Document:

Exhibit 10.2

 

 

TERM
LOAN 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

 

and

 

THE
FINANCIAL INSTITUTIONS NOW OR HEREAFTER SIGNATORIES HERETO AND THEIR ASSIGNEES PURSUANT TO SECTION 11.06,

as Lenders

 

and

 

BANK OF AMERICA, N.A.,

as Syndication Agent

 

and

 

BMO
HARRIS BANK N.A., PNC BANK, NATIONAL ASSOCIATION, REGIONS BANK, and TD BANK, N.A.

as Co-Documentation Agents

 

 

Wells
Fargo Securities, LLC and BofA Securities, INC.

as the Joint Bookrunners

 

Wells
Fargo Securities, LLC, BofA Securities, INC., BMO CAPITAL MARKETS CORP., PNC CAPITAL MARKETS, LLC, REGIONS CAPITAL MARKETS 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	34
	1.03	Accounting Terms	35
	1.04	Rounding	35
	1.05	Times of Day	35
	1.06	Rates	36
	1.07	Divisions	36
	1.08	Sustainability Adjustments	36
	 	 	 
	Article II. The Commitments and Credit Extensions	38
	 	 
	2.01	Committed Loans	38
	2.02	Borrowings, Conversions and Continuations of Committed Loans	38
	2.03	Reserved	39
	2.04	Voluntary Reduction of Commitments	40
	2.05	Prepayments	40
	2.06	Incremental Term Loans	40
	2.07	Repayment of Loans	41
	2.08	Interest	42
	2.09	Fees	42
	2.10	Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate	43
	2.11	Evidence of Debt	43
	2.12	Payments Generally; The Administrative Agent’s Clawback	43
	2.13	Sharing of Payments by the Lenders	45
	2.14	Reserved	46
	2.15	Reserved	46
	2.16	Defaulting Lenders	46
	2.17	Guaranties	47
	 	 	 
	Article III. Taxes, Yield Protection and Illegality	49
	 	 
	3.01	Taxes	49
	3.02	Reserved	53
	3.03	Changed Circumstances	53
	3.04	Increased Costs	55
	3.05	Compensation for Losses	56
	3.06	Mitigation Obligations; Replacement of the Lenders	57
	3.07	Survival	57
	3.08	[Reserved]	57
	 	 	 
	Article IV. Unencumbered Properties	57
	 	 
	4.01	Initial Unencumbered Properties	57
	4.02	Reserved	58
	4.03	Notices of Qualification as an Unencumbered Property	58
	4.04	Eligibility	58
	4.05	Reserved	58
	4.06	Guaranty	58
	4.07	Admission of New Unencumbered Properties	58
	4.08	Reserved	58
	4.09	Reserved	58
	4.10	Exclusion Events	58

 

     

     

    

 

	Section		Page
	 	 	 
	Article V. Conditions Precedent to Credit Extensions	60
	 	 
	5.01	Conditions of Initial Credit Extension	60
	5.02	Conditions to all Credit Extensions	61
	 	 	 
	Article VI. Representations and Warranties	62
	 	 
	6.01	Existence, Qualification and Power; Compliance with Laws	62
	6.02	Authorization; No Contravention	62
	6.03	Governmental Authorization; Other Consents	62
	6.04	Binding Effect	63
	6.05	Financial Statements; No Material Adverse Effect	63
	6.06	Litigation	63
	6.07	No Default	63
	6.08	Ownership of Property; Liens; Equity Interests	63
	6.09	Environmental Compliance	64
	6.10	Insurance	64
	6.11	Taxes	65
	6.12	ERISA Compliance	65
	6.13	Subsidiaries; Equity Interests	66
	6.14	Margin Regulations; Investment Company Act	66
	6.15	Disclosure	66
	6.16	Compliance with Laws	66
	6.17	Taxpayer Identification Number	66
	6.18	Intellectual Property; Licenses, Etc.	67
	6.19	Reserved	67
	6.20	Solvency	67
	6.21	REIT Status of the Parent	67
	6.22	Labor Matters	67
	6.23	Ground Lease Representation	67
	6.24	Unencumbered Properties	68
	6.25	OFAC	68
	6.26	Affected Financial Institution	68
	 	 	 
	Article VII. Affirmative Covenants	69
	 	 
	7.01	Financial Statements	69
	7.02	Certificates; Other Information	70
	7.03	Notices	71
	7.04	Payment of Obligations	72
	7.05	Preservation of Existence, Etc.	72
	7.06	Maintenance of Properties	72
	7.07	Maintenance of Insurance	72
	7.08	Compliance with Laws; Beneficial Ownership Regulations	73
	7.09	Books and Records	73
	7.10	Inspection Rights	73
	7.11	Use of Proceeds	73
	7.12	Environmental Matters	74
	7.13	Ground Leases	75
	7.14	Unencumbered Properties	76
	7.15	Certain Post-Closing Obligations	77
	 	 	 
	Article VIII. Negative Covenants	77
	 	 
	8.01	Liens	77
	8.02	Indebtedness	78
	8.03	Investments	79
	8.04	Fundamental Changes	80

 

    ii

     

    

 

	Section		Page
	 	 	 
	8.05	Dispositions	80
	8.06	Restricted Payments	80
	8.07	Change in Nature of Business	80
	8.08	Transactions with Affiliates	81
	8.09	Burdensome Agreements	81
	8.10	Use of Proceeds	81
	8.11	Unencumbered Properties; Ground Leases	81
	8.12	Environmental Matters	82
	8.13	Negative Pledge; Indebtedness	83
	8.14	Financial Covenants	83
	 	 	 
	Article IX. Events of Default and
    Remedies	84
	 	 
	9.01	Events of Default	84
	9.02	Remedies Upon Event of Default	86
	9.03	Application of Funds	87
	 	 	 
	Article X. The Administrative Agent	87
	 	 
	10.01	Appointment and Authority	87
	10.02	Rights as a Lender	88
	10.03	Exculpatory Provisions	88
	10.04	Reliance by the Administrative Agent	89
	10.05	Delegation of Duties	89
	10.06	Resignation of the Administrative Agent	89
	10.07	Non-Reliance on the Administrative Agent and Other Lenders	90
	10.08	No Other Duties, Etc.	91
	10.09	The Administrative Agent May File Proofs of Claim	91
	10.10	Guaranty Matters	91
	10.11	Erroneous Payments	92
	10.12	Sustainability Matters	93
	 	 	 
	Article XI. Miscellaneous	94
	 	 
	11.01	Amendments, Etc.	94
	11.02	Notices; Effectiveness; Electronic Communication.	95
	11.03	No Waiver; Cumulative Remedies; Enforcement	97
	11.04	Expenses; Indemnity; Damage Waiver	97
	11.05	Payments Set Aside	99
	11.06	Successors and Assigns	100
	11.07	Treatment of Certain Information; Confidentiality	104
	11.08	Right of Setoff	104
	11.09	Interest Rate Limitation	105
	11.10	Counterparts; Integration; Effectiveness	105
	11.11	Survival of Representations and Warranties	105
	11.12	Severability	106
	11.13	Replacement of the Lenders	106
	11.14	Governing Law; Jurisdiction; Etc.	106
	11.15	No Advisory or Fiduciary Responsibility	108
	11.16	Electronic Execution of Assignments and Certain Other Documents	108
	11.17	USA PATRIOT ACT	109
	11.18	ENTIRE AGREEMENT	109
	11.19	Acknowledgment and Consent to Bail-In of Affected Financial Institutions	110
	11.20	Certain ERISA Matters	110
	11.21	Acknowledgement Regarding Any Supported QFCs	111

 

    iii

     

    

 

SCHEDULES

 

	2.01	Commitments and Applicable Percentages
	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 and 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
	B	Form of 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	Pricing Certificate

 

    iv

     

    

 

Loan
No. 1018335

 

TERM
LOAN AGREEMENT

 

This TERM LOAN 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 Borrower has requested
that the Lenders provide a term credit facility, and the Lenders are willing to do so on the terms and conditions set forth herein.

 

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).

 

“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).

 

    1

     

    

 

“Additional Term
Loans” has the meaning specified in Section 2.06(b)(i).

 

“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.

 

“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 $187,500,000.

 

“Agreement”
means this Term Loan Agreement.

 

    2

     

    

 

“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. If the commitment of each Lender to make Loans has been terminated pursuant to Section 2.01(b) or
9.02 or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall be determined based
on the percentage (carried out to the ninth decimal place) of the Total Outstandings represented by such Lender’s Loans at such
time. 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.

 

“Applicable Rate”
means, with respect to any Loan, the following percentages per annum, subject to the last two paragraphs of this definition, based upon
the Debt Rating as set forth below:

 

	Debt Rating	 	Pricing
    

    Level	 	 	Base Rate

    Applicable 

    Rate	 	 	Adjusted

    Term 

    SOFR 

    Applicable 

    Rate	 
	≥A/A2	 	 	1	 	 	 	0.00	%	 	 	0.75	%
	A-/A3	 	 	2	 	 	 	0.00	%	 	 	0.80	%
	BBB+/Baa1	 	 	3	 	 	 	0.00	%	 	 	0.85	%
	BBB/Baa2	 	 	4	 	 	 	0.00	%	 	 	0.95	%
	BBB-/Baa3	 	 	5	 	 	 	0.20	%	 	 	1.20	%
	<BBB-/Baa3	 	 	6	 	 	 	0.60	%	 	 	1.60	%

 

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.

 

    3

     

    

 

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 Applicable
Rate, 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 or the Adjusted Term SOFR Applicable 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.

 

Notwithstanding the foregoing,
it is hereby understood and agreed that the Applicable Rate shall be adjusted from time to time based upon the Sustainability Rate Adjustment
(to be calculated and applied as set forth in Section 1.10); provided that in no event shall the 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).

 

    4

     

    

 

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

 

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

 

“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.

 

“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 (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, 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, the Term SOFR Reference 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(c)(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.

 

    5

     

    

 

“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);

 

(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

 

    6

     

    

 

(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.

 

“Borrowing”
means a Committed Borrowing.

 

    7

     

    

 

“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 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;

 

(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.

 

    8

     

    

 

“Certificate
Inaccuracy Payment Date” has the meaning specified in Section 1.08(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

 

(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 make Committed Loans to the Borrower pursuant to Section 2.01, 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.

 

    9

     

    

 

“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).

 

“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.

 

    10

     

    

 

“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.

 

“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.

 

    11

     

    

 

“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 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, (d) the Revolving Credit Agreement,
and (e) 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, in each case, as amended from time to time.

 

“Credit
Extension” means a Borrowing.

 

“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.

 

“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.

 

    12

     

    

 

“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 the 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 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.

 

“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 or any other Lender any other amount
required to be paid by it hereunder within two (2) Business Days of the date when due, (b) has notified the Borrower and the
Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement
to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states
that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together
with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has
failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing
to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such
Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative
Agent and the Borrower), or (d) has, or has a direct or indirect parent company 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 and each Lender promptly following such determination.

 

    13

     

    

 

“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.

 

“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.

 

    14

     

    

 

“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

 

(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

 

    15

     

    

 

(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.

 

“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.

 

    16

     

    

 

“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.

 

“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.

 

    17

     

    

 

“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.

 

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

 

“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.

 

“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.

 

    18

     

    

 

“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. 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.

 

“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.

 

“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.

 

    19

     

    

 

“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.

 

“Increase
Effective Date” has the meaning specified in Section 2.06(b)(ii).

 

“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

 

    20

     

    

 

(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.

 

“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, 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, 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

 

    21

     

    

 

(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.

 

“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, 2021 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, 2021, 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.

 

“Lead Arrangers”
means Wells Fargo Securities, LLC, BofA Securities, Inc., BMO Capital Markets Corp., PNC Capital Markets, LLC, Regions Capital Markets
and TD Bank, N.A. in their capacities as joint lead arrangers.

 

    22

     

    

 

“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.

 

“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.

 

“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.

 

“Loan
Documents” means this Agreement, each Note, 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.

 

“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.

 

    23

     

    

 

“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 January 25, 2028; 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.

 

“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.

 

    24

     

    

 

“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.

 

“Note
Purchase Agreements” means those certain Note Purchase Agreements dated as of April 16, 2014, December 18,
2014, December 1, 2015 and April 10, 2018, each 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, 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.

 

    25

     

    

 

“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 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.

 

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

 

“Parent
Guaranty” means the 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.

 

    26

     

    

 

“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.

 

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

 

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

 

“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.

 

“Pricing
Certificate Inaccuracy” has the meaning specified in Section 1.08(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.

 

    27

     

    

 

“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.

 

“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, 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.

 

“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 with respect to a Borrowing, conversion or continuation of Committed Loans, a Committed
Loan Notice.

 

“Required Lenders”
means, at any time, the Lenders holding in the aggregate more than fifty percent (50%) of the Total Outstandings. The Loans of any Defaulting
Lender shall be disregarded in determining the Required Lenders at any time. 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.

 

    28

     

    

 

“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).

 

“Revolving
Credit Agreement” means that certain Amended and Restated Credit Agreement, dated as of July 26, 2022, among
the Borrower, the Parent, Wells Fargo, as administrative agent, and the other lenders party thereto, as amended.

 

“S&P”
means Standard & Poor’s Rating Service, 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 the Revolving Credit 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.

 

    29

     

    

 

“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.

 

“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 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 1.08(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).

 

    30

     

    

 

“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).

 

“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
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

 

(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 SOFR Determination Day.

 

    31

     

    

 

“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.

 

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

 

“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.

 

    32

     

    

 

“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.

 

“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.

 

“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.

 

    33

     

    

 

“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.

 

“WFS”
means Wells Fargo Securities, LLC and its successors and assigns.

 

“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.

 

(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.”

 

    34

     

    

 

(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).

 

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).

 

    35

     

    

 

1.06         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 or Term SOFR, 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 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,
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 or Term SOFR, 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.

 

1.07         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.

 

1.08         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 1.08(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 1.08(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.

 

    36

     

    

 

(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 1.08(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 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 or any Lender), 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 1.08 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.

 

(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).

 

    37

     

    

 

(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, 2022), 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 1.08(c) above).

 

Article II.

The Commitments and Credit Extensions

 

2.01         Committed
Loans. Each Lender severally agrees to make a Committed Loan 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(c):

 

(a)             Committed
Loans. Each Lender severally agrees to make a loan (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 Sections 2.01(a) and (b), after giving
effect to any Committed Borrowing, (i) the Total Outstandings shall not exceed the Aggregate Commitments, as in effect on the Closing
Date, and (ii) the aggregate Loans advanced by any Lender shall not exceed such Lender’s Commitment, as in effect on the Closing
Date. 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, and prepay under Section 2.05.
Amounts repaid on the Committed Loans may not be reborrowed. 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 $500,000 or a whole multiple of $500,000 in excess thereof. Each 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, and, in the case of a SOFR Loan, a U.S. Government Securities Business
Day), (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.

 

    38

     

    

 

(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.

 

(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 eight (8) Interest Periods in effect with respect to Committed Loans.

 

2.03         Reserved.

 

    39

     

    

 

2.04         Voluntary
Reduction of Commitments.

 

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 and (ii) any
such partial reduction shall be in an aggregate amount of $1,000,000 or any whole multiple of $1,000,000 in excess thereof.

 

2.05         Prepayments.

 

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; 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.

 

2.06         Incremental
Term Loans.

 

(a)           Reserved.

 

(b)           Incremental
Term Loans.

 

(i)             Election.
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, elect to enter into one or more tranches of term loans (“Additional Term Loans”)
in an aggregate amount not exceeding $187,500,000 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, which consent 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 shall make Additional Term Loans; provided that (i) any such election for Additional Term Loans 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 Additional Term Loans, 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.

 

    40

     

    

 

(ii)           Effective
Date. If Additional Term Loans are made 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 Additional
Term Loans shall be made. The Administrative Agent shall promptly notify the Parent, the Borrower, and the Lenders of the Increase Effective
Date.

 

(iii)          Conditions
to Effectiveness of Additional Term Loans.

 

(1)             As
a condition precedent to such Additional Term Loans, 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 Additional Term Loans, and (ii) certifying that, before and after giving effect
to such Additional Term Loans, (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.

 

(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 Additional Term Loans. Each Additional Term Loan shall be
a Committed Loan hereunder.

 

2.07        Repayment
of Loans. The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of Loans outstanding on such
date.

 

    41

     

    

 

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.

 

(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.

 

(a)           The
Borrower shall pay to WFS and the Administrative Agent, for their own respective accounts, fees in the amounts and at the times specified
in the 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.

 

(b)           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.

 

    42

     

    

 

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, 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 or any Lender), 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 or any Lender, under Section 2.08(b) or under
Article IX.

 

2.11         Evidence
of Debt. 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 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.

 

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.

 

    43

     

    

 

(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 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 the amount due. In such event, if the Borrower has not in fact made
such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed
to such Lender, 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.

 

    44

     

    

 

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.

 

(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 and to make payments pursuant to Section11.04(d) and
10.11 are several and not joint. The failure of any Lender to make any Committed Loan or to make any payment under Section 11.04(d) and
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 or to make its payment under Section 11.04(d) and
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 Bank 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, resulting in such Lender’s receiving payment
of a proportion of the aggregate amount of such Committed Loans 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)  make such 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 the provisions of this Section shall not be construed to apply to any payment obtained by a Lender as
consideration for the assignment of or sale of a participation in any of its Committed Loans 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.

 

    45

     

    

 

2.14         Reserved.

 

2.15         Reserved.

 

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, 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; third, 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 satisfy such Defaulting Lender’s potential future funding
obligations with respect to Loans under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result
of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement; fifth, 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 sixth, to
such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is a payment
of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share, such payment
shall be applied solely to pay the Loans of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any
Loans of such Defaulting Lender until such time as all Loans and funded 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 shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

    46

     

    

 

(iii)           Certain
Fees. No Defaulting Lender shall be entitled to receive any 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 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.

 

(b)           Defaulting
Lender Cure. If the Borrower and the Administrative Agent 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, 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 to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages,
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.

 

    47

     

    

 

(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);

 

(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.

 

    48

     

    

 

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.

 

(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 (with a copy to the Administrative
Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 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 for any reason fails to pay indefeasibly to the Administrative
Agent as required pursuant to Section 3.01(c)(ii) below.

 

    49

     

    

 

(ii)             Each
Lender 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 (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 10.06(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, 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 hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing
to such Lender, 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.

 

(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.

 

    50

     

    

 

(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

 

(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;

 

    51

     

    

 

(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.

 

(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 have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from
funds paid for the account of such Lender. 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.

 

    52

     

    

 

(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, 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 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.

 

    53

     

    

 

(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 or Term SOFR,
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, 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).

 

(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).

 

    54

     

    

 

(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.

 

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 or any Lender;

 

    55

     

    

 

(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 or any Lender any other condition, cost or expense affecting this Agreement or SOFR Loans made by such Lender;

 

and the result
of any of the foregoing shall be to increase the cost to the Administrative Agent or such Lender, as applicable, of making, converting,
continuing or maintaining any Loan (or of maintaining its obligation to make any such Loan), then the Borrower will pay to the Administrative
Agent or such Lender, as applicable, such additional amount or amounts as will compensate the Administrative Agent or such Lender, as
applicable, for such additional costs incurred or reduction suffered.

 

(b)            Capital
Requirements. If any Lender determines that any Change in Law affecting such Lender or any Lending Office of such Lender or such
Lender’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 capital or on the capital of such Lender’s holding company, if any, as a consequence
of this Agreement, the Commitments of such Lender or the Loans made by such Lender, to a level below that which such Lender or such Lender’s
holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies
of such Lender’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay
to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction
suffered.

 

(c)            Certificates
for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender 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 the amount shown as due on any
such certificate within fifteen (15) days after receipt thereof.

 

(d)            Delay
in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section shall
not constitute a waiver of such Lender’s right to demand such compensation, provided that the Borrower shall not be required
to compensate a Lender 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 notifies the Borrower of the Change in Law giving rise to such increased
costs or reductions and of such Lender’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);

 

    56

     

    

 

(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, or any Governmental Authority for the account of any Lender 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 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, 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 to any material unreimbursed cost or expense and would not otherwise
be materially disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender
in connection with any such designation or assignment.

 

(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.

 

    57

     

    

 

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.

 

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;

 

    58

     

    

 

(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.

 

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.

 

    59

     

    

 

Article V.

Conditions Precedent to Credit Extensions

 

5.01         Conditions
of Initial Credit Extension. The obligation of 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;

 

(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;

 

    60

     

    

 

(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 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).

 

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).

 

    61

     

    

 

(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 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.

 

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.

 

    62

     

    

 

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.

 

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).

 

    63

     

    

 

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.

 

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.

 

    64

     

    

 

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.

 

(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 or the Commitments.

 

    65

     

    

 

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.

 

(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.

 

    66

     

    

 

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.

 

6.21         REIT
Status of the Parent. The Parent qualified as a REIT commencing with its taxable year ending December 31, 2014 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.

 

    67

     

    

 

(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).

 

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 or the Administrative Agent) 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.

 

    68

     

    

 

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:

 

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

 

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.

 

    69

     

    

 

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 Exchange Act, 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).

 

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.

 

    70

     

    

 

The Parent and the Borrower hereby acknowledge
that (a) the Administrative Agent and/or the Lead Arrangers will make available to the Lenders 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 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;

 

(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;

 

    71

     

    

 

(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.

 

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.

 

    72

     

    

 

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.

 

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 finance the acquisition of Properties, (b) to pay operating and leasing expenses with respect to its Properties, and
(c) for general corporate purposes, in each case, not in contravention of any Law or of any Loan Document.

 

    73

     

    

 

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.

 

(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.

 

    74

     

    

 

(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.

 

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.

 

    75

     

    

 

(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);

 

(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.

 

    76

     

    

 

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 (a) the proposed $1,000,000,000
amended and restated revolving credit facility for the Borrower with Wells Fargo Bank, National Association, as the administrative agent,
(b) the proposed $187,500,000 term loan credit facility for the Borrower with Bank of America, N.A., as administrative agent and
(c) the proposed amendments or amendments and restatements of (x) that certain Term Loan Agreement dated as of December 20,
2016 by and among the Borrower, the REIT, Wells Fargo Bank, National Association, as the administrative agent, and the other parties
party thereto, (y) that certain Term Loan Agreement dated as of July 12, 2019 by and among the Borrower, the REIT, Wells Fargo
Bank, National Association, as the administrative agent, and the other parties party thereto and (z) that certain Term Loan Agreement
dated as of April 17, 2020 by and among the Borrower, the REIT, Wells Fargo Bank, National Association, as the administrative agent,
and the other parties party thereto, in each case, 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:

 

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;

 

(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;

 

    77

     

    

 

(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;

 

(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”;

 

    78

     

    

 

(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;

 

(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.

 

    79

     

    

 

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.

 

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.

 

    80

     

    

 

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 Credit 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 Credit 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.

 

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);

 

    81

     

    

 

(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;

 

(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

 

    82

     

    

 

(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%);

 

(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;

 

    83

     

    

 

(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 (ii) within five (5) days after the same becomes due, any interest on any Loan 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 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

 

    84

     

    

 

(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

 

    85

     

    

 

(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 to make Loans 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; and

 

(c)             exercise
on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents;

 

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 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, in each case without
further act of the Administrative Agent or any Lender.

 

    86

     

    

 

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), any amounts received on account of the Obligations shall, subject to the provisions of Section 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 and interest) payable
to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders 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 interest on the Loans, and other Obligations, ratably among
the Lenders, 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 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 and the Specified Derivatives Providers in proportion to the respective
amounts described in this clause Fourth payable to them; 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.

 

Article X.

The Administrative Agent

 

10.01       Appointment
and Authority. Each of the Lenders 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 and the Lenders, 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.

 

    87

     

    

 

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

 

(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 or a Lender.

 

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.

 

    88

     

    

 

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, by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume
that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such
Lender prior to the making of such Loan. 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.

 

10.06       Resignation
of the Administrative Agent.

 

(a)             The
Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower. Upon receipt of any such notice
of resignation, the Required Lenders shall have the right, 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, 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.

 

    89

     

    

 

(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 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 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.

 

10.07       Non-Reliance
on the Administrative Agent and Other Lenders. Each Lender 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 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 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 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.

 

    90

     

    

 

10.08       No
Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Lead Arrangers, Bookrunners or co-Syndication 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 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 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 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
and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders
and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent
under Sections 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 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, 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. 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 any plan of reorganization, arrangement, adjustment or composition
affecting the Obligations or the rights of any Lender to authorize the Administrative Agent to vote in respect of the claim of any Lender
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.

 

    91

     

    

 

10.11       Erroneous
Payments.

 

(a)             Each
Lender 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 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 (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.

 

(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.

 

    92

     

    

 

(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.

 

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).

 

    93

     

    

 

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 2.01(b) or 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 (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
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;

 

and, provided, further, that (i) 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 (ii) 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.

 

    94

     

    

 

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 or the Administrative Agent 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).

 

(b)             Electronic
Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication
(including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that
the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative
Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent 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.

 

    95

     

    

 

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 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 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 and the Administrative Agent 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 and the Administrative Agent. 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.

 

    96

     

    

 

(e)             Reliance
by the Administrative Agent and the Lenders. The Administrative Agent and the Lenders shall be entitled to rely and act upon any
notices (including telephonic Committed 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 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 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; 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 Lender from exercising setoff rights in accordance with Section 11.08
(subject to the terms of Section 2.13), or (c) 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.

 

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 the
Administrative Agent or any Lender (including the reasonable fees, charges and disbursements of any counsel for the Administrative Agent
or any Lender (only if a Default shall be in existence)), 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 hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect
of such Loans; 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.

 

    97

     

    

 

(b)             Indemnification.
The Parent and the Borrower shall jointly and severally indemnify the Administrative Agent (and any sub-agent thereof), each Lender,
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 the use or proposed use of the proceeds therefrom, (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.

 

(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), 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) 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),
or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), in connection with
such capacity. The obligations of the Lenders under this subsection (d) are subject to the provisions of Section 2.12(d).

 

    98

     

    

 

(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 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 replacement of any Lender, the termination of the Aggregate Commitments, and the repayment, satisfaction
or discharge of all the other Obligations.

 

11.05       Payments
Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent or any Lender, or the
Administrative Agent 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 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 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 under clause (b) of
the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.

 

    99

     

    

 

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 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 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

 

(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;

 

    100

     

    

 

(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; and

 

(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.

 

(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.

 

(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 or any Lender hereunder (and
interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all 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.

 

    101

     

    

 

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 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.

 

(d)             Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, 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 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 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.

 

    102

     

    

 

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.

 

(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)             Reserved.

 

(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.

 

    103

     

    

 

11.07       Treatment
of Certain Information; Confidentiality. Each of the Administrative Agent and the Lenders 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 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 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 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 or any Lender 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 and the Lenders 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 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 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 their respective Affiliates, irrespective of whether or not such Lender
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 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 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 and their respective Affiliates under this Section are
in addition to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates may have.
Each Lender 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.

 

    104

     

    

 

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 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.

 

    105

     

    

 

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 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, 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.

 

    106

     

    

 

(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 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 OR ANY LENDER 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.

 

    107

     

    

 

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.

 

    108

     

    

 

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.

 

    109

     

    

 

11.19       Acknowledgment
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;

 

(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. 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
or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and
performance of the Loans 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 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 commitments and this Agreement, (C) the entrance into, participation in, administration
of and performance of the Loans, 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 commitments and this Agreement; or

 

    110

     

    

 

(iv)          such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and
such Lender.

 

(b)             In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or
(2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately
preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto,
to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party
hereto, for the benefit of, the Administrative Agent, 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):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.

 

(i)             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).

 

    111

     

    

 

“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]

 

    112

     

    

 

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 Term Loan
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 Term Loan
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 Term Loan
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 Term Loan
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 Term Loan
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 Term Loan
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 Term Loan
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 Term Loan
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 Term Loan
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 Term Loan
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 Term Loan
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 Term Loan
Agreement

STAG Industrial Operating Partnership, L.P.

 

     

     

    

 

SCHEDULE 2.01

 

COMMITMENTS AND APPLICABLE PERCENTAGES

 

	Lender	 	Commitment	 	 	Applicable
    Percentage	 
	Wells Fargo Bank, National Association	 	$	20,000,000.00	 	 	 	10.67	%
	Bank of America, N.A.	 	$	20,000,000.00	 	 	 	10.67	%
	PNC Bank, National Association	 	$	19,000,000.00	 	 	 	10.13	%
	Regions Bank	 	$	19,000,000.00	 	 	 	10.13	%
	TD Bank, N.A.	 	$	19,000,000.00	 	 	 	10.13	%
	BMO Harris Bank N.A.	 	$	19,000,000.00	 	 	 	10.13	%
	The Bank of East Asia, Limited, New York Branch	 	$	15,000,000.00	 	 	 	8.00	%
	Truist Bank	 	$	14,333,333.34	 	 	 	7.64	%
	Raymond James Bank	 	$	14,333,333.33	 	 	 	7.64	%
	U.S. Bank National Association	 	$	14,333,333.33	 	 	 	7.64	%
	Royal Bank of Canada	 	$	13,500,000.00	 	 	 	7.20	%
	 	 	 	 	 	 	 	 	 
	Total	 	$	187,500,000.00	 	 	 	100.00	%Exhibit 10.3

 

  

TERM
LOAN AGREEMENT

Dated as of July 26, 2022

 

among

 

STAG
INDUSTRIAL OPERATING PARTNERSHIP, L.P.,

as the Borrower,

 

STAG
INDUSTRIAL, INC.,

as a Guarantor,

 

BANK
OF AMERICA, N.A.,

as the Administrative Agent,

 

PNC
BANK, NATIONAL ASSOCIATION, ROYAL BANK OF CANADA, TD
BANK, N.A., TRUIST BANK, U.S. BANK NATIONAL ASSOCIATION and WELLS
FARGO BANK, NATIONAL ASSOCIATION,
 as Co-Syndication Agents,

 

and

 

THE
FINANCIAL INSTITUTIONS NOW OR HEREAFTER SIGNATORIES HERETO AND THEIR ASSIGNEES PURSUANT TO SECTION 11.06,

as Lenders

 

 

 

BOFA
SeCURITIES, INC., 

as the Sole Bookrunner and Joint Lead Arranger

 

and

 

PNC
capital markets llc, ROYAL BANK OF CANADA, TD
bank, n.a., TRUIST SECURITIES, INC., U.S. BANK NATIONAL ASSOCIATION and WELLS
FARGO SECURITIES, LLC,

as 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	34
	1.03	Accounting Terms	34
	1.04	Rounding	35
	1.05	Times of Day	35
	1.06	Rates	35
	1.07	Divisions	36
	1.08	Sustainability Adjustments	36
	 	 	 
	Article II. The Commitments and Credit
    Extensions	37
	 	 
	2.01	Committed Loans	37
	2.02	Borrowings, Conversions and Continuations of Committed
    Loans	38
	2.03	Reserved	39
	2.04	Voluntary Reduction of Commitments	39
	2.05	Prepayments	39
	2.06	Incremental Term Loans	40
	2.07	Repayment of Loans	41
	2.08	Interest	41
	2.09	Fees	42
	2.10	Computation of Interest and Fees; Retroactive Adjustments
    of Applicable Rate	42
	2.11	Evidence of Debt	43
	2.12	Payments Generally; The Administrative Agent’s
    Clawback	43
	2.13	Sharing of Payments by the Lenders	45
	2.14	Reserved	45
	2.15	Reserved	45
	2.16	Defaulting Lenders	45
	2.17	Guaranties	47
	 	 	 
	Article III. Taxes, Yield Protection
    and Illegality	48
	 	 
	3.01	Taxes	48
	3.02	RESERVED	53
	3.03	Changed Circumstances	53
	3.04	Increased Costs	55
	3.05	Compensation for Losses	56
	3.06	Mitigation Obligations; Replacement of the Lenders	57
	3.07	Survival	57
	 	 	 
	Article IV. Unencumbered Properties	57
	 	 
	4.01	Initial Unencumbered Properties	57
	4.02	Reserved	57
	4.03	Notices of Qualification as an Unencumbered Property	57
	4.04	Eligibility	57
	4.05	Reserved	57
	4.06	Guaranty	57
	4.07	Admission of New Unencumbered Properties	58

 

    

     

    

 

	4.08	Reserved	58
	4.09	Reserved	58
	4.10	Exclusion Events	58
	 	 	 
	Article V. Conditions Precedent to
    Credit Extensions	59
	 	 
	5.01	Conditions of Initial Credit Extension	59
	5.02	Conditions to all Credit Extensions	61
	 	 	 
	Article VI. Representations and Warranties	62
	 	 
	6.01	Existence, Qualification and Power; Compliance with
    Laws	62
	6.02	Authorization; No Contravention	62
	6.03	Governmental Authorization; Other Consents	62
	6.04	Binding Effect	62
	6.05	Financial Statements; No Material Adverse Effect	62
	6.06	Litigation	63
	6.07	No Default	63
	6.08	Ownership of Property; Liens; Equity Interests	63
	6.09	Environmental Compliance	63
	6.10	Insurance	64
	6.11	Taxes	64
	6.12	ERISA Compliance	64
	6.13	Subsidiaries; Equity Interests	65
	6.14	Margin Regulations; Investment Company Act	65
	6.15	Disclosure	66
	6.16	Compliance with Laws	66
	6.17	Taxpayer Identification Number	66
	6.18	Intellectual Property; Licenses, Etc.	66
	6.19	Reserved	66
	6.20	Solvency	67
	6.21	REIT Status of the Parent	67
	6.22	Labor Matters	67
	6.23	Ground Lease Representation	67
	6.24	Unencumbered Properties	67
	6.25	OFAC	68
	6.26	Affected Financial Institution	68
	 	 	 
	Article VII. Affirmative Covenants	68
	 	 
	7.01	Financial Statements	68
	7.02	Certificates; Other Information	69
	7.03	Notices	71
	7.04	Payment of Obligations	72
	7.05	Preservation of Existence, Etc.	72
	7.06	Maintenance of Properties	72
	7.07	Maintenance of Insurance	72
	7.08	Compliance with Laws; Beneficial Ownership Regulations	72
	7.09	Books and Records	73
	7.10	Inspection Rights	73
	7.11	Use of Proceeds	73
	7.12	Environmental Matters	73
	7.13	Ground Leases	75
	7.14	Unencumbered Properties	76

 

    ii

     

    

 

	7.15	Certain Post-Closing Obligations	76
	 	 	 
	Article VIII. Negative Covenants	77
	 	 
	8.01	Liens	77
	8.02	Indebtedness	78
	8.03	Investments	79
	8.04	Fundamental Changes	79
	8.05	Dispositions	80
	8.06	Restricted Payments	80
	8.07	Change in Nature of Business	80
	8.08	Transactions with Affiliates	80
	8.09	Burdensome Agreements	80
	8.10	Use of Proceeds	81
	8.11	Unencumbered Properties; Ground Leases	81
	8.12	Environmental Matters	82
	8.13	Negative Pledge; Indebtedness	82
	8.14	Financial Covenants	83
	 	 	 
	Article IX. Events of Default and
    Remedies	84
	 	 
	9.01	Events of Default	84
	9.02	Remedies Upon Event of Default	86
	9.03	Application of Funds	86
	 	 	 
	Article X. The Administrative Agent	87
	 	 
	10.01	Appointment and Authority	87
	10.02	Rights as a Lender	87
	10.03	Exculpatory Provisions	87
	10.04	Reliance by the Administrative Agent	88
	10.05	Delegation of Duties	89
	10.06	Resignation of the Administrative Agent	89
	10.07	Non-Reliance on the Administrative Agent and Other
    Lenders	90
	10.08	No Other Duties, Etc.	90
	10.09	The Administrative Agent May File Proofs of Claim	91
	10.10	Guaranty Matters	91
	10.11	Erroneous Payments	91
	10.12	Sustainability Matters	93
	 	 	 
	Article XI. Miscellaneous	93
	 	 
	11.01	Amendments, Etc.	93
	11.02	Notices; Effectiveness; Electronic Communication	94
	11.03	No Waiver; Cumulative Remedies; Enforcement	96
	11.04	Expenses; Indemnity; Damage Waiver.	97
	11.05	Payments Set Aside	99
	11.06	Successors and Assigns	99
	11.07	Treatment of Certain Information; Confidentiality	103
	11.08	Right of Setoff	104
	11.09	Interest Rate Limitation	104
	11.10	Counterparts; Integration; Effectiveness	105
	11.11	Survival of Representations and Warranties	105
	11.12	Severability	105
	11.13	Replacement of the Lenders	105

 

    iii

     

    

 

	11.14	Governing Law; Jurisdiction; Etc.	106
	11.15	No Advisory or Fiduciary Responsibility	107
	11.16	Electronic Execution of Assignments and Certain Other
    Documents	107
	11.17	USA PATRIOT ACT	108
	11.18	ENTIRE AGREEMENT	108
	11.19	Acknowledgment and Consent to Bail-In of Affected Financial
    Institutions	108
	11.20	Certain ERISA Matters	109
	11.21	Acknowledgement Regarding Any Supported QFCs	110

 

SCHEDULES

 

	2.01	Commitments and Applicable Percentages
	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 and Each Subsidiary Guarantor
	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

 

	A	Form of Draw Request
	B	Form of Note
	C	Compliance Certificate
	D-1	Assignment and Assumption
	D-2	Administrative Questionnaire
	E	Form of Borrower Remittance Instruction
	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
	I      	Form of Borrower’s Instruction Certificate
	J     	Form of Pricing Certificate

 

    iv

     

    

 

TERM
LOAN AGREEMENT

 

This TERM LOAN 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”), PNC BANK, NATIONAL
ASSOCIATION, ROYAL BANK OF CANADA, TD BANK, N.A., TRUIST BANK, U.S. BANK NATIONAL ASSOCIATION and WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Co-Syndication Agents, and BANK OF AMERICA, N.A., as the Administrative Agent.

 

The Borrower has requested
the Lenders provide a term credit facility, and the Lenders are willing to do so, on the terms and conditions set forth herein.

 

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).

 

“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).

 

“Additional Term
Loans” has the meaning specified in Section 2.06(b)(i).

 

“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.

 

“Administrative
Agent” means BANA 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 $187,500,000.

 

“Agreement”
means this Term Loan 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.

 

    2

     

    

 

“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. If the commitment of each Lender to make Loans has 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
percentage (carried out to the ninth decimal place) of the Total Outstandings represented by such Lender’s Loans at such time.
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.

 

“Applicable Rate”
means, with respect to any Loan, the following percentages per annum, subject to the last two paragraphs of this definition, based upon
the Debt Rating as set forth below:

 

	Debt Rating	 	Pricing

 Level	 	 	Base Rate

 Applicable

 Rate	 	 	Term

 SOFR

 Applicable

 Rate	 
	≥A/A2	 	 	1	 	 	 	0.00	%	 	 	0.75	%
	A-/A3	 	 	2	 	 	 	0.00	%	 	 	0.80	%
	BBB+/Baa1	 	 	3	 	 	 	0.00	%	 	 	0.85	%
	BBB/Baa2	 	 	4	 	 	 	0.00	%	 	 	0.95	%
	BBB-/Baa3	 	 	5	 	 	 	0.20	%	 	 	1.20	%
	<BBB-/Baa3	 	 	6	 	 	 	0.60	%	 	 	1.60	%

 

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. As of the Closing Date, the Applicable Margin shall be determined based on Level 3.

 

    3

     

    

 

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 Applicable
Rate, 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 or the Term SOFR Applicable 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.

 

Notwithstanding the foregoing,
it is hereby understood and agreed that the Applicable Rate shall be adjusted from time to time based upon the Sustainability Rate Adjustment
(to be calculated and applied as set forth in Section 1.10); provided that in no event shall the 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).

 

“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.

 

    4

     

    

 

“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.

 

“BANA”
means Bank of America, N.A.

 

“Base Rate”
means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate
of interest in effect for such day as publicly announced from time to time by BANA as its “prime rate,” (c) Term SOFR
plus 1.00% and (d) 1.00%. The “prime rate” is a rate set by BANA based upon various factors including BANA’s costs
and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may
be priced at, above, or below such announced rate. Any change in such prime rate announced by BANA shall take effect at the opening of
business on the day specified in the public announcement of such change. If the Base Rate is being used as an alternate rate of interest
pursuant to Section 3.03 hereof, then the Base Rate shall be the greater of clauses (a), (b) and (d) above and shall be
determined without reference to clause (c) above.

 

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

 

“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, 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, the Term SOFR Screen Rate; provided that if a Benchmark Transition Event has occurred with respect to the Term
SOFR Screen 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(c)(i).

 

“Benchmark Replacement”
means, with respect to any Benchmark Transition Event, (a) Daily Simple SOFR plus the SOFR Adjustment or (b) if the
Administrative Agent determines that Daily Simple SOFR is not available on or prior to the applicable Benchmark Replacement Date or a
Benchmark Replacement Event shall have occurred with respect to Daily Simple SOFR, the sum of: (i) the alternate benchmark rate
that has been selected by the Administrative Agent and the Borrower giving due consideration to (A) any selection or recommendation
of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) 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 (ii) 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.

 

    5

     

    

 

“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);

 

(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

 

    6

     

    

 

(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’s
Instruction Certificate” means a completed form substantially in the form of Exhibit I 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.

 

    7

     

    

 

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

 

“Borrower Remittance
Instruction” means a completed form 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.

 

“Borrowing”
means a Committed Borrowing.

 

“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 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;

 

(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

 

    8

     

    

 

(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 1.08(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

 

(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.

 

    9

     

    

 

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

 

“CME”
means CME Group Benchmark Administration Limited.

 

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

 

“Commitment”
means, as to each Lender, its obligation to make Committed Loans to the Borrower pursuant to Section 2.01, 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 Term 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).

 

“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).

 

“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.

 

    10

     

    

 

“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.

 

    11

     

    

 

“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.

 

“Co-Syndication
Agent” means each of PNC Bank, National Association, Royal Bank of Canada, TD Bank, N.A., Truist Bank, U.S. Bank National
Association and Wells Fargo Bank, National Association in its capacity as a co-syndication agent for the term loan facility evidenced
by this Agreement.

 

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

 

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

 

“Credit Agreements”
means (a) the Revolving Credit Agreement, (b) 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, (c) 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, (d) 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, and (e) that certain Term Loan Agreement, dated as of July 26, 2022, among the Borrower, the Parent,
Wells Fargo Bank, National Association, as administrative agent, and the other lenders party thereto, in each case, as amended from time
to time.

 

“Credit Extension”
means a Borrowing.

 

    12

     

    

 

“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.

 

“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” with respect to any applicable determination date means the SOFR published on such date on the Federal Reserve Bank
of New York’s website (or any successor source).

 

“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 the 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 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 Term 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.

 

    13

     

    

 

“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 or any other Lender any other amount required to be paid by it hereunder
within two (2) Business Days of the date when due, (b) has notified the Borrower and the Administrative Agent in writing that
it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing
or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such
Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default,
shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business
Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower
that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting
Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower),
or (d) has, or has a direct or indirect parent company 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 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.

 

“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.

 

“Draw Request”
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 Term SOFR Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the
form of Exhibit A

 

“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.

 

    14

     

    

 

“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

 

    15

     

    

 

(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.

 

    16

     

    

 

“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.

 

    17

     

    

 

“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 Section 5.01(a)(xiv).

 

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

 

“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.

 

“Federal Funds
Rate” means, for any day, the rate per annum calculated by the Federal Reserve Bank of New York based on such day’s
federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set
forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York
as the federal funds effective rate; provided that if the Federal Funds Rate as so determined would be less than zero, such rate shall
be deemed to be zero for purposes of this Agreement.

 

    18

     

    

 

“Fee Letters”
means the letter agreements, (a) dated as of June 30, 2022 among the Borrower, the Administrative Agent, BANA and BofA Securities, Inc.,(b) dated
as of June 30, 2022 among the Borrower, Wells Fargo Bank, National Association and Wells Fargo Securities, LLC 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. 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.

 

“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.

 

“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.

 

    19

     

    

 

“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.

 

“Increase Effective
Date” has the meaning specified in Section 2.06(b)(ii).

 

“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);

 

    20

     

    

 

(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.

 

“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, 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 Term 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, the last Business Day of each March, June, September, and December and the Maturity
Date applicable to such Loan.

 

    21

     

    

 

“Interest Period”
means as to each Term SOFR Loan, the period commencing on the date such Term SOFR Loan is disbursed or converted to or continued as a
Term 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 Draw Request; 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 Term 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 Term 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.

 

“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, 2021 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, 2021, 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.

 

    22

     

    

 

“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.

 

“Lead Arrangers”
means (a) BofA Securities, Inc., together with any affiliates it deems appropriate to provide the services contemplated herein,
in its capacity as sole bookrunner and joint lead arranger for the term loan facility evidenced by this Agreement, and (b) each
of PNC Capital Markets LLC, Royal Bank of Canada, TD Bank, N.A., Truist Securities, Inc., U.S. Bank National Association and Wells
Fargo Securities, LLC, in its capacity as joint lead arranger for the term loan facility evidenced by this Agreement.

 

“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.

 

“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.

 

“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.

 

“Loan Documents”
means this Agreement, each Note, the Fee Letters, and the Guaranties.

 

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

 

“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.

 

    23

     

    

 

“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 January 25, 2028; 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.

 

“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).

 

    24

     

    

 

“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.

 

“Note
Purchase Agreements” means those certain Note Purchase Agreements dated as of April 16, 2014, December 18,
2014, December 1, 2015 and April 10, 2018, each among the Parent, the Borrower and the purchasers party thereto, in each case
as amended from time to time.

 

    25

     

    

 

“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, 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 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.

 

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

 

“Parent Guaranty”
means the 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).

 

    26

     

    

 

“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.

 

“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.

 

“Pricing
Certificate Inaccuracy” has the meaning specified in Section 1.08(d).

 

“Prior Credit
Agreement” means that certain Credit Agreement dated as of April 20, 2011 among the Borrower, BANA, 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.

 

    27

     

    

 

“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.

 

“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, 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.

 

“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 with respect to a Borrowing, conversion or continuation of Committed Loans, a Draw Request.

 

“Required Lenders”
means, at any time, the Lenders holding in the aggregate more than fifty percent (50%) of the Total Outstandings. The Loans of any Defaulting
Lender shall be disregarded in determining the Required Lenders at any time. 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.

 

    28

     

    

 

“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).

 

“Revolving
Credit Agreement” means that certain Amended and Restated Credit Agreement, dated as of July 26, 2022, among
the Borrower, the Parent, Wells Fargo Bank, National Association, as administrative agent, and the other lenders party thereto, as amended.

 

“S&P”
means Standard & Poor’s Rating Service, 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 the Revolving Credit 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.

 

    29

     

    

 

“SOFR”
means the Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York (or a successor administrator).

 

“SOFR Adjustment”
means 0.10% (10.0 basis points).

 

“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.

 

“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 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 1.08(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).

 

    30

     

    

 

“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).

 

“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 SOFR”
means:

 

(a)        for
any Interest Period with respect to a Term SOFR Loan, the rate per annum equal to the Term SOFR Screen Rate two U.S. Government Securities
Business Days prior to the commencement of such Interest Period with a term equivalent to such Interest Period; provided that if the
rate is not published prior to 11:00 a.m. on such determination date then Term SOFR means the Term SOFR Screen Rate on the first
U.S. Government Securities Business Day immediately prior thereto, in each case, plus the SOFR Adjustment; and

 

(b)        for
any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to the Term SOFR Screen Rate with a term
of one month commencing that day;

 

provided that if the Term SOFR determined in
accordance with either of the foregoing provisions (a) or (b) of this definition would otherwise be less than zero, Term SOFR
shall be deemed zero for purposes of this Agreement.

 

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

 

“Term SOFR Screen
Rate” means the forward-looking SOFR term rate administered by CME (or any successor administrator satisfactory to the
Administrative Agent) and published on the applicable Reuters screen page (or such other commercially available source providing
such quotations as may be designated by the Administrative Agent from time to time).

 

“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.

 

    31

     

    

 

“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.

 

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

 

“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.

 

    32

     

    

 

 

“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.

 

“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.

 

“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 Business Day, except any Business Day on which any of the Securities Industry and Financial
Markets Association, the New York Stock Exchange or the Federal Reserve Bank of New York is not open for business because such day is
a legal holiday under the federal laws of the United States or the laws of the State of New York, as applicable.

 

“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).

 

“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.

 

    33

     

    

 

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.

 

(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.

 

    34

     

    

 

(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).

 

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        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 Screen Rate or Term SOFR,
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 Screen
Rate, Term SOFR 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 Screen Rate, Term SOFR, 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 Screen Rate or Term SOFR, 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.

 

    35

     

    

 

1.07        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.

 

1.08        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 1.08(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 1.08(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 1.08(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 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 or any Lender), 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.

 

    36

     

    

 

(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 1.08 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.

 

(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, 2022), 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 1.08(c) above).

 

Article II.

The Commitments and Credit Extensions

 

2.01        Committed
Loans. Each Lender severally agrees to make a Committed Loan 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(c):

 

(a)        Committed
Loans. Each Lender severally agrees to make a loan (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.

 

    37

     

    

 

(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, as in effect on the Closing Date, and (ii) the
aggregate Loans advanced by any Lender shall not exceed such Lender’s Commitment, as in effect on the Closing Date. 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, and prepay under Section 2.05.
Amounts repaid on the Committed Loans may not be reborrowed. Committed Loans may be Base Rate Loans or Term 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 Term 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) Business Days prior to the requested date
of any Borrowing of, conversion to or continuation of Term SOFR Loans or of any conversion of Term 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 Draw
Request, appropriately completed and signed by a Responsible Officer of the Borrower. Each Borrowing of, conversion to or continuation
of Term SOFR Loans shall be in a principal amount of $500,000 or a whole multiple of $500,000 in excess thereof. Each 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 Draw Request (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 Term SOFR Loans, (ii) the requested date of the Committed Borrowing, conversion
or continuation, as the case may be (which shall be a Business Day), (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 Draw Request 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 Term 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 Term SOFR Loans. If the Borrower requests a Committed Borrowing
of, conversion to, or continuation of Term SOFR Loans in any such Draw Request, but fails to specify an Interest Period, then it will
be deemed to have specified an Interest Period of one (1) month.

 

(b)        Following
receipt of a Draw Request, 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 Draw Request. 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 BANA 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.

 

    38

     

    

 

(c)        Except
as otherwise provided herein, a Term SOFR Loan may be continued or converted only on the last day of an Interest Period for such Term
SOFR Loan. During the existence of an Event of Default, no Loans may be requested as, converted to or continued as Term 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 Term
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 BANA’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 eight (8) Interest Periods in effect with respect to Committed Loans.

 

2.03        Reserved.

 

2.04        Voluntary
Reduction of Commitments.

 

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 and (ii) any
such partial reduction shall be in an aggregate amount of $1,000,000 or any whole multiple of $1,000,000 in excess thereof.

 

2.05        Prepayments.

 

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; provided that (i) such notice must be received by the Administrative Agent not later than 11:00 a.m. (A) three
(3) Business Days prior to any date of prepayment of Term SOFR Loans and (B) on the date of prepayment of Base Rate Committed
Loans; (ii) any prepayment of Term 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 Term 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 Term 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.

 

    39

     

    

 

2.06        Incremental
Term Loans.

 

(a)           Reserved.

 

(b)           Incremental
Term Loans.

 

(i)             Election.
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, elect to enter into one or more tranches of term loans (“Additional Term Loans”)
in an aggregate amount not exceeding $187,500,000 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, which consent 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 shall make Additional Term Loans; provided that (i) any such election for Additional Term Loans 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 Additional Term Loans, 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 Additional Term Loans are made 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 Additional Term Loans shall be made. The Administrative Agent shall promptly notify the Parent, the Borrower, and the Lenders of
the Increase Effective Date.

 

(iii)          Conditions
to Effectiveness of Additional Term Loans.

 

(1)        As
a condition precedent to such Additional Term Loans, 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 Additional Term Loans, and (ii) certifying that, before and after giving effect
to such Additional Term Loans, (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.

 

    40

     

    

 

(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 Additional Term Loans. Each Additional Term Loan shall
be a Committed Loan hereunder.

 

2.07        Repayment
of Loans. The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of Loans outstanding
on such date.

 

2.08        Interest.

 

(a)           Subject
to the provisions of subsection (b) below, (i) each Term SOFR Loan shall bear interest on the outstanding
principal amount thereof for each Interest Period at a rate per annum equal to 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.

 

(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.

 

    41

     

    

 

(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.

 

(a)           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 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.

 

(b)           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 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, 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 or any Lender), 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 or any Lender, under Section 2.08(b) or
under Article IX.

 

    42

     

    

 

2.11        Evidence
of Debt. 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 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.

 

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.

 

(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 Term 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.

 

    43

     

    

 

(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 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 the amount due. In such event, if the Borrower has not in fact made
such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed
to such Lender, 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.

 

(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 and to make payments pursuant
to Section 11.04(d) and 10.11 are several and not joint. The failure of any Lender to make any Committed Loan
or to make any payment under Section 11.04(d) and 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 or to make its payment under Section 11.04(d) and 10.11.

 

    44

     

    

 

(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 Borrower Remittance Instructions.

 

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, resulting in such Lender’s receiving payment
of a proportion of the aggregate amount of such Committed Loans 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)  make such 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 the provisions of this Section shall not be construed to apply to any payment obtained by a Lender as
consideration for the assignment of or sale of a participation in any of its Committed Loans 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        Reserved.

 

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.

 

    45

     

    

 

(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, 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; third, 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 satisfy such Defaulting Lender’s potential future
funding obligations with respect to Loans under this Agreement; fourth, to the payment of any amounts owing to the Lenders as
a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; fifth, 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 sixth,
to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is a payment
of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share, such payment
shall be applied solely to pay the Loans of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any
Loans of such Defaulting Lender until such time as all Loans and funded 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 shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

(iii)        Certain
Fees. No Defaulting Lender shall be entitled to receive any 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 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.

 

(b)           Defaulting
Lender Cure. If the Borrower and the Administrative Agent 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, 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 to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages,
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.

 

    46

     

    

 

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);

 

(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;

 

    47

     

    

 

(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.

 

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.

 

    48

     

    

 

(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.

 

(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 (with a copy to the Administrative
Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 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 for any reason fails to pay indefeasibly to the Administrative
Agent as required pursuant to Section 3.01(c)(ii) below.

 

(ii)         Each
Lender 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 (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 10.06(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,
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 hereby authorizes the Administrative Agent to set off and apply any and all amounts
at any time owing to such Lender, under this Agreement or any other Loan Document against any amount due to the Administrative Agent
under this clause (ii).

 

    49

     

    

 

(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.

 

(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;

 

    50

     

    

 

(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

 

(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.

 

    51

     

    

 

(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.

 

(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 have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from
funds paid for the account of such Lender. 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, the termination of the Commitments and the repayment, satisfaction
and discharge of all other Obligations.

 

    52

     

    

 

3.02        RESERVED.

 

3.03        Changed
Circumstances.

 

(a)           Circumstances
Affecting Benchmark Availability. Subject to clause (c) below, in connection with any request for a Term 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 Term SOFR for the applicable
Interest Period with respect to a proposed Term 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 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 Term SOFR Loans, and any right of the Borrower to convert any Loan to or continue any Loan as a
Term SOFR Loan, shall be suspended (to the extent of the affected Term 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 Term SOFR Loans (to the extent of the affected
Term 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
Term 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.

 

(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 Term SOFR Loan, or to determine or charge interest based upon SOFR, the Term SOFR Screen Rate or Term SOFR, 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 Term SOFR Loans, and any right of the Borrower to convert any Loan to a Term SOFR Loan or continue
any Loan as a Term 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 Term 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 Term SOFR Loans, to such day, or immediately, if any Lender may not lawfully continue to maintain such Term 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.

 

    53

     

    

 

(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).

 

(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 Screen
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.

 

    54

     

    

 

(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 Term 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 Term 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.

 

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 or any Lender;

 

(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 or any Lender any other condition, cost or expense affecting this Agreement or Term SOFR Loans made by such
Lender;

 

and the result
of any of the foregoing shall be to increase the cost to the Administrative Agent or such Lender, as applicable, of making, converting,
continuing or maintaining any Loan (or of maintaining its obligation to make any such Loan), then the Borrower will pay to the Administrative
Agent or such Lender, as applicable, such additional amount or amounts as will compensate the Administrative Agent or such Lender, as
applicable, for such additional costs incurred or reduction suffered.

 

(b)            Capital
Requirements. If any Lender determines that any Change in Law affecting such Lender or any Lending Office of such Lender or such
Lender’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 capital or on the capital of such Lender’s holding company, if any, as a consequence
of this Agreement, the Commitments of such Lender or the Loans made by such Lender, to a level below that which such Lender or such Lender’s
holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies
of such Lender’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay
to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction
suffered.

 

    55

     

    

 

(c)            Certificates
for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender 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 the amount shown as due on any
such certificate within fifteen (15) days after receipt thereof.

 

(d)            Delay
in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section shall
not constitute a waiver of such Lender’s right to demand such compensation, provided that the Borrower shall not be required
to compensate a Lender 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 notifies the Borrower of the Change in Law giving rise to such increased
costs or reductions and of such Lender’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 Term 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 Term SOFR Loan
made by it at 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 Term SOFR Loan was in fact so funded.

 

    56

     

    

 

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, or any Governmental Authority for the account of any Lender 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 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, 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 to any material unreimbursed
cost or expense and would not otherwise be materially disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable
costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

(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.

 

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.

 

    57

     

    

 

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.

 

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.

 

    58

     

    

 

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.

 

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 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 (including, but not limited to, the Borrower’s Instruction Certificate substantially
in the form of Exhibit I hereto) 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;

 

    59

     

    

 

(v)        such
documents and certifications as the Administrative Agent may reasonably require to evidence that each of the Borrower, the Parent and
STAG Industrial GP, LLC is duly organized or formed, and that each of the Borrower, the Parent and STAG Industrial GP, LLC 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;

 

(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 Borrower, the Parent and STAG Industrial GP,
LLC 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)        completed
Borrower Remittance Instructions effective as of the Agreement Date; and

 

(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;

 

    60

     

    

 

(xiv)      the
Borrower shall have provided to the Administrative Agent evidence reasonably satisfactory to it that that certain Term Loan Agreement,
dated as of July 28, 2017 (the “Existing Credit Agreement”), by and among the Borrower, the lenders parties thereto
and the Administrative Agent (as amended or otherwise modified an in effect on the Closing Date) shall have been terminated and cancelled
and all indebtedness thereunder shall have been fully repaid (except to the extent being so repaid with the initial Loans hereunder);
and

 

(xv)       such
other assurances, certificates, documents, consents or opinions as the Administrative Agent 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).

 

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 Draw Request
requesting only a conversion of Committed Loans to the other Type, or a continuation of Term 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 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).

 

    61

     

    

 

Each Request for Credit Extension
(other than a Draw Request requesting only a conversion of Committed Loans to the other Type or a continuation of Term 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.

 

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.

 

    62

     

    

 

(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.

 

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.

 

    63

     

    

 

(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.

 

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.

 

    64

     

    

 

(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.

 

(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 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.

 

    65

     

    

 

(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.

 

(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.

 

    66

     

    

 

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.

 

6.21         REIT
Status of the Parent. The Parent qualified as a REIT commencing with its taxable year ending December 31, 2014 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;

 

    67

     

    

 

(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).

 

6.25         OFAC.
No Loan Party, nor, to the knowledge of any Loan Party, any Related Party or any individual or entity that owns or controls any Loan
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 or the Administrative Agent) 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:

 

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

 

    68

     

    

 

(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

 

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 Exchange Act, and not otherwise
required to be delivered to the Administrative Agent pursuant hereto;

 

    69

     

    

 

(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).

 

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 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 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.”

 

    70

     

    

 

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;

 

(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.

 

    71

     

    

 

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.

 

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.

 

    72

     

    

 

 

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.

 

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 to re-evidence the obligations of the Companies under the Existing Credit Agreement.

 

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

 

    	 	73	 

     

    

 

(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.

 

(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.

 

    	 	74	 

     

    

 

(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.

 

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.

 

    	 	75	 

     

    

 

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);

 

(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 (a) the proposed $1,000,000,000
amended and restated revolving credit facility for the Borrower with Wells Fargo Bank, National Association, as administrative agent,
(b) the proposed $187,500,000 term loan credit facility for the Borrower with Wells Fargo Bank, National Association, as administrative
agent and (c) the proposed amendments or amendments and restatements of (x) that certain Term Loan Agreement dated as of December 20,
2016 by and among the Borrower, the REIT, Wells Fargo Bank, National Association, as administrative agent, and the other parties party
thereto, (y) that certain Term Loan Agreement dated as of July 12, 2019 by and among the Borrower, the REIT, Wells Fargo Bank,
National Association, as administrative agent, and the other parties party thereto and (z) that certain Term Loan Agreement dated
as of April 17, 2020 by and among the Borrower, the REIT, Wells Fargo Bank, National Association, as administrative agent, and the
other parties party thereto, in each case, shall be effective.

 

    	 	76	 

     

    

 

Article VIII.

Negative Covenants

 

So long as any Lender shall
have any Commitment hereunder or 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:

 

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;

 

(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;

 

    	 	77	 

     

    

 

(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;

 

(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.

 

    	 	78	 

     

    

 

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;

 

(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

 

    	 	79	 

     

    

 

(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.

 

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 Credit 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 Credit 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.

 

    	 	80	 

     

    

 

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.

 

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;

 

    	 	81	 

     

    

 

(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;

 

(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).

 

    	 	82	 

     

    

 

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%);

 

(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.

 

    	 	83	 

     

    

 

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 (ii) within five (5) days after the same becomes due, any interest on any Loan 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 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

 

(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

 

    	 	84	 

     

    

 

(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

 

(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

 

    	 	85	 

     

    

 

(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 to make Loans 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; and

 

(c)        exercise
on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents;

 

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 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, 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), any amounts received on account of the Obligations shall, subject to the provisions of Section 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 and interest) payable
to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders 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 interest on the Loans, and other Obligations, ratably among
the Lenders, 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 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 and the Specified Derivatives Providers in proportion to the respective
amounts described in this clause Fourth payable to them; and

 

    	 	86	 

     

    

 

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.

 

Article X.

The Administrative Agent

 

10.01      Appointment
and Authority. Each of the Lenders hereby irrevocably appoints BANA 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 and the Lenders, 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

 

    	 	87	 

     

    

 

(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 or a Lender.

 

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, by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume
that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such
Lender prior to the making of such Loan. 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.

 

    	 	88	 

     

    

 

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.

 

10.06      Resignation
of the Administrative Agent.

 

(a)        The
Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower. Upon receipt of any such notice
of resignation, the Required Lenders shall have the right, 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, 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 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 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.

 

    	 	89	 

     

    

 

10.07      Non-Reliance
on the Administrative Agent and Other Lenders. Each Lender 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 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 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 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.

 

10.08      No
Other Duties, Etc. Anything herein to the contrary notwithstanding, the Lead Arrangers and Co-Syndication Agents listed on
the cover page hereof shall not 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, or a Lender hereunder.

 

    	 	90	 

     

    

 

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
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 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
and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders
and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent
under Sections 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 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, 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. 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 any plan of reorganization, arrangement, adjustment or composition
affecting the Obligations or the rights of any Lender to authorize the Administrative Agent to vote in respect of the claim of any Lender
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 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 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 (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.

 

    	 	91	 

     

    

 

(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.

 

(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.

 

    	 	92	 

     

    

 

 

 

(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.

 

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;

 

    93

     

    

 

(d)        reduce
or forgive the principal of, or the rate of interest specified herein on, any Loan, 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 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;

 

and, provided, further, that (i) 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 (ii) 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 or the Administrative Agent to the address, telecopier number, electronic mail address or telephone number specified
for such Person on Schedule 11.02; and

 

    94

     

    

 

(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).

 

(b)        Electronic
Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication
(including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that
the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative
Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent 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 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 or any other Person for indirect, special,
incidental, consequential or punitive damages (as opposed to direct or actual damages) resulting therefrom.

 

    95

     

    

 

(d)        Change
of Address, Etc. Each of the Borrower and the Administrative Agent 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 and the Administrative Agent. 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.

 

(e)        Reliance
by the Administrative Agent and the Lenders. The Administrative Agent and the Lenders shall be entitled to rely and
act upon any notices (including telephonic Draw Requests) 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 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 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.

 

    96

     

    

 

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; 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 Lender from exercising setoff rights in accordance with Section 11.08
(subject to the terms of Section 2.13), or (c) 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.

 

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 the
Administrative Agent or any Lender (including the reasonable fees, charges and disbursements of any counsel for the Administrative
Agent or any Lender (only if a Default shall be in existence)), 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 hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect
of such Loans; 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 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 the use or proposed use of the proceeds therefrom, (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.

 

    97

     

    

 

(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), 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) 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),
or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), 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 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.

 

    98

     

    

 

(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 replacement of any Lender, the termination of the Aggregate Commitments, and the repayment, satisfaction
or discharge of all the other Obligations.

 

11.05        Payments
Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent or any Lender,
or the Administrative Agent 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 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 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 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 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 at the time owing to it); provided that any such assignment shall be subject to the following
conditions:

 

    99

     

    

 

(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

 

(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;

 

(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; and

 

(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.

 

(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.

 

    100

     

    

 

(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 or any Lender hereunder (and
interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all 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.

 

    101

     

    

 

(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 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.

 

(d)        Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, 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 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 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.

 

    102

     

    

 

(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)        Reserved.

 

(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.

 

11.07        Treatment
of Certain Information; Confidentiality. Each of the Administrative Agent and the Lenders 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 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 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 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 or any Lender 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.

 

    103

     

    

 

Each of the Administrative
Agent and the Lenders 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 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 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 their respective Affiliates, irrespective of
whether or not such Lender 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
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
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 and their
respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such
Lender or their respective Affiliates may have. Each Lender 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.

 

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.

 

    104

     

    

 

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 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.

 

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 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);

 

    105

     

    

 

(b)        such
Lender shall have received payment of an amount equal to the outstanding principal of its Loans, 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.

 

(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 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 OR ANY LENDER 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.

 

    106

     

    

 

(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.

 

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.

 

    107

     

    

 

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        Acknowledgment
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;

 

(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.

 

    108

     

    

 

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
or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and
performance of the Loans 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 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 Commitments and this Agreement, (C) the entrance into, participation in, administration
of and performance of the Loans, 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 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.

 

(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).

 

    109

     

    

 

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):

 

(i)        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.

 

(ii)        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]

 

    110

     

    

 

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, a Delaware limited liability
    company, 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 Term Loan Agreement (Bank of America)

STAG Industrial Operating Partnership, L.P.

 

    

     

    

 

	 	BANK OF AMERICA, N.A., 
	 	as the Administrative Agent and a Lender
	 	 
	 	 
	 	By:	/s/ Kelsey ONeil
	 	Name: 	Kelsey ONeil
	 	Title:	Vice President

 

Signature Page to Term Loan Agreement (Bank
of America) 

STAG Industrial Operating Partnership, L.P.

 

    

     

    

 

	 	wells fargo Bank, National Association, 
	 	as a Lender
	 	 
	 	 
	 	By: 	/s/ Sarah Brown
	 	Name: 	Sarah Brown
	 	Title:	Vice President

 

Signature Page to Term Loan Agreement (Bank
of America) 

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 Term Loan Agreement (Bank
of America) 

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 Term Loan Agreement (Bank
of America) 

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 Term Loan Agreement (Bank
of America) 

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 Term Loan Agreement (Bank
of America) 

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 Term Loan Agreement (Bank
of America) 

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 Term Loan Agreement (Bank
of America) 

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 Term Loan Agreement (Bank
of America) 

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 Term Loan Agreement (Bank
of America) 

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 Term Loan Agreement (Bank
of America) 

STAG Industrial Operating Partnership, L.P.

 

    

     

    

 

SCHEDULE 2.01

 

COMMITMENTS AND APPLICABLE PERCENTAGES

 

	Lender	 	Commitment	 	 	Applicable Percentage	 
	Bank of America, N.A.	 	$	30,000,000	 	 	 	16.00	%
	PNC Bank, National Association	 	$	17,500,000	 	 	 	9.33	%
	Royal Bank of Canada	 	$	17,500,000	 	 	 	9.33	%
	TD Bank, N.A.	 	$	17,500,000	 	 	 	9.33	%
	Truist Bank	 	$	17,500,000	 	 	 	9.33	%
	U.S. Bank National Association	 	$	17,500,000	 	 	 	9.33	%
	The Bank of East Asia, Limited, New York Branch	 	$	15,000,000	 	 	 	8.00	%
	BMO Harris Bank N.A.	 	$	15,000,000	 	 	 	8.00	%
	Raymond James Bank.	 	$	15,000,000	 	 	 	8.00	%
	Regions Bank	 	$	15,000,000	 	 	 	8.00	%
	Wells Fargo Bank, National Association	 	$	10,000,000	 	 	 	5.33	%
	 	 	 	 	 	 	 	 	 
	Total	 	$	187,500,000	 	 	 	100.00	%

 

    	 	1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]