example, but not limitation, such Person seeks the appointment of a receiver or files a
bankruptcy petition), consents to, aids, solicits, supports, or otherwise cooperates or colludes to cause such condition or event;
(C) Borrower, Principal or Guarantor or any Person (other than a Passive Owner) owning an interest (directly or indirectly)
in Borrower, Principal or Guarantor filing an answer consenting to or otherwise acquiescing or joining in any involuntary petition
filed against Borrower, Principal or Guarantor, by any other Person under the Bankruptcy Code or any other Federal or state bankruptcy
or insolvency law; (D) Borrower, Principal or Guarantor or any Person owning an interest (directly or indirectly) in Borrower,
Principal or Guarantor consenting to or otherwise acquiescing or joining in an application for the appointment of a custodian,
receiver, trustee, or examiner for Borrower or any portion of any Property; (E) Borrower, Principal or Guarantor making an
assignment for the benefit of creditors, or admitting, in writing to any creditor of Borrower, Principal or Guarantor (other than
Lender or Servicer) or in any legal proceeding, its insolvency or inability to pay its debts as they become due (provided, however,
that Borrower’s failure to deny a truthful, factual allegation that it is insolvent or failing to pay its debts in the ordinary
course shall not be deemed to be included in the events described in this clause (E)); (F) Borrower or Principal failing
to obtain Lender’s prior written consent to any Indebtedness or voluntary Lien encumbering any Property as required by this
Agreement or the Security Instrument; (G) Borrower or Principal failing to obtain Lender’s prior written consent to
any Transfer, as required by this Agreement or the Security Instrument; (H) Borrower failing to comply with any representation,
warranty or covenant set forth in Section 4.1.30 hereof specifically related to any of the following items set forth in the
definition of “Special Purpose Entity” at Section 1.1 hereof: (a)-(i), (m), (n), (s), (t), (x),
(aa), (cc), (ff) or (gg) (unless such failure is de minimis and promptly cured), as required by, and in accordance with, the terms
and provisions of this Agreement or the Security Instrument; or (I) Borrower failing to comply with any representation, warranty
or covenant set forth in Section 4.1.30 hereof specifically related to any of the Above the Line SPE Triggers, but only if
Borrower’s assets are substantively consolidated with the assets of another Person; (I) the
first Monthly Debt Service Payment Amount is not paid when due; or (J) any amendment,
modification, termination or surrender of any Occupancy Reserve Lease in violation of 5.1.20 hereof.

 

(d)          Notwithstanding
anything to the contrary in this Agreement, the Note or any of the Loan Documents, Borrower shall be personally liable for the
payment of the TI/LC Reserve Funds.

 

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Article IV

 

REPRESENTATIONS
AND WARRANTIES

 

Section 4.1           Borrower
Representations. Borrower represents and warrants as of the date hereof that:

 

4.1.1       Organization.
Borrower has been duly organized and is validly existing and in good standing with requisite power and authority to own its properties
and to transact the business in which it is now engaged. Borrower is duly qualified to do business and is in good standing in each
jurisdiction where it is required to be so qualified in connection with its properties, businesses and operations. Borrower possesses
all rights, licenses, permits and authorizations, governmental or otherwise, necessary to entitle it to own its properties and
to transact the businesses in which it is now engaged, and the sole business of Borrower is the ownership, management and operation
of the Properties. The ownership interests of Borrower are as set forth on the organizational chart attached hereto as Schedule
III. Borrower (a) has complied in all respects with its certificate of incorporation, bylaws, limited partnership agreement,
articles of organization and limited liability company operating agreement, as applicable; (b) has maintained complete books
and records and bank accounts separate from those of its Affiliates; (c) has obeyed all formalities required to maintain its
status as, and at all times has held itself out to the public as, a legal entity separate and distinct from any other entity (including,
but not limited to, any Affiliate thereof); and (d) has all requisite power and authority to conduct its business and to own
its property, as now conducted or owned, and as contemplated by this Agreement, including, without limitation, the power and authority
to do business in the state in which the Properties are located. The signatory hereto has all necessary power, authority and legal
right to execute this Agreement, the Note and the other Loan Documents on Borrower’s behalf to which Borrower is a party.
Guarantor has the necessary power, authority and legal right to execute, deliver and perform its obligations under the Guaranty.

 

4.1.2       Proceedings.
Borrower has taken all necessary action to authorize the execution, delivery and performance of this Agreement and the other Loan
Documents. This Agreement and the other Loan Documents have been duly executed and delivered by or on behalf of Borrower and constitute
the legal, valid and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms, subject
only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject, as to enforceability,
to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).

 

4.1.3       No
Conflicts. The execution, delivery and performance of this Agreement and the other Loan Documents by Borrower and/or Guarantor,
as applicable, will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under,
or result in the creation or imposition of any Lien, charge or encumbrance (other than pursuant to the Loan Documents) upon any
of the property or assets of Borrower pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, partnership
agreement, management agreement or other agreement or instrument to which Borrower is a party or by which any of Borrower’s
property or assets is subject, nor will such action result in any violation of the provisions of any Legal Requirements of any
Governmental Authority having jurisdiction over Borrower or any of Borrower’s properties or assets, and any consent, approval,
authorization, order, registration or qualification of or with any court or any such Governmental Authority required for the execution,
delivery and performance by Borrower and/or Guarantor, as applicable, of this Agreement or any other Loan Documents has been obtained
and is in full force and effect.

 

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4.1.4       Litigation.
There are no actions, suits or proceedings at law or in equity by or before any Governmental Authority or other agency now pending
or threatened against or affecting Borrower, Guarantor, Principal or the Properties or any Property, which actions, suits or proceedings,
if determined against Borrower, Guarantor, Principal or the Properties or any Property, could reasonably be expected to materially
adversely affect the condition (financial or otherwise) or business of Borrower, Guarantor, Principal or the condition or ownership
of the Properties or any Property.

 

4.1.5       Agreements.
Borrower is not a party to any agreement or instrument or subject to any restriction which might materially and adversely affect
Borrower or the Properties or any Property, or Borrower’s business, properties or assets, operations or condition, financial
or otherwise. Borrower is not in default in any material respect in the performance, observance or fulfillment of any of the obligations,
covenants or conditions contained in any agreement or instrument to which it is a party or by which Borrower or the Properties
or any Property are bound. Borrower has no material financial obligation under any indenture, mortgage, deed of trust, loan agreement
or other agreement or instrument to which Borrower is a party or by which Borrower or the Properties or any Property is otherwise
bound, other than (a) any obligations incurred in the ordinary course of the operation of the Properties or any Property as
permitted pursuant to clause (s) of the definition of “Special Purpose Entity” set forth in Section 1.1
hereof, and (b) the obligations under the Loan Documents.

 

4.1.6       Title.
Borrower has good, marketable and insurable fee simple title to the real property comprising part of the applicable Property and
good title to the balance of the applicable Property, free and clear of all Liens whatsoever except the Permitted Encumbrances,
such other Liens as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. The Permitted Encumbrances
in the aggregate do not materially and adversely affect the value, operation or use of the Properties or any Property (as currently
used) or Borrower’s ability to repay the Loan. The Security Instrument and the Assignment of Leases, when properly recorded
in the appropriate records, together with any UCC-1 financing statements required to be filed in connection therewith, will create
(a) a valid, perfected first priority lien on the Property, subject only to Permitted Encumbrances and the Liens created by
the Loan Documents, and (b) perfected security interests in and to, and perfected collateral assignments of, all personalty
(including the Leases), all in accordance with the terms thereof, in each case subject only to any applicable Permitted Encumbrances,
such other Liens as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. There are no claims
for payment for work, labor or materials affecting any Property which are or may become a Lien prior to, or of equal priority with,
the Liens created by the Loan Documents.

 

4.1.7       Solvency.
Borrower has (a) not entered into the transaction contemplated by this Agreement or executed the Note, this Agreement or any
other Loan Documents with the actual intent to hinder, delay or defraud any creditor and (b) received reasonably equivalent
value in exchange for its obligations under such Loan Documents. After giving effect to the Loan, the fair saleable value of Borrower’s
assets exceeds and will, immediately following the making of the Loan, exceed Borrower’s total liabilities, including, without
limitation, subordinated, unliquidated, disputed and contingent liabilities. The fair saleable value of Borrower’s assets
is and will, immediately following the making of the Loan, be greater than Borrower’s probable liabilities, including the
maximum amount of its contingent liabilities on its debts as such debts become absolute and matured. Borrower’s assets do
not and, immediately following the making of the Loan will not, constitute unreasonably small capital to carry out its business
as conducted or as proposed to be conducted. Borrower does not intend to, and does not believe that it will, incur debts and liabilities
(including contingent liabilities and other commitments) beyond its ability to pay such debts and liabilities as they mature (taking
into account the timing and amounts of cash to be received by Borrower and the amounts to be payable on or in respect of the obligations
of Borrower). No Bankruptcy Action exists against Borrower or any Principal, and neither Borrower nor Principal has ever been a
party to a Bankruptcy Action. Neither Borrower nor Principal is contemplating either a Bankruptcy Action or the liquidation of
all or a major portion of Borrower’s assets or properties, and Borrower has no knowledge of any Person contemplating the
filing of any petition against it or any Principal.

 

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4.1.8       Full
and Accurate Disclosure. No statement of fact made by or on behalf of Borrower in this Agreement or in any of the other Loan
Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained
herein or therein not misleading. There is no material fact presently known to Borrower which has not been disclosed to Lender
which adversely affects, nor as far as Borrower can foresee, might adversely affect, any Property or the business, operations or
condition (financial or otherwise) of Borrower or Guarantor.

 

4.1.9       No
Plan Assets. Borrower is not an “employee benefit plan,” as defined in Section 3(3) of ERISA, subject to Title
I of ERISA or Section 4975 of the Code, and none of the assets of Borrower constitutes or will constitute “plan assets”
of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101. Compliance by Borrower and Guarantor with the provisions
hereof will not involve any Prohibited Transaction. Neither Guarantor nor Borrower has any pension, profit sharing, stock option,
insurance or other arrangement or plan for employees covered by Title IV of ERISA, and no “Reportable Event” as defined
in ERISA has occurred and is now continuing with respect to any such plan. The performance by Borrower of its obligations under
the Loan Documents and Borrower’s conducting of its operations do not violate any provisions of ERISA. In addition, (a) Borrower
is not a “governmental plan” within the meaning of Section 3(32) of ERISA, (b) transactions by or with Borrower
are not subject to any state statute or regulation regulating investments of, or fiduciary obligations with respect to, governmental
plans within the meaning of Section 3(32) of ERISA which is similar to the provisions of Section 406 of ERISA or Section 4975 of
the Code currently in effect, which prohibit or otherwise restrict the transactions contemplated by this Agreement, and (c) none
of Borrower, Guarantor or ERISA Affiliate is at the date hereof, or has been at any time within the two years preceding the date
hereof, an employer required to contribute to any Multiemployer Plan or Multiple Employer Plan, or a “contributing sponsor”
(as such term is defined in Section 4001 of ERISA) in any Multiemployer Plan or Multiple Employer Plan; and none of Borrower, Guarantor
or any ERISA Affiliate has any contingent liability with respect to any post-retirement “welfare benefit plan” (as
such term is defined in ERISA) except as disclosed to the Lender in writing.

 

4.1.10       Compliance.
Borrower and each of the Properties (including the use thereof) comply in all material respects with all applicable Legal Requirements,
including, without limitation, building and zoning ordinances and codes. Borrower is not in default or violation of any order,
writ, injunction, decree or demand of any Governmental Authority. There has not been committed by Borrower, or any other Person
in occupancy of or involved with the operation or use of any Property, any act or omission affording any Governmental Authority
the right of forfeiture as against any such Property or any part thereof or any monies paid in performance of Borrower’s
obligations under any of the Loan Documents. Neither the Improvements as constructed, nor the use of any Property by Tenants under
the Leases and the contemplated accessory uses, will violate (a) any Legal Requirements (including subdivision, zoning, building,
environmental protection and wetland protection Legal Requirements), or (b) any building permits, restrictions or records,
or agreements affecting any Property or any part thereof. Neither the zoning authorizations, approvals or variances nor any other
right to construct or to use any Property is to any extent dependent upon or related to any real estate other than such Property.

 

4.1.11       Financial
Information. All financial data with respect to the Properties and Guarantor, including, without limitation, the statements
of cash flow and income and operating expense, that have been delivered to Lender in connection with the Loan (a) are true,
complete and correct in all material respects, (b) accurately represent the financial condition of each of the Properties
and Guarantor as of the date of such reports, and (c) have been prepared in accordance with the Approved Accounting Method
throughout the periods covered, except as disclosed therein. Except for Permitted Encumbrances, Borrower does not have any contingent
liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable
commitments that are known to Borrower and reasonably likely to have a materially adverse effect on the Properties or any Property
or the operation thereof as a medical office building or medical center (or office building in the case of the Marina Towers Property),
except as referred to or reflected in said financial statements. Since the date of such financial statements, there has been no
Material Adverse Change in the financial condition, operation or business of Borrower or Guarantor from that set forth in said
financial statements.

 

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4.1.12         Condemnation.
No Condemnation or other similar proceeding has been commenced or, to Borrower’s actual knowledge, is threatened or contemplated
with respect to all or any portion of any Property or for the relocation of any roadway providing access to any Property.

 

4.1.13         Federal
Reserve Regulations. No part of the proceeds of the Loan will be used for the purpose of purchasing or acquiring any “margin
stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or for any other purpose
which would be inconsistent with such Regulation U or any other Regulations of such Board of Governors, or for any purposes prohibited
by any Legal Requirements or by the terms and conditions of this Agreement or the other Loan Documents.

 

4.1.14         Utilities
and Public Access. Each Property has rights of access to public ways and is served by water, sewer, sanitary sewer and storm
drain facilities adequate to service such Property for its intended uses. All public utilities necessary or convenient to the full
use and enjoyment of each Property are available at such Property and are located either in the public right-of-way abutting such
Property (which are connected so as to serve such Property without passing over other property) or in recorded easements serving
such Property and such easements are set forth in and insured by the Title Insurance Policy. All roads necessary for the use of
each Property for its current purpose have been completed and dedicated to public use and accepted by all Governmental Authorities.
There is no on-site sewage disposal system and each Property is served by a sewer system maintained by a Governmental Authority
or property owners association.

 

4.1.15         Not
a Foreign Person. Borrower is not a “foreign person” within the meaning of §1445(f)(3) of the
Code.

 

4.1.16         Separate
Lots. Each Property is comprised of one (1) or more parcels which constitute a separate tax lot or lots and does not constitute
a portion of any other tax lot not a part of such Property.

 

4.1.17         Assessments.
There are no pending or proposed special or other assessments for public improvements or otherwise affecting any Property, nor
are there any contemplated improvements to any Property that may result in such special or other assessments.

 

4.1.18         Enforceability.
The Loan Documents are enforceable by Lender (or any subsequent holder thereof) in accordance with their respective terms, subject
to principles of equity and bankruptcy, insolvency and other laws generally applicable to creditors’ rights and the enforcement
of debtors’ obligations. The Loan Documents are not subject to any right of rescission, set-off, counterclaim or defense
by Borrower or Guarantor, including the defense of usury, nor would the operation of any of the terms of the Loan Documents, or
the exercise of any right thereunder, render the Loan Documents unenforceable (subject to principles of equity and bankruptcy,
insolvency and other laws generally affecting creditors’ rights and the enforcement of debtors’ obligations), and Borrower
and Guarantor have not asserted any right of rescission, set-off, counterclaim or defense with respect thereto.

 

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4.1.19         No
Prior Assignment. There are no prior assignments of the Leases or any portion of the Rents due and payable or to become due
and payable which are presently outstanding.

 

4.1.20         Insurance.
Borrower has obtained and has delivered to Lender certified copies of all Policies, with all premiums paid thereunder, reflecting
the insurance coverages, amounts and other requirements set forth in this Agreement. No claims have been made or are currently
pending, outstanding or otherwise remain unsatisfied under any such Policies, and no Person, including Borrower, has done, by act
or omission, anything which would impair the coverage of any such Policies.

 

4.1.21         Use
of Property. Properties are used exclusively as medical office buildings or medical centers (or office buildings in the case
of the Marina Towers Property) and other appurtenant and related uses.

 

4.1.22         Certificate
of Occupancy; Licenses. To Borrower’s actual knowledge, and except as may be disclosed in the zoning reports ordered
and obtained by Lender in connection with the closing of the Loan, all certifications, permits, licenses and approvals, including
without limitation, certificates of completion and occupancy permits and, if applicable, any liquor license and certificate of
need required for the legal use, occupancy and operation of medical office buildings and medical centers (or office buildings in
the case of the Marina Towers Property) (collectively, the “Licenses”), have been obtained and are in
full force and effect. Borrower shall keep and maintain all Licenses necessary for the operation of medical office buildings and
medical centers (or office buildings in the case of the Marina Towers Property). The use being made of each Property is in conformity
with the certificate of occupancy issued for such Property.

 

4.1.23         Flood
Zone. None of the Improvements on any Property are located in an area as identified by the Federal Emergency Management Agency
as an area having special flood hazards or, if so located, the flood insurance required pursuant to Section 6.1(a)(i) hereof
is in full force and effect with respect to the Property.

 

4.1.24         Physical
Condition. To Borrower’s actual knowledge and except as may be disclosed in the Physical Condition Report, each Property,
including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing
systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping,
irrigation systems and all structural components are in good condition, order and repair in all material respects. There exists
no structural or other material defects or damages in any Property, whether latent or otherwise, and Borrower has not received
notice from any insurance company or bonding company of any defects or inadequacies in any Property, or any part thereof, which
would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of
any termination or threatened termination of any policy of insurance or bond.

 

4.1.25         Boundaries.
To Borrower’s actual knowledge, and except as may be disclosed in the Survey, all of the Improvements which were included
in determining the appraised value of each Property lie wholly within the boundaries and building restriction lines of such Property,
and no improvements on adjoining properties encroach upon such Property, and no easements or other encumbrances upon such Property
encroach upon any of the Improvements, so as to adversely affect the value or marketability of such Property except those easements
or other encumbrances with respect to which the Title Insurance Policy insures against any losses resulting therefrom.

 

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4.1.26         Leases.
The Properties are not subject to any Leases other than the Leases described on the rent roll attached at Schedule I. Borrower
is the owner and lessor of landlord’s interest in the Leases. No Person has any possessory interest in any Property or right
to occupy the same except under and pursuant to the provisions of the Leases. The current Leases are in full force and effect and,
to Borrower’s knowledge, there are no defaults thereunder by either party and there are no conditions that, with the passage
of time or the giving of notice, or both, would constitute defaults thereunder. The copies of the Leases and any related guaranty
(including all amendments thereto) delivered to Lender are accurate, true and complete, and there are no oral agreements with respect
thereto. No Rent (other than security deposits, if any, listed on Schedule I) has been paid more than one (1) month in advance
of its due date. All work to be performed by the landlord under each Lease has been performed as required in such Lease and has
been accepted by the applicable Tenant, and any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances
or abatements required to be given by the landlord under such Lease to any Tenant has already been received by such Tenant. There
has been no prior sale, transfer or assignment, hypothecation or pledge of any Lease or of the Rents received therein which is
still in effect. Except as listed on Schedule I, to Borrower’s knowledge, no Tenant has assigned its Lease or sublet
all or any portion of the premises demised thereby, no such Tenant holds its leased premises under assignment or sublease, nor
does anyone except such Tenant and its employees occupy such leased premises. Except as listed on Schedule I, no Tenant
under any Lease has a right or option pursuant to such Lease or otherwise to purchase all or any part of any Property of which
the leased premises are a part. Except as listed on Schedule I, no Tenant under any Lease has any right or option for additional
space in the Improvements. To Borrower’s knowledge, no action or inaction or event has occurred that would entitle any Occupancy
Reserve Tenant to terminate its respective Occupancy Reserve Lease.

 

4.1.27         Survey.
Each Survey for the Property delivered to Lender in connection with this Agreement has been prepared by a professional and properly
licensed land surveyor and to Borrower’s knowledge, in accordance with the 2011 Minimum Detail Requirements for ALTA/ACSM
Land Title Surveys as jointly established and adopted by ALTA and National Society of Professional Surveyors. Each Survey reflects
the same legal description contained in the Title Insurance Policy for the applicable Property. The surveyor’s seal is affixed
to the Survey and to Borrower’s knowledge does not fail to reflect any material matter affecting any of the Properties or
the title thereto.

 

4.1.28         Principal
Place of Business; State of Organization. Borrower’s principal place of business as of the date hereof is the address
set forth in the introductory paragraph of this Agreement. Borrower 1 is organized under the laws of the State of Delaware
and its organizational identification number is 5902707; Borrower 2 is organized under the laws of the State of Delaware and
its organizational number is 5873641; Borrower 3 is organized under the laws of the State of Delaware and its organizational
number is 5937783; and Borrower 4 is organized under the laws of the State of Delaware and its organizational number is 5965886.

 

4.1.29         Filing
and Recording Taxes. All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes required
to be paid by any Person under applicable Legal Requirements currently in effect in connection with the transfer of each Property
to Borrower have been paid. All mortgage, mortgage recording, stamp, intangible or other similar tax required to be paid by any
Person under applicable Legal Requirements currently in effect in connection with the execution, delivery, recordation, filing,
registration, perfection or enforcement of any of the Loan Documents, including, without limitation, the Security Instruments,
have been paid or are being paid simultaneously herewith.

 

4.1.30         Special
Purpose Entity/Separateness. (a) Until the Debt has been paid in full, Borrower hereby represents, warrants and covenants
that Borrower is, shall be and shall continue to be a Special Purpose Entity.

 

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(b)          The
representations, warranties and covenants set forth in Section 4.1.30(a) shall survive for so long as any amount remains payable
to Lender under this Agreement or any other Loan Document.

 

(c)          Any
and all of the stated facts and assumptions made in any Insolvency Opinion, including, but not limited to, any exhibits attached
thereto, will have been and shall be true and correct in all respects, and Borrower and Principal will have complied and will comply
with all of the stated facts and assumptions made with respect to it in any Insolvency Opinion. Each entity other than Borrower
and Principal with respect to which an assumption is made or a fact stated in any Insolvency Opinion will have complied and will
comply with all of the assumptions made and facts stated with respect to it in any such Insolvency Opinion. Borrower covenants
that in connection with any Additional Insolvency Opinion delivered in connection with this Agreement it shall provide an updated
certification regarding compliance with the facts and assumptions made therein.

 

(d)          Borrower
covenants and agrees that Borrower shall provide Lender with fifteen (15) days’ prior written notice prior to the removal
of an Independent Director of any Borrower and/or Principal.

 

(e)          Borrower
(i) is and has always been duly formed, validly existing and in good standing in the state of its incorporation or formation
and in all other jurisdictions where it is qualified to do business; (ii) has not had and does not have any judgments or liens
of any nature against it (except for Liens for Taxes not yet due); (iii) has been and is in compliance with all Legal Requirements
and has received and maintains all Licenses; (iv) is not the subject of, or currently involved in any capacity in, any pending
or threatened litigation; (v) is not, and has not been, involved in any dispute with any taxing authority; (vi) has paid
all Taxes and Other Charges; (vii) has never owned any property other the applicable Property; (viii) is not now and
has not ever been a party to any lawsuit, arbitration, summons or legal proceeding; (ix) has not failed to provide Lender
with complete financial statements that reflect a fair and accurate view of its financial condition; and (x) has no material
contingent or actual obligations not related to the applicable Property.

 

(f)          (i) Prior
Lender is the current holder of the Prior Loan, (ii) the Prior Loan has been indefeasibly satisfied in full on or before the
date hereof, (iii) none of Borrower, Principal, nor Guarantor have any remaining liabilities or obligations in connection
with the Prior Loan (other than environmental and other limited and customary indemnity obligations), (iv) Prior Lender has
released all collateral and security for the Prior Loan as of the date hereof, (v) the Swap, if any, relating to the Prior
Loan, has been terminated on or before the date hereof, (vi) all obligations of Borrower and Guarantor under such Swap, if
any, have been satisfied in full on or before the date hereof, (vii) none of Borrower, Principal, nor Guarantor have any remaining
liabilities or obligations in connection with such Swap, if any, and (viii) either no collateral or security was provided
in connection with such Swap, if any, or all such collateral or security given in connection therewith has been released as of
the date hereof.

 

4.1.31    Management
Agreement. The Management Agreement (if any) is in full force and effect and there is no default thereunder by any party thereto
and no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder.

 

4.1.32    Illegal
Activity. No portion of any Property has been or will be purchased with proceeds of any illegal activity.

 

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4.1.33         No
Change in Facts or Circumstances; Disclosure. All information submitted by Borrower to Lender including, but not limited to,
all financial statements, rent rolls, reports, certificates and other documents submitted in connection with the Loan or in satisfaction
of the terms thereof and all statements of fact made by Borrower in this Agreement or in any other Loan Document, are accurate,
complete and correct in all material respects. There has been no Material Adverse Change in any condition, fact, circumstance or
event that would make any such information inaccurate, incomplete or otherwise misleading in any material respect or that otherwise
materially and adversely affects or might materially and adversely affect the use, operation or value of the Properties or any
Property or the business operations and/or the financial condition of Borrower or Guarantor. Borrower and Guarantor have disclosed
to Lender all material facts and have not failed to disclose any material fact that could cause any Provided Information or representation
or warranty made herein to be materially misleading.

 

4.1.34         Investment
Company Act. Borrower is not (a) an “investment company” or a company “controlled” by an “investment
company,” within the meaning of the Investment Company Act of 1940, as amended; (b) a “holding company”
or a “subsidiary company” of a “holding company” or an “affiliate” of either a “holding
company” or a “subsidiary company” within the meaning of the Public Utility Holding Company Act of 2005, as amended;
or (c) subject to any other Federal or state law or regulation which purports to restrict or regulate its ability to borrow
money.

 

4.1.35         Embargoed
Person. As of the date hereof and at all times throughout the term of the Loan, including after giving effect to any Transfers
permitted pursuant to the Loan Documents, (a) none of the funds or other assets of Borrower, Principal and Guarantor constitute
property of, or are beneficially owned, directly or indirectly, by any Embargoed Person; (b) no Embargoed Person has any interest
of any nature whatsoever in Borrower, Principal or Guarantor, as applicable, with the result that the investment in Borrower, Principal
or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law; and (c) none
of the funds of Borrower, Principal or Guarantor, as applicable, have been derived from any unlawful activity with the result that
the investment in Borrower, Principal or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the
Loan is in violation of law.

 

4.1.36         Cash
Management Account. (a) This Agreement, together with the other Loan Documents, creates a valid and continuing security
interest (as defined in the UCC) in the Clearing Accounts and Cash Management Account in favor of Lender, as and when each such
account may be established, which security interest is prior to all other Liens, other than Permitted Encumbrances, and is enforceable
as such against creditors of and purchasers from Borrower. Other than in connection with the Loan Documents and except for Permitted
Encumbrances, Borrower has not sold, pledged, transferred or otherwise conveyed its interest in the Clearing Accounts and Cash
Management Account;

 

(b)          Each
of the Clearing Accounts and the Cash Management Account shall constitute a “deposit account” within the meaning of
the UCC;

 

(c)          Pursuant
and subject to the terms hereof and of the other Loan Documents, Borrower agrees that the Clearing Bank shall comply with all instructions
originated by Lender, without further consent by Borrower, directing disposition of the Clearing Accounts and all sums at any time
held, deposited or invested therein, together with any interest or other earnings thereon, and all proceeds thereof (including
proceeds of sales and other dispositions), whether accounts, general intangibles, chattel paper, deposit accounts, instruments,
documents or securities;

 

(d)          The
Clearing Accounts and Cash Management Account shall not be held in the name of any Person other than Borrower, as pledgor, for
the benefit of Lender, as secured party; and

 

(e)          The
Properties are not subject to any cash management system (other than pursuant to the Loan Documents), and any and all existing
tenant instruction letters issued in connection with any previous financing have been duly terminated prior to the date hereof.

 

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4.1.37         Filing
of Returns. Borrower, Principal and Guarantor have filed all Federal income tax returns and all other material tax returns,
domestic and foreign, required to be filed by it and have paid all material taxes and assessments payable by it that have become
due, other than those not yet delinquent and except for those being contested in good faith. Borrower and Guarantor have each established
on its books such charges, accruals and reserves in respect of taxes, assessments, fees and other governmental charges for all
fiscal periods as are required by sound accounting principles consistently applied. Neither Borrower, Principal nor Guarantor knows
of any proposed assessment for additional Federal, foreign or state taxes for any period, or of any basis therefor, that, individually
or in the aggregate, taking into account such charges, accruals and reserves in respect thereof as such Person has made, could
reasonably be expected to cause a Material Adverse Change with respect to Borrower, Guarantor or the Properties or any Property.

 

4.1.38         REA.
The REA is in full force and effect and neither Borrower nor any other party to the REA, is in default thereunder, and there are
no conditions which, with the passage of time or the giving of notice, or both, would constitute a default thereunder. Except as
set forth in the definition of “REA” in Section 1.1 of this Agreement, the REA has not been modified, amended
or supplemented.

 

Section 4.2           Survival
of Representations. Borrower agrees that all of the representations and warranties of Borrower set forth in Section 4.1
and elsewhere in this Agreement and in the other Loan Documents shall survive for so long as any amount remains owing to Lender
under this Agreement or any of the other Loan Documents by Borrower. All representations, warranties, covenants and agreements
made in this Agreement or in the other Loan Documents by Borrower shall be deemed to have been relied upon by Lender notwithstanding
any investigation heretofore or hereafter made by Lender or on its behalf.

 

Article V

 

BORROWER
COVENANTS

 

Section 5.1           Affirmative
Covenants. From the date hereof and until payment and performance in full of all Obligations, Borrower hereby covenants and
agrees with Lender that:

 

5.1.1        Existence;
Compliance with Legal Requirements. Borrower shall do or cause to be done all things necessary to preserve, renew and keep
in full force and effect its existence, rights, licenses, permits and franchises and comply with all Legal Requirements applicable
to Borrower and each of the Properties. There shall never be committed by Borrower, and Borrower shall not permit any other Person
in occupancy of or involved with the operation or use of any Property to commit, any act or omission affording any Governmental
Authority the right of forfeiture against any such Property or any part thereof or any monies paid in performance of Borrower’s
obligations under any of the Loan Documents. Borrower shall not commit, permit or suffer to exist any act or omission affording
such right of forfeiture. Borrower shall at all times maintain, preserve and protect all franchises and trade names, preserve all
the remainder of its property used or useful in the conduct of its business, and shall keep each of the Properties in good working
order and repair, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments
and improvements thereto, all as more fully provided in the Security Instruments. Borrower shall keep each of the Properties insured
at all times by financially sound and reputable insurers, to such extent and against such risks, and maintain liability and such
other insurance, as is more fully provided in this Agreement. After prior notice to Lender, Borrower, at its own expense, may contest
by appropriate legal proceeding promptly initiated and conducted in good faith and with due diligence, the validity of any Legal
Requirement, the applicability of any Legal Requirement to Borrower or any Property or any alleged violation of any Legal Requirement,
provided, that: (a) no Default or Event of Default has occurred and remains uncured; (b) such proceeding shall be permitted
under, and be conducted in accordance with, the provisions of any instrument to which Borrower is subject and shall not constitute
a default thereunder and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (c) neither
any Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost;
(d) Borrower shall, upon final determination thereof, promptly comply with any such Legal Requirement determined to be valid
or applicable or cure any violation of any Legal Requirement; (e) such proceeding shall suspend the enforcement of the contested
Legal Requirement against Borrower and the applicable Property or Properties; and (f) Borrower shall furnish such security
as may be required in the proceeding, or as may be requested by Lender, to insure compliance with such Legal Requirement, together
with all interest and penalties payable in connection therewith. Lender may apply any such security, as necessary to cause compliance
with such Legal Requirement at any time when, in the reasonable judgment of Lender, the validity, applicability or violation of
such Legal Requirement is finally established or any Property (or any part thereof or interest therein) shall be in danger of being
sold, forfeited, terminated, cancelled or lost.

 

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5.1.2       Taxes
and Other Charges. Borrower shall pay, or shall cause its Tenant(s) to pay (to the extent any Tenant is obligated to make such
payments under its Lease) all Taxes and Other Charges now or hereafter levied or assessed or imposed against each of the Properties,
or any part thereof, as the same become due and payable; provided, however, Borrower’s obligation to directly pay Taxes shall
be suspended for so long as Borrower is required to deposit funds into the Tax and Insurance Escrow Account on a monthly basis
and Borrower otherwise complies with the terms and provisions of Section 7.2 hereof. Borrower will deliver to Lender receipts
for payment or other evidence satisfactory to Lender that the Taxes and Other Charges have been so paid or are not then delinquent
no later than ten (10) days prior to the date on which the Taxes and/or Other Charges would otherwise be delinquent if not paid;
provided, however, Borrower is not required to furnish such receipts for payment of Taxes in the event that such Taxes have been
paid by Lender pursuant to Section 7.2 hereof. Borrower shall not suffer and shall promptly cause to be paid and discharged
any Lien or charge whatsoever which may be or become a Lien or charge against any Property, and shall promptly pay for all utility
services provided to the Property (or cause Tenant to pay). After prior notice to Lender, Borrower, at its own expense, may contest
by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the amount or validity
or application in whole or in part of any Taxes or Other Charges, provided that (a) no Default or Event of Default has occurred
and remains uncured; (b) such proceeding shall be permitted under, and be conducted in accordance with, the provisions of
any other instrument to which Borrower is subject and shall not constitute a default thereunder and such proceeding shall be conducted
in accordance with all applicable statutes, laws and ordinances; (c) neither any Property nor any part thereof or interest
therein will be in danger of being sold, forfeited, terminated, cancelled or lost; (d) Borrower shall promptly upon final
determination thereof pay the amount of any such Taxes or Other Charges, together with all costs, interest and penalties which
may be payable in connection therewith; (e) such proceeding shall suspend the collection of such contested Taxes or Other
Charges from the applicable Property or Properties (except that if such Taxes or Other Charges must be paid sooner in order to
avoid being delinquent, then Borrower shall cause the same to be paid prior to delinquency, and upon making such payment prior
to delinquency Borrower may continue such contest); and (f) Borrower shall furnish such security as may be required in the
proceeding, or as may be requested by Lender, to insure the payment of any such Taxes or Other Charges, together with all interest
and penalties thereon. Lender may pay over any such cash deposit or part thereof held by Lender to the claimant entitled thereto
at any time when, in the judgment of Lender, the entitlement of such claimant is established or any Property (or part thereof or
interest therein) shall be in danger of being sold, forfeited, terminated, cancelled or lost or there shall be any danger of the
Lien of the applicable Security Instrument being primed by any related Lien.

 

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5.1.3       Litigation.
Borrower shall give prompt notice to Lender of any litigation or proceedings by any Governmental Authority pending or threatened
against Borrower, Principal and/or Guarantor which might materially adversely affect Borrower’s, Principal’s or Guarantor’s
condition (financial or otherwise) or business or the Properties or any Property.

 

5.1.4       Access
to Properties. Subject to the provisions regarding access in the Leases with Tenants unaffiliated with Borrower, Borrower shall
permit agents, representatives and employees of Lender to inspect the Properties or any Property or any part thereof at reasonable
hours upon reasonable advance notice (which may be given verbally).

 

5.1.5       Notice
of Default. Borrower shall promptly advise Lender (a) of any Material Adverse Change in Borrower’s, Principal’s
or Guarantor’s condition, financial or otherwise, or (b) of the occurrence of any Default or Event of Default of which
Borrower has knowledge.

 

5.1.6       Cooperate
in Legal Proceedings. Borrower shall cooperate fully with Lender with respect to any proceedings before any court, board or
other Governmental Authority which may in any way affect the rights of Lender hereunder or any rights obtained by Lender under
any of the other Loan Documents and, in connection therewith, permit Lender, at its election, to participate in any such proceedings.

 

5.1.7       Perform
Loan Documents. Borrower shall observe, perform and satisfy all the terms, provisions, covenants and conditions of, and shall
pay when due all costs, fees and expenses to the extent required under the Loan Documents executed and delivered by, or applicable
to, Borrower. Payment of the costs and expenses associated with any of the foregoing shall be in accordance with the terms and
provisions of this Agreement, including, without limitation, the provisions of Section 10.13 hereof.

 

5.1.8       Award
and Insurance Benefits. Borrower shall cooperate with Lender in obtaining for Lender the benefits of any Awards or Insurance
Proceeds lawfully or equitably payable in connection with any Property, and Lender shall be reimbursed for any expenses incurred
in connection therewith (including attorneys’ fees and disbursements, and the payment by Borrower of the expense of an appraisal
on behalf of Lender in case of Casualty or Condemnation affecting any Property or any part thereof) out of such Insurance Proceeds
or Awards.

 

5.1.9       Further
Assurances. Borrower shall, at Borrower’s sole cost and expense:

 

(a)          furnish
to Lender all instruments, documents, boundary surveys, footing or foundation surveys, certificates, plans and specifications,
appraisals, title and other insurance reports and agreements, and each and every other document, certificate, agreement and instrument
required to be furnished by Borrower pursuant to the terms of the Loan Documents or which are reasonably requested by Lender in
connection therewith;

 

(b)          execute
and deliver to Lender such documents, instruments, certificates, assignments and other writings, and do such other acts necessary
or desirable, to evidence, preserve and/or protect the collateral at any time securing or intended to secure the Obligations under
the Loan Documents, as Lender may reasonably require; and

 

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(c)          do
and execute all and such further lawful and reasonable acts, conveyances and assurances for the better and more effective carrying
out of the intents and purposes of this Agreement and the other Loan Documents, as Lender shall reasonably require from time to
time. In furtherance hereof, Borrower grants to Lender an irrevocable power of attorney coupled with an interest for the purpose
of protecting, perfecting, preserving and realizing upon the interests granted pursuant to this Agreement and to effect the intent
hereof, all as fully and effectually as Borrower might or could do; and Borrower hereby ratifies all that Lender shall lawfully
do or cause to be done by virtue hereof. Upon receipt of an affidavit of an officer of Lender as to the loss, theft, destruction
or mutilation of the Note or any other Loan Document which is not of public record, and, in the case of any such mutilation, upon
surrender and cancellation of such Note or other applicable Loan Document, Borrower will issue, in lieu thereof, a replacement
Note or other applicable Loan Document, dated the date of such lost, stolen, destroyed or mutilated Note or other Loan Document
in the same principal amount thereof and otherwise of like tenor.

 

5.1.10      Mortgage
Taxes. Borrower shall simultaneously herewith pay all state, county and municipal recording and all other taxes imposed upon
the execution and recordation of the Security Instruments.

 

5.1.11       Financial
Reporting. (a) Borrower will keep and maintain or will cause to be kept and maintained on a Fiscal Year basis in accordance
with the Approved Accounting Method, and the requirements of Regulation AB, proper and accurate books, records and accounts reflecting
all of the financial affairs of Borrower and all items of income and expense in connection with the operation of the Properties.
Lender shall have the right from time to time at all times during normal business hours upon reasonable notice (which may be verbal)
to examine such books, records and accounts at the office of Borrower or any other Person maintaining such books, records and accounts
and to make such copies or extracts thereof as Lender shall desire. After the occurrence and during the continuance of an Event
of Default, Borrower shall pay any reasonable costs and expenses incurred by Lender to examine Borrower’s accounting records
with respect to the Properties or any Property, as Lender shall reasonably determine to be necessary or appropriate in the protection
of Lender’s interest. Upon Lender’s reasonable request, Borrower shall furnish to Lender such other information reasonably
necessary and sufficient to fairly represent the financial condition of Borrower and the Properties or any Property.

 

(b)          Borrower
will furnish to Lender annually, within one hundred twenty (120) days following the end of each Fiscal Year of Borrower, a complete
copy of Borrower’s and Guarantor’s annual financial statements certified as true and correct by the party providing
such statements and prepared by an independent certified public accountant acceptable to Lender in accordance with the Approved
Accounting Method and the requirements of Regulation AB covering the Properties for such Fiscal Year and containing statements
of profit and loss for Borrower and Guarantor and each of the Properties and a balance sheet for Borrower and Guarantor. Such statements
of Borrower shall set forth the financial condition and the results of operations for each of Properties for such Fiscal Year,
and shall include, but not be limited to, amounts representing annual Net Cash Flow, Net Operating Income, Gross Income from Operations
and Operating Expenses for each of the Properties and accompanied by an annual rent roll. To the extent that the Borrower consists
of more than one entity, the annual financial statement shall include a combined balance sheet of all Borrowers (and no other entities),
together with the related combined statement of operations, members’ capital and cash flows, including a combined balance
sheet and statement of income for the Properties on a combined basis. Borrower’s annual financial statements shall be accompanied
by (i) a comparison of the budgeted income and expenses and the actual income and expenses for the prior Fiscal Year, (ii) intentionally
deleted, (iii) a list of Tenants, if any, occupying more than twenty percent (20%) of the total floor area of the each Building,
(iv) a breakdown showing the year in which each Lease then in effect expires and the percentage of total floor area of the
applicable Building and the percentage of base rent for each Property with respect to which Leases shall expire in each such year,
each such percentage to be expressed on both a per year and cumulative basis, (v) a schedule prepared by such independent
certified public accountant reconciling Net Operating Income to Net Cash Flow for each of the Properties (the “Net
Cash Flow Schedule”), which shall itemize all adjustments made to Net Operating Income to arrive at Net Cash Flow
deemed material by such independent certified public accountant, and (vi) an Officer’s Certificate certifying that each
annual financial statement fairly presents the financial condition and the results of operations of Borrower and the Property subject
to such reporting, and that such financial statements have been prepared in accordance with the Approved Accounting Method and
as of the date thereof whether there exists an event or circumstance which constitutes a Default or Event of Default under the
Loan Documents executed and delivered by, or applicable to, Borrower, and if such Default or Event of Default exists, the nature
thereof, the period of time it has existed and the action then being taken to remedy the same. Guarantor’s annual financial
statements shall be accompanied by an Officer’s Certificate certifying that each annual financial statement presents fairly
the financial condition and the results of operations of Guarantor being reported upon and that such financial statements have
been prepared in accordance with the Approved Accounting Method and as of the date thereof whether there exists an event or circumstance
which constitutes a Default or Event of Default under the Loan Documents executed and delivered by, or applicable to, Guarantor,
and if such Default or an Event of Default exists, the nature thereof, the period of time it has existed and the action then being
taken to remedy the same.

 

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(c)          Borrower
will furnish, or cause to be furnished, to Lender on or before twenty (20) days after the end of each calendar month which occurs
during the first year of the term of the Loan, and thereafter on or before twenty (20) days after the end of each calendar quarter,
the following items, accompanied by an Officer’s Certificate stating that such items are true, correct, accurate, and complete
and fairly present the financial condition and results of the operations of Borrower and each of the Properties (subject to normal
year-end adjustments) as applicable: (i) a rent roll for the subject month or quarter (and each such rent roll shall specify
whether or not each Occupancy Reserve Tenant is Continuously Operating); (ii) monthly, quarterly and year-to-date operating
statements (including Capital Expenditures) prepared for each calendar month or quarter, as applicable, noting Net Operating Income,
Gross Income from Operations, and Operating Expenses for each of the Properties (not including any contributions to the Replacement
Reserve Account, the Rollover Reserve Account, and the Occupancy Reserve Account), and, upon Lender’s request, other information
necessary and sufficient to fairly represent the financial position and results of operation of each of the Properties during such
calendar month or quarter, as applicable, and containing a comparison of budgeted income and expenses and the actual income and
expenses together with a detailed explanation of any variances of five percent (5%) or more between budgeted and actual amounts
for such periods, all in form satisfactory to Lender; (iii) a calculation reflecting the annual Debt Service Coverage Ratio
as of the last day of such month or quarter, as applicable; and (iv) a Net Cash Flow Schedule. In addition, such Officer’s
Certificate shall also state that the representations and warranties of Borrower set forth in Section 4.1.30 are true and
correct as of the date of such certificate and that there are no trade payables outstanding for more than sixty (60) days.

 

DEEMED APPROVAL:
In connection with Lender’s approval of the Annual Budget pursuant to this Section 5.1.11(d), Borrower shall provide
to Lender, along with the proposed budget, all required information and documentation relating thereto as reasonably required by
Lender for approval, together with a notice that is marked in bold lettering with the following language: “LENDER’S
RESPONSE IS REQUIRED WITHIN FIFTEEN (15) BUSINESS DAYS OF RECEIPT OF THIS NOTICE PURSUANT TO THE TERMS OF THE LOAN AGREEMENT BETWEEN
THE UNDERSIGNED AND THE LENDER” and the envelope containing the request must be marked “PRIORITY”.
If Lender does not approve or reject the proposed budget within fifteen (15) Business Days of its receipt of the budget and additional
information and documentation, Borrower shall send a second notice to Lender that is marked in bold lettering with the following
language: “LENDER’S RESPONSE IS REQUIRED WITHIN FIVE (5) BUSINESS DAYS OF RECEIPT OF THIS NOTICE PURSUANT TO THE
TERMS OF THE LOAN AGREEMENT BETWEEN THE UNDERSIGNED AND THE LENDER” and the envelope containing the request must be marked
“PRIORITY”. In the event Lender fails to respond to the second notice, the proposed budget shall be deemed the
Approved Annual Budget; provided, however, if Lender reasonably requests additional information at any time after the first or
second notice is given but prior to the time period in which Lender has to respond, the time for Lender’s response shall
be extended for either fifteen (15) or five (5) Business Days, as applicable, following its receipt of all reasonably requested
information and documentation. The budgets submitted by Borrower for 2016 are hereby approved.

 

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(d)          For
the partial year period commencing on the date hereof, and for each Fiscal Year thereafter, Borrower shall submit to Lender an
Annual Budget not later than sixty (60) days prior to the commencement of such period or Fiscal Year in form reasonably satisfactory
to Lender. The Annual Budget shall be subject to Lender’s approval (each such Annual Budget, an “Approved Annual
Budget”). In the event that Lender objects to a proposed Annual Budget submitted by Borrower which requires the approval
of Lender hereunder, Lender shall advise Borrower of such objections within fifteen (15) days after receipt thereof (and deliver
to Borrower a reasonably detailed description of such objections) and Borrower shall promptly revise such Annual Budget and resubmit
the same to Lender. Lender shall advise Borrower of any objections to such revised Annual Budget within ten (10) days after receipt
thereof (and deliver to Borrower a reasonably detailed description of such objections) and Borrower shall promptly revise the same
in accordance with the process described in this subsection until Lender approves the Annual Budget. Until such time that Lender
approves a proposed Annual Budget which requires the approval of Lender hereunder, the most recently Approved Annual Budget shall
apply; provided that, such Approved Annual Budget shall be adjusted to reflect actual increases in Taxes, Insurance Premiums and
Other Charges.

 

(e)          In
the event that Borrower must incur an extraordinary Operating Expense or Capital Expenditure not set forth in the Approved Annual
Budget (each an “Extraordinary Expense”), then Borrower shall promptly deliver to Lender a reasonably
detailed explanation of such proposed Extraordinary Expense for Lender’s approval.

 

(f)          If,
at the time a Disclosure Document is being prepared for a Securitization, Lender expects that Borrower alone or Borrower and one
or more Affiliates of Borrower collectively, or the Properties alone or the Properties and Related Properties collectively, will
be a Significant Obligor, Borrower shall furnish to Lender upon request (i) the selected financial data or, if applicable,
Net Operating Income for Borrower and the Properties for the most recent fiscal year and interim period (or such longer period
as may be required by Regulation S-K if the Loan is not treated as a non-recourse loan under Instruction 3 for Item 1101(k) of
Regulation AB) meeting the requirements and covering the time periods specified in Section 301 of Regulation S-K and Item 1112
of Regulation AB, if Lender expects that the principal amount of the Loan together with any Related Loans as of the cut-off date
for such Securitization may, or if the principal amount of the Loan together with any Related Loans as of the cut-off date for
such Securitization and at any time during which the Loan and any Related Loans are included in a Securitization does, equal or
exceed ten percent (10%) (but less than twenty percent (20%)) of the aggregate principal amount of all mortgage loans included
or expected to be included, as applicable, in the Securitization, or (ii) the financial statements required under Item 1112(b)(2)
of Regulation AB, if Lender expects that the principal amount of the Loan together with any Related Loans as of the cut-off date
for such Securitization may, or if the principal amount of the Loan together with any Related Loans as of the cut-off date for
such Securitization and at any time during which the Loan and any Related Loans are included in a Securitization does, equal or
exceed twenty percent (20%) of the aggregate principal amount of all mortgage loans included or expected to be included, as applicable,
in the Securitization. Such financial data or financial statements shall be furnished to Lender (A) within ten (10) Business
Days after notice from Lender in connection with the preparation of Disclosure Documents for the Securitization, (B) not later
than thirty (30) days after the end of each fiscal quarter of Borrower and (C) not later than seventy-five (75) days after
the end of each fiscal year of Borrower; provided, however, that Borrower shall not be obligated to furnish financial data or financial
statements pursuant to clauses (B) or (C) of this sentence with respect to any period for which a filing pursuant to the Exchange
Act in connection with or relating to the Securitization (an “Exchange Act Filing”) is not required.
If requested by Lender, Borrower shall use commercially reasonable efforts to furnish to Lender financial data and/or financial
statements for any Tenant of any Property if, in connection with a Securitization, Lender expects there to be, with respect to
such Tenant or group of Affiliated Tenants, a concentration within all of the mortgage loans included or expected to be included,
as applicable, in the Securitization such that such Tenant or group of affiliated Tenants would constitute a Significant Obligor.
All financial data and financial statements provided by Borrower hereunder pursuant to this Section 5.1.11(f) shall be prepared
in accordance with the Approved Accounting Method, and shall meet the requirements of Regulation S-K or Regulation S-X, as applicable,
Regulation AB and other applicable legal requirements. All financial statements referred to in this Section 5.1.11(f) hereof
shall be prepared by independent accountants of Borrower reasonably acceptable to Lender in accordance with Regulation AB, Regulation
S-K or Regulation S-X, as applicable, and all other applicable legal requirements, shall be accompanied by the manually executed
report of the independent accountants thereon, which report shall meet the requirements of Regulation S-K or Regulation S-X, as
applicable, Regulation AB and all other applicable legal requirements, and shall be further accompanied by a manually executed
written consent of the independent accountants, in form and substance acceptable to Lender, to the inclusion of such financial
statements in any Disclosure Document and any Exchange Act Filing and to the use of the name of such independent accountants and
the reference to such independent accountants as “experts” in any Disclosure Document and Exchange Act
Filing, all of which shall be provided at the same time as the related financial statements are required to be provided. All financial
data and financial statements (audited or unaudited) provided by Borrower under this Section 5.1.11(f) shall be accompanied
by an Officer’s Certificate, which certification shall state that such financial statements meet the requirements set forth
in this Section 5.1.11(f). If requested by Lender, Borrower shall provide Lender, promptly upon request, with any other or
additional financial statements, or financial, statistical or operating information, as Lender shall reasonably determine to be
required pursuant to Regulation S-K or Regulation S-X, as applicable, Regulation AB or any amendment, modification or replacement
thereto or other legal requirements in connection with any Disclosure Document or any Exchange Act filing in connection with or
relating to a Securitization or as shall otherwise be reasonably requested by the Lender. In the event Lender determines, in connection
with a Securitization, that the financial data and financial statements required in order to comply with Regulation S-K or Regulation
S-X, as applicable, Regulation AB or any amendment, modification or replacement thereto or other legal requirements are other than
as provided herein, then notwithstanding the provisions of this Section 5.1.11(f), Lender may request, and Borrower shall
promptly provide, such other financial data and financial statements as Lender determines to be necessary or appropriate for such
compliance.

 

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(g)          If
requested by Lender, Borrower shall provide Lender, promptly upon request, a list of Tenants (including all Affiliates of such
Tenants) that in the aggregate (i) occupy 10% or more (but less than 20%) of the total floor area of the Building located
at any Property or represent 10% or more (but less than 20%) of aggregate base rent for any Property, and (ii) occupy 20%
or more of the total floor area of the Building located at any Property or represent 20% or more of aggregate base rent.

 

(h)          Borrower
shall furnish to Lender, within ten (10) Business Days after request (or as soon thereafter as may be reasonably possible), such
further detailed information with respect to the operation of the Properties or any Property and the financial affairs of Borrower
as may be reasonably requested by Lender. Notwithstanding anything herein to the contrary, in the event the securities of Sponsor
are traded on a United States public exchange, Borrower shall not be required to furnish to Lender any financial information that
the Securities Act or Exchange Act prohibits Sponsor from providing to Lender.

 

(i)          Borrower
shall furnish to Lender, within ten (10) Business Days after Lender’s request (or as soon thereafter as may be reasonably
possible), financial and sales information from any Tenant designated by Lender (to the extent such financial and sales information
is required to be provided under the applicable Lease and same is received by Borrower after request therefor).

 

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(j)          Any
reports, statements or other information required to be delivered under this Agreement shall be delivered (i) in paper form,
(ii) on a diskette, and (iii) if requested by Lender and within the capabilities of Borrower’s data systems without
change or modification thereto, in electronic form and prepared using Microsoft Word for Windows or WordPerfect for Windows files
(which files may be prepared using a spreadsheet program and saved as word processing files). Borrower agrees that Lender may disclose
information regarding the Properties or any Property and Borrower that is provided to Lender pursuant to this Section 5.1.11
in connection with any Securitization to such parties requesting such information in connection with such Securitization.

 

(k)          Breach.
If Borrower fails to provide to Lender or its designee any of the financial statements, certificates, reports or information that
have been delivered by Borrower on previous occasions and/or are customary in connection with the operation of property of the
same type and nature as the Properties (the “Required Records”) required by this Section 5.1.11
within the applicable time periods set forth in this Section 5.1.11, Borrower shall pay to Lender, at Lender’s option
and in its discretion, an amount equal to $2,500 for each Required Record that is not delivered within twenty (20) days after written
notice of such failure. In addition, if Borrower fails to deliver any Required Records to Lender within the applicable time periods
set forth in this Section 5.1.11, Lender shall have the option, upon twenty (20) days’ notice to Borrower that the same
is past due, to gain access to Borrower’s books and records and prepare or have prepared at Borrower’s expense, any
Required Records not delivered by Borrower. In addition, it shall be an Event of Default if any of the following shall occur: (i) any
failure of Borrower to provide to Lender any of the Required Records within the applicable time periods set forth in this Section 5.1.11,
if such failure continues for twenty (20) days after written notice that the same is past due, or (ii) in the event any Required
Records shall be materially inaccurate or false, or (iii) in the event of the failure of Borrower to permit Lender or its
representatives to inspect said books, records and accounts upon request of Lender as required by this Section 5.1.11.

 

5.1.12      Business
and Operations. Borrower will continue to engage in the businesses presently conducted by it as and to the extent the same
are necessary for the ownership, maintenance, management and operation of the Properties. Borrower will qualify to do business
and will remain in good standing under the laws of each jurisdiction as and to the extent the same are required for the ownership,
maintenance, management and operation of the Properties.

 

5.1.13      Title
to the Properties. Borrower will warrant and defend (a) the title to the Properties and every part thereof, subject only
to Permitted Encumbrances, and (b) the validity and priority of the Lien of the Security Instruments and the Assignments of
Leases, subject only to Permitted Encumbrances, in each case against the claims of all Persons whomsoever. Borrower shall reimburse
Lender for any losses, costs, damages or expenses (including reasonable attorneys’ fees and expenses, and court costs) incurred
by Lender if an interest in any Property, other than as permitted hereunder, is claimed by another Person.

 

5.1.14      Costs
of Enforcement. In the event (a) that any Security Instrument is foreclosed in whole or in part or that any Security Instrument
is put into the hands of an attorney for collection, suit, action or foreclosure, (b) of the foreclosure of any mortgage prior
to or subsequent to any Security Instrument in which proceeding Lender is made a party, or (c) of a Bankruptcy Action related
to Borrower or any Principal or an assignment by Borrower or any Principal for the benefit of its creditors, Borrower, on behalf
of itself and its successors and assigns, agrees that it/they shall be chargeable with and shall pay all costs of collection and
defense, including attorneys’ fees and expenses, and court costs, incurred by Lender or Borrower in connection therewith
and in connection with any appellate proceeding or post-judgment action involved therein, together with all required taxes.

 

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5.1.15      Estoppel
Statement. (a) After request by Lender, Borrower shall within ten (10) days furnish Lender with a statement, duly acknowledged
and certified, setting forth (i) the original principal amount of the Loan, (ii) the Outstanding Principal Balance, (iii) the
Interest Rate of the Loan, (iv) the date installments of interest and/or principal were last paid, (v) any offsets or
defenses to the performance of the Obligations, if any, and (vi) that the Note, this Agreement, the Security Instruments and
the other Loan Documents are valid, legal and binding obligations of Borrower and have not been modified or if modified, giving
particulars of such modification.

 

(b)          Upon
request of Lender, Borrower shall use commercially reasonable efforts to deliver to Lender, tenant estoppel certificates from each
commercial Tenant leasing space at the Property, in form and substance reasonably satisfactory to Lender, provided that Borrower
shall not be required to request such certificates more frequently than one (1) time in any calendar year so long as no Event of
Default has occurred and is continuing. The foregoing limitation shall exclude any tenant estoppel certificates that Borrower delivers
to Lender in connection with any other provision of this Agreement.

 

(c)          Upon
request of Lender, Borrower shall use commercially reasonable efforts to deliver to Lender, estoppel certificates from each party
under the REA in form and substance satisfactory to Lender; provided that such certificates may be in the form required under the
REA.

 

5.1.16      Loan
Proceeds. Borrower shall use the proceeds of the Loan received by it on the Closing Date only for the purposes set forth in
Section 2.1.4.

 

5.1.17      Performance
by Borrower. Borrower shall in a timely manner observe, perform and fulfill each and every covenant, term and provision of
each Loan Document executed and delivered by, or applicable to, Borrower and shall not enter into or otherwise suffer or permit
any amendment, waiver, supplement, termination or other modification of any Loan Document executed and delivered by, or applicable
to, Borrower without the prior written consent of Lender.

 

5.1.18      Confirmation
of Representations. Borrower shall deliver, in connection with any Securitization, (a) one or more Officer’s Certificates
certifying as to the accuracy of all representations made by Borrower in the Loan Documents as of the date of the closing of such
Securitization in all relevant jurisdictions, and (b) certificates of the relevant Governmental Authorities in all relevant
jurisdictions indicating the good standing and qualification of Borrower as of the date of the Securitization.

 

5.1.19      No
Joint Assessment. Borrower shall not suffer, permit or initiate the joint assessment of the Property (a) with any other
real property constituting a tax lot separate from the Property, and (b) which constitutes real property with any portion
of the Property which may be deemed to constitute personal property, or any other procedure whereby the lien of any taxes which
may be levied against such personal property shall be assessed or levied or charged to such real property portion of the Property.

 

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5.1.20      Leasing
Matters. Any Lease executed after the Closing Date and any amendment or modification of any Lease executed after the Closing
Date shall require the prior written consent of Lender, which consent shall not be unreasonably withheld. Upon request, Borrower
shall furnish Lender with true, correct and complete executed copies of all Leases, amendments thereof and any related agreements.
All renewals of Leases (other than renewal options that are set forth in Leases executed before the Closing Date that specify the
rental rates during the renewal term of such Lease) and all proposed Leases shall provide for rental rates comparable to existing
local market rates and shall be written on the form of standard lease attached to the Borrower’s Closing Certificate dated
as of the Closing Date. All proposed Leases shall be on commercially reasonable market rate terms and shall not contain any terms
which would materially impair Lender’s rights under the Loan Documents. All Leases executed after the date hereof shall provide
that they are subordinate to the applicable Security Instrument and the Lien created thereby and that the Tenant thereunder agrees
to attorn to Lender or any purchaser at a sale by foreclosure or power of sale. Borrower (a) shall observe and perform the
obligations imposed upon the lessor under the Leases in a commercially reasonable manner; (b) shall enforce the terms, covenants
and conditions contained in the Leases upon the part of the Tenant thereunder to be observed or performed in a commercially reasonable
manner and in a manner not to impair the value of the Property involved, except that Borrower shall not terminate or accept the
surrender by a Tenant of, any Lease unless by reason of a Tenant default and then only in a commercially reasonable manner to preserve
and protect the Property; provided, however, that no such termination or surrender of any Lease will be permitted without the prior
written consent of Lender or unless such termination or surrender is specifically provided for in the Lease; (c) shall not
collect any of the Rents more than one (1) month in advance (other than security deposits required pursuant to such Lease); (d) shall
not execute any other assignment of lessor’s interest in the Leases or the Rents (except as contemplated by the Loan Documents);
(e) shall not alter, modify or change the terms of the Leases in a manner inconsistent with the provisions of the Loan Documents;
and (f) shall execute and deliver at the request of Lender all such further assurances, confirmations and assignments in connection
with the Leases as Lender shall from time to time reasonably require. Notwithstanding anything to the contrary contained herein,
Borrower shall not enter into a Lease of all or substantially all of any Property without Lender’s prior written consent.
Notwithstanding anything to the contrary contained herein, all new Leases and all amendments, modifications, extensions, and renewals
of existing Leases with Tenants that are Affiliates of Borrower shall be subject to the prior written consent of Lender. Lender
shall have the right to require each new Tenant to execute and deliver to Lender a subordination, non-disturbance of possession
and attornment agreement in form, content and manner of execution reasonably acceptable to Lender. Furthermore, if any Occupancy
Reserve Tenant is no longer Continuously Operating, Borrower shall notify Lender of such fact within ten (10) Business Days after
obtaining knowledge thereof.

 

DEEMED APPROVAL:
In the event Borrower is required to obtain Lender’s written consent to a proposed Lease under this Section 5.1.20,
Borrower may send to Lender two (2) written requests for approval of such proposed Lease as follows: (1) The first written
request (the “First Lease Request”) shall state in bold font and all capital letters on the top of the
first page: “PENULTIMATE NOTICE - YOU MUST OBJECT WITHIN THIRTY (30) DAYS OR YOU WILL BE DEEMED TO HAVE APPROVED THE REQUEST
CONTAINED HEREIN”; and (2) The second written request (the “Second Lease Request”) shall state
in bold font and all capital letters on the top of the first page: “FINAL NOTICE - YOU MUST OBJECT WITHIN FIFTEEN (15)
DAYS OR YOU WILL BE DEEMED TO HAVE APPROVED THE REQUEST CONTAINED HEREIN.” The Second Lease Request shall be sent by
Borrower to Lender no earlier than fifteen (15) days after the First Lease Request is deemed given to Lender. If Lender fails to
respond to Borrower (such response may be to approve or disapprove a proposed Lease or to request additional information) in a
writing that is deemed given to Borrower within fifteen (15) days after the Second Lease Request is deemed given to Lender, then
Lender shall be deemed to have approved of such proposed Lease. All written correspondence that is required under this Section 5.1.20
shall be sent in accordance with Section 10.6 hereof, and shall be “deemed given” to the recipient in accordance
with Section 10.6.

 

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5.1.21      Alterations.
Borrower shall obtain Lender’s prior written consent to any alterations to any Improvements, which consent shall not be unreasonably
withheld except with respect to any alterations to any Improvements which may have a material adverse effect on Borrower’s
financial condition, the value of any Property or the Net Operating Income with respect to any Property. Notwithstanding the foregoing,
Lender’s consent shall not be required in connection with any alterations that will not have a material adverse effect on
Borrower’s financial condition, the value of any Property or the Net Operating Income with respect to any Property, provided
that such alterations (a) are either work performed pursuant to the terms of any Lease approved or deemed approved in accordance
with the terms hereof, or the costs for such alterations are adequately covered in the current Approved Annual Budget, (b) do
not adversely affect any structural component of any Improvements, any utility or HVAC system contained in any Improvements or
the exterior of any Building constituting a part of any Improvements and (c) the aggregate cost thereof for all of the Properties
combined (not including the cost of any previous alterations which have been satisfactorily completed and indefeasibly paid for
in full prior to the commencement of such new alterations), and for any individual Property, does not exceed the Threshold Amount
for the applicable Property, or (d) are performed in connection with Restoration after the occurrence of a Casualty in accordance
with the terms and provisions of this Agreement. If the total unpaid amounts due and payable with respect to alterations to the
Improvements at any Property (other than such amounts to be paid or reimbursed by Tenants under the Leases) shall at any time exceed
the Threshold Amount, Borrower shall promptly deliver to Lender as security for the payment of such amounts and as additional security
for the Obligations any of the following: (i) cash or U.S. Obligations or (ii) an irrevocable letter of credit (payable
on sight draft only) issued by a financial institution (y) having a rating by S&P of not less than “A-1+”
if the term of such bond or letter of credit is no longer than three (3) months or, if such term is in excess of three (3) months,
issued by a financial institution having a rating that is acceptable to Lender, and (z) with respect to which each Approved
Rating Agency has issued a Rating Agency Confirmation. Such security shall be in an amount equal to the excess of the total unpaid
amounts with respect to alterations to the Improvements on such Property (other than such amounts to be paid or reimbursed by Tenants
under the Leases) over the Threshold Amount and Lender may apply such security from time to time at the option of Lender to pay
for such alterations.

 

5.1.22      Operation
of Property.

 

(a)          Borrower
represents and warrants that it self-manages the Properties, and no agent, affiliated or unaffiliated with Borrower, receives a
fee or other compensation for managing the Properties. Borrower shall not engage a property manager without Lender’s prior
written consent. In the event that Lender determines that the Properties are not being managed in accordance with generally accepted
management practices for properties similar to the Properties, Lender shall deliver written notice thereof to Borrower, which notice
shall specify with particularity the grounds for Lender’s determination. If (i) Lender determines that the conditions
specified in such notice are not remedied to Lender’s satisfaction by Borrower within thirty (30) days from receipt of such
notice, or (ii) an Event of Default occurs and is continuing, then (A) Borrower shall, at Lender’s direction, engage
a Qualified Manager and enter into a Management Agreement, (B) Borrower and such Qualified Manager shall execute an Assignment
of Management Agreement conditionally assigning Borrower’s interest in such Management Agreements to Lender and subordinating
such Qualified Manager’s right to receive fees and expenses under such Management Agreements while the Obligations remains
outstanding, and (C) Borrower shall comply with Section 5.1.22(b), (c) and (d) below.

 

(b)          Borrower
shall: (i) promptly perform and/or observe in all material respects all of the covenants and agreements required to be performed
and observed by it under the Management Agreement and do all things necessary to preserve and to keep unimpaired its material rights
thereunder; (ii) promptly notify Lender of any material default under the Management Agreement of which it is aware; (iii) promptly
deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, notice, report and estimate received
by it under the Management Agreement; and (iv) enforce the performance and observance of all of the covenants and agreements
required to be performed and/or observed by Manager under the Management Agreement, in a commercially reasonable manner.

 

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(c)          If
(i) an Event of Default occurs and is continuing, (ii) the Manager shall be the subject of a Bankruptcy Action or become
insolvent, (iii) a material default occurs under the Management Agreement beyond any applicable grace and cure periods, or
there is otherwise cause to terminate the Management Agreement (including but not limited to fraud, gross negligence, willful misconduct
or misappropriation of funds) or (iv) fifty percent (50%) or more of the direct or indirect ownership interest in Manager
has changed or Control of Manager has changed, in each event from what it was on the Closing Date, Borrower shall, at the request
of Lender, terminate the Management Agreement and replace the Manager with a manager approved by Lender on terms and conditions
satisfactory to Lender, it being understood and agreed that the management fee for such replacement manager shall not exceed then
prevailing market rates (and in any event shall not exceed three percent (3%) of Gross Income from Operations per annum, for the
applicable Property from time to time).

 

(d)          All
Material Agreements shall be subject to the prior review and approval, not to be unreasonably withheld, of Lender.

 

5.1.23      Changes
in the Legal Requirements Regarding Taxation. If any Legal Requirement or other law, order, requirement or regulation of any
Governmental Authority is enacted or adopted or amended after the date the Loan is funded which imposes a tax, either directly
or indirectly, on the Obligations or Lender’s interest in any Property, Borrower must pay such tax, with interest and penalties
thereon, if any. If Lender is advised by counsel chosen by it that the payment of such tax or interest and penalties by Borrower
would be unlawful or taxable to Lender or unenforceable or provide the basis for a defense of usury, then in any such event, Lender
may, by written notice to Borrower of not less than ninety (90) days, declare the Obligations immediately due and payable (provided
that, so long as no Event of Default has occurred and is continuing, no Yield Maintenance Premium shall be payable in connection
with such prepayment).

 

5.1.24       No
Credits on Account of the Obligations. Borrower will not claim or demand or be entitled to any credit or credits on account
of the Obligations for any payment of Taxes assessed against any Property and no deduction shall otherwise be made or claimed from
the assessed value of any Property for real estate tax purposes because of the Loan Documents or the Obligations. If Legal Requirements
or other laws, orders, requirements or regulations require such claim, credit or deduction, Lender may, by written notice to Borrower
of not less than ninety (90) days, declare the Obligations immediately due and payable (provided that, so long as no Event of Default
has occurred and is continuing, no Yield Maintenance Premium shall be payable in connection with such prepayment).

 

5.1.25       Personal
Property. Borrower shall cause all of its personal property, fixtures, attachments and equipment delivered upon, attached to
or used in connection with the operation of each Property to always be located at such Property and shall be kept free and clear
of all Liens, encumbrances and security interests, except Permitted Encumbrances.

 

5.1.26       Appraisals.
Lender shall have the right to obtain a new or updated appraisal of any Property from time to time, provided, however, that so
long as no Event of Default has occurred Lender shall do so not more often than once in every twelve (12) month period. Borrower
shall cooperate with Lender in this regard. If the appraisal is obtained to comply with this Agreement or any applicable law or
regulatory requirement, or bank policy promulgated to comply therewith, or if an Event of Default exists, Borrower shall pay for
any such appraisal upon Lender’s request.

 

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5.1.27      ACM
O&M Plan. (a) Borrower covenants and agrees during the term of the Loan, including any extension or renewal thereof,
to maintain and comply with the terms and conditions of those certain Operations and Maintenance Programs for Asbestos-Containing
Materials dated as of February 23, 2016, CBRE Project No. PC60223001-208 for the Surgical Institute of Michigan Property and
CBRE Project No. PC60223001-204 for the Gastro One Property (collectively, the “ACM Maintenance Program”)
designed by CBRE Group, Inc., with respect to asbestos containing materials (“ACM’s”), consistent
with “Guidelines for Controlling Asbestos-Containing Materials in Buildings” (USEPA, 1985) and other relevant guidelines,
and with applicable state and local laws, and such ACM Maintenance Program will hereafter continuously remain in effect until the
Debt is repaid in full. In furtherance of the foregoing, Borrower shall inspect and maintain all ACM’s on a regular basis
and ensure that all ACM’s shall be maintained in a condition that prevents exposure of occupants to ACM’s at all times.
Without limiting the generality of the preceding sentence, Lender may require (i) periodic notices or reports to Lender in
form, substance and at such intervals as Lender may specify, (ii) an amendment to such ACM Maintenance Program to address
changing circumstances, laws or other matters, (iii) at Borrower's sole expense, supplemental examination of the Property
by consultants specified by Lender, and (iv) variation of the ACM Maintenance Program in response to the reports provided
by any such consultants.

 

(b)          Borrower
hereby acknowledges and agrees that if Borrower fails to comply in all material respects with the terms and conditions of the ACM
Maintenance Program, such failure will constitute an Event of Default.

 

(c)          Lender’s
requirement that Borrower develop and comply with the ACM Maintenance Program shall not be deemed to constitute a waiver or a modification
of any of the representations, covenants or agreements with respect to environmental matters set forth herein or in any other Loan
Document.

 

Section 5.2           Negative
Covenants. From the date hereof until payment and performance in full of the Obligations, Borrower covenants and agrees with
Lender that it will not do, directly or indirectly, any of the following:

 

5.2.1      Operation
of Properties. (a) Borrower shall not, without Lender’s prior consent (which consent shall not be unreasonably withheld):
(i) subject to Section 5.1.22, surrender, terminate or cancel any Management Agreement; provided, that Borrower may,
without Lender’s consent, replace the Manager so long as the replacement manager is a Qualified Manager pursuant to a Replacement
Management Agreement; (ii) reduce or consent to the reduction of the term of any Management Agreement; (iii) increase
or consent to the increase of the amount of any charges or fees under any Management Agreement; or (iv) otherwise modify,
change, supplement, alter or amend, or waive or release any of its rights and remedies under, any Management Agreement in any material
respect.

 

(b)          Following
the occurrence and during the continuance of an Event of Default, Borrower shall not exercise any rights, make any decisions, grant
any approvals or otherwise take any action under any Management Agreement without the prior written consent of Lender, which consent
may be granted, conditioned or withheld in Lender’s sole discretion, except as may be necessary to maintain or protect the
Properties.

 

5.2.2      Liens.
Subject to Borrower’s right to contest the amount or validity thereof in accordance with the terms of this Agreement, Borrower
shall not create, incur, assume or suffer to exist any Lien on any portion of the Property or permit any such action to be taken,
except for Permitted Encumbrances and involuntary Liens that are paid or bonded over and discharged of record within forty-five
(45) days of filing.

 

5.2.3      Dissolution.
Borrower shall not (a) engage in any dissolution, liquidation, consolidation or merger with or into any other business entity,
(b) engage in any business activity not related to the ownership and operation of the Property, (c) transfer, lease or
sell, in one transaction or any combination of transactions, the assets or all or substantially all of the properties or assets
of Borrower except to the extent permitted by the Loan Documents, or (d) modify, amend, waive or terminate its organizational
documents or its qualification and good standing in any jurisdiction, or (e) cause Principal to (i) dissolve, wind up
or liquidate or take any action, or omit to take any action, as a result of which Principal would be dissolved, wound up or liquidated
in whole or in part, or (ii) amend, modify, waive or terminate the organizational documents of Principal, in each case, without
obtaining the prior consent of Lender.

 

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5.2.4      Change
in Business. Borrower shall not enter into any line of business other than the ownership and operation of the Property, or
make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate
in activities other than the continuance of its present business.

 

5.2.5      Debt
Cancellation. Borrower shall not cancel or otherwise forgive or release any claim or debt (other than termination of Leases
in accordance herewith) owed to Borrower by any Person, except for adequate consideration and in the ordinary course of Borrower’s
business.

 

5.2.6      Zoning.
Borrower shall not initiate or consent to any zoning reclassification of any portion of any Property or seek any variance under
any existing zoning ordinance, or use or permit the use of any portion of any Property in any manner that could result in such
use becoming a non-conforming use under any zoning ordinance or any other applicable land use law, rule or regulation, in each
case, without the prior written consent of Lender.

 

5.2.7      No
Joint Assessment. Borrower shall not suffer, permit or initiate the joint assessment of all or any portion of any Property
with (a) any other real property constituting a tax lot separate from such Property, or (b) any portion of such Property
which may be deemed to constitute personal property, or any other procedure whereby the Lien of any taxes which may be levied against
such personal property shall be assessed or levied or charged to such Property.

 

5.2.8       Principal
Place of Business and Organization. Borrower shall not change its principal place of business set forth in the introductory
paragraph of this Agreement without first giving Lender at least thirty (30) days prior notice. Borrower shall not change the place
of its organization as set forth in Section 4.1.28 without the consent of Lender, which consent shall not be unreasonably
withheld. Upon Lender’s request, Borrower shall execute and deliver additional financing statements, security agreements
and other instruments which may be necessary to effectively evidence or perfect Lender’s security interest in the Properties
as a result of such change of principal place of business or place of organization.

 

5.2.9       ERISA.
(a) Borrower shall not engage in any transaction which would cause any obligation, or action taken or to be taken, hereunder
(or the exercise by Lender of any of its rights under the Note, this Agreement or the other Loan Documents) to be a non-exempt
(under a statutory or administrative class exemption) prohibited transaction under ERISA.

 

(b)          Borrower
further covenants and agrees to deliver to Lender such certifications or other evidence from time to time throughout the term
of the Loan, as requested by Lender in its sole discretion, that (i) Borrower is not an “employee benefit plan”
as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, or a “governmental plan”
within the meaning of Section 3(32) of ERISA; (ii) Borrower is not subject to any state statute regulating investments of,
or fiduciary obligations with respect to, governmental plans; and (iii) one or more of the following circumstances is true:

 

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(A)         Equity
interests in Borrower are publicly offered securities, within the meaning of 29 C.F.R. §2510.3-101(b)(2);

 

(B)         Less
than twenty-five percent (25%) of each outstanding class of equity interests in Borrower is held by “benefit plan investors”
within the meaning of 29 C.F.R. §2510.3-101(f)(2);

 

(C)         Borrower
qualifies as an “operating company” or a “real estate operating company” within the meaning of 29 C.F.R.
§2510.3-101(c) or (e); or

 

(D)         The
Loan meets the requirements of PTE 95-60, 90-1, 84-14 or similar exemption.

 

5.2.10     Transfers.
(a) Borrower acknowledges that Lender has examined and relied on the experience of Borrower and its general partners, members,
principals and (if Borrower is a trust) beneficial owners, as applicable, in owning and operating properties such as the Properties
in agreeing to make the Loan, and will continue to rely on Borrower’s ownership of the Properties as a means of maintaining
the value of the Property as security for repayment of the Debt and the performance of the Other Obligations. Borrower acknowledges
that Lender has a valid interest in maintaining the value of the Properties so as to ensure that, should Borrower default in the
repayment of the Debt or the performance of the Other Obligations contained in the Loan Documents, Lender can recover the Debt
by a sale of the Properties.

 

(b)          Without
the prior written consent of Lender, Borrower shall not, and shall not permit any Restricted Party to, (i) sell, convey, mortgage,
grant, bargain, encumber, pledge, assign, grant options with respect to, or otherwise transfer or dispose of (directly or indirectly,
voluntarily or involuntarily, by operation of law or otherwise, and whether or not for consideration or of record) any of the Properties
or any part thereof or any legal or beneficial interest therein, or (ii) permit a Sale or Pledge of any interest in any Restricted
Party (any of the actions in the foregoing clauses (i) or (ii), a “Transfer”), other than (A) Transfers
pursuant to Leases of space in the Improvements to Tenants in accordance with the provisions of Section 5.1.20 hereof, and
(B) Transfers that are Permitted Transfers in accordance with Section 5.2.10(g) hereof.

 

(c)          A
Transfer shall include, but not be limited to, (i) an installment sales agreement wherein Borrower agrees to sell any of the
Property, or any part thereof, for a price to be paid in installments; (ii) an agreement by Borrower leasing all or substantially
all of any of the Properties for other than actual occupancy by a space tenant thereunder, or a sale, assignment or other transfer
of, or the grant of a security interest in, Borrower’s right, title and interest in and to any Leases or any Rents; (iii) if
a Restricted Party is a corporation, any merger, consolidation or Sale or Pledge of such corporation’s stock or the creation
or issuance of new stock; (iv) if a Restricted Party is a limited or general partnership or joint venture, any merger or consolidation
or the change, removal, resignation or addition of a general partner or the Sale or Pledge of the partnership interest of any general
partner or any profits or proceeds relating to such partnership interest, or the Sale or Pledge of limited partnership interests
or any profits or proceeds relating to such limited partnership interest or the creation or issuance of new limited partnership
interests; (v) if a Restricted Party is a limited liability company, any merger or consolidation or the change, removal, resignation
or addition of a managing member or non-member manager (or if no managing member, any member) or the Sale or Pledge of the membership
interest of a managing member (or if no managing member, any member) or any profits or proceeds relating to such membership interest,
or the Sale or Pledge of non-managing membership interests or the creation or issuance of new non-managing membership interests;
(vi) if a Restricted Party is a trust or nominee trust, any merger, consolidation or the Sale or Pledge of the legal or beneficial
interest in a Restricted Party or the creation or issuance of new legal or beneficial interests; or (vii) the removal or the
resignation of the managing agent (including, without limitation, an Affiliated Manager) other than in accordance with Section 5.1.22
hereof.

 

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(d)          Notwithstanding
the provisions of this Section 5.2.10, but subject to the terms and conditions set forth below in clause (g) of this Section 5.2.10,
Lender’s consent shall not be required in connection with one or a series of Transfers of: (i) direct or indirect interests
in Borrower among the Sponsors and any Sponsor Controlled Parties; (ii) not more than forty-nine percent (49%) of the direct
or indirect stock, general partnership interests, the limited partnership interests, the managing member interests or non-managing
membership interests (as the case may be) in Borrower, Principal or any other Restricted Party; (iii) the sale, transfer or
issuance of stock in any Restricted Party so long as such stock is listed on the New York Stock Exchange or another nationally
or internationally recognized stock exchange; or (iv) direct or indirect interests in Borrower for estate planning purposes
by any Sponsor to the spouse, child, parent, grandparent, grandchild, niece, nephew, aunt or uncle of such Sponsor, or to a trust
for the benefit of such Sponsor or for the benefit of the spouse, child, parent, grandparent, grandchild, niece, nephew, aunt or
uncle of such Sponsor. Furthermore, subject to the terms and conditions set forth in clause (g) of this Section 5.2.10,
Lender’s consent shall not be required in connection with a Sponsor Transfer.

 

(e)          Lender
shall not be required to demonstrate any actual impairment of its security or any increased risk of default hereunder in order
to declare the Debt immediately due and payable upon a Transfer without Lender’s consent. This provision shall apply to every
Transfer regardless of whether voluntary or not, or whether or not Lender has consented to any previous Transfer.

 

(f)           There
shall be no assumption of the Loan during the period that is thirty (30) days prior to and continuing until thirty (30) days following
the Securitization of any portion of the Loan. Other than as set forth in the preceding sentence, Borrower shall have the right
to unlimited Transfers of all of the Properties (and not a portion thereof) with Lender’s consent, not to be unreasonably
withheld, provided no Event of Default has occurred and is continuing, and Lender receives thirty (30) days’ prior written
notice of such Transfer and a non-refundable application fee of $5,000 at the time Lender’s consent is sought, and further
provided that the following additional requirements are satisfied:

 

(i)          Borrower
shall pay Lender a transfer fee equal to one half of one percent (.5%) of the Outstanding Principal Balance at the time of such
Transfer (for the avoidance of doubt, this transfer fee shall not apply in the case of a Sponsor Transfer);

 

(ii)         Borrower
shall pay any and all reasonable out-of-pocket costs incurred in connection with such Transfer (including, without limitation,
Lender’s counsel fees and disbursements and all recording fees, title insurance premiums and mortgage and intangible taxes,
servicer costs and fees and the fees and expenses of the Approved Rating Agencies pursuant to clause (x) below);

 

(iii)        The
proposed transferee (the “Transferee”) or Transferee’s Principals must have the creditworthiness,
reputation and qualifications to Lender’s reasonable satisfaction;

 

(iv)        Transferee
and Transferee’s Principals shall, as of the date of such transfer, have an aggregate net worth and liquidity reasonably
acceptable to Lender;

 

(v)         Transferee,
Transferee’s Principals and all other entities which may be owned or Controlled directly or indirectly by Transferee’s
Principals (“Related Entities”) must not have been party to any bankruptcy proceedings, voluntary or
involuntary, made an assignment for the benefit of creditors or taken advantage of any insolvency act, or any act for the benefit
of debtors within seven (7) years prior to the date of the proposed Transfer;

 

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(vi)        Transferee
shall assume all of the obligations of Borrower under the Loan Documents in a manner satisfactory to Lender in all respects, including,
without limitation, by entering into an assumption agreement in form and substance satisfactory to Lender;

 

(vii)       There
shall be no material litigation or regulatory action pending or threatened against Transferee, Transferee’s Principals or
Related Entities which is not reasonably acceptable to Lender;

 

(viii)      Transferee,
Transferee’s Principals and Related Entities shall not have defaulted under its or their obligations with respect to any
other Indebtedness in a manner which is not reasonably acceptable to Lender;

 

(ix)         Transferee
and Transferee’s Principals must be able to satisfy all the representations and covenants set forth in Sections 4.1.30,
5.1.23, 5.2.9 and 5.2.12 hereof, no Default or Event of Default shall otherwise occur as a result of such Transfer, and Transferee
and Transferee’s Principals shall deliver (A) all organizational documentation reasonably requested by Lender, which
shall be reasonably satisfactory to Lender and (B) all certificates, agreements and covenants reasonably required by Lender;

 

(x)          Each
Approved Rating Agency shall have issued a Rating Agency Confirmation with respect to such Transfer;

 

(xi)         Borrower
or Transferee, at its sole cost and expense, shall deliver to Lender an Additional Insolvency Opinion reflecting such Transfer
satisfactory in form and substance to Lender and each Approved Rating Agency;

 

(xii)        Prior
to any release of Guarantor, one (1) or more substitute guarantors reasonably acceptable to Lender shall have assumed all of the
liabilities and obligations of Guarantor under the Guaranty and the Environmental Indemnity or shall execute a replacement guaranty
and environmental indemnity in form and substance reasonably satisfactory to Lender;

 

(xiii)       Borrower
shall deliver, at its sole cost and expense, an endorsement to the Title Insurance Policy, as modified by the assumption agreement,
as a valid first lien on the Properties and naming the Transferee as owner of the Properties, which endorsement shall insure that,
as of the date of the recording of the assumption agreement, the Properties shall not be subject to any additional exceptions or
liens other than those contained in the Title Insurance Policy issued on the date hereof and the Permitted Encumbrances;

 

(xiv)      If
required under the terms hereof, the Property shall be managed by a Qualified Manager pursuant to a Replacement Management Agreement;
and

 

(xv)       Immediately
upon a Transfer to such Transferee and the satisfaction of all of the above requirements, the named Borrower and Guarantor herein
shall be released from all liability under this Agreement, the Note, the applicable Security Instrument and the other Loan Documents
accruing after such Transfer. The foregoing release shall be effective upon the date of such Transfer, but Lender agrees to provide
written evidence thereof reasonably requested by Borrower.

 

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(g)          Notwithstanding
anything to the contrary in this Agreement or any other Loan Documents, each Permitted Transfer shall be conditioned upon: (i) no
such Transfer resulting in the change of Control in Borrower such that a Sponsor Controlled Party does not Control each of Borrower,
any Affiliated Manager, and any Principal and the day-to-day operation of the Property, (ii) other than a Transfer pursuant
to clause (d)(iii) above, Lender receiving not less than thirty (30) days’ prior notice of such Transfer (or in the
case of any Transfer pursuant to clause (a) or (b) set forth herein in the definition of “Permitted Transfer”,
Lender receiving notice within thirty (30) days of any such Transfer), (iii) if a Manager is required under Section 5.1.22,
the Property continuing to be managed by Affiliated Manager or a Qualified Manager approved in accordance with the terms and conditions
hereof, (iv) Sponsor continuing to directly or indirectly own at least a 20% equity interest in each of Borrower and any Principal
both prior to and after such Transfer, (v) other than a Transfer pursuant to clause (d)(iii) above, each proposed transferee
(A) remaking the representations contained herein applicable to such proposed transferee, including those relating to Special
Purpose Entity requirements, ERISA matters, the USA Patriot Act, OFAC and matters concerning Embargoed Persons and (B) satisfying,
to Lender’s satisfaction, Lender’s “know your customer” requirements relating to the creditworthiness,
reputation, background and qualifications of such proposed transferee, provided, however, that Lender’s “know
your customer” requirements will not apply if such proposed transferee owns or will own less than a ten percent (10%)
direct or indirect interests in Borrower, (vi) such Transfer being permitted under the terms of the REA, and (vii) other
than in the case of any Transfer pursuant to clause (a) or (b) set forth herein in the definition of “Permitted
Transfer” or a Transfer pursuant to clause (d)(iii) above, no Event of Default continuing on the date such Transfer
occurs and on the day after such Transfer occurs. Upon request from Lender, Borrower shall promptly provide Lender a revised version
of the organizational chart delivered to Lender in connection with the Loan reflecting any Permitted Transfer consummated in accordance
with this Section 5.2.10. If after giving effect to any such Transfer, more than forty-nine percent (49%) in the aggregate
of direct or indirect interests in Borrower are owned by any Person and its Affiliates that owned less than forty-nine percent
(49%) direct or indirect interest in Borrower as of the Closing Date, Borrower shall, no less than thirty (30) days prior to the
effective date of any such Transfer (other than a Transfer pursuant to clause (d)(iii) above), deliver to Lender an Additional
Insolvency Opinion acceptable to Lender and the Rating Agencies.

 

5.2.11     REA.
Borrower shall not, without the prior written consent of Lender, modify or terminate the REA.

 

5.2.12     Special
Purpose Entity/Separateness.

 

(a)          Borrower
is and shall continue to be a Special Purpose Entity.

 

(b)          Any
assumptions made in any non-consolidation opinion required to be delivered in connection with the Loan Documents subsequent to
the Insolvency Opinion (an “Additional Insolvency Opinion”), including, but not limited to, any exhibits
attached thereto, shall be true and correct in all respects. Borrower will comply with and Principal has complied and Borrower
will cause Principal to comply with, all of the assumptions made with respect to Borrower in the Insolvency Opinion. Borrower will
comply with all of the assumptions made with respect to Borrower and Principal in any Additional Insolvency Opinion. Each entity
other than Borrower and Principal with respect to which an assumption shall be made in any Additional Insolvency Opinion will comply
with all of the assumptions made with respect to it in any Additional Insolvency Opinion.

 

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5.2.13     Embargoed
Person; OFAC. As of the date hereof and at all times throughout the term of the Loan, including after giving effect to any
Transfers permitted pursuant to the Loan Documents, (a) none of the funds or other assets of Borrower, Principal and Guarantor
constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person; (b) no Embargoed Person
has any interest of any nature whatsoever in Borrower, Principal or Guarantor, as applicable, with the result that the investment
in Borrower, Principal or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation
of law; and (c) none of the funds of Borrower, Principal or Guarantor, as applicable, have been derived from any unlawful
activity with the result that the investment in Borrower, Principal or Guarantor, as applicable (whether directly or indirectly),
is prohibited by law or the Loan is in violation of law. Neither Borrower, Principal nor Guarantor is (or will be) a Person with
whom Lender is restricted from doing business under OFAC regulations (including those persons named on OFAC’s Specially Designated
and Blocked Persons list) or under any statute, executive order (including the September 24, 2001 #13224 Executive Order Blocking
Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental
action and is not and shall not engage in any dealings or transactions or otherwise be associated with such Persons. In addition,
to help the US Government fight the funding of terrorism and money laundering activities, The USA Patriot Act (and the regulations
thereunder) requires the Lender to obtain, verify and record information that identifies its customers. Borrower shall provide
the Lender with any additional information that the Lender deems necessary from time to time in order to ensure compliance with
The USA Patriot Act and any other applicable Legal Requirements concerning money laundering and similar activities.

 

Article VI

 

INSURANCE;
CASUALTY; CONDEMNATION

 

Section 6.1            Insurance.

 

(a)          Borrower
shall obtain and maintain, or cause to be maintained, insurance for Borrower and the Property providing at least the following
coverages:

 

(i)          comprehensive
“All Risk” or “Special Form” insurance on the Improvements and the Personal Property (A) in an amount
equal to one hundred percent (100%) of the “Full Replacement Cost,” which for purposes of this Agreement
shall mean actual replacement value (exclusive of costs of excavations) with no depreciation; (B) containing an agreed amount
endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions, or confirmation that co-insurance
does not apply; and (C) providing for no deductible in excess of Twenty-Five Thousand and No/100 Dollars ($25,000.00) for
all such insurance coverage, with the exception of windstorm coverage which may have a deductible of up to 5% of the total insured
value. In addition, Borrower shall obtain: (x) if any portion of the Improvements is currently, or at any time in the future,
located in a Federally designated “special flood hazard area”, flood hazard insurance in an amount equal to the Outstanding
Principal Balance or such other amount as Lender shall require; (y) earthquake insurance in amounts and in form and substance
satisfactory to Lender in the event the Property is located in an area with a high degree of seismic activity; and (z) windstorm
insurance in amounts and in form and substance satisfactory to Lender in the event such windstorm coverage is excluded under the
Special Form Coverage, provided that the insurance pursuant to clauses (x), (y) and (z) hereof shall be on terms consistent
with the comprehensive “All Risk” or “Special Form” insurance policy required under this subsection (i);

 

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(ii)         commercial
general liability insurance, including a broad form comprehensive general liability endorsement and coverage against claims for
personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) to be
on the so-called “occurrence” form with a combined limit of not less than Two Million and No/100 Dollars
($2,000,000.00) in the aggregate and One Million and No/100 Dollars ($1,000,000.00) per occurrence (and, if on a blanket policy,
containing an “Aggregate Per Location” endorsement); (B) to continue at not less than the aforesaid
limit until required to be changed by Lender in writing by reason of changed economic conditions making such protection inadequate;
and (C) to cover at least the following hazards: (1) premises and operations; (2) products and completed operations
on an “if any” basis; (3) independent contractors; (4) blanket contractual liability for all
insured contracts; and (5) contractual liability covering the indemnities contained in Article VIII of the Security Instrument
to the extent the same is available;

 

(iii)        at
any time any tenant lease allows for rent abatement or an early right to terminate the lease for damage to the Property, rental
loss and/or business income interruption insurance (A) with loss payable to Lender; (B) covering all risks required to
be covered by the insurance provided for in subsection (i) above; and (C) for loss of Rents in an amount equal to one
hundred percent (100%) of the projected Gross Income from Operations for a period of twelve (12) months from the date of such Casualty
(assuming such Casualty had not occurred) and notwithstanding that the policy may expire prior to the end of such period. If the
property is a hotel owned by the Borrower, business income coverage is required to reimburse for loss net profit, continuing expenses
and necessary payroll, while the Property is under restoration. The amount of such loss of Rents or business income insurance shall
be determined prior to the date hereof and at least once each year thereafter based on Borrower’s reasonable estimate of
income to be derived from the Property for the succeeding twelve (12) month period. Notwithstanding anything to the contrary in
Section 2.7 hereof, all proceeds payable to Lender pursuant to this subsection shall be held by Lender and shall be applied
at Lender’s sole discretion to (I) the Debt, or (II) Operating Expenses approved by Lender in its sole discretion;
provided, however, that nothing herein contained shall be deemed to relieve Borrower of its obligations to pay the Debt, except
to the extent such amounts are actually paid out of the proceeds of such business income insurance;

 

(iv)        at
all times during which structural construction, repairs or alterations are being made with respect to the Improvements, and only
if the Property coverage forms do not otherwise apply, (A) owner’s and contractor’s protective liability insurance
covering claims not covered by or under the terms or provisions of the above mentioned commercial general liability insurance policy;
and (B) the insurance provided for in subsection (i) above written in a so-called builder’s risk completed value
form (1) on a non-reporting basis, (2) against all risks insured against pursuant to subsection (i) above, (3) including
permission to occupy the Property, and (4) with an agreed amount endorsement waiving co-insurance provision, or confirmation
that co-insurance does not apply;

 

(v)         at
any time Borrower has any direct employees, worker’s compensation insurance with respect to any employees of Borrower, as
required by any Governmental Authority or Legal Requirement;

 

(vi)        comprehensive
boiler and machinery insurance, if applicable, in amounts as shall be reasonably required by Lender on terms consistent with the
commercial property insurance policy required under subsection (i) above;

 

(vii)       at
any time Borrower has any direct employees or owns any motor vehicles, motor vehicle liability coverage for all owned and non-owned
vehicles, including rented and leased vehicles containing minimum limits per occurrence of not less than One Million and No/100
Dollars ($1,000,000.00);

 

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(viii)      umbrella
or excess liability insurance in an amount not less than Ten Million and No/100 Dollars ($10,000,000.00) per occurrence on terms
consistent with the commercial general liability insurance policy required under subsection (ii) above so long as the general
liability policy has a “per location” aggregate subject to a $10,000,000 aggregate policy cap. Lender
reserves the right to amend the umbrella or excess liability insurance requirement annually at renewal of the policy, should the
number of properties insured on the program increase materially beyond the 10 locations insured on the policies on the Loan closing
date. Should the Property ever be insured on a general liability policy with an uncapped “per location”
aggregate or with a “designated location” endorsement specifically allocating at least $2,000,000 of
aggregate limits to the Property or on a policy by itself, the required umbrella or excess liability insurance limit will be Seven
Million and No/100 Dollars ($7,000,000);

 

(ix)         if
the Property is or becomes a legal “non-conforming” use or structure, ordinance or law coverage to compensate
for the value of the undamaged portion of the Property, the cost of demolition and debris removal, and increased cost of construction
in amounts as requested by Lender;

 

(x)          the
commercial property, business income, general liability and umbrella or excess liability insurance required under Section 6.1(a)(i),
(ii), (iii) and (viii) above shall cover perils of terrorism and acts of terrorism and Borrower shall maintain commercial property
and business income insurance for loss resulting from perils and acts of terrorism on terms (including amounts) consistent with
those required under Section 6.1(a)(i), (ii), (iii) and (viii) above at all times during the term of the Loan so long as Lender
determines that either (I) prudent owners of real estate comparable to the Property are maintaining same or (II) prudent
institutional lenders (including, without limitation, investment banks) to such owners are requiring that such owners maintain
such insurance; and

 

(xi)         upon
sixty (60) days’ notice, such other reasonable insurance and in such reasonable amounts as Lender from time to time may reasonably
request against such other insurable hazards which at the time are commonly insured against for properties similar to the Property
located in or around the region in which the Property is located.

 

(b)          All
insurance provided for in Section 6.1(a) shall be obtained under valid and enforceable policies (collectively, the “Policies”
or in the singular, the “Policy”), and shall be subject to the approval of Lender as to insurance companies,
amounts, deductibles, loss payees and insureds. The Policies shall be issued by financially sound and responsible insurance companies
authorized to do business in the State and having a claims paying ability rating of “A-” or better (and
the equivalent thereof) by at least two (2) of the Approved Rating Agencies rating the Securities. For multi-layered policies,
if four or fewer insurance companies issue the Policies, then at least 75% of the insurance coverage represented by the Policies
must be provided by insurance companies with a claims paying ability rating of “A-” or better by S&P,
with no carrier below “BBB” or if five (5) or more insurance companies issue the Policies, then at least sixty percent
(60%) of the insurance coverage represented by the Policies must be provided by insurance companies with a claims paying ability
rating of “A-” or better by S&P, with no carrier below “BBB.” Notwithstanding anything above to the
contrary, all insurance companies shall be rated at least “A X” by AM Best, and Grange Mutual Casualty Company shall
be an acceptable insurance company so long as it retains a rating of at least “A XII” by AM Best. Prior to the expiration
dates of the Policies theretofore furnished to Lender, certificates of insurance evidencing the renewal or successor Policies accompanied
by evidence satisfactory to Lender of payment of the premiums due thereunder (the “Insurance Premiums”),
shall be delivered by Borrower to Lender. Borrower shall supply an original or certified copy of the original policy within ten
(10) days of request by Lender, provided that the policy is available to Borrower.

 

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(c)          Any
blanket insurance Policy shall otherwise provide the same protection as would a separate Policy insuring only the Property in compliance
with the provisions of Section 6.1(a).

 

(d)          All
Policies provided for or contemplated by Section 6.1(a), except for the Policy referenced in Section 6.1(a)(v), shall
name Borrower as the insured and Lender (and its successors and assigns) as Mortgagee, Loss Payee and Additional Insured, as its
interests may appear, and in the case of property damage, boiler and machinery, flood and earthquake insurance, shall contain a
standard non-contributing mortgagee clause in favor of Lender providing that the loss thereunder shall be payable to Lender. Notwithstanding
anything above to the contrary, any Policy maintained by a Tenant or Condominium Association shall not name Borrower as a named
insured, and any Policy maintained by a Condominium Association may not list lender as a mortgagee.

 

(e)          All
Policies provided for in Section 6.1 shall contain clauses or endorsements to the effect that: (i) no act or negligence
of Borrower, or anyone acting for Borrower, or of any Tenant or other occupant, or failure to comply with the provisions of any
Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way affect the validity
or enforceability of the insurance insofar as Lender is concerned; (ii) the Policies on which Lender has the protection of
a mortgageholder clause shall not be canceled without at least thirty (30) days’ notice to Lender; (iii) Lender shall
not be liable for any Insurance Premiums thereon or subject to any assessments thereunder; and (iv) shall contain a waiver of subrogation
in favor of Lender.

 

(f)           If
at any time Lender is not in receipt of written evidence that all Policies are in full force and effect, Lender shall have the
right, without notice to Borrower, to take such action as Lender deems necessary to protect its interest in the Property, including,
without limitation, the obtaining of such insurance coverage as Lender in its sole discretion deems appropriate. All premiums incurred
by Lender in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender
upon demand and, until paid, shall be secured by the Security Instrument and shall bear interest at the Default Rate.

 

Section 6.2            Casualty.
If any Property shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”),
Borrower shall (a) give prompt notice of such damage to Lender, and (b) promptly commence and diligently prosecute the
completion of Restoration so that such Property resembles, as nearly as possible, the condition such Property was in immediately
prior to such Casualty, with such alterations as may be reasonably approved by Lender and otherwise in accordance with Section 6.4.
Borrower shall pay all costs of such Restoration whether or not such costs are covered by insurance. Lender may, but shall not
be obligated to make proof of loss if not made promptly by Borrower. In addition, Lender may participate in (and have approval
rights over) any settlement discussions with any insurance companies with respect to any Casualty in which the Net Proceeds or
the costs of completing Restoration are equal to or greater than Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) and
Borrower shall deliver to Lender all instruments required by Lender to permit such participation.

 

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Section 6.3            Condemnation.
Borrower shall promptly give Lender notice of the actual or threatened commencement of any proceeding in respect of Condemnation,
and shall deliver to Lender copies of any and all papers served in connection with such proceedings. Lender may participate in
any such proceedings, and Borrower shall from time to time deliver to Lender all instruments requested by Lender to permit such
participation. Borrower shall, at its expense, diligently prosecute any such proceedings, and shall consult with Lender, its attorneys
and experts, and cooperate with them in the carrying on or defense of any such proceedings. Notwithstanding any taking by any public
or quasi-public authority through Condemnation or otherwise (including, but not limited to, any transfer made in lieu of or in
anticipation of the exercise of such taking), Borrower shall continue to perform the Obligations at the time and in the manner
provided in this Agreement and the other Loan Documents and the Outstanding Principal Balance shall not be reduced until any Award
shall have been actually received and applied by Lender, after the deduction of expenses of collection, to the reduction or discharge
of the Obligations. Lender shall not be limited to the interest paid on the Award by the applicable Governmental Authority but
shall be entitled to receive out of the Award interest at the rate or rates provided herein or in the Note. If any Property or
any portion thereof is taken by a Governmental Authority, Borrower shall promptly commence and diligently prosecute Restoration
and otherwise comply with the provisions of Section 6.4. If any Property is sold, through foreclosure or otherwise, prior
to the receipt by Lender of the Award, Lender shall have the right, whether or not a deficiency judgment on the Note shall have
been sought, recovered or denied, to receive the Award, or a portion thereof sufficient to pay the Debt. Notwithstanding the foregoing
provisions of this Section 6.3 and Section 6.4 hereof, if the Loan or any portion thereof is included in a REMIC and,
immediately following a release of any portion of the Lien of the Security Instruments in connection with a Condemnation (but taking
into account any proposed Restoration on the remaining portion of the applicable Property), the Loan to Value Ratio is greater
than 125% (such value to be determined, in Lender’s sole discretion, by any commercially reasonable method permitted to a
REMIC) (excluding personal property and going concern value, if any), the principal balance of the Loan must be paid down by an
amount equal to the least of the following amounts: (i) the net Condemnation Proceeds, (ii) the fair market value of the released
property at the time of the release, or (iii) an amount such that the Loan to Value Ratio (as so determined by Lender) does not
increase after the release, unless the Lender receives an opinion of counsel that if such amount is not paid, the Securitization
will not fail to maintain its status as a REMIC as a result of the related release of such portion of the Lien of the Security
Instruments.

 

Section 6.4            Restoration.
The following provisions shall apply in connection with any Restoration:

 

(a)          If
the Net Proceeds shall be less than the Net Proceeds Threshold Amount and the costs of completing Restoration shall be less than
the Net Proceeds Threshold Amount, the Net Proceeds will be disbursed by Lender to Borrower upon receipt, provided that all of
the conditions set forth in Section 6.4(b)(i) are met and Borrower delivers to Lender a written undertaking to expeditiously
commence and to satisfactorily complete with due diligence Restoration in accordance with the terms of this Agreement.

 

(b)          If
the Net Proceeds are equal to or greater than the Net Proceeds Threshold Amount, but less than twenty percent (20%) of the original
principal balance of the Allocated Loan Amount for the affected Property or the costs of completing Restoration is equal to or
greater than the Net Proceeds Threshold Amount, but less than twenty percent (20%) of the original principal balance of the Allocated
Loan Amount for the affected Property, the Net Proceeds will be held by Lender and Lender shall make the Net Proceeds available
for Restoration in accordance with the provisions of this Section 6.4. The term “Net Proceeds” for
purposes of this Section 6.4 shall mean: (i) the net amount of all insurance proceeds received by Lender pursuant to
Section 6.1(a)(i), (iv), (vi), (ix) and (x) as a result of such damage or destruction, after deduction of Lender’s reasonable
costs and expenses (including, but not limited to, reasonable counsel costs and fees), if any, in collecting same (“Insurance
Proceeds”), or (ii) the net amount of the Award, after deduction of Lender’s reasonable costs and expenses
(including, but not limited to, reasonable counsel costs and fees), if any, in collecting same (“Condemnation Proceeds”),
whichever the case may be.

 

(iii)        The
Net Proceeds shall be made available to Borrower for Restoration upon the approval of Lender in its sole discretion that the following
conditions are met:

 

(A)         no
Default shall have occurred and be continuing;

 

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(B)         (1)
in the event the Net Proceeds are Insurance Proceeds, less than forty percent (40%) of the total floor area of the Improvements
on the affected Property has been damaged, destroyed or rendered unusable as a result of such Casualty, or (2) in the event the
Net Proceeds are Condemnation Proceeds, less than ten percent (10%) of the land constituting the affected Property is taken, and
such land is located along the perimeter or periphery of such affected Property, and no portion of the Improvements is located
on such land;

 

(C)         (1)
if any Occupancy Reserve Lease is in effect as of the date of the occurrence of such Casualty or Condemnation, then each such Occupancy
Reserve Lease must remain in full force and effect during and after the completion of Restoration, notwithstanding the occurrence
of such Casualty or Condemnation, or (2) with respect to any individual Property, if no Occupancy Reserve Lease is in effect for
such Property as of the date of the occurrence of such Casualty or Condemnation, Leases demising in the aggregate a percentage
amount equal to or greater than ninety percent (90%) of the total rentable space in such Property which has been demised under
executed and delivered Leases in effect as of the date of the occurrence of such Casualty or Condemnation, whichever the case may
be, shall remain in full force and effect during and after the completion of Restoration, notwithstanding the occurrence of any
such Casualty or Condemnation, whichever the case may be, and will make all necessary repairs and restorations thereto at their
sole cost and expense;

 

(D)         Borrower
shall commence Restoration as soon as reasonably practicable (but in no event later than one hundred twenty (120) days after such
Casualty or Condemnation, whichever the case may be, occurs) and shall diligently pursue the same to satisfactory completion;

 

(E)         Lender
shall be satisfied that any operating deficits, including all scheduled payments of principal and interest under the Note, which
will be incurred with respect to the affected Property as a result of the occurrence of any such Casualty or Condemnation, whichever
the case may be, will be covered out of (1) the Net Proceeds, (2) the insurance coverage referred to in Section 6.1(a)(iii),
if applicable, or (3) by other funds of Borrower;

 

(F)         Lender
shall be satisfied that Restoration will be completed on or before the earliest to occur of (1) six (6) months prior to the Maturity
Date, (2) the earliest date required for such completion under the terms of any Leases, (3) such time as may be required under
all applicable Legal Requirements in order to repair and restore the affected Property to the condition it was in immediately prior
to such Casualty or to as nearly as possible the condition it was in immediately prior to such Condemnation, as applicable, or
(4) the expiration of the insurance coverage referred to in Section 6.1(a)(iii);

 

(G)         the
affected Property and the use thereof after Restoration will be in compliance with and permitted under all applicable Legal Requirements;

 

(H)         Restoration
shall be done and completed by Borrower in an expeditious and diligent fashion and in compliance with all applicable Legal Requirements;

 

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(I)          such
Casualty or Condemnation, as applicable, does not result in the loss of access to the affected Property or the related Improvements,
other than a temporary, construction related loss of access to the affected Property;

 

(J)          both
the Individual Property Debt Service Coverage Ratio for the affected Property and the Debt Service Coverage Ratio (for the Properties
as a whole), after giving effect to Restoration, shall be equal to or greater than 1.45 to 1.0;

 

(K)         both
the Individual Property Loan to Value Ratio for the affected Property and the Loan to Value Ratio (for the Properties as a whole),
after giving effect to Restoration, shall be equal to or less than sixty percent (60%);

 

(L)         Borrower
shall deliver, or cause to be delivered, to Lender a signed detailed budget approved in writing by Borrower’s architect or
engineer stating the entire cost of completing Restoration, which budget shall be acceptable to Lender; and

 

(M)        the
Net Proceeds together with any cash or cash equivalent deposited by Borrower with Lender are sufficient in Lender’s reasonable
discretion to cover the cost of Restoration.

 

(iv)        The
Net Proceeds shall be paid directly to Lender for deposit in an interest-bearing account (the “Net Proceeds Account”)
and, until disbursed in accordance with the provisions of this Section 6.4(b), shall constitute additional security for the
Debt and the Other Obligations. The Net Proceeds shall be disbursed by Lender to, or as directed by, Borrower from time to time
during the course of Restoration, upon receipt of evidence satisfactory to Lender that (A) all materials installed and work
and labor performed (except to the extent that they are to be paid for out of the requested disbursement) in connection with Restoration
have been paid for in full, and (B) there exist no notices of pendency, stop orders, mechanic’s or materialman’s
liens or notices of intention to file same, or any other liens or encumbrances of any nature whatsoever on the affected Property
which have not either been fully bonded to the satisfaction of Lender and discharged of record or in the alternative fully insured
to the satisfaction of Lender by the Title Company.

 

(v)         All
plans and specifications required in connection with Restoration shall be subject to prior review and acceptance in all respects
by Lender and by an independent consulting engineer selected by Lender (the “Casualty Consultant”). Lender
shall have the use of the plans and specifications and all permits, licenses and approvals required or obtained in connection with
Restoration. The identity of the contractors, subcontractors and materialmen engaged in Restoration, as well as the contracts under
which they have been engaged, shall be subject to prior review and acceptance by Lender and the Casualty Consultant. All costs
and expenses incurred by Lender in connection with making the Net Proceeds available for Restoration including, without limitation,
reasonable counsel fees and disbursements and the Casualty Consultant’s fees, shall be paid by Borrower.

 

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(vi)        In
no event shall Lender be obligated to make disbursements of the Net Proceeds in excess of an amount equal to the costs actually
incurred from time to time for work in place as part of Restoration, as certified by the Casualty Consultant, minus the Retention
Amount. The term “Retention Amount” shall mean, as to each contractor, subcontractor or materialman engaged
in Restoration, an amount equal to ten percent (10%) of the costs actually incurred for work in place as part of Restoration, as
certified by the Casualty Consultant, until Restoration has been completed. The Retention Amount shall in no event, and notwithstanding
anything to the contrary set forth above in this Section 6.4(b), be less than the amount actually held back by Borrower from
contractors, subcontractors and materialmen engaged in Restoration. The Retention Amount shall not be released until the Casualty
Consultant certifies to Lender that Restoration has been completed in accordance with the provisions of this Section 6.4(b)
and that all approvals necessary for the re-occupancy and use of the affected Property have been obtained from all appropriate
Governmental Authorities, and Lender receives evidence satisfactory to Lender that the costs of Restoration have been paid in full
or will be paid in full out of the Retention Amount; provided, however, that Lender will release the portion of the Retention Amount
being held with respect to any contractor, subcontractor or materialman engaged in Restoration as of the date upon which the Casualty
Consultant certifies to Lender that the contractor, subcontractor or materialman has satisfactorily completed all work and has
supplied all materials in accordance with the provisions of the contractor’s, subcontractor’s or materialman’s
contract, the contractor, subcontractor or materialman delivers the lien waivers and evidence of payment in full of all sums due
to the contractor, subcontractor or materialman as may be reasonably requested by Lender or by the Title Company issuing the Title
Insurance Policy, and Lender receives an endorsement to the Title Insurance Policy insuring the continued priority of the lien
of the related Security Instrument and evidence of payment of any premium payable for such endorsement. If required by Lender,
the release of any such portion of the Retention Amount shall be approved by the surety company, if any, which has issued a payment
or performance bond with respect to the contractor, subcontractor or materialman.

 

(vii)       Lender
shall not be obligated to make disbursements of the Net Proceeds more frequently than once every calendar month.

 

(viii)      If
at any time the Net Proceeds or the undisbursed balance thereof shall not, in the opinion of Lender in consultation with the Casualty
Consultant, be sufficient to pay in full the balance of the costs which are estimated by the Casualty Consultant to be incurred
in connection with the completion of Restoration, Borrower shall deposit the deficiency (the “Net Proceeds Deficiency”)
with Lender before any further disbursement of the Net Proceeds shall be made. The Net Proceeds Deficiency deposited with Lender
shall be held by Lender and shall be disbursed for costs actually incurred in connection with Restoration on the same conditions
applicable to the disbursement of the Net Proceeds, and until so disbursed pursuant to this Section 6.4(b) shall constitute
additional security for the Debt and the Other Obligations.

 

(ix)         The
excess, if any, of the Net Proceeds and the remaining balance, if any, of the Net Proceeds Deficiency deposited with Lender after
the Casualty Consultant certifies to Lender that Restoration has been completed in accordance with the provisions of this Section 6.4(b),
and the receipt by Lender of evidence satisfactory to Lender that all costs incurred in connection with Restoration have been paid
in full, shall be remitted by Lender to Borrower, provided no Event of Default shall have occurred and shall be continuing.

 

(c)          If
Net Proceeds are (i) equal to or greater than twenty percent (20%) of the Allocated Loan Amount for the affected Property,
(ii) not required to be made available for Restoration (due to Borrower’s inability to satisfy the conditions set forth
in Section 6.4(b)(iii) or otherwise), or (iii) not to be returned to Borrower as excess Net Proceeds pursuant to Section 6.4(b)(ix),
then in any such event all Net Proceeds may be retained and applied by Lender in accordance with Section 2.4.2 hereof toward
reduction of the Outstanding Principal Balance whether or not then due and payable in such order, priority and proportions as Lender
in its sole discretion shall deem proper, or, in the sole discretion of Lender, the same may be paid, either in whole or in part,
to Borrower for such purposes as Lender shall approve, in its sole discretion. No prepayment charge shall be payable by Borrower
by reason of a Casualty or Condemnation.

 

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(d)          In
the event of foreclosure of the Security Instruments, or other transfer of title to the Properties in extinguishment in whole or
in part of the Debt all right, title and interest of Borrower in and to the Policies that are not blanket Policies then in force
concerning the Properties and all proceeds payable thereunder shall thereupon vest in the purchaser at such foreclosure or Lender
or other transferee in the event of such other transfer of title.

 

Article VII

 

RESERVE
FUNDS

 

Section 7.1            Required
Repair Funds.

 

7.1.1       Deposits.
Borrower shall perform the repairs at the Property as more particularly set forth on Schedule II hereto (such repairs hereinafter
collectively referred to as “Required Repairs”). Borrower shall complete the Required Repairs on or before
the required deadline for each repair as set forth on Schedule II hereto, which period may be extended upon request of Borrower,
provided Borrower is diligently pursuing such completion, such additional period not to exceed five (5) days. It shall be an Event
of Default if (a) Borrower does not complete the Required Repairs by the required deadline for each repair as set forth on
Schedule II (as may be extended as set forth above), provided, however, that if a deadline is not met solely as a result of Force
Majeure, such deadline shall be further extended for so long as such Force Majeure continues, but in no event longer than sixty
(60) days from the original required deadline, or (b) Borrower does not satisfy each condition contained in Section 7.1.2
hereof. Upon the occurrence of such an Event of Default, Lender, at its option, may withdraw all Required Repair Funds from the
Required Repair Account and Lender may apply such funds either to completion of the Required Repairs or toward reduction of the
Outstanding Principal Balance in such order, proportion and priority as Lender may determine in its sole discretion. Lender’s
right to withdraw and apply Required Repair Funds shall be in addition to all other rights and remedies provided to Lender under
this Agreement and the other Loan Documents. On the Closing Date, Borrower shall deposit with Lender the Required Repairs Amount
for payment of the cost of the Required Repairs. Amounts so deposited with Lender shall be held by Lender in accordance with Section 7.9
hereof. Amounts so deposited shall hereinafter be referred to as Borrower’s “Required Repair Funds” and the account
in which such amounts are held shall hereinafter be referred to as Borrower’s “Required Repair Account”.

 

7.1.2       Release
of Required Repair Funds. (a) Lender shall disburse to Borrower the Required Repair Funds from the Required Repair Account
from time to time, but not more frequently than once in any thirty (30) day period, upon satisfaction by Borrower of each of the
following conditions with respect to each disbursement: (i) Borrower shall submit a written request for payment to Lender
(with a copy to the Title Company) at least ten (10) Business Days prior to the date on which Borrower requests such payment be
made, which request specifies the Required Repairs to be paid, (ii) on the date such request is received by Lender and on
the date such payment is to be made, no Default or Event of Default shall exist and remain uncured, (iii) Lender shall have
received an Officer’s Certificate (A) stating that all Required Repairs to be funded by the requested disbursement have
been completed in a good and workmanlike manner and in accordance with all applicable Federal, state and local laws, rules and
regulations, such Officer’s Certificate to be accompanied by a copy of any license, permit or other approval by any Governmental
Authority required to commence and/or complete the Required Repairs, (B) identifying each Person that supplied materials or
labor in connection with the Required Repairs to be funded by the requested disbursement, and (C) stating that each such Person
has been paid in full or will be paid in full upon such disbursement, for work completed and/or materials furnished to date, such
Officer’s Certificate to be accompanied by lien waivers or other evidence of payment satisfactory to Lender, (iv) Lender
shall have received a title search indicating that the applicable Property is free from all liens, claims and other encumbrances
not previously approved by Lender, and (v) Lender shall have received such other evidence as Lender shall reasonably request
that the Required Repairs to be funded by the requested disbursement have been completed and are paid for or will be paid upon
such disbursement to Borrower. Lender shall not be required to make disbursements from the Required Repair Account unless such
requested disbursement is in an amount greater than $5,000 (or a lesser amount if the total amount in the Required Repair Account
is less than $5,000, in which case only one disbursement of the amount remaining in the account shall be made) and such disbursement
shall be made only upon satisfaction of each condition contained in this Section 7.1.2.

 

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(b)          Nothing
in this Section 7.1.2 shall (i) make Lender responsible for performing or completing any Required Repairs; (ii) require
Lender to expend funds in addition to the Required Repairs Funds to complete any Required Repairs; (iii) obligate Lender to
proceed with any Required Repairs; or (iv) obligate Lender to demand from Borrower additional sums to complete any Required
Repairs.

 

(c)          Borrower
shall permit Lender and Lender’s agents and representatives (including Lender’s engineer, architect or inspector) or
third parties to enter onto any of the Properties during normal business hours (subject to the rights of Tenant under their Leases)
to inspect the progress of any Required Repairs and all materials being used in connection therewith and to examine all plans and
shop drawings relating to such Required Repairs. Borrower shall cause all contractors and subcontractors to cooperate with Lender
or Lender’s representatives or such other Persons described above in connection with inspections described in this Section 7.1.2(c).

 

(d)          If
a disbursement will exceed $25,000.00, Lender may require an inspection of the applicable Property at Borrower’s expense
prior to making a disbursement of Required Repairs Funds in order to verify completion of the Required Repairs for which reimbursement
is sought. Lender may require that such inspection be conducted by an appropriate independent qualified professional selected by
Lender and may require a certificate of completion by an independent qualified professional architect acceptable to Lender prior
to the disbursement of Required Repairs Funds. Borrower shall pay the expense of the inspection as required hereunder, whether
such inspection is conducted by Lender or by an independent qualified professional architect.

 

7.1.3       Balance
in Required Repair Account. The insufficiency of any balance in the Required Repair Account shall not relieve Borrower from
its obligation to perform the Required Repairs in a good and workmanlike manner and in accordance with all Legal Requirements.

 

Section 7.2            Tax
and Insurance Escrow.

 

7.2.1       Tax
and Insurance Escrow Funds. On the date hereof, Borrower shall deposit with Lender the Initial Tax Deposit on account of the
Taxes next coming due and the Initial Insurance Premiums Deposit on account of the Insurance Premiums next coming due. Additionally,
Borrower shall pay to Lender on each Payment Date (a) one-twelfth of the Taxes that Lender estimates will be payable during
the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Taxes at least thirty (30)
days prior to their respective due dates, and (b) one-twelfth of the Insurance Premiums that Lender estimates will be payable
for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate with Lender sufficient
funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies (the foregoing amounts
so deposited with Lender are hereinafter called the “Tax and Insurance Escrow Funds” and the account
in which such amounts are held shall hereinafter be referred to as the “Tax and Insurance Escrow Account”).

 

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7.2.2       Disbursements
from Tax and Insurance Escrow Funds. Provided no Default or Event of Default has occurred and is continuing, Lender will apply
the Tax and Insurance Escrow Funds to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to Section 5.1.2
hereof and under the Security Instruments. In making any payment relating to the Tax and Insurance Escrow Funds, Lender may do
so according to any bill, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer
or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such bill, statement or estimate or into the
validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount of the Tax and Insurance Escrow
Funds shall exceed the amounts due for Taxes and Insurance Premiums pursuant to Section 5.1.2 hereof, Lender shall, in its
sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Tax and Insurance
Escrow Funds. Any amount remaining in the Tax and Insurance Escrow Funds after the Debt has been paid in full shall be returned
to Borrower. In allocating such excess, Lender may deal with the Person shown on the records of Lender to be the owner of the applicable
Property. If at any time Lender reasonably determines that the Tax and Insurance Escrow Funds are not or will not be sufficient
to pay Taxes and Insurance Premiums by the due dates thereof, Lender shall notify Borrower of such determination and Borrower shall
increase its monthly payments to Lender by the amount that Lender estimates is sufficient to make up the deficiency at least thirty
(30) days prior to the due date of the Taxes and/or thirty (30) days prior to expiration of the Policies, as the case may be.

 

7.2.3       Conditional
Waiver of Tax Escrow. Notwithstanding anything contained in this Section 7.2.1 to the contrary, with respect to any individual
Property, Borrower shall not be required to deposit with Lender any monies on account of Taxes for such Property, provided that
Borrower is in compliance with the following conditions as determined by Lender: (i) the Occupancy Reserve Lease for such
Property (A) remains in full force and effect, (B) has not been amended or modified except in accordance with the terms
of this Agreement, and (C) encumbers all of such Property, (ii) no Cash Management Period has occurred and is continuing;
(iii) no default beyond any applicable notice and grace periods exists under such Occupancy Reserve Lease; (iv) such
Occupancy Reserve Lease obligates the applicable Occupancy Reserve Tenant to pay all Taxes directly to either Borrower or the applicable
Governmental Authority; and (v) Lender has received proof of payment, at least thirty (30) days prior to the date upon which
they are due, in form and substance acceptable to Lender, that all Taxes for such Property have been paid on or prior to the date
upon which they are due. In the event that Lender determines that Borrower has failed to satisfy any of the foregoing conditions,
Borrower shall at Lender’s direction, deposit the amounts required for Taxes for such Property into the Tax and Insurance
Escrow Account, as required pursuant to Section 7.2.1, commencing on the Payment Date first occurring after Lender provided
such written direction to Borrower. Furthermore, and notwithstanding anything contained in Section 7.2.2 hereof to the contrary,
for so long as Borrower has satisfied the conditions set forth in this Section 7.2.3, Lender shall not be obligated to (A) return
any excess funds or offer credits against any excess funds pursuant to Section 7.2.2 for such Property, or (B) disburse
any Tax and Insurance Escrow Funds from the Tax and Insurance Escrow Account pursuant to Section 7.2.2 to pay for Taxes for
such Property.

 

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7.2.4       Conditional
Waiver of Insurance Escrow. Notwithstanding anything contained in this Section 7.2.1 to the contrary, with respect to
any individual Property, Borrower shall not be required to deposit with Lender any monies on account of Insurance Premiums for
such Property, provided that Borrower is in compliance with the following conditions as determined by Lender: (i) the applicable
Occupancy Reserve Lease for such Property (A) remains in full force and effect, (B) has not been amended or modified
except in accordance with the terms of this Agreement, and (C) encumbers all of such Property, (ii) no Cash Management
Period has occurred and is continuing; (iii) no default beyond any applicable notice and grace periods exists under such Occupancy
Reserve Lease; (iv) such Occupancy Reserve Lease obligates the applicable Occupancy Reserve Tenant to pay all Insurance Premiums
directly to either Borrower or the applicable insurance companies which issued the Policies; and (v) Lender has received proof
of payment, at least thirty (30) days prior to the date upon which they are due, in form and substance acceptable to Lender, that
all Insurance Premiums have been paid on or prior to the date upon which they are due. In the event that Lender determines that
Borrower has failed to satisfy any of the foregoing conditions, Borrower shall at Lender’s direction, deposit the amounts
required for Insurance Premiums for such Property into the Tax and Insurance Escrow Account, as required pursuant to Section 7.2.1,
commencing on the Payment Date first occurring after Lender provided such written direction to Borrower. Furthermore, and notwithstanding
anything contained in Section 7.2.2 hereof to the contrary, for so long as Borrower has satisfied the conditions set forth
in this Section 7.2.4, Lender shall not be obligated to (A) return any excess funds or offer credits against any excess
funds pursuant to Section 7.2.2 for such Property, or (B) disburse any Tax and Insurance Escrow Funds from the Tax and
Insurance Escrow Account pursuant to Section 7.2.2 to pay for Insurance Premiums for such Property.

 

Section 7.3            Replacements
and Replacement Reserve.

 

7.3.1       Replacement
Reserve Funds. Borrower shall pay to Lender on each Payment Date the Replacement Reserve Monthly Deposit, which is the amount
reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Properties
during the calendar year (collectively, the “Replacements”). Amounts so deposited shall hereinafter be
referred to as Borrower’s “Replacement Reserve Funds” and the account in which such amounts are
held shall hereinafter be referred to as Borrower’s “Replacement Reserve Account”. Lender may reassess
its estimate of the amount necessary for the Replacement Reserve Funds from time to time, and may increase the monthly amounts
required to be deposited into the Replacement Reserve Account upon thirty (30) days’ notice to Borrower if Lender determines
in its reasonable discretion (based upon a third party report by a Lender approved engineer employed to inspect one or more of
the Properties) that an increase is necessary to properly maintain and operate the Properties. Notwithstanding the foregoing, if,
at any time, and from time to time, the available Replacement Reserve Funds in the Replacement Reserve Account exceed $169,284.00
(the “Replacement Reserve Cap Condition”), Borrower’s obligation to pay to Lender the Replacement
Reserve Monthly Deposit shall be suspended; provided, however, that if at any time, and from time to time, the Replacement Reserve
Cap Condition is not satisfied, Borrower shall recommence and continue paying to Lender on each Payment Date the Replacement Reserve
Monthly Deposit until such time as all of the Replacement Reserve Cap Condition is satisfied.

 

7.3.2       Disbursements
from Replacement Reserve Account. Lender shall make disbursements to Borrower (or, at the direction of Borrower in writing,
and without limiting the provisions of this Section 7.3, to the Person that supplied materials or labor in connection with
the Replacements to be funded by the requested disbursement) from the Replacement Reserve Funds for the cost of Replacements incurred
by Borrower upon satisfaction by Borrower of each of the following conditions with respect to each such disbursement: (a) Borrower
shall submit Lender’s standard form of draw request for payment to Lender at least ten (10) Business Days prior to the date
on which Borrower requests such payment be made, which request shall specify the Replacements to be paid and shall be accompanied
by copies of paid invoices for the amounts requested; (b) on the date such request is received by Lender and on the date such
payment is to be made, no Default or Event of Default shall exist and remain uncured; and (c) Lender shall have received (i) an
Officer’s Certificate from Borrower (A) stating that the items to be funded by the requested disbursement are Replacements,
and a description thereof, (B) stating that all Replacements to be funded by the requested disbursement have been completed
in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (C) identifying each Person that
supplied materials or labor in connection with the Replacements to be funded by the requested disbursement, (D) stating that
each such Person has been paid in full or will be paid in full upon such disbursement, (E) stating that the Replacements to
be funded have not been the subject of a previous disbursement, (F) stating that all previous disbursements of Replacement
Reserve Funds have been used to pay the previously identified Replacements, and (G) stating that all outstanding trade payables
relating to the Replacements (other than those to be paid from the requested disbursement) have been paid in full, (ii) a
copy of any license, permit or other approval by any Governmental Authority required in connection with the Replacements and not
previously delivered to Lender, (iii) if required by Lender for requests in excess of $10,000 for a single item, lien waivers
or other evidence of payment satisfactory to Lender and releases from all parties furnishing materials and/or services in connection
with the requested payment, (iv) at Lender’s option, a title search for the applicable Property indicating that such
Property is free from all Liens, claims and other encumbrances not previously approved by Lender, and (v) such other evidence
as Lender shall reasonably request to demonstrate that the Replacements to be funded by the requested disbursement have been completed
and are paid for or will be paid upon such disbursement to Borrower. Lender shall make disbursements as requested by Borrower on
a monthly basis in increments of no less than $5,000 per disbursement, except for the final draw for any Replacement. Lender may
require an inspection of the Properties or any Property at Borrower’s expense prior to making a monthly disbursement in order
to verify completion of improvements in excess of $50,000 for which reimbursement is sought.

 

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7.3.3       Balance
in the Replacement Reserve Account. The insufficiency of any balance in the Replacement Reserve Account shall not relieve Borrower
from its obligation to fulfill all preservation and maintenance covenants in the Loan Documents.

 

Section 7.4            Rollover
Reserve.

 

7.4.1       Deposits
to Rollover Reserve Funds. (a) On the Closing Date, Borrower shall deposit with Lender the Initial Rollover Reserve Deposit.
Additionally, commencing on and including the Payment Date in November 2017 Borrower shall pay to Lender on each Payment Date
the Rollover Reserve Monthly Deposit, which amounts shall be deposited with and held by Lender for Approved Leasing Expenses incurred
following the date hereof. In addition, Borrower shall pay to Lender for deposit with Lender those additional funds described in
Section 7.4.1(b) hereof. All such amounts so deposited pursuant to this subsection (a) shall hereinafter be referred
to as the “Rollover Reserve Funds” and the account in which such amounts are held shall hereinafter be
referred to as the “Rollover Reserve Account”. Notwithstanding the foregoing, if, at any time, and from
time to time, (a) the available Rollover Reserve Funds in the Rollover Reserve Account exceed $1,269,630.00, (b) no Event
of Default has occurred and is continuing, and (c) at least eighty five percent (85%) of the total floor area of the Improvements
(for the Properties as a whole) is occupied by Tenants that are open for business, paying full contractual rent under their respective
Leases, are not the subject of any Bankruptcy Action and are not in default beyond any applicable notice and/or cure periods under
the terms of their respective Leases (collectively, the “Rollover Reserve Cap Conditions”), Borrower’s
obligation to pay to Lender the Rollover Reserve Monthly Deposit shall be suspended; provided, however, that if at any time, and
from time to time, any one of more of the Rollover Reserve Cap Conditions are not satisfied, Borrower shall recommence and continue
paying to Lender on each Payment Date the Rollover Reserve Monthly Deposit until such time as all of the Rollover Reserve Cap Conditions
are satisfied. Notwithstanding the foregoing, in the event the Rollover Reserve Cap Conditions are not satisfied solely because
of a vacancy at just one Property, Borrower shall be obligated to pay a Rollover Reserve Monthly Deposit equal to the amount shown
for the applicable Property on Schedule IV attached hereto in lieu of the aggregate amount shown for all Properties.

 

(b)          In
addition to the required deposits set forth in subsection (a) above, the following items shall be deposited into the Rollover
Reserve Account and held as Rollover Reserve Funds, which Rollover Reserve Funds shall be held by Lender and disbursed only in
accordance with Section 7.4.2 below. Borrower shall advise Lender at the time of receipt thereof of the nature of such receipt:

 

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(i)          All
sums paid with respect to (A) a modification of any Lease or otherwise paid in connection with Borrower taking any action
under any Lease (e.g., granting a consent) or waiving any provision thereof, except for amounts paid to reimburse Borrower for
administrative expenses, reasonable legal fees and other reasonable out-of-pocket costs (“Costs”) associated
with such modification, (B) any settlement of claims of Borrower against third parties in connection with any Lease (other
than Costs and other than funds received to reimburse actual out of pocket losses actually incurred by Borrower); (C) any
rejection, termination, surrender or cancellation of any Lease (including in any bankruptcy case) or any lease buy-out or surrender
payment from any tenant (including any payment relating to unamortized tenant improvements and/or leasing commissions), and (D) any
sum other than Costs received from any tenant to obtain a consent to an assignment or sublet or otherwise, or any holdover rents
or use and occupancy fees from any tenant or former tenant (to the extent not being paid for use and occupancy or holdover rent);
and

 

(ii)         Any
other extraordinary event pursuant to which Borrower receives payments or income (in whatever form) derived from or generated by
the use, ownership or operation of any of Properties not otherwise covered by this Agreement or the Cash Management Agreement,
provided, however, that funds received to reimburse actual out of pocket expenses actually incurred by Borrower shall not be included.

 

7.4.2       Withdrawal
of Rollover Reserve Funds. Lender shall make disbursements from the Rollover Reserve Funds for Approved Leasing Expenses incurred
by Borrower in connection with Leases entered into in accordance with the terms hereof upon satisfaction by Borrower of each of
the following conditions with respect to each such disbursement: (a) Borrower shall submit Lender’s standard form of
draw request for payment to Lender at least ten (10) Business Days prior to the date on which Borrower requests such payment be
made, which request shall specify the Approved Leasing Expense to be paid and shall be accompanied by copies of invoices for the
amounts requested; (b) on the date such request is received by Lender and on the date such payment is to be made, no Default
or Event of Default shall exist and remain uncured; (c) Lender shall have reviewed and approved the Lease giving rise to the
Approved Leasing Expense to be paid; and (d) Lender shall have received (i) an Officer’s Certificate from Borrower
(A) stating that the items to be funded by the requested disbursement are Approved Leasing Expenses, and a description thereof,
(B) stating that all tenant improvements at the applicable Property to be funded by the requested disbursement have been completed
in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (C) identifying each Person that
supplied materials or labor in connection with the tenant improvements to be funded by the requested disbursement or the broker
entitled to the leasing commissions, (D) stating that each such Person has been paid in full or will be paid in full upon
such disbursement, (E) stating that the Approved Leasing Expenses to be funded have not been the subject of a previous disbursement,
(F) stating that all previous disbursements of Rollover Reserve Funds have been used to pay the previously identified Approved
Leasing Expenses, and (G) stating that all outstanding trade payables relating to the Approved Leasing Expenses (other than
those to be paid from the requested disbursement) have been paid in full, (ii) a copy of any license, permit or other approval
by any Governmental Authority required in connection with the tenant improvements and not previously delivered to Lender, (iii) if
required by Lender for requests in excess of $10,000 for a single item, lien waivers or other evidence of payment satisfactory
to Lender and releases from all parties furnishing materials and/or services in connection with the requested payment, (iv) at
Lender’s option, a title search for applicable Property indicating that such Property is free from all Liens, claims and
other encumbrances not previously approved by Lender, and (v) such other evidence as Lender shall reasonably request to demonstrate
that the Approved Leasing Expenses to be funded by the requested disbursement have been completed and are paid for or will be paid
upon such disbursement to Borrower. Lender shall make disbursements as requested by Borrower on a monthly basis in increments of
no less than $5,000 per disbursement, except for the final draw for any Lease. Lender may require an inspection of the applicable
Property at Borrower’s expense prior to making a monthly disbursement in order to verify completion of improvements in excess
of $50,000 for which reimbursement is sought.

 

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Section 7.5        
   Excess Cash Reserve Funds.

 

(a)          Upon
the occurrence and during the continuance of a Cash Trap Period, provided that a Lease Trigger Period does not then exist, all
Excess Cash shall be collected by Lender and all such amounts shall be held as additional security for the Loan (amounts so held
shall be hereinafter referred to as the “Excess Cash Reserve Funds” and the account to which such amounts
are held shall hereinafter be referred to as the “Excess Cash Reserve Account”).

 

(b)          At
such time as any Cash Trap Period shall end, any funds held in the Excess Cash Reserve Account shall be returned to Borrower if
no other Cash Trap Period then exists.

 

Section 7.6       
   Payment Reserve. Contemporaneously with the execution hereof, Borrower has established with
Lender a reserve in the aggregate amount of (i) the Monthly Debt Service Payment Amount due on the First Payment Date
and (ii) amounts payable to Reserve Accounts on the First Payment Date (the “Payment
Reserve”). Borrower understands and agrees that, notwithstanding the establishment of the Payment Reserve, all
of the proceeds of the Loan have been, and shall be considered, fully disbursed and shall bear interest and be payable on the
terms provided therein. For so long as no Event of Default has occurred hereunder or under any of the other Loan Documents,
Lender shall on the First Payment Date advance from the Payment Reserve to itself the amount of the Monthly Debt Service
Payment Amount and amounts payable to Reserve Accounts under the Loan Documents on the First Payment Date. Amounts deposited
in the Payment Reserve shall be referred to herein as Borrower’s “Payment Reserve Funds” and
the account in which such amounts are held shall be referred to as Borrower’s “Payment Reserve
Account.” At the sole discretion of Lender, Lender may waive Borrower’s obligation to deposit into the
Payment Reserve the aggregate amount of the Monthly Debt Service Payment Amount plus the amounts payable to the Reserve
Accounts payable on the First Payment Date. In the event Lender so waives Borrower’s obligation to establish the
Payment Reserve, then on the First Payment Date Borrower shall pay the Monthly Debt Service Payment Amount and the amounts
otherwise payable to the Reserve Accounts on the First Payment Date. The provisions of this Section 7.6 shall not affect
Borrower’s obligation to make any other payments required pursuant to the terms of this Agreement.

 

Section 7.7            Occupancy
Reserve.

 

7.7.1       Deposits
to Occupancy Reserve Funds. On every Payment Date during a Lease Trigger Period, Borrower shall pay to Lender the Excess Cash,
which amount shall be deposited with and held by Lender for Approved Leasing Expenses incurred following the date hereof and in
connection with one or more Acceptable Replacement Leases or Acceptable Lease Extensions, as applicable, in connection therewith.
All such amounts so deposited shall hereinafter be referred to as the “Occupancy Reserve Funds” and the
account in which such amounts are held shall hereinafter be referred to as the “Occupancy Reserve Account.”
Notwithstanding the foregoing, if at any time, and from time to time, the Occupancy Reserve Funds deposited and available in the
Occupancy Reserve Account pursuant to this Section 7.7.1 exceed the Occupancy Reserve Cap (the “Occupancy Reserve
Cap Condition”), Borrower’s obligation to continue to pay to Lender the Excess Cash into the Occupancy Reserve
shall be suspended, provided, however, that if at any time, and from time to time, the Occupancy Reserve Cap Condition is not satisfied
and a Lease Trigger Period exists, Borrower shall recommence and continue paying to Lender the Excess Cash into the Occupancy Reserve
Account until the Occupancy Reserve Cap Condition is satisfied.

 

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7.7.2       Withdrawal
of Occupancy Reserve Funds. Lender shall make disbursements from the Occupancy Reserve Funds for Approved Leasing Expenses
incurred by Borrower in connection with one or more Acceptable Replacement Leases or Acceptable Lease Extensions, as applicable,
in accordance with the terms hereof upon satisfaction by Borrower of each of the following conditions with respect to each such
disbursement: (a) Borrower shall submit Lender’s standard form of draw request for payment to Lender at least ten (10)
Business Days prior to the date on which Borrower requests such payment be made, which request shall specify the Approved Leasing
Expense to be paid and shall be accompanied by copies of paid invoices for the amounts requested; (b) on the date such request
is received by Lender and on the date such payment is to be made, no Default or Event of Default shall have occurred and be continuing;
(c) Lender shall have reviewed and approved each applicable Acceptable Replacement Lease and/or Acceptable Lease Extension
giving rise to the Approved Leasing Expense to be paid; and (d) Lender shall have received (i) an Officer’s Certificate
from Borrower (A) stating that the items to be funded by the requested disbursement are Approved Leasing Expenses, and a description
thereof, (B) stating that, to the best of Borrower’s knowledge, all tenant improvements at the applicable Property to
be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable
Legal Requirements, (C) identifying each Person that supplied materials or labor in connection with the tenant improvements
to be funded by the requested disbursement, and/or the broker entitled to the leasing commissions, (D) stating that each such
Person has been paid in full or will be paid in full upon such disbursement, (E) stating that the Approved Leasing Expenses
to be funded have not been the subject of a previous disbursement, (F) stating that all previous disbursements of Occupancy
Reserve Funds have been used to pay the previously identified Approved Leasing Expenses, and (G) stating that all outstanding
trade payables relating to the Approved Leasing Expenses (other than those to be paid from the requested disbursement) have been
paid in full, (ii) a copy of any license, permit or other approval by any Governmental Authority required in connection with
the tenant improvements and not previously delivered to Lender, (iii) if required by Lender, for requests in excess of $10,000
for a single item, lien waivers or other evidence of payment satisfactory to Lender and releases from all parties furnishing materials
and/or services in connection with the requested payment, (iv) at Lender’s option, a title search for the applicable
Property indicating that the applicable Property is free from all Liens, claims and other encumbrances not previously approved
by Lender, (v) prior to the final disbursement of Occupancy Reserve Funds for tenant improvements under a particular Lease,
at Lender’s option, a tenant estoppel certificate for the applicable Tenant in form and substance acceptable to Lender, and
(vi) such other evidence as Lender shall reasonably request to demonstrate that the Approved Leasing Expenses to be funded
by the requested disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower. Lender shall
make disbursements as requested by Borrower on a monthly basis in increments of no less than $5,000 per disbursement, except for
the final draw for any Lease. Lender may require an inspection of the applicable Property at Borrower’s expense prior to
making a monthly disbursement in order to verify completion of improvements in excess of $50,000 for which reimbursement is sought.
At such time as no Lease Trigger Period is then existing, and so long as all Approved Leasing Expenses incurred or reasonably anticipated
by Lender to be incurred have been paid in full, then all remaining Occupancy Reserve Funds shall be deposited into the Clearing
Accounts.

 

Section 7.8            TI/LC
Reserve.

 

7.8.1       Deposits
to TI/LC Reserve. In the event Star Medical Center requests Borrower’s approval of an architect/space planner to prepare
Construction Drawings (as defined in the Star Medical Lease) to expand the Star Medical Center Property by 6,400 square feet as
provided in the Star Medical Center Lease (the “Expansion Work”), Borrower shall promptly notify Lender
of such request and Borrower shall, within twenty (20) Business Days after such request (without regard to whether or not Borrower
approves such request), deposit with Lender the TI/LC Reserve Funds. The account in which the TI/LC Reserve Funds are held shall
hereinafter be referred to as the “TI/LC Reserve Account”.

 

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7.8.2       Withdrawal
of TI/LC Reserve Funds. Lender shall make one (1) disbursement on account of the TI/LC Lease from the TI/LC Reserve Account,
to the extent of available funds, in accordance with the terms hereof upon satisfaction by Borrower of each of the following conditions
with respect to such disbursement as determined by Lender: (a) Borrower shall submit Lender’s standard form of draw
request for payment to Lender at least ten (10) Business Days prior to the Business Day on which Borrower requests such disbursement
to be made; (b) on the date such request is received by Lender and on the date such payment is to be made, no Default or Event
of Default shall have occurred and be continuing; (c) Borrower shall deliver to Lender an Acceptable Estoppel duly executed
and delivered by the Tenant under the TI/LC Lease confirming, among other things, that either (i) the Expansion Work is complete
and that there is no outstanding tenant improvement work to be completed by or paid for by Borrower or (ii) the Tenant has
elected not to proceed with the Expansion Work and has waived the right to do so in the future and that there is no outstanding
tenant improvement work to be completed by or paid for by Borrower (such election, waiver and confirmation in this subsection (ii),
an “Expansion Right Waiver”); and (d) Lender shall have also received: (i) an Officer’s
Certificate (A) stating that all tenant improvements with respect to the TI/LC Reserve Lease (including the Expansion Work
unless Tenant has elected not to proceed with the Expansion Work and waives the right to do so in the future) have been paid for
in full and completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, and that all leasing
commission due with respect to the TI/LC Reserve Lease have been paid in full, and (B) identifying each Person that supplied
materials or labor in connection with such tenant improvements (if any) and each broker entitled to a leasing commission, (ii) a
copy of any license, permit or other approval by any Governmental Authority required in connection with such tenant improvements
(if any), (iii) if required by Lender, paid invoices and lien waivers or other evidence of payment satisfactory to Lender
and releases from all parties furnishing materials and/or services in connection with such tenant improvements (if any) or leasing
activities, (iv) at Lender’s option, a title search for the Property indicating that the Property is free from all Liens,
claims and other encumbrances not previously approved by Lender, and (v) such other evidence as Lender shall reasonably request.
Lender may require an inspection of the Property at Borrower’s expense prior to making such disbursement from the TI/LC Reserve
Account. Such disbursement, when made by Lender, shall be deposited to the Clearing Account and only one (1) disbursement from
the TI/LC Reserve Account may occur. Notwithstanding the foregoing, if Borrower, after exercising commercially reasonably efforts,
is unable to obtain an Acceptable Estoppel from Tenant, then for purposes only of determining the existence of an Expansion Right
Waiver (and not the completion of the Expansion Work), Borrower may deliver other evidence acceptable to Lender in Lender’s
sole discretion, in lieu of such Acceptable Estoppel, provided that all other conditions for a disbursement of the funds in the
TI/LC Reserve Account are satisfied.

 

Section 7.9            Reserve
Funds, Generally.

 

(a)          Borrower
(i) hereby grants to Lender a first priority security interest in all of the Reserve Funds and any and all monies now or hereafter
deposited in each Reserve Account as additional security for payment and performance of the Obligations and (ii) will take
all actions necessary to maintain in favor of Lender a perfected first priority security interest in the Reserve Funds, including,
without limitation, filing or authorizing Lender to file UCC-1 financing statements and continuations thereof. Until expended or
applied in accordance herewith, the Reserve Funds shall constitute additional security for the Obligations.

 

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(b)          Upon
the occurrence of an Event of Default, Lender may, in addition to any and all other rights and remedies available to Lender, apply
any sums then present in any or all of the Reserve Funds to the reduction of the Outstanding Principal Balance in any order in
its sole discretion.

 

(c)          Borrower
shall not, without obtaining the prior consent of Lender, further pledge, assign or grant any security interest in any Reserve
Fund or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any
UCC-1 financing statements, except those naming Lender as the secured party, to be filed with respect thereto.

 

(d)          The
Reserve Funds shall not constitute trust funds and may be commingled with other monies held by Lender. The Reserve Funds (other
than the Tax and Insurance Escrow Funds and the Excess Cash Reserve Funds) shall be held in an Eligible Account and credited with
interest at a rate selected by Lender, which interest rate may not be the highest interest rate then available, provided that selection
of the rate shall be consistent with the general standards at the time being utilized by Lender or any Servicer, in establishing
similar accounts for loans of comparable type. All such interest shall be added to and become a part of such Reserve Funds and
shall be disbursed in the same manner as other monies comprising such Reserve Funds. Lender or any Servicer shall not be responsible
and shall have no liability for any losses incurred on the investment of any Reserve Funds held in an Eligible Account. Borrower
shall be responsible for payment of any federal, state or local income or other tax applicable to the interest earned on the Reserve
Funds.

 

(e)          Except
for matters arising out of Lender’s gross negligence, willful misconduct or breach of the Loan Documents, Borrower shall
indemnify Lender and hold Lender harmless from and against any and all actions, suits, claims, demands, liabilities, losses, damages,
obligations and costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses) arising from
or in any way connected with the Reserve Funds or the performance of the obligations for which the Reserve Funds were established.
Borrower shall assign to Lender all rights and claims Borrower may have against all Persons supplying labor, materials or other
services which are to be paid from or secured by the Reserve Funds; provided, however, that Lender may not pursue any such right
or claim unless an Event of Default has occurred and remains uncured.

 

Section 7.10          Letter
of Credit Option.

 

(a)          Borrower
shall have the option to replace the cash on deposit, or provide in lieu of any cash deposits required to be made, in the TI/LC
Reserve Account, by depositing with Lender, an original letter of credit that satisfies all of the requirements of this Section 7.10
(each such letter of credit, together with all amendments, modifications and replacements thereof, a “Letter of Credit”).
Borrower shall notify Lender in writing at least thirty (30) days prior to the date that Borrower intends to deliver a Letter of
Credit in accordance with this Section 7.10. Borrower shall provide Lender and its counsel with a reasonable period of time
prior to each such delivery date of a Letter of Credit to review and approve the terms of each proposed Letter of Credit and Borrower
shall pay to Lender all of Lender’s reasonable out-of-pocket costs and expenses associated therewith. Each Letter of Credit
must be a Qualified Letter of Credit and shall be in an amount equal to the aggregate cash deposits required in connection with
the applicable Reserve Account and for which such Letter of Credit is intended to replace. Each Letter of Credit deposited with
Lender hereunder shall serve to provide Lender with additional security for the Loan.

 

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(b)          Lender
shall have the right to draw on each Letter of Credit in full or in part and hold the proceeds thereof in accordance with the provisions
of this Agreement if any of the following occurs: (i) an Event of Default; (ii) the institution issuing such Letter of
Credit shall cease to be an Approved Bank (as determined by Lender or based on a notice from the applicable issuing institution)
and Borrower shall have failed to deliver to Lender a replacement letter of credit satisfying all of the requirements of this Section 7.10(b)
(each such letter of credit, a “Replacement Letter of Credit”) on or prior to the date that is fifteen
(15) days after Lender delivers written notice to Borrower that the institution issuing such Letter of Credit has ceased to be
an Approved Bank; (iii) if Lender has received a notice from the issuing institution that such Letter of Credit will not be
renewed and a Replacement Letter of Credit is not provided at least forty-five (45) days prior to the date on which the outstanding
Letter of Credit is scheduled to expire or Borrower shall have otherwise failed to deliver to Lender a Replacement Letter of Credit
on or prior to the date that is forty-five (45) days prior to the expiration date of any such Letter of Credit; and/or (iv) if
the institution issuing any Letter of Credit shall fail to issue a Replacement Letter of Credit in the event the original Letter
of Credit has been lost, mutilated, stolen and/or destroyed. So long as no Event of Default is then continuing, Lender shall deposit
the proceeds of any draw on a Letter of Credit into the applicable Reserve Account associated therewith (and such proceeds shall
be deemed to constitute Reserve Funds) and apply such funds in accordance with the relevant provisions of this Article VII
of this Agreement.

 

(c)          Upon
the occurrence and during the continuance of an Event of Default, Lender may in its sole discretion, in addition to any and all
other rights and remedies available to Lender, without notice to Borrower or any other Person other than the relevant issuing institution,
draw on each Letter of Credit and apply all or any part of the proceeds of each such draw to the reduction of the Obligations in
any order, proportion or priority as Lender shall determine in Lender’s sole discretion, or hold such proceeds as additional
security for the Obligations.

 

(d)          Notwithstanding
anything in this Agreement or any other Loan Document to the contrary, the Borrower shall not have any rights to deliver any letter
of credit pursuant to any provision of this Agreement or any other Loan Document if the aggregate amount of any letters of credit
delivered to Lender in accordance with this Agreement or any other Loan Document shall exceed ten percent (10%) of the Outstanding
Principal Balance. In no event shall the aggregate amount of any letters of credit delivered in accordance with this Agreement
or any other Loan Document exceed ten percent (10%) of the Outstanding Principal Balance. Furthermore, notwithstanding anything
in this Agreement or any other Loan Document to the contrary, Borrower’s right to deliver any letter of credit to Lender
shall be conditioned upon Borrower simultaneously delivering to Lender an additional non-consolidation opinion with respect to
such letter of credit in form and substance satisfactory to Lender.

 

Article VIII

 

DEFAULTS

 

Section 8.1            Event
of Default.

 

(a)          Each
of the following events shall constitute an event of default hereunder (an “Event of Default”):

 

(i)          if
any portion of the Debt is not paid when due (including, without limitation, the failure of Borrower to repay the entire outstanding
principal balance of the Note in full on the Maturity Date) or any other amount under Section 2.7.2(b)(i) through (vii) is
not paid in full on each Payment Date (unless during any Cash Management Period, sufficient funds are available in the relevant
Subaccount on the applicable date);

 

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(ii)         if
any of the Taxes or Other Charges are not paid when the same are due and payable (unless Lender is paying such Taxes pursuant to
Section 7.2 and Borrower’s obligation to make deposits into the Tax and Insurance Escrow Account are not suspended pursuant
to Section 7.2.3), subject to the provisions of Section 2.7.3 and Section 5.1.2 hereof;

 

(iii)        if
the Policies are not kept in full force and effect, or if copies of the certificates evidencing the Policies (or certified copies
of the Policies if requested by Lender) are not delivered to Lender within thirty (30) days after written request therefor, which
period may be extended upon request of Borrower, provided Borrower is diligently pursuing such certificates (or certified copies
of the Policies, as the case may be), such additional period not to exceed ninety (90) days;

 

(iv)        if
Borrower Transfers or otherwise encumbers any portion of any Property or the Collateral in violation of the provisions of this
Agreement, or Article 6 of the Security Instruments or any Transfer is made in violation of the provisions of Section 5.2.10
hereof;

 

(v)         if
any representation or warranty made by Borrower herein or in any other Loan Document, or in any report, certificate, financial
statement or other instrument, agreement or document furnished to Lender shall have been false or misleading in any material respect
as of the date the representation or warranty was made or deemed remade;

 

(vi)        if
Borrower, Principal or Guarantor shall (a) make an assignment for the benefit of creditors or (b) generally not be paying
its debts as they become due;

 

(vii)       if
a receiver, liquidator or trustee shall be appointed for Borrower or Principal, or if Borrower or Principal shall be adjudicated
bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to Federal bankruptcy law, or
any similar Federal or state law, shall be filed by or against, consented to, or acquiesced in by, Borrower or Principal, or if
any proceeding for the dissolution or liquidation of Borrower or Principal shall be instituted; provided, however, if such appointment,
adjudication, petition or proceeding was involuntary and not consented to by Borrower or Principal, upon the same not being discharged,
stayed or dismissed within ninety (90) days;

 

(viii)      if
Guarantor or any guarantor or indemnitor under any guaranty or indemnity issued in connection with the Loan shall make an assignment
for the benefit of creditors or if a receiver, liquidator or trustee shall be appointed for Guarantor or any guarantor or indemnitor
under any guarantee or indemnity issued in connection with the Loan or if Guarantor or such other guarantor or indemnitor shall
be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to Federal bankruptcy
law, or any similar Federal or state law, shall be filed by or against, consented to, or acquiesced in by, Guarantor or such other
guarantor or indemnitor, or if any proceeding for the dissolution or liquidation of Guarantor or such other guarantor or indemnitor
shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was involuntary and not consented
to by Guarantor or such other guarantor or indemnitor, upon the same not being discharged, stayed or dismissed within ninety (90)
days; provided, further, however, it shall be at Lender’s option to determine whether any of the foregoing shall be an Event
of Default;

 

(ix)         if
Borrower attempts to assign its rights under this Agreement or any of the other Loan Documents or any interest herein or therein
in contravention of the Loan Documents;

 

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(x)          if
Borrower breaches any representation, warranty or covenant contained in Section 4.1.30 or any of its respective negative covenants
contained in Section 5.2 or any covenant contained in Section 5.1.11 hereof;

 

(xi)         with
respect to any term, covenant or provision set forth herein which specifically contains a notice requirement or grace period, if
Borrower shall be in default under such term, covenant or condition after the giving of such notice or the expiration of such grace
period;

 

(xii)        if
any of the assumptions contained in the Insolvency Opinion delivered to Lender in connection with the Loan, or in any Additional
Insolvency Opinion delivered subsequent to the closing of the Loan, is or shall become untrue in any material respect unless such
matter is cured in a timely manner;

 

(xiii)       if
Borrower shall be in default under the REA and such default continues beyond any applicable notice or cure periods set forth therein;

 

(xiv)      (a) Borrower
fails to engage a Qualified Manager and enter into a Management Agreement subject to and in accordance with Section 5.1.22
hereof, or (b) if a material default has occurred and continues beyond any applicable cure period under the Management Agreement
(or any Replacement Management Agreement) and if such default permits the Manager thereunder to terminate or cancel the Management
Agreement (or any Replacement Management Agreement) and Borrower fails to comply with Section 5.1.22 hereof;

 

(xv)       if
Borrower shall continue to be in Default under any of the terms, covenants or conditions of Section 9.2 hereof, or fails to
cooperate with Lender in connection with a Securitization pursuant to the provisions of Section 9.2 hereof, for three (3)
days after written notice to Borrower from Lender;

 

(xvi)      if
Borrower shall continue to be in Default under any of the other terms, covenants or conditions of this Agreement not specified
in subsections (i) to (xv) above or any subsection below, for ten (10) days after notice to Borrower from Lender, in the case of
any Default which can be cured by the payment of a sum of money, or for thirty (30) days after notice from Lender in the case of
any other Default; provided, however, that if such non-monetary Default is susceptible of cure but cannot reasonably be cured within
such thirty (30) day period and provided further that Borrower shall have commenced to cure such Default within such thirty (30)
day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended
for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such Default, such additional period
not to exceed ninety (90) days;

 

(xvii)     if
there shall be default under any of the other Loan Documents beyond any applicable cure periods contained in such documents or
if any other such event shall occur or condition shall exist, if the effect of such default, event or condition is to accelerate
the maturity of any portion of the Debt or to permit Lender to accelerate the maturity of all or any portion of the Debt in accordance
with the Loan Documents;

 

(xviii)    if
any default occurs under any guaranty or indemnity executed from time to time in connection with the Loan, including the Guaranty
and the Environmental Indemnity, and such default continues after the expiration of applicable grace periods, if any;

 

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(xix)       any
amendment, modification, or termination of Occupancy Reserve Lease in violation of Section 5.1.20 hereof; or

 

(xx)        if
Borrower fails to comply in all material respects with the terms and conditions of the ACM Maintenance Program.

 

(b)          Upon
the occurrence of an Event of Default (other than an Event of Default described in clauses (vi), (vii) or (viii) above) and
at any time thereafter, in addition to any other rights or remedies available to it pursuant to this Agreement and the other Loan
Documents or at law or in equity, Lender may take such action, without notice or demand, that Lender deems advisable to protect
and enforce its rights against Borrower and in and to the Properties, including, without limitation, declaring the Obligations
to be immediately due and payable, and Lender may enforce or avail itself of any or all rights or remedies provided in the Loan
Documents against Borrower and any of Properties, including, without limitation, all rights or remedies available at law or in
equity; and upon any Event of Default described in clauses (vi), (vii) or (viii) above, the Debt and all Other Obligations
of Borrower hereunder and under the other Loan Documents shall immediately and automatically become due and payable, without notice
or demand, and Borrower hereby expressly waives any such notice or demand, anything contained herein or in any other Loan Document
to the contrary notwithstanding.

 

Section 8.2            Remedies.
(a) Upon the occurrence of an Event of Default, all or any one or more of the rights, powers, privileges and other remedies
available to Lender against Borrower under this Agreement or any of the other Loan Documents executed and delivered by, or applicable
to, Borrower or at law or in equity may be exercised by Lender at any time and from time to time, whether or not all or any of
the Debt shall be declared due and payable, and whether or not Lender shall have commenced any foreclosure proceeding or other
action for the enforcement of its rights and remedies under any of the Loan Documents. Any such actions taken by Lender shall be
cumulative and concurrent and may be pursued independently, singularly, successively, together or otherwise, at such time and in
such order as Lender may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise
affecting the other rights and remedies of Lender permitted by law, equity or contract or as set forth herein or in the other Loan
Documents. Without limiting the generality of the foregoing, Borrower agrees that if an Event of Default is continuing (i) Lender
shall not be subject to any “one action” or “election of remedies” law or rule,
and (ii) all liens and other rights, remedies or privileges provided to Lender shall remain in full force and effect until
Lender has exhausted all of its remedies against the Properties and the Security Instruments have been foreclosed, sold and/or
otherwise realized upon in satisfaction of the Debt or the Obligations have been paid in full.

 

(b)          With
respect to Borrower and the Properties, nothing contained herein or in any other Loan Document shall be construed as requiring
Lender to resort to the Properties or any Property for the satisfaction of any of the Debt in any preference or priority, and Lender
may seek satisfaction out of the Properties or any Property, or any part thereof, in its absolute discretion in respect of the
Debt. In addition, Lender shall have the right from time to time to partially foreclose any one or more Security Instruments in
any manner and for any amounts secured by such Security Instruments then due and payable as determined by Lender in its sole discretion,
including, without limitation, the following circumstances: (i) in the event Borrower defaults beyond any applicable grace
period in the payment of one or more scheduled payments of principal and interest, Lender may foreclose any one or more Security
Instruments to recover such delinquent payments or (ii) in the event Lender elects to accelerate less than the entire Outstanding
Principal Balance, Lender may foreclose any one or more Security Instruments to recover so much of the principal balance of the
Loan as Lender may accelerate and such other sums secured by such Security Instruments as Lender may elect. Notwithstanding one
or more partial foreclosures, the Properties shall remain subject to the applicable Security Instruments to secure payment of sums
secured by such Security Instruments and not previously recovered.

 

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(c)          Upon
the occurrence of an Event of Default, Lender shall have the right from time to time to sever the Note and the other Loan Documents
into one or more separate notes, mortgages and other security documents (the “Severed Loan Documents”)
in such denominations as Lender shall determine in its sole discretion for purposes of evidencing and enforcing its rights and
remedies provided hereunder. Borrower shall execute and deliver to Lender from time to time, promptly after the request of Lender,
a severance agreement and such other documents as Lender shall request in order to effect the severance described in the preceding
sentence, all in form and substance reasonably satisfactory to Lender. Borrower hereby absolutely and irrevocably appoints Lender
as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or
desirable to effect the aforesaid severance, Borrower ratifying all that its said attorney shall do by virtue thereof; provided,
however, Lender shall not make or execute any such documents under such power until three (3) days after notice has been given
to Borrower by Lender of Lender’s intent to exercise its rights under such power. Borrower shall be obligated to pay any
costs or expenses incurred in connection with the preparation, execution, recording or filing of the Severed Loan Documents. The
Severed Loan Documents shall not contain any representations, warranties or covenants not contained in the Loan Documents and any
such representations and warranties contained in the Severed Loan Documents will be given by Borrower only as of the Closing Date.

 

(d)          Lender
shall have the right from time to time to partially foreclose any one or more Security Instruments in any manner and for any amounts
secured by such Security Instruments then due and payable as determined by Lender in its sole discretion, including the following
circumstances: (i) in the event Borrower defaults beyond any applicable grace period in the payment of one or more scheduled
payments of principal and/or interest, Lender may foreclose any one or more Security Instruments to recover such delinquent payments,
or (ii) in the event Lender elects to accelerate less than the entire Outstanding Principal Balance, Lender may foreclose
any one or more Security Instruments to recover so much of the Debt as Lender may accelerate and such other sums secured by such
Security Instruments as Lender may elect. Notwithstanding one or more partial foreclosures, the Properties shall remain subject
to the applicable Security Instruments to secure payment of sums secured by such Security Instruments and not previously recovered.

 

(e)          Any
amounts recovered from the Properties or any Property or any other collateral for the Loan after an Event of Default may be applied
by Lender toward the payment of any interest and/or principal of the Loan and/or any other amounts due under the Loan Documents
in such order, priority and proportions as Lender in its sole discretion shall determine.

 

(f)           If
an Event of Default exists, Lender may (directly or by its agents, employees, contractors, engineers, architects, nominees, attorneys
or other representatives), but without any obligation to do so and without notice to Borrower and without releasing Borrower from
any obligation hereunder, cure the Event of Default in such manner and to such extent as Lender may deem necessary to protect the
security hereof. Subject to Tenants’ rights under the Leases, Lender (and its agents, employees, contractors, engineers,
architects, nominees, attorneys or other representatives) are authorized to enter upon the Properties or any Property to cure such
Event of Default, and Lender is authorized to appear in, defend, or bring any action or proceeding reasonably necessary to maintain,
secure or otherwise protect the Properties or any Property or the priority of the Lien granted by each Security Instrument.

 

(g)          Lender
may appear in and defend any action or proceeding brought with respect to the Properties or any Property and may bring any action
or proceeding, in the name and on behalf of Borrower, which Lender, in its sole discretion, decides should be brought to protect
its interest in the Properties or any Property. Lender shall, at its option, be subrogated to the Lien of any mortgage or other
security instrument discharged in whole or in part by the Obligations, and any such subrogation rights shall constitute additional
security for the payment of the Obligations.

 

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(h)          As
used in this Section 8.2, a “foreclosure” shall include, without limitation, a power of sale.

 

Section 8.3            Remedies
Cumulative; Waivers. The rights, powers and remedies of Lender under this Agreement shall be cumulative and not exclusive of
any other right, power or remedy which Lender may have against Borrower pursuant to this Agreement or the other Loan Documents,
or existing at law or in equity or otherwise. Lender’s rights, powers and remedies may be pursued singularly, concurrently
or otherwise, at such time and in such order as Lender may determine in Lender’s sole discretion. No delay or omission to
exercise any remedy, right or power accruing upon an Event of Default shall impair any such remedy, right or power or shall be
construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed
expedient. A waiver of one Default or Event of Default with respect to Borrower shall not be construed to be a waiver of any subsequent
Default or Event of Default by Borrower or to impair any remedy, right or power consequent thereon.

 

Article IX

 

SPECIAL
PROVISIONS

 

Section 9.1            Transfer
of Loan. Lender may, at any time, sell, transfer or assign this Agreement, the Note, the Security Instruments and the other
Loan Documents, and any or all servicing rights with respect thereto, or grant participations therein or issue mortgage pass-through
certificates or other securities (the “Securities”) evidencing a beneficial interest in a rated or unrated
public offering or private placement (such sales, participation, offering and/or placement, collectively, a “Securitization”).
Lender may forward to each prospective purchaser, transferee, assignee, servicer, participant or investor in such participations
or Securities (collectively, the “Investor”) or any Rating Agency rating such Securities, and any organization
maintaining databases on the underwriting and performance of commercial mortgage loans, all documents and information which Lender
now has or may hereafter acquire relating to the Loan or to Borrower, any Guarantor or the Properties or any Property, whether
furnished by Borrower, any Guarantor or otherwise, as Lender determines necessary or desirable, including, without limitation,
financial statements relating to Borrower, Guarantor, the Property and any Tenant at the Property. Borrower irrevocably waives
any and all rights it may have under law or in equity to prohibit such disclosure, including but not limited to any right of privacy.

 

Section 9.2            Cooperation.
Borrower and Guarantor agree to cooperate with Lender (and agree to cause their respective officers and representatives to cooperate)
in connection with any transfer made or any Securities created pursuant to this Article IX, including, without limitation,
the taking, or refraining from taking, of such action as may be necessary to satisfy all of the conditions of any Investor, the
delivery of an estoppel certificate required in accordance with Section 5.1.15 hereof and such other documents as may be reasonably
requested by Lender, and the execution of amendments to this Agreement, the Note, the Security Instruments and other Loan Documents
and Borrower’s organizational documents as reasonably requested by Lender; provided that the reasonable costs incurred for
such cooperation shall be paid by Lender and no changes to the Loan Documents shall be required which will have a material adverse
economic impact on Borrower or Guarantor. Borrower shall also furnish and Borrower and Guarantor consent to Lender furnishing to
such Investors or prospective Investors or any Rating Agency any and all information concerning the Properties or any Property,
the Leases, the financial condition of Borrower and Guarantor as may be requested by Lender, any Investor, any prospective Investor
or any Rating Agency in connection with any sale, transfer or Participations or Securities and shall indemnify the Indemnified
Parties against, and hold the Indemnified Parties harmless from, any losses, claims, damages or liabilities (collectively, the
“Liabilities”) to which any such Indemnified Parties may become subject insofar as the Liabilities arise
out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in a Disclosure Document
or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated in the
Disclosure Document or necessary in order to make the statements in the Disclosure Document, in light of the circumstances under
which they were made, not misleading and agreeing to reimburse the Indemnified Parties for any legal or other expenses reasonably
incurred by each of them in connection with investigating or defending the Liabilities; provided, however, that Borrower will be
liable in any such case under this Section 9.2 only to the extent that any such loss, claim, damage or liability arises out
of or is based upon any such untrue statement or omission made therein in reliance upon and in conformity with information furnished
to Lender by or on behalf of Borrower in connection with the preparation of the Disclosure Document or in connection with the underwriting
or closing of the Loan, including, without limitation, financial statements of Borrower, operating statements and rent rolls with
respect to the Properties or any Property. This indemnity agreement will be in addition to any liability which Borrower may otherwise
have and shall survive the termination of any Security Instrument and the satisfaction and discharge of the Debt.

 

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Section 9.3            Servicer.
At the option of Lender, the Loan may be serviced by a master servicer, primary servicer, special servicer and/or trustee (any
such master servicer, primary servicer, special servicer, and trustee, together with its agents, nominees or designees, are collectively
referred to as “Servicer”) selected by Lender and Lender may delegate all or any portion of its responsibilities
under this Agreement and the other Loan Documents to Servicer pursuant to a pooling and servicing agreement, servicing agreement,
special servicing agreement or other agreement providing for the servicing of one or more mortgage loans (collectively, the “Servicing
Agreement”) between Lender and Servicer. Borrower shall be responsible for any reasonable set up fees or any other
initial costs relating to or arising under the Servicing Agreement, but Borrower shall not be responsible for payment of the regular
monthly master servicing fee or trustee fee due to Servicer under the Servicing Agreement or any fees or expenses required to be
borne by, and not reimbursable to, Servicer. Notwithstanding the foregoing, Borrower shall promptly reimburse Lender on demand
for (a) interest payable on advances made by Servicer with respect to delinquent debt service payments (to the extent interest
at the Default Rate actually paid by Borrower in respect of such payments are insufficient to pay the same) or expenses paid by
Servicer or trustee in respect of the protection and preservation of the Properties (including, without limitation, on account
of Basic Carrying Costs), (b) all costs and expenses, liquidation fees, workout fees, special servicing fees, operating advisor
fees or any other similar fees payable by Lender to Servicer which may be due and payable under the Servicing Agreement (whether
on a periodic or a continuing basis) as a result of an Event of Default under the Loan, the Loan becoming specially serviced, the
commencement or continuance of any enforcement action of any kind with respect to the Loan or any of the Loan Documents, a refinancing
or a restructuring of the credit arrangements provided under this Agreement in the nature of a “work-out”
of the Loan Documents, or any Bankruptcy Action involving Borrower, Principal, Guarantor or any of their respective principals
or Affiliates, (c) all costs and expenses of any Property inspections and/or appraisals (or any updates to any existing inspection
or appraisal) that Servicer or the trustee may be required to obtain (other than the cost of regular annual inspections required
to be borne by Servicer under the Servicing Agreement), and (d) all costs and expenses relating to or arising from any special
requests made by Borrower or Guarantor during the term of the Loan including, without limitation, in connection with a prepayment,
defeasance, assumption or modification of the Loan. Borrower shall not be obligated to pay any Servicer fee specifically in connection
with Servicer’s review of Leases for approval purposes or processing any requests for disbursement from any of the Reserve
Funds.

 

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Section 9.4           Restructuring
of Loan.

 

(a)          Lender,
without in any way limiting Lender’s other rights hereunder, in its sole and absolute discretion, shall have the right at
any time to require Borrower to restructure the Loan into additional multiple notes (which may include component notes and/or senior
and junior notes), to re-allocate principal among component notes and/or senior and junior notes and/or to create participation
interests in the Loan, which restructuring may include the restructuring of a portion of the Loan to one or more of the foregoing
or to one or more mezzanine loans (the “New Mezzanine Loan”) to the direct or indirect owners of the
equity interests in Borrower, secured by a pledge of such interests, the establishment of different interest rates and debt service
payments for the Loan, and the New Mezzanine Loan and the payment of the Loan, and the New Mezzanine Loan in such order of priority
as may be designated by Lender; provided that (i) the total principal amounts of the Loan (including any component notes),
and the New Mezzanine Loan shall equal the total principal amount of the Loan immediately prior to the restructuring, (ii) except
in the case of the occurrence of an Event of Default or a default beyond all notice and cure periods under the New Mezzanine Loan,
or of a Casualty or Condemnation that results in the payment of principal under the Loan and/or the New Mezzanine Loan, the initial
weighted average interest rate of the Loan and the New Mezzanine Loan, if any, shall, in the aggregate, equal the Interest Rate,
and (iii) except in the case of the occurrence of an Event of Default and/or a default beyond all notice and cure periods
under the New Mezzanine Loan, or of a Casualty or Condemnation that results in the payment of principal under the Loan and/or the
New Mezzanine Loan, the aggregate debt service payments on the Loan and the New Mezzanine Loan shall equal the aggregate debt service
payments which would have been payable under the Loan had the restructuring not occurred.

 

(b)          Borrower
shall cooperate with all reasonable requests of Lender in order to restructure the Note, the Loan and/or to create a New Mezzanine
Loan, if applicable, and shall, upon ten (10) Business Days written notice from Lender, which notice shall include the forms of
documents for which Lender is requesting execution and delivery, (i) execute and deliver such documents, including, without
limitation, in the case of any New Mezzanine Loan, a mezzanine note, a mezzanine loan agreement, a pledge and security agreement
and a mezzanine deposit account agreement, (ii) cause Borrower’s counsel to deliver such legal opinions, and (iii) create
such a bankruptcy remote borrower under the New Mezzanine Loan as, in each of the cases of clauses (i), (ii) and (iii) above, shall
be reasonably required by Lender and required by any Rating Agency in connection therewith, all in form and substance reasonably
satisfactory to Lender, including, without limitation, the severance of this Agreement, the Security Instruments and the other
Loan Documents if requested; provided, however, but subject to the last proviso of Section 9.4(a) hereof, any such amendments
required by Lender shall not result in any economic or other material adverse change in the transaction contemplated by this Agreement
or the other Loan Documents.

 

(c)          Borrower
shall not be obligated to pay any costs or expenses incurred in connection with any such restructuring as set forth in this Section 9.4
except for Borrower’s own legal costs and expenses and Borrower’s own accounting costs and expenses.

 

(d)          In
the event Borrower fails to execute and deliver such documents described in this Section 9.4 to Lender within ten (10) Business
Days following such written notice by Lender, and Lender sends a second notice to Borrower with respect to the delivery of such
documents containing a legend clearly marked in not less than fourteen (14) point bold face type, underlined, in all capital letters
“POWER OF ATTORNEY IN FAVOR OF LENDER DEEMED EFFECTIVE FOR EXECUTION AND DELIVERY OF DOCUMENTS IF NO RESPONSE WITHIN
10 BUSINESS DAYS”, Borrower hereby absolutely and irrevocably appoints Lender as its true and lawful attorney, coupled
with an interest, in its name and stead to make and execute all documents necessary or desirable to effect such transactions, Borrower
ratifying all that such attorney shall do by virtue thereof, if Borrower fails to execute and deliver such documents within ten
(10) Business Days of receipt of such second notice. It shall be an Event of Default if Borrower fails to comply with any of the
terms, covenants or conditions of this Section 9.4 after the expiration of ten (10) Business Days after the second notice
thereof.

 

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Article X

 

MISCELLANEOUS

 

Section 10.1          Survival.
This Agreement and all covenants, agreements, representations and warranties made herein and in the certificates delivered pursuant
hereto shall survive the making by Lender of the Loan and the execution and delivery to Lender of the Note, and shall continue
in full force and effect so long as all or any of the Obligations are outstanding and unpaid unless a longer period is expressly
set forth herein or in the other Loan Documents. Whenever in this Agreement any of the parties hereto is referred to, such reference
shall be deemed to include the legal representatives, successors and assigns of such party. All covenants, promises and agreements
in this Agreement, by or on behalf of Borrower, shall inure to the benefit of the legal representatives, successors and assigns
of Lender.

 

Section 10.2          Lender’s
Discretion. Whenever pursuant to this Agreement, Lender exercises any right given to it to approve or disapprove, or any arrangement
or term is to be satisfactory to Lender, the decision of Lender to approve or disapprove or to decide whether arrangements or terms
are satisfactory or not satisfactory shall (except as is otherwise specifically herein provided) be in the sole discretion of Lender
and shall be final and conclusive.

 

Section 10.3          Governing
Law.

 

(a)          THIS
AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, THE LOAN WAS MADE BY LENDER AND ACCEPTED BY BORROWER IN THE STATE OF NEW YORK,
AND THE PROCEEDS OF THE LOAN DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE
HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING,
WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT, THE NOTE AND
THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES
OF CONFLICTS OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION,
PERFECTION, AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER LOAN DOCUMENTS
SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT,
TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY
AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED
BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS
THIS AGREEMENT, THE NOTE AND/OR THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
LAW.

 

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(b)          ANY
LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS
MAY AT LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT
TO SECTION 5¬1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER
HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY IRREVOCABLY SUBMITS
TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. BORROWER DOES HEREBY DESIGNATE AND APPOINT:

 

Neil J. O’Halloran

O’Halloran Ryan LLP

711 Third Avenue, 20th Floor,

New York, New York 10017

 

AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE
ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE
COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND NOTICE OF SAID SERVICE MAILED
OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER
IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED
ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT
WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE
OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW
YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF LENDER TO SERVE
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST BORROWER IN ANY OTHER
JURISDICTION.

 

(c)          EXCEPTIONS.
NOTWITHSTANDING THE FOREGOING CHOICE OF LAW:

 

(i)          THE
PROCEDURES GOVERNING THE ENFORCEMENT BY LENDER OF ITS FORECLOSURE AND OTHER REMEDIES AGAINST BORROWER UNDER THE SECURITY INSTRUMENT
AND UNDER THE OTHER LOAN DOCUMENTS WITH RESPECT TO THE PROPERTY OR OTHER ASSETS OF BORROWER, INCLUDING BY WAY OF ILLUSTRATION,
BUT NOT IN LIMITATION, ACTIONS FOR FORECLOSURE, FOR INJUNCTIVE RELIEF OR FOR THE APPOINTMENT OF A RECEIVER SHALL BE GOVERNED BY
THE LAWS OF THE STATE WHERE SUCH PROPERTY OR OTHER ASSETS ARE LOCATED;

 

(ii)         LENDER
SHALL COMPLY WITH APPLICABLE LAW IN THE STATE WHERE THE PROPERTY OR OTHER ASSETS ARE LOCATED TO THE EXTENT REQUIRED BY THE LAW
OF SUCH JURISDICTION IN CONNECTION WITH THE FORECLOSURE OF THE SECURITY INTERESTS AND LIENS CREATED UNDER THE SECURITY INSTRUMENT
AND THE OTHER LOAN DOCUMENTS WITH RESPECT TO THE PROPERTY OR OTHER ASSETS;

 

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(iii)        PROVISIONS
OF FEDERAL LAW AND THE LAW OF THE STATE WHERE THE PROPERTY IS LOCATED SHALL APPLY IN DEFINING THE TERMS HAZARDOUS SUBSTANCES, ENVIRONMENTAL
STATUTES, AND LEGAL REQUIREMENTS AS SUCH TERMS ARE USED IN THIS LOAN AGREEMENT, AND THE OTHER LOAN DOCUMENTS, WITH RESPECT TO THE
PROPERTY AND BORROWER; AND

 

(iv)        MATTERS
OF REAL ESTATE, LANDLORD-TENANT AND PROPERTY LAW SHALL BE GOVERNED BY THE LAWS OF THE STATE WHERE THE PROPERTY IS SITUATED.

 

Section 10.4    
     Modification, Waiver in Writing. No modification, amendment, extension, discharge,
termination or waiver of any provision of this Agreement, or of the Note, or of any other Loan Document, nor consent to any
departure by Borrower therefrom, shall in any event be effective unless the same shall be in a writing signed by the party
against whom enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for
the purpose, for which given. Except as otherwise expressly provided herein, no notice to, or demand on Borrower, shall
entitle Borrower to any other or future notice or demand in the same, similar or other circumstances.

 

Section 10.5     
    Delay Not a Waiver. Neither any failure nor any delay on the part of Lender in insisting upon
strict performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege
hereunder, or under the Note or under any other Loan Document, or any other instrument given as security therefor, shall
operate as or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise,
or the exercise of any other right, power, remedy or privilege. In particular, and not by way of limitation, by accepting
payment after the due date of any amount payable under this Agreement, the Note or any other Loan Document, Lender shall not
be deemed to have waived any right either to require prompt payment when due of all other amounts due under this Agreement,
the Note or the other Loan Documents, or to declare a default for failure to effect prompt payment of any such other
amount.

 

Section 10.6     
    Notices. All notices, consents, approvals and requests required or permitted hereunder or
under any other Loan Document shall be given in writing and shall be effective for all purposes if hand delivered or sent by
(a) certified or registered United States mail, postage prepaid, return receipt requested or (b) expedited prepaid
delivery service, either commercial or United States Postal Service, with proof of attempted delivery, and by telecopier
(with answer back acknowledged), addressed as follows (or at such other address and Person as shall be designated from time
to time by any party hereto, as the case may be, in a notice to the other parties hereto in the manner provided for in this
Section 10.6):

 

If to Lender:        Cantor Commercial
Real Estate Lending, L.P.

110 East 59th Street, 6th Floor

New York, New York 10022

Attention: Legal Department

Facsimile No. (212) 610-3623

E-Mail: legal@ccre.com

 

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with a copy to:    Seyfarth Shaw
LLP

Two Seaport Lane, Suite 300

Boston, MA 02210

Attention: Sean M. O’Brien,
Esq.

Facsimile No. (617) 946-4801

E-Mail: sobrien@seyfarth.com

 

with a copy to:   Wells Fargo Bank,
National Association

Commercial Mortgage Servicing

550 Tryon Street, 12th Floor

Charlotte, NC 28202

Attention: Scott Rossbach

Facsimile No. (704) 715-0473

E-Mail: scott.rossbach@wellsfargo.com

 

If to Borrower:     GMR Memphis, LLC,
GMR Plano, LLC, GMR Melbourne, LLC and GMR Westland, LLC

c/o Global Medical REIT Inc.

4800 Montgomery Lane, Suite 450

Bethesda, Maryland 20814

Attention: David Young

E-Mail: davidy@globalmedicalreit.com

 

with a copy to:     Ann Peldo Cargile,
Esq.

Bradley Arant Boult Cummings LLP

1600 Division Street, Suite 700

Nashville, Tennessee 37203

E-Mail: acargile@babc.com

 

A notice shall be deemed to have been given:
in the case of hand delivery, at the time of delivery; in the case of registered or certified mail, when delivered or the first
attempted delivery on a Business Day; or in the case of expedited prepaid delivery and telecopy, upon the first attempted delivery
on a Business Day; or in the case of telecopy, upon sender’s receipt of a machine-generated confirmation of successful transmission
after advice by telephone to recipient that a telecopy notice is forthcoming. Any failure to deliver a notice by reason of a change
of address not given in accordance with this Section 10.6, or any refusal to accept a notice, shall be deemed to have been
given when delivery was attempted. Any notice required or permitted to be given by any party hereunder or under any other Loan
Document may be given by its respective counsel. Additionally, any notice required or permitted to be given by Lender hereunder
or under any other Loan Document may also be given by the Servicer.

 

Section 10.7          Trial
by Jury. BORROWER HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO
TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM,
COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY
BY BORROWER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD
OTHERWISE ACCRUE. LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS
WAIVER BY BORROWER.

 

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Section 10.8          Headings.
The Article and/or Section headings and the Table of Contents in this Agreement are included herein for convenience of reference
only and shall not constitute a part of this Agreement for any other purpose.

 

Section 10.9          Severability.
Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions
of this Agreement.

 

Section 10.10        Preferences.
Lender shall have the continuing and exclusive right to apply or reverse and reapply any and all payments by Borrower to any portion
of the Debt. To the extent Borrower makes a payment or payments to Lender, which payment or proceeds or any part thereof are subsequently
invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other
party under any bankruptcy law, state or Federal law, common law or equitable cause, then, to the extent of such payment or proceeds
received, the Obligations hereunder or part thereof intended to be satisfied shall be revived and continue in full force and effect,
as if such payment or proceeds had not been received by Lender.

 

Section 10.11        Waiver
of Notice. Borrower hereby expressly waives, and shall not be entitled to any notices of any nature whatsoever from Lender
except with respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide for the
giving of notice by Lender to Borrower and except with respect to matters for which Borrower is not, pursuant to applicable Legal
Requirements, permitted to waive the giving of notice.

 

Section 10.12        Remedies
of Borrower. In the event that a claim or adjudication is made that Lender or its agents have acted unreasonably or unreasonably
delayed acting in any case where by law or under this Agreement or the other Loan Documents, Lender or such agent, as the case
may be, has an obligation to act reasonably or promptly, Borrower agrees that neither Lender nor its agents shall be liable for
any monetary damages, and Borrower’s sole remedies shall be limited to commencing an action seeking injunctive relief or
declaratory judgment. The parties hereto agree that any action or proceeding to determine whether Lender has acted reasonably shall
be determined by an action seeking declaratory judgment. Further, it is agreed Lender shall not be in default under this Agreement,
or under any other Loan Document, unless a written notice specifically setting forth the claim of Borrower shall have been given
to Lender within thirty (30) days after Borrower first had knowledge of the occurrence of the event which Borrower alleges gave
rise to such claim and Lender does not remedy or cure the default, if any there be, promptly thereafter. Failure to give such notice
shall constitute a waiver of such claim.

 

Section 10.13        Expenses;
Indemnity. (a) Borrower covenants and agrees to pay or, if Borrower fails to pay, to reimburse, Lender upon receipt of
notice from Lender for all costs and expenses (including reasonable attorneys’ fees and disbursements) incurred by Lender
in connection with (i) the preparation, negotiation, execution and delivery of this Agreement and the other Loan Documents
and the consummation of the transactions contemplated hereby and thereby and all the costs of furnishing all opinions by counsel
for Borrower (including without limitation any opinions requested by Lender as to any legal matters arising under this Agreement
or the other Loan Documents with respect to any Property); (ii) Borrower’s ongoing performance of and compliance with
Borrower’s respective agreements and covenants contained in this Agreement and the other Loan Documents on its part to be
performed or complied with after the Closing Date, including, without limitation, confirming compliance with environmental and
insurance requirements; (iii) Lender’s ongoing performance and compliance with all agreements and conditions contained
in this Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date; (iv) the
negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or other modifications to
this Agreement and the other Loan Documents and any other documents or matters requested by Lender; (v) securing Borrower’s
compliance with any requests made pursuant to the provisions of this Agreement; (vi) the filing and recording fees and expenses,
title insurance and reasonable fees and expenses of counsel for providing to Lender all required legal opinions, and other similar
expenses incurred in creating and perfecting the Liens in favor of Lender pursuant to this Agreement and the other Loan Documents;

 

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(1)         enforcing
or preserving any rights, either in response to third party claims or in prosecuting or defending any action or proceeding or other
litigation, in each case against, under or affecting Borrower, this Agreement, the other Loan Documents, any Property, or any other
security given for the Loan; and

 

(2)         enforcing
any obligations of or collecting any payments due from Borrower under this Agreement, the other Loan Documents or with respect
to any Property (including any fees and expenses reasonably incurred by or payable to Servicer or a trustee in connection with
the transfer of the Loan to a special servicer upon Servicer’s anticipation of a Default or Event of Default, liquidation
fees, workout fees, special servicing fees, operating advisor fees or any other similar fees and interest payable on advances made
by the Servicer with respect to delinquent debt service payments or expenses of curing Borrower’s defaults under the Loan
Documents), or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in
the nature of a “work-out” or of any insolvency or bankruptcy proceedings or any other amounts required
under Section 9.3; provided, however, that Borrower shall not be liable for the payment of any such costs and expenses to
the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of Lender. Any cost and
expenses due and payable to Lender may be paid from any amounts in the Clearing Accounts or the Cash Management Account, as applicable.

 

(b)          Borrower
shall indemnify, defend and hold harmless the Indemnified Parties from and against any and all other liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever
(including, without limitation, the reasonable fees and disbursements of counsel for Lender in connection with any investigative,
administrative or judicial proceeding commenced or threatened, whether or not Lender shall be designated a party thereto), that
may be imposed on, incurred by, or asserted against any Indemnified Party in any manner relating to or arising out of (i) any
breach by Borrower of its Obligations under, or any material misrepresentation by Borrower contained in, this Agreement or the
other Loan Documents, or (ii) the use or intended use of the proceeds of the Loan (the liabilities, losses, costs, expenses
and other matters described in this subparagraph (b), collectively, the “Indemnified Liabilities”);
provided, however, that Borrower shall not have any obligation to an Indemnified Party hereunder to the extent that such Indemnified
Liabilities arise from the gross negligence, illegal acts, fraud or willful misconduct of such Indemnified Party. To the extent
that the undertaking to indemnify, defend and hold harmless set forth in the preceding sentence may be unenforceable because it
violates any law or public policy, Borrower shall pay the maximum portion that it is permitted to pay and satisfy under applicable
law to the payment and satisfaction of all Indemnified Liabilities incurred by the Indemnified Parties.

 

(c)          Borrower
covenants and agrees to pay for or, if Borrower fails to pay, to reimburse Lender for, any fees and expenses incurred by any Rating
Agency in connection with any Rating Agency review of the Loan, the Loan Documents or any transaction contemplated thereby or any
consent, approval, waiver or confirmation obtained from such Rating Agency pursuant to the terms and conditions of this Agreement
or any other Loan Document and Lender shall be entitled to require payment of such fees and expenses as a condition precedent to
the obtaining of any such consent, approval, waiver or confirmation.

 

    	 	105	 

     

    

  

(d)          Borrower
shall indemnify, defend and hold harmless each Indemnified Party against any liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including, without limitation,
the reasonable fees and disbursements of counsel) to which each such Indemnified Party may become subject (i) in connection with
any indemnification to the Rating Agencies in connection with issuing, monitoring or maintaining the Securities and (ii) insofar
as the liabilities, losses, damages, actions costs and expenses so incurred arise out of or are based upon any untrue statement
of any material fact in any information provided by or on behalf of the Borrower or Guarantor to the Rating Agencies (the “Covered
Rating Agency Information”) or arise out of or are based upon the omission to state a material fact in the Covered
Rating Agency Information required to be stated therein or necessary in order to make the statements in the Covered Rating Agency
Information, in light of the circumstances under which they were made, not misleading.

 

Section 10.14        Schedules
Incorporated. The Schedules annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect
as if set forth in the body hereof.

 

Section 10.15        Intentionally
Omitted.

 

Section 10.16        No
Joint Venture or Partnership; No Third Party Beneficiaries.

 

(a)          Borrower
and Lender intend that the relationships created hereunder and under the other Loan Documents be solely that of borrower and lender.
Nothing herein or therein is intended to create a joint venture, partnership, tenancy-in-common, or joint tenancy relationship
between Borrower and Lender nor to grant Lender any interest in the Properties other than that of mortgagee, beneficiary or lender.

 

(b)          This
Agreement and the other Loan Documents are solely for the benefit of Lender and Borrower and nothing contained in this Agreement
or the other Loan Documents shall be deemed to confer upon anyone other than Lender and Borrower any right to insist upon or to
enforce the performance or observance of any of the Obligations contained herein or therein. All conditions to the obligations
of Lender to make the Loan hereunder are imposed solely and exclusively for the benefit of Lender and no other Person shall have
standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that Lender will refuse
to make the Loan in the absence of strict compliance with any or all thereof and no other Person shall under any circumstances
be deemed to be a beneficiary of such conditions, any or all of which may be freely waived in whole or in part by Lender if, in
Lender’s sole discretion, Lender deems it advisable or desirable to do so.

 

Section 10.17        Publicity.
All news releases, publicity or advertising by Borrower or its Affiliates through any media intended to reach the general public
which refers to the Loan Documents or the financing evidenced by the Loan Documents, to Lender or any of its Affiliates shall be
subject to the prior approval of Lender.

 

Section 10.18        Waiver
of Marshalling of Assets. To the fullest extent permitted by law, Borrower, for itself and its successors and assigns, waives
all rights to a marshalling of the assets of Borrower, Borrower’s partners and others with interests in Borrower, and of
the Properties or any Property, or to a sale in inverse order of alienation in the event of foreclosure of the Security Instruments,
and agrees not to assert any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation,
homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the
right of Lender under the Loan Documents to a sale of the Properties or any Property for the collection of the Debt without any
prior or different resort for collection or of the right of Lender to the payment of the Debt out of the net proceeds of the Properties
or any Property in preference to every other claimant whatsoever.

 

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Section 10.19        Waiver
of Counterclaim. Borrower hereby waives the right to assert a counterclaim, other than a compulsory counterclaim, in any action
or proceeding brought against it by Lender or its agents.

 

Section 10.20        Conflict;
Construction of Documents; Reliance. In the event of any conflict between the provisions of this Agreement and any of the other
Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that they were represented by competent
counsel in connection with the negotiation, drafting and execution of the Loan Documents and that such Loan Documents shall not
be subject to the principle of construing their meaning against the party which drafted same. Borrower acknowledges that, with
respect to the Loan, Borrower shall rely solely on its own judgment and advisors in entering into the Loan without relying in any
manner on any statements, representations or recommendations of Lender or any Affiliate of Lender. Lender shall not be subject
to any limitation whatsoever in the exercise of any rights or remedies available to it under any of the Loan Documents or any other
agreements or instruments which govern the Loan by virtue of the ownership by it or any parent, subsidiary or Affiliate of Lender
of any equity interest any of them may acquire in Borrower, and Borrower hereby irrevocably waives the right to raise any defense
or take any action on the basis of the foregoing with respect to Lender’s exercise of any such rights or remedies. Borrower
acknowledges that Lender engages in the business of real estate financings and other real estate transactions and investments which
may be viewed as adverse to or competitive with the business of Borrower or its Affiliates.

 

Section 10.21        Brokers
and Financial Advisors. Borrower hereby represents that neither Borrower nor any Affiliate of Borrower has dealt with any financial
advisors, brokers, underwriters, placement agents, agents or finders in connection with the transactions contemplated by this Agreement
other than Realty Cap Advisors. Borrower hereby agrees to indemnify, defend and hold Lender harmless from and against any and all
claims, liabilities, costs and expenses of any kind (including Lender’s attorneys’ fees and expenses) in any way relating
to or arising from a claim by any Person that such Person acted on behalf of Borrower, Lender or any other Person in connection
with the transactions contemplated herein. The provisions of this Section 10.21 shall survive the expiration and termination
of this Agreement and the payment of the Debt.

 

Section 10.22        Prior
Agreements. This Agreement and the other Loan Documents contain the entire agreement of the parties hereto and thereto in respect
of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties, whether oral or written,
including, without limitation, the Loan Application and Term Sheet dated December 29, 2015 between Borrower and Lender are
superseded by the terms of this Agreement and the other Loan Documents.

 

Section 10.23        Cumulative
Rights. All of the rights of Lender under this Agreement and under each of the other Loan Documents and any other agreement
now or hereafter executed in connection herewith or therewith, shall be cumulative and may be exercised singly, together, or in
such combination as Lender may determine in its sole judgment.

 

Section 10.24        Counterparts.
This Agreement may be executed in several counterparts, each of which when executed and delivered is an original, but all of which
together shall constitute one instrument. In making proof of this Agreement, it shall not be necessary to produce or account for
more than one such counterpart which is executed by the party against whom enforcement of this Agreement is sought.

 

    	 	107	 

     

    

  

Section 10.25        Time
is of the Essence. Time is of the essence of each provision of this Agreement and the other Loan Documents.

 

Section 10.26        Consent
of Holder. Wherever this Agreement refers to Lender’s consent or discretion or other rights, such references to Lender
shall be deemed to refer to any holder of the Loan. The holder of the Loan may from time to time appoint a trustee or Servicer,
and Borrower shall be entitled to rely upon written instructions executed by a purported officer of the holder of the Loan as to
the extent of authority delegated to any such trustee or Servicer from time to time and determinations made by such trustee or
Servicer to the extent identified a within the delegated authority of such trustee or Servicer, unless and until such instructions
are superseded by further written instructions from the holder of the Loan.

 

Section 10.27        Successor
Laws. Any reference in this Agreement to any statute or regulation shall be deemed to include any successor statute or regulation.

 

Section 10.28        Reliance
on Third Parties. Lender may perform any of its responsibilities hereunder through one or more agents, attorneys or independent
contractors. In addition, Lender may conclusively rely upon the advice or determinations of any such agents, attorneys or independent
contractors in performing any discretionary function under the terms of this Agreement.

 

Section 10.29        Joint
and Several Liability. All of the representations, warranties, covenants, agreements, liabilities and obligations of Borrower
hereunder, if there shall be more than one, are joint and several. Furthermore, all representations, warranties, covenants, agreements,
grants and pledges made by Borrower hereunder, if there shall be more than one, shall be deemed made by each Borrower individually
and all Borrowers collectively, unless the context requires otherwise. All representations, warranties, covenants and agreements
set forth in this Agreement relative to the Properties shall apply to each Property individually and to all of the Properties collectively,
unless the context requires otherwise.

 

Section 10.30        Condominium
Provisions. The Condominium Provisions attached hereto as Schedule V are hereby incorporated herein as a part of this Agreement
with the same force and effect as if set forth in the body hereof.

 

Section 10.31        Global
Medical REIT L.P. as Principal. Notwithstanding anything herein to the contrary, for so long as the Borrower is the Borrower
hereunder and Global Medical REIT L.P. is the sole member of the Borrower, the references to “Principal”
in the following Sections of this Agreement shall not apply to or include Global Medical REIT L.P.: definition of “Special
Purpose Entity” in Section 1.1; Section 3.1(c)(ii)(A); and Section 3.1(c)(ii)(E). Nothing in this
Section 10.31 shall limit Borrower’s obligations pursuant to this Agreement or any of the other Loan Documents.

 

[THE REMAINDER OF THE PAGE IS INTENTIONALLY
BLANK]

 

    	 	108	 

     

    

 

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

  

	 	BORROWERS:
	 	 
	 	GMR MEMPHIS, LLC,
	 	a Delaware limited liability company

 

	 	By:	Global Medical REIT L.P.,
	 	 	a Delaware limited partnership,
	 	 	its Sole Member

 

	 	By:	Global Medical REIT GP LLC,
	 	 	a Delaware limited liability company,
	 	 	its General Partner

 

	 	By:	Global Medical REIT Inc.,
	 	 	a Maryland corporation,
	 	 	its Sole Member
	 	 	 
	 	[Signatures continue on next page.]

 

Signature Page to Loan Agreement

 

    	 	 	 

     

    

 

 

	 	[Signatures continued from previous page.]
	 	 
	 	GMR PLANO, LLC,
	 	a Delaware limited liability company

 

	 	By:	Global Medical REIT L.P.,
	 	 	a Delaware limited partnership,
	 	 	its Sole Member

 

	 	By:	Global Medical REIT GP LLC,
	 	 	a Delaware limited liability company,
	 	 	its General Partner

 

	 	By:	Global Medical REIT Inc.,
	 	 	a Maryland corporation,
	 	 	its Sole Member

 

	 	By:	/s/ David A. Young
	 	Name:	David A. Young
	 	Title:	Chief Executive Officer

 

	 	[Signatures continue on next page.]

 

Signature Page to Loan Agreement

 

    	 	 	 

     

    

 

 

	 	[Signatures continued from previous page.]
	 	 
	 	GMR MELBOURNE, LLC,
	 	a Delaware limited liability company

 

	 	By:	Global Medical REIT L.P.,
	 	 	a Delaware limited partnership,
	 	 	its Sole Member

 

	 	By:	Global Medical REIT GP LLC,
	 	 	a Delaware limited liability company,
	 	 	its General Partner

 

	 	By:	Global Medical REIT Inc.,
	 	 	a Maryland corporation,
	 	 	its Sole Member

 

	 	By:	/s/ David A. Young
	 	Name:	David A. Young
	 	Title:	Chief Executive Officer

 

	 	[Signatures continue on next page.]

 

Signature Page to Loan Agreement

 

    	 	 	 

     

    

 

 

	 	[Signatures continued from previous page.]
	 	 
	 	GMR WESTLAND, LLC,
	 	a Delaware limited liability company

 

	 	By:	Global Medical REIT L.P.,
	 	 	a Delaware limited partnership,
	 	 	its Sole Member

 

	 	By:	Global Medical REIT GP LLC,
	 	 	a Delaware limited liability company,
	 	 	its General Partner

 

	 	By:	Global Medical REIT Inc.,
	 	 	a Maryland corporation,
	 	 	its Sole Member

 

	 	By:	/s/ David A. Young
	 	Name:	David A. Young
	 	Title:	Chief Executive Officer

 

	 	[Signatures continue on next page]

 

Signature Page to Loan Agreement

 

    	 	 	 

     

    

  

	 	[Signatures continued from previous page]
	 	 
	 	LENDER:
	 	 
	 	CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.,
	 	a Delaware limited partnership

 

	 	By:	/s/ Michael May

	 	Name:	Michael May

	 	Title:	Chief Operating Officer CCRE

 

Signature Page to Loan Agreement 

 

    	 	 	 

     

    

 

Schedule
I

 

Rent
Roll

 

 

    	 	Schedule I-1	 

     

    

  

 

    	 	Schedule I-2	 

     

    

  

 

    	 	Schedule I-3	 

     

    

  

 

    	 	Schedule I-4	 

     

    

 

Schedule
II

 

[REQUIRED
REPAIRS/DEADLINES FOR COMPLETION]

 

	ITEM	 	Estimated Cost	 	 	Reserve Amount	 	 	Deadline for 
 Completion
	Surgical Institute of Michigan Property - stripe and properly designate two additional parking spaces at the Surgical Institute of Michigan Property and deliver to Lender an updated survey, reasonably acceptable to Lender, reflecting the addition of such two additional parking spaces at the Surgical Institute of Michigan Property (i.e., showing two more spaces than are shown on the applicable final survey delivered in connection with the closing of the Loan)	 	 		 	 	$	0.00	 	 	10 days from the Closing Date
	TOTAL	 	 	 	 	 	$	0.00	 	 	 

 

    	 	Schedule II-1	 

     

    

 

Schedule
III

 

[BORROWER
ORGANIZATIONAL CHART]

 

    	 	Schedule III-1	 

     

    

 

 

    	 	Schedule III-2	 

     

    

  

 

    	 	Schedule III-3	 

     

    

  

Schedule
IV

 

[DEPOSIT
AMOUNTS]

 

	Required Repairs Amount:	 	$	0.00	 
	 	 	 	 	 
	Initial Tax Deposit:	 	$	434,000.00	 
	 	 	 	 	 
	Initial Insurance Premiums Deposit:	 	$	14,630.00	 
	 	 	 	 	 
	Initial Rollover Reserve Deposit	 	$	380,889.00	 
	 	 	 	 	 
	Replacement Reserve Monthly Deposit:	 	$	2,821.40	 
	 	 	 	 	 
	Rollover Reserve Monthly Deposit*:	 	$	21,160.00	 
	 	 	 	 	 
	TI/LC Reserve Funds**:	 	$	2,750,000.00	 
	 	 	 	 	 
	*Rollover Reserve Monthly Deposit Per Property	 	 	 	 
	 	 	 	 	 
	Star Medical Center Property	 	$	3,000.00	 
	Marina Towers Property	 	$	9,750.00	 
	Surgical Institute of Michigan Property	 	$	1,877.25	 
	Gastro One Property	 	$	6,533.25	 

 

		**	Springing reserve, deposit to be made if Star Medical Center elects to expand the premises as more
particularly described in Section 7.8.1 hereof.

  

    	 	Schedule IV-1	 

     

    

 

Schedule
V

 

[CONDOMINIUM
PROVISIONS]

 

Section 1.1           Inconsistencies.
In the event of any inconsistencies between the terms and conditions of this Schedule V and the other terms and conditions of this
Agreement, the terms and conditions of this Schedule V shall govern, control and be binding upon the parties.

 

Section 1.2           Condominium
Definitions. For all purposes of this Agreement, except as otherwise expressly required or unless the context clearly indicates
a contrary intent:

 

“Affiliate
Units” shall have the meaning set forth in Section 1.8(m) of Schedule V to this Agreement.

 

“Assessments”
shall mean all fees, dues, charges, expenses and assessments, whether annual, monthly, regular, special or otherwise, payable by
Borrower with respect to Units.

 

“Condominium”
shall mean that certain condominium regime created by the Condominium Documents.

 

“Condominium
Act” shall mean the Tennessee Code Annotated Section 64-27-101, Horizontal Property Act and Tennessee Code Annotated
Section 64-27-102, et seq., Tennessee Condominium Act, as applicable.

 

“Condominium
Board” shall mean the board of directors, managers or trustees of the Owner’s Association.

 

“Condominium
Documents” shall mean, collectively: (a) the Master Deed of The Office Centre recorded with the Shelby County
Register of Deeds (the “ROD”) as Instrument No. U75567, as amended by that certain First Amendment to Master Deed of
The Office Centre recorded with the ROD as Instrument No. V4476, and the Bylaws of The Office Centre Condominium Association; (b) any
other document which creates or governs the Owner’s Association; (c) any rules and regulations of the Condominium; and
(d) other equivalent documents, as any or all of the same may be amended, restated, supplemented or otherwise modified from
time to time.

 

“Improvement
Rights” shall have the meaning set forth in Section 1.8(i) of Schedule V to this Agreement.

 

“Owner’s
Association” shall mean the organization of unit owners for the Condominium created pursuant to The Office Centre
Condominium Association.

 

“Units”
shall have the meaning set forth in the Security Instrument executed by Borrower 1 and encumbering that portion of the Gastro One
Property located in Tennessee.

 

Section 1.3           Certain
Modified Definitions. The definitions contained in Section 1.1 of this Agreement are hereby deleted and replaced with
the following new definitions:

 

    	 	Schedule V-1	 

     

    

  

“Legal
Requirements” shall mean all Federal, state, county, municipal and other governmental statutes, laws, rules, orders,
regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting any Property or any part thereof,
or the construction, use, alteration or operation thereof, or any part thereof, whether now or hereafter enacted and in force,
including, any Environmental Statutes, the Americans with Disabilities Act of 1990, as amended, the Condominium Act, and all permits,
licenses and authorizations and regulations relating thereto, and all covenants, agreements, restrictions and encumbrances contained
in any instruments, either of record or known to Borrower, at any time in force affecting Borrower, any Property or any part thereof,
including the Condominium Documents and any instruments which may (a) require repairs, modifications or alterations in or
to the Property or any part thereof, or (b) in any way limit the use and enjoyment thereof.

 

“Other
Charges” shall mean all ground rents, maintenance charges, impositions other than Taxes, Assessments, any “common
expenses” or other expenses allocated to and required to be paid by Borrower under the REA, and any other charges, including
vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Property, now or hereafter levied
or assessed or imposed against any Property or any part thereof.

 

“Owner’s
Association’s Policy” shall have the meaning set forth in Section 1.9(b) of Schedule V to this Agreement.

 

“Gastro
One Property” shall mean each parcel of real property described on Exhibit A-1, the Improvements thereon and all
Personal Property owned by Borrower 1 and encumbered by the applicable Security Instruments, including the Units, together with
all rights pertaining to such property and Improvements, as more particularly described in the granting clause of such Security
Instruments.

 

Section 1.4           Modification
of Exculpation Provision.

 

(a)          The
following clauses are hereby added to Section 3.1(b) of this Agreement: “or (xvii) any breach or violation of Section
1.8 of Schedule V of this Agreement.; or (xviii) any Lien filed by the Owner’s Association against any Property or
any portion thereof for failure to pay any Assessments to the extent such Lien has priority over the lien of the Security Instrument
or to the extent Lender, its designee, or purchaser at foreclosure becomes responsible for paying such past due Assessments following
a foreclosure or deed in lieu thereof.”

 

(b)          The
following clauses are hereby added to Section 3.1(c) of this Agreement: “or (K) Borrower, Guarantor or any Affiliate
of any of them failing to obtain Lender’s prior written consent to any amendment, modification supplement, cancellation or
termination of the Condominium Documents; (L) any action for partition of the Property or any portion thereof or interest therein,
or any similar actions, in each case that are instituted, prosecuted or consented to or suffered by Borrower, Guarantor or any
Affiliate of any of them, or caused due to a default under the Condominium Documents by Borrower, Guarantor or any Affiliate of
either of them; or (M) the Property is withdrawn from the condominium regime established by the Condominium Act or the Condominium
is otherwise terminated, cancelled or otherwise ceases to exist, in each case without the prior written consent of Lender.”

 

Section 1.5           Delivery
of Owner’s Association Estoppel. Upon Lender’s written request, Borrower shall use commercially reasonable efforts
to obtain estoppel certificates from the Owner’s Association, in form and substance reasonably satisfactory to Lender.

 

Section 1.6           Additional
Restrictions on Permitted Transfers. Section 5.2.10(g)(vi) of this Agreement is hereby deleted and replaced with the following
new clause (vi): “such Transfer being permitted under the terms of the REA and the Condominium Documents.”

 

Section 1.7           Condominium
Representations and Warranties. Borrower hereby represents and warrants as follows:

 

    	 	Schedule V-2	 

     

    

  

(a)          The
Condominium has been legally and validly created pursuant to the Condominium Act and all applicable Legal Requirements. The Condominium
Documents are valid, binding and enforceable and are in full force and effect. The Condominium has 40 total condominium units and
Borrower owns 1 Unit. Borrower’s undivided interest in the common elements of the Condominium is 17.42270%. As of the Closing
Date, the Condominium Board is comprised of five members.

 

(b)          As
of the Closing Date, (i) no default or event of default by Borrower or any Affiliate of Borrower or, to Borrower’s knowledge,
by any other Person, has occurred and is continuing under the Condominium Documents, (ii) all Assessments have been fully
paid, and (iii) there are no special or extraordinary Assessments pending or contemplated by the Owner’s Association
or the Condominium Board. The amount of Assessments that were required to be paid in the most recent calendar month was $1,953.36.

 

(c)          As
of the Closing Date, to Borrower’s knowledge, neither the Condominium Board nor the Owner’s Association has incurred
any Indebtedness that remains outstanding.

 

Section 1.8           Condominium
Covenants.

 

(a)          Borrower
shall pay all Assessments as and when due and payable. Borrower shall deliver to Lender, within five (5) after Lender’s written
request therefor, evidence satisfactory to Lender that the Assessments have been timely paid. Borrower shall immediately notify
Lender if the Assessments are increased, or if special or extraordinary Assessments are imposed.

 

(b)          Borrower
shall observe and perform, and shall cause the members of the Condominium Board appointed by Borrower to observe and perform, the
provisions of the Condominium Documents. Borrower (i) shall not take, or vote to take, and shall restrict any member of the
Condominium Board appointed by Borrower from taking, or voting to take, any action with respect to the Condominium and/or the Units
that would contravene, breach or violate the provisions of any of the Loan Documents, and (ii) shall, and shall cause each
member of the Condominium Board that was appointed by Borrower to, (A) vote in a manner consistent with the provisions of
the Loan Documents, (B) intentionally omitted, (C) obtain Lender’s prior written consent prior to voting to permit
the Condominium Board or the Owner’s Association to establish any significant working capital or similar reserves or undertaking
any significant capital expenditures, (D) vote to maintain the Condominium in good condition and repair, to promptly comply
with all Legal Requirements applicable to the Condominium, to promptly repair, replace or rebuild any part of the Condominium which
may be damaged or destroyed by fire or other casualty or which may be affected by any eminent domain or condemnation proceeding
and to promptly complete and pay for any structure at any time in the process of construction or repair at the Condominium. If
any part of the Condominium is damaged or destroyed by fire or other casualty or is affected by any eminent domain or condemnation
proceeding, unless otherwise approved by Lender, Borrower shall, and shall cause each member of the Condominium Board appointed
by Borrower to, vote in favor of repairing, restoring or rebuilding the Condominium.

 

(c)          Borrower
shall not object to allowing (and shall vote to allow) and shall cause each member of the Condominium Board appointed by Borrower
to vote to allow, Lender to examine the books, records and receipts of the Condominium upon five (5) days prior written notice
of such examination.

 

    	 	Schedule V-3	 

     

    

  

(d)          Within
five (5) days after Borrower’s receipt thereof, Borrower shall deliver to Lender: (i) a copy of the most recent annual
budget for the Condominium received by Borrower, and (ii) a copy of the most recent annual budget for the Condominium, and
(iii) a copy of each and every notice of default by Borrower received from the Owner’s Association or any member of
the Condominium Board. Furthermore, Borrower shall provide prior written notice to Lender of all material matters requiring the
vote or consent of the unit owners of the Condominium within five (5) days after obtaining knowledge thereof. Each such delivery
shall be accompanied by an Officer’s Certificate which certifies that the information delivered is true, correct and complete.

 

(e)          To
the extent that any approval rights, consent rights or other rights or privileges are granted to a mortgagee of record in the Condominium
Documents, or any other mortgagee protection provisions are contained in the Condominium Documents, then such approval rights,
consent rights or other rights, protections or privileges shall be deemed to be required by this Agreement and are incorporated
herein by this reference. Furthermore, Borrower shall not, and shall not permit any member of the Condominium Board appointed by
Borrower to, exercise any material approval, consent or voting rights to which it is entitled under the Condominium Documents without
obtaining Lender’s prior written consent.

 

(f)           Unless
otherwise approved by Lender, Borrower shall not, and shall not permit any member of the Condominium Board appointed by Borrower
to, vote in favor of the Condominium or the Owner’s Association incurring any Indebtedness.

 

(g)          Borrower
shall attend each duly called meeting or special meeting of the Owner’s Association.

 

(h)          Lender’s
prior written consent shall be required for any alterations to the Improvements if Borrower is required to obtain the consent or
approval of the Owner’s Association or the Condominium Board for any such alterations pursuant to the Condominium Documents.
The foregoing is in addition to, and not in limitation of, the provisions set forth in Section 5.1.21 of this Agreement.

 

(i)           In
the event that material improvements to the common areas and facilities of the Condominium (as opposed to ordinary repairs and
replacements of existing improvements in the ordinary course) are proposed: (i) Borrower shall notify Lender of such proposed
material improvements within five (5) days after obtaining knowledge thereof; (ii) Lender may, at its option, exercise all
rights, options and voting rights accruing to Borrower under the Condominium Documents and applicable Legal Requirements relating
to such proposed improvements to the common areas and facilities (the “Improvement Rights”) in the place and stead
of Borrower; (iii) in order to effectuate the foregoing, Borrower hereby irrevocably appoints Lender as Borrower’s attorney-in-fact
to so act with respect to said rights, which appointment as attorney-in-fact is hereby coupled with an interest; (iv) written
notice from Lender of its election to exercise the Improvement Rights in each event to the Owner’s Association and to Borrower
is to be deemed conclusive evidence as to Lender’s right to exercise the Improvement Rights; and (v) Borrower shall
pay all amounts required by the Condominium Documents with respect to such proposed improvements as and when due. Lender may, without
any obligation or liability, pay such amounts to Borrower or directly to the Owner’s Association for such proposed improvements,
and the same shall be secured by this Security Instrument and the other Loan Documents. Any such advances shall bear interest at
the Default Rate until repaid to Lender and Borrower shall execute, acknowledge, deliver and record, at Borrower’s expense,
any documents as Lender may require evidencing such advances and securing repayment thereof to Lender by Borrower.

 

(j)           With
respect to any matters concerning the: (i) election of members of the Condominium Board, (ii) approval of any budget
or amended or supplementary budget for the Condominium, or (iii) the selection of a manager or execution of a management contract,
Lender may elect to vote in place and stead of Borrower with respect to all such matters. In order to effectuate the foregoing,
Borrower hereby irrevocably appoints Lender as Borrower’s attorney-in-fact to so act with respect to said right to vote,
which appointment as attorney-in-fact is hereby coupled with an interest. Notwithstanding anything contained herein to the contrary,
nothing contained herein or otherwise shall render Lender liable for voting, and in no circumstance shall Lender be liable or responsible
for the payment of any Assessments.

 

    	 	Schedule V-4	 

     

    

  

(k)          Intentionally
Omitted.

 

(l)           Without
the prior written consent of Lender, Borrower shall not, and shall not permit any member of the Condominium Board appointed by
Borrower to, (i) partition or subdivide the Condominium or the applicable Property, or any portion thereof, (ii) abandon,
terminate or cancel the Condominium or the Condominium Documents, (iii) intentionally omitted, or (iv) take any action
that would have the effect of rendering the insurance coverage maintained by the Owner’s Association inconsistent with the
requirements of this Agreement. Furthermore, neither Borrower nor any member of the Condominium Board appointed by Borrower shall
vote in favor of, consent to, or suffer any of the foregoing actions or events.

 

(m)         In
the event that an Affiliate of Borrower acquires any condominium unit(s) within the Condominium (such units together with the undivided
ownership interest therein, the “Affiliate Units”), Borrower shall cause its Affiliate to assign to Lender all voting
rights associated with such Affiliate Units. In no event shall Borrower be permitted to purchase any of the Affiliate Units.

 

(n)          Borrower
shall promptly notify Lender of any lapse in required insurance coverage which is maintained by the Owner’s Association.

 

Section 1.9           Insurance
and Restoration.

 

(a)          In
addition to the insurance requirements contained in this Agreement, Borrower shall obtain and maintain any other insurance policies
as may be required by the Condominium Documents.

 

(b)          If
and so long as the Owner’s Association maintains a “master” or “blanket” policy on the Condominium
which is acceptable to Lender and is issued by an insurance carrier acceptable to Lender (the “Owner’s Association’s
Policy”), then Borrower’s obligation under this Agreement to maintain insurance coverage will be satisfied to the extent
of the insurance coverage provided by such Owner’s Association’s Policy. To the extent permitted pursuant to applicable
Legal Requirements, any insurance proceeds from the Owner’s Association’s Policy shall be held and applied by Lender
in accordance with the terms and conditions of this Agreement. To the extent permitted by the Condominium Documents or Legal Requirements,
Borrower shall use commercially reasonable efforts to ensure that the Owner’s Association maintains a public liability insurance
policy acceptable to Lender in form, amount, and extent of coverage.

 

(c)          In
the event of a material fire or other casualty to the general common elements of the Condominium or any fire or other casualty
to the Units or any limited common elements appurtenant to the Units: (i) Borrower shall immediately notify Lender in writing
of such event; (ii) Lender may elect to vote in place and stead of Borrower with respect to: (A) all matters of repair
and restoration, (B) the disposition of insurance, (C) the settlement of insurance claims, and (D) the application
of insurance proceeds; (iii) in order to effectuate the foregoing, Borrower hereby irrevocably appoints Lender as Borrower’s
attorney-in-fact to so act with respect to said right to vote, which appointment as attorney-in-fact is hereby coupled with an
interest; (iv) Borrower shall pay all amounts as required by the Owner’s Association for such repair and restoration
due to inadequacy of insurance proceeds; and (v) in the event Borrower receives any funds, including insurance proceeds, whether
from fire or other casualty or otherwise, Borrower shall assign and immediately deliver any such funds to Lender. Lender may, without
obligation or liability, make the payments set forth in clause (iv) to Borrower or directly to the Owner’s Association
for such repair and restoration and the same shall be secured by the applicable Security Instrument, this Loan Agreement and the
other Loan Documents. If Lender makes such payments, then Borrower shall execute, acknowledge, deliver and record at Borrower’s
expense such documents as Lender may reasonably require evidencing such advances and securing repayment thereof to Lender by Borrower,
and Borrower shall pay interest on such amounts at the Default Rate until repaid to Lender.

 

    	 	Schedule V-5	 

     

    

  

Section 1.10         Condemnation.
The proceeds of any Award or any claim for damages, direct or consequential, payable to Borrower in connection with any Condemnation
of all or any portion of the Property, whether of the Units or of the common areas and facilities of the Condominium, or for any
conveyance in lieu of Condemnation, are hereby assigned and shall be paid to Lender.

 

Section 1.11         Additional
Events of Default. The following additional Events of Default is hereby added as Section 8.1(a)(xxi) and (xxii) of this Agreement:
“if Borrower shall fail to comply with the terms and conditions of Section 1.8 of Schedule V to this Agreement;”
and “at Lender’s option, if any provision of the any of the Condominium Documents is held invalid and such invalidity
shall have a Material Adverse Change on Borrower, Principal, Guarantor or the Property.”

 

Section 1.12         Lender’s
Rights to Pay Assessments. If Borrower does not pay as and when due all Assessments, then Lender shall have the right, but
not the obligation, to pay such amounts. Any amounts paid by Lender shall become additional Debt of Borrower secured by the applicable
Security Instrument, and evidenced and/or secured by the Loan Agreement and the other Loan Documents. Such amounts shall bear
interest at the Default Rate until repaid to Lender. 

 

    	 	Schedule V-6	 

     

    

 

Schedule
VI

 

[REA
DESCRIPTION]

 

(1)          Declaration
of Covenants, Conditions and Restrictions for Forest Hill Irene Commercial Subdivision, dated September 16, 2005 and recorded
October 20, 2005 as Instrument 05154791, and re-recorded as Instrument 05173500, in the Register’s Office of Shelby
County, Tennessee. (2999 Centre Oak Drive Property)

 

(2)          Master
Deed of the Office Centre dated September 1, 1983, and recorded on November 9, 1983 as Instrument U7 5567, as amended
by First Amendment to Master Deed of the Office Centre dated June 7, 1984 and recorded June 19, 1984 as Instrument V4
4765, in the Register’s Office of Shelby County, Tennessee. (2020 Exeter Road Property)

 

(3)          Declaration
of Covenants, Conditions and Restrictions of Wolf River Professional Center Owners’ Association (the “Declaration”)
dated July 8, 1999, and recorded July 13, 1999 as Instrument JM 9424; as amended by Amendment to Declaration dated November 16,
1999 and recorded November 23, 1999 as Instrument JW 2582; as further amended by Second Amendment to Declaration dated February 17,
2000 and recorded on February 23, 2000 as Instrument KA 5910; as further amended by Amended and Restated Second Amendment
to Declaration dated April 3, 2000, recorded on April 6, 2000 as Instrument KA 5910; as further amended by Third Amendment
to Declaration dated June 15, 2000 and recorded June 19, 2000 as Instrument KG 7181; and as further amended by Fourth
Amendment to Declaration dated September 23, 2002 and recorded on October 4, 2002 as Instrument 02167779, all in the
Register’s Office of Shelby County, Tennessee (1310 and 1324 Wolf Park Drive Properties)

 

(4)          Declaration
of Covenants, Conditions and Restrictions of Bartlett Medical Complex Owners’ Association, L.L.C. dated October 29,
2008 and recorded on October 29, 2008 as Instrument 08141104, and recorded again on November 17, 2008 as Instrument 08148192,
Register’s Office of Shelby County, Tennessee. (3350 N. Germantown Road Property)

 

(5)          Declaration
of Covenants, Conditions and Restrictions for Airways Gardens Commercial Subdivision (“Declaration”) dated October 7,
1999 and recorded on October 13, 1999 in Book 361, Page 123; as affected by Clarification of Commercial Use Under Declaration
dated October 27, 1999 and recorded on October 28, 1999 in Book 361, Page 781; as amended by Amended and Restated Declaration
dated and recorded on July 18, 2001; and as further affected by Clarification of Commercial Use Under Declaration dated March 30,
2006 and recorded April 5, 2006 in Book 525, Page 79, all recorded with the Chancery Court Clerk, DeSoto County, Mississippi.
(Airways Boulevard, Southaven, MS Property)

 

 

    	 	Schedule VI-1	 

     

    

 

Exhibit
A-1

 

Gastro One Property
Description

 

[2999 CENTRE OAK WAY LEGAL DESCRIPTION]

 

2999 Centre Oak Way, Germantown,
Tennessee

 

Tract I:

 

Lot 9, Forest Hill-Irene Commercial Subdivision,
as shown on plat of record in Plat Book 221, Page 48, in the Register's Office of Shelby County, Tennessee, to which plat reference
is hereby made for a more particular description of said property.

 

Being the same property conveyed to GMR
Memphis, LLC, a Delaware limited liability company, by Special Warranty Deed of record in Instrument 16000531, in the Register's
Office of Shelby County, Tennessee.

 

Tract II:

 

Easements benefitting Tract I of the Land
contained in the Declaration of Covenants, Conditions and Restrictions for Forest Hill Irene Commercial Subdivision of record in
Instrument 05154791 re-recorded in Instrument 05173500, in the Register's Office of Shelby County, Tennessee.

 

Tract III:

 

Easement benefitting Tract I of the Land
contained in the Private Drive Easement Agreement of record in Instrument 15032324, in the Register’s Office of Shelby County,
Tennessee.

 

    	 	Exhibit A-1-1	 

     

    

  

[3350 N. GERMANTOWN ROAD LEGAL DESCRIPTION]

 

3350 North Germantown Road, Bartlett,
Tennessee

 

Tract I:

 

Lot 1, G I Center Medical Park, as shown
on plat of record in Plat Book 241, Page 1, in the Register's Office of Shelby County, Tennessee, to which plat reference is hereby
made for a more particular description of said property.

 

Being part of the property conveyed to
GMR Memphis, LLC, a Delaware limited liability company by Special Warranty Deed of record in Instrument 16000535, in the Register's
Office of Shelby County, Tennessee.

 

Tract II:

 

Easements benefitting Tract I of the Land
contained in the 25 foot and 30 foot private ingress/egress easements contained in the plat of record in Plat Book 241, page 1.

 

Tract III:

 

Easements benefitting Tract/Parcel 1 of
the Land contained in the Declaration of Covenants, Conditions and Restrictions of Bartlett Medical Complex Owners’ Association,
L.L.C. of record in Instrument No. 08141104 and Instrument No. 08148192.

 

    	 	Exhibit A-1-2	 

     

    

  

[1310 WOLF PACK DRIVE LEGAL DESCRIPTION]

 

1310 Wolf Park Drive, Germantown,
Tennessee

 

Tract I:

 

Lot 10, Wolf River Professional Center
Commercial Subdivision, as shown on plat of record in Plat Book 196, Page 20, in the Register's Office of Shelby County, Tennessee,
to which plat reference is hereby made for a more particular description of said property.

 

Being the same property conveyed to GMR
Memphis, LLC, a Delaware limited liability company, by Special Warranty Deed of record in Instrument 16000539, in the Register's
Office of Shelby County, Tennessee.

 

Tract II:

 

Easements benefitting Tract I of the Land
contained in the 22 foot permanent ingress/egress easement contained in the plat of record in Plat Book 196, page 20.

 

Tract III:

 

Easements benefitting Tract/Parcel 1 of
the Land contained in the Declaration of Covenants, Conditions and Restrictions of Wolf River Professional Center Owners’
Association of record in Instrument No. JM 9424, as amended in Instrument Nos. JW 2582, KA 5910, KC 8862, KG 7181 and 02167779.

 

    	 	Exhibit A-1-3	 

     

    

  

[1324 WOLF PACK DRIVE LEGAL DESCRIPTION]

 

1324 Wolf Park Drive, Germantown,
Tennessee

 

Tract I:

 

LOT 12, WOLF RIVER PROFESSIONAL CENTER
COMMERCIAL SUBDIVISION, AS SHOWN ON PLAT OF RECORD IN PLAT BOOK 196, PAGE 20, IN THE REGISTER'S OFFICE OF SHELBY COUNTY, TENNESSEE,
AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

 

BEGINNING AT A CHISEL MARK SET IN THE EAST
LINE OF WOLF PARK DRIVE (31' RIGHT OF WAY) SAID POINT BEING IN THE SOUTH LINE OF LOT 10 OF SAID SUBDIVISION; THENCE SOUTH 84 DEGREES
34 MINUTES 26 SECONDS EAST WITH THE SOUTH LINE OF SAID LOT 10, A DISTANCE OF 195.85 FEET TO A PK NAIL SET IN THE WEST LINE OF LOT
8 OF SAID SUBDIVISION; THENCE SOUTH 05 DEGREES 25 MINUTES 34 SECONDS WEST WITH THE WEST LINE OF SAID LOT 8, A DISTANCE OF 258.54
FEET TO A CHISEL MARK FOUND IN THE NORTH LINE OF WOLF RIVER CIRCLE (31' RIGHT OF WAY); THENCE NORTH 84 DEGREES 34 MINUTES 26 SECONDS
WEST WITH THE NORTH LINE OF WOLF RIVER CIRCLE, A DISTANCE OF 61.35 FEET TO A PONT OF CURVATURE; THENCE NORTHWESTWARDLY WITH THE
NORTHEASTERLY LINE OF WOLF RIVER CIRCLE AND ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 134.50 FEET, ARC LENGTH 211.27 FEET,
DELTA 90 DEGREES 00 MINUTES 00 SECONDS, TANGENT 134.50 FEET, CHORD NORTH 39 DEGREES 34 MINUTES 26 SECONDS WEST 190.21 FEET TO A
POINT OF TANGENCY IN THE EAST LINE OF WOLF PARK DRIVE; THENCE NORTH 05 DEGREES 25 MINUTES 34 SECONDS EAST WITH THE EAST LINE OF
WOLF PARK DRIVE, A DISTANCE OF 124.04 FEET TO THE POINT OF BEGINNING.

 

BEING THE SAME PROPERTY CONVEYED TO GMR
MEMPHIS, LLC, A DELAWARE LIMITED LIABILITY COMPANY, BY SPECIAL WARRANTY DEED OF RECORD IN INSTRUMENT 16000547, IN THE REGISTER'S
OFFICE OF SHELBY COUNTY, TENNESSEE.

 

Tract II:

 

Easements benefitting Tract I of the Land
contained in the 22 foot permanent ingress/egress easement contained in the plat of record in Plat Book 196, page 20.

 

Tract III:

 

Easements benefitting Tract/Parcel 1 of
the Land contained in the Declaration of Covenants, Conditions and Restrictions of Wolf River Professional Center Owners’
Association of record in Instrument No. JM 9424, as amended in Instrument Nos. JW 2582, KA 5910, KC 8862, KG 7181 and 02167779.

 

    	 	Exhibit A-1-4	 

     

    

  

[2020 EXETER ROAD LEGAL DESCRIPTION]

 

2020 Exeter Road, Germantown, Tennessee

 

UNIT G, IN THE OFFICE CENTRE, A CONDOMINIUM
BEING PART OF THE PREMISES DESCRIBED IN THE MASTER DEED OF RECORD IN INSTRUMENT U7 5567 AS AMENDED BY FIRST AMENDMENT TO MASTER
DEED OF THE OFFICE CENTRE OF RECORD IN INSTRUMENT V4 4765, IN THE REGISTER'S OFFICE OF SHELBY COUNTY, TENNESSEE, TO WHICH MASTER
DEED REFERENCE IS HEREBY MADE FOR A MORE PARTICULAR DESCRIPTION OF SAID PROPERTY TOGETHER WITH THE BENEFITS, RIGHTS AND PRIVILEGES
STATED IN THE CONDOMINIUM DOCUMENTS AND SUBJECT TO ALL THE DUTIES, OBLIGATIONS, RESOLUTIONS AND DECISIONS THEREWITH AS SET FORTH
IN THE CONDOMINIUM DOCUMENTS.

 

BEING THE SAME PROPERTY CONVEYED TO GMR
MEMPHIS, LLC, A DELAWARE LIMITED LIABILITY COMPANY, BY SPECIAL WARRANTY DEED OF RECORD IN INSTRUMENT 16000545, IN THE REGISTER'S
OFFICE OF SHELBY COUNTY, TENNESSEE.

 

    	 	Exhibit A-1-5	 

     

    

  

[7668 AIRWAYS BLVD LEGAL DESCRIPTION]

 

7668 Airways Blvd., Southaven, MS

 

Real property in the City of Southaven,
County of Desoto, State of Mississippi, described as follows: Tract I:

 

Lot 11-C, Second Division of Lot 11-A,
Second Revision, Airways Gardens Commercial Subdivision as recorded in Plat Book 102, Page 19 as recorded in the Desoto County
Chancery Court Clerk's Office and located in Section 30, Township 1 South, Range 7 West, Southaven, DeSoto County, Mississippi.

 

Tract II:

 

Easements benefiting Tract I of the Land
contained in the plats in Book 97, page 17 and Book 102, page 19.

 

Tract III:

 

Easement benefiting Tract I of the Land
contained in the Easement of record in Book 525, page 56. 

 

    	 	Exhibit A-1-6	 

     

    

 

Exhibit
A-2

 

Star Medical Center
Property Description

 

4100 Mapleshade Lane, Plano, Texas

 

Tract I:

 

Lot 2R, in Block 1, of 190 Mapleshade Addition,
an addition to the City of Plano, Collin County, Texas, according to the Re-Plat thereof recorded in/under Volume 2015, Page 718,
Map/Plat Records, Collin County, Texas.

 

Tract II:

 

Access Easement for ingress and egress
as reflected on the plat recorded on December 15, 2015 in Volume 2015, Page 718, Map/Plat Records, Collin County, Texas. 

 

    	 	Exhibit A-2-1	 

     

    

 

Exhibit
A-3

 

Marina Towers Property
Description

 

Marina Towers

709 S. Harbor City Blvd., Melbourne, FL

 

PARCEL 1: (FEE SIMPLE ESTATE)

 

That part of Lots 36, 37, 38, 39 and 40,
together with the Southerly 39.6 feet of Lot 41, of Section “A” RIVERSIDE DRIVE SUBDIVISION, as recorded in Plat 3,
Page 9, said Public Records of Brevard County, Florida, lying East of the Easterly right-of-way line of U.S. Highway No. 1, together
with the adjacent submerged bottom lands purchased from the State of Florida, described in Official Records Book 774, page 599,
said Public Records of Brevard County, Florida, and being more particularly described as follows:

 

Commencing at the Northwest corner of U.S.
Government Lot No. 1 of Section 34, Township 27 South, Range 37 East, Brevard County, Florida; go East along the North line of
said Government Lot No. 1, and said line extended into the waters of the Indian River, a distance of 599.92 feet to a point on
the established bulkhead line; thence run South 22 degrees 27 minutes 00 seconds East along said bulkhead line a distance of 576.97
feet to a point; said point being the POINT OF BEGINNING of the parcel herein described; thence South 68 degrees 00 minutes 48
seconds West along the Easterly extension of tile North line of the South 39.6 feet of Lot 41 of said Plat Book 3, Page 9, a distance
of 249.00 feet more or less to a point on the North line of said South 39.60 feet of Lot 41 as said line is extended or contracted
to the ancient mean high water line of the Indian River; then continue South 68 degrees 00 minutes 48 seconds West, along the said
North line to a point at the intersection with the said Easterly right-of-way of U.S. Highway No. 1, said point being South 68
degrees 00 minutes 48 seconds West of the POINT OF BEGINNING a distance of 299.35 feet; thence South 21 degrees 59 minutes 12 seconds
East along the said Easterly right-of-way line a distance of 289.66 feet; thence North 68 degrees 02 minutes 38 seconds East along
the South line of said Lot 36 and said line extended to and beyond the said ancient mean high water line to the said bulkhead line,
a distance of 301.59 feet; thence North 22 degrees 27 minutes 00 seconds West, along the said bulkhead line, a distance of 289.83
feet to the POINT OF BEGINNING, LESS AND EXCEPT that portion of the above described property described in Warranty Deed recorded
in Official Records Book 3321, Page 4864, Public Records of Brevard County, Florida.

 

PARCEL 1 ABOVE BEING ALSO DESCRIBED: (AS
SURVEYED AND MEASURED):

 

THAT PART OF LOTS 36, 37, 38, 39 AND 40,
TOGETHER WITH THE SOUTHERLY 39.6 FEET OF LOT 41, OF SECTION "A" RIVERSIDE DRIVE SUBDIVISION, AS RECORDED IN PLAT 3, PAGE
9, SAID PUBLIC RECORDS OF BREVARD COUNTY, FLORIDA, LYING EAST OF THE EASTERLY RIGHT-OF-WAY LINE OF U.S. HIGHWAY NO. 1, TOGETHER
WITH THE ADJACENT SUBMERGED BOTTOM LANDS PURCHASED FROM THE STATE OF FLORIDA, DESCRIBED IN OFFICIAL RECORDS BOOK 774, PAGE 599,
SAID PUBLIC RECORDS OF BREVARD COUNTY, FLORIDA, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

 

    	 	Exhibit A-3-1	 

     

    

  

COMMENCING AT THE NORTHWEST CORNER OF U.S.
GOVERNMENT LOT NO. 1 OF SECTION 34, TOWNSHIP 27 SOUTH, RANGE 37 EAST, BREVARD COUNTY, FLORIDA; GO EAST ALONG THE NORTH LINE OF
SAID GOVERNMENT LOT NO. 1, AND SAID LINE EXTENDED INTO THE WATERS OF THE INDIAN RIVER, A DISTANCE OF 599.92 FEET TO A POINT ON
THE ESTABLISHED BULKHEAD LINE; THENCE RUN SOUTH 22 DEGREES 27 MINUTES 00 SECONDS EAST ALONG SAID BULKHEAD LINE A DISTANCE OF 576.97
FEET TO A POINT ON THE NORTH LINE OF SAID SOUTHERLY 39.6 FEET OF LOT 41; THENCE SOUTH 68 DEGREES 00 MINUTES 48 SECONDS WEST ALONG
SAID NORTH LINE, A DISTANCE OF 7.00 FEET FOR A POINT OF BEGINNING OF THE PARCEL HEREIN DESCRIBED; THENCE CONTINUE SOUTH 68 DEGREES
00 MINUTES 48 SECONDS WEST ALONG SAID NORTH LINE OF THE SOUTH 39.6 FEET OF LOT 41, A DISTANCE OF 292.25 FEET TO A POINT ON THE
EASTERLY RIGHT OF WAY LINE OF SOUTH HARBOR CITY BOULEVARD (U.S. HIGHWAY NO. I), (STATE ROAD NO. 5); THENCE SOUTH 21 DEGREES 59
MINUTES 12 SECONDS EAST ALONG SAID EASTERLY RIGHT-OF-WAY LINE A DISTANCE OF 289.66 FEET TO THE SOUTH LINE OF AFORESAID LOT 36;
THENCE NORTH 68 DEGREES 02 MINUTES 38 SECONDS EAST ALONG SAID SOUTH LINE OF SAID LOT 36, A DISTANCE OF 294.59 FEET; THENCE NORTH
22 DEGREES 27 MINUTES 00 SECONDS WEST, A DISTANCE OF 289.83 FEET TO THE POINT OF BEGINNING.

 

PARCEL 2: (NON-EXCLUSIVE EASEMENT ESTATE)

 

Together with those certain Non-Exclusive
Easement rights for the benefit of Parcel 1, for access to and for automobile parking and access to and use of public utilities,
a distance of created by that certain Cross Parking License/Easement Agreement recorded April 10, 1991, in Official Records
Book 3119, Page 1345, Public Records of Brevard County, Florida, over and across the lands described and contained therein.

 

PARCEL 3: (NON-EXCLUSIVE EASEMENT ESTATE)

 

Together with those certain non-exclusive
easements for the benefit of Parcel 1, for use of a lift station and sanitary sewer system, stormwater drainage and runoff, ingress
and egress and other utility easements over and across the lands described and contained in that certain Easement Agreement recorded
in Official Records Book 3428, Page 2001, Public Records of Brevard County, Florida. 

 

    	 	Exhibit A-3-2	 

     

    

 

Exhibit
A-4

 

Surgical Institute
of Michigan Property Description

 

33545 Cherry Hill Road, Westland,
Michigan

 

The Land referred to in this Commitment
is described as follows:

 

The land referred to in this Commitment,
situated in the County of Wayne, City of Westland, State of Michigan, is described as follows:

 

Lots 29, 30, 31, 32, 33, 34, 35, 36, the
West 1/2 of Lot 537 and the West 10 feet of the East 20 feet of Lot 537, and all of Lots 538, 539 and 540, including that vacated
20 foot alley lying between said lots, of NORTHVIEW MANOR SUBDIVISION, according to the plat thereof as recorded in Liber 53 of
Plats, page 67, Wayne County Records. 

 

    	 	Exhibit A-4-1	 

     

    

 

Exhibit
B

 

[FORM OF TENANT DIRECTION
LETTER - BORROWER LETTERHEAD]

 

[__________ __, 20__]

 

[SPECIFY METHOD OF DELIVERY REQUIRED
BY NOTICE PROVISION OF LEASE]

 

[TENANT NAME AND NOTICE ADDRESS PER LEASE]

[___________]

[___________]

[___________]

 

Re:         Payment Direction
Letter for [          ]

 

Dear [TENANT NAME]:

 

[__________] (“Owner”),
the owner of the above captioned property (the “Property”), has mortgaged the Property to CANTOR COMMERCIAL
REAL ESTATE LENDING, L.P. (together with its successors and assigns, the “Lender”) and has agreed that
all rents and other income due for the Property will be paid directly to a bank selected by Lender. Therefore, from and after the
date hereof (until you are otherwise notified as provided below), all rent to be paid by you under the [IDENTIFY AGREEMENT/LEASE
dated __________] between you and [NAME OF LL ON LEASE] (the “Lease”) should be sent by wire
or ACH directly to the Clearing Account described on Exhibit A attached hereto and made a part hereof.

 

Payment by check or
money order should be made directly to Lockbox Account described on Exhibit B attached hereto and made a part hereof.

 

These payment instructions
cannot be withdrawn or modified without the prior written consent of Lender or its agent (“Servicer”),
or pursuant to a joint written instruction from Borrower and Lender or Servicer. Until you receive written instructions from Lender
or Servicer, continue to send all payments due under the Lease as directed above. All such payments must be delivered no later
than the day on which such amounts are due under the Lease.

 

If you have any questions
concerning this letter, please contact the persons identified for notice purposes in the Lease. We appreciate your cooperation
in this matter.

 

	 	OWNER:
	 	 
	 	 

 

    	 	Exhibit B-1	 

     

    

  

EXHIBIT A (to Tenant Direction Letter)

CLEARING ACCOUNT FOR WIRE OR ACH PAYMENTS

 

    	 	Exhibit B-2	 

     

    

  

EXHIBIT B (to Tenant Direction Letter)

LOCKBOX ACCOUNT FOR PAYMENT BY CHECK
OR MONEY ORDER

 

    	 	Exhibit B-3Exhibit 4.1

 

PEAPACK-GLADSTONE FINANCIAL CORPORATION,

 

Issuer 

 

to

 

U.S. BANK NATIONAL ASSOCIATION,

 

Trustee 

 

SUBORDINATED DEBT INDENTURE

 

Dated as of June 15, 2016

 

Subordinated Debt Securities

 

    	 	 	 

     

    

 

Reconciliation and tie between

Trust Indenture Act of 1939 (the “Trust
Indenture Act”)

and Indenture

 

	Trust Indenture Act Section	 	Indenture Section	 
	§310(a)(1)	 	6.07	 
	(a)(2)	 	6.07	 
	(b)	 	6.08	 
	§312(a)	 	7.01	 
	(b)	 	7.02	 
	(c)	 	7.02	 
	§313(a)	 	7.03	 
	(b)(2)	 	7.03	 
	(c)	 	7.03	 
	(d)	 	7.03	 
	§314(a)	 	7.04	 
	(c)(1)	 	1.02	 
	(c)(2)	 	1.02	 
	(e)	 	1.02	 
	(f)	 	1.02	 
	§316(a) (last sentence)	 	1.01	 
	(a)(1)(A)	 	
        5.02, 5.12
	
	(a)(1)(B)	 	5.13	 
	(b)	 	5.08	 
	§317(a)(1)	 	5.03	 
	(a)(2)	 	5.04	 
	(b)	 	10.03	 
	§318(a)	 	1.08	 

 

		Note:	This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture.

 

    	 	 	 

     

    

 

SUBORDINATED DEBT INDENTURE, dated as of June
15, 2016 (the “Indenture”), between Peapack-Gladstone Financial Corporation, a corporation duly organized and existing
under the laws of the State of Jersey (hereinafter called the “Company”), having its principal executive office located
at 500 Hills Drive, Suite 300, Bedminster, New Jersey 07921, and U.S. Bank National Association, a banking association duly organized
and existing under the laws of the United States (hereinafter called the “Trustee”).

 

RECITALS

 

The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of its subordinated unsecured debentures, notes or
other evidences of indebtedness (hereinafter called the “Securities”), unlimited as to principal amount, to bear such
rates of interest, to mature at such time or times, to be issued in one or more series, to have such relative rankings in priority
of payment, and to have such other provisions as shall be fixed as hereinafter provided.

 

The Company has duly authorized the execution
and delivery of this Indenture. All things necessary to make this Indenture a valid agreement of the Company, in accordance with
its terms, have been done.

 

This Indenture is subject to the provisions
of the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated
thereunder that are required to be part of this Indenture and, to the extent applicable, shall be governed by such provisions.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises and
the purchase of the Securities by the Holders (as herein defined) thereof, it is mutually covenanted and agreed, for the equal
and proportionate benefit of all Holders of the Securities or of any series thereof and any Coupons (as herein defined) as follows:

 

ARTICLE ONE

 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION

 

Section 1.01. Definitions.

 

Except as otherwise expressly provided in or
pursuant to this Indenture or unless the context otherwise requires, for all purposes of this Indenture:

 

(1) the terms defined in this Article have the
meanings assigned to them in this Article, and include the plural as well as the singular;

 

(2) all other terms used herein which are defined
in the Trust Indenture Act either directly or by reference therein, have the meanings assigned to them therein;

 

(3) all accounting terms not otherwise defined
herein have the meanings assigned to them in accordance with GAAP;

 

(4) the words “herein”, “hereof”,
“hereto” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to
any particular Article, Section or other subdivision;

 

(5) the word “or” is always used
inclusively (for example, the phrase “A or B” means “A or B or both”, not “either A or B but not
both”);

 

(6) provisions apply to successive events and
transactions;

 

    	 	 	 

     

    

 

(7) the term “merger” includes a
statutory share exchange and the terms “merge” and “merged” have correlative meanings;

 

(8) the masculine gender includes the feminine
and the neuter; and

 

(9) references to agreements and other instruments
include subsequent amendments and supplements thereto.

 

Certain terms used principally in certain Articles
hereof are defined in those Articles.

 

“Act”, when used with respect to
any Holders, has the meaning specified in Section 1.04.

 

“Additional Amounts” means any additional
amounts which are required by this Indenture or by any Security, or by the terms of any Security established pursuant to Section 3.01,
under circumstances specified herein or therein, to be paid by the Company in respect of certain taxes, duties, levies, imposts,
assessments or other governmental charges imposed on Holders specified herein or therein.

 

“Affiliate” means, with respect
to any specified Person, any other Person directly or indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition, “control”, when used with respect to any specified
Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing.

 

“Authenticating Agent” means any
Person authorized by the Trustee pursuant to Section 6.11 to act on behalf of the Trustee to authenticate Securities of one
or more series.

 

“Authorized Newspaper” means a newspaper,
in an official language of the place of publication or in the English language, customarily published on each day that is a Business
Day in the place of publication, whether or not published on days that are not Business Days in the place of publication, and of
general circulation in each place in connection with which the term is used or in the financial community of each such place. Where
successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or
in different newspapers in the same place meeting the foregoing requirements and in each case on any day that is a Business Day
in the place of publication.

 

“Bearer Security” means any Security
in the form established pursuant to Section 2.01 which is payable to bearer.

 

“Board of Directors” means the board
of directors of the Company or any committee of that board duly authorized to act generally or in any particular respect for the
Company hereunder. The term “board of directors” means the board of directors of the Company and does not include committees
of the board of directors.

 

“Board Resolution” means a copy
of one or more resolutions, certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the
Board of Directors and to be in full force and effect on the date of such certification, delivered to the Trustee.

 

“Business Day” means, unless otherwise
specified with respect to the Securities of any series pursuant to Section 3.01, any day other than a Saturday, Sunday or
other day on which banking institutions in the City of New York are authorized or obligated by law, regulation or executive order
to close; provided that such term shall mean, when used with respect to any payment of principal of, or premium or interest, if
any, on, or Additional Amounts with respect to, the Securities of any series to be made at any Place of Payment for such Securities,
unless otherwise specified pursuant to Section 3.01 with respect to such Securities, any day other than a Saturday, Sunday
or other day on which banking institutions in such Place of Payment are authorized or obligated by law, regulation or executive
order to close.

 

    	 	 	 

     

    

 

“Commission” means the Securities
and Exchange Commission, as from time to time constituted, or, if at any time after the execution of this Indenture such Commission
is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties
at such time.

 

“Common Stock” includes any stock
of any class of the Company which has no preference in respect of dividends or of amounts payable in the event of any voluntary
or involuntary liquidation, dissolution or winding up of the Company and which is not subject to redemption by the Company.

 

“Company” means the Person named
as the “Company” in the first paragraph of this instrument until a successor Person shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person and any other
obligor upon the Securities.

 

“Company Request” and “Company
Order” mean, respectively, a written request or order, as the case may be, signed in the name of the Company by the Chairman,
the Chief Executive Officer, the President or a Vice President, and by the Treasurer, an Assistant Treasurer, the Secretary or
an Assistant Secretary, of the Company, and delivered to the Trustee.

 

“Conversion Event” means the cessation
of use of (i) a Foreign Currency both by the government of the country or the confederation which issued such Foreign Currency
and for the settlement of transactions by a central bank or other public institutions of or within the international banking community
or (ii) any currency unit or composite currency for the purposes for which it was established.

 

“Corporate Trust Office” means the
office of the Trustee at which at any time its corporate trust business shall be administered, which office at the dated hereof
is located at 21 South Street, 3rd Floor, Morristown, New Jersey 07960, or such other address as the Trustee may designate
from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or
such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company).

 

“Corporation” includes corporations,
partnerships, associations, limited liability companies and other companies, and business trusts.

 

“Coupon” means any interest coupon
appertaining to a Bearer Security.

 

“Currency”, with respect to any
payment, deposit or other transfer in respect of the principal of or any premium or interest on or any Additional Amounts with
respect to any Security, means Dollars or the Foreign Currency, as the case may be, in which such payment, deposit or other transfer
is required to be made by or pursuant to the terms hereof or such Security and, with respect to any other payment, deposit or transfer
pursuant to or contemplated by the terms hereof or such Security, means Dollars.

 

“CUSIP number” means the alphanumeric
designation assigned to a Security by Standard & Poor’s, CUSIP Service Bureau.

 

“Defaulted Interest” has the meaning
specified in Section 3.07.

 

“Depositary” means, with respect
to any Security issuable or issued in the form of one or more global Securities, the Person designated as depositary by the Company
in or pursuant to this Indenture, and, unless otherwise provided with respect to any Security, any successor to such Person. If
at any time there is more than one such Person, “Depositary” shall mean, with respect to any Securities, the depositary
which has been appointed with respect to such Securities.

 

“Dollars” or “$” means
a dollar or other equivalent unit of legal tender for payment of public or private debts in the United States of America.

 

“Event of Default” has the meaning
specified in Section 5.01.

 

    	 	 	 

     

    

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, or any successor thereto, in each case as amended from time to time.

 

“Foreign Currency” means any currency,
currency unit or composite currency issued by the government of one or more countries other than the United States of America or
by any recognized confederation or association of such government.

 

“GAAP” and “generally accepted
accounting principles” mean, unless otherwise specified with respect to any series of Securities pursuant to Section 3.01,
such accounting principles as are generally accepted in the United States of America as of the date or time of any computation
required hereunder.

 

“Government Obligations” means securities
which are (i) direct obligations of the United States of America or the other government or governments in the confederation
which issued the Foreign Currency in which the principal of or any premium or interest on the relevant Security or any Additional
Amounts in respect thereof shall be payable, in each case where the payment or payments thereunder are supported by the full faith
and credit of such government or governments or (ii) obligations of a Person controlled or supervised by and acting as an
agency or instrumentality of the United States of America or such other government or governments, in each case where the timely
payment or payments thereunder are unconditionally guaranteed as a full faith and credit obligation by the United States of America
or such other government or governments, and which, in the case of (i) or (ii), are not callable or redeemable at the option
of the issuer or issuers thereof, and shall also include a depositary receipt issued by a bank or trust company as custodian with
respect to any such Government Obligation or a specific payment of interest on or principal of or other amount with respect to
any such Government Obligation held by such custodian for the account of the holder of a depositary receipt, provided that (except
as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary
receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of interest on
or principal of or other amount with respect to the Government Obligation evidenced by such depositary receipt.

 

“Holder”, in the case of any Registered
Security, means the Person in whose name such Security is registered in the Security Register and, in the case of any Bearer Security,
means the bearer thereof and, in the case of any Coupon, means the bearer thereof.

 

“Indenture” means this instrument
as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof and, with respect to any Security, by the terms and provisions of such
Security and any Coupon appertaining thereto established pursuant to Section 3.01 (as such terms and provisions may be amended
pursuant to the applicable provisions hereof), provided, however, that, if at any time more than one Person is acting as Trustee
under this instrument, “Indenture” shall mean, with respect to any one or more series of Securities for which such
Person is Trustee, this instrument as originally executed or as it may from time to time be supplemented or amended by one or more
indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of those particular
series of Securities for which such Person is Trustee established pursuant to Section 3.01, exclusive, however, of any provisions
or terms which relate solely to other series of Securities for which such Person is not Trustee, regardless of when such terms
or provisions were adopted.

 

“Indexed Security” means a Security
the terms of which provide that the principal amount thereof payable at Stated Maturity may be more or less than the principal
face amount thereof at original issuance.

 

“Interest”, with respect to any
Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.

 

“Interest Payment Date”, with respect
to any Security, means the Stated Maturity of an installment of interest on such Security.

 

“Judgment Currency” has the meaning
specified in Section 1.16.

 

    	 	 	 

     

    

 

“Maturity”, with respect to any
Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as provided
in or pursuant to this Indenture or such Security, whether at the Stated Maturity or by declaration of acceleration, upon redemption
at the option of the Company, upon repurchase or repayment at the option of the Holder or otherwise, and includes a Redemption
Date for such Security and a date fixed for the repurchase or repayment of such Security at the option of the Holder.

 

“New York Banking Day” has the meaning
specified in Section 1.16.

 

“Office” or “Agency”,
with respect to any Securities, means an office or agency of the Company maintained or designated in a Place of Payment for such
Securities pursuant to Section 10.02 or any other office or agency of the Company maintained or designated for such Securities
pursuant to Section 10.02 or, to the extent designated or required by Section 10.02 in lieu of such office or agency,
the Corporate Trust Office of the Trustee.

 

“Officers’ Certificate” means
a certificate signed by the Chairman, the Chief Executive Officer, the President or a Vice President, and by the Treasurer, an
Assistant Treasurer, the Secretary or an Assistant Secretary of the Company, that complies with the requirements of Section 314(e)
of the Trust Indenture Act and is delivered to the Trustee.

 

“Opinion of Counsel” means a written
opinion of counsel, who may be an employee of or counsel for the Company or other counsel who shall be reasonably acceptable to
the Trustee, that, if required by the Trust Indenture Act, complies with the requirements of Section 314(e) of the Trust Indenture
Act.

 

“Original Issue Discount Security”
means a Security issued pursuant to this Indenture which provides for an amount less than the principal face amount thereof to
be due and payable upon declaration of acceleration pursuant to Section 5.02.

 

“Outstanding”, when used with respect
to any Securities, means, as of the date of determination, all such Securities theretofore authenticated and delivered under this
Indenture, except:

 

(a)          any
such Security theretofore cancelled by the Trustee or the Security Registrar or delivered to the Trustee or the Security Registrar
for cancellation;

 

(b)          any
such Security for whose payment at the Maturity thereof money in the necessary amount (or, to the extent that such Security is
payable at such Maturity in shares of Common Stock or other securities or property, Common Stock or such other securities or property
in the necessary amount, together with, if applicable, cash in lieu of fractional shares or securities) has been theretofore deposited
pursuant hereto (other than pursuant to Section 4.02) with the Trustee or any Paying Agent (other than the Company) in trust
or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such
Securities and any Coupons appertaining thereto, provided that, if such Securities are to be redeemed, notice of such redemption
has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;

 

(c)          any
such Security with respect to which the Company has effected defeasance or covenant defeasance pursuant to Section 4.02, except
to the extent provided in Section 4.02;

 

(d)          any
such Security which has been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities have been
authenticated and delivered pursuant to this Indenture, unless there shall have been presented to the Trustee proof satisfactory
to it that such Security is held by a bona fide purchaser in whose hands such Security is a valid obligation of the Company; and

 

(e)          any
such Security converted or exchanged as contemplated by this Indenture into Common Stock or other securities or property, if the
terms of such Security provide for such conversion or exchange pursuant to Section 3.01;

 

    	 	 	 

     

    

 

provided, however, that in determining whether the Holders
of the requisite principal amount of Outstanding Securities have given any request, demand, authorization, direction, notice, consent
or waiver hereunder or are present at a meeting of Holders of Securities for quorum purposes, (i) the principal amount of
an Original Issue Discount Security that may be counted in making such determination and that shall be deemed to be Outstanding
for such purposes shall be equal to the amount of the principal thereof that pursuant to the terms of such Original Issue Discount
Security would be declared (or shall have been declared to be) due and payable upon a declaration of acceleration thereof pursuant
to Section 5.02 at the time of such determination, and (ii) the principal amount of any Indexed Security that may be
counted in making such determination and that shall be deemed Outstanding for such purpose shall be equal to the principal face
amount of such Indexed Security at original issuance, unless otherwise provided in or pursuant to this Indenture, and (iii) the
principal amount of a Security denominated in a Foreign Currency that may be counted in making such determination and that shall
be deemed Outstanding for such purposes shall be the Dollar equivalent, determined on the date of original issuance of such Security,
of the principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent on the date of original
issuance of such Security of the amount determined as provided in (i) above) of such Security, and (iv) Securities owned
by the Company or any other obligor upon the Securities or any Affiliate of the Company or such other obligor shall be disregarded
and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making any such determination
or relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a Responsible
Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which shall have been pledged
in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee (A) the pledgee’s
right so to act with respect to such Securities and (B) that the pledgee is not the Company or any other obligor upon the
Securities or any Coupons appertaining thereto or an Affiliate (other than a Trust) of the Company or such other obligor.

 

“Paying Agent” means any Person
authorized by the Company, including the Company to pay the principal of, or any premium or interest on, or any Additional Amounts
with respect to, any Security or any Coupon on behalf of the Company.

 

“Person” and “person”
mean any individual, corporation, partnership, association, limited liability company, other company, business trust, joint venture,
joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.

 

“Place of Payment”, with respect
to any Security, means the place or places where the principal of, or any premium or interest on, or any Additional Amounts with
respect to such Security are payable as provided in or pursuant to this Indenture or such Security.

 

“Predecessor Security” of any particular
Security means every previous Security evidencing all or a portion of the same indebtedness as that evidenced by such particular
Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in exchange
for or in lieu of a lost, destroyed, mutilated or stolen Security or any Security to which a mutilated, destroyed, lost or stolen
Coupon appertains shall be deemed to evidence the same indebtedness as the lost, destroyed, mutilated or stolen Security or the
Security to which a mutilated, destroyed, lost or stolen Coupon appertains.

 

“Redemption Date”, with respect
to any Security or portion thereof to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture or
such Security.

 

“Redemption Price”, with respect
to any Security or portion thereof to be redeemed, means the price at which it is to be redeemed as determined by or pursuant to
this Indenture or such Security.

 

“Registered Security” means any
Security established pursuant to Section 2.01 which is registered in the Security Register.

 

“Regular Record Date” for the interest
payable on any Registered Security on any Interest Payment Date therefor means the date, if any, specified in or pursuant to this
Indenture or such Security as the record date for the payment of such interest.

 

    	 	 	 

     

    

 

“Required Currency” has the meaning
specified in Section 1.16.

 

“Responsible Officer” means, when
used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president,
assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily
performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any
corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and
who shall have direct responsibility for the administration of this Indenture.

 

“Securities Act” means the Securities
Act of 1933, as amended, or any successor thereto, in each case as amended from time to time.

 

“Security” or “Securities”
means any note or notes, bond or bonds, debenture or debentures, or any other evidences of indebtedness, as the case may be, authenticated
and delivered under this Indenture; provided, however, that, if at any time there is more than one Person acting as Trustee
under this Indenture, “Securities”, with respect to any such Person, shall mean Securities authenticated and delivered
under this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee.

 

“Security Register” and “Security
Registrar” have the respective meanings specified in Section 3.05.

 

“Senior Indebtedness” means the
principal of, and premium, if any, and interest, including interest accruing after the commencement of any bankruptcy proceeding
relating to the Company, on, or substantially similar payments the Company makes in respect of the following categories of debt,
whether that debt is outstanding at the date of execution of the applicable indenture or thereafter incurred, created or assumed.

 

(1) other indebtedness of the Company evidenced
by notes, debentures, or bonds or other securities issued under the provisions of any indenture, fiscal agency agreement, note
purchase agreement or other agreement, including any senior debt securities that may be offered;

 

(2) indebtedness of the Company for money borrowed
or represented by purchase-money obligations, as defined below;

 

(3) the Company’s obligations as lessee
under leases of property either made as part of a sale and leaseback transaction to which it is a party or otherwise;

 

(4) indebtedness, obligations and liabilities
of others in respect of which the Company is liable contingently or otherwise to pay or advance money or property or as guarantor,
endorser or otherwise or which it has agreed to purchase or otherwise acquire and indebtedness of partnerships and joint ventures
which is included in the Company’s consolidated financial statements;

 

(5) reimbursement and other obligations relating
to letters of credit, bankers’ acceptances and similar obligations;

 

(7) obligations under various hedging arrangements
and agreements, including interest rate and currency hedging agreements;

 

(8) all of the Company’s obligations issued
or assumed as the deferred purchase price of property or services, but excluding trade accounts payable and accrued liabilities
arising in the ordinary course of business; and

 

(9) deferrals, renewals or extensions of any
of the indebtedness or obligations described in clauses (1) through (8) above.

 

    	 	 	 

     

    

 

However, clauses (1) through (9) above
exclude:

 

		·	any indebtedness, obligation or liability referred to in clauses (1) through (9) above as to which, in the instrument
creating or evidencing that indebtedness, obligation or liability, it is expressly provided that the indebtedness, obligation or
liability is not senior in right of payment to the Securities or ranks equally with the Securities; and

 

		·	any indebtedness, obligation or liability which is subordinated to indebtedness of the Company to substantially the same extent
as or to a greater extent than the Securities are subordinated.

 

As used above, the term “purchase money
obligations” means indebtedness, obligations or guarantees evidenced by a note, debenture, bond or other instrument, whether
or not secured by a lien or other security interest, and any deferred obligation for the payment of the purchase price of property
but excluding indebtedness or obligations for which recourse is limited to the property purchased, issued or assumed as all or
a part of the consideration for the acquisition of property or services, whether by purchase, merger, consolidation or otherwise,
but does not include any trade accounts payable.

 

“Significant Subsidiary” means any
Subsidiary of the Company which is a “significant subsidiary” as defined in Rule 1-02 of Regulation S-X promulgated
by the Commission (as such rule is in effect on the date of this Indenture).

 

“Special Record Date” for the payment
of any Defaulted Interest on any Registered Security means a date fixed by the Trustee pursuant to Section 3.07.

 

“Stated Maturity”, with respect
to any Security or any installment of principal thereof or interest thereon or any Additional Amounts with respect thereto, means
the date established by or pursuant to this Indenture or such Security as the fixed date on which the principal of such Security
or such installment of principal or interest is, or such Additional Amounts are, due and payable.

 

“Subordination Provisions”, when
used with respect to the Securities of any series, shall have the meaning established pursuant to Section 3.01(25) with respect
to the Securities of such series.

 

“Subsidiary” means a corporation
or a partnership or a limited liability company a majority of the outstanding voting stock or partnership or membership interests,
as the case may be, of which is owned or controlled, directly or indirectly, by the Company or by one or more other Subsidiaries
of the Company. For the purposes of this definition, “voting stock” means stock having voting power for the election
of directors, or trustees, as the case may be, whether at all times or only so long as no senior class of stock has voting power
by reason of any contingency.

 

“Trust Indenture Act” means the
Trust Indenture Act of 1939, as amended, and any reference herein to the Trust Indenture Act or a particular provision thereof
shall mean such Act or provision, as the case may be, as amended or replaced from time to time or as supplemented from time to
time by rules or regulations adopted by the Commission under or in furtherance of the purposes of such Act or provision, as the
case may be.

 

“Trustee” means the Person named
as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such with respect
to one or more series of Securities pursuant to the applicable provisions of this Indenture, and thereafter “Trustee”
shall mean each Person who is then a Trustee hereunder; provided, however, that if at any time there is more than one such
Person, “Trustee” shall mean each such Person and as used with respect to the Securities of any series shall mean the
Trustee with respect to the Securities of such series.

 

“United States”, means the United
States of America (including the states thereof and the District of Columbia), its territories, its possessions and other areas
subject to its jurisdiction; and the term “United States of America” means the United States of America.

 

    	 	 	 

     

    

 

“United States Alien”, except as
otherwise provided in or pursuant to this Indenture or any Security, means any Person who, for United States Federal income tax
purposes, is a foreign corporation, a non-resident alien individual, a non-resident alien fiduciary of a foreign estate or trust,
or a foreign partnership one or more of the members of which is, for United States Federal income tax purposes, a foreign corporation,
a non-resident alien individual or a non-resident alien fiduciary of a foreign estate or trust.

 

“Vice President”, when used with
respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words added
before or after the title “Vice President”.

 

Section 1.02. Compliance Certificates
and Opinions.

 

Except as otherwise expressly provided in or
pursuant to this Indenture, upon any application or request by the Company to the Trustee to take any action under any provision
of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating
that, in the opinion of such counsel, all such conditions precedent, if any, have been complied with, except that in the case of
any such application or request as to which the furnishing of such documents or any of them is specifically required by any provision
of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished.

 

Section 1.03. Form of Documents Delivered
to Trustee.

 

In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by,
or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such
Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and
any such Person may certify or give an opinion as to such matters in one or several documents.

 

Any certificate or opinion of an officer of
the Company may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, unless such officer knows, or in
the exercise of reasonable care should know, that the opinion with respect to the matters upon which his certificate or opinion
is based is erroneous. Any such Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or
opinion of, or representations by, an officer or officers of the Company, a governmental official or officers or any other Person
or Persons, stating that the information with respect to such factual matters is in the possession of the Company unless such counsel
knows, or in the exercise of reasonable care should know, that the certificate, opinion or representations with respect to such
matters are erroneous.

 

Where any Person is required to make, give or
execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture
or any Security, they may, but need not, be consolidated and form one instrument.

 

Section 1.04. Acts of Holders.

 

(1) Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by or pursuant to this Indenture to be made, given or taken by Holders may be
embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent
duly appointed in writing. If, but only if, Securities of a series are issuable as Bearer Securities, any request, demand, authorization,
direction, notice, consent, waiver or other action provided in or pursuant to this Indenture to be made, given or taken by Holders
of Securities of such series may, alternatively, be embodied in and evidenced by the record of Holders of Securities of such series
voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders of Securities of such
series duly called and held in accordance with the provisions of Article Fifteen, or a combination of such instruments and any
such record. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments
or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments
and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of execution of any such instrument
or of a writing appointing any such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of
this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive in favor of the Trustee and the Company
and any agent of the Trustee or the Company, if made in the manner provided in this Section. The record of any meeting of Holders
of Securities shall be proved in the manner provided in Section 15.06.

 

    	 	 	 

     

    

 

Without limiting the generality of this Section 1.04,
unless otherwise provided in or pursuant to this Indenture, a Holder, including a Depositary that is a Holder of a global Security,
may make, give or take, by a proxy or proxies, duly appointed in writing, any request, demand, authorization, direction, notice,
consent, waiver or other Act provided in or pursuant to this Indenture or the Securities to be made, given or taken by Holders,
and a Depositary that is a Holder of a global Security may provide its proxy or proxies to the beneficial owners of interests in
any such global Security through such Depositary’s standing instructions and customary practices.

 

(2) The fact and date of the execution by any
Person of any such instrument or writing may be proved in any reasonable manner which the Trustee deems sufficient and in accordance
with such reasonable rules as the Trustee may determine; and the Trustee may in any instance require further proof with respect
to any of the matters referred to in this Section.

 

(3) The ownership, principal amount and serial
numbers of Registered Securities held by any Person, and the date of the commencement and the date of the termination of holding
the same, shall be proved by the Security Register.

 

(4) The ownership, principal amount and serial
numbers of Bearer Securities held by any Person, and the date of the commencement and the date of the termination of holding the
same, may be proved by the production of such Bearer Securities or by a certificate executed, as depositary, by any trust company,
bank, banker or other depositary reasonably acceptable to the Company, wherever situated, if such certificate shall be deemed by
the Company and the Trustee to be satisfactory, showing that at the date therein mentioned such Person had on deposit with such
depositary, or exhibited to it, the Bearer Securities therein described; or such facts may be proved by the certificate or affidavit
of the Person holding such Bearer Securities, if such certificate or affidavit is deemed by the Company and the Trustee to be satisfactory.
The Trustee and the Company may assume that such ownership of any Bearer Security continues until (1) another certificate
or affidavit bearing a later date issued in respect of the same Bearer Security is produced, or (2) such Bearer Security is
produced to the Trustee by some other Person, or (3) such Bearer Security is surrendered in exchange for a Registered Security,
or (4) such Bearer Security is no longer Outstanding. The ownership, principal amount and serial numbers of Bearer Securities
held by the Person so executing such instrument or writing and the date of the commencement and the date of the termination of
holding the same may also be proved in any other manner which the Company and the Trustee deem sufficient.

 

(5) If the Company shall solicit from the Holders
of any Registered Securities any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may
at its option (but is not obligated to), by Board Resolution, fix in advance a record date for the determination of Holders of
Registered Securities entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act. If
such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given
before or after such record date, but only the Holders of Registered Securities of record at the close of business on such record
date shall be deemed to be Holders for the purpose of determining whether Holders of the requisite proportion of Outstanding Securities
have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act,
and for that purpose the Outstanding Securities shall be computed as of such record date; provided that no such authorization,
agreement or consent by the Holders of Registered Securities shall be deemed effective unless it shall become effective pursuant
to the provisions of this Indenture not later than six months after the record date.

 

(6) Any request, demand, authorization, direction,
notice, consent, waiver or other Act by the Holder of any Security shall bind every future Holder of the same Security and the
Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect
of anything done or suffered to be done by the Trustee, any Security Registrar, any Paying Agent or the Company in reliance thereon,
whether or not notation of such Act is made upon such Security.

 

    	 	 	 

     

    

 

Section 1.05. Notices, etc. to Trustee
and Company.

 

Any request, demand, authorization, direction,
notice, consent, waiver or other Act of Holders or other document provided or permitted by this Indenture to be made upon, given
or furnished to, or filed with,

 

(1) the Trustee by any Holder or the Company
shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate
Trust Office, or

 

(2) the Company by the Trustee or any Holder
shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class
postage prepaid, to the Company addressed to the attention of its Treasurer at the address of its principal office specified in
the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company.

 

Section 1.06. Notice to Holders of Securities;
Waiver.

 

Except as otherwise expressly provided in or
pursuant to this Indenture, where this Indenture provides for notice to Holders of Securities of any event,

 

(1) such notice shall be sufficiently given
to Holders of Registered Securities if in writing and mailed, first-class postage prepaid, to each Holder of a Registered Security
affected by such event, at his address as it appears in the Security Register, not later than the latest date, and not earlier
than the earliest date, prescribed for the giving of such notice; and

 

(2) such notice shall be sufficiently given
to Holders of Bearer Securities, if any, if published in an Authorized Newspaper in the City of New York and, if such Securities
are then listed on any stock exchange outside the United States, in an Authorized Newspaper in such city as the Company shall advise
the Trustee that such stock exchange so requires, on a Business Day at least twice, the first such publication to be not earlier
than the earliest date and the second such publication not later than the latest date prescribed for the giving of such notice.

 

In any case where notice to Holders of Registered
Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular
Holder of a Registered Security shall affect the sufficiency of such notice with respect to other Holders of Registered Securities
or the sufficiency of any notice to Holders of Bearer Securities given as provided herein. Any notice which is mailed in the manner
herein provided shall be conclusively presumed to have been duly given or provided. In the case by reason of the suspension of
regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification
as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

 

In case by reason of the suspension of publication
of any Authorized Newspaper or Authorized Newspapers or by reason of any other cause it shall be impracticable to publish any notice
to Holders of Bearer Securities as provided above, then such notification to Holders of Bearer Securities as shall be given with
the approval of the Trustee shall constitute sufficient notice to such Holders for every purpose hereunder. Neither failure to
give notice by publication to Holders of Bearer Securities as provided above, nor any defect in any notice so published, shall
affect the sufficiency of any notice mailed to Holders of Registered Securities as provided above.

 

Where this Indenture provides for notice in
any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event,
and such waiver shall be the equivalent of such notice. Waivers of notice by Holders of Securities shall be filed with the Trustee,
but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

Section 1.07. Language of Notices.

 

Any request, demand, authorization, direction,
notice, consent, election or waiver required or permitted under this Indenture shall be in the English language, except that, if
the Company so elects, any published notice may be in an official language of the country of publication.

 

    	 	 	 

     

    

 

Section 1.08. Conflict with Trust Indenture
Act.

 

If any provision hereof limits, qualifies or
conflicts with any duties under any required provision of the Trust Indenture Act imposed hereon by Section 318(c) thereof,
such required provision shall control.

 

Section 1.09. Effect of Headings and
Table of Contents.

 

The Article and Section headings herein and
the Table of Contents are for convenience only and shall not affect the construction hereof.

 

Section 1.10. Successors and Assigns.

 

All covenants and agreements in this Indenture
by the Company shall bind its successors and assigns, whether so expressed or not.

 

Section  1.11. Separability Clause.

 

In case any provision in this Indenture, any
Security or any Coupon shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
shall not, to the fullest extent permitted by law, in any way be affected or impaired thereby.

 

Section 1.12. Benefits of Indenture.

 

Nothing in this Indenture, any Security or any
Coupon, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar, any Paying Agent and
their successors hereunder and the Holders of Securities or Coupons, and the holders of Senior Indebtedness with respect to such
series, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section 1.13. Governing Law.

 

This Indenture, the Securities and any Coupons
shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or instruments
entered into and, in each case, performed in said State.

 

Section 1.14. Legal Holidays.

 

Unless otherwise specified in or pursuant to
this Indenture or any Securities, in any case where any Interest Payment Date, Stated Maturity or Maturity of, or any other day
on which a payment is due with respect to, any Security shall be a day which is not a Business Day at any Place of Payment, then
(notwithstanding any other provision of this Indenture, any Security or any Coupon other than a provision in any Security or Coupon
or in the Board Resolution, Officers’ Certificate or supplemental indenture establishing the terms of any Security that specifically
states that such provision shall apply in lieu hereof) payment need not be made at such Place of Payment on such date, but such
payment may be made on the next succeeding day that is a Business Day at such Place of Payment with the same force and effect as
if made on the Interest Payment Date, at the Stated Maturity or Maturity or on any such other payment date, as the case may be,
and no interest shall accrue on the amount payable on such date or at such time for the period from and after such Interest Payment
Date, Stated Maturity, Maturity or other payment date, as the case may be, to the next succeeding Business Day.

 

Section 1.15. Counterparts.

 

This Indenture may be executed in several counterparts,
each of which shall be an original and all of which shall constitute but one and the same instrument.

 

    	 	 	 

     

    

 

Section 1.16. Judgment Currency.

 

The Company agrees, to the fullest extent that
it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary
to convert the sum due in respect of the principal of, or premium or interest, if any, or Additional Amounts on the Securities
of any series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”),
the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in
the City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding that on which a final
unappealable judgment is given and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall
not be discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with
clause (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in
the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments,
(ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency
the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be
payable and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture. For purposes
of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in the City of
New York or a day on which banking institutions in the City of New York are authorized or obligated by law, regulation or executive
order to be closed. The provisions of this Section 1.16 shall not be applicable with respect to any payment due on a Security
which is payable in Dollars.

 

Section 1.17. Extension of Payment Dates.

 

In the event that (i) the terms of any
Security or Coupon appertaining thereto established in or pursuant to this Indenture permit the Company or any Holder thereof to
extend the date on which any payment of principal of, or premium, if any, or interest, if any, on, or Additional Amounts, if any,
with respect to such Security or Coupon is due and payable and (ii) the due date for any such payment shall have been so extended,
then all references herein to the Stated Maturity of such payment (and all references of like import) shall be deemed to refer
to the date as so extended.

 

Section 1.18. Immunity of Stockholders,
Directors, Officers and Agents of the Company.

 

No recourse under or upon any obligation, covenant
or agreement contained in this Indenture, or in any Security, or because of any indebtedness evidenced thereby, shall be had against
any past, present or future stockholder, employee, officer or director, as such, of the Company or of any predecessor or successor,
either directly or through the Company or any predecessor or successor, under any rule of law, statute or constitutional provision
or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly
waived and released by the acceptance of the Securities by the Holders and as part of the consideration for the issue of the Securities.

 

Section 1.19. Waiver of Jury Trial.

 

EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT
OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 1.20. Force Majeure.

 

In no event shall the Trustee be responsible
or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications
or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

    	 	 	 

     

    

 

ARTICLE TWO

 

SECURITIES FORMS

 

Section 2.01. Forms Generally.

 

Each Registered Security, Bearer Security,
Coupon and temporary or permanent global Security issued pursuant to this Indenture shall be in the form established by or pursuant
to a Board Resolution and set forth in an Officers’ Certificate, or established in one or more indentures supplemental hereto,
shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by or pursuant
to this Indenture or any indenture supplemental hereto and may have such letters, numbers or other marks of identification and
such legends or endorsements placed thereon as may, consistently herewith, be determined by the officer of the Company executing
such Security or Coupon as evidenced by the execution of such Security or Coupon.

 

Unless otherwise provided in or pursuant to
this Indenture or any Securities, the Securities shall be issuable in registered form without Coupons.

 

Definitive Securities and definitive Coupons
shall be printed, lithographed or engraved or produced by any combination of these methods on a steel engraved border or steel
engraved borders or may be produced in any other manner, all as determined by the officer of the Company executing such Securities
or Coupons, as evidenced by the execution of such Securities or Coupons.

 

Section 2.02. Form of Trustee’s
Certificate of Authentication.

 

Subject to Section 6.11, the Trustee’s
certificate of authentication shall be in substantially the following form:

 

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

 

	 	 
	as Trustee	 
	 	 	 
	 	 	 
	By:	 	 
	 	Authorized Signatory	 

 

Section 2.03. Securities in Global Form.

 

Unless otherwise provided in or pursuant to
this Indenture, any supplemental indenture or any Securities, the Securities shall not be issuable in global form. If Securities
of a series shall be issuable in temporary or permanent global form, any such Security may provide that it or any number of such
Securities shall represent the aggregate amount of all Outstanding Securities of such series (or such lesser amount as is permitted
by the terms thereof) from time to time endorsed thereon or reflected on the books and records of the Trustee and may also provide
that the aggregate amount of Outstanding Securities represented thereby may from time to time be increased or reduced to reflect
exchanges. Any endorsement of any Security in global form to reflect the amount, or any increase or decrease in the amount, or
changes in the rights of Holders, of Outstanding Securities represented thereby shall be made in such manner and by such Person
or Persons as shall be specified therein or pursuant to Section 3.01 with respect to such Security or in the Company Order
to be delivered pursuant to Section 3.03 or 3.04 with respect thereto. Subject to the provisions of Section 3.03 and,
if applicable, Section 3.04, the Trustee shall deliver and redeliver any Security in global form in the manner and upon instructions
given by the Person or Persons specified therein or pursuant to Section 3.01 with respect to such Security or in the applicable
Company Order. If a Company Order pursuant to Section 3.03 or 3.04 has been, or simultaneously is, delivered, any instructions
by the Company with respect to a Security in global form shall be in writing but need not be accompanied by or contained in an
Officers’ Certificate and need not be accompanied by an Opinion of Counsel. Notwithstanding the foregoing provisions of this
paragraph, in the event a global Security is exchangeable for definitive Securities as provided in Section 3.05, then, unless
otherwise provided in or pursuant to this Indenture with respect to the Securities of such series, the Trustee shall deliver and
redeliver such global Security to the extent necessary to effect such exchanges, shall endorse such global Security to reflect
any decrease in the principal amount thereto resulting from such exchanges and shall take such other actions, all as contemplated
by Section 3.05.

 

    	 	 	 

     

    

 

Notwithstanding the provisions of Section 3.07,
unless otherwise specified in or pursuant to this Indenture or any Securities, payment of principal of, any premium and interest
on, and any Additional Amounts in respect of any Security in temporary or permanent global form shall be made to the Person or
Persons specified therein.

 

Notwithstanding the provisions of Section 3.08
and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company and the Trustee shall
treat as the Holder of such principal amount of Outstanding Securities represented by a global Security (i) in the case of
a global Security in registered form, the Holder of such global Security in registered form, or (ii) in the case of a global
Security in bearer form, the Person or Persons specified pursuant to Section 3.01.

 

ARTICLE THREE

 

THE SECURITIES

 

Section 3.01. Amount Unlimited; Issuable
in Series.

 

The aggregate principal amount of Securities
which may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more series.

 

The Securities shall be subordinated in right
of payment to Senior Indebtedness as provided in Article 16.

 

With respect to any Securities to be authenticated
and delivered hereunder, there shall be established in or pursuant to one or more Board Resolutions and set forth in an Officers’
Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of any Securities of a series,

 

(1) the title of the Securities of such series;

 

(2) any limit upon the aggregate principal amount
of the Securities of such series which may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of such series pursuant to
Sections 3.04, 3.05, 3.06, 9.05 or 11.07, upon repayment in part of any Security of such series pursuant to Article Thirteen
or upon surrender in part of any Security for conversion or exchange into Common Stock or other securities or property pursuant
to its terms), and if such series may be reopened from time to time for the issuance of additional Securities of such series or
to establish additional terms of such series;

 

(3) if such Securities are to be issuable as
Registered Securities, as Bearer Securities or alternatively as Bearer Securities and Registered Securities, and whether the Bearer
Securities are to be issuable with Coupons, without Coupons or both, and any restrictions applicable to the offer, sale or delivery
of the Bearer Securities and the terms, if any, upon which Bearer Securities may be exchanged for Registered Securities and vice
versa;

 

(4) if any of such Securities are to be issuable
in global form, when any of such Securities are to be issuable in global form and (i) whether such Securities are to be issued
in temporary or permanent global form or both, (ii) whether beneficial owners of interests in any such global Security may
exchange such interests for Securities of the same series and of like tenor and of any authorized form and denomination, and the
circumstances under which any such exchanges may occur, if other than in the manner specified in Section 3.05, (iii) the
name of the Depositary with respect to any such global Security and (iv) if applicable and in addition to the Persons specified
in Section 3.05, the Person or Persons who shall be entitled to make any endorsements on any such global Security and to give
the instructions and take the other actions with respect to such global Security contemplated by the first paragraph of Section 2.03;

 

    	 	 	 

     

    

 

(5) if any of such Securities are to be issuable
as Bearer Securities, the date as of which any such Bearer Security shall be dated (if other than the date of original issuance
of the first of such Securities to be issued);

 

(6) if any of such Securities are to be issuable
as Bearer Securities, whether interest in respect of any portion of a temporary Bearer Security in global form payable in respect
of an Interest Payment Date therefor prior to the exchange, if any, of such temporary Bearer Security for definitive Securities
shall be paid to any clearing organization with respect to the portion of such temporary Bearer Security held for its account and,
in such event, the terms and conditions (including any certification requirements) upon which any such interest payment received
by a clearing organization will be credited to the Persons entitled to interest payable on such Interest Payment Date;

 

(7) the date or dates, or the method or methods,
if any, by which such date or dates shall be determined, on which the principal and premium, if any, of such Securities is payable;

 

(8) the rate or rates at which such Securities
shall bear interest, if any, or the method or methods, if any, by which such rate or rates are to be determined, the date or dates,
if any, from which such interest shall accrue or the method or methods, if any, by which such date or dates are to be determined,
the Interest Payment Dates, if any, on which such interest shall be payable and the Regular Record Date, if any, for the interest
payable on Registered Securities on any Interest Payment Date, the notice, if any, to Holders regarding the determination of interest
on a floating rate Security and the manner of giving such notice, and the basis upon which interest shall be calculated if other
than that of a 360-day year of twelve 30-day months;

 

(9) if in addition to or other than the City
of New York, the place or places where the principal of, any premium and interest on or any Additional Amounts with respect to
such Securities shall be payable, any of such Securities that are Registered Securities may be surrendered for registration of
transfer or exchange, any of such Securities may be surrendered for conversion or exchange and notices or demands to or upon the
Company in respect of such Securities and this Indenture may be served;

 

(10) whether any of such Securities are to be
redeemable at the option of the Company and, if so, the date or dates on which, the period or periods within which, the price or
prices at which and the other terms and conditions upon which such Securities may be redeemed, in whole or in part, at the option
of the Company;

 

(11) if the Company is obligated to redeem or
purchase any of such Securities pursuant to any sinking fund or analogous provision or at the option of any Holder thereof and,
if so, the date or dates on which, the period or periods within which, the price or prices at which and the other terms and conditions
upon which such Securities shall be redeemed or purchased, in whole or in part, pursuant to such obligation, and any provisions
for the remarketing of such Securities so redeemed or purchased;

 

(12) the denominations in which any of such
Securities that are Registered Securities shall be issuable if other than denominations of $1,000 and any integral multiple thereof,
and the denominations in which any of such Securities that are Bearer Securities shall be issuable if other than the denomination
of $5,000;

 

(13) whether the Securities of the series will
be convertible into and/or exchangeable for Common Stock or other securities or property, and if so, the terms and conditions upon
which such Securities will be so convertible or exchangeable, and any deletions from or modifications or additions to this Indenture
to permit or to facilitate the issuance of such convertible or exchangeable Securities or the administration thereof;

 

(14) if other than the principal amount thereof,
the portion of the principal amount of any of such Securities that shall be payable upon declaration of acceleration of the Maturity
thereof pursuant to Section 5.02 or the method by which such portion is to be determined;

 

    	 	 	 

     

    

 

(15) if other than Dollars, the Foreign Currency
in which payment of the principal of, any premium or interest on or any Additional Amounts with respect to any of such Securities
shall be payable;

 

(16) if the principal of, any premium or interest
on or any Additional Amounts with respect to any of such Securities are to be payable, at the election of the Company or a Holder
thereof or otherwise, in Dollars or in a Foreign Currency other than that in which such Securities are stated to be payable, the
date or dates on which, the period or periods within which, and the other terms and conditions upon which, such election may be
made, and the time and manner of determining the exchange rate between the Currency in which such Securities are stated to be payable
and the Currency in which such Securities or any of them are to be paid pursuant to such election, and any deletions from or modifications
of or additions to the terms of this Indenture to provide for or to facilitate the issuance of Securities denominated or payable,
at the election of the Company or a Holder thereof or otherwise, in a Foreign Currency;

 

(17) if the amount of payments of principal
of, any premium or interest on or any Additional Amounts with respect to such Securities may be determined with reference to an
index, formula or other method or methods (which index, formula or method or methods may be based, without limitation, on one or
more Currencies, commodities, equity indices or other indices), and, if so, the terms and conditions upon which and the manner
in which such amounts shall be determined and paid or payable;

 

(18) any deletions from, modifications of or
additions to the Events of Default or covenants of the Company with respect to any of such Securities (whether or not such Events
of Default or covenants are consistent with the Events of Default or covenants set forth herein), and if Section 10.07 shall
be applicable with respect to any such additional covenants;

 

(19) if any one or more of Section 4.01
relating to satisfaction and discharge, Section 4.02(2) relating to defeasance or Section 4.02(3) relating to covenant
defeasance shall not be applicable to the Securities of such series, and any covenants in addition to or other than those specified
in Section 4.02(3) relating to the Securities of such series which shall be subject to covenant defeasance, and, if the Securities
of such series are subject to repurchase or repayment at the option of the Holders thereof pursuant to Article Thirteen, if
the Company’s obligation to repurchase or repay such Securities will be subject to satisfaction and discharge pursuant to
Section 4.01 or to defeasance or covenant defeasance pursuant to Section 4.02, and, if the Holders of such Securities
have the right to convert or exchange such Securities into Common Stock or other securities or property, if the right to effect
such conversion or exchange will be subject to satisfaction and discharge pursuant to Section 4.01 or to defeasance or covenant
defeasance pursuant to Section 4.02, and any deletions from, or modifications or additions to, the provisions of Article Four
(including any modification which would permit satisfaction and discharge, defeasance or covenant defeasance to be effected with
respect to less than all of the outstanding Securities of such series) in respect of the Securities of such series;

 

(20) if any of such Securities are to be issuable
upon the exercise of warrants, and the time, manner and place for such Securities to be authenticated and delivered;

 

(21) if any of such Securities are issuable
in global form and are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security)
only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and terms of such
certificates, documents or conditions;

 

(22) whether and under what circumstances the
Company will pay Additional Amounts on such Securities to any holder who is a United States Alien in respect of any tax, assessment
or other government charge and, if so, whether the Company will have the option to redeem such Securities rather than pay such
Additional Amounts;

 

(23) if there is more than one Trustee, the
identity of the Trustee and, if not the Trustee, the identity of each Security Registrar, Paying Agent or Authenticating Agent
with respect to such Securities;

 

(24) the Person to whom any interest on any
Registered Security of such series shall be payable, if other than the Person in whose name the Registered Security (or one or
more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, the manner in
which, or the Person to whom, any interest on any Bearer Security of such series shall be payable, if other than upon presentation
and surrender of the Coupons appertaining thereto as they severally mature, and the extent to which, or the manner in which, any
interest payable on a temporary global Security will be paid if other than in the manner provided in this Indenture;

 

    	 	 	 

     

    

 

(25) whether and to what extent the Securities
shall be guaranteed by any Person or Persons;

 

(26) the terms pursuant to which the Securities
of such series will be made subordinate in right of payment to Senior Indebtedness, the definition of such Senior Indebtedness
with respect to such series and any changes in Article Sixteen with respect to such series; and a Board Resolution, Officers’
Certificate or supplemental indenture, as the case may be, establishing the terms of such series shall expressly state which articles,
sections or other provisions thereof constitute the “Subordination Provisions” with respect to the Securities of such
series; and

 

(27) any other terms of such Securities and
any deletions from or modifications or additions to this Indenture in respect of such Securities.

 

All Securities of any one series and all Coupons,
if any, appertaining to Bearer Securities of such series shall be substantially identical except as to Currency of payments due
thereunder, denomination and the rate of interest, or method of determining the rate of interest, if any, Maturity, and the date
from which interest, if any, shall accrue and except as may otherwise be provided by the Company in or pursuant to the Board Resolution
and set forth in the Officers’ Certificate or in any indenture or indentures supplemental hereto pertaining to such series
of Securities. The terms of the Securities of any series may provide, without limitation, that the Securities shall be authenticated
and delivered by the Trustee on original issue from time to time upon telephonic or written order of persons designated in the
Board Resolution, Officers’ Certificate or supplemental indenture, as the case may be, pertaining to such series of Securities
(telephonic instructions to be promptly confirmed in writing by such person) and that such persons are authorized to determine,
consistent with such Board Resolution, Officers’ Certificate or supplemental indenture, such terms and conditions of the
Securities of such series as are specified in such Board Resolution, Officers’ Certificate or supplemental indenture. All
Securities of any one series need not be issued at the same time and, if so provided by the Company as contemplated by this Section 3.01,
a series may be reopened from time to time without the consent of any Holders for issuances of additional Securities of such series
or to establish additional terms of such series of Securities.

 

If any of the terms of the Securities of any
series shall be established by action taken by or pursuant to a Board Resolution, the Board Resolution shall be delivered to the
Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of such series.

 

Section 3.02. Currency; Denominations.

 

Unless otherwise provided in or pursuant to
this Indenture, the principal of, any premium and interest on and any Additional Amounts with respect to the Securities shall be
payable in Dollars. Unless otherwise provided in or pursuant to this Indenture, Registered Securities denominated in Dollars shall
be issuable in registered form without Coupons in denominations of $1,000 and any integral multiple thereof, and the Bearer Securities
denominated in Dollars shall be issuable in the denomination of $5,000. Securities not denominated in Dollars shall be issuable
in such denominations as are established with respect to such Securities in or pursuant to this Indenture.

 

Section 3.03. Execution, Authentication,
Delivery and Dating.

 

Securities shall be executed on behalf of the
Company by its Chairman, its President or one of its Vice Presidents and by its Treasurer, one of its Assistant Treasurers, its
Secretary or one of its Assistant Secretaries and may (but need not) have its corporate seal or a facsimile thereof reproduced
thereon. Coupons shall be executed on behalf of the Company by the Chairman, the President or any Vice President of the Company.
The signature of any of these officers on the Securities or any Coupons appertaining thereto may be manual or facsimile.

 

Securities and any Coupons appertaining thereto
bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall, to the
fullest extent permitted by law, bind the Company, notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities
or Coupons.

 

    	 	 	 

     

    

 

At any time and from time to time after the
execution and delivery of this Indenture, the Company may deliver Securities, together with any Coupons appertaining thereto, executed
by the Company, to the Trustee for authentication and, provided that the Board Resolution and Officers’ Certificate or supplemental
indenture or indentures with respect to such Securities referred to in Section 3.01 and a Company Order for the authentication
and delivery of such Securities have been delivered to the Trustee, the Trustee in accordance with the Company Order and subject
to the provisions hereof and of such Securities shall authenticate and deliver such Securities. In authenticating such Securities,
and accepting the additional responsibilities under this Indenture in relation to such Securities and any Coupons appertaining
thereto, the Trustee shall be entitled to receive, and (subject to Sections 315(a) through 315(d) of the Trust Indenture Act) shall
be fully protected in relying upon, an Opinion of Counsel to the following effect, which Opinion of Counsel may contain such assumptions,
qualifications and limitations as such counsel shall deem appropriate:

 

(a) the form or forms and terms of such Securities
and Coupons, if any, have been established in conformity with Sections 2.01 and 3.01 of this Indenture;

 

(b) all conditions precedent set forth in Sections 2.01,
3.01 and 3.03 of this Indenture to the authentication and delivery of such Securities and Coupons, if any, appertaining thereto
have been complied with and that such Securities, and Coupons, when completed by appropriate insertions (if applicable), executed
by duly authorized officers of the Company, delivered by duly authorized officers of the Company to the Trustee for authentication
pursuant to this Indenture, and authenticated and delivered by the Trustee and issued by the Company in the manner and subject
to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Company, enforceable
against the Company in accordance with their terms, except as enforcement thereof may be subject to or limited by bankruptcy, insolvency,
reorganization, moratorium, arrangement, fraudulent conveyance, fraudulent transfer or other similar laws relating to or affecting
creditors’ rights generally, and subject to general principles of equity (regardless of whether enforcement is sought in
a proceeding in equity or at law).

 

If all the Securities of any series are not
to be issued at one time, it shall not be necessary to deliver an Opinion of Counsel at the time of issuance of each Security,
but such opinion, with such modifications as counsel shall deem appropriate, shall be delivered at or before the time of issuance
of the first Security of such series. After any such first delivery, any separate request by the Company that the Trustee authenticate
Securities of such series for original issue will be deemed to be a certification by the Company that all conditions precedent
provided for in this Indenture relating to authentication and delivery of such Securities continue to have been complied with.

 

The Trustee shall not be required to authenticate
or to cause an Authenticating Agent to authenticate any Securities if the issue of such Securities pursuant to this Indenture will
affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which
is not reasonably acceptable to the Trustee or if the Trustee, being advised by counsel, determines that such action may not lawfully
be taken.

 

Each Registered Security shall be dated the
date of its authentication. Each Bearer Security and any Bearer Security in global form shall be dated as of the date specified
in or pursuant to this Indenture.

 

No Security or Coupon appertaining thereto shall
be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Security
a certificate of authentication substantially in the form provided for in Section 2.02 or 6.11 executed by or on behalf of
the Trustee or by the Authenticating Agent by the manual signature of one of its authorized signatories. Such certificate upon
any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered
hereunder. Except as permitted by Section 3.06 or 3.07 or as may otherwise be provided in or pursuant to this Indenture, the
Trustee shall not authenticate and deliver any Bearer Security unless all Coupons appertaining thereto then matured have been detached
and cancelled.

 

    	 	 	 

     

    

 

Section 3.04. Temporary Securities.

 

Pending the preparation of definitive Securities,
the Company may execute and deliver to the Trustee and, upon Company Order, the Trustee shall authenticate and deliver, in the
manner provided in Section 3.03, temporary Securities in lieu thereof which are printed, lithographed, typewritten, mimeographed
or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which
they are issued, in registered form or, if authorized in or pursuant to this Indenture, in bearer form with one or more Coupons
or without Coupons and with such appropriate insertions, omissions, substitutions and other variations as the officers of the Company
executing such Securities may determine, as conclusively evidenced by their execution of such Securities. Such temporary Securities
may be in global form.

 

Except in the case of temporary Securities in
global form, which shall be exchanged in accordance with the provisions set forth in this Indenture or the provisions established
pursuant to Section 3.01, if temporary Securities are issued, the Company shall cause definitive Securities to be prepared
without unreasonable delay. Except as otherwise provided in or pursuant to this Indenture, after the preparation of definitive
Securities of the same series and containing terms and provisions that are identical to those of any temporary Securities, such
temporary Securities shall be exchangeable for such definitive Securities upon surrender of such temporary Securities at an Office
or Agency for such Securities, without charge to any Holder thereof. Except as otherwise provided in or pursuant to this Indenture,
upon surrender for cancellation of any one or more temporary Securities (accompanied by any unmatured Coupons appertaining thereto),
the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive
Securities of authorized denominations of the same series and containing identical terms and provisions; provided, however,
that no definitive Bearer Security, except as provided in or pursuant to this Indenture, shall be delivered in exchange for a temporary
Registered Security; and provided, further, that a definitive Bearer Security shall be delivered in exchange for a temporary
Bearer Security only in compliance with the conditions set forth in or pursuant to this Indenture. Unless otherwise provided in
or pursuant to this Indenture with respect to a temporary global Security, until so exchanged the temporary Securities of any series
shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series.

 

Section 3.05. Registration, Transfer
and Exchange.

 

With respect to the Registered Securities of
each series, if any, the Company shall cause to be kept a register (each such register being herein sometimes referred to as the
“Security Register”) at an Office or Agency for such series in which, subject to such reasonable regulations as it
may prescribe, the Company shall provide for the registration of the Registered Securities of such series and of transfers of the
Registered Securities of such series. Such Office or Agency shall be the “Security Registrar” for that series of Securities.
Unless otherwise specified in or pursuant to this Indenture or the Securities, the initial Security Registrar for each series of
Securities shall be as specified in the penultimate paragraph of Section 10.02. The Company shall have the right to remove
and replace from time to time the Security Registrar for any series of Securities; provided that no such removal or replacement
shall be effective until a successor Security Registrar with respect to such series of Securities shall have been appointed by
the Company and shall have accepted such appointment. In the event that the Trustee shall not be or shall cease to be Security
Registrar with respect to a series of Securities, it shall have the right to examine the Security Register for such series at all
reasonable times. There shall be only one Security Register for each series of Securities.

 

Except as otherwise provided in or pursuant
to this Indenture, upon surrender for registration of transfer of any Registered Security of any series at any Office or Agency
for such series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Registered Securities of the same series denominated as authorized in or pursuant to this Indenture,
of a like aggregate principal amount bearing a number not contemporaneously outstanding and containing identical terms and provisions.

 

Except as otherwise provided in or pursuant
to this Indenture, at the option of the Holder, Registered Securities of any series may be exchanged for other Registered Securities
of the same series containing identical terms and provisions, in any authorized denominations, and of a like aggregate principal
amount, upon surrender of the Securities to be exchanged at any Office or Agency for such series. Whenever any Registered Securities
are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Registered Securities
which the Holder making the exchange is entitled to receive.

 

    	 	 	 

     

    

 

If provided in or pursuant to this Indenture,
with respect to Securities of any series, at the option of the Holder, Bearer Securities of such series may be exchanged for Registered
Securities of such series containing identical terms, denominated as authorized in or pursuant to this Indenture and in the same
aggregate principal amount, upon surrender of the Bearer Securities to be exchanged at any Office or Agency for such series, with
all unmatured Coupons and all matured Coupons in default thereto appertaining. If the Holder of a Bearer Security is unable to
produce any such unmatured Coupon or Coupons or matured Coupon or Coupons in default, such exchange may be effected if the Bearer
Securities are accompanied by payment in funds acceptable to the Company and the Trustee in an amount equal to the face amount
of such missing Coupon or Coupons, or the surrender of such missing Coupon or Coupons may be waived by the Company and the Trustee
if there is furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless.
If thereafter the Holder of such Bearer Security shall surrender to any Paying Agent any such missing Coupon in respect of which
such a payment shall have been made, such Holder shall be entitled to receive the amount of such payment; provided, however,
that, except as otherwise provided in Section 10.02, interest represented by Coupons shall be payable only upon presentation
and surrender of those Coupons at an Office or Agency for such series located outside the United States. Notwithstanding the foregoing,
in case a Bearer Security of any series is surrendered at any such Office or Agency for such series in exchange for a Registered
Security of such series and like tenor after the close of business at such Office or Agency on (i) any Regular Record Date
and before the opening of business at such Office or Agency on the relevant Interest Payment Date, or (ii) any Special Record
Date and before the opening of business at such Office or Agency on the related date for payment of Defaulted Interest, such Bearer
Security shall be surrendered without the Coupon relating to such Interest Payment Date or proposed date of payment, as the case
may be (or, if such Coupon is so surrendered with such Bearer Security, such Coupon shall be returned to the Person so surrendering
the Bearer Security), and interest or Defaulted Interest, as the case may be, shall not be payable on such Interest Payment Date
or proposed date for payment, as the case may be, in respect of the Registered Security issued in exchange for such Bearer Security,
but shall be payable only to the Holder of such Coupon when due in accordance with the provisions of this Indenture.

 

If provided in or pursuant to this Indenture
with respect to Securities of any series, at the option of the Holder, Registered Securities of such series may be exchanged for
Bearer Securities upon such terms and conditions as may be provided in or pursuant to this Indenture with respect to such series.

 

Whenever any Securities are surrendered for
exchange as contemplated by the immediately preceding two paragraphs, the Company shall execute, and the Trustee shall authenticate
and deliver, the Securities which the Holder making the exchange is entitled to receive.

 

Notwithstanding the foregoing, except as otherwise
provided in or pursuant to this Indenture, the global Securities of any series shall be exchangeable for definitive certificated
Securities of such series only if (i) the Depositary for such global Securities notifies the Company that it is unwilling
or unable to continue as a Depositary for such global Securities or at any time the Depositary for such global Securities ceases
to be a clearing agency registered as such under the Exchange Act, if so required by applicable law or regulation, and no successor
Depositary for such Securities shall have been appointed within 90 days of such notification or of the Company becoming aware
of the Depositary’s ceasing to be so registered, as the case may be, (ii) the Company, in its sole discretion, determines
that the Securities of such series shall no longer be represented by one or more global Securities and executes and delivers to
the Trustee a Company Order to the effect that such global Securities shall be so exchangeable, or (iii) an Event of Default
has occurred and is continuing with respect to such Securities.

 

    	 	 	 

     

    

 

If the beneficial owners of interests in a global
Security are entitled to exchange such interests for definitive Securities as the result of an event described in clause (i),
(ii) or (iii) of the preceding paragraph, then without unnecessary delay but in any event not later than the earliest
date on which such interests may be so exchanged, the Company shall deliver to the Trustee definitive Securities in such form and
denominations as are required by or pursuant to this Indenture, and of the same series, containing identical terms and in aggregate
principal amount equal to the principal amount of such global Security, executed by the Company. On or after the earliest date
on which such interests may be so exchanged, such global Security shall be surrendered from time to time by the Depositary (or
its custodian) as shall be specified in the Company Order with respect thereto (which the Company agrees to deliver), and in accordance
with instructions given to the Trustee and the Depositary (which instructions shall be in writing but need not be contained in
or accompanied by an Officers’ Certificate or be accompanied by an Opinion of Counsel), as shall be specified in the Company
Order with respect thereto to the Trustee, as the Company’s agent for such purpose, to be exchanged, in whole or in part,
for definitive Securities as described above without charge. The Trustee shall authenticate and make available for delivery, in
exchange for each portion of such surrendered global Security, a like aggregate principal amount of definitive Securities of the
same series of authorized denominations and of like tenor as the portion of such global Security to be exchanged, which (unless
such Securities are not issuable both as Bearer Securities and as Registered Securities, in which case the definitive Securities
exchanged for the global Security shall be issuable only in the form in which the Securities are issuable, as provided in or pursuant
to this Indenture) shall be in the form of Bearer Securities or Registered Securities, or any combination thereof, and which shall
be in such denominations and, in the case of Registered Securities, registered in such names, as shall be specified by the Depositary,
but subject to the satisfaction of any certification or other requirements to the issuance of Bearer Securities; provided, however,
that no such exchanges may occur during a period beginning at the opening of business 15 days before any selection of Securities
of the same series to be redeemed and ending on the relevant Redemption Date; and provided, further, that (unless otherwise
provided in or pursuant to this Indenture) no Bearer Security delivered in exchange for a portion of a global Security shall be
mailed or otherwise delivered to any location in the United States. Promptly following any such exchange in part, such global Security
shall be returned by the Trustee to such Depositary (or its custodian) or such other Depositary (or its custodian) referred to
above in accordance with the instructions of the Company referred to above, and the Trustee shall endorse such global Security
to reflect the decrease in the principal amount thereof resulting from such exchange. If a Registered Security is issued in exchange
for any portion of a global Security after the close of business at the Office or Agency for such Security where such exchange
occurs on or after (i) any Regular Record Date for such Security and before the opening of business at such Office or Agency
on the next Interest Payment Date, or (ii) any Special Record Date for such Security and before the opening of business at
such Office or Agency on the related proposed date for payment of interest or Defaulted Interest, as the case may be, interest
shall not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered
Security, but shall be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person
to whom interest in respect of such portion of such global Security shall be payable in accordance with the provisions of this
Indenture.

 

All Securities issued upon any registration
of transfer or exchange of Securities shall be the valid obligations of the Company evidencing the same debt and entitling the
Holders thereof to the same benefits under this Indenture as the Securities surrendered upon such registration of transfer or exchange.

 

Every Registered Security presented or surrendered
for registration of transfer or for exchange or redemption shall (if so required by the Company or the Security Registrar for such
Security) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security
Registrar for such Security duly executed by the Holder thereof or his attorney duly authorized in writing.

 

No service charge shall be made for any registration
of transfer or exchange of Securities, or any redemption or repayment of Securities, or any conversion or exchange of Securities
for other types of securities or property, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant
to Section 3.04, 9.05 or 11.07, upon repayment or repurchase in part of any Registered Security pursuant to Article Thirteen,
or upon surrender in part of any Registered Security for conversion or exchange into Common Stock or other securities or property
pursuant to its terms, in each case not involving any transfer.

 

Except as otherwise provided in or pursuant
to this Indenture, the Company shall not be required (i) to issue, register the transfer of or exchange any Securities during
a period beginning at the opening of business 15 days before the day of the selection for redemption of Securities of like tenor
and terms and of the same series under Section 11.03 and ending at the close of business on the day of such selection, or
(ii) to register the transfer of or exchange any Registered Security, or portion thereof, so selected for redemption, except
in the case of any Registered Security to be redeemed in part, the portion thereof not to be redeemed, or (iii) to exchange
any Bearer Security so selected for redemption except, to the extent provided with respect to such Bearer Security, that such Bearer
Security may be exchanged for a Registered Security of like tenor and terms and of the same series, provided that such Registered
Security shall be simultaneously surrendered for redemption with written instruction for payment consistent with the provisions
of this Indenture or (iv) to issue, register the transfer of or exchange any Security which, in accordance with its terms,
has been surrendered for repayment at the option of the Holder pursuant to Article Thirteen and not withdrawn, except the portion,
if any, of such Security not to be so repaid.

 

    	 	 	 

     

    

 

The Trustee shall have no obligation or duty
to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable
law with respect to any transfer of any interest in any Security (including any transfers between or among Depositary participants
or beneficial owners of interests in any Global Security) other than to require delivery of such certificates and other documentation
or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine
the same to determine substantial compliance as to form with the express requirements hereof.

 

Neither the Trustee nor any Paying Agent shall
have any responsibility for any actions taken or not taken by the Depositary.

 

Section 3.06. Mutilated, Destroyed,
Lost and Stolen Securities.

 

If any mutilated Security or a Security with
a mutilated Coupon appertaining to it is surrendered to the Trustee, subject to the provisions of this Section 3.06, the Company
shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series containing
identical terms and of like principal amount and bearing a number not contemporaneously outstanding, with Coupons appertaining
thereto corresponding to the Coupons, if any, appertaining to the surrendered Security.

 

If there be delivered to the Company and to
the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security or Coupon, and (ii) such
security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence
of notice to the Company or the Trustee that such Security or Coupon has been acquired by a bona fide purchaser, the Company shall
execute and, upon the Company’s request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Security or in exchange for the Security to which a destroyed, lost or stolen Coupon appertains
with all appurtenant Coupons not destroyed, lost or stolen, a new Security of the same series containing identical terms and of
like principal amount and bearing a number not contemporaneously outstanding, with Coupons corresponding to the Coupons, if any,
appertaining to such destroyed, lost or stolen Security or to the Security to which such destroyed, lost or stolen Coupon appertains.

 

Notwithstanding the foregoing provisions of
this Section 3.06, in case any mutilated, destroyed, lost or stolen Security or Coupon has become or is about to become due
and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security or Coupon; provided, however,
that payment of principal of, any premium or interest on or any Additional Amounts with respect to any Bearer Securities shall,
except as otherwise provided in Section 10.02, be payable only at an Office or Agency for such Securities located outside
the United States and, unless otherwise provided in or pursuant to this Indenture, any interest on Bearer Securities and any Additional
Amounts with respect to such interest shall be payable only upon presentation and surrender of the Coupons appertaining thereto.

 

Upon the issuance of any new Security under
this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Security, with any Coupons appertaining
thereto issued pursuant to this Section in lieu of any destroyed, lost or stolen Security, or in exchange for a Security to which
a destroyed, lost or stolen Coupon appertains shall constitute a separate obligation of the Company, whether or not the destroyed,
lost or stolen Security and Coupons appertaining thereto or the destroyed, lost or stolen Coupon shall be at any time enforceable
by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities
of such series and any Coupons, if any, duly issued hereunder.

 

The provisions of this Section, as amended or
supplemented pursuant to this Indenture with respect to particular Securities or generally, shall (to the extent lawful) be exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities or Coupons.

 

    	 	 	 

     

    

 

Section 3.07. Payment of Interest and
Certain Additional Amounts; Rights to Interest and Certain Additional Amounts Preserved.

 

Unless otherwise provided in or pursuant to
this Indenture, any interest on and any Additional Amounts with respect to any Registered Security which shall be payable, and
are punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name such Security
(or one or more Predecessor Securities) is registered as of the close of business on the Regular Record Date for such interest.
Unless otherwise provided in or pursuant to this Indenture, in case a Bearer Security is surrendered in exchange for a Registered
Security after the close of business at an Office or Agency for such Security on any Regular Record Date therefor and before the
opening of business at such Office or Agency on the next succeeding Interest Payment Date therefor, such Bearer Security shall
be surrendered without the Coupon relating to such Interest Payment Date and interest shall not be payable on such Interest Payment
Date in respect of the Registered Security issued in exchange for such Bearer Security, but shall be payable only to the Holder
of such Coupon when due in accordance with the provisions of this Indenture.

 

Unless otherwise provided in or pursuant to
this Indenture, any interest on and any Additional Amounts with respect to any Registered Security which shall be payable, but
shall not be punctually paid or duly provided for, on any Interest Payment Date for such Registered Security (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder thereof on the relevant Regular Record Date by virtue of having
been such Holder; and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in Clause (1) or
(2) below:

 

(1) The Company may elect to make payment of
any Defaulted Interest to the Person in whose name such Registered Security (or a Predecessor Security thereof) shall be registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following
manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on such Registered
Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money
equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory
to the Trustee for such deposit on or prior to the date of the proposed payment, such money when so deposited to be held in trust
for the benefit of the Person entitled to such Defaulted Interest as in this Clause provided. Thereupon, the Trustee shall fix
a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days
prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed
payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company
shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class
postage prepaid, to the Holder of such Registered Security (or a Predecessor Security thereof) at his address as it appears in
the Security Register not less than 10 days prior to such Special Record Date. The Trustee shall, at the direction of the Company,
in the name and at the expense of the Company cause a similar notice to be published at least once in an Authorized Newspaper of
general circulation in the City of New York, but such publication shall not be a condition precedent to the establishment of such
Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been
mailed as aforesaid, such Defaulted Interest shall be paid to the Person in whose name such Registered Security (or a Predecessor
Security thereof) shall be registered at the close of business on such Special Record Date and shall no longer be payable pursuant
to the following clause (2). In case a Bearer Security is surrendered at the Office or Agency for such Security in exchange for
a Registered Security after the close of business at such Office or Agency on any Special Record Date and before the opening of
business at such Office or Agency on the related proposed date for payment of Defaulted Interest, such Bearer Security shall be
surrendered without the Coupon relating to such Defaulted Interest and Defaulted Interest shall not be payable on such proposed
date of payment in respect of the Registered Security issued in exchange for such Bearer Security, but shall be payable only to
the Holder of such Coupon when due in accordance with the provisions of this Indenture.

 

(2) The Company may make payment of any Defaulted
Interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Security may
be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the
proposed payment pursuant to this Clause, such payment shall be deemed practicable by the Trustee.

 

    	 	 	 

     

    

 

Unless otherwise provided in or pursuant to
this Indenture or the Securities of any particular series, at the option of the Company, interest on Registered Securities that
bear interest may be paid by mailing a check to the address of the Person entitled thereto as such address shall appear in the
Security Register or by transfer to an account maintained by the payee with a bank located in the United States of America.

 

Subject to the foregoing provisions of this
Section and Section 3.05, each Security delivered under this Indenture upon registration of transfer of or in exchange for
or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such
other Security.

 

Section 3.08. Persons Deemed Owners.

 

Prior to due presentment of a Registered Security
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name such Registered Security is registered in the Security Register as the owner of such Registered Security for the purpose of
receiving payment of principal of, any premium and (subject to Sections 3.05 and 3.07) interest on and any Additional Amounts with
respect to such Registered Security and for all other purposes whatsoever, whether or not any payment with respect to such Registered
Security shall be overdue, and neither the Company, the Trustee or any agent of the Company or the Trustee shall be affected by
notice to the contrary.

 

The Company, the Trustee and any agent of the
Company or the Trustee may treat the bearer of any Bearer Security or the bearer of any Coupon as the absolute owner of such Security
or Coupon for the purpose of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or
not any payment with respect to such Security or Coupon shall be overdue, and neither the Company, the Trustee or any agent of
the Company or the Trustee shall be affected by notice to the contrary.

 

No holder of any beneficial interest in any
global Security held on its behalf by a Depositary shall have any rights under this Indenture with respect to such global Security,
and such Depositary may be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner of such
global Security for all purposes whatsoever. None of the Company, the Trustee, any Paying Agent or the Security Registrar will
have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership
interests of a global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

 

Notwithstanding the foregoing, nothing herein
shall prevent the Company, the Trustee, any Paying Agent or the Security Registrar from giving effect to any written certification,
proxy or other authorization furnished by the applicable Depositary, as a Holder, with respect to a global Security or impair,
as between such Depositary and the owners of beneficial interests in such global Security, the operation of customary practices
governing the exercise of the rights of such Depositary (or its nominee) as the Holder of such global Security.

 

Section 3.09. Cancellation.

 

All Securities and Coupons surrendered for payment,
redemption, registration of transfer, exchange or conversion or for credit against any sinking fund payment shall, if surrendered
to any Person other than the Trustee, be delivered to the Trustee, and any such Securities and Coupons, as well as Securities and
Coupons surrendered directly to the Trustee for any such purpose, shall be cancelled promptly by the Trustee. The Company may at
any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company
may have acquired in any manner whatsoever, and all Securities so delivered shall be cancelled promptly by the Trustee. No Securities
shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly
permitted by or pursuant to this Indenture. All cancelled Securities and Coupons held by the Trustee shall be disposed of in accordance
with its procedure for the disposition of cancelled Securities and the Trustee shall deliver to the Company a certificate of such
disposition, unless by a Company Order the Company directs their return to it.

 

    	 	 	 

     

    

 

Section 3.10. Computation of Interest.

 

Except as otherwise provided in or pursuant
to this Indenture or in the Securities of any series, interest on the Securities shall be computed on the basis of a 360-day year
of twelve 30-day months.

 

ARTICLE FOUR

 

SATISFACTION AND DISCHARGE OF INDENTURE

 

Section 4.01. Satisfaction and Discharge.

 

Unless, pursuant to Section 3.01, the provisions
of this Section 4.01 shall not be applicable with respect to the Securities of any series, upon the direction of the Company
by a Company Order, this Indenture shall cease to be of further effect with respect to any series of Securities specified in such
Company Order and any Coupons appertaining thereto, and the Trustee, on receipt of a Company Order, at the expense of the Company,
shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series, when

 

(1) either

 

(a) all Securities of such series theretofore
authenticated and delivered and all Coupons appertaining thereto (other than (i) Coupons appertaining to Bearer Securities
of such series surrendered in exchange for Registered Securities of such series and maturing after such exchange whose surrender
is not required or has been waived as provided in Section 3.05, (ii) Securities and Coupons of such series which have
been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.06, (iii) Coupons appertaining
to Securities of such series called for redemption and maturing after the relevant Redemption Date whose surrender has been waived
as provided in Section 11.06, and (iv) Securities and Coupons of such series for whose payment money has theretofore
been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from
such trust, as provided in Section 10.03) have been delivered to the Trustee for cancellation; or

 

(b) all Securities of such series and, in the
case of (i) or (ii) below, if applicable, any Coupons appertaining thereto not theretofore delivered to the Trustee for
cancellation

 

(i) have become due and payable, or

 

(ii) will become due and payable at their Stated
Maturity within one year, or

 

(iii) if redeemable at the option of the Company,
are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company, and the Company, in the case of (i), (ii) or (iii) above,
has deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose, money in the Currency in which
such Securities are payable in an amount sufficient to pay and discharge the entire indebtedness on such Securities and any Coupons
appertaining thereto not theretofore delivered to the Trustee for cancellation, including the principal of, any premium and interest
on, and, to the extent that the Securities of such series provide for the payment of Additional Amounts thereon and the amount
of any such Additional Amounts which are or will be payable with respect to the Securities of such series is at the time of deposit
determinable by the Company (in the exercise by the Company of its reasonable discretion), any Additional Amounts with respect
to, such Securities and any Coupons appertaining thereto, to the date of such deposit (in the case of Securities which have become
due and payable) or to the Maturity thereof, as the case may be;

 

(2) the Company has paid or caused to be paid
all other sums payable hereunder by the Company with respect to the Outstanding Securities of such series and any Coupons appertaining
thereto; and

 

(3) the Company has delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating
to the satisfaction and discharge of this Indenture as to such series have been complied with.

 

    	 	 	 

     

    

 

In the event there are Securities of two or
more series Outstanding hereunder, the Trustee shall be required to execute an instrument acknowledging satisfaction and discharge
of this Indenture only if requested to do so with respect to Securities of such series as to which it is Trustee and if the other
conditions thereto are met.

 

Notwithstanding the satisfaction and discharge
of this Indenture with respect to any series of Securities, the obligations of the Company to the Trustee under Section 6.06
and, if money shall have been deposited with the Trustee pursuant to subclause (b) of clause (1) of this Section, the
obligations of the Company and the Trustee with respect to the Securities of such series under Sections 3.05, 3.06, 4.03,
4.04, 10.02, 10.03 and, if applicable to the Securities of such series, Section 10.04 (including, without limitation, with respect
to the payment of Additional Amounts, if any, with respect to such Securities as contemplated by Section 10.04, but only to
the extent that the Additional Amounts payable with respect to such Securities exceed the amount deposited in respect of such Additional
Amounts pursuant to Section 4.01(1)(b)), any rights of Holders of the Securities of such series (unless otherwise provided
pursuant to Section 3.01 with respect to the Securities of such series) to require the Company to repurchase or repay, and
the obligations of the Company to repurchase or repay, such Securities at the option of the Holders pursuant to Article Thirteen
hereof, and any rights of Holders of the Securities of such series (unless otherwise provided pursuant to Section 3.01 with
respect to the Securities of such series) to convert or exchange, and the obligations of the Company to convert or exchange, such
Securities into Common Stock or other securities or property, shall survive.

 

Section 4.02. Defeasance and Covenant
Defeasance.

 

(1) Unless, pursuant to Section 3.01, either
or both of (i) defeasance of the Securities of or within a series under clause (2) of this Section 4.02 or (ii) covenant
defeasance of the Securities of or within a series under clause (3) of this Section 4.02 shall not be applicable with
respect to the Securities of such series, then such provisions, together with the other provisions of this Section 4.02 (with
such modifications thereto as may be specified pursuant to Section 3.01 with respect to any Securities), shall be applicable
to such Securities and any Coupons appertaining thereto, and the Company may at its option by Board Resolution, at any time, with
respect to the Securities of or within such series and any Coupons appertaining thereto, elect to have Section 4.02(2) or
Section 4.02(3) be applied to such Outstanding Securities and any Coupons appertaining thereto upon compliance with the conditions
set forth below in this Section 4.02. Unless otherwise specified pursuant to Section 3.01 with respect to the Securities
of any series, defeasance under clause (2) of this Section 4.02 and covenant defeasance under clause (3) of this
Section 4.02 may be effected only with respect to all, and not less than all, of the Outstanding Securities of any series.
To the extent that the terms of any Security or Coupon appertaining thereto established in or pursuant to this Indenture permit
the Company or any Holder thereof to extend the date on which any payment of principal of, or premium, if any, or interest, if
any, on, or Additional Amounts, if any, with respect to such Security or Coupon is due and payable, then unless otherwise provided
pursuant to Section 3.01, the right to extend such date shall terminate upon defeasance or covenant defeasance, as the case
may be.

 

(2) Upon the Company’s exercise of the
above option applicable to this Section 4.02(2) with respect to any Securities of or within a series, the Company shall be
deemed to have been discharged from its obligations with respect to such Outstanding Securities and any Coupons appertaining thereto
on the date the conditions set forth in clause (4) of this Section 4.02 are satisfied (hereinafter, “defeasance”).
For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented
by such Outstanding Securities and any Coupons appertaining thereto, which shall thereafter be deemed to be “Outstanding”
only for the purposes of clause (5) of this Section 4.02 and the other Sections of this Indenture referred to in clauses
(i) through (iv) of this paragraph, and to have satisfied all of its other obligations under such Securities and any
Coupons appertaining thereto and this Indenture insofar as such Securities and any Coupons appertaining thereto are concerned (and
the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following
which shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of such Outstanding Securities
and any Coupons appertaining thereto to receive, solely (except as provided in clause (ii) below) from the trust fund described
in clause (4)(a) of this Section 4.02 and as more fully set forth in this Section 4.02 and 4.03, payments in respect
of the principal of (and premium, if any) and interest, if any, on, and Additional Amounts, if any, with respect to, such Securities
and any Coupons appertaining thereto when such payments are due, (ii) the obligations of the Company and the Trustee with
respect to such Securities under Sections 3.05, 3.06, 10.02, 10.03 and, if applicable to the Securities of such series, 10.04 (including,
without limitation, with respect to the payment of Additional Amounts, if any, with respect to such Securities as contemplated
by Section 10.04, but only to the extent that the Additional Amounts payable with respect to such Securities exceed the amount
deposited in respect of such Additional Amounts pursuant to clause (4)(a) of this Section 4.02)), any rights of Holders
of such Securities (unless otherwise provided pursuant to Section 3.01 with respect to the Securities of such series) to require
the Company to repurchase or repay, and the obligations of the Company to repurchase or repay, such Securities at the option of
the Holders pursuant to Article Thirteen hereof, and any rights of Holders of such Securities (unless otherwise provided pursuant
to Section 3.01 with respect to the Securities of such series) to convert or exchange, and the obligations of the Company
to convert or exchange, such Securities into Common Stock or other securities or property, (iii) the rights, powers, trusts,
duties and immunities of the Trustee hereunder and (iv) this Section 4.02 and Sections 4.03 and 4.04. The Company
may exercise its option under this Section 4.02(2) notwithstanding the prior exercise of its option under Section 4.02(3)
with respect to such Securities and any Coupons appertaining thereto.

 

    	 	 	 

     

    

 

(3) Upon the Company’s exercise of the
above option applicable to this Section 4.02(3) with respect to any Securities of or within a series, the Company shall be
released from its obligations under clauses (ii) and (iii) of Section 10.05 and under Sections 10.06, 10.07, and
10.08 and any other covenant applicable to such Securities with respect to such Securities and any Coupons appertaining thereto
shall cease to be applicable to such Securities on and after the date the conditions set forth in clause (4) of this Section 4.02
are satisfied (hereinafter, “covenant defeasance”), and such Securities and any Coupons appertaining thereto shall
thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act
of Holders (and the consequences of any thereof) in connection with any such covenant, but shall continue to be deemed “Outstanding”
for all other purposes hereunder. For this purpose, such covenant defeasance means that with respect to such Outstanding Securities
and any Coupons appertaining thereto, the Company may omit to comply with, and shall have no liability in respect of, any term,
condition or limitation set forth in any such Section or any such other covenant, whether directly or indirectly, by reason of
any reference elsewhere herein to any such Section or such other covenant or by reason of reference in any such Section or such
other covenant to any other provision herein or in any other document and such omission to comply shall not constitute a default
or an Event of Default under Section 5.01(4) or 5.01(8) or otherwise, as the case may be, but, except as specified above,
the remainder of this Indenture and such Securities and Coupons appertaining thereto shall be unaffected thereby.

 

(4) The following shall be the conditions to
application of clause (2) or (3) of this Section 4.02 to any Outstanding Securities of or within a series and any
Coupons appertaining thereto:

 

(a) The Company shall irrevocably have deposited
or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 6.07 who shall agree
to comply with the provisions of this Section 4.02 applicable to it) as trust funds in trust for the purpose of making the
following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities
and any Coupons appertaining thereto, (1) an amount in Dollars or in such Foreign Currency in which such Securities and any
Coupons appertaining thereto are then specified as payable at Stated Maturity or, if such defeasance or covenant defeasance is
to be effected in compliance with subsection (f) below, on the relevant Redemption Date, as the case may be, or (2) Government
Obligations applicable to such Securities and Coupons appertaining thereto (determined on the basis of the Currency in which such
Securities and Coupons appertaining thereto are then specified as payable at Stated Maturity or, if such defeasance or covenant
defeasance is to be effected in compliance with subsection (f) below, on the relevant Redemption Date, as the case may be)
which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not
later than one day before the due date of any payment of principal of (and premium, if any) and interest, if any, on such Securities
and any Coupons appertaining thereto, money in an amount, or (3) a combination thereof, in any case, in an amount, sufficient,
without consideration of any reinvestment of such principal and interest, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall
be applied by the Trustee (or other qualifying trustee) to pay and discharge, (y) the principal of (and premium, if any) and
interest, if any, on, and, to the extent that such Securities provide for the payment of Additional Amounts thereon and the amount
of any such Additional Amounts which are or will be payable with respect to the Securities of such series is at the time of deposit
determinable by the Company (in the exercise by the Company of its reasonable discretion), any Additional Amounts with respect
to, such Outstanding Securities and any Coupons appertaining thereto on the Stated Maturity of such principal or installment of
principal or interest or the applicable Redemption Date, as the case may be, and (z) any mandatory sinking fund payments or
analogous payments applicable to such Outstanding Securities and any Coupons appertaining thereto on the day on which such payments
are due and payable in accordance with the terms of this Indenture and of such Securities and any Coupons appertaining thereto.

 

    	 	 	 

     

    

 

(b) Such defeasance or covenant defeasance shall
not result in a breach or violation of, or constitute a default under, this Indenture or any other material agreement or instrument
to which the Company or any Subsidiary is a party or by which it is bound.

 

(c) No Event of Default or event which with
notice or lapse of time or both would become an Event of Default with respect to such Securities and any Coupons appertaining thereto
shall have occurred and be continuing on the date of such deposit, and, solely in the case of defeasance under Section 4.02(2),
no Event of Default with respect to such Securities and any Coupons appertaining thereto under clause (5) or (6) of Section 5.01
or event which with notice or lapse of time or both would become an Event of Default with respect to such Securities and any Coupons
appertaining thereto under clause (5) or (6) of Section 5.01 shall have occurred and be continuing at any time during
the period ending on and including the 91st day after the date of such deposit (it being understood that this condition to defeasance
under Section 4.02(2) shall not be deemed satisfied until the expiration of such period).

 

(d) In the case of defeasance pursuant to Section 4.02(2),
the Company shall have delivered to the Trustee an opinion of independent counsel reasonably acceptable to the Trustee stating
that (x) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (y) since
the date of this Indenture there has been a change in applicable federal income tax law, in either case to the effect that, and
based thereon such opinion of independent counsel shall confirm that, the Holders of such Outstanding Securities and any Coupons
appertaining thereto will not recognize income, gain or loss for federal income tax purposes as a result of such defeasance and
will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case
if such defeasance had not occurred; or, in the case of covenant defeasance pursuant to Section 4.02(3), the Company shall
have delivered to the Trustee an opinion of independent counsel reasonably acceptable to the Trustee to the effect that the Holders
of such Outstanding Securities and any Coupons appertaining thereto will not recognize income, gain or loss for federal income
tax purposes as a result of such covenant defeasance and will be subject to federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such covenant defeasance had not occurred.

 

(e) The Company shall have delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance
or covenant defeasance, as the case may be, under this Indenture have been complied with.

 

(f) If the monies or Government Obligations
or combination thereof, as the case may be, deposited under clause (a) above are sufficient to pay the principal of, and premium,
if any, and interest, if any, on and, to the extent provided in such clause (a), Additional Amounts with respect to, such Securities
provided such Securities are redeemed on a particular Redemption Date, the Company shall have given the Trustee irrevocable instructions
to redeem such Securities on such date and to provide notice of such redemption to Holders as provided in or pursuant to this Indenture.

 

(g) No event or condition will exist pursuant
to the terms of Section 3.01(25) that would prevent the Company from making payments of principal and premium, if any, and
interest on the Securities at the date of the irrevocable deposit referred to above.

 

(h) Notwithstanding any other provisions of
this Section 4.02(4), such defeasance or covenant defeasance shall be effected in compliance with any additional or substitute
terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 3.01.

 

(5) Subject to the provisions of the last paragraph
of Section 10.03, all money and Government Obligations (or other property as may be provided pursuant to Section 3.01)
(including the proceeds thereof) deposited with the Trustee (or other qualifying trustee—collectively for purposes of this
Section 4.02(5) and Section 4.03, the “Trustee”) pursuant to clause (4)(a) of Section 4.02 in respect
of any Outstanding Securities of any series and any Coupons appertaining thereto shall be held in trust and applied by the Trustee,
in accordance with the provisions of such Securities and any Coupons appertaining thereto and this Indenture, to the payment, either
directly or through any Paying Agent (other than the Company or any Subsidiary or Affiliate of the Company acting as Paying Agent)
as the Trustee may determine, to the Holders of such Securities and any Coupons appertaining thereto of all sums due and to become
due thereon in respect of principal (and premium, if any) and interest and Additional Amounts, if any, but such money need not
be segregated from other funds except to the extent required by law.

 

    	 	 	 

     

    

 

Unless otherwise specified in or pursuant to
this Indenture or any Securities, if, after a deposit referred to in Section 4.02(4)(a) has been made, (a) the Holder
of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 3.01 or the terms
of such Security to receive payment in a Currency other than that in which the deposit pursuant to Section 4.02(4)(a) has
been made in respect of such Security, or (b) a Conversion Event occurs in respect of the Foreign Currency in which the deposit
pursuant to Section 4.02(4)(a) has been made, the indebtedness represented by such Security and any Coupons appertaining thereto
shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal of (and premium,
if any), and interest, if any, on, and Additional Amounts, if any, with respect to, such Security as the same becomes due out of
the proceeds yielded by converting (from time to time as specified below in the case of any such election) the amount or other
property deposited in respect of such Security into the Currency in which such Security becomes payable as a result of such election
or Conversion Event based on (x) in the case of payments made pursuant to clause (a) above, the applicable market exchange
rate for such Currency in effect on the second Business Day prior to each payment date, or (y) with respect to a Conversion
Event, the applicable market exchange rate for such Foreign Currency in effect (as nearly as feasible) at the time of the Conversion
Event.

 

The Company shall pay and indemnify the Trustee
against any tax, fee or other charge, imposed on or assessed against the Government Obligations deposited pursuant to this Section 4.02
or the principal or interest received in respect thereof.

 

Anything in this Section 4.02 to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or Government
Obligations (or other property and any proceeds therefrom) held by it as provided in clause (4)(a) of this Section 4.02
which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a defeasance
or covenant defeasance, as applicable, in accordance with this Section 4.02.

 

Section 4.03. Application of Trust Money.

 

Subject to the provisions of the last paragraph
of Section 10.03, all money and Government Obligations deposited with the Trustee pursuant to Section 4.01 or 4.02 shall
be held in trust and applied by it, in accordance with the provisions of the Securities, the Coupons and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal, premium, interest and Additional Amounts for whose payment such money
has or Government Obligations have been deposited with or received by the Trustee; but such money and Government Obligations need
not be segregated from other funds except to the extent required by law.

 

Section 4.04. Reinstatement.

 

If the Trustee (or other qualifying trustee
appointed pursuant to Section 4.02(4)(a)) or any Paying Agent is unable to apply any moneys or Government Obligations deposited
pursuant to Section 4.01(1) or 4.02(4)(a) to pay any principal of or premium, if any, or interest, if any, on or Additional
Amounts, if any, with respect to the Securities of any series by reason of any legal proceeding or any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations
under this Indenture and the Securities of such series shall be revived and reinstated as though no such deposit had occurred,
until such time as the Trustee (or other qualifying trustee) or Paying Agent is permitted to apply all such moneys and Government
Obligations to pay the principal of and premium, if any, and interest, if any, on and Additional Amounts, if any, in respect of
the Securities of such series as contemplated by Sections 4.01 or 4.02 as the case may be, and Section 4.03; provided,
however, that if the Company makes any payment of the principal of or premium, if any, or interest if any, on or Additional
Amounts, if any, in respect of the Securities of such series following the reinstatement of its obligations as aforesaid, the Company
shall be subrogated to the rights of the Holders of such Securities to receive such payment from the funds held by the Trustee
(or other qualifying trustee) or Paying Agent.

 

    	 	 	 

     

    

 

Section 4.05. Effect on Subordination
Provisions.

 

Unless otherwise expressly provided pursuant
to Section 3.01 with respect to the Securities of any series, the provisions of Article Sixteen hereof, insofar as they pertain
to the Securities of such series, and the Subordination Provisions established pursuant to Section 3.01(25) with respect to
such series are hereby expressly made subject to the provisions for satisfaction and discharge set forth in Section 4.01 hereof
and the provisions for defeasance and covenant defeasance set forth in Section 4.02 hereof and, anything herein to the contrary
notwithstanding, upon the effectiveness of such satisfaction and discharge pursuant to Section 4.01 with respect to the Securities
of such series or any such defeasance or covenant defeasance pursuant to Section 4.02 with respect to the Securities of or
within such series, all of the Securities of such series (in the case of satisfaction and discharge pursuant to Section 4.01)
or the Securities of such series as to which defeasance or covenant defeasance, as the case may be, shall have become effective
shall thereupon cease to be so subordinated and shall no longer be subject to the provisions of Article Sixteen or the Subordination
Provisions established pursuant to Section 3.01(25) with respect to such Securities and, without limitation to the foregoing,
all moneys, Government Obligations and other securities or property deposited with the Trustee (or other qualifying trustee) in
trust in connection with such satisfaction and discharge, defeasance or covenant defeasance, as the case may be, and all proceeds
therefrom may be applied to pay the principal of, premium, if any, and interest, if any, on, and Additional Amounts, if any, with
respect to such Securities as and when the same shall become due and payable notwithstanding the provisions of Article Sixteen
or such Subordination Provisions.

 

ARTICLE FIVE

 

REMEDIES

 

Section 5.01. Events of Default.

 

“Event of Default”, wherever used
herein with respect to Securities of any series, means any one of the following events (whatever the reason for such Event of Default
and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order
of any court or any order, rule or regulation of any administrative or governmental body) unless such event is specifically deleted
or modified in or pursuant to the supplemental indenture, Board Resolution or Officers’ Certificate establishing the terms
of such series pursuant to this Indenture:

 

(1) default in the payment of any interest on,
or any Additional Amounts payable in respect of any interest on, any of the Securities of such series or any Coupon appertaining
thereto when such interest or such Additional Amounts, as the case may be, become due and payable (whether or not such payment
is prohibited by the Subordination Provisions applicable thereto), and continuance of such default for a period of 30 days; or

 

(2) default in the payment of any principal
of or premium, if any, on, or any Additional Amounts payable in respect of any principal of or premium, if any, on, any of the
Securities of such series when due (whether at Maturity or otherwise and whether payable in cash or in shares of Common Stock or
other securities or property), whether or not such payment is prohibited by the Subordination Provisions applicable thereto; or

 

(3) default in the deposit of any sinking fund
payment or payment under any analogous provision when due with respect to any of the Securities of such series (whether or not
such deposit or payment is prohibited by the Subordination Provisions applicable thereto); or

 

(4) default in the performance, or breach, of
any covenant or warranty of the Company in this Indenture or any Security of such series (other than a covenant or warranty for
which the consequences of breach or nonperformance are addressed elsewhere in this Section 5.01 or a covenant or warranty
which has expressly been included in this Indenture, whether or not by means of a supplemental indenture, solely for the benefit
of Securities of a series other than such series), and continuance of such default or breach (without such default or breach having
been waived in accordance of the provisions of this Indenture) for a period of 90 days after there has been given, by registered
or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal
amount of the Outstanding Securities of such series a written notice specifying such default or breach and requiring it to be remedied
and stating that such notice is a “Notice of Default” hereunder; or

 

    	 	 	 

     

    

 

(5) the entry by a court having jurisdiction
in the premises of (A) a decree or order for relief in respect of the Company or any Significant Subsidiary of the Company
in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar
law or (B) a decree or order adjudging the Company or any Significant Subsidiary of the Company a bankrupt or insolvent, or
approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company
or any Significant Subsidiary of the Company under any applicable Federal or State law, or appointing a custodian, receiver, conservator,
liquidator, assignee, trustee, sequestrator or other similar official of the Company or any Significant Subsidiary of the Company
or of any substantial part of the property of the Company or any Significant Subsidiary of the Company, or ordering the winding
up or liquidation of the affairs of the Company or any Significant Subsidiary of the Company, and the continuance of any such decree
or order for relief unstayed and in effect for a period of 60 consecutive days; or

 

(6) the commencement by the Company or any Significant
Subsidiary of the Company of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization
or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by the Company
or any Significant Subsidiary of the Company to the entry of a decree or order for relief in respect of the Company or any Significant
Subsidiary of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization
or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against the Company or any Significant
Subsidiary of the Company, or the filing by the Company or any Significant Subsidiary of the Company of a petition or answer or
consent seeking reorganization or relief under any applicable Federal or State law, or the consent by the Company or any Significant
Subsidiary of the Company to the filing of such petition or to the appointment of or taking possession by a custodian, receiver,
conservator, liquidator, assignee, trustee, sequestrator or similar official of the Company or any Significant Subsidiary of the
Company or of any substantial part of the property of the Company or any Significant Subsidiary of the Company, or the making by
the Company or any Significant Subsidiary of the Company of an assignment for the benefit of creditors, or the taking of corporate
action by the Company or any Significant Subsidiary of the Company in furtherance of any such action; or

 

(7) default in the delivery of any shares of
Common Stock, together with cash in lieu of fractional shares, or any other securities or property (including cash) when required
to be delivered upon conversion of any convertible Security of such series or upon the exchange of any Security of such series
which is exchangeable for other securities or property (whether or not such delivery is prohibited by the Subordination Provisions
applicable thereto), and continuance of such default for a period of 10 days; or

 

(8) any other Event of Default provided in or
pursuant to this Indenture with respect to Securities of such series.

 

Section 5.02. Acceleration of Maturity;
Rescission and Annulment.

 

If an Event of Default (other than an Event
of Default specified in clause (5) or (6) of Section 5.01) with respect to Securities of any series occurs and is
continuing, then either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities
of such series may declare the principal of all the Securities of such series, or such lesser amount as may be provided for in
the Securities of such series, and accrued and unpaid interest, if any, thereon to be due and payable immediately, by a notice
in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or such lesser
amount, as the case may be, and such accrued and unpaid interest shall become immediately due and payable. If an Event of Default
specified in clause (5) or (6) of Section 5.01 with respect to the Securities of any series occurs, then the principal
of all of the Securities of such series, or such lesser amount as may be provided for in the Securities of such series, and accrued
and unpaid interest, if any, thereon shall ipso facto become and be immediately due and payable without any declaration
or other act on the part of the Trustee or any Holder of the Securities of such series.

 

At any time after Securities of any series have
been accelerated and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in
this Article provided, the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of such
series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if

 

    	 	 	 

     

    

 

(1) the Company has paid or deposited with the
Trustee a sum of money sufficient to pay (or, to the extent that the terms of the Securities of such series established pursuant
to Section 3.01 expressly provide for payment to be made in shares of Common Stock or other securities or property, shares
of Common Stock or other securities or property, together with cash in lieu of fractional shares or securities, sufficient to pay)

 

(a) all overdue installments of any interest
on any Securities of such series and any Coupons appertaining thereto which have become due otherwise than by such declaration
of acceleration and any Additional Amounts with respect thereto,

 

(b) the principal of and any premium on any
Securities of such series which have become due otherwise than by such declaration of acceleration and any Additional Amounts with
respect thereto and, to the extent permitted by applicable law, interest thereon at the rate or respective rates, as the case may
be, provided for in or with respect to such Securities, or, if no such rate or rates are so provided, at the rate or respective
rates, as the case may be, of interest borne by such Securities,

 

(c) to the extent permitted by applicable law,
interest upon installments of any interest, if any, which have become due otherwise than by such declaration of acceleration and
any Additional Amounts with respect thereto at the rate or respective rates, as the case may be, provided for in or with respect
to such Securities, or, if no such rate or rates are so provided, at the rate or respective rates, as the case may be, of interest
borne by such Securities, and

 

(d) all sums paid or advanced by the Trustee
hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and all
other amounts due the Trustee under Section 6.06; and

 

(2) all Events of Default with respect to Securities
of such series other than the non-payment of the principal of, any premium and interest on, and any Additional Amounts with respect
to Securities of such series which shall have become due solely by such declaration of acceleration, shall have been cured or waived
as provided in Section 5.13.

 

No such rescission shall affect any subsequent
default or impair any right consequent thereon.

 

Section 5.03. Collection of Indebtedness
and Suits for Enforcement by Trustee.

 

The Company covenants that if:

 

(1) default is made in the payment of any interest
on, or any Additional Amounts payable in respect of any interest on, any Security or any Coupon appertaining thereto when such
interest or Additional Amounts, as the case may be, shall have become due and payable and such default continues for a period of
30 days, or

 

(2) default is made in the payment of any principal
of or premium, if any, on, or any Additional Amounts payable in respect of any principal of or premium, if any, on, any Security
at its Maturity, or

 

(3) default is made in the deposit of any sinking
fund payment when due, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of such
Securities and any Coupons appertaining thereto, the whole amount of money then due and payable with respect to such Securities
and any Coupons appertaining thereto, with interest upon the overdue principal, any premium and, to the extent permitted by applicable
law, upon any overdue installments of interest and Additional Amounts at the rate or respective rates, as the case may be, provided
for or with respect to such Securities or, if no such rate or rates are so provided, at the rate or respective rates, as the case
may be, of interest borne by such Securities, and, in addition thereto, such further amount of money as shall be sufficient to
cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel and all other amounts due to the Trustee under Section 6.06.

 

    	 	 	 

     

    

 

If the Company fails to pay the money it is
required to pay the Trustee pursuant to the preceding paragraph forthwith upon the demand of the Trustee, the Trustee, in its own
name and as trustee of an express trust, may (but shall not be obligated to) institute a judicial proceeding for the collection
of the money so due and unpaid, and may (but shall not be obligated to) prosecute such proceeding to judgment or final decree,
and may (but shall not be obligated to) enforce the same against the Company or any other obligor upon such Securities and any
Coupons appertaining thereto and collect the monies adjudged or decreed to be payable in the manner provided by law out of the
property of the Company or any other obligor upon such Securities and any Coupons appertaining thereto, wherever situated.

 

If an Event of Default with respect to Securities
of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights
of the Holders of Securities of such series and any Coupons appertaining thereto by such appropriate judicial proceedings as the
Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant
or agreement in this Indenture or such Securities or in aid of the exercise of any power granted herein or therein, or to enforce
any other proper remedy.

 

Section 5.04. Trustee May File Proofs
of Claim.

 

In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative
to the Company or any other obligor upon the Securities or the property of the Company or such other obligor or their creditors,
the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of any overdue principal,
premium, interest or Additional Amounts) shall be entitled and empowered, by intervention in such proceeding or otherwise,

 

(1) to file and prove a claim for the whole
amount, or such lesser amount as may be provided for in the Securities of such series, of the principal and any premium, interest
and Additional Amounts owing and unpaid in respect of the Securities and any Coupons appertaining thereto and to file such other
papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents or counsel) and of the Holders of Securities or any
Coupons allowed in such judicial proceeding, and

 

(2) to collect and receive any monies or other
property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder of Securities
or any Coupons to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments
directly to the Holders of Securities or any Coupons, to pay to the Trustee any amount due to it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee under Section 6.06.

 

Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Security or any Coupon any plan
of reorganization, arrangement, adjustment or composition affecting the Securities or Coupons or the rights of any Holder thereof,
or to authorize the Trustee to vote in respect of the claim of any Holder of a Security or any Coupon in any such proceeding.

 

Section 5.05. Trustee May Enforce Claims
without Possession of Securities or Coupons.

 

All rights of action and claims under this Indenture
or any of the Securities or Coupons may be prosecuted and enforced by the Trustee without the possession of any of the Securities
or Coupons or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall
be brought in its own name as trustee of an express trust, and any recovery or judgment, after provision for the payment of the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, shall be for the ratable
benefit of each and every Holder of a Security or Coupon in respect of which such judgment has been recovered.

 

    	 	 	 

     

    

 

Section 5.06. Application of Money Collected.

 

Any money collected by the Trustee pursuant
to this Article with respect to the Securities of any series shall be applied in the following order, at the date or dates fixed
by the Trustee and, in case of the distribution of such money on account of principal, or any premium, interest or Additional Amounts,
upon presentation of such Securities or the Coupons, if any, appertaining thereto, or both, as the case may be, and the notation
thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

FIRST: To the payment of all amounts due the
Trustee and any predecessor Trustee under Section 6.06;

 

SECOND: To the payment of amounts then due and
unpaid to the holders of Senior Indebtedness with respect to such series, to the extent required pursuant to the Subordination
Provisions established with respect to the Securities of such series pursuant to Section 3.01(25);

 

THIRD: To the payment of the amounts then due
and unpaid upon the Securities and any Coupons for principal and any premium, interest and Additional Amounts in respect of which
or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the
aggregate amounts due and payable on such Securities and Coupons for principal and any premium, interest and Additional Amounts;

 

FOURTH: The balance, if any, to the Person or
Persons entitled thereto.

 

Section 5.07. Limitations on Suits.

 

No Holder of any Security of any series or any
Coupons appertaining thereto shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture,
or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless

 

(1) such Holder has previously given written
notice to the Trustee of a continuing Event of Default with respect to the Securities of such series;

 

(2) the Holders of not less than 25% in aggregate
principal amount of the Outstanding Securities of such series shall have made written request to the Trustee to institute proceedings
in respect of such Event of Default in its own name as Trustee hereunder;

 

(3) such Holder or Holders have offered to the
Trustee indemnity satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such
request;

 

(4) the Trustee for 60 days after its receipt
of such notice, request and offer of indemnity has failed to institute any such proceeding; and

 

(5) no direction inconsistent with such written
request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding
Securities of such series; it being understood and intended that no one or more of such Holders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of this Indenture or any Security to affect, disturb or prejudice the rights
of any other such Holders or Holders of Securities of any other series, or to obtain or to seek to obtain priority or preference
over any other Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and
ratable benefit of all such Holders.

 

Section 5.08. Unconditional Right of
Holders to Receive Principal and any Premium, Interest and Additional Amounts.

 

Notwithstanding any other provision in this
Indenture, the Holder of any Security or Coupon shall have the right, which is absolute and unconditional, to receive payment of
the principal of, any premium, if any, and (subject to Sections 3.05 and 3.07) interest, if any, on and any Additional Amounts
with respect to such Security or such Coupon, as the case may be, on the respective Stated Maturity or Maturities therefor specified
in such Security or Coupon (or, in the case of redemption, on the Redemption Date or, in the case of repayment pursuant to Article
Thirteen hereof at the option of such Holder if provided in or pursuant to this Indenture, on the date such repayment is due) and,
in the case of any Security which is convertible into or exchangeable for other securities or property, to convert or exchange,
as the case may be, such Security in accordance with its terms, and to institute suit for the enforcement of any such payment and
any such right to convert or exchange, and such right shall not be impaired without the consent of such Holder.

 

    	 	 	 

     

    

 

Section 5.09. Restoration of Rights
and Remedies.

 

If the Trustee or any Holder of a Security or
a Coupon has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case the
Company, the Trustee and each such Holder shall, subject to any determination in such proceeding, be restored severally and respectively
to their former positions hereunder, and thereafter all rights and remedies of the Trustee and each such Holder shall continue
as though no such proceeding had been instituted.

 

Section 5.10. Rights and Remedies Cumulative.

 

To the extent permitted by applicable law and
except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities or Coupons
in the last paragraph of Section 3.06, no right or remedy herein conferred upon or reserved to the Trustee or to each and
every Holder of a Security or a Coupon is intended to be exclusive of any other right or remedy, and every right and remedy, to
the extent permitted by law, shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not,
to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 5.11. Delay or Omission Not
Waiver.

 

No delay or omission of the Trustee or of any
Holder of any Security or Coupon to exercise any right or remedy accruing upon any Event of Default shall, to the extent permitted
by applicable law, impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.
Every right and remedy given by this Article or by law to the Trustee or to any Holder of a Security or a Coupon may, to the extent
permitted by applicable law, be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by such
Holder, as the case may be.

 

Section 5.12. Control by Holders of
Securities.

 

The Holders of a majority in aggregate principal
amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the
Securities of such series and any Coupons appertaining thereto, provided that

 

(1) such direction shall not be in conflict
with any rule of law or with this Indenture or with the Securities of any series,

 

(2) the Trustee may take any other action deemed
proper by the Trustee which is not inconsistent with such direction, and

 

(3) such direction is not unduly prejudicial
to the rights of the other Holders of Securities of such series not joining in such action.

 

    	 	 	 

     

    

 

Section 5.13. Waiver of Past Defaults.

 

The Holders of not less than a majority in aggregate
principal amount of the Outstanding Securities of any series on behalf of the Holders of all the Securities of such series and
any Coupons appertaining thereto may waive any past default hereunder with respect to such series and its consequences, except

 

(1) a default in the payment of the principal
of, any premium or interest on, or any Additional Amounts with respect to, any Security of such series or any Coupons appertaining
thereto, or

 

(2) in the case of any Securities which are
convertible into or exchangeable for Common Stock or other securities or property, a default in any such conversion or exchange,
or

 

(3) a default in respect of a covenant or provision
hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security of
such series affected.

 

Upon any such waiver, such default shall cease
to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but
no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

Section 5.14. Waiver of Usury, Stay
or Extension Laws.

 

The Company covenants that (to the extent that
it may lawfully do so) it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or
advantage of, any stay or extension law or any usury law or any other law wherever enacted, now or at any time hereafter in force,
which would prohibit or forgive the Company from paying all or any portion of the principal of or premium, if any, or interest,
if any on or Additional Amounts, if any, with respect to any Securities as contemplated herein and therein or which may affect
the covenants or the performance of this Indenture or the Securities; and the Company (to the extent that it may lawfully do so)
expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution
of any power herein granted to the Trustee or the Holders, but will suffer and permit the execution of every such power as though
no such law had been enacted.

 

Section 5.15. Undertaking for Costs.

 

All parties to this Indenture agree, and each
Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require,
in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action
taken or omitted by it as Trustee, the filing by any party litigant in such suit of any undertaking to pay the costs of such suit,
and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and disbursements,
against any party litigant in such suit having due regard to the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section 5.15 shall not apply to any suit instituted by the Trustee, to any suit instituted
by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of Outstanding Securities of any
series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or
interest, if any, on or Additional Amounts, if any, with respect to any Security on or after the respective Stated Maturities expressed
in such Security (or, in the case of redemption, on or after the Redemption Date, and, in the case of repayment at the option of
the Holder pursuant to Article Thirteen hereof, on or after the date for repayment) or for the enforcement of the right, if any,
to convert or exchange any Security into Common Stock or other securities in accordance with its terms.

 

ARTICLE SIX

 

THE TRUSTEE

 

Section 6.01. Certain Rights of Trustee.

 

Subject to Sections 315(a) through 315(d) of
the Trust Indenture Act:

 

    	 	 	 

     

    

 

(1) the Trustee may conclusively rely and shall
be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, coupon or other paper or document reasonably believed by it to be genuine
and to have been signed or presented by the proper party or parties and need not investigate any fact or matter stated therein;

 

(2) any request or direction of the Company
mentioned herein shall be sufficiently evidenced by a Company Request or a Company Order (in each case, other than delivery of
any Security, together with any Coupons appertaining thereto, to the Trustee for authentication and delivery pursuant to Section 3.03
which shall be sufficiently evidenced as provided therein) and any resolution of the Board of Directors may be sufficiently evidenced
by a Board Resolution;

 

(3) whenever in the administration of this Indenture
the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder,
the Trustee (unless other evidence shall be herein specifically prescribed) may, in the absence of bad faith on its part, rely
upon an Officers’ Certificate;

 

(4) the Trustee may consult with counsel and
the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect
of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

 

(5) the Trustee shall be under no obligation
to exercise any of the rights or powers vested in it by or pursuant to this Indenture at the request or direction of any of the
Holders of Securities of any series or any Coupons appertaining thereto pursuant to this Indenture, unless such Holders shall have
offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might
be incurred by it in compliance with such request or direction;

 

(6) the Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, coupon or other paper or document, but the Trustee, in its discretion, may
make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to
make such further inquiry or investigation, it shall be entitled to examine, during business hours and upon reasonable notice,
the books, records and premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur
no liability or additional liability of any kind by reason of such inquiry or investigation;

 

(7) the Trustee may execute any of the trusts
or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall
not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;

 

(8) the Trustee shall not be liable for any
action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the
discretion or rights or powers conferred upon it by this Indenture;

 

(9) in no event shall the Trustee be responsible
or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of
profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form
of action;

 

(10) the Trustee shall not be deemed to have
notice of any default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written
notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and
such notice references the Securities and this Indenture;

 

(11) the rights, privileges, protections, immunities
and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable
by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder;

 

    	 	 	 

     

    

 

(12) the Trustee may request that the Company
deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified
actions pursuant to this Indenture;

 

(13) no provision of this Indenture shall require
the Trustee to expend or risk its own funds or incur financial liability in the performance of any of its duties hereunder or in
the exercise of any rights or powers, if it shall have reasonable grounds to believe that repayment of such fund or adequate indemnity
against such risk or liability is not reasonably assured to it; and

 

(14) before the Trustee acts or refrains from
acting it may require an Opinion of Counsel or an Officers’ Certificate.

 

Section 6.02. Notice of Defaults.

 

Within 90 days after the occurrence of any default
hereunder with respect to the Securities of any series, the Trustee shall transmit by mail to all Holders of Securities of such
series entitled to receive reports pursuant to Section 7.03(3), notice of such default hereunder known to the Trustee (determined
in accordance with Section 6.01(10) above), unless such default shall have been cured or waived; provided, however, that, except
in the case of a default in the payment of the principal of (or premium, if any), or interest, if any, on, or Additional Amounts
or any sinking fund installment with respect to, any Security of such series, the Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers
of the Trustee in good faith determine that the withholding of such notice is in the best interest of the Holders of Securities
and Coupons of such series; and provided, further, that in the case of any default of the character specified in
Section 5.01(4) or 5.01(8) with respect to Securities of such series, no such notice to Holders shall be given until at least
30 days after the occurrence thereof. For the purpose of this Section, the term “default” means any event which is,
or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series.

 

Section 6.03. Not Responsible for Recitals
or Issuance of Securities.

 

The recitals contained herein and in the Securities,
except the Trustee’s certificate of authentication, and in any Coupons shall be taken as the statements of the Company and
neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations
as to the validity or sufficiency of this Indenture or of the Securities or the Coupons, except that the Trustee represents that
it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder
and that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the Company are true and accurate, subject
to the qualifications set forth therein. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application
by the Company of the Securities or the proceeds thereof.

 

Section 6.04. May Hold Securities.

 

The Trustee, any Authenticating Agent, any Paying
Agent, any Security Registrar or any other Person that may be an agent of the Trustee or the Company, in its individual or any
other capacity, may become the owner or pledgee of Securities or Coupons and, subject to Sections 310(b) and 311 of the Trust
Indenture Act, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent,
Paying Agent, Security Registrar or such other Person.

 

Section 6.05. Money Held in Trust.

 

Except as provided in Section 4.03 and
Section 10.03, money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required
by law and shall be held uninvested. The Trustee shall be under no liability for interest on any money received by it hereunder
except as otherwise agreed in writing with the Company.

  

    	 	 	 

     

    

 

Section 6.06. Compensation and Reimbursement.

 

The Company agrees:

 

(1) to pay to the Trustee from time to time
reasonable compensation for all services rendered by the Trustee hereunder (which compensation shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust);

 

(2) except as otherwise expressly provided herein,
to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee
in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of
its agents and counsel), except any such expense, disbursement or advance as may be attributable to the Trustee’s gross negligence
or bad faith; and

 

(3) to indemnify each of the Trustee or any
predecessor Trustee and their agents for, and to hold them harmless against, any loss, liability or reasonable expense (including,
without limitation, the reasonable fees and disbursements of the Trustee’s agents, legal counsel, accountants and experts)
and including taxes (other than taxes based upon, measured by or determined by the income of the Trustee), incurred without gross
negligence or bad faith on their part, arising out of or in connection with the acceptance or administration of the trust or trusts
hereunder, including the reasonable costs and expenses of defending themselves against any claim (whether asserted by the Company,
or any Holder or any other Person) or liability in connection with the exercise or performance of any of their powers or duties
hereunder, or in connection with enforcing the provisions of this Section, except to the extent that any such loss, liability or
expense was due to the Trustee’s gross negligence or bad faith.

 

As security for the performance of the obligations
of the Company under this Section, the Trustee shall have a lien prior to the Securities of any series upon all property and funds
held or collected by the Trustee as such, except funds held in trust for the payment of principal of, or premium or interest on
or any Additional Amounts with respect to Securities or any Coupons appertaining thereto.

 

Any compensation or expense incurred by the
Trustee after a default specified by Section 5.01(5) or (6) is intended to constitute an expense of administration under
any then applicable bankruptcy or insolvency law. “Trustee” for purposes of this Section 6.06 shall include any
predecessor Trustee but the negligence or bad faith of any Trustee shall not affect the rights of any other Trustee under this
Section 6.06. The provisions of this Section 6.06 shall, to the extent permitted by law, survive any termination of this
Indenture (including, without limitation, termination pursuant to any Bankruptcy Laws) and the resignation or removal of the Trustee.

 

Section 6.07. Corporate Trustee Required;
Eligibility.

 

There shall at all times be a Trustee hereunder
that is a corporation, organized and doing business under the laws of the United States of America, any state thereof or the District
of Columbia, eligible under Section 310(a)(1) of the Trust Indenture Act to act as trustee under an indenture qualified under
the Trust Indenture Act and that has a combined capital and surplus (computed in accordance with Section 310(a)(2) of the
Trust Indenture Act) of at least $50,000,000 subject to supervision or examination by Federal or state authority. If at any time
the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner
and with the effect hereinafter specified in this Article.

 

Section 6.08. Resignation and Removal;
Appointment of Successor.

 

(1) No resignation or removal of the Trustee
and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by
the successor Trustee pursuant to Section 6.09.

 

(2) The Trustee may resign at any time with
respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance
by a successor Trustee required by Section 6.09 shall not have been delivered to the Trustee within 30 days after the giving
of such notice of resignation, the resigning Trustee may, at the Company’s expense, petition any court of competent jurisdiction
for the appointment of a successor Trustee with respect to such series.

 

    	 	 	 

     

    

 

(3) The Trustee may be removed at any time with
respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of
such series, delivered to the Trustee and the Company.

 

(4) If at any time:

 

(a) the Trustee shall fail to comply with the
obligations imposed upon it under Section 310(b) of the Trust Indenture Act with respect to Securities of any series after
written request therefor by the Company or any Holder of a Security of such series who has been a bona fide Holder of a Security
of such series for at least six months, or

 

(b) the Trustee shall cease to be eligible under
Section 6.07 and shall fail to resign after written request therefor by the Company or any such Holder, or

 

(c) the Trustee shall become incapable of acting
or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer
shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,
then, in any such case, (i) the Company, by or pursuant to a Board Resolution, may remove the Trustee with respect to all
Securities or the Securities of such series, or (ii) subject to Section 315(e) of the Trust Indenture Act, any Holder
of a Security who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and
all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all
Securities of such series and the appointment of a successor Trustee or Trustees.

 

(5) If the Trustee shall resign, be removed
or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities
of one or more series, the Company, by or pursuant to a Board Resolution, shall promptly appoint a successor Trustee or Trustees
with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with
respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect
to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.09. If, within
one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to
the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities
of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment in accordance with the applicable requirements of Section 6.09, become the successor Trustee
with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no
successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders of Securities
and accepted appointment in the manner required by Section 6.09, any Holder of a Security who has been a bona fide Holder
of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any
court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 

(6) The Company shall give notice of each resignation
and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect
to the Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to the Holders of
Registered Securities, if any, of such series as their names and addresses appear in the Security Register and, if Securities of
such series are issued as Bearer Securities, by publishing notice of such event once in an Authorized Newspaper in each Place of
Payment located outside the United States. Each notice shall include the name of the successor Trustee with respect to the Securities
of such series and the address of its Corporate Trust Office.

 

Section 6.09. Acceptance of Appointment
by Successor.

 

(1) Upon the appointment hereunder of any successor
Trustee with respect to all Securities, such successor Trustee so appointed shall execute, acknowledge and deliver to the Company
and the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee
shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties hereunder of the retiring Trustee; but, on the request of the Company or such successor Trustee,
such retiring Trustee, upon payment of its charges, shall execute and deliver an instrument transferring to such successor Trustee
all the rights, powers and trusts of the retiring Trustee and, subject to Section 10.03, shall duly assign, transfer and deliver
to such successor Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if
any, provided for in Section 6.06.

 

    	 	 	 

     

    

 

(2) Upon the appointment hereunder of any successor
Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and such successor
Trustee shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment
and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in,
such successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that
or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with
respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring
Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions
of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of
the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such Trustee and that no Trustee shall be responsible for any notice given to, or received
by, or any act or failure to act on the part of any other Trustee hereunder, and, upon the execution and delivery of such supplemental
indenture, the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring
Trustee shall have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations
vested in the Trustee under this Indenture with respect to the Securities of that or those series to which the appointment of such
successor Trustee relates other than as hereinafter expressly set forth, and such successor Trustee, without any further act, deed
or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities
of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or such successor
Trustee, such retiring Trustee, upon payment of its charges with respect to the Securities of that or those series to which the
appointment of such successor relates and subject to Section 10.03 shall duly assign, transfer and deliver to such successor
Trustee, to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder
with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, subject to its
claim, if any, provided for in Section 6.06.

 

(3) Upon request of any Person appointed hereunder
as a successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming
to such successor Trustee all such rights, powers and trusts referred to in paragraph (1) or (2) of this Section, as
the case may be.

 

(4) No Person shall accept its appointment hereunder
as a successor Trustee unless at the time of such acceptance such successor Person shall be qualified and eligible under this Article.

 

Section 6.10. Merger, Conversion, Consolidation
or Succession to Business.

 

Any corporation into which the Trustee may be
merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business
of the Trustee, shall be the successor of the Trustee hereunder (provided that such corporation shall otherwise be qualified and
eligible under this Article), without the execution or filing of any paper or any further act on the part of any of the parties
hereto. In case any Securities shall have been authenticated but not delivered by the Trustee then in office, any such successor
to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as
if such successor Trustee had itself authenticated such Securities. In case any Securities shall not have been authenticated by
such predecessor Trustee, any such successor Trustee may authenticate and deliver such Securities in either its own name or that
of its predecessor Trustee.

 

Section 6.11. Appointment of Authenticating
Agent.

 

The Trustee may appoint one or more Authenticating
Agents acceptable to the Company with respect to one or more series of Securities which shall be authorized to act on behalf of
the Trustee to authenticate Securities of that or those series issued upon original issue, exchange, registration of transfer,
partial redemption, partial repayment, partial conversion or exchange for Common Stock or other securities or property, or pursuant
to Section 3.06, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and
obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication
and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed
to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication
executed on behalf of the Trustee by an Authenticating Agent.

 

    	 	 	 

     

    

 

Each Authenticating Agent shall be acceptable
to the Company and, except as provided in or pursuant to this Indenture, shall at all times be a corporation that would be permitted
by the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act, is authorized under applicable
law and by its charter to act as an Authenticating Agent and has a combined capital and surplus (computed in accordance with Section 310(a)(2)
of the Trust Indenture Act) of at least $50,000,000. If at any time an Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section, it shall resign immediately in the manner and with the effect specified in this Section.

 

Any corporation into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all
of the corporate agency or corporate trust business of an Authenticating Agent, shall be the successor of such Authenticating Agent
hereunder, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of
any paper or any further act on the part of the Trustee or the Authenticating Agent.

 

An Authenticating Agent may resign at any time
by giving written notice thereof to the Trustee and the Company. The Trustee may at any time terminate the agency of an Authenticating
Agent by giving written notice thereof to such Authenticating Agent and the Company. Upon receiving such a notice of resignation
or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and
shall (i) mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Registered Securities,
if any, of the series with respect to which such Authenticating Agent shall serve, as their names and addresses appear in the Security
Register, and (ii) if Securities of the series are issued as Bearer Securities, publish notice of such appointment at least
once in an Authorized Newspaper in the place where such successor Authenticating Agent has its principal office if such office
is located outside the United States. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become
vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating
Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.

 

The Company agrees to pay each Authenticating
Agent from time to time reasonable compensation for its services under this Section. If the Trustee makes such payments, it shall
be entitled to be reimbursed for such payments, subject to the provisions of Section 6.06.

 

The provisions of Sections 3.08, 6.03 and 6.04
shall be applicable to each Authenticating Agent.

 

If an Authenticating Agent is appointed with
respect to one or more series of Securities pursuant to this Section, the Securities of such series may have endorsed thereon,
in addition to or in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication in substantially
the following form:

 

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

  

	 	 
	 	As Trustee	 
	 	 	 
	By:	 	 
	 	As Authenticating Agent	 
	 	 	 
	By:	 	 
	 	Authorized Signatory	 

 

    	 	 	 

     

    

 

If all of the Securities of any series may not
be originally issued at one time, and if the Trustee does not have an office capable of authenticating Securities upon original
issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance,
the Trustee, if so requested in writing (which writing need not be accompanied by or contained in an Officers’ Certificate
of the Company), shall appoint in accordance with this Section an Authenticating Agent having an office in a Place of Payment designated
by the Company with respect to such series of Securities.

 

ARTICLE SEVEN

 

HOLDERS LISTS AND REPORTS BY TRUSTEE AND
COMPANY

 

Section 7.01. Company to Furnish Trustee
Names and Addresses of Holders.

 

In accordance with Section 312(a) of the
Trust Indenture Act, the Company shall furnish or cause to be furnished to the Trustee

 

(1) semi-annually with respect to Securities
of each series not later than June 15 and December 15 of the year or upon such other dates as are set forth in or pursuant to the
Board Resolution or indenture supplemental hereto authorizing such series, a list, in each case in such form as the Trustee may
reasonably require, of the names and addresses of Holders as of the applicable date, and

 

(2) at such other times as the Trustee may request
in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date
not more than 15 days prior to the time such list is furnished, provided, however, that so long as the Trustee is the Security
Registrar no such list shall be required to be furnished.

 

Section 7.02. Preservation of Information;
Communications to Holders.

 

The Trustee shall comply with the obligations
imposed upon it pursuant to Section 312 of the Trust Indenture Act.

 

Every Holder of Securities or Coupons, by receiving
and holding the same, agrees with the Company and the Trustee that neither the Company, the Trustee, any Paying Agent or any Security
Registrar shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders
of Securities in accordance with Section 312(c) of the Trust Indenture Act, regardless of the source from which such information
was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under
Section 312(b) of the Trust Indenture Act.

 

    	 	 	 

     

    

 

Section 7.03. Reports by Trustee.

 

(1) Within 60 days after July 15 of each
year commencing with the first July 15 following the first issuance of Securities pursuant to Section 3.01, if required
by Section 313(a) of the Trust Indenture Act, the Trustee shall transmit, pursuant to Section 313(c) of the Trust Indenture
Act, a brief report dated as of such July 15 with respect to any of the events specified in said Sections 313(a) and 313(b)(2)
which may have occurred since the later of the immediately preceding July 15 and the date of this Indenture.

 

(2) The Trustee shall transmit the reports required
by Section 313(a) of the Trust Indenture Act at the times specified therein.

 

(3) Reports pursuant to this Section shall be
transmitted in the manner and to the Persons required by Sections 313(c) and 313(d) of the Trust Indenture Act.

 

Section 7.04. Reports by Company.

 

(a) The Company, pursuant to Section 314(a)
of the Trust Indenture Act, shall:

 

(1) file with the Trustee, within 15 days after
the Company is required to file the same with the Commission, copies of the annual reports and of the information, documents and
other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations
prescribe) which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the
Exchange Act; or, if the Company is not required to file information, documents or reports pursuant to either of said Sections,
then it shall file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by
the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13
of the Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from
time to time in such rules and regulations;

 

(2) file with the Trustee and the Commission,
in accordance with rules and regulations prescribed from time to time by the Commission, such additional information, documents
and reports with respect to compliance by the Company, with the conditions and covenants of this Indenture as may be required from
time to time by such rules and regulations; and

 

(3) transmit within 30 days after the filing
thereof with the Trustee, in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, such summaries
of any information, documents and reports required to be filed by the Company pursuant to paragraphs (1) and (2) of this
Section as may be required by rules and regulations prescribed from time to time by the Commission. Delivery of such reports, information
and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive
notice of any information contained therein or determinable from information contained therein, including the Company’s compliance
with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

 

(b) The Company intends to file the reports
referred to in Section 7.04(a) hereof with the Commission in electronic form pursuant to Regulation S-T of the Commission
using the Commission’s Electronic Data Gathering, Analysis and Retrieval system. Compliance with the foregoing, or any successor
electronic system approved by the Commission, shall constitute delivery by the Company of such reports to the Trustee and Holders
in compliance with the provision of Section 7.04(a) and TIA Sections 314(a). Notwithstanding anything to the contrary herein,
the Trustee shall have no duty to search for or obtain any electronic or other filings that the Company makes with the Commission,
regardless of whether such filings are periodic, supplemental or otherwise. Delivery of the reports, information and documents
to the Trustee pursuant to this Section 7.04(b) shall be solely for the purposes of compliance with this Section 7.04(b)
and with TIA Section 314(a). The Trustee’s receipt of such reports, information and documents shall not constitute notice
to it of the content thereof or of any matter determinable from the content thereof (and the Trustee shall not have any duty to
ascertain or inquire as to such content or matter), including the Company’s compliance with any of its covenants hereunder,
as to which the Trustee is conclusively entitled to rely upon Officers’ Certificates.

 

    	 	 	 

     

    

 

ARTICLE EIGHT

 

CONSOLIDATION, MERGER AND SALES

 

Section 8.01. Company May Consolidate,
Etc., Only on Certain Terms.

 

The Company shall not, in any transaction or
series of related transactions, consolidate with or merge into any Person or sell, assign, transfer, lease or otherwise convey
all or substantially all its properties and assets to any Person, unless:

 

(1) either (A) the Company shall be the
continuing Person (in the case of a merger), or (B) the successor Person (if other than the Company) formed by such consolidation
or into which the Company is merged or which acquires by sale, assignment, transfer, lease or other conveyance all or substantially
all the properties and assets of the Company shall be a corporation organized and existing under the laws of the United States
of America, any state thereof or the District of Columbia and shall expressly assume, by an indenture (or indentures, if at such
time there is more than one Trustee) supplemental hereto, executed by such successor corporation and delivered to the Trustee,
in form satisfactory to the Trustee, the due and punctual payment of the principal of, any premium and interest on, and any Additional
Amounts with respect to, all the Outstanding Securities and the due and punctual performance and observance of every obligation
in this Indenture and the Outstanding Securities on the part of the Company to be performed or observed, and which supplemental
indenture shall provide for conversion or exchange rights in accordance with the provisions of the Securities of any series that
are convertible or exchangeable into Common Stock or other securities;

 

(2) immediately after giving effect to such
transaction and treating any indebtedness that becomes an obligation of the Company or any Subsidiary as a result of that transaction
as having been incurred by the Company or any Subsidiary at the time of the transaction, no Event of Default, and no event which,
after notice or lapse of time, or both, would become an Event of Default, shall have occurred and be continuing; and

 

(3) either the Company or the successor Person
shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, sale, assignment, transfer, lease or other conveyance and, if a supplemental indenture is required in connection with such
transaction, such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating
to such transaction have been complied with.

 

For purposes of the foregoing, any sale, assignment,
transfer, lease or other conveyance of all or any of the properties and assets of one or more Subsidiaries of the Company (other
than to the Company or another Subsidiary), which, if such properties and assets were owned by the Company, would constitute all
or substantially all of the Company’s properties and assets, shall be deemed to be the transfer of all or substantially all
of the properties and assets of the Company.

 

Section 8.02. Successor Person Substituted
for Company.

 

Upon any consolidation by the Company with or
merger of the Company into any other Person or any sale, assignment, transfer, lease or conveyance of all or substantially all
of the properties and assets of the Company to any Person in accordance with Section 8.01, the successor Person formed by
such consolidation or into which the Company is merged or to which such sale, assignment, transfer, lease or other conveyance is
made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with
the same effect as if such successor Person had been named as the Company herein; and thereafter, except in the case of a lease,
the predecessor Person shall be released from all obligations and covenants under this Indenture, the Securities and the Coupons.

 

    	 	 	 

     

    

 

ARTICLE NINE

 

SUPPLEMENTAL INDENTURES

 

Section 9.01. Supplemental Indentures
without Consent of Holders.

 

Without the consent of any Holders of Securities
or Coupons, the Company (when authorized by or pursuant to a Board Resolution) and the Trustee, at any time and from time to time,
may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

(1) to evidence the succession of another Person
to the Company, and the assumption by any such successor of the covenants of the Company contained herein and in the Securities
or to evidence the addition or release of any guarantor; or

 

(2) to add to the covenants of the Company for
the benefit of the Holders of all or any series of Securities (as shall be specified in such supplemental indenture or indentures)
or to surrender any right or power herein conferred upon the Company with respect to all or any series of Securities issued under
this Indenture (as shall be specified in such supplemental indenture or indentures); or

 

(3) to add to or change any of the provisions
of this Indenture to provide that Bearer Securities may be registrable as to principal, to change or eliminate any restrictions
on the payment of principal of, any premium or interest on or any Additional Amounts with respect to Securities, to permit Bearer
Securities to be issued in exchange for Registered Securities, to permit Bearer Securities to be exchanged for Bearer Securities
of other authorized denominations or to permit or facilitate the issuance of Securities in uncertificated or global form, provided
any such action shall not adversely affect the interests of the Holders of Securities of any series or any Coupons appertaining
thereto; or

 

(4) to establish the form or terms of Securities
of any series and any Coupons appertaining thereto as permitted by Sections 2.01 and 3.01, including, without limitation, any Subordination
Provisions and any conversion or exchange provisions applicable to Securities which are convertible into or exchangeable for other
securities or property, and any deletions from or additions or changes to this Indenture in connection therewith (provided that
any such deletions, additions and changes shall not be applicable to any other series of Securities then Outstanding); or

 

(5) to evidence and provide for the acceptance
of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any
of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder
by more than one Trustee, pursuant to the requirements of Section 6.09; or

 

(6) (a) to cure any ambiguity or to correct
or supplement any provision herein which may be defective or which may be inconsistent with any other provision herein, or (b) to
make any other provisions with respect to matters or questions arising under this Indenture which shall not adversely affect the
interests of the Holders of Securities of any series then Outstanding or any Coupons appertaining thereto in any material respect;
or

 

(7) to add any additional Events of Default
with respect to all or any series of Securities (as shall be specified in such supplemental indenture); or

 

(8) to supplement any of the provisions of this
Indenture to such extent as shall be necessary to permit or facilitate the defeasance, covenant defeasance and/or satisfaction
and discharge of any series of Securities pursuant to Article Four, provided that any such action shall not adversely affect
the interests of any Holder of a Security of such series and any Coupons appertaining thereto or any other Security or Coupon in
any material respect; or

 

(9) to secure or otherwise or to add guarantees
for the benefit of the Securities; or

 

(10) to make provisions with respect to conversion
or exchange rights of Holders of Securities of any series; or

 

    	 	 	 

     

    

 

(11) to amend, supplement or eliminate any provision
contained herein or in any supplemental indenture or in any Securities (which amendment or supplement may apply to one or more
series of Securities or to one or more Securities within any series as specified in such supplemental indenture or indentures),
provided that such amendment, supplement or elimination does not apply to any Outstanding Security issued prior to the date
of such supplemental indenture and entitled to the benefits of such provision; or

 

(12) in the case of any series of Securities
which are convertible into or exchangeable for Common Stock or other securities or property, to safeguard or provide for the conversion
or exchange rights, as the case may be, of such Securities in the event of any reclassification or change of outstanding shares
of Common Stock or any merger, consolidation, statutory share exchange or combination of the Company with or into another Person
or any sale, lease, assignment, transfer, disposition or other conveyance of all or substantially all of the properties and assets
of the Company to any other Person or other similar transactions, if expressly required by the terms of such series of Securities
established pursuant to Section 3.01; or

 

(13) to add to, delete from or revise the conditions,
limitations or restrictions on issue, authentication and delivery of Securities; or

 

(14) to conform any provision in an indenture
to the requirements of the Trust Indenture Act; or

 

(15) to make any change that does not adversely
affect the legal rights under an indenture of any Holder of Securities of any series issued under that indenture.

 

Section 9.02. Supplemental Indentures
with Consent of Holders.

 

With the consent of the Holders of not less
than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act
of said Holders delivered to the Company and the Trustee, the Company (when authorized by or pursuant to a Board Resolution), and
the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Indenture or of the Securities of such series or of modifying in any
manner the rights of the Holders of Securities of such series under this Indenture; provided, that no such supplemental
indenture, without the consent of the Holder of each Outstanding Security affected thereby, shall:

 

(1) change the Stated Maturity of the principal
of, or premium, if any, or any installment of interest, if any, on, or any Additional Amounts, if any, with respect to, any Security,
or reduce the principal amount thereof or the premium, if any, thereon or the rate (or modify the calculation of such rate) of
interest thereon, or reduce the amount payable upon redemption thereof at the option of the Company or repayment thereof at the
option of the Holder, or reduce any Additional Amounts payable with respect thereto, or change the obligation of the Company to
pay Additional Amounts pursuant to Section 10.04 (except as contemplated by Section 8.01(1) and permitted by Section 9.01(1)),
or reduce the amount of the principal of any Original Issue Discount Security that would be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 5.02 or the amount thereof provable in bankruptcy pursuant to
Section 5.04, or adversely affect the right of repayment at the option of any Holder as contemplated by Article Thirteen,
or extend the time of payment of interest on any Security or any Additional Amounts, or change any of the conversion, exchange
or redemption provisions of any Security or change the Place of Payment where or the Currency in which the principal of, any premium
or interest on, or any Additional Amounts with respect to any Security is payable, or impair the right to institute suit for the
enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption
Date or, in the case of repayment pursuant to Article Thirteen at the option of the Holder, on or after the date for repayment)
in each case as such Stated Maturity, Redemption Date or date for repayment may, if applicable, be extended in accordance with
the terms of such Security or any Coupon appertaining thereto, or in the case of any Security which is convertible into or exchangeable
for other securities or property, impair the right to institute suit to enforce the right to convert or exchange such Security
in accordance with its terms or release any guarantors from their guarantees of the Securities, or, except as contemplated in any
supplemental indenture, make any change in a guarantee of a Security that would adversely affect the interests of the Holders of
those Securities, or modify the ranking or priority of the Securities in a manner adverse to the Holders of the Securities, or

 

    	 	 	 

     

    

 

(2) reduce the percentage in principal amount
of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the
consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults
hereunder and their consequences) provided for in Section 5.13 or 10.10 of this Indenture, or reduce the requirements of Section 15.04
for quorum or voting, or

 

(3) modify any of the provisions of this Section,
Section 5.13 or Section 10.10, except to increase any such percentage or to provide that certain other provisions of
this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby.

 

A supplemental indenture which changes or eliminates
any covenant or other provision of this Indenture which shall have been included solely for the benefit of one or more particular
series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or
other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.

 

Anything in this Indenture to the contrary notwithstanding,
if more than one series of Securities is Outstanding, the Company shall be entitled to enter into a supplemental indenture under
this Section 9.02 with respect to any one or more series of Outstanding Securities without entering into a supplemental indenture
with respect to any other series of Outstanding Securities.

 

It shall not be necessary for any Act of Holders
of Securities under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient
if such Act shall approve the substance thereof.

 

Section 9.03. Execution of Supplemental
Indentures.

 

As a condition to executing, or accepting the
additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trust created
by this Indenture, the Trustee shall be entitled to receive, and (subject to Sections 315(a) through 315(d) of the Trust Indenture
Act) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel to the effect that the
execution of such supplemental indenture is authorized or permitted by this Indenture and that such supplemental indenture has
been duly authorized, executed and delivered by, and is a valid, binding and enforceable obligation of, the Company, subject to
customary exceptions. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise. The Trustee may also request and rely upon
an Opinion of Counsel to the effect that the execution of such supplemental indenture does not adversely affect the rights or interests
of any Holder of Securities.

 

Section 9.04. Effect of Supplemental
Indentures.

 

Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part
of this Indenture for all purposes; and every Holder of a Security theretofore or thereafter authenticated and delivered hereunder
and of any Coupon appertaining thereto shall be bound thereby.

 

Section 9.05. Reference in Securities
to Supplemental Indentures.

 

Securities of any series authenticated and delivered
after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation
in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine,
new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental
indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding
Securities of such series.

 

    	 	 	 

     

    

 

Section 9.06. Effect on Senior Indebtedness.

 

No supplemental indenture shall directly or
indirectly modify or eliminate the Subordination Provisions or the definition of “Senior Indebtedness” applicable with
respect to the Securities of any series in any manner which might terminate or impair the subordination of such series of Securities
to such Senior Indebtedness without the prior written consent of the Holders of such Senior Indebtedness.

 

Section 9.07. Conformity with Trust
Indenture Act.

 

Every supplemental indenture executed pursuant
to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.

 

ARTICLE TEN

 

COVENANTS

 

Section 10.01. Payment of Principal,
Premium, Interest and Additional Amounts.

 

The Company covenants and agrees for the benefit
of the Holders of the Securities of each series that it will duly and punctually pay the principal of, any premium and interest
on and any Additional Amounts with respect to the Securities of such series, whether payable in cash, shares of Common Stock or
other securities or property, in accordance with the terms thereof, any Coupons appertaining thereto and this Indenture. Any interest
due on any Bearer Security on or before the Maturity thereof, and any Additional Amounts payable with respect to such interest,
shall be payable only upon presentation and surrender of the Coupons appertaining thereto for such interest as they severally mature.

 

Section 10.02. Maintenance of Office
or Agency.

 

The Company shall maintain in each Place of
Payment for any series of Securities an Office or Agency where Securities of such series (but not Bearer Securities, except as
otherwise provided below, unless such Place of Payment is located outside the United States) may be presented or surrendered for
payment, where Securities of such series may be surrendered for registration of transfer or exchange, where Securities of such
series that are convertible or exchangeable may be surrendered for conversion or exchange, and where notices and demands to or
upon the Company in respect of the Securities of such series relating thereto and this Indenture may be served, provided that,
if (i) the City of New York is a Place of Payment for the Securities of any series, (ii) there shall be another Place
of Payment in the United States of America for such Securities in addition to the City of New York, and (iii) all Securities
of such series are originally issued solely in the form of one or more permanent global Securities, then the Company shall not
be required to maintain any such office or agency in the City of New York unless and until all or any portion of such global Securities
shall be exchanged for or otherwise issued as definitive certificated Securities of such series as contemplated by the last paragraph
of this Section 10.02. If Securities of a series are issuable as Bearer Securities, the Company shall maintain, subject to
any laws or regulations applicable thereto, an Office or Agency in a Place of Payment for such series which is located outside
the United States where Securities of such series and any Coupons appertaining thereto may be presented and surrendered for payment;
provided, however, that if the Securities of such series are listed on the London Stock Exchange or the Luxembourg Stock Exchange
or any other stock exchange located outside the United States and such stock exchange shall so require, the Company shall maintain
a Paying Agent in London, Luxembourg or any other required city located outside the United States, as the case may be, so long
as the Securities of such series are listed on such exchange. The Company will give prompt written notice to the Trustee of the
location, and any change in the location, of such Office or Agency. If at any time the Company shall fail to maintain any such
required Office or Agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices
and demands may be made or served at the Corporate Trust Office of the Trustee, except that Bearer Securities of such series and
any Coupons appertaining thereto may be presented and surrendered for payment at the place specified for the purpose with respect
to such Securities as provided in or pursuant to this Indenture, and the Company hereby appoints the Trustee as its agent to receive
all such presentations, surrenders, notices and demands.

 

    	 	 	 

     

    

 

Except as otherwise provided in or pursuant
to this Indenture, no payment of principal, premium, interest or Additional Amounts with respect to Bearer Securities shall be
made at any Office or Agency in the United States or by check mailed to any address in the United States or by transfer to an account
maintained with a bank located in the United States; provided, however, if amounts owing with respect to any Bearer Securities
shall be payable in Dollars, payment of principal of, any premium or interest on and any Additional Amounts with respect to any
such Security may be made at the Corporate Trust Office of the Trustee or any Office or Agency designated by the Company in the
City of New York, if (but only if) payment of the full amount of such principal, premium, interest or Additional Amounts at all
offices outside the United States maintained for such purpose by the Company in accordance with this Indenture is illegal or effectively
precluded by exchange controls or other similar restrictions.

 

The Company may also from time to time designate
one or more other Offices or Agencies where the Securities of one or more series may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain an Office or Agency in each Place of Payment for Securities
of any series for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission
and of any change in the location of any such other Office or Agency.

 

Unless otherwise provided in or pursuant to
this Indenture, the Company hereby designates the City of New York as a Place of Payment for each series of Securities, initially
appoints a corporate trust office of the Trustee in the City of New York as the Company’s Office or Agency in the City of
New York for such purpose and initially appoints the Trustee as the Security Registrar for each series of Securities and, if the
Securities of any series are convertible into or exchangeable for Common Stock or other securities or property, initially appoints
the Trustee as conversion or exchange agent, as the case may be, for the Securities of such series. The Company may subsequently
appoint a different Office or Agency in the City of New York and, as provided in Section 3.05, may remove and replace
from time to time the Security Registrar.

 

As set forth above in this Section 10.02,
and unless otherwise provided pursuant to Section 3.01 with respect to any series of Securities, in the event that the Securities
of a series are originally issued solely in the form of one or more permanent global Securities and if at any time thereafter Securities
of such series are issued in definitive certificated form in exchange for all or any portion of such global Securities (whether
pursuant to Section 3.05 or otherwise pursuant to the terms of such Securities), the Company shall, at all times from and
after the date of the first such exchange until such time as no Securities of such series in definitive certificated form are Outstanding,
establish and maintain an Office or Agency in the City of New York (in addition to any other Offices or Agencies the Company is
required to maintain in respect of such Securities) where Securities of such series may be surrendered and where notices and demands
in respect of Securities of such series and this Indenture may be served for the purposes specified in, and as contemplated by,
the first paragraph of this Section 10.02.

 

Section 10.03. Money for Securities
Payments to Be Held in Trust.

 

If the Company shall at any time act as its
own Paying Agent with respect to any series of Securities, it shall, on or before each due date of the principal of, any premium
or interest on, or any Additional Amounts with respect to any of the Securities of such series, segregate and hold in trust for
the benefit of the Persons entitled thereto a sum in the Currency or Currencies in which the Securities of such series are payable
sufficient to pay the principal, any premium, interest and Additional Amounts, as the case may be, so becoming due until such sums
shall be paid to such Persons or otherwise disposed of as herein provided, and shall promptly notify the Trustee of its action
or failure so to act.

 

Whenever the Company shall have one or more
Paying Agents for any series of Securities, it shall, on or prior to each due date of the principal of, or any premium or interest
on or any Additional Amounts with respect to, any Securities of such series, deposit with any Paying Agent a sum (in the Currency
or Currencies described in the preceding paragraph) sufficient to pay the principal, premium, interest and Additional Amounts,
as the case may be, so becoming due, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless
such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.

 

The Company shall cause each Paying Agent for
any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent shall:

 

    	 	 	 

     

    

 

(1) hold all sums held by it for the payment
of the principal of, any premium or interest on or any Additional Amounts with respect to Securities of such series in trust for
the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as provided
in or pursuant to this Indenture;

 

(2) give the Trustee notice of any default by
the Company (or any other obligor upon the Securities of such series) in the making of any payment of principal, any premium or
interest on or any Additional Amounts with respect to the Securities of such series; and

 

(3) at any time during the continuance of any
such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent.

 

To the extent that the terms of any Securities
established pursuant to Section 3.01 provide that any principal of, or premium or interest, if any, on or any Additional Amounts
with respect to any such Securities is or may be payable in Common Stock or other securities or property, then the provisions of
this Section 10.03 shall apply, mutatis mutandis , to such Common Stock or other securities or property.

 

The Company may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying
Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon
the same terms as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying
Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums.

 

Except as otherwise provided herein or pursuant
hereto, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the
principal of, any premium or interest on or any Additional Amounts with respect to any Security of any series or any Coupon appertaining
thereto and remaining unclaimed for two years after such principal or such premium or interest or Additional Amount shall have
become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from
such trust; and the Holder of such Security or any Coupon appertaining thereto shall thereafter, as an unsecured general creditor,
look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or
such Paying Agent, before being required to make any such repayment, may, not later than 30 days after the Company’s request
for such repayment, at the expense of the Company cause to be published once, in an Authorized Newspaper in each Place of Payment
for such series or to be mailed to Holders of Registered Securities of such series, or both, notice that such money remains unclaimed
and that, after a date specified therein, which shall not be less than 30 days from the date of such publication or mailing nor
shall it be earlier than two years after such principal and any premium or interest or Additional Amounts shall have become due
and payable, any unclaimed balance of such money then remaining will be repaid to the Company.

 

Section 10.04. Additional Amounts.

 

If any Securities of a series provide for the
payment of Additional Amounts, the Company agrees to pay to the Holder of any such Securities or any Coupon appertaining thereto
Additional Amounts as provided in or pursuant to this Indenture or such Securities. Whenever in this Indenture there is mentioned,
in any context, the payment of the principal of or any premium or interest on, or in respect of, any Security of any series or
any Coupon, such mention shall be deemed to include mention of the payment of Additional Amounts provided by the terms of such
series established hereby or pursuant hereto to the extent that, in such context, Additional Amounts are, were or would be payable
in respect thereof pursuant to such terms, and express mention of the payment of Additional Amounts (if applicable) in any provision
hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made.

 

    	 	 	 

     

    

 

Except as otherwise provided in or pursuant
to this Indenture or the Securities of any series, if the Securities of a series provide for the payment of Additional Amounts,
at least 10 days prior to the first Interest Payment Date with respect to such series of Securities (or if the Securities
of such series shall not bear interest prior to Maturity, the first day on which a payment of principal is made), and at least
10 days prior to each date of payment of principal or interest if there has been any change with respect to the matters set forth
in the below-mentioned Officers’ Certificate, the Company shall furnish to the Trustee and the Paying Agent or Paying Agents,
if other than the Trustee, an Officers’ Certificate instructing the Trustee and such Paying Agent or Paying Agents whether
such payment of principal of and premium, if any, or interest, if any, on the Securities of such series shall be made to Holders
of Securities of such series or the Coupons appertaining thereto who are United States Aliens without withholding or deduction
for or on account of any tax, assessment or other governmental charge described in the Securities of such series or pursuant to
Section  3.01 with respect to the Securities of such series. If any such withholding or deduction shall be required, then
such Officers’ Certificate shall specify by country the amount, if any, required to be withheld on or deducted from such
payments to such Holders of Securities or Coupons, and the Company agrees to pay to the Trustee or such Paying Agent the Additional
Amounts required by the terms of such Securities. The Company covenants to indemnify the Trustee and any Paying Agent for, and
to hold them harmless against, any loss, liability or expense reasonably incurred without gross negligence or bad faith on their
part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officers’ Certificate
furnished pursuant to this Section. Nothing in this Section 10.04 or elsewhere in this Indenture shall limit the obligation
of the Company to pay Additional Amounts with respect to the Securities of any series pursuant to the terms, if any, established
pursuant to Section 3.01 with respect to the Securities of such series.

 

Section 10.05. Corporate Existence.

 

Subject to Article Eight, the Company shall
do or cause to be done all things necessary to preserve and keep in full force and effect (i) the corporate existence of the
Company, (ii) the existence (corporate or other) of each Significant Subsidiary of the Company and (iii) the rights (charter
and statutory), licenses and franchises of the Company and each of its Significant Subsidiaries; provided, however, that
the Company shall not be required to preserve the existence (corporate or other) of any of its Significant Subsidiaries or any
such right, license or franchise of the Company or any of its Significant Subsidiaries if the Board of Directors of the Company
determines that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Significant
Subsidiaries taken as a whole and that the loss thereof will not be disadvantageous in any material respect to the Holders.

 

Section 10.06. Maintenance of Properties.

 

The Company will, and will cause each Significant
Subsidiary to, cause all its properties used or useful in the conduct of its business to be maintained and kept in good condition,
repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements,
betterments and improvements thereof, all as in the judgment of the Company may be necessary so that the business carried on in
connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section
shall prevent the Company or any Significant Subsidiary from discontinuing the operation and maintenance of any of their respective
properties if such discontinuance is, in the judgment of the Board of Directors of the Company or of any Significant Subsidiary,
as the case may be, desirable in the conduct of its business.

 

Section 10.07. Waiver of Certain Covenants.

 

The Company may omit in any particular instance
to comply with any term, provision or condition set forth in Sections 10.02 to 10.06, inclusive, with respect to the Securities
of any series and, if expressly provided pursuant to Section 3.01(18), any additional covenants applicable to the Securities
of such series if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding
Securities of such series, by Act of such Holders, either shall waive such compliance in such instance or generally shall have
waived compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or
condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company
and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect.

 

Section 10.08. Company Statement as
to Compliance.

 

The Company shall deliver to the Trustee, within
180 days after the end of each fiscal year, a written statement (which need not be contained in or accompanied by an Officers’
Certificate) signed by the principal executive officer, the principal financial officer or the principal accounting officer of
the Company, stating whether or not, to the best of his or her knowledge, the Company is in default in the performance and observance
of any of the terms, provisions and conditions of this Indenture (without regard to notice requirements or periods of grace) and
if the Company shall be in default, specifying all such defaults and the nature and status thereof of which he or she may have
knowledge.

 

    	 	 	 

     

    

 

ARTICLE ELEVEN

 

REDEMPTION OF SECURITIES

 

Section 11.01. Applicability of Article.

 

Redemption of Securities of any series at the
option of the Company as permitted or required by the terms of such Securities shall be made in accordance with the terms of such
Securities and (except as otherwise provided herein or pursuant hereto) this Article.

 

Section 11.02. Election to Redeem; Notice
to Trustee.

 

The election of the Company to redeem any Securities
shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the election of the Company of less than
all of the Securities of any series, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless
a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount
of Securities of such series to be redeemed and, in the event that the Company shall determine that the Securities of any series
to be redeemed shall be selected from Securities of such series having the same issue date, interest rate or interest rate formula,
Stated Maturity and other terms (the “Equivalent Terms”), the Company shall notify the Trustee of such Equivalent Terms.

 

In the case of any redemption of Securities
(A) prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in
this Indenture or (B) pursuant to an election of the Company which is subject to a condition specified in the terms of such
Securities or elsewhere in this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate evidencing compliance
with such restriction or condition.

 

Section 11.03. Selection by Trustee
of Securities to be Redeemed.

 

If less than all of the Securities of any series
are to be redeemed or if less than all of the Securities of any series with Equivalent Terms are to be redeemed, the particular
Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee from the Outstanding
Securities of such series or from the Outstanding Securities of such series with Equivalent Terms, as the case may be, not previously
called for redemption, by lot or such method as the Trustee shall deem fair and appropriate and which may provide for the selection
for redemption of portions of the principal amount of Registered Securities of such series; provided, however, that no such
partial redemption shall reduce the portion of the principal amount of a Security of such series not redeemed to less than the
minimum denomination for a Security of such series established herein or pursuant hereto.

 

The Trustee shall promptly notify the Company
and the Security Registrar (if other than itself) in writing of the Securities selected for redemption and, in the case of any
Securities selected for partial redemption, the principal amount thereof to be redeemed.

 

For all purposes of this Indenture, unless the
context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities
redeemed or to be redeemed only in part, to the portion of the principal of such Securities which has been or is to be redeemed.

 

Unless otherwise specified in or pursuant to
this Indenture or the Securities of any series, if any Security selected for partial redemption is converted or exchanged for Common
Stock or other securities or property in part before termination of the conversion or exchange right with respect to the portion
of the Security so selected, the converted or exchanged portion of such Security shall be deemed (so far as may be) to be the portion
selected for redemption. Securities which have been converted or exchanged during a selection of Securities to be redeemed shall
be treated by the Trustee as Outstanding for the purpose of such selection.

 

    	 	 	 

     

    

 

Section 11.04. Notice of Redemption.

 

Notice of redemption shall be given in the manner
provided in Section 1.06, not less than 30 nor more than 60 days prior to the Redemption Date, unless a shorter period is
specified in the Securities to be redeemed, to the Holders of Securities to be redeemed. Failure to give notice by mailing in the
manner herein provided to the Holder of any Registered Securities designated for redemption as a whole or in part, or any defect
in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other Securities or
portions thereof.

 

Any notice that is mailed to the Holder of any
Registered Securities in the manner herein provided shall be conclusively presumed to have been duly given, whether or not such
Holder receives the notice.

 

All notices of redemption shall state:

 

(1) the Redemption Date,

 

(2) the Redemption Price,

 

(3) if less than all Outstanding Securities
of any series are to be redeemed, the identification (and, in the case of partial redemption, the principal amount) of the particular
Security or Securities to be redeemed,

 

(4) that, in case any Security is to be redeemed
in part only, on and after the Redemption Date, upon surrender of such Security, the Holder of such Security will receive, without
charge, a new Security or Securities of authorized denominations for the principal amount thereof remaining unredeemed,

 

(5) that, on the Redemption Date, the Redemption
Price shall become due and payable upon each such Security or portion thereof to be redeemed, together (if applicable) with accrued
and unpaid interest, if any, thereon (subject, if applicable, to the provisos to the first paragraph of Section 11.06), and,
if applicable, that interest thereon shall cease to accrue on and after said date,

 

(6) the place or places where such Securities,
together (in the case of Bearer Securities) with all Coupons appertaining thereto, if any, maturing after the Redemption Date,
are to be surrendered for payment of the Redemption Price and any accrued interest and Additional Amounts pertaining thereto,

 

(7) that the redemption is for a sinking fund,
if such is the case,

 

(8) that, unless otherwise specified in such
notice, Bearer Securities of any series, if any, surrendered for redemption must be accompanied by all Coupons maturing subsequent
to the date fixed for redemption or the amount of any such missing Coupon or Coupons will be deducted from the Redemption Price,
unless security or indemnity satisfactory to the Company, the Trustee and any Paying Agent is furnished,

 

(9) if Bearer Securities of any series are to
be redeemed and any Registered Securities of such series are not to be redeemed, and if such Bearer Securities may be exchanged
for Registered Securities not subject to redemption on the Redemption Date pursuant to Section 3.05 or otherwise, the last
date, as determined by the Company, on which such exchanges may be made,

 

(10) in the case of Securities of any series
that are convertible or exchangeable into Common Stock or other securities or property, the then current conversion or exchange
price or rate, the date or dates on which the right to convert or exchange the principal of the Securities of such series to be
redeemed will commence or terminate, as applicable, and the place or places where and the Persons to whom such Securities may be
surrendered for conversion or exchange,

 

    	 	 	 

     

    

 

(11) the CUSIP number or the Euroclear or the
Cedel reference numbers of such Securities, if any (or any other numbers used by a Depositary to identify such Securities), and

 

(12) if the Redemption Price or any portion
thereof shall be payable, at the option of the Company or any Holders, in cash or in Common Stock or other securities or property
(or a combination thereof), a statement as to whether the Company has elected to pay the Redemption Price in cash or Common Stock
or other securities or property or a combination thereof and, if applicable, the portion of the Redemption Price that is to be
paid in cash, Common Stock or other securities or property.

 

A notice of redemption published as contemplated
by Section 1.06 need not identify particular Registered Securities to be redeemed.

 

Notice of redemption of Securities to be redeemed
at the election of the Company shall be given by the Company or, at the Company’s request delivered at least 10 days before
the date such notice is to be given (unless a shorter period shall be acceptable to the Trustee), by the Trustee in the name and
at the expense of the Company.

 

Section 11.05. Deposit of Redemption
Price.

 

On or prior to noon (local time in New York
City) on any Redemption Date, the Company shall deposit, with respect to the Securities of any series called for redemption pursuant
to Section 11.04, with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate
and hold in trust as provided in Section 10.03) an amount of money in the applicable Currency sufficient to pay the Redemption
Price of, and (except if the Redemption Date shall be an Interest Payment Date, unless otherwise specified pursuant to Section 3.01
for or in the Securities of such series) any accrued interest on and Additional Amounts with respect to, all such Securities or
portions thereof which are to be redeemed on that date, except that, if the Securities of such series are convertible or exchangeable
into Common Stock or other securities or property, no such deposit shall be required with respect to any such Securities (or portions
thereof) which have been converted or exchanged prior to such Redemption Date. The Trustee shall not be responsible to make any
such deposit in the event that the Company fails to do so. The contemplated redemption shall be conditioned on the deposit by the
Company of the moneys required thereby.

 

Section 11.06. Securities Payable on
Redemption Date.

 

Notice of redemption having been given as aforesaid,
the Securities so to be redeemed (except, in the case of Securities which are convertible or exchangeable into Common Stock or
other securities or property, any such Securities which shall have been so converted or exchanged prior to the applicable Redemption
Date) shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, together with (unless otherwise
provided with respect to the Securities of such series pursuant to Section 3.01) accrued and unpaid interest, if any, thereon
and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest, if
any) such Securities shall cease to bear interest and the Coupons for such interest appertaining to any Bearer Securities so to
be redeemed, except to the extent provided below, shall be void. Upon surrender of any such Security for redemption in accordance
with said notice, together with all Coupons, if any, appertaining thereto maturing after the Redemption Date, such Security shall
be paid by the Company at the Redemption Price, together with, unless otherwise provided in or pursuant to this Indenture, any
accrued and unpaid interest thereon and Additional Amounts with respect thereto to but excluding the Redemption Date; provided,
however, that, except as otherwise provided in or pursuant to this Indenture or the Bearer Securities of such series, installments
of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable only upon presentation
and surrender of Coupons for such interest (at an Office or Agency located outside the United States except as otherwise provided
in Section 10.02), and provided, further, that, except as otherwise specified in or pursuant to this Indenture or the
Registered Securities of such series, installments of interest on Registered Securities whose Stated Maturity is on or prior to
the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such
at the close of business on the Regular Record Dates therefor according to their terms and the provisions of Section 3.07.

 

    	 	 	 

     

    

 

If any Bearer Security surrendered for redemption
shall not be accompanied by all appurtenant Coupons maturing after the Redemption Date, such Security may be paid after deducting
from the Redemption Price or, at the option of the Company, after payment to the Trustee for the benefit of the Company of, an
amount equal to the face amount of all such missing Coupons, or the surrender of such missing Coupon or Coupons may be waived by
the Company and the Trustee if there be furnished to them such security or indemnity as they may require to save each of them and
any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or any Paying Agent any such
missing Coupon in respect of which a deduction shall have been made from the Redemption Price, such Holder shall be entitled to
receive the amount so deducted; provided, however, that any interest or Additional Amounts represented by Coupons shall
be payable only upon presentation and surrender of those Coupons at an Office or Agency for such Security located outside of the
United States except as otherwise provided in Section 10.02.

 

If any Security called for redemption shall
not be so paid upon surrender thereof for redemption, the principal and any premium, until paid, shall bear interest from the Redemption
Date at the rate prescribed therefor in the Security or, if no rate is prescribed therefor in the Security, at the rate of interest,
if any, borne by such Security.

 

Section 11.07. Securities Redeemed in
Part.

 

Any Registered Security which is to be redeemed
only in part shall be surrendered at any Office or Agency for such Security (with, if the Company or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder
thereof or his attorney duly authorized in writing) and the Company shall execute and the Trustee shall authenticate and deliver
to the Holder of such Security without service charge, a new Registered Security or Securities of the same series, containing identical
terms and provisions, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Security so surrendered. If a Security in global form is so surrendered,
the Company shall execute, and the Trustee shall authenticate and deliver to the Depositary for such Security in global form as
shall be specified in the Company Order with respect thereto to the Trustee, without service charge, a new Security in global form
in a denomination equal to and in exchange for the unredeemed portion of the principal of the Security in global form so surrendered.

 

ARTICLE TWELVE

 

SINKING FUNDS

 

Section 12.01. Applicability of Article.

 

The provisions of this Article shall be applicable
to any sinking fund for the retirement of Securities of a series that by its terms provides for such a sinking fund, except as
otherwise permitted or required in or pursuant to this Indenture or any Security of such series issued pursuant to this Indenture.

 

The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment”,
and any payment in excess of such minimum amount provided for by the terms of Securities of such series is herein referred to as
an “optional sinking fund payment”. If provided for by the terms of Securities of any series, the cash amount of any
sinking fund payment may be subject to reduction as provided in Section 12.02. Each sinking fund payment shall be applied
to the redemption of Securities of any series as provided for by the terms of Securities of such series and this Indenture.

 

Section 12.02. Satisfaction of Sinking
Fund Payments with Securities.

 

The Company may, in satisfaction of all or any
part of any sinking fund payment with respect to the Securities of any series to be made pursuant to the terms of such Securities
(1) deliver Outstanding Securities of such series (other than any of such Securities previously called for redemption or any
of such Securities in respect of which cash shall have been released to the Company), together in the case of any Bearer Securities
of such series with all unmatured Coupons appertaining thereto, and (2) apply as a credit Securities of such series which
have been redeemed either at the election of the Company pursuant to the terms of such series of Securities or through the application
of permitted optional sinking fund payments pursuant to the terms of such Securities, provided that such Securities have
not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption
Price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment
shall be reduced accordingly. If as a result of the delivery or credit of Securities of any series in lieu of cash payments pursuant
to this Section 12.02, the principal amount of Securities of such series to be redeemed in order to exhaust the aforesaid
cash payment shall be less than $100,000, the Trustee shall not call Securities of such series for redemption, except upon Company
Request, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment,
provided, however, that the Trustee or such Paying Agent shall at the request of the Company from time to time pay over and
deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee
of Securities of that series purchased by the Company having an unpaid principal amount equal to the cash payment requested to
be released to the Company.

 

    	 	 	 

     

    

 

Section 12.03. Redemption of Securities
for Sinking Fund.

 

Not less than 75 days prior to each sinking
fund payment date for any series of Securities, the Company shall deliver to the Trustee an Officers’ Certificate specifying
the amount of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of that series, the portion
thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering
and crediting of Securities of that series pursuant to Section 12.02, and the optional amount, if any, to be added in cash
to the next ensuing mandatory sinking fund payment, and will also deliver to the Trustee any Securities to be so credited and not
theretofore delivered. If such Officers’ Certificate shall specify an optional amount to be added in cash to the next ensuing
mandatory sinking fund payment, the Company shall thereupon be obligated to pay the amount therein specified. Not less than 60
days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment
date in the manner specified in Section 11.03 and cause notice of the redemption thereof to be given in the name of and at
the expense of the Company in the manner provided in Section 11.04. Such notice having been duly given, the redemption of
such Securities shall be made upon the terms and in the manner stated in Sections 11.06 and 11.07.

 

ARTICLE THIRTEEN

 

REPAYMENT AT THE OPTION OF HOLDERS

 

Section 13.01. Applicability of Article.

 

Securities of any series which are repayable
at the option of the Holders thereof before their Stated Maturity shall be repaid in accordance with the terms of the Securities
of such series. The repayment of any principal amount of Securities pursuant to such option of the Holder to require repayment
of Securities before their Stated Maturity, for purposes of Section 3.09, shall not operate as a payment, redemption or satisfaction
of the indebtedness represented by such Securities unless and until the Company, at its option, shall deliver or surrender the
same to the Trustee with a directive that such Securities be cancelled. Notwithstanding anything to the contrary contained in this
Section 13.01, in connection with any repayment of Securities, the Company may arrange for the purchase of any Securities
by an agreement with one or more investment bankers or other purchasers to purchase such Securities by paying to the Holders of
such Securities on or before the applicable repayment date an amount not less than the repayment price payable by the Company on
repayment of such Securities, and the obligation of the Company to pay the repayment price of such Securities shall be satisfied
and discharged to the extent such payment is so paid by such purchasers.

 

Unless otherwise expressly stated in this Indenture
or pursuant to Section 3.01 with respect to the Securities of any series or unless the context otherwise requires, all references
in this Indenture to the repayment of Securities at the option of the Holders thereof (and all references of like import) shall
be deemed to include a reference to the repurchase of Securities at the option of the Holders thereof.

 

    	 	 	 

     

    

 

ARTICLE FOURTEEN

 

SECURITIES IN FOREIGN CURRENCIES

 

Section 14.01. Applicability of Article.

 

Whenever this Indenture provides for (i) any
action by, or the determination of any of the rights of, Holders of Securities of any series in which not all of such Securities
are denominated in the same Currency or (ii) any distribution to Holders of Securities of any series in which not all of such
Securities are denominated in the same Currency, in the absence of any provision to the contrary in or pursuant to this Indenture
or the Securities of such series, any amount in respect of any Security denominated in a Currency other than Dollars shall be treated
for any such action, determination or distribution as that amount of Dollars that could be obtained for such amount on such reasonable
basis of exchange and as of the record date with respect to Registered Securities of such series (if any) for such action, determination
or distribution (or, if there shall be no applicable record date, such other date reasonably proximate to the date of such distribution)
as the Company may specify in a written notice to the Trustee.

 

ARTICLE FIFTEEN

 

MEETINGS OF HOLDERS OF SECURITIES

 

Section 15.01. Purposes for Which Meetings
May Be Called.

 

A meeting of Holders of Securities of any series
may be called at any time and from time to time pursuant to this Article to make, give or take any request, demand, authorization,
direction, notice, consent, waiver or other Act provided by this Indenture to be made, given or taken by Holders of Securities
of such series.

 

Section 15.02. Call, Notice and Place
of Meetings.

 

(1) The Trustee may at any time call a meeting
of Holders of Securities of any series for any purpose specified in Section 15.01, to be held at such time and at such place
in the City of New York, or, if Securities of such series have been issued in whole or in part as Bearer Securities, in London
or in such place outside the United States as the Trustee shall determine. Notice of every meeting of Holders of Securities of
any series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting,
shall be given, in the manner provided in Section 1.06, not less than 21 nor more than 180 days prior to the date fixed for
the meeting.

 

(2) In case at any time the Company (by or pursuant
to a Board Resolution) or the Holders of at least 10% in principal amount of the Outstanding Securities of any series shall have
requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified in Section 15.01,
by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not
have mailed notice of or made the first publication of the notice of such meeting within 21 days after receipt of such request
(whichever shall be required pursuant to Section 1.06) or shall not thereafter proceed to cause the meeting to be held as
provided herein, then the Company or the Holders of Securities of such series in the amount above specified, as the case may be,
may determine the time and the place in the City of New York, or, if Securities of such series are to be issued as Bearer Securities,
in London for such meeting and may call such meeting for such purposes by giving notice thereof as provided in clause (1) of
this Section.

 

Section 15.03. Persons Entitled to Vote
at Meetings.

 

To be entitled to vote at any meeting of Holders
of Securities of any series, a Person shall be (1) a Holder of one or more Outstanding Securities of such series, or (2) a
Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities of such series
by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Securities
of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its
counsel and any representatives of the Company and its counsel.

 

    	 	 	 

     

    

 

Section 15.04. Quorum; Action.

 

The Persons entitled to vote a majority in principal
amount of the Outstanding Securities of a series shall constitute a quorum for a meeting or duly reconvened meeting of Holders
of Securities of such series; provided, however, that if any action is to be taken at such meeting with respect to a consent
or waiver which this Indenture expressly provides may be given by the Holders of at least 66-2/3% in principal amount of the Outstanding
Securities of a series, the Persons entitled to vote 66-2/3% in principal amount of the Outstanding Securities of such series shall
constitute a quorum. In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting shall,
if convened at the request of Holders of Securities of such series, be dissolved. In any other case the meeting may be adjourned
for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In
the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less
than 10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening
of any adjourned meeting shall be given as provided in Section 15.02(1), except that such notice need be given only once not
less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned
meeting shall state expressly the percentage, as provided above, of the principal amount of the Outstanding Securities of such
series which shall constitute a quorum.

 

Except as limited by the proviso to Section 9.02,
any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted
only by the affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities of that series;
provided, however, that, except as limited by the proviso to Section 9.02, any resolution with respect to any request,
demand, authorization, direction, notice, consent, waiver or other Act which this Indenture expressly provides may be made, given
or taken by the Holders of at least 66-2/3 % in principal amount of the Outstanding Securities of a series may be adopted
at a meeting or an adjourned meeting duly convened and at which a quorum is present as aforesaid only by the affirmative vote of
the Holders of at least 66-2/3 % in principal amount of the Outstanding Securities of that series; and provided, further,
that, except as limited by the proviso to Section 9.02, any resolution with respect to any request, demand, authorization,
direction, notice, consent, waiver or other Act which this Indenture expressly provides may be made, given or taken by the Holders
of a specified percentage, which is less than a majority, in principal amount of the Outstanding Securities of a series may be
adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote
of the Holders of such specified percentage in principal amount of the Outstanding Securities of such series.

 

Any resolution passed or decision taken at any
meeting of Holders of Securities of any series duly held in accordance with this Section shall be binding on all the Holders of
Securities of such series and the Coupons appertaining thereto, whether or not such Holders were present or represented at the
meeting.

 

Section 15.05. Determination of Voting
Rights; Conduct and Adjournment of Meetings.

 

(1) Notwithstanding any other provisions of
this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of Securities
of such series in regard to proof of the holding of Securities of such series and of the appointment of proxies and in regard to
the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of
the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise
permitted or required by any such regulations, the holding of Securities shall be proved in the manner specified in Section 1.04
and the appointment of any proxy shall be proved in the manner specified in Section 1.04 or by having the signature of the
person executing the proxy witnessed or guaranteed by any trust company, bank or banker authorized by Section 1.04 to certify
to the holding of Bearer Securities. Such regulations may provide that written instruments appointing proxies, regular on their
face, may be presumed valid and genuine without the proof specified in Section 1.04 or other proof.

 

(2) The Trustee shall, by an instrument in writing,
appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders of Securities
as provided in Section 15.02(2), in which case the Company or the Holders of Securities of the series calling the meeting,
as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting
shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series
represented at the meeting.

 

    	 	 	 

     

    

 

(3) At any meeting, each Holder of a Security
of such series or proxy shall be entitled to one vote for each $1,000 principal amount of Securities of such series held or represented
by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as
not Outstanding and ruled by the chairman of the meeting to be not Outstanding. If the Securities of such series are issuable in
minimum denominations of less than $1,000, then a Holder of such a Security in a principal amount of less than $1,000 shall be
entitled to a fraction of one vote which is equal to the fraction that the principal amount of such Security bears to $1,000. The
chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy.

 

(4) Any meeting of Holders of Securities of
any series duly called pursuant to Section 15.02 at which a quorum is present may be adjourned from time to time by Persons
entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting; and the
meeting may be held as so adjourned without further notice.

 

Section 15.06. Counting Votes and Recording
Action of Meetings.

 

The vote upon any resolution submitted to any
meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures of the Holders
of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding
Securities of such series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes
who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the
meeting their verified written reports in triplicate of all votes cast at the meeting. A record, at least in triplicate, of the
proceedings of each meeting of Holders of Securities of any series shall be prepared by the secretary of the meeting and there
shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits
by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice
was given as provided in Section 15.02 and, if applicable, Section 15.04. Each copy shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company, and another
to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record
so signed and verified shall be conclusive evidence of the matters therein stated.

 

ARTICLE SIXTEEN

 

SUBORDINATION OF SECURITIES

 

Section 16.01. Agreement to Subordinate.

 

The Company, for itself, its successors and
assigns, covenants and agrees, and each Holder of Securities of any series by his acceptance thereof, likewise covenants and agrees,
that the payment of the principal of (and premium, if any) and interest, if any (including amounts payable on redemption or repurchase),
on, and Additional Amounts, if any, in respect of each and all of the Securities of such series shall be expressly subordinated,
to the extent and in the manner provided in the Subordination Provisions established with respect to the Securities of such series
pursuant to Section 3.01(25) hereof, in right of payment to the prior payment in full of all Senior Indebtedness with respect
to such series.

 

* * * * *

 

    	 	 	 

     

    

 

This instrument may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument.

 

IN WITNESS WHEREOF, the parties hereto have
caused this Indenture to be duly executed all as of the day and year first above written.

 

	PEAPACK-GLADSTONE FINANCIAL CORPORATION	 
	 	 	 
	By:	/s/ Jeffrey Carfora	 
	Name:	Jeffrey Carfora	 
	Title:	Senior Executive Vice President and

 Chief Financial Officer	 
	 	 	 
	U.S. BANK NATIONAL ASSOCIATION,	 
	 	 
	as Trustee	 
	 	 	 
	By:	/s/ Rick Barnes	 
	Name:	Rick Barnes	 
	Title:	Vice President

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