Document:

EX-10.4

 Exhibit 10.4 

Final Form 

VOTING AGREEMENT 
 THIS
VOTING AGREEMENT (as it may be amended, supplemented or restated from time to time in accordance with its terms, the “Agreement”), dated as of [__], 2022 (the “Effective Date”), is made by and among
(i) Empatan Public Limited Company, a public limited company incorporated in Ireland with registered number 722009 (the “Company”); (ii) Ophir Sternberg; (iii) Faquiry Diaz Cala; [(iv) [ ] (together with
Mr. Sternberg and Mr. Diaz Cala, the “Lionheart Holders”)]1; [(v)] Haggai Alon; [and (vi) [    ] (together with Mr. Alon the
“SMX Holders” and collectively with the Lionheart Holders, the “Shareholders”)]2. Each of the Company and the Shareholders may be referred to herein
as a “Party” and collectively as the “Parties”. 
 RECITALS 

WHEREAS, the Company has entered into that certain Business Combination Agreement, dated as of [__] (as it may be amended, supplemented or
restated from time to time in accordance with the terms of such agreement, the “BCA”; capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the BCA), by and among
Lionheart III Corp, a Delaware corporation (“SPAC”), Security Matters Limited, an Australian public company with Australian Company Number (ACN) 626 192 998 listed on the Australian Stock Exchange
(“SMX”), the Company and Aryeh Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (“Merger Sub”); 

WHEREAS, upon the terms and subject to the conditions set forth in the certain Scheme Implementation Deed, dated as of [__] (as it may be
amended, supplemented or restated from time to time in accordance with the terms of such agreement, the “SID”), by and among SPAC, SMX and the Company, the Company will acquire SMX by means of the implementation of a scheme
of arrangement under Part 5.1 of the Australian Corporations Act 2001 (Cth) (the “Corporations Act”) (the “SMX Scheme Acquisition”); 

WHEREAS, following the implementation of the SMX Scheme Acquisition, SMX will be delisted from the Australian Stock Exchange; 

WHEREAS, upon the terms and subject to the conditions set forth in the BCA and in accordance with the General Corporation Law of the State of
Delaware, the Irish Companies Act 2014, and the Corporations Act, SPAC will enter into a business combination transaction pursuant to which Merger Sub will merge with and into SPAC (the “Merger”), with SPAC surviving the
Merger as a wholly owned subsidiary of the Company; and 
 WHEREAS, in connection with the SMX Scheme Acquisition and Merger, the Parties
desire to set forth certain rights to, among other things, designate the election of certain members of the board of the directors the Company (the “Board”). 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Parties hereby agree as follows: 

 

	1 	 Note to Draft: Lionheart Holders to consist of Ophir Sternberg, Faquiry Diaz Cala and any entity executing this
agreement under each person’s control. 

	2 	 Note to Draft: SMX Holders to consist of Haggai Alon and any entity executing this agreement under his control.

 ARTICLE I 

GOVERNANCE 

Section 1.1 Board of Directors. 

(a) Composition of the Board. From and after the Closing until the later of (i) three years following the Closing or (ii) the
election of the Class III Directors nominated pursuant to the terms of this Agreement at the first annual meeting of the shareholders of the Company to elect such Class III Directors (the “Term”), each of the
Company and the Shareholders, severally and not jointly, agrees to take all such action within its power as may be necessary or appropriate (including (i) the Company nominating or appointing certain Persons and (ii) the Shareholders
voting or providing a written consent or proxy, if applicable, in each case with respect to ordinary shares of the Company (the “Shares”)) such that the Board shall consist of seven (7) members who will be designated as
follows: 
 (i) three (3) members of the Board (including the chairperson) shall initially be designated by the Lionheart Holders,
(y) one (1) of whom shall initially be Ophir Sternberg, and (z) two (2) of whom shall initially be “independent directors” under The Nasdaq Capital Market Listing Rules and regulations (or the rules and regulations of such other
principal national securities exchange on which the Shares are then listed for trading), subject, in the case of each individual other than Mr. Sternberg, to the initial selection of each such other individual being subject to the consent of
the SMX Holders (such consent not to be unreasonably withheld, conditioned or delayed), and during the Term, the Lionheart Holders shall have the right to designate the number of members of the Board as shown below: 

 

					
	 Shares Beneficially Owned by the Lionheart Holders (and
Permitted
Transferees) as a Percentage of the Shares Beneficially Owned by the
Lionheart Holders as of the Closing Date
	  	Number of
Directors	 
	 75% or greater
	  	 	3	 
	 50% or greater, but less than 75%
	  	 	2	 
	 25% or greater, but less than 50%
	  	 	1	 
	 Less than 25%
	  	 	0	 

 (ii) four (4) members of the Board shall initially be designated by the SMX Holders, (y) two (2) of
whom shall initially be Haggai Alon and Zeren Browne, and (z) two (2) of whom shall initially be Khoo Boon Hui and Ed Hofland, each of whom is an “independent director” under The Nasdaq Capital Market Listing Rules and regulations (or
the rules and regulations of such other principal national securities exchange on which the Shares are 

  
 2 

 
then listed for trading), subject, in the case of each individual other than Mr. Alon, to the initial selection of each such other individual being subject to the consent of the Lionheart
Holders (such consent not to be unreasonably withheld, conditioned or delayed), and during the Term, the SMX Holders shall have the right to designate the number of members of the Board as shown below: 

 

					
	 Shares Beneficially Owned by the SMX Holders (and Permitted
Transferees) as a Percentage of
the Shares Beneficially Owned by the SMX Holders as of the Closing Date
	  	Number of
Directors	 
	 75% or greater
	  	 	4	 
	 50% or greater, but less than 75%
	  	 	3	 
	 25% or greater, but less than 50%
	  	 	2	 
	 10% or greater, but less than 25%
	  	 	1	 
	 Less than 10%
	  	 	0	 

 If, during the Term, either the Lionheart Holders or the SMX Holders, as applicable, loses a right to designate one or more
members of the Board in accordance with Section 1.1(a)(i) or 1.1(a)(ii), as applicable, the Lionheart Holders or SMX Holders, as applicable, shall notify the other within five (5) days indicating which board seat (identifying the currently
appointed director occupying the board seat, if applicable) and which class with respect to which the Lionheart Holders or SMX Holders, as applicable, wishes to relinquish the right to designate (and the associated right to remove in accordance with
Section 1.1(d)). 
 For purposes of this Agreement, the term “beneficial ownership” and derivations thereof shall have the meaning ascribed
thereto in Rule 13d-3 promulgated under the Exchange Act, provided that in calculating the number of Shares beneficially owned by Mr. Sternberg as of the Closing Date and thereafter, with respect to
Shares held by Lionheart Equities, LLC, each of Mr. Sternberg and Mr. Diaz Cala shall only be deemed to beneficially own such Shares to the extent of his underlying pecuniary interest therein. 

(b) Classes of Directors. During the Term, each of the Company and the Shareholders, severally and not jointly, agrees to take all such
action within its power as may be necessary or appropriate (including (i) the Company nominating or appointing certain Persons and (ii) the Shareholders voting or providing a written consent or proxy, if applicable, in each case with
respect to the Shares) such that the directors nominated pursuant to the foregoing be divided into three classes of directors, with each class serving for staggered three year terms as follows: 

(i) a first class of directors (the “Class I Directors”), consisting of two
directors (one of whom shall be a SMX Holder designee and one of whom shall be a Lionheart Holder designee, in each case for so long as the SMX Holders and Lionheart Holders, as applicable, are entitled to designate such directors), initially
serving a term effective from the Closing until the first annual meeting of the shareholders of the Company held after the Closing (but any subsequently elected Class I Directors serving a three (3)-year term); 

  
 3 

 (ii) a second class of directors (the “Class II
Directors”), consisting of three directors (two of whom shall be SMX Holder designees and one of whom shall be a Lionheart Holders designee, in each case, for so long as the SMX Holders and Lionheart Holders, as applicable, are entitled
to designate such directors)3 effective from the Closing until the second annual meeting of shareholders of the Company held following the Closing (but any subsequently elected Class II
Directors serving a three (3)-year term); and 
 (iii) a third class of directors (the
“Class III Directors”), consisting of two directors, initially serving a term effective from the Closing until the third annual meeting of shareholders of the Company held following the
Closing (and any subsequently elected Class III Directors serving a three (3)-year term), with Ophir Sternberg and Haggai Alon to serve as the initial Class III Directors. 

(c) Board Observer. During the Term, so long as the Lionheart Holders and SMX Holders, as applicable, are entitled to appoint at least
one director to the Board, the Lionheart Holders and the SMX Holders shall each be permitted to designate one (1) individual, subject to the consent of the non-designated Party (such consent not to be
unreasonably withheld, conditioned or delayed), to serve as an observer to the Board and its committees; provided that, with respect to the Lionheart Holders, at any time that Ophir Sternberg serves as a director, the Lionheart Holders shall be
permitted to exercise the foregoing designation right notwithstanding the expiration of the Term. The Company shall give such observer copies of all notices, minutes, consents, and other materials that it provides to its directors at the same time
and in the same manner as provided to such directors; provided, however, that such observer shall agree to hold in confidence all information so provided; and provided further, that the Company reserves the right to withhold any information and to
exclude such observer from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in a conflict of interest. 

(d) Removal; Vacancies. The Lionheart Holders or the SMX Holders, as applicable, shall have the exclusive right to (i) remove
their nominees from the Board, and the Company shall take all such action within its power as may be necessary or appropriate to cause the removal of any such nominee at the request of the applicable Party and (ii) designate directors for
election or appointment, as applicable, to the Board to fill vacancies created by reason of death, removal or resignation of its nominees to the Board, and the Company shall take all such action within its power as may be necessary or appropriate to
nominate or cause the Board to appoint, as applicable, replacement directors designated by the applicable Party to fill any such vacancies created pursuant to clause (i) or (ii) above as promptly as practicable after such
designation (and in any event prior to the next meeting or action of the Board or applicable committee). Notwithstanding anything to the contrary in this Section 1.1(d), no Party shall have the right to designate a
replacement director, and the Company shall not be required to take any action to cause any vacancy to be filled by any such designee, to the extent that election or appointment of such designee to the Board would result in a number of directors
nominated or designated by such Party in excess of the number of directors that such Party is then entitled to nominate for membership on the Board pursuant to this Agreement. 

 

	3 	 Note to Draft: To include Allison Greenfield.

  
 4 

 (d) Indemnification. The Company shall provide each director with the same expense
reimbursement, benefits, indemnity, exculpation and other arrangements provided to all other directors of the Company, and the Company shall not amend, alter or repeal any right to indemnification or exculpation covering or benefiting any director
nominated pursuant to this Agreement as and to the extent consistent with applicable Law, the Parent Amended and Restated Memorandum and Articles of Association and any indemnification agreements with directors (except to the extent such amendment
or alteration permits the Company to provide broader indemnification or exculpation rights on a retroactive basis than permitted prior thereto). 

(e) Review of Nominees. Any nominee as a director (or alternate thereof) shall be subject to the Company’s customary due diligence
process, including its review of a completed questionnaire and a background check. Based on the foregoing, the Company may reasonably object to any such nominee within fifteen (15) days of receiving such completed questionnaire and background
check authorization, (i) provided it does so in good faith and (ii) solely to the extent such objection is based upon any of the following: (1) such nominee was convicted in a criminal proceeding or is a named subject of a pending
criminal proceeding (excluding traffic violations and other minor offenses); (2) such nominee was the subject of any order, judgment or decree not subsequently reversed, suspended or vacated of any court of competent jurisdiction, permanently or
temporarily enjoining such proposed director from, or otherwise limiting, the following activities: (A) engaging in any type of business practice, or (B) engaging in any activity in connection with the purchase or sale of any security or
in connection with any violation of federal or state securities laws; (3) such nominee was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending or
otherwise limiting for more than 60 days the right of such person to engage in any activity described in clause (2)(B), or to be associated with persons engaged in such activity; (4) such nominee was found by a court of competent
jurisdiction in a civil action or by the SEC to have violated any federal or state securities law, and the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended or vacated; (5) such nominee was the
subject of, or a party to, any federal or state judicial or administrative order, judgment, decree or finding, not subsequently reversed, suspended or vacated, relating to a violation of any federal or state securities laws or regulations; or
(6) such nominee, if elected to Board, would cause the Company to no longer qualify for foreign private issuer status pursuant to Rule 3b-4 of the Exchange Act. In the event the Board reasonably finds any
such nominee to be unsuitable based upon one or more of the foregoing clauses (1) through (6) and reasonably objects to such nominated director, the applicable designating party shall be entitled to propose a different nominee to
the Board within thirty (30) days of the Company’s notice to such designating party of its objection to such nominee and such replacement nominee shall be subject to the review process outlined in this
Section 1.1(f). 
 (f) Non-Contravention. Each of the Parties also
agrees not to take any actions that would contravene or adversely affect the provisions of this Agreement and the intention of the Parties with respect to the composition of the Board as herein stated. 

  
 5 

 ARTICLE II 

GENERAL PROVISIONS 

Section 2.1 Entire Agreement; Amendments; No Waiver.  

(a) This Agreement, the BCA, the SID and all other Ancillary Agreements, constitute the entire agreement among the Parties with respect to the
subject matter hereof and thereof and supersede all prior and contemporaneous agreements, understandings and discussions, whether oral or written, relating to such subject matter in any way and there are no warranties, representations or other
agreements among the Parties in connection with such subject matter except as set forth in this Agreement and therein. 
 (b) No provision
of this Agreement may be amended or modified in whole or in part at any time without the express written consent of (i) the Company, (ii) the Lionheart Holders and (iii) the SMX Holders; provided, that any such amendment or
modification that adversely and disproportionately affects any Shareholder or Shareholders, as compared to any other Shareholder or Shareholders, shall require the prior written consent of such Shareholders so adversely and disproportionately
affected. 
 (c) No waiver of any provision or default under, nor consent to any exception to, the terms of this Agreement shall be
effective unless in writing and signed by the Party to be bound and then only to the specific purpose, extent and instance so provided. 

Section 2.2 Severability. If any provision of this Agreement is determined to be invalid, illegal or unenforceable by any
Governmental Authority, the remaining provisions of this Agreement, to the extent permitted by Law shall remain in full force and effect. 

Section 2.3 Counterparts; Electronic Delivery. This Agreement and any other agreements, certificates, instruments and documents
delivered pursuant to this Agreement may be executed and delivered in one or more counterparts and by fax, email or other electronic transmission, each of which shall be deemed an original and all of which shall be considered one and the same
agreement. No Party shall raise the use of a fax machine or email to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a fax machine or email as a defense to the
formation or enforceability of a contract and each Party forever waives any such defense. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement or
any document to be signed in connection with this Agreement shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a
manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 

Section 2.4 Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be
given (and shall be deemed to have been duly given upon receipt) by delivery in person, by email (receipt confirmed by a non-automated response) or by registered or certified mail or overnight carrier (postage
prepaid, return receipt requested). Unless another address is specified in writing pursuant to the provisions of this Section 2.4, notices, demands and other communications shall be sent to the addresses indicated below

  
 6 

 if to the Company to: 

c/- K&L Gates LLP 
 Level 25, 525 Collins Street 

Melbourne, Victoria 3000 
 Attention: Haggai Alon, CEO 

Email: info@securitymattersltd.com 
 with a copy (which shall not
constitute notice) to: 
  

			
	 K&L Gates LLP
 599 Lexington Avenue

New York, NY 10022
 Attention: Robert S. Matlin and Jonathan M.
Barron
 Email: robert.matlin@klgates.com and jonathan.barron@klgates.com
	  	 K&L Gates LLP
 L25, 525 Collins Street

Melbourne, Victoria 3000
 Attention: Harry Kingsley

Email: harry.kingsley@klgates.com

 if to the Lionheart Holders, to: 

4218 NE 2nd Avenue 
 Miami, Florida 33137 

Attn: General Counsel 
 Email: notices@lheartcapital.com 

with a copy (which shall not constitute notice) to: 
  

			
	 DLA Piper LLP (US)
 2525 East Camelback Road

Esplanade II Suite 1000
 Phoenix, AZ 85016

Attention: Steven D. Pidgeon, Esq.
 Email:
steven.pidgeon@us.dlapiper.com
	  	 DLA Piper LLP (US)
 200 South Biscayne
Boulevard
 Suite 2500
 Miami, FL 33131

Attention: Joshua M. Samek, Esq.
 Email:
Joshua.Samek@us.dlapiper.com

 if to the Shareholders, to the address set forth on the signature page hereto. 

Section 2.5 Governing Law; Waiver of Jury Trial; Jurisdiction. The Law of the State of Delaware shall govern (a) all Actions,
claims or matters related to or arising from this Agreement (including any tort or non-contractual claims) and (b) any questions concerning the construction, interpretation, validity and enforceability of
this Agreement, and the performance of the obligations imposed by this Agreement, in each case without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would
cause the application of the Law of any jurisdiction other than the State of Delaware. EACH 

  
 7 

 
PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES (WHETHER ARISING IN CONTRACT, TORT
OR OTHERWISE) ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT AND/OR THE RELATIONSHIPS ESTABLISHED AMONG THE PARTIES UNDER THIS AGREEMENT. THE PARTIES FURTHER WARRANT AND
REPRESENT THAT EACH HAS REVIEWED THIS WAIVER WITH SUCH PARTY’S LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES SUCH PARTY’S JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. Each of the Parties submits to the
exclusive jurisdiction of first, the Chancery Court of the State of Delaware or if such court declines jurisdiction, then to the Federal District Court for the District of Delaware, in any Action arising out of or relating to this Agreement, agrees
that all claims in respect of the Action shall be heard and determined in any such court and agrees not to bring any Action arising out of or relating to this Agreement in any other courts. Each Party irrevocably consents to the service of process
in any such Action by the mailing of copies thereof by registered or certified mail, postage prepaid, to such Party, at its address for notices as provided in Section 2.4 of this Agreement, such service to become effective
ten (10) days after such mailing. Each Party hereby irrevocably waives any objection to such service of process and further irrevocably waives and agrees not to plead or claim in any Action commenced hereunder or under any other documents
contemplated hereby that service of process was in any way invalid or ineffective. Nothing in this Section 2.5, however, shall affect the right of any Party to serve legal process in any other manner permitted by Law or at
equity; provided, that each of the Parties hereby waives any right it may have under the Laws of any jurisdiction to commence by publication any Action with respect to this Agreement. To the fullest extent permitted by applicable Law, each of the
Parties hereby irrevocably waives any objection it may now or hereafter have to the laying of venue of any Action arising out of or relating to this Agreement in any of the courts referred to in this Section 2.5 and hereby
further irrevocably waives and agrees not to plead or claim that any such court is not a convenient forum for any such Action. Each Party agrees that a final judgment in any Action so brought shall be conclusive and may be enforced by suit on the
judgment or in any other manner provided by Law or at equity, in any jurisdiction. 
 Section 2.6 Specific Performance. Each
Party hereby agrees and acknowledges that it will be impossible to measure in money the damages that would be suffered if the Parties fail to comply with any of the obligations imposed on them by this Agreement and that, in the event of any such
failure, an aggrieved Party will be irreparably damaged and will not have an adequate remedy at Law. Any such Party shall, therefore, be entitled (in addition to any other remedy to which such Party may be entitled at Law or in equity) to seek
injunctive relief, including specific performance, to enforce such obligations, without the posting of any bond, and if any Action should be brought in equity to enforce any of the provisions of this Agreement, none of the Parties shall raise the
defense that there is an adequate remedy at Law. 
 Section 2.7 Subsequent Acquisition of Shares. Any Shares acquired subsequent
to the Effective Date by a Party shall be subject to the terms and conditions of this Agreement. In the event of any stock split, stock dividend, recapitalization, reorganization or the like, any securities issued with respect to the Shares held by
the Holders shall become “Shares” for purposes of voting or providing a written consent or proxy, if applicable, pursuant to Section 1.1. 

  
 8 

 Section 2.8 Not a Group; Independent Nature of the Holders’ Obligations and
Rights. The Shareholders and each assignee thereof who becomes a Party to this Agreement (each, a “Holder”) agree that the arrangements contemplated by this Agreement are not intended to constitute the formation of a
“group” (as defined in Section 13(d)(3) of the Exchange Act). Each Holder agrees that, for purposes of determining beneficial ownership of such Holder, it shall disclaim any beneficial ownership by virtue of this Agreement of the
Company’s Shares owned by the other Holders. The obligations of each Holder under this Agreement are several and not joint with the obligations of any other Holder, and no Holder shall be responsible in any way for the performance of the
obligations of any other Holder under this Agreement. Nothing contained herein, and no action taken by any Holder pursuant hereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of group
or entity, or create a presumption that the Holders are in any way acting in concert or as a group or entity with respect to such obligations or the transactions contemplated by this Agreement. The decision of each Holder to enter into this
Agreement has been made by such Holder independently of any other Holder. Each Holder acknowledges that no other Holder has acted as agent for such Holder in connection with such Holder making its investment in the Company and that no other Holder
will be acting as agent of such Holder in connection with monitoring such Holder’s investment in the Shares or enforcing its rights under this Agreement. Each Holder confirms that each Holder has had the opportunity to independently participate
with the Company and its subsidiaries in the negotiation of the transaction contemplated hereby with the advice of its own counsel and advisors. Each Holder shall be entitled to independently protect and enforce its rights, including, without
limitation, the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose. 

Section 2.9 Assignment; Successors and Assigns; No Third Party Beneficiaries. 

(a) Except as otherwise permitted pursuant to this Agreement, no Party may assign such Party’s rights and obligations under this
Agreement, in whole or in part, without the prior written consent of the SMX Holders and the Lionheart Holders; provided, however, that each Party hereto may assign its rights and obligations under this Agreement in connection with the permitted
transfer of its Shares by having the transferee of such Shares execute a joinder to this Agreement agreeing to be bound by the terms hereof. Any such assignee may not again assign those rights, other than in accordance with this Article II.
Any attempted assignment of rights or obligations in violation of this Article II shall be null and void. 
 (b) All of the terms and
provisions of this Agreement shall be binding upon the Parties and their respective successors, assigns, heirs and representatives. 
 (c)
Except for sales of Shares, including block trades, into the principal national securities exchange or, if none, over the counter market on which the Shares are then traded (each, a “Permitted Sales”), each Holder shall not
transfer, and the Company shall not permit the transfer, of any Holder’s Shares or any voting rights therein, unless and until the person to whom such Shares or any voting rights therein are to be transferred shall have executed a joinder to
this Agreement agreeing to be bound by the terms hereof and any attempted transfer that does not comply with the provisions of this sentence shall be null and void. The provisions of this Agreement shall be binding upon the successors in interest of
any Holder with respect to any of such Holder’s Shares or any voting rights therein, unless the Shares are sold pursuant to a Permitted Sale. 

  
 9 

 (d) This Agreement shall terminate automatically (without any action by any Party) as to
each Holder when such Party, following the Closing Date, ceases to beneficially own any Shares, provided that such shares have been transferred in a manner permitted by this Agreement. Notwithstanding anything herein to the contrary, in the event
the BCA terminates in accordance with its terms prior to the Closing, this Agreement shall automatically terminate and be of no further force or effect, without any further action required by the Parties. 

(e) Nothing in this Agreement, express or implied, is intended to confer upon any Person, other than the Parties and their respective
permitted successors, assigns, heirs and representatives, any rights or remedies under this Agreement or otherwise create any third-party beneficiary hereto. 

Section 2.10 Power of Attorney. During the Term, in the event a Holder does not (i) attend in person a meeting of the
shareholders of the Company at which directors shall be elected to the Board or timely submit a proxy card for such meeting and (ii) in each case vote such Holder’s Shares in favor of the election of all of directors as required by this
Agreement, the Holder hereby appoints the chairperson of the Board as its true and lawful attorney and proxy with full power of substitution for and its name to act on behalf of the Holder, for the limited purpose of voting in favor of the election
of the directors as required by this Agreement. The Holder understands and agrees that this limited proxy is irrevocable and coupled with an interest and, except as otherwise provided herein, shall terminate upon the termination of this Agreement.

 [Signature Pages Follow] 

  
 10 

 IN WITNESS WHEREOF, each of the Parties has duly executed this Agreement as of the Effective
Date. 
  

			
	EMPATAN PUBLIC LIMITED COMPANY
		
	By:	 	  

	Name:
	Title:
	
	SHAREHOLDERS:
		
	[    ]	 	
		
	By:	 	  

	Name:
	Title:
	
	Address for Notice:Exhibit 10.1

  

 

  

AMENDED
AND RESTATED CREDIT AGREEMENT

 

Dated as of July 26, 2022

 

among

 

STAG
INDUSTRIAL OPERATING PARTNERSHIP, L.P.,

as the Borrower,

 

STAG
INDUSTRIAL, INC.,

as a Guarantor,

 

Wells
Fargo Bank, National Association,

as the Administrative Agent, an L/C Issuer, and the Swing Line Lender

 

and

 

THE
FINANCIAL INSTITUTIONS NOW OR HEREAFTER SIGNATORIES HERETO AND

 THEIR ASSIGNEES PURSUANT TO SECTION 11.06,

as Lenders

 

BANK OF AMERICA, N.A.,

as Syndication Agent and an L/C Issuer

 

and

 

CITIBank,
n.a., u.s. bank national association, PNC BANK, NATIONAL 

ASSOCIATION, REGIONS BANK, TRUIST BANK and TD BANK, N.A.

as Co-Documentation Agents

 

 

 

Wells
Fargo Securities, LLC

and

BofA Securities, Inc.

as the Joint Bookrunners

 

and

 

WELLS
FARGO SECURITIES, LLC, BofA Securities, Inc., CITIBank, n.a., u.s. bank 

national
association, PNC CAPITAL MARKETS, LLC, REGIONS CAPITAL

 MARKETS, TRUIST SECURITIES, INC.
and TD BANK, N.A.

as the Joint Lead Arrangers

  

     

     

    

 

TABLE
OF CONTENTS

 

	Section	 	Page
	 	 	 
	Article I. Definitions and Accounting Terms    	1
	 	 
	1.01	Defined Terms	1
	1.02	Other Interpretive Provisions	37
	1.03	Accounting Terms	38
	1.04	Rounding	38
	1.05	Times of Day	39
	1.06	Letter of Credit Amounts	39
	1.07	Rates	39
	1.08	Divisions	39
	1.09	Sustainability Adjustments	40
	1.10	Amendment and Restatement of the Existing Credit Agreement	41
	 	 	 
	Article II. The Commitments and Credit Extensions    	42
	 	 
	2.01	Committed Loans	42
	2.02	Borrowings, Conversions and Continuations of Committed Loans	42
	2.03	Letters of Credit	43
	2.04	Swing Line Loans	52
	2.05	Prepayments	55
	2.06	Termination, Reduction, or Increase of Commitments and Loans	56
	2.07	Repayment of Loans	57
	2.08	Interest	57
	2.09	Fees	58
	2.10	Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate	59
	2.11	Evidence of Debt	60
	2.12	Payments Generally; The Administrative Agent’s Clawback	60
	2.13	Sharing of Payments by the Lenders	62
	2.14	[Reserved]	63
	2.15	Cash Collateral	63
	2.16	Defaulting Lenders	64
	2.17	Guaranties	66
	2.18	Extension of Maturity Date	67
	 	 	 
	Article III. Taxes, Yield Protection and Illegality      	68
	 	 
	3.01	Taxes	68
	3.02	[Reserved]	72
	3.03	Changed Circumstances	72
	3.04	Increased Costs	75
	3.05	Compensation for Losses	76
	3.06	Mitigation Obligations; Replacement of the Lenders	76
	3.07	Survival	77
	3.08	[Reserved]	77
	 	 	 
	Article IV. Unencumbered Properties      	77
	 	 
	4.01	Initial Unencumbered Properties	77
	4.02	Reserved	77
	4.03	Notices of Qualification as an Unencumbered Property	77

 

     

     

    

 

	Section	 	Page
	 	 	 
	4.04	Eligibility	77
	4.05	Reserved	77
	4.06	Guaranty	77
	4.07	Admission of New Unencumbered Properties	77
	4.08	Reserved	77
	4.09	Reserved	78
	4.10	Exclusion Events	78
	 	 	 
	Article V. Conditions Precedent to Credit Extensions      	79
	 	 
	5.01	Conditions of Initial Credit Extension	79
	5.02	Conditions to all Credit Extensions	81
	 	 	 
	Article VI. Representations and Warranties     	81
	 	 
	6.01	Existence, Qualification and Power; Compliance with Laws	81
	6.02	Authorization; No Contravention	82
	6.03	Governmental Authorization; Other Consents	82
	6.04	Binding Effect	82
	6.05	Financial Statements; No Material Adverse Effect	82
	6.06	Litigation	83
	6.07	No Default	83
	6.08	Ownership of Property; Liens; Equity Interests	83
	6.09	Environmental Compliance	83
	6.10	Insurance	84
	6.11	Taxes	84
	6.12	ERISA Compliance	84
	6.13	Subsidiaries; Equity Interests	85
	6.14	Margin Regulations; Investment Company Act	85
	6.15	Disclosure	85
	6.16	Compliance with Laws	86
	6.17	Taxpayer Identification Number	86
	6.18	Intellectual Property; Licenses, Etc.	86
	6.19	Reserved	86
	6.20	Solvency	86
	6.21	REIT Status of the Parent	87
	6.22	Labor Matters	87
	6.23	Ground Lease Representation	87
	6.24	Unencumbered Properties	87
	6.25	OFAC	88
	6.26	Affected Financial Institution	88
	 	 	 
	Article VII. Affirmative Covenants      	88
	 	 
	7.01	Financial Statements	88
	7.02	Certificates; Other Information	89
	7.03	Notices	90
	7.04	Payment of Obligations	91
	7.05	Preservation of Existence, Etc.	91
	7.06	Maintenance of Properties	92
	7.07	Maintenance of Insurance	92
	7.08	Compliance with Laws; Beneficial Ownership Regulations	92
	7.09	Books and Records	92
	7.10	Inspection Rights	93

 

    ii

     

    

 

	Section	 	Page
	 	 	 
	7.11	Use of Proceeds	93
	7.12	Environmental Matters	93
	7.13	Ground Leases	95
	7.14	Unencumbered Properties	95
	7.15	Certain Post-Closing Obligations	96
	 	 	 
	Article VIII. Negative Covenants      	96
	 	 
	8.01	Liens	96
	8.02	Indebtedness	97
	8.03	Investments	98
	8.04	Fundamental Changes	99
	8.05	Dispositions	99
	8.06	Restricted Payments	100
	8.07	Change in Nature of Business	100
	8.08	Transactions with Affiliates	100
	8.09	Burdensome Agreements	100
	8.10	Use of Proceeds	100
	8.11	Unencumbered Properties; Ground Leases	101
	8.12	Environmental Matters	101
	8.13	Negative Pledge; Indebtedness	102
	8.14	Financial Covenants	102
	 	 	 
	Article IX. Events of Default and Remedies     	103
	 	 
	9.01	Events of Default	103
	9.02	Remedies Upon Event of Default	105
	9.03	Application of Funds	106
	 	 	 
	Article X. The Administrative Agent      	107
	 	 
	10.01	Appointment and Authority	107
	10.02	Rights as a Lender	107
	10.03	Exculpatory Provisions	107
	10.04	Reliance by the Administrative Agent	108
	10.05	Delegation of Duties	108
	10.06	Resignation of the Administrative Agent	109
	10.07	Non-Reliance on the Administrative Agent and Other Lenders	110
	10.08	No Other Duties, Etc.	111
	10.09	The Administrative Agent May File Proofs of
    Claim	111
	10.10	Guaranty Matters	112
	10.11	Erroneous Payments	112
	10.12	Sustainability Matters	114
	 	 	 
	Article XI. Miscellaneous     	114
	 	 
	11.01	Amendments, Etc.	114
	11.02	Notices; Effectiveness; Electronic Communication	115
	11.03	No Waiver; Cumulative Remedies; Enforcement	117
	11.04	Expenses; Indemnity; Damage Waiver	118
	11.05	Payments Set Aside	120
	11.06	Successors and Assigns	120
	11.07	Treatment of Certain Information; Confidentiality	125
	11.08	Right of Setoff	125
	11.09	Interest Rate Limitation	126

 

    iii

     

    

 

	Section	 	Page
	 	 	 
	11.10	Counterparts; Integration; Effectiveness	126
	11.11	Survival of Representations and Warranties	126
	11.12	Severability	127
	11.13	Replacement of the Lenders	127
	11.14	Governing Law; Jurisdiction; Etc.	127
	11.15	No Advisory or Fiduciary Responsibility	129
	11.16	Electronic Execution of Assignments and Certain Other Documents	129
	11.17	USA PATRIOT ACT	130
	11.18	ENTIRE AGREEMENT	130
	11.19	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	130
	11.20	Certain ERISA Matters	131
	11.21	Acknowledgement Regarding Any Supported QFCs	132

 

SCHEDULES

 

	 	2.01	Commitments and Applicable Percentages
	 	2.03	Existing L/Cs
	 	4.01	Initial Unencumbered Properties
	 	6.06	Litigation
	 	6.09	Environmental Matters
	 	6.13	Subsidiaries and Other Equity Investments and Equity Interests in the Borrower, each Subsidiary Guarantor and each Eligible Property Subsidiary
	 	6.18	Intellectual Property Matters
	 	8.01	Existing Liens
	 	8.13	Indebtedness
	 	11.02	The Administrative Agent’s Office; Certain Addresses for Notices
	 	RO	Responsible Officers

 

EXHIBITS

 

	 	Form of	 
	 	 	 
	 	A	Committed Loan Notice
	 	A-1	Swing Line Loan Notice
	 	B-1	Form of Revolving Note
	 	B-2	Reserved
	 	B-3	Form of Swing Line Note
	 	C	Compliance Certificate
	 	D-1	Assignment and Assumption
	 	D-2	Administrative Questionnaire
	 	E	Form of Disbursement Instruction Agreement
	 	F-1	Form of Parent Guaranty
	 	F-2	Form of Subsidiary Guaranty
	 	G	Reserved
	 	H-1	U.S. Tax Compliance Certificate
	 	H-2	U.S. Tax Compliance Certificate
	 	H-3	U.S. Tax Compliance Certificate
	 	H-4	U.S. Tax Compliance Certificate
	 	J 	Form of Pricing Certificate

 

    iv

     

    

 

CREDIT
AGREEMENT

 

This CREDIT AGREEMENT (the
 “Agreement”) is entered into as of July 26, 2022 among STAG INDUSTRIAL OPERATING PARTNERSHIP, L.P., a Delaware
limited partnership (the “Borrower”), STAG INDUSTRIAL, INC., a Maryland corporation and the sole member
of the sole general partner of the Borrower (the “Parent”), each lender from time to time party hereto (collectively,
the “Lenders” and individually, a “Lender”), and WELLS FARGO BANK, NATIONAL ASSOCIATION,
as the Administrative Agent, the Swing Line Lender and an L/C Issuer.

 

The Borrower, the Parent,
the Lenders, the Administrative Agent and Wells Fargo Bank, National Association, as the Swing Line Lender and an L/C Issuer are currently
party to that certain Credit Agreement, dated as of July 26, 2018 (as amended, supplemented or otherwise modified prior to the date
of this Agreement, the “Existing Credit Agreement”).

 

The Borrower, the Parent and
the Administrative Agent have agreed to enter into this Agreement in order to (i) amend and restate the Existing Credit Agreement
in its entirety, (ii) re-evidence the Obligations under, and as defined in, the Existing Credit Agreement, and (iii) set forth
the terms and conditions under which the Lenders will, on the Closing Date, make loans to or for the benefit of the Borrower.

 

The parties hereto intend
that this Agreement not constitute a novation of the obligations and liabilities of the parties under the Existing Credit Agreement or
be deemed to evidence or constitute full repayment of such obligations and liabilities, but that this Agreement amend and restate in its
entirety the Existing Credit Agreement and re-evidence the obligations and liabilities of the Borrower outstanding thereunder, which shall
be payable in accordance with the terms hereof.

 

Each of the Borrower and the
Parent confirms that all obligations under the applicable “Loan Documents” (as referred to and defined in the Existing Credit
Agreement) shall continue in full force and effect as modified or restated by the Loan Documents (as referred to and defined herein) and
that, from and after the Closing Date, all references to the “Agreement” contained in any such existing “Loan Documents”
shall be deemed to refer to this Agreement.

 

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

 

Article I.

Definitions and Accounting Terms

 

1.01         Defined
Terms. As used in this Agreement, the following terms shall have the meanings set forth below:

 

“Acceptable Ground
Lease” means a ground lease with respect to an Acceptable Property executed by a Subsidiary Guarantor or Eligible Property
Subsidiary, as lessee, that (a) has a remaining lease term (including extension or renewal rights) of at least twenty-five (25) years,
calculated as of the date such Acceptable Property is deemed an Unencumbered Property, and that the Administrative Agent determines, in
its sole discretion, is a financeable ground lease and is otherwise acceptable or (b) has a bargain purchase option (as defined in
accordance with GAAP).

 

    1

     

    

 

“Acceptable Property”
means a Property (a) that is approved by the Administrative Agent and the Required Lenders, or (b) that meets the following
requirements:

 

(i)         such
Property is wholly-owned by, or ground leased pursuant to an Acceptable Ground Lease to, the Borrower, a Subsidiary Guarantor or an Eligible
Property Subsidiary free and clear of any Liens (other than Liens permitted by Section 8.01);

 

(ii)        such
Property is an industrial, manufacturing, warehouse/distribution and/or office property located within the United States;

 

(iii)       if
such Property is owned by a Subsidiary Guarantor or Eligible Property Subsidiary, or is ground leased pursuant to an Acceptable Ground
Lease to a Subsidiary Guarantor or Eligible Property Subsidiary, then the Equity Interests of such Subsidiary Guarantor or Eligible Property
Subsidiary are owned, directly or indirectly by the Borrower, free and clear of any Liens other than Liens permitted by Section 8.01;
and

 

(iv)       such
Property is free of all structural defects or major architectural deficiencies, title defects, environmental conditions or other adverse
matters except for defects, deficiencies, conditions or other matters which, individually or collectively, are not material to the profitable
operation of such Property.

 

“Additional Permitted
Indebtedness” means unsecured Indebtedness permitted to be incurred pursuant to Section 8.02(f).

 

“Adjusted
Floating Overnight Daily SOFR Rate” means, for any day, an interest rate equal to the floating overnight Daily Simple
SOFR Rate, plus 0.10%; provided that if the Adjusted Floating Overnight Daily SOFR Rate as so determined would be less than
the Floor, such rate shall be deemed to be equal to the Floor for purposes of this Agreement.

 

“Adjusted NOI”
means, with respect to any Property for the Current Reporting Quarter, annualized, an amount equal to (a) the aggregate gross revenues
(excluding non-cash revenues) from the operations of such Property during such period, minus (b) the sum of (i) all expenses
and other proper charges incurred in connection with the operation of such Property during such period (including real estate taxes, but
excluding any property and asset management fees, debt service charges, income taxes, depreciation, amortization and other non-cash expenses
and excluding capital expenditures), (ii) a management fee equal to the greater of (A) two percent (2%) of the aggregate gross
base rental revenues (excluding non-cash revenues) from the operations of such Property during such period and (B) actual property
management fees paid, and (iii) a replacement reserve of $0.10 per square foot (excluding any Property acquired during the Current
Reporting Quarter). Adjusted NOI shall exclude the amount of any revenues and expenses from any Dark Property. Adjusted NOI shall be increased,
without duplication, by (i) annualized rental revenues (excluding non-cash revenues), net of associated expenses, from any new lease
which went into effect with the tenant taking occupancy (or any lease with respect to any Property acquired during the Current Reporting
Quarter) and the Borrower is recognizing revenue from such tenant in accordance with GAAP during such Current Reporting Quarter, and (ii) annualized
gross base rental revenues (excluding non-cash revenues) for the first monthly gross base rental payment for any lease in a free rent
period and the Borrower is recognizing revenue from the applicable tenant in accordance with GAAP during such Current Reporting Quarter.

 

“Adjusted Term
SOFR” means, for purposes of any calculation, the rate per annum equal to (a) Term SOFR for such calculation plus (b) the
Term SOFR Adjustment; provided that if Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term SOFR
shall be deemed to be the Floor.

 

    2

     

    

 

“Administrative
Agent” means Wells Fargo in its capacity as administrative agent under any of the Loan Documents, or any successor administrative
agent.

 

“Administrative
Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 11.02,
or such other address or account as the Administrative Agent may from time to time notify the Borrower and the Lenders.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit D-2 or any
other form approved by the Administrative Agent.

 

“Affected Financial
Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Affiliate”
means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled
by or is under common Control with the Person specified; provided in no event shall the Administrative Agent or any Lender be deemed to
be an Affiliate of the Borrower.

 

“Aggregate Commitments”
means the Commitments of all the Lenders as adjusted from time to time in accordance with the terms hereof. The initial amount of the
Aggregate Commitments in effect on the Closing Date is $1,000,000,000.

 

“Agreement”
means this Credit Agreement.

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction from time to time concerning or relating to bribery or
corruption, including the United States Foreign Corrupt Practices Act of 1977 and the rules and regulations thereunder and the U.K.
Bribery Act 2010 and the rules and regulations thereunder.

 

“Anti-Money Laundering
Laws” means any and all laws, statutes, regulations or obligatory government orders, decrees, ordinances or rules related
to terrorism financing, money laundering, any predicate crime to money laundering or any financial record keeping, including any applicable
provision of the PATRIOT Act and The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act,”
31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959).

 

“Applicable Law”
means all applicable provisions of constitutions, laws, statutes, ordinances, rules, treaties, regulations, permits, licenses, approvals,
interpretations and orders of Governmental Authorities and all orders and decrees of all courts and arbitrators.

 

“Applicable Percentage”
means, with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Commitments represented
by such Lender’s Commitment at such time, subject to adjustment as provided in Section 2.16. If the commitment
of each Lender to make Loans, the Swing Line Lender to make Swing Line Loans, and the obligation of each L/C Issuer to make L/C Credit
Extensions have been terminated pursuant to Section 9.02 or if the Aggregate Commitments have expired, then the Applicable
Percentage of each Lender shall be determined based on the Applicable Percentage of such Lender most-recently in effect, giving effect
to any subsequent assignments. The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01
or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.

 

    3

     

    

 

“Applicable Rate”
means, with respect to any Loan, the following percentages per annum, and, with respect to any each Letter of Credit, the Adjusted Term
SOFR Applicable Rate (as set forth in the table below), in each case, subject to the last two paragraphs of this definition, based upon
the Debt Rating as set forth below:

 

	Debt Rating	 	Level	 	Adjusted
 Term SOFR
 Applicable
 Rate and 
 Adjusted 
 Floating
 Overnight
 Daily SOFR
 Rate	 	 	Base Rate
 Applicable
 Rate	 	 	Facility Fee

 Rate	 	 	All-in-
 Drawn 
 Adjusted 
 Term SOFR 
 Rate and
 All-in-
 Drawn 
 Adjusted 
 Floating Overnight 
 Daily SOFR 
 Rate	 	 	All-in-
 Drawn Base 
 Rate	 
	≥A/A2	 	1	 	 	0.700	%	 	 	0.00	%	 	 	0.100	%	 	 	0.800	%	 	 	0.100	%
	A-/A3	 	2	 	 	0.725	%	 	 	0.00	%	 	 	0.125	%	 	 	0.850	%	 	 	0.125	%
	BBB+/Baa1	 	3	 	 	0.775	%	 	 	0.00	%	 	 	0.150	%	 	 	0.925	%	 	 	0.150	%
	BBB/Baa2	 	4	 	 	0.850	%	 	 	0.00	%	 	 	0.200	%	 	 	1.050	%	 	 	0.200	%
	BBB-/Baa3	 	5	 	 	1.050	%	 	 	0.05	%	 	 	0.250	%	 	 	1.300	%	 	 	0.300	%
	< BBB-/Baa3	 	6	 	 	1.400	%	 	 	0.40	%	 	 	0.300	%	 	 	1.700	%	 	 	0.700	%

 

Each change in the Applicable Rate resulting from
a publicly announced change in the Debt Rating shall be effective, in the case of an upgrade, during the period commencing on the date
of delivery by the Borrower to the Administrative Agent of notice thereof pursuant to Section 7.03(e) and ending
on the date immediately preceding the effective date of the next such change and, in the case of a downgrade, during the period commencing
on the date of the public announcement thereof and ending on the date immediately preceding the effective date of the next such change.

 

Notwithstanding the Debt Ratings set forth in
foregoing table, if: (i)(x) the Consolidated Leverage Ratio as of the last day of the most recently ending fiscal quarter of the
Borrower as set forth in the corresponding Compliance Certificate delivered pursuant to Section 7.02(a) is less
than 32.5% and (y) the Fixed Charge Ratio as of the last day of the most recently ending fiscal quarter of the Borrower as set forth
in the corresponding Compliance Certificate delivered pursuant to Section 7.02(a) is greater than 4.00 to 1.00,
and (ii) (a) the Borrower shall have a Debt Rating from at least two of S&P, Moody’s and Fitch, (b) one or more
of such Debt Ratings shall be at Level 4 (e.g., BBB or Baa2) and (c) none of such Debt Ratings shall be below Level 5, the Base Rate
Applicable Rate, the Adjusted Term SOFR Applicable Rate or the Adjusted Floating Overnight Daily SOFR Rate, as applicable, shall be determined
in accordance with Level 3. For the avoidance of doubt, the Borrower may qualify for pricing at Level 1, 2 or 3 based solely upon its
Debt Rating even if it does not meet the conditions described in clause (i) of the first sentence of this paragraph. Any increase
or decrease in the Base Rate Applicable Rate, the Adjusted Term SOFR Applicable Rate or the Adjusted Floating Overnight Daily SOFR Rate,
in each case set forth in the foregoing table, resulting from a satisfaction of the condition set forth in clause (i) of the first
sentence of this paragraph shall become effective as of the first Business Day immediately following the date a compliance certificate
is delivered pursuant to Section 7.02(a); provided, that if a Compliance Certificate is not delivered when due
in accordance with Section 7.02(a), then the Level corresponding to the Debt Rating then in effect shall apply as of
the fifth (5th) Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain
in effect until the date on which such Compliance Certificate is delivered.

 

    4

     

    

 

Notwithstanding the foregoing, it is hereby understood
and agreed that the Base Rate Applicable Rate, the Adjusted Term SOFR Applicable Rate or the Adjusted Floating Overnight Daily SOFR Rate
shall be adjusted from time to time based upon the Sustainability Rate Adjustment (to be calculated and applied as set forth in Section 1.09);
provided that in no event shall the Base Rate Applicable Rate, Adjusted Term SOFR Applicable Rate or Adjusted Floating Overnight
Daily SOFR Rate Applicable Rate be less than zero.

 

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

 

“Assignee Group”
means two (2) or more Eligible Assignees that are Affiliates of one another or two (2) or more Approved Funds managed by the
same investment advisor.

 

“Assignment and
Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any
party whose consent is required by Section 11.06(b)), and accepted by the Administrative Agent, in substantially the
form of Exhibit D-1 or any other form (including electronic documentation generated by MarkitClear or other electronic
platform) approved by the Administrative Agent.

 

“Attributable
Indebtedness” means, on any date in respect of any Capital Lease of any Person, the capitalized amount thereof that would
appear on a balance sheet of such Person prepared as of such date in accordance with GAAP.

 

“Audited Financial
Statements” means the audited financial statements of the Parent for the fiscal year ended December 31, 2021 and, from
and after the delivery of the financial statements of the Parent required pursuant to Section 7.01(a) for the
fiscal year ending December 31, 2021, the most-recent financial statements furnished pursuant to Section 7.01(a).

 

“Available Tenor”
means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if such Benchmark is a
term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period
pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with reference to such Benchmark (or component
thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark,
in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the
definition of “Interest Period” pursuant to Section 3.03(b)(iv).

 

“Availability
Period” means with respect to Commitments, the period from and including the Closing Date to the earliest of (a) the
then applicable Maturity Date with respect to the Loan, (b) the date of termination of the Aggregate Commitments pursuant to Section 2.06,
and (c) the date of termination of the commitment of each Lender to make Loans, the commitment of the Swing Line Lender to make Swing
Line Loans, and of the obligation of each L/C Issuer to make L/C Credit Extensions pursuant to Section 9.02.

 

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

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected
Financial Institution.

 

    5

     

    

 

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

 

“Balloon Payments”
shall mean with respect to any loan constituting Indebtedness, any required principal payment of such loan which is payable at the maturity
of such Indebtedness, provided, however, that the final payment of a fully amortized loan shall not constitute a Balloon Payment.

 

“Bank of America”
means Bank of America, N.A. and its successors.

 

“Base
Rate” means, at any time, the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and
(c) Adjusted Term SOFR for a one-month tenor in effect on such day plus 1.00%; each change in the Base Rate shall take
effect simultaneously with the corresponding change or changes in the Prime Rate, the Federal Funds Rate or Adjusted Term SOFR, as applicable
(provided that clause (c) shall not be applicable during any period in which Adjusted Term SOFR is unavailable or unascertainable).
If the Base Rate as determined as provided above would be less than 1.00%, the Base Rate shall be deemed to be 1.00%.

 

“Base Rate Loan”
means a Loan that bears interest based on the Base Rate.

 

“Base
Rate Term SOFR Determination Day” has the meaning assigned thereto in the definition of “Term SOFR”.

 

“Baseline KPI
Metrics Report” means that certain Public Disclosure Scorecard report obtained by the Borrower from GRESB, a copy of which
dated October 1, 2021 was provided to the Administrative Agent and the Lenders prior to the Closing Date (as defined in the Existing
Credit Agreement), setting forth the GRESB Public Disclosure Level for the Borrower and which GRESB Public Disclosure Level shall be deemed
to be the Borrower’s Sustainability Rating for the Reference Year ending December 31, 2020.

 

“Benchmark”
means, initially, (a) with respect to SOFR Loans, the Term SOFR Reference Rate and (b) with respect to Swing Line Loans,
the Daily Simple SOFR Rate; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or
the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark
Replacement has replaced such prior benchmark rate pursuant to Section 3.03(b)(i).

 

“Benchmark
Replacement” means, with respect to any Benchmark Transition Event, the sum of: (a) the alternate benchmark
rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation
of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving
or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated
syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment; provided that, if such Benchmark
Replacement as so determined would be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes
of this Agreement and the other Loan Documents.

 

    6

     

    

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark
Replacement for any applicable Available Tenor, the spread adjustment, or method for calculating or determining such spread adjustment,
(which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration
to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for
the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any
evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread
adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated
credit facilities at such time.

 

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

 

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

 

(b)         in
the case of clause (c) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or
the published component used in the calculation thereof) has been determined and announced by or on behalf of the administrator of such
Benchmark (or such component thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof)
to be non-representative or non-compliant with or non-aligned with the International Organization of Securities Commissions (IOSCO) Principles
for Financial Benchmarks; provided that such non-representativeness, non-compliance or non-alignment will be determined by reference
to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such
component thereof) continues to be provided on such date.

 

For the avoidance of doubt,
the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (a) or (b) with respect to
any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors
of such Benchmark (or the published component used in the calculation thereof).

 

“Benchmark Transition
Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

(a)         a
public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used
in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark
(or such component thereof), permanently or indefinitely; provided that, at the time of such statement or publication, there is
no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

 

    7

     

    

 

(b)         a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the FRB, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over
the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark
(or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark
(or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all
Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of such
statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or
such component thereof); or

 

(c)         a
public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used
in the calculation thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) announcing
that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative
or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks.

 

For the avoidance of doubt,
a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication
of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component
used in the calculation thereof).

 

“Benchmark Transition
Start Date” means, in the case of a Benchmark Transition Event, the earlier of (a) the applicable Benchmark Replacement
Date and (b) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th
day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such
prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication).

 

“Benchmark
Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date has occurred
if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document
in accordance with Section 3.03(c)(i) and (y) ending at the time that a Benchmark Replacement has replaced
the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.03(c)(i).

 

“Beneficial Ownership
Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

 

“Beneficial Ownership
Regulation” means 31 C.F.R. § 1010.230.

 

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

 

“Book Value”
means all land, building, improvements, leasing commissions and deferred leasing intangibles less accumulated depreciation and amortization.

 

“Borrower”
has the meaning specified in the introductory paragraph hereto.

 

“Borrower Materials”
has the meaning specified in Section 7.02.

 

    8

     

    

 

“Borrowing”
means a Committed Borrowing or a Swing Line Borrowing, as the context may require.

 

“Business Day”
means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in
fact closed in, the state where the Administrative Agent’s Office is located or the State of New York.

 

“Capital Lease”
means, with respect to any Person, the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement
conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted
for as capital leases on a balance sheet of such Person under GAAP.

 

“Capital Lease
Obligations” means, with respect to any Person for any period, the capitalized amount of obligations under Capital Leases
for such Person for such period as determined in accordance with GAAP.

 

“Capitalization
Rate” means six and one quarter percent (6.25%).

 

“Cash Collateralize”
means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Administrative Agent, the Swing Line Lender,
or the L/C Issuers (as applicable) and the Lenders, as collateral for L/C Obligations or Swing Line Loans or obligations of the Lenders
to fund participations in respect thereof (as the context may require), cash or deposit account balances or, if any L/C Issuer or the
Swing Line Lender benefitting from such collateral shall agree in its sole discretion, other credit support, in each case pursuant to
documentation in form and substance reasonably satisfactory to (a) the Administrative Agent and (b) the L/C Issuers or the Swing
Line Lender (as applicable). The term “Cash Collateral” shall have a meaning correlative to the foregoing and
shall include the proceeds of such cash collateral and other credit support.

 

“Cash Equivalents”
means any of the following types of Investments, to the extent owned by Guarantor, the Borrower or any of their Subsidiaries free and
clear of all Liens (other than Liens permitted hereunder):

 

(a)         readily
marketable obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality
thereof having maturities of not more than 360 days from the date of acquisition thereof; provided that the full faith and credit of the
United States of America is pledged in support thereof;

 

(b)         demand
or time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (A) is a Lender
or (B) (i) is organized under the laws of the United States of America, any state thereof or the District of Columbia or is
the principal banking subsidiary of a bank holding company organized under the laws of the United States of America, any state thereof
or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial
paper rated as described in clause (c) of this definition and (iii) has combined capital and surplus of at least $1,000,000,000,
in each case with maturities of not more than 90 days from the date of acquisition thereof;

 

(c)         commercial
paper in an aggregate amount of no more than $5,000,000 per issuer outstanding at any time issued by any Person organized under the laws
of any state of the United States of America and rated at least “Prime-1” (or the then equivalent grade) by Moody’s
or at least “A-1” (or the then equivalent grade) by S&P, in each case with maturities of not more than 180 days from the
date of acquisition thereof;

 

    9

     

    

 

(d)         Investments,
classified in accordance with GAAP as current assets of the Parent or any of its Subsidiaries, in money market investment programs registered
under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating obtainable from
either Moody’s or S&P, and the portfolios of which are limited solely to Investments of the character, quality and maturity
described in clauses (a), (b) and (c) of this definition; and

 

(e)         Other
liquid or readily marketable investments in an amount not to exceed five percent (5%) of Total Asset Value.

 

“Casualty”
means, with respect to any Unencumbered Property, if such Unencumbered Property has been damaged or destroyed, in whole or in part, by
fire or other casualty.

 

“Certificate Inaccuracy
Payment Date” has the meaning specified in Section 1.09(e).

 

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

 

“Change of Control”
means an event or series of events by which:

 

(a)         any
 “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of
the Exchange Act, but excluding any employee benefit plan of such person or its Subsidiaries, and any person or entity acting in its capacity
as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined
in Rules 13d-3 and 13d-5 under the Exchange Act, except that a person or group shall be deemed to have “beneficial ownership”
of all Equity Interests that such person or group has the right to acquire, whether such right is exercisable immediately or only after
the passage of time (such right, an “option right”)), directly or indirectly, of thirty-five percent (35%) or
more of the Equity Interests of the Parent entitled to vote for members of the board of directors or equivalent governing body of the
Parent on a fully-diluted basis (and taking into account all such Equity Interests that such person or group has the right to acquire
pursuant to any option right);

 

(b)         during
any period of twelve (12) consecutive months, a majority of the members of the board of directors or other equivalent governing body of
the Parent cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of
such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to
in clause (i) above constituting at the time of such election or nomination at least a majority of that board
or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved
by individuals referred to in clauses (i) and (ii) above constituting at the time of such election
or nomination at least a majority of that board or equivalent governing body; or

 

    10

     

    

 

(c)         the
Parent shall cease to (i) either be the sole general partner of, or wholly own and control the general partner of, the Borrower or
(ii) own, directly or indirectly, greater than fifty percent (50%) of the Equity Interests of the Borrower.

 

“Closing Date”
means the first date all the conditions precedent in Section 5.01 are satisfied or waived in accordance with Section 11.01.

 

“Code”
means the Internal Revenue Code of 1986, and the rules and regulations promulgated thereunder.

 

“Commitment”
means, as to each Lender, its obligation to (a) make Committed Loans to the Borrower pursuant to Section 2.01,
(b) purchase participations in L/C Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal
amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01
or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted
from time to time in accordance with this Agreement.

 

“Committed Borrowing”
means a borrowing consisting of simultaneous Committed Loans of the same Type and, in the case of SOFR Loans, having the same Interest
Period made by each of the Lenders pursuant to Section 2.01.

 

“Committed Loan”
has the meaning specified in Section 2.01(a).

 

“Committed Loan
Notice” means a notice of (a) a Committed Borrowing, (b) a conversion of Committed Loans from one Type to the
other, or (c) a continuation of SOFR Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially
in the form of Exhibit A.

 

“Commodity Exchange
Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.) as amended from time to time, and any successor statute.

 

“Companies”
means, without duplication, the Parent and its Consolidated Subsidiaries (including the Borrower), and “Company” means any
one of the Companies.

 

“Compliance Certificate”
means a certificate substantially in the form of Exhibit C.

 

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

 

“Conforming
Changes” means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation
of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base
Rate,” the definition of “Business Day,” the definition of “U.S. Government Securities Business Day,” the
definition of “Interest Period” or any similar or analogous definition (or the addition of a concept of “interest period”),
timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation
notices, the applicability and length of lookback periods, the applicability of Section 3.05 and other technical, administrative
or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of any such
rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice
(or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the
Administrative Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration
as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan
Documents).

 

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“Connection Income
Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise
Taxes or branch profits Taxes.

 

“Consolidated
EBITDA” means, for any Person for any period, an amount equal to (a) Consolidated Net Income, plus (b) the sum
of the following (without duplication and to the extent reflected as a charge in the statement of such Consolidated Net Income for such
period): (i) income tax expense; (ii) interest expense, amortization or write-off of debt discount and debt issuance costs and
commissions, discounts and other fees and charges associated with Indebtedness; (iii) depreciation and amortization expense; (iv) amortization
of intangibles (including goodwill) and organization costs; (v) any extraordinary, unusual or non-recurring expenses or losses (including,
whether or not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, losses on sales
of assets outside of the ordinary course of business), including property acquisition costs; (vi) any other non-cash charges, and
(vii) all commissions, guaranty fees, discounts and other fees and charges owed by such Person with respect to letters of credit
and bankers’ acceptance financing and net costs of such Person under Swap Contracts in respect of interest rates to the extent such
net costs are allocable to such period in accordance with GAAP; minus (c) the sum of the following (to the extent included in the
statement of such Consolidated Net Income for such period): (i) interest income (except to the extent deducted in determining such
Consolidated Net Income); (ii) any extraordinary, unusual or non-recurring income or gains (including, whether or not otherwise includable
as a separate item in the statement of such Consolidated Net Income for such period, gains on the sales of assets outside of the ordinary
course of business); and (iii) any other non-cash income.

 

“Consolidated
Fixed Charges” means, on a consolidated basis, for any Person for any period, the sum (without duplication) of (a) Consolidated
Interest Expense, (b) provision for cash income taxes made by such Person on a consolidated basis in respect of such period, (c) scheduled
principal amortization payments due during such period on account of Indebtedness of such Person (excluding Balloon Payments), and (d) Restricted
Payments paid in cash with respect to preferred Equity Interests of such Person during such period (other than any repayments of principal
with respect to preferred Equity Interests).

 

“Consolidated
Interest Expense” means, for any Person for any period, the total interest expense (including that attributable to Capital
Lease Obligations) of such Person for such period with respect to all outstanding Total Funded Debt (including all commissions, discounts
and other fees and charges owed by such Person with respect to letters of credit and bankers’ acceptance financing and net costs
of such Person under Swap Contracts in respect of interest rates to the extent such net costs are allocable to such period in accordance
with GAAP). Consolidated Interest Expenses shall exclude non-cash charges, interest rate hedge termination payments or receipts, loan
prepayment costs, and upfront loan fees, interest expense covered by an interest reserve established under a loan facility and any interest
expense under any construction loan or construction activity that under GAAP is required to be capitalized.

 

“Consolidated
Leverage Ratio” means, as of any date of determination, the quotient (expressed as a percentage) of (a) Consolidated
Total Debt, divided by (b) Total Asset Value.

 

“Consolidated
Net Income” means, for any Person for any period, the consolidated net income (or loss) of such Person for such period,
determined on a consolidated basis; provided that in calculating Consolidated Net Income of the Parent for any period, there shall be
excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary or is merged into or consolidated
with the Parent or any of its Subsidiaries, (b) the income (or deficit) of any Person (other than a Company) in which any Company
has an ownership interest, except to the extent that any such income is actually received by such Company in the form of dividends or
similar distributions, and (c) the undistributed earnings of any Subsidiary of any Company to the extent that the declaration or
payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any Contractual Obligation
(other than under any Loan Document) or requirement of Law applicable to such Subsidiary.

 

    12

     

    

 

“Consolidated
Subsidiary” means any Person in which the Parent or the Borrower has a direct or indirect ownership interest and whose financial
results would be consolidated under GAAP with the financial results of the Parent on the consolidated financial statements of the Parent.

 

“Consolidated
Total Debt” means, as of any date of determination, the aggregate principal amount of all Indebtedness of the Parent on
such date, determined on a consolidated basis in accordance with GAAP which would be required to be included on the liabilities side of
the balance sheet of the Parent in accordance with GAAP, and including the Companies’ Share of the principal amount of all Indebtedness
of Unconsolidated Affiliates, but, in each case, excluding the net obligations of the Parent on a consolidated basis under any Swap Contract.

 

“Construction
in Progress” means (a) a Property with new ground up construction, (b) a Property under renovation in which (i) greater
than thirty percent (30%) of the square footage of such Property is unavailable for occupancy due to renovation and (ii) no rents
are being paid on such square footage or (c) a building expansion. The classification of “Construction in Progress” will
cease on the earlier to occur of (A) the time that such Property has an Occupancy Rate of greater than eighty percent (80%), and
(B) one hundred eighty (180) days after completion of construction, renovation or expansion of such Property, as applicable.

 

“Contamination”
means the presence of Hazardous Materials in amounts exceeding regulatory action levels.

 

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

 

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

 

“Covered Entity”
has the meaning specified in Section 11.21.

 

“Covered Party”
has the meaning specified in Section 11.21.

 

“Credit Exposure”
means, as to any Lender at any time, the aggregate principal amount at such time of its outstanding Committed Loans and such Lender’s
participation in L/C Obligations and Swing Line Loans at such time.

 

“Credit Extension”
means each of the following: (a) a Borrowing, and (b) an L/C Credit Extension.

 

“Current Reporting
Quarter” means the most recent fiscal quarter for which quarterly financial statements have been delivered to the Lenders
pursuant to Section 7.01.

 

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“Customary Recourse
Exceptions” means, with respect to any Indebtedness, personal recourse that is limited to fraud, misrepresentation, misapplication
of cash, waste, environmental claims and liabilities, prohibited transfers, violations of single purposes entity covenants, and other
circumstances customarily excluded by institutional lenders from exculpation provisions and/or included in separate guaranty or indemnification
agreements in non-recourse financing of Real Property.

 

“Daily
Simple SOFR Rate” means, for any day, a rate per annum equal to SOFR effective for such day.

 

“Daily SOFR Loan”
means a Swing Line Loan denominated in Dollars, the rate of interest applicable to which is based upon the Adjusted Floating Overnight
Daily SOFR Rate.

 

“Dark Property”
means any Property as to which, as of the last day of the Current Reporting Quarter, (a) all leases have terminated, (b) the
Borrower is not recognizing revenue from any tenants in accordance with GAAP or (c) the Adjusted NOI for such Property is negative.

 

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

 

“Debt
Rating” means, as of any date of determination, the rating as determined by a minimum of two of S&P, Moody’s
or Fitch (collectively, the “Debt Ratings”) of the Borrower’s non-credit-enhanced, senior unsecured long-term
debt. In the event that the Borrower receives only two Debt Ratings, and such Debt Ratings are not equivalent, the Applicable Rate shall
be determined based on the higher of the two Debt Ratings. In the event that Borrower receives more than two Debt Ratings, and such Debt
Ratings are not all equivalent, (A) if the difference between the highest and the lowest such Debt Ratings is one ratings category,
the Applicable Rate corresponding to the highest of the Debt Ratings shall apply; and (B) if the difference between the highest and
the lowest such Debt Ratings is two ratings categories or more, the Applicable Rate corresponding to the average of the two highest Debt
Ratings shall apply, provided that if such average is not a recognized rating category, then the Applicable Rate corresponding to the
lower of the two highest Debt Ratings shall apply. Notwithstanding the foregoing, (a) during any period in which the Borrower has
only one Debt Rating, the Applicable Rate corresponding to the Debt Rating that is one level lower than that of such Debt Rating shall
apply and (b) during any period in which the Borrower does not have any Debt Ratings, Pricing Level 6 set forth in the definition
of Applicable Rate shall apply.

 

“Default”
means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both,
would be an Event of Default.

 

“Default Rate”
means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to (i) the Base Rate
plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans plus (iii) two percent (2%) per annum; provided
that with respect to a SOFR Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable
Rate) otherwise applicable to such Loan plus two percent (2%) per annum, and (b) when used with respect to Letter of Credit
Fees, a rate equal to the Applicable Rate plus two percent (2%) per annum.

 

“Default Right”
has the meaning specified in Section 11.21.

 

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“Defaulting Lender”
means, subject to Section 2.16(b), any Lender that (a) has failed to (i) fund all or any portion of
its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the
Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more
conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified
in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the L/C Issuers, the Swing Line Lender or any other
Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swing Line
Loans) within two (2) Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent, the L/C Issuers
or the Swing Line Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement
to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states
that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together
with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has
failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to
the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender
shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative
Agent and the Borrower), or (d) has, or has a direct or indirect parent company which controls such Lender that has, (i) become
the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator,
assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including
the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become
the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition
of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership
interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the
enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate,
disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is
a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the effective date of such status, shall
be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.16(b))
as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by
the Administrative Agent to the Borrower, each L/C Issuer, the Swing Line Lender and each Lender promptly following such determination.

 

“Designated Jurisdiction”
means any country or territory to the extent that such country or territory itself is the subject of any Sanction.

 

“Disbursement
Instruction Agreement” means an agreement substantially in the form of Exhibit E to be executed and delivered
by the Borrower pursuant to Section 5.01(a), as the same may be amended, restated or modified from time to time with
the prior written approval of the Administrative Agent.

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease (other than a real estate lease entered into in the ordinary
course of business as part of Property leasing operations) or other disposition (including any sale and leaseback transaction) of any
property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts
receivable or any rights and claims associated therewith but excluding any arrangement constituting a Lien.

 

“Dollar”
and “$” mean lawful money of the United States.

 

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

 

    15

     

    

 

 

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

 

“EEA Resolution
Authority” means any public administrative authority or any Person entrusted with public administrative authority of any
EEA Member Country (including any delegee) having responsibility for the resolution of any credit institution or investment firm established
in any EEA Member Country.

 

“Electronic Record”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.

 

“Electronic Signature”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.

 

“Eligible Assignee”
means any Person that meets the requirements to be an assignee under Section 11.06(b)(iii) and (v) (subject
to such consents, if any, as may be required under Section 11.06(b)(iii)).

 

“Eligible Property
Subsidiary” means any wholly-owned Subsidiary (a)(i) of the Borrower that wholly owns, or ground leases pursuant to
an Acceptable Ground Lease, a Property that purports to be an Acceptable Property or (ii) that owns, directly or indirectly, any
Equity Interests in any Subsidiary that is described in clause (a)(i), and (b) does not Guarantee any Indebtedness of the Parent,
the Borrower or any Subsidiary of the Borrower owning directly or indirectly any Unencumbered Property and is not otherwise a borrower
or guarantor of, nor otherwise has a payment obligation in respect of, any Unsecured Indebtedness.

 

“Environmental
Assessment” has the meaning specified in Section 7.12(b).

 

“Environmental
Claim” means any investigative, enforcement, cleanup, removal, containment, remedial, or other private or governmental or
regulatory action at any time instituted or completed pursuant to any applicable Environmental Requirement against any Company or against
or with respect to any Real Property or any condition, use, or activity on any Real Property (including any such action against the Administrative
Agent or any Lender), and any claim at any time made by any Person against any Company or against or with respect to any Real Property
or any condition, use, or activity on any Real Property (including any such claim against the Administrative Agent or any Lender), relating
to damage, contribution, cost recovery, compensation, loss, or injury resulting from or in any way arising in connection with any Hazardous
Material or any Environmental Requirement.

 

“Environmental
Damages” means all liabilities (including strict liability), losses, damages (excluding consequential, special, exemplary
or punitive damages except to the extent such damages were imposed upon an Indemnitee as a result of any claims made against such Indemnitee
by a governmental entity or any other third party), judgments, penalties, fines, costs and expenses (including fees, costs and expenses
of attorneys, consultants, contractors, experts and laboratories), of any and every kind or character, at law or in equity, contingent
or otherwise, matured or unmatured, foreseeable or unforeseeable, made, incurred, suffered, brought, or imposed at any time and from time
to time, whether before or after the Release Date and arising in whole or in part from:

 

(a)         the
presence of any Hazardous Material on any Unencumbered Property, or any escape, seepage, leakage, spillage, emission, release, discharge
or disposal of any Hazardous Material on or from any Unencumbered Property, or the migration or release or threatened migration or release
of any Hazardous Material to, from or through any Unencumbered Property, on or before the Release Date; or

 

    16 

     

    

 

(b)         any
act, omission, event or circumstance existing or occurring in connection with the handling, treatment, containment, removal, storage,
decontamination, clean up, transport or disposal of any Hazardous Material which is at any time on or before the Release Date present
on any Unencumbered Property; or

 

(c)         the
breach of any representation, warranty, covenant or agreement contained in this Agreement relating to the presence of any Hazardous Material
on any Unencumbered Property because of any event or condition occurring or existing on or before the Release Date; or

 

(d)         any
violation on or before the Release Date, of any Environmental Requirement in connection with any Unencumbered Property in effect on or
before the Release Date, regardless of whether any act, omission, event or circumstance giving rise to the violation constituted a violation
at the time of the occurrence or inception of such act, omission, event or circumstance; or

 

(e)         any
Environmental Claim, or the filing or imposition of any environmental Lien against any Unencumbered Property, because of, resulting from,
in connection with, or arising out of any of the matters referred to in subparagraphs (a) through (d) preceding;

 

and regardless of whether any of the foregoing
was caused by the Borrower, any other Loan Party or their respective tenant or subtenant, or a prior owner of an Unencumbered Property
or its tenant or subtenant, or any third party including (i) injury or damage to any person, property or natural resource occurring
on or off of an Unencumbered Property including the cost of demolition and rebuilding of any improvements on any Real Property; (ii) the
investigation or remediation of any such Hazardous Material or violation of Environmental Requirement including the preparation of any
feasibility studies or reports and the performance of any cleanup, remediation, removal, response, abatement, containment, closure, restoration,
monitoring or similar work required by any Environmental Requirement or necessary to have full use and benefit of Unencumbered Properties
as contemplated by the Loan Documents (including any of the same in connection with any foreclosure action or transfer in lieu thereof);
(iii) all liability to pay or indemnify any Person or Governmental Authority for costs expended in connection with any of the foregoing;
(iv) the investigation and defense of any claim, whether or not such claim is ultimately withdrawn or defeated; and (v) the
settlement of any claim or judgment. “Costs” as used in this definition shall also include any diminution in
the value of the security afforded by the Unencumbered Property or any future reduction of the sales price of any Unencumbered Property
by reason of any matter set forth in Sections 7.12 or 8.12.

 

“Environmental
Laws” means any and all applicable Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments,
orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and
the protection of the environment or the release of any materials into the environment, including those related to hazardous substances
or wastes, air emissions and discharges to waste or public systems.

 

“Environmental
Requirement” means any Environmental Law, agreement or restriction, as the same now exists or may be changed or amended
or come into effect in the future, which pertains to any Hazardous Material or the environment including ground or air or water or noise
pollution or contamination, and underground or aboveground tanks.

 

    17 

     

    

 

“Equity Interests”
means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all
of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership
or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership
or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or
such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests
therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on
any date of determination.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, and the rules and regulations thereunder.

 

“ERISA Affiliate”
means any Person who together with any Loan Party or any of its Subsidiaries is treated as a single employer within the meaning of Section 414(b),
(c), (m) or (o) of the Code or Section 4001(b) of ERISA.

 

“ERISA Event”
means: (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of the Parent or any ERISA Affiliate from a
Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer”
as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of
ERISA; (c) a complete or partial withdrawal by the Parent or any ERISA Affiliate from a Multiemployer Plan or notification that a
Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Pension Plan amendment
as a termination under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate
a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042(a)(1) or (2) of ERISA
for the termination of, or the appointment of a trustee to administer, any Pension Plan; (g) the determination that any Pension Plan
is considered an at-risk plan or notification that a Multiemployer Plan is in endangered or critical status within the meaning of Sections 430,
431 and 432 of the Code or Sections 303, 304 and 305 of ERISA; or (h) the imposition of any
liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the
Parent or any ERISA Affiliate.

 

“Erroneous Payment”
has the meaning assigned thereto in Section 10.11(a).

 

“Erroneous Payment Deficiency Assignment”
has the meaning assigned thereto in Section 10.11(d).

 

“Erroneous Payment Impacted Class”
has the meaning assigned thereto in Section 10.11.

 

“Erroneous Payment
Return Deficiency” has the meaning assigned thereto in Section 10.11.

 

“EU Bail-In Legislation
Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor thereto),
as in effect from time to time.

 

“Event of Default”
has the meaning specified in Section 9.01.

 

“Exchange Act”
means the Securities Exchange Act of 1934 (15 U.S.C. § 77 et seq.).

 

“Excluded Party”
shall mean any REIT, any parent company of or Person who Controls any REIT in each instance engaged primarily in owning and operating
Real Property, and any other Person whom the Borrower has reasonably identified in writing to the Administrative Agent as a competitor
or potential competitor of the Borrower.

 

    18 

     

    

 

“Excluded Swap
Obligation” means, with respect to any Loan Party, any Swap Contract if, and to the extent that, all or a portion of the
liability of such Loan Party for or the Guarantee of such Loan Party of, or the grant by such Loan Party of a Lien to secure, such Swap
Contract (or any liability or guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order
of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Loan Party’s
failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations
thereunder at the time the liability for or the Guarantee of such Loan Party or the grant of such Lien becomes effective with respect
to such Swap Contract (such determination being made after giving effect to any applicable keepwell, support or other agreement for the
benefit of the applicable Loan Party, including under Section 27 of the Subsidiary Guaranty). If a Swap Contract arises under
a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Contract that is attributable
to swaps for which such Guarantee or Lien is or becomes illegal for the reasons identified in the immediately preceding sentence of this
definition.

 

“Excluded Taxes”
means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted from a payment
to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes,
in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in
the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that
are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the
account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which
(i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under
Section 11.13) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant
to Section 3.01(a)(ii) or (c), amounts with respect to such Taxes were payable either to such Lender’s
assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes
attributable to such Recipient’s failure to comply with Section 3.01(e) and (d) any U.S. federal withholding
Taxes imposed pursuant to FATCA.

 

“Exclusion
Event” has the meaning specified in Section 4.10.

 

“Exclusion
Notice” has the meaning specified in Section 4.10.

 

“Existing Credit
Agreement” has the meaning specified in the preliminary statements of this Agreement.

 

“Existing L/C”
has the meaning specified in Section 2.03(a).

 

“Extension Notice”
has the meaning specified in Section 2.18.

 

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

 

“Facility Fee”
has the meaning set forth in Section 2.09(b).

 

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

 

    19 

     

    

 

“Federal Funds
Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions
with members of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such
day, provided that if such rate is not so published for any day which is a Business Day, the Federal Funds Rate for such day shall
be the average of the quotation for such day on such transactions received by the Administrative Agent from three federal funds brokers
of recognized standing selected by the Administrative Agent. Notwithstanding the foregoing, if the Federal Funds Rate shall be less than
zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“Fee Letters”
means the letter agreements, (a) dated as of June 30, 2022 among the Borrower, the Administrative Agent and Wells Fargo Securities,
LLC, (b) dated as of June 30, 2022 among the Borrower, Bank of America, N.A. and BofA Securities, Inc. and (c) dated
during the period between June 30, 2022 and the Closing Date among the Borrower and any Lead Arranger.

 

“Fitch”
means Fitch, Inc., and any successor thereto.

 

“Fixed Charge
Ratio” means, as of any date of determination, the quotient (expressed as a percentage) of (a) Consolidated EBITDA,
divided by (b) Consolidated Fixed Charges.

 

“Floor”
means a rate of interest equal to 0.00%.

 

“Foreign
Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower
is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is
resident for tax purposes (including such a Lender when acting in the capacity of an L/C Issuer). For purposes of this definition, the
United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

 

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

 

“Fronting Exposure”
means, at any time there is a Defaulting Lender, (a) with respect to an L/C Issuer, such Defaulting Lender’s Applicable Percentage
of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s participation obligation has
been reallocated to other Lenders, Cash Collateralized in accordance with the terms hereof, or cancelled in accordance with the terms
hereof, and (b) with respect to the Swing Line Lender, such Defaulting Lender’s Applicable Percentage of Swing Line Loans other
than Swing Line Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash
Collateralized in accordance with the terms hereof.

 

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

 

“GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles
Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are
applicable to the circumstances as of the date of determination, consistently applied.

 

    20 

     

    

 

“Governmental
Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether
state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national
bodies such as the European Union or the European Central Bank).

 

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

 

“Guarantee”
means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of
guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any
manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property,
securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance
of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition
or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other
obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other
obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or
(b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such
Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness
to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the
related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum
reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee”
as a verb has a corresponding meaning.

 

“Guaranties”
means the Parent Guaranty and the Subsidiary Guaranties and “Guaranty” means any one of the Guaranties.

 

“Guarantors”
means, collectively, the Parent and each Subsidiary Guarantor, and “Guarantor” means any one of the Guarantors.

 

“Hazardous Materials”
means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants regulated pursuant
to any Environmental Law, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls,
radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.

 

“Immaterial
Subsidiary” means any Subsidiary whose assets constitute less than one percent (1%) of Total Asset Value; provided
that if at any time the aggregate Total Asset Value of the “Immaterial Subsidiaries” which are not Guarantors exceeds ten
percent (10%) of Total Asset Value, then the Borrower shall designate certain “Immaterial Subsidiaries” as Guarantors such
that the aggregate Total Asset Value of the “Immaterial Subsidiaries” which are not Guarantors does not exceed ten percent
(10%) of Total Asset Value.

 

    21 

     

    

 

“Indebtedness”
means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities
in accordance with GAAP:

 

(a)         all
obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements
or other similar instruments;

 

(b)         all
direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’ acceptances,
bank guaranties, surety bonds and similar instruments;

 

(c)         net
obligations of such Person under any Swap Contract;

 

(d)         all
obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the ordinary
course of business and, in each case, either (i) not past due for more than one hundred and eighty (180) days or (ii) being
contested in good faith by appropriate proceedings diligently conducted);

 

(e)         Capital
Lease Obligations;

 

(f)         all
obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any ownership interest (excluding
perpetual preferred ownership interests) in such Person or any other Person, valued, in the case of a redeemable preferred interest, at
the greater of its voluntary or involuntary liquidation preference plus (without duplication and only to the extent required to be paid)
accrued and unpaid dividends;

 

(g)         all
Guarantees of such Person in respect of any of the foregoing (except for guaranties of customary exceptions for fraud, misapplication
of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and other similar customary exceptions to
non-recourse liability); and

 

(h)         all
obligations of the kind referred to in clauses (a) through (g) above secured by (or for which the holder of such obligation
has an existing right, contingent or otherwise, to be secured by) any lien on Property (including accounts and contract rights) owned
by such Person, whether or not such Person has assumed or become liable for the payment of such obligation, but limited to the lesser
of (i) the fair market value of the property subject to such lien and (ii) the aggregate amount of the obligations so secured.

 

For all purposes hereof, the
Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself
a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is
expressly made non-recourse to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be
the Swap Termination Value thereof as of such date; provided that, solely for purposes of calculating the financial covenants set
forth in Sections 8.14(a), (b) and (c), Indebtedness shall exclude the net obligations of the Parent
on a consolidated basis under Swap Contracts entered into to hedge or mitigate any interest rate risk in respect of borrowed money for
which the Parent, the Borrower or any Subsidiary has actual exposure. The amount of any Capital Lease Obligations as of any date shall
be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date.

 

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

 

“Indemnitees”
has the meaning specified in Section 11.04(b).

 

“Information”
has the meaning specified in Section 11.07.

 

    22 

     

    

 

“Initial Unencumbered
Properties” means the Acceptable Properties listed on Schedule 4.01, and “Initial Unencumbered
Property” means any one of the Initial Unencumbered Properties.

 

“Interest Payment
Date” means (a) as to any Loan other than a Base Rate Loan or a Swing Line Loan, the last day of each Interest Period
applicable to such Loan and the Maturity Date applicable to such Loan; provided that if any Interest Period for a SOFR Loan exceeds three
(3) months, then the respective dates that fall every three (3) months after the beginning of such Interest Period shall also
be Interest Payment Dates, and (b) as to any Base Rate Loan and any Swing Line Loan, the last Business Day of each March, June, September,
and December and the Maturity Date applicable to such Loan.

 

“Interest Period”
means as to each SOFR Loan, the period commencing on the date such SOFR Loan is disbursed or converted to or continued as a SOFR Loan
and ending on the date one (1), three (3) or six (6) months (if available to all Lenders) thereafter, as selected by the Borrower
in its Loan Notice; provided that:

 

(i)         any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless,
in the case of a SOFR Loan, such Business Day falls in another calendar month, in which case such Interest Period shall end on the next
preceding Business Day;

 

(ii)         any
Interest Period pertaining to a SOFR Loan that begins on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar
month at the end of such Interest Period; and

 

(iii)         no
Interest Period for a subject Loan shall extend beyond the Maturity Date applicable to such Loan.

 

“Investment”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or
other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption
of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership
or joint venture interest in such other Person and any arrangement pursuant to which the investor Guarantees Indebtedness of such other
Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that
constitute a business unit. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without
adjustment for subsequent increases or decreases in the value of such Investment.

 

“Investment
Grade Subsidiary Guarantor Release Condition” shall mean a condition that is satisfied as of any date of determination if
(i) the Borrower has a Debt Rating of BBB (or an equivalent Debt Rating) from at least two of S&P, Moody’s or Fitch and
(ii) the related Subsidiary Guarantor does not Guarantee any other Indebtedness of the Parent, the Borrower or any Subsidiary
of the Borrower owning directly or indirectly any Unencumbered Property.

 

“IP Rights”
has the meaning specified in Section 6.18.

 

“IRS”
means the United States Internal Revenue Service.

 

“ISP”
means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International
Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

 

    23 

     

    

 

“Issuer Documents”
means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered
into by an L/C Issuer and the Borrower (or any Subsidiary) or in favor of such L/C Issuer and relating to such Letter of Credit.

 

“KPI
Metric” means, with respect to any Reference Year, the “GRESB Score”, as calculated and assigned to the
Borrower from time to time by GRESB and published in the most recently released GRESB Public Disclosure Level thereof. It is understood
and agreed that the KPI Metric for the Reference Year ending December 31, 2020 shall be deemed to be the Borrower’s Sustainability
Rating as set forth in the Baseline KPI Metrics Report, which is on file with the Administrative Agent.

 

“KPI Metric Threshold
A” means, with respect to any Reference Year, a 7.00% year-over-year increase in the Borrower’s KPI Metric.

 

“KPI Metric Threshold
B” means, with respect to any Reference Year, a 12.00% year-over-year increase in the Borrower’s KPI Metric.

 

“KPI Metrics Report”
means (a) for the Reference Year ending December 31, 2020, the Baseline KPI Metrics Report, and (b) for each subsequent
Reference Year, an annual report (it being understood that this annual report may take the form of the annual Sustainability Report) that
sets forth the calculations for the KPI Metric for a specific Reference Year.

 

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

 

“L/C Advance”
means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable
Percentage.

 

“L/C Borrowing”
means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or
refinanced as a Committed Borrowing.

 

“L/C Credit Extension”
means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount
thereof.

 

“L/C Issuers”
means Wells Fargo and Bank of America in their respective capacities as issuers of Letters of Credit hereunder, or any successor issuer
of Letters of Credit hereunder.

 

“L/C Obligations”
means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus
the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under
any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. For
all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be
drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding”
in the amount so remaining available to be drawn.

 

“Lead Arrangers”
means Citibank, N.A., U.S. Bank National Association, Wells Fargo Securities, LLC, BofA Securities, Inc., PNC Capital Markets, LLC,
Regions Capital Markets, Truist Securities, Inc. and TD Bank, N.A. in their capacities as joint lead arrangers.

 

    24 

     

    

 

“Lease”
means each existing or future lease, sublease (to the extent of any Subsidiary Guarantor’s or Eligible Property Subsidiary’s
rights thereunder), license, or other agreement (other than an Acceptable Ground Lease) under the terms of which any Person has or acquires
any right to occupy or use any Property, or any part thereof, or interest therein, and each existing or future guaranty of payment or
performance thereunder.

 

“Lender”
has the meaning specified in the introductory paragraph hereto and, as the context requires, includes the Swing Line Lender.

 

“Lending Office”
means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or
such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent.

 

“Letter of Credit”
means (i) any standby letter of credit issued hereunder providing for the payment of cash upon the honoring of a presentation thereunder
and (ii) each Existing L/C.

 

“Letter of Credit
Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time
to time in use by the L/C Issuers.

 

“Letter of Credit
Expiration Date” means the day that is seven (7) days prior to the Maturity Date then in effect with respect to the
Loans (or, if such day is not a Business Day, the next preceding Business Day).

 

“Letter of Credit
Fee” has the meaning specified in Section 2.03(h).

 

“Letter of Credit
Sublimit” means an amount equal to $30,000,000.00; provided that unless otherwise consented to in writing by the
applicable L/C Issuer and notified to the Administrative Agent no L/C Issuer shall be required to issue Letters of Credit having a face
amount in excess of $15,000,000.00. The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Commitments.

 

“Lien”
means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge or other security
interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including
any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property and
any Capital Lease having substantially the same economic effect as any of the foregoing).

 

“Loan”
means an extension of credit by a Lender to the Borrower under Article II in the form of a Committed Loan or a Swing
Line Loan.

 

“Loan Documents”
means this Agreement, each Note, each Issuer Document, any agreement creating or perfecting rights in Cash Collateral pursuant to the
provisions of Section 2.15 of this Agreement, the Fee Letters, and the Guaranties.

 

“Loan Notice”
means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a continuation of SOFR
Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A.

 

“Loan Parties”
means, collectively, the Borrower, each Guarantor and each Eligible Property Subsidiary and “Loan Party” means
any one of the Loan Parties.

 

    25 

     

    

 

“Material Acquisition”
means any acquisition (or series of related acquisitions) or investments (or series of related investments) permitted by this Agreement
and consummated in accordance with the terms of this Agreement for which the aggregate consideration paid in respect of such acquisition
or investment (including any Indebtedness assumed in connection therewith) exceeds 10% of Total Asset Value for the Current Reporting
Quarter, without giving pro forma effect to such acquisition.

 

“Material Adverse
Effect” means: (a) a material adverse change in, or a material adverse effect upon, the business, assets, operations,
or financial condition of the Companies, taken as a whole; (b) a material impairment of the ability of the Loan Parties, taken as
a whole, to perform their obligations under the Loan Documents; or (c) a material adverse effect upon the legality, validity, binding
effect, or enforceability against the Loan Parties, taken as a whole, of the Loan Documents to which they are parties.

 

“Material Environmental
Event” means, with respect to any Unencumbered Property, (a) a violation of any Environmental Law with respect to such
Unencumbered Property, or (b) the presence of any Hazardous Materials on, about, or under such Unencumbered Property that, under
or pursuant to any Environmental Law, would require remediation, if in the case of either (a) or (b), such event or circumstance
could reasonably be expected to have a Material Property Event.

 

“Material Property
Event” means, with respect to any Unencumbered Property, the occurrence of any event or circumstance occurring or arising
after the date of this Agreement that resulted in a (a) material adverse effect with respect to the financial condition or the operations
of such Unencumbered Property, (b) material adverse effect on the value of such Unencumbered Property, or (c) material adverse
effect on the ownership of such Unencumbered Property.

 

“Material Title
Defects” means, with respect to any Unencumbered Property, defects, Liens (other than Liens for local real estate taxes
and similar local governmental charges), and other encumbrances in the nature of easements, servitudes, restrictions, and rights-of-way
that would customarily be deemed unacceptable title exceptions for a prudent lender (i.e., a prudent lender would reasonably determine
that such exceptions, individually or in the aggregate, materially impair the value or operations of such Unencumbered Property, would
prevent such Unencumbered Property from being used in the manner in which it is currently being used, or would result in a violation of
any Law which would have a material and adverse effect on such Unencumbered Property); provided that Material Title Defects shall not
include any Liens or other encumbrances (i) that existed as of the date of the title insurance policies issued in connection with
the Prior Credit Agreement for the Initial Unencumbered Properties, (ii) that existed as of the date of this Agreement and that are
listed on Schedule 8.01 or (iii) with respect to any Unencumbered Properties added following the date of this Agreement,
Liens and other encumbrances similar in type and extent to those contemplated by clauses (i) and (ii) above.

 

“Material Subsidiary”
means each Subsidiary of the Borrower other than a Non-Guarantor Subsidiary.

 

“Maturity Date”
means October 24, 2025 or such later date to which the Maturity Date may be extended pursuant to Section 2.18,
such extended Maturity Date; provided that if such date is not a Business Day, then the Maturity Date shall be the next preceding
Business Day.

 

“Minimum Distributions”
means (a) for the Parent for any fiscal year of the Parent, Restricted Payments in an amount not less than the aggregate amount of
distributions required to be paid by the Parent in order for the Parent to qualify as a REIT, and (b) for the Borrower for any fiscal
year of the Borrower, Restricted Payments in an amount not less than the aggregate amount of distributions required to be paid by the
Borrower to the Parent in order for the Parent to qualify as a REIT.

 

    26 

     

    

 

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

  

“Multiemployer
Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which any Loan Party
or any ERISA Affiliate is making, or is accruing an obligation to make, or has accrued an obligation to make contributions within the
preceding five (5) years, or to which any Loan Party or any ERISA Affiliate has any liability (contingent or otherwise).

 

“Multiple Employer
Plan” means a Plan which has two (2) or more contributing sponsors (including the Parent or any ERISA Affiliate) at
least two (2) of whom are not under common control, as such a plan is described in Section 4064 of ERISA.

 

“Non-Guarantor
Subsidiary” means any Subsidiary (whether direct or indirect) of the Borrower, other than any Eligible Property Subsidiary
or any other Subsidiary which owns an Unencumbered Property or any Subsidiary which owns any of the Equity Interests of any such Subsidiary,
which (a) is (i) formed for or converted to the specific purpose of holding title to Real Property assets which are collateral
for Indebtedness owing or to be owed by such Subsidiary, provided that such Indebtedness must be incurred or assumed within ninety (90)
days, such ninety (90) day period to be extended for an additional sixty (60) days if the Borrower provides an executed term sheet or
commitment letter for the financing of such Real Property to the Administrative Agent (or, in either instance, for such longer period
as the Administrative Agent may agree in writing) of such formation or conversion or such Subsidiary shall cease to qualify as a Non-Guarantor
Subsidiary, and (ii) expressly prohibited in writing from guaranteeing Indebtedness of any other person or entity pursuant to (A) a
provision in any document, instrument or agreement evidencing such Indebtedness of such Subsidiary or (B) a provision of such Subsidiary’s
Organization Documents, in each case, which provision was included in such Organization Document or such other document, instrument or
agreement at the request of the applicable third party creditor and as an express condition to the extension or assumption of such Indebtedness;
provided that a Subsidiary meeting the requirements set forth in this clause (a) shall only remain a “Non-Guarantor Subsidiary”
for so long as (1) each of the foregoing requirements set forth in this clause (a) are satisfied, (2) such Subsidiary does
not guarantee any other Indebtedness, and (3) the Indebtedness with respect to which the restrictions noted in clause (a) (ii) are
imposed remains outstanding; (b)(i) becomes a Subsidiary following the Closing Date, (ii) is not a wholly-owned Subsidiary of
the Borrower, and (iii) with respect to which the Borrower and its Affiliates, as applicable, do not have sufficient voting power
to cause such Subsidiary to become a Guarantor hereunder; (c) is an Immaterial Subsidiary; (d) is a Subsidiary which has been
released from its Obligations under a Subsidiary Guaranty pursuant to Section 2.17(b), or (e) is not a domestic
Subsidiary. For the avoidance of doubt, STAG Industrial Management, LLC, the Subsidiary that employs the Parent’s employees, shall
be deemed to be a Non-Guarantor Subsidiary.

 

“Non-Recourse
Indebtedness” means, for any Person, any Indebtedness of such Person for the repayment of which neither the Parent or the
Borrower has any personal liability (other than for Customary Recourse Exceptions) or, if such Person is the Parent or the Borrower, in
which recourse of the applicable holder of such Indebtedness for non-payment is limited to such holder’s Liens on a particular asset
or group of assets (other than for Customary Recourse Exceptions). For the avoidance of doubt, if any Indebtedness is partially guaranteed
by the Parent or the Borrower, then the portion of such Indebtedness that is not so guaranteed shall still be Non-Recourse Indebtedness
if it otherwise satisfies the requirements in this definition.

 

“Note”
means a promissory note made by the Borrower in favor of each Lender requesting the same evidencing Loans made by such Lender, substantially
in the form of Exhibit B-1 and B-3, as applicable.

 

    27 

     

    

 

“Note Purchase
Agreements” means (i) that certain Note Purchase Agreement, dated as of April 16, 2014 among the Parent, the Borrower,
and the purchasers party thereto, (ii) that certain Note Purchase Agreement, dated as of December 18, 2014 among the Parent,
the Borrower, and the purchasers party thereto, and (iii) that certain Note Purchase Agreement, dated as of June 13, 2018, among
the Parent, the Borrower, and the purchasers party thereto, in each case as amended from time to time.

  

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document
or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute
or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement
by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor
in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding; including, without limitation
of the foregoing, all present and future indebtedness, liabilities, and obligations now or hereafter owed to the Administrative Agent,
any Lender, or any Affiliate of the Administrative Agent or any Lender (including, for the avoidance of doubt, any Specified Derivatives
Providers) arising from, by virtue of, or pursuant to any Swap Contract, other than any Excluded Swap Obligation, that relates solely
to the Obligations.

 

“Occupancy Rate”
means, for any Property, the percentage of the rentable area of such Property occupied by bona fide tenants of such Property or leased
by tenants pursuant to bona fide tenant Leases, in each case, which tenants are not more than 60 days past due in the payment of all rent
or other similar payments due under such Leases and paying rent.

 

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

 

“Organization
Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws
(or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction), (b) with respect to any limited liability
company, the certificate or articles of formation or organization and operating agreement, and (c) with respect to any partnership,
joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization
and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable
Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation
or organization of such entity.

 

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

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made
under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest
under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to
an assignment (other than an assignment made pursuant to Section 3.06).

 

“Outstanding Amount”
means (a) with respect to Committed Loans on any date, the aggregate outstanding principal amount thereof after giving effect to
any borrowings and prepayments or repayments of Loans occurring on such date, (b) with respect to Swing Line Loans on any date, the
aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Swing Line Loans
occurring on such date, and (c) with respect to any L/C Obligations on any date, the amount of such L/C Obligations on such date
after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations
as of such date, including as a result of any reimbursements by the Borrower of Unreimbursed Amounts.

 

    28 

     

    

 

“Parent”
has the meaning specified in the introductory paragraph hereto.

 

“Parent
Guaranty” means the Amended and Restated Guaranty Agreement executed by the Parent in favor of the Administrative
Agent, for the benefit of the Lenders and any Specified Derivatives Providers, in form and substance acceptable to the Administrative
Agent.

 

“Parent Share”
means a share of common stock, par value $0.01 per share, of the Parent.

 

“Participant”
has the meaning specified in Section 11.06(d).

 

“Participant
Register” has the meaning specified in Section 11.06(d).

 

“Payment Recipient”
has the meaning assigned thereto in Section 10.11(a).

 

“PBGC”
means the Pension Benefit Guaranty Corporation.

 

“Pension Act”
means the Pension Protection Act of 2006.

 

“Pension Funding
Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any installment payment
thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412
of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter, Sections 412,
430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

 

“Pension Plan”
means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan) that is maintained or is contributed
to by the Borrower and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under
Section 412 of the Code.

 

“Periodic
Term SOFR Determination Day” has the meaning assigned thereto in the definition of “Term SOFR”.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“Plan”
means any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan), maintained for
employees of the Parent or any ERISA Affiliate or any such Plan to which the Parent or any ERISA Affiliate is required to contribute on
behalf of any of its employees.

 

“Platform”
has the meaning specified in Section 7.02.

 

“Pricing Certificate”
means a certificate substantially in the form of Exhibit J executed by a Responsible Officer of the Borrower and attaching
true and correct copies of the KPI Metrics Report for the most recently ended Reference Year and setting forth the Sustainability Rate
Adjustment for the period covered thereby and computations in reasonable detail in respect thereof, and which shall include a certification
confirming that the Borrower is not aware of any modifications that should be made to such computations in order for them to be presented
in all material respects in conformity with the GRESB reporting criteria as specified in the Baseline KPI Metrics Report or other applicable
reporting criteria.

 

    29 

     

    

 

“Pricing Certificate
Inaccuracy” has the meaning specified in Section 1.09(d).

 

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

 

“Prior Credit
Agreement” means that certain Credit Agreement dated as of April 20, 2011 among the Borrower, Bank of America, N.A.,
as agent and a syndicate of lenders.

 

“Property”
means any Real Property which is owned or ground leased, directly or indirectly, by any Company.

 

“PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time
to time.

 

“Public Lender”
has the meaning specified in Section 7.02.

 

“QFC”
has the meaning specified in Section 11.21.

 

“QFC Credit Support”
has the meaning specified in Section 11.21.

 

“Qualified ECP
Guarantor” means, in respect of any Swap Contract, each Loan Party that has total assets exceeding $10,000,000 at the time
the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Contract or such other person
as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder
and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under
Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

“Rating Condition”
means the achievement by the Borrower of a Debt Rating.

 

“Real Property”
of any Person means all of the right, title, and interest of such Person in and to land, improvements, and fixtures.

 

“Recipient”
means the Administrative Agent, any Lender, the L/C Issuers or any other recipient of any payment to be made by or on account of any obligation
of any Loan Party hereunder.

 

“Recourse Indebtedness”
means Indebtedness that is not Non-Recourse Indebtedness; provided that personal recourse for Customary Recourse Exceptions shall
not, by itself, cause such Indebtedness to be characterized as Recourse Indebtedness.

 

“Reference Year”
means, with respect to any Pricing Certificate, the calendar year ending immediately prior to the date of such Pricing Certificate.

 

“Register”
has the meaning specified in Section 11.06(c).

 

“REIT”
means a “real estate investment trust” in accordance with Section 856 of the Code.

 

    30 

     

    

 

“Release Date”
means the date on which a Guarantor is released from its obligations under the applicable Guaranty in accordance with the terms of such
Guaranty.

 

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

 

“Relevant Governmental
Body” means the FRB or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the FRB or
the Federal Reserve Bank of New York, or any successor thereto.

 

“Reportable Event”
means any of the events set forth in Section 4043(c) of ERISA, other than events for which the thirty (30) day notice
period has been waived.

 

“Request for Credit
Extension” means (a) with respect to a Borrowing, conversion or continuation of Committed Loans, a Committed Loan Notice,
(b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swing Line Loan, a Swing
Line Loan Notice.

 

“Required Lenders”
means, at any time, the Lenders having Commitments representing more than 50% of the Aggregate Commitments of all Lenders or, if the commitment
of each Lender to make Loans and the obligation of the L/C Issuers to make L/C Credit Extensions have been terminated pursuant to Section 9.02,
the Lenders holding in the aggregate more than fifty percent (50%) of the Total Outstandings (with the aggregate amount of each Lender’s
risk participation and funded participation in Swing Line Loans and L/C Obligations being deemed “held” by such Lender for
purposes of this definition). The Commitment of any Defaulting Lender shall be disregarded in determining the Required Lenders at any
time; provided that, the amount of any participation in any Swing Line Loan and Unreimbursed Amounts that such Defaulting Lender
has failed to fund that have not been reallocated to and funded by another Lender shall be deemed to be held by the Lender that is the
Swing Line Lender or the L/C Issuers, as the case may be, in making such determination. At all times when two or more Lenders (excluding
Defaulting Lenders) are party to this Agreement, the term “Required Lenders” shall in no event mean fewer than two Lenders.

 

“Resolution Authority”
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Responsible Officer”
means the chief executive officer, president, chief financial officer, chief operating officer, chief accounting officer, treasurer, assistant
treasurer or controller of a Loan Party, and solely for purposes of the delivery of incumbency certificates pursuant to Section 5.01,
the secretary or any assistant secretary of a Loan Party and, solely for purposes of notices given pursuant to Article II,
any other officer of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent.
Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized
by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively
presumed to have acted on behalf of such Loan Party. Each initial Responsible Officer is listed on Schedule RO.

 

“Restricted Payment”
means any dividend or other distribution (whether in cash, Equity Interests or other property) with respect to any capital stock or other
Equity Interest of any Company or Subsidiary, or any payment (whether in cash, Equity Interests or other property), including any sinking
fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such capital
stock or other Equity Interests, or on account of any return of capital to such Company’s or Subsidiary’s stockholders, partners
or members (or the equivalent Person thereof).

 

    31 

     

    

 

“S&P”
means Standard & Poor’s Financial Services LLC, a division of S&P Global Inc., and any successor thereto.

 

“Sanction(s)”
means any international economic sanction administered or enforced by OFAC, the United Nations Security Council, the European Union, Her
Majesty’s Treasury or other relevant sanctions authority.

 

“SEC”
means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Secured Indebtedness”
means (without duplication), with respect to a Person as of any given date, the aggregate principal amount of all Indebtedness of such
Person or its subsidiaries outstanding at such date and that is secured by a Lien, and including the Companies’ Share of all Indebtedness
of Unconsolidated Affiliates that is secured by a Lien, but excluding for the avoidance of doubt, any net obligations under any Swap Contract
that is secured by a Lien, all Unsecured Indebtedness and all Indebtedness hereunder, and provided further that the obligations under
any revolving credit agreement (including this Agreement or any amendment or replacement thereof) shall not constitute Secured Indebtedness
due to the existence of cash collateral security requirements in connection with customary defaulting lender provisions.

 

“Secured Leverage
Ratio” means, as of any date of determination, the quotient (expressed as a percentage) of (a) Secured Indebtedness
of Parent and its Subsidiaries, divided by (b) Total Asset Value.

 

“Share”
means the Borrower’s and the Parent’s direct or indirect share of a Consolidated Subsidiary or an Unconsolidated Affiliate
as reasonably determined by the Borrower based upon the Borrower’s and the Parent’s economic interest (whether direct or indirect)
in such Consolidated Subsidiary or Unconsolidated Affiliate, as of the date of such determination.

 

“SOFR”
means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

 

“SOFR
Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight
financing rate).

 

“SOFR Loan”
means any Loan bearing interest at a rate based on Adjusted Term SOFR as provided in Section 2.08(a).

 

“Specified Derivatives
Provider” shall have the meaning provided in Section 9.03.

 

“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of
the Equity Interests having ordinary voting power for the election of directors or other governing body (other than Equity Interests having
such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise
controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references
herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries
of the Borrower.

 

    32 

     

    

 

“Subsidiary Guarantors”
means, as of any date, each domestic Subsidiary which owns an Unencumbered Property, all domestic Subsidiaries of the Borrower owning
a direct or indirect interest in an Unencumbered Property, each other domestic Material Subsidiary, and the general partner of each Subsidiary
Guarantor that is a limited partnership and “Subsidiary Guarantor” means any one of the Subsidiary Guarantors;
provided, however, that (a) STAG Industrial Management, LLC and (b) STAG Industrial TRS, LLC and its Subsidiaries shall in no
event be deemed or required to be a Subsidiary Guarantor.

  

“Subsidiary Guaranty”
means the Amended and Restated Guaranty Agreement executed by each Subsidiary Guarantor in favor of the Administrative Agent, for the
benefit of the Lenders and any Specified Derivatives Providers, in form and substance acceptable to the Administrative Agent.

 

“Supported QFC”
has the meaning provided in Section 11.21.

 

“Sustainability
Pricing Adjustment Date” has the meaning specified in Section 1.09(a).

 

“Sustainability
Rate Adjustment” means, with respect to any KPI Metrics Report for any period between Sustainability Pricing Adjustment
Dates, a reduction in an amount equal to (a) 0.01%, if the KPI Metric for such period as set forth in the KPI Metrics Report is more
than the KPI Metric Threshold A, but less than or equal to KPI Metric Threshold B, for such period, (b) 0.02%, if the KPI Metric
for such period as set forth in the KPI Metrics Report is more than the KPI Metric Threshold B for such period and (c) 0.000%, if
the KPI Metric for such period as set forth in the KPI Metrics Report is less than or equal to the KPI Metric Threshold A for such period.

 

“Sustainability
Report” means the annual non-financial disclosure report of the Parent setting forth the KPI Metric for the applicable Reference
Year, publicly reported by the Parent and published on an Internet or intranet website to which each Lender and the Administrative Agent
have been granted access free of charge (or at the expense of the Parent).

 

“Swap Contract”
means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps,
commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options
or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions,
cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency
options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter
into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, (b) any and all
transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of
master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”),
including any such obligations or liabilities under any Master Agreement, and (c) any obligation to pay or perform under any agreement,
contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange
Act.

 

“Swap Termination
Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable
netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out
and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date
referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts,
as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts
(which may include a Lender or any Affiliate of a Lender).

 

    33 

     

    

 

“Swing Line Borrowing”
means a borrowing of a Swing Line Loan pursuant to Section 2.04.

 

“Swing Line Lender”
means Wells Fargo in its capacity as provider of Swing Line Loans, or any successor swing line lender hereunder.

 

“Swing Line Loan”
has the meaning specified in Section 2.04(a).

 

“Swing Line Loan
Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(b), which, if in writing, shall
be substantially in the form of Exhibit A-1.

 

“Swing Line Sublimit”
means an amount equal to $50,000,000.00. The Swing Line Sublimit is part of, and not in addition to, the Aggregate Commitments.

 

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

 

“Term Loan Agreements”
means (a) that certain Amended and Restated Term Loan Agreement, dated as of December 20, 2016, among the Borrower, the Parent,
Wells Fargo Bank, National Association, as administrative agent, and the other lenders party thereto, (b) that certain Term Loan
Agreement, dated as of July 12, 2019, among the Borrower, the Parent, Wells Fargo Bank, National Association, as administrative agent,
and the other lenders party thereto, (c) that certain Term Loan Agreement, dated as of July 26, 2022, among the Borrower, the
Parent, Bank of America, N.A., as administrative agent, and the other lenders party thereto and having a maturity date on January 25,
2028 as of the date of this Agreement, (d) that certain Term Loan Agreement, dated as of April 17, 2020, among the Borrower,
the Parent, Wells Fargo Bank, National Association, as administrative agent, and the other lenders party thereto and (e) that certain
Term Loan Agreement, dated as of July 26, 2022, among the Borrower, the Parent, Wells Fargo, as administrative agent, and the other
lenders party thereto, in each case, as amended or amended and restated from time to time.

 

“Term
SOFR” means,

 

(a)         for
any calculation with respect to a SOFR Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on
the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities
Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided,
however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference
Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the
Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term
SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor
was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than
three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day, and

 

    34 

     

    

 

(b)         for
any calculation with respect to a Base Rate Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day,
the “Base Rate Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior
to such day, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New
York City time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published
by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term
SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government
Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as
such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days
prior to such Base Rate Term SOFR Determination Day.

  

“Term SOFR Adjustment”
means a percentage equal to 0.10% per annum.

 

“Term
SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term
SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion).

 

“Term SOFR Reference
Rate” means the forward-looking term rate based on SOFR.

 

“Threshold Amount”
means (a) $40,000,000 with respect to Recourse Indebtedness, (b) $75,000,000 with respect to all Non-Recourse Indebtedness,
and (c) $40,000,000 with respect to all other amounts.

 

“Total Asset Value”
means, for the Companies, on a consolidated basis, as on any date, the sum of (a) an amount equal to (i) aggregate Adjusted
NOI with respect to all Properties (without duplication from the assets in clauses (b) through (g) below) for the Current Reporting
Quarter, annualized divided by (ii) the Capitalization Rate, plus (b) 75% of the Book Value of any Dark Property (provided that
no Dark Property shall be included in the calculation of Total Asset Value for a period greater than 12 months), plus (c) the acquisition
cost of Construction in Progress and the costs of improvements thereon and renovations thereof, plus (d) cash and cash equivalents
(including restricted cash) on such date, plus (e) the Companies’ Share of the foregoing items and components attributable
to Unconsolidated Affiliates, plus (f) an amount equal to the book value (adjusted in accordance with GAAP to reflect any default
or other impairment of such loan) of mortgage loans, construction loans, capital improvement loans, and other loans, in each case owned
by a Company, plus (g) fifty percent (50%) of the book value of any undeveloped land.

 

Notwithstanding the foregoing,
for purposes of determining Total Asset Value, to the extent the amount of Total Asset Value attributable to (a) the amount under
clause (b) above would exceed 10% of Total Asset Value, such excess shall be excluded, (b) the amount under clause (c) and
(g) above would exceed 15% of Total Asset Value, such excess shall be excluded, (c) the amount under clause (e) above would
exceed 30% of Total Asset Value, such excess shall be excluded, (d) the amount under clause (f) above would exceed 15% of Total
Asset Value, such excess shall be excluded, and (e) the amount under clauses (b), (c), (e), (f) and (g) above would exceed
30% of Total Asset Value, such excess shall be excluded.

 

“Total Funded
Debt” means, as of any date, Consolidated Total Debt excluding intercompany Indebtedness, deferred income taxes, security
deposits, accounts payable and accrued liabilities, and any prepaid rents, in each case determined in accordance with GAAP.

 

“Total Outstandings”
means, as of any date of determination, the aggregate Outstanding Amount of all Loans and all L/C Obligations.

 

    35 

     

    

 

 

“Type”
means, with respect to a Committed Loan, its character as a Base Rate Loan or a SOFR Loan.

 

“UCP”
means, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce
(“ICC”) Publication No. 600 (or such later version thereof as may be in effect at the time of issuance).

 

“UK Financial
Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated
by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time
to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms,
and certain affiliates of such credit institutions or investment firms.

 

“UK Resolution
Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution
of any UK Financial Institution.

 

“Unadjusted
Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

“Unconsolidated
Affiliate” means any Person in which a Company has an Equity Interest and whose financial results would not be consolidated
under GAAP with the financial results of the Parent on the consolidated financial statements of the Parent.

 

“United States”
and “U.S.” mean the United States of America.

 

“Unencumbered
Adjusted NOI” means, for any period, the aggregate Adjusted NOI of all Unencumbered Properties excluding any Dark Property
for such period.

 

“Unencumbered
Asset Value” means without duplication, the sum of, for each Unencumbered Property owned or ground leased for the Current
Reporting Quarter, (i) an amount equal to (x) the Unencumbered Adjusted NOI attributable to such Unencumbered Property for such
Current Reporting Quarter, annualized, divided by (ii) the Capitalization Rate.

 

“Unencumbered
Leverage Ratio” means, as of any date of determination, the quotient (expressed as a percentage) of (a) Unsecured Indebtedness
of Parent and its Subsidiaries, divided by (b) Unencumbered Asset Value.

 

“Unencumbered
Properties” means each Acceptable Property that either (a) is an Initial Unencumbered Property or (b) becomes
an Unencumbered Property pursuant to Section 4.03, and “Unencumbered Property” means any
one of the Unencumbered Properties.

 

“Unreimbursed
Amount” has the meaning specified in Section 2.03(c)(i).

 

“Unsecured Indebtedness”
means Indebtedness which is not Secured Indebtedness. Notwithstanding the foregoing, all Indebtedness which is secured by a pledge of
equity interests only and is recourse to the Borrower or the Parent shall be deemed to be Unsecured Indebtedness.

 

“Unsecured Interest
Coverage Ratio” means, as of any date of determination, the quotient (expressed as a percentage) of (a) Unencumbered
Adjusted NOI to (b) Unsecured Interest Expense.

 

    36

     

    

 

“Unsecured Interest
Expense” means, with respect to any period, Consolidated Interest Expense of the Parent and its Subsidiaries for such period
attributable to Unsecured Indebtedness of the Parent and its Subsidiaries.

 

“U.S.
Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on
which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed
for the entire day for purposes of trading in United States government securities; provided, that for purposes of notice requirements
in Sections 2.02(a) and 2.05, in each case, such day is also a Business Day.

 

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

 

“U.S. Special
Resolution Regimes” has the meaning specified in Section 11.21.

 

“U.S. Tax Compliance
Certificate” has the meaning specified in Section 3.01(e)(ii)(B)(III).

 

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

 

“Write-Down and
Conversion Powers” means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of
such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, any powers
of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any
UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into
shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect
as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In
Legislation that are related to or ancillary to any of those powers.

 

1.02         Other
Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such
other Loan Document:

 

(a)         The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require,
any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise,
(i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be
construed as referring to such agreement, instrument or other document as from time to time amended, supplemented, or otherwise modified
(subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any
reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “hereto,”
 “herein,” “hereof” and “hereunder,” and words of similar import when used in
any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all
references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and
Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory
and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall,
unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) the
words “asset” and “property” shall be construed to have the same meaning and effect and to refer
to any and all tangible and intangible assets and properties, including cash, Equity Interests, accounts and contract rights.

 

    37

     

    

 

(b)         In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including;” the words “to” and “until” each mean “to but excluding;”
and the word “through” means “to and including.”

 

(c)         Section headings
herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this
Agreement or any other Loan Document.

 

1.03         Accounting
Terms.

 

(a)         Generally.
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including
financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity
with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the
Audited Financial Statements except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of
determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of
the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of
FASB ASC 825 on financial liabilities shall be disregarded.

 

(b)         Changes
in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan
Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower
shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP
(subject to the approval of the Required Lenders); provided that until so amended, (i) such ratio or requirement shall continue
to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent
and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth
a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. Without
limiting the foregoing, leases shall continue to be classified and accounted for on a basis consistent with that reflected in the Audited
Financial Statements for all purposes of this Agreement, notwithstanding any change in GAAP relating thereto, unless the parties hereto
shall enter into a mutually acceptable amendment addressing such changes, as provided for above.

 

(c)         Consolidation
of Variable Interest Entities. All references herein to consolidated financial statements of the Companies or to the determination
of any amount for the Companies on a consolidated basis or any similar reference shall, in each case, be deemed to include each variable
interest entity that the Parent is required to consolidate pursuant to FASB ASC 810 as if such variable interest entity were a Subsidiary
as defined herein, provided further that for all purposes in calculating consolidated covenants hereunder the Parent shall be deemed to
own one hundred percent (100%) of the equity interests in the Borrower.

 

1.04         Rounding.
Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate
component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein
and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

 

    38

     

    

 

1.05         Times
of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard,
as applicable).

 

1.06         Letter
of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the undrawn
amount of such Letter of Credit in effect at such time; provided that with respect to any Letter of Credit that, by its terms or
the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount
of such Letter of Credit shall, for purposes of determining the Total Outstandings, be deemed to be the maximum stated amount of such
Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.

 

1.07         Rates.
The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, (a) the
continuation of, administration of, submission of, calculation of or any other matter related to the Term SOFR Reference Rate, Adjusted
Term SOFR, Term SOFR, the Adjusted Floating Overnight Daily SOFR Rate or the Daily Simple SOFR Rate, or any component definition thereof
or rates referred to in the definition thereof, or with respect to any alternative, successor or replacement rate thereto (including any
Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including
any Benchmark Replacement), as it may or may not be adjusted pursuant to Section 3.03(c), will be similar to, or produce
the same value or economic equivalence of, or have the same volume or liquidity as, the Term SOFR Reference Rate, Adjusted Term SOFR,
Term SOFR, the Adjusted Floating Overnight Daily SOFR Rate or the Daily Simple SOFR Rate or any other Benchmark prior to its discontinuance
or unavailability, or (b) the effect, implementation or composition of any Conforming Changes. The Administrative Agent and its Affiliates
or other related entities may engage in transactions that affect the calculation of the Term SOFR Reference Rate, Adjusted Term SOFR,
Term SOFR, the Adjusted Floating Overnight Daily SOFR Rate or the Daily Simple SOFR Rate, any alternative, successor or replacement rate
(including any Benchmark Replacement) or any relevant adjustments thereto and such transactions may be adverse to the Borrower. The Administrative
Agent may select information sources or services in its reasonable discretion to ascertain the Term SOFR Reference Rate, Adjusted Term
SOFR, Term SOFR, the Adjusted Floating Overnight Daily SOFR Rate or the Daily Simple SOFR Rate, or any other Benchmark, any component
definition thereof or rates referred to in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have
no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special,
punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or
in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

 

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

 

    39

     

    

 

1.09         Sustainability
Adjustments.

 

(a)         Following
the date on which the Borrower provides a Pricing Certificate in respect of any Reference Year, the Applicable Rate shall be decreased
or neither increased nor decreased, as applicable, pursuant to the Sustainability Rate Adjustment as set forth in such Pricing Certificate.
For purposes of the foregoing, (A) the Sustainability Rate Adjustment shall be determined as of the fifth Business Day following
receipt by the Administrative Agent of a Pricing Certificate delivered pursuant to Section 1.09(g) below based
upon the KPI Metric set forth in such Pricing Certificate and the calculations of the Sustainability Rate Adjustment therein (such day,
the “Sustainability Pricing Adjustment Date”) and (B) each change in the Applicable Rate resulting from
a Pricing Certificate shall be effective during the period commencing on and including the applicable Sustainability Pricing Adjustment
Date and ending on the date immediately preceding the next such Sustainability Pricing Adjustment Date (or, in the case of non-delivery
of a Pricing Certificate, the last day such Pricing Certificate could have been delivered pursuant to the terms of Section 1.09(g) below).

 

(b)         For
the avoidance of doubt, only one Pricing Certificate may be delivered in respect of any Reference Year. It is further understood
and agreed that the Applicable Rate will never be reduced by more than 0.02% pursuant to the Sustainability Rate Adjustment during any
Reference Year. Each applicable adjustment shall only apply until the date on which the next adjustment is due to take place.

 

(c)         It
is hereby understood and agreed that if no such Pricing Certificate is delivered by the Borrower with regard to a particular Reference
Year, the Sustainability Rate Adjustment will be 0.000% commencing on the last day such Pricing Certificate could have been delivered
pursuant to the terms of Section 1.09(g) below and continuing until the Borrower delivers a Pricing Certificate
to the Administrative Agent for the applicable Reference Year.

 

(d)         If
(i)(A) any Lender becomes aware of any material inaccuracy in the Sustainability Rate Adjustment or the KPI Metric as reported in
a Pricing Certificate (any such material inaccuracy, a “Pricing Certificate Inaccuracy”) and such Lender delivers,
not later than 10 Business Days after obtaining knowledge thereof, a written notice to the Administrative Agent describing such Pricing
Certificate Inaccuracy in reasonable detail (which description shall be shared with each Lender and the Borrower), or (B) the Borrower
becomes aware of a Pricing Certificate Inaccuracy and the Borrower and the Administrative Agent shall mutually agree that there was a
Pricing Certificate Inaccuracy at the time of delivery of a Pricing Certificate, and (ii) a proper calculation of the Sustainability
Rate Adjustment or the KPI Metric would have resulted in an increase in the Applicable Rate for any period, the Borrower shall be obligated
to pay to the Administrative Agent for the account of the applicable Lenders or the applicable L/C Issuers, as the case may be, promptly
on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to
the Borrower under any Debtor Relief Laws, automatically and without further action by the Administrative Agent, any Lender or any L/C
Issuer), but in any event within 10 Business Days after the Borrower has received written notice of, or has agreed in writing that there
was, a Pricing Certificate Inaccuracy, an amount equal to the excess of (1) the amount of interest and fees that should have been
paid for such period over (2) the amount of interest and fees actually paid for such period.

 

(e)         It
is understood and agreed that any Pricing Certificate Inaccuracy shall not constitute a Default or Event of Default; provided, that, the
Borrower complies with the terms of this Section 1.09 with respect to such Pricing Certificate Inaccuracy. Notwithstanding
anything to the contrary herein, unless such amounts shall be due upon the occurrence of an actual or deemed entry of an order for relief
with respect to the Borrower under any Debtor Relief Laws, (a) any additional amounts required to be paid pursuant to the immediately
preceding paragraph shall not be due and payable until the earlier to occur of (i) a written demand is made for such payment by the
Administrative Agent in accordance with such paragraph or (ii) 10 Business Days after the Borrower has received written notice of,
or has agreed in writing that there was, a Pricing Certificate Inaccuracy (such date, the “Certificate Inaccuracy Payment
Date”), (b) any nonpayment of such additional amounts prior to the Certificate Inaccuracy Payment Date shall not constitute
a Default (whether retroactively or otherwise) and (c) none of such additional amounts shall be deemed overdue prior to the Certificate
Inaccuracy Payment Date or shall accrue interest at the Default Rate prior to the Certificate Inaccuracy Payment Date.

 

    40

     

    

 

(f)          Each
party hereto hereby agrees that the Administrative Agent shall have no responsibility for (or liability in respect of) reviewing,
auditing or otherwise evaluating any calculation by the Borrower of any Sustainability Rate Adjustment (or any of the data or computations
that are part of or related to any such calculation) set forth in any Pricing Certificate (and the Administrative Agent may rely conclusively
on any such certificate, without further inquiry).

 

(g)         As
soon as available and in any event within 180 days following the end of each fiscal year of the Borrower (commencing with the fiscal
year ending December 31, 2021), the Borrower shall deliver to the Administrative Agent and the Lenders, in form and detail satisfactory
to the Administrative Agent and the Required Lenders, a Pricing Certificate for the most recently-ended Reference Year; provided, that,
for any Reference Year the Borrower may elect not to deliver a Pricing Certificate, and such election shall not constitute a Default or
Event of Default (but such failure to so deliver a Pricing Certificate by the end of such 180-day period shall result in the Sustainability
Rate Adjustment being applied as set forth in Section 1.09(c) above).

 

1.10         Amendment
and Restatement of the Existing Credit Agreement. The parties to this Agreement agree that, upon (i) the execution and delivery
by each of the parties hereto of this Agreement and (ii) satisfaction of the conditions set forth in Section 5.01,
the terms and provisions of the Existing Credit Agreement shall be and hereby are amended, superseded and restated in their entirety by
the terms and provisions of this Agreement. This Agreement is not intended to and shall not constitute a novation. All “Loans”
made and “Obligations” incurred under the Existing Credit Agreement which are outstanding on the Closing Date shall continue
as Obligations under (and shall be governed by the terms of) this Agreement and the other Loan Documents, and all “Letters of Credit”
issued and outstanding under the Existing Credit Agreement constitute Letters of Credit hereunder and shall be governed by the terms hereof
and the other Loan Documents. Without limiting the foregoing, upon the effectiveness hereof: (a) all references in the “Loan
Documents” (as defined in the Existing Credit Agreement) to the “Administrative Agent”, the “Loan Agreement”
and the “Loan Documents” shall be deemed to refer to the Administrative Agent, this Agreement and the Loan Documents, (b) all
obligations constituting “Obligations” with any Lender or any Affiliate of any Lender which are outstanding on the Closing
Date shall continue as Obligations under this Agreement and the other Loan Documents, (c) the Administrative Agent shall make such
reallocations, sales, assignments or other relevant actions in respect of each Lender’s credit and loan exposure under the Existing
Credit Agreement as are necessary in order that each such Lender’s outstanding Loans hereunder reflect such Lender’s pro rata
share of the outstanding aggregate Loans on the Closing Date, (d) the Borrower hereby agrees to compensate each Lender for any and
all losses, costs and expenses incurred by such Lender in connection with the sale and assignment of any LIBOR Loans (as defined in the
Existing Credit Agreement and including the “LIBOR Loans” thereunder) and such reallocation described above, in each case
on the terms and in the manner set forth in Section 3.06 hereof.

 

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Article II.

The Commitments and Credit Extensions

 

2.01         Committed
Loans. Each Lender severally agrees to make Committed Loans to the Borrower from time to time, on any Business Day subject to the
terms and conditions set forth herein and the limitations set forth in Section 2.01(a):

 

(a)         Committed
Loans. Each Lender severally agrees to make loans (each such loan, a “Committed Loan”) in an aggregate amount
not to exceed at any time outstanding the amount of such Lender’s Commitment.

 

(b)         [Reserved].

 

(c)         Committed
Loan Limitations. Notwithstanding the provisions of Section 2.01(a), after giving effect to any Committed
Borrowing, (i) the Total Outstandings shall not exceed the Aggregate Commitments and (ii) the Credit Exposure of any
Lender shall not exceed such Lender’s Commitment. With respect to Committed Loans, within the limits of each Lender’s Commitment
and the Aggregate Commitments, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01,
prepay under Section 2.05, and reborrow under this Section 2.01. Committed Loans may be Base Rate
Loans or SOFR Loans, as further provided herein.

 

2.02         Borrowings,
Conversions and Continuations of Committed Loans.

 

(a)         Each
Committed Borrowing, each conversion of Committed Loans from one Type to the other, and each continuation of SOFR Loans shall be
made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by telephone. Each such notice must
be received by the Administrative Agent not later than 10:00 a.m. (i) three (3) U.S. Government Securities Business Days
prior to the requested date of any Borrowing of, conversion to or continuation of SOFR Loans or of any conversion of SOFR Loans to Base
Rate Committed Loans, and (ii) on the requested date of any Borrowing of Base Rate Committed Loans. Each telephonic notice by the
Borrower pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the Administrative Agent of
a written Committed Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Each Borrowing of, conversion
to or continuation of SOFR Loans shall be in a principal amount of $2,500,000 or a whole multiple of $500,000 in excess thereof. Except
as provided in Sections 2.03(c) and 2.04(b), each Borrowing of or conversion to Base Rate Committed
Loans shall be in a principal amount of $250,000 or a whole multiple of $50,000 in excess thereof. Each Committed Loan Notice (whether
telephonic or written) shall specify (i) whether the Borrower is requesting a Committed Borrowing, a conversion of Committed Loans
from one Type to the other, or a continuation of SOFR Loans, (ii) the requested date of the Committed Borrowing, conversion or continuation,
as the case may be (which shall be a Business Day or a U.S. Government Securities Business Day, as applicable), (iii) the principal
amount of Committed Loans to be borrowed, converted or continued, (iv) the Type of Committed Loans to be borrowed or to which existing
Committed Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If the Borrower
fails to specify a Type of Committed Loan in a Committed Loan Notice or if the Borrower fails to give a timely notice requesting a conversion
or continuation, then (I) so long as no Event of Default exists, the applicable Committed Loans shall be made as, or continued to,
a SOFR Loan of the same Type and with an Interest Period of one (1) month and (II) if an Event of Default exists, then the applicable
Committed Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective
as of the last day of the Interest Period then in effect with respect to the applicable SOFR Loans. If the Borrower requests a Committed
Borrowing of, conversion to, or continuation of SOFR Loans in any such Committed Loan Notice, but fails to specify an Interest Period,
then it will be deemed to have specified an Interest Period of one (1) month.

 

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(b)           Following
receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Applicable Percentage
of the applicable Committed Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative
Agent shall notify each Lender of the details of any automatic continuation or conversion to Base Rate Loans described in the preceding
subsection. In the case of a Committed Borrowing, each Lender shall make the amount of its Committed Loan available to the Administrative
Agent in immediately available funds at the Administrative Agent’s Office not later than 12:00 noon on the Business Day specified
in the applicable Committed Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 5.02 (and,
if such Committed Borrowing is the initial Credit Extension, Section 5.01), the Administrative Agent shall make all
funds so received available to the Borrower by 3:00 p.m. in like funds as received by the Administrative Agent either by (i) crediting
the account of the Borrower on the books of Wells Fargo with the amount of such funds or (ii) wire transfer of such funds, in each
case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower; provided
that if, on the date the Committed Loan Notice with respect to such Borrowing is given by the Borrower, there are L/C Borrowings outstanding,
then the proceeds of such Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and second,
shall be made available to the Borrower as provided above.

 

(c)           Except
as otherwise provided herein, a SOFR Loan may be continued or converted only on the last day of an Interest Period for such SOFR
Loan. During the existence of an Event of Default, no Loans may be requested as, converted to or continued as SOFR Loans without the consent
of the Required Lenders.

 

(d)           The
Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period for SOFR
Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify
the Borrower and the Lenders of any change in Wells Fargo’s prime rate used in determining the Base Rate promptly following the
public announcement of such change.

 

(e)           After
giving effect to all Committed Borrowings, all conversions of Committed Loans from one Type to the other, and all continuations of Committed
Loans as the same Type, there shall not be more than ten (10) Interest Periods in effect with respect to Committed Loans.

 

2.03         Letters
of Credit.

 

(a)           The
Letter of Credit Commitment.

 

(i)         Subject
to the terms and conditions set forth herein, (A) each L/C Issuer agrees, in reliance upon the agreements of the Lenders set
forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date
until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower or its Subsidiaries, and to amend
or extend Letters of Credit previously issued by such L/C Issuer, in accordance with subsection (b) below, and
(2) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued
for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit
Extension with respect to any Letter of Credit, (x) the Total Outstandings shall not exceed the Aggregate Commitments, (y) the
Credit Exposure of any Lender shall not exceed such Lender’s Commitment, and (z) the Outstanding Amount of the L/C Obligations
shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall
be deemed to be a representation by the Borrower that the L/C Credit Extension so requested complies with the conditions set forth in
the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s
ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters
of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. Notwithstanding the foregoing, the
letters of credit identified on Schedule 2.03 (the “Existing L/Cs”) shall be deemed to be a “Letter
of Credit” issued on the Closing Date for all purposes of this Agreement and (i) the stated amount of the Existing L/Cs and
the Unreimbursed Amount of the Existing L/Cs shall be included in the calculation of L/C Obligations, (ii) the provisions of this
Section 2.03, including without limitation Sections 2.03(h) and (i), shall apply to
the Existing L/Cs and (iii) the Borrower and each of the Lenders hereby expressly acknowledges its respective obligations hereunder
with respect to the Existing L/Cs.

 

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(ii)           An
L/C Issuer shall not issue any Letter of Credit, if:

 

(A)         subject
to Section 2.03(b)(iii), the initial stated expiry date of the requested Letter of Credit (notwithstanding “evergreen”
renewal provisions) would occur more than twelve (12) months after the date of issuance or last extension, unless the Required Lenders
have approved such expiry date; or

 

(B)          the
expiry date of the requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless (1) all the Lenders
have approved such expiry date, or (2) the Borrower agrees to deliver to the Administrative Agent no later than thirty (30) days
prior to the Letter of Credit Expiration Date Cash Collateral in an amount equal to the undrawn amount of such Letter of Credit, with
the Borrower hereby irrevocably requesting a Committed Borrowing of a Base Rate Loan to fund such Cash Collateral payment in the event
the Borrower does not deliver such Cash Collateral to the Administrative Agent on the due date thereof.

 

(iii)           An
L/C Issuer shall not be under any obligation to issue any Letter of Credit if:

 

(A)         any
order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain any L/C Issuer
from issuing the Letter of Credit, or any Law applicable to any L/C Issuer or any request or directive (whether or not having the force
of law) from any Governmental Authority with jurisdiction over any L/C Issuer shall prohibit, or request that any L/C Issuer refrain from,
the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon any L/C Issuer with respect to
the Letter of Credit any restriction, reserve or capital requirement (for which such L/C Issuer is not otherwise compensated hereunder)
not in effect on the Closing Date, or shall impose upon any L/C Issuer any unreimbursed loss, cost or expense which was not applicable
on the Closing Date and which such L/C Issuer in good faith deems material to it;

 

(B)         the
issuance of the Letter of Credit would violate one or more policies of any L/C Issuer applicable to letters of credit generally;

 

(C)         except
as otherwise agreed by the Administrative Agent and the L/C Issuers, the Letter of Credit is in an initial stated amount less than $25,000;

 

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(D)         the
Letter of Credit is to be denominated in a currency other than Dollars;

 

(E)          any
Lender is at that time a Defaulting Lender, unless the applicable L/C Issuer has received Cash Collateral or entered into other arrangements
satisfactory to such L/C Issuer (in its sole discretion) with the Borrower or such Lender, in each case to eliminate such L/C Issuer’s
actual or potential Fronting Exposure (after giving effect to Section 2.16(a)(iv)) with respect to the Defaulting Lender
arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which
any L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion; or

 

(F)          the
Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder.

 

(iv)          An
L/C Issuer shall not amend any Letter of Credit if such L/C Issuer would not be permitted at such time to issue the Letter of Credit in
its amended form under the terms hereof.

 

(v)           An
L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) such L/C Issuer would have no obligation at such time
to issue the Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of the Letter of Credit does not
accept the proposed amendment to the Letter of Credit.

 

(vi)          An
L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith,
and the L/C Issuers shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article X
with respect to any acts taken or omissions suffered by any L/C Issuer in connection with Letters of Credit issued by it or proposed to
be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent”
as used in Article X included the L/C Issuers with respect to such acts or omissions, and (B) as additionally
provided herein with respect to the L/C Issuers.

 

(b)           Procedures
for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit.

 

(i)             Each
Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to the applicable L/C
Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by
a Responsible Officer of the Borrower. Such Letter of Credit Application may be sent by facsimile, by United States mail, by overnight
courier, by electronic transmission using the system provided by such L/C Issuer, by personal delivery or by any other means acceptable
to such L/C Issuer. Such Letter of Credit Application must be received by the applicable L/C Issuer and the Administrative Agent not later
than 11:00 a.m. at least two (2) Business Days (or such later date and time as the Administrative Agent and such L/C Issuer
may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may
be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and
detail satisfactory to the applicable L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be
a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof;
(E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate
to be presented by such beneficiary in case of any drawing thereunder; (G) the purpose and nature of the requested Letter of Credit;
and (H) such other customary matters as such L/C Issuer may reasonably require of similarly situated borrowers. In the case of a
request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory
to such L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business
Day); (C) the nature of the proposed amendment; and (D) such other matters as such L/C Issuer may require. Additionally, the
Borrower shall furnish to the applicable L/C Issuer and the Administrative Agent such other documents and information pertaining to such
requested Letter of Credit issuance or amendment, including any Issuer Documents, as such L/C Issuer or the Administrative Agent may reasonably
require.

 

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(ii)            Promptly
after receipt of any Letter of Credit Application, the applicable L/C Issuer will confirm with the Administrative Agent (by telephone
or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Borrower and, if not, such
L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the applicable L/C Issuer has received written notice from
any Lender, the Administrative Agent or any Loan Party, at least one (1) Business Day prior to the requested date of issuance or
amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Article V shall not
then be satisfied, then, subject to the terms and conditions hereof, such L/C Issuer shall, on the requested date, issue a Letter of Credit
for the account of the Borrower (or the applicable Subsidiary) or enter into the applicable amendment, as the case may be, in each case
in accordance with such L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each Letter of Credit,
each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the applicable L/C Issuer a risk participation
in such Letter of Credit in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such
Letter of Credit.

 

(iii)           If
the Borrower so requests in any applicable Letter of Credit Application, then the applicable L/C Issuer shall agree, unless such
L/C Issuer provides a good faith explanation to the Borrower why it cannot so issue such Letter of Credit, to issue a Letter of Credit
that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any
such Auto-Extension Letter of Credit must permit the L/C Issuers to prevent any such extension at least once in each twelve (12) month
period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than
a day (the “Non-Extension Notice Date”) in each such twelve (12) month period to be agreed upon at the time
such Letter of Credit is issued. Unless otherwise directed by the applicable L/C Issuer, the Borrower shall not be required to make a
specific request to such L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall
be deemed to have authorized (but may not require) such L/C Issuer to permit the extension of such Letter of Credit at any time to an
expiry date not later than the Letter of Credit Expiration Date, or such later date (but no later than twelve (12) months after the Letter
of Credit Expiration Date) if (1) all the Lenders have approved such expiry date, or (2) the Borrower agrees to deliver to the
Administrative Agent no later than thirty (30) days prior to the Letter of Credit Expiration Date Cash Collateral in an amount equal to
the undrawn amount of such Letter of Credit, with the Borrower hereby irrevocably requesting a Committed Borrowing of a Base Rate Loan
to fund such Cash Collateral payment in the event the Borrower does not deliver such Cash Collateral to the Administrative Agent on the
due date thereof; provided that the applicable L/C Issuer shall not permit any such extension if (A) such L/C Issuer has determined
that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended)
under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.03(a) or
otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven (7) Business
Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Required Lenders have elected not to permit
such extension, (2) from the Borrower that the Borrower has elected not to permit such extension, or (3) from the Administrative
Agent, any Lender or the Borrower that one or more of the applicable conditions specified in Section 5.02 is not then
satisfied, and in each such case directing such L/C Issuer not to permit such extension.

 

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(iv)          Promptly
after their delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or
to the beneficiary thereof, the applicable L/C Issuer will also deliver to the Borrower and the Administrative Agent a true and complete
copy of such Letter of Credit or amendment.

 

(c)           Drawings
and Reimbursements; Funding of Participations.

 

(i)             Upon
receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable L/C
Issuer shall exercise commercially reasonable efforts to notify the Borrower and the Administrative Agent thereof within two (2) Business
Days after receipt of such notice and of the date required for payment of such drawing under such Letter of Credit. Not later than 11:00
a.m. on the date of any payment by any L/C Issuer under a Letter of Credit (each such date, an “Honor Date”),
the Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing. If the
Borrower fails to so reimburse such L/C Issuer by such time, the Administrative Agent shall promptly notify each Lender of the Honor Date,
the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Lender’s Applicable
Percentage thereof. In such event, the Borrower shall be deemed to have requested a Committed Borrowing of Base Rate Loans to be disbursed
on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02
for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Commitments and the
conditions set forth in Section 5.02 (other than the delivery of a Committed Loan Notice). Any notice given by any
L/C Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately
confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect
of such notice. If such Base Rate Loans are so disbursed to pay an Unreimbursed Amount, then no Default or Event of Default shall be deemed
to have occurred.

 

(ii)            Each
Lender shall upon any notice pursuant to Section 2.03(c)(i) make funds available (and the Administrative Agent
may apply Cash Collateral provided for this purpose) for the account of any L/C Issuer at the Administrative Agent’s Office
in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified
in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.03(c)(iii), each Lender
that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount. The Administrative Agent shall
remit the funds so received to such L/C Issuer.

 

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(iii)           With
respect to any Unreimbursed Amount that is not fully refinanced by a Committed Borrowing of Base Rate Loans because the conditions set
forth in Section 5.02 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from
the applicable L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing
shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Lender’s
payment to the Administrative Agent for the account of any L/C Issuer pursuant to Section 2.03(c)(ii) shall be
deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction
of its participation obligation under this Section 2.03.

 

(iv)          Until
each Lender funds its Committed Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse any L/C
Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Percentage of such amount
shall be solely for the account of such L/C Issuer.

 

(v)           Each
Lender’s obligation to make Committed Loans or L/C Advances to reimburse any L/C Issuer for amounts drawn under Letters of
Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any
circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against such
L/C Issuer, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any
other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Lender’s obligation
to make Committed Loans pursuant to this Section 2.03(c) is subject to the conditions set forth in Section 5.02
(other than delivery by the Borrower of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the
obligation of the Borrower to reimburse any L/C Issuer for the amount of any payment made by such L/C Issuer under any Letter of Credit,
together with interest as provided herein.

 

(vi)          If
any Lender fails to make available to the Administrative Agent for the account of any L/C Issuer any amount required to be paid
by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii),
then, without limiting the other provisions of this Agreement, such L/C Issuer shall be entitled to recover from such Lender (acting through
the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date
on which such payment is immediately available to such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and
a rate determined by such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative,
processing or similar fees customarily charged by such L/C Issuer in connection with the foregoing. If such Lender pays such amount (with
interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed
Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of any L/C Issuer submitted to any
Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) shall be conclusive
absent manifest error.

 

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(d)           Repayment
of Participations.

 

(i)            At
any time after any L/C Issuer has made a payment under any Letter of Credit and has received from any Lender such Lender’s
L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent receives for
the account of such L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the
Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will
distribute to such Lender its Applicable Percentage thereof in the same funds as those received by the Administrative Agent.

 

(ii)            If
any payment received by the Administrative Agent for the account of any L/C Issuer pursuant to Section 2.03(c)(i) is
required to be returned under any of the circumstances described in Section 11.05 (including pursuant to any settlement
entered into by such L/C Issuer in its discretion), each Lender shall pay to the Administrative Agent for the account of such L/C Issuer
its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date
such amount is returned by such Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations
of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

 

(e)           Obligations
Absolute. The obligation of the Borrower to reimburse the applicable L/C Issuer for each drawing under each Letter of Credit
and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms
of this Agreement under all circumstances, including the following:

 

(i)             any
lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

 

(ii)            the
existence of any claim, counterclaim, setoff, defense or other right that the Borrower or any Subsidiary may have at any time against
any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be
acting), any L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or
by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

 

(iii)           any
draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient
in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise
of any document required in order to make a drawing under such Letter of Credit;

 

(iv)          waiver
by any L/C Issuer of any requirement that exists for such L/C Issuer’s protection and not the protection of the Borrower
or any waiver by any L/C Issuer which does not in fact materially prejudice the Borrower;

 

(v)           honor
of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of a draft;

 

(vi)          any
payment made by any L/C Issuer in respect of an otherwise complying item presented after the date specified as the expiration date
of, or the date by which documents must be received under such Letter of Credit if presentation after such date is authorized by the UCC,
the ISP or the UCP, as applicable;

 

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(vii)         any
payment by any L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply
with the terms of such Letter of Credit; or any payment made by any L/C Issuer under such Letter of Credit to any Person purporting to
be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative
of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding
under any Debtor Relief Law; or

 

(viii)        any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might
otherwise constitute a defense available to, or a discharge of, the Borrower or any Subsidiary.

 

the Borrower shall promptly examine
a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with
the Borrower’s instructions or other irregularity, the Borrower will promptly, and in any event within three (3) Business Days,
notify the applicable L/C Issuer. The Borrower shall be conclusively deemed to have waived any such claim against any L/C Issuer and its
correspondents unless such notice is given as aforesaid.

 

(f)            Role
of L/C Issuer. Each Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, an L/C Issuer shall
not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter
of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or
delivering any such document. None of the L/C Issuers, the Administrative Agent, any of their respective Related Parties nor any correspondent,
participant or assignee of any L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith
at the request or with the approval of the Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted in the
absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document
or instrument related to any Letter of Credit or Issuer Document. The Borrower hereby assumes all risks of the acts or omissions of any
beneficiary or transferee with respect to its use of any Letter of Credit; provided that this assumption is not intended to, and
shall not, preclude the Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee or any
other Person at law or under any other agreement. None of the L/C Issuers, the Administrative Agent, any of their respective Related Parties
nor any correspondent, participant or assignee of any L/C Issuer shall be liable or responsible for any of the matters described in clauses (i) through
(viii) of Section 2.03(e); provided that anything in such clauses to the contrary notwithstanding,
the Borrower may have a claim against any L/C Issuer, and such L/C Issuer may be liable to the Borrower, to the extent, but only to the
extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower which the Borrower proves were caused
by an L/C Issuer’s willful misconduct or gross negligence or an L/C Issuer’s willful failure to pay under any Letter of Credit
after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions
of a Letter of Credit. In furtherance and not in limitation of the foregoing, an L/C Issuer may accept documents that appear on their
face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and such
L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer
or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid
or ineffective for any reason. Any L/C Issuer may send a Letter of Credit or conduct any communication to or from the beneficiary via
the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) message or overnight courier, or any other
commercially reasonable means of communicating with a beneficiary.

 

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(g)           Applicability
of ISP and UCP; Limitation of Liability. Unless otherwise expressly agreed by the applicable L/C Issuer and the Borrower when
a Letter of Credit is issued the rules of the ISP shall apply to each standby Letter of Credit. Notwithstanding the foregoing, the
L/C Issuers shall not be responsible to the Borrower for, and the L/C Issuers’ rights and remedies against the Borrower shall not
be impaired by, any action or inaction of any L/C Issuer required or permitted under any law, order, or practice that is required or permitted
to be applied to any Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where any L/C Issuer or the
beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements, or official
commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association
(BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or
practice.

 

(h)           Letter
of Credit Fees. The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable
Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable
Rate times the daily amount available to be drawn under such Letter of Credit; provided that any Letter of Credit Fees otherwise
payable for the account of a Defaulting Lender with respect to any Letter of Credit as to which such Defaulting Lender has not provided
Cash Collateral satisfactory to the applicable L/C Issuer pursuant to this Section 2.03 shall be payable, to
the maximum extent permitted by applicable Law, to the other Lenders in accordance with the upward adjustments in their respective Applicable
Percentages allocable to such Letter of Credit pursuant to Section 2.16(a)(iv), with the balance of such fee (other
than the fees attributable to L/C Obligations for which the Borrower has provided Cash Collateral), if any, payable to any L/C Issuer
for its own account. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter
of Credit shall be determined in accordance with Section 1.06. Letter of Credit Fees shall be (i) due and payable
on the tenth (10th) Business Day after the end of each March, June, September and December, commencing with the first
(1st) such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter
on demand and (ii) computed on a quarterly basis in arrears. If there is any change in the Applicable Rate during any quarter, the
daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for
each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, upon
the request of the Required Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate.

 

(i)            Fronting
Fee and Documentary and Processing Charges Payable to the L/C Issuers. The Borrower shall pay directly to each L/C Issuer
for its own account a fronting fee with respect to each Letter of Credit, at a rate per annum specified in the Fee Letters, computed on
the daily amount available to be drawn under such Letter of Credit on a quarterly basis in arrears. Such fronting fee shall be due and
payable on the tenth (10th) Business Day after the end of each March, June, September and December in respect of
the most-recently ended quarterly period (or portion thereof, in the case of the first payment), commencing with the first (1st)
such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. For
purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be
determined in accordance with Section 1.06. In addition, the Borrower shall pay directly to each L/C Issuer for its
own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of such L/C
Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable
within five (5) Business Days of demand and are nonrefundable.

 

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(j)            Conflict
with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof
shall control.

 

(k)           Letters
of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations
of, or is for the account of, a Subsidiary, the Borrower shall be obligated to reimburse the applicable L/C Issuer hereunder for
any and all drawings under such Letter of Credit. The Borrower hereby acknowledges that the issuance of Letters of Credit for the account
of Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the businesses
of such Subsidiaries.

 

(l)            L/C
Issuer Agreements. Unless otherwise requested by the Administrative Agent, each L/C Issuer shall report in writing to the Administrative
Agent (i) on the first Business Day of each calendar month, the daily activity (set forth by day) in respect of Letters of Credit
during the immediately preceding month, including all issuances, extensions, amendments and renewals, all expirations and cancellations
and all disbursements and reimbursements, (ii) on or prior to each Business Day on which such L/C Issuer expects to issue, amend,
renew or extend any Letter of Credit, the date of such issuance, amendment, renewal or extension, and the aggregate face amount of the
Letters of Credit to be issued, amended, renewed or extended by it and outstanding after giving effect to such issuance, amendment, renewal
or extension occurred (and whether the amount thereof changed), it being understood that such L/C Issuer shall not permit any issuance,
renewal, extension or amendment resulting in an increase in the amount of any Letter of Credit to occur without first obtaining written
confirmation from the Administrative Agent that it is then permitted under this Agreement, (iii) on each Business Day on which such
L/C Issuer makes any L/C Borrowing, the date of such L/C Borrowing and the amount of such L/C Borrowing, (iv) on any Business Day
on which the Borrower fails to reimburse an L/C Borrowing required to be reimbursed to such L/C Issuer on such day, the date of such failure
and the amount of such L/C Borrowing and (v) on any other Business Day, such other information as the Administrative Agent shall
reasonably request.

 

2.04         Swing
Line Loans.

 

(a)           The
Swing Line. Subject to the terms and conditions set forth herein, the Swing Line Lender, in reliance upon the agreements of the other
Lenders set forth in this Section 2.04, may in its sole discretion make loans (each such loan, a “Swing
Line Loan”) to the Borrower from time to time on any U.S. Government Securities Business Day during the Availability Period
in an aggregate amount not to exceed at any time outstanding the lesser of (x) the Swing Line Sublimit and (y) an amount equal
to the Swing Line Lender’s Commitment in its capacity as a Lender, minus the aggregate outstanding principal amount of such
Lender’s Committed Loans and all Swing Line Loans, minus such Lender’s participation in L/C Obligations; provided,
however, that (x) after giving effect to any Swing Line Loan, (i) the Total Outstandings shall not exceed the Aggregate
Commitments, and (ii) the Credit Exposure of any Lender shall not exceed such Lender’s Commitment, (y) the Borrower shall
not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan and (z) the Swing Line Lender shall not
be under any obligation to make any Swing Line Loan if it shall determine (which determination shall be conclusive and binding absent
manifest error) that it has, or by such Credit Extension may have, Fronting Exposure. Within the foregoing limits, and subject to the
other terms and conditions hereof, the Borrower may borrow under this Section 2.04, prepay under Section 2.05,
and reborrow under this Section 2.04. Each Swing Line Loan shall be a Daily SOFR Loan. Immediately upon the making
of a Swing Line Loan, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line
Lender a risk participation in such Swing Line Loan in an amount equal to the product of such Lender’s Applicable Percentage times
the amount of such Swing Line Loan.

 

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(b)           Borrowing
Procedures. Each Swing Line Borrowing shall be made upon the Borrower’s irrevocable notice to the Swing Line Lender and the
Administrative Agent, which may be given by telephone. Each such notice must be received by the Swing Line Lender and the Administrative
Agent not later than 1:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall
be a minimum of $25,000, and (ii) the requested borrowing date, which shall be a U.S. Government Securities Business Day.
Each such telephonic notice must be confirmed promptly by delivery to the Swing Line Lender and the Administrative Agent of a written
Swing Line Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Promptly after receipt by the Swing
Line Lender of any telephonic Swing Line Loan Notice, the Swing Line Lender will confirm with the Administrative Agent (by telephone or
in writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify
the Administrative Agent (by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has received notice (by telephone
or in writing) from the Administrative Agent (including at the request of any Lender) prior to 2:00 p.m. on the date of the proposed
Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth
in the first proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable conditions
specified in Section 5.02 is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender
will, not later than 3:00 p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line
Loan available to the Borrower at its office by crediting the account of the Borrower on the books of the Swing Line Lender in immediately
available funds.

 

(c)           Refinancing
of Swing Line Loans.

 

(i)             The
Swing Line Lender at any time in its sole discretion may request, on behalf of the Borrower (which hereby irrevocably authorizes the Swing
Line Lender to so request on its behalf), that each Lender make a Base Rate Committed Loan in an amount equal to such Lender’s Applicable
Percentage of the amount of Swing Line Loans then outstanding. Such request shall be made in writing (which written request shall be deemed
to be a Committed Loan Notice for purposes hereof) and in accordance with the requirements of Section 2.02, without
regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized portion
of the Aggregate Commitments and the conditions set forth in Section 5.02. The Swing Line Lender shall furnish the
Borrower with a copy of the applicable Committed Loan Notice promptly after delivering such notice to the Administrative Agent. Each Lender
shall make an amount equal to its Applicable Percentage of the amount specified in such Committed Loan Notice available to the Administrative
Agent in immediately available funds (and the Administrative Agent may apply Cash Collateral available with respect to the applicable
Swing Line Loan) for the account of the Swing Line Lender at the Administrative Agent’s Office not later than 1:00 p.m. on
the day specified in such Committed Loan Notice, whereupon, subject to Section 2.04(c)(ii), each Lender that so makes
funds available shall be deemed to have made a Base Rate Committed Loan to the Borrower in such amount. The Administrative Agent shall
remit the funds so received to the Swing Line Lender.

 

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(ii)            If
for any reason any Swing Line Loan cannot be refinanced by such a Committed Borrowing in accordance with Section 2.04(c)(i),
the request for Base Rate Committed Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by the
Swing Line Lender that each of the Lenders fund its risk participation in the relevant Swing Line Loan and each Lender’s payment
to the Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.04(c)(i) shall be deemed
payment in respect of such participation.

 

(iii)           If
any Lender fails to make available to the Administrative Agent for the account of the Swing Line Lender any amount required to be paid
by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(i),
the Swing Line Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount
with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available
to the Swing Line Lender at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the Swing Line Lender
in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily
charged by the Swing Line Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid),
the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or funded participation
in the relevant Swing Line Loan, as the case may be. A certificate of the Swing Line Lender submitted to any Lender (through the Administrative
Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest error.

 

(iv)          Each
Lender’s obligation to make Committed Loans or to purchase and fund risk participations in Swing Line Loans pursuant to this Section 2.04(c) shall
be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment,
defense or other right which such Lender may have against the Swing Line Lender, the Borrower or any other Person for any reason whatsoever,
(B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any
of the foregoing; provided, however, that each Lender’s obligation to make Committed Loans pursuant to this Section 2.04(c) is
subject to the conditions set forth in Section 5.02. No such funding of risk participations shall relieve or otherwise
impair the obligation of the Borrower to repay Swing Line Loans, together with interest as provided herein.

 

(d)           Repayment
of Participations.

 

(i)            At
any time after any Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line Lender receives any payment
on account of such Swing Line Loan, the Swing Line Lender will distribute to such Lender its Applicable Percentage thereof in the same
funds as those received by the Swing Line Lender.

 

(ii)            If
any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be returned by
the Swing Line Lender under any of the circumstances described in Section 11.05 (including pursuant to any settlement
entered into by the Swing Line Lender in its discretion), each Lender shall pay to the Swing Line Lender its Applicable Percentage thereof
on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate
per annum equal to the Federal Funds Rate. The Administrative Agent will make such demand upon the request of the Swing Line Lender. The
obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

 

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(e)           Interest
for Account of the Swing Line Lender. The Swing Line Lender shall be responsible for invoicing the Borrower for interest on the Swing
Line Loans. Until each Lender funds its Base Rate Committed Loan or risk participation pursuant to this Section 2.04
to refinance such Lender’s Applicable Percentage of any Swing Line Loan, interest in respect of such Applicable Percentage shall
be solely for the account of the Swing Line Lender.

 

(f)            Payments
Directly to the Swing Line Lender. The Borrower shall make all payments of principal and interest in respect of the Swing Line Loans
directly to the Swing Line Lender.

 

2.05         Prepayments.

 

(a)           The
Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay Committed Loans in whole or
in part without premium or penalty; provided that (i) such notice must be received by the Administrative Agent not later than
11:00 a.m. (A) three (3) U.S. Government Securities Business Days prior to any date of prepayment of SOFR Loans and (B) on
the date of prepayment of Base Rate Committed Loans; (ii) any prepayment of SOFR Loans shall be in a principal amount of $1,000,000
or a whole multiple of $100,000 in excess thereof; and (iii) any prepayment of Base Rate Committed Loans shall be in a principal
amount of $100,000 or a whole multiple of $25,000 in excess thereof or, in each case, if less, the entire principal amount thereof then
outstanding. Each such notice shall specify the date and amount of such prepayment and the Type(s) of Committed Loans to be prepaid
and, if SOFR Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Lender
of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If such notice
is given by the Borrower, then the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and
payable on the date specified therein. Any prepayment of a SOFR Loan shall be accompanied by all accrued interest on the amount prepaid,
together with any additional amounts required pursuant to Section 3.05. Subject to Section 2.16,
each such prepayment shall be applied to the Committed Loans of the Lenders in accordance with their respective Applicable Percentages.

 

(b)           The
Borrower may, upon notice to the Swing Line Lender (with a copy to the Administrative Agent), at any time or from time to time, voluntarily
prepay Swing Line Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by
the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the date of the prepayment, and (ii) any such
prepayment shall be in a minimum principal amount of $100,000. Each such notice shall specify the date and amount of such prepayment.
If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall
be due and payable on the date specified therein.

 

(c)           If
for any reason the Total Outstandings at any time exceed the Aggregate Commitments, then the Borrower shall, within five (5) Business
Days, prepay Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess, with any such prepayment
being first applied to the Total Outstandings; provided that the Borrower shall not be required to Cash Collateralize the L/C Obligations
pursuant to this Section 2.05(c) unless after the prepayment in full of the Committed Loans and Swing Line Loans,
the Total Outstandings exceed the Aggregate Commitments.

 

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2.06         Termination,
Reduction, or Increase of Commitments and Loans.

 

(a)           Voluntary
and Mandatory Reductions.

 

(i)            the
Borrower may, upon notice to the Administrative Agent, terminate the Aggregate Commitments, or from time to time permanently reduce the
Aggregate Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. three
(3) Business Days (or such shorter period agreed to by the Administrative Agent in writing) prior to the date of termination or reduction,
(ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof,
(iii) the Borrower shall not terminate or reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent
prepayments hereunder, the Total Outstandings would exceed the Aggregate Commitments, and (iv) if, after giving effect to
any reduction of the Aggregate Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate
Commitments, then such sublimit shall be automatically reduced by the amount of such excess.

 

(ii)           The
Aggregate Commitments shall automatically be reduced to zero ($0) upon the termination or expiration of the Availability Period.

 

(b)           Increase
in Aggregate Commitments.

 

(i)            Election
to Increase. Provided there exists no Default, upon notice to the Administrative Agent (which shall promptly notify the Lenders),
the Parent and the Borrower may from time to time after the Closing Date, elect to increase in the Aggregate Commitments to an
amount not exceeding $1,250,000,000 (less the amount of any permanent reductions in the Aggregate Commitments pursuant to Section 2.06)
either by designating another bank or financial institution not theretofore a Lender to become a Lender (such designation to be effective
only with the prior written consent of the Administrative Agent, the L/C Issuers and the Swing Line Lender, which consents will not be
unreasonably withheld) and/or by agreeing with an existing Lender or Lenders, in such Lender or Lenders’ absolute discretion, that
such Lender’s Commitment shall be increased; provided that (i) any such election for an increase shall be in a minimum
amount of $10,000,000, and (ii) the Parent and the Borrower may make a maximum of three (3) such requests. Upon execution and
delivery by the Borrower and such Lender or other bank or financial institution of an instrument in form and substance reasonably satisfactory
to the Administrative Agent to effect such increase, including, as required, a new or amended Note, such existing Lender shall have a
Commitment as therein set forth or such bank or financial institution shall become a Lender with a Commitment as therein set forth and
all the rights and obligations of a Lender with such a Commitment hereunder.

 

(ii)            Effective
Date. If the Aggregate Commitments are increased in accordance with this Section 2.06(b), then the Administrative
Agent, the Parent, and the Borrower shall determine the effective date (the “Increase Effective Date”) that
such commitment increase was made. The Administrative Agent shall promptly notify the Parent, the Borrower, and the Lenders of the Increase
Effective Date.

 

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(iii)          Conditions
to Effectiveness of Increase.

 

(1)         As
a condition precedent to such increase, the Parent and the Borrower shall deliver to the Administrative Agent a certificate dated as of
the Increase Effective Date (in sufficient copies for each Lender) signed by a Responsible Officer of the Parent or the Borrower (on behalf
of each Loan Party) (i) certifying and attaching the resolutions adopted by such Parent and the Borrower (on behalf of each Loan
Party) approving or consenting to such increase, and (ii) certifying that, before and after giving effect to such increase, (A) the
representations and warranties contained in Article VI and the other Loan Documents are true and correct in all material
respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect, in which case such representation
or warranty shall be true and correct in all respects) on and as of the Increase Effective Date, except to the extent that such representations
and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (except in the
case of a representation or warranty qualified by materiality or Material Adverse Effect, in which case such representation or warranty
shall be true and correct in all respects) as of such earlier date, and except that for purposes of this Section 2.06,
the representations and warranties contained in Section 6.05(b) shall be deemed to refer to the
most-recent statements furnished pursuant to Section 7.01(b), and (B) no Default exists. The Borrower shall prepay
any Loans outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to Section 3.05)
to the extent necessary to keep the outstanding Loans ratable with any revised Applicable Percentages arising from any non-ratable increase
in the Commitments under this Section 2.06(b)(iii);

 

(2)         The
Borrower shall execute and provide new Notes to such Lenders as may request herewith.

 

(iv)         Conflicting
Provisions. This Section shall supersede any provisions in Section 2.13 or 11.01 to the contrary.

 

(c)           General.
The Administrative Agent will promptly notify the Lenders of any notice of termination, reduction or increase of the Aggregate Commitments.
Any reduction of the Aggregate Commitments shall be applied to the Commitment of each Lender according to its Applicable Percentage.

 

2.07         Repayment
of Loans.

 

(a)           The
Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of Loans outstanding on such date.

 

(b)           The
Borrower shall repay each Swing Line Loan on the earlier to occur of (i) the date that is one (1) Business Day after
the Swing Line Lender makes demand for such Loan, (ii) the date that is five (5) Business Days after such Loan is made, (iii) the
date on which any Committed Loan shall be made, if such date is after the date on which such Swing Line Loan was made, and (iv) the
Maturity Date.

 

2.08         Interest.

 

(a)           Subject
to the provisions of subsection (b) below, (i) each SOFR Loan shall bear interest on the outstanding
principal amount thereof for each Interest Period at a rate per annum equal to Adjusted Term SOFR for such Interest Period plus
the Applicable Rate; (ii) each Base Rate Committed Loan shall bear interest on the outstanding principal amount thereof from the
applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate; and (iii) each Swing Line Loan
shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Adjusted
Floating Overnight Daily SOFR Rate plus the Applicable Rate (or such other rate as the Borrower and the Swing Line Lender shall
mutually agree).

 

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(b)

 

(i)             If
any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity,
by acceleration or otherwise, then such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal
to the Default Rate to the fullest extent permitted by applicable Laws.

 

(ii)            If
any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (without regard to
any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required
Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to
the fullest extent permitted by applicable Laws.

 

(iii)           Upon
the request of the Required Lenders, while any Event of Default exists (other than as set forth in clauses (b)(i) and (b)(ii) above),
the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum
at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(iv)          Accrued
and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

 

(c)            Interest
on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified
herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after
the commencement of any proceeding under any Debtor Relief Law.

 

2.09         Fees.
In addition to certain fees described in subsections (h) and (i) of Section 2.03:

 

(a)           [Reserved].

 

(b)           Facility
Fee. The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage,
a facility fee (the “Facility Fee”) equal to the Applicable Rate times the actual daily amount of the Commitments
(or, if the Commitments have terminated, on the Total Outstandings), regardless of usage, subject to adjustment as provided in Section 2.16.
The Facility Fee shall accrue at all times during the Availability Period after the Rating Condition has been satisfied (and thereafter
so long as any Committed Loans, Swing Line Loans or L/C Obligations remain outstanding), including at any time during which one or more
of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the tenth (10th) Business
Day after the end of each March, June, September and December, commencing with the first such date to occur after the Closing Date,
and on the last day of the Availability Period (and, if applicable, thereafter on demand). The Facility Fee shall be calculated quarterly
in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied
by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.

 

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(c)            Extension
Fees.

 

If
the Maturity Date is being extended in accordance with Section 2.18, the Borrower shall pay to the Administrative
Agent for the account of each Lender a fee equal to (i) 0.0625% of the amount of such Lender’s Commitment (whether or not utilized)
in effect on the effective date of the first such extension and (ii) 0.075% of the amount of such Lender’s Commitment (whether
or not utilized) in effect on the effective date of the second such extension. Such fees shall be due and payable in full on and as a
condition to the effective date of the applicable extension.

 

(d)           Other
Fees.

 

(i)             The
Borrower shall pay to the Lead Arrangers and the Administrative Agent, for their own respective accounts, fees in the amounts and
at the times specified in the respective Fee Letters (without duplication of fees otherwise referenced herein). Such fees shall be fully
earned when paid and shall not be refundable for any reason whatsoever.

 

(ii)            The
Borrower shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified.
Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

2.10         Computation
of Interest and Fees; Retroactive Adjustments of Applicable Rate.

 

(a)           All
computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to Adjusted Term SOFR) shall be
made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest
shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid
than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall
not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; provided that any Loan that
is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for one (1) day.
Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes,
absent manifest error.

 

(b)           If,
as a result of any restatement of or other adjustment to the financial statements of the Parent or for any other reason, then the Parent,
the Borrower, the Administrative Agent, or the Lenders determine that (i) the Consolidated Leverage Ratio as calculated by the Parent
and the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Leverage Ratio would
have resulted in higher pricing for such period, then the Borrower shall immediately and retroactively be obligated to pay to the Administrative
Agent for the account of the applicable Lenders or L/C Issuer, as the case may be, within three (3) Business Days after demand by
the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to any Loan Party
under the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent, any Lender or L/C
Issuer), an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of
interest and fees actually paid for such period. This paragraph shall not limit the rights of the Administrative Agent, any Lender or
L/C Issuer, as the case may be, under Section 2.03(c)(iii), 2.03(i) or 2.08(b) or
under Article IX.

 

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2.11         Evidence
of Debt.

 

(a)            The
Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative
Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive
absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrower and the interest and payments thereon.
Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder
to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any
Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative
Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrower
shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Loans in
addition to such accounts or records. Each such Note shall (i) in the case of Loans (other than Swing Line Loans), be in the
form of Exhibit B-1 (a “Revolving Note”), and (ii) in the case of the Swing Line Loans,
be in the form of Exhibit B-3 (a “Swing Line Note”). Each Lender may attach schedules to
its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.

 

(b)           In
addition to the accounts and records referred to in subsection (a), each Lender and the Administrative Agent shall
maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations
in Letters of Credit and Swing Line Loans. In the event of any conflict between the accounts and records maintained by the Administrative
Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall
control in the absence of manifest error.

 

2.12         Payments
Generally; The Administrative Agent’s Clawback.

 

(a)            General.
All payments to be made by the Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff.
Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the
account of the respective Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately
available funds not later than 1:00 p.m. on the date specified herein. The Administrative Agent will promptly distribute to
each Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as received by wire
transfer to such Lender’s Lending Office. If and to the extent the Administrative Agent shall not make such payments to a Lender
when due as set forth in the preceding sentence, then such unpaid amounts shall accrue interest, payable by the Administrative Agent,
at the Federal Funds Rate from the due date until (but not including) the date on which the Administrative Agent makes such payments to
such Lender. All payments received by the Administrative Agent after 1:00 p.m. shall be deemed received on the next succeeding Business
Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower shall come due on a day other
than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing
interest or fees, as the case may be.

 

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(b)           Clawback.

 

(i)            Funding
by the Lenders; Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice
from a Lender prior to the proposed date of any Committed Borrowing of SOFR Loans (or, in the case of any Committed Borrowing of Base
Rate Loans, prior to 1:00 p.m. on the date of such Borrowing) that such Lender will not make available to the Administrative Agent
such Lender’s share of such Committed Borrowing, the Administrative Agent may assume that such Lender has made such share available
on such date in accordance with Section 2.02 (or, in the case of a Committed Borrowing of Base Rate Loans, that such
Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance
upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share
of the applicable Committed Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree
to pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon,
for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative
Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by
the Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing
or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment
to be made by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest to
the Administrative Agent for the same or an overlapping period, then the Administrative Agent shall promptly remit to the Borrower the
amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Committed Borrowing to the
Administrative Agent, then the amount so paid shall constitute such Lender’s Committed Loan included in such Committed Borrowing.
Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make
such payment to the Administrative Agent.

 

(ii)            Payments
by the Borrower; Presumptions by the Administrative Agent. Unless the Administrative Agent shall have received notice from the Borrower
prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the applicable L/C
Issuer hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment
on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or any L/C Issuer, as the case
may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or any L/C Issuer,
as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender
or L/C Issuer, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed
to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined
by the Administrative Agent in accordance with banking industry rules on interbank compensation, within one (1) Business Day.
If and to the extent the Administrative Agent shall not return such funds to a Lender when due as set forth in the preceding sentence,
then such unpaid amounts shall accrue interest, payable by the Administrative Agent, at the Federal Funds Rate from the due date until
(but not including) the date on which the Administrative Agent returns such funds to such Lender.

 

A notice of the
Administrative Agent to any Lender or the Borrower with respect to any amount owing under this subsection (b) shall
be conclusive, absent manifest error.

 

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(c)            Failure
to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender
as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower by
the Administrative Agent because the conditions to the applicable Credit Extension set forth in Article V are not satisfied
or waived in accordance with the terms hereof, then the Administrative Agent shall return such funds (in like funds as received from such
Lender) to such Lender, without interest.

 

(d)           Obligations
of the Lenders Several. The obligations of the Lenders hereunder to make Committed Loans, to fund participations in
Swing Line Loans and/or in Letters of Credit and to make payments pursuant to Sections 11.04(d) and 10.11
are several and not joint. The failure of any Lender to make any Committed Loan, to fund any participation or to make any payment under
Section 11.04(d) or 10.11 on any date required hereunder shall not relieve any other Lender of its
corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its
Committed Loan, to purchase its participation or to make its payment under Section 11.04(d) or 10.11.

 

(e)            Funding
Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or
to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

 

(f)            Funds
Transfer. The Administrative Agent will, in its sole discretion, determine the funds transfer system and the means by which
each transfer will be made. The Administrative Agent may delay or refuse to accept a funds transfer request if the transfer would: (i) violate
the terms of this authorization, (ii) require use of a bank unacceptable to the Administrative Agent or any Lender, in its reasonable
discretion, or prohibited by any Governmental Authority, (iii) cause the Administrative Agent or any Lender to violate any Federal
Reserve or other regulatory risk control program or guideline or (iv) otherwise cause the Administrative Agent or any Lender to violate
any applicable Law or regulation. The Borrower hereby authorizes the Administrative Agent to disburse the proceeds of any Loan made by
the Lenders or any of their Affiliates pursuant to the Loan Documents as requested by an authorized representative of the Borrower to
any of the accounts designated in the Disbursement Instruction Agreement.

 

2.13         Sharing
of Payments by the Lenders. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in
respect of any principal of or interest on any of the Committed Loans made by it, or the participations in Swing Line Loans or L/C Obligations
held by it resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Committed Loans or participations
and accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion
shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Committed
Loans and sub-participations in Swing Line Loans or L/C Obligations of the other Lenders, or make such other adjustments as shall be equitable,
so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of
and accrued interest on their respective Committed Loans and other amounts owing them, provided that:

 

(i)             if
any such participations or sub-participations are purchased and all or any portion of the payment giving rise thereto is recovered,
such participations or sub-participations shall be rescinded and the purchase price immediately restored to the extent of such recovery,
without interest; and

 

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(ii)            the
provisions of this Section shall not be construed to apply to (x) any payment made by or on behalf of the Borrower pursuant
to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting
Lender), (y) the application of Cash Collateral provided for in Section 2.15, or (z) any payment obtained
by a Lender as consideration for the assignment of or sale of a participation in any of its Committed Loans or sub-participations
in Swing Line Loans or L/C Obligations to any assignee or participant, other than an assignment to the Borrower or any Affiliate thereof
(as to which the provisions of this Section shall apply).

 

Each
Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring
a participation pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect
to such participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation.

 

2.14         [Reserved].

 

2.15         Cash
Collateral.

 

(a)           Certain
Credit Support Events. Upon the request of the Administrative Agent or any L/C Issuer if (i) an L/C Issuer has honored
any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, or (ii) as of the
Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, the Borrower shall, in each case, immediately
Cash Collateralize the then Outstanding Amount of all L/C Obligations. At any time that there shall exist a Defaulting Lender, within
five (5) Business Days of the request of the Administrative Agent, the Swing Line Lender or an L/C Issuer, the Borrower shall deliver
to the Administrative Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure (after giving effect to Section 2.16(a)(iv),
Section 11.13, and any Cash Collateral provided by the Defaulting Lender).

 

(b)           Grant
of Security Interest. All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained
in blocked, interest-bearing deposit accounts at Wells Fargo. The Borrower, and to the extent provided by any Lender, such Lender,
hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuers
and the Lenders (including the Swing Line Lender), and agrees to maintain, a first priority security interest in all such cash, deposit
accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing,
all as security for the obligations to which such Cash Collateral may be applied pursuant to Section 2.15(c). If at
any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative
Agent as herein provided, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure and other obligations
secured thereby, the Borrower or the relevant Defaulting Lender will, within five (5) Business Days after demand by the Administrative
Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency.

 

(c)           Application.
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 2.15
or Sections 2.03, 2.05, 2.16 or 9.02 in respect of Letters of Credit or Swing
Line Loans shall be held and applied to the satisfaction of the specific L/C Obligations, Swing Line Loans, obligations to fund participations
therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations
for which the Cash Collateral was so provided, prior to any other application of such property as may be provided for herein.

 

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(d)           Release.
Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or other obligations shall be released promptly
following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination
of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with Section 11.06(b)(vi)))
or (ii) the Administrative Agent’s good faith determination that there exists excess Cash Collateral; provided that
(x) that Cash Collateral furnished by or on behalf of a Loan Party shall not be released during the continuance of a Default or Event
of Default (and following application as provided in this Section 2.15 may be otherwise applied in accordance with
Section 9.03), and (y) the Person providing Cash Collateral and the applicable L/C Issuer or the Swing
Line Lender may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other
obligations.

 

2.16         Defaulting
Lenders.

 

(a)           Adjustments.
Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time
as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law:

 

(i)            Waivers
and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this
Agreement shall be restricted as set forth in the definition of “Required Lenders” and in Section 11.01.

 

(ii)           Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of
such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article IX or otherwise) or received
by the Administrative Agent from a Defaulting Lender pursuant to Section 11.08 shall be applied at such time or times
as may be reasonably determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting
Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting
Lender to any L/C Issuer or the Swing Line Lender hereunder; third, to Cash Collateralize any L/C Issuer’s Fronting
Exposure with respect to such Defaulting Lender in accordance with Section 2.15; fourth, as the Borrower may
request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has
failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined
by the Administrative Agent and the Borrower, to be held in an interest bearing deposit account and released pro rata in order to (x) satisfy
such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize
any L/C Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued
under this Agreement, in accordance with Section 2.15; sixth, to the payment of any amounts owing to the Lenders,
the L/C Issuers or the Swing Line Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the
L/C Issuers or the Swing Line Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations
under this Agreement; seventh, so long as no Event of Default exists, to the payment of any amounts owing to the Borrower as a
result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise
directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any
Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans
were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 5.02 were
satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to, all non-Defaulting Lenders
on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Obligations owed to, such Defaulting Lender until such
time as all Loans and funded and unfunded participations in L/C Obligations and Swing Line Loans are held by the Lenders pro rata in accordance
with the Commitments hereunder without giving effect to Section 2.16(a)(iv). Any payments, prepayments or other amounts
paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral
pursuant to this Section 2.16(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each
Lender irrevocably consents hereto.

 

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(iii)          Certain
Fees.

 

(A)          No
Defaulting Lender (x) shall be entitled to receive any Facility Fee pursuant to Section 2.09 for any period during
which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required
to have been paid to that Defaulting Lender) pursuant to Section 2.09 for any period during which that Lender is a
Defaulting Lender and the Borrower shall (A) except to the extent the Borrower has provided Cash Collateral with respect to such
Defaulting Lender’s Fronting Exposure, be required to pay to the Swing Line Lender, as applicable, the amount of such fee allocable
to its Fronting Exposure arising from that Defaulting Lender and (B) not be required to pay the remaining amount of such fee that
otherwise would have been required to have been paid to that Defaulting Lender, and (y) shall be limited in its right to receive
Letter of Credit Fees as provided in Section 2.03(h).

 

(B)           Each
Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a Defaulting Lender only
to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral
pursuant to Section 2.15.

 

(iv)          Reallocation
of Applicable Percentages to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in L/C Obligations
and Swing Line Loans shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages
(calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that such reallocation does not cause
the aggregate Credit Exposure of any non-Defaulting Lender to exceed such non-Defaulting Lender’s Commitment. No reallocation hereunder
shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become
a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such non-Defaulting Lender’s increased exposure
following such reallocation.

 

(v)           Cash
Collateral, Repayment of Swing Line Loans. If the reallocation described in clause (a)(iv) above cannot, or can
only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under applicable
Law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lenders’ Fronting Exposure and (y) second,
Cash Collateralize any L/C Issuer’s Fronting Exposure in accordance with the procedures set forth in Section 2.15.

 

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(b)           Defaulting
Lender Cure. If the Borrower, the Administrative Agent, the Swing Line Lender, and the L/C Issuers agree in writing in their
sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify
the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which
may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion
of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause
the Committed Loans and funded and unfunded participations in Letters of Credit or Swing Line Loans to be held on a pro rata basis by
the Lenders in accordance with their Applicable Percentages (without giving effect to Section 2.16(a)(iv)), whereupon
that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees
accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further,
that, except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender
will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

2.17         Guaranties.
Pursuant to the Parent Guaranty, the Parent shall unconditionally Guarantee in favor of the Administrative Agent, the Lenders and any
Specified Derivatives Providers the full payment and performance of the Obligations. Pursuant to the Subsidiary Guaranty or an addendum
thereto in the form attached to the Subsidiary Guaranty, the Parent and the Borrower shall cause each Subsidiary Guarantor to execute
a Subsidiary Guaranty unconditionally guarantying in favor of the Administrative Agent, the Lenders and any Specified Derivatives Providers
the full payment and performance of the Obligations; provided, however, that such Subsidiary Guaranty may be released and reinstated
in accordance with its terms.

 

(a)            Notwithstanding
anything to the contrary in this Agreement or any other Loan Document, (x) concurrently with the delivery of each Compliance Certificate,
with respect to any Person that became a Subsidiary of the Parent owning a direct or indirect interest in the Borrower since the date
of the most recent Compliance Certificate, (y) substantially concurrently with any Subsidiary of the Parent (other than the
Borrower) (i) entering into any Guarantee of Indebtedness of the Parent, the Borrower or any Subsidiary owning directly or indirectly
any Unencumbered Property or (ii) becoming a borrower or guarantor of, or otherwise having a payment obligation in respect of, any
Unsecured Indebtedness, or (z) unless the Investment Grade Subsidiary Guarantor Release Condition is satisfied, substantially concurrently
with any Subsidiary of the Borrower owning directly or indirectly any Unencumbered Property, in each case the Parent, the Borrower or
such Subsidiary, as applicable, shall deliver to the Administrative Agent each of the following: (i) a joinder to the Subsidiary
Guaranty executed by such Subsidiary, (ii) concurrently with the delivery of each Compliance Certificate a comprehensive list of
all Guarantors, which identifies the joining and departing entities, and (iii) the items that would have been delivered under subsections
(iii) and (v) of Section 5.01(a) if such Subsidiary had been a Subsidiary Guarantor on the Closing Date,
in form and substance substantially consistent with such items delivered on the Closing Date or otherwise reasonably satisfactory to the
Administrative Agent.

 

(b)           The
Borrower may request in writing that the Administrative Agent release, and upon receipt of such request the Administrative Agent shall
release, one or more Subsidiary Guarantor from the Guaranty so long as:

 

(i)            such
Subsidiary Guarantor or Subsidiary Guarantors are not otherwise required to be a party to the Guaranty under the immediately preceding
subsection (a) (after giving effect to clause (ii) hereof);

 

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(ii)           such
Subsidiary Guarantor or Subsidiary Guarantors (x) no longer Guarantees (or which Guarantee is being substantially concurrently
released) any other Indebtedness of the Parent, the Borrower or any Subsidiary of the Borrower owning directly or indirectly any Unencumbered
Property and (y) are not a borrower or guarantor of, nor otherwise have a payment obligation, other than any payment obligation that
is released concurrently with such Subsidiary Guarantor’s or Subsidiary Guarantors’ release hereunder, in respect of, any
Unsecured Indebtedness, or;

 

(iii)           no
Default or Event of Default shall then be in existence or would occur as a result of such release, including without limitation, a Default
or Event of Default resulting from a violation of any of the covenants contained in Section 8.14;

 

(iv)          the
representations and warranties of the Borrower and each other Loan Party contained in Article VI or any other Loan
Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and
correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect,
in which case such representation or warranty shall be true and correct in all respects) on and as of the date of such release, except
to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct
in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect, in which
case such representation or warranty shall be true and correct in all respects) as of such earlier date, and except that for purposes
of this Section 2.17(b)(iv), the representations and warranties contained in Section 6.05(b) shall
be deemed to refer to the most-recent statements furnished pursuant to Section 7.01(b); and

 

(v)           the
Administrative Agent shall have received such written request at least five (5) Business Days (or such shorter period as may be acceptable
to the Administrative Agent) prior to the requested date of release.

 

Delivery
by the Borrower to the Administrative Agent of any such request shall constitute a representation by the Parent and the Borrower that
the conditions set forth in the preceding sentence are or will be satisfied as of the requested date of release.

 

2.18         Extension
of Maturity Date. Subject to the terms of this Section 2.18, the Borrower shall have the right to extend the current Maturity
Date by six (6) months by executing and delivering to the Administrative Agent at least sixty (60) days but not more than ninety
(90) days prior to the current Maturity Date, a written notice of such extension (an “Extension Notice”). The Administrative
Agent shall forward to each Lender a copy of such Extension Notice delivered to the Administrative Agent promptly upon receipt thereof.
Subject to satisfaction of the following conditions on the Maturity Date, the Maturity Date shall be extended for six (6) months:
(x) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall
or would exist and (B) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan
Documents to which any of them is a party, shall be true and correct in all material respects on and as of the date of such extension
with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly
relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects
on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents
(provided that, for purposes of this clause (B), any representation or warranty which is qualified by materiality or “material adverse
effect” or similar language shall be true and correct in all respects) and (y) the Borrower shall have paid the fees payable
under Section 2.09(c). At the time of effectiveness of any such extension, upon the Administrative Agent’s request,
the Borrower shall deliver to the Administrative Agent a certificate from a Senior Officer certifying the matters referred to in the immediately
preceding clauses (x)(A) and (x)(B). The Maturity Date may be extended only twice pursuant to this Section 2.18.

 

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Article III.

Taxes, Yield Protection and Illegality

 

3.01         Taxes.

 

(a)           Payments
Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.

 

(i)            Any
and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding
for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion of the Administrative
Agent) require the deduction or withholding of any Tax from any such payment by the Administrative Agent or a Loan Party, then the Administrative
Agent or such Loan Party shall be entitled to make such deduction or withholding, upon the basis of the information and documentation
to be delivered pursuant to subsection (e) below.

 

(ii)           If
any Loan Party or the Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including both United States
Federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or make such
deductions as are determined by the Administrative Agent to be required based upon the information and documentation it has received pursuant
to subsection (e) below, (B) the Administrative Agent shall timely pay the full amount withheld or deducted to
the relevant Governmental Authority in accordance with the Code, and (C) to the extent that the withholding or deduction is made
on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required
withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.01)
the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made.

 

(iii)           If
any Loan Party or the Administrative Agent shall be required by any applicable Laws other than the Code to withhold or deduct any Taxes
from any payment, then (A) such Loan Party or the Administrative Agent, as required by such Laws, shall withhold or make such deductions
as are determined by it to be required based upon the information and documentation it has received pursuant to subsection (e) below,
(B) such Loan Party or the Administrative Agent, to the extent required by such Laws, shall timely pay the full amount withheld or
deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the extent that the withholding or deduction
is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any
required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.01)
the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made.

 

(b)           Payment
of Other Taxes by the Borrower. Without limiting the provisions of subsection (a) above, the Loan Parties shall
timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely
reimburse it for the payment of, any Other Taxes.

 

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(c)           Tax
Indemnifications. (i) Each of the Loan Parties shall, and does hereby, jointly and severally indemnify each Recipient, and shall
make payment in respect thereof within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified
Taxes imposed or asserted on or attributable to amounts payable under this Section 3.01) payable or paid by such Recipient
or required to be withheld or deducted from a payment to such Recipient, and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or an L/C Issuer (with a copy to the
Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or any L/C Issuer, shall be conclusive
absent manifest error. Each of the Loan Parties shall, and does hereby, jointly and severally indemnify the Administrative Agent, and
shall make payment in respect thereof within 10 days after demand therefor, for any amount which a Lender or any L/C Issuer for any reason
fails to pay indefeasibly to the Administrative Agent as required pursuant to Section 3.01(c)(ii) below.

 

(ii)           Each
Lender and L/C Issuer shall, and does hereby, severally indemnify, and shall make payment in respect thereof within 10 days after demand
therefor, (x) the Administrative Agent against any Indemnified Taxes attributable to such Lender or L/C Issuer (but only to
the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the
obligation of the Loan Parties to do so), (y) the Administrative Agent and the Loan Parties, as applicable, against any Taxes
attributable to such Lender’s failure to comply with the provisions of Section 11.06(d) relating
to the maintenance of a Participant Register and (z) the Administrative Agent and the Loan Parties, as applicable, against
any Excluded Taxes attributable to such Lender or L/C Issuer, in each case, that are payable or paid by the Administrative Agent or a
Loan Party in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not
such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such
payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender and L/C
Issuer hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender or L/C Issuer,
as the case may be, under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause
(ii).

 

(d)           Evidence
of Payments. Upon request by the Borrower or the Administrative Agent, as the case may be, after any payment of Taxes by the Borrower
or by the Administrative Agent to a Governmental Authority as provided in this Section 3.01, the Borrower shall deliver
to the Administrative Agent or the Administrative Agent shall deliver to the Borrower, as the case may be, the original or a certified
copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such
payment or other evidence of such payment reasonably satisfactory to the Borrower or the Administrative Agent, as the case may be.

 

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(e)           Status
of the Lenders; Tax Documentation.

 

(i)            Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall
deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative
Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit
such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by
the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested
by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender
is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two
sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 3.01(e)(ii)(A),
(ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such
completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice
the legal or commercial position of such Lender.

 

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

 

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

 

(B)           any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number
of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following
is applicable:

 

(1)         in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect
to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an
exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with
respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an
exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income”
article of such tax treaty;

 

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

 

(3)         in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the
Code, (x) a certificate substantially in the form of Exhibit H-1 to the effect that such Foreign Lender is not
a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of
the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed
originals of IRS Form W-8BEN or IRS Form W-8BEN-E; or

 

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

 

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

 

(D)          if
a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such Lender were
to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or
1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or
times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to
comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA
or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall
include any amendments made to FATCA after the date of this Agreement.

 

(iii)           Each
Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall
update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do
so. Each Lender shall promptly (A) notify the Borrower and the Administrative Agent of any change in circumstances which would modify
or render invalid any claimed exemption or reduction, and (B) take such steps as shall not be materially disadvantageous to it, in
the reasonable judgment of such Lender, and as may be reasonably necessary (including the re-designation of its Lending Office) to avoid
any requirement of applicable Laws of any jurisdiction that the Borrower or the Administrative Agent make any withholding or deduction
for taxes from amounts payable to such Lender.

 

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(f)            Treatment
of Certain Refunds. Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation to file for
or otherwise pursue on behalf of a Lender or an L/C Issuer, or have any obligation to pay to any Lender or L/C Issuer, any refund
of Taxes withheld or deducted from funds paid for the account of such Lender or L/C Issuer, as the case may be. If any Recipient determines,
in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified by any
Loan Party or with respect to which any Loan Party has paid additional amounts pursuant to this Section 3.01, it shall
pay to the Loan Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by
a Loan Party under this Section 3.01 with respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses (including Taxes) incurred by such Recipient, and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund), provided that the Loan Party, upon the request of the Recipient, agrees to repay the amount
paid over to the Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Recipient
in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in
this subsection, in no event will the applicable Recipient be required to pay any amount to the Loan Party pursuant to this subsection,
the payment of which would place the Recipient in a less favorable net after-Tax position than such Recipient would have been in if the
indemnification payments or additional amounts giving rise to such refund had never been paid. This subsection shall not be construed
to require any Recipient to make available its tax returns (or any other information relating to its taxes that it deems confidential)
to any Loan Party or any other Person.

 

(g)           Survival.
Each party’s obligations under this Section 3.01 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender or an L/C Issuer, the termination of the Commitments and
the repayment, satisfaction and discharge of all other Obligations.

 

3.02         [Reserved].

 

3.03         Changed
Circumstances.

 

(a)           Circumstances
Affecting Benchmark Availability. Subject to clause (c) below, in connection with any request for a SOFR Loan or any Daily SOFR
Loan or a conversion to or continuation thereof or otherwise, if for any reason (i) the Administrative Agent shall determine (which
determination shall be conclusive and binding absent manifest error) that reasonable and adequate means do not exist for ascertaining
Adjusted Term SOFR for the applicable Interest Period with respect to a proposed SOFR Loan on or prior to the first day of such Interest
Period or (ii) the Required Lenders shall determine (which determination shall be conclusive and binding absent manifest error) that
Adjusted Term SOFR does not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans during such Interest
Period, then. in each case, the Administrative Agent shall promptly give notice thereof to the Borrower. Upon notice thereof by the Administrative
Agent to the Borrower, any obligation of the Lenders to make SOFR Loans, and any right of the Borrower to convert any Loan to or continue
any Loan as a SOFR Loan, shall be suspended (to the extent of the affected SOFR Loans or the affected Interest Periods) until the Administrative
Agent (with respect to clause (ii), at the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, (A) the
Borrower may revoke any pending request for a borrowing of, conversion to or continuation of SOFR Loans (to the extent of the affected
SOFR Loans or the affected Interest Periods) or, failing that, the Borrower will be deemed to have converted any such request into
a request for a borrowing of or conversion to Base Rate Loans in the amount specified therein and (B) any outstanding affected SOFR
Loans will be deemed to have been converted into Base Rate Loans at the end of the applicable Interest Period. Upon any such prepayment
or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts
required pursuant to Section 3.05.

 

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(b)           Laws
Affecting SOFR Availability. If, after the date hereof, the introduction of, or any change in, any Applicable Law or any change in
the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation
or administration thereof, or compliance by any of the Lenders (or any of their respective Lending Offices) with any request or directive
(whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make it unlawful
or impossible for any of the Lenders (or any of their respective Lending Offices) to honor its obligations hereunder to make or maintain
any SOFR Loan, or to determine or charge interest based upon SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR,
the Adjusted Floating Overnight Daily SOFR Rate or the Daily Simple SOFR Rate such Lender shall promptly give notice thereof to the Administrative
Agent and the Administrative Agent shall promptly give notice to the Borrower and the other Lenders. Thereafter, until the Administrative
Agent notifies the Borrower that such circumstances no longer exist, (i) any obligation of the Lenders to make SOFR Loans, and any
right of the Borrower to convert any Loan to a SOFR Loan or continue any Loan as a SOFR Loan, shall be suspended and (ii) if necessary
to avoid such illegality, the Administrative Agent shall compute the Base Rate without reference to clause (c) of the definition
of “Base Rate”, in each case until each such affected Lender notifies the Administrative Agent and the Borrower that the circumstances
giving rise to such determination no longer exist. Upon receipt of such notice, the Borrower shall, if necessary to avoid such illegality,
upon demand from any Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all SOFR Loans to Base Rate Loans
(in each case, if necessary to avoid such illegality, the Administrative Agent shall compute the Base Rate without reference to clause
(c) of the definition of “Base Rate”), on the last day of the Interest Period therefor, if all affected Lenders may lawfully
continue to maintain such SOFR Loans, to such day, or immediately, with respect to any Daily SOFR Loan or if any Lender may not lawfully
continue to maintain such SOFR Loans to such day. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest
on the amount so prepaid or converted, together with any additional amounts required pursuant to Section 3.05.

 

(c)           Benchmark
Replacement Setting.

 

		(i)	Benchmark Replacement.

 

(A)         Notwithstanding
anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event, the Administrative
Agent and the Borrower may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement. Any such amendment
with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after
the Administrative Agent has posted such proposed amendment to all affected Lenders and the Borrower so long as the Administrative Agent
has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders. No replacement
of a Benchmark with a Benchmark Replacement pursuant to this Section 3.03(c)(i)(A) will occur prior to the applicable
Benchmark Transition Start Date.

 

(B)          No
Swap Contract shall be deemed to be a “Loan Document” for purposes of this Section 3.03(c).

 

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(ii)           Benchmark
Replacement Conforming Changes. In connection with the use, administration, adoption or implementation of a Benchmark Replacement,
the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary
herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action
or consent of any other party to this Agreement or any other Loan Document.

 

(iii)          Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (A) the
implementation of any Benchmark Replacement and (B) the effectiveness of any Conforming Changes in connection with the use, administration,
adoption or implementation of a Benchmark Replacement. The Administrative Agent will promptly notify the Borrower of the removal or reinstatement
of any tenor of a Benchmark pursuant to Section 3.03(c)(iv). Any determination, decision or election that may be made by the
Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 3.03(c), including any determination
with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision
to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its
or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case,
as expressly required pursuant to this Section 3.03(c).

 

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

 

(v)           Benchmark
Unavailability Period.    Upon the Borrower’s receipt of notice of the commencement of a Benchmark
Unavailability Period, (A) the Borrower may revoke any pending request for a borrowing of, conversion to or continuation of
SOFR Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed
to have converted any such request into a request for a borrowing of or conversion to Base Rate Loans and (B) any outstanding affected
SOFR Loans will be deemed to have been converted to Base Rate Loans at the end of the applicable Interest Period. During any Benchmark
Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Base
Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the
Base Rate.

 

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3.04         Increased
Costs.

 

(a)           Increased
Costs Generally. If any Change in Law shall:

 

(i)         impose,
modify or deem applicable any reserve, special deposit, liquidity, compulsory loan, insurance charge or similar assessment or requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, the Administrative Agent, any Lender
or any L/C Issuer;

 

(ii)        subject
any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the
definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other
obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(iii)       impose
on the Administrative Agent, any Lender or L/C Issuer or any other condition, cost or expense affecting this Agreement or SOFR
Loans or Daily SOFR Loans made by such Lender or any Letter of Credit or participation therein;

 

and the result of any of the foregoing
shall be to increase the cost to the Administrative Agent, such Lender or any Recipient, as applicable, of making, converting, continuing
or maintaining any Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Administrative Agent,
Lender, such L/C Issuer or any Recipient of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation
to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Administrative
Agent, Lender, such L/C Issuer or any Recipient hereunder (whether of principal, interest or any other amount) then the Borrower will
pay to the Administrative Agent, such Lender, L/C Issuer or Recipient, as applicable, such additional amount or amounts as will compensate
the Administrative Agent, such Lender, L/C Issuer or Recipient, as applicable, for such additional costs incurred or reduction suffered.

 

(b)           Capital
Requirements. If any Lender or L/C Issuer determines that any Change in Law affecting such Lender or L/C Issuer or any Lending Office
of such Lender or such Lender’s or L/C Issuer’s holding company, if any, regarding capital or liquidity ratios or requirements
has or would have the effect of reducing the rate of return on such Lender’s or L/C Issuer’s capital or on the capital of
such Lender’s or L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender
or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such L/C Issuer,
to a level below that which such Lender or L/C Issuer or such Lender’s or L/C Issuer’s holding company could have achieved
but for such Change in Law (taking into consideration such Lender’s or L/C Issuer’s policies and the policies of such Lender’s
or L/C Issuer’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will
pay to such Lender or L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or L/C Issuer or
such Lender’s or L/C Issuer’s holding company for any such reduction suffered.

 

(c)           Certificates
for Reimbursement. A certificate of a Lender or an L/C Issuer setting forth the amount or amounts necessary to compensate such
Lender or L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of
this Section and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or L/C Issuer,
as the case may be, the amount shown as due on any such certificate within fifteen (15) days after receipt thereof.

 

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

  

3.05         Compensation
for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower shall promptly compensate
such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:

 

(a)  
         any continuation, conversion, payment or prepayment of any Loan other than a Base
Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason
of acceleration, or otherwise);

 

(b)           any
failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any
Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower; or

 

(c)           any
assignment of a SOFR Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower
pursuant to Section 11.13;

 

excluding any loss of anticipated profits and
including any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees
payable to terminate the deposits from which such funds were obtained. The Borrower shall also pay any customary administrative fees charged
by such Lender in connection with the foregoing.

 

For purposes of calculating amounts payable by
the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded each SOFR Loan made
by it at Adjusted Term SOFR for such Loan by a matching deposit or other borrowing for a comparable amount and for a comparable period,
whether or not such SOFR Loan was in fact so funded.

 

3.06         Mitigation
Obligations; Replacement of the Lenders.

 

(a)           Designation
of a Different Lending Office. If any Lender requests compensation under Section 3.04, or the Borrower is required
to pay any Indemnified Taxes or additional amount to any Lender, any L/C Issuer, or any Governmental Authority for the account
of any Lender or L/C Issuer pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.03(b),
then at the request of the Borrower such Lender or L/C Issuer shall, as applicable, use reasonable efforts to designate a different Lending
Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches
or affiliates, if, in the reasonable judgment of such Lender or L/C Issuer, such designation or assignment (i) would eliminate or
reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate
the need for the notice pursuant to Section 3.03(b), as applicable, and (ii) in each case, would not subject such
Lender or L/C Issuer, as the case may be, to any material unreimbursed cost or expense and would not otherwise be materially disadvantageous
to such Lender or L/C Issuer, as the case may be. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any
Lender or L/C Issuer in connection with any such designation or assignment.

  

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(b)           Replacement
of the Lenders. If any Lender requests compensation under Section 3.04, or if the Borrower is required
to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant
to Section 3.01 and, in each case, such Lender has declined or is unable to designate a different lending office in
accordance with Section 3.06(a) the Borrower may replace such Lender in accordance with Section 11.13.

 

3.07         Survival.
All of the Borrower’s obligations under this Article III shall survive termination of the Aggregate Commitments,
repayment of all other Obligations hereunder, and resignation of the Administrative Agent.

 

3.08         [Reserved].

 

Article IV.

Unencumbered Properties

 

4.01         Initial
Unencumbered Properties. As of the Closing Date, the Initial Unencumbered Properties shall consist of the Properties set forth on
Schedule 4.01.

 

4.02         Reserved.

 

4.03         Notices
of Qualification as an Unencumbered Property. The Borrower shall provide the Administrative Agent with a written notice of an Acceptable
Property to be deemed an Unencumbered Property.

 

4.04         Eligibility.
In order for an Acceptable Property to be eligible for inclusion as an Unencumbered Property, such Acceptable Property shall satisfy the
following requirements unless otherwise approved by the Required Lenders:

 

(a)            no
Material Title Defect with respect to such Acceptable Property shall exist;

 

(b)           such
Acceptable Property shall have reasonable access to public utilities; and

 

(c)           such
Acceptable Property shall not have any material defects.

 

4.05         Reserved.

 

4.06         Guaranty.
An Acceptable Property owned by a Subsidiary Guarantor or a Subsidiary of the Borrower that is required to be a Subsidiary Guarantor pursuant
to Section 2.17(a) shall not be deemed an Unencumbered Property until the applicable Subsidiary shall have executed
and delivered (or caused to be executed and delivered) to the Administrative Agent, for the benefit of the Lenders and any Specified Derivatives
Providers, the Subsidiary Guaranty.

 

4.07         Admission
of New Unencumbered Properties. If, after the date of this Agreement, the Borrower has submitted to the Administrative Agent the notice
contemplated by Section 4.03, then such Acceptable Property shall be deemed to be an Unencumbered Property.

 

4.08         Reserved.

  

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4.09         Reserved.

 

4.10         Exclusion
Events. Each of the following events shall be an “Exclusion Event” with respect to an Unencumbered Property:

 

(a)     
      such Unencumbered Property suffers a Material Environmental Event or a Material Title Defect after the
date of this Agreement which the Administrative Agent determines, acting reasonably and in good faith, materially impairs the Unencumbered
Asset Value or marketability of such Unencumbered Property;

 

(b)            the
Administrative Agent determines that such Unencumbered Property has suffered a Material Property Event after the date such Property was
deemed an Unencumbered Property (or in the case of an uninsured Casualty, in respect of such Unencumbered Property, is reasonably
likely to become a Material Property Event) which the Administrative Agent determines, acting reasonably and in good faith, materially
impairs the Unencumbered Asset Value or marketability of such Unencumbered Property;

 

(c)            a
Lien for the performance of work or the supply of materials which is established against such Unencumbered Property, or any stop notice
served on the owner of such Unencumbered Property, the Administrative Agent or a Lender, remains unsatisfied or unbonded for a period
of thirty (30) days after the date of filing or service and such Lien has priority over any Loan previously or thereafter made under this
Agreement;

 

(d)           (i) any
default by any Subsidiary Guarantor or Eligible Property Subsidiary, as tenant under any applicable Acceptable Ground Lease, in
the observance or performance of any material term, covenant, or condition of any applicable Acceptable Ground Lease on the part of such
Subsidiary Guarantor or Eligible Property Subsidiary, as applicable, to be observed or performed and said default is not cured following
the expiration of any applicable grace and notice periods therein provided, or (ii)  the leasehold estate created by any applicable
Acceptable Ground Lease shall be surrendered or (iii)  any applicable Acceptable Ground Lease shall cease to be in full force and
effect or (iv) any applicable Acceptable Ground Lease shall be terminated or canceled for any reason or under any circumstances
whatsoever, or any of the material terms, covenants or conditions of any applicable Acceptable Ground Lease shall be modified, changed,
supplemented, altered, or amended in any manner not otherwise permitted hereunder without the consent of the Administrative Agent; and

 

(e)            the
Borrower shall cease to own, directly or indirectly, one hundred percent (100%) of the Equity Interests of any Subsidiary Guarantor
or Eligible Property Subsidiary, as applicable, that owns an Unencumbered Property free and clear of any Liens (other than Liens in favor
of the Administrative Agent).

 

After the occurrence of any Exclusion Event, the
Administrative Agent, at the direction of the Required Lenders in their sole discretion, shall have the right at any time and from time
to time to notify the Borrower (the “Exclusion Notice”) that, effective ten (10) Business Days after the
giving of such notice and for so long as such Exclusion Event exists, such Property shall no longer be considered an Unencumbered Property.

 

If the Administrative Agent delivers an Exclusion
Notice and such Exclusion Event no longer exists, then the Borrower may give the Administrative Agent written notice thereof (together
with reasonably detailed evidence of the cure of such condition) and such Unencumbered Property shall be considered an Unencumbered Property
as long as such Unencumbered Property meets all the requirements to be deemed an Unencumbered Property set forth in this Article IV.
Any Property that is excluded from the Unencumbered Properties pursuant to this Section 4.10 may subsequently be reinstated
as an Unencumbered Property, even if an Exclusion Event exists, upon such terms and conditions as the Required Lenders may approve.

 

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Upon the occurrence of an Default under Section 8.11(a),
the Borrower shall have the right to elect, upon written notice to the Administrative Agent, that the Lenders designate one or more Unencumbered
Properties to be excluded as Unencumbered Properties in order to effect compliance with Section 8.11(a), with the Borrower
thereafter having the right to elect to have any such Unencumbered Property thereafter deemed an Unencumbered Property, provided no Exclusion
Event shall exist at such time with respect to such Unencumbered Property.

 

Article V.

Conditions Precedent to Credit Extensions

 

5.01         Conditions
of Initial Credit Extension. The obligation of each L/C Issuer, the Swing Line Lender, and each Lender to make its initial Credit
Extension hereunder is subject to satisfaction of the following conditions precedent:

 

(a)           The
Administrative Agent’s receipt of the following, each of which shall be originals or telecopies (followed promptly by originals)
unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date (or,
in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory
to the Administrative Agent and each of the Lenders:

 

(i)          executed
counterparts of this Agreement and the Guaranties sufficient in number for distribution to the Administrative Agent, each Lender, and
the Borrower for each Initial Unencumbered Property;

 

(ii)         a
Note executed by the Borrower in favor of each Lender requesting a Note;

 

(iii)        copies
of the Organization Documents of each Loan Party certified to be true and complete as of a recent date by the appropriate Governmental
Authority of the state or other jurisdiction of its incorporation or organization, where applicable, and certified by a Responsible Officer
of such Loan Party to be true and correct as of the Closing Date;

 

(iv)        such
certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party
as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized
to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party;

 

(v)         such
documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or
formed, and that each Loan Party is validly existing, in good standing and qualified to engage in business in each jurisdiction where
its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that
failure to do so could not reasonably be expected to have a Material Adverse Effect;

 

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(vi)        a
favorable opinion of DLA Piper LLP (US), counsel to the Loan Parties, addressed to the Administrative Agent and each Lender, as to the
matters set forth in Exhibit G and such other matters concerning the Loan Parties and the Loan Documents as the Required
Lenders may reasonably request;

  

(vii)       a
certificate of a Responsible Officer of each Loan Party either (A) attaching copies of all consents, licenses and approvals required
in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents
to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such
consents, licenses or approvals are so required;

 

(viii)      a
certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in Sections 5.02(a) and
(b) have been satisfied, and (B) that there has been no event or circumstance since the date of the Audited Financial
Statements that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect;

 

(ix)         a
duly completed Compliance Certificate as of the Closing Date, signed by a Responsible Officer of the Borrower;

 

(x)       
   evidence that all insurance required to be maintained pursuant to the Loan Documents has been obtained and is in
effect;

 

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

 

(xii)        the
Borrower shall have provided to the Administrative Agent and each Lender the documentation and other information requested by the Administrative
Agent or such Lender in connection with applicable “know your customer” and anti-money-laundering rules and regulations,
including the PATRIOT Act, in each case at least five (5) Business Days prior to the Closing Date;

 

(xiii)      at
least five days prior to the Closing Date, each Loan Party that qualifies as a “legal entity customer” under the Beneficial
Ownership Regulation shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership Certification
in relation to such Loan Party or such Subsidiary, in each case at least five (5) Business Days prior to the Closing Date; and

 

(xiv)      such
other assurances, certificates, documents, consents or opinions as the Administrative Agent, the Swing Line Lender, the L/C Issuers
or the Required Lenders reasonably may require.

 

(b)      
     Any fees required to be paid on or before the Closing Date shall have been paid.

 

(c)            Unless
waived by the Administrative Agent, the Borrower shall have paid all fees, charges and disbursements of counsel to the Administrative
Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced prior to the Closing Date, plus such
additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements
incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final
settling of accounts between the Borrower and the Administrative Agent).

 

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Without limiting the generality
of the provisions of the last paragraph of Section 10.03, for purposes of determining compliance with the conditions
specified in this Section 5.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved
or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable
or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing
Date specifying its objection thereto.

  

5.02         Conditions
to all Credit Extensions. The obligation of each Lender to honor any Request for Credit Extension (other than a Committed Loan Notice
requesting only a conversion of Committed Loans to the other Type, or a continuation of SOFR Loans) is subject to the following conditions
precedent:

 

(a)         The
representations and warranties of the Borrower and each other Loan Party contained in Article VI or any other Loan
Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and
correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse
Effect, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of such Credit
Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall
be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material
Adverse Effect, in which case such representation or warranty shall be true and correct in all respects) as of such earlier date, and
except that for purposes of this Section 5.02, the representations and warranties contained in Section 6.05(b) shall
be deemed to refer to the most-recent statements furnished pursuant to Section 7.01(b).

 

(b)        
   No Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds
thereof.

 

(c)           The
Administrative Agent and, if applicable, the Swing Line Lender or the applicable L/C Issuer shall have received a Request for Credit Extension
in accordance with the requirements hereof.

 

(d)           After
giving effect to such proposed Credit Extension, the Borrower shall be in compliance with Section 2.01(c).

 

Each Request for Credit Extension
(other than a Committed Loan Notice requesting only a conversion of Committed Loans to the other Type or a continuation of SOFR Loans)
submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 5.02(a),
(b), and (d) have been satisfied on and as of the date of the applicable Credit Extension.

 

Article VI.

Representations and Warranties

 

Each of the Parent and the
Borrower represents and warrants to the Administrative Agent and the Lenders that:

 

6.01         Existence,
Qualification and Power; Compliance with Laws. The Parent, the Borrower, each Subsidiary Guarantor and each Eligible Property Subsidiary
(a) is duly organized or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its
incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations,
consents and approvals to (i) own or lease its assets and carry on its business and (ii) in the case of the Loan Parties, execute,
deliver, and perform its obligations under the Loan Documents to which it is a party, and (c) is duly qualified and is licensed and,
as applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct
of its business requires such qualification or license; except in each case referred to in clause (b)(i) or (c) to
the extent that failure to do so would not have a Material Adverse Effect.

 

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6.02         Authorization;
No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is party,
have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms
of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation
of any Lien under, or require any payment to be made under (i) any Contractual Obligation to which such Person is a party or affecting
such Person or the properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental
Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law.

 

6.03         Governmental
Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any
Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement
against, any Loan Party of this Agreement or any other Loan Document except for those that have been obtained, taken or made, as the case
may be, and those specified herein.

 

6.04         Binding
Effect. This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and delivered
by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute,
a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in accordance with
its terms, except as enforcement may be limited by Debtor Relief Laws or general equitable principles relating to or limiting creditors’
rights generally.

 

6.05         Financial
Statements; No Material Adverse Effect.

 

(a)       
    The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the
period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of the Parent
as of the date thereof and their results of operations for each period covered thereby in accordance with GAAP consistently applied
throughout the each period covered thereby, except as otherwise expressly noted therein; and (iii) show all material
indebtedness and other liabilities, direct or contingent, of the Parent as of the date thereof, including liabilities for taxes,
material commitments and Indebtedness required by GAAP to be reflected therein.

 

(b)           The
most recent unaudited consolidated balance sheet of the Parent delivered pursuant to Section 7.01(b), and the related
consolidated statements of income or operations, shareholders’ equity and cash flows for the fiscal quarter ended on that date (i) were
prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein,
and (ii) fairly present the financial condition of the Parent as of the date thereof and its results of operations for the period
covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end
audit adjustments.

 

(c)            From
and after the date of the Audited Financial Statements, and thereafter, from and after the date of the most recent financial statements
delivered pursuant to Section 7.01(a) or 7.01(b), there has been no event or circumstance, either
individually or in the aggregate, that has had or would have a Material Adverse Effect.

 

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6.06         Litigation.
There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of any Company, threatened or contemplated,
at law, in equity, in arbitration or before any Governmental Authority, by or against any Company or against any of their properties or
revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated
hereby, or (b) except as specifically disclosed in Schedule 6.06, either individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect, and there has been no adverse change in the status, or financial effect on any
Company, of the matters described on Schedule 6.06, which change could reasonably be expected to have a Material Adverse
Effect.

  

6.07         No
Default. No Company is in default under or with respect to any Contractual Obligation that could, either individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation
of the transactions contemplated by this Agreement or any other Loan Document.

 

6.08         Ownership
of Property; Liens; Equity Interests. Each Subsidiary Guarantor and each Eligible Property Subsidiary has good record and marketable
title in fee simple to, or valid leasehold interests in, all Unencumbered Properties necessary or used in the ordinary conduct of its
business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. Each applicable Subsidiary Guarantor and each applicable Eligible Property Subsidiary has good record and marketable fee simple
title (or, in the case of Acceptable Ground Leases, a valid leasehold) to the Unencumbered Property owned by such Subsidiary Guarantor
or such Eligible Property Subsidiary, as applicable, subject only to Liens permitted by Section 8.01. All of the outstanding
Equity Interests in each Subsidiary Guarantor and each Eligible Property Subsidiary have been validly issued, are fully paid and non-assessable
and are owned by the applicable holders free and clear of all Liens (other than Liens permitted by Section 8.01).

 

6.09         Environmental
Compliance.

 

(a)      
     The Companies conduct in the ordinary course of business a review of the effect of existing Environmental Laws
and claims alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses,
operations and properties, and as a result thereof the Parent and the Borrower have reasonably concluded that, except as
specifically disclosed in Schedule 6.09, such Environmental Laws and claims could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

 

(b)           After
due inquiry in accordance with good commercial or customary practices to determine whether Contamination is present on any Property, without
regard to whether the Administrative Agent or any Lender has or hereafter obtains any knowledge or report of the environmental condition
of such Property, except as may be indicated in environmental reports delivered to the Administrative Agent and except to the extent the
same could not reasonably be expected to have a Material Adverse Effect: (i) such Property has not been used (A) for landfilling,
dumping, or other waste or Hazardous Material disposal activities or operations, or (B) for generation, storage, use, sale, treatment,
processing, or recycling of any Hazardous Material, or for any other use that has resulted in Contamination, and in each case, to each
Company’s knowledge, no such use on any adjacent property occurred at any time prior to the date hereof; (ii) there is no Hazardous
Material, storage tank (or similar vessel) whether underground or otherwise, sump or well currently on any Property; (iii) no Company
has received any notice of, or has knowledge of, any Environmental Claim or any completed, pending, proposed or threatened investigation
or inquiry concerning the presence or release of any Hazardous Material on any Property or any adjacent property or concerning whether
any condition, use or activity on any Property or any adjacent property is in violation of any Environmental Requirement; (iv) the
present conditions, uses, and activities on each Property do not violate any Environmental Requirement and the use of any Property which
any Company (and each tenant and subtenant) makes and intends to make of any Property complies and will comply with all applicable Environmental
Requirements; (v) no Property appears on the National Priorities List, any federal or state “superfund” or “superlien”
list, or any other list or database of properties maintained by any local, state, or federal agency or department showing properties which
are known to contain or which are suspected of containing a Hazardous Material; (vi) no Company has ever applied for and been denied
environmental impairment liability insurance coverage relating to any Property; (vii) no Company has, nor, to any Company’s
knowledge, have any tenants or subtenants, obtained any permit or authorization to construct, occupy, operate, use, or conduct any activity
on any Property by reason of any Environmental Requirement; and (viii) to any Company’s knowledge, there are no underground
or aboveground storage tanks on such Property.

 

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6.10         Insurance.
The properties of the Loan Parties are insured with financially sound and reputable insurance companies not Affiliates of any Loan Party,
in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and
owning similar properties in localities where the Loan Parties operate.

 

6.11         Taxes.
The Companies have filed all material Federal, state and other tax returns and reports required to be filed, and have paid all material
Federal, state and other taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income
or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings diligently conducted
and for which adequate reserves have been provided in accordance with GAAP or which would not result in a Material Adverse Effect. There
is no proposed tax assessment against any Company that would, if made, have a Material Adverse Effect. Neither any Loan Party nor any
Subsidiary thereof is party to any tax sharing agreement.

 

6.12         ERISA
Compliance.

 

(a)            Each
Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other Federal or state laws. Each
Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination
letter from the IRS to the effect that the form of such Plan is qualified under Section 401(a) of the Code and
the trust related thereto has been determined by the IRS to be exempt from federal income tax under Section 501(a) of
the Code, or an application for such a letter is currently being processed by the IRS. To the best knowledge of the Parent and the Borrower,
nothing has occurred that would prevent or cause the loss of such tax-qualified status. The Parent and each ERISA Affiliate have made
all required contributions to each Plan subject to Section 412 of the Code, and no application for a funding waiver or an
extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any Plan.

 

(b)           There
are no pending or, to the best knowledge of the Parent and the Borrower, threatened claims, actions or lawsuits, or action by any Governmental
Authority, with respect to any Plan that would have a Material Adverse Effect. There has been no prohibited transaction or violation of
the fiduciary responsibility rules with respect to any Plan that has resulted or would have a Material Adverse Effect.

 

(c)           (i) No
ERISA Event has occurred, and neither the Parent nor any ERISA Affiliate is aware of any fact, event or circumstance that would constitute
or result in an ERISA Event with respect to any Pension Plan; (ii) the Parent and each ERISA Affiliate has met all applicable requirements
under the Pension Funding Rules in respect of each Pension Plan, and no waiver of the minimum funding standards under the Pension
Funding Rules has been applied for or obtained; (iii) as of the most-recent valuation date for any Pension Plan, the funding
target attainment percentage (as defined in Section 430(d)(2) of the Code) is 60% or higher and neither the Parent nor
any ERISA Affiliate knows of any facts or circumstances that would cause the funding target attainment percentage for any such plan to
drop below 60% as of the most-recent valuation date; (iv) neither the Parent nor any ERISA Affiliate has incurred any liability to
the PBGC other than for the payment of premiums, and there are no premium payments which have become due that are unpaid; (v) neither
the Parent nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or Section 4212(c) of
ERISA; and (vi) no Pension Plan has been terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance
has occurred or exists that would cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension Plan, in each
case, that would result in a liability, individually, or in the aggregate, in excess of the Threshold Amount.

 

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(d)           As
of the Closing Date the Borrower is not nor will be using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as
modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments.

 

6.13         Subsidiaries;
Equity Interests. As of the Closing Date, the Parent and the Borrower have no Subsidiaries other than those specifically disclosed
in Part (a) of Schedule 6.13, and all of the outstanding Equity Interests in such Subsidiaries have been
validly issued, are fully paid and non-assessable and are owned by a Company in the amounts specified on Part (a) of Schedule 6.13
free and clear of all Liens. As of the Closing Date, neither the Parent nor the Borrower has any direct or indirect Equity Interests in
any other Person other than those specifically disclosed in Part (b) of Schedule 6.13. All
of the outstanding Equity Interests in each Subsidiary Guarantor and each Eligible Property Subsidiary have been validly issued, are fully
paid and non-assessable and are owned by the applicable holders in the amounts specified on Part (c) of Schedule 6.13
free and clear of all Liens.

 

6.14         Margin
Regulations; Investment Company Act.

 

(a)           Neither
the Parent nor the Borrower is engaged and will not engage, principally or as one of their important activities, in the business of purchasing
or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or
carrying margin stock.

 

(b)           None
of the Parent, the Borrower, any Person Controlling the Borrower, or any other Company is or is required to be registered as an “investment
company” under the Investment Company Act of 1940.

 

6.15         Disclosure.

 

(a)           The
Parent and the Borrower have disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate or other
restrictions to which any Company is subject, and all other matters known to them, that, individually or in the aggregate, would have
a Material Adverse Effect. The reports, financial statements, certificates or other information furnished (whether in writing or orally)
by or on behalf of any Company to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the
negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case, as modified or supplemented by other
information so furnished), taken as a whole, do not contain any material misstatement of fact or fail to state any material fact necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading; provided that
(a) with respect to projected financial information, the Parent and the Borrower represent only that such information was prepared
in good faith based upon assumptions believed to be reasonable at the time made, and (b) with respect to any lease abstracts provided
by the Borrower, to the best of the Borrower’s knowledge, same will not contain any material misstatement of fact or fail to state
any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

 

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(b)           As
of the Closing Date, the information included in the Beneficial Ownership Certification is true and correct in all respects.

 

6.16        Compliance
with Laws. Each Company is in compliance in all material respects with the requirements of all Laws and all orders, writs, injunctions
and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ,
injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply
therewith, either individually or in the aggregate, would not have a Material Adverse Effect.

 

6.17         Taxpayer
Identification Number. As of the date hereof, each Loan Party’s true and correct U.S. taxpayer identification number is set
forth on Schedule 11.02.

 

6.18         Intellectual
Property; Licenses, Etc. Each Loan Party owns, or possesses the right to use, all of the trademarks, service marks, trade names, copyrights,
patents, patent rights, franchises, licenses and other intellectual property rights (collectively, “IP Rights”)
that are reasonably necessary for the operation of their respective businesses, without conflict with the rights of any other Person except,
in each case, where the failure to do so would have a Material Adverse Effect. To the best knowledge of each Loan Party, no slogan or
other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed,
by any Loan Party infringes upon any rights held by any other Person except where such infringement would not have a Material Adverse
Effect. Except as specifically disclosed in Schedule 6.18, no claim or litigation regarding any of the foregoing is
pending or, to the best knowledge of each Loan Party, threatened, which, either individually or in the aggregate, would have a Material
Adverse Effect.

 

6.19         Reserved.

 

6.20         Solvency.
No Loan Party (a) has entered into the transaction or executed this Agreement or any other Loan Document with the actual intent to
hinder, delay or defraud any creditor and (b) has not received reasonably equivalent value in exchange for its obligations under
the Loan Documents. After giving effect to any Loan, the fair saleable value of the Loan Parties’ assets, taken as a whole, exceeds
and will, immediately following the making of any such Loan, exceed the Loan Parties’ total liabilities, including subordinated,
unliquidated, disputed and contingent liabilities. The Loan Parties’ assets, taken as a whole, do not constitute unreasonably small
capital to carry out their business as conducted or as proposed to be conducted, nor will their assets constitute unreasonably small capital
immediately following the making of any Loan. The Loan Parties do not intend to incur debt and liabilities (including contingent liabilities
and other commitments) beyond their ability to pay such debt and liabilities as they mature (taking into account the timing and amounts
of cash to be received by the Loan Parties and the amounts to be payable on or in respect of obligations of the Loan Parties). No petition
under any Debtor Relief Laws has been filed against any Loan Party in the last seven (7) years, and neither the Borrower nor any
other Loan Party in the last seven (7) years has ever made an assignment for the benefit of creditors or taken advantage of any insolvency
act for the benefit of debtors. No Loan Party is contemplating either the filing of a petition by it under any Debtor Relief Laws or the
liquidation of all or a major portion of its assets or property (except for dispositions permitted hereunder), and no Loan Party has knowledge
of any Person contemplating the filing of any such petition against it or any other Loan Party.

 

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6.21         REIT
Status of the Parent. The Parent qualified as a REIT commencing with its taxable year ending December 31, 2013 and will remain
qualified in each taxable year thereafter.

  

6.22         Labor
Matters. There is (a) no significant unfair labor practice complaint pending against any Company or, to the best of each Company’s
knowledge, threatened against any Company, before the National Labor Relations Board, and no significant grievance or significant arbitration
proceeding arising out of or under any collective bargaining agreement is pending on the date hereof against any Company or, to best of
any Company’s knowledge, threatened against any Company which, in either case, would result in a Material Adverse Effect, and (b) no
significant strike, labor dispute, slowdown or stoppage is pending against any Company or, to the best of any Company’s knowledge,
threatened against any Company which would result in a Material Adverse Effect.

 

6.23         Ground
Lease Representation.

 

(a)           The
applicable Subsidiary Guarantor or Eligible Property Subsidiary has delivered to the Administrative Agent true and correct copies
of each Acceptable Ground Lease to the extent requested by the Administrative Agent.

 

(b)           Each
Acceptable Ground Lease is in full force and effect.

 

6.24         Unencumbered
Properties.  To the Borrower’s knowledge and except where the failure of any of the following to be true and correct would not
have a Material Adverse Effect:

 

(a)            Each
Unencumbered Property complies with all Laws, including all subdivision and platting requirements, without reliance on any adjoining or
neighboring property. No Loan Party has received any notice or claim from any Person that an Unencumbered Property, or any use, activity,
operation, or maintenance thereof or thereon, is not in compliance with any Law, and has no knowledge of any such noncompliance except
as disclosed in writing to the Administrative Agent;

 

(b)           The
Loan Parties have not directly or indirectly conveyed, assigned, or otherwise disposed of, or transferred (or agreed to do so) any development
rights, air rights, or other similar rights, privileges, or attributes with respect to an Unencumbered Property, including those arising
under any zoning or property use ordinance or other Laws;

 

(c)           All
utility services necessary for the use of each Unencumbered Property and the operation thereof for their intended purpose are available
at each Unencumbered Property;

 

(d)           The
current use of each Unencumbered Property complies in all material respects with all applicable zoning ordinances, regulations, and restrictive
covenants affecting such Unencumbered Property, all use restrictions of any Governmental Authority having jurisdiction have been satisfied;
and

 

(e)           No
Unencumbered Property is the subject of any pending or, to any Loan Party’s knowledge, threatened Condemnation or material adverse
zoning proceeding for which the Administrative Agent has not been notified in accordance with Section 7.03(f).

 

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6.25         OFAC.
No Loan Party, nor, to the knowledge of any Loan Party, any Related Party, (i) is currently the subject of any Sanctions, (ii) is
located, organized or residing in any Designated Jurisdiction, or (iii) is or has been (within the previous five (5) years)
engaged in any transaction with any Person who is now or was then the subject of Sanctions or who is located, organized or residing in
any Designated Jurisdiction. No Loan, nor the proceeds from any Loan, has been used, directly or indirectly, to lend, contribute, provide
or has otherwise made available to fund any activity or business in any Designated Jurisdiction or to fund any activity or business of
any Person located, organized or residing in any Designated Jurisdiction or who is the subject of any Sanctions, or in any other manner
that will result in any violation by any Person (including any Lender, the Lead Arrangers, the Administrative Agent, any L/C Issuer or
the Swing Line Lender) of Sanctions. Each Loan Party, their respective officers and, to the knowledge of the Parent and the Borrower,
its respective directors, employees and agents and any Related Party, are in compliance with Anti-Corruption Laws, Anti-Money Laundering
Laws and applicable Sanctions in all material respects. No Credit Extension, use of the proceeds of any Credit Extension, or other transactions
contemplated hereby will violate Anti-Corruption Laws, Anti-Money Laundering Laws or applicable Sanctions. Neither the making of the Credit
Extensions hereunder nor the use of the proceeds thereof will violate the PATRIOT Act, the Trading with the Enemy Act, as amended, or
any of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended)
or any enabling legislation or executive order relating thereto or successor statute thereto. Each Loan Party is in compliance in all
material respects with the PATRIOT Act.

  

6.26         Affected
Financial Institution. No Loan Party is an Affected Financial Institution.

 

Article VII.

Affirmative Covenants

 

So long as any Lender shall
have any Commitment hereunder, any Loan or other Obligation hereunder (excluding contingent indemnification obligations to the extent
no unsatisfied claim giving rise thereto has been asserted) shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding:

 

7.01         Financial
Statements. Each of the Parent and the Borrower shall deliver to the Administrative Agent and each Lender, in form and detail reasonably
satisfactory to the Administrative Agent and the Required Lenders:

 

(a)         as
soon as available, but in any event within one hundred five (105) days after the end of each fiscal year of the Parent (or, if earlier,
fifteen (15) days after the date required to be filed with the SEC without giving effect to any extension permitted by the SEC) (commencing
with the fiscal year ending December 31, 2022), a consolidated balance sheet of the Parent as at the end of such fiscal year,
and the related consolidated statements of income or operations, changes in shareholders’ equity, and cash flows for such fiscal
year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in
accordance with GAAP, such consolidated statements to be audited and accompanied by a report and opinion of an independent certified public
accountant of nationally recognized standing reasonably acceptable to the Required Lenders, which report and opinion shall be prepared
in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification
or exception or any qualification or exception as to the scope of such audit; and

 

(b)         as
soon as available, but in any event within sixty (60) days after the end of each of the first three (3) fiscal quarters of each fiscal
year of the Parent (or, if earlier, five (5) days after the date required to be filed with the SEC) (commencing with the fiscal quarter
ending June 30, 2022), a consolidated balance sheet of the Parent, the Borrower and its Subsidiaries as at the end of such
fiscal quarter, the related consolidated statements of income or operations for such fiscal quarter and for the portion of the Parent’s
fiscal year then ended, and the related consolidated statements of changes in shareholders’ equity, and cash flows for the portion
of the Parent’s fiscal year then ended, in each case setting forth in comparative form, as applicable, the figures for the corresponding
fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail, such consolidated
statements to be certified by the chief executive officer, chief financial officer, treasurer or controller of the Parent as fairly presenting
the financial condition, results of operations, shareholders’ equity and cash flows of the Parent in accordance with GAAP, subject
only to normal year-end audit adjustments and the absence of footnotes.

 

    	 	88	 

     

    

  

As to any information contained in materials furnished
pursuant to Section 7.02, the Parent and the Borrower shall not be separately required to furnish such information
under clause (a) or (b) above, but the foregoing shall not be in derogation of the obligation
of the Parent and the Borrower to furnish the information and materials described in clauses (a) and (b) above
at the times specified therein.

 

7.02         Certificates;
Other Information. Each of the Parent and the Borrower shall deliver to the Administrative Agent and each Lender, in form and detail
reasonably satisfactory to the Administrative Agent and the Required Lenders:

 

(a)       
    concurrently with the delivery of the financial statements referred to in Sections 7.01(a) and (b),
a duly completed Compliance Certificate signed by the chief executive officer, chief financial officer, chief accounting officer,
treasurer or controller of the Borrower (which delivery may, unless the Administrative Agent or a Lender requests executed
originals, be by electronic communication including fax or email and shall be deemed to be an original authentic counterpart thereof
for all purposes);

 

(b)           promptly
after any request by the Administrative Agent, copies of any detailed audit opinions or review reports submitted to the board of directors
(or the audit committee of the board of directors) of the Parent by independent accountants in connection with the accounts or books of
the Parent;

 

(c)            promptly
after the same are available, copies of each annual report, proxy or financial statement or other report or communication sent to the
stockholders of the Parent, and copies of all annual, regular, periodic and special reports and registration statements which the Borrower
may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, and not otherwise
required to be delivered to the Administrative Agent pursuant hereto;

 

(d)            promptly
after the furnishing thereof, copies of any statement or report furnished to any holder of publicly- or privately-held debt securities
of the Parent or the Borrower pursuant to the terms of any indenture, loan or credit or similar agreement and not otherwise required to
be furnished to the Lenders pursuant to Section 7.01 or any other clause of this Section 7.02;

 

(e)            promptly,
and in any event within five (5) Business Days after receipt thereof by the Parent or the Borrower, copies of each notice or other
correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any material investigation
or other material inquiry by such agency regarding financial or other operational results of any Company unless restricted from doing
so by such agency; and

 

(f)            promptly,
such additional information regarding (i) the business, financial or corporate affairs of the Parent or the Borrower or any
Unencumbered Property, or compliance with the terms of the Loan Documents, and (ii) sustainability matters and practices of the Parent,
the Borrower or any Subsidiary (including with respect to corporate governance, environmental, social and employee matters, respect for
human rights, anti-corruption and anti-bribery), in each case, as the Administrative Agent or any Lender may from time to time reasonably
request (including for purposes of compliance with any legal or regulatory requirement applicable to it).

 

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Documents required to be delivered
pursuant to Section 7.01(a) or (b) or Section 7.02(c) (to the extent
any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall
be deemed to have been delivered on the date (i) on which the Parent or the Borrower (A) files any such document with the Securities
and Exchange Commission’s EDGAR system (or any successor thereto) in a manner accessible to the public at large or (B) posts
such documents, or provides a link thereto on the Parent and the Borrower’s website on the Internet at the website address listed
on Schedule 11.02; or (ii) on which such documents are posted on the Parent and the Borrower’s behalf on an Internet
or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website
or whether sponsored by the Administrative Agent). The Administrative Agent shall have no obligation to request the delivery of or to
maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Parent
and the Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to
it or maintaining its copies of such documents.

 

The Parent and the Borrower
hereby acknowledge that (a) the Administrative Agent and/or the Lead Arrangers will make available to the Lenders and the L/C Issuers
materials and/or information provided by or on behalf of the Parent and the Borrower hereunder (collectively, the “Borrower Materials”)
by posting the Borrower Materials on IntraLinks, SyndTrak or another similar electronic system (the “Platform”) and (b) certain
of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with
respect to the Parent, the Borrower or their Affiliates, or the respective Equity Interests of any of the foregoing, and who may be engaged
in investment and other market-related activities with respect to such Persons’ Equity Interests. The Parent and the Borrower hereby
agree that (w) all the Borrower Materials that are to be made available to the Public Lenders shall be clearly and conspicuously
marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof;
(x) by marking the Borrower Materials “PUBLIC,” the Parent and the Borrower shall be deemed to have authorized the Administrative
Agent, the Lead Arrangers, the L/C Issuers and the Lenders to treat such Borrower Materials as not containing any material non-public
information with respect to the Parent and the Borrower or their Equity Interests for purposes of United States Federal and state securities
laws (provided that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 11.07);
(y) all the Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated
 “Public Side Information;” and (z) the Administrative Agent and the Lead Arrangers shall be entitled to treat any the
Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated
 “Public Side Information.”

 

7.03         Notices.
Each of the Parent and the Borrower shall, upon becoming aware of same, promptly notify the Administrative Agent who shall notify each
Lender:

 

(a)           of
the occurrence of any Default;

 

(b)           of
any matter that has resulted or could reasonably be expected to have a Material Adverse Effect;

 

(c)            of
the occurrence of any ERISA Event which has resulted or would result in liabilities of any Company in an aggregate amount in excess of
the Threshold Amount;

 

    	 	90	 

     

    

 

(d)           of
any material litigation, arbitration or governmental investigation or proceeding instituted or threatened in writing against any Unencumbered
Property, and any material development therein;

  

(e)           of
any announcement by Moody’s, Fitch or S&P of any change in a Debt Rating or in its “outlook” with respect to a Debt
Rating;

 

(f)            of
any actual or threatened in writing Condemnation or zoning proceeding of any portion of any Unencumbered Property, any negotiations with
respect to any such taking, or any material loss of or substantial damage to any Unencumbered Property, in each case, except to the extent
that the same could not reasonably be expected to have a Material Adverse Effect;

 

(g)           of
any Casualty with respect to any Unencumbered Property except to the extent that the same could not reasonably be expected to have a Material
Adverse Effect;

 

(h)           of
any material permit, license, certificate or approval required with respect to any Unencumbered Property that lapses or ceases to be in
full force and effect or any claim from any person that any Unencumbered Property, or any use, activity, operation or maintenance thereof
or thereon, is not in compliance with any Law, in each case, except to the extent that the same could not reasonably be expected to have
a Material Adverse Effect;

 

(i)             of
any material change in accounting policies or financial reporting practices by any Company, including any determination by the Borrower
referred to in Section 2.10(b);

 

(j)             of
any Pricing Certificate Inaccuracy; and

 

(k)            of
any labor controversy pending or threatened against any Company, and any material development in any labor controversy except to the extent
that the same could not reasonably be expected to have a Material Adverse Effect.

 

Each notice pursuant to this
Section 7.03 shall be accompanied by a statement of a Responsible Officer of the Parent and the Borrower setting forth
details of the occurrence referred to therein and stating what action the Parent and/or the Borrower has taken and proposes to take with
respect thereto. Each notice pursuant to Section 7.03(a) shall describe with particularity any and all provisions
of this Agreement and any other Loan Document that have been breached.

 

7.04         Payment
of Obligations. Each of the Parent and the Borrower shall, and shall cause each other Loan Party to, pay and discharge as the same
shall become due and payable, all its obligations and liabilities, including: (a) all tax liabilities, assessments and governmental
charges or levies upon a Loan Party or its properties or assets, unless the same are being contested in good faith by appropriate proceedings
diligently conducted and adequate reserves in accordance with GAAP are being maintained by such Loan Party; (b) all lawful claims
which, if unpaid, would by law become a Lien upon its property other than Liens of the type permitted under Sections 8.01(a) through
(g); and (c) all Indebtedness, as and when due and payable except, in each case, where the failure to do so would not
result in a Material Adverse Effect.

 

7.05         Preservation
of Existence, Etc. Each of the Parent and the Borrower shall, and shall cause each other Loan Party to (a) preserve, renew and
maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization except
in a transaction permitted by Section 8.04; (b) take all reasonable action to maintain all rights, privileges,
permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do
so would not have a Material Adverse Effect; and (c) preserve or renew all of its IP Rights, the non-preservation of which would
have a Material Adverse Effect.

 

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7.06         Maintenance
of Properties. Each of the Parent and the Borrower shall, and shall cause each other Company to (a) maintain, preserve and protect
all of its material properties and equipment necessary in the operation of its business in good working order and condition except to
the extent the failure to do so would not result in a Material Adverse Effect; (b) make all necessary repairs thereto and renewals
and replacements thereof except where the failure to do so would not have a Material Adverse Effect; (c) use the standard of care
typical in the industry in the operation and maintenance of its (i) Unencumbered Properties, and, (ii) as to its other Properties
except where the failure to do so would not have a Material Adverse Effect; and (d) keep the Unencumbered Properties in good order,
repair, operating condition, and appearance, causing all necessary repairs, renewals, replacements, additions, and improvements to be
promptly made, and not allow any of the Unencumbered Properties to be misused, abused or wasted or to deteriorate (ordinary wear and tear
excepted) except where the failure to do so would not have a Material Adverse Effect.

 

7.07         Maintenance
of Insurance. Each of the Parent and the Borrower shall, and shall cause each other Company to, maintain with financially sound and
reputable insurance companies not Affiliates of any Company, insurance (including flood insurance if available or required) with respect
to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar
business, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons.

 

7.08         Compliance
with Laws; Beneficial Ownership Regulations. Each of the Parent and the Borrower shall, and shall cause each Subsidiary Guarantor
and each Eligible Property Subsidiary to, (a) comply in all material respects with the requirements of all Laws (including without
limitation Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions) and all orders, writs, injunctions and decrees applicable
to it or to its business or property, except in such instances in which (i) such requirement of Law or order, writ, injunction or
decree is being contested in good faith by appropriate proceedings diligently conducted; or (ii) the failure to comply therewith
would not have a Material Adverse Effect, (b) notify the Administrative Agent and each Lender that previously received a Beneficial
Ownership Certification of any change in the information provided in the Beneficial Ownership Certification that would result in a change
to the list of beneficial owners identified therein and (c) promptly upon the reasonable request of the Administrative Agent or any
Lender, provide the Administrative Agent or such Lender, as the case may be, any information or documentation requested by it for purposes
of complying with the Beneficial Ownership Regulation.

 

7.09         Books
and Records. Each of the Parent and the Borrower shall, and shall cause each other Company to: (a) maintain proper books of record
and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions
and matters involving the assets and business of each Company, as the case may be; and (b) maintain such books of record and account
in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over any Company,
as the case may be.

  

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7.10         Inspection
Rights. Subject to the rights of tenants, each of the Parent and the Borrower shall, and shall cause each other Loan Party to, permit
representatives and independent contractors of the Administrative Agent and each Lender, at the expense of the Administrative Agent or
such Lender, to visit and inspect and photograph any Unencumbered Property and any of its other properties, to examine its corporate,
financial and operating records, and all recorded data of any kind or nature, regardless of the medium of recording including all software,
writings, plans, specifications and schematics, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and
accounts with its officers all at the expense of the Borrower and at such reasonable times during normal business hours, upon reasonable
advance notice to the applicable Loan Party and no more often than once in any period of twelve (12) consecutive months unless an Event
of Default has occurred and is continuing; provided that when an Event of Default has occurred and is continuing the Administrative
Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense
of the Borrower at any time during normal business hours and without advance notice, subject to the rights of tenants. Any inspection
or audit of the Unencumbered Properties or the books and records, including recorded data of any kind or nature, regardless of the medium
of recording including software, writings, plans, specifications and schematics of any Loan Party, or the procuring of documents and financial
and other information, by the Administrative Agent on behalf of itself or on behalf of the Lenders shall be for the Administrative Agent’s
and the Lenders’ protection only, and shall not constitute any assumption of responsibility to any Loan Party or anyone else with
regard to the condition, construction, maintenance or operation of the Unencumbered Properties nor the Administrative Agent’s approval
of any certification given to the Administrative Agent nor relieve any Loan Party of the Borrower’s or any other Loan Party’s
obligations.

   

7.11         Use
of Proceeds. Each of the Parent and the Borrower shall, and shall cause each other Company to, use the proceeds of the Credit Extensions
(a) to refinance the obligations of the Companies under existing facilities, (b) to finance the acquisition of Properties, (c) to
pay operating and leasing expenses with respect to its Properties, and (d) for general corporate purposes, in each case, not in contravention
of any Law or of any Loan Document.

 

7.12         Environmental
Matters. Each of the Parent and the Borrower shall, and shall cause each other Loan Party to:

 

(a)           Violations;
Notice to the Administrative Agent. Use reasonable efforts to:

 

(i)          Keep
the Unencumbered Properties free of Contamination, except to the extent that any failure to do so could not reasonably be expected to
have a Material Adverse Effect;

 

(ii)         Promptly
deliver to the Administrative Agent a copy of each report pertaining to any Property or to any Loan Party prepared by or on behalf of
such Loan Party pursuant to a material violation of any Environmental Requirement to the extent that the same could reasonably be expected
to have a Material Adverse Effect; and

 

(iii)         As
soon as practicable advise the Administrative Agent in writing of any Environmental Claim or of the discovery of any Contamination on
any Unencumbered Property that could reasonably be expected to have a Material Adverse Effect, as soon as any Loan Party first obtains
knowledge thereof, including a description of the nature and extent of the Environmental Claim and/or Hazardous Material and all relevant
circumstances.

 

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(b)     
      Site Assessments and Information. If the Parent or the Borrower fails to comply with Section 7.12(a) or
if any other Event of Default shall have occurred and be continuing, then if requested by the Administrative Agent, at the
Borrower’s expense, deliver to the Administrative Agent from time to time, but no more frequently than once per calendar year
unless an Event of Default exists, in each case within seventy five (75) days after the Administrative Agent’s request, an
Environmental Assessment (hereinafter defined) made after the date of the Administrative Agent’s request. As used in this
Agreement, the term “Environmental Assessment” means a report of an environmental assessment of any or all
Unencumbered Properties and of such scope so as to be compliant with the guidelines established by the ASTM (including the taking of
soil borings and air and groundwater samples and other above and below ground testing) as the Administrative Agent may reasonably
request to be performed by a licensed environmental consulting firm reasonably acceptable to the Administrative Agent. Each
applicable Loan Party shall cooperate with each consulting firm making any such Environmental Assessment and shall supply to the
consulting firm all information available to such Loan Party to facilitate the completion of the Environmental Assessment. If any
Loan Party fails to furnish the Administrative Agent within thirty (30) days after the Administrative Agent’s request with a
copy of an agreement with an acceptable environmental consulting firm to provide such Environmental Assessment, or if any Loan Party
fails to furnish to the Administrative Agent such Environmental Assessment within seventy five (75) days after the Administrative
Agent’s request, upon written notice to the Parent and the Borrower, the Administrative Agent may cause any such Environmental
Assessment to be made at the Borrower’s expense and risk. Subject to the rights of tenant, the Administrative Agent and its
designees are hereby granted access to the Unencumbered Properties upon written notice, and a license which is coupled with an
interest and irrevocable, to make or cause to be made such Environmental Assessments. The Administrative Agent may disclose to any
Governmental Authority, to the extent required by applicable Law, any information the Administrative Agent ever has about the
environmental condition or compliance of the Unencumbered Properties, but shall be under no duty to disclose any such information
except as may be required by Law. The Administrative Agent shall be under no duty to make any Environmental Assessment of the
Unencumbered Properties, and in no event shall any such Environmental Assessment by the Administrative Agent be or give rise to a
representation that any Hazardous Material is or is not present on the Unencumbered Properties, or that there has been or shall be
compliance with any Environmental Requirement, nor shall any Company or any other Person be entitled to rely on any Environmental
Assessment made by the Administrative Agent or at the Administrative Agent’s request but the Administrative Agent shall
deliver a copy of such report to the Parent and the Borrower. Neither the Administrative Agent nor any Lender owes any duty of care
to protect any Company or any other Person against, or to inform them of, any Hazardous Material or other adverse condition
affecting the Unencumbered Properties.

   

(c)           Remedial
Actions. If any Contamination which could reasonably be expected to have a Material Adverse Effect is discovered on any Unencumbered
Property at any time and regardless of the cause, (i) promptly at the applicable Loan Parties’ sole expense, remove, treat,
and dispose of the Hazardous Material in compliance with all applicable Environmental Requirements in addition to taking such other action
as is necessary to have the full use and benefit of such Unencumbered Property as contemplated by the Loan Documents, and provide the
Administrative Agent with satisfactory evidence thereof; and (ii) if reasonably requested by the Administrative Agent, provide to
the Administrative Agent within thirty (30) days of the Administrative Agent’s request a bond, letter of credit, or other financial
assurance, including self-assurance, evidencing to the Administrative Agent’s satisfaction that all necessary funds are readily
available to pay the costs and expenses of the actions required by the preceding clause (i) and to discharge any assessments or liens
established against such Unencumbered Property as a result of the presence of the Hazardous Material on the Unencumbered Property. After
completion of such remedial actions, the applicable Loan Party shall promptly request regulatory approval, take all reasonable measures
to expedite issuance of such approval and upon receipt thereof deliver to the Administrative Agent a letter indicating that no further
action is required with respect to the applicable Unencumbered Property or similar confirmation by the applicable regulator that all required
remedial action as stated above has been taken and successfully completed to the satisfaction of the applicable regulator. The Loan Parties
shall not be deemed to have satisfied their remedial obligations under this provision until they have provided the Administrative Agent
such confirmation.

 

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7.13         Ground
Leases. Solely with respect to Unencumbered Property, each of the Parent and the Borrower shall, and shall cause each other Loan Party
to:

  

(a)           Diligently
perform and observe in all material respects all of the terms, covenants, and conditions of any Acceptable Ground Lease as tenant under
such Acceptable Ground Lease; and

 

(b)           Promptly
notify the Administrative Agent of (i) the giving to the applicable Subsidiary Guarantor or the applicable Eligible Property
Subsidiary of any notice of any default by such Subsidiary Guarantor or such Eligible Property Subsidiary under any Acceptable Ground
Lease and deliver to the Administrative Agent a true copy of each such notice within five (5) Business Days of such Subsidiary Guarantor’s
or such Eligible Property Subsidiary’s receipt thereof, and (ii) any bankruptcy, reorganization, or insolvency of the landlord
under any Acceptable Ground Lease or of any notice thereof, and deliver to the Administrative Agent a true copy of such notice within
five (5) Business Days of the applicable Subsidiary Guarantor’s or the applicable Eligible Property Subsidiary’s receipt.

 

(c)           Exercise
any individual option to extend or renew the term of an Acceptable Ground Lease upon demand by the Administrative Agent made at any time
within thirty (30) days prior to the last day upon which any such option may be exercised, and each applicable Subsidiary Guarantor
or each applicable Eligible Property Subsidiary hereby expressly authorizes and appoints the Administrative Agent as its attorney-in-fact
to exercise any such option in the name of and upon behalf of such Subsidiary Guarantor or such Eligible Property Subsidiary, as applicable,
which power of attorney shall be irrevocable and shall be deemed to be coupled with an interest.

 

If the applicable Subsidiary
Guarantor or applicable Eligible Property Subsidiary shall default in the performance or observance of any term, covenant, or condition
of any Acceptable Ground Lease on the part of such Subsidiary Guarantor or such Eligible Property Subsidiary, as applicable, and shall
fail to cure the same prior to the expiration of any applicable cure period provided thereunder, then the Administrative Agent shall have
the right, but shall be under no obligation, to pay any sums and to perform any act or take any action as may be appropriate to cause
all of the terms, covenants, and conditions of such Acceptable Ground Lease on the part of such Subsidiary Guarantor or such Eligible
Property Subsidiary, as applicable, to be performed or observed on behalf of such Subsidiary Guarantor or such Eligible Property Subsidiary,
as applicable, to the end that the rights of such Subsidiary Guarantor or such Eligible Property Subsidiary, as applicable, in, to, and
under such Acceptable Ground Lease shall be kept unimpaired and free from default. If the landlord under any Acceptable Ground Lease shall
deliver to the Administrative Agent a copy of any notice of default under such Acceptable Ground Lease, then such notice shall constitute
full protection to the Administrative Agent for any action taken or omitted to be taken by the Administrative Agent, in good faith, in
reliance thereon.

 

7.14         Unencumbered
Properties.

 

(a)        
   Except where the failure to comply with any of the following would not have a Material Adverse Effect, each of the Parent and
the Borrower shall, and shall use commercially reasonable efforts to cause each other Loan Party or the applicable tenant, to:

 

(i)         Pay
all real estate and personal property taxes, assessments, water rates or sewer rents, ground rents, maintenance charges, impositions,
and any other charges, including vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Unencumbered
Property, now or hereafter levied or assessed or imposed against any Unencumbered Property or any part thereof (except those which are
being contested in good faith by appropriate proceedings diligently conducted);

 

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(ii)         Promptly
pay (or cause to be paid) when due all bills and costs for labor, materials, and specifically fabricated materials incurred in connection
with any Unencumbered Property (except those which are being contested in good faith by appropriate proceedings diligently conducted),
and in any event never permit to be created or exist in respect of any Unencumbered Property or any part thereof any other or additional
Lien or security interest other than Liens permitted by Section 8.01; and

 

(iii)         Operate
the Unencumbered Properties in a good and workmanlike manner and in all material respects in accordance with all Laws in accordance with
such Loan Party’s prudent business judgment.

 

(b)            Except
where the failure would not have a material and adverse effect on the value of the Unencumbered Properties, taken as whole, each
of the Parent and the Borrower shall, and shall cause each other Loan Party to, to the extent owned and controlled by a Loan Party, preserve,
protect, renew, extend and retain all material rights and privileges granted for or applicable to each Unencumbered Property.

 

7.15         Certain
Post-Closing Obligations. As promptly practicable, and in any event by September 30, 2022
or such later date as the Administrative Agent agrees to in writing in its sole discretion, the Administrative Agent shall receive evidence
that the Term Loan Agreements shall be effective.

 

Article VIII.

Negative Covenants

 

So long as any Lender shall
have any Commitment hereunder, any Loan or other Obligation hereunder (excluding contingent indemnification obligations to the extent
no unsatisfied claim giving rise thereto has been asserted) shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding:

 

8.01         Liens.
Each of the Parent and the Borrower shall not, nor shall it permit any other Loan Party to, directly or indirectly, create, incur, assume
or suffer to exist any Lien upon any Unencumbered Property, other than the following:

 

(a)           Liens
pursuant to any Loan Document;

 

(b)           Liens
existing on the date hereof and listed on Schedule 8.01;

 

(c)           Liens
for taxes not yet due and payable or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate
reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

 

(d)           carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business
which are not overdue for a period of more than thirty (30) days or which are being contested in good faith and by appropriate proceedings
diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person;

 

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(e)           pledges
or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social
security legislation, other than any Lien imposed by ERISA;

 

(f)            easements,
rights-of-way, restrictions, restrictive covenants, encroachments, protrusions and other similar encumbrances affecting real property
which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the property
subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person;

 

(g)           Liens
securing judgments for the payment of money not constituting an Event of Default under Section 9.01(i);

 

(h)           the
rights of tenants under leases or subleases not interfering with the ordinary conduct of business of such Person;

 

(i)            Liens
securing obligations in the nature of personal property financing leases for furniture, furnishings or similar assets, Capital Leases
Obligations and other purchase money obligations for fixed or capital assets; provided that (i) such Liens do not at any time
encumber any property other than the property financed by such Indebtedness, (ii) the obligations secured thereby does not exceed
the cost or fair market value, whichever is lower, of the property being acquired on the date of acquisition, and (iii) with respect
to Capital Leases, such Liens do not at any time extend to or cover any assets other than the assets subject to such Capital Leases;

 

(j)            Liens
securing obligations in the nature of the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations,
surety bonds (other than bonds related to judgments or litigation), performance bonds and other obligations of a like nature incurred
in the ordinary course of business;

 

(k)           all
Liens, encumbrances and other matters disclosed in any owner’s title insurance policies or other title reports and updated thereof
accepted by the Administrative Agent; and

 

(l)            such
other title and survey exceptions as the Administrative Agent has approved in writing in the Administrative Agent’s reasonable discretion.

 

8.02         Indebtedness.
Each of the Parent and the Borrower shall not, nor shall it permit any other Loan Party to, create, incur, assume or suffer to exist any
Indebtedness, except:

 

(a)           Indebtedness
under the Loan Documents;

 

(b)           Indebtedness
outstanding on the date hereof and listed on Schedule 8.02 and any refinancings, refundings, renewals or extensions thereof;
provided that the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension
except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection
with such refinancing and by an amount equal to any existing commitments unutilized thereunder;

 

(c)           Guarantees
of (i) the Borrower or the Parent in respect of Indebtedness otherwise permitted hereunder of the Borrower or any other Guarantor,
(ii) the Parent or the Borrower, in respect of Indebtedness otherwise permitted hereunder of any Non-Guarantor Subsidiary if, in
the case of any Guarantee pursuant to this clause (ii), (x) no Default shall exist immediately before or immediately after the making
of such Guarantee, and (y) there exists no violation of the financial covenants set forth in Section 8.14 hereunder
on a pro forma basis after the making of such Guarantee, and (iii) Non-Guarantor Subsidiaries made in the ordinary course of business;

 

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(d)           obligations
(contingent or otherwise) of the Borrower or any Subsidiary existing or arising under any Swap Contract, provided that such obligations
are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with
liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person, or changes in the value of securities
issued by such Person, and not for purposes of speculation or taking a “market view”;

 

(e)           Indebtedness
in respect of Capital Leases and purchase money obligations for fixed or capital assets within the limitations set forth in Section 8.01(i),
and unsecured Indebtedness in the form of trade payables incurred in the ordinary course of business; and

 

(f)            Indebtedness
of the Borrower or the Parent incurred or assumed after the date hereof that is either unsecured or is secured by Liens on assets of the
Parent or the Borrower (other than any Unencumbered Property or the Equity Interests in any Loan Party); provided, such Indebtedness shall
be permitted under this Section 8.02(f) only if: (i) no Default shall exist immediately before or immediately
after the incurrence or assumption of such Indebtedness, and (ii) there exists no violation of the financial covenants set forth
in Section 8.14 hereunder on a pro forma basis after the incurrence or assumption of such Indebtedness.

 

8.03         Investments.
Neither the Parent nor the Borrower shall have and shall not permit the Companies’ to have any Investments other than:

 

(a)           Investments
in the form of cash or Cash Equivalents;

 

(b)           Investments
existing on the date hereof and set forth on Schedule 6.13;

 

(c)           advances
to officers, directors and employees of the Borrower and Subsidiaries for travel, entertainment, relocation and analogous ordinary business
purposes;

 

(d)           Investments
of the Guarantor and the Borrower in the form of Equity Interests and investments of the Borrower in any wholly-owned Subsidiary, and
Investments of the Borrower directly in, or of any wholly-owned Subsidiary in another wholly-owned Subsidiary which owns, real property
assets which are functional industrial, manufacturing, warehouse/distribution and/or office properties located within the United States,
provided in each case the Investments held by the Borrower or Subsidiary are in accordance with the provisions of this Section 8.03
other than this Section 8.03(d);

 

(e)           Investments
consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in
the ordinary course of business;

 

(f)            Investments
in non-wholly owned Subsidiaries and Unconsolidated Affiliates;

 

(g)           Investments
in mortgages and mezzanine loans;

 

(h)           Investments
in unimproved land holdings and Construction in Progress;

 

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(i)            Investments
by the Parent for the redemption, conversion, exchange, retirement, sinking fund or similar payment, purchase or other acquisition for
value, direct or indirect, of any Equity Interests of the Parent or the Borrower now or hereafter outstanding to the extent permitted
under Section 8.06 below; and

 

(j)            Other
Investments not to exceed at any time ten percent (10%) of Total Asset Value.

 

8.04         Fundamental
Changes. Each of the Parent and the Borrower shall not, nor shall it permit any other Loan Party to, directly or indirectly, merge,
dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions)
all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as
no Event of Default has occurred and is continuing or would result therefrom:

 

(a)           any
Loan Party (other than the Parent or the Borrower) may merge with (i) the Parent or the Borrower, provided that the
Parent or the Borrower, as applicable, shall be the continuing or surviving Person, or (ii) any other Loan Party, or (iii) any
other Person, provided that if it owns an Unencumbered Property and is not the surviving entity, then such Property shall cease
to be an Unencumbered Property;

 

(b)           any
Loan Party (other than the Parent or the Borrower) may Dispose of all or substantially all of its assets (upon voluntary liquidation or
otherwise) to another Loan Party;

 

(c)            any
Loan Party may Dispose of a Property owned by such Loan Party in the ordinary course of business and for fair value; and

 

(d)            the
Parent or the Borrower may merge or consolidate with another Person so long as either the Parent or the Borrower, as the case may be,
is the surviving entity, shall remain in pro forma compliance with the covenants set forth in Section 8.14 below after
giving effect to such transaction, and the Borrower shall have given the Administrative Agent at least fifteen (15) Business Days’
prior written notice of such merger or consolidation, such notice to include a certification as to the pro forma compliance referenced
above, with the Borrower agreeing to provide such other financial information as the Administrative Agent shall reasonably request in
order to verify such pro forma compliance.

 

Nothing in this Section shall
be deemed to prohibit the sale or leasing of Property or portions of Property in the ordinary course of business.

 

8.05         Dispositions.
Each of the Parent, the Borrower or any Loan Party shall not make any Disposition or enter into any agreement to make any Disposition,
except:

 

(a)           Dispositions
of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;

 

(b)           Dispositions
of inventory in the ordinary course of business;

 

(c)           Any
other Dispositions of Properties or other assets in an arm’s length transaction; provided that the Borrower and the Parent
will remain in pro forma compliance with the covenants set forth in Section 8.14 after giving effect to such transaction.

 

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8.06         Restricted
Payments. Each of the Parent and the Borrower shall not, nor shall it permit any other Company to, directly or indirectly, declare
or make, directly or indirectly, any Restricted Payment other than (a) Minimum Distributions, (b) Restricted Payments made by
any Company to the Borrower or the Parent, or (c) provided no Event of Default shall have occurred and be continuing at the time
of such payment or would result therefrom, other Restricted Payments.

 

8.07         Change
in Nature of Business. Except for Investments permitted under Section 8.03, each of the Parent and the Borrower
shall not, nor shall it permit any other Loan Party to, directly or indirectly, engage in any material line of business substantially
different from those lines of business conducted by the Companies on the date hereof or any business substantially related or incidental
thereto.

 

8.08         Transactions
with Affiliates. Each of the Parent and the Borrower shall not, nor shall it permit any other Loan Party to, directly or indirectly,
enter into any transaction of any kind with any Affiliate of a Company, whether or not in the ordinary course of business, other than
on fair and reasonable terms substantially as favorable to such Loan Party as would be obtainable by such Company at the time in a comparable
arm’s length transaction with a Person other than an Affiliate.

 

8.09         Burdensome
Agreements. Each of the Parent and the Borrower shall not, nor shall it permit any other Loan Party to, directly or indirectly enter
into any Contractual Obligation (other than this Agreement or any other Loan Document) that directly or indirectly prohibits any Company
from (a) creating or incurring any Lien on any Unencumbered Property unless simultaneously therewith, such Unencumbered Property
ceases to be an Unencumbered Property, other than restrictions or conditions set forth in the Note Purchase Agreements, the Term Loan
Agreements and, to the extent such restrictions or conditions are customary for such Indebtedness, any other agreements governing Indebtedness
permitted under Section 8.02, in each case, which restrictions are no more restrictive, taken as a whole than the comparable
restrictions and conditions set forth in this Agreement as determined in the good faith judgment of the Borrower, (b) other than
restrictions or conditions set forth in the Note Purchase Agreements, the Term Loan Agreements and, to the extent such restrictions or
conditions are customary for such Indebtedness, any other agreements governing Indebtedness permitted under Section 8.02,
in each case, which restrictions are no more restrictive, taken as a whole than the comparable restrictions and conditions set forth in
this Agreement as determined in the good faith judgment of the Borrower, limiting the ability (i) of any Subsidiary to make Restricted
Payments to the Borrower or any Guarantor or to otherwise transfer property to the Borrower or any Guarantor, (ii) of any Subsidiary
to Guarantee the Indebtedness of the Borrower or (iii) of the Borrower or any Subsidiary to create, incur, assume or suffer to exist
Liens on property of such Person; provided, however, that this clause (iii) shall not prohibit any negative pledge incurred or provided
in favor of any holder of Indebtedness permitted under Section 8.03(e) solely to the extent any such negative
pledge relates to the property financed by or the subject of such Indebtedness; or (c) requiring the grant of a Lien to secure an
obligation of such Person if a Lien is granted to secure another obligation of such Person.

 

8.10         Use
of Proceeds. Each of the Parent and the Borrower shall not, nor shall it permit any other Company to, directly or indirectly, use
the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase
or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying
margin stock or to refund indebtedness originally incurred for such purpose. The Borrower shall not request any Credit Extension, shall
not use, and shall ensure that its Subsidiaries and its or their respective directors, officers, employees and agents do not use the proceeds
of any Credit Extension (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money,
or anything else of value, to any Person in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws or (ii) in any manner
that would result in the violation of any applicable Sanctions.

 

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8.11         Unencumbered
Properties; Ground Leases Each of the Parent and the Borrower shall not, nor shall it permit any other Loan Party to, directly or
indirectly:

 

(a)            Use
or occupy or conduct any activity on, or knowingly permit the use or occupancy of or the conduct of any activity on any Unencumbered Properties
by any tenant, in any manner which violates any Law or which constitutes a public or private nuisance in any manner which would have a
Material Adverse Effect or which makes void, voidable, or cancelable any insurance then in force with respect thereto or makes the maintenance
of insurance in accordance with Section 7.07 commercially unreasonable (including by way of increased premium);

 

(b)            [Reserved];

 

(c)            Without
the prior written consent of the Administrative Agent (which consent shall not be unreasonably withheld or delayed), (i) impose any
material easement, restrictive covenant, or encumbrance upon any Unencumbered Property, (ii) execute or file any subdivision plat
or condominium declaration affecting any Unencumbered Property, or (iii) consent to the annexation of any Unencumbered Property to
any municipality;

 

(d)           Do
any act, or suffer to be done any act by any Company or any of its Affiliates, which would reasonably be expected to materially decrease
the value of any Unencumbered Property (including by way of negligent act);

 

(e)           [Reserved];

 

(f)            Allow
there to be fewer than twenty-five (25) Unencumbered Properties as of any date of determination;

 

(g)           Allow
the Total Asset Value of the Unencumbered Properties to be less than One Hundred Fifty Million Dollars ($150,000,000.00);

 

(h)           Without
the prior consent of the Lenders (which consent shall not be unreasonably withheld or delayed), surrender the leasehold estate created
by any Acceptable Ground Lease or terminate or cancel any Acceptable Ground Lease or materially modify, change, supplement, alter, or
amend any Acceptable Ground Lease, either orally or in writing, in each case, to the extent such event would reasonably be expected to
be materially adverse to the interests of the Lenders; and

 

(i)             Enter
into any Contractual Obligations related to any Unencumbered Property providing for the payment a management fee (or any other similar
fee) to anyone other than a Company if, with respect thereto, the Administrative Agent has reasonably required that such fee be subordinated
to the Obligations in a manner satisfactory to the Administrative Agent, and an acceptable subordination agreement has not yet been obtained.

 

8.12         Environmental
Matters. Each of the Parent and the Borrower shall not knowingly directly or indirectly:

 

(a)           Cause,
commit, permit, or allow to continue (i) any violation of any Environmental Requirement by or with respect to any Unencumbered Property
or any use of or condition or activity on any Unencumbered Property, or (ii) the attachment of any environmental Liens on any Unencumbered
Property, in each case, that could reasonably be expected to have a Material Adverse Effect;

 

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(b)           Place,
install, dispose of, or release, or cause, permit, or allow the placing, installation, disposal, spilling, leaking, dumping, or release
of, any Hazardous Material on any Unencumbered Property in any manner that could reasonably be expected to have a Material Adverse Effect;
and

 

(c)           Use
any Hazardous Material on any Unencumbered Property except in such a manner which could not reasonably be expected to have a Material
Adverse Effect.

 

8.13         Negative
Pledge; Indebtedness. Each of the Parent and the Borrower shall not permit:

 

(a)           The
Equity Interests of the Borrower held by the Parent to be subject to any Lien.

 

(b)           Any
Person (other than the Parent or the Borrower) that directly or indirectly owns Equity Interests in any Subsidiary Guarantor or
any Eligible Property Subsidiary to (i) incur any Indebtedness (whether Recourse Indebtedness or Non-Recourse Indebtedness) (other
than Indebtedness listed on Schedule 8.13 and Additional Permitted Indebtedness), (ii) provide Guarantees to support
Indebtedness (other than Indebtedness listed on Schedule 8.13 and Additional Permitted Indebtedness), or (iii) have
its Equity Interests subject to any Lien or other encumbrance (other than in favor of the Administrative Agent).

 

(c)           Any
Subsidiary Guarantor or any Eligible Property Subsidiary that owns an Unencumbered Property to (i) incur any Indebtedness
(whether Recourse Indebtedness or Non-Recourse Indebtedness) (other than the Obligations, Indebtedness listed on Schedule 8.13 and
Additional Permitted Indebtedness) or (ii) provide Guarantees to support Indebtedness (other than the Obligations, Indebtedness
listed on Schedule 8.13 and Additional Permitted Indebtedness).

 

8.14         Financial
Covenants. The Parent shall not, directly or indirectly, permit:

 

(a)           Maximum
Consolidated Leverage Ratio. As of the last day of any fiscal quarter, the Consolidated Leverage Ratio to exceed sixty percent (60%);
provided that, if any Material Acquisition shall occur and the Consolidated Leverage Ratio shall have been less than sixty percent
(60%) for at least one full fiscal quarter immediately preceding the proposed Consolidated Leverage Ratio Covenant Holiday, then, at the
election of the Borrower upon delivery of prior written notice to the Administrative Agent, concurrently with or prior to the delivery
of a Compliance Certificate pursuant to Section 7.02(a), and provided that no Default or Event of Default shall have
occurred and be continuing, the maximum Consolidated Leverage Ratio covenant level shall be increased to sixty-five (65%) for the fiscal
quarter in which such Material Acquisition is consummated and the three (3) fiscal quarters immediately following the fiscal quarter
in which such Material Acquisition is consummated (any such increase a “Consolidated Leverage Ratio Covenant Holiday”);

 

provided further that not more than two (2) Consolidated Leverage Ratio Covenant Holidays may be elected by the Borrower during
the term of this Agreement;

 

(b)          Maximum
Secured Leverage Ratio. As of the last day of any fiscal quarter, the Secured Leverage Ratio to exceed forty percent (40%);

 

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(c)           Maximum
Unencumbered Leverage Ratio. As of the last day of any fiscal quarter, the Unencumbered Leverage Ratio to exceed sixty percent (60%);
provided that, if any Material Acquisition shall occur and the Unencumbered Leverage Ratio shall have been less than sixty percent
(60%) for at least one full fiscal quarter immediately preceding the proposed Unencumbered Leverage Ratio Covenant Holiday, then, at the
election of the Borrower upon delivery of prior written notice to the Administrative Agent, concurrently with or prior to the delivery
of a Compliance Certificate pursuant to Section 7.02(a), and provided that no Default or Event of Default shall have
occurred and be continuing, the maximum Unencumbered Leverage Ratio covenant level shall be increased to sixty-five (65%) for the fiscal
quarter in which such Material Acquisition is consummated and the three (3) fiscal quarters immediately following the fiscal quarter
in which such Material Acquisition is consummated (any such increase an “Unencumbered Leverage Ratio Covenant Holiday”);

 

provided further that not more than two (2) Unencumbered Leverage Ratio Covenant Holidays may be elected by the Borrower during
the term of this Agreement;

 

(d)           [Reserved];

 

(e)           Minimum
Fixed Charge Ratio. As of the last day of any fiscal quarter, the Fixed Charge Ratio for the Parent, on a consolidated basis,
for the fiscal quarter then ended, annualized, to be less than or equal to 1.5 to 1.0; and

 

(f)            Minimum
Unsecured Interest Coverage Ratio. As of the last day of any fiscal quarter, the Unsecured Interest Coverage Ratio for the Parent,
on a consolidated basis, for the fiscal quarter then ended, annualized, to be less than or equal to 1.75 to 1.00.

 

Article IX.

Events of Default and Remedies

 

9.01         Events
of Default. Any of the following shall constitute an Event of Default:

 

(a)           Non-Payment.
The Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan
or any L/C Obligation, or (ii) within five (5) days after the same becomes due, any interest on any Loan or on any L/C Obligation
due hereunder, except that there shall be no grace period for interest due on any applicable Maturity Date, or (iii) within ten (10) days
after notice from the Administrative Agent, any other amount payable to the Administrative Agent, any L/C Issuer, the Swing Line
Lender or any Lender hereunder or under any other Loan Document except that there shall be no grace period for any amount due on any Maturity
Date; or

 

(b)           Specific
Covenants. Any Loan Party fails to perform or observe any term, covenant or agreement contained in any of Section 7.11
or Article VIII (other than Sections 8.11 (a) and (c), or 8.13) or the
Parent fails to perform or observe any term, covenant or agreement contained in the Parent Guaranty or any Subsidiary Guarantor fails
to perform or observe any term, covenant or agreement contained in the Subsidiary Guaranty; or

 

(c)           Performance.
Any Loan Party fails to perform or observe any term, covenant or agreement contained in any of Section 7.01, 7.02,
or 7.03, and such failure continues unremedied for ten (10) Business Days after such failure has occurred; or

 

(d)           Other
Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in subsection (a),
(b), or (c) above) contained in any Loan Document on its part to be performed or observed and
such failure continues unremedied for thirty (30) days after the earlier of notice from the Administrative Agent or the actual knowledge
of the Loan Party, and in the case of a default that cannot be cured within such thirty (30) day period despite the Borrower’s diligent
efforts but is susceptible of being cured within ninety (90) days of the Borrower’s receipt of the Administrative Agent’s
original notice, then the Borrower shall have such additional time as is reasonably necessary to effect such cure, but in no event in
excess of ninety (90) days from the Borrower’s receipt of the Administrative Agent’s original notice, subject in each instance
to the Borrower’s remedial rights under Section 7.12(c); or

 

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(e)           Representations
and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Borrower
or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be
incorrect or misleading when made or deemed made and shall not be cured or remedied so that such representation, warranty, certification
or statement of fact is no longer incorrect or misleading within ten (10) days after the earlier of notice from the Administrative
Agent or the actual knowledge of any Loan Party thereof; or

 

(f)            Cross-Default.
(i) Any Company (A) fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand,
or otherwise), after the expiration of any applicable grace periods, in respect of any Indebtedness or Guarantee (other than (x) Indebtedness
hereunder, and (y) Indebtedness under Swap Contracts) having an aggregate principal amount (including amounts owing to all creditors
under any combined or syndicated credit arrangement) of more than the Threshold Amount, or (B) fails to observe or perform any other
agreement or condition relating to any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing
or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders
of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders
or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness or more than the Threshold Amount
to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase,
prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral
in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap
Contract) resulting from (A) any event of default under such Swap Contract as to which any Company is the Defaulting Party (as defined
in such Swap Contract) or (B) any Termination Date (as so defined) under such Swap Contract as to which any Company is an
Affected Party (as so defined) and, in either event, the Swap Termination Value owed by such Company as a result thereof is greater than
the Threshold Amount; or

 

(g)           Insolvency
Proceedings, Etc. Any Loan Party institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes
an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator,
liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian,
conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment
continues undischarged or unstayed for sixty (60) calendar days; or any proceeding under any Debtor Relief Law relating to any such Person
or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed
for sixty (60) calendar days, or an order for relief is entered in any such proceeding; or

 

(h)           Inability
to Pay Debts; Attachment. (i) the Parent or the Borrower becomes unable to pay its debts as they become due, or any Loan Party
admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment
or execution or similar process is issued or levied against all or any material part of the property of any such Loan Party and is not
released, vacated or fully bonded within thirty (30) days after its issue or levy; or

 

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(i)            Judgments.
There is entered against any Loan Party (i) one or more final judgments or orders for the payment of money in an aggregate amount
(as to all such judgments or orders) exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as
to which the insurer does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or would have, individually
or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon
such judgment or order, or (B) there is a period of ten (10) consecutive days during which a stay of enforcement of such judgment,
by reason of a pending appeal or otherwise, is not in effect; or

 

(j)            ERISA.
(i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or would result in liability of
any Company under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold
Amount, or (ii) the Parent or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any
installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an
aggregate amount in excess of the Threshold Amount; or

 

(k)           Invalidity
of Loan Documents. Any Loan Document at any time after its execution and delivery and for any reason other than as expressly permitted
hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect in all material respects;
or any Loan Party or any other Person contests in any manner the validity or enforceability of any Loan Document; or any Loan Party denies
that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any Loan Document,
except as expressly permitted hereunder; or

 

(l)            REIT
Status of the Parent. The Parent ceases to be treated as a REIT or the Parent Shares shall fail to be listed and traded on the New
York Stock Exchange; or

 

(m)          Change
of Control. There occurs any Change of Control.

 

9.02         Remedies
Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent shall, at the request of, or may,
with the consent of, the Required Lenders, take any or all of the following actions:

 

(a)           declare
the commitment of each Lender (including the Swing Line Lender) to make Loans and any obligation of any L/C Issuer to make L/C
Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated;

 

(b)           declare
the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable
hereunder or under any other Loan Document to be immediately due and payable without presentment, demand, protest or other notice of any
kind, all of which are hereby expressly waived by the Borrower;

 

(c)           require
that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof); and

 

(d)           exercise
on behalf of itself, the Lenders and the L/C Issuers all rights and remedies available to it, the Lenders and the L/C Issuers under
the Loan Documents;

 

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provided
that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy
Code of the United States, the obligation of each Lender to make Loans and any obligation of any L/C Issuer to make L/C Credit Extensions
shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall
automatically become due and payable, and the obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid shall
automatically become effective, in each case without further act of the Administrative Agent or any Lender.

 

9.03         Application
of Funds. After the exercise of remedies provided for in Section 9.02 (or after the Loans have automatically become
immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso
to Section 9.02), any amounts received on account of the Obligations shall, subject to the provisions of Sections 2.15
and 2.16, be applied by the Administrative Agent in the following order:

 

First,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and
disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative
Agent in its capacity as such;

 

Second,
to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter
of Credit Fees) payable to the Lenders, the Swing Line Lender, and the L/C Issuers (including fees, charges and disbursements of counsel
to the respective Lenders, the Swing Line Lender, and the L/C Issuers and amounts payable under Article III), ratably
among them in proportion to the respective amounts described in this clause Second payable to them;

 

Third,
to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans, L/C Borrowings,
and other Obligations, ratably among the Lenders, and the L/C Issuers in proportion to the respective amounts described in this clause Third
payable to them;

 

Fourth,
to payment of that portion of the Obligations constituting (x) unpaid principal of the Loans, Swing Line Loans, and L/C Borrowings
and (y) payment obligations then owing to the Administrative Agent, any Lender, or any Affiliate of the Administrative Agent or any
Lender (“Specified Derivatives Providers”) arising from, by virtue of, or pursuant to any Swap Contract, other
than any Excluded Swap Obligation, that relates solely to the Obligations, ratably among the Lenders, the Swing Line Lender, the L/C Issuers
and the Specified Derivatives Providers in proportion to the respective amounts described in this clause Fourth payable
to them;

 

Fifth,
to the Administrative Agent for the account of the L/C Issuers, to Cash Collateralize that portion of L/C Obligations comprised of the
aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower pursuant to Sections 2.03
and 2.15; and

 

Last,
the balance, if any, after all of the Obligations have been paid in full, to the Borrower or as otherwise required by Law.

 

Notwithstanding the foregoing,
Obligations owing to Specified Derivatives Providers shall be excluded from the application described above if the Administrative Agent
has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the
applicable Specified Derivatives Provider. Each Specified Derivatives Provider not a party to this Agreement that has given the notice
contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative
Agent pursuant to the terms of Article X for itself and its Affiliates as if a “Lender” party hereto.

 

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Subject to Sections 2.03(c) and
2.15, amounts used to Cash Collateralize the aggregate undrawn amount of Swing Line Loans and/or Letters of Credit pursuant
to clause Fifth above shall be applied to satisfy drawings under such Swing Line Loans and/or Letters
of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Swing Line Loans and/or Letters of Credit have
either been fully drawn or expired, such remaining amount shall be promptly applied to the other Obligations, if any, in the order set
forth above.

 

Article X.

The Administrative Agent

 

10.01       Appointment
and Authority. Each of the Lenders, the Swing Line Lender, and the L/C Issuers hereby irrevocably appoints Wells Fargo to act on its
behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions
on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such
actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative
Agent, the Lenders and the L/C Issuers, neither the Borrower nor any other Loan Party shall have rights as a third party beneficiary of
any of such provisions. It is understood and agreed that the use of the term “agent” (or any other similar term) herein or
in any other Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express)
obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended
to create or reflect only an administrative relationship between contracting parties.

 

10.02       Rights
as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender
as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders”
shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative
Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of,
act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any
Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor
to the Lenders.

 

10.03       Exculpatory
Provisions. The Administrative Agent, the Lead Arrangers and their respective Related Parties shall not have any duties or obligations
in connection with the Loan Documents except those expressly set forth herein and in the other Loan Documents, and its duties hereunder
shall be administrative in nature. Without limiting the generality of the foregoing, in connection with the Loan Documents, the Administrative
Agent, the Lead Arrangers and their respective Related Parties:

 

(a)           shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(b)           shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the
Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents),
provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel,
may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law, including for the avoidance
of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification
or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and

 

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(c)          shall
not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the
failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person
serving as the Administrative Agent, any Lead Arranger or any of their respective Related Parties in any capacity.

 

The Administrative Agent,
the Lead Arrangers and their respective Related Parties shall not be liable in connection with the Loan Documents for any action taken
or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders
as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided
in Sections 11.01 and 9.02) or (ii) in the absence of its own gross negligence or willful misconduct
as determined by a court of competent jurisdiction by final and nonappealable judgment. The Administrative Agent shall be deemed not to
have knowledge of any Default unless and until notice describing such Default is given in writing to the Administrative Agent by the Borrower,
a Lender or an L/C Issuer.

 

The Administrative Agent,
the Lead Arrangers and their respective Related Parties shall not be responsible for or have any duty or obligation to any Lender or Participant
or any other Person to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this
Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder
or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or
conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness
of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition
set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to
the Administrative Agent.

 

10.04       Reliance
by the Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying
upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet
or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated
by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to
have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition
hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled
to the satisfaction of a Lender or an L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender
or L/C Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender or L/C Issuer prior to the making
of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for
the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by
it in accordance with the advice of any such counsel, accountants or experts.

 

10.05       Delegation
of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any
other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such
sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The
exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and
any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided
for herein as well as activities as the Administrative Agent. The Administrative Agent shall not be responsible for the negligence or
misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment
that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

 

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10.06       Resignation
of the Administrative Agent.

 

(a)           The
Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuers and the Borrower. Upon receipt
of any such notice of resignation, the Required Lenders shall have the right, subject to the reasonable approval of the Borrower (with
any Lender or affiliate of a Lender being deemed approved, unless such Lender is a Defaulting Lender, and which approval shall not be
required if an Event of Default shall be in existence), to appoint a successor, which shall be a bank with an office in the United States,
or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required
Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation
(or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring
Administrative Agent may (but shall not be obligated to) on behalf of the Lenders and the L/C Issuers, appoint a successor Administrative
Agent meeting the qualifications set forth above. Whether or not a successor has been appointed, such resignation shall become effective
in accordance with such notice on the Resignation Effective Date.

 

(b)           If
the Person serving as the Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the
Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such Person
as the Administrative Agent and, in consultation with the Borrower, appoint a successor. If no such successor shall have been so appointed
by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required
Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice
on the Removal Effective Date.

 

(c)           With
effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (1) the retiring or removed Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any
pledge security held by the Administrative Agent on behalf of the Lenders or the L/C Issuers under any of the Loan Documents, the
retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative
Agent is appointed) and (2) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative
Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be
made by or to each Lender and L/C Issuer directly, until such time, if any, as the Required Lenders appoint a successor Administrative
Agent as provided for above. Upon the acceptance of a successor’s appointment as the Administrative Agent hereunder, such successor
shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or removed) the Administrative
Agent (other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation
Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged from
all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in
this Section). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor
unless otherwise agreed between the Borrower and such successor. After the retiring or removed Administrative Agent’s resignation
or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 10.04 shall
continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties
in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as
the Administrative Agent.

 

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(d)           Any
resignation by Wells Fargo as the Administrative Agent pursuant to this Section shall also constitute its resignation as an L/C Issuer
and the Swing Line Lender. If Wells Fargo or Bank of America resigns as an L/C Issuer, it shall retain all the rights, powers, privileges
and duties of an L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as
an L/C Issuer and all L/C Obligations with respect thereto, including the right to require the Lenders to make Base Rate Loans or fund
risk participations in Unreimbursed Amounts pursuant to Section 2.03(c). If Wells Fargo resigns as the Swing Line Lender,
it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding
as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Loans or fund risk participations
in outstanding Swing Line Loans pursuant to Section 2.04(c). Upon the appointment by the Required Lenders of a successor
L/C Issuer or the Swing Line Lender hereunder (which successor shall in all cases be a Lender other than a Defaulting Lender), (a) such
successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or the Swing
Line Lender, as applicable, (b) the retiring L/C Issuer and the Swing Line Lender shall be discharged from all of their respective
duties and obligations hereunder or under the other Loan Documents, and (c) unless all outstanding Letters of Credit are returned
to the retiring L/C Issuer, the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any,
outstanding at the time of such succession or make other arrangements satisfactory to Wells Fargo or Bank of America, as applicable, to
effectively assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit.

 

10.07       Non-Reliance
on the Administrative Agent and Other Lenders.

 

Each
Lender and L/C Issuer acknowledges that none of the Administrative Agent, any Lead Arranger or any of their respective Related Parties
has made any representations or warranties to it and that no act taken or failure to act by the Administrative Agent, any Lead Arranger
or any of their respective Related Parties, including any consent to, and acceptance of any assignment or review of the affairs of the
Parent, the Borrower and their Subsidiaries or Affiliates shall be deemed to constitute a representation or warranty of the Administrative
Agent, any Lead Arranger or any of their respective Related Parties to any Lender or any L/C Issuer as to any matter, including whether
the Administrative Agent, any Lead Arranger or any of their respective Related Parties have disclosed material information in their (or
their respective Related Parties’) possession. Each Lender and each L/C Issuer expressly acknowledges, represents and warrants to
the Administrative Agent and each Lead Arranger that (a) the Loan Documents set forth the terms of a commercial lending facility,
(b) it is engaged in making, acquiring, purchasing or holding commercial loans in the ordinary course and is entering into this Agreement
and the other Loan Documents to which it is a party as a Lender for the purpose of making, acquiring, purchasing and/or holding the commercial
loans set forth herein as may be applicable to it, and not for the purpose of making, acquiring, purchasing or holding any other type
of financial instrument, (c) it is sophisticated with respect to decisions to make, acquire, purchase or hold the commercial loans
applicable to it and either it or the Person exercising discretion in making its decisions to make, acquire, purchase or hold such commercial
loans is experienced in making, acquiring, purchasing or holding commercial loans, (d) it has, independently and without reliance
upon the Administrative Agent, any Lead Arranger or any other Lender or any of their respective Related Parties and based on such documents
and information as it has deemed appropriate, made its own credit analysis and appraisal of, and investigations into, the business, prospects,
operations, property, assets, liabilities, financial and other condition and creditworthiness of the Parent, the Borrower and their Subsidiaries,
all applicable bank or other regulatory applicable laws relating to the transactions contemplated by this Agreement and the other Loan
Documents and (e) it has made its own independent decision to enter into this Agreement and the other Loan Documents to which it
is a party and to extend credit hereunder and thereunder. Each Lender and L/C Issuer also acknowledges that it will, independently and
without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information
as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon
this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. Each Lender
and each L/C Issuer also acknowledges and agrees that none of the Administrative Agent, any Lead Arranger, the Syndication Agent, any
Co-Documentation Agent acting in such capacities have made any assurances as to (i) whether the facilities evidenced by the Loan
Agreements meet such Lender’s or L/C Issuer’s criteria or expectations with regard to environmental impact and sustainability
performance, (ii) whether any characteristics of such facilities, including the characteristics of the relevant key performance indicators
to which the Borrower will link a potential margin step-up or step-down, including their environmental and sustainability criteria, meet
any industry standards for sustainability-linked credit facilities and (b) each Lender and L/C Issuer has performed its own independent
investigation and analysis of such facilities and whether such facilities meet its own criteria or expectations with regard to environmental
impact and/or sustainability performance.

 

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10.08       No
Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Lead Arrangers, Joint Bookrunners, Syndication Agent
or co-Documentation Agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement
or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or an L/C Issuer hereunder.

 

10.09       The
Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other
judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation
shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent
shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

(a)           to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and
all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the
claims of the Lenders, the L/C Issuers and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders, the L/C Issuers and the Administrative Agent and their respective agents and counsel and all
other amounts due the Lenders, the L/C Issuers and the Administrative Agent under Sections 2.03(i) and (j),
2.09 and 11.04) allowed in such judicial proceeding; and

 

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

 

and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender, the Swing Line
Lender and each L/C Issuer to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent
to the making of such payments directly to the Lenders, the Swing Line Lender and the L/C Issuers, to pay to the Administrative Agent
any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel,
and any other amounts due the Administrative Agent under Sections 2.09 and 11.04.

 

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Nothing
contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any
Lender, the Swing Line Lender or any L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations
or the rights of any Lender or L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or L/C Issuer
in any such proceeding.

 

10.10       Guaranty
Matters. Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s
authority to release any Guarantor from its obligations under a Guaranty pursuant to the terms of this Agreement.

 

10.11       Erroneous
Payments.

 

(a)            Each
Lender, each L/C Issuer and any other party hereto hereby severally agrees that if (i) the Administrative Agent notifies (which
such notice shall be conclusive absent manifest error) such Lender or L/C Issuer or any other Person that has received funds from the
Administrative Agent or any of its Affiliates, either for its own account or on behalf of a Lender or L/C Issuer (each such recipient,
a “Payment Recipient”) that the Administrative Agent has determined in its sole discretion that any funds received
by such Payment Recipient were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient
(whether or not known to such Payment Recipient) or (ii) any Payment Recipient receives any payment from the Administrative
Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice
of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment
or repayment, as applicable, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the
Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, as applicable, or (z) that
such Payment Recipient otherwise becomes aware was transmitted or received in error or by mistake (in whole or in part) then, in each
case, an error in payment shall be presumed to have been made (any such amounts specified in clauses (i) or (ii) of this Section 10.11(a),
whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise; individually and collectively,
an “Erroneous Payment”), then, in each case, such Payment Recipient is deemed to have knowledge of such error
at the time of its receipt of such Erroneous Payment; provided that nothing in this Section shall require the Administrative
Agent to provide any of the notices specified in clauses (i) or (ii) above. Each Payment Recipient agrees that it shall not
assert any right or claim to any Erroneous Payment, and hereby waives any claim, counterclaim, defense or right of set-off or recoupment
with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments, including without
limitation waiver of any defense based on “discharge for value” or any similar doctrine.

 

(b)            Without
limiting the immediately preceding clause (a), each Payment Recipient agrees that, in the case of clause (a)(ii) above, it shall
promptly notify the Administrative Agent in writing of such occurrence.

 

(c)            In
the case of either clause (a)(i) or (a)(ii) above, such Erroneous Payment shall at all times remain the property of the Administrative
Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and upon demand
from the Administrative Agent such Payment Recipient shall (or, shall cause any Person who received any portion of an Erroneous Payment
on its behalf to), promptly, but in all events no later than two Business Days thereafter, return to the Administrative Agent the amount
of any such Erroneous Payment (or portion thereof) as to which such a demand was made in Same Day Funds and in the currency so
received, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof)
was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent at the Federal Funds Rate.

 

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(d)           In
the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor
by the Administrative Agent in accordance with immediately preceding clause (c), from any Lender that is a Payment Recipient or an Affiliate
of a Payment Recipient (such unrecovered amount as to such Lender, an “Erroneous Payment Return Deficiency”),
then at the sole discretion of the Administrative Agent and upon the Administrative Agent’s written notice to such Lender (i) such
Lender shall be deemed to have made a cashless assignment of the full face amount of the portion of its Loans (but not its Commitments)
of the relevant Type with respect to which such Erroneous Payment was made (the “Erroneous Payment Impacted Class”)
to the Administrative Agent or, at the option of the Administrative Agent, the Administrative Agent’s applicable lending affiliate
in an amount that is equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify)
(such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the “Erroneous Payment Deficiency
Assignment”) plus any accrued and unpaid interest on such assigned amount, without further consent or approval of any party
hereto and without any payment by the Administrative Agent or its applicable lending affiliate as the assignee of such Erroneous Payment
Deficiency Assignment. Without limitation of its rights hereunder, the Administrative Agent may cancel any Erroneous Payment Deficiency
Assignment at any time by written notice to the applicable assigning Lender and upon such revocation all of the Loans assigned pursuant
to such Erroneous Payment Deficiency Assignment shall be reassigned to such Lender without any requirement for payment or other consideration.
The parties hereto acknowledge and agree that (1) any assignment contemplated in this clause (d) shall be made without any requirement
for any payment or other consideration paid by the applicable assignee or received by the assignor, (2) the provisions of this clause
(d) shall govern in the event of any conflict with the terms and conditions of Section 11.06 and (3) the
Administrative Agent may reflect such assignments in the Register without further consent or action by any other Person.

 

(e)           Each
party hereto hereby agrees that (x) in the event an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient
that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent (1) shall be subrogated to
all the rights of such Payment Recipient with respect to such amount and (2) is authorized to set off, net and apply any and all
amounts at any time owing to such Payment Recipient under any Loan Document, or otherwise payable or distributable by the Administrative
Agent to such Payment Recipient from any source, against any amount due to the Administrative Agent under this Section 10.11
or under the indemnification provisions of this Agreement, (y) the receipt of an Erroneous Payment by a Payment Recipient shall not
for the purpose of this Agreement be treated as a payment, prepayment, repayment, discharge or other satisfaction of any Obligations owed
by the Borrower or any other Loan Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the
amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Loan
Party for the purpose of making for a payment on the Obligations and (z) to the extent that an Erroneous Payment was in any way or
at any time credited as payment or satisfaction of any of the Obligations, the Obligations or any part thereof that were so credited,
and all rights of the Payment Recipient, as the case may be, shall be reinstated and continue in full force and effect as if such payment
or satisfaction had never been received.

 

(f)            Each
party’s obligations under this Section 10.11 shall survive the resignation or replacement of the Administrative
Agent or any transfer of right or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment,
satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.

 

(g)           Nothing
in this Section 10.11 will constitute a waiver or release of any claim of any party hereunder arising from any Payment
Recipient’s receipt of an Erroneous Payment.

 

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10.12       Sustainability
Matters Each party hereto hereby agrees that the Administrative Agent shall have no responsibility for (or liability in respect of)
reviewing, auditing or otherwise evaluating any calculation by the Borrower of any Sustainability Rate Adjustment (or any of the data
or computations that are part of or related to any such calculation) set forth in any Pricing Certificate (and the Administrative Agent
may rely conclusively on any such certificate, without further inquiry).

 

Article XI.

Miscellaneous

 

11.01       Amendments,
Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the
Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower or the
applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given; provided that no such amendment, waiver or consent
shall:

 

(a)           waive
any condition set forth in Section 5.01(a) without the written consent of each Lender;

 

(b)           extend
or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 9.02) without
the written consent of such Lender;

 

(c)           postpone
any date fixed by this Agreement or any other Loan Document for any payment or mandatory prepayment of principal, interest, fees or other
amounts due to a Lender or any scheduled or mandatory reduction of the Aggregate Commitments hereunder or under any other Loan Document
without the written consent of each Lender directly affected thereby;

 

(d)           reduce
or forgive the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (iii) of
the second proviso to this Section 11.01) any fees or other amounts payable hereunder or under any other Loan Document,
without the written consent of each Lender directly affected thereby; provided that only the consent of the Required Lenders
shall be necessary to amend the definition of “Default Rate,” waive any obligation of the Borrower to pay
interest or Letter of Credit Fees at the Default Rate, or change the manner of computation of any financial ratio (including any change
in any applicable defined term) used in determining the Applicable Rate that would result in a reduction of any interest rate on any Loan
or any fee payable hereunder;

 

(e)           change
Section 9.03 in a manner that would alter the pro rata sharing of payments required thereby without the written consent
of each Lender;

 

(f)           change
any provision of this Section or the definition of “Required Lenders” or any other provision
hereof specifying the number or percentage of the Lenders required to amend, waive or otherwise modify any rights hereunder or
make any determination or grant any consent hereunder, without the written consent of each Lender;

 

(g)     
      release all or substantially all of the value of the Guaranties without the written consent of
each Lender;

 

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and, provided, further, that (i) no
amendment, waiver or consent shall, unless in writing and signed by the L/C Issuers in addition to the Lenders required above, affect
the rights or duties of any L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued
by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by the Swing Line Lender in addition to the Lenders
required above, affect the rights or duties of the Swing Line Lender under this Agreement; and (iii) no amendment, waiver or consent
shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties
of the Administrative Agent under this Agreement or any other Loan Document; and (iv)  the Fee Letters may be amended, or rights
or privileges thereunder waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary herein, no
Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver
or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable
Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended
without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected
Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting
Lender. All communications from the Administrative Agent to any Lender requesting such Lender’s determination, consent, approval
or disapproval (a) shall be given in the form of a written notice to such Lender, (b) shall be accompanied by a description
of the matter or issue as to which such determination, approval, consent or disapproval is requested, or shall advise such Lender where
information, if any, regarding such matter or issue may be inspected, or shall otherwise describe the matter or issue to be resolved,
(c) shall include, if reasonably requested by such Lender and to the extent not previously provided to such Lender, written materials
and, as appropriate, a brief summary of all oral information provided to the Administrative Agent by the Borrower in respect of the matter
or issue to be resolved, and (d) shall include the Administrative Agent’s recommended course of action or determination in
respect thereof.

 

11.02       Notices;
Effectiveness; Electronic Communication.

 

(a)           Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided
in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall
be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows, and all notices
and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

 

(i)         if
to the Borrower, the Administrative Agent, the Swing Line Lender or an L/C Issuer, to the address, telecopier number, electronic
mail address or telephone number specified for such Person on Schedule 11.02; and

 

(ii)         if
to any other Lender, to the address, telecopier number, electronic mail address or telephone number specified in its Administrative Questionnaire
(including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in
effect for the delivery of notices that may contain material non-public information relating to the Borrower).

 

Notices and other communications sent by hand
or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and
other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business
hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices
and other communications delivered through electronic communications to the extent provided in subsection (b) below,
shall be effective as provided in such subsection (b).

 

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(b)              Electronic
Communications. Notices and other communications to the Lenders and the L/C Issuers hereunder may be delivered or furnished
by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative
Agent, provided that the foregoing shall not apply to notices to any Lender or L/C Issuer pursuant to Article II
if such Lender or L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such
Article by electronic communication. The Administrative Agent, the Swing Line Lender, the L/C Issuers or the Borrower may each, in
its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved
by it; provided that approval of such procedures may be limited to particular notices or communications.

 

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

 

(c)              The
Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO
NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR
ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY
OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS
MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of
its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender, any
L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise)
arising out of the Borrower’s or the Administrative Agent’s transmission of the Borrower Materials through the Internet, except
to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final
and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided that
in no event shall any Agent Party have any liability to the Borrower, any Lender, any L/C Issuer or any other Person for indirect, special,
incidental, consequential or punitive damages (as opposed to direct or actual damages) resulting therefrom.

 

(d)              Change
of Address, Etc. Each of the Borrower, the Administrative Agent, the Swing Line Lender and the L/C Issuers may change its address,
telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender
may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the Borrower, the Administrative
Agent, the Swing Line Lender and the L/C Issuers. In addition, each Lender agrees to notify the Administrative Agent from time to time
to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, telecopier number
and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.
Furthermore, each Public Lender agrees to cause at least one (1) individual at or on behalf of such Public Lender to at all times
have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order
to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law,
including United States Federal and state securities Laws, to make reference to the Borrower Materials that are not made available through
the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to
the Borrower or its Equity Interests for purposes of United States Federal or state securities laws.

 

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(e)              Reliance
by the Administrative Agent, the L/C Issuers, the Swing Line Lender and the Lenders. The Administrative Agent, the L/C
Issuers, the Swing Line Lender and the Lenders shall be entitled to rely and act upon any notices (including telephonic Committed Loan
Notices and Swing Line Loan Notices) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in
a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the
terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify the Administrative Agent,
each L/C Issuer, the Swing Line Lender, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities
resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower. All telephonic notices to
and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties
hereto hereby consents to such recording.

 

11.03       No
Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, any L/C Issuer or the Administrative Agent to exercise, and no
delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any
single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided and provided under each other
Loan Document are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law.

 

Notwithstanding anything to
the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other
Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection
with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance with Section 9.02
for the benefit of all the Lenders and the L/C Issuers; provided that the foregoing shall not prohibit (a) the Administrative
Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as the Administrative
Agent) hereunder and under the other Loan Documents, (b) any L/C Issuer or the Swing Line Lender from exercising the rights and remedies
that inure to its benefit (solely in its capacity as an L/C Issuer or the Swing Line Lender, as the case may be) hereunder and under the
other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 11.08 (subject to
the terms of Section 2.13), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on
its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further,
that if at any time there is no Person acting as the Administrative Agent hereunder and under the other Loan Documents, then (i) the
Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 9.02 and
(ii) in addition to the matters set forth in clauses (b), (c) and (d) of
the preceding proviso and subject to Section 2.13, any Lender may, with the consent of the Required Lenders, enforce
any rights and remedies available to it and as authorized by the Required Lenders.

 

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11.04       Expenses;
Indemnity; Damage Waiver.

 

(a)              Costs
and Expenses. Each Loan Party shall jointly and severally pay (i) all reasonable out-of-pocket expenses incurred by the Administrative
Agent and its Affiliates (including (a) the reasonable fees, charges and disbursements of counsel for the Administrative Agent; (b) fees
and charges of each consultant, inspector, and engineer; (c) uniform commercial code searches; (d) judgment and tax lien searches
for the Borrower and each Guarantor; (e) escrow fees; and (f) documentary taxes, in connection with the initial syndication
of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and
the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by any L/C Issuer in connection
with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all reasonable
out-of-pocket expenses incurred by the Administrative Agent, any Lender or L/C Issuer (including the reasonable fees, charges and disbursements
of any counsel for the Administrative Agent, any Lender (only if a Default shall be in existence) or L/C Issuer), in connection with the
enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights
under this Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such
out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit; provided,
however that the Borrower shall not be required to pay the expenses of more than one law firm acting as counsel for the Lenders (in addition
to expenses for any appropriate local or special counsel) in connection with such workout or enforcement to the extent the Lenders reasonably
determine that joint representation is appropriate under the circumstances.

 

(b)              Indemnification.
The Parent and the Borrower shall jointly and severally indemnify the Administrative Agent (and any sub-agent thereof), each Lender and
L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the
reasonable fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee
by any third party or by the Borrower or any other Loan Party resulting from any action, suit, or proceeding relating to (i) the
execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance
by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby
or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of
this Agreement and the other Loan Documents (including in respect of any matters addressed in Section 3.01), (ii) any
Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by an L/C Issuer to honor
a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the
terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned
or operated by the Borrower or any of its Subsidiaries, or any Environmental Damages related in any way to the Borrower or any of its
Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing,
whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party, and
regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available
to the extent that such losses, claims, damages, liabilities or related expenses (w) are determined by a court of competent jurisdiction
by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or any Related
Party of such Indemnitee, (x) result from a claim brought by the Borrower or any other Loan Party against an Indemnitee for breach
in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such other Loan Party
has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction, (y) for
which an Indemnitee has been compensated pursuant to the terms of this Agreement or the Fee Letters, or (z) to the extent based upon
contractual obligations of such Indemnitee owing by such Indemnitee to any third party which are not expressly set forth in this Agreement.

 

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(c)              [Reserved].

 

(d)             Reimbursement
by the Lenders. To the extent that the Loan Parties for any reason fail to indefeasibly pay any amount required under
subsection (a) or (b) of this Section to be paid by the Loan Parties to the Administrative
Agent (or any sub-agent thereof), the L/C Issuers, the Swing Line Lender or any Related Party of any of the foregoing (and without limiting
their obligation to do so), each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the L/C Issuers or
such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed
expense or indemnity payment is sought based on each Lender’s Applicable Percentage) of such unpaid amount (including any such unpaid
amount in respect of a claim asserted by such Lender), such payment to be made severally among them based on such Lenders’ Applicable
Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount,
provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was
incurred by or asserted against the Administrative Agent (or any such sub-agent), any L/C Issuer or the Swing Line Lender in its capacity
as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), any L/C Issuer
or the Swing Line Lender in connection with such capacity. The obligations of the Lenders under this subsection (d) are
subject to the provisions of Section 2.12(d).

 

(e)              Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, no Loan Party shall assert, and each Loan Party
hereby waives and acknowledges that no other Person shall have, any claim against any Indemnitee, on any theory of liability, for special,
indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result
of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or
thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in subsection (b) above
shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such
unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection
with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages
resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final and nonappealable judgment of a
court of competent jurisdiction.

 

(f)              Payments.
All amounts due under this Section shall be payable not later than ten (10) Business Days after demand therefor.

 

(g)             Survival.
The agreements in this Section and the indemnity provisions of Section 11.02(e) shall survive the resignation
of the Administrative Agent, the Swing Line Lender and any L/C Issuer, the replacement of any Lender, the termination of the Aggregate
Commitments, and the repayment, satisfaction or discharge of all the other Obligations.

 

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11.05      Payments
Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent, any L/C Issuer or any
Lender, or the Administrative Agent, any L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such
setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant
to any settlement entered into by the Administrative Agent, such L/C Issuer or such Lender in its discretion) to be repaid to a trustee,
receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of
such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect
as if such payment had not been made or such setoff had not occurred, and (b) each Lender and L/C Issuer severally agrees to pay
to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative
Agent (without relieving the Borrower of its obligation to make any such payment so required), plus interest thereon from the date of
such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations
of the Lenders and the L/C Issuers under clause (b) of the preceding sentence shall survive the payment in full
of the Obligations and the termination of this Agreement.

 

11.06       Successors
and Assigns.

 

(a)         Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby, except that neither the Borrower nor any other Loan Party may assign or otherwise
transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and
no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with
the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the provisions
of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security
interest subject to the restrictions of subsection (e) of this Section (and any other attempted assignment
or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer
upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided
in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of
each of the Administrative Agent, the L/C Issuers and the Lenders) any legal or equitable right, remedy or claim under or by reason of
this Agreement.

 

(b)              Assignments
by the Lenders. Any Lender may, at no cost or expense to any Loan Party (except as provided in Section 11.13),
at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion
of its Commitment and the Loans (including for purposes of this subsection (b), participations in L/C Obligations and
in Swing Line Loans) at the time owing to it); provided that any such assignment shall be subject to the following conditions:

 

(i)             Minimum
Amounts.

 

(A)         in
the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans at the time owing
to it or contemporaneous assignments to related Approved Funds that equal at least the amount specified in paragraph (b)(i)(B) of
this Section in the aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum
amount need be assigned (but any such assignment shall be of a pro rata interest in each of the Loans); and

 

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(B)         in
any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which
for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance
of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect
to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption,
as of the Trade Date, shall not be less than $5,000,000 and shall be an assignment of a pro rata interest in each of the Loans, and the
amount assigned to the Eligible Assignee shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no
Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or
delayed); provided that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee
Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment
for purposes of determining whether such minimum amount has been met.

 

(ii)         Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights
and obligations under this Agreement with respect to the Loans or the Commitment assigned except that this clause (ii) shall not
apply to the Swing Line Lender’s rights and obligations in respect of Swing Line Loans;

 

(iii)         Required
Consents. No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of
this Section and, in addition:

 

(A)         the
consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default
has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender, an
Approved Fund or to any Federal Reserve Bank or other central bank authority or comparable agency having jurisdiction over such Lender;
provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice
to the Administrative Agent within ten (10) Business Days after having received notice thereof;

 

(B)         the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if such assignment is
to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and

 

(C)         the
consent of the L/C Issuers and the Swing Line Lender shall be required for any assignment in respect of the Loans and shall not be unreasonably
withheld or delayed.

 

(iv)         Assignment
and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee in the amount of $3,500; provided that the Administrative Agent may, in its sole
discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall
deliver to the Administrative Agent an Administrative Questionnaire.

 

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(v)         No
Assignment to Certain Persons. No such assignment shall be made (A) to the Parent or the Borrower or any of their Affiliates
or Subsidiaries, or (B) without the consent of the Administrative Agent and the Borrower, to any Defaulting Lender or any
of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this
clause (B), (C) to a natural person, or (D) without the consent of the Borrower, to any Excluded Party.

 

(vi)         Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment
shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall
make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate
(which may be outright payment, purchases by the assignee of participations or sub-participations, or other compensating actions,
including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested
but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay
and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, any L/C Issuer or any Lender
hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations
in Letters of Credit and Swing Line Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that
any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance
with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of
this Agreement until such compliance occurs.

 

Subject to acceptance and recording
thereof by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date
specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender
thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this
Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under
this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.01,
3.04, 3.05, and 11.04 with respect to facts and circumstances occurring prior to the effective date
of such assignment, provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting
Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting
Lender. Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer
by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this
Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of
this Section.

 

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

 

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(d)             Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrower, the Administrative Agent, the L/C Issuers or the
Swing Line Lender sell participations to any Person (other than a natural person, an Excluded Party, a Defaulting Lender or the Parent
or the Borrower or any of their Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such
Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including
such Lender’s participations in L/C Obligations and Swing Line Loans) owing to it); provided that (i) such Lender’s
obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto
for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the Lenders and the L/C Issuers shall continue
to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the
avoidance of doubt, each Lender shall be responsible for the indemnity under Section 11.04(d) without regard to
the existence of any participation.

 

Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may
provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described
in the first proviso to Section 11.01 that affects such Participant. The Borrower agrees that each Participant shall
be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were
a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section (it being understood
that the documentation required under Section 3.01(e) shall be delivered to the Lender who sells the participation);
provided that such Participant (A) agrees to be subject to the provisions of Sections 3.06 and 11.13
as if it were an assignee under paragraph (b) of this Section and (B) shall not be entitled to receive any greater payment
under Sections 3.01 or 3.04, with respect to any participation than the Lender from whom it acquired the applicable
participation would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change
in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the
Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 3.06
with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.08
as though it were a Lender; provided that such Participant agrees to be subject to Section 2.13 as though it were a
Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain
a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s
interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender
shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any
information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any
Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of
credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.
The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name
is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice
to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as the Administrative Agent) shall have no responsibility
for maintaining a Participant Register.

 

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(e)             Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
(including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a
Federal Reserve Bank or other central bank authority or comparable agency having jurisdiction over such Lender; provided that no
such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for
such Lender as a party hereto.

 

(f)              Resignation
as an L/C Issuer or the Swing Line Lender after Assignment. Notwithstanding anything to the contrary contained herein,
if at any time Wells Fargo or Bank of America, as applicable, assigns all of its Commitment and Loans pursuant to subsection (b) above,
Wells Fargo or Bank of America, as applicable, may, (i) upon 30 days’ notice to the Borrower and the Lenders, resign as an
L/C Issuer and/or (ii) upon 30 days’ notice to the Borrower, resign as the Swing Line Lender. In the event of any such resignation
as an L/C Issuer or the Swing Line Lender, the Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer or
the Swing Line Lender hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect
the resignation of Wells Fargo or Bank of America as L/C Issuer or the Swing Line Lender, as the case may be. If Wells Fargo or Bank of
America resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and duties of an L/C Issuer hereunder with respect
to all Letters of Credit outstanding as of the effective date of its resignation as an L/C Issuer and all L/C Obligations with respect
thereto (including the right to require the Lenders to make Base Rate Committed Loans or fund risk participations in Unreimbursed Amounts
pursuant to Section 2.03(c)). If Wells Fargo resigns as the Swing Line Lender, it shall retain all the rights of the
Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such
resignation, including the right to require the Lenders to make Base Rate Committed Loans or fund risk participations in outstanding Swing
Line Loans pursuant to Section 2.04(c). Upon the appointment of a successor L/C Issuer and/or the Swing Line Lender,
(a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer
or the Swing Line Lender, as the case may be, and (b) the successor L/C Issuer shall issue letters of credit in substitution for
the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Wells Fargo or Bank
of America, as applicable, to effectively assume the obligations of such retiring L/C Issuer with respect to such Letters of Credit.

 

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

 

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11.07       Treatment
of Certain Information; Confidentiality. Each of the Administrative Agent, the Lenders and the L/C Issuers agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its
Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such
Information and instructed to keep such Information confidential), (b) to the extent required or requested by any regulatory authority
purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National
Association of Insurance Commissioners), (c) to the extent required by applicable Laws or regulations or by any subpoena or similar
legal process so long as the Administrative Agent, any L/C Issuer and any Lender, as the case may be, requests confidential treatment
of such Information to the extent permitted by Law (provided that the requesting Administrative Agent, L/C Issuer or Lender shall not
be responsible for the failure by any such party to keep the Information confidential), (d) to any other party hereto, (e) in
connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement
or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions
substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant
in, any of its rights and obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 3.06(c),
Section 11.13 or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction
under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder, (g) on
a confidential basis to (i)  any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities
provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP
numbers or other market identifiers with respect to the credit facilities provided hereunder, (h) with the consent of the Borrower,
(i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or
(y) becomes available to the Administrative Agent, any Lender, any L/C Issuer or any of their respective Affiliates on a non-confidential
basis from a source other than the Borrower provided that the source of such information was not at the time known to be bound by a confidentiality
agreement or other legal or contractual obligation of confidentiality with respect to such Information or (j) subject to customary
confidentiality obligations, constituting deal terms and other information customarily reported to Thomson Reuters, other bank market
data collectors and similar service providers to the lending industry and service providers to the Administrative Agent and the Lenders
in connection with the administration of the Loan Documents. For purposes of this Section, “Information” means all information
received from the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses, other than
any such information that is available to the Administrative Agent, any Lender or any L/C Issuer on a non-confidential basis prior to
disclosure by the Borrower or any Subsidiary, provided that, in the case of information received from the Borrower or any Subsidiary after
the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality
of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised
the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 

Each of the Administrative
Agent, the Lenders and the L/C Issuers acknowledges that (a) the Information may include material non-public information concerning
the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public
information and (c) it will handle such material non-public information in accordance with applicable Law, including United States
Federal and state securities Laws.

 

11.08       Right
of Setoff.  If an Event of Default shall have occurred and be continuing and the Administrative Agent and the Required Lenders shall
have consented in writing thereto, each Lender, each L/C Issuer and each of their respective Affiliates (including, for the avoidance
of doubt, any Specified Derivatives Providers) is hereby authorized at any time and from time to time, to the fullest extent permitted
by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency)
at any time held and other obligations (in whatever currency) at any time owing by such Lender, such L/C Issuer or any such Affiliate
to or for the credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or
such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or L/C Issuer or their respective
Affiliates, irrespective of whether or not such Lender, L/C Issuer or Affiliate shall have made any demand under this Agreement or any
other Loan Document and although such obligations of the Borrower or such Loan Party may be contingent or unmatured or are owed to a branch,
office or Affiliate of such Lender or L/C Issuer different from the branch, office or Affiliate holding such deposit or obligated on such
indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so
set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.17
and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit
of the Administrative Agent, the L/C Issuers and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative
Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right
of setoff. The rights of each Lender, each L/C Issuer and their respective Affiliates under this Section are in addition to other
rights and remedies (including other rights of setoff) that such Lender, such L/C Issuer or their respective Affiliates may have. Each
Lender and each L/C Issuer agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application,
provided that the failure to give such notice shall not affect the validity of such setoff and application.

 

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11.09       Interest
Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under
the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”).
If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall
be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the
interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the
extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than
interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal
or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

 

11.10       Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and
the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent or the L/C Issuers
constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 5.01, this Agreement
shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received
counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart
of a signature page of this Agreement by telecopy, by email with a pdf copy attached, or other electronic imaging means shall be
effective as delivery of a manually executed counterpart of this Agreement.

 

11.11       Survival
of Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document or other document
delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof.
Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation
made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may
have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as
any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.

 

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11.12       Severability.
If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired
thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions
with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.
The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
Without limiting the foregoing provisions of this Section 11.12, if and to the extent that the enforceability of any
provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the
Administrative Agent or the L/C Issuers or the Swing Line Lender then such provisions shall be deemed to be in effect only to the extent
not so limited.

 

11.13       Replacement
of the Lenders. If the Borrower is entitled to replace a Lender pursuant to the provisions of Section 3.06, or
if any Lender is a Defaulting Lender or if any other circumstance exists hereunder that gives the Borrower the right to replace a Lender
as a party hereto, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require
such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required
by, Section 11.06), all of its interests, rights (other than its existing rights to payments pursuant to Sections
3.01, 3.04 and 3.05) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee
that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that:

 

(a)              the
Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 11.06(b);

 

(b)             such
Lender shall have received payment of an amount equal to the outstanding principal of its Loans and L/C Advances, accrued interest thereon,
accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05)
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other
amounts);

 

(c)              in
the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to
be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter;
and

 

(d)             such
assignment does not conflict with applicable Laws.

 

(e)              A
Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise,
the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 

11.14       Governing
Law; Jurisdiction; Etc.

 

(a)              GOVERNING
LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT
OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT,
AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK.

 

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(b)             SUBMISSION
TO JURISDICTION. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY agrees
that it will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract
or in tort or otherwise, against the Administrative Agent, any Lender, the l/c IssuerS,
or any Related Party of the foregoing in any way relating to this Agreement or any other Loan Document or the transactions relating hereto
or thereto, in any forum other than THE COURTS OF THE STATE OF NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN
DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS
TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD
AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF
THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED
IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN
DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION
OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN
THE COURTS OF ANY JURISDICTION.

 

(c)             WAIVER
OF VENUE. EACH OF THE PARENT, THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (b) OF THIS SECTION.
EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT
FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)             SERVICE
OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.02
PROVIDED THAT, IN THE CASE OF SERVICE ON ANY LOAN PARTY A COPY IS ALSO DELIVERED TO JEFFREY SULLIVAN, GENERAL COUNSEL FOR
PARENT AND BORROWER. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED
BY APPLICABLE LAW.

 

(e)             Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION.

 

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11.15      No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in connection
with any amendment, waiver or other modification hereof or of any other Loan Document), the Parent, the Borrower, and each other Loan
Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i)(A) the arranging and other services
regarding this Agreement provided by the Administrative Agent and the Lead Arrangers are arm’s-length commercial transactions between
the Parent, the Borrower, each other Loan Party and their respective Affiliates, on the one hand, and the Administrative Agent and the
Lead Arrangers, on the other hand, (B) each of the Parent, the Borrower, and the other Loan Parties has consulted its own legal,
accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower and each other Loan Party is
capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the
other Loan Documents; (ii)(A) each of the Administrative Agent, the Lead Arrangers and the Lenders is and has been acting solely
as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an
advisor, agent or fiduciary for the Parent, the Borrower, any other Loan Party, or any of their respective Affiliates, or any other Person
and (B) the Administrative Agent, the Lead Arrangers and the Lender have no obligation to the Parent, the Borrower, any other Loan
Party, or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set
forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Lead Arrangers and the Lenders and their respective
Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Parent, the Borrower,
the other Loan Parties, and their respective Affiliates, and the Administrative Agent, the Lead Arrangers and the Lenders have no obligation
to disclose any of such interests to the Parent, the Borrower, any other Loan Party, or any of their respective Affiliates. To the fullest
extent permitted by Law, each of the Parent, the Borrower, and the other Loan Parties hereby waives and releases any claims that it may
have against the Administrative Agent and the Lead Arrangers with respect to any breach or alleged breach of agency or fiduciary duty
in connection with any aspect of any transaction contemplated hereby.

 

11.16      Electronic
Execution of Assignments and Certain Other Documents. The words “execute,” “execution,” “signed,”
 “signature,” “delivery” and words of like import in or related to this Agreement, any other Loan Document or any
document, amendment, approval, consent, waiver, modification, information, notice, certificate, report, statement, disclosure, or authorization
to be signed or delivered in connection with this Agreement or any other Loan Document or the transactions contemplated hereby shall be
deemed to include Electronic Signatures or execution in the form of an Electronic Record, and contract formations on electronic platforms
approved by the Administrative Agent, deliveries or the keeping of records in electronic form, each of which shall be of the same legal
effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may
be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions
Act.  Each party hereto agrees that any Electronic Signature or execution in the form of an Electronic Record shall be valid and
binding on itself and each of the other parties hereto to the same extent as a manual, original signature.  For the avoidance of
doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the parties of a manually signed paper
which has been converted into electronic form (such as scanned into PDF format), or an electronically signed paper converted into another
format, for transmission, delivery and/or retention.  Notwithstanding anything contained herein to the contrary, the Administrative
Agent is under no obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by the Administrative
Agent pursuant to procedures approved by it; provided that without limiting the foregoing, (i) to the extent the Administrative
Agent has agreed to accept such Electronic Signature from any party hereto, the Administrative Agent and the other parties hereto shall
be entitled to rely on any such Electronic Signature purportedly given by or on behalf of the executing party without further verification
and (ii) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by an original
manually executed counterpart thereof.  Without limiting the generality of the foregoing, each party hereto hereby (A) agrees
that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy
proceedings or litigation among the Administrative Agent, the Lenders and any of the Loan Parties, electronic images of this Agreement
or any other Loan Document (in each case, including with respect to any signature pages thereto)  shall have the same legal
effect, validity and enforceability as any paper original, and (B) waives any argument, defense or right to contest the validity
or enforceability of the Loan Documents based solely on the lack of paper original copies of any Loan Documents, including with respect
to any signature pages thereto.

 

    129 

     

    

 

11.17      USA
PATRIOT ACT. Each Lender that is subject to the PATRIOT Act (as hereinafter defined) and the Administrative Agent (for itself and
not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of The Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into
law October 26, 2001)) (the “PATRIOT Act”), it is required to obtain, verify and record certain information
that identifies individuals or business entities which open an “account” with such financial institution, which information
includes the name, address, and tax identification number of the Borrower and such other identification information that will allow such
Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance with the PATRIOT Act and comply with federal
law. An “account” for this purpose may include, without limitation, a deposit account, cash management service, a transaction
or asset account, a credit account, a loan or other extension of credit, and/or other financial services product. the Borrower shall,
promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative
Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money
laundering rules and regulations, including the PATRIOT Act.

 

11.18      ENTIRE
AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED
BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE
PARTIES.

 

11.19      Acknowledgement
and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any
other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected
Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of the applicable Resolution
Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)              the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(b)             the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)              a
reduction in full or in part or cancellation of any such liability;

 

    130 

     

    

 

(ii)              a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments
of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document;
or

 

(iii)             the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution
Authority.

 

11.20      Certain
ERISA Matters.

 

(a) Each Lender
(x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such
Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent, each Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower
or any other Loan Party, that at least one of the following is and will be true:

 

(i)             such
Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA)
of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments;

 

(ii)            the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent
qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption
for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined
by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and
performance of the Loans, the Letters of Credit, the Commitments and this Agreement;

 

(iii)           (A) such
Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE
84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate
in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements
of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement; or

 

(iv)           such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and
such Lender.

 

    131 

     

    

 

(b)              In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a
Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in
the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender
party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being
a Lender party hereto, for the benefit of, the Administrative Agent, each Lead Arranger and their respective Affiliates, and not, for
the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that none of the Administrative Agent, any Lead
Arranger and their respective Affiliates is a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance
into, participation in, administration of and performance of the Loans, the Commitments and this Agreement (including in connection with
the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related
hereto or thereto).

 

11.21      Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Contract
or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and, each such QFC, a “Supported
QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the FDIC under the Federal Deposit Insurance
Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder,
the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below
applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State
of New York and/or of the United States or any other state of the United States):

 

(a)         In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest
and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such
QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special
Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed
by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party
becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply
to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents
were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood
and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered
Party with respect to a Supported QFC or any QFC Credit Support.

 

(b)          As
used in this Section 11.21, the following terms have the following meanings:

 

“BHC
Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party.

 

“Covered
Entity” means any of the following:

 

(i)             a
 “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

(ii)            a
 “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

(iii)           a
 “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81,
47.2 or 382.1, as applicable.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).

 

[signature
pages follow]

 

    132 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed as of the date first above written.

 

	 	Borrower:	 
	 	 	 
	 	STAG Industrial
    Operating Partnership, L.P., 
	 	a Delaware
    limited partnership
	 	 	 
	 	By:	STAG Industrial GP, LLC 
	 	Its:	General Partner
	 	 	 
	 	 	 
	 	By:	/s/ Matts S. Pinard 
	 	Name:	Matts S. Pinard 
	 	Title:	Authorized Officer
	 	 	 
	 	Parent:	 
	 	 	 
	 	STAG Industrial, Inc., 
	 	a Maryland
    corporation
	 	 	 
	 	 	 
	 	By:	/s/ Matts S. Pinard 
	 	Name:	Matts S. Pinard 
	 	Title:	Executive Vice President, Chief Financial Officer
    and Treasurer

 

Signature Page to Amended and Restated Revolving
Credit Agreement 

STAG Industrial Operating Partnership, L.P.

 

    

     

    

 

	 	Wells
    Fargo Bank, National Association,
	 	as the Administrative
    Agent and a Lender
	 	 
	 	 
	 	By:	/s/ Sarah Brown      
	 	Name:	Sarah Brown
	 	Title:	Vice President

 

Signature Page to Amended and Restated Revolving Credit Agreement

STAG Industrial Operating Partnership, L.P.

 

    

     

    

 

 

	 	CITIBANK, N.A., as a Lender
	 	 
	 	 
	 	By: 	/s/ David Bouton
	 	Name: 	David Bouton
	 	Title:	Authorized Signatory

 

Signature Page to Amended and Restated Revolving
Credit Agreement

STAG Industrial Operating Partnership, L.P.

 

    

     

    

 

	 	BANK OF AMERICA, N.A., as a Lender
	 	 
	 	 
	 	By: 	/s/ Kelsey ONeil
	 	Name:	Kelsey ONeil
	 	Title:	Vice President

 

Signature Page to Amended and Restated Revolving
Credit Agreement

STAG Industrial Operating Partnership, L.P.

 

    

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION, as a Lender
	 	 
	 	 
	 	By: 	/s/ Shari L. Reams-Henofer
	 	Name: 	Shari L. Reams-Henofer
	 	Title:	Senior Vice President

 

Signature Page to Amended and Restated Revolving
Credit Agreement

STAG Industrial Operating Partnership, L.P.

 

    

     

    

 

	 	REGIONS BANK, as a Lender
	 	 
	 	 
	 	By: 	/s/ Steve Hall
	 	Name: 	Steve Hall
	 	Title:	Senior Vice President

 

Signature Page to Amended and Restated Revolving
Credit Agreement

STAG Industrial Operating Partnership, L.P.

 

    

     

    

 

	 	TD BANK, N.A., as a Lender
	 	 
	 	 
	 	By: 	/s/ Brian DelGreco
	 	Name: 	Brian DelGreco
	 	Title:	Vice President

 

Signature Page to Amended and Restated Revolving
Credit Agreement

STAG Industrial Operating Partnership, L.P.

 

    

     

    

 

	 	TRUIST BANK, as a Lender
	 	 
	 	 
	 	By: 	/s/ C. Vincent Hughes, Jr.
	 	Name: 	C. Vincent Hughes, Jr.
	 	Title:	Director

 

Signature Page to Amended and Restated Revolving
Credit Agreement

STAG Industrial Operating Partnership, L.P.

 

    

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION, as a Lender
	 	 
	 	 
	 	By: 	 /s/ Patrick T. Brooks
	 	Name: 	Patrick T. Brooks
	 	Title:	Assistant Vice President

 

Signature Page to Amended and Restated Revolving
Credit Agreement

STAG Industrial Operating Partnership, L.P.

 

    

     

    

 

	 	BMO HARRIS BANK N.A., as a Lender
	 	 
	 	 
	 	By: 	/s/ Lloyd Baron
	 	Name: 	Lloyd Baron
	 	Title:	Managing Director

 

Signature Page to Amended and Restated Revolving
Credit Agreement

STAG Industrial Operating Partnership, L.P.

 

    

     

    

 

	 	RAYMOND JAMES BANK, as a Lender
	 	 
	 	 
	 	By:	/s/ Alex Sierra
	 	Name: 	Alex Sierra
	 	Title:	Vice President

 

Signature Page to Amended and Restated Revolving
Credit Agreement

STAG Industrial Operating Partnership, L.P.

 

    

     

    

 

	 	ROYAL BANK OF CANADA, as a Lender
	 	 
	 	 
	 	By: 	/s/ Edward McKenna
	 	Name: 	Edward McKenna
	 	Title:	Authorized Signatory

 

Signature Page to Amended and Restated Revolving
Credit Agreement

STAG Industrial Operating Partnership, L.P.

 

    

     

    

 

	 	ASSOCIATED BANK, NATIONAL ASSOCIATION, as a Lender
	 	 
	 	 
	 	By: 	/s/ Mitchell Vega
	 	Name: 	Mitchell Vega
	 	Title:	Senior Vice President

 

Signature Page to Amended and Restated Revolving
Credit Agreement

STAG Industrial Operating Partnership, L.P.

 

    

     

    

 

	 	THE BANK OF EAST ASIA, LIMITED, NEW YORK BRANCH, as a Lender
	 	 
	 	 
	 	By: 	/s/ Chong Tan
	 	Name:	Chong Tan
	 	Title:	SVP
	 	 
	 	By: 	/s/ Manny Kwok 
	 	Name: 	Manny Kwok
	 	Title:	SVP

 

Signature Page to Amended and Restated Revolving
Credit Agreement

STAG Industrial Operating Partnership, L.P.

 

    

     

    

 

SCHEDULE 2.01

 

COMMITMENTS AND APPLICABLE PERCENTAGES

 

	Lender	 	Commitment	 	 	Applicable Percentage	 
	Citibank, N.A.	 	$	120,000,000.00	 	 	 	12.00	%
	Wells Fargo Bank, National Association	 	$	95,000,000.00	 	 	 	9.50	%
	Bank of America, N.A.	 	$	95,000,000.00	 	 	 	9.50	%
	PNC Bank, National Association	 	$	90,000,000.00	 	 	 	9.00	%
	Regions Bank	 	$	90,000,000.00	 	 	 	9.00	%
	TD Bank, N.A.	 	$	90,000,000.00	 	 	 	9.00	%
	Truist Bank	 	$	90,000,000.00	 	 	 	9.00	%
	U.S. Bank National Association	 	$	75,000,000.00	 	 	 	7.50	%
	BMO Harris Bank N.A.	 	$	72,500,000.00	 	 	 	7.25	%
	Raymond James Bank	 	$	72,500,000.00	 	 	 	7.25	%
	Royal Bank of Canada	 	$	72,500,000.00	 	 	 	7.25	%
	Associated Bank, National Association	 	$	20,000,000.00	 	 	 	2.00	%
	The Bank of East Asia, Limited, New York Branch	 	$	17,500,000.00	 	 	 	1.75	%
	 	 	 	 	 	 	 	 	 
	Total	 	$	1,000,000,000.00	 	 	 	100.00	%

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