Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

PUBLISHED DEAL CUSIP NO. 67112JAA0 

PUBLISHED TERM FACILITY CUSIP NO. 67112JAC6 

PUBLISHED REVOLVING CREDIT FACILITY CUSIP NO. 67112JAB8 

CREDIT AGREEMENT 
 among 

OCI PARTNERS LP, 
 as BORROWER,

 VARIOUS LENDERS, 
 BARCLAYS
BANK PLC, 
 as SYNDICATION AGENT, 

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, 

as DOCUMENTATION AGENT 
 and 

BANK OF AMERICA, N.A., 
 as
ADMINISTRATIVE AGENT 
  
  

Dated as of March 13, 2018 

BANK OF AMERICA, N.A., 
 BARCLAYS
BANK PLC, and 
 CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, 

as JOINT LEAD ARRANGERS and JOINT BOOKRUNNERS 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 SECTION 1.
	 	 DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	 
	 1.01
	 	Defined Terms	  	 	1	 
	 1.02
	 	Terms Generally	  	 	34	 
			
	 SECTION 2.
	 	AMOUNT AND TERMS OF CREDIT	  	 	35	 
	 2.01
	 	The Commitments	  	 	35	 
	 2.02
	 	Minimum Amount of Each Borrowing	  	 	36	 
	 2.03
	 	Notice of Borrowing; Borrowing Procedure	  	 	36	 
	 2.04
	 	Disbursement of Funds	  	 	38	 
	 2.05
	 	Notes	  	 	39	 
	 2.06
	 	Interest Rate Conversions	  	 	40	 
	 2.07
	 	Pro Rata Borrowings	  	 	40	 
	 2.08
	 	Interest	  	 	40	 
	 2.09
	 	Interest Periods	  	 	41	 
	 2.10
	 	Increased Costs, Illegality, etc.	  	 	42	 
	 2.11
	 	Compensation	  	 	44	 
	 2.12
	 	Change of Lending Office	  	 	44	 
	 2.13
	 	Replacement of Lenders	  	 	45	 
	 2.14
	 	Extended Term Loans and Extended Revolving Commitments	  	 	45	 
	 2.15
	 	Incremental Commitments	  	 	48	 
	 2.16
	 	Defaulting Lenders	  	 	50	 
	 2.17
	 	[Reserved]	  	 	51	 
	 2.18
	 	Refinancing Facilities	  	 	51	 
	 2.19
	 	Reverse Dutch Auction Repurchases	  	 	53	 
	 2.20
	 	Open Market Purchases	  	 	55	 
	 2.21
	 	MIRE Events	  	 	55	 
			
	 SECTION 3.
	 	LETTERS OF CREDIT	  	 	55	 
	 3.01
	 	Letters of Credit	  	 	55	 
	 3.02
	 	Maximum Letter of Credit Outstandings; Final Maturities	  	 	56	 
	 3.03
	 	Letter of Credit Requests; Minimum Stated Amount	  	 	57	 
	 3.04
	 	Letter of Credit Participations	  	 	57	 
	 3.05
	 	Agreement to Repay Letter of Credit Drawings	  	 	59	 
	 3.06
	 	Increased Costs	  	 	59	 
	 3.07
	 	Extended Commitments	  	 	60	 
	 3.08
	 	Resignation or Removal of Issuing Lender	  	 	60	 
			
	 SECTION 4.
	 	COMMITMENT COMMISSION; FEES; REDUCTIONS OF COMMITMENT	  	 	60	 
	 4.01
	 	Fees	  	 	60	 
	 4.02
	 	Voluntary Termination of Unutilized Revolving Loan Commitments	  	 	61	 
	 4.03
	 	Mandatory Reduction of Commitments	  	 	62	 
			
	 SECTION 5.
	 	PREPAYMENTS; PAYMENTS; TAXES	  	 	62	 
	 5.01
	 	Voluntary Prepayments	  	 	62	 
	 5.02
	 	Mandatory Repayments	  	 	64	 
	 5.03
	 	Method and Place of Payment	  	 	66	 
	 5.04
	 	Net Payments	  	 	66	 
			
	 SECTION 6.
	 	CONDITIONS PRECEDENT TO CREDIT EVENTS ON THE CLOSING DATE	  	 	68	 
	 6.01
	 	Closing Date; Credit Documents; Notes	  	 	68	 
	 6.02
	 	Officer’s Certificate	  	 	68	 
	 6.03
	 	Opinions of Counsel	  	 	68	 

  
 -i- 

							
	 	 	 	  	Page	 
	 6.04
	 	Corporate Documents; Proceedings, etc.	  	 	68	 
	 6.05
	 	Termination of Existing Credit Agreements	  	 	68	 
	 6.06
	 	Guaranty	  	 	69	 
	 6.07
	 	No Default	  	 	69	 
	 6.08
	 	[Reserved]	  	 	69	 
	 6.09
	 	Security Agreements	  	 	69	 
	 6.10
	 	Intercompany Subordination Agreement	  	 	69	 
	 6.11
	 	[Reserved]	  	 	69	 
	 6.12
	 	[Reserved]	  	 	69	 
	 6.13
	 	[Reserved]	  	 	69	 
	 6.14
	 	Solvency Certificate	  	 	70	 
	 6.15
	 	Fees, etc.	  	 	70	 
	 6.16
	 	Representation and Warranties	  	 	70	 
	 6.17
	 	Patriot Act	  	 	70	 
	 6.18
	 	Borrowing Notice	  	 	70	 
	 6.19
	 	Insurance Certificates and Letter of Undertaking	  	 	70	 
			
	 SECTION 7.
	 	CONDITIONS PRECEDENT TO ALL CREDIT EVENTS AFTER THE CLOSING DATE	  	 	70	 
	 7.01
	 	No Default; Representations and Warranties	  	 	70	 
	 7.02
	 	Notice of Borrowing; Letter of Credit Request	  	 	70	 
			
	 SECTION 8.
	 	REPRESENTATIONS, WARRANTIES AND AGREEMENTS	  	 	71	 
	 8.01
	 	Organizational Status	  	 	71	 
	 8.02
	 	Power and Authority	  	 	71	 
	 8.03
	 	No Violation	  	 	71	 
	 8.04
	 	Approvals	  	 	71	 
	 8.05
	 	Financial Statements; Financial Condition	  	 	71	 
	 8.06
	 	Litigation	  	 	72	 
	 8.07
	 	True and Complete Disclosure	  	 	72	 
	 8.08
	 	Use of Proceeds; Margin Regulations	  	 	72	 
	 8.09
	 	Tax Returns and Payments	  	 	72	 
	 8.10
	 	ERISA	  	 	73	 
	 8.11
	 	The Security Documents	  	 	73	 
	 8.12
	 	Properties	  	 	74	 
	 8.13
	 	Capitalization	  	 	74	 
	 8.14
	 	Subsidiaries	  	 	74	 
	 8.15
	 	Compliance with Statutes; Anti-Money Laundering and Economic Sanctions Laws; FCPA	  	 	74	 
	 8.16
	 	Investment Company Act	  	 	75	 
	 8.17
	 	Environmental Matters	  	 	75	 
	 8.18
	 	Labor Relations	  	 	76	 
	 8.19
	 	Intellectual Property	  	 	76	 
	 8.20
	 	Legal Names; Type of Organization (and Whether a Registered Organization); Jurisdiction of Organization; etc.	  	 	76	 
	 8.21
	 	EEA Financial Institutions	  	 	76	 
			
	 SECTION 9.
	 	AFFIRMATIVE COVENANTS	  	 	76	 
	 9.01
	 	Information Covenants	  	 	76	 
	 9.02
	 	Books, Records and Inspections	  	 	79	 
	 9.03
	 	Maintenance of Property; Insurance	  	 	79	 
	 9.04
	 	Existence; Franchises	  	 	80	 
	 9.05
	 	Compliance with Statutes, etc.	  	 	80	 
	 9.06
	 	Compliance with Environmental Laws	  	 	80	 
	 9.07
	 	ERISA	  	 	81	 

  
 -ii- 

							
	 	 	 	  	Page	 
	 9.08
	 	End of Fiscal Years; Fiscal Quarters	  	 	81	 
	 9.09
	 	Performance of Obligations	  	 	81	 
	 9.10
	 	Payment of Taxes	  	 	82	 
	 9.11
	 	Use of Proceeds	  	 	82	 
	 9.12
	 	Additional Security; Further Assurances; etc.	  	 	82	 
	 9.13
	 	Post-Closing Actions	  	 	83	 
	 9.14
	 	[Reserved]	  	 	83	 
	 9.15
	 	Credit Ratings	  	 	83	 
			
	 SECTION 10.
	 	 NEGATIVE COVENANTS
	  	 	83	 
	 10.01
	 	Liens	  	 	83	 
	 10.02
	 	Fundamental Changes	  	 	86	 
	 10.03
	 	Dividends	  	 	87	 
	 10.04
	 	Indebtedness	  	 	89	 
	 10.05
	 	Advances, Investments and Loans	  	 	91	 
	 10.06
	 	Transactions with Affiliates	  	 	93	 
	 10.07
	 	Modifications of Certificate of Incorporation, By-Laws and Certain Other Agreements, Prepayments of Junior Debt	  	 	93	 
	 10.08
	 	Negative Pledges	  	 	94	 
	 10.09
	 	Business	  	 	95	 
	 10.10
	 	Asset Sales	  	 	95	 
	 10.11
	 	Financial Covenant	  	 	96	 
	 10.12
	 	Accounting Practices	  	 	96	 
			
	 SECTION 11.
	 	 EVENTS OF DEFAULT
	  	 	97	 
	 11.01
	 	Payments	  	 	97	 
	 11.02
	 	Representations, etc.	  	 	97	 
	 11.03
	 	Covenants	  	 	97	 
	 11.04
	 	Default Under Other Agreements	  	 	97	 
	 11.05
	 	Bankruptcy, etc.	  	 	97	 
	 11.06
	 	ERISA	  	 	98	 
	 11.07
	 	Credit Documents	  	 	98	 
	 11.08
	 	Guaranties	  	 	98	 
	 11.09
	 	Judgments	  	 	98	 
	 11.10
	 	Change of Control	  	 	98	 
	 11.11
	 	Casualty or Condemnation	  	 	98	 
	 11.12
	 	Abandonment of Operations	  	 	98	 
	 11.13
	 	Right to Cure	  	 	99	 
			
	 SECTION 12.
	 	 THE ADMINISTRATIVE AGENT
	  	 	100	 
	 12.01
	 	Appointment and Authorization	  	 	100	 
	 12.02
	 	Rights as a Lender	  	 	100	 
	 12.03
	 	Exculpatory Provisions	  	 	101	 
	 12.04
	 	Reliance by Administrative Agent	  	 	101	 
	 12.05
	 	Delegation of Duties	  	 	102	 
	 12.06
	 	Resignation of Administrative Agent	  	 	102	 
	 12.07
	 	Non-Reliance on Administrative Agent and Other Lenders	  	 	102	 
	 12.08
	 	No Other Duties, Etc.	  	 	102	 
	 12.09
	 	Administrative Agent May File Proofs of Claim	  	 	102	 
	 12.10
	 	Collateral Matters and Guaranty Matters	  	 	103	 
	 12.11
	 	Withholding Taxes	  	 	104	 
	 12.12
	 	Indemnification by the Lenders	  	 	104	 
	 12.13
	 	Designated Interest Rate Protection Agreements, Designated Hedge Agreements and Designated Treasury Services Agreements	  	 	104	 

  
 -iii- 

							
	 	 	 	  	Page	 
	 SECTION 13.
	 	MISCELLANEOUS	  	 	104	 
	 13.01
	 	Payment of Expenses, etc.	  	 	104	 
	 13.02
	 	Right of Setoff	  	 	106	 
	 13.03
	 	Notices	  	 	106	 
	 13.04
	 	Benefit of Agreement; Assignments; Participations, etc.	  	 	107	 
	 13.05
	 	No Waiver; Remedies Cumulative	  	 	109	 
	 13.06
	 	Payments Pro Rata	  	 	109	 
	 13.07
	 	Calculations; Computations	  	 	110	 
	 13.08
	 	GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL	  	 	111	 
	 13.09
	 	Counterparts	  	 	112	 
	 13.10
	 	[Reserved]	  	 	112	 
	 13.11
	 	Headings Descriptive	  	 	112	 
	 13.12
	 	Amendment or Waiver; etc.	  	 	112	 
	 13.13
	 	Survival	  	 	114	 
	 13.14
	 	Domicile of Term Loans	  	 	114	 
	 13.15
	 	Register	  	 	115	 
	 13.16
	 	Confidentiality	  	 	115	 
	 13.17
	 	USA Patriot Act Notice	  	 	116	 
	 13.18
	 	Electronic Execution of Assignments and Certain Other Documents	  	 	116	 
	 13.19
	 	[Reserved]	  	 	116	 
	 13.20
	 	No Advisory or Fiduciary Responsibility	  	 	116	 
	 13.21
	 	[Reserved]	  	 	117	 
	 13.22
	 	[Reserved]	  	 	117	 
	 13.23
	 	Non-Recourse to General Partner	  	 	117	 
	 13.24
	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	117	 
	 13.25
	 	Certain ERISA Matters	  	 	117	 

  
 -iv- 

			
	 SCHEDULE 2.01
	  	 Commitments

	 SCHEDULE 2.19(a)
	  	 Auction Procedures

	 SCHEDULE 8.13
	  	 Capitalization

	 SCHEDULE 8.18
	  	 Labor Matters

	 SCHEDULE 9.13
	  	 Post-Closing Actions

	 SCHEDULE 10.01(iii)
	  	 Existing Liens

	 SCHEDULE 10.04(v)
	  	 Existing Indebtedness

	 SCHEDULE 10.05(xvii)
	  	 Existing Investments

	 SCHEDULE 13.03
	  	 Lender Addresses

		
	 EXHIBIT A-1
	  	 Form of Notice of Borrowing

	 EXHIBIT A-2
	  	 Form of Notice of Conversion/Continuation

	 EXHIBIT B-1
	  	 Form of Term Note

	 EXHIBIT B-2
	  	 Form of Revolving Note

	 EXHIBIT B-3
	  	 Form of Swingline Note

	 EXHIBIT C-1, 2, 3 & 4
	  	 Form of U.S. Tax Compliance Certificates

	 EXHIBIT D
	  	 Form of Officers’ Certificate

	 EXHIBIT E
	  	 Form of Security Agreement

	 EXHIBIT F
	  	 Form of Solvency Certificate

	 EXHIBIT G
	  	 Form of Compliance Certificate

	 EXHIBIT H
	  	 Form of Assignment and Assumption Agreement

  
 -v- 

 CREDIT AGREEMENT, dated as of March 13, 2018, among OCI PARTNERS LP (the
“Borrower”), the Lenders and Issuing Lenders party hereto from time to time and BANK OF AMERICA, N.A., as the Administrative Agent. All capitalized terms used herein and defined in Section 1 are used herein
as therein defined. 
 W I T N E S S E T H: 

WHEREAS, (a) the Borrower has requested that the Lenders extend credit in the form of (i) Initial Term Loans hereunder in the
aggregate principal amount of $455,000,000 and (ii) Revolving Loans in an aggregate principal amount at any time outstanding not to exceed $40,000,000, and the Borrower will use the proceeds of such borrowings funded on the Closing Date in
order to (x) repay in full existing indebtedness of OCI Beaumont LLC, a wholly-owned subsidiary of the Borrower (“OCIB”), pursuant to (I) the Term Loan Credit Agreement, dated as of August 20, 2013, among, inter
alia, OCIB, as borrower, the lenders party thereto, and Bank of America, N.A., as administrative agent (as amended or modified from time to time, the “Existing Term Loan Credit Agreement”), and (II) the Revolving Credit
Agreement, dated as of April 4, 2014, among, inter alia, OCIB, as borrower, and Bank of America, N.A., as administrative agent (as amended or modified from time to time, the “Existing Revolving Credit Agreement,” and
together with the Existing Term Loan Credit Agreement, the “Existing Credit Agreements”), (y) repay, in whole or in part, certain related party indebtedness (clauses (x) and (y), the “Refinancing”); and
(z) pay fees and expenses in connection with the foregoing, and (b) the Borrower has requested that the Issuing Lenders make available Letters of Credit in an aggregate stated amount at any time outstanding not to exceed $20,000,000; 

NOW, THEREFORE, the Lenders are willing to extend such credit to the Borrower and each Issuing Lender is willing to issue Letters of Credit
for the account of the Borrower and its Subsidiaries on the terms and subject to the conditions set forth herein. 
 NOW, THEREFORE, in
consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows: 
 Section 1.
Definitions and Accounting Terms. 
 1.01 Defined Terms. As used in this Agreement, the following terms shall have the
following meanings: 
 “Acquired Entity or Business” shall mean either (x) the assets constituting a business,
division, product line, manufacturing facility or distribution facility of any Person not already a Subsidiary of the Borrower or (y) Equity Interests of any such Person, which Person shall, as a result of the respective acquisition, become a
Subsidiary of the Borrower (or shall be merged with and into the Borrower or a Subsidiary of the Borrower). 
 “Additional Security
Documents” shall have the meaning provided in Section 9.12(a). 
 “Administrative Agent”
shall mean Bank of America, N.A., in its capacity as Administrative Agent for the Lenders hereunder, and shall include any successor to the Administrative Agent appointed pursuant to Section 12.06. 

“Affiliate” shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or
under direct or indirect common control with, such Person. A Person shall be deemed to control another Person if such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such other
Person, whether through the ownership of voting securities, by contract or otherwise; provided, however, that neither the Administrative Agent nor any Lender (nor any Affiliate thereof) shall be considered an Affiliate of the Borrower
or any Subsidiary thereof as a result of this Agreement, the extensions of credit hereunder or its actions in connection therewith. 

“Agents” shall mean the Administrative Agent and any other agent with respect to the Credit Documents, including, without
limitation, the Joint Lead Arrangers, the Syndication Agent and the Documentation Agent. 

 “Agreement” shall mean this Credit Agreement, as modified, supplemented,
amended, restated (including any amendment and restatement hereof), extended or renewed from time to time. 
 “Applicable Commitment
Fee Percentage” shall mean a percentage per annum equal to 0.50% (stepping down to 0.375% per annum if the Borrower’s Consolidated First Lien Net Leverage Ratio as of the end of the most recently completed fiscal quarter is less than
or equal to 3.00:1.00). 
 “Applicable Increased Term Loan Spread” shall mean, at any time, with respect to any then
existing Tranche of Initial Term Loans at the time of the provision of any new Tranche of Incremental Term Loans pursuant to Section 2.15 which is subject to an Effective Yield that is less than the Effective Yield
applicable to such new Tranche of Incremental Term Loans by more than 0.50%, the margin per annum (expressed as a percentage) determined by Administrative Agent (and notified to the Lenders) as the margin per annum required to cause the Effective
Yield applicable to such then existing Tranche of Initial Term Loans to equal (i) the Effective Yield applicable to such newly created Tranche of Incremental Term Loans minus (ii) 0.50%. Each determination of the “Applicable Increased Term
Loan Spread” shall be made by Administrative Agent taking into account the relevant factors outlined in the proviso to subclause (II) of clause (vii) of Section 2.15(a) and shall be conclusive and binding on
all Lenders absent manifest error. 
 “Applicable Margin” shall mean a percentage per annum equal to: 

(a) in the case of Initial Term Loans maintained as (i) from the Closing Date until the first Business Day that
immediately follows the date on which a compliance certificate is delivered pursuant to Section 9.01(e) in respect of of the first full fiscal quarter ending after the Closing Date, (A) LIBO Rate Loans, 4.25% and (B) Base Rate Loans,
3.25% and (ii) thereafter, for any day the applicable percentage per annum set forth below, as determined by reference to the Consolidated Total Net Leverage Ratio, as set forth in the then most recent compliance certificate received by the
Administrative Agent pursuant to Section 9.01(e) prior to such day: 
 Applicable Margin 

 

											
	 Pricing Level
	  	  

Consolidated
Total Net

Leverage
Ratio
	  	LIBO
Rate
Loans	 	 	Base
Rate
Loans	 
	 1
	  	< 2.75:1.00	  	 	4.00	% 	 	 	3.00	% 
	 2
	  	3 2.75:1.00	  	 	4.25	% 	 	 	3.25	% 

 (b) in the case of Revolving Loans, (i) from the Closing Date until the first Business
Day that immediately follows the date on which a compliance certificate is delivered pursuant to Section 9.01(e) in respect of the first full fiscal quarter ending after the Closing Date, (A) 3.75% per annum for LIBO Rate
Loans and (B) 2.75% for Base Rate Loans and (ii) thereafter, for any day the applicable percentage per annum set forth below, as determined by reference to the Consolidated First Lien Net Leverage Ratio, as set forth in the then most recent
compliance certificate received by the Administrative Agent pursuant to Section 9.01(e) prior to such day: 

Applicable Margin 
  

											
	 Pricing Level
	  	Consolidated First Lien Net
Leverage Ratio	  	LIBO
Rate
Loans	 	 	Base
Rate
Loans	 
	 1
	  	< 2.50:1.00	  	 	3.25	% 	 	 	2.25	% 
	 2
	  	3 2.50:1.00 and < 3.00:1.00	  	 	3.50	% 	 	 	2.50	% 
	 3
	  	3 3.00:1.00	  	 	3.75	% 	 	 	2.75	% 

 Any increase or decrease in the Applicable Margin resulting from a change in the Consolidated Total Net Leverage Ratio or the
Consolidated First Lien Net Leverage Ratio shall become effective as of the first Business Day immediately following the date a compliance certificate is delivered pursuant to Section 9.01(e); provided,
however, “Pricing Level 2” (in the case of Initial Term Loans) and “Pricing Level 3” (in the case of Revolving Loans) shall apply without regard to the Consolidated Total Net Leverage Ratio or the Consolidated
First Lien Net Leverage Ratio (x) 

  
 -2- 

 
at any time after the date on which any annual or quarterly financial statement was required to have been delivered pursuant to Section 9.01(a) or
Section 9.01(b) but was not delivered (or the compliance certificate related to such financial statements was required to have been delivered pursuant to Section 9.01(e) but was not delivered),
commencing with the first Business Day immediately following such date and continuing until the first Business Day immediately following the date on which such financial statements (or, if later, the compliance certificate related to such financial
statements) are delivered or (y) at all times if an Event of Default shall have occurred and be continuing. 
 The Applicable Margins
for any Tranche of Incremental Term Loans shall be (i) in the case of Incremental Term Loans added to an existing Tranche, the same as the Applicable Margins for such existing Tranche, and (ii) otherwise, as specified in the applicable
Incremental Agreement; provided that (w) on and after the date of the most recent incurrence of any Tranche of Incremental Term Loans which gives rise to a determination of a new Applicable Increased Term Loan Spread, the Applicable
Margins for any Tranche of Initial Term Loans shall be the higher of (a) the Applicable Increased Term Loan Spread for such Tranche of Initial Term Loans and (b) the Applicable Margin for such Type and Tranche of Initial Term Loans as
otherwise determined above in the absence of this clause (w); (x) the Applicable Margin in respect of Refinancing Term Loans of any Tranche shall be the applicable percentages per annum provided pursuant to the relevant Refinancing Term Loan
Amendment; (y) the Applicable Margin in respect of Extended Term Loans of any Extension Series shall be the applicable percentages per annum provided pursuant to the relevant Term Loan Extension Amendment; and (z) the Applicable Margin of
certain Term Loans shall be increased as, and to the extent, necessary to comply with the provisions of Section 2.15. 

“Asset Sale” shall mean any sale, transfer or other disposition by the Borrower or any of its Subsidiaries to any Person
(including by way of redemption by such Person), other than to the Borrower or a Wholly-Owned Subsidiary of the Borrower, of any asset (including, without limitation, any capital stock or other securities of, or Equity Interests in, another Person)
other than pursuant to Section 10.10(i)-(xi). 
 “Assignment and Assumption Agreement”
shall mean an Assignment and Assumption Agreement substantially in the form of Exhibit H (appropriately completed) or such other form as shall be acceptable to the Administrative Agent. 

“Auction” shall have the meaning set forth in Section 2.19(a). 

“Auction Manager” shall have the meaning set forth in Section 2.19(a). 

“Bail-In Action” shall mean the exercise of any Write-Down and Conversion Powers by
the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation” means, 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 for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 

“Bankruptcy Code” shall have the meaning provided in Section 11.05. 

“Base Rate” shall mean 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 Bank of America, N.A. as its “prime rate,” and (c) the LIBO Rate for a LIBO Rate Loan with a one month Interest Period
commencing on such date plus 1.00%. The “prime rate” is a rate set by Bank of America, N.A. based upon various factors including Bank of America, N.A.’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 Bank of America, N.A. shall take effect at the opening of business on the day specified in the
public announcement of such change. 
 “Base Rate Loan” shall mean each Loan which is designated or deemed designated as a
Base Rate Loan by the Borrower at the time of the incurrence thereof or conversion thereto. 

  
 -3- 

 “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 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.” 

“Borrower” shall have the meaning provided in the first paragraph of this Agreement. 

“Borrower Materials” shall have the meaning provided in Section 9.01. 

“Borrowing” shall mean the borrowing of (a) the same Type of Term Loan pursuant to a single Tranche from all the Lenders
having Commitments with respect to such Tranche on a given date (or resulting from a conversion or conversions on such date), having in the case of LIBO Rate Loans, the same Interest Period or (b) the same Type of Revolving Loan by the Borrower
from all the Lenders having Commitments (or from the Swingline Lender, in the case of Swingline Loans) on a given date (or resulting from a conversion or conversions on such date), having in the case of LIBO Rate Loans, the same Interest Period;
provided that Base Rate Loans incurred pursuant to Section 2.10(b) shall be considered part of the related Borrowing of LIBO Rate Loans. 

“Business Day” shall mean (i) for all purposes other than as covered by clause (ii) below, any day except Saturday,
Sunday and any day which shall be in New York City a legal holiday or a day on which banking institutions are authorized or required by law or other government action to close and (ii) with respect to all notices and determinations in
connection with, and payments of principal and interest on, LIBO Rate Loans, any day which is a Business Day described in clause (i) above and which is also a day for trading by and between banks in the London interbank Eurodollar market. 

“Capital Assets” shall mean, with respect to any person, all equipment, fixed assets and Real Property or improvements of
such person, or replacements or substitutions therefor or additions thereto, that, in accordance with GAAP, have been or should be reflected as additions to property, plant or equipment on the balance sheet of such person. 

“Capital Expenditures” shall mean all expenditures made directly or indirectly by Borrower and its Subsidiaries for Capital
Assets (whether paid in cash or other consideration, financed by the incurrence of Indebtedness or accrued as a liability). For purposes of this definition, the purchase price of equipment or other fixed assets that are purchased simultaneously with
the trade-in of existing assets or with Net Cash Proceeds shall be included in Capital Expenditures only to the extent of the gross amount by which such purchase price exceeds the credit granted by the seller
of such assets for the assets being traded in at such time or the amount of such Net Cash Proceeds, as the case may be. 

“Capitalized Lease Obligations” shall mean, with respect to any Person, all rental obligations of such Person which, under
U.S. GAAP, are or will be required to be capitalized on the books of such Person, in each case taken at the amount thereof accounted for as indebtedness in accordance with U.S. GAAP. 

“Cash Collateral Account” shall mean a collateral account in the form of a deposit account established and maintained by (and
subject to the control of) the Administrative Agent for the benefit of the Lenders, pursuant to written arrangements reasonably satisfactory to the Administrative Agent. 

“Cash Equivalents” shall mean: 

(i) United States dollars, pounds sterling, euros, the national currency of any participating member state of the European
Union; 
 (ii) readily marketable direct obligations of any member of the European Union whose currency is the Euro,
Switzerland, or Japan, or any agency or instrumentality thereof or obligations unconditionally guaranteed by the full faith and credit of such country, and, at the time of acquisition thereof, having a credit rating of at least AA- (or the equivalent grade) by Moody’s or Aa3 by S&P; 

  
 -4- 

 (iii) marketable general obligations issued by any state of the United States or
any political subdivision thereof or any instrumentality thereof that are guaranteed by the full faith and credit of such state, and, at the time of acquisition thereof, having a credit rating of at least AA-
(or the equivalent grade) by Moody’s or Aa3 by S&P; 
 (iv) securities or any other evidence of Indebtedness or
readily marketable direct obligations issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality of the United States government (provided that the full faith and credit of the United
States is pledged in support of those securities), in such case having maturities of not more than twelve months from the date of acquisition; 

(v) certificates of deposit and eurodollar time deposits with maturities of twelve months or less from the date of acquisition,
bankers’ acceptances with maturities not exceeding twelve months and overnight bank deposits, in each case, with any Lender party to this Agreement or any commercial bank or trust company having, or which is the principal banking subsidiary of
a bank holding company having, a long-term unsecured debt rating of at least “A” or the equivalent thereof from S&P or “A2” or the equivalent thereof from Moody’s; 

(vi) repurchase obligations with a term of not more than thirty days for underlying securities of the types described in
clauses (iv) and (v) above entered into with any financial institution meeting the qualifications specified in clause (v) above; 

(vii) commercial paper having one of the two highest ratings obtainable from Moody’s or S&P and, in each case,
maturing within twelve months after the date of acquisition; and 
 (viii) money market funds at least 95% of the assets of
which constitute Cash Equivalents of the kinds described in clauses (i) through (vii) of this definition. 
 “Casualty
Event” shall mean any involuntary loss of title, any involuntary loss of, damage to or any destruction of, or any condemnation or other taking (including by any Governmental Authority) of, any property of any Credit Party. “Casualty
Event” shall include but not be limited to any taking of all or any part of any Real Property of any Person or any part thereof, in or by condemnation or other eminent domain proceedings pursuant to any Requirement of Law or any deed in lieu
thereof, or by reason of the temporary requisition of the use or occupancy of all or any part of any Real Property of any Person or any part thereof by any Governmental Authority, civil or military, or any settlement in lieu thereof. 

“CERCLA” shall mean the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as the same has been
amended and may hereafter be amended from time to time, 42 U.S.C. § 9601 et seq. 
 “CFC” shall mean a
Subsidiary of the Borrower that is a “controlled foreign corporation” within the meaning of Section 957 of the Code. 

“Change of Control” shall mean (a) the acquisition by any Person or group (within the meaning of Section 13(d)(3)
or Section 14(d)(2) of the Exchange Act), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other
than the Permitted Holders in a single transaction or in a related series of transactions, by way of merger, amalgamation, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of Equity Interests in the Borrower representing more than the greater of (x) 35% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests in
the Borrower and (y) the total voting power of all of the outstanding Equity Interests of the Borrower owned, directly or indirectly, beneficially by the Permitted Holders; or (b) a “change of control” or similar event shall
occur as provided in any credit agreement or indenture in respect of funded indebtedness of a Credit Party, in each case, with any aggregate principal amount in excess of the Threshold Amount. 

“Closing Date” shall mean March 13, 2018. 

  
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 “Closing Fees” shall have the meaning provided in
Section 4.01(b). 
 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to
time. 
 “Collateral” shall mean all property (whether real, personal or otherwise) with respect to which any security
interests have been granted (or purported to be granted) pursuant to any Security Document (including any Additional Security Documents) or will be granted in accordance with Sections 9.12 or 9.13, including, without limitation, all
collateral as described in the Security Agreement, and all Mortgaged Properties granted or purported to be granted pursuant to any Security Document. 

“Commencement Date” shall mean, in respect of any Material Project, the earlier of (x) the date the construction or
expansion of such Material Project commences or (y) the date of the first material cash expenditures in connection with the acquisition of any Real Property to facilitate the construction or expansion of such Material Project. 

“Commercial Operation” shall be deemed achieved for any Material Project at such time, at or after the completion of
construction or expansion thereof and the initial placement thereof into service, as such Material Project first realizes the long-term revenue levels reasonably expected by the Borrower for such Material Project. 

“Commercial Operation Date” shall mean, with respect to any Material Project, the date on which such Material Project has
achieved full and complete Commercial Operation. 
 “Commitment” shall mean any of the commitments of any Lender. 

“Commitment Commission” shall have the meaning given to such term in Section 4.01(a). 

“Commodity Exchange Act” shall mean the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended
from time to time, and any successor statute. 
 “Consolidated Depreciation and Amortization Expense” shall mean, with
respect to any Person, for any period, the total amount of depreciation and amortization expense, including (i) amortization of deferred financing fees, (ii) amortization of unrecognized prior service costs and actuarial gains and losses
related to pensions and other post-employment benefits and (iii) amortization of intangibles (including goodwill and organizational costs) (excluding any such adjustment to the extent that it represents an accrual of or reserve for cash
expenditures in any future period except to the extent such adjustment is subsequently reversed), in each case of such Person and its Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with U.S. GAAP. 

“Consolidated EBITDA” shall mean, for any period, (w) Consolidated Net Income for such period; plus 

(x) all of the following, in each case as determined without duplication in accordance with
Section 13.07(a) and, except with respect to clause (vi) below, to the extent deducted in calculating Consolidated Net Income for such period: 

(i) Consolidated Interest Expense; 

(ii) provision for taxes based on income or profits or capital (or any alternative tax in lieu thereof), including, without
limitation, federal, foreign, state, franchise and similar taxes and foreign withholding taxes of the Borrower and its Subsidiaries paid or accrued during such period, including without duplication (A) payments made in respect of such period
pursuant to any tax sharing agreements or arrangements among the Borrower, its Subsidiaries and any Parent Company (so long as such tax sharing payments are attributable to the income of the Borrower and its Subsidiaries) and (B) an amount
equal to the tax distributions actually made to any Parent Company in respect of such period in accordance with Section 10.03(ii)(B) as though such amounts had been paid as taxes based on income or profits or capital
directly by the Borrower and its Subsidiaries for such period and (C) any taxes or estimated taxes netted from addbacks to Consolidated Net Income pursuant to clauses (ii), (iv) or (v) thereof; 

  
 -6- 

 (iii) Consolidated Depreciation and Amortization Expense of such Person for such
period; 
 (iv) any up-front fees, transaction costs, commissions, expenses, premiums
or charges related to any equity offering, permitted investment, acquisition, disposal or incurrence, repayment, amendment or modification of Indebtedness permitted by this Agreement (whether or not successful) and
up-front or financing fees, transaction costs, commissions, expenses, premiums or charges related to the Transaction and any nonrecurring merger or business acquisition transaction costs incurred during such
period (in each case whether or not successful); 
 (v) all non-cash charges and non-cash losses which were included in arriving at Consolidated Net Income for such period (excluding any such non-cash charges or
non-cash losses to the extent that they represent an accrual or reserve for potential cash charges or losses in any future period or amortization of a prepaid cash charge or loss that was paid in a prior
period); 
 (vi) for any Material Projects commenced (or acquired) by the Borrower or any Subsidiary with a Commencement Date
occurring during such period, Consolidated EBITDA Material Project Adjustments for such Material Project for such period; and 

(vii) any other cost savings, operating expense reductions, operating improvements and cost synergies permitted to be added
back to this definition pursuant to the definition of “Pro Forma Cost Savings”; 
 minus all
non-cash gains to the extent included in Consolidated Net Income for such period (excluding any non-cash gains to the extent it represents the reversal of an accrual or
reserve for a potential cash item that reduced Consolidated EBITDA in any prior period); 
 provided that, notwithstanding the foregoing: 

(1) to the extent that any non-cash charge added back to Consolidated Net Income
pursuant to any of the foregoing provisions for any period shall become a cash event during any subsequent period, the amount thereof shall be deducted from Consolidated Net Income in determining Consolidated EBITDA for such subsequent period; 

(2) in determining the Consolidated Total Net Leverage Ratio, Consolidated First Lien Net Leverage Ratio and the Consolidated
Senior Secured Net Leverage Ratio, Consolidated EBITDA for any period shall be calculated on a Pro Forma Basis to give effect to any Acquired Entity or Business acquired during such period pursuant to a Permitted Acquisition or other Investment and
not subsequently sold or otherwise disposed of by the Borrower or any of its Subsidiaries during such period; and 
 (3) in
determining the Consolidated Total Net Leverage Ratio, Consolidated First Lien Net Leverage Ratio and the Consolidated Senior Secured Net Leverage Ratio, Consolidated EBITDA for any period shall be calculated on a Pro Forma Basis to give effect to
any disposition of assets constituting a business, division, product line, manufacturing facility or distribution facility of any Subsidiary of the Borrower or of the Equity Interests of any Subsidiary of the Borrower during such period and not
subsequently reacquired by the Borrower or any of its Subsidiaries during such period. 
 “Consolidated EBITDA Material Project
Adjustments” shall mean, with respect to any Material Project commenced (or acquired) by the Borrower or any Subsidiary, (a) for each applicable period ending prior to the Commercial Operation Date thereof (but including the applicable
period ending with the fiscal quarter in which such Commercial Operation Date occurs) a percentage (based on the then current completion percentage of such Material Project as of the applicable date of determination, reasonably determined by the
Borrower in good faith and 

  
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evidenced by an officer’s certificate signed by a Responsible Officer, and to the extent engineering, procurement and construction contracts are entered into, by reference to scheduled
completion specified in the engineering, procurement and construction contracts in connection with such Material Project) of the Projected Consolidated EBITDA attributable to such Material Project, net of actual Consolidated EBITDA attributable to
or generated by such Material Project, which may, at the Borrower’s option, be added to actual Consolidated EBITDA for the applicable period commencing with the fiscal quarter in which the Commencement Date in respect of such Material Project
occurs and for each applicable period thereafter until the Commercial Operation Date of such Material Project (including the applicable period ending with the fiscal quarter in which such Commercial Operation Date occurs); provided that if
the actual Commercial Operation Date does not occur by the Scheduled Commercial Operation Date, then the foregoing amount shall be reduced, for applicable periods ending after the Scheduled Commercial Operation Date to (but excluding) the applicable
period ending with the fiscal quarter in which such Commercial Operation Date occurs, by the following percentage amounts depending on the period of delay (based on the period of actual delay or then estimated delay (estimated on the date of
determination), whichever is longer): (i) 90 days or less, 0%; (ii) longer than 90 days, but not more than 180 days, 25%; (iii) longer than 180 days but not more than 270 days, 50%, (iv) longer than 270 days but not more than 365 days, 75% and
(v) longer than 365 days, 100%, and (b) beginning with the applicable period ending with the first full fiscal quarter following the Commercial Operation Date of such Material Project and for the applicable period ending with the two
immediately succeeding fiscal quarters, an amount equal to 75% (if the first full fiscal quarter), 50% (if the second full fiscal quarter) or 25% (if the third full fiscal quarter) of the Projected Consolidated EBITDA attributable to such Material
Project for the first full applicable period following such Commercial Operation Date, which may be added to actual Consolidated EBITDA for such applicable periods but only to the extent actual Consolidated EBITDA plus such amount is not greater
than 100% of Projected Consolidated EBITDA. 
 Notwithstanding the foregoing, no such Consolidated EBITDA Material Project Adjustment shall
be allowed with respect to any Material Project unless (A) at least 10 days (or such lesser period as is reasonably acceptable to the Administrative Agent) prior to the day on which financial statements are required to be delivered for the
fiscal quarter for which the Borrower desires to commence inclusion of such Consolidated EBITDA Material Project Adjustment with respect to a Material Project, the Borrower shall have delivered to the Administrative Agent notice of such Material
Project and the Scheduled Commercial Operation Date with respect thereto, together with written pro forma projections of Consolidated EBITDA attributable to such Material Project for the first full applicable period following the Scheduled
Commercial Operation Date with respect to such Material Project and (B) prior to the day on which financial statements are required to be delivered for the initial fiscal quarter for which the Borrower desires to commence inclusion of such
Consolidated EBITDA Material Project Adjustment with respect to a Material Project, the Borrower shall have provided a certificate signed by a Responsible Officer showing the calculation of such Projected Consolidated EBITDA. 

“Consolidated First Lien Debt” shall mean, at any time, the sum of all Consolidated Indebtedness at such time that is secured
by a Lien on any assets of the Borrower or any of its Subsidiaries that ranks pari passu in priority to the Lien securing the Obligations hereunder. 

“Consolidated First Lien Net Leverage Ratio” shall mean, at any time, the ratio of (i) (A) Consolidated First Lien Debt
at such time less (B) the aggregate amount of unrestricted cash and Cash Equivalents (in each case, free and clear of all Liens, other than nonconsensual Liens permitted by Section 10.01 and Liens created under
any Credit Document) included on the consolidated balance sheet of the Borrower and its Subsidiaries at such time to (ii) Consolidated EBITDA for the Test Period then most recently ended for which Section 9.01 Financials were required to
have been delivered (or, if no Test Period has passed, as of the last four quarters of the Borrower then ended). 
 “Consolidated
Indebtedness” shall mean, at any time, the sum of (without duplication) (i) all Indebtedness of the Borrower and its Subsidiaries (on a consolidated basis) as would be required to be reflected as debt or Capitalized Lease Obligations
on the liability side of a consolidated balance sheet of the Borrower and its consolidated Subsidiaries in accordance with U.S. GAAP, (ii) all Indebtedness of the Borrower and its Subsidiaries of the type described in clause (i)(A) of the
definition of Indebtedness and (iii) all Contingent Obligations of the Borrower and its Subsidiaries in respect of Indebtedness of any third Person of the type referred to in the preceding clauses (i) and (ii); provided that
Consolidated Indebtedness shall not include (x) Indebtedness in respect of any notes that have been defeased or satisfied and discharged in accordance with the applicable indenture or with respect to which the

  
 -8- 

 
required deposit has been made in connection with a call for repurchase or redemption to occur within the time period set forth in the applicable indenture, in each case to the extent such
transactions are permitted by Section 10.07 and (y) the aggregate amount available to be drawn (i.e., unfunded amounts) under letters of credit, bankers’ acceptances, bank guaranties, surety bonds and
similar obligations issued for the account of the Borrower or any of its consolidated Guarantors (although, for the avoidance of doubt, all unpaid drawings or other matured monetary obligations owing in respect of such letters of credit,
bankers’ acceptances, bank guaranties, surety bonds and similar obligations shall be included in calculations of Consolidated Indebtedness). 

“Consolidated Interest Coverage Ratio” shall mean, for any four quarter reference period, the ratio of (x) Consolidated
EBITDA for such four quarter reference period to (y) Consolidated Interest Expense for such four quarter reference period in respect of any Indebtedness secured by a Lien on any assets of the Borrower and its Subsidiaries, in each case, to the
extent paid in cash (or accrued and payable on a current basis in cash). 
 “Consolidated Interest Expense” shall mean the
aggregate consolidated interest expense (net of interest income) of the Borrower and its Subsidiaries in respect of Indebtedness determined on a consolidated basis in accordance with U.S. GAAP, including amortization or original issue discount on
any Indebtedness and amortization of all fees payable in connection with the incurrence of such Indebtedness (excluding in connection with the Transactions), including, without limitation, the interest portion of any deferred payment obligation and
the interest component of any Capitalized Lease Obligations, and, to the extent not included in such interest expense, any cash losses on Hedging Obligations or other derivative instruments entered into for the purpose of hedging interest rate risk,
net of interest income and gains on such Hedging Obligations, and costs of surety bonds in connection with financing activities. 

“Consolidated Net Income” shall mean, for any period, the net income (or loss) of the Borrower and its Subsidiaries for such
period, determined on a consolidated basis (after any deduction for minority interests), provided that: 
 (i) in
determining Consolidated Net Income, the net income (or loss) of any other Person which is not a Subsidiary of the Borrower or is accounted for by the Borrower by the equity method of accounting shall be included (x) in the case of net income,
only to the extent of the payment of dividends, distributions or other payment that are actually paid in cash (or to the extent converted into cash) by such other Person to the Borrower or a Subsidiary thereof during such period, or (y) in the
case of net loss, only to the extent of any losses actually funded (through Investments or otherwise) by the Borrower or a Subsidiary thereof during such period; 

(ii) any net after-tax effect (using a reasonable estimate based on applicable tax
rates) of extraordinary, non-recurring or unusual gains or losses (including as they relate to debottlenecking, turnarounds, extended unplanned downtimes, floods, droughts and similar naturally occurring and
unusual weather events) (less all fees and expenses relating thereto) or expenses (including relating to any reconstruction, recommissioning or reconfiguration of fixed assets for alternate uses) shall be excluded; 

(iii) the net income or loss for such period shall not include the cumulative effect of a change in accounting principles
during such period, whether effected through a cumulative effect adjustment or a retroactive application, in each case in accordance with U.S. GAAP; 

(iv) any effects of purchase accounting (including the effects of such adjustments pushed down to such Person and its
Subsidiaries) in component amounts required or permitted by U.S. GAAP, resulting from the application of purchase accounting in relation to any Investment that is consummated after the Closing Date, or the amortization or write-up, writedown or write-off of any amounts thereof, net of taxes, shall be excluded; 

(v) any net after-tax effect (using a reasonable estimate based on applicable tax
rates) of any impairment charge or asset write-off, write-up or write-down, in each case pursuant to U.S. GAAP, shall be excluded; 

  
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 (vi) any adjustments attributable to foreign currency translations, including
those relating to mark-to-market of Indebtedness denominated in foreign currencies resulting from the application of U.S. GAAP, including ASC No. 830, shall be
excluded; and 
 (vii) any (A) payments made in respect of such period pursuant to any tax sharing agreements or
arrangement among the Borrower, its Subsidiaries and any Parent Company (so long as such tax sharing payments are attributable to the income of the Borrower and its Subsidiaries), and (B) the amounts of tax distributions actually made to any
Parent Company in respect of such period in accordance with Section 10.03(ii)(B), shall be excluded. 

“Consolidated Senior Secured Debt” shall mean, at any time, the sum of all Consolidated Indebtedness at such time that is
secured by a Lien on any assets of the Borrower or any of its Subsidiaries. 
 “Consolidated Senior Secured Net Leverage
Ratio” shall mean, at any time, the ratio of (i) (A) Consolidated Senior Secured Debt at such time less (B) the aggregate amount of unrestricted cash and Cash Equivalents (in each case, free and clear of all Liens, other
than nonconsensual Liens permitted by Section 10.01 and Liens created under any Credit Document) included on the consolidated balance sheet of the Borrower and its Subsidiaries at such time to (ii) Consolidated EBITDA
for the Test Period then most recently ended for which Section 9.01 Financials were required to have been delivered (or, if no Test Period has passed, as of the last four quarters of the Borrower then ended). 

“Consolidated Total Assets” shall mean, as of any date of determination, the amount that would, in conformity with U.S. GAAP,
be set forth opposite the caption “total assets” (or any like caption) on a consolidated balance sheet of the Borrower and its Subsidiaries at such date. 

“Consolidated Total Net Leverage Ratio” shall mean, at any time, the ratio of (i) (A) Consolidated Indebtedness at such
time less (B) the aggregate amount of unrestricted cash and Cash Equivalents (in each case, free and clear of all Liens, other than nonconsensual Liens permitted by Section 10.01 and Liens created under any
Credit Document) included on the consolidated balance sheet of the Borrower and its Subsidiaries at such time to (ii) Consolidated EBITDA for the Test Period then most recently ended for which Section 9.01 Financials were required to have
been delivered (or, if no Test Period has passed, as of the last four quarters of the Borrower then ended). 
 “Contingent
Obligation” shall mean, as to any Person, any obligation of such Person as a result of such Person being a general partner of any other Person, unless the underlying obligation is expressly made
non-recourse as to such general partner, and any obligation of such Person guaranteeing or intended to guarantee any Indebtedness (“primary obligations”) of any other Person (the
“primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any such obligation of such Person, whether or not contingent, (i) to purchase any such primary obligation or any property
constituting direct or indirect security therefor, (ii) to advance or supply funds (x) for the purchase or payment of any such primary obligation or (y) to maintain working capital or equity capital of the primary obligor or otherwise
to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make
payment of such primary obligation or (iv) otherwise to assure or hold harmless the holder of such primary obligation against loss in respect thereof; provided, however, that the term Contingent Obligation shall not include
endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of
which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith. 

“Credit Documents” shall mean this Agreement and, after the execution and delivery thereof pursuant to the terms of this
Agreement, each Note, each Guaranty, each Security Document, each Incremental Agreement, each Refinancing Term Loan Amendment, each Refinancing Revolving Amendment, each Term Loan Extension Amendment and each other document that the Borrower and the
Administrative Agent from time to time designate in writing as a “Credit Document.” 
 “Credit Event” shall mean
the making of any Loan or the issuance of any Letter of Credit. 

  
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 “Credit Party” shall mean Borrower and each Guarantor. 

“Cure Right” shall have the meaning provided in Section 11.13. 

“Debtor Relief Laws” shall mean 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. 

“Declined Proceeds” shall have the meaning assigned to such term in Section 5.02(j). 

“Default” shall mean any event, act or condition which with notice or lapse of time, or both, would constitute an Event of
Default. 
 “Defaulting Lender” shall mean, any Lender that (a) has failed to (i) fund all or any portion of its
Loans within two 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, any Issuing
Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two Business Days of the date when due, (b) has notified the Borrower or
the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such lender’s obligation to fund a
Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or
public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its
prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower),
or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) other than via an Undisclosed Administration, 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 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 other Lender
promptly following such determination. 
 “Designated Hedge Agreement” shall mean each Hedge Agreement entered into by the
Borrower or any Guarantor with a Guaranteed Creditor. 
 “Designated Non-Cash
Consideration” shall mean the fair market value of non-cash consideration received by the Borrower or one of its Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to an officers’ certificate, setting forth the basis of such valuation, less the amount of cash and Cash Equivalents received in connection with a subsequent sale of such
Designated Non-Cash Consideration. 

  
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 “Designated Interest Rate Protection Agreement” shall mean each Interest Rate
Protection Agreement entered into by the Borrower or any Guarantor with a Guaranteed Creditor. 
 “Designated Jurisdiction”
shall mean any country or territory to the extent that such country or territory itself is the subject of any Sanction. 

“Designated Treasury Services Agreement” shall mean each Treasury Services Agreement entered into by the Borrower or any
Guarantor with a Guaranteed Creditor. 
 “Dividend” shall mean, with respect to any Person, that such Person has declared
or paid a dividend, distribution or returned any equity capital to its stockholders, partners or members or authorized or made any other distribution, payment or delivery of property (other than common equity of such Person) or cash to its
stockholders, partners or members as such, or redeemed, retired, purchased or otherwise acquired, directly or indirectly, for a consideration any shares of any class of its capital stock or any partnership or membership interests outstanding on or
after the Closing Date (or any options or warrants issued by such Person with respect to its Equity Interests), or set aside any funds for any of the foregoing purposes. 

“Documentation Agent” shall have the meaning provided in the first paragraph to this Agreement. 

“Dodd-Frank and Basel III” shall have the meaning set forth in Section 2.10(d). 

“Domestic Subsidiary” shall mean any Subsidiary that is organized under the laws of the United States, any State thereof or
the District of Columbia. 
 “Drawing” shall have the meaning provided in Section 3.04(a). 

“Economic Sanctions Laws” shall mean any and all laws, judgments, orders, executive orders, decrees, ordinances, rules,
regulations, statutes, case law or treaties applicable to a Credit Party or its Affiliates relating to economic sanctions and terrorism financing, including any applicable provisions of the Trading with the Enemy Act (50 U.S.C. App.
§§ 5(b) and 16, as amended), the International Emergency Economic Powers Act, (50 U.S.C. §§ 1701-1706, as amended) and Executive Order 13224 (effective September 24, 2001), as amended. 

“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 clause (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 EEA Financial Institution. 

“Effective Yield” shall mean, as to any Term Loans of any Tranche, the effective yield on such Term Loans as determined by
the Administrative Agent, taking into account the applicable interest rate margins, any interest rate floors or similar devices and all fees, including upfront or similar fees or original issue discount (amortized over the shorter of (x) the
Weighted Average Life to Maturity of such Term Loans and (y) the four years following the date of incurrence thereof) payable generally to Lenders making such Term Loans, but excluding any arrangement, structuring, commitment, underwriting or
other fees payable in connection therewith that are not generally shared with the relevant Lenders and customary consent fees paid generally to consenting Lenders. 

“Eligible Transferee” shall mean and include any existing Lender or any commercial bank, an insurance company, a finance
company, a financial institution, any fund that invests in loans or any other “accredited investor” (as defined in Regulation D of the Securities Act) (other than a natural person) but in any event excluding, except to the extent
provided in Sections 2.19, 2.20 and 13.04(c), and the Borrower and its Affiliates. 

  
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 “Embargoed Person” shall mean any party that (i) is publicly identified on
the most current list of “Specially Designated Nationals and Blocked Persons” published by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or (ii) resides, is organized or chartered, or
has a place of business in a country or territory that is the subject of OFAC sanctions programs. 
 “Environment” shall
mean ambient air, indoor air, surface water, groundwater, drinking water, land surface and sub-surface strata and natural resources such as wetlands, flora and fauna. 

“Environmental Claims” shall mean any and all administrative, regulatory or judicial actions, suits, demands, demand letters,
directives, claims, liens, notices of noncompliance or violation, investigations and/or proceedings relating in any way to any Environmental Law or any permit issued, or any approval given, under any such Environmental Law (hereafter,
“Claims”), including, without limitation, (a) any and all Claims by any Governmental Authority for enforcement, investigation, cleanup, removal, response, remedial or other actions or damages pursuant to any Environmental Law,
or (b) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief arising out of or relating to an alleged injury or threat of injury to human health, safety or the
Environment due to the presence of Hazardous Materials, including any Release or threat of Release of any Hazardous Materials. 

“Environmental Law” shall mean any applicable Federal, state, provincial, foreign or local statute, law, rule, regulation,
ordinance, code, binding guideline and rule of common law, now or hereafter in effect and in each case as amended, and any judicial or administrative interpretation thereof, including any judicial or administrative order, consent decree or judgment,
relating to pollution or protection of the Environment, occupational health or safety or Hazardous Materials, including, without limitation, CERCLA; the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq.; the
Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; the Toxic Substances Control Act, 15 U.S.C. § 2601 et seq.; the Clean Air Act, 42 U.S.C. § 7401 et seq.; the Safe
Drinking Water Act, 42 U.S.C. § 3803 et seq.; the Oil Pollution Act of 1990, 33 U.S.C. § 2701 et seq.; the Emergency Planning and the Community Right-to-Know Act of 1986, 42 U.S.C. § 11001 et seq.; the Hazardous Material Transportation Act, 49 U.S.C. § 1801 et seq.; the Clean Water Act, 33 U.S.C.
§ 1251 et seq.; and any state, provincial and local or foreign counterparts or equivalents, in each case as amended from time to time. 

“Equity Interests” of any Person shall mean any and all shares, interests, rights to purchase, warrants, options,
participations or other equivalents of or interests in (however designated) equity of such Person, including any preferred stock, any limited or general partnership interest and any limited liability company membership interest. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and, unless the context
indicates otherwise, the regulations promulgated and rulings issued thereunder. Section references to ERISA are to ERISA, as in effect at the date of this Agreement, as amended from time to time, and any successor Section thereto. 

“ERISA Affiliate” shall mean each person (as defined in Section 3(9) of ERISA) which together with the Borrower would be
deemed to be a “single employer” within the meaning of Section 414(b) or (c) of the Code and solely with respect to Section 412 of the Code, Sections 414(b), (c), (m) or (o) of the Code. 

“ERISA Event” shall mean (a) any “reportable event,” as defined in Section 4043 of ERISA or the
regulations issued thereunder, but excluding any event for which the 30-day notice period is waived with respect to a Plan, (b) any failure to make a required contribution to any Plan that would result in
the imposition of a Lien or other encumbrance or the failure to satisfy the minimum funding standards set forth in Sections 412 or 430 of the Code or Sections 302 or 303 of ERISA, or the arising of such a Lien or encumbrance, with respect to a Plan,
(c) the incurrence by the Borrower or an ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan or the withdrawal or partial withdrawal (including under Section 4062(e) of ERISA) of the
Borrower or an ERISA Affiliate from any Plan or Multiemployer Plan, (d) the filing of a notice of intent to terminate, the treatment of a Plan amendment as a termination under Section 4041 of ERISA, or the receipt by the Borrower or an
ERISA Affiliate from the PBGC or a plan administrator of any notice of intent to terminate any Plan or 

  
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Multiemployer Plan or to appoint a trustee to administer any Plan, (e) the adoption of any amendment to a Plan that would require the provision of security pursuant to the Code, ERISA or
other applicable law, (f) the receipt by the Borrower or an ERISA Affiliate of any notice concerning statutory liability arising from the withdrawal or partial withdrawal of the Borrower or an ERISA Affiliate from a Multiemployer Plan or a
determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA, (g) the occurrence of any non-exempt “prohibited
transaction” (within the meaning of Section 406 of ERISA or Section 4975 of the Code) with respect to which the Borrower is a “disqualified person” (within the meaning of Section 4975 of the Code) or with respect to
which the Borrower could reasonably be expected to have liability, (h) the occurrence of any event or condition which constitutes grounds under Section 4042 of ERISA for the termination of any Plan or the appointment of a trustee to
administer any Plan, (i) the filing of any request for or receipt of a minimum funding waiver under Section 412(c) of the Code with respect to any Plan or Multiemployer Plan, (j) a determination that any Plan is in “at-risk” status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code), (k) the receipt by the Borrower or any ERISA Affiliate of any notice, that a Multiemployer Plan is,
or is expected to be, in endangered or critical status under Section 305 of ERISA or, (l) any other extraordinary event or condition with respect to a Plan or Multiemployer Plan which could reasonably be expected to result in a Lien or any
acceleration of any statutory requirement to fund all or a substantial portion of the unfunded accrued benefit liabilities of such plan. 

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

“Event of Default” shall have the meaning provided in Section 11. 

“Excluded Property” shall have the meaning set forth in the Security Agreement. 

“Excluded Subsidiary” shall mean any Subsidiary of the Borrower that is (a) a Foreign Subsidiary, (b) a FSHCO,
(c) not a Wholly-Owned Subsidiary of the Borrower or one or more of its Wholly-Owned Subsidiaries, (d) an Immaterial Subsidiary that is designated as such by the Borrower in a certificate of a Responsible Officer of the Borrower delivered
to the Administrative Agent, (e) prohibited or restricted by applicable Requirements of Law from guaranteeing the Loans, or which would require governmental (including regulatory) consent, approval, license or authorization to provide a
guarantee in each case, unless, such consent, approval, license or authorization has been received, (f) prohibited from guaranteeing the Obligations by any contractual obligation in existence (x) on the Closing Date or (y) at the time
of the acquisition of such Subsidiary after the Closing Date (to the extent such prohibition was not entered into in contemplation of such acquisition), (g) a Subsidiary with respect to which a guarantee by it of the Obligations would result in a
material adverse tax consequence to the Borrower or its Subsidiaries (or to the common parent of a consolidated tax group including the Borrower or its Subsidiaries), as reasonably determined by the Borrower in consultation with the Administrative
Agent, (h) a not-for-profit Subsidiary, (i) a Domestic Subsidiary that is a direct or indirect Subsidiary of a Foreign Subsidiary that is a CFC, (j) a
special purpose financing Subsidiary, and (k) any other Subsidiary with respect to which, in the reasonable judgment of the Administrative Agent (confirmed in writing by notice to the Borrower), the cost or other consequences of guaranteeing
the Obligations shall be excessive in view of the benefits to be obtained by the Lenders therefrom; provided that, notwithstanding the above, if a Domestic Subsidiary executes the Guaranty as a “Guarantor” then it shall not
constitute an “Excluded Subsidiary” (unless released from its obligations under the Guaranty as a “Guarantor” in accordance with the terms hereof and thereof). 

“Excluded Swap Obligation” shall mean, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or
a portion of the Guaranty, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guaranty 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 Guarantor’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 Guaranty or the grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion
shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guaranty or security interest is or becomes illegal. 

  
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 “Excluded Taxes” shall mean, with respect to the Administrative Agent, any
Lender, or any other recipient of any payment to be made by or on account of any obligation of any Credit Party under any Credit Document, (a) income Taxes imposed on (or measured by) its net income (however denominated), branch profits Taxes and
franchise Taxes, in each case, imposed as a result of such recipient being organized or having its principal office or applicable lending office in such jurisdiction (or any political subdivision thereof) or as a result of any other present or
former connection between such recipient and the jurisdiction imposing such Tax (other than a connection arising from such Administrative Agent, Lender or other 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 Credit Document, or sold or assigned an interest in any Loan or Credit Document), (b) [reserved], (c) in
the case of a Lender (other than an assignee pursuant to a request by the Borrower under Section 2.13), (i) any U.S. federal withholding Tax that is imposed on amounts payable to or for the account of such Lender with
respect to an applicable interest in a Loan or Commitment under a law in effect at the time such Lender becomes a party to this Agreement (or designates a new lending office), except to the extent that such recipient (or its assignor, if any) was
entitled, immediately prior to the time of designation of a new lending office (or assignment), to receive additional amounts from the Credit Parties with respect to such withholding tax pursuant to Section 5.04(a) or
(ii) any withholding Tax that is attributable to such recipient’s failure to comply with Section 5.04(b) or Section 5.04(c), (d) any Taxes imposed under FATCA and (e) U.S. federal
backup withholding Taxes imposed pursuant to Code Section 3406. 
 “Existing Credit Agreements” shall have the meaning
set forth in the recitals hereto. 
 “Existing Extended Term Loan Tranche” shall have the meaning provided in
Section 2.14(a)(i). 
 “Existing Incremental Term Loan Tranche” shall have the meaning provided
in Section 2.14(a)(i). 
 “Existing Indebtedness” shall have the meaning provided in
Section 10.04(v). 
 “Existing Initial Term Loan Tranche” shall have the meaning provided in
Section 2.14(a)(i). 
 “Existing Term Loan Tranche” shall mean, at any time, any Existing Initial
Term Loan Tranche, Existing Extended Term Loan Tranche or Existing Incremental Term Loan Tranche. 
 “Extended Existing Term Loan
Commitments” shall mean one or more commitments hereunder to convert Extended Existing Term Loans under an Existing Extended Term Loan Tranche of a given Extension Series pursuant to a Term Loan Extension Amendment. 

“Extended Existing Term Loans” shall have the meaning provided in Section 2.14(a)(i). 

“Extended Incremental Term Loan Commitments” shall mean one or more commitments hereunder to convert Incremental Term Loans
under an Existing Term Loan Tranche to Extended Incremental Term Loans of a given Extension Series pursuant to a Term Loan Extension Amendment. 

“Extended Incremental Term Loans” shall have the meaning provided in Section 2.14(a)(i). 

“Extended Initial Term Loan Commitments” shall mean one or more commitments hereunder to convert Initial Term Loans under an
Existing Initial Term Loan Tranche of a given Extension Series pursuant to a Term Loan Extension Amendment. 
 “Extended Initial
Term Loans” shall have the meaning provided in Section 2.14(a)(i). 
 “Extended Revolving Loan
Commitments” shall have the meaning provided in Section 2.01(e). 
 “Extended Term Loan
Commitment” shall mean, collectively, the Extended Initial Term Loan Commitments, the Extended Incremental Term Loan Commitments, the Extended Existing Term Loan Commitment, Refinancing Term Loan Commitments or one or more commitments
hereunder to convert Extended Term Loans under an Existing Term Loan Tranche of a given Extension Series pursuant to a Term Loan Extension Amendment. 

  
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 “Extended Term Loans” shall mean, collectively, the Extended Existing Term
Loans, Extended Initial Term Loans, Extended Incremental Term Loans or the Refinancing Term Loans as the context may require. 

“Extending Revolving Lender” shall have the meaning provided in Section 2.14(b)(ii). 

“Extending Term Loan Lender” shall have the meaning provided in Section 2.14(a)(iii). 

“Extension” shall mean any establishment of Extended Term Loan Commitments and Extended Term Loans pursuant to
Section 2.14 and the applicable Term Loan Extension Amendment. 
 “Extension Election” shall have
the meaning provided in Section 2.14(a)(iii). 
 “Extension Series” shall have the meaning
provided in Section 2.14(a)(i). 
 “Facing Fee” shall have the meaning provided in
Section 4.01(e). 
 “FATCA” shall mean 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, any agreements entered into pursuant to
current Section 1471(b)(1) of the Code (or any amended or successor version described above) and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among
Governmental Authorities and implementing such Sections of the Code. 
 “FCPA” shall have the meaning provided in
Section 8.15(f). 
 “Federal Funds Rate” shall mean, 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 on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that
(a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so
published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America, N.A. on such day on such transactions as
determined by the Administrative Agent. 
 “Fees” shall mean all amounts payable pursuant to or referred to in
Section 4.01. 
 “Financial Covenants” shall mean, collectively, the covenants of the Borrower
set forth in Section 10.11. 
 “Fitch” shall mean Fitch, Inc. 

“Flood Insurance Laws” shall mean, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in
effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or
any successor statute thereto, (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (v) the Biggert Waters Flood Insurance Reform Act of 2012 as now or hereafter in effect or any
successor statute thereto. 
 “Foreign Subsidiary” shall mean any Subsidiary that is not a Domestic Subsidiary. 

“FSHCO” shall mean any Subsidiary substantially all of the assets of which consist of Equity Interests in, Indebtedness owed
by, and/or intellectual property relating to, one or more Foreign Subsidiaries, and other assets incidental thereto. 

  
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 “Governmental Authority” shall mean the government of the United States of
America, any other nation or any political subdivision thereof, whether state, provincial 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. 
 “GP” shall mean OCI GP LLC, a Delaware
limited liability company, or any successor entity thereto or substitute entity thereof that becomes general partner of the Borrower. 

“Guaranteed Creditors” shall mean and include (x) each of the Administrative Agent, the other Agents and the Lenders,
(y) with respect to a Designated Interest Rate Protection Agreement, Designated Hedge Agreement or Designated Treasury Services Agreement, the Administrative Agent, any Lender and any Affiliate of the Administrative Agent or any Lender (even if
the Administrative Agent or such Lender subsequently ceases to be the Administrative Agent or a Lender under this Agreement for any reason) so long as the Administrative Agent, such Lender or such Affiliate served such purposes at the time of entry
into a particular Designated Interest Rate Protection Agreement, Designated Hedge Agreement or Designated Treasury Services Agreement, and (z) with respect to a Designated Hedge Agreement only, any other Person so designated by the Borrower in
a written notice delivered to the Administrative Agent. 
 “Guarantor” shall mean each Domestic Subsidiary of the Borrower
(other than an Excluded Subsidiary) in existence on the Closing Date, as well as each Domestic Subsidiary of the Borrower (other than an Excluded Subsidiary) established, created or acquired after the Closing Date which becomes a party to the
Guaranty in accordance with the requirements of this Agreement or the provisions of the Guaranty. 
 “Guaranty” shall mean
a guaranty agreement delivered by OCIB on the Closing Date and any other guaranty agreement delivered by any Subsidiary pursuant to Section 9.12. 

“Hazardous Materials” shall mean (a) any petroleum or petroleum products, radioactive materials, asbestos in any form
that is or could become friable, urea formaldehyde foam insulation, dielectric fluid containing levels of polychlorinated biphenyls, and radon gas; (b) any chemicals, materials or substances defined as or included in the definition of
“hazardous substances,” “hazardous waste,” “hazardous materials,” “extremely hazardous substances,” “restricted hazardous waste,” “toxic substances,” “toxic pollutants,”
“contaminants,” or “pollutants,” or words of similar import, under any Environmental Law; and (c) any other chemical, material or substance regulated under any Environmental Law. 

“Hedge Agreement” shall mean any foreign exchange contracts, currency swap agreements, commodity agreements or other similar
arrangements, or arrangements designed to protect against fluctuations in currency values or commodity prices. 
 “Hedging
Obligations” shall mean, with respect to any Person, the obligations of such Person under any Interest Rate Protection Agreement or Hedge Agreement. 

“Immaterial Subsidiary” shall mean any Subsidiary of the Borrower that, as of the date of the most recent financial
statements required to be delivered pursuant to Section 9.01(a) or (b), does not have (a) assets in excess of 2.5% of Consolidated Total Assets; provided that when taken together, the assets of all
Immaterial Subsidiaries shall not exceed 5.0% of Consolidated Total Assets; or (b) revenues for the period of four consecutive fiscal quarters ending on such date in excess of 2.5% of the combined revenues of the Borrower and its Subsidiaries
for such period; provided that when taken together, the revenues of all Immaterial Subsidiaries shall not exceed 5.0% of the combined revenues of the Borrower and its Subsidiaries for such period. 

“Incremental Agreement” shall have the meaning set forth in Section 2.15(b). 

“Incremental Amount” shall mean the sum of (a) $95,250,000, (b) all voluntary prepayments of Term Loans and any voluntary
commitment reductions under the Revolving Loan Commitments (limited, in the case of any voluntary prepayment in accordance with the provisions of Section 2.19 or Section 2.20, to the cash payment
made by any Credit Party or Subsidiary therefor) (in each case, unless funded with long-term Indebtedness) in each case prior to the date of incurrence of any such Incremental Commitments and (c) the maximum principal amount of Indebtedness
that may be incurred at such time that would not cause the Consolidated First Lien Net Leverage Ratio, 

  
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determined on a Pro Forma Basis as of the last day of the most recently ended Test Period for which Section 9.01 Financials were required to have been delivered (calculated based on audited
or reviewed financial statements, or to the extent such financials are not available for the most recent fiscal quarter, certified internal management accounts for such quarter), to exceed 3.25 to 1.00 (with usage of the Incremental Amount being
counted under clause (c) prior to clause (a) or (b); it being understood that all such clauses may be used in the same transaction); provided that for calculating the Consolidated First Lien Net Leverage Ratio for purposes of this
definition, (i) all Indebtedness (whether or not unsecured or secured on a pari passu basis with the Liens securing the Obligations or by a junior Lien) being incurred at such time pursuant to
Section 2.15 or Section 10.04(xvi) in reliance on clause (c) above shall be included in Consolidated First Lien Debt and (ii) the cash proceeds of any Incremental Term Loans or
Indebtedness incurred pursuant to Section 10.04(xvi) shall be excluded solely for purposes of calculating the Consolidated First Lien Net Leverage Ratio on such date. 

“Incremental Commitment Requirements” shall mean, with respect to any provision of an Incremental Commitment, the
satisfaction of each of the following conditions: (a) no Event of Default then exists or would result therefrom (provided, that with respect to any Incremental Commitment requested with respect to any acquisition or other Investment
permitted under this Agreement that is not conditioned on the availability of such financing, such requirement may be tested at the time of execution of the relevant acquisition agreement and will not be required to be satisfied on any later date);
(b) all representations and warranties contained herein and in the other Credit Documents shall be true and correct in all material respects with the same effect as though such representations and warranties had been made on the applicable
incurrence date (it being understood and agreed that (x) any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date and
(y) any representation or warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct in all respects on such date) (provided, that with respect to any
Incremental Commitment requested with respect to any acquisition or other Investment permitted under this Agreement that is not conditioned on the availability of such financing, such requirement shall be limited to the making and accuracy of the
Specified Representations (it being understood that the Lenders providing such Incremental Commitment may impose as a condition to funding any Incremental Commitment the making and truth and correctness of additional representations and warranties
contained herein and in the other Credit Documents, which may be waived at the discretion of such Lenders providing such Incremental Commitment)); (c) the delivery by the relevant Credit Parties of such technical amendments, modifications and/or
supplements to the respective Security Documents as are reasonably requested by the Administrative Agent to ensure that the additional Obligations to be incurred pursuant to the Incremental Commitments are secured by, and entitled to the benefits
of, the relevant Security Documents, and each of the Lenders hereby agrees to, and authorizes the Administrative Agent to enter into, any such technical amendments, modifications or supplements; provided that if agreed by the Administrative
Agent, such amendments, modifications and/or supplements may be delivered after the effectiveness of any Incremental Agreement on terms to be agreed; (d) the delivery by the Borrower, to the Administrative Agent of an officer’s certificate
executed by a Responsible Officer certifying as to compliance with preceding clauses (a) and (b); and (e) the satisfaction of all other conditions precedent that may be set forth in the respective Incremental Agreement. 

“Incremental Commitments” shall mean Revolving Commitment Increases and/or Incremental Term Loan Commitments, as applicable.

 “Incremental Lender” shall have the meaning provided in Section 2.15(b). 

“Incremental Term Loan Commitment” shall mean, for each Lender, any commitment to make Incremental Term Loans provided by
such Lender pursuant to Section 2.15 in such amount and on such date as agreed to by such Lender in the Incremental Agreement delivered pursuant to Section 2.15, as the same may be terminated
pursuant to Sections 4.02 and/or 11. 
 “Incremental Term Loans” shall have the meaning
provided in Section 2.15(a). 
 “Indebtedness” shall mean, as to any Person, without duplication,
(i) all indebtedness (including principal, interest, fees and charges) of such Person (A) for borrowed money or (B) for the deferred purchase price of property or services, (ii) the maximum amount available to be drawn under all
letters of credit, bankers’ acceptances and similar obligations issued for the account of such Person and all unpaid drawings in respect of such letters of credit, 

  
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bankers’ acceptances and similar obligations, (iii) all Indebtedness of the types described in clause (i), (ii), (iv), (v), (vi) or (vii) of this definition secured by any
Lien on any property owned by such Person, whether or not such Indebtedness has been assumed by such Person (provided that, if the Person has not assumed or otherwise become liable in respect of such Indebtedness, such Indebtedness shall be
deemed to be in an amount equal to the lesser of (x) the aggregate unpaid amount of Indebtedness secured by such Lien and (y) the fair market value of the property to which such Lien relates as determined in good faith by such Person),
(iv) the aggregate amount of all Capitalized Lease Obligations of such Person, (v) all Contingent Obligations of such Person, (vi) all obligations under any Interest Rate Protection Agreement, any Hedge Agreement, any Treasury Services
Agreement or under any similar type of agreement and (vii) all Off-Balance Sheet Liabilities of such Person. Notwithstanding the foregoing, Indebtedness shall not include (a) trade payables and
accrued expenses incurred by any Person in accordance with customary practices and in the ordinary course of business of such Person or (b) earn-outs and other contingent payments in respect of acquisitions except to the extent that the
liability on account of any such earn-outs or contingent payment becomes fixed and is required by U.S. GAAP to be reflected as a liability on the consolidated balance sheet of the Borrower and its Subsidiaries. 

“Indemnified Person” shall have the meaning provided in Section 13.01. 

“Indemnified Taxes” shall mean (i) all Taxes, other than Excluded Taxes imposed on or with respect to any payment made
by or on account of any obligation of the Borrower under any Credit Document and (ii) Other Taxes. 
 “Initial Incremental Term
Loan Maturity Date” shall mean, for any Tranche of Incremental Term Loans, the final maturity date set forth for such Tranche of Incremental Term Loans in the Incremental Agreement relating thereto, provided that the initial final
maturity date for all Incremental Term Loans of a given Tranche shall be the same date. 
 “Initial Maturity Date for Initial Term
Loans” shall mean March 13, 2025. 
 “Initial Term Loan” shall mean the Term Loans made on the Closing Date
pursuant to Section 2.01(a). 
 “Initial Term Loan Commitment” shall mean, for each Lender, the
amount set forth opposite such Lender’s name in Schedule 2.01 directly below the column entitled “Initial Term Loan Commitment,” as the same may be terminated pursuant to
Section 4.02 and/or Section 11. 
 “Intellectual Property” shall have
the meaning provided in Section 8.19. 
 “Intercompany Subordination Agreement” shall mean the
Intercompany Subordination Agreement, dated as of the Closing Date, by and among the Borrower and OCIB. 
 “Interest Determination
Date” shall mean, with respect to any LIBO Rate Loan, the second Business Day prior to the commencement of any Interest Period relating to such LIBO Rate Loan. 

“Interest Period” shall have the meaning provided in Section 2.09. 

“Interest Rate Protection Agreement” shall mean any interest rate swap agreement, interest rate cap agreement, interest
collar agreement, interest rate hedging agreement or other similar agreement or arrangement. 
 “Investments” shall have
the meaning provided in Section 10.05. 
 “Issuing Lender” shall mean for purposes of any Letter
of Credit, Bank of America, N.A., any Revolving Lender (or affiliate of any Revolving Lender), which, at the request of the Borrower and with the consent of the Administrative Agent agrees, in such Revolving Lender’s (or Revolving Lender’s
affiliate’s) sole discretion, to become an Issuing Lender for the purpose of issuing Letters of Credit pursuant to Section 3. Each Issuing Lender may, in its discretion, arrange for one or more Letters of Credit to be
issued by Affiliates or branches of such Issuing Lender, in which case the term “Issuing Lender” shall include any such Affiliate or such branch with respect to Letters of Credit issued by such Affiliate or such branch. 

  
 -19- 

 “Joint Lead Arrangers” shall mean Bank of America, N.A., Barclays Bank PLC and
Credit Agricole Corporate and Investment Bank, each in their capacity as joint lead arrangers and joint bookrunners. 
 “Latest
Maturity Date” shall mean, at any time, the latest Maturity Date applicable to any Loan or Commitment hereunder at such time, in each case as extended in accordance with this Agreement from time to time. 

“L/C Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit which has not been
reimbursed on the date when made or refinanced as a Revolving Loan. 
 “L/C Participation Percentages” shall have the
meaning provided in Section 3.04(a). 
 “L/C Supportable Obligations” shall mean
(i) obligations of the Borrower or any of the Guarantors with respect to workers compensation, surety bonds and other similar statutory obligations and (ii) any other ordinary course obligations of the Borrower or any of its Guarantors not
prohibited pursuant to the terms of this Agreement (other than obligations in respect of (a) any Indebtedness or other obligations that are subordinated in right of payment to the Obligations and (b) any Equity Interests). 

“Lender” shall mean each financial institution listed on Schedule 2.01, as well as any Person that becomes a
“Lender” hereunder pursuant to Section 2.13, 2.15, 2.18 or 13.04(b). 

“Letter of Credit” shall have the meaning provided in Section 3.01(a). 

“Letter of Credit Back-Stop Arrangements” shall have the meaning provided in Section 2.16(a). 

“Letter of Credit Exposure” shall mean, at any time, the aggregate amount of all Letter of Credit Outstandings at such time.
The Letter of Credit Exposure of any Lender at any time shall be its RL Percentage of the total Letter of Credit Exposure at such time. 

“Letter of Credit Fee” shall have the meaning provided in Section 4.01(d). 

“Letter of Credit Outstandings” shall mean, at any time, the sum of (i) the Stated Amount of all outstanding Letters of
Credit and (ii) the aggregate amount of all Unpaid Drawings in respect of all Letters of Credit. 
 “Letter of Credit
Request” shall have the meaning provided in Section 3.03(a). 
 “LIBO Rate” shall mean:

 (a) for any Interest Period, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”) or a
comparable or successor rate, which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative
Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for U.S. Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent
to such Interest Period; and 
 (b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per
annum equal to LIBOR, at or about 11:00 a.m., London time determined two Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day; 

provided that to the extent a comparable or successor rate is approved by the Administrative Agent in connection herewith, the approved rate shall be
applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate shall be applied in a manner as otherwise
reasonably determined by the Administrative Agent, in consultation with the Borrower, and in no event in a manner less favorable than as applied to similarly situated borrowers in similar circumstances at such time. 

  
 -20- 

 Notwithstanding any of the foregoing, the LIBO Rate shall not at any time be less than 0.00% per annum. 

“LIBO Rate Loan” shall mean each Loan designated as such by the Borrower at the time of the incurrence thereof or conversion
thereto. 
 “LIBO Screen Rate” means the LIBO Rate quote on the applicable screen page the Administrative Agent designates
to determine the LIBO Rate (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time). 

“LIBO Successor Rate Conforming Changes” means, with respect to any proposed LIBO Successor Rate, any conforming changes to
the definition of Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other administrative matters as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption of
such LIBO Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice
is not administratively feasible or that no market practice for the administration of such LIBO Successor Rate exists, in such other manner of administration as the Administrative Agent determines in consultation with the Borrower). 

“Lien” shall mean any mortgage, pledge, hypothecation, collateral assignment, security deposit arrangement, encumbrance,
deemed or statutory trust, security conveyance, lien (statutory or other), preference, priority or other security agreement of any kind or nature whatsoever (including, without limitation, any conditional sale or other title retention agreement, and
any lease having substantially the same effect as any of the foregoing). 
 “Loans” shall mean each Term Loan, Revolving
Loan and Swingline Loan. 
 “Location” of any Person shall mean such Person’s “location” as determined
pursuant to Section 9-307 of the Uniform Commercial Code of the State of New York. 

“London Banking Day” shall mean any day on which banks are open for dealings in dollar deposits in the London interbank
market. 
 “Mandatory RL Borrowing” shall have the meaning provided in Section 2.01(d). 

“Majority Lenders” of any Tranche shall mean those Non-Defaulting Lenders which would
constitute the Required Lenders under, and as defined in, this Agreement if all outstanding Obligations of the other Tranches under this Agreement were repaid in full and all Commitments with respect thereto were terminated. 

“Margin Stock” shall have the meaning provided in Regulation U. 

“Material Adverse Effect” shall mean (i) a material adverse change in or effect on the general affairs, financial
position or results of operations of the Borrower or the Plant or (ii) a material adverse effect (x) on the rights or remedies, taken as a whole, of the Lenders or the Administrative Agent hereunder or under any other Credit Document or
(y) on the ability of the Credit Parties, taken as a whole, to perform their payment obligations to the Lenders or the Administrative Agent hereunder or under any other Credit Document. 

“Material Project” shall mean the construction or expansion of any capital project of the Borrower or any of its
Subsidiaries, in each case, solely to the extent either (i) the aggregate cost of such project (inclusive of capital costs expended prior to the acquisition, construction or expansion thereof) is reasonably expected by the Borrower to exceed,
or exceeds, $7,500,000, or (ii) the Borrower reasonably expects the production capacity to increase by 5% or more as a result of such project (relative to capacity prior to such project). 

“Material Real Property” shall mean each parcel of Real Property that is hereafter owned in fee by the Borrower or a
Guarantor with a net book value of at least $5,000,000, in each case, that does not constitute Excluded Property. 

  
 -21- 

 “Maturity Date” shall mean (a) the Initial Maturity Date for Initial Term
Loans, the Revolving Loan Maturity Date, the Swingline Expiry Date and (b) with respect to any Loans that have been extended pursuant to Section 2.14 or incurred pursuant to Section 2.15 or
2.18, the Latest Maturity Date applicable thereto. 
 “Maximum Borrower Letter of Credit Amount” shall have the
meaning provided in Section 3.02. 
 “Maximum Swingline Amount” shall mean $5,000,000. 

“Minimum Borrowing Amount” shall mean (a) with respect to Term Loans, $1,000,000 and (b) with respect to Revolving
Loans, $2,000,000. 
 “Moody’s” shall mean Moody’s Investors Service, Inc. 

“Mortgage” shall mean a mortgage, debenture, leasehold mortgage, deed of trust, deed of immovable hypothec, leasehold deed of
trust, deed to secure debt, leasehold deed to secure debt or similar security instrument in form and substance reasonably satisfactory to the Administrative Agent, in favor of the Administrative Agent for the benefit of the Guaranteed Creditors, as
the same may be amended, modified, restated and/or supplemented from time to time. 
 “Mortgaged Property” shall mean
(i) the Plant and other Real Property described in Schedule 7(a) to the Perfection Certificate (but excluding any Building (as such term is defined in the Flood Insurance Laws) at the Plant that is located in a special flood hazard area as of
the Closing Date) and (ii) each parcel of Material Real Property hereafter acquired by any Credit Party. 
 “Mortgage
Policy” shall have the meaning assigned in Schedule 9.13 hereto. 
 “Multiemployer Plan” shall mean a
multiemployer plan as defined in Section 4001(a)(3) of ERISA and subject to Title IV of ERISA under which the Borrower has any obligation or liability, including on account of an ERISA Affiliate. 

“NAIC” shall mean the National Association of Insurance Commissioners. 

“Net Cash Proceeds” shall mean, with respect to any Recovery Event, an amount in cash equal to the gross cash proceeds (net
of reasonable costs, expenses and any taxes incurred in connection with such Recovery Event) received by the respective Person in connection with such Recovery Event. 

“Net Debt Proceeds” shall mean, with respect to any incurrence of Indebtedness for borrowed money, the gross cash proceeds
(net of underwriting discounts and commissions and other reasonable costs and expenses associated therewith) received by the respective Person from such incurrence. 

“Net Sale Proceeds” shall mean, with respect to any Asset Sale (including, without limitation, any cash or Cash Equivalents
received upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale), an amount in cash equal to the gross cash proceeds (including any cash received by way of
deferred payment pursuant to a promissory note, receivable or otherwise, but only as and when received) received from such sale of assets, net of the reasonable costs of, and expenses associated with, such sale (including fees and commissions,
payments of unassumed liabilities relating to the assets sold and required payments of any Indebtedness or other obligations (other than Indebtedness secured pursuant to the Security Documents) which is secured by the assets which were sold), and
the incremental taxes paid or payable as a result of such Asset Sale. 
 “New Lender” shall have the meaning provided in
Section 2.14(b)(v). 
 “No Undisclosed Information Representation” shall mean, with respect to
any Person, a representation that such Person is not in possession of any material non-public information with respect to the Borrower or any of its Subsidiaries that has not been disclosed to the Lenders
generally (other than those Lenders who have elected to not receive any non-public information with respect to the Borrower or any of its Subsidiaries), and if so disclosed could reasonably be expected to have
a material effect upon, or otherwise be material to, the market price of the applicable Term Loan, or the decision of an assigning Lender to sell, or of an assignee to purchase, such Term Loan. 

  
 -22- 

 “Non-Defaulting Lender” shall mean and
include each Lender other than a Defaulting Lender. 
 “Non-Extending Revolving
Lender” shall have the meaning provided in Section 2.14(b)(iii). 
 “Note” shall mean
each Revolving Note, Term Note and Swingline Note, as applicable. 
 “Notice of Borrowing” shall have the meaning provided
in Section 2.03. 
 “Notice of Conversion/Continuation” shall have the meaning provided in
Section 2.06. 
 “Notice Office” shall mean (i) for credit notices, the office of the
Administrative Agent located at 2380 Performance Dr., Richardson, TX 75082, Attention: Arlene Minor, Telephone No. 469-201-8837, Telecopier: 214-290-9412, E-Mail: arlene.l.minor@baml.com; and (ii) for operational notices, the office of the Administrative Agent
located at 900 West Trade Street 6th Floor, Charlotte, NC 28255, Attention: Mollie S. Canup, Telephone:
980-387-5449, Telecopier: 704-409-0011, E-Mail:
mollie.s.canup@baml.com; or such other office or person as the Administrative Agent may hereafter designate in writing as such to the other parties hereto. 

“Obligations” shall mean (x) all now existing or hereafter arising debts, obligations, covenants, and duties of payment
or performance of every kind, matured or unmatured, direct or contingent, owing, arising, due, or payable to any Lender, Issuing Lender, Agent or Indemnified Person by any Credit Party arising out of this Agreement or any other Credit Document,
including, without limitation, all obligations to repay principal or interest on the Loans and all obligations related to Letters of Credit (including obligations which but for the automatic stay under Section 362(a) of the Bankruptcy Code
would become due and including interest at the rate provided for herein, fees and other amounts accruing during the pendency of any bankruptcy, insolvency, receivership or similar proceeding, regardless of whether allowed or allowable in such
proceeding) on the Loans, and to pay interest, fees, costs, charges, expenses, professional fees, and all sums chargeable to the Borrower or any Credit Party or for which the Borrower or any Credit Party is liable as indemnitor under the Credit
Documents, whether or not evidenced by any note or other instrument and (y) liabilities and indebtedness of the Credit Parties owing under any Designated Interest Rate Protection Agreement, Designated Hedge Agreement or Designated Treasury
Services Agreement (other than Excluded Swap Obligations), if any, whether now in existence or hereafter arising (including obligations which but for the automatic stay under Section 362(a) of the Bankruptcy Code would become due and including
interest, fees and other amounts accruing during the pendency of any bankruptcy, insolvency, receivership or similar proceeding, regardless of whether allowed or allowable in such proceeding), and the due performance and compliance with all terms,
conditions and agreements contained therein. Notwithstanding anything to the contrary contained above, (x) obligations of any Credit Party under any Designated Interest Rate Protection Agreement, Designated Hedge Agreement or Designated
Treasury Services Agreement shall be secured and guaranteed pursuant to the Credit Documents only to the extent that, and for so long as, the other Obligations are so secured and guaranteed and (y) any release of Collateral or Guarantors
effected in the manner permitted by this Agreement shall not require the consent of holders of obligations under Designated Interest Rate Protection Agreement, Designated Hedge Agreement or Designated Treasury Services Agreement. 

“OFAC” shall have the meaning set forth in the definition of “Embargoed Person.” 

“Off-Balance Sheet Liabilities” of any Person shall mean (i) any repurchase
obligation or liability of such Person with respect to accounts or notes receivable sold by such Person, (ii) any liability of such Person under any Sale-Leaseback Transactions that do not create a liability on the balance sheet of such Person,
(iii) any obligation under a Synthetic Lease or (iv) any obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the
balance sheet of such Person. 
 “Open Market Purchase” shall have the meaning provided in
Section 2.20(a). 

  
 -23- 

 “Other Taxes” shall mean any and all present or future stamp, court or
documentary, intangible, recording, filing or similar Taxes arising from any payment made under, from the execution, delivery, registration, performance or enforcement of, from the receipt or perfection of a security interest under, or otherwise
with respect to, any Credit Document except any such Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.13) that are imposed as a result of any present or former connection
between the relevant Lender and the jurisdiction imposing such Tax (other than a connection arising from such Lender 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 Credit Document, or sold or assigned an interest in any Loan or Credit Document). 

“Parent Company” shall mean any direct or indirect parent company of the Borrower (including the GP). 

“Participant” shall have the meaning provided in Section 3.04(a). 

“Participant Register” shall have the meaning provided in Section 13.04(a). 

“Patriot Act” shall have the meaning provided in Section 13.17. 

“Payment Office” shall mean the office of the Administrative Agent set forth in Schedule 13.03 or
such other office as the Administrative Agent may hereafter designate in writing as such to the other parties hereto. 

“PBGC” shall mean the Pension Benefit Guaranty Corporation established pursuant to Section 4002 of ERISA, or any
successor thereto. 
 “Perfection Certificate” shall mean a perfection certificate substantially in the form of the
Perfection Certificate delivered to the Administrative Agent on the Closing Date, or any other form approved by the Administrative Agent, as the same shall be supplemented from time to time by a Perfection Certificate Supplement or otherwise. 

“Perfection Certificate Supplement” shall mean a certificate supplement in a form approved by the Administrative Agent. 

“Permitted Acquisition” shall mean any transaction for the (a) acquisition of all or substantially all of the property
of any Person, or of any business or division of any Person; or (b) acquisition (including by merger or consolidation) of the Equity Interests of any Person that becomes a Subsidiary after giving effect such transaction; provided that
each of the following conditions shall be met: 
 (i) no Default then exists or would result therefrom; 

(ii) in the case of any acquisitions involving consideration in excess of $50,000,000, Borrower shall be in compliance with the
Financial Covenants on a Pro Forma Basis (calculated based on audited or reviewed financial statements, or to the extent such financials are not available for the most recent fiscal quarter, certified internal management accounts for such quarter);

 (iii) the Person or business to be acquired shall be, or shall be engaged in, a Similar Business and, to the extent
applicable, shall comply with the requirements of Section 9.12(a) on or prior to the date of such acquisitions, and the property acquired in connection with any such transaction shall be made subject to the Lien of the
Security Documents and shall be free and clear of any Liens, other than Permitted Collateral Liens; 
 (iv) all transactions
in connection therewith shall be consummated in accordance with all applicable Requirements of Law; and 
 (v) at least 10
Business Days prior to the proposed date of consummation of a transaction involving consideration in excess of $50,000,000, Borrower shall have delivered to the Agents and the Lenders an officer’s certificate certifying that (A) such
transaction complies with this definition (which shall have attached thereto reasonably detailed backup data and calculations showing such compliance), and (B) such transaction could not reasonably be expected to result in a Material Adverse
Effect. 

  
 -24- 

 “Permitted Collateral Liens” shall mean (a) in the case of Collateral other
than Mortgaged Property, Permitted Liens and (b) in the case of Mortgaged Property, the Liens described in clauses (i), (ii), (iii), (iv), (v), (viii), (x), (xi), (xiii), (xiv), (xvi), (xix) and (xxi) of
Section 10.01; provided, however, that upon the date of delivery of any Mortgage Policy pursuant to Section 9.13 hereof, with respect to any Liens referred to in said clauses
(i) and (ii) encumbering the applicable Mortgaged Property, the Borrower shall bond over or take any other action reasonably requested by the Administrative Agent to delete any exception to title relating to overdue Taxes or
mechanics’, materialmen’s or other similar liens. 
 “Permitted Cure Securities” shall mean any equity securities
of the Borrower or any Parent Company pursuant to the Cure Right. 
 “Permitted Encumbrance” shall mean, with respect to
any Mortgaged Property, such exceptions to title as are set forth in the mortgagee title insurance policy (or title commitment having the effect of a title insurance policy) delivered with respect thereto, all of which exceptions must be acceptable
to the Administrative Agent in its reasonable discretion. 
 “Permitted Holders” shall mean OCI, N.V. and any of its
wholly-owned direct or indirect Subsidiaries. 
 “Permitted Liens” shall have the meaning provided in
Section 10.01. 
 “Person” shall mean any individual, partnership, joint venture, firm,
corporation, company, association, limited liability company, trust or other enterprise or any government or political subdivision or any agency, department or instrumentality thereof. 

“Plan” shall mean any pension plan as defined in Section 3(2) of ERISA other than a Multiemployer Plan, which is
maintained or contributed to by (or to which there is an obligation to contribute of) the Borrower or a Subsidiary of the Borrower or with respect to which the Borrower or a Subsidiary of the Borrower, has, or may have, any liability, including, for
greater certainty, liability arising from an ERISA Affiliate. 
 “Plant” shall mean all Real Property and PP&E
comprising the OCI Beaumont Facility located in Nederland, Texas. 
 “Platform” shall have the meaning provided in
Section 9.01. 
 “PP&E” shall mean all personal property and equipment of the Borrower owned
and used in connection with its operations. 
 “Prime Rate” shall mean the rate which the Administrative Agent announces
from time to time as its prime lending rate, the Prime Rate to change when and as such prime lending rate changes. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer by the
Administrative Agent, which may make commercial loans or other loans at rates of interest at, above or below the Prime Rate. 
 “Pro
Forma Basis” shall mean, in connection with any calculation of compliance with any financial term, the calculation thereof after giving effect on a pro forma basis to (w) the incurrence of any Indebtedness (other than
revolving Indebtedness, except to the extent same is incurred to refinance other outstanding Indebtedness or to finance a Permitted Acquisition) after the first day of the relevant Test Period as if such Indebtedness had been incurred (and the
proceeds thereof applied) on the first day of the relevant Test Period, (x) the permanent repayment of any Indebtedness (other than revolving Indebtedness except to the extent accompanied by a corresponding permanent commitment reduction) after
the first day of the relevant Test Period as if such Indebtedness had been retired or redeemed on the first day of the relevant Test Period, (y) any disposition of assets constituting a business, division, product line, manufacturing facility
or distribution facility of any Subsidiary of the Borrower or of the Equity Interests of any Subsidiary of the Borrower and/or (z) the Permitted Acquisition, if any, then being consummated as well

  
 -25- 

 
as in each case any other such transaction consummated after the first day of the Test Period most recently ended prior to the date of any such Permitted Acquisition for which Section 9.01
Financials are available and on or prior to the date of the Permitted Acquisition then being effected, as the case may be, with the following rules to apply in connection therewith: 

(i) all Indebtedness (x) (other than revolving Indebtedness, except to the extent same is incurred to refinance other
outstanding Indebtedness or to finance a Permitted Acquisition) incurred or issued after the first day of the relevant Test Period (whether incurred to finance a Permitted Acquisition, to refinance Indebtedness or otherwise) shall be deemed to have
been incurred or issued (and the proceeds thereof applied) on the first day of the respective Test Period and remain outstanding through the date of determination and (y) (other than revolving Indebtedness except to the extent accompanied by a
corresponding permanent commitment reduction) permanently retired or redeemed after the first day of the relevant Test Period shall be deemed to have been retired or redeemed on the first day of the respective Test Period and remain retired through
the date of determination; 
 (ii) all Indebtedness assumed to be outstanding pursuant to preceding clause (i) shall be
deemed to have borne interest at (x) the rate applicable thereto, in the case of fixed rate Indebtedness, or (y) at the rate which would have been applicable thereto on the last day of the respective Test Period, in the case of floating
rate Indebtedness (although interest expense with respect to any Indebtedness for periods while same was actually outstanding during the respective period shall be calculated using the actual rates applicable thereto while same was actually
outstanding); 
 (iii) in making any determination of Consolidated EBITDA, pro forma effect shall be given to
any disposition of assets constituting a business, division, product line, manufacturing facility or distribution facility of the Borrower or any Subsidiary of the Borrower or of the Equity Interests of any Subsidiary of the Borrower consummated
during the periods described above, with such Consolidated EBITDA to be determined as if such disposition (or the relevant portion thereof) was consummated on the first day of the relevant Test Period; 

(iv) in making any determination of Consolidated EBITDA, pro forma effect shall be given to any Permitted
Acquisition or other Investment consummated during the periods described above (excluding that portion of the assets or business acquired pursuant to any Permitted Acquisition or other Investment which has been sold or disposed of thereafter and
prior to the date of the respective determination), with such Consolidated EBITDA to be determined as if such Permitted Acquisition or other Investment (or the relevant portion thereof) was consummated on the first day of the relevant Test Period;
and 
 (v) in making any determination of Consolidated EBITDA, pro forma effect shall be given to Material Projects in
accordance with the definition of “Projected Consolidated EBITDA.” 
 Any pro forma calculation may include, without limitation,
adjustments calculated in accordance with Regulation S-X under the Securities Act; provided that any such adjustments that consist of reductions in costs and other operating improvements or
synergies (whether added pursuant to this definition, the definition of “Pro Forma Cost Savings” or otherwise added to Consolidated Net Income or Consolidated EBITDA) shall be calculated in accordance with, and satisfy the requirements
specified in, the definition of “Pro Forma Cost Savings.” 
 “Pro Forma Cost Savings” shall mean, without
duplication of any amounts referenced in the definition of “Pro Forma Basis,” an amount equal to the amount of cost savings, operating expense reductions, operating improvements (including the entry into any material contract or
arrangement) and acquisition synergies, in each case, projected in good faith to be realized (calculated on a pro forma basis as though such items had been realized on the first day of such period) as a result of actions taken on or prior to, or to
be taken by the Borrower (or any successor thereto) or any Subsidiary within 12 months of, the date of such pro forma calculation, net of the amount of actual benefits realized or expected to be realized during such period that are otherwise
included in the calculation of Consolidated EBITDA from such action; provided that (a) such cost savings, operating expense reductions, operating improvements and synergies are factually supportable and reasonably identifiable (as
determined in good faith by a responsible financial or accounting officer, in his or her capacity as such and not in his or her personal capacity, of the Borrower (or any successor thereto)) and are reasonably anticipated to be realized within 12
months after the 

  
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date of such pro forma calculation and (b) no cost savings, operating expense reductions, operating improvements and synergies shall be added pursuant to this definition to the extent
duplicative of any expenses or charges otherwise added to Consolidated Net Income or Consolidated EBITDA, whether through a pro forma adjustment or otherwise, for such period; provided, further, that the aggregate amount added in
respect of the foregoing proviso (or otherwise added to Consolidated Net Income or Consolidated EBITDA) (x) shall no longer be permitted to be added back to the extent the cost savings, operating expense reductions, operating improvements and
synergies have not been achieved within 12 months of the action or event giving rise to such cost savings, operating expense reductions, operating improvements and synergies and (y) shall not exceed 20% of Consolidated EBITDA (before taking
into account any such adjustment) for any Test Period. 
 “Projected Consolidated EBITDA” shall mean, as of any date of
determination, in respect of any Material Project, the projected Consolidated EBITDA attributable to such Material Project for the first full 12-month period following the Scheduled Commercial Operation Date
of such Material Project, such amount to be determined by the Borrower in good faith and evidenced by an officer’s certificate signed by a Responsible Officer based upon projected revenues that are reasonably likely on the basis of sound
financial planning practice, the creditworthiness and applicable projected volumes of the prospective customers, capital and other costs, operating and administrative expenses, the Scheduled Commercial Operation Date, commodity price assumptions,
the class and amount of Equity Interests of such Material Project owned, directly or indirectly, by the Borrower and other factors reasonably deemed appropriate by the Borrower in good faith, in each case, as if such Material Project was in
existence on the first day of the relevant Test Period for which such determination is being made. 
 Notwithstanding the foregoing, in
connection with the calculation of any Consolidated EBITDA Material Project Adjustment on any date of determination in respect of any Material Project, Projected Consolidated EBITDA for such Material Project shall be deemed to be zero unless the
Borrower certifies to the Administrative Agent in good faith in the compliance certificate delivered pursuant to Section 9.01(e) in connection with such date of determination that no event or condition has occurred or
exists that could reasonably be expected to result in any materially adverse change to the Projected Consolidated EBITDA relating to such Material Project (including, without limitation, any materially adverse changes to the creditworthiness and
applicable projected volumes of the prospective customers), or, if the Borrower is unable to make such certification or determines that the Projected Consolidated EBITDA has increased, the Borrower provides the Administrative Agent with written and
revised pro forma projections of the Projected Consolidated EBITDA attributable to such Material Project recalculated by the Borrower in good faith and evidenced by an officer’s certificate signed by a Responsible Officer and taking into
account any such event or condition, which revised projections shall then be used to determine the Projected Consolidated EBITDA as set forth in the first paragraph of this definition in respect of such Material Project. 

“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. 
 “Quarterly Payment Date” shall mean the last Business Day of each March, June, September, and
December occurring after the Closing Date, commencing on the last Business Day of June, 2018. 
 “Real Property” of any
Person shall mean, collectively, the right, title and interest of such Person (including any leasehold, easement, mineral or other estate) in and to any and all land, improvements and fixtures owned, leased or operated by such Person, together with,
in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures and equipment, all general intangibles and contract rights and other property and rights incidental to the ownership, lease or
operation thereof. 
 “Recovery Event” shall mean the receipt by the Borrower or any Guarantor of any cash insurance
proceeds or condemnation awards payable (i) by reason of any Casualty Event (but not by reason of any loss of revenues or interruption of business or operations caused thereby) and (ii) under any policy of insurance required to be
maintained under Section 9.03 (but not by reason of any loss of revenues or interruption of business or operations caused thereby), in each case to the extent such proceeds or awards do not constitute reimbursement or
compensation for amounts previously paid by the Borrower in respect of any such event. 
 “Refinancing” has the meaning
provided in the recitals hereto. 

  
 -27- 

 “Refinancing Effective Date” shall have the meaning specified in
Section 2.18(a). 
 “Refinancing Note Documents” shall mean the Refinancing Notes, the
Refinancing Notes Indenture and all other documents executed and delivered with respect to the Refinancing Notes or Refinancing Notes Indenture, as in effect on Refinancing Effective Date and as the same may be amended, modified and/or supplemented
from time to time in accordance with the terms hereof and thereof. 
 “Refinancing Note Holder” shall have the meaning
provided in Section 2.18(b). 
 “Refinancing Notes” shall have the meaning provided in
Section 2.18(a). 
 “Refinancing Notes Indenture” shall mean the indenture entered into with
respect to the Refinancing Notes and pursuant to which same shall be issued. 
 “Refinancing Revolving Amendment” shall
have the meaning specified in Section 2.18(d). 
 “Refinancing Revolving Commitments” shall mean
one or more commitments hereunder to convert Revolving Loan Commitments into a new Tranche of Refinancing Commitments. 

“Refinancing Term Loan Amendment” shall have the meaning specified in Section 2.18(c). 

“Refinancing Term Loan Commitments” shall mean one or more commitments hereunder to convert Initial Term Loans or Incremental
Term Loans under an Existing Initial Term Loan Tranche or Existing Incremental Term Loan Tranche into a new Tranche of Refinancing Term Loans or Refinancing Term Loans under an existing Tranche of Refinancing Term Loans. 

“Refinancing Term Loan Lender” shall have the meaning specified in Section 2.18(b). 

“Refinancing Term Loan Series” shall have the meaning specified in Section 2.18(b). 

“Refinancing Term Loans” shall have the meaning specified in Section 2.18(a). 

“Register” shall have the meaning provided in Section 13.15. 

“Regulation D” shall mean Regulation D of the Board of Governors of the Federal Reserve System as
from time to time in effect and any successor to all or a portion thereof establishing reserve requirements. 

“Regulation T” shall mean Regulation T of the Board of Governors of the Federal Reserve System as
from time to time in effect and any successor to all or a portion thereof. 
 “Regulation U” shall mean
Regulation U of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor to all or a portion thereof. 

“Regulation X” shall mean Regulation X of the Board of Governors of the Federal Reserve System as
from time to time in effect and any successor to all or a portion thereof. 
 “Related Parties” shall mean, with respect to
any Person, such Person’s Affiliates and the partners, members, managers, directors, officers, employees, agents, trustees and advisors of such Person and of such Person’s Affiliates. 

“Release” shall mean actively or passively disposing, discharging, injecting, spilling, pumping, leaking, leaching, dumping,
emitting, escaping, emptying, pouring, seeping, migrating or the like, into, through or upon the Environment or within, from or into any building, structure, facility or fixture. 

“Replaced Lender” shall have the meaning provided in Section 2.13. 

  
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 “Replacement Lender” shall have the meaning provided in
Section 2.13. 
 “Repricing Transaction” shall mean (1) the incurrence by the Borrower or
any of its Subsidiaries of any Indebtedness in the form of term loans (including, without limitation, any new or additional term loans under this Agreement (including Refinancing Term Loans), whether incurred directly or by way of the conversion of
Initial Term Loans into a new tranche of replacement term loans under this Agreement) (i) having an Effective Yield for the relevant Type of such Indebtedness that is less than the Effective Yield for Initial Term Loans of the same Type (with
the comparative determinations to be made in the reasonable judgment of the Administrative Agent consistent with generally accepted financial practices) and (ii) the proceeds of which are used to prepay (or, in the case of a conversion, deemed
to prepay or replace), in whole or in part, outstanding principal of Initial Term Loans or (2) any reduction in the Effective Yield for Initial Term Loans (e.g., by way of amendment, waiver or otherwise) (with such determination to be
made in the reasonable judgment of the Administrative Agent, consistent with generally accepted financial practices), in each case, to the extent the primary purpose of such incurrence or amendment to this Agreement is to reduce the Effective Yield
applicable to the Initial Term Loans; provided that any prepayment, refinancing, replacement or amendment in connection with a Change of Control or acquisition or Investment not permitted by this Agreement or permitted but with respect
to which the Borrower has determined in good faith that this Agreement will not provide sufficient flexibility for the operation of the combined business following consummation thereof shall not constitute a Repricing Transaction. Any such
determination by the Administrative Agent as contemplated by preceding clauses (1) and (2) shall be conclusive and binding on all Lenders holding Initial Term Loans. 

“Required Lenders” shall mean Non-Defaulting Lenders, the sum of whose outstanding
principal of Loans and Commitments as of any date of determination represent greater than 50% of the sum of all outstanding principal of Loans and Commitments of Non-Defaulting Lenders at such time. 

“Required Prepayment Date” shall have the meaning provided in Section 5.02(j). 

“Required Revolving Lenders” means the Majority Lenders in respect of the Revolving Loans and Revolving Loan Commitments.

 “Requirement of Law” shall mean, with respect to any Person, (i) the charter, articles or certificate of
organization or incorporation and bylaws or other organizational or governing documents of such Person and (ii) any statute, law, treaty, rule, regulation, order, ordinance, decree, writ, injunction or determination of any arbitrator or court
or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Responsible Officer” shall mean, with respect to any Person, its chief executive officer, president, or any vice president,
managing director, treasurer, controller or other officer of such Person having substantially the same authority and responsibility; provided that, with respect to compliance with financial covenants, “Responsible Officer” means the
chief financial officer, treasurer or controller of the Borrower, or any other officer of the Borrower having substantially the same authority and responsibility; provided further that solely for purposes of notices given pursuant to
Article II, “Responsible Officer” shall also mean any other officer of the applicable Credit Party so designated by any of the foregoing officers in a notice to the Administrative Agent, or any other officer or employee of the applicable
Credit Party designated in or pursuant to an agreement between the applicable Credit Party and the Administrative Agent. 

“Returns” shall have the meaning provided in Section 8.09. 

“Revolving Commitment Increase” shall have the meaning provided in Section 2.15(a). 

“Revolving Extension Request” shall have the meaning provided in Section 2.14(b)(i). 

“Revolving Lender” shall mean a Lender with a Revolving Loan Commitment. 

“Revolving Loan” shall have the meaning provided in Section 2.01(b). 

  
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 “Revolving Loan Commitment” shall mean, for each Lender, the amount set forth
opposite such Lender’s name in Schedule 2.01, as same may be (x) reduced from time to time or terminated pursuant to Sections 4.02, 4.03 and/or 11, as applicable or (y) adjusted from time to time as a
result of assignments to or from such Lender pursuant to Section 2.13 or 13.04(b). 
 “Revolving
Loan Maturity Date” shall mean March 13, 2020. 
 “Revolving Note” shall have the meaning provided in
Section 2.05(a). 
 “RL Exposure” shall mean, at any time, the sum of (i) the aggregate
principal amount of all Revolving Loans then outstanding, (ii) the aggregate principal amount of all Swingline Loans then outstanding and (iii) the aggregate Letter of Credit Outstandings at such time. 

“RL Percentage” of any Lender at any time shall mean a fraction (expressed as a percentage) the numerator of which is the
Revolving Loan Commitment of such Lender at such time and the denominator of which is the Total Revolving Loan Commitment at such time, provided that if the RL Percentage of any Lender is to be determined after the Total Revolving Loan
Commitment has been terminated, then the RL Percentage of such Lender shall be determined immediately prior (and without giving effect) to such termination (but giving effect to assignments made thereafter in accordance with the terms hereof);
provided, further, that in the case of Section 2.18 when a Defaulting Lender shall exist, “RL Percentage” shall mean the percentage of the Total Revolving Loan Commitment (disregarding any
Defaulting Lender’s Revolving Loan Commitment) represented by such Lender’s Revolving Loan Commitment. 

“S&P” shall mean Standard & Poor’s Ratings Services, a division of the McGraw Hill Company, Inc., and any
successor owner of such division. 
 “Sale-Leaseback Transaction” shall mean any arrangements with any Person providing for
the leasing by the Borrower or any of its Subsidiaries of real or personal property which has been or is to be sold or transferred by the Borrower or any of its Subsidiaries to such Person or to any other Person to whom funds have been or are to be
advanced by such Person in connection therewith. 
 “Sanction(s)” shall mean any international economic sanction
administered or enforced by the United States Government (including without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority. 

“Scheduled Commercial Operation Date” shall mean, with respect to any Material Project, the date originally scheduled as the
day on which such Material Project shall achieve Commercial Operation as specified in the notice to be delivered to the Administrative Agent with respect to such Material Project as specified in the second paragraph of the definition of Consolidated
EBITDA Material Project Adjustment. 
 “Scheduled Incremental TL Repayment” shall have the meaning provided in
Section 5.02(a)(ii). 
 “Scheduled Initial TL Repayment” shall have the meaning provided in
Section 5.02(a). 
 “Scheduled Initial TL Repayment Date” shall have the meaning provided in
Section 5.02(a). 
 “Scheduled Repayment” shall mean any Scheduled Initial TL Repayment and/or
Scheduled Incremental TL Repayment. 
 “SEC” shall have the meaning provided in Section 9.01(g).

 “Section 9.01 Financials” shall mean the quarterly and annual financial statements required to be
delivered pursuant to Sections 9.01(a) and (b). 

  
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 “Securities Act” shall mean the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder. 
 “Securities Exchange Act” shall mean the Securities Exchange Act of 1934,
as amended, and the rules and regulations promulgated thereunder. 
 “Security Agreement” shall have the meaning provided
in Section 6.09. 
 “Security Agreement Collateral” shall have the meaning provided in
Section 6.09. 
 “Security Document” shall mean and include each of the Security Agreement, each
Mortgage and, after the execution and delivery thereof, each Additional Security Document and each of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the Administrative Agent for the benefit of
the Guaranteed Creditors. 
 “Similar Business” shall mean any business and any services, activities or businesses
incidental, or reasonably related or similar to, or complementary to any line of business engaged in by the Borrower on the Closing Date or any business activity that is a reasonable extension, development or expansion thereof or ancillary thereto.

 “Solvent” and “Solvency” shall mean, with respect to any Person on any date of determination, that on
such date (a) the sum of the debt (including contingent liabilities) of such Person does not exceed the fair value of the present assets of such Person; (b) the capital of such Person is not unreasonably small in relation to the business
of such Person contemplated as of such date; and (c) such Person does not intend to incur, or believe that it will incur, debts (including current obligations and contingent liabilities) beyond its ability to pay such debts as they mature in
the ordinary course of business. For the purposes hereof, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can
reasonably be expected to become an actual or matured liability. 
 “Stated Amount” of each Letter of Credit shall, at any
time, mean the maximum amount available to be drawn thereunder (in each case determined without regard to whether any conditions to drawing could then be met, but after giving effect to all previous drawings made thereunder). 

“Specified Representations” shall mean the representations and warranties of the Credit Parties set forth in
Sections 8.02, 8.03(iii) (in the case of any Tranche of Loans with respect to which such Specified Representations are made, limited to the incurrence of such Tranche of Loans in the case of the Borrower, the
provision of the applicable Guaranty in the case of each Guarantor and the grant of the Liens in the Collateral to the Administrative Agent for the benefit of the Guaranteed Creditors in the case of all Credit Parties), 8.05(b),
8.08(c) (in the case of any Tranche of Loans with respect to which such Specified Representations are made, limited to the incurrence and use of proceeds thereof), 8.11, 8.15(b)-(f) (in the case of any Tranche of Loans with
respect to which such Specified Representations are made, limited to the incurrence and use of proceeds thereof) and 8.16 (in the case of any Tranche of Loans with respect to which such Specified Representations are made, limited to the
incurrence and use of proceeds thereof). 
 “Subsidiary” shall mean, as to any Person, (i) any corporation more than
50% of whose stock of any class or classes having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock of any class or classes of such corporation shall
have or might have voting power by reason of the happening of any contingency) is at the time owned by such Person and/or one or more Subsidiaries of such Person and (ii) any partnership, limited liability company, association, joint venture or
other entity in which such Person and/or one or more Subsidiaries of such Person has more than a 50% Equity Interest at the time. 

“Syndication Agent” shall have the meaning provided in the first paragraph to this Agreement. 

  
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 “Swap Obligation” shall mean, with respect to each Guarantor, 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. 

“Swingline Expiry Date” shall mean that date which is five Business Days prior to the Revolving Loan Maturity Date. 

“Swingline Lender” shall mean Bank of America, N.A. for so long as Bank of America, N.A. is the Administrative Agent
hereunder and thereafter shall mean the successor Administrative Agent in its individual capacity; provided that any resigning Administrative Agent shall retain all of its rights with respect to any Swingline Loans made by it prior to such
resignation. 
 “Swingline Loan” shall have the meaning provided in Section 2.01(c). 

“Swingline Loan Exposure” shall mean, at any time, the aggregate principal amount of all Swingline Loans outstanding at such
time. The Swingline Loan Exposure of any Lender at any time shall be its RL Percentage of the total Swingline Loan Exposure at such time. 

“Swingline Note” shall have the meaning provided in Section 2.05(a). 

“Synthetic Lease” shall mean a lease transaction under which the parties intend that (i) the lease will be treated as an
“operating lease” by the lessee and (ii) the lessee will be entitled to various tax and other benefits ordinarily available to owners (as opposed to lessees) of like property. 

“Taxes” shall mean any and all present or future taxes, levies, imposts, duties, deductions, charges, fees, assessments,
liabilities or withholdings imposed by any Governmental Authority, including interest, penalties and additions to tax with respect thereto. 

“Term Loan Commitment” shall mean, for each Lender, its Initial Term Loan Commitment, its Refinancing Term Loan Commitment,
its Extended Term Loan Commitment or its Incremental Term Loan Commitment. 
 “Term Loan Extension Amendment” shall have
the meaning provided in Section 2.14(a)(iv). 
 “Term Loan Extension Request” shall have the
meaning provided in Section 2.14(a)(i). 
 “Term Loan Percentage” of a Tranche of Term Loans
shall mean, at any time, a fraction (expressed as a percentage), the numerator of which is equal to the aggregate outstanding principal amount of all Term Loans of such Tranche at such time and the denominator of which is equal to the aggregate
outstanding principal amount of all Term Loans of all Tranches at such time. 
 “Term Loans” shall mean the Initial Term
Loans, each Incremental Term Loan, each Refinancing Term Loan and each Extended Term Loan of a given Extension Series. 
 “Term
Note” shall have the meaning provided in Section 2.05(a). 
 “Test Period” shall mean
each period of four consecutive fiscal quarters of the Borrower (in each case taken as one accounting period) for which Section 9.01 Financials have been (or were required to be) delivered. 

“Threshold Amount” shall mean $25,000,000. 

“Total Commitment” shall mean, at any time, the sum of the Total Term Loan Commitments and the Total Revolving Loan
Commitment. 
 “Total Incremental Term Loan Commitment” shall mean, at any time, the sum of the Incremental Term Loan
Commitments of each of the Lenders with such a Commitment at such time. 

  
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 “Total Initial Term Loan Commitment” shall mean, at any time, the sum of the
Initial Term Loan Commitments of each of the Lenders at such time. 
 “Total Revolving Loan Commitment” shall mean, at any
time, the sum of the Revolving Loan Commitments in effect at such time. 
 “Total Term Loan Commitments” shall mean, at any
time, the sum of the Total Initial Term Loan Commitment and the Total Incremental Term Loan Commitment. 
 “Total Unutilized
Revolving Loan Commitment” shall mean, at any time, an amount equal to the remainder of (x) the Total Revolving Loan Commitment then in effect less (y) the RL Exposure at such time. 

“Tranche” shall mean the respective facilities and commitments utilized in making Initial Term Loans or Incremental Term
Loans made pursuant to one or more tranches designated pursuant to the respective Incremental Agreements in accordance with the relevant requirements specified in Section 2.15 (collectively, the “Initial
Tranches” and, each, an “Initial Tranche”), and after giving effect to the Extension pursuant to Section 2.14, shall include any group of Extended Term Loans pursuant to Extended Term Loan
Commitments, extended, directly or indirectly, from the same Initial Tranche and having the same Maturity Date, interest rate and fees and after giving effect to any Refinancing Term Loan Amendment pursuant to Section 2.18,
shall include any group of Refinancing Term Loans refinancing, directly or indirectly, the same Initial Tranche having the same Maturity Date, interest rate and fees; provided that that only in the circumstances contemplated by
Section 2.18(b), Refinancing Term Loans may be made part of a then existing Tranche of Term Loans; provided further that only in the circumstances contemplated by Section 2.15(c),
Incremental Term Loans may be made part of a then existing Tranche of Term Loans. With respect to Revolving Loan Commitments, “Tranche” shall refer to the respective facilities and commitments in respect of the Revolving Loan Commitments
as of the Closing Date and any Refinancing Revolving Commitment or Extended Revolving Commitment. 
 “Transaction” shall
mean, collectively, (i) the execution and delivery by the Credit Parties of this Agreement and the other Credit Documents to which they are a party, (ii) the consummation of the Refinancing, (iii) the incurrence of the Initial Term
Loans and the Revolving Loans (if applicable) on the Closing Date and (iv) the payment of all Transaction Costs. 

“Transaction Costs” shall mean the fees, premiums and expenses payable by the Borrower and its Subsidiaries in connection
with the transactions described in clauses (i), (ii) and (iii) of the definition of “Transaction.” 
 “Treasury
Services Agreement” shall mean any agreement to provide cash management services, including treasury, depository, overdraft, credit or debit card, electronic funds transfer and other cash management arrangements. 

“Type” shall mean the type of Loan determined with regard to the interest option applicable thereto, i.e., whether a
Base Rate Loan or a LIBO Rate Loan. 
 “UCC” shall mean the Uniform Commercial Code as from time to time in effect in the
relevant jurisdiction. 
 “Undisclosed Administration” shall mean in relation to a Lender or a parent company that directly
or indirectly controls such Lender, the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator under or based on the law in the country
where such Lender or Person, as the case may be, is subject to home jurisdiction supervision if applicable law requires that such appointment is not to be publicly disclosed. 

“Unfunded Pension Liability” of any Plan shall mean the amount, if any, by which the value of the accumulated plan benefits
under the Plan determined on a plan termination basis in accordance with actuarial assumptions at such time consistent with those prescribed by the PBGC for purposes of Section 4044 of ERISA, exceeds the fair market value of all plan assets of
such Plan. 

  
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 “United States” and “U.S.” shall each mean the United States of
America. 
 “Unpaid Drawing” shall have the meaning provided in Section 3.05. 

“U.S. Dollars” and the sign “$” shall each mean freely transferable lawful money (expressed in dollars) of
the United States. 
 “U.S. GAAP” shall mean generally accepted accounting principles in the United States of America as in
effect from time to time; provided that determinations made pursuant to this Agreement in accordance with U.S. GAAP are subject (to the extent provided therein) to Section 13.07(a). 

“U.S. Tax Compliance Certificate” shall have the meaning provided in Section 5.04(c). 

“Waivable Mandatory Prepayment” shall have the meaning provided in Section 5.02(j). 

“Water Rights” shall mean water rights of every kind and nature which shall include but not be limited to claims, decrees,
applications, permits, licenses, storage rights, ditches and ditch rights, riparian and littoral rights, and all shares of stock and memberships in any canal, irrigation or other water company and including, without limitation, those water rights
identified in the Mortgages and incorporated herein by reference, in each case, as amended, amended and restated, supplemented, renewed or otherwise modified from time to time in accordance with the provisions of the Mortgages.

“Weighted Average Life to Maturity” shall mean, when applied to any Indebtedness at any date, the number of years obtained by
dividing (i) the then outstanding principal amount of such Indebtedness into (ii) the sum of the products obtained by multiplying (x) the amount of each then remaining installment or other required scheduled payments of principal,
including payment at final maturity, in respect thereof, by (y) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment. 

“Wholly-Owned Domestic Subsidiary” shall mean, as to any Person, any Wholly-Owned Subsidiary of such Person which is a
Domestic Subsidiary of such person. 
 “Wholly-Owned Foreign Subsidiary” shall mean, as to any Person, any Wholly-Owned
Subsidiary of such Person which is a Foreign Subsidiary of such Person. 
 “Wholly-Owned Subsidiary” shall mean, as to any
Person, (i) any corporation 100% of whose capital stock is at the time owned by such Person and/or one or more Wholly-Owned Subsidiaries of such Person and (ii) any partnership, association, joint venture or other entity in which such
Person and/or one or more Wholly-Owned Subsidiaries of such Person owns 100% of the Equity Interests at such time (other than, in the case of a Foreign Subsidiary with respect to preceding clauses (i) or (ii), director’s qualifying shares
and/or other nominal amounts of shares required to be held by Persons other than the Borrower and its Subsidiaries under applicable law). 

“Write-Down and Conversion Powers” means, 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. 
 1.02 Terms Generally. The definitions in
Section 1.01 shall apply equally to both 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”; and the words “asset” and “property” shall be construed as having the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights. The words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision of this Agreement unless the
context shall otherwise require. All references herein to Articles, Sections, paragraphs, clauses, subclauses, Exhibits and Schedules 

  
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shall be deemed references to Articles, Sections, paragraphs, clauses and subclauses of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require. Unless otherwise
expressly provided herein, (a) all references to documents, instruments and other agreements (including the Credit Documents and organizational documents) shall be deemed to include all subsequent amendments, restatements, amendments and
restatements, supplements and other modifications thereto, but only to the extent that such amendments, restatements, amendments and restatements, supplements and other modifications are not prohibited by any Credit Document and (b) references
to any law, statute, rule or regulation shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such law. Unless otherwise specified, all references herein to times of day shall be
references to Eastern time (daylight or standard, as applicable). 
 Section 2. Amount and Terms of Credit. 

2.01 The Commitments. 
 (a)
Subject to and upon the terms and conditions set forth herein, each Lender with an Initial Term Loan Commitment severally agrees to make an Initial Term Loan or Initial Term Loans to the Borrower, which Initial Term Loans (i) shall be incurred
by the Borrower pursuant to a single drawing on the Closing Date, (ii) shall be denominated in U.S. Dollars, (iii) shall except as hereinafter provided, at the option of the Borrower, be incurred and maintained as, and/or converted into,
one or more Borrowings of Base Rate Loans or LIBO Rate Loans and (iv) shall be made by each such Lender in that aggregate principal amount which does not exceed the Initial Term Loan Commitment of such Lender on the Closing Date (before giving
effect to the termination thereof pursuant to Section 4.02(d)). Once repaid, Initial Term Loans may not be reborrowed. 

(b) Subject to and upon the terms and conditions set forth herein, each Lender severally agrees to make, at any time and from time to time on
or after the Closing Date and prior to the Revolving Loan Maturity Date, a revolving loan or revolving loans (each, a “Revolving Loan”) to the Borrower, which Revolving Loans (i) shall be denominated in U.S. Dollars,
(ii) shall, at the option of the Borrower, be incurred and maintained as, and/or converted into, Base Rate Loans or LIBO Rate Loans, provided that except as otherwise specifically provided in Section 2.10(b),
all Revolving Loans comprising the same Borrowing shall at all times be of the same Type, (iii) may be repaid and reborrowed in accordance with the provisions hereof, (iv) shall not be made (and shall not be required to be made) by any
Lender in any instance where the incurrence thereof (after giving effect to the use of the proceeds thereof on the date of the incurrence thereof to repay any amounts theretofore outstanding pursuant to this Agreement) would cause the RL Exposure of
such Lender to exceed the amount of its Revolving Loan Commitment at such time and (v) shall not be made (and shall not be required to be made) by any Lender if the making of same would cause the RL Exposure (after giving effect to the use of
the proceeds thereof on the date of the incurrence thereof to repay any amounts theretofore outstanding pursuant to this Agreement) to exceed the Total Revolving Loan Commitment as then in effect. 

(c) Subject to and upon the terms and conditions set forth herein, the Swingline Lender agrees to make, at any time and from time to time on or
after the Closing Date and prior to the Swingline Expiry Date, a revolving loan or revolving loans (each, a “Swingline Loan” and, collectively, the “Swingline Loans”) to the Borrower, which Swingline Loans
(i) shall be incurred and maintained as Base Rate Loans, (ii) shall be denominated in U.S. Dollars, (iii) may be repaid and reborrowed in accordance with the provisions hereof, (iv) shall not be made (and shall not be required to
be made) if the making of same would cause the RL Exposure (after giving effect to the use of the proceeds thereof on the date of the incurrence thereof to repay any amounts theretofore outstanding pursuant to this Agreement) to exceed the Total
Revolving Loan Commitment as then in effect and (v) shall not exceed in aggregate principal amount at any time outstanding the Maximum Swingline Amount. Notwithstanding anything to the contrary contained in this
Section 2.01(c), the Swingline Lender shall not make any Swingline Loan after it has received written notice from the Borrower, any other Credit Party or the Required Lenders stating that a Default or an Event of Default
exists and is continuing until such time as the Swingline Lender shall have received written notice (A) of rescission of all such notices from the party or parties originally delivering such notice or notices or (B) of the waiver of such
Default or Event of Default by the Required Lenders. 
 (d) On any Business Day, the Swingline Lender may, in its sole discretion, give
notice to the Lenders that the Swingline Lender’s outstanding Swingline Loans shall be funded with one or more Borrowings of Revolving Loans (provided that such notice shall be deemed to have been automatically given upon the occurrence
of a 

  
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Default or an Event of Default under Section 11.05) in which case one or more Borrowings of Revolving Loans constituting Base Rate Loans (each such Borrowing, a
“Mandatory RL Borrowing”) shall be made on the immediately succeeding Business Day by all Lenders pro rata based on each such Lender’s RL Percentage and the proceeds thereof shall be applied directly by the Swingline Lender to
repay the Swingline Lender for such outstanding Swingline Loans. Each Lender hereby irrevocably agrees to make Revolving Loans upon one Business Day’s notice pursuant to each Mandatory RL Borrowing in the amount and in the manner specified in
the preceding sentence and on the date specified in writing by the Swingline Lender notwithstanding (i) the amount of the Mandatory RL Borrowing may not comply with the Minimum Borrowing Amount otherwise required hereunder, (ii) whether
any conditions specified in Section 6 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) the date of such Mandatory RL Borrowing and (v) the amount of the Total Revolving
Loan Commitment at such time. In the event that any Mandatory RL Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a proceeding under the Bankruptcy Code
with respect to the Borrower), then each Lender hereby agrees that it shall forthwith purchase (as of the date the Mandatory RL Borrowing would otherwise have occurred, but adjusted for any payments received from the Borrower on or after such date
and prior to such purchase) from the Swingline Lender such participations in the outstanding Swingline Loans as shall be necessary to cause the Lenders to share in such Swingline Loans ratably based upon their respective RL Percentages,
provided that (x) all interest payable on the Swingline Loans shall be for the account of the Swingline Lender until the date as of which the respective participation is required to be purchased and, to the extent attributable to the
purchased participation, shall be payable to the participant from and after such date and (y) at the time any purchase of participations pursuant to this sentence is actually made, the purchasing Lender shall be required to pay the Swingline
Lender interest on the principal amount of participation purchased for each day from and including the day upon which the Mandatory RL Borrowing would otherwise have occurred to but excluding the date of payment for such participation, at the
overnight Federal Funds Rate for the first three days and at the interest rate otherwise applicable to Revolving Loans maintained as Base Rate Loans hereunder for each day thereafter. 

(e) If the Revolving Loan Maturity Date shall have occurred at a time when Revolving Loan Commitments extended pursuant to
Section 2.14(b) (such Commitments, the “Extended Revolving Loan Commitments”) are in effect, then on the Revolving Loan Maturity Date all then outstanding Swingline Loans shall be repaid in full on such
date (and there shall be no adjustment to the participations in such Swingline Loans as a result of the occurrence of such Revolving Loan Maturity Date); provided that, if on the occurrence of the Revolving Loan Maturity Date (after giving
effect to any repayments of Revolving Loans and any reallocations of Letter of Credit participations as contemplated in Section 3.07), there shall exist sufficient unutilized Extended Revolving Loan Commitments so that the
respective outstanding Swingline Loans could be incurred pursuant to the Extended Revolving Loan Commitments, which will remain in effect after the occurrence of the Revolving Loan Maturity Date, then there shall be an automatic adjustment on such
date of the participations in such Swingline Loans and same shall be deemed to have been incurred solely pursuant to the Extended Revolving Loan Commitments and such Swingline Loans shall not be so required to be repaid in full on the Revolving Loan
Maturity Date. 
 2.02 Minimum Amount of Each Borrowing. The aggregate principal amount of each Borrowing of Loans under any Tranche
shall not be less than the Minimum Borrowing Amount; provided that any Mandatory RL Borrowings shall be made in the amounts required by Section 2.01(d). More than one Borrowing may occur on the same date, but at no
time shall there be outstanding more than ten (10) Borrowings of LIBO Rate Loans in the aggregate for all Tranches of Loans. 
 2.03
Notice of Borrowing; Borrowing Procedure. 
 (a) Whenever the Borrower desires to make a Borrowing of Term Loans under any
Tranche hereunder, the Borrower shall give the Administrative Agent at its Notice Office at least one Business Day’s prior written notice (or telephonic notice promptly confirmed in writing) of each Base Rate Loan of such Tranche to be made
hereunder and at least three Business Days’ (or such shorter period as the Administrative Agent shall agree in its sole and absolute discretion) prior written notice (or telephonic notice promptly confirmed in writing) of each LIBO Rate Loan of
such Tranche to be made hereunder, provided that (in each case) any such notice shall be deemed to have been given on a certain day only if given before 12:00 Noon (New York City time) on such day (or such later time as the Administrative
Agent shall agree in its sole and absolute discretion). Each such notice (each, a “Notice of Borrowing”), except as otherwise expressly provided in Section 2.11, shall be irrevocable and shall be in
writing, or by telephone promptly confirmed in writing by or on behalf of the Borrower, in the form of Exhibit A-1 or such 

  
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other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), in
each case, appropriately completed to specify: (i) the aggregate principal amount of the Term Loans of such Tranche to be made pursuant to such Borrowing, (ii) the date of such Borrowing (which shall be a Business Day), (iii) whether the
respective Borrowing shall consist of Initial Term Loans, Incremental Term Loans or Term Loans of any other Tranche, (iv) whether the Term Loans being made pursuant to such Borrowing are to be initially maintained as Base Rate Term Loans or
LIBO Rate Term Loans and (v) in the case of LIBO Rate Loans, the Interest Period to be initially applicable thereto. If no election as to the Type of Borrowing of Term Loans is specified, then the requested Borrowing shall be a Borrowing of
Base Rate Term Loans. If no Interest Period is specified with respect to any requested Borrowing of LIBO Rate Term Loans, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. The Administrative Agent
shall promptly give each Lender under such Tranche which is required to make Term Loans of such Tranche specified in the respective Notice of Borrowing, notice of such proposed Borrowing, of such Lender’s proportionate share thereof (determined
in accordance with Section 2.07) and of the other matters required by the immediately preceding sentence to be specified in the Notice of Borrowing. 

(b) Whenever the Borrower desires to make a Borrowing of Revolving Loans hereunder (other than Swingline Loans or Mandatory RL Borrowings), the
Borrower shall give the Administrative Agent at its Notice Office at least one Business Day’s prior written notice (or telephonic notice promptly confirmed in writing) of each Base Rate Loan to be made hereunder and at least three Business
Days’ prior written notice (or telephonic notice promptly confirmed in writing) of each LIBO Rate Loan to be made hereunder, provided that (in each case) any such notice shall be deemed to have been given on a certain day only if given
before 12:00 Noon (New York City time) on such day (or such later time as the Administrative Agent shall agree in its sole and absolute discretion). Each such notice (each, a “Notice of Borrowing”), except as otherwise expressly
provided in Section 2.11, shall be irrevocable and shall be in writing, or by telephone promptly confirmed in writing by or on behalf of the Borrower, in the form of Exhibit
A-1 or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative
Agent), in each case, appropriately completed to specify: (i) the aggregate principal amount of the Loans to be made pursuant to such Borrowing, (ii) the date of such Borrowing (which shall be a Business Day), (iii) whether the Revolving
Loans being made pursuant to such Borrowing are to be initially maintained as Base Rate Loans or LIBO Rate Loans and (iv) in the case of LIBO Rate Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall
promptly give each Lender which is required to make Loans specified in the respective Notice of Borrowing, notice of such proposed Borrowing, of such Lender’s proportionate share thereof (determined in accordance with
Section 2.07) and of the other matters required by the immediately preceding sentence to be specified in the Notice of Borrowing. 

(c) (i) Whenever the Borrower desires to incur Swingline Loans hereunder, the Borrower shall give the Swingline Lender no later than 11:00
A.M. (New York City time) on the date that a Swingline Loan is to be incurred, written notice or telephonic notice promptly confirmed in writing of each Swingline Loan to be incurred hereunder. Each such notice shall be irrevocable and specify in
each case (A) the date of Borrowing (which shall be a Business Day), and (B) the aggregate principal amount of the Swingline Loans to be incurred pursuant to such Borrowing. 

(ii) Mandatory RL Borrowings shall be made upon the notice specified in Section 2.01(d), with the Borrower
irrevocably agreeing, by its incurrence of any Swingline Loan, to the making of the Mandatory RL Borrowings as set forth in Section 2.01(d). 

(d) Without in any way limiting the obligation of the Borrower to confirm in writing any telephonic notice of any Borrowing or repayment of
Loans, the Administrative Agent or the Swingline Lender, as the case may be, may act without liability upon the basis of telephonic notice of such Borrowing or repayment, as the case may be, believed by the Administrative Agent or the Swingline
Lender, as the case may be, in good faith to be from a Responsible Officer of the Borrower, or from any other authorized officer of the Borrower designated in writing by the Borrower to the Administrative Agent as being authorized to give such
notices, prior to receipt of written confirmation. In each such case, the Borrower hereby waives the right to dispute the Administrative Agent’s or Swingline Lender’s record of the terms of such telephonic notice of such Borrowing or
prepayment of Loans, as the case may be, absent manifest error. 

  
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 2.04 Disbursement of Funds. 

(a) Term Loans. No later than 1:00 P.M. (New York City time) on the date specified in each Notice of Borrowing, each Lender with a
Commitment of the relevant Tranche will make available its pro rata portion (determined in accordance with Section 2.07) of each such Borrowing requested to be made on such date. All such amounts will be made available in
U.S. Dollars and in immediately available funds at the Payment Office, and the Administrative Agent will make available to the Borrower at the Payment Office the aggregate of the amounts so made available by the Lenders. Unless the Administrative
Agent shall have been notified by any Lender prior to the date of any Borrowing that such Lender does not intend to make available to the Administrative Agent such Lender’s portion of any Borrowing to be made on such date, the Administrative
Agent may assume that such Lender has made such amount available to the Administrative Agent on such date of Borrowing and the Administrative Agent may (but shall not be obligated to), in reliance upon such assumption, make available to the Borrower
a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender
does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent shall promptly notify the Borrower and the Borrower shall immediately pay such corresponding amount to the Administrative
Agent. The Administrative Agent also shall be entitled to recover on demand from such Lender or the Borrower interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the
Administrative Agent to the Borrower until the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to (i) if recovered from such Lender, the overnight Federal Funds Rate for the first three days
and at the interest rate otherwise applicable to such Term Loans for each day thereafter and (ii) if recovered from the Borrower, the rate of interest applicable to the relevant Borrowing, as determined pursuant to
Section 2.09. Nothing in this Section 2.04(a) shall be deemed to relieve any Lender from its obligation to make Term Loans hereunder or to prejudice any rights which the Borrower may have against
any Lender as a result of any failure by such Lender to make Term Loans hereunder. 
 (b) Revolving Loans. No later than
1:00 P.M. (New York City time) on the date specified in each Notice of Borrowing (or (x) in the case of Swingline Loans, no later than 2:00 P.M. (New York City time) on the date specified pursuant to
Section 2.03(c)(i) or (y) in the case of Mandatory RL Borrowings, no later than 1:00 P.M. (New York City time) on the date specified in Section 2.01(d)), each Lender with a Commitment will
make available its pro rata portion (determined in accordance with Section 2.07) of each such Borrowing requested to be made on such date (or in the case of Swingline Loans, the Swingline Lender will make available the full
amount thereof). All such amounts will be made available in U.S. Dollars and in immediately available funds at the Payment Office, and the Administrative Agent will, except in the case of Revolving Loans made pursuant to a Mandatory RL Borrowing,
make available to the Borrower at the Payment Office the aggregate of the amounts so made available by the Lenders. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any Borrowing that such Lender does not
intend to make available to the Administrative Agent such Lender’s portion of any Borrowing to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date of
Borrowing and the Administrative Agent may (but shall not be obligated to), in reliance upon such assumption, make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative
Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor,
the Administrative Agent shall promptly notify the Borrower and the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover on demand from such Lender or the
Borrower interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower until the date such corresponding amount is recovered by the Administrative
Agent, at a rate per annum equal to (i) if recovered from such Lender, the overnight Federal Funds Rate for the first three days and at the interest rate otherwise applicable to such Loans for each day thereafter and (ii) if recovered from
the Borrower, the rate of interest applicable to the relevant Borrowing, as determined pursuant to Section 2.09. Nothing in this Section 2.04(b) shall be deemed to relieve any Lender from its
obligation to make Loans hereunder or to prejudice any rights which the Borrower may have against any Lender as a result of any failure by such Lender to make Loans hereunder. 

  
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 2.05 Notes. 

(a) The Borrower’s obligation to pay the principal of, and interest on, the Loans made by each Lender shall be evidenced in the Register
maintained by the Administrative Agent pursuant to Section 13.15 and shall, if requested by such Lender, also be evidenced (i) in the case of a Term Loan, by a promissory note duly executed and delivered by the
Borrower substantially in the form of Exhibit B-1, with blanks appropriately completed in conformity herewith (each, a “Term B Note”), (ii)
in the case of a Revolving Loan, by a promissory note duly executed and delivered by the Borrower substantially in the form of Exhibit B-2, with blanks appropriately completed in
conformity herewith (each, a “Revolving Note” and, collectively, the “Revolving Notes”) and (iii) in the case of a Swingline Loan, by a promissory note duly executed and delivered by the Borrower substantially
in the form of Exhibit B-3, with blanks appropriately completed in conformity herewith (each a “Swingline Note” and, collectively, the “Swingline Notes”). 

(b) The Term Note issued to each requesting Lender with a Term Loan Commitment or outstanding Term Loans under a given Tranche shall
(i) be executed by the Borrower, (ii) be payable to such Lender or its registered assigns and be dated the date of issuance thereof, (iii) be in a stated principal amount equal to the Term Loan Commitment of such Lender with respect
to such Tranche of Term Loans on the initial borrowing date for such Tranche (prior to the incurrence of any Loans pursuant thereto on such date) (or, if issued thereafter, be in a stated principal amount equal to the outstanding principal amount of
the Term Loans of such Tranche of such Lender on the date of issuance thereof) and be payable in the principal amount of the Term Loans evidenced thereby, (iv) mature on the Maturity Date for such Term Loans, (v) bear interest as provided
in the appropriate clause of Section 2.08 or in the relevant Incremental Agreement in respect of Base Rate Loans or LIBO Rate Loans, as the case may be, evidenced thereby, (vi) be subject to voluntary prepayment as
provided in Section 5.01 and mandatory repayment as provided in Section 5.02 and (vii) be entitled to the benefits of this Agreement and the other Credit Documents. 

(c) The Revolving Note issued to each requesting Lender that has a Revolving Loan Commitment or outstanding Revolving Loans shall (i) be
executed by the Borrower, (ii) be payable to such Lender or its registered assigns and be dated the Closing Date (or, if issued after the Closing Date, be dated the date of the issuance thereof), (iii) be in a stated principal amount equal to
the Revolving Loan Commitment of such Lender (or, if issued after the termination thereof, be in a stated principal amount equal to the outstanding Revolving Loans of such Lender at such time) and be payable in the outstanding principal amount of
the Revolving Loans evidenced thereby, (iv) mature on the respective Revolving Loan Maturity Date, (v) bear interest as provided in the appropriate clause of Section 2.08 in respect of the Base Rate Loans and/or
LIBO Rate Loans, as the case may be, evidenced thereby, (vi) be subject to voluntary prepayment as provided in Section 5.01, and mandatory repayment as provided in Section 5.02, and
(vii) be entitled to the benefits of this Agreement and the other Credit Documents. 
 (d) The Swingline Note issued to the requesting
Swingline Lender shall (i) be executed by the Borrower, (ii) be payable to the Swingline Lender or its registered assigns and be dated the Closing Date, (iii) be in a stated principal amount equal to the Maximum Swingline Amount and
be payable in the outstanding principal amount of the Swingline Loans evidenced thereby from time to time, (iv) mature on the Swingline Expiry Date, (v) bear interest as provided in the appropriate clause of
Section 2.08 in respect of the Base Rate Loans evidenced thereby, (vi) be subject to, voluntary prepayment as provided in Section 5.01, and mandatory repayment as provided in
Section 5.02, and (vii) be entitled to the benefits of this Agreement and the other Credit Documents. 
 (e)
Each Lender will note on its internal records the amount of each Loan made by it and each payment in respect thereof and prior to any transfer of any of its Notes will endorse on the reverse side thereof the outstanding principal amount of Loans
evidenced thereby, in all cases in accordance with, and to the extent required by, such Lender’s customary practice. Failure to make any such notation or any error in such notation shall not affect the Borrower’s obligations in respect of
such Loans. 
 (f) Notwithstanding anything to the contrary contained above in this Section 2.05 or elsewhere in
this Agreement, Notes shall only be delivered to Lenders which at any time specifically request the delivery of such Notes. No failure of any Lender to request or obtain a Note evidencing its Loans to the Borrower shall affect or in any manner
impair the obligations of the Borrower to pay the Loans (and all related Obligations) incurred by the Borrower which would otherwise be evidenced thereby in accordance with the requirements of this Agreement, and

  
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shall not in any way affect the security or guaranties therefor provided pursuant to the various Credit Documents. Any Lender which does not have a Note evidencing its outstanding Loans shall in
no event be required to make the notations otherwise described in the preceding clause (e). At any time when any Lender requests the delivery of a Note to evidence any of its Loans under any applicable Tranche, the Borrower shall promptly
execute and deliver to the respective Lender the requested Note in the appropriate amount or amounts to evidence such Loans of such Tranche. 

2.06 Interest Rate Conversions. The Borrower shall have the option to convert, on any Business Day, all or a portion equal to at least
the Minimum Borrowing Amount of the outstanding principal amount of Loans of a given Tranche made pursuant to one or more Borrowings of one or more Types of Loans, into a Borrowing (of the same Tranche) of another Type of Loan, provided that
(i) except as otherwise provided in Section 2.11, (x) LIBO Rate Loans may be converted into Base Rate Loans only on the last day of an Interest Period applicable to the Loans being converted and no such partial
conversion of LIBO Rate Loans, as the case may be, shall reduce the outstanding principal amount of such LIBO Rate Loans, made pursuant to a single Borrowing to less than the Minimum Borrowing Amount applicable thereto, (ii) unless the Required
Lenders otherwise agree, Base Rate Loans may only be converted into LIBO Rate Loans if no Event of Default is in existence on the date of the conversion, and (iii) no conversion pursuant to this Section 2.06 shall
result in a greater number of Borrowings of LIBO Rate Loans than is permitted under Section 2.02. Such conversion shall be effected by the Borrower by giving the Administrative Agent at the Notice Office prior to 12:00 Noon
(New York City time) at least three Business Days’ prior notice (each, a “Notice of Conversion/Continuation”) in the form of Exhibit A-2 or such other form as may be
approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), in each case, appropriately completed to specify the Loans of a given Tranche to
be so converted, the Borrowing or Borrowings pursuant to which such Loans were incurred and, if to be converted into LIBO Rate Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender prompt
notice of any such proposed conversion affecting any of its Loans. 
 2.07 Pro Rata Borrowings. 

(a) All Borrowings of each applicable Tranche of Term Loans under this Agreement shall be incurred from the Lenders under such Tranche pro rata
on the basis of such Lenders’ Term Loan Commitments under such Tranche. No Lender shall be responsible for any default by any other Lender of its obligation to make Term Loans hereunder, and each Lender shall be obligated to make the Term Loans
provided to be made by it hereunder, regardless of the failure of any other Lender to make its Term Loans hereunder. 
 (b) All Borrowings of
Revolving Loans (including Mandatory RL Borrowings but excluding Swingline Loans) under this Agreement shall be incurred from the Lenders pro rata on the basis of such Lenders’ Revolving Loan Commitments. No Lender shall be responsible for any
default by any other Lender of its obligation to make Revolving Loans hereunder, and each Lender shall be obligated to make the Revolving Loans provided to be made by it hereunder, regardless of the failure of any other Lender to make its Revolving
Loans hereunder. 
 2.08 Interest. 

(a) The Borrower agrees to pay interest in respect of the unpaid principal amount of each Base Rate Loan (including with respect to any LIBO
Rate Loan converted into a Base Rate Loan pursuant to Section 2.06 or 2.09) made to the Borrower hereunder under a given Tranche from the date of Borrowing thereof (or, in the circumstances described in the
immediately preceding parenthetical, from the date of conversion of the respective LIBO Rate Loan into a Base Rate Loan) until the earlier of (i) the maturity thereof (whether by acceleration or otherwise) and (ii) the conversion of such
Base Rate Loan to a LIBO Rate Loan pursuant to Section 2.06 or 2.09, as applicable, at a rate per annum which shall be equal to the sum of the Applicable Margin plus the Base Rate, as in effect from time to time.

 (b) The Borrower agrees, to pay interest in respect of the unpaid principal amount of each LIBO Rate Loan made to the Borrower under a
given Tranche from the date of Borrowing thereof until the earlier of (i) the maturity thereof (whether by acceleration or otherwise) and (ii) the conversion of such LIBO Rate Loan to a Base Rate Loan pursuant to
Section 2.06, 2.09 or Section 2.10, as applicable, at a rate per annum which shall, during each Interest Period applicable thereto, be equal to the sum of the Applicable Margin plus the
applicable LIBO Rate for such Interest Period. 

  
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 (c) Overdue principal and, to the extent permitted by law, overdue interest in respect of each
Loan and any other overdue amount payable hereunder shall, in each case, bear interest at a rate per annum equal to (i) for Base Rate Loans and associated interest, 2% per annum in excess of the Applicable Margin for Base Rate Loans plus the
Base Rate, (ii) for LIBO Rate Loans and associated interest, 2% per annum in excess of the Applicable Margin for LIBO Rate Loans plus the LIBO Rate and (iii) with respect to fees and all other amounts, 2% per annum in excess of the
Applicable Margin for Base Rate Loans plus the Base Rate, each as in effect from time to time, in each case with such interest to be payable on demand. 

(d) Accrued (and theretofore unpaid) interest shall be calculated daily and payable (i) in respect of each Base Rate Loan and each
Swingline Loan, quarterly in arrears on each Quarterly Payment Date, (ii) in respect of each LIBO Rate Loan, on (x) the date of any conversion thereof into a Base Rate Loan, pursuant to Sections 2.06, 2.09 or
Section 2.10(b), as applicable (on the amount converted) and (y) the last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at
three-month intervals after the first day of such Interest Period and (iii) in respect of each Loan, on (x) the date of any prepayment or repayment thereof (on the amount prepaid or repaid), (y) at maturity (whether by acceleration or
otherwise) and (z) after such maturity, on demand. 
 (e) Upon each Interest Determination Date, the Administrative Agent shall
determine the LIBO Rate for each Interest Period applicable to the respective LIBO Rate Loans and shall promptly notify the Borrower and the Lenders thereof. Each such determination shall, absent manifest error, be final and conclusive and binding
on all parties hereto. 
 2.09 Interest Periods. At the time the Borrower gives any Notice of Borrowing under a given Tranche
or Notice of Conversion/Continuation in respect of the making of, or conversion into, any LIBO Rate Loan (in the case of the initial Interest Period applicable thereto) or prior to 12:00 Noon (New York City time) on the third Business Day prior to
the expiration of an Interest Period applicable to such LIBO Rate Loan (in the case of any subsequent Interest Period), the Borrower shall have the right to elect the interest period (each, an “Interest Period”) applicable to such
LIBO Rate Loan, which Interest Period shall, at the option of the Borrower be a one, two, three or six month period (or if agreed by all Lenders, twelve months or any period of time shorter than one month); provided that (in each case): 

(i) all LIBO Rate Loans comprising a Borrowing shall at all times have the same Interest Period; 

(ii) the initial Interest Period for any LIBO Rate Loan shall commence on the date of Borrowing of such LIBO Rate Loan
(including, in the case of LIBO Rate Loans, the date of any conversion thereto from a Borrowing of Base Rate Loans) and each Interest Period occurring thereafter in respect of such LIBO Rate Loan shall commence on the day on which the next preceding
Interest Period applicable thereto expires; 
 (iii) if any Interest Period for a LIBO Rate Loan begins on a day for which
there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of such calendar month; 

(iv) if any Interest Period for a LIBO Rate Loan would otherwise expire on a day which is not a Business Day, such Interest
Period shall expire on the next succeeding Business Day; provided, however, that if any Interest Period for a LIBO Rate Loan would otherwise expire on a day which is not a Business Day but is a day of the month after which no further
Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; 
 (v) unless the
Required Lenders otherwise agree, no Interest Period for a LIBO Rate Loan may be selected at any time when an Event of Default is then in existence; 

  
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 (vi) no Interest Period in respect of any Borrowing of Loans shall be selected
which extends beyond the Maturity Date therefor; and 
 (vii) if the Borrower wishes to request a LIBO Rate Loan having an
Interest Period of twelve months in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative Agent not later than four Business Days prior to the requested date of such
Borrowing, conversion or continuation, whereupon the Administrative Agent shall give prompt notice to the Lenders of such request and determine whether the requested Interest Period is acceptable to all of them. Not later than three Business Days
before the requested date of such Borrowing, conversion or continuation, the Administrative Agent shall notify the Borrower (which notice may be by telephone) whether or not the requested Interest Period has been consented to by all the Lenders.

 With respect to any LIBO Rate Loans, at the end of any Interest Period applicable to a Borrowing thereof, the Borrower may elect to split
the respective Borrowing of a single Type under a single Tranche into two or more Borrowings of different Types under such Tranche or combine two or more Borrowings under a single Tranche into a single Borrowing of the same Type under such Tranche,
in each case, by having the Borrower give notice thereof together with its election of one or more Interest Periods, in each case so long as each resulting Borrowing (x) has an Interest Period which complies with the foregoing requirements of
this Section 2.09, (y) has a principal amount which is not less than the Minimum Borrowing Amount applicable to Borrowings of the respective Type and Tranche, and (z) does not cause a violation of the requirements of
Section 2.02. If by 12:00 Noon (New York City time) on the third Business Day prior to the expiration of any Interest Period applicable to a Borrowing of LIBO Rate Loans, the Borrower has failed to elect, or is not
permitted to elect, a new Interest Period to be applicable to such LIBO Rate, the Borrower shall be deemed to have elected in the case of LIBO Rate Loans, to convert such LIBO Rate Loans into Base Rate Loans with such conversion to be effective as
of the expiration date of such current Interest Period. 
 2.10 Increased Costs, Illegality, etc. 

(a) In the event that any Lender shall have determined (which determination shall, absent manifest error, be final and conclusive and binding
upon all parties hereto but, with respect to clause (i) below, may be made only by the Administrative Agent): 
 (i) on
any Interest Determination Date that, by reason of any changes arising after the date of this Agreement affecting the interbank Eurodollar market, adequate and fair means do not exist for ascertaining the applicable interest rate on the basis
provided for in the definition of LIBO Rate; 
 (ii) at any time, that such Lender shall incur increased costs or reductions
in the amounts received or receivable hereunder with respect to any LIBO Rate Loan because of any change since the Closing Date in any applicable law or governmental rule, regulation, order, guideline or request (whether or not having the force of
law) or in the official interpretation or administration thereof and including the introduction of any new law or governmental rule, regulation, order, official guideline or request, such as, but not limited to: (A) any additional Tax imposed
on any Lender (except Indemnified Taxes or Other Taxes indemnified under Section 5.04 or any Excluded Taxes) or (B) a change in official reserve requirements, but, in all events, excluding reserves required under
Regulation D to the extent included in the computation of the LIBO Rate; or 
 (iii) at any time, that the making or
continuance of any LIBO Rate Loan has been made (x) unlawful by any law or governmental rule, regulation or order, (y) impossible by compliance by any Lender in good faith with any governmental request (whether or not having force of law)
or (z) impracticable as a result of a contingency occurring after the Closing Date which materially and adversely affects the interbank Eurodollar market; 

then, and in any such event, such Lender (or the Administrative Agent, in the case of clause (i) above) shall promptly give notice (by telephone promptly
confirmed in writing) to the Borrower and, except in the case of clause (i) above, to the Administrative Agent of such determination (which notice the Administrative Agent shall promptly transmit to each of the other Lenders). Thereafter
(x) in the case of clause (i) above, LIBO Rate Loans shall no 

  
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longer be available until such time as the circumstances giving rise to such notice by the Administrative Agent no longer exist, and any Notice of Borrowing or Notice of Conversion/Continuation
given by the Borrower with respect to LIBO Rate Loans which have not yet been incurred (including by way of conversion) shall be deemed rescinded by the Borrower, (y) in the case of clause (ii) above, the Borrower, agrees to pay to such
Lender, upon such Lender’s written request therefor, such additional amounts (in the form of an increased rate of, or a different method of calculating, interest or otherwise as such Lender in its sole discretion shall determine) as shall be
required to compensate such Lender for such increased costs or reductions in amounts received or receivable hereunder (a written notice setting forth the additional amounts owed to such Lender, showing in reasonable detail the basis for the
calculation thereof, shall be submitted to the Borrower by such Lender and shall, absent manifest error, be final and conclusive and binding on all the parties hereto), (z) in the case of clause (iii) above, the Borrower shall take one of the
actions specified in Section 2.10(b) as promptly as possible and, in any event, within the time period required by law. 

(b) At any time that any LIBO Rate Loan is affected by the circumstances described in Section 2.10(a)(ii), the
Borrower may, and in the case of a LIBO Rate Loan affected by the circumstances described in Section 2.10(a)(iii), the Borrower shall, either (x) if the affected LIBO Rate Loan is then being made initially or pursuant
to a conversion, cancel such Borrowing by giving the Administrative Agent telephonic notice (confirmed in writing) on the same date that the Borrower was notified by the affected Lender or the Administrative Agent pursuant to
Section 2.10(a)(ii) or (iii) or (y) if the affected LIBO Rate Loan is then outstanding, upon at least three Business Days’ written notice to the Administrative Agent, require the affected Lender to convert
such LIBO Rate Loan into a Base Rate Loan, provided that if more than one Lender is affected at any time, then all affected Lenders must be treated the same pursuant to this Section 2.10(b). 

(c) If any Lender determines that after the Closing Date the introduction of or any change in any applicable law or governmental rule,
regulation, order, guideline, directive or request (whether or not having the force of law) concerning capital adequacy or liquidity requirements, or any change in interpretation or administration thereof by the NAIC or any Governmental Authority,
central bank or comparable agency, will have the effect of increasing the amount of capital required or expected to be maintained by such Lender or any corporation controlling such Lender based on the existence of such Lender’s Commitments
hereunder or its obligations hereunder, then the Borrower, agrees to pay to such Lender, upon its written demand therefor, such additional amounts as shall be required to compensate such Lender or such other corporation for the increased cost to
such Lender or such other corporation or the reduction in the rate of return to such Lender or such other corporation as a result of such increase of capital or liquidity requirements. In determining such additional amounts, each Lender will act
reasonably and in good faith and will use averaging and attribution methods which are reasonable, provided that such Lender’s determination of compensation owing under this Section 2.10(c) shall, absent manifest
error, be final and conclusive and binding on all the parties hereto. Each Lender, upon determining that any additional amounts will be payable pursuant to this Section 2.10(c), will give prompt written notice thereof to
the Borrower, which notice shall show in reasonable detail the basis for calculation of such additional amounts. 
 (d) Notwithstanding
anything in this Agreement 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 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 ((x) and (y) collectively referred to as “Dodd-Frank and Basel III”), shall be deemed to be a change after the Closing Date in a Requirement of Law or government rule, regulation or order, regardless of the date enacted,
adopted, issued or implemented (including for purposes of this Section 2.10). 
 (e) Notwithstanding anything to
the contrary in this Agreement or any other Credit Documents, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Borrower or Required Lenders notify the Administrative Agent (with, in the
case of the Required Lenders, a copy to Borrower) that the Borrower or Required Lenders (as applicable) have determined, that: 

(i) adequate and reasonable means do not exist for ascertaining the LIBO Rate for any requested Interest Period because the
LIBO Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or 

  
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 (ii) the administrator of the LIBO Screen Rate or a Governmental Authority having
jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Rate or the LIBO Screen Rate shall no longer be made available, or used for determining the interest rate of loans (such specific
date, the “Scheduled Unavailability Date”), or 
 (iii) syndicated loans currently being executed, or that
include language similar to that contained in this Section, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace the LIBO Rate, 

then, reasonably promptly after such determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable, the
Administrative Agent and the Borrower may amend this Agreement to replace LIBOR with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark (if any) incorporated therein), giving due consideration to any
evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks (any such proposed rate, a “LIBO Successor Rate”), together with any proposed LIBO Successor Rate
Conforming Changes (as defined below) and any such amendment shall become effective at 5:00 p.m. (New York time) on the fifth Business Day after the Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to
such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders do not accept such amendment. 

If no LIBO Successor Rate has been determined and the circumstances under clause (i) above exist or the Scheduled Unavailability Date has
occurred (as applicable), the Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain LIBO Rate Loans shall be suspended (to the extent of the affected LIBO Rate Loans
or Interest Periods), and (y) the LIBO Rate component shall no longer be utilized in determining the Base Rate. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of LIBO
Rate Loans (to the extent of the affected LIBO Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans (subject to the foregoing clause (y)) in the
amount specified therein. 
 Notwithstanding anything else herein, any definition of LIBO Successor Rate shall provide that in no event
shall such LIBO Successor Rate be less than zero for purposes of this Agreement. 
 2.11 Compensation. The Borrower agrees to
compensate each Lender, upon its written request (which request shall set forth in reasonable detail the basis for requesting such compensation and the calculation of the amount of such compensation), for all losses, expenses and liabilities
(including, without limitation, any loss, expense or liability incurred by reason of the liquidation or reemployment of deposits or other funds required by such Lender to fund its LIBO Rate Loans but excluding loss of anticipated profits) which such
Lender may sustain: (i) if for any reason (other than a default by such Lender or the Administrative Agent) a Borrowing of, or conversion from or into, LIBO Rate Loans does not occur on a date specified therefor in a Notice of Borrowing or
Notice of Conversion/Continuation (whether or not withdrawn by such Borrower or deemed withdrawn pursuant to Section 2.10(a)); (ii) if any prepayment or repayment (including any prepayment or repayment made pursuant to
Section 5.01, Section 5.02 or as a result of an acceleration of the Loans pursuant to Section 11) or conversion of any of its LIBO Rate Loans occurs on a date which is not
the last day of an Interest Period with respect thereto; (iii) if any prepayment of any LIBO Rate Loans is not made on any date specified in a notice of prepayment given by the Borrower; or (iv) as a consequence of (x) any other
default by the Borrower to repay LIBO Rate Loans when required by the terms of this Agreement or any Note held by such Lender or (y) any election made pursuant to Section 2.10(b). 

2.12 Change of Lending Office. Each Lender agrees that on the occurrence of any event giving rise to the operation of
Section 2.10(a)(ii) or (iii), Section 2.10(c), Section 3.06 or Section 5.04 with respect to such Lender, it will, if requested by the
Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office for any Loans or Letters of Credit affected by such event, provided that such designation is made on such terms
that such Lender and its lending office suffer no economic, legal or regulatory disadvantage, with the object of avoiding the consequence of the event giving rise to the operation of such Section. Nothing in this
Section 2.12 shall affect or postpone any of the obligations of the Borrower or the right of any Lender provided in Sections 2.10 and 5.04. 

  
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 2.13 Replacement of Lenders. (x) If any Lender becomes a Defaulting Lender, (y) upon
the occurrence of an event giving rise to the operation of Section 2.10(a)(ii) or (iii), Section 2.10(c), Section 3.06 or Section 5.04
with respect to a Lender or (z) in the case of a refusal by a Lender to consent to certain proposed changes, waivers, discharges or terminations with respect to this Agreement which have been approved by the Required Lenders or the Majority
Lenders of a given Tranche, as applicable, as (and to the extent) provided in Section 13.12(b), the Borrower shall have the right, if no Event of Default then exists (or, in the case of preceding clause (y), will exist
immediately after giving effect to such replacement), to replace such Lender (the “Replaced Lender”) under the applicable Tranches with one or more other Eligible Transferees, none of whom shall constitute a Defaulting Lender at the
time of such replacement (collectively, the “Replacement Lender”) and each of whom shall be required to be reasonably acceptable to the Administrative Agent (to the extent the Administrative Agent’s consent would be required
for an assignment to such Replacement Lender pursuant to Section 13.04); provided that (i) at the time of any replacement pursuant to this Section 2.13, the Replacement Lender shall
enter into one or more Assignment and Assumption Agreements pursuant to Section 13.04(b) (and with all fees payable pursuant to said Section 13.04(b) to be paid by the Borrower and/or the
Replacement Lender (as may be agreed to at such time among the Borrower and the Replacement Lender)) pursuant to which the Replacement Lender shall acquire all of the Commitments and outstanding Loans of, and in each case participations in Letters
of Credit and Swingline Loans by, the Replaced Lender and, in connection therewith, shall (x) pay to the Replaced Lender in respect thereof an amount equal to the sum of (I) an amount equal to the principal of, and all accrued interest on,
all outstanding Loans of the respective Replaced Lender with respect to which such Replaced Lender is being replaced, (II) an amount equal to all Unpaid Drawings (if any) with respect to which the respective Replaced Lender is being replaced,
in each case that have been funded by (and not reimbursed to) such Replaced Lender, together with all then unpaid interest with respect thereto at such time and (III) an amount equal to all accrued, but theretofore unpaid, Fees owing to the
Replaced Lender pursuant to Section 4.01 and (y) in the case of the replacement of any Revolving Loan Commitment, pay to the respective Issuing Lender amounts equal to such Replaced Lender’s RL Percentage of any
Unpaid Drawings pursuant to Letters of Credit evidenced by such Revolving Loan Commitments (which at such time remain Unpaid Drawings) with respect to Letters of Credit issued by such Issuing Lender to the extent such amount was not theretofore
funded by such Replaced Lender and (z) in the case of any replacement of Revolving Loan Commitments, pay to the Swingline Lender, an amount equal to such Replaced Lender’s pro rata share of any Mandatory RL Borrowing (as
appropriate) (determined in accordance with Sections 2.01(c), 2.01(d) and 2.07), to the extent such amount was not theretofore funded by such Replaced Lender, without duplication and (ii) all obligations of the Borrower due
and owing to the Replaced Lender at such time (other than those specifically described in clause (i) above in respect of which the assignment purchase price has been, or is concurrently being, paid) shall be paid in full to such Replaced Lender
concurrently with such replacement. Upon receipt by the Replaced Lender of all amounts required to be paid to it pursuant to this Section 2.13, the Administrative Agent shall be entitled (but not obligated) and authorized
to execute an Assignment and Assumption Agreement on behalf of such Replaced Lender, and any such Assignment and Assumption Agreement so executed by the Administrative Agent and the Replacement Lender shall be effective for purposes of this
Section 2.13 and Section 13.04. Upon the execution of the respective Assignment and Assumption Agreement, the payment of amounts referred to in clauses (i) and (ii) above, recordation of the
assignment on the Register pursuant to Section 13.15 and, if so requested by the Replacement Lender, delivery to the Replacement Lender of the appropriate Note or Notes executed by the Borrower, (x) the Replacement
Lender shall become a Lender hereunder and the Replaced Lender shall cease to constitute a Lender hereunder, except with respect to indemnification provisions under this Agreement (including, without limitation, Sections 2.10, 2.11,
5.04, 12.07 and 13.01), which shall survive as to such Replaced Lender and (y) in the case of the replacement of any Revolving Loan Commitment pursuant to this Section 2.13, the RL Percentages of
the Lenders shall be automatically adjusted at such time to give effect to such replacement. 
 2.14 Extended Term Loans and Extended
Revolving Commitments. 
 (a) Extended Term Loans. 

(i) Notwithstanding anything to the contrary in this Agreement, subject to the terms of this Section 2.14(a), the
Borrower may at any time and from time to time when no Event of Default then exists request that all or a portion of the Initial Term Loans, the Extended Term Loans or any Tranche of Incremental Term Loans (each, an “Existing Initial Term
Loan Tranche,” “Existing Extended Term Loan Tranche” and “Existing Incremental Term Loan Tranche,” respectively), together with any related outstandings, be converted to extend the scheduled maturity
date(s) of any payment of principal with respect to all or any portion of the principal amount (and related outstandings) 

  
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of such Initial Term Loans, Extended Term Loans or Incremental Term Loans (any such Term Loans which have been so converted, “Extended Initial Term Loans,” “Extended
Existing Term Loans” and “Extended Incremental Term Loans,” respectively) and to provide for other terms consistent with this Section 2.14(a). In order to establish any Extended Term Loans, the
Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders under the applicable Existing Term Loan Tranche) (each, a “Term Loan Extension Request”) setting forth the
proposed terms of the Extended Term Loans to be established, which shall (x) be identical as offered to each Lender under the relevant Existing Term Loan Tranche (including as to the proposed interest rates and fees payable) and (y) be
identical to the Term Loans under the relevant Existing Term Loan Tranche from which such Extended Term Loans are to be converted, except that: (i) all or any of the scheduled amortization payments of principal of the Extended Term Loans may be
delayed to later dates than the scheduled amortization payments of principal of the Term Loans of such Existing Term Loan Tranche to the extent provided in the applicable Term Loan Extension Amendment; (ii) the Effective Yield with respect to
the Extended Term Loans (whether in the form of interest rate margin, upfront fees, original issue discount or otherwise) may be different than the Effective Yield for the Term Loans of such Existing Term Loan Tranche to the extent provided in the
applicable Term Loan Extension Amendment; (iii) the applicable Term Loan Extension Amendment may provide for other covenants and terms that apply solely to any period after the Latest Maturity Date that is in effect on the effective date of the
applicable Term Loan Extension Amendment (immediately prior to the establishment of such Extended Term Loans); (iv) Extended Term Loans may have mandatory prepayment terms which provide for the application of proceeds from mandatory prepayment
events to be made first to prepay the Term Loans under the Existing Term Loan Tranche from which such Extended Term Loans have been converted before applying any such proceeds to prepay such Extended Term Loans; and (v) Extended Term Loans may
have optional prepayment terms (including call protection and terms which allow Term Loans under the relevant Existing Term Loan Tranche from which such Extended Term Loans have been converted to be optionally prepaid prior to the prepayment of such
Extended Term Loans) as may be agreed by the Borrower and the Lenders thereof; provided that no Extended Term Loans may be optionally prepaid prior to the date on which all Term Loans with an earlier final stated maturity (including Term
Loans under the Existing Term Loan Tranche from which such Term Loans were converted) are repaid in full, unless such optional prepayment is accompanied by a pro rata optional prepayment of such other Term Loans; provided,
however, that (A) in no event shall the final maturity date of any Extended Term Loans of a given Extension Series at the time of establishment thereof be earlier than the then Latest Maturity Date of any other Term Loans hereunder and
(B) the Weighted Average Life to Maturity of any Extended Term Loans of a given Extension Series at the time of establishment thereof shall be no shorter than the remaining Weighted Average Life to Maturity of any other Tranche of Term Loans
then outstanding. Any Extended Term Loans converted pursuant to any Term Loan Extension Request shall be designated a series (each, an “Extension Series”) of Extended Term Loans, as applicable, for all purposes of this Agreement;
provided that any Extended Term Loans converted from an Existing Term Loan Tranche may, to the extent provided in the applicable Term Loan Extension Amendment, be designated as an increase in any previously established Extension Series with
respect to such Existing Term Loan Tranche. 
 (ii) [Reserved]. 

(iii) The Borrower shall provide the applicable Term Loan Extension Request at least ten (10) Business Days prior to the date on which
Lenders under the Existing Term Loan Tranche are requested to respond, and shall agree to such procedures, if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting reasonably to accomplish the purposes of
this Section 2.14(a). No Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Tranche converted into Extended Term Loans pursuant to any Term Loan Extension Request. Any Lender
(each, an “Extending Term Loan Lender”) wishing to have all or a portion of its Term Loans under the Existing Term Loan Tranche subject to such Term Loan Extension Request converted into Extended Term Loans shall notify the
Administrative Agent (each, an “Extension Election”) on or prior to the date specified in such Term Loan Extension Request of the amount of its Term Loans under the Existing Term Loan Tranche which it has elected to request be
converted into Extended Term Loans (subject to any minimum denomination requirements imposed by the Administrative Agent). Any Lender that does not respond to the Term Loan Extension Request on or prior to the date specified therein shall be deemed
to have rejected such Term Loan Extension Request. In the event that the aggregate principal amount of Term Loans under the applicable Existing Term Loan Tranche exceeds the amount of Extended Term Loans requested pursuant to such Term Loan
Extension Request, Term Loans of such Existing Term Loan Tranche, subject to such Extension Elections shall either (i) be converted to Extended Term Loans of such Existing Term Loan Tranche on a pro rata basis based on the
aggregate principal amount of Term Loans of such Existing Term Loan Tranche included in such Extension Elections or (ii) to the extent such option is expressly set forth in the applicable Term Loan Extension Request, be converted to Extended
Term Loans upon an increase in the amount of Extended Term Loans so that such excess does not exist. 

  
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 (iv) Extended Term Loans shall be established pursuant to an amendment (each, a “Term
Loan Extension Amendment”) to this Agreement among the Borrower, the Administrative Agent and each Extending Term Loan Lender providing an Extended Term Loan thereunder, which shall be consistent with the provisions set forth in
Section 2.14(a)(i) above (but which shall not require the consent of any other Lender). The Administrative Agent shall promptly notify each relevant Lender as to the effectiveness of each Term Loan Extension Amendment.
After giving effect to the Extension, the Initial Term Loan Commitments so extended shall cease to be a part of the Tranche they were a part of immediately prior to the Extension. 

(v) Extensions consummated by the Borrower pursuant to this Section 2.14(a) shall not constitute voluntary or
mandatory payments or prepayments for purposes of this Agreement. The Administrative Agent and the Lenders hereby consent to each Extension and the other transactions contemplated by this Section 2.14(a) (including, for the
avoidance of doubt, payment of any interest or fees in respect of any Extended Term Loans on such terms as may be set forth in the applicable Term Loan Extension Request) and hereby waive the requirements of any provision of this Agreement
(including, without limitation, Sections 5.01, 5.02, 5.03, 13.02 or 13.06) or any other Credit Document that may otherwise prohibit any Extension or any other transaction contemplated by this
Section 2.14(a), provided that such consent shall not be deemed to be an acceptance of any Term Loan Extension Request. 

(vi) Each of the parties hereto hereby agrees that this Agreement and the other Credit Documents may be amended pursuant to a Term Loan
Extension Amendment, without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of any Extended Term Loans incurred pursuant thereto, (ii) modify the scheduled
repayments set forth in Section 5.02(a)(i) with respect to any Existing Term Loan Tranche subject to an Extension Election to reflect a reduction in the principal amount of the Term Loans thereunder in an amount equal to
the aggregate principal amount of the Extended Term Loans converted pursuant to the applicable Extension (with such amount to be applied ratably to reduce scheduled repayments of such Term Loans required pursuant to
Section 5.02(a)(i)), (iii) make such other changes to this Agreement and the other Credit Documents consistent with the provisions and intent of Section 13.12(d), (iv) establish new Tranches or sub-Tranches in respect of Term Loans so extended and such technical amendments as may be necessary in connection with the establishment of such new Tranches or sub-Tranches,
in each case on terms consistent with this Section 2.14(a), and (v) effect such other amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the reasonable opinion of the
Administrative Agent and the Borrower, to effect the provisions of this Section 2.14(a), and each Lender hereby expressly authorizes the Administrative Agent to enter into any such Term Loan Extension Amendment. In
connection with any Extension, the relevant Credit Parties shall (at their expense) amend (and the Administrative Agent is hereby directed to amend) any Mortgage that has a maturity date prior to the Latest Maturity Date so that such maturity date
is extended to the Latest Maturity Date (or such later date as may be advised by local counsel to the Administrative Agent), to the extent required pursuant to applicable local law. 

(b) Extension of Revolving Loan Maturity Date. 

(i) At least 60 days but not more than 90 days prior to each anniversary of the Closing Date, the Borrower, by written notice to the
Administrative Agent, may request (such request, a “Revolving Extension Request”) that each Revolving Lender extend the Latest Maturity Date for such Revolving Lender’s Revolving Loan Commitment for an additional one-year period. 
 (ii) Upon receipt of a Revolving Extension Request, the Administrative Agent shall
promptly notify each Revolving Lender of such request and each Revolving Lender shall then, within 15 days of receipt of such notice from the Administrative Agent, notify the Borrower and the Administrative Agent in writing whether such Revolving
Lender will consent to the extension (each such Revolving Lender consenting to the extension, an “Extending Revolving Lender”). The failure of any Revolving Lender to notify the Administrative Agent of its intent to consent to any
extension shall be deemed a rejection by such Revolving Lender. 

  
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 (iii) Subject to satisfaction of the conditions in Section 7 as of the
Closing Date, the Latest Maturity Date in effect at such time with respect to the Revolving Loan Commitments and Revolving Loans shall be extended for an additional one-year period; provided,
however, that no such extension shall be effective as to any Revolving Lender that does not agree to such extension (any such Lender, a “Non-Extending Revolving Lender”). 

(iv) To the extent that there are Non-Extending Revolving Lenders, the Administrative Agent shall
promptly so notify the Extending Revolving Lenders, and each Extending Revolving Lender may, in its sole discretion, no later than 5 days following such notice from the Administrative Agent (or such later date as the Borrower and the Administrative
Agent may agree), give written notice to the Borrower and the Administrative Agent of the amount of the Revolving Loan Commitments of the Non-Extending Revolving Lenders that it is willing to assume. The
failure of any Extending Revolving Lender to notify the Administrative Agent of its intent to assume the Revolving Loan Commitments of the Non-Extending Revolving Lenders shall be deemed a rejection by such
Lender. 
 (v) The Borrower shall be permitted to replace any Revolving Lender that is a
Non-Extending Revolving Lender with a replacement financial institution or other entity (each, a “New Lender”); provided that (A) the New Lender shall purchase, at par, all
Obligations owing to such replaced Revolving Lender on or prior to the date of replacement, (B) the Borrower shall be liable to such replaced Revolving Lender under Section 2.11 if any LIBO Rate Loan owing to such
replaced Revolving Lender shall be purchased other than on the last day of the Interest Period relating thereto, (C) the replaced Revolving Lender shall be obligated to assign its Revolving Loan Commitment and RL Exposure to the applicable
replacement Revolving Lender or Revolving Lenders in accordance with the provisions of Section 13.04 (provided that the New Lender or the Borrower shall be obligated to pay the processing and recordation fee referred
to therein) and (D) any such replacement shall not be deemed to be a waiver of any rights that the Borrower, the Administrative Agent or any other Lender shall have against the replaced Revolving Lender. 

(vi) If the Extending Revolving Lenders and the New Lenders are willing to commit amounts that, in an aggregate, exceed the amount of the
Revolving Loan Commitments of the Non-Extending Revolving Lenders, the Borrower and the Administrative Agent shall allocate the Revolving Loan Commitments of the
Non-Extending Revolving Lenders among them. 
 2.15 Incremental Commitments. 

(a) The Borrower shall have the right, in consultation and coordination with the Administrative Agent as to all of the matters set forth below
in this Section 2.15, but without requiring the consent of any of the Lenders, to request at any time and from time to time that one or more Lenders (and/or one or more other Persons which are Eligible Transferees and which
will become Lenders, subject to the terms set forth herein) provide an increase in Revolving Loan Commitments (a “Revolving Commitment Increase”) and/or Incremental Term Loan Commitments (such term loans incurred in connection
therewith, each, an “Incremental Term Loan” and, collectively, the “Incremental Term Loans”) to the Borrower and, subject to the terms and conditions contained in this Agreement and in the relevant Incremental
Agreement, make Loans pursuant thereto; it being understood and agreed, however, that (i) no Lender shall be obligated to provide a Revolving Commitment Increase or an Incremental Term Loan Commitment as a result of any such request by the
Borrower, and until such time, if any, as such Lender has agreed in its sole discretion to provide a Revolving Commitment Increase or an Incremental Term Loan Commitment and executed and delivered to the Administrative Agent an Incremental Agreement
as provided in clause (b) of this Section 2.15, such Lender shall not be obligated to fund any Loans, (ii) any Lender (including any Eligible Transferee who will become a Lender) may so provide a Revolving
Commitment Increase or an Incremental Term Loan Commitment without the consent of any other Lender (provided that the Administrative Agent, Swingline Lender and Issuing Lenders shall have consented (not to be unreasonably withheld or delayed)
to any such Person providing a Revolving Commitment Increase if such consent would be required for an assignment of Revolving Loans to such Person under Section 13.04), (iii) each Revolving Commitment Increase and Tranche
of Incremental Term Loan Commitments shall be denominated in U.S. Dollars, (iv) the amount of any Revolving Commitment Increase and Incremental Term Loan Commitment made available pursuant to a given Incremental Agreement shall be in a minimum
aggregate amount for all Lenders which provide a Revolving Commitment Increase or Incremental Term Loan Commitment thereunder (including Eligible Transferees who will become Lenders) of at least $15,000,000, (v) the aggregate amount of all Revolving
Commitment Increases and Incremental Term Loan Commitments provided pursuant to this Section 2.15 (together with amounts incurred pursuant to Section 10.04(xvi)), in each case after the Closing
Date, shall not exceed the Incremental Amount; (vi) the proceeds of all Revolving Commitment Increases and Incremental Term Loans incurred by the Borrower may be used for any purpose not prohibited under this

  
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Agreement, (vii) each Incremental Agreement shall specifically designate, with the approval of the Administrative Agent, the Tranche of the Incremental Commitments being provided thereunder
(which Tranche shall be a new Tranche i.e., not the same as any existing Tranche of Incremental Term Loans, Incremental Commitments or other Loans), unless, in the case of Incremental Term Loans or Incremental Term Loan Commitments, the
requirements of Section 2.15(c) are satisfied, (viii) if to be incurred as a new Tranche of Incremental Term Loans, such Incremental Term Loans shall have the same terms as each other Tranche of Term Loans as in effect
immediately prior to the effectiveness of the relevant Incremental Agreement, except as to purpose (which is subject to the requirements of preceding clause (vi)) and optional prepayment provisions and mandatory prepayment provisions (which are
governed by Section 5.02); provided that each new Tranche of Incremental Term Loans shall be entitled to share in mandatory prepayments on a ratable basis with the Initial Term Loans and the other Tranches of
Incremental Term Loans (unless the holders of the Incremental Term Loans of any Tranche agree to take a lesser share of certain prepayments); provided, however, that (I) the maturity and amortization of such Tranche of Incremental
Term Loans may differ, so long as such Tranche of Incremental Term Loans shall have (a) an Initial Incremental Term Loan Maturity Date of no earlier than the then Latest Maturity Date as of the date such Indebtedness was incurred and (b) a
Weighted Average Life to Maturity of no less than the Weighted Average Life to Maturity as then in effect for the Tranche of then outstanding Term Loans with the then longest Weighted Average Life to Maturity, (II) the Effective Yield
applicable to such Tranche of Incremental Term Loans may differ from that applicable to the then outstanding Tranches of Term Loans, with the Effective Yield applicable thereto to be specified in the respective Incremental Agreement;
provided, however, that if the Effective Yield for such Incremental Term Loans as of the date of incurrence of such Tranche of Incremental Term Loans exceeds the Effective Yield then applicable to any then outstanding Initial Term
Loans by more than 0.50% per annum, any such Initial Term Loans shall become subject to a determination of a new Applicable Increased Term Loan Spread and the Applicable Margins for all then outstanding Initial Term Loans shall be increased as of
such date in accordance with the requirements of the definition of “Applicable Margin,” (III) Incremental Term Loans may share on a pro rata basis or a less than pro rata basis (but not greater than pro rata basis) in any mandatory
prepayments of Term Loans (other than pursuant to a refinancing of such Term Loans or with respect to greater than pro rata payments to an earlier maturing Tranche of Term Loans) and (IV) such Tranche of Incremental Term Loans may have other
terms (other than those described in preceding clauses (I) and (III)) that may differ from those of other Tranches of Term Loans, including, without limitation, as to the application of optional or voluntary prepayments among the Incremental
Term Loans and the existing Term Loans and such other differences as may be reasonably satisfactory to the Administrative Agent, (ix) the terms and provisions of any Revolving Commitment Increase shall be identical to the Revolving Loans and
the Revolving Loan Commitments and, for purposes of this Agreement and the other Credit Documents, all Revolving Loans made under the Revolving Commitment Increase shall be deemed to be Revolving Loans, (x) [reserved], (xi) all Incremental Term
Loans (and all interest, fees and other amounts payable thereon) incurred by the Borrower shall be Obligations of the Borrower under this Agreement and the other applicable Credit Documents and shall be secured by the Security Agreements, and
guaranteed under each relevant Guaranty, on a pari passu basis with all other Term Loans secured by the Security Agreement and guaranteed under each such Guaranty and (xii) each Lender (including any Eligible Transferee who will become a
Lender) agreeing to provide an Incremental Commitment pursuant to an Incremental Agreement shall, subject to the satisfaction of the relevant conditions set forth in this Agreement, make Revolving Commitment Increases and/or Incremental Term Loans
under the Tranche specified in the applicable Incremental Agreement and such Term Loans shall thereafter be deemed to be Revolving Loans or Incremental Term Loans under such Tranche, as applicable, for all purposes of this Agreement and the other
applicable Credit Documents. 
 (b) At the time of the provision of Incremental Commitments pursuant to this
Section 2.14, the Borrower, the Administrative Agent and each such Lender or other Eligible Transferee which agrees to provide an Incremental Commitment (each, an “Incremental Lender”) shall execute and
deliver to the Administrative Agent an incremental joinder agreement (each such agreement, an “Incremental Agreement”), with the effectiveness of the Incremental Commitment provided therein to occur on the date on which (w) a
fully executed copy of such Incremental Agreement shall have been delivered to the Administrative Agent, (x) all fees required to be paid in connection therewith at the time of such effectiveness shall have been paid (including, without
limitation, any agreed upon upfront or arrangement fees owing to the Administrative Agent), (y) all Incremental Commitment Requirements are satisfied, and (z) all other conditions set forth in this Section 2.15 shall
have been satisfied. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Incremental Agreement, and at such time, (i) Schedule 2.01 shall be deemed modified to reflect the revised Incremental
Commitments of the affected Lenders and (ii) to the extent requested by any Incremental Lender, Notes will be issued at the Borrower’s expense to such Incremental Lender, to be in conformity with the requirements of
Section 2.05 (with appropriate modification) to the extent needed to reflect the new Incremental Commitments made by such Incremental Lender. 

  
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 (c) Notwithstanding anything to the contrary contained above in this
Section 2.14, the Incremental Term Loan Commitments provided by an Incremental Lender or Incremental Lenders, as the case may be, pursuant to each Incremental Agreement shall constitute a new Tranche, which shall be
separate and distinct from the existing Tranches pursuant to this Agreement (with a designation which may be made in letters (i.e., A, B, C, etc.), numbers (1, 2, 3, etc.) or a combination thereof (i.e.,
A-1, A-2, B-1, B-2, C-1, C-2, etc.)), provided that, with the consent of the Administrative Agent (not to be unreasonably withheld, delayed or conditioned), the parties to a given Incremental Agreement may specify therein that
the Incremental Term Loans made pursuant thereto shall constitute part of, and be added to, an existing Tranche of Term Loans, in any case so long as the following requirements are satisfied: 

(i) the Incremental Term Loans to be made pursuant to such Incremental Agreement shall have the same Borrower, the same
Maturity Date and the same Applicable Margins as the Tranche of Term Loans to which the new Incremental Term Loans are being added; 

(ii) the new Incremental Term Loans shall have the same Scheduled Repayment dates as then remain with respect to the Tranche to
which such new Incremental Term Loans are being added (with the amount of each Scheduled Repayment applicable to such new Incremental Term Loans to be the same (on a proportionate basis) as is theretofore applicable to the Tranche to which such new
Incremental Term Loans are being added, thereby increasing the amount of each then remaining Scheduled Repayment of the respective Tranche proportionately); and 

(iii) on the date of the making of such new Incremental Term Loans, and notwithstanding anything to the contrary set forth in
Section 2.09, such new Incremental Term Loans shall be added to (and form part of) each Borrowing of outstanding Term Loans of the applicable Tranche on a pro rata basis (based on the relative sizes of the various
outstanding Borrowings), so that each Lender holding Term Loans under the respective Tranche of Term Loans participates in each outstanding Borrowing of Term Loans of the respective Tranche (after giving effect to the incurrence of such new
Incremental Term Loans) on a pro rata basis. 
 To the extent the provisions of preceding clause (iii) require that Lenders
making new Incremental Term Loans add such Incremental Term Loans to the then outstanding Borrowings of LIBO Rate Loans of such Tranche, it is acknowledged that the effect thereof may result in such new Incremental Term Loans having short Interest
Periods i.e., an Interest Period that began during an Interest Period then applicable to outstanding LIBO Rate Loans of such Tranche and which will end on the last day of such Interest Period. In connection therewith, it is hereby agreed
that, to the extent the Incremental Term Loans are to be so added to the then outstanding Borrowings of Term Loans of such Tranche which are maintained as LIBO Rate Loans, the Lenders that have made such Incremental Term Loans shall be entitled to
receive from the Borrower such amounts, as reasonably determined by the respective Lenders, to compensate them for funding the new Incremental Term Loans of the respective Tranche during an existing Interest Period (rather than at the beginning of
the respective Interest Period based upon rates then applicable thereto). All determinations by any Lender pursuant to the immediately preceding sentence shall, absent manifest error, be final and conclusive and binding on all parties hereto. 

2.16 Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender,
then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 
 (a) if any Swingline Loan
Exposure or Letter of Credit Exposure exists at the time a Lender becomes a Defaulting Lender then: 
 (i) all or any part of
such Swingline Loan Exposure and Letter of Credit Exposure shall be reallocated among the Non-Defaulting Lenders in accordance with their respective RL Percentages but only to the extent (x) the sum of
all Non-Defaulting Lenders’ RL Exposures plus such Defaulting Lender’s Swingline Loan Exposure and Letter of Credit Exposure does not exceed the total of all
Non-Defaulting Lenders’ Revolving Loan Commitments and (y) immediately following the reallocation to a Non-Defaulting Lender, the RL Exposure of such Lender
does not exceed its Revolving Loan Commitment at such time; 

  
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 (ii) if the reallocation described in clause (i) above cannot, or can only
partially, be effected, the Borrower shall within five (5) Business Days following notice by the Administrative Agent (x) first, prepay such Swingline Loan Exposure (which may, if available, be with the proceeds of a Borrowing) and
(y) second, cash collateralize in a manner reasonably satisfactory to the applicable Issuing Lender such Defaulting Lender’s Letter of Credit Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in
aggregate amount equal to 100% of such Defaulting Lender’s Letter of Credit Exposure for so long as such Letter of Credit Exposure is outstanding (such arrangements, the “Letter of Credit Back-Stop Arrangements”); 

(iii) the Borrower shall not be required to pay any Fees to such Defaulting Lender with respect to such Defaulting
Lender’s Letter of Credit Exposure; 
 (iv) if the Letter of Credit Exposure of the
Non-Defaulting Lenders is reallocated pursuant to this Section 2.16(a), then the fees payable to the Lenders pursuant to Section 4.01(c) shall be adjusted in
accordance with such Non-Defaulting Lenders’ RL Percentages; and 
 (v) if any
Defaulting Lender’s Letter of Credit Exposure is neither cash collateralized nor reallocated pursuant to this Section 2.16(a), then, without prejudice to any rights or remedies of any Issuing Lender or any Lender
hereunder, all letter of credit fees payable under Section 4.01(c) with respect to such Defaulting Lender’s Letter of Credit Exposure shall be payable to each Issuing Lender until such Letter of Credit Exposure is cash
collateralized and/or reallocated; 
 (b) notwithstanding anything to the contrary contained in
Section 2.01(b) or Section 3, so long as any Lender is a Defaulting Lender (i) the Swingline Lender shall not be required to fund any Swingline Loan and no Issuing Lender shall be required to
issue, amend or increase any Letter of Credit unless the related exposure has been 100% covered by the Revolving Loan Commitments of the Non-Defaulting Lenders and/or cash collateral provided by the Borrower,
in each case in accordance with Section 2.16(a), and (ii) participating interests in any such newly made Swingline Loan or newly issued or increased Letter of Credit shall be allocated among Non-Defaulting Lenders in a manner consistent with Section 2.16(a)(i) (and Defaulting Lenders shall not participate therein). 

In the event that the Administrative Agent, the Borrower, each Issuing Lender and the Swingline Lender each agrees that a Defaulting Lender
has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Loan Exposure, the Letter of Credit Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Revolving Loan
Commitments and on such date such Lender shall purchase at par such of the Revolving Loans of the other Lenders (other than Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Revolving
Loans in accordance with its RL Percentage. 
 2.17 [Reserved]. 

2.18 Refinancing Facilities. 

(a) The Borrower may by written notice to the Administrative Agent elect to request the establishment of one or more additional Tranches of
Term Loans under this Agreement (“Refinancing Term Loans”) or one or more series of debt securities (“Refinancing Notes”), which refinance, renew, replace, defease or refund one or more Tranches of Term Loans
(including any Incremental Term Loans or Extended Term Loans) under this Agreement; provided, that such Refinancing Term Loans and/or Refinancing Notes may not be in an amount greater than the aggregate principal amount of the Term Loans
being refinanced, renewed, replaced, defeased or refunded plus unpaid accrued interest and premium (if any) thereon and upfront fees, underwriting discounts, fees, commissions and expenses incurred in connection with the Refinancing Term Loans
and/or Refinancing Notes; provided that such aggregate principal amount may also be increased to the extent such additional amount is capable of being incurred 

  
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at such time pursuant to Section 10.04 (and Section 10.01 to the extent secured) and such excess incurrence shall for all purposes hereof be an
incurrence under the relevant subclauses of Section 10.04 (and Section 10.01 to the extent secured). Each such notice shall specify the date (each, a “Refinancing Effective Date”)
on which the Borrower proposes that the Refinancing Term Loans shall be made or the Refinancing Notes shall be issued, which shall be a date not less than three (3) Business Days after the date on which such notice is delivered to the
Administrative Agent; provided that: 
 (i) the Weighted Average Life to Maturity of such Refinancing Term Loans
and/or Refinancing Notes shall not be shorter than 91 days after the remaining Weighted Average Life to Maturity of the Term Loans being refinanced and the Refinancing Term Loans and/or Refinancing Notes shall not have a final maturity before the
date that is 91 days after the Maturity Date applicable to the Term Loans being refinanced; 
 (ii) any such Refinancing
Notes shall not be subject to any amortization prior to final maturity and shall not be subject to any mandatory redemption or prepayment provisions (except customary asset sale or change of control provisions); 

(iii) such Refinancing Term Loans and/or Refinancing Notes shall not be guaranteed by any Person other than the Borrower or a
Guarantor (unless such Person becomes a Guarantor); it being understood that nothing herein shall limit any Guarantor from being a borrower of Refinancing Term Loans or an issuer of Refinancing Notes; 

(iv) in the case of any such Refinancing Term Loans and/or Refinancing Notes that are secured such Refinancing Term Loans
and/or Refinancing Notes are secured by only assets comprising Collateral (as defined in the Security Documents), and not secured by any property or assets of the Borrower or any of its Subsidiaries other than the Collateral (as defined in the
Security Documents); and 
 (v) all other terms applicable to such Refinancing Term Loans and/or Refinancing Notes (excluding
pricing and optional prepayment or redemption terms) shall (I) be substantially identical to, or (II) (taken as a whole) be otherwise not materially more favorable to the Refinancing Term Loan Lenders and/or Refinancing Note Holders than those
applicable to the then outstanding Term Loans, except to the extent such covenants and other terms apply solely to any period after the Maturity Date of the Term Loans being refinanced; provided that Refinancing Term Loans and/or Refinancing
Notes may rank pari passu or junior in right of payment and/or security with the remaining Term Loans or may be unsecured so long as the holders of any Refinancing Term Loans and/or Refinancing Notes that are subordinated in right of payment and/or
security are subject to an intercreditor agreement the material terms of which are reasonably acceptable to the Administrative Agent (provided that a certificate of a Responsible Officer of the Borrower delivered to the Administrative Agent
in good faith at least five Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto,
stating that the Borrower has determined in good faith that such terms and conditions satisfy the requirement set out in the foregoing clause (v), shall be conclusive evidence that such terms and conditions satisfy such requirement unless the
Administrative Agent provides notice to the Borrower of an objection during such five Business Day period (including a reasonable description of the basis upon which it objects)). 

(b) The Borrower may approach any Lender or any other Person to provide all or a portion of the (x) Refinancing Term Loans (a
“Refinancing Term Loan Lender”), so long as such Person would be an Eligible Transferee of Term Loans, or (y) Refinancing Notes (a “Refinancing Note Holder”); provided that any Lender offered or
approached to provide all or a portion of the Refinancing Term Loans and/or Refinancing Notes may elect or decline, in its sole discretion, to provide a Refinancing Term Loan or purchase Refinancing Notes. Any Refinancing Term Loans made on any
Refinancing Effective Date shall be designated a series (a “Refinancing Term Loan Series”) of Refinancing Term Loans for all purposes of this Agreement; provided that any Refinancing Term Loans may, to the extent provided in
the applicable Refinancing Term Loan Amendment, be designated as an increase in any previously established Refinancing Term Loan Series of Refinancing Term Loans made to the Borrower. 

  
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 (c) The Administrative Agent and the Lenders hereby consent to the transactions contemplated by
Section 2.18(a) (including, for the avoidance of doubt, the payment of interest, fees, amortization or premium in respect of the Refinancing Term Loans and Refinancing Notes on the terms specified by the Borrower) and
hereby waive the requirements of this Agreement or any other Credit Document that may otherwise prohibit any transaction contemplated by Section 2.18(a). The Refinancing Term Loans shall be established pursuant to an
amendment to this Agreement among the Borrower and the Refinancing Term Loan Lenders providing such Refinancing Term Loans (a “Refinancing Term Loan Amendment”) which shall be consistent with the provisions set forth in
Section 2.18(a). The Refinancing Notes shall be established pursuant to a Refinancing Notes Indenture which shall be consistent with the provisions set forth in Section 2.18(a). Each Refinancing
Term Loan Amendment shall be binding on the Lenders, the Administrative Agent, the Credit Parties party thereto and the other parties hereto without the consent of any other Lender and the Lenders hereby irrevocably authorize the Administrative
Agent to enter into amendments to this Agreement and the other Credit Documents as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of
Section 2.18, including in order to establish new Tranches or sub-Tranches in respect of the Refinancing Term Loans and such technical amendments as may be necessary or appropriate in
connection therewith and to adjust the amortization schedule in Section 5.02(a)(i) (insofar as such schedule relates to payments due to Lenders the Term Loans of which are refinanced with the proceeds of Refinancing Term
Loans; provided that no such amendment shall reduce the pro rata share of any such payment that would have otherwise been payable to the Lenders, the Term Loans of which are not refinanced with the proceeds of Refinancing Term Loans).
The Administrative Agent shall be permitted, and each is hereby authorized, to enter into such amendments with the Borrower to effect the foregoing. 

(d) On one or more occasions after the Closing Date, the Borrower may obtain, from any Lender or any Eligible Transferee that becomes a Lender,
Indebtedness which refinances all or any portion of the Revolving Loans (or unused Revolving Loan Commitments) then outstanding under this Agreement in the form of Refinancing Revolving Commitments or Refinancing Revolving Loans pursuant to an
amendment to this Agreement among the Borrower and the Refinancing Lenders providing such Refinancing Revolving Commitments or Refinancing Revolving Loans (a “Refinancing Revolving Amendment”); provided that notwithstanding
anything to the contrary in this Section 2.18 or otherwise, (1) the borrowing and repayment of Refinancing Revolving Loans (except for (A) payments of interest and fees at different rates on Refinancing Revolving
Commitments (and related outstandings), (B) repayments required upon the maturity date of the Refinancing Revolving Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments of Revolving Loans
with respect to Refinancing Revolving Commitments after the date of obtaining any Refinancing Revolving Commitments) shall be made on a pro rata basis with all other Revolving Loan Commitments, (2) subject to the provisions of
Section 2.12 to the extent dealing with Letters of Credit which mature or expire after a maturity date when there exist Extended Revolving Commitments with a longer maturity date, all Letters of Credit shall be participated
on a pro rata basis by all Lenders with Commitments in accordance with their percentage of the Revolving Loan Commitments and (3) assignments and participations of Refinancing Revolving Commitments and Refinancing Revolving Loans shall
be governed by the same assignment and participation provisions applicable to Revolving Loan Commitments and Revolving Loans. Each of the parties hereto hereby agrees that this Agreement and the other Credit Documents may be amended pursuant to a
Refinancing Revolving Amendment, without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Refinancing Revolving Commitments and/or Refinancing Revolving Loans
incurred pursuant thereto and (ii) make such other changes to this Agreement and the other Credit Documents consistent with the provisions of Section 13.12 and (iii) effect such other amendments to this Agreement
and the other Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 2.18, and the Required Lenders hereby
expressly authorize the Administrative Agent to enter into any such Refinancing Revolving Amendment. 
 2.19 Reverse Dutch
Auction Repurchases. 
 (a) Notwithstanding anything to the contrary contained in this Agreement or any other Credit
Document, the Borrower may, at any time and from time to time, conduct reverse Dutch auctions in order to purchase Term Loans of a particular Tranche (each, an “Auction”) (each such Auction to be managed exclusively by Bank of
America, N.A. (or an affiliate of Bank of America, N.A.) or another investment bank of recognized standing selected by the Borrower following consultation with the Administrative Agent (in such capacity, the “Auction Manager”)), so
long as the following conditions are satisfied: 

  
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 (i) each Auction shall be conducted in accordance with the procedures, terms and
conditions set forth in this Section 2.19(a) and Schedule 2.19(a); 
 (ii) no Default or
Event of Default shall have occurred and be continuing on the date of the delivery of each auction notice and at the time of purchase of Term Loans in connection with any Auction; 

(iii) the minimum principal amount (calculated on the face amount thereof) of all Term Loans that the Borrower offers to
purchase in any such Auction shall be no less than $10,000,000 (unless another amount is agreed to by the Administrative Agent); 

(iv) [reserved]; 

(v) the aggregate principal amount (calculated on the face amount thereof) of all Term Loans so purchased by the Borrower shall
automatically be cancelled and retired by the Borrower on the settlement date of the relevant purchase (and may not be resold); 

(vi) no more than one Auction may be ongoing at any one time; 

(vii) the Borrower shall make the No Undisclosed Information Representation; and 

(viii) at the time of each purchase of Term Loans through an Auction, the Borrower shall have delivered to the Auction Manager
an officer’s certificate of a Responsible Officer certifying as to compliance with preceding clauses (ii) and (vii). 
 (b) The
Borrower must terminate an Auction if it fails to satisfy one or more of the conditions set forth above which are required to be met at the time which otherwise would have been the time of purchase of Term Loans pursuant to such Auction. If the
Borrower commences any Auction (and all relevant requirements set forth above which are required to be satisfied at the time of the commencement of such Auction have in fact been satisfied), and if at such time of commencement the Borrower believes
in good faith that all required conditions set forth above which are required to be satisfied at the time of the purchase of Term Loans pursuant to such Auction shall be satisfied, then the Borrower shall have no liability to any Lender for any
termination of such Auction as a result of its failure to satisfy one or more of the conditions set forth above which are required to be met at the time which otherwise would have been the time of purchase of Term Loans pursuant to the such Auction,
and any such failure shall not result in any Default or Event of Default hereunder. With respect to all purchases of Term Loans made by the Borrower pursuant to this Section 2.19, (x) the Borrower shall pay on the
settlement date of each such purchase all accrued and unpaid interest (except to the extent otherwise set forth in the relevant offering documents), if any, on the purchased Term Loans up to the settlement date of such purchase and (y) such
purchases (and the payments made by the Borrower and the cancellation of the purchased Term Loans, in each case in connection therewith) shall not constitute voluntary or mandatory payments or prepayments for purposes of
Section 5.01, 5.02 or 13.06. At the time of purchases of Term Loans pursuant to an Auction, the then remaining Scheduled Repayments shall be reduced by the aggregate principal amount (taking the face amount
thereof) of Term Loans repurchased pursuant to such Auction, with such reduction to be applied to such Scheduled Repayments on a pro rata basis (based on the then remaining principal amount of each such Scheduled Repayments). 

(c) The Administrative Agent and the Lenders hereby consent to the Auctions and the other transactions contemplated by this
Section 2.19 (provided that no Lender shall have an obligation to participate in any such Auctions) and hereby waive the requirements of any provision of this Agreement (including, without limitation, Sections
5.01, 5.02 and 13.06 (it being understood and acknowledged that purchases of the Term Loans by the Borrower contemplated by this Section 2.19 shall not constitute Investments by the Borrower)) or any other
Credit Document that may otherwise prohibit any Auction or any other transaction contemplated by this Section 2.19. The Auction Manager acting in its capacity as such hereunder shall be entitled to the benefits of the
provisions of Section 12 and Section 13.01 mutatis mutandis as if each reference therein to the “Administrative Agent” were a reference to the Auction Manager, and the
Administrative Agent shall cooperate with the Auction Manager as reasonably requested by the Auction Manager in order to enable it to perform its responsibilities and duties in connection with each Auction. 

  
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 2.20 Open Market Purchases. 

(a) Notwithstanding anything to the contrary contained in this Agreement or any other Credit Document, the Borrower or any of its Subsidiaries
may, at any time and from time to time, make open market purchases of Term Loans (each, an “Open Market Purchase”), so long as the following conditions are satisfied: 

(i) no Event of Default shall have occurred and be continuing on the date of such Open Market Purchase; 

(ii) the aggregate principal amount (calculated on the face amount thereof) of all Term Loans so purchased by the Borrower or
any of its Subsidiaries shall automatically be cancelled and retired by the Borrower on the settlement date of the relevant purchase (and may not be resold); 

(iii) the aggregate principal amount of all Term Loans purchased pursuant to this Section 2.20 shall
not exceed 20% of the largest ever outstanding Term Loan Commitments; 
 (iv) the Borrower or any of its Subsidiaries shall
not use the proceeds of any Revolving Borrowing to finance any such repurchase; 
 (v) the Borrower shall make the No
Undisclosed Information Representation; and 
 (vi) at the time of each purchase of Term Loans through Open Market Purchases,
the Borrower shall have delivered to the Administrative Agent an officer’s certificate of a Responsible Officer certifying as to compliance with preceding clauses (i), (iii) and (v). 

(b) With respect to all purchases of Term Loans made by the Borrower pursuant to this Section 2.20, (x) the Borrower
shall pay on the settlement date of each such purchase all accrued and unpaid interest, if any, on the purchased Term Loans up to the settlement date of such purchase (except to the extent otherwise set forth in the relevant purchase documents as
agreed by the respective selling Lender) and (y) such purchases (and the payments made by the Borrower and the cancellation of the purchased Term Loans, in each case in connection therewith) shall not constitute voluntary or mandatory payments
or prepayments for purposes of Section 5.01, 5.02 or 13.06. At the time of purchases of Term Loans pursuant to any Open Market Purchase, the then remaining Scheduled Repayments shall be reduced by the
aggregate principal amount (taking the face amount thereof) of Term Loans repurchased pursuant to such Open Market Purchase, with such reduction to be applied to such Scheduled Repayments on a pro rata basis (based on the then remaining
principal amount of each such Scheduled Repayments). 
 (c) The Administrative Agent and the Lenders hereby consent to the Open Market
Purchases contemplated by this Section 2.20 and hereby waive the requirements of any provision of this Agreement (including, without limitation, Sections 5.01, 5.02 and 13.06 (it being understood and
acknowledged that purchases of the Term Loans by the Borrower contemplated by this Section 2.20 shall not constitute Investments by the Borrower)) or any other Credit Document that may otherwise prohibit any Open Market
Purchase by this Section 2.20. 
 2.21 MIRE Events. Notwithstanding anything to the contrary herein, the
making, increasing, extension or renewal of any Loans pursuant to this Agreement shall be subject to flood insurance due diligence and flood insurance compliance in accordance with Section 9.03(b) hereto and shall otherwise
be reasonably satisfactory to the Administrative Agent and the Lenders. 
 Section 3. Letters of Credit. 

3.01 Letters of Credit. 

(a) Subject to and upon the terms and conditions set forth herein, the Borrower may request that an Issuing Lender issue, increase the amount
of, or extend the maturity date of, at any time and from time to time on and after the Closing Date and prior to the tenth day prior to the Revolving Loan Maturity Date, for the account of the Borrower or any of its Subsidiaries (in the case of
requests made by it) and for the benefit of (x) any holder (or any 

  
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trustee, agent or other similar representative for any such holders) of L/C Supportable Obligations, an irrevocable standby letter of credit, in a form customarily used by such Issuing Lender or
in such other form as is reasonably acceptable to such Issuing Lender, and (y) sellers of goods to the Borrower or any of its Subsidiaries, an irrevocable trade letter of credit, in a form customarily used by such Issuing Lender or in such
other form as has been approved by such Issuing Lender (each such letter of credit, a “Letter of Credit” and, collectively, the “Letters of Credit”). All Letters of Credit shall be issued on a sight basis only. Each
Letter of Credit shall constitute a utilization of the Revolving Loan Commitments and shall be participated in (as more fully described in the following Section 3.04(a)) by the Lenders in accordance with their respective RL
Percentages. All Letters of Credit shall be denominated in U.S. Dollars and shall be issued for the account of the Borrower. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any
form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the Issuing Lender relating to any Letter of Credit, the terms and conditions of this Agreement shall control. 

(b) Subject to and upon the terms and conditions set forth herein, each Issuing Lender agrees that it will, at any time and from time to time
on and after the Closing Date and prior to the tenth day prior to the Revolving Loan Maturity Date, following its receipt of the respective Letter of Credit Request, issue for account of the Borrower, increase the amount of, or extend the maturity
date of, one or more Letters of Credit as are permitted to remain outstanding hereunder without giving rise to a Default or an Event of Default; provided that no Issuing Lender shall be under any obligation to issue any Letter of Credit of
the types described above if at the time of such issuance: 
 (i) any order, judgment or decree of any Governmental Authority
or arbitrator after the date hereof shall purport by its terms to enjoin or restrain such Issuing Lender from issuing, increasing or extending such Letter of Credit or any Requirements of Law applicable to such Issuing Lender or any request or
directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Issuing Lender shall prohibit, or request that such Issuing Lender refrain from, the issuance of letters of credit generally (or such
Letter of Credit in particular) or shall impose upon such Issuing Lender with respect to such Letter of Credit any restriction or reserve or capital requirement (for which such Issuing Lender is not otherwise compensated hereunder) not in effect
with respect to such Issuing Lender on the Closing Date, or any unreimbursed loss, cost or expense which was not applicable or in effect with respect to such Issuing Lender as of the Closing Date and which such Issuing Lender reasonably and in good
faith deems material to it; or such Issuing Lender shall have received from the Borrower, any other Credit Party or the Required Lenders prior to the issuance, increase or extension of such Letter of Credit notice of the type described in the second
sentence of Section 3.03(b). 
 3.02 Maximum Letter of Credit Outstandings; Final Maturities.
Notwithstanding anything to the contrary contained in this Agreement, (i) no Letter of Credit shall be issued, increased or extended, the Stated Amount of which, when added to the Letter of Credit Outstandings (exclusive of Unpaid Drawings
which are repaid on the date of, and prior to the issuance of, the respective Letter of Credit) at such time, would exceed $20,000,000 (the “Maximum Borrower Letter of Credit Amount”), (ii) no Letter of Credit shall be issued,
increased or extended at any time when the RL Exposure exceeds (or would after giving effect to such issuance, increase or extension exceed) the Total Revolving Loan Commitment at such time, and (iii) Letter of Credit shall by its terms
terminate (x) in the case of standby Letters of Credit, on or before the earlier of (A) the date which occurs 12 months after the date of the issuance thereof (although any such standby Letter of Credit shall be extendible for successive
periods of up to 12 months, but, in each case, not beyond the tenth Business Day prior to the Revolving Loan Maturity Date on terms acceptable to the respective Issuing Lender) and (B) ten Business Days prior to the Revolving Loan Maturity
Date, and (y) in the case of trade Letters of Credit, on or before the earlier of (A) the date which occurs 180 days after the date of issuance thereof and (B) 30 days prior to the Revolving Loan Maturity Date; provided that Letters
of Credit may have termination dates that occur later than ten Business Days prior to the Revolving Loan Maturity Date (in the case of standby Letters of Credit) or 30 Business Days prior to the Revolving Loan Maturity Date (in the case of trade
Letters of Credit) to the extent that prior to the issuance, increase or extension of any such Letter of Credit, the Borrower shall have (i) deposited cash and/or Cash Equivalents, in an amount equal to at least 102.5% of the Stated Amount of
such Letter of Credit, into the Cash Collateral Account or (ii) delivered to the Administrative Agent a letter of credit issued for its benefit in a stated amount equal to at least 102.5% of the Stated Amount of such Letter of Credit and having
terms and conditions, and issued by an issuer, satisfactory to the Administrative Agent. The balance from time to time in such Cash Collateral Account shall constitute part of the Collateral and 

  
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shall not constitute payment of the Obligations until applied as hereinafter provided. All amounts held in the Cash Collateral Account shall constitute collateral security first for the
liabilities in respect of Letters of Credit outstanding from time to time and second for the other Obligations hereunder until such time as all Letters of Credit shall have been terminated and all of the liabilities in respect of Letters of Credit
have been paid in full, at which time the amounts on deposit therein shall be returned to the Borrower. 
 3.03 Letter of Credit Requests;
Minimum Stated Amount. 
 (a) Whenever the Borrower desires that a Letter of Credit be issued for its account, increased or extended, the
Borrower shall give the Administrative Agent and the respective Issuing Lender at least three Business Days’ (or such shorter period as is acceptable to such Issuing Lender) written notice thereof (including by way of facsimile or electronic
communication, if arrangements for such electronic communication have been approved by the Issuing Lender). Each notice shall be in a form reasonably acceptable to the applicable Issuing Lender (each, a “Letter of Credit Request”).

 (b) The making of each Letter of Credit Request shall be deemed to be a representation and warranty by the Borrower to the Lenders that
such Letter of Credit may be issued in accordance with, and will not violate the requirements of Section 3.02. Unless the respective Issuing Lender has received notice from the Borrower, any other Credit Party or the
Required Lenders before it issues, increases or extends a Letter of Credit that one or more of the conditions specified in Section 7 are not then satisfied, or that the issuance of such Letter of Credit would violate
Section 3.02, then such Issuing Lender shall, subject to the terms and conditions of this Agreement, issue, increase or extend the requested Letter of Credit for the account of the Borrower. Upon the issuance of or
modification or amendment to any standby Letter of Credit, each Issuing Lender shall promptly notify the Borrower and the Administrative Agent, in writing of such issuance, modification or amendment and such notice shall be accompanied by a copy of
such Letter of Credit or the respective modification or amendment thereto, as the case may be. Promptly after receipt of such notice the Administrative Agent shall notify the Participants, in writing, of such issuance, modification or amendment. On
the first Business Day of each week, each Issuing Lender shall furnish the Administrative Agent with a written (including via facsimile) report of the daily aggregate outstandings of trade Letters of Credit issued by such Issuing Lender for the
immediately preceding week. 
 (c) The Stated Amount of each Letter of Credit upon issuance shall be not less than $50,000 or in such lesser
amount as is reasonably acceptable to the respective Issuing Lender. 
 3.04 Letter of Credit Participations. 

(a) Immediately upon the issuance, increase or extension by any Issuing Lender of any Letter of Credit, such Issuing Lender shall be deemed to
have sold and transferred to each Revolving Lender (each such Revolving Lender with respect to any Letter of Credit, in its capacity under this Section 3.04, a “Participant”), and each such Participant
shall be deemed irrevocably and unconditionally to have purchased and received from such Issuing Lender, without recourse or warranty, an undivided interest and participation, in a percentage equal to such Participant’s RL Percentage in such
Letter of Credit, each drawing or payment made thereunder (each, a “Drawing”) and the obligations of the Borrower under this Agreement with respect thereto (although Letter of Credit Fees shall be payable directly to the
Administrative Agent for the account of the Revolving Lenders as provided in Section 4.01(d) and the Participants shall have no right to receive any portion of any Facing Fees with respect to any such Letters of Credit) and
any security therefor or guaranty pertaining thereto. Upon any change in the Revolving Loan Commitments and, as a result thereof the RL Percentages, of the Revolving Lenders pursuant to Sections 2.13 or 13.04, it is hereby agreed that
with respect to all outstanding Letters of Credit and Unpaid Drawings relating thereto, there shall be an automatic adjustment to the participations pursuant to this Section 3.04 to reflect the new RL Percentages of the
Revolving Lenders. With respect to each Letter of Credit from time to time outstanding, the percentage participations therein of the various Lenders calculated as provided above in this Section 3.04(a) are herein called the
“L/C Participation Percentages” of the various Revolving Lenders in such Letters of Credit. All calculations of the L/C Participation Percentages shall be made from time to time by the Administrative Agent, which calculations shall
be conclusive absent manifest error. 

  
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 (b) In determining whether to pay under any Letter of Credit, no Issuing Lender shall have any
obligation relative to the other Revolving Lenders other than to confirm that any documents required to be delivered under such Letter of Credit appear to have been delivered and that they appear to substantially comply on their face with the
requirements of such Letter of Credit. Any action taken or omitted to be taken by an Issuing Lender under or in connection with any Letter of Credit issued by it shall not create for such Issuing Lender any resulting liability to the Borrower, any
other Credit Party, any Revolving Lender or any other Person unless such action is taken or omitted to be taken with gross negligence or willful misconduct on the part of such Issuing Lender (as determined by a court of competent jurisdiction in a
final and nonappealable decision). 
 (c) In the event that an Issuing Lender makes any payment under any Letter of Credit issued by it and
the Borrower shall not have reimbursed such amount in full to such Issuing Lender pursuant to Section 3.05(a), such Issuing Lender shall promptly notify the Administrative Agent, which shall promptly notify each Participant
of such failure, and each Participant shall promptly and unconditionally pay to such Issuing Lender the amount of such Participant’s L/C Participation Percentage (as relates to the respective Letter of Credit) of such unreimbursed payment in
same day funds. If the Administrative Agent so notifies, prior to 12:00 Noon (New York City time) on any Business Day, any Participant required to fund a payment under a Letter of Credit, such Participant shall make available to the respective
Issuing Lender such Participant’s L/C Participation Percentage (as relates to the respective Letter of Credit) of the amount of such payment on such Business Day in same day funds. If and to the extent such Participant shall not have so made
its L/C Participation Percentage of the amount of such payment available to the respective Issuing Lender, such Participant agrees to pay to such Issuing Lender, forthwith on demand such amount, together with interest thereon, for each day from such
date until the date such amount is paid to such Issuing Lender at the overnight Federal Funds Rate for the first three days and at the interest rate applicable to Revolving Loans that are maintained as Base Rate Loans for each day thereafter. The
failure of any Participant to make available to an Issuing Lender its relevant L/C Participation Percentage of any payment under any Letter of Credit issued by such Issuing Lender shall not relieve any other Participant of its obligation hereunder
to make available to such Issuing Lender its relevant L/C Participation Percentage of any payment under any Letter of Credit on the date required, as specified above, but no Participant shall be responsible for the failure of any other Participant
to make available to such Issuing Lender such other Participant’s relevant L/C Participation Percentage of any such payment. 
 (d)
Whenever an Issuing Lender receives a payment of a reimbursement obligation as to which it has received any payments from the Participants pursuant to clause (c) above, such Issuing Lender shall pay to each such Participant which has paid its
RL Percentage thereof, in same day funds, an amount equal to such Participant’s share (based upon the proportionate aggregate amount originally funded by such Participant to the aggregate amount funded by all Participants) of the principal
amount of such reimbursement obligation and interest thereon accruing after the purchase of the respective participations. 
 (e) Upon the
request of any Participant, each Issuing Lender shall furnish to such Participant copies of any standby Letter of Credit issued by it and such other documentation as may reasonably be requested by such Participant. 

(f) The obligations of the Participants to make payments to each Issuing Lender with respect to Letters of Credit shall be irrevocable and not
subject to any qualification or exception whatsoever (except in the case of an Issuing Lender’s gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and
non-appealable decision)) and shall be made in accordance with the terms and conditions of this Agreement under all circumstances, including, without limitation, any of the following circumstances: 

(i) any lack of validity or enforceability of this Agreement or any of the other Credit Documents; 

(ii) the existence of any claim, setoff, defense or other right which the Borrower or any of the Guarantors may have at any
time against a beneficiary named in a Letter of Credit, any transferee of any Letter of Credit (or any Person for whom any such transferee may be acting), the Administrative Agent, any Participant, or any other Person, whether in connection with
this Agreement, any Letter of Credit, the transactions contemplated herein or any unrelated transactions (including any underlying transaction between the Borrower or any Guarantor of the Borrower and the beneficiary named in any such Letter of
Credit); 

  
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 (iii) any draft, certificate or any other document presented under any Letter of
Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; 

(iv) the surrender or impairment of any security for the performance or observance of any of the terms of any of the Credit
Documents; or 
 (v) the occurrence of any Default or Event of Default. 

3.05 Agreement to Repay Letter of Credit Drawings. 

(a) The Borrower hereby agrees to reimburse the respective Issuing Lender, by making payment to the Administrative Agent in immediately
available funds at the Payment Office, for any payment or disbursement made by such Issuing Lender under any Letter of Credit issued by it (each such amount, so paid until reimbursed, an “Unpaid Drawing”), not later than one
Business Day following receipt by the Borrower of notice of such payment or disbursement (provided that no such notice shall be required to be given if a Default or an Event of Default under Section 11.05 shall have
occurred and be continuing, in which case the Unpaid Drawing shall be due and payable immediately without presentment, demand, protest or notice of any kind (all of which are hereby waived by the respective Borrower to the fullest extent permitted
under law)), with interest on the amount so paid or disbursed by such Issuing Lender, to the extent not reimbursed prior to 12:00 Noon (New York City time) on the date of such payment or disbursement, from and including the date paid or disbursed to
but excluding the date such Issuing Lender was reimbursed by the Borrower therefor at a rate per annum the Base Rate in effect from time to time plus the Applicable Margin for Revolving Loans maintained as Base Rate Loans; provided,
however, to the extent such amounts are not reimbursed prior to 12:00 Noon (New York City time) on the third Business Day following notice to the Borrower by the Administrative Agent or the respective Issuing Lender of such payment or
disbursement or following the occurrence of a Default or an Event of Default under Section 11.05, interest shall thereafter accrue on the amounts so paid or disbursed by such Issuing Lender (and until reimbursed by the
Borrower) at a rate per annum which shall be the Base Rate in effect from time to time plus the Applicable Margin for Revolving Loans maintained as Base Rate Loans, as in effect from time to time plus 2%, with such interest to be
payable on demand. Each Issuing Lender shall give the Borrower prompt written notice of each Drawing under any Letter of Credit issued by it, provided that the failure to give any such notice shall in no way affect, impair or diminish the
Borrower’s obligations hereunder. 
 (b) The obligations of the Borrower under this Section 3.05 to reimburse
each Issuing Lender with respect to Unpaid Drawings (including, in each case, interest thereon) shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment which the Borrower
or any Guarantor of the Borrower may have or have had against any Lender (including in its capacity as an Issuing Lender or as a Participant), including, without limitation, any defense based upon the failure of any drawing under a Letter of Credit
to conform to the terms of the Letter of Credit or any nonapplication or misapplication by the beneficiary of the proceeds of such Drawing; provided, however, that the Borrower shall not be obligated to reimburse any Issuing Lender for
any wrongful payment made by such Issuing Lender under a Letter of Credit issued by it as a result of acts or omissions constituting willful misconduct or gross negligence on the part of such Issuing Lender (as determined by a court of competent
jurisdiction in a final and non-appealable decision). 
 3.06 Increased Costs. If at any time
after the Closing Date, the introduction of or any change in any applicable law, rule, regulation, order, guideline or request or in the interpretation or administration thereof by the NAIC or any Governmental Authority charged with the
interpretation or administration thereof, or compliance by any Issuing Lender or any Participant with any request or directive by the NAIC or by any such Governmental Authority (whether or not having the force of law), shall either (i) impose,
modify or make applicable any reserve, deposit, capital adequacy or similar requirement against letters of credit issued by any Issuing Lender or participated in by any Participant, or (ii) impose on any Issuing Lender or any Participant any
other conditions (including any additional Tax) relating, directly or indirectly, to this Agreement or any Letter of Credit; and the result of any of the foregoing is to increase the cost to any Issuing Lender or any Participant of issuing,
maintaining or participating in any Letter of Credit, or reduce the amount of any sum received or receivable by any Issuing Lender or any Participant hereunder or reduce the rate of return on its capital with respect to Letters of Credit (except as
a result of an additional Tax that is (a) an Indemnified Tax or Other Tax indemnified under Section 5.04 or (b) Excluded Tax), 

  
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then, upon the delivery of the certificate referred to below to the Borrower by any Issuing Lender or any Participant (a copy of which certificate shall be sent by such Issuing Lender or such
Participant to the Administrative Agent), the Borrower agrees to pay to such Issuing Lender or such Participant such additional amount or amounts as will compensate such Issuing Lender or such Participant for such increased cost or reduction in the
amount receivable or reduction on the rate of return on its capital. Any Issuing Lender or any Participant, upon determining that any additional amounts will be payable pursuant to this Section 3.06, will give prompt
written notice thereof to the Borrower, which notice shall include a certificate submitted to the Borrower by such Issuing Lender or such Participant (a copy of which certificate shall be sent by the Issuing Lender or such Participant to the
Administrative Agent), setting forth in reasonable detail the basis for the calculation of such additional amount or amounts necessary to compensate such Issuing Lender or such Participant. The certificate required to be delivered pursuant to this
Section 3.06 shall, absent manifest error, be final and conclusive and binding on the Borrower. 
 3.07 Extended
Commitments. If the Revolving Loan Maturity Date has been extended pursuant to Section 2.14(b), then such Letters of Credit shall automatically be deemed to have been issued (including for purposes of the obligations of
the Revolving Lenders to purchase participation therein and to make payments in respect thereof pursuant to Section 3.04) under (and ratably participated in by Lenders pursuant to) the Extended Revolving Loan Commitments up
to an aggregate amount not to exceed the aggregate principal amount of the unutilized Extended Revolving Loan Commitments thereunder at such time (it being understood that no partial face amount of any Letter of Credit may be so reallocated). Except
to the extent of reallocations of participation pursuant to the prior sentence, the occurrence of the Revolving Loan Maturity Date with respect to the relevant Revolving Loan Commitments shall have no effect upon (and shall not diminish) the
percentage participation of the Lenders in any Letter of Credit issued before the Revolving Loan Maturity Date. 
 3.08 Resignation or
Removal of Issuing Lender. An Issuing Lender may resign as Issuing Lender hereunder at any time upon at least 30 days’ prior written notice to the Lenders, the Administrative Agent and the Borrower. The Issuing Lender may be replaced at any
time by agreement between the Borrower and the Administrative Agent, provided that so long as no Event of Default exists, such successor Issuing Lender shall be reasonably acceptable to the Borrower. The Administrative Agent shall notify the
Revolving Lenders of any such replacement of an Issuing Lender or any additional Issuing Lender. At the time any such resignation or replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced
Issuing Lender pursuant to Section 4.01(c) and (d). From and after the effective date of any such resignation or replacement or addition, as applicable, (i) the successor or additional Issuing Lender shall have all the
rights and obligations of an Issuing Lender under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Lender” shall be deemed to refer to such successor or such
addition or to any previous Issuing Lender, or to such successor or such additional Issuing Lender and all previous Issuing Lenders, as the context shall require. After the resignation or replacement of an Issuing Lender hereunder, the replaced
Issuing Lender shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Lender under this Agreement with respect to Letters of Credit issued by it prior to such resignation or replacement, but shall not be
required to issue additional Letters of Credit. If at any time there is more than one Issuing Lender hereunder, the Borrower may, in its discretion, select which Issuing Lender is to issue any particular Letter of Credit. 

Section 4. Commitment Commission; Fees; Reductions of Commitment. 

4.01 Fees. 
 (a) The
Borrower agrees to pay to the Administrative Agent for distribution to each Non-Defaulting Lender with a Revolving Loan Commitment a commitment commission, in U.S. Dollars, for the period from and including
the Closing Date to and including the Revolving Loan Maturity Date (or such earlier date on which the Total Revolving Loan Commitment has been terminated), computed at a rate for each day equal to the Applicable Commitment Fee Percentage on the
daily average of the Total Unutilized Revolving Loan Commitment of such Non-Defaulting Lender as in effect from time to time (with all commitment commissions payable as described in this clause (a) being
herein referred to as the “Commitment Commission”). Accrued Commitment Commission shall be due and payable, in U.S. Dollars, quarterly in arrears on each Quarterly Payment Date and on the Revolving Loan Maturity Date or such earlier
date upon which the Total Revolving Loan Commitment is terminated. 

  
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 (b) The Borrower agrees to pay on the Closing Date to each Lender party to this Agreement on the
Closing Date, as fee compensation for the funding of such Lender’s Term Loan, a closing fee in an amount equal to 0.125% of the stated principal amount of such Lender’s Initial Term Loan (collectively, the “Closing Fees”).
Such Closing Fees will be in all respects fully earned, due and payable on the Closing Date and non-refundable and non-creditable thereafter. 

(c) Administrative Agent Fees. The Borrower agrees to pay to the Administrative Agent, for its own account, the fees in the amounts and
at the times separately agreed upon between the Borrower and the Administrative Agent. 
 (d) The Borrower agrees to pay to the
Administrative Agent for distribution to each Non-Defaulting Lender (based on their respective L/C Participation Percentages in the outstanding Letters of Credit) a fee in respect of each Letter of Credit
issued hereunder (with all fees payable as described in this clause (c) being herein referred to as “Letter of Credit Fees”), in each case, for the period from and including the date of issuance of such Letter of Credit to and
including the date of termination or expiration of such Letter of Credit, computed at a rate per annum (x) in the case of financial standby Letters of Credit, equal to the Applicable Margin for Revolving Loans as in effect from time to time
during such period with respect to Revolving Loans that are maintained as LIBO Rate Loans on the daily Stated Amount of each such Letter of Credit and (y) in the case of performance or trade standby Letters of Credit, 1.00% on the daily Stated
Amount of each such Letter of Credit. Accrued Letter of Credit Fees shall be due and payable quarterly in arrears on each Quarterly Payment Date and on the first day on or after the termination of the Total Revolving Loan Commitment upon which no
Letters of Credit remain outstanding. 
 (e) At any time when there is more than one Lender with a Revolving Loan Commitment, the Borrower
agrees to pay to the respective Issuing Lender, for its own account, a facing fee in respect of each Letter of Credit issued by it (the “Facing Fee”) for the period from and including the date of issuance of such Letter of Credit to
and including the date of termination or expiration of such Letter of Credit, computed at a rate per annum equal to 1/8 of 1% on the daily Stated Amount of such Letter of Credit; provided that, in any event, the minimum amount of Facing Fees
payable in any twelve-month period for each Letter of Credit shall be not less than $500; it being agreed that accrued Facing Fees shall be due and payable quarterly in arrears on each Quarterly Payment Date and upon the first day on or after the
termination of the Total Revolving Loan Commitment upon which no Letters of Credit remain outstanding. 
 (f) The Borrower agrees to pay to
the respective Issuing Lender, for its own account, upon each payment under, issuance of, or amendment to, any Letter of Credit issued by it, such amount as shall at the time of such event be the administrative charge and the reasonable expenses
which such Issuing Lender is generally imposing in connection with such occurrence with respect to Letters of Credit. 
 (g) The Borrower
shall pay to the Administrative Agent for distribution to each Incremental Lender such fees and other amounts, if any, as are specified in the relevant Incremental Agreement, with the fees and other amounts, if any, to be payable on the date
specified in the Incremental Agreement or otherwise agreed in writing. 
 4.02 Voluntary Termination of Unutilized Revolving Loan
Commitments. 
 (a) Upon at least one Business Day prior written notice to the Administrative Agent at the Notice Office (which notice
the Administrative Agent shall promptly transmit to each of the Revolving Lenders), the Borrower shall have the right, at any time or from time to time, without premium or penalty to terminate the Total Unutilized Revolving Loan Commitment in whole,
or reduce it in part, pursuant to this Section 4.02(a), in an integral multiple of $500,000 in the case of partial reductions to the Total Unutilized Revolving Loan Commitment, with the amount of each reduction pursuant to
this Section 4.02(a) to apply to reduce the Total Revolving Loan Commitment, provided that no such reduction shall be permitted to be made pursuant to this Section 4.02(a) if the effect
thereof is to cause the RL Exposure to exceed the Total Revolving Loan Commitment after giving effect to the reduction thereto pursuant to this Section 4.02(a). Each reduction to the Total Revolving Loan Commitment pursuant
to this Section 4.02(a) shall apply to proportionately and permanently reduce the Revolving Loan Commitment of each Lender (based on its respective RL Percentages). Notwithstanding anything to the contrary contained in this
Agreement, the Borrower may rescind any notice of commitment reduction under Section 4.02(a) if such prepayment would have resulted in a refinancing of all of the Loans and Commitments, which refinancing shall not be
consummated or shall otherwise be delayed. 

  
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 (b) In the event (i) of a refusal by a Revolving Lender to consent to certain proposed
changes, amendments, waivers, discharges or terminations with respect to this Agreement which have been approved by the Required Lenders as (and to the extent) provided in Section 13.12(b), the Borrower may, subject to its
compliance with the requirements of Section 13.12(b), or (ii) any Revolving Lender becomes a Defaulting Lender, the Borrower may, in each case, upon three Business Days’ prior written notice to the Administrative
Agent at the Notice Office (which notice the Administrative Agent shall promptly transmit to each of the Revolving Lenders) terminate all of the Revolving Loan Commitment, if any, of such Revolving Lender, so long as (x) all Loans, together
with accrued and unpaid interest, Fees and all other amounts, owing to such Lender are repaid concurrently with the effectiveness of such termination pursuant to Section 5.01(b) (at which time Schedule 2.01 shall be
deemed modified to reflect such changed amounts) and (y) after giving effect to such termination (and the adjustments to the RL Percentages and/or related L/C Participation Percentages of the remaining Revolving Lenders as contemplated below),
the RL Exposure of any remaining Revolving Lender shall not exceed its Revolving Loan Commitment. After giving effect to the termination of the Commitments of any Revolving Lender pursuant to the provisions of this
Section 4.02(b), unless the respective Revolving Lender continues to have outstanding Loans or other Commitments (if any) hereunder, such Revolving Lender shall no longer constitute a “Revolving Lender” for
purposes of this Agreement, except with respect to indemnifications under this Agreement (including, without limitation, Sections 2.10, 2.11, 5.04, 12.12 and 13.01), which shall survive as to such repaid Lender. In
cases where the Revolving Loan Commitment of any Revolving Lender is terminated pursuant to this Section 4.02(b), except in cases where the respective Commitments are replaced in full, after giving effect to the termination
of any such Commitments of a given Revolving Lender pursuant to this Section 4.02(b), there shall occur automatic adjustments (as determined by the Administrative Agent) in the RL Percentages (and as a result thereof in the
related L/C Participation Percentages) of the remaining Revolving Lenders. 
 4.03 Mandatory Reduction of Commitments. 

(a) The Total Revolving Loan Commitment shall automatically terminate on the Maturity Date. 

(b) Each reduction to the Total Revolving Loan Commitment pursuant to this Section 4.03 as provided above (or
pursuant to Section 5.02) shall be applied proportionately to reduce the Revolving Loan Commitment of each Revolving Lender with such a Revolving Loan Commitment. 

(c) The Total Initial Term Loan Commitment shall terminate in its entirety on the Closing Date (after giving effect to the incurrence of
Initial Term Loans on such date). 
 (d) The Total Incremental Term Loan Commitment pursuant to an Incremental Agreement (and the Incremental
Term Loan Commitment of each Lender with such a Commitment) shall terminate in its entirety on the date specified in the Incremental Agreement. 

(e) Each reduction to the Total Initial Term Loan Commitment and the Total Incremental Term Loan Commitment under a given Tranche pursuant to
this Section 4.03 as provided above (or pursuant to Section 5.02) shall be applied proportionately to reduce the Initial Term Loan Commitment or the Incremental Term Loan Commitment under such
Tranche, as the case may be, of each Lender with such a Commitment. 
 Section 5. Prepayments; Payments; Taxes. 

5.01 Voluntary Prepayments. 

(a) The Borrower shall have the right to prepay the Term Loans of a given Tranche, without premium or penalty (other than as provided in
Section 5.01(b)), in whole or in part at any time and from time to time on the following terms and conditions: (i) the Borrower shall give the Administrative Agent at its Notice Office written notice (or telephonic
notice promptly confirmed in writing) of its intent to prepay all of the Term Loans, or in the case of any partial prepayment, the Tranche of Term Loans to be prepaid, the amount of the Term Loans to be prepaid,

  
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the Types of Term Loans to be repaid, the manner in which such prepayment shall apply to reduce the Scheduled Repayments and, in the case of LIBO Rate Loans, the specific Borrowing or Borrowings
pursuant to which made, which notice shall be given by the Borrower (x) prior to 12:00 Noon (New York City time) at least one Business Day prior to the date of such prepayment in the case of Term Loans maintained as Base Rate Loans and
(y) prior to 12:00 Noon (New York City time) at least three Business Days prior to the date of such prepayment in the case of LIBO Rate Loans (or, in the case of clause (x) and (y), such shorter period as the Administrative Agent shall
agree in its sole and absolute discretion), and be promptly transmitted by the Administrative Agent to each of the Lenders; (ii) each partial prepayment of Term Loans pursuant to this Section 5.01(a) shall be in an
aggregate principal amount of at least $1,000,000 or such lesser amount as is acceptable to the Administrative Agent, provided that if any partial prepayment of LIBO Rate Loans made pursuant to any Borrowing shall reduce the outstanding
principal amount of LIBO Rate Loans made pursuant to such Borrowing to an amount less than the Minimum Borrowing Amount applicable thereto, then if such Borrowing is a Borrowing of LIBO Rate Loans, such Borrowing shall automatically be converted
into a Borrowing of Base Rate Loans and any election of an Interest Period with respect thereto given by the Borrower shall have no force or effect; (iii) each prepayment pursuant to this Section 5.01(a) in respect of
any Term Loans of a given Tranche made pursuant to a Borrowing shall be applied pro rata among such Term Loans; provided that it is understood and agreed that this clause (iii) may be modified as expressly provided in
Section 2.14 in connection with a Term Loan Extension Amendment; and (iv) each prepayment of principal of Initial Term Loans and Incremental Term Loans of a given Tranche pursuant to this
Section 5.01(a) shall be applied as directed by the Borrower in the applicable notice of prepayment delivered pursuant to this Section 5.01(a) or, if no such direction is given, to reduce the then
remaining Scheduled Repayments of the applicable Tranche of Term Loans in direct order of maturity. Notwithstanding anything to the contrary contained in this Agreement, any such notice of prepayment pursuant to this
Section 5.01(a), if such prepayment would have resulted in a refinancing of all of the Term Loans and Commitments of a given Tranche, may state that it is conditioned upon the occurrence or
non-occurrence of any event specified therein (including the effectiveness of other credit facilities, the occurrence of a Change of Control or any similar event), in which case such notice may be revoked by
the Borrower (by written notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. 

(b) At the time of the effectiveness of any Repricing Transaction that is consummated prior to the date that is twelve months after the Closing
Date, the Borrower agrees to pay to the Administrative Agent, for the ratable account of each Lender with outstanding Initial Term Loans that are repaid or prepaid (and/or converted) pursuant to such Repricing Transaction (including each Lender that
withholds its consent to such Repricing Transaction and is replaced as a non-consenting Lender under Section 3.04), a fee in an amount equal to 1.00% of (x) in the case of a
Repricing Transaction of the type described in clause (1) of the definition thereof, the aggregate principal amount of all Initial Term Loans prepaid (or converted) by Borrower in connection with such Repricing Transaction and (y) in the
case of a Repricing Transaction of the type described in clause (2) of the definition thereof, the aggregate principal amount of all Initial Term Loans outstanding with respect to the Borrower on such date that are subject to an effective
reduction of the Applicable Margin pursuant to such Repricing Transaction. Such fees shall be due and payable upon the date of the effectiveness of such Repricing Transaction. 

(c) In the event (i) of a refusal by a Lender to consent to certain proposed changes, amendments, waivers, discharges or terminations with
respect to this Agreement which have been approved by the Required Lenders as (and to the extent) provided in Section 13.12(b) or (ii) any Lender becomes a Defaulting Lender, the Borrower may, upon five Business
Days’ prior written notice to the Administrative Agent at the Notice Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), repay all Loans, together with accrued and unpaid interest, Fees and other
amounts owing to such Lender in accordance with, and subject to the requirements of, said Section 13.12(b), so long as (I) in the case of the repayment of Revolving Loans of any Lender pursuant to this clause (c), the
Revolving Loan Commitment of such Revolving Lender is terminated concurrently with such repayment pursuant to Section 4.02(b) (at which time Schedule 2.01 shall be deemed modified to reflect the changed Revolving
Loan Commitments), (II) such Lender’s RL Percentage of all outstanding Letters of Credit is, unless re-allocated to another Lender or Lenders in accordance with the terms of this Agreement, as the case
may be, cash collateralized in a manner satisfactory to the Administrative Agent and the respective Issuing Lenders and (III) the consents, if any, required under Section 13.12(b) in connection with the repayment
pursuant to this clause (c) have been obtained. Each prepayment of any Term Loan pursuant to this Section 5.01(c) shall reduce the then remaining Scheduled Repayments of the applicable Tranche of Term Loans on a pro
rata basis (based upon the then remaining unpaid principal amounts of Scheduled Repayments of the respective Tranche after giving effect to all prior reductions thereto). 

  
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 5.02 Mandatory Repayments. 

(a) (i) In addition to any other mandatory repayments pursuant to this Section 5.02, on the last Business Day of
each March, June, September and December, commencing with the last Business Day of June 2018 and ending with the last Business Day of the fiscal quarter preceding the Initial Maturity Date for the Initial Term Loans, the Borrower shall be required
to repay that principal amount of the Initial Term Loans equal to 0.25% of the aggregate principal amount of all Initial Term Loans outstanding on the Closing Date; provided that the final principal repayment installment of the Initial Term
Loans shall be repaid on the Initial Maturity Date for the Initial Term Loans (which installments shall be reduced as provided in this Agreement, including in Section 2.19, 2.20, 5.01 or 5.02(g), or as
a result of the application of prepayments in connection with any Extension as provided in Section 2.14, a “Scheduled Initial TL Repayment”). 

(ii) In addition to any other mandatory repayments pursuant to this Section 5.02, the Borrower shall be required to
make, with respect to each new Tranche (i.e., other than Initial Term Loans, which are addressed in the preceding clause (i)) of Incremental Term Loans to the extent then outstanding, scheduled amortization payments of such Tranche of
Incremental Term Loans to the extent, and on the dates and in the principal amount, set forth in the Incremental Agreement, Refinancing Term Loan Amendment or Term Loan Extension Amendment applicable thereto (each such repayment, as the same may be
reduced as provided in this Agreement, including in Sections 2.19, 2.20, 5.01 and 5.02(g), a “Scheduled Incremental TL Repayment”). 

(b) If on any date the RL Exposure exceeds the Total Revolving Loan Commitment as then in effect, the Borrower shall prepay on the first
Business Day after such date the principal of Swingline Loans and, after all Swingline Loans have been repaid in full or if no Swingline Loans are outstanding, Revolving Loans, in each case, in an amount equal to such excess. If, after giving effect
to the prepayment of all outstanding Swingline Loans and Revolving Loans, the aggregate amount of the Letter of Credit Outstandings exceeds the Total Revolving Loan Commitment as then in effect, the Borrower agrees to pay to the Administrative Agent
at the appropriate Payment Office on the first Business Day after such date an amount of cash and/or Cash Equivalents equal to the amount of such excess (up to a maximum amount equal to the Letter of Credit Outstandings at such time), such cash
and/or Cash Equivalents to be held as security for all obligations of the Borrower hereunder in the Cash Collateral Account. 
 (c) In
addition to any other mandatory repayments pursuant to this Section 5.02, concurrently upon the receipt of any cash proceeds from any issuance or incurrence of Indebtedness (other than Indebtedness permitted to be incurred
pursuant to Section 10.04 (other than Refinancing Term Loans and Refinancing Notes)), an amount equal to 100% of the Net Debt Proceeds therefrom shall be applied as a mandatory repayment in accordance with the requirements
of Sections 5.02(g) and (h). 
 (d) In addition to any other mandatory repayments pursuant to this
Section 5.02, within five Business Days following each date on or after the Closing Date upon which the Borrower or any Guarantor receives any cash proceeds from any Asset Sale, an amount equal to 100% of the Net Sale
Proceeds therefrom shall be applied as a mandatory repayment in accordance with the requirements of Sections 5.02(g) and (h); provided, however, with respect to any Asset Sale (or a series of related Asset Sales) yielding
no more than $10,000,000 in the aggregate of Net Sale Proceeds received by the Borrower and Guarantors, such Net Sale Proceeds shall not be required to be so applied or used to make mandatory repayments of Term Loans if no Event of Default then
exists. Notwithstanding the foregoing, the Borrower may deliver within 5 Business Days of the date of receipt of such Net Sale Proceeds a certificate to the Administrative Agent setting forth that portion of such Net Sale Proceeds that the Borrower
and/or its Subsidiaries, as the case may be, intends to (i) (x) prepay any other Indebtedness secured by Liens ranking senior to the Liens securing the Indebtedness hereunder and in the case of revolving borrowings, to the extent accompanied by
permanent reductions in commitments with respect thereto or (y) apply such Net Sale Proceeds in accordance with clause (ii) below or (ii) reinvest in the purchase of assets useful in the business of the Borrower and its Subsidiaries,
in each case to be used in the business of the Borrower and its Subsidiaries within 12 months following the date of receipt of such proceeds (or, if within such 12-month period, the Borrower or any of its
Subsidiaries enters into a binding commitment to so reinvest such Net Sale Proceeds, within 18 months following the date of receipt of such proceeds); provided, further, that if within 12 months (or, to the extent applicable, 18
months) after the date of receipt by the Borrower or its Subsidiaries of such Net Sale Proceeds, the Borrower or its Subsidiaries have not so used all or a portion of such Net Sale Proceeds otherwise required to be applied as a mandatory repayment
pursuant to this sentence, the remaining portion of such Net Sale Proceeds shall be applied as a mandatory repayment in accordance with the requirements of Sections 5.02(g) and (h) on the last day of such 12-month (or, to the extent applicable, 18-month) period. 

  
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 (e) [Reserved]. 

(f) In addition to any other mandatory repayments pursuant to this Section 5.02, within 10 days following each date
on or after the Closing Date upon which the Borrower receives any cash proceeds from any Recovery Event, an amount equal to 100% of the Net Cash Proceeds from such Recovery Event shall be applied as a mandatory repayment in accordance with the
requirements of Section 5.02(h); provided that with respect to any Recovery Event (or a series of related Recovery Events) yielding no more than $10,000,000 in the aggregate of Net Cash Proceeds received by the
Borrower, such Net Cash Proceeds shall not give rise to a mandatory repayment to the extent that no Event of Default then exists. Notwithstanding the foregoing, the Borrower may deliver within 5 Business Days of the date of receipt of such Net Cash
Proceeds a certificate to the Administrative Agent setting forth that portion of such Net Cash Proceeds that the Borrower and/or its Subsidiaries, as the case may be, intends to (i) (x) prepay any other Indebtedness secured by Liens ranking
senior to the Liens securing the Indebtedness hereunder and in the case of revolving borrowings, to the extent accompanied by permanent reductions in commitments with respect thereto or (y) apply such Net Cash Proceeds in accordance with clause
(ii) below or (ii) reinvest in the purchase of assets useful in the business of the Borrower and its Subsidiaries, in each case to be used in the business of the Borrower and its Subsidiaries within 12 months following the date of receipt
of such proceeds (or, if within such 12-month period, the Borrower or any of its Subsidiaries enters into a binding commitment to so reinvest such Net Cash Proceeds, within 18 months following the date of
receipt of such proceeds); provided, further, that if within 12 months (or, to the extent applicable, 18 months) after the date of receipt by the Borrower or its Subsidiaries of such Net Cash Proceeds, the Borrower or its Subsidiaries
have not so used all or a portion of such Net Cash Proceeds otherwise required to be applied as a mandatory repayment pursuant to this sentence, the remaining portion of such Net Cash Proceeds shall be applied as a mandatory repayment in accordance
with the requirements of Sections 5.02(g) and (h) on the last day of such 12-month (or, to the extent applicable, 18-month) period. 

(g) Each amount required to be applied pursuant to Sections 5.02(c), (d), and (f) in accordance with this
Section 5.02(g) shall be applied to repay the outstanding principal amount of Term Loans, with each Tranche of then outstanding Term Loans to be allocated its Term Loan Percentage of each amount so required to be applied.
Except as otherwise provided below, all repayments of outstanding Term Loans of a given Tranche pursuant to Sections 5.02(c), (d), and (f) (and applied pursuant to this clause (g)) shall be applied to reduce the Scheduled
Repayments of the applicable Tranche in direct order of maturity of such Scheduled Repayments. 
 (h) With respect to each repayment of Term
Loans required by this Section 5.02, the Borrower may (subject to the priority payment requirements of Section 5.02(g)) designate the Types of Term Loans of the applicable Tranche which are to be
repaid and, in the case of LIBO Rate Loans, the specific Borrowing or Borrowings of the applicable Tranche pursuant to which such LIBO Rate Loans were made, provided that (i) repayments of LIBO Rate Loans pursuant to this
Section 5.02 may only be made on the last day of an Interest Period applicable thereto unless all such LIBO Rate Loans of the applicable Tranche with Interest Periods ending on such date of required repayment and all Base
Rate Loans of the applicable Tranche have been paid in full; and (ii) each repayment of any Term Loans made pursuant to a Borrowing shall be applied pro rata among such Term Loans. In the absence of a designation by the Borrower as
described in the preceding sentence, the Administrative Agent shall, subject to the above, make such designation in its sole discretion. 

(i) In addition to any other mandatory repayments pursuant to this Section 5.02, all then outstanding Term Loans of
any Tranche of Term Loans shall be repaid in full on the Maturity Date for such Tranche of Term Loans. 
 (j) Anything contained herein to
the contrary notwithstanding, in the event the Borrower is required to make any mandatory prepayment pursuant to Sections 5.02(d) or (f) (a “Waivable Mandatory Prepayment”) of the Term Loans, not less than three
Business Days prior to the date (the “Required Prepayment Date”) on which the Borrower elects (or is otherwise required) to make such Waivable Mandatory Prepayment, the Borrower may notify Administrative Agent of the amount of such
prepayment, and Administrative Agent will promptly thereafter notify each Lender holding an outstanding Term Loan of the amount of such Lender’s pro rata share of such Waivable Mandatory Prepayment and such Lender’s option to refuse
such amount (it being understood that the failure of the 

  
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Borrower to provide such notice shall not constitute a Default and that the Borrower shall therefore otherwise comply with the provisions of any such Waivable Mandatory Prepayment). Each such
Lender may exercise such option by giving written notice to the Administrative Agent of its election to do so on or before the second Business Day prior to the Required Prepayment Date (it being understood that any Lender which does not notify the
Administrative Agent of its election to exercise such option on or before the first Business Day prior to the Required Prepayment Date shall be deemed to have elected, as of such date, not to exercise such option). On the Required Prepayment Date,
(i) the Borrower shall pay to the Administrative Agent the amount of the Waivable Mandatory Prepayment less the amount of the Declined Proceeds, which amount shall be applied by the Administrative Agent to prepay the Term Loans of those Lenders
that have elected to accept such Waivable Mandatory Prepayment on a pro rata basis, and (ii) the Borrower may retain a portion of the Waivable Mandatory Prepayment in an amount equal to that portion of the Waivable Mandatory Prepayment
otherwise payable to those Lenders that have elected to exercise such option and decline such Waivable Mandatory Prepayment (such declined amounts, the “Declined Proceeds”). Such Declined Proceeds retained by the Borrower may be
used for any purpose not otherwise prohibited by this Agreement. 
 5.03 Method and Place of Payment. Except as otherwise specifically
provided herein, all payments under this Agreement and under any Note, in each case under a given Tranche, shall be made to the Administrative Agent or the account of the Lender or Lenders entitled thereto not later than 12:00 Noon (New York City
time) on the date when due and shall be made in U.S. Dollars in immediately available funds at the Payment Office of the Administrative Agent without setoff or counterclaim. Whenever any payment to be made hereunder or under any Note shall be stated
to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest shall be payable at the applicable rate during such extension. 

5.04 Net Payments. 
 (a)
All payments made by or on account of any Credit Party under any Credit Document shall be made free and clear of, and without deduction or withholding for, any Taxes, except as required by applicable law. If any Taxes are required to be withheld or
deducted from such payments, then the Credit Parties jointly and severally agree that (i) to the extent such deduction or withholding is on account of an Indemnified Tax or Other Tax, the sum payable shall be increased as necessary so that
after making all required deductions or withholding (including deduction or withholdings applicable to additional sums payable under this Section 5.04), the Administrative Agent or Lender (as the case may be) receives an
amount equal to the sum it would have received had no such deductions or withholdings been made, (ii) the applicable withholding agent will make such deductions or withholdings, and (iii) the applicable withholding agent shall timely pay
the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law. In addition, the Credit Parties shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.
The Credit Parties will furnish to the Administrative Agent within 45 days after the date the payment by any of them of any Indemnified Taxes or Other Taxes is due pursuant to applicable law certified copies of tax receipts evidencing such payment
by the applicable Credit Party. The Credit Parties jointly and severally agree to indemnify and hold harmless the Administrative Agent and each Lender, and reimburse the Administrative Agent and each Lender, within 10 days of written request
therefor, for the amount of any Indemnified Taxes or Other Taxes (including any Indemnified Taxes or Other Taxes imposed on amounts payable under this Section 5.04) payable or paid by the Administrative Agent or such Lender
or required to be withheld or deducted from a payment to the Administrative Agent or such Lender, and any reasonable out-of-pocket expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability prepared in good faith and
delivered by the Administrative Agent or a Lender (or by the Administrative Agent on behalf of a Lender), shall be conclusive absent manifest error. 

(b) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Credit 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, certifying as to any entitlement of such Lender to an exemption from, or a reduce rate of, withholding Tax. In addition, each Lender shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably
requested by the Borrower or the Administrative Agent, such other documentation prescribed by applicable law or reasonably requested by the Borrower 

  
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or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether such Lender is subject to backup withholding or information reporting requirements. Each
Lender shall, whenever a lapse in time or change in circumstances renders such documentation (including any specific documents required below in Section 5.04(c)) expired, obsolete or inaccurate in any respect, deliver
promptly to the Borrower and the Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested by the Borrower or the Administrative Agent) or promptly notify the Borrower and the
Administrative Agent in writing of its inability to do so. 
 (c) Without limiting the generality of the foregoing: (x) Each Lender that
is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Administrative Agent on or prior to the Closing Date or, in the case of a Lender that is a Lender to the Borrower
and that is an assignee or transferee of an interest under this Agreement pursuant to Section 2.13 or 13.04(b) (unless the relevant Lender was already a Lender hereunder immediately prior to such assignment or
transfer), on the date of such assignment or transfer to such Lender, (i) two accurate and complete signed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E (or successor form) claiming eligibility for benefits of an income tax treaty to which the United States is a party or Form W-8ECI (or successor form), or
(ii) in the case of a Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest,” a certificate substantially in the form of Exhibit
C-1, C-2, C-3 or C-4 (any such
certificate, a “U.S. Tax Compliance Certificate”) and two accurate and complete signed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E (or successor form) certifying to such Lender’s entitlement as of such date to a complete exemption from U.S. withholding tax with respect to payments of interest to be made under this Agreement
and under any Note, or (iii) to the extent a Lender is not the beneficial owner (for example, where the Lender is a partnership or a participating Lender), two accurate and complete signed copies of Internal Revenue Service Form W-8IMY (or successor form) of the Lender, accompanied by Form W-8ECI, Form W-8BEN or W-8BEN-E, U.S. Tax Compliance Certificate, Form W-8IMY, and/or any other required information (or successor or other applicable form) from each beneficial owner that
would be required under this Section 5.04(c) if such beneficial owner were a Lender (provided that, if the Lender is a partnership for U.S. federal income Tax purposes (and not a participating Lender), and one or
more direct or indirect partners are claiming the portfolio interest exemption), the U.S. Tax Compliance Certificate may be provided by such Lender on behalf of such partner(s); or (iv) two accurate and complete signed copies of any other form
prescribed by applicable U.S. federal income tax laws (including the Treasury regulations) as a basis for claiming a complete exemption from, or a reduction in, United States federal withholding Tax; (y) Each Lender that is a United States
person, as defined in Section 7701(a)(30) of the Code, shall deliver to the Borrower and the Administrative Agent, at the times specified in Section 5.04(b), two accurate and complete signed copies of Internal Revenue
Service Form W-9, or any successor form that such Person is entitled to provide at such time, in order to qualify for an exemption from United States federal back-up
withholding requirements; and (z) if any payment made to a Lender under any Credit 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 Sections 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 applicable 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 or the Administrative Agent to comply with their obligations under FATCA, to determine whether such Lender has complied with such Lender’s obligations under FATCA and to
determine, if necessary, the amount to deduct and withhold from such payment. Solely for purposes of this Section 5.04(c)(z), “FATCA” shall include any amendment made to FATCA after the Closing Date. 

Notwithstanding any other provision of this Section 5.04, a Lender shall not be required to deliver any form that
such Lender is not legally eligible to deliver. 
 (d) If the Administrative Agent or any Lender determines, in its sole discretion exercised
in good faith, that it has received a refund (for this purpose, including credits in lieu of a refund) of any Indemnified Taxes or Other Taxes as to which it has been indemnified by the Credit Parties or with respect to which a Credit Party has paid
additional amounts pursuant to Section 5.04(a), it shall pay to the relevant Credit Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by such Credit Party
under Section 5.04(a) with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all reasonable 

  
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out-of-pocket expenses, including any Taxes, of the Administrative Agent or such Lender, as the case may be, and
without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the relevant Credit Party, upon the request of the Administrative Agent or such Lender, agrees to repay the
amount paid over to such Credit Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay
such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 5.04(d), in no event will the Administrative Agent or any Lender be required to pay any amount to any Credit Party
pursuant to this Section 5.04(d) to the extent that such payment would place the Administrative Agent or such Lender in a less favorable position (on a net after-Tax basis) than such
party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. Nothing in this Section 5.04(d) shall be construed to obligate the Administrative Agent or any
Lender to disclose its Tax returns or any other information regarding its Tax affairs or computations to any Person or otherwise to arrange its Tax affairs in any manner other than as it determines in its sole discretion. 

(e) For the avoidance of doubt, for purposes of this Section 5.04, the term “Lender” shall include any
Issuing Lender and any Swingline Lender and the term “applicable law” includes FATCA. 
 Section 6. Conditions Precedent
to Credit Events on the Closing Date. The obligation of each Lender to make Loans or issue Letters of Credit on the Closing Date, is subject at the time of the making of such Loans or the issuance of such Letters of Credit to the satisfaction or
waiver of the following conditions: 
 6.01 Closing Date; Credit Documents; Notes. On or prior to the Closing Date, the Borrower, the
Administrative Agent and each of the Lenders on the date hereof shall have signed a counterpart of this Agreement (whether the same or different counterparts) and shall have delivered (by electronic transmission or otherwise) the same to the
Administrative Agent or, in the case of the Lenders, shall have given to the Administrative Agent telephonic (confirmed in writing), written or facsimile notice (actually received) at such office that the same has been signed and mailed to it. 

6.02 Officer’s Certificate. On the Closing Date, the Administrative Agent shall have received a certificate, in the
form of Exhibit D, dated the Closing Date and signed on behalf of the Borrower (and not in any individual capacity) by a Responsible Officer of the Borrower, certifying on behalf of the Borrower that the conditions in Sections 6.07 and
6.16 have been satisfied on such date. 
 6.03 Opinions of Counsel. On the Closing Date, the Administrative Agent shall have
received from Latham & Watkins LLP, special counsel to the Credit Parties, an opinion addressed to the Administrative Agent and each of the Lenders and dated the Closing Date in form and substance reasonably satisfactory to the
Administrative Agent. 
 6.04 Corporate Documents; Proceedings, etc. 

(a) On the Closing Date, the Administrative Agent shall have received a certificate from each Credit Party, dated the Closing Date, signed by a
Responsible Officer of such Credit Party, and attested to by the Secretary or any Assistant Secretary of such Credit Party, with appropriate insertions, together with copies of the certificate or articles of incorporation and by-laws (or equivalent organizational documents), as applicable, of such Credit Party and the resolutions of such Credit Party referred to in such certificate, and each of the foregoing shall be in form and
substance reasonably satisfactory to the Administrative Agent. 
 (b) On the Closing Date, the Administrative Agent shall have received good
standing certificates and bring-down telegrams or facsimiles, if any, for the Credit Parties which the Administrative Agent reasonably may have requested, certified by proper governmental authorities. 

6.05 Termination of Existing Credit Agreements. The Borrower shall have repaid in full all Indebtedness outstanding under the
Existing Credit Agreements, together with all accrued but unpaid interest, fees and other amounts owning thereunder (other than contingent indemnification obligations not yet due and payable) and (i) all commitments to lend or make other
extensions of credit thereunder shall have been terminated and (ii) all Liens securing 

  
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the Indebtedness and other obligations thereunder created pursuant to the security documentation relating thereto shall have been terminated and released (or arrangements therefor reasonably
satisfactory to the Administrative Agent shall have been made), and the Administrative Agent shall have received all such releases as may have been reasonably requested by the Administrative Agent, which releases shall be in form and substance
reasonably satisfactory to Administrative Agent, including, without limiting the foregoing, (a) proper termination statements (Form UCC-3 or the appropriate equivalent) for filing under the UCC or
equivalent statute or regulation of each jurisdiction where a financing statement or application for registration (Form UCC-1 or the appropriate equivalent) was filed with respect to the Borrower in connection
with the security interests created with respect to the Existing Credit Agreements and (b) terminations or reassignments of any security interest in, or Lien on, any patents, trademarks, copyrights, or similar interests of the Borrower. 

6.06 Guaranty. On or prior to the Closing Date, the Administrative Agent shall have received a Guaranty duly executed by OCIB. 

6.07 No Default. No Default or Event of Default shall be caused upon the effectiveness of, and funding of, the Term Loans under this
Agreement. 
 6.08 [Reserved]. 

6.09 Security Agreements. On the Closing Date, (x) the Borrower shall have duly authorized, executed and delivered the Security
Agreement substantially in the form of Exhibit E (as amended, modified, restated and/or supplemented from time to time, the “Security Agreement”) covering all of the Borrower’s present and future Collateral referred to
therein (including, as applicable, by reference to the Perfection Certificate) (the “Security Agreement Collateral”) and (y) Borrower shall have duly authorized, executed and delivered the Perfection Certificate and shall have
delivered the following: 
 (i) proper financing statements (Form UCC-1 or the
equivalent) authorized for filing under the UCC or other appropriate filing offices of each jurisdiction and, in the case of the Borrower, filings with the United States Patent and Trademark Office and United States Copyright Office, in each case,
as may be reasonably necessary or desirable to perfect the security interests purported to be created by the Security Agreement and as set forth on Schedule 6 to the Perfection Certificate; 

(ii) all stock certificates or Instruments (as defined in the Security Agreement), if any, representing or evidencing the
Security Agreement Collateral (to the extent required by the Security Agreement) accompanied by instruments of transfer and stock powers undated and endorsed in blank; and 

(iii) certified copies, each of a recent date, of (x) requests for information or copies (Form UCC-1), or equivalent reports as of a recent date, listing all effective financing statements that name the Borrower or any Guarantor as debtor and that are filed in the jurisdictions referred to in clause
(i) above, together with copies of such other financing statements that name the Borrower or any Guarantor as debtor (none of which shall cover any of the Collateral except to the extent evidencing Permitted Liens or to the extent such
financing statements will be terminated as contemplated by Section 6.05), (y) United States Patent and Trademark Office and United States Copyright Office searches reasonably requested by the Administrative Agent and
(z) reports as of a recent date listing all effective tax and judgment liens with respect to the Borrower or any Guarantor in each jurisdiction as the Administrative Agent may reasonably require. 

6.10 Intercompany Subordination Agreement. On the Closing Date, the Borrower shall have delivered to the Administrative Agent the
Intercompany Subordination Agreement. 
 6.11 [Reserved]. 

6.12 [Reserved]. 
 6.13
[Reserved]. 

  
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 6.14 Solvency Certificate. On the Closing Date, the Administrative Agent shall have
received a solvency certificate from the chief financial officer of the Borrower as to the solvency of the Borrower and its Subsidiaries, taken as a whole, substantially in the form of Exhibit F. 

6.15 Fees, etc.On the Closing Date, the Borrower shall have paid to the Agents and each Lender all costs, fees and expenses (including,
without limitation, legal fees and expenses) and other compensation payable to the Agents or such Lender or otherwise payable in respect of the Transaction to the extent then due. 

6.16 Representation and Warranties. All representations, warranties and agreements set forth in Section 8
hereof and elsewhere in the Credit Documents shall be true and correct in all material respects on the Closing Date (in each case, any representation or warranty that is qualified as to “materiality,” “Material Adverse Effect” or
similar language shall be true and correct in all respects on the Closing Date). 
 6.17 Patriot Act. The Agents shall have received
from the Credit Parties all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, in each case to the extent
requested in writing at least three Business Days prior to the Closing Date. 
 6.18 Borrowing Notice. Prior to the making of any Loan
on the Closing Date, the Administrative Agent shall have received a Notice of Borrowing meeting the requirements of Section 2.03. 

6.19 Insurance Certificates and Letter of Undertaking. On or prior to the Closing Date, the Administrative Agent shall have received
certificates of insurance, naming the Administrative Agent, on behalf of the Guaranteed Creditors, as an additional insured or loss payee, as the case may be, under all liability and property insurance policies required to be maintained pursuant to
Section 9.03 and reasonably requested by the Administrative Agent (as well as evidence of business interruption, windstorm, liability, property, casualty and flood insurance policies). 

Section 7. Conditions Precedent to all Credit Events after the Closing Date. The obligation of each Lender to make Loans after the
Closing Date and the obligation of each Issuing Lender to issue Letters of Credit after the Closing Date is subject, at the time of each such Credit Event (except as hereinafter indicated), to the satisfaction of the following conditions: 

7.01 No Default; Representations and Warranties. At the time of each such Credit Event and also after giving effect thereto (i) no
Default or Event of Default shall have occurred and be continuing and (ii) all representations and warranties contained herein and in the other Credit Documents shall be true and correct in all material respects with the same effect as though
such representations and warranties had been made on the date of such Credit Event (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all
material respects only as of such specified date) (in each case, any representation or warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct in all respects on the
date of such Credit Event). 
 7.02 Notice of Borrowing; Letter of Credit Request. 

(a) Prior to the making of each Loan after the Closing Date (other than a Swingline Loan or a Revolving Loan made pursuant to a Mandatory RL
Borrowing), the Administrative Agent shall have received a Notice of Borrowing meeting the requirements of Section 2.03. Prior to the making of each Swingline Loan after the Closing Date, the Swingline Lender shall have
received the notice referred to in Section 2.03(d). 
 (b) Prior to the issuance of each Letter of Credit after the
Closing Date, the Administrative Agent and the respective Issuing Lender shall have received a Letter of Credit Request meeting the requirements of Section 3.03(a). 

The acceptance of the benefits of each Credit Event after the Closing Date shall constitute a representation and warranty by the respective
Borrower to the Administrative Agent and each of the Lenders that all the conditions specified in this Section 7.02 and applicable to such Credit Event are satisfied as of that time. 

  
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 Section 8. Representations, Warranties and Agreements. In order to induce the Lenders
to enter into this Agreement and to make the Loans, and issue (or participate in), the Letters of Credit as provided herein, the Borrower makes the following representations, warranties and agreements, in each case after giving effect to the
Transaction. 
 8.01 Organizational Status. The Borrower and each of its Subsidiaries (i) is a duly organized and validly
existing corporation, partnership, or limited liability company, as the case may be, in good standing under the laws of the jurisdiction of its organization, (ii) has the corporate or limited liability company power and authority, as the case
may be, to own its property and assets and to transact the business in which it is engaged and presently proposes to engage and (iii) is, to the extent such concepts are applicable under the laws of the relevant jurisdiction, duly qualified and
is authorized to do business and is in good standing in each jurisdiction where the ownership, leasing or operation of its property or the conduct of its business requires such qualifications except for failures to be so qualified which,
individually and in the aggregate, have not had, and would not reasonably be expected to have, a Material Adverse Effect. 
 8.02 Power
and Authority. Each Credit Party has the corporate, partnership or limited liability company power and authority, as the case may be, to execute, deliver and perform the terms and provisions of each of the Credit Documents to which it is party
and has taken all necessary corporate, partnership or limited liability company action, as the case may be, to authorize the execution, delivery and performance by it of each of such Credit Documents. Each Credit Party has duly executed and
delivered each of the Credit Documents to which it is party, and each of such Credit Documents constitutes its legal, valid and binding obligation enforceable in accordance with its terms, except to the extent that the enforceability thereof may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law). 

8.03 No Violation. Neither the execution, delivery or performance by any Credit Party of the Credit Documents to which it is a party,
nor compliance by it with the terms and provisions thereof, (i) will contravene any provision of any law, statute, rule or regulation or any order, writ, injunction or decree of any court or governmental instrumentality, (ii) will conflict
with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien (except pursuant to the Security
Documents) upon any of the property or assets of any Credit Party pursuant to the terms of, any indenture, mortgage, deed of trust, credit agreement or loan agreement, or any other material agreement, contract or instrument, in each case to which
any Credit Party is a party or by which it or any of its property or assets is bound or to which it may be subject (except, in the case of preceding clauses (i) and (ii), other than in the case of any contravention, breach, default and/or
conflict, that would not reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect) or (iii) will violate any provision of the certificate or articles of incorporation, certificate of formation, limited
liability company agreement or by-laws (or equivalent organizational documents), as applicable, of any Credit Party or any of its respective Subsidiaries. 

8.04 Approvals. Except as could not reasonably be expected to have a Material Adverse Effect, no order, consent, approval, license,
authorization or validation of, or filing, recording or registration with (except for (x) those that have otherwise been obtained or made on or prior to the Closing Date and which remain in full force and effect on the Closing Date and
(y) filings which are necessary to perfect the security interests created under the Security Documents), or exemption by, any governmental or public body or authority, or any subdivision thereof, is required to be obtained or made by, or on
behalf of, any Credit Party to authorize, or is required to be obtained or made by, or on behalf of, any Credit Party in connection with, the execution, delivery and performance of any Credit Document. 

8.05 Financial Statements; Financial Condition. 

(a) The consolidated balance sheets of the Borrower for each of the fiscal year ended December 31, 2017, and the consolidated statements
of operations and comprehensive income and cash flows of the Borrower for such fiscal year present fairly in all material respects the consolidated financial position of the Borrower at the dates of such balance sheet and the consolidated results of
the operations of the Borrower for the period covered thereby. All of the foregoing historical financial statements have been audited by KPMG LLP and prepared in accordance with U.S. GAAP consistently applied. 

  
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 (b) On and as of the Closing Date, after giving effect to the consummation of the Transaction,
the Borrower and its Subsidiaries, taken together on a consolidated basis, are Solvent. 
 (c) [Reserved]. 

(d) Since December 31, 2017 there has been no Material Adverse Effect, and there has been no change, event or occurrence that would
reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 
 8.06 Litigation. There are no
actions, suits or proceedings pending or, to the knowledge of any Credit Party, threatened (i) with respect to the Refinancing or any Credit Document or (ii) that either individually or in the aggregate, have had, or would reasonably be
expected to have, a Material Adverse Effect. 
 8.07 True and Complete Disclosure. 

(a) All written information (taken as a whole) furnished by or on behalf of any Credit Party in writing to the Administrative Agent or any
Lender (including, without limitation, all such written information contained in the Credit Documents) for purposes of or in connection with this Agreement, the other Credit Documents or any transaction contemplated herein or therein does not, and
all other such written information (taken as a whole) hereafter furnished by or on behalf of any Credit Party in writing to the Administrative Agent or any Lender will not, on the date as of which such written information is dated or certified,
contain any material misstatement of fact or omit to state any material fact necessary to make such information (taken as a whole) not misleading in any material respect at such time in light of the circumstances under which such written information
was provided. 
 (b) Notwithstanding anything to the contrary in the foregoing clause (a) of this
Section 8.07, none of the Credit Parties makes any representation, warranty or covenant with respect to any information consisting of statements, estimates, forecasts and projections regarding the future performance of the
Borrower or any of its Subsidiaries, or regarding the future condition of the industries in which they operate other than that such information has been (and in the case of such information furnished after the Closing Date, will be) prepared in good
faith based upon assumptions believed to be reasonable at the time of preparation thereof. 
 8.08 Use of Proceeds; Margin
Regulations. 
 (a) All proceeds of the Loans borrowed on the Closing Date will be used by the Borrower to consummate the Transactions.

 (b) [Reserved]. 
 (c) No part
of any Credit Event (or the proceeds thereof) will be used to purchase or carry any Margin Stock or to extend credit for the purpose of purchasing or carrying any Margin Stock. Neither the making of the Term Loans nor the use of the proceeds thereof
nor the occurrence of any other Credit Event will violate the provisions of Regulation T, U or X of the Board of Governors of the Federal Reserve System. 

8.09 Tax Returns and Payments. Except as would not reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Effect, (i) the Borrower and each of its Subsidiaries has timely filed or caused to be timely filed with the appropriate taxing authority all Tax returns, statements, forms and reports for taxes (the “Returns”) required
to be filed by, or with respect to the income, properties or operations of, the Borrower and/or any of its Subsidiaries, (ii) the Returns accurately reflect in all material respects all liability for Taxes of the Borrower and its Subsidiaries
for the periods covered thereby, and (iii) each of the Borrower and its Subsidiaries has paid all Taxes payable by it (including in its capacity as withholding agent), other than those that are being contested in good faith by appropriate
proceedings and adequately provided for as a reserve on the financial statements of Borrower and its Subsidiaries in accordance with U.S. GAAP. There is no material action, suit, proceeding, investigation, audit or claim now pending or, to the best
knowledge of the Borrower or any of its Subsidiaries, threatened in writing by any authority regarding any Taxes relating to the Borrower or any of its Subsidiaries. As of the Closing Date, none of the Borrower or any of its Subsidiaries has entered
into an agreement or waiver that is still in effect or 

  
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been requested in writing to enter into an agreement or waiver extending any statute of limitations relating to the payment or collection of Taxes of the Borrower or any of its Subsidiaries, or
is aware of any circumstances that would cause the taxable years or other taxable periods of the Borrower or any of its Subsidiaries not to be subject to the normally applicable statute of limitations with respect to a material amount of Tax. 

8.10 ERISA. 
 (a) No ERISA
Event has occurred or is reasonably expected to occur that would reasonably be expected to result in a Material Adverse Effect. Each Plan is in compliance in form and operation with its terms and with the applicable provisions of ERISA, the Code and
other applicable law, except for such non-compliance that would not reasonably be expected to have a Material Adverse Effect. Except as would not reasonably be expected to result in a Material Adverse Effect,
each Plan (and each related trust, if any) which is intended to be qualified under Section 401(a) of the Code has received a favorable determination letter from the Internal Revenue Service or is in the form of a prototype document that is the
subject of a favorable opinion letter. 
 (b) There exists no Unfunded Pension Liability with respect to any Plan, except as would not
reasonably be expected to have a Material Adverse Effect. 
 (c) If each of the Borrower, each Subsidiary of the Borrower and each ERISA
Affiliate were to withdraw from all Multiemployer Plans in a complete withdrawal as of the date this assurance is given, the aggregate withdrawal liability that would be incurred would not reasonably be expected to have a Material Adverse Effect.

 (d) There are no actions, suits or claims pending against or involving a Plan (other than routine claims for benefits) or, to the
knowledge of the Borrower or any Subsidiary of the Borrower, threatened, which would reasonably be expected to be asserted successfully against any Plan and, if so asserted successfully, would reasonably be expected, either individually or in the
aggregate, to have a Material Adverse Effect. 
 (e) The Borrower, any Subsidiary of the Borrower and any ERISA Affiliate have made all
contributions to or under each Plan and Multiemployer Plan required by law within the applicable time limits prescribed thereby, the terms of such Plan or Multiemployer Plan, respectively, or any contract or agreement requiring contributions to a
Plan or Multiemployer Plan except where any failure to comply, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 

(f) As of the Closing Date, the Borrower is not a Benefit Plan. 

8.11 The Security Documents. 

(a) The provisions of the Security Agreement are effective to create in favor of the Administrative Agent for the benefit of the Guaranteed
Creditors a legal, valid and enforceable security interest (except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting
creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law)) in all right, title and interest of the applicable Credit Parties in the Security Agreement Collateral, and upon (i) the
timely and proper filing of financing statements listing each applicable Credit Party, as a debtor, and the Administrative Agent, as secured party, in the secretary of state’s office (or other similar governmental entity) of the jurisdiction of
organization of such Credit Party, (ii) sufficient identification of Commercial Tort Claims (as defined in the Security Agreement) constituting Collateral (as described in the Security Agreement), (iii) the recordation of the Grant of Security
Interest in U.S. Patents, if applicable, and the Grant of Security Interest in U.S. Trademarks, if applicable, in the respective form attached to the Security Agreement, in each case in the United States Patent and Trademark Office, (iv) the
Grant of Security Interest in U.S. Copyrights, if applicable, in the form attached to the Security Agreement with the United States Copyright Office and (v) upon the taking of possession or control by the Administrative Agent of the Security
Agreement Collateral with respect to which a security interest may be perfected only by possession or control (which possession or control shall be given to the Administrative Agent to the extent possession or control by the Administrative Agent is
required by the Security Agreement), the Administrative Agent, for the benefit of the Guaranteed Creditors, has (to the extent provided in and required by the Security Agreement) a fully perfected security interest in all right, title and interest
in all of the Security Agreement Collateral, subject to no other Liens other than Permitted Liens, in each case, to the extent perfection can be accomplished under applicable law by the taking of the foregoing actions. 

  
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 (b) [Reserved]. 

(c) Upon delivery in accordance with Sections 9.12 or 9.13 as applicable, each Mortgage will create, as security for the
obligations purported to be secured thereby, a valid and enforceable (except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting
creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law)) and, upon recordation in the appropriate recording office, perfected security interest in and mortgage lien on the respective
Mortgaged Property in favor of the Administrative Agent (or such other trustee as may be required or desired under local law) for the benefit of the Guaranteed Creditors, subject to no other Liens (other than Permitted Collateral Liens related
thereto). 
 8.12 Properties. All Real Property owned, leased or otherwise held by any Credit Party as of the Closing Date, and the
nature of the interest therein, is correctly set forth in Schedule 7 to the Perfection Certificate. The rights set forth in Schedule 7(c) to the Perfection Certificate as being held by the Credit Parties constitute all of the Water Rights
necessary or incident to the use and operation of the Plant in the ordinary course of the business of the Credit Parties and the same are valid and existing Water Rights and there exist no unresolved objections or challenges pending against any of
said Water Rights. The Borrower has good and marketable fee simple title or valid leasehold interests or easements or other limited property interests in the case of Real Property, and good and valid title in the case of personal property, to all
material properties owned by it, including all material property reflected in the most recent historical balance sheets referred to in Section 8.05(a) (except as sold or otherwise disposed of since the date of such balance
sheet in the ordinary course of business or as permitted by the terms of this Agreement), free and clear of all Liens, other than (i) in the case of Real Property, Permitted Collateral Liens and (ii) in the case of personal property,
Permitted Liens. 
 8.13 Capitalization. The amount and type of the authorized Equity Interests of each of the Persons listed on
Schedule 8.13 are accurately described thereon, and all such Equity Interests that are issued and outstanding have been validly issued and are fully paid and nonassessable and are owned by and issued to the Person listed as their owner on
Schedule 8.13. The Borrower and each Guarantor have good and marketable title to all the Equity Interests of the Subsidiaries issued to it, free and clear of all Liens other than (i) Liens contemplated by the Security Agreement and
(ii) Permitted Liens, and all such Equity Interests have been duly and validly issued and are fully paid and nonassessable (except to the extent general partnership interests are assessable under applicable law). 

8.14 Subsidiaries. On and as of the Closing Date and after giving effect to the consummation of the Transaction, the Borrower has no
direct Subsidiaries other than OCIB. 
 8.15 Compliance with Statutes; Anti-Money Laundering and Economic Sanctions Laws; FCPA.

 (a) The Borrower and each of its Subsidiaries is in compliance with all applicable statutes, regulations and orders of, and all applicable
restrictions imposed by, all governmental bodies, domestic or foreign, in respect of the conduct of its business and the ownership of its property (including, without limitation, applicable statutes, regulations, orders and restrictions relating to
environmental standards and controls), except such noncompliance as, individually and in the aggregate, have not had, and would not reasonably be expected to have, a Material Adverse Effect. 

(b) No Credit Party, none of its Subsidiaries and, to the knowledge of the executive management of each Credit Party, none of its Affiliates
and none of the respective officers, directors, brokers or agents of such Credit Party, such Subsidiary or Affiliate (i) has violated or is in violation of any applicable Anti-Money Laundering Law or (ii) has engaged or engages in any
transaction, investment, undertaking or activity that conceals the identity, source or destination of the proceeds from any category of offenses designated in any applicable law, regulation or other binding measure implementing the “Forty
Recommendations” and “Nine Special Recommendations” published by the Organisation for Economic Co-operation and Development’s Financial Action Task Force on Money Laundering. 

  
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 (c) No Credit Party, none of its Subsidiaries and, to the knowledge of senior management of each
Credit Party, none of its Affiliates and none of the respective officers, directors, brokers or agents of such Credit Party, such Subsidiary or such Affiliate that is acting or benefiting in any capacity in connection with the Loan is an Embargoed
Person. 
 (d) Except as otherwise authorized by OFAC, no Credit Party, none of its Subsidiaries and, to the knowledge of the executive
management of each Credit Party, none of its Affiliates and none of the respective officers, directors, brokers or agents of such Credit Party, such Subsidiary or such Affiliate acting or benefiting in any capacity in connection with the Loan
(i) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Embargoed Person, (ii) deals in, or otherwise engages in any transaction related to, any property or
interests in property blocked pursuant to any applicable Economic Sanctions Laws or (iii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the
applicable prohibitions set forth in any Economic Sanctions Laws. 
 (e) None of the Borrower, any of its Subsidiaries or, to the knowledge
of the Borrower and its Subsidiaries, any director, officer, employee, agent, affiliate or representative thereof, is an individual or entity currently the subject of any Sanctions, nor is the Borrower located, organized or resident in a Designated
Jurisdiction. 
 (f) Each Credit Party and its Subsidiaries is in compliance in all material respects with the Foreign Corrupt Practices Act,
15 U.S.C. §§ 78dd-1, et seq. (“FCPA”), and any foreign counterpart thereto applicable to such Credit Party or such Subsidiary. To the knowledge of senior
management of each Credit Party and its Subsidiaries, no Credit Party or its Subsidiaries has made a payment, offering, or promise to pay, or authorized the payment of, money or anything of value (a) in order to assist in obtaining or retaining
business for or with, or directing business to, any foreign official, foreign political party, party official or candidate for foreign political office, (b) to a foreign official, foreign political party or party official or any candidate for
foreign political office, and (c) with the intent to induce the recipient to misuse his or her official position to direct business wrongfully to such Credit Party or such Subsidiary or to any other Person, in violation of FCPA. 

8.16 Investment Company Act. None of the Borrower or any of its Subsidiaries is an “investment company” within the meaning of
the Investment Company Act of 1940, as amended, required to be registered as such. 
 8.17 Environmental Matters. Except for any
matters that would not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect: 

(a) the Borrower and each of its Subsidiaries is in compliance with all Environmental Laws and the requirements of any permits
issued under such Environmental Laws; 
 (b) there are no pending or, to the knowledge of any Credit Party, threatened
Environmental Claims against the Borrower or any of its Subsidiaries or any Real Property owned, leased or operated by the Borrower or any of its Subsidiaries (including with respect to the foregoing, any such claim arising out of the ownership,
lease or operation by the Borrower or any of its Subsidiaries of any Real Property formerly owned, leased or operated by the Borrower or any of its Subsidiaries); 

(c) there are no facts, circumstances, conditions or occurrences with respect to the business or operations of the Borrower or
any of its Subsidiaries, or any Real Property owned, leased or operated by the Borrower or any of its Subsidiaries (including any Real Property formerly owned, leased or operated by the Borrower or any of its Subsidiaries) that would be reasonably
expected (i) to form the basis of an Environmental Claim against the Borrower or any of its Subsidiaries or (ii) to cause any Real Property owned, leased or operated by the Borrower or any of its Subsidiaries to be subject to any
restrictions on the ownership, lease, occupancy or transferability of such Real Property by the Borrower or any of its Subsidiaries under any Environmental Law; 

  
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 (d) Hazardous Materials have not at any time been generated, used, treated or
stored on, or transported to or from, or Released on or from, any Real Property owned, leased or operated by the Borrower or any of its Subsidiaries where such generation, use, treatment, storage, transportation or Release has (i) violated or
would be reasonably expected to violate any Environmental Law, (ii) give rise to an Environmental Claim or (iii) give rise to liability under any Environmental Law. 

8.18 Labor Relations. Except as set forth in Schedule 8.18 and except to the extent the same has not, either individually or in
the aggregate, had and would not reasonably be expected to have a Material Adverse Effect, (a) there are no strikes, lockouts, slowdowns or other labor disputes pending against the Borrower or any of its Subsidiaries or, to the knowledge of
each Credit Party, threatened against the Borrower or any of its Subsidiaries, (b) to the knowledge of each Credit Party, there are no questions concerning union representation with respect to the Borrower or any of its Subsidiaries,
(c) the hours worked by and payments made to employees of the Borrower or any of its Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Federal, state, local, or foreign law dealing with such matters
and (d) to the knowledge of each Credit Party, no wage and hour department investigation has been made of the Borrower or any of its Subsidiaries. 

8.19 Intellectual Property. The Borrower and each of its Subsidiaries owns or has the right to use all the patents, trademarks, domain
names, service marks, trade names, copyrights, inventions, trade secrets, formulas, proprietary information and know-how of any type, whether or not written (including, but not limited to, rights in computer
programs and databases) (collectively, “Intellectual Property”), necessary for the present conduct of its respective business, without any known conflict with the Intellectual Property rights of others, except for such failures to
own or have the right to use and/or conflicts as have not had, and would not reasonably be expected to have, a Material Adverse Effect. 

8.20 Legal Names; Type of Organization (and Whether a Registered Organization); Jurisdiction of Organization; etc.
Schedules 1 and 2 of the Perfection Certificate contain for each Credit Party, as of the Closing Date, (i) the exact legal name of such Credit Party, (ii) the type of organization of such Credit Party, (iii) whether or not such Credit
Party is a registered organization, (iv) the jurisdiction of organization of such Credit Party, (v) such Credit Party’s Location, (vi) any corporate or organizational names such Credit Party has had in the last five years,
together with the date of the relevant change and (vii) the organizational identification number (if any) of such Credit Party. 
 8.21
EEA Financial Institutions. None of the Credit Parties is an EEA Financial Institution. 
 Section 9. Affirmative
Covenants. The Borrower and each of its Subsidiaries hereby covenants and agrees that on and after the Closing Date and until the Total Revolving Loan Commitments and all Letters of Credit have terminated and the Loans, Notes and Unpaid Drawings
(in each case together with interest thereon), Fees and all other Obligations (other than any indemnification obligations arising hereunder which are not then due and payable and obligations in respect of Designated Interest Rate Protection
Agreements, Designated Hedge Agreements or Designated Treasury Services Agreements) incurred hereunder and thereunder, are paid in full: 

9.01 Information Covenants. The Borrower will furnish to the Administrative Agent for distribution to each Lender: 

(a) Quarterly Financial Statements. Within 45 days after the close of each of the first three quarterly accounting
periods in each fiscal year of the Borrower the consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such quarterly accounting period and the related consolidated statements of operations and income and member’s
equity and statement of cash flows for such quarterly accounting period and for the elapsed portion of the fiscal year ended with the last day of such quarterly accounting period, all of which shall be certified by the chief financial officer of the
general partner of the Borrower that they fairly present in all material respects in accordance with U.S. GAAP the financial condition of the Borrower and its Subsidiaries as of the dates indicated and the results of their operations for the periods
indicated, subject to normal year-end audit adjustments and the absence of footnotes. If the Borrower has filed (within the time period required above) a Form 10-Q with
the SEC for any fiscal quarter described above, then to the extent that such quarterly report on Form 10-Q contains any of the foregoing items, the Lenders shall accept such Form
10-Q in lieu of such items. 

  
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 (b) Annual Financial Statements. Within 90 days after the close of each
fiscal year of the Borrower, (i) the consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year and the related consolidated statements of operations and income and stockholder’s equity and statement
of cash flows for such fiscal year setting forth comparative figures for the preceding fiscal year and comparable forecasted figures for such fiscal year based on the corresponding forecasts delivered pursuant to
Section 9.01(d) or in the case of the fiscal year ending December 31, 2017, delivered to the Administrative Agent prior to the Closing Date and certified, in the case of consolidated financial statements, by KPMG LLP
or other independent certified public accountants of recognized national standing reasonably acceptable to the Administrative Agent, together with an opinion of such accounting firm (which opinion shall be without a “going concern” or like
qualification or exception and without any qualification or exception as to the scope of such audit) which demonstrates that (I) in the course of its regular audit of the financial statements of the Borrower and its Subsidiaries, which audit
was conducted in accordance with generally accepted auditing standards, such accounting firm obtained no knowledge of any Default or Event of Default relating to financial or accounting matters which has occurred and is continuing or, if in the
opinion of such accounting firm such a Default or Event of Default has occurred and is continuing, a statement as to the nature thereof, and (II) such statements fairly present in all material respects in accordance with U.S. GAAP the financial
condition of the Borrower and its Subsidiaries as of the date indicated and the results of their operations and changes in their cash flows for the periods indicated, and (ii) management’s discussion and analysis of the important
operational and financial developments during such fiscal year. If the Borrower has filed (within the time period required above) a Form 10-K with the SEC for any fiscal year described above, then to the
extent that such annual report on Form 10-K contains any of the foregoing items, the Lenders shall accept such Form 10-K in lieu of such items. 

(c) [Reserved]. 

(d) Forecasts. No later than 90 days following the first day of each fiscal year of the Borrower (commencing with the
Borrower’s fiscal year ended December 31, 2018), a forecast in form reasonably satisfactory to the Administrative Agent (including projected statements of income, sources and uses of cash and balance sheets for the Borrower and its
Subsidiaries on a consolidated basis) for each of the fiscal quarters of such fiscal year prepared in detail, with appropriate discussion, the principal assumptions upon which such forecast is based. 

(e) Officer’s Certificates. At the time of the delivery of the Section 9.01 Financials, a compliance
certificate from a Responsible Officer of the Borrower substantially in the form of Exhibit G, certifying on behalf of the Borrower that, to such Responsible Officer’s knowledge after due inquiry, no Default or Event of Default has
occurred and is continuing or, if any Default or Event of Default has occurred and is continuing, specifying the nature and extent thereof, which certificate shall (i) set forth in reasonable detail calculations demonstrating compliance with
Section 10.11 and (ii) certify that there have been no changes to Schedules 1, 2, 3, 7, 9, 10, 11, 12, 14 and 16 of the Perfection Certificate or the latest Perfection Certificate Supplement, in each case since the
Closing Date or, if later, since the date of the most recent certificate delivered pursuant to this Section 9.01(e), or if there have been any such changes, a concurrent Perfection Certificate Supplement evidencing such
changes and whether the Borrower and the other relevant Credit Parties have otherwise taken all actions required to be taken by them pursuant to such Security Documents in connection with any such changes. 

(f) Notice of Default, Litigation and Material Adverse Effect. Promptly after any officer of the Borrower or any of its
Subsidiaries obtains knowledge thereof, notice of (i) the occurrence of any event which constitutes a Default or an Event of Default or any default or event of default under any debt instrument in excess of the Threshold Amount, (ii) any
litigation or governmental investigation or proceeding pending against the Borrower or any of its Subsidiaries (x) which, either individually or in the aggregate, has had, or would reasonably be expected to have, a Material Adverse Effect or
(y) with respect to any Credit Document, (iii) any Casualty Event involving Collateral with a fair market value in excess of $10,000,000 or (iv) any other event, change or circumstance that has had, or would reasonably be expected to
have, a Material Adverse Effect. 

  
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 (g) Other Reports and Filings. Promptly after the filing or delivery
thereof, copies of all financial information, proxy materials and reports, if any, which the Borrower or any of its Subsidiaries shall publicly file with the Securities and Exchange Commission or any successor thereto (the “SEC”).

 (h) Environmental Matters. Promptly after any officer of the Borrower or any of its Subsidiaries obtains knowledge
thereof, notice of one or more of the following environmental matters to the extent that such environmental matters, either individually or when aggregated with all other such environmental matters, would reasonably be expected to have a Material
Adverse Effect: 
 (i) any pending or threatened Environmental Claim against the Borrower or its Subsidiaries or any Real
Property owned, leased or operated by the Borrower or any of its Subsidiaries; 
 (ii) any condition or occurrence on or
arising from any Real Property owned, leased or operated by the Borrower or any of its Subsidiaries that (a) results in noncompliance by the Borrower or any of its Subsidiaries with any Environmental Law or (b) would reasonably be expected
to form the basis of an Environmental Claim against the Borrower or any of its Subsidiaries or any such Real Property; 

(iii) any condition or occurrence on any Real Property owned, leased or operated by the Borrower or any of its Subsidiaries
that could reasonably be expected to cause such Real Property to be subject to any restrictions on the ownership, lease, occupancy, use or transferability by the Borrower or any of its Subsidiaries of such Real Property under any Environmental Law;
and 
 (iv) the taking of any removal or remedial action in response to the actual or alleged presence of any Hazardous
Material on any Real Property owned, leased or operated by the Borrower or any of its Subsidiaries as required by any Environmental Law or any Governmental Authority and all notices received by the Borrower or any of its Subsidiaries from any
Governmental Authority under, or pursuant to, CERCLA which identify the Borrower or any of its Subsidiaries as a potentially responsible party for remediation costs or which otherwise notify the Borrower or any of its Subsidiaries of potential
liability under CERCLA. 
 All such notices shall describe in reasonable detail the nature of the claim, investigation,
condition, occurrence or removal or remedial action and the Borrower’s or such Subsidiary’s response thereto. 

(i) Notices to Holders of Other Indebtedness. Contemporaneously with the sending or filing thereof, the Borrower will
provide to the Administrative Agent for distribution to each of the Lenders, any notices provided to, or received from, holders of other funded Indebtedness, in each case, with a principal amount in excess of the Threshold Amount. 

(j) Other Information. From time to time, such other information or documents (financial or otherwise) with respect to
the Borrower or any of its Subsidiaries as the Administrative Agent or any Lender (through the Administrative Agent) may reasonably request. 

Documents required to be delivered pursuant to Section 9.01(a), (b) or (g) (to the extent any such
documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto
on the Borrower’s website on the Internet; or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a
commercial, third-party website or whether sponsored by the Administrative Agent); provided that: (i) the Borrower shall deliver paper copies of such documents to the Administrative Agent or any Lender upon its request to the Borrower to
deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) the Borrower shall notify the Administrative Agent and each Lender (by facsimile or electronic mail)
of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. The Administrative Agent shall 

  
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have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower
with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Joint Lead Arrangers will make available to the Lenders
materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks 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
Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. The Borrower hereby agrees that it will use
commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (w) all such Borrower Materials 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 Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Joint
Lead Arrangers and the Lenders to treat such Borrower Materials as not containing any material non-public information (although it may be sensitive and proprietary) with respect to the Borrower or its
securities for purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in
Section 13.16); (y) all 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 Joint Lead Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.” 

9.02 Books, Records and Inspections. 

(a) The Borrower will, and will cause each of its Subsidiaries to, keep proper books of record and accounts in which full, true and correct
entries in conformity with U.S. GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities. The Borrower will, and will cause each of its Subsidiaries to, permit officers and designated
representatives of the Administrative Agent or any Lender to visit and inspect, under guidance of officers of the Borrower or such Subsidiary, any of the properties of the Borrower or such Subsidiary and to examine the books of account of the
Borrower or such Subsidiary and discuss the affairs, finances and accounts of the Borrower or such Subsidiary with, and be advised as to the same by, its and their officers and independent accountants, all upon reasonable prior notice and at such
reasonable times and intervals and to such reasonable extent as the Administrative Agent or any such Lender may reasonably request; provided that the Administrative Agent shall give the Borrower an opportunity to participate in any
discussions with its accountants; provided further that in the absence of the existence of an Event of Default, (i) only the Administrative Agent on behalf of the Lenders may exercise the rights of the Administrative Agent and the
Lenders under this Section 9.02 and (ii) the Administrative Agent shall not exercise its inspection rights under this Section 9.02 more often than two times during any fiscal year and only one
such time shall be at the Borrower’s expense; provided, further, however, that when an Event of Default exists, the Administrative Agent or any Lender and their respective designees may do any of the foregoing at the
expense of the Borrower at any time during normal business hours and upon reasonable advance notice. 
 9.03 Maintenance of Property;
Insurance. 
 (a) The Borrower will, and will cause each of its Subsidiaries to, (i) keep all tangible property necessary to the
business of the Borrower and its Subsidiaries in good working order and condition, ordinary wear and tear, casualty and condemnation excepted, (ii) maintain with financially sound and reputable insurance companies insurance on all such property
and against all such risks as is consistent and in accordance with industry practice for companies similarly situated owning similar properties and engaged in similar businesses as the Borrower and its Subsidiaries, which, for the avoidance of
doubt, shall include business interruption, windstorm, liability and property insurance policies and (iii) furnish to the Administrative Agent, upon its request therefor, full information as to the insurance carried. The provisions of this
Section 9.03 shall be deemed supplemental to, but not duplicative of, the provisions of any Security Documents that require the maintenance of insurance. 

  
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 (b) If at any time the improvements on a Mortgaged Property are located in an area identified by
the Federal Emergency Management Agency (or any successor agency) as a special flood hazard area with respect to which flood insurance has been made available under the National Flood Insurance Act of 1968 (as now or hereafter in effect or any
successor act thereto), then the Borrower shall, or shall cause the applicable Credit Party to maintain, with a financially sound and reputable insurer, flood insurance in an amount and otherwise sufficient to comply with all applicable rules and
regulations promulgated pursuant to the Flood Insurance Laws and deliver to the Administrative Agent evidence of such insurance in form and substance reasonably acceptable to the Administrative Agent including, without limitation, evidence of annual
renewals of such insurance. 
 (c) The Borrower will, and will cause each of its Subsidiaries to, at all times keep its property insured in
favor of the Administrative Agent, and all policies or certificates (or certified copies thereof) with respect to such insurance (and any other insurance maintained by the Borrower and/or such Subsidiary) (i) shall be endorsed to the
Administrative Agent’s reasonable satisfaction for the benefit of the Administrative Agent (including, without limitation, by naming the Administrative Agent as loss payee and/or additional insured) and (ii) if agreed by the insurer (which
agreement the Borrower shall use commercially reasonable efforts to obtain), shall state that such insurance policies shall not be canceled without at least 30 days’ prior written notice thereof (or, with respect to non-payment of premiums, 10 days’ prior written notice) by the respective insurer to the Administrative Agent; provided, that the requirements of this Section 9.03(c) shall not
apply to (x) insurance policies covering (1) directors and officers, fiduciary or other professional liability, (2) employment practices liability, (3) workers compensation liability, (4) automobile and aviation liability,
(5) health, medical, dental and life insurance, and (6) such other insurance policies and programs as the Administrative Agent may approve; and (y) self-insurance programs. 

(d) If the Borrower or any of its Subsidiaries shall fail to maintain insurance in accordance with this Section 9.03,
or the Borrower or any of its Subsidiaries shall fail to so endorse and deposit all policies or certificates with respect thereto, after any applicable grace period, the Administrative Agent shall have the right (but shall be under no obligation) to
procure such insurance, and the Credit Parties jointly and severally agree to reimburse the Administrative Agent for all reasonable costs and expenses of procuring such insurance. 

9.04 Existence; Franchises. The Borrower will, and will cause each of its Subsidiaries to, do or cause to be done, all things necessary
to preserve and keep in full force and effect its existence, and, in the case of the Borrower and its Subsidiaries, its and their rights, franchises, licenses, permits, leases, easements and Intellectual Property, in each case to the extent
material; provided, however, that nothing in this Section 9.04 shall prevent (i) sales of assets and other transactions by the Borrower or any of its Subsidiaries in accordance with Sections 10.02
and 10.10, (ii) the abandonment by the Borrower or any of its Subsidiaries of any rights, franchises, licenses, permits, leases, easements or Intellectual Property that the Borrower reasonably determines are no longer material to the
operations of the Borrower and its Subsidiaries taken as a whole, or (iii) the withdrawal by the Borrower or any of its Subsidiaries of its qualification as a foreign corporation, partnership or limited liability company, as the case may be, in
any jurisdiction if such withdrawal would not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

9.05 Compliance with Statutes, etc. The Borrower will, and will cause each of its Subsidiaries to, comply with all applicable statutes,
regulations and orders of, and all applicable restrictions imposed by, all governmental bodies, domestic or foreign, in respect of the conduct of its business and the ownership of its property (including ERISA and applicable statutes, regulations,
orders and restrictions relating to environmental standards and controls), except such noncompliance as would not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

9.06 Compliance with Environmental Laws. 

(a) The Borrower will comply, and will cause each of its Subsidiaries to comply, with all Environmental Laws and permits applicable to, or
required by, the ownership, lease or use of Real Property now or hereafter owned, leased or operated by the Borrower or any of its Subsidiaries, except such noncompliance as would not, either individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect, and will promptly pay or cause to be paid all costs and expenses incurred in connection with such compliance, and will keep or cause to be kept all such Real Property free and clear of any Liens imposed pursuant to
such Environmental Laws (other than Liens imposed on leased Real Property resulting from the acts or omissions of the owner of such leased Real 

  
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Property or of other tenants of such leased Real Property who are not within the control of the Borrower). Except as have not had, and would not reasonably be expected to have, a Material Adverse
Effect, neither the Borrower nor any of its Subsidiaries will generate, use, treat, store, Release or dispose of, or permit the generation, use, treatment, storage, Release or disposal of Hazardous Materials on, at, under, about or within any Real
Property now or hereafter owned, leased or operated by the Borrower or transport or permit the transportation of Hazardous Materials to or from any such Real Property, except for Hazardous Materials generated, used, treated, stored, Released or
disposed of on, at, under, about or within any such Real Property or transported to or from such Real Property in compliance with Environmental Laws. 

(b) (i) After the receipt by the Administrative Agent or any Lender of any notice of the type described in
Section 9.01(h), (ii) at any time that the Borrower or any of its Subsidiaries is not in compliance with Section 9.06(a) or (iii) at any time when an Event of Default with respect to any
environmental matter is in existence, the Credit Parties will (in each case) jointly and severally provide, at the written request of the Administrative Agent, an environmental assessment report concerning any Mortgaged Property owned, leased or
operated by the Borrower or any of its Subsidiaries (in the event of (i) or (ii) that is the subject of or could reasonably be expected to be the subject of such notice or noncompliance), prepared by an environmental consulting firm reasonably
approved by the Administrative Agent, indicating the nature and scope of such environmental matter(s) and the reasonable worst case cost of addressing the matter(s) in accordance with Environmental Law. If the Credit Parties fail to provide the same
within 30 days after such request was made, the Administrative Agent may order the same, the reasonable cost of which shall be borne (jointly and severally) by the Borrower, and the Credit Parties shall grant and hereby grant to the Administrative
Agent and the Lenders and their respective agents access to such Mortgaged Property and specifically grant the Administrative Agent and the Lenders an irrevocable non-exclusive license to undertake such an
assessment at any reasonable time upon reasonable notice to the Borrower, all at the sole expense of the Credit Parties (who shall be jointly and severally liable therefor). 

9.07 ERISA. As soon as possible and, in any event, within ten (10) Business Days after the Borrower or any Subsidiary of the
Borrower knows of the occurrence of any of the following, the Borrower will deliver to the Administrative Agent a certificate of the Borrower setting forth the full details as to such occurrence and the action, if any, that the Borrower, such
Subsidiary or an ERISA Affiliate is required or proposes to take, together with any notices required or proposed to be given or filed by the Borrower, such Subsidiary, the Plan administrator or such ERISA Affiliate to or with the PBGC or any other
Governmental Authority or a Plan participant and any notices received by the Borrower, such Subsidiary or such ERISA Affiliate from the PBGC or any other Governmental Authority or a Plan participant with respect thereto: that (a) an ERISA Event
has occurred that is reasonably expected to result in a Material Adverse Effect; (b) there has been an increase in Unfunded Pension Liabilities since the date the representations hereunder are given, or from any prior notice, as applicable, in
either case, which is reasonably expected to result in a Material Adverse Effect; (c) there has been an increase in the estimated withdrawal liability under Section 4201 of ERISA, if the Borrower, any Subsidiary of the Borrower and the
ERISA Affiliates were to withdraw completely from any and all Multiemployer Plans which is reasonably expected to result in a Material Adverse Effect or (d) the Borrower, any Subsidiary of the Borrower or any ERISA Affiliate adopts, or
commences contributions to, any Plan subject to Section 412 of the Code, or adopts any amendment to a Plan subject to Section 412 of the Code which is reasonably expected to result in a Material Adverse Effect. The Borrower will also
deliver to the Administrative Agent, upon request by the Administrative Agent, a complete copy of the most recent annual report (on Internal Revenue Service Form 5500-series, including, to the extent required, the related financial and actuarial
statements and opinions and other supporting statements, certifications, schedules and information) filed with the Internal Revenue Service or other Governmental Authority of each Plan that is maintained or sponsored by the Borrower or a Subsidiary.

 9.08 End of Fiscal Years; Fiscal Quarters. The Borrower will cause (i) each of its, and each of its Subsidiaries’, fiscal
years to end on December 31 of each year and (ii) each of its, and each of its Subsidiaries’, fiscal quarters to end on March 31, June 30, September 30 and December 31 of each year. 

9.09 Performance of Obligations. The Borrower will, and will cause each of its Subsidiaries to, perform all of its obligations under the
terms of each mortgage, indenture, security agreement, loan agreement or credit agreement and each other agreement, contract, lease, easement or instrument by which it is bound, except such non-performances
as, individually and in the aggregate, have not had, and would not reasonably be expected to have, a Material Adverse Effect. 

  
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 9.10 Payment of Taxes. 

(a) The Borrower will pay and discharge, and will cause each of its Subsidiaries’ to pay and discharge, all material Taxes imposed upon it
(including in its capacity as withholding agent) or upon its income or profits or upon any properties owned by it or leased (if payment of Taxes is required by the applicable lease agreement) to it, prior to the date on which penalties attach
thereto, and all material lawful claims which, if unpaid, might become a Lien or charge upon any properties of the Borrower or any of its Subsidiaries not otherwise permitted under Section 10.01(i); provided that
none of the Borrower or any of its Subsidiaries shall be required to pay any such Tax which is being contested in good faith and by appropriate proceedings if it has maintained adequate reserves with respect thereto in accordance with U.S. GAAP.

 (b) The Borrower will promptly notify the Administrative Agent and each Lender in writing of any event or change in circumstance that
results in the Borrower being subject to U.S. federal income tax as a corporation (pursuant to Section 7704 of the Code or otherwise). 

9.11 Use of Proceeds. The Borrower will use the proceeds of the Loans and Letters of Credit only as provided in
Section 8.08. 
 9.12 Additional Security; Further Assurances; etc. 

(a) The Borrower will and will cause each of the Subsidiaries of the Borrower (other than Excluded Subsidiaries) to grant to the Administrative
Agent for the benefit of the Guaranteed Creditors security interests and Mortgages in such assets and properties of the Borrower and such other Credit Parties that are Subsidiaries of the Borrower as are not covered by the Security Documents to
which it is a party on the Closing Date and as may be reasonably requested from time to time by the Administrative Agent or the Required Lenders (collectively, as may be amended, modified or supplemented from time to time, the “Additional
Security Documents”), in each case, except for those assets and properties expressly excluded pursuant to the Security Documents (including in respect of Excluded Property (as defined in the Security Agreement)). All such security interests
and Mortgages shall be granted pursuant to documentation reasonably satisfactory in form and substance to the Administrative Agent and (subject to exceptions as are reasonably acceptable to the Administrative Agent and solely to the extent required
hereunder or by the applicable Security Documents) shall constitute, upon taking all necessary perfection action (which the Credit Parties agree to promptly take) valid and enforceable perfected security interests and Mortgages (except to the extent
that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought
in equity or at law)), subject to no other Liens except for Permitted Collateral Liens. The Additional Security Documents or instruments related thereto shall be duly recorded or filed in such manner and in such places as are required by law to
establish, perfect, preserve and protect (subject to exceptions as are reasonably acceptable to the Administrative Agent and solely to the extent required hereby or by the applicable Security Documents) the Liens in favor of the Administrative Agent
required to be granted pursuant to the Additional Security Documents and all Taxes, fees and other charges payable in connection therewith shall be paid in full by the Credit Parties. 

(b) With respect to any person that is or becomes a Subsidiary of the Borrower (other than an Excluded Subsidiary), the Borrower or the
applicable Credit Party will (i) deliver to the Administrative Agent, on the date of formation of such Subsidiary, the certificates, if any, representing all of the Equity Interests of such Subsidiary, together with undated stock powers or
other appropriate transfers duly executed in blank, (ii) cause such Subsidiary, on or prior to the date of its formation, to (A) execute and deliver a Guaranty in form and substance reasonably acceptable to the Administrative Agent to
become a Guarantor, (B) execute and deliver a joinder agreement to the Security Agreement in form and substance reasonably acceptable to the Administrative Agent to become a grantor thereunder and pledge all of the assets and Equity Interests
held by it, and (C) take all actions reasonably necessary or advisable to cause the Lien created by the Security Agreement to be duly perfected to the extent required by the Security Agreement in accordance with all applicable requirements of
law, including the filing of financing statements in such jurisdictions as may be reasonably requested by the Administrative Agent and (iii) at the request of the Administrative Agent, deliver to the Administrative Agent a signed copy of an
opinion, addressed to the Administrative Agent and the other Lenders, of counsel to the Credit Parties reasonably acceptable to the Administrative Agent as to such matters set forth in this Section 9.12(b) as the
Administrative Agent may reasonably request. 

  
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 (c) Each Credit Party will, at the expense of the Borrower, make, execute, endorse, acknowledge,
file and/or deliver to the Administrative Agent, promptly (but in any event within the time periods set forth in Section 9.13 or such longer period as the Administrative Agent may reasonably agree), upon the reasonable
request of the Administrative Agent, at Borrower’s expense, any document or instrument supplemental to or confirmatory of the Security Documents, including
“Life-of-Loan” flood hazard determinations and if applicable, executed Notices to Borrower and evidence of flood insurance, mortgagee title policies, surveys,
opinions of counsel, or otherwise deemed by the Administrative Agent reasonably necessary for the continued validity, perfection and priority of the Liens on the Collateral covered thereby subject to no other Liens except for Permitted Collateral
Liens or as otherwise permitted by the applicable Security Document. 
 (d) [Reserved]. 

(e) Each Credit Party agrees that each action required by clauses (a), (b) and (c) of this Section 9.12 shall be
completed as soon as reasonably practicable, but in no event later than 90 days (10 days in the case of clause (b)) after such action is required to be taken pursuant to such clauses or requested to be taken by the Administrative Agent or the
Required Lenders (or such longer period as the Administrative Agent shall otherwise agree), as the case may be; provided that, in no event will the Borrower or any other Credit Party be required to take any action, other than using its
commercially reasonable efforts, to obtain consents from third parties with respect to its compliance with this Section 9.12. 

9.13 Post-Closing Actions. The Borrower agrees that it will, or will cause its relevant Subsidiaries to, complete each of the actions
described on Schedule 9.13 as soon as commercially reasonable and by no later than the date set forth in Schedule 9.13 with respect to such action or such later date as the Administrative Agent may reasonably agree. 

9.14 [Reserved]. 
 9.15
Credit Ratings. The Borrower shall use commercially reasonable efforts to maintain (i)(x) a corporate family rating from Moody’s and (y) a corporate credit rating from S&P and/or Fitch, in each case, with respect to the
Borrower, and (y)(i) a credit rating from Moody’s and (y) a credit rating from S&P and/or Fitch, in each case, with respect to the Initial Term Loans incurred pursuant to this Agreement, in all cases, but not a specific rating. 

Section 10. Negative Covenants. The Borrower and each of its Subsidiaries hereby covenant and agree that on and after the Closing
Date and until the Total Revolving Loan Commitments and all Letters of Credit have terminated and the Loans, Notes and Unpaid Drawings (in each case, together with interest thereon), Fees and all other Obligations (other than any indemnification
obligations arising hereunder which are not then due and payable and obligations in respect of Designated Interest Rate Protection Agreements, Designated Hedge Agreements or Designated Treasury Services Agreements) incurred hereunder and thereunder,
are paid in full: 
 10.01 Liens. The Borrower will not, and will not permit any of its Subsidiaries to, create, incur, assume or
suffer to exist any Lien upon or with respect to any property or assets (real or personal, tangible or intangible) of the Borrower or any of its Subsidiaries, whether now owned or hereafter acquired, or sell accounts receivable with recourse to the
Borrower or authorize the filing of any financing statement under the UCC with respect to any Lien or any other similar notice of any Lien under any similar recording or notice statute; provided that the provisions of this
Section 10.01 shall not prevent the creation, incurrence, assumption or existence of, or any filing in respect of, the following (Liens described below are herein referred to as “Permitted Liens”): 

(i) Liens for Taxes, assessments or governmental charges or levies not overdue or Liens for Taxes being contested in good faith
and by appropriate proceedings, which proceedings have the effect of preventing the forfeiture or sale of the property or assets and for which adequate reserves have been established in accordance with U.S. GAAP (or, for Foreign Subsidiaries, in
conformity with generally accepted accounting principles that are applicable in their respective jurisdiction of organization); 

  
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 (ii) Liens in respect of property or assets of the Borrower or its Subsidiaries
imposed by law, which were incurred in the ordinary course of business and do not secure Indebtedness for borrowed money, such as carriers’, warehousemen’s, contractors’, materialmen’s and mechanics’ liens and other similar
Liens arising in the ordinary course of business not overdue or which are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing the forfeiture or sale of the property or assets and for which
adequate reserves have been established in accordance with U.S. GAAP (or, for Foreign Subsidiaries, in conformity with generally accepted accounting principles that are applicable in their respective jurisdiction of organization); 

(iii) Liens in existence on the Closing Date which are listed, and the property subject thereto described, in Schedule
10.01(iii), plus modifications, renewals, replacements, refinancings and extensions of such Liens, provided that (x) the aggregate principal amount of the Indebtedness, if any, secured by such Liens does not increase from that amount
outstanding at the time of any such modification, refinancing, renewal, replacement or extension, plus accrued and unpaid interest and cash fees and expenses (including premium) incurred in connection with such modification, refinancing, renewal,
replacement or extension and (y) any such modification, refinancing, renewal, replacement or extension does not encumber any additional assets or properties of the Borrower or any of its Subsidiaries (other than after-acquired property that is
affixed or incorporated into the property encumbered by such Lien on the Closing Date and the proceeds and products thereof) unless such Lien is permitted under the other provisions of this Section 10.01; 

(iv) Liens created pursuant to the Credit Documents; 

(v) Leases, subleases, licenses or sublicenses (including licenses or sublicenses of Intellectual Property) under which the
applicable Credit Party is the lessor, sublessor, licensor or sublicensor, granted to other Persons (i) not materially interfering with the conduct of the business of the Borrower, (ii) not materially impairing the value or marketability
of any Real Property affected thereby and (iii), in the case of Mortgaged Property, subordinate in all respects to the Liens of the Security Documents; 

(vi) Liens upon assets of the Borrower or any of its Subsidiaries subject to Capitalized Lease Obligations to the extent such
Capitalized Lease Obligations are permitted by Section 10.04(iii), provided that (x) such Liens serve only to secure the payment of Indebtedness and/or other monetary obligations arising under such Capitalized
Lease Obligation and (y) the Lien encumbering the asset or assets giving rise to such Capitalized Lease Obligation does not encumber any asset of the Borrower or any of its Subsidiaries other than the proceeds of the assets giving rise to such
Capitalized Lease Obligations; 
 (vii) Liens placed upon equipment, machinery or other fixed assets acquired or constructed
after the Closing Date and used in the ordinary course of business of the Borrower or any of its Subsidiaries and placed at the time of the acquisition or construction thereof by the Borrower or such Subsidiary or within 270 days thereafter to
secure Indebtedness incurred to pay all or a portion of the purchase or construction price thereof or to secure Indebtedness incurred solely for the purpose of financing the acquisition or construction of any such equipment, machinery or other fixed
assets or extensions, renewals or replacements of any of the foregoing for the same or a lesser amount, provided that (x) the Indebtedness secured by such Liens is permitted by Section 10.04(iii) and (y) in
all events, the Lien encumbering the equipment, machinery or other fixed assets so acquired or constructed does not encumber any other asset of the Borrower or such Subsidiary; provided that individual financings of equipment provided by one
lender may be cross collateralized to other financings of equipment provided by such lender on customary terms; 
 (viii)
easements, rights-of-way, restrictions (including zoning restrictions), encroachments, protrusions and other similar charges or encumbrances and minor title deficiencies
with respect to the Real Property owned, leased or operated by the Borrower or any of its Subsidiaries, which in the aggregate do not materially interfere with the conduct of the business of the Borrower or any of its Subsidiaries or materially
impair the value or marketability of such Real Property; 
 (ix) Liens arising from precautionary UCC or other similar
financing statement filings regarding operating leases or consignments entered into in the ordinary course of business; 

  
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 (x) attachment and judgment Liens, to the extent and for so long as the
underlying judgments and decrees do not constitute an Event of Default pursuant to Section 11.09; 

(xi) statutory and common law landlords’ liens under leases to which the Borrower or any of its Subsidiaries is a party as
the tenant or lessee; 
 (xii) Liens (other than Liens imposed under ERISA) incurred in the ordinary course of business in
connection with workers’ compensation claims, unemployment insurance and social security benefits and Liens securing the performance of bids, tenders, leases and contracts in the ordinary course of business, statutory obligations, surety, stay,
customs or appeal bonds, performance bonds and other obligations of a like nature (including (i) those to secure health, safety and environmental obligations and (ii) those required or requested by any Governmental Authority other than
letters of credit) incurred in the ordinary course of business; 
 (xiii) Permitted Encumbrances; 

(xiv) Liens securing Indebtedness permitted under Section 10.04(xvi) and (xvii), which may be
secured equally and ratably with the Obligations on a pari passu or junior Lien basis pursuant to an intercreditor agreement on terms prevailing on the date thereof for similar intercreditor agreements as reasonably determined by the
Administrative Agent; 
 (xv) deposits or pledges to secure bids, tenders, contracts (other than contracts for the repayment
of borrowed money), leases, statutory obligations, surety, stay, customs and appeal bonds and other obligations of like nature (including (i) those to secure health, safety and environmental obligations and (ii) those required or requested
by any Governmental Authority other than letters of credit), and as security for the payment of rent, in each case arising in the ordinary course of business; 

(xvi) any interest or title of a lessor, sublessor, licensee, sublicensee, licensor or sublicensor under any lease, sublease,
license or sublicense agreement (including software and other technology licenses) under which the applicable Credit Party is the lessee, tenant, sublessee, subtenant, licensee or sublicensee in the ordinary course of business; 

(xvii) Liens (i) of a collection bank arising under Section 4-210 of the UCC
on items in the course of collection, (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course of business and (iii) in favor of a banking or other financial institution arising
as a matter of law or under customary general terms and conditions encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry; 

(xviii) Liens that are contractual rights of set-off relating to the establishment of
depository relations with banks or other financial institutions not given in connection with the incurrence or issuance of Indebtedness; 

(xix) (i) zoning, building, entitlement and other land use regulations by Governmental Authorities with which the normal
operation of the business of the Borrower complies, and (ii) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any Real Property that does not materially interfere with the
ordinary conduct of the business of the Borrower; 
 (xx) Liens on assets of
non-Credit Parties securing Indebtedness of non-Credit Parties permitted to be incurred pursuant to Section 10.04(xv); 

(xxi) Liens on property or assets acquired pursuant to a Permitted Acquisition, or on property or assets of a Subsidiary of the
Borrower in existence at the time such Subsidiary is acquired pursuant to a Permitted Acquisition, provided that (x) any Indebtedness that is secured by such Liens is permitted to exist under Section 10.04, and
(y) such Liens are not incurred in connection with, or in contemplation or anticipation of, such Permitted Acquisition and do not attach to any other asset of the Borrower or any of its Subsidiaries;

  
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and any extensions, renewals and replacements thereof so long as the aggregate principal amount of the Indebtedness secured by such Liens does not increase from that amount outstanding at the
time of any such extension, renewal or replacement, plus accrued and unpaid interest and cash fees and expenses (including premium) incurred in connection with such renewal, replacement or extension, and such extension, renewal or replacement does
not encumber any asset or properties of the Borrower or any of its Subsidiaries other than the proceeds of the assets subject to such Lien; 

(xxii) Liens on insurance policies and the proceeds thereof (whether accrued or not) and rights or claims against an insurer,
in each case securing insurance premium financings permitted under Section 10.04(xviii); 
 (xxiii)
Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business; 

(xxiv) Liens attaching solely to cash earnest money deposits in connection with any letter of intent or purchase agreement in
connection with a Permitted Acquisition or other Investment permitted hereunder; 
 (xxv) so long as no Default has occurred
and is continuing at the time of granting such Liens, Liens on cash deposits in an aggregate amount not to exceed $10,000,000 securing any Interest Rate Protection Agreement or Hedge Agreement permitted hereunder; 

(xxvi) Liens on cash or Cash Equivalents (and the related escrow accounts) in connection with the issuance into (and pending
release from) escrow of any Refinancing Notes; 
 (xxvii) any encumbrances or restrictions (including, without limitation,
put and call agreements) with respect to the Equity Interests of any joint venture expressly permitted by the terms of this Agreement arising pursuant to the agreement evidencing such joint venture; 

(xxviii) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in
connection with the importation of goods in the ordinary course of business; 
 (xxix) Liens on receivables, inventory and
related assets including proceeds thereof pursuant to factoring arrangements entered into in the ordinary course of business or other factoring arrangements permitted by Section 10.04(xiv); 

(xxx) Liens not otherwise permitted by the foregoing clauses (i) through (xxix), to the extent attaching to properties and
assets with an aggregate fair market value not in excess of, and securing liabilities not in excess of $30,000,000 in the aggregate at any time outstanding. 

In connection with the granting of Liens of the type described in this Section 10.01 by the Borrower or any of its Subsidiaries, the
Administrative Agent shall, and shall be authorized to, take any actions deemed appropriate by it in connection therewith (including, without limitation, by executing appropriate lien releases or lien subordination agreements in favor of the holder
or holders of such Liens, in either case solely with respect to the item or items of equipment or other assets subject to such Liens). 

10.02 Fundamental Changes. The Borrower will not, and will not permit any of its Subsidiaries to, merge, dissolve, liquidate,
consolidate with or into another Person, wind-up or dissolve itself (or suffer any liquidation or dissolution), except: 

(i) any Investment permitted by Section 10.05 may be structured as a merger, consolidation or
amalgamation; and 

  
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 (ii) (w) any Domestic Subsidiary of the Borrower may be merged,
consolidated, dissolved, amalgamated or liquidated with or into the Borrower (so long as the surviving Person of such merger, consolidation, dissolution, amalgamation or liquidation is a corporation, limited liability company or limited partnership
organized or existing under the laws of the United States of America, any State thereof or the District of Columbia and, if such surviving Person is not the Borrower, such Person expressly assumes, in writing, all the obligations of the Borrower
under the Credit Documents pursuant to an assumption agreement in form and substance reasonably satisfactory to the Administrative Agent) or any Guarantor (so long as the surviving Person of such merger, consolidation, dissolution, amalgamation or
liquidation is a Wholly-Owned Domestic Subsidiary of the Borrower, is a corporation, limited liability company or limited partnership and is or becomes a Guarantor concurrently with such merger, consolidation
or liquidation), (x) any Foreign Subsidiary of the Borrower may be merged, consolidated, dissolved, amalgamated or liquidated with or into any Wholly-Owned Foreign Subsidiary of the Borrower or any Wholly-Owned Domestic Subsidiary of the Borrower
that is an Excluded Subsidiary, so long as such Wholly-Owned Foreign Subsidiary or such Excluded Subsidiary, as applicable, is the surviving corporation of such merger, consolidation, dissolution, amalgamation or liquidation and (y) any Foreign
Subsidiary of the Borrower may be merged, consolidated, dissolved, amalgamated or liquidated with or into any Credit Party (so long as such Credit Party is the surviving corporation of such merger, consolidation, dissolution, amalgamation or
liquidation); provided that any such merger, consolidation, dissolution, amalgamation or liquidation shall only be permitted pursuant to this clause (vii), so long as (I) no Default and no Event of Default then exists or would exist
immediately after giving effect thereto and (II) any security interests granted to the Administrative Agent for the benefit of the Guaranteed Creditors in the assets (and Equity Interests) of any such Person subject to any such transaction
shall remain in full force and effect and perfected and enforceable (to at least the same extent as in effect immediately prior to such merger, consolidation, amalgamation or liquidation). 

10.03 Dividends. The Borrower will not, and will not permit any of its Subsidiaries to, authorize, declare or pay any Dividends with
respect to the Borrower or any of its Subsidiaries, except that: 
 (i) [reserved]; 

(ii) the Borrower may pay cash Dividends or other distributions, or make loans or advances to, any Parent Company or the equity
interest holders thereof in amounts required for any Parent Company or the equity interest holders thereof to pay, in each case without duplication: 

(A) U.S. franchise Taxes (and other fees and expenses) required to maintain their corporate existence to the extent such Taxes,
fees and expenses are reasonably attributable to the operations of the Borrower; 
 (B) with respect to any taxable year (or
portion thereof) ending after the Closing Date with respect to which the Borrower is a partnership or disregarded entity for U.S. federal income tax purposes an amount reasonably necessary to enable any direct or indirect owners of the Borrower,
including its Parent Company, to pay any U.S. federal, state and/or local income Taxes attributable to the income of the Borrower and/or its Subsidiaries, as applicable; and 

(C) customary salary, bonus and other benefits payable to officers and employees of any Parent Company to the extent such
salaries, bonuses and other benefits are reasonably attributable to the ownership or operations of the Borrower and its Subsidiaries in an aggregate amount not to exceed $15,000,000 after the Closing Date; 

(iii) the Borrower may pay cash Dividends to any Parent Company so long as the proceeds thereof are promptly used by such
Parent Company to pay general corporate operating and overhead costs and expenses (including administrative, legal, accounting and similar expenses provided by third parties) of such Parent Company to the extent such costs and expenses are
reasonably attributable to the ownership or operations of the Borrower and its Subsidiaries; 
 (iv) the Borrower may pay
cash Dividends to any Parent Company in an unlimited amount; provided that, in each case, (A) no Event of Default shall have occurred and be continuing and (B) Borrower shall be in compliance with the Financial Covenants on a Pro
Forma Basis for the most recently completed four fiscal quarter period (calculated based on audited or reviewed financial statements, or to the extent such financials are not available for the most recent fiscal quarter, certified internal
management accounts for such quarter); 

  
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 (v) the Borrower may engage in the Transactions; 

(vi) any Subsidiary of the Borrower may pay Dividends or return capital or make distributions and other similar payments with
regard to its Equity Interests to the Borrower or to other Subsidiaries of the Borrower which directly or indirectly own equity therein; 

(vii) any non-Wholly-Owned Subsidiary of the Borrower may declare and pay cash
Dividends to its shareholders generally so long as the Borrower or its Subsidiary which owns the Equity Interests in the Subsidiary paying such Dividends receives at least its proportionate share thereof (based upon its relative holding of the
Equity Interests in the Subsidiary paying such Dividends and taking into account the relative preferences, if any, of the various classes of Equity Interests of such Subsidiary); 

(viii) so long as no Default or Event of Default exists at the time of the applicable Dividend, redemption or repurchase or
would exist immediately after giving effect thereto, the Borrower may pay cash Dividends to any Parent Company to allow such Parent Company to pay cash dividends to any other Parent Company to redeem or repurchase, contemporaneously with such
Dividend, Equity Interests of such Parent Company from management, employees, officers and directors (and their successors and assigns) of any Parent Company, the Borrower and its Subsidiaries; provided that (A) the aggregate amount of
Dividends made by the Borrower to such Parent Company pursuant to this clause (viii), and the aggregate amount paid by such Parent Company in respect of all such Equity Interests so redeemed or repurchased shall not (net of any cash proceeds
received by any Parent Company (but in no event from any Initial Public Offering) from issuances of its Equity Interests and contributed to the Borrower in connection with such redemption or repurchase), in either case, exceed either (x) during
any fiscal year of the Borrower, $7,500,000 (provided that subject to the immediately succeeding clause (y), the amount of cash Dividends permitted to be, but not, paid in any fiscal year pursuant to this clause (viii) shall increase the
amount of cash Dividends permitted to be paid in any succeeding fiscal year pursuant to this clause (iii)) or (y) for all periods after the Closing Date (taken as a single period), $25,000,000; (B) such amount in any calendar year may be
increased by an amount not to exceed: (I) the cash proceeds of key man life insurance policies received by the Borrower or any of its Subsidiaries after the Closing Date; plus (II) the net proceeds from the sale of Equity Interests
of any Parent Company, in each case to members of management, managers, directors or consultants of any Parent Company or any of its Subsidiaries that occurs after the Closing Date, where the net proceeds of such sale are received by or contributed
to the Borrower; less (III) the amount of any Dividends previously made with the cash proceeds described in the preceding clause (I); and (C) cancellation of Indebtedness owing to the Borrower from members of management, officers,
directors, employees of the Borrower or any of its Subsidiaries in connection with a repurchase of Equity Interests of any Parent Company will not be deemed to constitute a Dividend for purposes of this Agreement; 

(ix) the Borrower may pay reasonable and customary indemnities to directors, officers and employees of any Parent Company in
the ordinary course of business, to the extent reasonably attributable to the ownership or operation of the Borrower and its Subsidiaries; 

(x) the Borrower may pay cash Dividends to any Parent Company so long as the proceeds thereof are promptly used by such Parent
Company for payment of obligations under or in respect of director and officer insurance policies to the extent reasonably attributable to the ownership or operation of the Borrower and its Subsidiaries; 

(xi) the Borrower and each Subsidiary may declare and make dividend payments or other distributions payable solely in the
Equity Interests of such Person so long as in the case of dividend or other distribution by a Subsidiary, the Borrower or a Subsidiary receives at least its pro rata share of such dividend or distribution; 

(xii) the Borrower may make payments with the cash proceeds contributed to its common equity from the net cash proceeds of any
equity issuance by any Parent Company, so long as, with respect to any such payments, no Event of Default shall have occurred and be continuing or would result therefrom; and 

  
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 (xiii) the Borrower and any Subsidiary may pay dividends and distributions within
60 days after the date of declaration thereof, if at the date of declaration of such payment, such payment would have complied with another provision of this Section 10.03. 

10.04 Indebtedness. The Borrower will not, and will not permit any of its Subsidiaries to, contract, create, incur, assume or suffer to
exist any Indebtedness, except: 
 (i) Indebtedness incurred pursuant to this Agreement and the other Credit Documents; 

(ii) Indebtedness under Interest Rate Protection Agreements entered into with respect to other Indebtedness permitted under
this Section 10.04 so long as the entering into of such Interest Rate Protection Agreements are bona fide hedging activities and are not for speculative purposes; 

(iii) Indebtedness of the Borrower and its Subsidiaries evidenced by Capitalized Lease Obligations and purchase money
Indebtedness (including obligations in respect of mortgages, industrial revenue bonds, industrial development bonds and similar financings) described in Section 10.01(vii); provided that in no event shall the
aggregate principal amount of Capitalized Lease Obligations and the principal amount of all such Indebtedness incurred or assumed in each case after the Closing Date permitted by this clause (iii) exceed $7,500,000 at any one time outstanding;

 (iv) (a) Indebtedness of any Credit Party to another Credit Party, (b) Indebtedness of any Subsidiary that is
not a Credit Party to the Borrower or any Subsidiary and (c) Indebtedness of the Borrower or any other Credit Party to a Subsidiary that is not a Credit Party; provided that (A) any such Indebtedness owing by any Credit Party to any
Subsidiary that is not a Credit Party, shall be unsecured and subordinated in right of payment to the Obligations on terms customary for intercompany subordinated Indebtedness, as reasonably determined by the Administrative Agent and shall not
exceed $10,000,000 aggregate principal amount at any time outstanding; (B) any such Indebtedness owing to any Credit Party, if evidenced by a promissory note, shall be pledged pursuant to and in accordance with, and if required by, the Security
Agreement and (C) any such Indebtedness owing by any Subsidiary that is not a Credit Party to any Credit Party shall be incurred in compliance with Section 6.04; 

(v) Indebtedness outstanding on the Closing Date and listed on Schedule 10.04(v) (“Existing
Indebtedness”) and any subsequent extension, renewal or refinancing thereof; provided that the aggregate principal amount of the Indebtedness to be extended, renewed or refinanced does not increase from that amount outstanding at the
time of any such extension, renewal or refinancing, plus accrued and unpaid interest and cash fees and expenses (including premium) incurred in connection with such renewal, replacement or extension; provided, however, that such
refinancing Indebtedness: (x) has a Weighted Average Life to Maturity at the time such refinancing Indebtedness is incurred which is not less than the remaining Weighted Average Life to Maturity of the Indebtedness being extended, renewed or
refinanced; (y) to the extent such refinancing Indebtedness extends, renews or refinances Indebtedness subordinated or pari passu to the Obligations, such refinancing Indebtedness is subordinated or pari passu to the Obligations at least to the
same extent as the Indebtedness being extended, renewed or refinanced and (z) shall not include Indebtedness of a Subsidiary of the Borrower that is not a Guarantor that refunds, refinances, replaces, renews, extends or defeases Indebtedness of
the Borrower or a Guarantor; 
 (vi) Investments (including guarantees) permitted under
Section 10.05 to the extent constituting Indebtedness; 
 (vii) Indebtedness incurred in the
ordinary course of business in respect of netting services, overdraft protections, employee credit card programs, automatic clearinghouse arrangements and other similar services in connection with cash management and deposit accounts and
Indebtedness in connection with the honoring of a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business, including in each case, obligations under any Treasury
Services Agreements; 

  
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 (viii) Indebtedness in respect of Hedge Agreements so long as the entering into
of such Hedge Agreements are bona fide hedging activities and are not for speculative purposes; 
 (ix) Contingent
Obligations for customs, stay, performance, appeal, judgment, replevin and similar bonds and suretyship arrangements, and completion guarantees and other obligations of a like nature, all in the ordinary course of business; 

(x) Contingent Obligations to insurers required in connection with worker’s compensation and other insurance coverage
incurred in the ordinary course of business; 
 (xi) Indebtedness arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business, provided that such Indebtedness is extinguished within two Business Days of its incurrence; 

(xii) (x) severance, pension and health and welfare retirement benefits or the equivalent thereof to current and former
employees of the Borrower or its Subsidiaries incurred in the ordinary course of business, and (y) Indebtedness representing deferred compensation or stock-based compensation to employees of the Borrower or its Subsidiaries; 

(xiii) additional Indebtedness of the Borrower and its Subsidiaries not to exceed $30,000,000 in aggregate principal amount
outstanding at any time; 
 (xiv) Indebtedness in connection with factoring arrangements either in the ordinary course of
business or otherwise in an amount not to exceed $30,000,000 at any one time outstanding; 
 (xv) Indebtedness of
Subsidiaries of the Borrower that are not Guarantors not to exceed $2,500,000 in aggregate principal amount outstanding at any time; 

(xvi) Indebtedness incurred by the Borrower and/or any Guarantor consisting of (a) securities that are either unsecured or
secured by Liens ranking junior to or pari passu with the Liens securing the Obligations or (b) term loans that are either unsecured or secured by Liens ranking junior to the Liens securing the Obligations, and the aggregate
principal amount of which, taken together with any Indebtedness incurred pursuant to Section 2.15, does not exceed the Incremental Amount available at the time of such incurrence and any subsequent extension, renewal or
refinancing thereof; provided that: 
 (a) the Administrative Agent shall have received a certificate signed by a
Responsible Officer of the Borrower stating that other than in the case of any such subsequent extension, renewal or refinancing thereof and other than any such incurrence using capacity under clause (c) of the definition of Incremental Amount,
the Borrower has elected to decrease the Incremental Amount under clause (a) or (b) of the definition thereof as a result of the incurrence of such Indebtedness as contemplated by the definition of Incremental Amount; 

(b) the maturity date (except customary asset sale or change of control provisions) of such Indebtedness shall be no earlier
than the then Latest Maturity Date and the Weighted Average Life to Maturity of such Indebtedness shall not be shorter than the then longest remaining Weighted Average Life to Maturity of the then outstanding Term Loans; 

(c) such Indebtedness shall not have any obligors other than the Borrower and the Guarantors and, if secured, shall not be
secured by any assets other than the Collateral and shall be subject to an intercreditor agreement on terms prevailing on the date thereof for similar intercreditor agreements as reasonably determined by the Administrative Agent; 

  
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 (d) any such Indebtedness may share on a pro rata basis or less than pro rata
basis (but not greater than pro rata basis) in any mandatory prepayments of the Term Loans; and 
 (e) the other terms and
conditions of such Indebtedness (including pricing and optional prepayment terms) are (taken as a whole) not materially more favorable to the lenders providing such Indebtedness than those applicable to the Term Loans (taken as a whole) (except for
covenants or other provisions applicable only to periods after the Latest Maturity Date of the Loans). 
 (xvii) Refinancing
Notes and Refinancing Term Loans; 
 (xviii) Indebtedness incurred in the ordinary course of business to finance insurance
premiums or take-or-pay obligations contained in supply arrangements; 

(xix) guarantees made by the Borrower or any of its Subsidiaries of Indebtedness of the Borrower or any of its Subsidiaries
permitted to be outstanding under this Section 10.04; provided that such guarantees are permitted by Section 10.05; 

(xx) guarantees of Indebtedness of directors, officers and employees of the Borrower or any of its Subsidiaries in respect of
expenses of such Persons in connection with relocations and other ordinary course of business purposes; 
 (xxi) unsecured
Indebtedness of the Borrower or any of its Subsidiaries; provided that (i) no Default or Event of Default has occurred and is continuing at the time such Indebtedness is incurred, (ii) upon giving effect to the incurrence of such
Indebtedness and the application of proceeds therefrom, the Borrower’s Consolidated Total Net Leverage Ratio as of the last day of the Borrower’s most recent fiscal quarter for which internal financial statements are available would not
exceed 5.00:1.00, (iii) no portion of the principal amount of such Indebtedness matures or is mandatorily repurchasable or redeemable (other than following an event of default thereunder or on a change of control or disposition on customary terms
for high-yield debt securities) by the Borrower or any of its Subsidiaries prior to the date that is 91 days following the final maturity date of all Classes of Commitments and Term Loans outstanding at the time such Indebtedness is incurred and
(iv) the aggregate principal amount if Indebtedness incurred pursuant to this clause (xxi) by non-Credit Parties shall not exceed $20,000,000 at any time outstanding; 

(xxii) Indebtedness of any Credit Party as an account party in respect of trade letters of credit issued in the ordinary course
of business; 
 (xxiii) additional unsecured Indebtedness of the Borrower or any of its Subsidiaries that is expressly
subordinated to the Obligations on terms reasonably satisfactory to the Administrative Agent; and 
 (xxiv) all premiums (if
any), interest (including post-petition interest and capitalized interest), fees, expenses, charges and additional or contingent interest on obligations described in clauses (i) through (xxiii) above. 

10.05 Advances, Investments and Loans. The Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly,
lend money or credit or make advances to any Person, or purchase or acquire any stock, obligations or securities of, or any other interest in, or make any capital contribution to, any other Person, or purchase or own a futures contract or otherwise
become liable for the purchase or sale of currency or other commodities at a future date in the nature of a futures contract, or hold any cash or Cash Equivalents (each of the foregoing, an “Investment” and, collectively,
“Investments” and with the value of each Investment being measured at the time made and without giving effect to subsequent changes in value or any write-ups, write-downs or write-offs thereof
but giving effect to any cash return or cash distributions received by the Borrower and its Subsidiaries with respect thereto), other than: 

(i) Investments in cash and Cash Equivalents; 

  
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 (ii) guarantees or indemnities arising under the Credit Documents; 

(iii) [reserved]; 

(iv) [reserved]; 

(v) Permitted Acquisitions; 

(vi) the Borrower and its Subsidiaries may acquire and hold accounts receivable owing to any of them, if created or acquired in
the ordinary course of business and payable or dischargeable in accordance with customary trade terms of the Borrower or such Subsidiary; 

(vii) the Borrower may enter into Interest Rate Protection Agreements to the extent permitted by
Section 10.04(ii), and Hedge Agreements to the extent permitted by Section 10.04(viii); 

(viii) extensions of trade credit may be made in the ordinary course of business (including advances made to distributors
consistent with past practice), Investments received in satisfaction or partial satisfaction of previously extended trade credit from financially troubled account debtors, Investments consisting of prepayments to suppliers made in the ordinary
course of business and loans or advances made to distributors in the ordinary course of business; 
 (ix) Investments in
deposit accounts or securities accounts opened in the ordinary course of business; 
 (x) Investments in the nature of
pledges or deposits with respect to leases or utilities provided to third parties in the ordinary course of business; 
 (xi)
Investments in the ordinary course of business consisting of UCC Article 3 endorsements for collection or deposit; 
 (xii)
the licensing, sublicensing or contribution of intellectual property rights pursuant to arrangements with Persons other than the Borrower and its Subsidiaries in the ordinary course of business for fair market value, as determined by the Borrower or
such Subsidiary in good faith; 
 (xiii) to the extent that they constitute Investments, purchases and acquisitions of
inventory, supplies, materials and equipment or purchases of contract rights or licenses or leases of intellectual property, in each case, in the ordinary course of business; 

(xiv) loans and advances by the Borrower and its Subsidiaries to officers, directors and employees of any Parent Company, the
Borrower and its Subsidiaries in connection with relocations and other ordinary course of business purposes (including travel and entertainment expenses) in an aggregate amount outstanding not to exceed $500,000; 

(xv) distributions or payments of receivables, inventory or similar assets in connection with factoring arrangements entered
into in the ordinary course of business or other factoring arrangements permitted by Section 10.04(xiv); 

(xvi) Investments in an unlimited amount; provided that (A) in each case, no Default shall have occurred and be
continuing and (B) Borrower shall be in compliance with the Financial Covenants on a Pro Forma Basis for the most recently completed four fiscal quarter period (calculated based on audited or reviewed financial statements, or to the extent such
financials are not available for the most recent fiscal quarter, certified internal management accounts for such quarter); 

(xvii) the Borrower and its Subsidiaries may hold the Investments held by them on the Closing Date and described on Schedule
10.05(xvii), and any modification, replacement, renewal or extension thereof that does not increase the principal amount thereof unless any additional Investments made with respect thereto are permitted under the other provisions of this
Section 10.05; 

  
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 (xviii) the Borrower and its Subsidiaries may acquire and hold Investments
(including debt obligations and Equity Interests) received in connection with the bankruptcy or reorganization of suppliers and customers, and Investments received in good faith settlement of delinquent obligations of, and other disputes with,
customers and suppliers arising in the ordinary course of business; 
 (xix) non-cash
consideration may be received in connection with any Asset Sale permitted pursuant to Section 10.10; 

(xx) additional Subsidiaries of the Borrower may be established or created if the Borrower and such Subsidiary comply with the
requirements of Section 9.12, if applicable; provided that to the extent any such new Subsidiary is created solely for the purpose of consummating a transaction pursuant to an acquisition permitted by this
Section 10.05, and such new Subsidiary at no time holds any assets or liabilities other than any merger consideration contributed to it contemporaneously with the closing of such transaction, such new Subsidiary shall not
be required to take the actions set forth in Section 9.12, as applicable, until the respective acquisition is consummated (at which time the surviving or transferee entity of the respective transaction and its Subsidiaries
shall be required to so comply in accordance with the provisions thereof); 
 (xxi) Investments of a Person that is acquired
and becomes a Subsidiary or of a company merged or amalgamated or consolidated into any Subsidiary, in each case after the Closing Date and in accordance with this Section 10.05 and/or
Section 10.02, as applicable, to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger, amalgamation or consolidation, do not constitute a material portion of the
aggregate assets acquired in such transaction and were in existence on the date of such acquisition, merger, amalgamation or consolidation; 

(xxii) Investments by any Credit Party and any Subsidiary that is not a Credit Party, in the Borrower and its Subsidiaries;

 (xxiii) Investments in a Subsidiary that is not a Credit Party or in a joint venture, in each case, to the extent such
Investment is substantially contemporaneously repaid in full with a dividend or other distribution from such Subsidiary or joint venture; 

(xxiv) Investments by the Borrower or its Subsidiaries in connection with joint ventures not to exceed $15.0 million in
the aggregate amount outstanding at any one time (measured by the fair market value of such Investment as of the date made); and 

(xxv) additional Investments by the Borrower or its Subsidiaries not to exceed $30,000,000 at any time outstanding. 

10.06 Transactions with Affiliates. The Borrower will not, and will not permit any of its Subsidiaries to, enter into any transaction or
series of related transactions with any Affiliate of the Borrower or any of its Subsidiaries involving a consideration in excess of $5,000,000, other than (i) the Transactions, (ii) to the extent not otherwise prohibited by this Agreement,
transactions between or among any Parent Company, the Borrower and its Subsidiaries and (iii) on terms and conditions, taken as a whole, not less favorable to the Borrower and such Subsidiary as would reasonably be obtained by the Borrower or
such Subsidiary at that time in a comparable arm’s-length transaction with a Person other than an Affiliate. 

10.07 Modifications of Certificate of Incorporation, By-Laws and Certain Other Agreements,
Prepayments of Junior Debt. The Borrower will not, and will not permit any of its Subsidiaries to: 
 (a)
make (or give any notice in respect thereof) any payment or prepayment of principal on or redemption or acquisition for value of, or any prepayment or redemption as a result of any asset sale, change of control or similar event of, any Indebtedness
of the Borrower or any Subsidiary that is expressly 

  
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subordinated in right of payment to the Obligations, except for (i) any payment of principal at scheduled maturity, (ii) a refinancing permitted by
Section 10.04(v), (iii) payments in connection with the Transactions, (iv) payments under any revolving or working capital facility, or (v) so long as no Event of Default shall have occurred and be continuing;
provided that in the case of this clause (v), Borrower is in compliance with the Financial Covenants on a Pro Forma Basis (calculated based on audited or reviewed financial statements, or to the extent such financials are not available for
the most recent fiscal quarter, certified internal management accounts for such quarter); and 
 (b) amend, modify or change
its certificate or articles of incorporation (including, without limitation, by the filing or modification of any certificate or articles of designation), certificate of formation, limited liability company agreement or by-laws (or the equivalent organizational documents), as applicable, or any agreement entered into by it with respect to its Equity Interests, or enter into any new agreement with respect to its Equity Interests,
unless such amendment, modification, change or other action contemplated by this Section 10.07(b) could not reasonably be expected to be adverse in any material respect to the interests of the Lenders. 

10.08 Negative Pledges. The Borrower shall not, and shall not permit any of its Subsidiaries to, agree or covenant with any Person to
restrict in any way its ability to grant any Lien on Collateral in favor of the Lenders, other than pursuant to any other intercreditor agreement contemplated by this agreement, and except that this Section 10.08 shall not
apply to: 
 (i) any covenants contained in this Agreement or any other Credit Documents or that exist on the Closing Date;

 (ii) the covenants contained in any Refinancing Term Loans or any Refinancing Note Documents (in each case so long as same
do not restrict the granting of Liens to secure Indebtedness pursuant to this Agreement); 
 (iii) covenants and agreements
made in connection with any agreement relating to secured Indebtedness permitted by this Agreement but only if such covenant or agreement applies solely to the specific asset or assets to which such Lien relates; 

(iv) customary provisions in leases, subleases, licenses, sublicenses and easements and other contracts restricting the right
of assignment thereof; 
 (v) customary provisions in joint venture agreements and other similar agreements applicable to
joint ventures that are applicable solely to such joint venture; 
 (vi) restrictions imposed by law; 

(vii) customary restrictions and conditions contained in agreements relating to any sale of assets or Equity Interests pending
such sale, provided such restrictions and conditions apply only to the Person or property that is to be sold; 

(viii) contractual obligations binding on a Subsidiary at the time such Subsidiary first becomes a Subsidiary, so long as such
contractual obligations were not entered into solely in contemplation of such Person becoming a Subsidiary; 
 (ix) negative
pledges and restrictions on Liens in favor of any holder of Indebtedness for borrowed money entered into after the Closing Date and otherwise permitted under Section 10.04 but only if such negative pledge or restriction
expressly permits Liens for the benefit of the Administrative Agent and the Guaranteed Parties with respect to the credit facilities established hereunder and the Obligations under the Credit Documents on a senior basis; 

  
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 (x) restrictions on cash or other deposits imposed by customers under contracts
entered into in the ordinary course of business; 
 (xi) restrictions and conditions imposed by the terms of the
documentation governing any Indebtedness of a Subsidiary of the Borrower that is not a Credit Party applicable solely to such non-Credit Party, which Indebtedness is permitted by
Section 10.04; 
 (xii) any restrictions on Liens imposed by any amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (i), (ii), (viii), (ix) and (xi) above; provided that such amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Borrower, no more restrictive with respect to such encumbrance and other restrictions than those prior to
such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing; and 

(xiii) restrictions and conditions under the terms of the documentation governing any factoring arrangements permitted pursuant
to Section 10.04(xiv). 
 10.09 Business. 

(a) The Borrower will not permit at any time the business activities taken as a whole conducted by the Borrower and its Subsidiaries to be
materially different from the business activities taken as a whole conducted by the Borrower and its Subsidiaries on the Closing Date and Similar Business. 

(b) [Reserved]. 
 (c) The Borrower
will not directly or indirectly, use the proceeds of any Loan or Letter of Credit, or lend, contribute or otherwise make available such proceeds to any joint venture partner or other individual or entity, to fund any activities of or business with
any individual or entity, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or in any other manner that will result in a violation by any individual or entity (including any individual or entity
participating in the transaction, whether as Lender, Agent, or otherwise) of Sanctions. 
 10.10 Asset Sales. The Borrower shall not,
and shall not permit any of its Subsidiaries to, effect any Asset Sale, other than: 
 (i) the disposition of Cash
Equivalents in a transaction not prohibited by this Agreement; 
 (ii) dispositions consisting of Liens, Investments, or
Dividends otherwise permitted hereunder; 
 (iii) the sale or discount, in each case in the ordinary course of business, of
accounts receivable arising in the ordinary course of business, but only in connection with the compromise or collection thereof and not as part of any financing transaction; 

(iv) licenses, sublicenses, easements, leases or subleases (including of Intellectual Property) under which the applicable
Credit Party is the lessor, sublessor, licensor or sublicensor to other Persons (i) not materially interfering with the conduct of the business of the Borrower, (ii) not materially impairing the value or marketability of any Real Property
affected thereby and (iii), in the case of Mortgaged Property, subordinate in all respects to the Liens of the Security Documents; 

(v) sales or leases of (A) inventory, (B) goods held for sale and (C) immaterial assets in the ordinary course of
business; 

  
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 (vi) sales or other disposals of (i) outdated, obsolete, surplus or worn out
property, in each case, in the ordinary course of business and (ii) property no longer used or useful in the conduct of the business of the Borrower; 

(vii) transfers of property subject to condemnation proceedings upon the occurrence of the related Recovery Event; 

(viii) abandonment of Intellectual Property rights in the ordinary course of business, which in the reasonable good faith
determination of the Borrower are not material to the conduct of the business of the Borrower; 
 (ix) voluntary terminations
of or unwinding of Interest Rate Protection Agreements, Hedge Agreements and Treasury Services Agreements; 
 (x) the sale of
receivables and inventory (and related assets) pursuant to factoring arrangements entered into in the ordinary course of business or otherwise subject to a factoring arrangement permitted by Section 10.10(xiv); 

(xi) dispositions of Investments (including Equity Interests) in joint ventures to the extent required by, or made pursuant to
customary buy/sell arrangements between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements; and 

(xii) Asset Sales not otherwise permitted by this Section 10.10; provided that (A) the
Net Sale Proceeds thereof are applied in accordance with Section 5.02(d) and (B) with respect to any Asset Sale of assets in excess of $10 million (except to Credit Parties), (I) no Default or Event of Default
exists or would result therefrom and (II) such disposition is for at least 75% cash consideration; provided, that (a) the amount of any liabilities (as shown on the Borrower’s or any Subsidiary’s most recent balance sheet
or in the notes thereto) of the Borrower or any Subsidiary (other than liabilities that are by their terms subordinated to the Obligations) that are assumed by the transferee of any such assets, (b) any notes or other obligations or other
securities or assets received by the Borrower or such Subsidiary from such transferee that are converted by the Borrower or such Subsidiary into cash within 180 days of the receipt thereof (to the extent of the cash received), and (c) any
Designated Non-Cash Consideration received by the Borrower or any of its Subsidiaries in such Asset Sale having an aggregate fair market value (as determined in good faith by the Borrower), taken together with
all other Designated Non-Cash Consideration received pursuant to this clause (c) that is at that time outstanding, not to exceed, at the time of receipt of such consideration, $10,000,000 (with the fair
market value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value) shall, in each case, be deemed to be cash. 

10.11 Financial Covenant. 

(a) The Borrower will not permit the Consolidated Senior Secured Net Leverage Ratio on the last day of any fiscal quarter to exceed 5.25:1.00.

 (b) At all times when any Revolving Loans or Revolving Loan Commitments are outstanding, the Borrower will not permit the Consolidated
Interest Coverage Ratio on the last day of any fiscal quarter (beginning with the first full fiscal quarter ending after the Closing Date) to be less than 2.00 to 1.00. 

10.12 Accounting Practices. The Borrower will not make any change in (a) accounting policies or reporting practices, except as
would not reasonably be expected to cause a Material Adverse Effect, or (b) its fiscal year. 

  
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 Section 11. Events of Default. Upon the occurrence of any of the following specified
events (each, an “Event of Default”): 
 11.01 Payments. Any Credit Party shall (i) subject to clause
(iii) below, default in the payment when due of any principal of any Loan or any Note, (ii) default, and such default shall continue unremedied for five or more Business Days, in the payment when due of any interest on any Term Loan or
Note, any Unpaid Drawing or any Fees or any other amounts owing hereunder or under any other Credit Document or (iii) fail to prepay the Revolving Loans in such amount required by Section 5.02(b), and such failure
shall continue unremedied for three or more Business Days; or 
 11.02 Representations, etc.Any representation, warranty or statement
made or deemed made by any Credit Party herein or in any other Credit Document or in any certificate delivered to the Administrative Agent or any Lender pursuant hereto or thereto shall prove to be untrue in any material respect on the date as of
which made or deemed made; or 
 11.03 Covenants. The Borrower or any of its Subsidiaries shall (i) default in the due
performance or observance by it of any term, covenant or agreement contained in Section 9.01(f)(i), 9.04 (as to the Borrower), 9.08, 9.11, 9.13 or Section 10;
provided that an Event of Default under Section 10.11(b) (an “Interest Coverage Covenant Event of Default”) shall not constitute an Event of Default with respect to the Term Loans unless and until
the Required Revolving Lenders shall have terminated their Revolving Loan Commitments and declared all amounts outstanding with respect to the Revolving Loans and the Revolving Loan Commitments to be due and payable (an “Interest Coverage
Covenant Cross Default”) or (ii) default in the due performance or observance by it of any other term, covenant or agreement contained in this Agreement or in any other Credit Document (other than those set forth in Sections
11.01 and 11.02), and such default shall continue unremedied for a period of 30 days after written notice thereof to the defaulting party by the Administrative Agent or the Required Lenders; or 

11.04 Default Under Other Agreements. (i) The Borrower or any of its Subsidiaries shall (x) default in any payment of
any Indebtedness (other than the Obligations) beyond the period of grace, if any, provided in an instrument or agreement under which such Indebtedness was created or (y) default in the observance or performance of any agreement or condition
relating to any Indebtedness (other than the Obligations) or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or
condition is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause (determined without regard to whether any notice is required), any such Indebtedness to become due
prior to its stated maturity, or (ii) any Indebtedness (other than the Obligations) of the Borrower or any of its Subsidiaries shall be declared to be (or shall become) due and payable, or required to be prepaid other than by a regularly
scheduled required prepayment, prior to the stated maturity thereof, provided that (A) it shall not be a Default or an Event of Default under this Section 11.04 unless the aggregate principal amount of all
Indebtedness as described in preceding clauses (i) and (ii) is at least equal to the Threshold Amount and (B) the preceding clause (ii) shall not apply to Indebtedness that becomes due as a result of a voluntary sale or transfer of
the property or assets securing such Indebtedness, if such sale or transfer is otherwise permitted hereunder and such Indebtedness is promptly paid; or 

11.05 Bankruptcy, etc.The Borrower or any of its Subsidiaries (other than any Immaterial Subsidiary, whether or not so designated) shall
commence a voluntary case concerning itself under Title 11 of the United States Code entitled “Bankruptcy,” as now or hereafter in effect, or any successor thereto (the “Bankruptcy Code”); or an involuntary case is
commenced against the Borrower or any of its Subsidiaries (other than any Immaterial Subsidiary, whether or not so designated), and the petition is not controverted within 21 days, or is not dismissed within 60 days, after commencement of the case;
or a custodian (as defined in the Bankruptcy Code), receiver, receiver-manager, trustee, monitor is appointed for, or takes charge of, all or substantially all of the property of the Borrower or any of its Subsidiaries (other than any Immaterial
Subsidiary, whether or not so designated), or the Borrower or any of its Subsidiaries (other than any Immaterial Subsidiary, whether or not so designated), commences any other proceeding under any reorganization, bankruptcy, insolvency, arrangement,
winding-up, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the Borrower or any of its
Subsidiaries (other than any Immaterial Subsidiary, whether or not so designated), or there is commenced against the Borrower or any of its Subsidiaries (other than any Immaterial Subsidiary, whether or not so designated) any such proceeding which
remains undismissed for a period of 60 days, or the Borrower or any of its Subsidiaries (other than any Immaterial Subsidiary, whether or not so designated), is adjudicated insolvent or bankrupt; or any order of relief or other order approving any
such case or proceeding is entered; or the Borrower or any of its Subsidiaries (other than any Immaterial Subsidiary, whether or not so designated), suffers any 

  
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appointment of any custodian, receiver, receiver-manager, trustee, monitor or the like for it or any substantial part of its property to continue undischarged or unstayed for a period of 60 days;
or the Borrower or any of its Subsidiaries (other than any Immaterial Subsidiary, whether or not so designated), makes a general assignment for the benefit of creditors; or any corporate, limited liability company or similar action is taken by the
Borrower or any of its Subsidiaries (other than any Immaterial Subsidiary, whether or not so designated), for the purpose of effecting any of the foregoing; or 

11.06 ERISA. (a) An ERISA Event has occurred with respect to a Plan or Multiemployer Plan which has resulted or would reasonably be
expected to result in a Material Adverse Effect; (b) there is or arises Unfunded Pension Liability which has resulted or would reasonably be expected to result in a Material Adverse Effect or (c) there is or arises any potential withdrawal
liability under Section 4201 of ERISA, if the Borrower or any Subsidiary or any ERISA Affiliate was to withdraw completely from any and all Multiemployer Plans which has resulted or would reasonably be expected to result in a Material Adverse
Effect; or 
 11.07 Credit Documents. Other than in accordance with its terms, any of the Credit Documents shall cease to be in full
force and effect, or in the case of Security Documents, shall cease to give the Administrative Agent, for the benefit of the Guaranteed Creditors the Liens, rights, powers and privileges purported to be created thereby (including, without limitation
(to the extent provided therein), a perfected security interest in, and Lien on, all of the Collateral (other than Collateral with an aggregate fair market value not in excess of the Threshold Amount), in favor of the Administrative Agent superior
to and prior to the rights of all third Persons (except as permitted by the Security Documents), and subject to no other Liens except Permitted Collateral Liens, in each case, except as otherwise expressly permitted in this Agreement); or 

11.08 Guaranties. Other than in accordance with its terms, any Guaranty or any provision thereof shall cease to be in full force or
effect as to any Guarantor, or any Guarantor or any Person acting for or on behalf of such Guarantor shall deny or disaffirm such Guarantor’s obligations under the Guaranty to which it is a party or any Guarantor shall default in the due
performance or observance of any term, covenant or agreement on its part to be performed or observed pursuant to the Guaranty to which it is a party; or 

11.09 Judgments. One or more judgments or decrees shall be entered against any Credit Party involving in the aggregate for all Credit
Parties a liability or liabilities (not paid or fully covered by a reputable and solvent insurance company with respect to judgments for the payment of money) and such judgments and decrees either shall be final and
non-appealable or shall not be vacated, discharged or stayed or bonded pending appeal for any period of 60 consecutive days, and the aggregate amount of all such judgments and decrees (to the extent not paid
or fully covered by such insurance company) equals or exceeds the Threshold Amount; or 
 11.10 Change of Control. A Change of Control
shall occur; or 
 11.11 Casualty or Condemnation. A Casualty Event involving all or substantially all of the Collateral shall occur;
or 
 11.12 Abandonment of Operations. There shall occur the abandonment by the Borrower of all or substantially all of the operations
of the Plant for a period in excess of 90 days, other than in respect of any force majeure; 
 then and in any such event, and at any time thereafter, if
any Event of Default shall then be continuing, the Administrative Agent, upon the written request of the Required Lenders, shall by written notice to the Borrower, take any or all of the following actions, without prejudice to the rights of the
Administrative Agent, any Lender or the holder of any Note to enforce its claims against any Credit Party (provided that, if an Event of Default specified in Section 11.05 shall occur with respect to any Credit
Party, the result which would occur upon the giving of written notice by the Administrative Agent as specified in clauses (i) and (ii) below shall occur automatically without the giving of any such notice): (i) declare the Total Commitments
terminated, whereupon all Commitments of each Lender shall forthwith terminate immediately; (ii) declare the principal of and any accrued interest in respect of all Loans and the Notes and all Obligations owing hereunder and thereunder
(including Unpaid Drawings) to be, whereupon the same shall become, forthwith due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Credit Party; (iii) terminate any Letter of
Credit which may be terminated in accordance 

  
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with its terms, (iv) direct the Borrower to pay (and the Borrower agrees that upon receipt of such notice, or upon the occurrence of an Event of Default specified in
Section 11.05 with respect to the Borrower, it will pay) to the Administrative Agent at the Payment Office such additional amount of cash or Cash Equivalents, to be held as security by the Administrative Agent, as if equal
to the Stated Amount of all Letters of Credit issued for the account of the Borrower, as the case may be, and then outstanding; (v) enforce, as Administrative Agent, all of the Liens and security interests created pursuant to the Security
Documents; and (vi) enforce each Guaranty; provided that (i) if an Interest Coverage Covenant Event of Default has occurred and is continuing, the Required Revolving Lenders may either (A) terminate the Revolving Loan
Commitments and/or (B) take the actions specified in this paragraph in respect of the Revolving Loan Commitments, the Revolving Loans and Letters of Credit and (ii) the Required Lenders may take any of the actions specified in this
paragraph in respect of an Interest Coverage Covenant Event of Default that has occurred and is continuing only upon the occurrence and during the continuance of an Interest Coverage Covenant Cross Default. 

After the occurrence of any of the events described in clauses (i) through (vi) of the preceding paragraph, any amounts received on
account of the Obligations and any proceeds of Collateral shall 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 Section 5) payable to the Administrative Agent in its capacity as such; 

Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than
principal, interest and Letter of Credit Fees) payable to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders) arising under the Credit Documents and amounts payable under Section 5,
ratably among them in proportion to the respective amounts described in this clause Second payable to them; 

Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest
on the Loans and L/C Borrowings, ratably among the Lenders and Issuing Lenders in proportion to the respective amounts described in this clause Third held by them; 

Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans, L/C Borrowings and
Obligations then owing under Designated Interest Rate Protection Agreements, Designated Hedge Agreements and Designated Treasury Services Agreements, ratably among the Lenders, Issuing Lenders and Guaranteed Creditors in proportion to the respective
amounts described in this clause Fourth held by them; 
 Fifth, to the Administrative Agent for the account of
the Issuing Lenders, to cash collateralize that portion of RL Exposure with respect to Letters of Credit; 
 Last, the
balance, if any, after all of the Obligations have been paid in full, to the Borrower or as otherwise required by a Requirement of Law. 

Notwithstanding the foregoing, Obligations arising under Designated Interest Rate Protection Agreements, Designated Hedge Agreements and
Designated Treasury Services Agreements 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 Guaranteed Creditor. Each Guaranteed Creditor 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 Section 12 hereof for itself and its Affiliates as if a “Lender” party hereto. 

11.13 Right to Cure. Notwithstanding anything to the contrary contained in Section 11, in the event that the
Borrower fails (or, but for the operation of this Section 11.13, would fail) to comply with the Financial Covenants as of the last day of any fiscal quarter, at any time after such last day until the day that is 10 Business
Days after the date the certificate calculating the Financial Covenants for such fiscal quarter is required to be delivered 

  
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pursuant to Section 9.01(e), any Parent Company shall have the right to issue Permitted Cure Securities for cash or otherwise receive cash contributions to its capital
(collectively, the “Cure Right”), which cash shall be contributed as common equity (or equity in a form otherwise reasonably acceptable to the Administrative Agent) to the Borrower (such contributed amount, the “Cure
Amount”), the Financial Covenants shall be recalculated by increasing EBITDA with respect to such fiscal quarter and any four-quarter period that contains such fiscal quarter, solely for the purpose of measuring the Financial Covenants and
not for any other purpose under this Agreement (including any “baskets”), by an amount equal to the Cure Amount; provided, that, (i) in each four-fiscal-quarter period there shall be at least two fiscal quarters in which the
Cure Right is not exercised, (ii) no more than five Cure Rights will be exercised in the aggregate during the term of this Agreement, (iii) for purposes of this Section 11.13, the Cure Amount shall be no greater
than the amount required for purposes of complying with the Financial Covenants, (iv) for the avoidance of doubt, in recalculating the Financial Covenants by increasing EBITDA as set forth above, there shall be no pro forma effect given to any
reduction of Indebtedness with the Cure Amount during the fiscal quarter for which such Cure Right is exercised and (v) if the Cure Right is exercised, the Borrower shall not be permitted to make any borrowings or obtain Letters of Credit
hereunder until the Borrower has received the Cure Amount. If, after giving effect to the adjustments in this paragraph, the Borrower shall then be in compliance with the requirements of the Financial Covenants, the Borrower shall be deemed to have
satisfied the requirements of the Financial Covenants as of the relevant date of determination with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach or default of the Financial Covenants
that had occurred shall be deemed cured for the purposes of this Agreement. 
 Section 12. The Administrative Agent. 

12.01 Appointment and Authorization. 

(a) Each of the Lenders hereby irrevocably appoints Bank of America, N.A. to act on its behalf as the Administrative Agent hereunder and under
the other Credit 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, and neither the Borrower nor any other Credit Party shall have rights as a third party beneficiary of any of
such provisions. 
 (b) The Administrative Agent shall also act as the “collateral agent” under the Credit Documents, and each of
the Lenders (including in its capacity as a potential Guaranteed Creditor under a Designated Interest Rate Protection Agreement, Designated Hedge Agreement or Designated Treasury Services Agreement) hereby irrevocably appoints and authorizes the
Administrative Agent to act as the agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any Credit Party to secure any of the Obligations, together with such powers and discretion as are
reasonably incidental thereto. In this connection, the Administrative Agent, as “collateral agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section 12.05 for purposes of holding or enforcing any Lien on the Collateral (or
any portion thereof) granted under the Security Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent, shall be entitled to the benefits of all provisions of this Article XII and
Article XIII (including Section 13.01, as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Credit Documents) as if set forth in full herein with respect thereto. Without limiting the generality of the foregoing, the Lenders hereby
expressly authorize the Administrative Agent to execute any and all documents (including releases) with respect to the Collateral and the rights of the Guaranteed Creditors with respect thereto, as contemplated by and in accordance with the
provisions of this Agreement and the Security Documents and acknowledge and agree that any such action by any Administrative Agent shall bind the Lenders. 

(c) The Lenders hereby authorize the Administrative Agent to enter into any intercreditor agreement, subordination agreement or similar
arrangement permitted under this Agreement and any such intercreditor agreement, subordination agreement or similar arrangement shall be binding upon the Lenders. 

12.02 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 

  
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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 Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 

12.03 Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations except those expressly set forth herein
and in the other Credit Documents. Without limiting the generality of the foregoing, the Administrative Agent: 
 (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 Credit 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 Credit 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 Credit Document or applicable law; 
 (c) shall not, except as expressly set forth herein and in the
other Credit 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 or any of its Affiliates in any capacity; 
 (d) shall not be liable 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 and 13.12) or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such
Default is given to the Administrative Agent by the Borrower or a Lender; and 
 (e) shall not be responsible for or have any
duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Credit 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 Credit Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Security Documents,
(v) the value or the sufficiency of any Collateral, or (vi) the satisfaction of any condition set forth in Article VI or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the
Administrative Agent. 
 12.04 Reliance by 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, that 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. 

  
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 12.05 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 Credit 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 Administrative Agent. 
 12.06 Resignation of Administrative Agent.
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, with the Borrower’s consent (other than during
the existence of an Event of Default under Section 11.01 or 11.05), 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, then the retiring Administrative
Agent may, with the Borrower’s consent (other than during the existence of an Event of Default under Section 11.01 or 11.05), on behalf of the Lenders, appoint a successor Administrative Agent meeting the
qualifications set forth above; provided that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in
accordance with such notice and (a) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Credit Documents (except that in the case of any collateral security held by the
Administrative Agent on behalf of the Lenders under any of the Credit Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (b) 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 as the Required Lenders appoint a successor Administrative Agent as
provided for above in this Section. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or
retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Credit Documents (if not already discharged therefrom as provided above in this Section).
After the retiring Administrative Agent’s resignation hereunder and under the other Credit Documents, the provisions of this Article and Section 13.01 shall continue in effect for the benefit of such retiring
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 Administrative Agent was acting as
Administrative Agent. 
 12.07 Non-Reliance on Administrative Agent and Other Lenders. Each
Lender acknowledges that it has, 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 has deemed appropriate, made its own credit
analysis and decision to enter into this Agreement. 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 Credit Document or any related agreement or any document furnished hereunder
or thereunder. 
 12.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Joint Lead Arrangers,
Syndication Agent or Documentation Agent shall have any powers, duties or responsibilities under this Agreement or any of the other Credit Documents, except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder. 

12.09 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 Credit 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 

  
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 (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
4.01 and 13.01) 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, if 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 4.01 and 13.01. 
 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 or in any such proceeding. 
 12.10 Collateral Matters and Guaranty Matters. Each of the Lenders (including
in its capacity as a potential Guaranteed Creditor under a Designated Interest Rate Protection Agreement, Designated Hedge Agreement or Designated Treasury Services Agreement) irrevocably authorize the Administrative Agent, and the Administrative
Agent shall, 
 (a) release any Lien on any property granted to or held by the Administrative Agent under any Credit Document
(i) upon termination of the Commitments, termination or cash collateralization on the terms acceptable to the Issuing Lender of all Letters of Credit and payment in full of all Obligations (other than (x) contingent indemnification
obligations and (y) obligations and liabilities under Designated Interest Rate Protection Agreements, Designated Hedge Agreements and Designated Treasury Services Agreements), (ii) that is sold or to be sold as part of or in connection with any
sale permitted hereunder or under any other Credit Document to a Person that is not a Credit Party, (iii) that constitutes “Excluded Property” (as such term is defined in the Security Agreement), (iv) if the property subject to such
Lien is owned by a Guarantor, upon release of such Guarantor from its obligations under the Guaranty pursuant to clause (b) below or (v) if approved, authorized or ratified in writing in accordance with
Section 13.12; 
 (b) to release any Guarantor from its obligations under the Guaranty if such
Person ceases to be a Subsidiary or becomes an Excluded Subsidiary as a result of a transaction permitted hereunder; and 

(c) to subordinate any Lien on any property granted to or held by the Administrative Agent under any Credit Document to the
holder of any Lien on such property that is permitted by Section 10.01(vi), (vii) or (xxi). 
 Upon request
by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its
obligations under the Guaranty pursuant to this Section 12.10. In each case as specified in this Section 12.10, the Administrative Agent will (and each Lender (including in its capacity as a
potential Guaranteed Creditor under a Designated Interest Rate Protection Agreement, Designated Hedge Agreement or Designated Treasury Services Agreement) irrevocably authorizes the Administrative Agent to), at the Borrower’s expense, execute
and deliver to the applicable Credit Party such documents as such Credit Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Security Documents or to subordinate
its interest in such item, or to release such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Credit Documents and this Section 12.10. 

  
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 12.11 Withholding Taxes. To the extent required by any applicable law, the Administrative
Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax. If the Internal Revenue Service or any other authority of the United States or other jurisdiction asserts a claim that the Administrative Agent
did not properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including, without limitation, because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the
Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of, withholding Tax ineffective), such Lender shall, within 10 days after written demand therefor, indemnify and hold harmless the Administrative Agent
(to the extent that the Administrative Agent has not already been reimbursed by the Borrower pursuant to Section 5.04 and without limiting or expanding the obligation of the Borrower to do so) for all amounts paid, directly
or indirectly, by the Administrative Agent as Taxes or otherwise, together with all expenses incurred, including legal expenses and any other out-of-pocket expenses,
whether or not such Tax was 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 Credit Document against any amount due the Administrative Agent under
this Section 12.11. The agreements in this Section 12.11 shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender
and the repayment, satisfaction or discharge of all other Obligations. For the avoidance of doubt, the term “Lender,” for purposes of this Section 12.11, shall include any Issuing Lender and any Swingline Lender.

 12.12 Indemnification by the Lenders. To the extent that the Borrower for any reason fails to pay any amount required under
Section 13.01(a) to be paid by it to the Administrative Agent (or any sub-agent thereof), or any Related Party of any of the foregoing, 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 (based on the amount of then outstanding Term Loans) of (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) in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) in connection with such capacity. The obligations of the Lenders under this Section 12.12 are subject to the provisions of Section 5.04. 

12.13 Designated Interest Rate Protection Agreements, Designated Hedge Agreements and Designated Treasury Services Agreements. No
Guaranteed Creditor that obtains the benefits of Section 11, any Guaranty or any Collateral by virtue of the provisions hereof or of any Guaranty or any Security Document shall have any right to notice of any action or to
consent to, direct or object to any action hereunder or under any other Credit Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only
to the extent expressly provided in the Credit Documents. Notwithstanding any other provision of this Section 12 to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other
satisfactory arrangements have been made with respect to, Obligations arising under Designated Interest Rate Protection Agreements, Designated Hedge Agreements and Designated Treasury Services Agreements unless the Administrative Agent has received
written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Guaranteed Creditor. 

Section 13. Miscellaneous. 

13.01 Payment of Expenses, etc. 

(a) The Credit Parties hereby jointly and severally agree to: (i) if the Closing Date occurs, pay all reasonable invoiced out-of-pocket costs and expenses of the Agents (including, without limitation, the reasonable fees and disbursements of Cahill Gordon & Reindel LLP
and, if reasonably necessary, one local counsel in any relevant jurisdiction) in connection with the preparation, execution and delivery of this Agreement and the other Credit Documents and the documents and instruments referred to herein and
therein, the administration hereof and thereof and any amendment, waiver or consent relating hereto or thereto (whether or not effective), and of the Agents, each Lender and each Issuing Lender in connection with the enforcement of this Agreement
and the other Credit Documents and the documents and instruments referred to herein and therein or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a “work-out” or pursuant to 

  
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any insolvency or bankruptcy proceedings; and (ii) indemnify each Agent, each Lender, each Issuing Lender and their respective Affiliates, and the officers, directors, employees, agents, and
investment advisors of each of the foregoing (each, an “Indemnified Person”) from and hold each of them harmless against any and all liabilities, obligations (including removal or remedial actions), losses, damages, penalties,
claims, actions, judgments, suits, costs, expenses and disbursements (including reasonable attorneys’ and consultants’ fees and disbursements) (but excluding Taxes other than Taxes that represent liabilities, obligations, losses, damages,
penalties, actions, costs, expenses and disbursements arising from a non-Tax claim) incurred by, imposed on or assessed against any of them as a result of, or arising out of, or in any way related to, or by
reason of, (a) any investigation, litigation or other proceeding (whether or not any Agent, any Lender or any Issuing Lender is a party thereto and whether or not such investigation, litigation or other proceeding is brought by or on behalf of
any Credit Party) related to the entering into and/or performance of this Agreement or any other Credit Document or the proceeds of any Term Loans hereunder or the consummation of the Transaction or any other transactions contemplated herein or in
any other Credit Document or the exercise of any of their rights or remedies provided herein or in the other Credit Documents, or (b) the actual or alleged presence of Hazardous Materials in the Environment relating in any way to any Real
Property owned, leased or operated, at any time, by the Borrower or any of its Subsidiaries; the generation, storage, transportation, handling, Release or threat of Release of Hazardous Materials by the Borrower or any of its Subsidiaries at any
location, whether or not owned, leased or operated by the Borrower or any of its Subsidiaries; the non-compliance by the Borrower or any of its Subsidiaries with any Environmental Law (including applicable
permits thereunder) applicable to any Real Property; or any Environmental Claim asserted against the Borrower, any of its Subsidiaries or relating in any way to any Real Property at any time owned, leased or operated by the Borrower or any of its
Subsidiaries, including, in each case, without limitation, the reasonable fees and disbursements of counsel and other consultants incurred in connection with any such investigation, litigation or other proceeding (but excluding in each case any
losses, liabilities, claims, damages or expenses (i) to the extent incurred by reason of the gross negligence, bad faith or willful misconduct of the applicable Indemnified Person or the directors, officers and employees of such Person,
(ii) to the extent incurred by reason of any material breach of the obligations of such Indemnified Person under this Agreement or the other Credit Documents (in the case of each of preceding clauses (i) and (ii), as determined by a court
of competent jurisdiction in a final and non-appealable decision) or (iii) that do not involve or arise from an act or omission by the Borrower or Guarantors or any of their respective affiliates and is
brought by an Indemnified Person (other than claims against any Agent in its capacity as such or in its fulfilling such role)). To the extent that the undertaking to indemnify, pay or hold harmless any Agent, any Lender, any Issuing Lender or other
Indemnified Person set forth in the preceding sentence may be unenforceable because it is violative of any law or public policy, the Credit Parties shall make the maximum contribution to the payment and satisfaction of each of the indemnified
liabilities which is permissible under applicable law. 
 (b) No Agent or any Indemnified Person shall be responsible or liable to any Credit
Party or any other Person for (x) any determination made by it pursuant to this Agreement or any other Credit Document in the absence of gross negligence, bad faith or willful misconduct on the part of such Indemnified Person (in each case, as
determined by a court of competent jurisdiction in a final and non-appealable judgment), (y) any damages arising from the use by others of information or other materials obtained through electronic,
telecommunications or other information transmission systems or (z) any indirect, special, exemplary, incidental, punitive or consequential damages (including, without limitation, any loss of profits, business or anticipated savings) which may
be alleged as a result of this Agreement or any other Credit Document or the financing contemplated hereby. 
 (c) To the fullest extent
permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnified Person, 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 Credit Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof. No
Indemnified Person referred to in subsection (a) 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 Indemnified Person
through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Credit 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 Indemnified Person as determined by a final and nonappealable judgment of a court of competent jurisdiction. For the avoidance of doubt, this paragraph shall not limit the obligation of the
Borrower to indemnify each Indemnified Person for any liabilities or damages incurred by such Indemnified Person that are asserted against such Indemnified Person by a third party that are payable by the Borrower pursuant to subsection (a) of
this Section. 

  
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 (d) The agreements in this Section shall survive the resignation of the Administrative Agent, the
replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all the other Obligations. 

13.02 Right of Setoff. In addition to any rights now or hereafter granted under applicable law or otherwise, and not by way of
limitation of any such rights, upon the occurrence and during the continuance of an Event of Default, the Administrative Agent, each Issuing Lender and each Lender is hereby authorized at any time or from time to time, without presentment, demand,
protest or other notice of any kind to any Credit Party or to any other Person, any such notice being hereby expressly waived, to set off and to appropriate and apply any and all deposits (general or special) (other than accounts used exclusively
for payroll, payroll taxes, fiduciary and trust purposes, and employee benefits) and any other Indebtedness at any time held or owing by the Administrative Agent, such Issuing Lender or such Lender (including, without limitation, by branches and
agencies of the Administrative Agent, such Issuing Lender or such Lender wherever located) to or for the credit or the account of the Borrower or any of its Subsidiaries against and on account of the Obligations and liabilities of the Credit Parties
to the Administrative Agent, such Issuing Lender or such Lender under this Agreement or under any of the other Credit Documents, including, without limitation, all interests in Obligations purchased by such Lender pursuant to
Section 13.06(b), and all other claims of any nature or description arising out of or connected with this Agreement or any other Credit Document, irrespective of whether or not the Administrative Agent, such Issuing Lender
or such Lender shall have made any demand hereunder and although said Obligations, liabilities or claims, or any of them, shall be contingent or unmatured. 

13.03 Notices. 
 (a) Except
as otherwise expressly provided herein, all notices and other communications provided for hereunder shall be in writing (including facsimile) and mailed, faxed or delivered: if to any Credit Party, c/o OCI Partners LP, P.O. Box 1647, 5470 N. Twin
City Hwy., Nederland, Texas 77627, Attention: Contracts Manager; Facsimile No.: (832) 747-9969; with a copy to Capital Corporate Services, 800 Brazos, Suite 400, Austin, TX 78701; with an additional copy to
Orascom Construction Industries, Group Corporate Treasury, 2005A Corniche El Nil, Nile City South Tower, Cairo, Egypt, 11221, Attention: Dalia Khorshid / Hussein Marei; Facsimile No.: +202 2461 9409; and if to the Administrative Agent, at the Notice
Office; or, as to any Credit Party or the Administrative Agent, at such other address as shall be designated by such party in a written notice to the other parties hereto and, as to each Lender, at such other address as shall be designated by such
Lender in a written notice to the Borrower and the Administrative Agent. All such notices and communications shall, when mailed, faxed or sent by overnight courier, be effective when deposited in the mails, delivered to overnight courier, as the
case may be, or sent by facsimile, except that notices and communications to the Administrative Agent and the Borrower shall not be effective until received by the Administrative Agent or the Borrower, as the case may be. 

(b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures
approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Section 2 unless otherwise agreed by the Administrative Agent and the applicable Lender. Each of the
Administrative Agent, the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be
limited to particular notices or communications. 
 (c) 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 (AS DEFINED HEREIN) 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 Affiliate, officer, director, employee, agent or investment advisor of any of the foregoing

  
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(collectively, the “Agent Parties”) have any liability 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 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, however, 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). 

13.04 Benefit of Agreement; Assignments; Participations, etc. 

(a) This Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns of the parties
hereto; provided, however, that the Borrower may not assign or transfer any of its rights, obligations or interest hereunder without the prior written consent of the Administrative Agent and Lenders and, provided,
further, that, although any Lender may transfer, assign or grant participation in its rights hereunder, such Lender shall remain a “Lender” for all purposes hereunder (and may not transfer or assign all or any portion of its
Commitments hereunder except as provided in Sections 2.13 and 13.04(b)) and the transferee, assignee or participant, as the case may be, shall not constitute a “Lender” hereunder and, provided, further,
that no Lender shall transfer or grant any participation under which the participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document except to the extent such amendment or waiver would
(i) extend the final scheduled maturity of any Loan, Note or Letter of Credit (unless such Letter of Credit is not extended beyond the Revolving Loan Maturity Date) in which such participant is participating, or reduce the rate or extend the
time of payment of interest or Fees thereon (except in connection with a waiver of applicability of any post-default increase in interest rates) or reduce the principal amount thereof, or increase the amount of the participant’s participation
over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default or of a mandatory repayment of any Loan shall not constitute a change in the terms of such participation, and that an increase in any
Commitment (or the available portion thereof) or Loan shall be permitted without the consent of any participant if the participant’s participation is not increased as a result thereof), (ii) consent to the assignment or transfer by the Borrower
of any of its rights and obligations under this Agreement, (iii) modify any of the voting percentages set forth in Section 13.12 or the underlying definitions, (iv) except as otherwise expressly provided in the
Security Documents, release all or substantially all of the Collateral under all the Security Documents supporting the Loans and Letters of Credit in which such participant is participating or (v) except as otherwise provided in the Credit
Documents, release all or substantially all of the value of the Guaranty supporting the Loans in which such participant is participating. In the case of any such participation, the participant shall not have any rights under this Agreement or any of
the other Credit Documents (the participant’s rights against such Lender in respect of such participation to be those set forth in the agreement executed by such Lender in favor of the participant relating thereto). The Borrower agrees that
each participant shall be entitled to the benefits of Sections 2.10 and 5.04 (subject to the limitations and requirements of such Sections; provided that any forms required to be delivered pursuant to
Section 5.04(c) by any participant shall be provided to the participating Lender) to the same extent as if it were a Lender and had acquired its interest by assignment; provided, however, that a participant
shall not be entitled to receive any greater payment under Section 2.10 or Section 5.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to such
participant except to the extent such entitlement to a greater payment results from a change in law after the sale of the participation takes place. 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 interest amounts) of each participant’s interest in the Loans
or other obligations under the Credit 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, Loan, or its other obligations under any Credit Document) to any Person except to the extent that such disclosure is to a Governmental Authority and is
necessary in connection with a Tax audit or other proceeding to establish that such Commitment, Loan or other obligation is in registered form under Section 5f.103-1(c) of the U.S. Treasury Regulations.
The entries in the Participant Register shall be conclusive absent manifest error, and the Borrower 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. 

  
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 (b) Notwithstanding the foregoing, any Lender (or any Lender together with one or more other
Lenders) may (x) assign all or a portion of its Commitments and related outstanding Obligations (or, if the Commitments with respect to the relevant Tranche have terminated, outstanding Obligations) hereunder to (i)(A) its parent company and/or
any Affiliate of such Lender which is at least 50% owned by such Lender or its parent company or (B) to one or more other Lenders or any Affiliate of any such other Lender which is at least 50% owned by such other Lender or its parent company
(provided that any fund, managed account or other entity that invests in loans and is managed or advised by the same investment advisor/manager of another fund, managed account or other entity which is a Lender (or by an Affiliate of such
investment advisor/manager) shall be treated as an Affiliate of such other Lender for the purposes of this subclause (x)(i)(B)); provided that no such assignment may be made to any such Person that is, or would at such time constitute, a
Defaulting Lender or (ii) in the case of any Lender that is a fund, managed account or other entity that invests in loans, any other fund, managed account or other entity that invests in loans and is managed or advised by the same investment
advisor/manager of any Lender or by an Affiliate of such investment advisor/manager or (y) assign all, or if less than all, a portion equal to at least $1,000,000 (or such lesser amount as may be agreed to by the Administrative Agent and, so
long as no Event of Default then exists under Section 11.01 or 11.05, the Borrower, which consent shall not be unreasonably withheld or delayed) in the aggregate for the assigning Lender or assigning Lenders, of such
Commitments and related outstanding Obligations (or, if the Commitments with respect to the relevant Tranche have terminated, outstanding Obligations) hereunder to one or more Eligible Transferees (treating any fund, managed account or other entity
that invests in loans and any other fund, managed account or other entity that invests in loans and is managed or advised by the same investment advisor/manager of such fund, managed account or other entity or by an Affiliate of such investment
advisor/manager as a single Eligible Transferee for all purposes including without limitation the assignment fee referenced below), each of which assignees shall become a party to this Agreement as a Lender by execution of an Assignment and
Assumption Agreement, provided that (i) at such time, Schedule 2.01 shall be deemed modified to reflect the Commitments and/or outstanding Loans, as the case may be, of such new Lender and of the existing Lenders, (ii) upon
the surrender of the relevant Notes by the assigning Lender (or, upon such assigning Lender’s indemnifying the Borrower for any lost Note pursuant to a customary indemnification agreement) new Notes will be issued, at the Borrower’s
expense, to such new Lender and to the assigning Lender upon the request of such new Lender or assigning Lender, such new Notes to be in conformity with the requirements of Section 2.05 (with appropriate modifications) to
the extent needed to reflect the revised Commitments and/or outstanding Loans, as the case may be, (iii) the consent of the Administrative Agent and, so long as no Event of Default then exists under Section 11.01 or
11.05, the consent of the Borrower shall (in either case) be required in connection with any such assignment pursuant to clause (y) above (which consents, in any such case, shall not be unreasonably withheld or delayed); 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 5 Business Days after having received notice thereof, (iv) (A) the consent of the
Swingline Lender and each Issuing Lender set forth in the definition thereof shall be required in connection with any assignment of Revolving Loan Commitments pursuant to this Section 13.04(b) (which consents, in any such
case, shall not be unreasonably withheld or delayed), (v) the Administrative Agent shall receive at the time of each such assignment, from the assigning or assignee Lender, the payment of a non-refundable
assignment fee of $3,500, which the Administrative Agent may waive in its sole discretion and (vi) no such transfer or assignment shall be effective until recorded by the Administrative Agent on the Register pursuant to
Section 13.15. To the extent of any assignment pursuant to this Section 13.04(b), the assigning Lender shall be relieved of its obligations hereunder with respect to its assigned Commitments and
outstanding Term Loans. At the time of each assignment pursuant to this Section 13.04(b) to a Person that is not already a Lender hereunder, such assignee shall provide to the Administrative Agent and the Borrower such Tax
forms as are required to be provided under clauses (b) and (c) of Section 5.04. To the extent that an assignment of all or any portion of a Lender’s Commitments and related outstanding Obligations pursuant to
Section 2.13 or this Section 13.04(b) would, at the time of such assignment, result in increased costs under Section 2.10 or 5.04 from those being charged by the
assigning Lender prior to such assignment, then the Borrower shall not be obligated to pay such increased costs (although the Borrower, in accordance with and pursuant to the other provisions of this Agreement, shall be obligated to pay any other
increased costs of the type described above resulting from changes after the date of the respective assignment). Notwithstanding anything to the contrary contained above, at any time after the termination of the Total Revolving Loan Commitment, if
any Revolving Loans or Letters of Credit remain outstanding, assignments may be made as provided above, except that the respective assignment shall be of a portion of the outstanding Revolving Loans of the respective Lender and its participation in
Letters of Credit and its obligation to make Mandatory RL Borrowings, although any such assignment effected after the termination of the Total Revolving Loan Commitment shall not release the assigning Lender from its obligations as a participant
with respect to outstanding Letters of Credit or to fund its share of any Mandatory RL Borrowing (although the respective assignee may agree, as between itself and the respective assigning Lender, that it shall be responsible for such amounts). 

  
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 (c) The Borrower shall also be entitled to purchase (from Lenders) outstanding principal of Term
Loans in accordance with the provisions of Sections 2.19 and 2.20, which purchases shall be evidenced by assignments (in form reasonably satisfactory to the Administrative Agent) from the applicable Lender to the Borrower. No such
transfer or assignment shall be effective until recorded by the Administrative Agent (in a manner consistent with the following sentence) on the Register pursuant to Section 13.15. All Term Loans purchased pursuant to
Sections 2.19 and 2.20 shall be immediately and automatically cancelled and retired, and the Borrower shall in no event become a Lender hereunder. To the extent of any assignment to the Borrower as described in this
clause (c), the assigning Lender shall be relieved of its obligations hereunder with respect to the assigned Term Loans. 
 (d) 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; 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. 

(e) Each Lender acknowledges and agrees to comply with the provisions of Section 13.04 applicable to it as a Lender
hereunder. 
 (f) [Reserved]. 

(g) If the Borrower wishes to replace the Loans or Commitments with Loans or Commitments having different terms, it shall have the option, with
the consent of the Administrative Agent and subject to at least three Business Days’ advance notice to the Lenders of such Loans or holding such Commitments, instead of prepaying the Loans or reducing or terminating the Commitments to be
replaced, to (i) require such Lenders to assign such Loans or Commitments to the Administrative Agent or its designees and (ii) amend the terms thereof in accordance with Section 13.12 (with such replacement, if
applicable, being deemed to have been made pursuant to Section 13.12). Pursuant to any such assignment, all Loans and Commitments to be replaced shall be purchased at par (allocated among the applicable Lenders in the same
manner as would be required if such Loans were being optionally prepaid or such Commitments were being optionally reduced or terminated by the Borrower), accompanied by payment of any accrued interest and fees thereon and any amounts owing pursuant
to Section 2.08. By receiving such purchase price, the applicable Lenders shall automatically be deemed to have assigned such Loans or Commitments pursuant to the terms of an Assignment and Assumption Agreement, in the form
of Exhibit H, and accordingly no other action by such Lenders shall be required in connection therewith. The provisions of this paragraph are intended to facilitate the maintenance of the perfection and priority of existing
security interests in the Collateral during any such replacement. 
 13.05 No Waiver; Remedies Cumulative. No failure or delay on the
part of the Administrative Agent or any Lender or Issuing Lender in exercising any right, power or privilege hereunder or under any other Credit Document and no course of dealing between the Borrower or any other Credit Party and the Administrative
Agent or any Lender or Issuing Lender shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder or under any other Credit Document preclude any other or further exercise thereof or the
exercise of any other right, power or privilege hereunder or thereunder. The rights, powers and remedies herein or in any other Credit Document expressly provided are cumulative and not exclusive of any rights, powers or remedies which the
Administrative Agent or any Lender or Issuing Lender would otherwise have. No notice to or demand on any Credit Party in any case shall entitle any Credit Party to any other or further notice or demand in similar or other circumstances or constitute
a waiver of the rights of the Administrative Agent or any Lender or Issuing Lender to any other or further action in any circumstances without notice or demand. 

13.06 Payments Pro Rata. 

(a) The Administrative Agent agrees that promptly after its receipt of each payment from or on behalf of any Credit Party in respect of any
Obligations of such Credit Party, it shall, except as otherwise provided in this Agreement (including payments to be made to one Tranche), distribute such payment to the Lenders under the applicable Tranche (other than any Lender that has consented
in writing to waive its pro rata share of such payment) pro rata based upon their respective shares, if any, of the Obligations with respect to which such payment was received. 

  
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 (b) Each of the Lenders agrees that, if it should receive any amount hereunder (whether by
voluntary payment, by realization upon security, by the exercise of the right of setoff or banker’s lien, by counterclaim or cross action, by the enforcement of any right under the Credit Documents, or otherwise) which is applicable to the
payment of the principal of, or interest on, the Loans, Unpaid Drawings or Fees with respect to a given Tranche, of a sum which with respect to the related sum or sums received by other Lenders is in a greater proportion than the total of such
Obligation then owed and due to such Lender bears to the total of such Obligation then owed and due to all of the Lenders under the applicable Tranche immediately prior to such receipt, then such Lender receiving such excess payment shall purchase
for cash without recourse or warranty from the other Lenders an interest in the Obligations of the respective Credit Party to such Lenders in such amount as shall result in a proportional participation by all of the Lenders in such amount;
provided that if all or any portion of such excess amount is thereafter recovered from such Lender, such purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest. 

(c) Notwithstanding anything to the contrary contained herein, the provisions of the preceding Sections 13.06(a) and (b) shall be subject to (x) the express provisions of this Agreement which require, or permit, differing payments to be made to Non-Defaulting Lenders
as opposed to Defaulting Lenders, (y) the express provisions of this Agreement which permit disproportionate payments with respect to various of the Tranches as, and to the extent, provided herein, and (z) any other provisions which permit
disproportionate payments with respect to the Term Loans as, and to the extent, provided therein. 
 13.07 Calculations; Computations.

 (a) The financial statements to be furnished to the Lenders pursuant hereto shall be made and prepared in accordance with U.S. GAAP
consistently applied throughout the periods involved (except as set forth in the notes thereto); provided that except as otherwise specifically provided herein, all computations of the Applicable Margin shall utilize U.S. GAAP and policies in
conformity with those used to prepare the audited financial statements of the Borrower referred to in Section 8.05(a)(i) for the fiscal year of the Borrower ended December 31, 2012; provided further, that
if the Borrower notifies the Administrative Agent that the Borrower wishes to amend any leverage calculation or any financial definition used therein to implement the effect of any change in U.S. GAAP or the application thereof occurring after the
Closing Date on the operation thereof (or if the Administrative Agent notifies the Borrower that the Required Lenders wish to amend any leverage test or any financial definition used therein for such purpose), then the Borrower and the
Administrative Agent shall negotiate in good faith to amend such leverage test or the definitions used therein (subject to the approval of the Required Lenders) to preserve the original intent thereof in light of such changes in U.S. GAAP;
provided, further that all determinations made pursuant to any applicable leverage test or any financial definition used therein shall be determined on the basis of U.S. GAAP as applied and in effect immediately before the relevant
change in U.S. GAAP or the application thereof became effective, until such leverage test or such financial definition is amended. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall
be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to Statement of Financial Accounting Standards 141R or ASC 805 (or any other financial accounting standard having a similar result or
effect). 
 (b) All computations of interest (other than interest based on the Base Rate (including Base Rate Loans determined by reference
to the LIBO Rate)), Commitment Commission, and other Fees hereunder (other than Drawing Fees) shall be made on the basis of a year of 360 days for the actual number of days (including the first day but excluding the last day) occurring in the period
for which such interest or Fees are payable. All computations of interest based determined by reference to the Base Rate (including Base Rate Loans determined by reference to the LIBO Rate) shall be based on a
365-day or 366-day year, as the case may be. 
 (c) The
calculation of any financial ratios under 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-down if there is no nearest number). 

  
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 13.08 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL. 

(a) THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL, EXCEPT AS
OTHERWISE PROVIDED IN THE RELEVANT SECURITY DOCUMENT, BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK; PROVIDED HOWEVER, NOTWITHSTANDING THE FOREGOING OR ANY OTHER PROVISION CONTAINED IN THIS
AGREEMENT OR ANY OF THE OTHER CREDIT DOCUMENTS, THE LAWS OF THE STATE OF TEXAS SHALL GOVERN AS TO (I) WHETHER THE TRANSACTION EVIDENCED BY THIS AGREEMENT AND THE CREDIT DOCUMENTS TRANSFERS OR CREATES AN INTEREST IN TEXAS REAL PROPERTY FOR
SECURITY PURPOSES OR OTHERWISE, (II) THE NATURE OF AN INTEREST IN TEXAS REAL PROPERTY THAT IS TRANSFERRED OR CREATED BY SUCH TRANSACTION, (III) THE METHOD FOR FORECLOSURE OF A LIEN ON ANY REAL PROPERTY SITUATED IN TEXAS SECURING PAYMENT OF
THE OBLIGATIONS, (IV) THE NATURE OF AN INTEREST IN ANY SUCH REAL PROPERTY THAT RESULTS FROM FORECLOSURE OF ANY SUCH LIEN, (V) THE MANNER AND EFFECT OF RECORDING OR FAILING TO RECORD EVIDENCE OF SUCH TRANSACTION THAT TRANSFERS OR CREATES AN
INTEREST IN ANY SUCH REAL PROPERTY AND (VI) THE PERFECTION, THE EFFECT OF PERFECTION OR NONPERFECTION, AND THE PRIORITY OF SECURITY INTERESTS IN AGRICULTURAL LIENS TO THE EXTENT REQUIRED UNDER SECTIONS 9.301 THROUGH 9.307 OF THE TEXAS
BUSINESS & COMMERCE CODE (AS CONTEMPLATED IN SECTION 1.301(c) OF THE TEXAS BUSINESS & COMMERCE CODE). REAL PROPERTY SITUATED IN THE OUTER CONTINENTAL SHELF OR REAL PROPERTY (SUCH AS MINERAL LEASES) ARISING OUT OF REAL PROPERTY IN
THE OUTER CONTINENTAL SHELF, WHICH REAL PROPERTY IN THE OUTER CONTINENTAL SHELF IS DEEMED ADJACENT TO THE STATE OF TEXAS PURSUANT TO THE OUTER CONTINENTAL SHELF LANDS ACT, SHALL BE DEEMED TEXAS REAL PROPERTY OR REAL PROPERTY SITUATED IN TEXAS FOR
PURPOSES OF THIS SECTION 13.08. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT (EXCEPT THAT, (X) IN THE CASE OF ANY MORTGAGE OR OTHER SECURITY DOCUMENT, PROCEEDINGS MAY ALSO BE BROUGHT BY THE
ADMINISTRATIVE AGENT IN THE STATE IN WHICH THE RELEVANT MORTGAGED PROPERTY OR COLLATERAL IS LOCATED OR ANY OTHER RELEVANT JURISDICTION AND (Y) IN THE CASE OF ANY BANKRUPTCY, INSOLVENCY OR SIMILAR PROCEEDINGS WITH RESPECT TO ANY CREDIT PARTY,
ACTIONS OR PROCEEDINGS RELATED TO THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS MAY BE BROUGHT IN SUCH COURT HOLDING SUCH BANKRUPTCY, INSOLVENCY OR SIMILAR PROCEEDINGS) SHALL BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES
FOR THE SOUTHERN DISTRICT OF NEW YORK, IN EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT, EACH OF THE PARTIES HERETO OR THERETO HEREBY IRREVOCABLY ACCEPTS FOR
ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH PARTY HERETO HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK PERSONAL JURISDICTION OVER IT, AND
AGREES NOT TO PLEAD OR CLAIM, IN ANY LEGAL ACTION PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENTS BROUGHT IN ANY OF THE AFOREMENTIONED COURTS, THAT SUCH COURTS LACK PERSONAL JURISDICTION OVER IT. EACH PARTY HERETO IRREVOCABLY
CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY, AS THE CASE MAY BE, AT ITS ADDRESS SET
FORTH OPPOSITE ITS SIGNATURE BELOW, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. EACH PARTY HERETO IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY
ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY OTHER CREDIT DOCUMENT THAT SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY
LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY OTHER SUCH PARTY IN ANY OTHER JURISDICTION. 

  
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 (b) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE
TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES
AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

(c) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 13.09
Counterparts. This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together
constitute one and the same instrument. A set of counterparts executed by all the parties hereto shall be lodged with the Borrower and the Administrative Agent. 

13.10 [Reserved]. 
 13.11
Headings Descriptive. The headings of the several Sections and subsections of this Agreement are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Agreement. 

13.12 Amendment or Waiver; etc. 

(a) Neither this Agreement nor any other Credit Document nor any terms hereof or thereof may be changed, waived, discharged or terminated
unless such change, waiver, discharge or termination is in writing signed by the Credit Parties party hereto or thereto and the Required Lenders and acknowledged by the Administrative Agent (although additional parties may be added to (and annexes
may be modified to reflect such additions) the Guaranty and the Security Documents in accordance with the provisions hereof and thereof without the consent of the other Credit Parties party thereto or the Required Lenders), provided that no
such change, waiver, discharge or termination shall (i) without the prior written consent of each Lender directly and adversely affected thereby, extend the final scheduled maturity of any Loan or Note or extend the stated expiration date of
any Letter of Credit beyond the Revolving Loan Maturity Date, or reduce the rate or extend the time of payment of interest or Fees thereon (except in connection with applicability of any post-default increase in interest rates and
(y) extensions expressly permitted by Section 2.14) or reduce or forgive the principal amount thereof (it being understood that this clause (i) shall not include the waiver of any mandatory prepayment
requirements), (ii) except as otherwise expressly provided in the Credit Documents, release all or substantially all of the Collateral under all the Security Documents without the prior written consent of each Lender, (iii) except as otherwise
provided in the Credit Documents, releases all or substantially all of the value of the Guaranty without the prior written consent of each Lender, (iv) amend, modify or waive any provision of this Section 13.12(a) or
Section 13.06 (except for technical amendments with respect to additional extensions of credit pursuant to this Agreement which afford the protections to such additional extensions of credit of the type provided to Loans or
Commitments provided on the Closing Date), in each case, without the prior written consent of each Lender directly and adversely affected thereby, (v) reduce the percentage specified in the definition of Required Lenders without the prior
written consent of each Lender directly and adversely affected thereby (it being understood that, with the prior written consent of the Required Lenders, additional extensions of credit pursuant to this Agreement may be included in the determination
of the Required Lenders on substantially the same basis as the extensions of Loans are included on the Closing Date), (vi) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement without the
consent of each Lender, (vii) amend Section 2.14 the effect of which is to extend the maturity of any Loan without the prior written consent of each Lender directly and adversely affected thereby or (viii) (A)
amend or otherwise modify Section 10.11(b) (or for the purpose of determining compliance with such provision, any defined term used therein), (B) waive or consent to any Default or Event of Default resulting from a breach
of Section 10.11(b) or (C) alter the rights or remedies of the Required Revolving Lenders arising pursuant to Article XI, in each case, without the written consent of the Required Revolving Lenders; provided,
however, the amendments, modifications, waivers and consents described in this 

  
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clause (viii) shall not require the consent of any Lenders other than the Required Revolving Lenders; provided, further, that no such change, waiver, discharge or termination
shall (1) increase the Commitments of any Lender over the amount thereof then in effect without the consent of such Lender (it being understood that waivers or modifications of conditions precedent, covenants, Defaults or Events of Default or
of a mandatory reduction in the Total Commitments shall not constitute an increase of the Commitment of any Lender, and that an increase in the available portion of any Commitment of any Lender shall not constitute an increase of the Commitment of
such Lender), (2) without the consent of each Issuing Lender, amend, modify or waive any provision of Section 3 or alter its rights or obligations with respect to Letters of Credit, (3) without the consent of the
Swingline Lender, alter the Swingline Lender’s rights or obligations with respect to Swingline Loans, (4) without the consent of each Agent adversely affected thereby, amend, modify or waive any provision of
Section 12 or any other provision as same relates to the rights or obligations of such Agent, (5) without the consent of the Administrative Agent, amend, modify or waive any provision relating to the rights or
obligations of the Administrative Agent, (6) except in cases where additional extensions of term loans are being afforded substantially the same treatment afforded to the Loans pursuant to this Agreement as in effect on the Closing Date,
without the consent of the Majority Lenders of each Tranche which is being allocated a lesser prepayment, repayment or commitment reduction, alter the required application of any prepayments or repayments (or commitment reduction), as between the
various Tranches, pursuant to Section 5.01 or 5.02 (although (x) the Required Lenders may waive, in whole or in part, any such prepayment, repayment or commitment reduction, so long as the application, as
amongst the various Tranches, of any such prepayment, repayment or commitment reduction which is still required to be made is not altered and (y) any conversion of any Tranche of Loans into another Tranche of Loans hereunder in like principal
amount and any other conversion of any Tranche of Loans into Extended Loans pursuant to a Term Loan Extension Amendment shall not be considered a “prepayment” or “repayment” for purposes of this clause (6)) or (7) without
the consent of the Majority Lenders of the respective Tranche affected thereby, amend the definition of Majority Lenders (it being understood that, with the consent of the Required Lenders, additional extensions of credit pursuant to this Agreement
may be included in the determination of the Majority Lenders on substantially the same basis as the extensions of Loans and Commitments are included on the Closing Date). 

(b) If, in connection with any proposed change, waiver, discharge or termination of any of the provisions of this Agreement as contemplated by
clauses (i) through (v), inclusive, of the first proviso to Section 13.12(a), the consent of the Required Lenders or Majority Lenders of a given Tranche, as applicable, is obtained but the consent of one or more of
such other Lenders whose consent is required is not obtained, then the Borrower shall have the right, so long as all non-consenting Lenders whose individual consent is required are treated as described in
either clauses (A) or (B) below, to either (A) replace each such non-consenting Lender or Lenders under a given Tranche with one or more Replacement Lenders pursuant to
Section 2.13 so long as at the time of such replacement, each such Replacement Lender consents to the proposed change, waiver, discharge or termination or (B) terminate such
non-consenting Lender’s Commitments and/or repay the outstanding Term Loans of each applicable Tranche of such Lender in accordance with Section 5.01(b), provided that,
unless the Commitments that are terminated, and Term Loans repaid, pursuant to the preceding clause (B) are immediately replaced in full at such time through the addition of new Lenders or the increase of outstanding Term Loans of existing
Lenders (who in each case must specifically consent thereto), then in the case of any action pursuant to preceding clause (B) the Required Lenders (determined after giving effect to the proposed action) or Majority Lenders of a given Tranche,
as applicable, shall specifically consent thereto. 
 (c) Notwithstanding anything in this Section 13.12 to the
contrary, in connection with the incurrence by any Credit Party thereof of additional Indebtedness, including pursuant to Section 10.04(iv), the Lenders authorize the Administrative Agent and the Administrative Agent agrees
to execute and deliver any amendments, amendments and restatements, re-statements or waivers of or supplements to or other modifications to, any Security Document, and to make or consent to any filings or take
any other actions in connection therewith, including the entry into the intercreditor agreement referred to in Section 10.01(xiv), as may be reasonably deemed by the Borrower to be necessary or reasonably desirable for any
Lien on the assets of any Credit Party permitted to secure such additional Indebtedness to become a valid, perfected lien (with such priority as may be designated by the relevant Credit Party or Subsidiary, to the extent such priority is permitted
by the Credit Documents) pursuant to the Security Document being so amended, amended and restated, restated, waived, supplemented or otherwise modified or otherwise. 

  
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 (d) Notwithstanding anything to the contrary in clause (a) above of this
Section 13.12, this Agreement may be amended (or amended and restated) with the written consent of each Lender (unless at such time Term Loans are held by Lenders who are not affiliates of any Lead Arranger, in which case,
the Required Lenders), the Administrative Agent and the Borrower, (x) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and
fees in respect thereof to share ratably in the benefits of this Agreement and the other Credit Documents with the Term Loan and the accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding such credit
facilities in any determination of the Required Lenders. 
 (e) Notwithstanding anything to the contrary herein, any fee letter may be
amended, or rights and privileges thereunder waived, in a writing executed only by the parties thereto. 
 (f) Anything herein to the
contrary notwithstanding, during such period as a Lender is a Defaulting Lender, to the fullest extent permitted by applicable Law, such Lender will not be entitled to vote in respect of amendments, waivers and consents hereunder and the Commitment
and the outstanding Loans or other extensions of credit of such Lender hereunder will not be taken into account in determining whether the Required Lenders or all of the Lenders, as required, have approved any such amendment, waiver or consent (and
the definition of “Required Lenders” will automatically be deemed modified accordingly for the duration of such period); provided that any such amendment or waiver that would increase or extend the term of the Commitment of such
Defaulting Lender, extend the date fixed for the payment of principal or interest owing to such Defaulting Lender hereunder, reduce the principal amount of any obligation owing to such Defaulting Lender, reduce the amount or the rat of interest on
any amount owing to such Defaulting Lender or of any fee payable to such Defaulting Lender hereunder, or alter the terms of this proviso, will require the consent of such Defaulting Lender. 

(g) Without the consent of any other person, the applicable Credit Party or Credit Parties and the Administrative Agent may (in its or their
respective sole discretion, or shall, to the extent required by any Credit Document) enter into any amendment or waiver of any Credit Document, or enter into any new agreement or instrument, to effect the granting, perfection, protection, expansion
or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the Guaranteed Creditors, or as required by local law to give effect to, or protect any security interest for the benefit of the
Guaranteed Creditors, in any property or so that the security interests therein comply with applicable Requirements of Law. 
 (h) Further,
notwithstanding anything to the contrary contained in this Section 13.12, if following the Closing Date, the Administrative Agent and any Credit Party shall have jointly identified an obvious error or any error or omission
of a technical or immaterial nature, in each case, in any provision of the Credit Documents, then the Administrative Agent and the Credit Parties shall be permitted to amend such provision and such amendment shall become effective without any
further action or consent of any other party to any Credit Documents if the same is not objected to in writing by the Required Lenders within five (5) Business Days following receipt of notice thereof. 

(i) Notwithstanding anything to the contrary contained in clause (a) of this Section 13.12, the Borrower, the
Administrative Agent and each Incremental Lender may, in accordance with the provisions of Section 2.15 enter into an Incremental Agreement, provided that after the execution and delivery by the Borrower, the
Administrative Agent and each such Incremental Lender of such Incremental Agreement, such Incremental Agreement, may thereafter only be modified in accordance with the requirements of clause (a) above of this
Section 13.12. 
 13.13 Survival. All indemnities set forth herein including, without limitation, in
Sections 2.10, 2.11, 5.04, 12.07 and 13.01 shall survive the execution, delivery and termination of this Agreement and the Notes and the making and repayment of the Obligations. 

13.14 Domicile of Term Loans. Each Lender may transfer and carry its Loans at, to or for the account of any office, Subsidiary or
Affiliate of such Lender. Notwithstanding anything to the contrary contained herein, to the extent that a transfer of Loans pursuant to this Section 13.14 would, at the time of such transfer, result in increased costs under
Section 2.10, 2.11 or 5.04 from those being charged by the respective Lender prior to such transfer, then the Borrower shall not be obligated to pay such increased costs (although the Borrower shall be
obligated to pay any other increased costs of the type described above resulting from changes after the date of the respective transfer). 

  
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 13.15 Register. The Borrower hereby designates the Administrative Agent to serve as its
agent, solely for purposes of this Section 13.15, to maintain a register (the “Register”) on which it will record the Commitments from time to time of each of the Lenders, the Loans made by each of the
Lenders and each repayment in respect of the principal and interest amounts of the Loans of each Lender. The Borrower, the Administrative Agent and the Lenders shall 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 (and the entries in the Register shall be conclusive for such purposes, absent manifest error), notwithstanding notice to the contrary. With respect to any Lender, the transfer of the
Commitments of, and the principal (and interest) amounts of the Loans owing to, such Lender and the rights to the principal of, and interest on, any Loan made pursuant to such Commitments shall not be effective until such transfer is recorded on the
Register maintained by the Administrative Agent with respect to ownership of such Commitments and Loans and prior to such recordation all amounts owing to the transferor with respect to such Commitments and Loans shall remain owing to the
transferor. The registration of assignment or transfer of all or part of any Commitments and Loans shall be recorded by the Administrative Agent on the Register upon and only upon the acceptance by the Administrative Agent of a properly executed and
delivered Assignment and Assumption Agreement pursuant to Section 13.04(b). Coincident with the delivery of such an Assignment and Assumption Agreement to the Administrative Agent for acceptance and registration of
assignment or transfer of all or part of a Loan, or as soon thereafter as practicable, the assigning or transferor Lender shall surrender the Note (if any) evidencing such Loan, and thereupon one or more new Notes in the same aggregate principal
amount shall be issued to the assigning or transferor Lender and/or the new Lender at the request of any such Lender. The registration of any provision of Incremental Commitments pursuant to Section 2.15, shall be recorded
by the Administrative Agent on the Register only upon the acceptance of the Administrative Agent of a properly executed and delivered Incremental Agreement. Coincident with the delivery of such Incremental Agreement for acceptance and registration
of the provision of an Incremental Commitment, as the case may be, or as soon thereafter as practicable, to the extent requested by such Incremental Lenders, Notes shall be issued, at the Borrower’s expense, to such Incremental Lenders, to be
in conformity with Section 2.05 (with appropriate modification) to the extent needed to reflect the Incremental Commitments, and outstanding Incremental Term Loans and/or Revolving Loans made by such Incremental Lender.

 13.16 Confidentiality. 

(a) Subject to the provisions of clause (b) of this Section 13.16, each Agent, Joint Lead Arranger, Syndication
Agent, Documentation Agent and Lender agrees that it will use its commercially reasonable efforts not to disclose without the prior consent of the Borrower (other than to its employees, auditors, advisors or counsel to another Lender if such Lender
or such Lender’s holding or parent company in its sole discretion determines that any such party should have access to such information, provided such Persons shall be instructed to maintain the confidential nature of such information)
any information with respect to the Borrower or any of its Subsidiaries which is now or in the future furnished pursuant to this Agreement or any other Credit Document, provided that any Lender may disclose any such information (i) as
has become generally available to the public other than by virtue of a breach of this Section 13.16(a) by such Lender, (ii) as may be required or appropriate in any report, statement or testimony submitted to any
municipal, state or Federal regulatory body having or claiming to have jurisdiction over such Lender or to the Federal Reserve Board or the Federal Deposit Insurance Corporation or similar organizations (whether in the United States or elsewhere) or
their successors, (iii) as may be required or appropriate in respect to any summons or subpoena or in connection with any litigation, (iv) in order to comply with any law, order, regulation or ruling applicable to such Lender, (v) to
the Administrative Agent or any other party hereto, (vi) to any prospective or actual direct or indirect contractual counterparty in any swap, hedge or similar agreement (or to any such contractual counterparty’s professional advisor), so
long as such contractual counterparty (or such professional advisor) agrees to be bound by the provisions of this Section 13.16 (or language substantially similar to this Section 13.16(a)), (vii)
to any prospective or actual transferee, pledgee or participant in connection with any contemplated transfer, pledge or participation of any of the Notes or Commitments or any interest therein by such Lender, provided that such prospective
transferee, pledge or participant agrees to be bound by the confidentiality provisions contained in this Section 13.16 (or language substantially similar to this Section 13.16(a)), (viii) in
connection with exercise of any remedies hereunder or under any other Credit Document or any action or proceeding relating to this Agreement or any other Credit Document or the enforcement of rights hereunder and thereunder; (ix) as has become
available on a non-confidential basis from a source other than the Borrower, and (x) on a confidential basis to (a) any rating agency in connection with rating the Borrower or the credit facilities
provided hereunder or (b) 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; provided,
further, that, to the extent 

  
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permitted pursuant to any applicable law, order, regulation or ruling, and other than in connection with credit and other bank examinations conducted in the ordinary course with respect to such
Lender, in the case of any disclosure pursuant to the foregoing clauses (ii), (iii) or (iv), such Lender will use its commercially reasonable efforts to notify the Borrower in advance of such disclosure so as to afford the Borrower the opportunity
to protect the confidentiality of the information proposed to be so disclosed. 
 (b) The Borrower hereby acknowledges and agrees that each
Lender may share with any of its Affiliates, and such Affiliates may share with such Lender, any information related to the Borrower or any of its Subsidiaries (including, without limitation, any non-public
customer information regarding the creditworthiness of the Borrower or any of its Subsidiaries), provided such Persons shall be subject to the provisions of this Section 13.16 to the same extent as such Lender. 

13.17 USA Patriot Act Notice. Each Lender hereby notifies each Credit Party that pursuant to the requirements of the USA PATRIOT Act
Title III of Pub. 107-56 (signed into law October 26, 2001 and amended on March 9, 2009) (the “Patriot Act”), it is required to obtain, verify, and record information that identifies
the Borrower and each Guarantor, which information includes the name of each Credit Party and other information that will allow such Lender to identify the Credit Party in accordance with the Patriot Act, and each Credit Party agrees to provide such
information from time to time to any Lender. 
 13.18 Electronic Execution of Assignments and Certain Other Documents. The words
“execute,” “execution,” “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including without
limitation any Assignment and Assumption Agreement, amendments or other modifications, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic
platforms approved by the Administrative Agent, 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; provided that notwithstanding anything contained herein to the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in
any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it. 
 13.19 [Reserved]. 

13.20 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 Credit Document), the Borrower 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 Joint Lead Arrangers are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the
Administrative Agent and the Joint Lead Arrangers, on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each of the Borrower and
Administrative Agent is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Credit Documents; (ii) (A) the Administrative Agent and the Joint Lead
Arrangers each 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 Borrower or any of its Affiliates,
or any other Person and (B) none of the Administrative Agent or the Joint Lead Arrangers has any obligation to the Borrower or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations
expressly set forth herein and in the other Credit Documents; and (iii) the Administrative Agent and the Joint Lead Arrangers and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ
from those of the Borrower and their respective Affiliates, and none of the Administrative Agent or the Joint Lead Arrangers has any obligation to disclose any of such interests to the Borrower or any of their respective Affiliates. To the fullest
extent permitted by law, the Borrower hereby waives and releases any claims that it may have against the Administrative Agent and the Joint 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. 

  
 -116- 

 13.21 [Reserved]. 

13.22 [Reserved]. 
 13.23
Non-Recourse to General Partner. THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS DO NOT AND WILL NOT IN ANY WAY CONSTITUTE A DIRECT OR INDIRECT GUARANTY BY THE GENERAL PARTNER OF THE OBLIGATIONS OF THE
BORROWER OR ANY SUBSIDIARY HEREUNDER OR THEREUNDER. IF ANY PROVISION OF THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT IS HELD BY ANY AUTHORITY TO CONSTITUTE A DIRECT OR INDIRECT GUARANTY BY THE GENERAL PARTNER OF THE OBLIGATIONS OF THE BORROWER OR ANY
SUBSIDIARY, SUCH PROVISION SHALL BE DEEMED INEFFECTIVE TO THE EXTENT SUCH PROVISION CONSTITUTES A DIRECT OR INDIRECT GUARANTY BY THE GENERAL PARTNER OF THE OBLIGATIONS OF THE BORROWER OR ANY SUBSIDIARY. NEITHER THIS AGREEMENT NOR ANY CREDIT DOCUMENT
IS INTENDED TO CREATE ANY LIABILITY OF THE GENERAL PARTNER FOR THE PERFORMANCE OF ANY OBLIGATION OF THE BORROWER OR ANY SUBSIDIARY THEREUNDER OR HEREUNDER. NEITHER THE ADMINISTRATIVE AGENT NOR ANY GUARANTEED CREDITOR SHALL HAVE ANY RECOURSE AGAINST
THE GENERAL PARTNER (INCLUDING ANY RECOURSE FOR ANY DEFICIENCY REMAINING UNDER THIS AGREEMENT OR ANY CREDIT DOCUMENT AFTER THE DISPOSITION OF COLLATERAL PLEDGED PURSUANT TO THE CREDIT DOCUMENTS). 

13.24 Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding
anything to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an EEA Financial Institution arising under any
Credit Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA 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 an EEA Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any Lender that is an EEA 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 EEA Financial Institution, its parent undertaking, 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 Credit Document; or 
 (iii) the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 

13.25 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 and each Joint Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt,
to or for the benefit of the Borrower or any other Credit Party, that at least one of the following is and will be true: 

(i) such Lender is not using “plan assets” (within the meaning of 29 CFR
§ 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments, 

  
 -117- 

 (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions
involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a
class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house
asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, 

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the
meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the
Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or 

(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole
discretion, and such Lender. 
 (b) In addition, unless sub-clause (i) in the immediately
preceding clause (a) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in 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 and each Joint Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that: 

(i) none of the Administrative Agent or any Joint Lead Arranger or any of their respective Affiliates is a fiduciary with
respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Credit Document or any documents related hereto or thereto), 

(ii) the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21) and is a bank, an insurance
carrier, an investment adviser, a broker-dealer or other person that holds, or has under management or control, total assets of at least $50 million, in each case as described in 29 CFR
§ 2510.3-21(c)(1)(i)(A)-(E), 
 (iii) the Person making the investment
decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is capable of evaluating investment risks independently,
both in general and with regard to particular transactions and investment strategies (including in respect of the Obligations), 

(iv) the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with respect to the Loans, the Letters of Credit, the Commitments and this Agreement and is
responsible for exercising independent judgment in evaluating the transactions hereunder, and 

  
 -118- 

 (v) no fee or other compensation is being paid directly to the Administrative
Agent or the Joint Lead Arrangers or any of their respective Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Letters of Credit, the Commitments or this Agreement. 

(c) The Administrative Agent and each Joint Lead Arranger hereby informs the Lenders that each such Person is not undertaking to provide
impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an
Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments
for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Credit
Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent fees, utilization fees, minimum usage fees, letter of credit fees,
fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing. 

*         *         * 

  
 -119- 

 IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and
deliver this Agreement as of the date first above written. 
  

			
	 OCI PARTNERS LP
  

	By:	 	 /s/ Ahmed K. El-Hoshy

		 	Name: Ahmed K. El-Hoshy
		 	Title: President and Chief Executive Officer

			
	BANK OF AMERICA, N.A.,
	 as Administrative Agent
  

	By:	 	 /s/ Mollie S. Canup

		 	Name: Mollie S. Canup
		 	Title: Vice President
	  
 BANK OF AMERICA, N.A.,

	 as Lender, Swingline Lender and Issuing Lender

 

	By:	 	 /s/ Mukesh Singh

		 	Name: Mukesh Singh
		 	Title: Director
	  
 BARCLAYS BANK PLC,

	 as a Revolving Lender
  

	By:	 	 /s/ Filippo Crosara

		 	Name: Filippo Crosara
		 	Title: Director
	  
 CREDIT AGRICOLE CORPORATE AND INVESTMENT
BANK,

	 as a Revolving Lender
  

	By:	 	 /s/ Roger Heflin, Jr.

		 	Name: Roger Heflin, Jr.
		 	Title: Managing Director
		
	By:	 	 /s/ Ghislain Descamps

		 	Name: Ghislain Descamps
		 	Title: Managing DirectorExhibit 10.15

 

EXECUTION VERSION

 

Mortgage Loan No.: 17602

 

MASTER LOAN AGREEMENT

 

between

 

TPHGREENWICH OWNER LLC,

as Borrower

 

and

 

MASSACHUSETTS MUTUAL LIFE
INSURANCE COMPANY,

as Lender and Administrative
Agent

 

Dated as of December 22, 2017

 

Relating to Property Located at:

 

77 Greenwich Street

(also known as 67 Greenwich Street and
28-42 Trinity Place) (Block 19, Lots 11 and 13)

and Air Rights acquired from 81 Greenwich
Street (Block 19, Lot 18)

New York, New York

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1 	CERTAIN DEFINITIONS	4
	 	 	 
	Section 1.1	Certain Definitions	4
	 	 	 
	Section 1.2	Interpretation	30
	 	 	 
	ARTICLE 2 	LOAN TERMS	31
	 	 	 
	Section 2.1	The Loan and the Note	31
	 	 	 
	Section 2.2	Interest Rate; Late Charge; Default Rate	32
	 	 	 
	Section 2.3	Terms of Payment	33
	 	 	 
	Section 2.4	Loan Term	34
	 	 	 
	Section 2.5	Prepayment	35
	 	 	 
	Section 2.6	Security	38
	 	 	 
	Section 2.7	Payments	39
	 	 	 
	Section 2.8	LIBOR Provisions	40
	 	 	 
	Section 2.9	Interest Reserve	43
	 	 	 
	Section 2.10	Reserve Account	43
	 	 	 
	Section 2.11	Control Accounts	44
	 	 	 
	ARTICLE 3	DISBURSEMENTS TO BORROWER	45
	 	 	 
	Section 3.1	Funding of Disbursements to Borrower	45
	 	 	 
	Section 3.2	Required Equity	46
	 	 	 
	Section 3.3	Conditions to Disbursements to Borrower	46
	 	 	 
	Section 3.4	Requests for Disbursements to Borrower	53
	 	 	 
	Section 3.5	Disbursements to Borrower for Hard Costs	55
	 	 	 
	Section 3.6	Disbursements for Payment of Interest from the Interest Holdback and Interest Reserve	56
	 	 	 
	Section 3.7	Final Disbursement to Borrower for Hard Costs and Soft Costs	57
	 	 	 
	Section 3.8	Deliveries after Completion of the Construction Work	57
	 	 	 
	Section 3.9	Contingency: Reallocations	58
	 	 	 
	Section 3.10	Developer Fee	59
	 	 	 
	Section 3.11	Balancing; Loan Reserve	59

 

    	 	-i-	 

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 3.12	Manner of Disbursement	60
	 	 	 
	Section 3.13	Expenses, Fees and Interest	60
	 	 	 
	Section 3.14	Use of Funds	60
	 	 	 
	Section 3.15	Responsibility For Application of Funds	60
	 	 	 
	Section 3.16	Governmental Set Asides	61
	 	 	 
	Section 3.17	Punch List Sub Reserve	61
	 	 	 
	Section 3.18	Funding for Deposits	61
	 	 	 
	Section 3.19	Personal to Borrower	61
	 	 	 
	Section 3.20	EB-5 Investments	61
	 	 	 
	Section 3.21	Union Labor	61
	 	 	 
	Section 3.22	Change in Scope of Project	61
	 	 	 
	ARTICLE 4	CONSTRUCTION OF IMPROVEMENTS	62
	 	 	 
	Section 4.1	Commencement and Completion of Construction	62
	 	 	 
	Section 4.2	Change Orders	63
	 	 	 
	Section 4.3	Progress Reports	64
	 	 	 
	Section 4.4	Access to Borrower’s Books and Records	64
	 	 	 
	Section 4.5	Inspections	64
	 	 	 
	Section 4.6	Corrective Work	65
	 	 	 
	Section 4.7	Liens	65
	 	 	 
	Section 4.8	Disputes Endangering Completion	65
	 	 	 
	Section 4.9	Restriction	66
	 	 	 
	Section 4.10	Punch List Items	66
	 	 	 
	Section 4.11	Completion	66
	 	 	 
	ARTICLE 5 	INSURANCE AND CONDEMNATION	66
	 	 	 
	Section 5.1	Insurance Requirements	66
	 	 	 
	Section 5.2	Damage, Destruction and Restoration	70
	 	 	 
	Section 5.3	Condemnation	74
	 	 	 
	ARTICLE 6	 ENVIRONMENTAL MATTERS	75
	 	 	 
	Section 6.1	Terms Incorporated By Reference	75
	 	 	 
	ARTICLE 7 	CERTAIN PROPERTY MATTERS	75

 

    	 	-ii-	 

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 7.1	Lease Covenants and Limitations	75
	 	 	 
	Section 7.2	The Master Lease, Sublease and School Unit Purchase Agreement	77
	 	 	 
	Section 7.3	Intentionally omitted	82
	 	 	 
	Section 7.4	Triparty Agreement	83
	 	 	 
	Section 7.5	Sales and Marketing Agreement/Management Agreement	83
	 	 	 
	Section 7.6	Impositions	83
	 	 	 
	Section 7.7	Operating Expenses	85
	 	 	 
	ARTICLE 8	REPRESENTATIONS, WARRANTIES AND COVENANTS	85
	 	 	 
	Section 8.1	Organization and Authority	85
	 	 	 
	Section 8.2	Maintenance of Existence	86
	 	 	 
	Section 8.3	Title	86
	 	 	 
	Section 8.4	Mortgage Taxes	87
	 	 	 
	Section 8.5	Payment of Liens	87
	 	 	 
	Section 8.6	Representations Regarding Mortgaged Property	87
	 	 	 
	Section 8.7	Operating Accounts	88
	 	 	 
	Section 8.8	Indemnification	88
	 	 	 
	Section 8.9	Estoppel Certificates	88
	 	 	 
	Section 8.10	ERISA	88
	 	 	 
	Section 8.11	Terrorism and Anti-Money Laundering	89
	 	 	 
	Section 8.12	Special Purpose Entity Requirements	90
	 	 	 
	Section 8.13	Notices/Proceedings	93
	 	 	 
	Section 8.14	Business Purpose of Loan	94
	 	 	 
	Section 8.15	Legal Requirements and Maintenance of Mortgaged Property	94
	 	 	 
	Section 8.16	Solvency	95
	 	 	 
	Section 8.17	Interest Rate Cap Agreement	95
	 	 	 
	Section 8.18	Representations Regarding the Construction Work	97
	 	 	 
	Section 8.19	Limitations on Distributions	98
	 	 	 
	Section 8.20	Condominium	98
	 	 	 
	Section 8.21	Sales Pace Covenant	101

 

    	 	-iii-	 

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	ARTICLE 9	FINANCIAL REPORTING	101
	 	 	 
	Section 9.1	Financial Statements; Records	101
	 	 	 
	ARTICLE 10	CONVEYANCES, ENCUMBRANCES AND BORROWINGS	103
	 	 	 
	Section 10.1	Prohibition Against Conveyances, Encumbrances and Borrowing	103
	 	 	 
	Section 10.2	Permitted Transfer	104
	 	 	 
	ARTICLE 11	EVENTS OF DEFAULT	106
	 	 	 
	Section 11.1	Events of Default	106
	 	 	 
	ARTICLE 12	REMEDIES	109
	 	 	 
	Section 12.1	Remedies	109
	 	 	 
	Section 12.2	Lender’s Right to Perform the Obligations	110
	 	 	 
	Section 12.3	Waiver of Marshalling of Assets	110
	 	 	 
	Section 12.4	Advances	110
	 	 	 
	Section 12.5	Participation In Proceedings	111
	 	 	 
	ARTICLE 13	LIMITATIONS ON LIABILITY	111
	 	 	 
	Section 13.1	Limitation on Liability	111
	 	 	 
	ARTICLE 14	MISCELLANEOUS	115
	 	 	 
	Section 14.1	Notices	115
	 	 	 
	Section 14.2	Counterparts	116
	 	 	 
	Section 14.3	Successors and Assigns	117
	 	 	 
	Section 14.4	Joint and Several Liability	117
	 	 	 
	Section 14.5	Captions	117
	 	 	 
	Section 14.6	Further Assurances	117
	 	 	 
	Section 14.7	Severability	117
	 	 	 
	Section 14.8	Borrower’s Obligations Absolute	117
	 	 	 
	Section 14.9	Amendments; Consents	118
	 	 	 
	Section 14.10	Other Loan Documents and Exhibits	118
	 	 	 
	Section 14.11	Merger	118
	 	 	 
	Section 14.12	Time of the Essence	118
	 	 	 
	Section 14.13	Transfer of Loan	118
	 	 	 
	Section 14.14	Cooperation	119

 

    	 	-iv-	 

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 14.15	Register	120
	 	 	 
	Section 14.16	Limitation on Interest	120
	 	 	 
	Section 14.17	Survival	121
	 	 	 
	Section 14.18	WAIVER OF JURY TRIAL	121
	 	 	 
	Section 14.19	Governing Law	121
	 	 	 
	Section 14.20	Consent to Jurisdiction and Venue	121
	 	 	 
	Section 14.21	Intentionally omitted	122
	 	 	 
	Section 14.22	Entire Agreement	122
	 	 	 
	Section 14.23	Pledge and Grant of Security Interest	122
	 	 	 
	Section 14.24	Confidentiality	122
	 	 	 
	Section 14.25	Broker	122
	 	 	 
	Section 14.26	Defaulting Lender	123
	 	 	 
	ARTICLE 15	THE ADMINISTRATIVE AGENT	124
	 	 	 
	Section 15.1	Appointment, Powers and Immunities	124
	 	 	 
	Section 15.2	Reliance by Borrower on Administrative Agent	124
	 	 	 
	Section 15.3	Rights as a Lender	124
	 	 	 
	ARTICLE 16	CONDOMINIUM UNIT RELEASE PROVISIONS	125
	 	 	 
	Section 16.1	The Offering Plan	125
	 	 	 
	Section 16.2	Contracts of Sale	126
	 	 	 
	Section 16.3	Conditions for Release of Units	130
	 	 	 
	Section 16.4	Subordination of Mortgage; Merging of Tax Lots	131

  

	LIST OF EXHIBITS
	 	 	 
	EXHIBIT A	-	LEGAL DESCRIPTION OF PROPERTY
	EXHIBIT B	-	APPROVED BUDGET
	EXHIBIT C	-	RESIDENTIAL UNIT MINIMUM SALES PRICE SCHEDULE
	EXHIBIT D	-	SALES PACE COVENANT
	EXHIBIT E	-	CONSTRUCTION TIMELINE
	EXHIBIT F	-	LIST OF APPROVED PLANS AND SPECIFICATIONS 
	EXHIBIT G	-	FORM OF DRAW REQUEST
	EXHIBIT H	-	BORROWER CERTIFICATION
	EXHIBIT I	-	DISBURSEMENTS FOR DEPOSITS
	EXHIBIT J	-	SURVEY REQUIREMENTS

 

    	 	-v-	 

     

    

 

Table
of Contents

(continued)

 

	 	 	Page

 

	EXHIBIT K	-	PHASE I REQUIREMENTS
	EXHIBIT L	-	LIST OF OPERATING AGREEMENTS
	EXHIBIT M	-	LIST OF EASEMENT AGREEMENTS
	EXHIBIT N	-	BORROWER ORGANIZATIONAL CHART
	EXHIBIT O	-	PROFORMA OPERATING BUDGET
	EXHIBIT P	-	FORM OF ASSIGNMENT OF EXCLUSIVE SALES AGREEMENT
	EXHIBIT Q	-	FORM OF ASSIGNMENT OF MANAGEMENT AGREEMENT
	EXHIBIT R	-	FORM OF CONDOMINIUM DECLARATION AND BYLAWS
	EXHIBIT S	-	FORM OF PURCHASE AGREEMENT DEPOSIT ESCROW AGREEMENT
	EXHIBIT T	-	FORM OF PURCHASE AGREEMENT DEPOSIT ESCROWEE ACKNOWLEDGMENT
	EXHIBIT U	-	BUSINESS PLAN
	EXHIBIT V	-	FORM OF ASSIGNMENT OF INTEREST RATE PROTECTION AGREEMENT
	EXHIBIT W	-	SCHEDULE OF AMORTIZING NOTIONAL AMOUNTS

 

    	 	-vi-	 

     

    

 

MASTER LOAN AGREEMENT

 

This Master Loan Agreement
(this “Agreement”) is entered into as of December 22, 2017 by and between TPHGREENWICH OWNER LLC,
a Delaware limited liability company (“Borrower”) and MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
a Massachusetts corporation (“Lender” and, to the extent applicable pursuant to Article 15, “Administrative
Agent”).

 

RECITALS:

 

A.           Borrower
is the owner of certain real property containing approximately 1.23 acres located at 77 Greenwich Street (also known as 67 Greenwich
Street and 28-42 Trinity Place) designated as Block 19, Lots 11 and 13 in the New York City Tax Map in the City, County and State
of New York as more particularly described on Exhibit A attached hereto (the “Land”) and the existing
improvements located thereon. The Land is part of a “zoning lot”, as defined in the Zoning Resolution of the City of
New York consisting of the Land and the parcel of real property designated on the New York City Tax Map in the City, County and
State of New York as Lot 18, Block 19.

 

B.           Borrower
and the New York City School Construction Authority, a public benefit corporation of the State of New York (the “SCA”)
are parties to (i) that certain School Design, Construction, Funding and Purchase Agreement dated as of the date hereof, together
with that certain letter agreement dated as of the date hereof between Borrower and SCA (collectively, as amended, supplemented
or otherwise modified from time to time in accordance with the terms of this Agreement, the “School Unit Purchase Agreement”)
pursuant to which Borrower shall, inter alia, complete the construction of the School Improvements (as defined below), (ii)
that certain Agreement of Lease dated as of the date hereof (as amended, supplemented or otherwise modified from time to time in
accordance with the terms of this Agreement, the “Master Lease”) pursuant to which Borrower, as landlord,
ground leases the Land to the SCA, as tenant, subject to Borrower’s right to perform its obligations under the School Unit
Purchase Agreement and the Sublease, and (iii) that certain Sublease dated as of the date hereof (as amended, supplemented or otherwise
modified from time to time in accordance with the terms of this Agreement, the “Sublease”) pursuant to
which the SCA, as sublandlord, subleases the Land excluding what is intended to be the School Unit to Borrower, as subtenant.

 

C.           Borrower
intends to construct (i) a new mixed-use building containing approximately 300,400 square feet of gross floor area on the Land
(the “Building”) which Building shall include (1) approximately 207,000 square feet of gross floor area
of residential space to be located predominantly on portions of floors 11 through 38 (the “Residential Improvements”),
(2) the core and shell of the approximately 86,000 square feet of gross floor area of school improvements to be located predominantly
on a portion of the cellar and ground floor and portions of floors 2 through 8 of the Building as more particularly described in
the School Unit Purchase Agreement (the “School Improvements”), the completion of such School Improvements
to include, without limitation (a) certain modifications to the existing Robert and Anne Dickey House which has been designated
a landmark by the New York City Landmarks Preservation Commission (the “Dickey House”), (b) certain modifications
to the exterior of the Dickey House, and (c) the incorporation of a portion of the Dickey House into the School Unit, (3) approximately
4,900 square feet of gross floor area for retail space to be located on a portion of the cellar and ground floor of the Building
(the “Retail Improvements”), and (ii) construction of a new subway stair and/or elevator entrance on
Trinity Place pursuant to the terms and conditions of the Transit Improvement Agreement (the “Subway Entrance”;
together with the Building, the “Improvements”). The construction work contemplated by the Approved Plans
and the 100% School Base Building CD’s, including without limitation, the construction of the Improvements is referred to
herein collectively as the “Project”.

 

     

     

    

 

D.           The
Improvements are to be (i) constructed substantially in accordance with the Approved Plans, including without limitation, the 100%
School Base Building CD’s, pursuant to a certain Construction Management Agreement dated March 16, 2017 by and between Borrower,
as owner, and Gilbane Residential Construction LLC (the “Contractor”), as construction manager, as amended
by that certain Amendment No. 1 to Agreement between Owner and at Risk Construction Manager for Construction of 42 Trinity Place,
New York, New York dated October 24, 2017 (as the same may be amended, modified, supplemented or replaced, from time to time, in
accordance with this Agreement, the “Construction Contract”), and substantially in accordance with the
Business Plan and the Approved Budget, and (ii) Completed prior to the Completion Date.

 

E.           Upon
substantial completion of the School Improvements pursuant to the School Unit Purchase Agreement, the Project shall be submitted
to the provisions of the Condominium Act to create a condominium of the Project (excluding the Subway Entrance) which shall be
governed by and subject to the provisions of this Agreement, the Condominium Laws and the Condominium Documents. The Condominium
shall initially be comprised of the following Condominium Units: (i) one (1) residential condominium unit (the “Residential
Unit”) containing the Residential Improvements, which Residential Unit may be further subdivided subject to the terms
of this Agreement into not fewer than ninety (90) and not greater than ninety-three (93) residential condominium units in connection
with the Residential Subdivision (each such subdivided residential unit being herein referred to as a “Subdivided Residential
Unit”; and collectively, the “Subdivided Residential Units”), (ii) one (1) school condominium
unit containing the School Improvements (the “School Unit”), and (iii) one (1) retail condominium unit
containing the Retail Improvements (the “Retail Unit”; together with the Residential Unit (or the Subdivided
Residential Units subsequent to the Residential Subdivision, as the case may be) and the School Unit, the “Condominium
Units” and each, a “Condominium Unit”). Simultaneously therewith, (i) Borrower shall convey
its fee interest in the School Unit to the SCA in accordance with the provisions of the School Unit Purchase Agreement, (ii) the
Master Lease and Sublease shall terminate and terminations of the memoranda thereof shall be recorded in the Register’s Office,
and (iii) the Loan Documents may be amended (to reference the termination of the leasehold and subleasehold interests created under
the Master Lease and Sublease, to reflect the conversion of the Premises to Condominium Units and their appurtenant interests,
and to secure development and declarant rights).

 

    	 	-2-	 

     

    

 

F.           In
order to finance the development of the Project and the construction of the Improvements, Borrower has applied to Lender for a
loan and subject to the terms of this Agreement and the other Loan Documents, Lender has agreed to make (i) a Term Loan to Borrower
in the original principal amount of $32,302,285.00, (ii) a Building Loan to Borrower in the maximum principal amount of up to $128,197,878.00
to reimburse Borrower for (or to pay directly) certain construction costs in connection with the construction of the Improvements
on the Land in accordance with the Approved Plans, and (iii) a Project Loan to Borrower in the maximum principal amount of up to
$28,999,837.00 to reimburse Borrower for (or to pay directly) certain other costs incurred by Borrower in connection with the construction
of the Improvements on the Land in accordance with the Approved Plans, each such loan which shall be secured, in part, by all of
Borrower’s assets.

 

G.           Under
the terms of the School Unit Purchase Agreement, the SCA is obligated to make the following payments to the Borrower in connection
with the completion of the School Unit: an amount equal to the aggregate of (i) $41,546,032.00 in monthly installments beginning
on the Closing Date in accordance with the guidelines set forth in Exhibit H of the School Unit Purchase Agreement (collectively,
the “Land Value Payment”) representing SCA’s payment to Borrower for a portion of the Land value
determined in accordance with Exhibit G of the School Unit Purchase Agreement, (ii) Pre-Development Costs, interest on SCA’s
allocable share of Pre-Development Costs, and all soft costs incurred for the School Improvements more particularly set forth in
Exhibit O of the School Unit Purchase Agreement in an amount equal to $6,912,523 (as such amount may be adjusted pursuant
to the terms of the School Unit Purchase Agreement, the “School Base Building Soft Costs”), as such School
Base Building Soft Costs have been allocated to the School Improvements in accordance with Exhibit G of the School Unit
Purchase Agreement (the “School Base Building Soft Cost Payment”), (iii) a construction supervision fee
(the “School Construction Supervision Fee”) of five percent (5%) of each Requisition (as defined in the
School Unit Purchase Agreement) (subject to the holdback provisions of Section 5.02(f) of the School Unit Purchase Agreement)
payable by the SCA in periodic installments in accordance with and subject to the guidelines set forth in Exhibit H of the
School Unit Purchase Agreement (the “School Construction Supervision Fee Payment”), and (iv) up to $50,933,787.00
payable based on percentage completion (as such amount may be adjusted pursuant to the terms of the School Unit Purchase Agreement,
the “School Base Building Hard Cost Payment”; together with the Land Value Payment, the School Construction
Supervision Fee Payment, the School Base Building Soft Cost Payment and any other payment made by the SCA under the School Unit
Purchase Agreement, the “School Cost Payments”) to pay Borrower SCA’s portion of hard costs attributable
to the School Improvements in accordance with Exhibit G of the School Unit Purchase Agreement (excluding the School Construction
Supervision Fee and the Land Value Payment, the “School Base Building Hard Costs”; together with the
Pre-Development Costs, the School Base Building Soft Costs, and any other Public School Project Costs, the “School
Costs”). As a condition to making the Loan, Lender has required that all amounts required to be paid by the SCA under
the School Unit Purchase Agreement representing Land Value Payments and School Construction Supervision Fee Payments be deposited
into the School Purchase Control Account and that all remaining amounts required to be paid by the SCA under the School Unit Purchase
Agreement (including, without limitation, the Pre-Development Costs, the School Base Building Soft Costs and the School Base Building
Hard Costs) be deposited into the School Cost Control Account pursuant to the terms of this Agreement and the Triparty Agreement.

 

H.           The
Recitals are a material part of this Agreement.

 

    	 	-3-	 

     

    

 

NOW, THEREFORE, in consideration
of the terms and covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged and agreed to, the parties agree to be bound as follows:

 

ARTICLE
1

CERTAIN DEFINITIONS

 

Section 1.1           Certain
Definitions. As used in this Agreement, the following terms shall mean:

 

“100% School
Base Building CD’s” is defined in the School Unit Purchase Agreement.

 

“Acceleration
Event” is defined in Section 2.5(b).

 

“Acceptable
Invoice” means an invoice or bill that (i) is in writing, (ii) contains the vendor’s name and address, (iii)
contains the Project name and location, and (iv) except in the case of the initial Draw Request, is dated not more than 90 days
prior to the date of the applicable Draw Request.

 

“Access Laws”
means the Americans with Disabilities Act of 1990, the Fair Housing Amendments Act of 1988, all state and local laws and ordinances
related to handicapped access and all rules, regulations, and orders issued pursuant thereto including, without limitation, the
Americans with Disabilities Act Accessibility Guidelines for Buildings and Facilities, as may heretofore or hereafter may be amended.

 

“ACH”
is defined in Section 2.7(a).

 

“Actual Debt
Service” means with respect to any particular period of time, principal (if applicable) and interest payments made
under the Notes and this Agreement for such period.

 

“Additional
Equity” means amounts credited to Borrower as additional equity contributions after the Closing Date as provided
hereunder and which will include, without limitation, the SCA Contributed Equity.

 

“Adjusted Rate”
means the Federal Funds Rate as such Federal Funds Rate may change from time to time, plus the Rate Spread.

 

“Administrative
Agent” means Massachusetts Mutual Life Insurance Company, or any successor pursuant to Article 15.

 

“Administrator”
means PNC Bank, N.A.

 

“Advances”
means (other than (i) Loan proceeds, (ii) equity contributed by Borrower to the Project, (iii) School Cost Payments, and (iv) all
other amounts funded by Borrower or any Affiliate thereof) all amounts of money advanced or paid and all costs and expenses incurred
by Administrative Agent or Lender, as provided in this Agreement or in any other Loan Document, upon failure of Borrower to pay
or perform any obligation or covenant contained herein or in such other Loan Document.

 

    	 	-4-	 

     

    

 

“Affiliate”
means any Person Controlled by, in Control of or under common Control with any other Person.

 

“Agreement”
means this Master Loan Agreement, as amended from time to time.

 

“Anti-Money
Laundering Laws” means the USA Patriot Act of 2001, as amended, the Bank Secrecy Act, as amended, Executive Order
13324 – Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism,
as amended, and other federal laws and regulations and executive orders administered by OFAC which prohibit, among other things,
the engagement in transactions with, and the provision of services to, certain foreign countries, territories, entities and individuals
(such individuals include OFAC Prohibited Persons), specially designated nationals, specially designated narcotics traffickers
and other parties subject to OFAC sanction and embargo programs), and such additional laws and programs administered by OFAC which
prohibit dealing with individuals or entities in certain countries regardless of whether such individuals or entities appear on
any of the OFAC lists.

 

“Application”
means the Term Sheet dated as of April 5, 2017, executed by or on behalf of Borrower and Lender for the Loan.

 

“Approved Budget”
means the Line Item breakdown of the total direct and indirect costs of the Project attached hereto as Exhibit B and made
a part hereof, including all Hard Costs, all Soft Costs and the Interest Holdback under the Loan, as the same shall be amended
by Lender from time to time to reflect (i) Change Orders approved by Lender in accordance with this Agreement or that do not require
Lender’s approval hereunder and (ii) reallocations of Available Cost Savings and from the Contingency Line Item which are
expressly permitted in accordance with the terms of this Agreement.

 

“Approved Form
of Contract of Sale” is defined in Section 16.2(a).

 

“Approved Plans”
means the final signed architectural, civil, structural, foundation, plumbing, electrical and mechanical plans and specifications
listed on Exhibit F, as the same may be amended and supplemented from time to time in accordance with Section 3.3(a)(ii)
and to reflect Change Orders approved by Lender (or which do not require Lender’s approval) in accordance with the terms
of this Agreement.

 

“Appurtenances”
is defined in the Granting Clauses of the Mortgage.

 

“Architect”
means FXFowle Architects, LLP, and any other architect for the construction of the Improvements approved by Lender (which approval
shall not be unreasonably withheld, conditioned or delayed).

 

    	 	-5-	 

     

    

 

“Architect’s
Consent” means the consent executed and delivered by the Architect to Lender in connection with the Loan, pursuant
to which the Architect has, among other things, consented to the assignment of the Architect’s Contract from Borrower to
Lender.

 

“Architect’s
Contract” means that certain Architectural Services Agreement dated as of December 18, 2015 between Borrower and
Architect, as may be amended, supplemented or otherwise modified, from time to time, in accordance with this Agreement or any other
contract between Borrower and Architect approved by Lender (which approval shall not be unreasonably withheld, conditioned or delayed).

 

“Assignment
of Architect Contract” means the Assignment of Architect Contract of even date herewith from Borrower to Lender,
as it may be amended, supplemented or otherwise modified, from time to time.

 

“Assignment
of Construction Contract” means the Assignment of Construction Contract of even date herewith from Borrower to Lender,
as it may be amended, supplemented or otherwise modified, from time to time.

 

“Assignment
of Demolition Contract” means the Assignment of Demolition Contract of even date herewith from Borrower to Lender,
as it may be amended, supplemented or otherwise modified, from time to time.

 

“Assignment
of Design Contract” means the Assignment of Interior Design and Architectural Services Agreement of even date herewith
from Borrower to Lender, as it may be amended, supplemented or otherwise modified, from time to time.

 

“Assignment
of Engineer’s Contract” means collectively, (i) with respect to the Stantec Contract, the Assignment of Professional
Services Agreement of even date herewith from Borrower to Lender, as it may be amended, supplemented or otherwise modified, from
time to time, (ii) with respect to the Langan Contract, the Assignment of Engineer’s Contract of even date herewith from
Borrower to Lender, as it may be amended, supplemented or otherwise modified, from time to time, and (iii) with respect to the
Tomasetti Contract, the Assignment of Engineer’s Contract of even date herewith from Borrower to Lender, as it may be amended,
supplemented or otherwise modified, from time to time.

 

“Assignment
of Exclusive Sales Agreement” means the Assignment and Subordination of Exclusive Sales and Marketing Agreement to
be executed by Borrower, Lender and the Sales Agent in connection with the Loan substantially in the form attached hereto as Exhibit
P, pursuant to which the Sales Agent shall, among other things, consent to the assignment and subordination of the Sales Agreement.

 

“Assignment
of Leases and Rents” means collectively, the Term Loan Assignment of Leases and Rents, the Building Loan Assignment
of Leases and Rents and the Project Loan Assignment of Leases and Rents.

 

    	 	-6-	 

     

    

 

“Assignment
of Licenses and Contracts” means the Assignment of Licenses, Permits, Approval, Contracts and Agreements of even
date herewith from Borrower to Lender, as it may be amended, modified, consolidated or extended from time to time.

 

“Assignment
of Management Agreement” means the Assignment and Subordination of Management Agreement to be executed by and among
Borrower, Lender and the Property Manager in connection with the Loan substantially in the form attached hereto as Exhibit Q,
pursuant to which the Property Manager shall, among other things, consent to the assignment and subordination of the Management
Agreement.

 

“Assignment
of Rate Cap Agreement” is defined in Section 8.17(d).

 

“Assignment
of Services Contract” means the Assignment of Services Contract of even date herewith from Borrower to Lender, as
it may be amended, supplemented or otherwise modified, from time to time.

 

“Assumed Debt
Service” means the product of the most recent regularly scheduled monthly payment of interest on the Loan and the
applicable number of months for which the Assumed Debt Service is being calculated; provided, however, Assumed Debt Service shall
be measured at the maximum interest rate as set forth in the Interest Rate Cap Agreement or if no Interest Rate Cap Agreement is
required or in place then the greater of the then current Contract Rate and nine and 25/100 percent (9.25%).

 

“Attorney General”
means the New York State Office of the Attorney General, Department of Law, Real Estate Finance Bureau.

 

“Available
Cost Savings” means any cost savings achieved by Borrower with respect to any Line Item in the Approved Budget which
has not previously been reallocated as permitted in this Agreement. Borrower shall not be deemed to have achieved any cost savings
in any Line Item in the Approved Budget unless the work or the materials to which those cost savings relate has been completed
or purchased in accordance with the requirements of this Agreement or until such cost savings have been otherwise documented to
the reasonable satisfaction of Lender.

 

“Bankruptcy
Proceeding” means any proceeding, action, petition or filing under the Federal Bankruptcy Code or any similar state
or federal law now or hereafter in effect relating to bankruptcy, reorganization or insolvency, or the arrangement or adjustment
of debts.

 

“Barings”
means Barings LLC, a Delaware limited liability company.

 

“Borrower”
is defined in the introductory paragraph on page one of this Agreement, and also includes any subsequent owner of the Mortgaged
Property and its or their respective permitted successors and assigns.

 

“Borrower Certification”
means a certification in the form attached to this Agreement as Exhibit H, together with all accompanying documentation
reasonably required by Lender.

 

“Building”
is defined in paragraph C of the Recitals.

 

    	 	-7-	 

     

    

 

“Building Loan”
means that certain loan evidenced by the Building Loan Note in the maximum principal amount of up to $128,197,878.00 made by Lender
to Borrower to finance Hard Costs, which Building Loan is secured by, among other things, the Building Loan Mortgage.

 

“Building Loan
Advance(s)” is defined in Section 2.1(b).

 

“Building Loan
Agreement” means that certain Building Loan Agreement of even date herewith between Borrower and Lender, as the same
may be amended, restated, or modified from time to time.

 

“Building Loan
Assignment of Leases and Rents” means the Building Loan Assignment of Leases and Rents from Borrower to Lender of
even date herewith, as the same may be amended, modified, consolidated or extended from time to time.

 

“Building Loan
Documents” means collectively, this Agreement, the Building Loan Agreement, the Building Loan Note, the Building
Loan Mortgage, the Building Loan Assignment of Leases and Rents, the Environmental Indemnification Agreement, the Recourse Guaranty
Agreement, the Completion Guaranty, the Equity Funding Guaranty, the Carry Guaranty, and all other documents now or hereafter executed
by Borrower, Indemnitor or any other Person to evidence or secure the repayment of the Indebtedness or the performance of Borrower
in connection with the Building Loan.

 

“Building Loan
Interest Holdback” is defined in Section 3.6.

 

“Building Loan
Note” means that certain Building Loan Promissory Note of even date herewith executed and delivered by Borrower to
Lender in the original principal amount of up to $128,197,878.00, as the same may be modified, amended, split, consolidated, replaced,
substituted or extended from time to time.

 

“Building Loan
Mortgage” means the Fee and Leasehold Building Loan Mortgage, Assignment of Leases and Rents, Security Agreement
and Fixture Filing of even date herewith executed by Borrower in favor of Lender, as the same may be modified, amended, split,
consolidated, replaced, substituted or extended from time to time.

 

“Bulk Sale”
means the sale of more than five Subdivided Residential Units to any one Residential Unit Purchaser.

 

“Breakage Fee”
is defined in Section 2.5(a)(iii).

 

“Business Day”
means any day other than a Saturday, Sunday or other day on which national banks in the State are not open for business.

 

“Business Plan”
means the business plan as shown on Exhibit U attached hereto and made a part hereof, as the same is updated annually by
Borrower in accordance with the provisions of Section 9.1(a)(i) and approved by Lender (not to be unreasonably withheld,
conditioned or delayed other than with respect to requests to amend the Major Points of Business Plan, which may be granted or
withheld in Lender’s sole and absolute discretion), and such other updates as approved by Lender (not to be unreasonably
withheld, conditioned or delayed other than with respect to requests to amend the Major Points of Business Plan, which may be granted
or withheld in Lender’s sole and absolute discretion).

 

    	 	-8-	 

     

    

 

“Bylaws”
means the by-laws of the Condominium approved by Lender in the form attached as part of Exhibit R, which by-laws shall be
attached as an exhibit to the Declaration, as the same may be amended or modified from time to time in accordance with the terms
and provisions of this Agreement.

 

“Carry Guaranty”
means the Carry Guaranty of even date herewith from Indemnitor for the benefit of Lender, as amended from time to time.

 

“Change Order”
is defined in Section 4.2.

 

“Closed Period
Prepayment Fee” is defined in Section 2.5(b).

 

“Closed Prepayment
Date” is defined in Section 2.5(a).

 

“Closed Refinancing
Prepayment Date” is defined in Section 2.5(a).

 

“Closing Date”
means the date that the Loan (or the initial portion thereof) is advanced to Borrower.

 

“Collateral”
is defined in the Granting Clauses of the Mortgage.

 

“Collusive
Insolvency” is defined in Section 13.1(c).

 

“Comparable
Condominium Projects” means first class condominium projects located in Manhattan that are comparable to the Project
in location, price, size, facilities, amenities and quality.

 

“Completion”,
“Complete” or “Completed” means the substantial completion of the Project and
Construction Work (excluding SCA Pre- and Post-Turnover Work) free and clear of mechanics’ liens and comparable liens (other
than those that have been bonded, otherwise discharged or are being contested pursuant to Section 4.7 hereof) in accordance with
the Approved Budget (taking into account Available Cost Savings and permitted reallocations from Contingency as set forth in Section
3.9), the Approved Plans, with all necessary Permits and certificates of occupancy for the Subdivided Residential Units (which
may be temporary) and in compliance in all material respects with all applicable Legal Requirements and Permits, and subject only
to the completion of Punch List Items. Completion shall specifically require that the Condominium Documents (other than the Offering
Plan) have been submitted for recordation in Register’s Office, the School Unit has been conveyed to the SCA in accordance
with the School Unit Purchase Agreement, the Master Lease and the Sublease have been terminated and terminations of the memoranda
thereof have been recorded in the Register’s Office, and that the Borrower has satisfied all of its obligations under the
School Unit Purchase Agreement (other than the SCA Pre- and Post-Turnover Work and any obligation that the SCA has waived).

 

    	 	-9-	 

     

    

 

“Completion
Date” means June 19, 2021, as the same may be extended to the Outside Completion Date solely due to Force Majeure.

 

“Completion
Guaranty” means the Guaranty of Completion and Payment of even date herewith from Indemnitor for the benefit of Lender,
as amended from time to time.

 

“Condominium”
means the condominium to be established by Borrower pursuant to the Condominium Declaration consisting of the Condominium Units
and common elements and limited common elements described therein, in accordance with the terms and conditions of this Agreement.

 

“Condominium
Act” means Article 9-B of the New York Real Property Law (339-d et seq.), together with the administrative rules
promulgated thereunder, and all amendments and replacements thereof, and all regulations with respect thereto now or hereafter
promulgated.

 

“Condominium
Association” means the condominium association to be established pursuant to the Condominium Documents.

 

“Condominium
Board of Managers” means the persons to be responsible for the administration and operation of the Condominium Association
who are to be designated by the Unit Owners in accordance with the Bylaws of the Condominium to be attached to the Declaration.

 

“Condominium
Documents” means, collectively, the Declaration, the Bylaws, the Condominium Plans, the Offering Plan, drawings and
any other documents relating to the submission of the Improvements to the condominium form of ownership and the regulation and
administration of the Improvements after submission, all of which must be reasonably acceptable to Lender and accepted for filing
by any agency whose approval and acceptance is required by the Condominium Laws, including without limitation, the Attorney General.

 

“Condominium
Laws” means all applicable local and state laws, rules and regulations which affect the establishment and maintenance
of condominiums in the State and the offering and sale of condominiums in the State, including, without limitation, the Condominium
Act and the Martin Act, as same may be amended and in effect from time to time.

 

“Condominium
Plans” means the floor plans of the Condominium Units to be prepared and certified by the Architect and to be approved
by the Tax Map Unit and filed in the Division of Land Records Office of the Department of Finance of the City of New York, and
also filed in the Register’s Office as a Condominium Plan, all in accordance with the terms and conditions of this Agreement.

 

“Condominium
Unit” is defined in paragraph E of the Recitals.

 

“Construction
Contract” is defined in paragraph D of the Recitals.

 

“Construction
Work” means the construction of the Project in accordance with the Approved Plans, which includes, without limitation,
the construction of the Improvements.

 

    	 	-10-	 

     

    

 

“Contingency
Line Item” is defined in Section 3.9.

 

“Contractor”
is defined in paragraph D of the Recitals.

 

“Contract Rate”
is defined in Section 2.2(a).

 

“Control”
means the power to direct the decision-making, management and policies of a Person, directly or indirectly, whether through the
ownership of voting securities, by contract, relation to individuals or otherwise; and the terms “Controlling” or “Controlled”
have meanings correlative to the foregoing.

 

“Control Account(s)”
means collectively, (i) the School Cost and Purchase Control Account, (ii) the School Purchase Control Account, (iii) the School
Cost Control Account, (iv) any deposit account established pursuant to Section 2.11(d), and (v) any other control account
established for the benefit of Lender in accordance with the terms of this Agreement.

 

“Control Agreement”
means collectively, any deposit control account established in connection with the Loan and controlled by Lender, which may be
subject to the terms of a deposit account control agreement in a form reasonably acceptable to Lender, to be executed and delivered
by Borrower, Lender and the bank at which the account that is the subject of such agreement is held, as each of the foregoing may
be amended, restated, replaced, supplemented or otherwise modified from time to time.

 

“Control Bank”
means as of the date hereof, PNC Bank, N.A., so long as it satisfies the Rating Criteria, or any other bank designated by Lender
and reasonably acceptable to Borrower that satisfies the Rating Criteria.

 

“Conversion
Costs” is defined in Section 2.8(c).

 

“Conveyance”
is defined in Section 10.1.

 

“CP”
is defined in the School Unit Purchase Agreement.

 

“Cure Notice”
is defined in Section 11.1(c).

 

“Current LIBOR”
is defined in Section 2.5(a)(iii).

 

“Declaration”
means the declaration establishing a plan for condominium ownership approved by Lender in the form attached as Exhibit R
in accordance with the terms and conditions of Section 8.20 of this Agreement and to be recorded in the Register’s
Office, all in conformance with the Condominium Act, with such modifications thereto as shall be approved by Lender in accordance
with this Agreement.

 

“Default Rate”
is defined in Section 2.2(c).

 

“Defaulting
Lender” means any Lender that fails or refuses to perform its obligation to fund its share of a Disbursement to Borrower
in accordance with the terms and conditions of this Agreement within the time period specified for such funding and such failure
or refusal continues for a period of ten (10) Business Days following written notice from Borrower to said Lender and to the Administrative
Agent.

 

    	 	-11-	 

     

    

 

“Deficiency
Amount” is defined in Section 5.2(d)(iv).

 

“Demolition
Contract” means that certain AIA101-2007 Standard Form of Agreement Between Owner and Contractor executed as of March
30, 2016 between Borrower and Demolition Contractor, as may be amended, supplemented or otherwise modified, from time to time,
in accordance with this Agreement or any other contract between Borrower and Demolition Contractor approved by Lender under this
Agreement.

 

“Demolition
Contractor” means Alba Services, Inc., and any other demolition contractor approved by Lender under this Agreement.

 

“Demolition
Contractor’s Consent” means the consent executed and delivered by the Demolition Contractor to Lender in connection
with the Loan, pursuant to which the Demolition Contractor has, among other things, consented to the assignment of the Demolition
Contract from Borrower to Lender.

 

“Designer”
means Deborah Berke & Partners Architects LLP, and any other designer approved by Lender under this Agreement.

 

“Designer’s
Consent” means the consent executed and delivered by the Designer to Lender in connection with the Loan, pursuant
to which the Designer has, among other things, consented to the assignment of the Designer’s Contract from Borrower to Lender.

 

“Designer’s
Contract” means that certain Agreement for Interior Design and Architecture Services dated as of August 5, 2015 between
Borrower and Designer, as may be amended, supplemented or otherwise modified, from time to time, in accordance with this Agreement
or any other contract between Borrower and Designer approved by Lender under this Agreement.

 

“Developer
Event of Default” means any event of default by Borrower under the Triparty Agreement, the School Unit Purchase Agreement,
the Master Lease or the Sublease, following any required notice to Borrower and following the expiration of any applicable cure
periods specified therein.

 

“Developer
Fee” is defined in Section 3.10.

 

“Dickey House”
is defined in paragraph C of the Recitals.

 

“Disbursement
to Borrower” means the disbursement of Funds by Lender to Borrower in accordance with the provisions of Article
3, from the Loan Reserve, Reserve Account or as a Loan Advance.

 

“Disbursement
Date” is defined in Section 3.1(b).

 

    	 	-12-	 

     

    

 

“Dollars”
and “$” means lawful money of the United States of America.

 

“Draw Request”
means a request for payment in the form attached to this Agreement as Exhibit G, together with all accompanying documentation
reasonably required by Lender.

 

“Easement Agreements”
is defined in Section 8.3.

 

“Easements”
is defined in Section 8.3.

 

“Engineer”
means collectively, Stantec Consulting Services Inc. (“Stantec”), Langan Engineering, Environmental,
Survey and Landscape Architecture, DPC (“Langan”) and Thornton Tomasetti, Inc. (“Tomasetti”)
or any substitute or replacement engineer designated by Borrower and approved by Lender (which approval shall not be unreasonably
withheld, conditioned or delayed).

 

“Engineer’s
Consent” means the consent executed and delivered by each Engineer to Lender in connection with the Loan, pursuant
to which each Engineer has, among other things, consented to the assignment of the applicable Engineer’s Contract from Borrower
to Lender.

 

“Engineer’s
Contract” means collectively, (i) that certain Professional Services Agreement dated March 13, 2017 by and between
Borrower, as Owner, and Stantec, as Consultant (the “Stantec Contract”), (ii) that certain Proposal to
Owner dated September 10, 2015 from Langan and agreed to by Borrower, as supplemented by that certain letter agreement dated November
5, 2015 from Borrower to Langan (the “Langan Contract”), (iii) that certain Letter Agreement dated December
18, 2015 by and between Borrower, as Owner, and Tomasetti, as Consultant, as supplemented by that certain Proposal to Provide Engineering
Services dated August 9, 2017 accepted by Colliers International, as agent for Borrower (the “Tomasetti Contract”),
and (iv) any other agreement between (or on behalf of) Borrower and any other Engineer approved by Lender (which approval shall
not be unreasonably withheld, conditioned or delayed).

 

“Enumerated
Permitted Prepayment” is defined in Section 2.5(a).

 

“Environmental
Indemnification Agreement” means the Environmental Indemnification Agreement of even date executed by Borrower and
Indemnitor in favor of Lender and the Lender Parties and Administrative Agent, as applicable, as amended from time to time.

 

“Equipment”
is defined in the Granting Clauses of the Mortgage.

 

“Equity Deposit”
means any amount required from time to time after the date hereof to be deposited in cash with Lender to pay the costs of the Project
which are (i) not paid out of the proceeds of the Loan, (ii) necessary to pay for Change Orders, (iii) required to be made under
Section 3.3(t), or (iv) to satisfy Borrower’s Required Equity obligations under Section 3.2(b), including any
equity payments required to be made by Borrower under Section 3.11 in order to prevent the Loan from being Out of Balance.

 

    	 	-13-	 

     

    

 

“Equity Funding
Guaranty” means that certain Equity Funding Guaranty of even date herewith from Indemnitor for the benefit of Lender,
as amended from time to time.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as the same may be amended from time to time.

 

“ERISA Affiliate”
means any corporation or trade or business that is a member of any group of organizations (a) described in Section 414(b) or (c)
of the IRS Code, of which Borrower is a member, and (b) solely for purposes of potential liability or any lien arising under Section
302 of ERISA and Section 412 of the IRS Code, described in Section 414(m) or (o) of the IRS Code, of which Borrower is a member.

 

“Evidence of
Sufficient Funds” is defined in the School Unit Purchase Agreement.

 

“Event of Default”
means any one or more of the events described in Section 11.1.

 

“Excess Rate”
is defined in Section 8.17(e).

 

“Exit Fee”
is defined in Section 2.5(a)(ii).

 

“Extended Term”
is defined in Section 2.4(b).

 

“Extension
Conditions” is defined in Section 2.4(b).

 

“Extension
Fee” means an extension fee equal to one-half of one percent (.5%) of the outstanding principal balance of the Loan
on the Initial Maturity Date, as reasonably calculated by Lender.

 

“Extension
Notice” is defined in Section 2.4(b).

 

“Extension
Option” is defined in Section 2.4(b).

 

“Federal Bankruptcy
Code” means Title 11 of the United States Code, as the same may be amended from time to time or any successor statute.

 

“Federal Funds
Rate” means the rate published in The Wall Street Journal as the average federal funds rate in the Money Rates
section as of the applicable date. If The Wall Street Journal is not in publication on the applicable date, or ceases to
publish such average rates, then any other publication acceptable to Lender quoting daily market average federal funds rates will
be used.

 

“Final Architect’s
Certificate” means an AIA Certificate of Completion issued by the Architect and verified by the Inspector, indicating
that the Project is in compliance with all applicable Legal Requirements and that based upon personal inspections at adequate intervals
(not less frequently than monthly) during construction, the Construction Work has been completed in a good and workmanlike manner
and substantially in accordance with the Approved Plans and in accordance with all applicable Legal Requirements.

 

    	 	-14-	 

     

    

 

“Financial
Information” is defined in Section 9.1.

 

“Financial
Information Fee” is defined in Section 9.1(c).

 

“First Month”
is defined in Section 2.2(a).

 

“Fiscal Year”
means each calendar year during the term of this Agreement, or such other fiscal year of Borrower as Borrower may select from time
to time with the prior written consent of Lender, which consent shall not be unreasonably withheld, delayed or conditioned. During
the first year of the term of this Agreement, Borrower’s Fiscal Year shall be deemed to have commenced on the date of this
Agreement and shall end on the regular Fiscal Year ending date as indicated in the immediately preceding sentence.

 

“Foreign Taxes”
is defined in Section 2.8(d).

 

“Force Majeure”
means a delay or inability of Borrower to perform its obligations under the Loan Documents that is not the result of any failure
to timely satisfy any monetary obligation of Borrower, the Principals or their respective Affiliates, but rather is the result
of Acts of God, acts of nature, strikes or similar labor disturbance, acts of terrorism, embargo or blockades, delays in transportation
or information distribution, governmental regulation or restriction, strike, riot, fire or explosions, or inability to obtain labor
or materials, arbitrary or capricious interpretations or actions of governmental authorities including, without limitation, moratoriums,
delays in issuing Permits or making inspections (which delays are not caused by the failure to timely make requests or application,
Borrower error or incomplete filings), or changes in laws, or any substantively like event, if and to the extent beyond the reasonable
control of Borrower or Indemnitor.

 

“Funds”
means the proceeds of the Loan, Required Equity and any other amounts in the Loan Reserve or Reserve Account.

 

“Governmental
Authority” is defined in Section 2.8(d).

 

“Hard Costs”
means amounts payable to the Contractor under the Construction Contract for the Construction Work and other budgeted hard costs,
excluding without limitation, any School Costs.

 

“Impositions”
means all taxes or payments in lieu of taxes of every kind and nature, sewer rents, charges for water, for setting or repairing
meters and for all other utilities serving the Premises, and assessments, levies, inspection and license fees and all other charges
imposed upon or assessed against the Mortgaged Property or any portion thereof (including the Property Income but specifically
excluding income, franchise and doing business taxes) by a Governmental Authority, in each case relating to the Mortgaged Property,
and any stamp, mortgage or other taxes which might be required to be paid, or with respect to any of the Loan Documents, any of
which might, if unpaid, affect the enforceability of any of the remedies provided in this Agreement or any other Loan Documents
or result in a lien on the Mortgaged Property or any portion thereof, regardless of to whom assessed.

 

    	 	-15-	 

     

    

 

“Improvements”
is defined in paragraph C of the Recitals.

 

“Increased
Costs” is defined in Section 2.8(b).

 

“Indebtedness”
means the aggregate of all principal and interest payments that accrue or are due and payable in connection with the Loan, together
with all other obligations and liabilities and all amounts of money advanced or paid or due and all costs and expenses incurred
by Lender hereunder or under any other Loan Document.

 

“Indemnitor”
means Trinity Place Holdings Inc.

 

“Indemnitor’s
Financial Covenants” means the financial covenants to be satisfied by Indemnitor as same are set forth in Section
12 of the Recourse Guaranty Agreement.

 

“Initial Maturity
Date” is defined in Section 2.4(a).

 

“Initial Required
Equity” means an amount equal to or greater than $61,754,677.00.

 

“Inspector”
means the independent inspector retained by Lender for the benefit of Lender at Borrower’s cost to perform the functions
described in Section 4.5.

 

“Institutional
Real Estate Investor” means (i) any bank, insurance company, pension fund or other similar non-individual investor,
provided that said entity conducts business in the United States, or (ii) a United States based real estate fund that is comprised
of investors that are Institutional Real Estate Investors.

 

“Intangibles”
is defined in the Granting Clauses of the Mortgage.

 

“Interest Holdback”
is defined in Section 3.6.

 

“Interest Reserve”
is defined in Section 2.9.

 

“Interest Period”
means the initial period commencing on and including the Closing Date to and including the last day in the month in which the Closing
Date occurs, and thereafter, each one (1) calendar month period to the Maturity Date.  Each Interest Period shall commence
on the day immediately following the last day of the next preceding Interest Period, and shall end on the day immediately prior
to the first day of the next Interest Period, and, provided further that, if any such Interest Period would otherwise end after
the Maturity Date, such Interest Period shall end on the Maturity Date.  

 

“Interest Rate
Cap Agreement” is defined in Section 8.17(a).

 

“Investor”
is defined in Section 14.13.

 

“IRS Code”
means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute.

 

“Issuer”
is defined in Section 8.17(a).

 

    	 	-16-	 

     

    

 

“Land”
is defined in paragraph A of the Recitals.

 

“Land Value
Payment” is defined in paragraph G of the Recitals.

 

“Late Charge”
is defined in Section 2.2(b).

 

“Lease Period”
means any period during the Loan Term when the Master Lease or the School Unit Purchase Agreement is in full force and effect.

 

“Leases”
is defined in the Granting Clauses of the Mortgage and shall include, without limitation, the Master Lease and the Sublease.

 

“Legal Requirements”
means all applicable existing and future federal, state and local laws, ordinances, rules and regulations and court orders affecting
the Mortgaged Property, the Borrower or the Indemnitor including those pertaining to zoning, landmarks, historical sites, wetlands,
subdivision, land use, environmental, traffic, fire, building, union collective bargaining agreements (which are binding upon trade
contractors performing work at the Mortgaged Property), occupational safety and other applicable labor laws (including any applicable
minimum or prevailing wage laws), health and Americans with Disabilities Act.

 

“Lender”
means, collectively, Massachusetts Mutual Life Insurance Company, any other holders from time to time of the Note and their respective
successor and assigns.

 

“Lender Parties”
means Lender, Barings, any present and future Administrative Agent, loan participants, co-lenders, loan servicers, custodians and
trustees, and each of their respective directors, officers, employees, shareholders, agents, affiliates, heirs, legal representatives,
successors and assigns.

 

“LIBOR”
means the interest rate per annum equal to the 1-month London Interbank Offered Rate, as reported by the ICE Benchmark Administration
Limited (the “IBA”) (or the successor thereto if IBA is no longer making LIBOR available), on Bloomberg
(or such other financial service acceptable to Lender as may be nominated by the IBA as the information vendor for the purpose
of displaying IBA’s interest settlement rates for U.S. Dollar deposits) and except as expressly set forth herein, LIBOR shall
be determined at 11:00 a.m. (New York time) on the day that is two (2) Business Days prior to the date that the applicable LIBOR
is to be effective pursuant to the terms hereof (or the last day prior thereto on which Bloomberg is published, if it is not published
on the applicable Business Day).

 

“Lien”
means any security interest or encumbrance of or in the Mortgaged Property securing an obligation owed to, or a claim by, any Person
other than the owner of the Mortgaged Property, whether such interest is based on common law, statute or contract, including the
lien or security interest arising from a deed of trust, mortgage, assignment, encumbrance, pledge, security agreement, conditional
sale or trust receipt or a lease, consignment or bailment for security purposes, or under any ground leases and any other lease
forming a part of the Mortgaged Property, or arising from any claims and demands of mechanics, materialmen, laborers and others.

 

    	 	-17-	 

     

    

 

“Line Item”
means a line item of cost and expense, as set forth in the Approved Budget.

 

“Loan”
means collectively, the Term Loan, the Building Loan and the Project Loan made by Lender to Borrower under this Agreement and the
other Loan Documents and all other amounts secured by the Loan Documents.

 

“Loan Advance”
means Building Loan Advances and Project Loan Advances.

 

“Loan Documents”
means collectively, this Agreement, the Building Loan Agreement, the Project Loan Agreement, the Notes, the Mortgage, the Assignments
of Leases and Rents, the Assignment of Licenses and Contracts, the Assignment of Architect Contract, the Assignment of Construction
Contract, the Assignment of Demolition Contract, the Assignment of Design Contract, the Assignment of Engineer’s Contract,
the Assignment of Services Contract, the Architect’s Consent, the Contractor’s Consent, the Demolition Contractor’s
Consent, the Engineer’s Consent, the Designer’s Consent, the Owner’s Representative Consent, the Environmental
Indemnification Agreement, the Recourse Guaranty Agreement, the Completion Guaranty, the Assignment of Management Agreement (once
entered into), the Carry Guaranty, the Equity Funding Guaranty, the Triparty Agreement, the Assignment of Exclusive Sales Agreement
(once entered into), the Assignment of Rate Cap Agreement, the Pledge Agreement, the Power of Attorney, the Uniform Commercial
Code Financing Statement naming Indemnitor as debtor and Lender as secured party, the Uniform Commercial Code Financing Statements
naming Borrower as debtor and Lender as secured party and all other documents now or hereafter executed by Borrower, Indemnitor
or any other Person to evidence or secure the payment of the Indebtedness or the performance of Borrower or otherwise now or hereafter
executed in connection with the Loan and all amendments, modification, restatements, extensions, renewals and replacements of the
foregoing.

 

“Loan Reserve”
means an interest bearing reserve account established with Lender or Administrator at a financial institution selected by Lender
(subject to Borrower’s approval, not to be unreasonably withheld, conditioned or delayed), which financial institution must
meet the Rating Criteria, in which Lender holds a perfected security interest for the benefit of Lender, and into which all Equity
Deposits, Punch List Sub Reserves, and Set Aside Funds will be deposited pursuant to Sections 3.16 and 3.17.

 

“Loan Term”
means the term of the Note from the date of the Note through and including the Maturity Date.

 

“Loan to Value
Ratio” means, as reasonably determined by Lender, the ratio, expressed as a percentage, of (a) the Maximum Loan Amount
less (i) any portion of the Loan that is not available to be funded to Borrower, and (ii) the amount of any Loan repayments from
Residential Unit Net Sale Proceeds or the sale of the Retail Unit or otherwise in accordance with this Agreement, to (b) the value
of the Mortgaged Property based on an appraisal of the Mortgaged Property made within thirty (30) days of the applicable date of
calculation that is reasonably acceptable to Lender, prepared by an independent appraiser holding the MAI designation, and engaged
directly by Lender, at Borrower’s sole cost.

 

    	 	-18-	 

     

    

 

“Losses”
means all actual claims, suits, liabilities, actions, proceedings, obligations, debts, losses, costs, fines, penalties, charges,
fees, expenses, judgments, awards, and damage amounts paid in settlement and damages of every kind and nature (including, but not
limited to, reasonable out-of-pocket attorneys' fees and the costs and all expenses of collection and enforcement), but excluding
punitive damages.

 

“Major Points
of Business Plan” means the following: (i) building a luxury residential condominium project materially in accordance
with the Approved Plans and all applicable Legal Requirements, (ii) obtaining Attorney General’s acceptance for filing of
the Offering Plan, (iii) constructing the School Improvements in accordance with the School Unit Purchase Agreement, (iv) materially
adhering to the Approved Budget, (v) selling Subdivided Residential Units in accordance with the Sales Pace Covenant at or above
the Residential Unit Minimum Sales Price (subject to the provisions of Section IV of the Business Plan), (vi) achieving
the Milestone Construction Hurdles on or before the respective Milestone Deadlines, subject to extension for Force Majeure.

 

“Major Subcontractor”
means any sub-contractor or material supplier with a contract value in excess of Five Hundred Thousand Dollars ($500,000.00) and
for the avoidance of doubt, will include (notwithstanding such contract value) any contract relating to the drywall, carpentry,
electrical, plumbing and HVAC Line Items in the Approved Budget.

 

“Management
Agreement” means the management agreement to be entered into by Borrower and Property Manager in accordance with
the terms and conditions of this Agreement.

 

“Martin Act”
means Article 23-A of New York General Business Law (352-e et seq.) and the regulations promulgated pursuant thereto, all as amended
from time to time, governing the offering and sale of cooperative and condominium interest in real property in the State.

 

“Master Lease”
is defined in paragraph B of the Recitals.

 

“Master Leased
Premises” is defined in the Triparty Agreement.

 

“Material Adverse
Effect” means any set of circumstances or events which singly or in conjunction with any other circumstances or events
(i) has caused a material adverse change regarding the validity or enforceability of any Loan Document, (ii) is material and adverse
to the Project, (iii) would materially impair the ability of Borrower or Indemnitor to duly and punctually pay and/or perform its
respective Obligations, (iv) would materially impair Lender’s ability to enforce its legal and/or contractual rights and
remedies pursuant to any Loan Document, or (v) has caused a material adverse change in the financial condition of the Borrower
or Indemnitor. For the avoidance of doubt, changes in general market conditions shall not be taken into account in determining
whether a Material Adverse Effect has occurred.

 

“Maturity Date”
means the Initial Maturity Date, as may be extended in accordance with Section 2.4.

 

“Maximum Loan
Amount” is defined in Section 2.1(d).

 

    	 	-19-	 

     

    

 

“Milestone
Construction Hurdle” is defined in Section 4.1(b).

 

“Milestone
Deadline” is defined in Section 4.1(b).

 

“Minimum Cap
Amount” is defined in Section 8.17(a)(i).

 

“Minimum Multiple
Fee” is defined in Section 2.5(a)(i).

 

“Monthly Developer
Fee” is defined in Section 3.10.

 

“Mortgage”
means collectively, the Term Loan Mortgage, the Building Loan Mortgage and the Project Loan Mortgage, as the same may be amended,
modified, consolidated, extended, substituted or replaced from time to time.

 

“Mortgaged
Property” means the Premises and the Collateral.

 

“Net Effective
Rent” means, with respect to any Lease demising all or any portion of the Retail Unit entered into by the Borrower
after the date of this Agreement, the quotient of (a) all base rent payable under such Lease (taking into account scheduled escalations
of base rent (including without limitation, contractual increases in rent set forth in such Lease)) during the initial term of
such Lease (not taking into account any portion of the term that is subject to a tenant termination option (other than a termination
option that may only be exercised if and when a certain event (such as casualty, condemnation or landlord event of default occurs)
or a certain circumstance exists (such as a failure of a tenant to receive utility service for some period of time)) as of the
date that such Lease was executed (a “Tenant Termination Option”)) minus all tenant improvement expenses
and tenant improvement allowances (if any) payable by Borrower, as landlord, thereunder (but only to the extent such tenant improvement
expenses and tenant improvement allowances exceed the amount therefor set forth in the Approved Budget) divided by (b) the rentable
square footage demised by such Lease divided by (c) the number years (or fractions thereof) in the initial term of such Lease (not
taking into account any portion of the term that is subject to a Tenant Termination Option (other than a termination option that
may only be exercised if and when a certain event (such as casualty, condemnation or landlord event of default occurs) or a certain
circumstance exists (such as a failure of a tenant to receive utility service for some period of time)) as of the date that such
Lease was executed). For the avoidance of doubt, “base rent” under the immediately preceding sentence shall not include
any so-called “free rent”.

 

“NFIP”
is defined in Section 5.1(a).

 

“Note”
or “Notes” means collectively, the Term Loan Note, the Building Loan Note and the Project Loan
Note, each of even date executed and delivered by Borrower in the aggregate maximum principal amount of $189,500,000.00, as the
same may be modified, amended, split, consolidated, replaced, substituted or extended from time to time in accordance with the
terms hereof.

 

    	 	-20-	 

     

    

 

“Obligations”
means all amounts now or hereafter payable by Borrower or Indemnitor under the Loan Documents and any and all obligations of Borrower
or Indemnitor under or related to any Loan Documents.

 

“OFAC”
means the United States Department of the Treasury, Office of Foreign Assets Control, or any successor or replacement agency.

 

“OFAC Prohibited
Person” means, a country, territory or Person that is or that is owned, controlled by, acting on behalf of or affiliated
with any Person (i) listed on, included within or associated with any of the countries, territories, individuals or entities referred
to on The Office of Foreign Assets Control’s List of Specially Designated Nationals and Blocked Persons or any other prohibited
person lists maintained by governmental authorities, or otherwise prohibited by OFAC or any other Anti-Money Laundering Laws, or
(ii) which is obligated to pay, donate, transfer or otherwise assign any property, money, goods, services, or other benefits from
any of the Mortgaged Property, directly or indirectly, to any countries, territories, individuals or entities on or associated
with anyone on such list or prohibited by such laws.

 

“Offering Plan”
means that certain Condominium Offering Plan for the sale of Units in the Condominium, which is to be approved by Lender and accepted
for filing by the Attorney General, as the same may be further amended, restated or modified from time to time pursuant to Section
16.1.

 

“Operating
Account” means an operating account established, maintained by and under the exclusive dominion and control of Borrower
at a financial institution selected by Lender (subject to Borrower’s approval, not to be unreasonably withheld, conditioned
or delayed), which financial institution must meet the Rating Criteria. As of the Closing Date, the Operating Account shall be
maintained at PNC National Bank, N.A.

 

“Operating
Agreements” means the management agreements, easement agreements, reciprocal easement agreements, leasing commission
agreements, and other agreements concerning the Mortgaged Property set forth in Exhibit L.

 

“Origination
Fee” means an amount equal to one and a quarter percent (1.25%) of the Maximum Loan Amount, payable by Borrower to
Lender at Closing.

 

“Organizational
Chart” means the organizational chart attached hereto as Exhibit N that sets forth the direct and indirect
ownership interests in Borrower and the Upstream Owners.

 

“Out of Balance”
is defined in Section 3.11.

 

“Outside Completion
Date” is defined in Section 4.1.

 

“Owner’s
Representative” means Gorton & Partners LLC, doing business as Colliers International.

 

“Owner’s
Representative’s Consent” means the consent executed and delivered by Owner’s Representative to Lender
in connection with the Loan, pursuant to which the Owner’s Representative has, among other things, consented to the assignment
of the Services Contract from Borrower to Lender.

 

    	 	-21-	 

     

    

 

“Participation”
is defined in Section 14.13.

 

“Payment and
Performance Bond” means with respect to any subcontractor that does not qualify for Subcontractor Default Insurance,
a dual obligee payment and performance bond in the form of AIA Document 312, issued by a surety company or companies authorized
to do business in the state in which the Improvements are located, having a minimum rating of “A”, with no less than
$5,000,000 of Treasury listing capacity or $50,000,000 of Statutory GAAP Equity and otherwise acceptable to Lender in its reasonable
discretion, and in an amount not less than the full contract price under the applicable contract and otherwise in form and substance
reasonably acceptable to Lender.

 

“Payment Date”
means February 1, 2018 and the first Business Day of each calendar month thereafter to and including the Maturity Date.

 

“Permits”
means, collectively, all authorizations, consents and approvals given by and licenses and permits issued by Governmental Authorities
that are required for the construction of the Improvements in accordance with the Approved Plans, this Agreement, the School Unit
Purchase Agreement, the other Loan Documents, all Legal Requirements, all Condominium Laws, the Condominium Documents (to the extent
they contain requirements applicable to the construction of the Improvements, including without limitation the following work permit
number 121191021-01-FO issued on August 30, 2017 by the New York City Department of Buildings).

 

“Permitted
Encumbrances” means with respect to the Premises, only the outstanding Liens, easements, restrictions, security interests
and other exceptions to title expressly set forth in Schedule B of the Title Policies approved by Lender on or prior to the Closing
Date issued by the Title Company insuring the Mortgage for the benefit of Lender, together with the Liens and security interests
in favor of Lender created by the Loan Documents and such other matters as are expressly set forth in the Loan Documents.

 

“Person”
means and includes any individual, corporation, partnership, joint venture, limited liability company, association, bank, joint-stock
company, trust, unincorporated organization or government, or an agency or political subdivision thereof.

 

“Plan Assets
Regulation” is defined in Section 8.10(a).

 

“Pledge Agreement”
means that certain Pledge Agreement of even date herewith from Pledgor for the benefit of Lender.

 

“Pledgor”
means TPHGreenwich Holdings LLC, a Delaware limited liability company.

 

“Potential
Event of Default” means any event or occurrence with respect which Lender has provided Borrower with written notice
that Borrower’s failure to take all corrective action prior to the expiration of an applicable cure period would be or become
an Event of Default under any Loan Document.

 

    	 	-22-	 

     

    

 

“Power of Attorney”
means collectively, (i) that certain Power of Attorney of even date herewith from Pledgor to Lender and (ii) that certain Power
of Attorney of even date herewith from Borrower to Lender.

 

“Pre-Development
Costs” is defined in the School Unit Purchase Agreement.

 

“Premises”
means the Land, the Improvements and the Appurtenances.

 

“Prepayment
Date” means the date set forth in Borrower’s written notice to Lender (as required under Section 2.5)
of Borrower’s intention to make a prepayment of the Loan, or if no such notice is required or provided, the date of any prepayment
of the Loan, in whole or in part.

 

“Price Change
Amendment” shall have the meaning set forth in Section 8.20(b)(i) hereof.

 

“Principal”
means (a) Borrower, (b) Indemnitor, and (c) in the event that Indemnitor is no longer a publicly traded company, each Person that
directly or indirectly Controls Borrower or Indemnitor.

 

“Proceeds”
is defined in the Granting Clauses of the Mortgage.

 

“Proforma Operating
Budget” means the proforma operating budget for 2018 as set forth in the business plan approved by Lender and attached
as Exhibit U.

 

“Project”
is defined in paragraph C of the Recitals.

 

“Project Loan”
means that certain loan evidenced by the Project Loan Note in the maximum principal amount of up to $28,999,837.00 made by Lender
to Borrower to finance certain Soft Costs, which Project Loan is secured by, among other things, the Project Loan Mortgage.

 

“Project Loan
Advance(s)” is defined in Section 2.1(c).

 

“Project Loan
Agreement” means that certain Project Loan Agreement of even date herewith between Borrower and Lender, as the same
may be amended, restated, or modified from time to time.

 

“Project Loan
Assignment of Leases and Rents” means the Project Loan Assignment of Leases and Rents from Borrower to Lender of
even date herewith, as it may be amended, modified, consolidated or extended from time to time.

 

“Project Loan
Documents” means collectively, this Agreement, the Project Loan Agreement, the Project Loan Note, the Project Loan
Mortgage, the Project Loan Assignment of Leases and Rents, the Environmental Indemnification Agreement, the Recourse Guaranty Agreement,
the Completion Guaranty, the Equity Funding Guaranty, the Carry Guaranty, and all other documents now or hereafter executed by
Borrower, Indemnitor or any other Person to evidence or secure the repayment of the Indebtedness or the performance of Borrower
now or hereafter executed in connection with the Project Loan.

 

    	 	-23-	 

     

    

 

“Project Loan
and Term Loan Interest Holdback” is defined in Section 3.6.

 

“Project Loan
Mortgage” means the Fee and Leasehold Project Loan Mortgage, Assignment of Leases and Rents, Security Agreement and
Fixture Filing of even date herewith executed by Borrower in favor of Lender, as the same may be modified, amended, split, consolidated,
replaced, substituted or extended from time to time.

 

“Project Loan
Note” means that certain Project Loan Promissory Note of even date herewith executed and delivered by Borrower to
Lender in the original principal amount of up to $28,999,837.00, as the same may be modified, amended, split, consolidated, replaced,
substituted or extended from time to time.

 

“Projected
Repayment Date” shall mean January 1, 2021.

 

“Property Income”
is defined in the Granting Clauses of the Mortgage.

 

“Property Manager”
means a property manager designated by Borrower in accordance with the terms and provisions of this Agreement and approved by Lender.

 

“Public School
Project Costs” is defined in the School Unit Purchase Agreement.

 

“Punch List
Items” means Lender’s list of normal and customary punch list items totaling not more than $4,000,000 to complete
in the aggregate.

 

“Punch List
Sub Reserve” is defined in Section 3.17.

 

“Purchase Agreement
Deposit” means a deposit pursuant to a Residential Unit Contract of Sale or a Retail Unit Contract of Sale, as applicable.

 

“Purchase Agreement
Deposit Accounts” means the escrow/trust account(s) established pursuant to the Residential Unit Contract of Sale
or a Retail Unit Contract of Sale, as applicable.

 

“Purchase Agreement
Deposit Agreement” is defined in Section 16.3(e).

 

“Purchase Agreement
Deposit Escrowee” means Kramer Levin Naftalis & Frankel LLP or such other Person as shall be compliant with Legal
Requirements and reasonably acceptable to Lender to act as escrow agent under a Residential Unit Contract of Sale or Retail Unit
Contract of Sale, as applicable, and hold the Purchase Agreement Deposits and the Residential Unit Net Sale Proceeds or Retail
Unit Net Sale Proceeds, as applicable.

 

“Purchase Agreement
Deposit Escrowee Acknowledgment” means the acknowledgement of Purchase Agreement Deposit Escrowee in the form attached
hereto as Exhibit T.

 

    	 	-24-	 

     

    

 

“Purchase Agreement
Deposit Escrowee Bank” means any financial institution selected by Borrower (and subject to reasonable approval of
Lender) where the Purchase Agreement Deposit under each Residential Unit Contract of Sale and/or Retail Unit Contract of Sale will
be deposited by Purchase Agreement Deposit Escrowee.

 

“Qualified
Real Estate Investor” means, with respect to any proposed transferee or its principal or Affiliate, as applicable,
any reputable entity (as determined by Lender in the exercise of its reasonable discretion) which is domiciled in the U.S. and
which is reasonably determined by Lender to have satisfied all of the following conditions: said entity or entities, as applicable
(1) shall be an Institutional Real Estate Investor or another Person approved in writing by Lender, which approval shall not be
unreasonably withheld, conditioned or delayed, with an allocation to United States commercial real estate and prior experience
investing in commercial real estate in the United States; (2) have (a) total assets, excluding the Mortgaged Property, with a current
market value of not less than $200,000,000, (b) have a net worth, excluding the Mortgaged Property of not less than $100,000,000,
and (c) liquid assets of not less than $35,000,000; and (3) is not and has not been (w) in default beyond any required notice and
the expiration of any applicable cure period on any indebtedness or loan from Lender or any affiliate of Lender, (w) involved as
a debtor or as the principal of a debtor in any bankruptcy, reorganization or insolvency proceeding, (x) the subject of any criminal
charges or proceedings, (y) involved in litigation which is reasonably deemed to (i) cause Lender reputational risk in the commercial
real estate market, (ii) prevent or materially impair Borrower’s ability to achieve the Milestone Construction Hurdles prior
to the Milestone Deadlines, or (iii) if adversely determined would cause said entity to be unable to satisfy the financial thresholds
set forth in clause (2) herein, or (z) listed on, included within or associated with any of the persons or entities referred to
in Executive Order 13324 – Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or
Support Terrorism, as amended by the United States Department of the Treasury, Office of Foreign Assets Control through the date
the determination of Qualified Real Estate Investor is made.

 

“Rate Cap Rating
Criteria” is defined in Section 8.17(e).

 

“Rate Spread”
means the positive difference, if any, between (a) the Contract Rate then in effect during the Interest Period in which the conversion
of the Interest Rate takes place and (b) the Federal Funds Rate on the day that is two (2) Business Days prior to the first day
of such Interest Period. The Rate Spread shall be determined one time (i.e., shall not be adjusted during the Loan Term).

 

“Rating Agency”
means any nationally-recognized statistical rating agency which has been approved by Lender.

 

“Rating Criteria”
with respect to any Person shall mean that (i) the short-term unsecured debt obligations or commercial paper of which are rated
at least A-3 by S&P, P-3 by Moody’s and F3 by Fitch, if deposits are held in the account for a period of less than 30
days or (ii) the long-term unsecured debt obligations of which are rated at least “BBB-” by S&P and Fitch and Baa3
by Moody’s, if deposits are held in the account for a period of 30 days or more. Notwithstanding the foregoing, Sterling
National Bank shall be deemed to satisfy the Rating Criteria so long as its long-term unsecured debt obligations are rated at least
“BBB” by Kroll Bond Rating Agency (regardless of any rating by S&P, Moody’s or Fitch).

 

    	 	-25-	 

     

    

 

“Recourse Guaranty
Agreement” means that certain Recourse Guaranty Agreement of even date from Indemnitor for the benefit of Lender,
as amended from time to time.

 

“Register”
is defined in Section 14.15.

 

“Register’s
Office” means the Office of the City Register of the City of New York.

 

“Reserve Account”
is defined in Section 2.9.

 

“Residential
Improvements” is defined in paragraph C of the Recitals.

 

“Residential
Subdivision” is defined in the Bylaws.

 

“Residential
Unit” is defined in paragraph E of the Recitals.

 

“Residential
Unit Contract of Sale” means any executed contract for the sale of a Subdivided Residential Unit, to be in the form
required pursuant to the Condominium Documents and Section 16.2 of this Agreement.

 

“Residential
Unit Minimum Sales Price” means an amount no less than the per unit sale price detailed in the Residential Unit Minimum
Sales Price Schedule attached hereto as Exhibit C.

 

“Residential
Unit Net Sale Proceeds” means the difference between (a) the actual gross sales price for the sale of the Subdivided
Residential Unit in question to a third party in an arm’s length transaction (or subject to Lender’s approval rights
in Section 16.2(b)(x), to an Affiliate of Borrower, Indemnitor or a Principal), which gross sales price shall not be less
than the Residential Unit Minimum Sales Price and (b) the reasonable and customary expenses incurred by Borrower and paid to unaffiliated
third parties (or subject to Lender’s approval rights in Section 16.2(b)(x), to an Affiliate of Borrower, Indemnitor
or a Principal) in connection with the sale of the Subdivided Residential Unit and any credit given to unaffiliated arm’s
length third party purchaser in connection with the sale of the applicable Subdivided Residential Unit (i) shall not exceed eight
percent (8%) of the gross sales price for said Subdivided Residential Unit, (ii) may include items such as transfer taxes, attorney’s
fees and commissions to salespersons or brokers, if such items are customarily paid by seller, and (iii) shall exclude any costs
in excess of those customarily and reasonably incurred by sellers in connection with the sale of residential condominium units
in Comparable Condominium Projects.

 

“Residential
Unit Purchaser” means any person or entity that purchases a Subdivided Residential Unit. Any partners, Affiliates,
related entities, subsidiaries, entities under common ownership or control of the applicable Residential Unit Purchaser, as well
as any relations or relatives of natural persons by blood or marriage of the applicable Residential Unit Purchaser shall constitute
one and the same Residential Unit Purchaser for purposes of this Agreement.

 

    	 	-26-	 

     

    

 

“Retail Improvements”
is defined in paragraph C of the Recitals.

 

“Retail Unit”
is defined in paragraph E of the Recitals.

 

“Retail Unit
Contract of Sale” is defined in Section 16.2(c).

 

“Retail Unit
Minimum Sales Price” means an amount no less than $7,000,000.00.

 

“Retail Unit
Net Sale Proceeds” means the difference between (a) the actual gross sales price for the sale of the Retail Unit
in question to a third party in an arm’s length transaction (or subject to Lender’s approval rights in Section 16.2(c)(vii),
to an Affiliate of Borrower, Indemnitor or a Principal), which gross sales price shall not be less than the Retail Unit Minimum
Sales Price and (b) the reasonable and customary expenses incurred by Borrower and paid to unaffiliated third parties (or subject
to Lender’s approval rights in Section 16.2(c)(vii), to an Affiliate of Borrower, Indemnitor or a Principal) in connection
with the sale of the Retail Unit, which expenses (i) shall not exceed eight percent (8%) of the gross sales price for said Retail
Unit, (ii) may include items such as transfer taxes, attorney’s fees and commissions to salespersons or brokers, if such
items are customarily paid by seller, and (iii) shall exclude any costs in excess of those customarily and reasonably incurred
by sellers in connection with the sale of non-residential condominium units in Comparable Condominium Projects.

 

“Retainage”
is defined in Section 3.5 (c).

 

“Required Equity”
means an amount equal to or greater than $102,827,998.00.

 

“Requisition”
is defined in the School Unit Purchase Agreement.

 

“Sales Agent”
means The Marketing Directors, Inc.

 

“Sales Agreement”
means that certain Exclusive Sales Agreement dated as of July 1, 2015 by and among Sales Agent and Borrower.

 

“Sales Pace
Covenant” is defined in Section 8.21.

 

“Sales Projections”
is defined in Section 8.17(a).

 

“SCA”
is defined in paragraph B of the Recitals.

 

“SCA Change
Order” is defined in Section 4.2.

 

“SCA Contributed
Equity” means amounts available to be disbursed by Lender to Borrower from the School Purchase Control Account and
applied towards the payment of costs of the Project (actually billed) other than School Costs.

 

“SCA Pre- and
Post-Turnover Work” is defined in the School Unit Purchase Agreement.

 

“SCA’s
Project Representative” is defined in the School Unit Purchase Agreement.

 

    	 	-27-	 

     

    

 

“School Base
Building Hard Cost Payment” is defined in paragraph G of the Recitals.

 

“School Base
Building Hard Costs” is defined in paragraph G of the Recitals.

 

“School Base
Building Soft Cost Payment” is defined in paragraph G of the Recitals.

 

“School Base
Building Soft Costs” is defined in paragraph G of the Recitals.

 

“School Construction
Supervision Fee” is defined in paragraph G of the Recitals.

 

“School Construction
Supervision Fee Payment” is defined in paragraph G of the Recitals.

 

“School Cost”
is defined in paragraph G of the Recitals.

 

“School Cost
and Purchase Control Account” is defined in Section 2.11.

 

“School Cost
Control Account” is defined in Section 2.11(c).

 

“School Cost
Payments” is defined in paragraph G of the Recitals.

 

“School Improvements”
is defined in paragraph C of the Recitals.

 

“School Payment
Disbursement” is defined in Section 2.11(b).

 

“School Purchase
Control Account” is defined in Section 2.11(b).

 

“School Unit”
is defined in paragraph E of the Recitals.

 

“School Unit
Purchase Agreement” is defined in paragraph B of the Recitals.

 

“Securities”
is defined in Section 14.13.

 

“Securitization”
is defined in Section 14.13.

 

“Services Contract”
means that certain Owner’s Representative Agreement dated January 1, 2016 by and between Borrower and Owner’s Representative,
as may be amended, supplemented or otherwise modified, from time to time, in accordance with this Agreement or any other contract
between Owner’s Representative and Borrower approved by Lender (which approval shall not be unreasonably withheld, conditioned
or delayed).

 

“Soft Costs”
means all costs and expenses of construction of the Improvements, as set forth in the Approved Budget, other than Hard Costs, Actual
Debt Service paid from the Interest Holdback and any School Costs, but including the Developer Fee.

 

“SPE Requirements”
is defined in Section 8.12.

 

“State”
means the state or commonwealth in which the Land is situated.

 

    	 	-28-	 

     

    

 

“Stored Materials”
is defined in Section 3.5(d).

 

“Strike Price”
is defined in Section 8.17(a).

 

“Subcontractor
Default Insurance” means the insurance policies covering subcontractors under the Construction Contract that is provided
by Zurich Insurance Company, or such other provider that Lender may approve (which approval shall not be unreasonably withheld,
conditioned or delayed) from time to time, satisfying the requirements of Section 5.1(d).

 

“Subdivided
Residential Unit” is defined in paragraph E of the Recitals.

 

“Sublease”
is defined in paragraph B of the Recitals.

 

“Subway Entrance”
is defined in paragraph C of the Recitals.

 

“Supplemental
Interest Rate Cap Agreement” is defined in Section 8.17(a).

 

“TBTA Agreement”
means that certain Agreement dated March 22, 2017 by and between Borrower and Triborough Bridge and Tunnel Authority, as may be
amended, restated and replaced in accordance with the terms and provisions of Section 8.3.

 

“Term Loan”
means that certain loan evidenced by the Term Loan Note in the principal amount of $32,302,285.00 made by Lender to Borrower to
finance the repayment of an existing mortgage loan secured by the Mortgaged Property, which Term Loan is secured by, among other
things, the Term Loan Mortgage.

 

“Term Loan
Assignment of Leases and Rents” means the Term Loan Assignment of Leases and Rents from Borrower to Lender of even
date herewith, as it may be amended,

 

“Term Loan
Documents” means collectively, this Agreement, the Term Loan Note, the Term Loan Mortgage, the Term Loan Assignment
of Leases and Rents, the Environmental Indemnification Agreement, the Recourse Guaranty Agreement, the Completion Guaranty, the
Equity Funding Guaranty, the Carry Guaranty, and all other documents now or hereafter executed by Borrower, Indemnitor or any other
Person to evidence or secure the repayment of the Indebtedness or the performance of Borrower now or hereafter executed in connection
with the Term Loan.

 

“Term Loan
Mortgage” means the Amended, Restated and Consolidated Fee and Leasehold Term Loan Mortgage, Assignment of Leases
and Rents, Security Agreement and Fixture Filing of even date herewith executed by Borrower in favor of Lender, as the same may
be modified, amended, split, consolidated, replaced, substituted or extended from time to time.

 

“Term Loan
Note” means the Amended, Restated and Consolidated Term Loan Promissory Note of even date herewith executed and delivered
by Borrower to Lender in the original principal amount of up to $32,302,285.00.

 

“Title Company”
means Fidelity National Title Insurance Company.

 

    	 	-29-	 

     

    

 

“Title Policy”
means collectively, (i) the title policy insuring the Term Loan Mortgage, (ii) the title policy insuring the Building Loan Mortgage,
and (iii) the title policy insuring the Project Loan Mortgage, each as approved by Lender and issued by the Title Company.

 

“Transit Improvement
Agreement” means that certain Transit Improvement Agreement dated as of April 5, 2017 by and between Borrower and
New York City Transit Authority.

 

“Transfer”
is defined in Section 14.13.

 

“Treasury Issue”
means United States Treasury issued bills, notes and bond instruments specifically excluding any strips, inflation indexed issues
and other types of derivative instruments.

 

“Triparty Agreement”
means that certain Interparty Agreement of even date by and among Borrower, Lender and the SCA, as amended, supplemented or otherwise
modified from time to time.

 

“TRIPRA”
is defined in Section 5.1(a).

 

“Unit Owners”
is defined in the Declaration.

 

“Upstream Owner”
means any Person having a direct or indirect legal, beneficial or other ownership interest in Borrower (e.g., if Borrower is a
limited liability company, and one of Borrower’s members is a limited partnership, whose partner is a corporation, then such
limited partnership, corporation and the shareholders of such corporation would each be an Upstream Owner); provided, however,
to the extent Indemnitor remains a publicly traded company, Upstream Owner shall not include any shareholder of, or Person having
a direct or indirect legal and/or beneficial ownership interest in, Indemnitor.

 

“Work”
is defined in Section 5.2(a).

 

Section 1.2           Interpretation.

 

For all purposes under
and pursuant to this Agreement and each other Loan Document, except as otherwise expressly required or unless the context clearly
indicates a contrary intent:

 

(a)          the
capitalized terms defined in this Article have the meanings assigned to them in this Article, include the plural as well as the
singular, and, when used with respect to any instrument, contract or agreement, include all extensions, modifications, amendments
and supplements from time to time thereto;

 

(b)          the
words “herein”, “hereof”, and “hereunder” and other words of similar import refer to this Agreement
and each other Loan Document as a whole and not to any particular Article, Section, or other subdivision;

 

(c)          the
words “include” and “including” and other words of similar import shall be construed as if followed by
the phrase “, without limitation,”;

 

    	 	-30-	 

     

    

 

(d)          Lender’s
consent, approval, acceptance or determination under the Loan Documents shall be in Lender’s sole discretion, unless a different
standard for consent, approval, acceptance or determination is expressly set forth in the Loan Documents; and

 

(e)          any
provision of the Loan Documents permitting the recovery of “attorneys’ fees”, “attorneys’ fees and
expenses”, “attorneys’ fees and costs” or “attorneys’ fees, costs and expenses” or any
similar term shall: (i) include all reasonable out-of-pocket costs and expenses, including attorneys’ fees, costs and expenses
related or incidental to, or incurred in any judicial, arbitration, administrative, probate, appellate, bankruptcy, insolvency
or receivership proceeding, as well as in any post-judgment proceeding to collect or enforce any judgment or order relating to
the Indebtedness or any of the Loan Documents, as well as any defense or assertion of the rights or claims of Lender in respect
of any thereof, by litigation or otherwise; and (ii) be separate and several and survive merger into judgment.

 

(f)          references
to any Section, Article or Exhibit in a Loan Document shall mean a section, article or exhibit to such Loan Document, unless provided
otherwise.

 

ARTICLE
2

LOAN TERMS

 

Section 2.1           The
Loan and the Note.

 

(a)          Lender
agrees, on the terms and conditions of this Agreement, to advance the Term Loan, and Borrower agrees to accept the entire principal
amount of the Term Loan, in the amount of THIRTY TWO MILLION THREE HUNDRED TWO THOUSAND TWO HUNDRED EIGHTY FIVE AND 00/100 DOLLARS
($32,302,285.00), and to repay the Term Loan in accordance with this Agreement, the Term Loan Note and the other Term Loan
Documents. The Term Loan Note evidences the indebtedness of Borrower under the Term Loan. Borrower acknowledges and agrees that
the entire principal amount of the Term Loan was advanced by Lender and received by Borrower on the date of this Agreement and
that the Term Loan is fully funded in the stated principal amount thereof.

 

(b)          Lender
agrees, on the terms and conditions of this Agreement, to make advances of proceeds from the Building Loan (each, a “Building
Loan Advance”), and Borrower agrees to accept Building Loan Advances, in the maximum, aggregate principal amount
of up to ONE HUNDRED TWENTY EIGHT MILLION ONE HUNDRED NINETY SEVEN THOUSAND EIGHT HUNDRED SEVENTY EIGHT AND 00/100 DOLLARS ($128,197,878.00)
and to repay the Building Loan in accordance with this Agreement, the Building Loan Agreement, the Building Loan Notes and
the other Building Loan Documents. All Building Loan Advances shall be made upon the terms and conditions set forth in Article
3. The Building Loan Note evidences the indebtedness of Borrower under the Building Loan.

 

    	 	-31-	 

     

    

 

(c)          Lender
agrees, on the terms and conditions of this Agreement, to make advances of proceeds from the Project Loan (each, a “Project
Loan Advance”), and Borrower agrees to accept Project Loan Advances, in the maximum, aggregate principal amount of
up to TWENTY EIGHT MILLION NINE HUNDRED NINETY NINE THOUSAND EIGHT HUNDRED THIRTY SEVEN AND 00/100 DOLLARS ($28,999,837.00)
and to repay the Project Loan in accordance with this Agreement, the Project Loan Agreement, the Project Loan Note and the other
Project Loan Documents. All Project Loan Advances shall be made upon the terms and conditions set forth in Article 3. The
Project Loan Note evidences the indebtedness of Borrower under the Project Loan.

 

(d)          The
maximum, aggregate principal amount of the Loan shall not exceed ONE HUNDRED EIGHTY-NINE MILLION FIVE HUNDRED THOUSAND AND 00/100
DOLLARS ($189,500,000.00) (the “Maximum Loan Amount”), which Loan shall be evidenced by the Term
Loan Note, the Building Loan Note and the Project Loan Note.

 

(e)          For
the avoidance of doubt, the outstanding principal balance of the Loan shall not include any Loan proceeds that have not been advanced
until such time as the same are advanced pursuant to the terms and conditions of this Agreement.

 

Section 2.2           Interest
Rate; Late Charge; Default Rate.

 

(a)          Except
for any time when the Default Rate or the Adjusted Rate is applicable pursuant to the terms of this Agreement, the outstanding
principal balance of the Loan (including any amounts added to principal under the Loan Documents) shall bear interest at the Contract
Rate. All interest accruing on the Loan shall be calculated on the basis of a three hundred sixty (360) day year and the actual
number of days in the applicable period for which interest is being calculated. The “Contract Rate” shall
be (unless otherwise calculated pursuant to the provisions of Section 2.8(a)(i)) (i) for the period from and including the
Closing Date until and including the last day of the calendar month in which the Closing Date occurs (the “First Month”),
an interest rate per annum equal to the greater of (A) eight and one-fourth percent (8.25%) in excess of LIBOR on the day that
is two (2) London Banking Days prior to the Closing Date and (B) nine and one-fourth percent (9.25%), and (ii) for each Interest
Period thereafter, an interest rate per annum equal to the greater of (A) eight and one-fourth percent (8.25%) in excess of LIBOR
on the day that is two (2) London Banking Days prior to the commencement of such Interest Period and (B) nine and one-fourth percent
(9.25%).

 

(b)          If
any regular monthly installment of principal or interest due under this Agreement, or any monthly deposit for taxes, ground rent,
insurance, replacements and other sums if required under any Loan Document (other than the principal balance of the Loan on the
Maturity Date), shall not be paid as required under this Agreement or any other Loan Document within five (5) days following the
date the same is due (except to the extent that there are sufficient funds available in the Interest Holdback or the Reserve Account
and Borrower otherwise satisfies the conditions to a Disbursement to Borrower in accordance with Section 3.6), Borrower
shall pay to Lender a late charge (the “Late Charge”) of four cents ($0.04) for each dollar so overdue
in order to compensate Lender for its loss of the timely use of the money and frustration of Lender in the meeting of its financial
commitments and to defray part of Lender’s incurred cost of collection occasioned by such late payment. Any Late Charge incurred
shall be immediately due and payable. If, however, during any consecutive twelve (12) month period Borrower on more than two (2)
occasions shall pay any such installment or deposits after the due date thereof (whether prior to or after the time that the Late
Charge is payable as above), then the time period after which a Late Charge will be charged and paid shall thereafter be reduced
from five (5) days to two (2) Business Days after the applicable due date. Nothing herein contained shall be deemed to constitute
a waiver or modification of the due date for such installments or deposits or the requirement that Borrower make all payment of
installments and deposits as and when the same are due and payable. If there are sufficient funds in the Interest Holdback and
the Interest Reserve and Borrower has satisfied all conditions to the disbursement by Lender of an amount sufficient to pay a regular
monthly installment of interest in accordance with the provisions of Sections 2.9 and 3.6 of this Agreement at least one
(1) Business Day prior to the date such monthly installment is due and payable, Borrower shall not be deemed to have made a late
payment under this Section 2.2(b).

 

    	 	-32-	 

     

    

 

(c)          Upon
an Event of Default or on the Maturity Date, the unpaid principal balance of the Loan shall thereafter bear interest at the per
annum interest rate (the “Default Rate”) equal to the lesser of:

 

		(i)	the highest rate permitted by law to be charged on a promissory note secured by a commercial mortgage,
or

 

		(ii)	the sum of five percent (5%) plus the Contract Rate.

 

Interest at the Default
Rate as provided in this Section shall be immediately due and payable to Lender and shall constitute additional Indebtedness evidenced
by the Note and secured by the Loan Documents.

 

(d)          Each
determination of the Contract Rate (i.e. LIBOR (plus the applicable spread) or the Adjusted Rate, as the case may be) shall be
made by Lender and shall be conclusive and binding upon Borrower absent manifest error.

 

Section 2.3           Terms
of Payment. The Loan shall be payable by Borrower as follows:

 

(a)          On
the date the Loan is made, a payment of interest only shall be due and payable for the period from such date to, but not including,
the first (1st) day of the next calendar month;

 

(b)          Successive
monthly installments of interest (in arrears) only shall be made on each Payment Date;

 

(c)          Upon
the sale of each Subdivided Residential Unit in accordance with the provisions of Article 16, Borrower shall pay Lender the Residential
Unit Net Sale Proceeds, to be applied by Lender on the date Lender actually receives such funds in accordance with the provisions
of Section 2.7(d); provided, however, so long as no Event of Default exists, Borrower may elect upon the sale of any Subdivided
Residential Unit to deliver the Residential Unit Net Sale Proceeds to Lender to be held in escrow by Lender in a non-interest bearing
account until the last day of the then current Interest Period, at which time, the Residential Unit Net Sale Proceeds shall be
applied by Lender in accordance with the provisions of Section 2.7(d). If Borrower does not elect to have the Residential
Condominium Unit Net Sale Proceeds held in escrow by Lender, as aforesaid, and the Residential Condominium Unit Net Sale Proceeds
are paid to Lender on a day other than the last day of an Interest Period, then Borrower shall also pay Lender the Breakage Fee
with respect to the partial prepayment of the Loan;

 

    	 	-33-	 

     

    

 

(d)          On
the Maturity Date or on any earlier date as a result of an Acceleration Event, Borrower shall pay all outstanding principal, accrued
and unpaid interest, and any other amounts due under the Loan Documents. Borrower acknowledges that, since the Loan is interest
only and no principal payments are required to be made prior to the Maturity Date or an earlier date as a result of an Acceleration
Event, all or a substantial portion of the principal amount of the Loan will be due on the Maturity Date.

 

Section 2.4           Loan
Term.

 

(a)          Initial
Loan Term. The Loan Term shall commence on the date hereof and terminate on January 2, 2022 (the “Initial Maturity
Date”), unless otherwise extended under the provisions of Section 2.4(b).

 

(b)          
Extension Option. Upon satisfaction of all of the terms and conditions set forth in this Subsection 2.4(b),
Borrower shall have one (1) option (an “Extension Option”) to extend the Loan Term for an additional
one (1) year beyond the Initial Maturity Date (the “Extended Term”). During the Extended Term and except
for any time when the Default Rate or the Adjusted Rate is applicable pursuant to the terms of this Agreement, the Loan (including
any amounts added to principal under the Loan Documents) shall bear interest at the Contract Rate. In order to exercise the Extension
Option, Borrower must provide Lender with written notice (the “Extension Notice”) of Borrower’s
intent to exercise the Extension Option not less than sixty (60) days prior to the Initial Maturity Date but no more than ninety
(90) days prior to the Initial Maturity Date, TIME BEING OF THE ESSENCE. In consideration thereof, Borrower shall pay Lender
the Extension Fee on or prior to the first day of the Extended Term, which Extension Fee shall be earned by Lender as of the date
of the Extension Notice; provided, however, if Borrower does not satisfy the Extension Conditions below, no Extension Fee shall
be payable, although Borrower shall remain liable for the payment of the costs set forth in Section 2.4(b)(xi).

 

In connection with the
exercise by Borrower of the Extension Option, Borrower must satisfy each of the following conditions (the “Extension
Conditions”):

 

		(i)	No Event of Default or Potential Event of Default shall exist as of the date of the Extension Notice
and on the first day of the Extended Term;

 

		(ii)	Borrower has Completed the Improvements;

 

		(iii)	(A) The Declaration and Condominium Plans have been recorded and the SCA has taken title to the
School Unit, (B) Borrower has no further liability associated with the construction and/or delivery of the School Unit (other than
the SCA Pre- and Post-Turnover Work), (C) the Master Lease and Sublease have been terminated and memoranda of termination have
been submitted for filing in the forms attached to the School Unit Purchase Agreement or in another form(s) reasonably satisfactory
to Lender.

 

    	 	-34-	 

     

    

 

		(iv)	The Offering Plan has been submitted to and accepted for filing by the Attorney General and the
Subdivided Residential Units are being marketed for sale;

 

		(v)	The Improvements shall be in compliance, in all material respects, with the Business Plan and the
Approved Budget;

 

		(vi)	Borrower is in compliance with the Sales Pace Covenant.

 

		(vii)	All financial statements required to be delivered pursuant to Section 9.1(a) and 9.1(b)
of this Agreement have been received and Indemnitor continues to satisfy the Indemnitor’s Financial Covenants;

 

		(viii)	Lender shall have received a title continuation from the Title Company that issued the Title Policy
indicating that there has been no undischarged new or intervening liens or encumbrances or other matter not previously approved
or consented to by Lender in writing (unless contested in accordance with the terms of this Agreement), any cost of such title
continuation being the sole responsibility of Borrower;

 

		(ix)	The Loan to Value Ratio, measured as of the Initial Maturity
Date, shall not be greater than fifty percent (50%). Subject to payment by Borrower of any applicable Breakage Fee, but otherwise
without Borrower being required to pay the Minimum Multiple Fee or other fee or penalty, Borrower shall be permitted to prepay
the Loan or post cash security or a letter credit, acceptable to Lender in each case, in an amount necessary to satisfy the foregoing
Loan to Value Ratio requirement.

 

		(x)	If required under Section 8.17, Borrower has entered
into an Interest Rate Cap Agreement satisfying the terms of Section 8.17 (or extended the term of the Interest Rate Cap
Agreement in place if one was required at the time of the Extension Term so that it is coterminous with the remaining Loan Term),
which Interest Rate Cap Agreement shall be issued by an Issuer satisfying the Rate Cap Rating Criteria and otherwise reasonably
satisfactory to Lender; and

 

		(xi)	Borrower shall pay all reasonable out-of-pocket costs
and expenses incurred by Lender in connection with Borrower exercising its rights under this Section 2.4(b).

 

Section 2.5           Prepayment.
There are no full or partial prepayment privileges of the principal amount of the Loan except as set forth in this Agreement:

 

    	 	-35-	 

     

    

 

(a)          Except
for a prepayment resulting from a casualty or condemnation pursuant to Section 5.2 or 5.3, from a sale of Subdivided
Residential Units pursuant to Section 16.2, from a sale of the Retail Unit pursuant to Section 16.2, from a prepayment
made to satisfy the Sales Pace Covenant, or from a prepayment made pursuant to Section 2.8(b) (each of the foregoing, collectively,
an “Enumerated Permitted Prepayment”), Borrower shall not prepay the Loan in full or in part prior to
June 22, 2020 (the “Closed Prepayment Date”). Borrower shall pay Lender a Breakage Fee in connection
with any Enumerated Permitted Prepayment that occurs on a day that is not the last day of an Interest Period prior to the Closed
Prepayment Date (subject to the further provisions of this paragraph (a)) . From and after the Closed Prepayment Date, Borrower
shall have the right to prepay the Loan (i) in full on any Business Day in connection with an arm’s length sale of the Mortgaged
Property to a third party (and specifically excluding any refinancing of the Loan or a sale of the Mortgaged Property to any Affiliate
of Borrower, Indemnitor or a Principal), provided that Borrower gives Lender at least thirty (30) days prior written notice of
its intention to make any such prepayment, the Prepayment Date and the amount to be prepaid, and that Borrower also pays to Lender,
as consideration for the privilege of making such prepayment, the Exit Fee and the Minimum Multiple Fee and, if the Prepayment
Date is not the last day of an Interest Period, that Borrower also pays to Lender, as consideration for the privilege of making
such prepayment, a Breakage Fee, (ii) in part on any Business Day in connection with a sale of a Subdivided Residential Unit to
a Residential Unit Purchaser pursuant to Section 16.2 or a sale of the Retail Unit pursuant to Section 16.2, provided
that Borrower satisfies all applicable conditions set forth in Sections 16.2 and 16.3, and, if the Prepayment Date
is not the last day of an Interest Period, that Borrower also pays to Lender, as consideration for the privilege of making such
prepayment, a Breakage Fee, and (iii) in whole or part (as applicable) in respect of any other Enumerated Permitted Prepayment
and if the Prepayment Date is not the last day of an Interest Period, that Borrower also pays to Lender, as consideration for the
privilege of making such prepayment, a Breakage Fee. In lieu of paying the Breakage Fee pursuant to clauses (i), (ii) and (iii)
above in this Section 2.5(a), or any Enumerated Permitted Prepayment prior to the Closed Prepayment Date, Borrower may elect
by at least three (3) Business Days prior written notice to Lender to have Lender hold the amount prepaid in the Reserve Account
for the sole purpose of applying said amount to the prepayment of the Loan on the last day of the then current Interest Period,
as long as no Event of Default exists. If Borrower makes the foregoing election, interest will continue to accrue and be payable
by Borrower on the amount held by Lender in the Reserve Account until said amount is applied to the prepayment of the Loan in accordance
with the provisions of this Section 2.5. Unless the Loan is repaid in full with insurance or casualty Proceeds, if the Exit
Fee shall be due and payable by Borrower at the time of the repayment of the Loan in full, the payment of the Exit Fee shall be
a condition precedent to the release by Lender of the Mortgages and other collateral securing the Loan, except for the release
of the School Unit, the Retail Unit and individual Subdivided Residential Units, each in accordance with the terms and conditions
of this Agreement. Borrower shall not have the right to prepay the Loan in full or in part in connection with any refinancing of
the Loan until September 22, 2021 (the “Closed Refinancing Prepayment Date”). From and after the Closed
Refinancing Prepayment Date, without limiting Borrower’s rights set forth above, Borrower shall have the right to prepay
the Loan in full (but not in part) on any Business Day as long as no Event of Default exists and Borrower gives Lender at least
thirty (30) days prior written notice of its intention to make any such prepayment, the Prepayment Date and the amount to be prepaid,
and Borrower also pays to Lender, as consideration for the privilege of making such prepayment, the Exit Fee and the Minimum Multiple
Fee and, if the Prepayment Date is not the last day of an Interest Period, that Borrower also pays to Lender, as consideration
for the privilege of making such prepayment, a Breakage Fee. In connection with any prepayment permitted under this Section
2.5(a) or Section 2.4(b)(ix), Borrower shall also reimburse Lender for any actual out-of-pocket costs Lender may incur
in connection with such prepayment. For the avoidance of doubt, the Minimum Multiple Fee shall not be payable (x) in connection
with a prepayment of the Loan pursuant to subclause (ii) of this Section 2.5(a), even if the Loan is ultimately repaid
in full through the sale of Subdivided Residential Units and/or the Retail Unit pursuant to Section 16.2, or in connection
with a prepayment made to satisfy the Sales Pace Covenant; provided, however, that such prepayment is limited to the Residential
Unit Net Sale Proceeds, Retail Unit Net Sale Proceeds or an amount sufficient to satisfy the Sales Pace Covenant, as applicable,
or (y) subject to the provisions of Section 2.5(d), in connection with any other Enumerated Permitted Prepayment. For the
avoidance of doubt, no Exit Fee shall be payable in connection with a prepayment to satisfy the Sales Pace Covenant or Section
2.4(b)(ix).

 

    	 	-36-	 

     

    

 

(i)          The
“Minimum Multiple Fee” shall mean an amount equal to the (A) the product of (1) .18 multiplied by (2)
the Maximum Loan Amount, less (B) the sum of the following payments actually received by Lender: (1) all interest payments through
the date of prepayment at the Contract Rate (but specifically excluding any Default Interest or Late Charge), (2) the Origination
Fee, and (3) the Exit Fee.

 

(ii)        The
“Exit Fee” shall mean an amount equal to one-quarter of one percent (.25%) of the Maximum Loan Amount.

 

(iii)        The
“Breakage Fee” shall be calculated as follows:

 

Breakage Fee =            ((R-L)
x P) x D

               360

 

Where:

 

		1.	R = Contract Rate on the Prepayment Date

 

		2.	L = Current Libor

 

		3.	P = The amount to be prepaid on the Prepayment Date

 

		4.	D = Number of days remaining in the Interest Period

 

As used herein, “Current
LIBOR” means LIBOR determined as reported at 11:00 a.m. on the day that is two (2) London Banking Days prior to the
Prepayment Date for the period commencing with the Prepayment Date and extending through the end of the Interest Period.

 

(b)          If
the Maturity Date is accelerated by Lender because of the occurrence of an Event of Default prior to the Closed Prepayment Date
(an “Acceleration Event”), the acceleration shall be deemed to be an election on the part of Borrower
to prepay the Loan. Accordingly, there shall be added to the amount due after an Event of Default prior to the Closed Prepayment
Date and resulting acceleration, the Closed Period Prepayment Fee and the Breakage Fee (but not the Minimum Multiple Fee or the
Exit Fee), each, calculated as set forth in this Section 2.5 and using as the Prepayment Date the date on which any tender
of payment is made, and Borrower agrees to pay same. Any tender of payment made (or judgment entered) after such acceleration,
by or on behalf of Borrower (including payment by any guarantor or purchaser at a foreclosure sale), shall include the Closed Period
Prepayment Fee, as applicable and the Breakage Fee (but not the Minimum Multiple Fee or the Exit Fee), each computed as provided
in this Section 2.5.

 

    	 	-37-	 

     

    

 

		(i)	The “Closed Period Prepayment Fee”
shall be an amount equal the product of (A) one hundred thirty percent (130%) and (B) the Minimum Multiple Fee.

 

(c)          There
will be due with any principal prepayment, all accrued and unpaid interest on the portion of the principal being prepaid and all
other fees, charges and payments due under the Loan Documents.

 

(d)          No
Minimum Multiple Fee, Exit Fee or Closed Period Prepayment Fee, as applicable, shall be required to be paid in connection with
payment of fire, casualty, or condemnation Proceeds to Lender which Lender requires to be applied to the Indebtedness in accordance
with the provisions of this Agreement, except if such application to the Indebtedness is after an Event of Default.

 

(e)          Borrower
acknowledges and agrees that all of the economic terms set forth in the Loan Documents, including the Contract Rate, have been
agreed to by Lender based on Lender’s expectation that the Loan will not be repaid prior to the Maturity Date. However, in
order to accommodate Borrower, Lender has agreed to permit Borrower to repay the Loan prior to the Maturity Date in accordance
with, and subject to, the terms set forth above provided that, and as consideration for such agreement, Borrower agrees to pay
Lender the Minimum Multiple Fee, Exit Fee or Closed Period Prepayment Fee, as applicable. Borrower acknowledges and agrees that,
even if Lender is able to loan the amount prepaid by Borrower to another Person on the same terms and conditions as herein provided,
Lender shall not have fully recovered Lender’s lost profits, costs, expenses and damages suffered as a result of such early
prepayment; therefore, Borrower and Lender have agreed on the Minimum Multiple Fee and Exit Fee (or the Closed Period Prepayment
Fee) as compensation for Lender’s estimated lost profits, costs, expenses and damages resulting from such prepayment. The
Minimum Multiple Fee, Exit Fee or Closed Period Prepayment Fee, as applicable, shall be paid without prejudice to the right of
Lender to collect any other amounts provided to be paid under this Agreement or the other Loan Documents, or pursuant to the provisions
of law.

 

Section 2.6           Security.
The Loan shall be secured by inter alia (i) the Mortgage creating a first priority lien on the Mortgaged Property, (ii) the Assignment
of Leases and Rents creating a first priority lien on the Leases and the Property Income, (iii) the Environmental Indemnification
Agreement, (iv) the Recourse Guaranty Agreement, (v) the Carry Guaranty, (vii) the Equity Funding Guaranty, (vii) the Completion
Guaranty, and (viii) the other Loan Documents.

 

    	 	-38-	 

     

    

 

Section 2.7           Payments.

 

(a)          All
payments of principal, interest and other amounts to be made by Borrower under the Loan Documents, shall be made in Dollars, in
immediately available funds, without deduction, set-off or counterclaim, to Lender. Unless otherwise made from the Interest Holdback
or the Interest Reserve, all such payments that are regularly scheduled monthly payments of principal, interest or reserves shall
be made by Borrower by automatic clearing house (“ACH”) debit of a bank account of Borrower of which
Lender has received at least thirty (30) days’ prior written notice. All other payments from Borrower to Lender shall be
made by wire transfer of immediately available funds to an account designated by Lender in writing to Borrower.

 

(b)          If
the due date of any payment under the Loan Documents would otherwise fall on a day that is not a Business Day, such date shall
be extended to the next succeeding Business Day, and interest shall accrue and be payable for any principal so extended for the
period of such extension.

 

(c)          Except
for payments received by Lender from the sale by Borrower of Subdivided Residential Units or the Retail Unit and applied by Lender
in accordance with the provisions of Section 2.7(d) below, each payment received by Lender under the Loan Documents which
is not paid by Borrower with respect to a specific Obligation, shall be applied in the following order:

 

		(i)	First, to the interest due on any Advances made by Lender under the Loan Documents;

 

		(ii)	Next, to the principal amount of any Advances made by Lender under the Loan Documents;

 

		(iii)	Next, to Late Charges, attorneys’ fees or any other amount due under any Loan Document save
for the amounts described in clauses (iv), (v) and (vi) immediately below;

 

		(iv)	Next, to any Minimum Multiple Fee, Exit Fee or Closed Period Prepayment Fee, as applicable and
any Breakage Fee then due and payable under this Agreement;

 

		(v)	Next, to accrued interest due Lender under the Loan Documents; and

 

		(vi)	Finally, to the principal balance of the Loan.

 

Notwithstanding the foregoing,
during the continuance of an Event of Default or in the event that Borrower does not pay the outstanding principal balance and
accrued interest due under this Agreement, when due, whether on the Maturity Date or on any earlier date as a result of any Acceleration
Event, Lender, at its option, shall apply any payments it then receives in such order as Lender deems appropriate in its sole discretion.

 

    	 	-39-	 

     

    

 

(d)          To
the extent Borrower has sold a Subdivided Residential Unit or the Retail Unit and pays Residential Unit Net Sale Proceeds or the
Retail Unit Net Sales Proceeds, as applicable, to Lender in accordance with this Agreement, such payments shall be applied in the
following order:

 

		(i)	First, to the interest due on any Advances made by Lender under the Loan Documents;

 

		(ii)	Next, to the principal amount of any Advances made by Lender under the Loan Documents;

 

		(iii)	Next, to Late Charges, attorneys’ fees or any other amount due under any Loan Document save
for the amounts described in clauses (iv) and (v) immediately below;

 

		(iv)	Next, to any Exit Fee or Closed Period Prepayment Fee, as applicable and any Breakage Fee then
due and payable under this Agreement;

 

		(v)	Next, to the payment of accrued interest then due Lender under the Loan Documents, to the extent
that the Interest Holdback or Interest Reserve is insufficient, in Lender’s reasonable discretion; and

 

		(vi)	Finally, to the principal balance of the Loan.

 

Section 2.8           LIBOR
Provisions.

 

(a)          If
(i) any requirement of law or any change therein, or in the interpretation or application thereof, shall hereafter make it unlawful
for Lender in good faith to make or maintain the Loan bearing interest at LIBOR (plus the applicable spread), or (ii) Lender shall
have determined (which determination shall be conclusive and binding upon Borrower absent manifest error) that by reason of circumstances
affecting the interbank Eurodollar market, U.S. dollar deposits, in an amount approximately equal to the outstanding principal
balance of the Loan, are not generally available at such time in the interbank Eurodollar market or that adequate and reasonable
means do not exist for ascertaining LIBOR for any particular Interest Period, then (x) the obligation of Lender hereunder to make
the Loan bearing interest at LIBOR (plus the applicable spread) shall be canceled forthwith and (y) the Contract Rate shall (notwithstanding
anything provided in Section 2.2 to the contrary) automatically convert to the Adjusted Rate commencing on the first day
of the next succeeding Interest Period or within such earlier period as required by law. Borrower hereby agrees promptly to pay
Lender, upon demand, any additional amounts necessary to compensate Lender for any reasonable third party costs incurred by Lender
in making any conversion in accordance with this Agreement, including any interest or fees payable by Lender to lenders of funds
obtained by it in order to make or maintain the Loan. Upon written demand from Borrower, Lender shall demonstrate in reasonable
detail the circumstances giving rise to Lender’s determination and the calculation substantiating the Adjusted Rate and any
additional costs incurred by Lender in making the conversion, which, upon written notice thereof from Lender, as certified to Borrower,
shall be conclusive absent manifest error. In the event Lender shall determine in its good faith (which determination shall be
conclusive and binding upon Borrower) that the aforesaid circumstances no longer exist, the Contract Rate shall be converted back
to LIBOR plus the applicable spread (determined as provided in Section 2.2(a)) commencing on the first day of the Interest
Period which occurs at least three (3) days after such determination by Lender.

 

    	 	-40-	 

     

    

 

(b)          In
the event that any change in any requirement of law or in the interpretation or application thereof other than charges relating
to income, excise, franchise or other taxes applicable to Lender, or compliance in good faith by Lender with any request or directive
(whether or not having the force of law) hereafter issued by any central bank or other Governmental Authority:

 

		(i)	shall hereafter impose, modify or hold applicable any reserve, special deposit, compulsory loan
or similar requirement against assets held by, or deposits or other liabilities in or for the account of, advances or loans by,
or other credit extended by, or any other acquisition of funds, by any office of Lender which is not otherwise included in the
determination of LIBOR hereunder;

 

		(ii)	shall hereafter have the effect of reducing the rate of return on Lender’s capital as a consequence
of its obligations hereunder to a level below that which Lender could have achieved but for such adoption, change or compliance
(taking into consideration Lender’s policies with respect to capital adequacy) by any amount deemed by Lender to be material;
or

 

		(iii)	shall hereafter impose on Lender any other condition

 

and the result of any of
the foregoing is to increase the cost to Lender of making, renewing or maintaining loans or extensions of credit or to reduce any
amount receivable hereunder, then, in any such case, Borrower shall promptly pay Lender, upon demand, any additional amounts necessary
to compensate Lender for such additional cost or reduced amount receivable as determined by Lender (collectively, “Increased
Costs”). Any determination under this Section 2.8(b) shall be made in good faith and not on an arbitrary or
capricious basis. If Lender becomes entitled to claim any Increased Costs pursuant to this Section, Lender shall provide Borrower
with not less than thirty (30) days’ written notice specifying in reasonable detail the event or circumstance by reason of
which it has become so entitled and the additional amount required to fully-compensate Lender for such Increased Costs. A certificate
as to any Increased Costs submitted by Lender to Borrower shall be conclusive in the absence of manifest error. Such certificate
shall set forth Lender’s method of calculating the amount of such Increased Costs. In the event Lender makes a request for
compensation of Increased Costs in an amount that is greater than ten percent (10%) of the principal balance of the Loan, Borrower
shall, upon payment of the same, have the right to prepay the Loan in full without penalty or premium. This provision shall survive
the repayment of the Loan and the satisfaction of all other obligations of Borrower under the Loan Documents.

 

    	 	-41-	 

     

    

 

(c)          Borrower
shall indemnify Lender and hold Lender harmless from, and be responsible for paying, any Conversion Costs, which obligation shall
survive payment of the Loan in full and the satisfaction of all other obligations of Borrower under the Loan Documents. As used
herein “Conversion Costs” means any reasonable interest, cost, loss or expense which Lender sustains,
incurs or must pay as a consequence of (i) any default by Borrower in payment of the principal of or interest on the Loan while
bearing interest at LIBOR (plus the applicable spread), including any such interest, fee and expense arising from interest or fees
payable by Lender to any lender providing Lender with its LIBOR funds, (ii) any prepayment (whether voluntary or mandatory) of
the Loan on a day other than on last day of an Interest Period, or without sufficient prior written notice as required under this
Agreement (without duplication of the Breakage Fee), and (iii) the conversion (for any reason whatsoever and whether voluntary
or involuntary) of LIBOR (plus the applicable spread) to the Adjusted Rate on a day other than on the last day of the Interest
Period with respect to any portion of the outstanding principal amount of the Loan then bearing interest at LIBOR (plus the applicable
spread), including any arising from interest or fees payable or which would be payable by Lender to any lender providing Lender
with its LIBOR funds. Conversion Costs shall include any applicable Prepayment Fee or Closed Period Prepayment Fee, calculated
by multiplying (A) the Prepayment Fee or Closed Period Prepayment Fee, as applicable required to be paid under Section 2.5
determined as if the entire principal amount of the Loan were being prepaid, by (B) a fraction the numerator of which shall be
the amount then being prepaid and the denominator of which shall be the then outstanding principal balance of the Loan prior to
such prepayment.

 

(d)          All
payments made by Borrower under the Loan Documents shall be made free and clear of, and without reduction for or on account of,
Foreign Taxes, excluding, in the case of Lender, taxes measured by its income, and franchise taxes imposed on it. If any non-excluded
Foreign Taxes are required to be withheld from any amounts payable to Lender under the Loan Documents, the amounts so payable to
Lender shall be increased to the extent necessary to yield to Lender (after payment of all non-excluded Foreign Taxes) interest
or any such other amounts payable under the Loan Documents at the rate or in the amounts specified hereunder. Whenever any non-excluded
Foreign Tax is payable pursuant to applicable law by Borrower, as promptly as possible thereafter, Borrower shall send to Lender
an original official receipt, if available, or certified copy thereof showing payment of such non-excluded Foreign Tax. Borrower
shall indemnify Lender and hold Lender harmless from, and be responsible for paying, any incremental taxes, interest or penalties
that may become payable by Lender which may result from any failure by Borrower to pay any such non-excluded Foreign Tax when due
to the appropriate taxing authority, or any failure by Borrower to remit to Lender the required receipts or other required documentary
evidence. Lender’s inability to notify Borrower of any such Foreign Tax in accordance with the immediately preceding sentence
shall in no way relieve Borrower of its obligations under this Section. As used herein “Foreign Taxes”
means, collectively, income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions, reserves or withholdings
imposed, levied, collected, withheld or assessed by any Governmental Authority, which are imposed, enacted or become effective
after the date hereof. As used herein “Governmental Authority” shall mean any court, board, agency, commission,
office or other authority of any nature whatsoever, or any governmental unit (federal, state, county, district, municipal, city
or otherwise) whether new or hereafter in existence. Notwithstanding anything contained herein to the contrary, the foregoing obligation
to pay such additional amounts resulting from the payment of Foreign Taxes and to indemnify Lender shall not apply to any Foreign
Tax that is imposed on amounts payable to the Lender under the Loan Documents on the date of this Agreement (or on the date that
it becomes a Lender hereunder) or is attributable solely to Lender’s failure to provide Borrower with proper and sufficient
evidence under the IRS Code to establish that it is exempt from (or eligible for a reduced rate of) Foreign Tax with respect to
amounts payable under the Loan Documents.

 

    	 	-42-	 

     

    

 

Section 2.9           Interest
Reserve. Whenever the amount of unfunded Loan Advances available to Borrower under the Interest Holdback is less than One
Million Two Hundred Fifty Thousand and 00/100 Dollars ($1,250,000.00), Borrower shall fund a reserve (the “Interest
Reserve”) within five (5) Business Days following Lender’s request in an amount equal to Three Million Seven
Hundred Fifty Thousand and 00/100 Dollars ($3,750,000.00). The Interest Reserve funds shall be held by Lender in an interest bearing
account established by and under the sole control of Lender at a financial institution selected by Lender (subject to Borrower’s
approval, not to be unreasonably withheld, conditioned or delayed), which financial institution must meet the Rating Criteria (the
“Reserve Account”). If at any time the balance in the Interest Reserve falls below One Million Two Hundred
Fifty Thousand and 00/100 Dollars ($1,250,000.00), Borrower shall make an additional deposit sufficient to replenish the balance
of the Interest Reserve to an amount equal to Three Million Seven Hundred Fifty Thousand and 00/100 Dollars ($3,750,000.00) within
five (5) Business Days following Lender’s request; provided, however, that once the Maximum Loan Amount (or if Borrower waives
the right to request any further Disbursements to Borrower in writing, the outstanding principal balance of the Loan on the date
that Borrower has so waived its right) has been repaid through Residential Unit Net Sale Proceeds and/or Retail Unit Net Sales
Proceeds (i) by fifty percent (50%), if the balance in the Interest Reserve falls below $1,250,000, Borrower shall be required
to make an additional deposit sufficient to replenish the balance of the Interest Reserve to an amount equal to Two Million Five
Hundred Thousand and 00/100 Dollars ($2,500,000.00) within five (5) Business Days following Lender’s request, and (ii) by
seventy-five percent (75%), if the balance in the Interest Reserve falls below $1,250,000, Borrower shall be required to make an
additional deposit sufficient to replenish the balance of the Interest Reserve to an amount equal to One Million Two Hundred Fifty
Thousand and 00/100 Dollars ($1,250,000.00) within five (5) Business Days following Lender’s request, in the case of each
of clauses “(i)” and “(ii)”, in lieu of being required to replenish the Interest Reserve to an amount equal
to $3,750,000. The Interest Reserve and Borrower’s replenishment obligation hereunder will terminate and any funds remaining
in the Interest Reserve shall be returned to Borrower upon full repayment of the Indebtedness.

 

Section 2.10         Reserve
Account. The Reserve Account shall be under the sole dominion and control of Lender. All interest earned on the Reserve
Account shall be allocated to Borrower for income tax purposes, but it shall be added to and disbursed as a part of the Interest
Reserve. Borrower hereby assigns and grants Lender a security interest in the Interest Reserve funds in the Reserve Account as
security for payment and performance of Borrower’s obligations under the Loan Documents. All Interest Reserve funds in the
Reserve Account shall be additional security for the Loan, and upon the occurrence of an Event of Default, Lender shall be authorized
to apply such funds to Borrower’s obligations under the Loan Documents in such order and priority as Lender may elect in
its sole discretion. Lender shall have a perfected first priority security interest in the Reserve Account.

 

    	 	-43-	 

     

    

 

Section 2.11         Control
Accounts. The Control Accounts shall be under the sole dominion and control of Lender. The Control Accounts shall be opened
in the name of Lender, provided that Borrower shall be the owner of all funds on deposit in such Control Accounts for federal and
applicable state and local tax purposes. The Control Bank at which the Control Accounts will be held shall be selected by Lender
(subject to Borrower’s approval, not to be unreasonably withheld, conditioned or delayed). Other than as otherwise set forth
in this Agreement, neither Borrower nor Indemnitor nor any party claiming on behalf of, or through Borrower or Indemnitor, shall
have any right to transfer, withdraw, access or otherwise direct the disposition of funds on deposit in the Control Accounts or
have any other right or power with respect to the Control Accounts and all out-of-pocket costs and expenses for establishing and
maintaining the Control Accounts shall be paid by Borrower. Lender shall have no liability for any loss or damage with respect
to such funds (including, without limitation, with regard to the Control Bank) (except to the extent such funds are actually disbursed
into the Control Accounts and either (i) Lender fails to disburse same in accordance with the terms of this Agreement after Borrower
has satisfied all conditions precedent to a Disbursement to Borrower or a School Payment Disbursement, as applicable, or (ii) Lender
disburses such funds in a manner which is inconsistent with the provisions of this Agreement and such disbursement was not otherwise
agreed to or requested by Borrower in writing), the disbursement thereof in accordance with the terms of this Agreement or the
application of any such funds by Borrower or SCA to the extent disbursed to either of them.

 

(a)          School
Cost and Purchase Control Account. Pursuant to the terms of Section 2.2 of the Triparty Agreement, and unless otherwise
directed by Lender after an Event of Default occurs, all School Cost Payments shall be paid by SCA depositing such funds on or
before the due date thereof under the School Unit Purchase Agreement directly into an account designated by Lender in writing at
the Control Bank (the “School Cost and Purchase Control Account”).

 

(b)          School
Purchase Control Account. Lender shall instruct the Control Bank to transfer all School Cost Payments representing Land
Value Payments and School Construction Supervision Fee Payments into a subaccount (the “School Purchase Control Account”)
with the Control Bank. Provided that Borrower has satisfied all of the conditions to a Disbursement to Borrower under this Agreement,
amounts deposited into the School Purchase Control Account shall be available as a disbursement to Borrower (such disbursement,
a “School Payment Disbursement”) from the School Purchase Control Account to pay (or reimburse Borrower)
the costs of the Project (actually billed) other than School Costs in accordance with the Line Items specified in the Approved
Budget. School Payment Disbursements shall be credited towards the Additional Equity contributions required to be made by Borrower
under this Agreement. At any time when an Event of Default exists, Lender shall be entitled to disburse amounts deposited into
the School Purchase Control Account directly to the payment of costs associated with the Project in any manner and in such amounts
determined by Lender in its sole and absolute discretion. All funds in the School Purchase Control Account shall be additional
security for the Loan, and upon the occurrence of an Event of Default, Lender shall be authorized to apply such funds to Borrower’s
obligations under the Loan Documents in such order and priority as Lender may elect in its sole discretion.

 

    	 	-44-	 

     

    

 

(c)          School
Cost Control Account. Lender shall instruct the Control Bank to transfer all other School Cost Payments (i.e., School Cost
Payments that do not consist of Land Value Payments and School Construction Supervision Fee Payments) into a subaccount (the “School
Cost Control Account”) with the Control Bank. Provided that no Event of Default or Potential Event of Default has
occurred, on each Business Day on which available funds are on deposit in the School Cost Control Account, Control Bank shall transfer
all such available funds to Borrower’s Operating Account. Borrower shall use all amounts disbursed from the School Cost Control
Account into Borrower’s Operating Account solely for (or to reimburse Borrower for) the payment of School Costs in accordance
with the applicable Requisition and terms and conditions of the School Unit Purchase Agreement. At any time while an Event of Default
or Potential Event of Default exists, Lender shall have the right, in its sole discretion, to instruct the Control Bank, to immediately
cease all transfers from the School Cost Control Account into Borrower’s Operating Account and, while an Event of Default
exists, to disburse amounts deposited directly to the payment of School Costs for which such funds were deposited (to the extent
such School Costs were not already paid) as identified in the applicable Requisition or to return such funds to the SCA.

 

(d)          At
any time when an Event of Default exists or if Borrower does not otherwise satisfy the conditions precedent to a Disbursement to
Borrower from the Interest Reserve or the Interest Holdback set forth in Section 3.6 of this Agreement, Lender may deduct
interest payments due under this Agreement from the School Purchase Control Account.

 

(e)          Upon
Borrower’s conveyance of the School Unit to the SCA in accordance with the terms of the School Unit Purchase Agreement, any
funds remaining in the School Purchase Control Account and School Cost Control Account will be transferred to a deposit account
established by Lender with the Control Bank or a bank reasonably acceptable to Lender and Borrower and satisfying the Rating Criteria,
which shall be under Lender’s sole dominion and control or that of Lender’s agent and pursuant to the terms of a deposit
control account agreement acceptable to Lender. Funds shall be disbursed from such Control Account in the same manner and under
the same conditions as a Disbursement to Borrower but must first be exhausted prior to making any Disbursement to Borrower pursuant
to the terms of this Agreement.

 

ARTICLE
3

DISBURSEMENTS TO BORROWER

 

Section 3.1           Funding
of Disbursements to Borrower.

 

(a)          Disbursements
to Borrower of Loan Advances shall be made by Lender to pay the costs of the Project (actually billed) net of School Costs in accordance
with the Line Items specified in the Approved Budget on the terms and conditions herein provided. At no point shall Loan Advances
exceed ONE HUNDRED TWENTY EIGHT MILLION ONE HUNDRED NINETY SEVEN THOUSAND EIGHT HUNDRED SEVENTY EIGHT AND 00/100 DOLLARS ($128,197,878.00)
under the Building Loan and TWENTY EIGHT MILLION NINE HUNDRED NINETY NINE THOUSAND EIGHT HUNDRED THIRTY SEVEN AND 00/100 DOLLARS
($28,999,837.00) under the Project Loan. Subject to the terms and conditions of this Agreement, Line Items on the Approved
Budget shall be funded in an amount equal to 100% of the costs paid, or to be paid by Borrower, net of School Costs, less Additional
Equity then required to be contributed under this Agreement.

 

    	 	-45-	 

     

    

 

(b)          Each
date of a Disbursement to Borrower is herein referred to as a “Disbursement Date”.

 

(c)          Each
Disbursement to Borrower shall be added to the outstanding principal balance of the applicable Loan and will be subject to the
terms and provisions of the Loan Documents.

 

Section 3.2           Required
Equity.

 

(a)          Initial
Required Equity at Closing. Borrower shall not be entitled to the Term Loan proceeds until (in addition to satisfying all
other conditions applicable to such disbursement) Borrower has delivered evidence, satisfactory to Lender in its reasonable discretion,
that Borrower has contributed the Initial Required Equity into the Project. Borrower acknowledges that, as of the Closing Date,
the evidence provided by Borrower remains subject to verification and that the foregoing sentence shall not be deemed an acknowledgement
by Lender that such Initial Required Equity has in fact been contributed to the Project. Lender shall not be obligated to make
any Disbursements to Borrower under this Agreement until any shortage in the Initial Required Equity required to be contributed
as of the Closing Date is actually contributed.

 

(b)          Additional
Equity Requirements after the Closing Date. No later than October 22, 2021, Borrower shall have either (i) contributed
the Required Equity into the Project or (ii) deposited with Lender the positive difference, if any, between (A) Required Equity
less (B) the sum of (1) the Initial Required Equity, (2) the School Construction Supervision Fee which is still scheduled to be
contributed under the School Unit Purchase Agreement, and (3) all Additional Equity contributed to date.

 

Section 3.3         Conditions
to Disbursements to Borrower. Lender shall have no obligation to make any Disbursements to Borrower under the Building
Loan and/or the Project Loan unless each of the following conditions has been and remains satisfied as of the date of the Disbursement
to Borrower. Each of said funding conditions is for the benefit of Lender and may be waived by Lender in Lender’s sole discretion.
Lender may make a Disbursement to Borrower without requiring satisfaction of each condition, but in the absence of a written waiver
signed by Lender, Lender may condition further Disbursements to Borrower upon satisfaction of all such conditions. The waiver of
a condition by Lender with respect to a Disbursement shall not be deemed a waiver of such condition in the future in the absence
of such written waiver signed by Lender. All of the documents and agreements required below shall be in form and substance satisfactory
to Lender in its reasonable discretion.

 

    	 	-46-	 

     

    

 

		(a)	Project Documents.

 

		(i)	Budget and Business Plan. The Approved
Budget and Business Plan shall remain in full force and effect and shall not have been modified without Lender’s prior written
consent in Lender’s reasonable discretion (other than with respect to requests to modify the Major Points of Business Plan,
which may be granted or withheld in Lender’s sole and absolute discretion) or as otherwise permitted in accordance with
this Agreement. A rental strategy shall not be permitted.

 

		(ii)	Plans. Neither the Approved Plans nor
the certification from the Architect that the Improvements will comply with all applicable laws, including all applicable Access
Laws, if constructed substantially in accordance with the Approved Plans, shall have been modified without the prior written consent
of Lender, which consent shall not be unreasonably withheld, conditioned or delayed (other than with respect to requests to modify
the Major Points of Business Plan or with respect to requests to modify the Approved Plans that require SCA’s approval under
the School Unit Purchase Agreement but have not been approved by the SCA, which may be granted or withheld in Lender’s sole
and absolute discretion). Notwithstanding the foregoing but subject to Lender’s prior written approval, Borrower may revise
the Approved Plans to provide 91, 92 or 93 Subdivided Residential Units and in connection therewith, the Residential Unit Minimum
Sales Price Schedule attached hereto as Exhibit C shall be adjusted accordingly so that the total Residential Unit Minimum
Sales Price will remain the same but will be allocated based on the new unit-mix and square footage.

 

		(iii)	Permits and Utilities. All Permits shall
remain in full force and effect and all other permits, approvals and clearances then required for the continued construction of
the Improvements shall have been issued and provided to Lender, together with evidence reasonably satisfactory to Lender that
(A) the Project continues to comply with all applicable zoning ordinances, building and use restrictions and codes and any requirements
with respect to licenses, permits, and agreements necessary for the lawful use and operation of the Project, and (B) all necessary
utilities and municipal services required for the Project are in place, or will be in place by the Completion of the Construction
Work and are available at budgeted cost.

 

		(iv)	Architect’s Contract. Until all
work thereunder has been performed, the Architect’s Contract shall remain in full force and effect, shall not have been
modified without Lender’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed,
and no material default or event of default shall exist thereunder by Borrower. During the continuance of an event of default
by Architect under the Architect’s Contract (following any required notice to Architect and the expiration of any applicable
cure period), Lender shall be entitled to withhold the portion of a Disbursement to Borrower which would be otherwise payable
to the Architect absent such event of default.

 

    	 	-47-	 

     

    

 

		(v)	Engineer’s Contract. Until all
work thereunder has been performed, the Engineer’s Contract shall remain in full force and effect, shall not have been modified
without Lender’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed, and no
material default or event of default shall exist thereunder by Borrower. During the continuance of an event of default by an Engineer
under an Engineer’s Contract (following any required notice to such Engineer and the expiration of any applicable cure period),
Lender shall be entitled to withhold the portion of a Disbursement to Borrower which would be otherwise payable to such Engineer
absent such event of default.

 

		(vi)	Designer’s Contract. Until all
work thereunder has been performed, the Designer’s Contract shall remain in full force and effect, shall not have been modified
without Lender’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed, and no
material default or event of default shall exist thereunder by Borrower. During the continuance of an event of default by Designer
under the Designer’s Contract (following any required notice to such Designer and the expiration of any applicable cure
period), Lender shall be entitled to withhold the portion of a Disbursement to Borrower which would be otherwise payable to the
Designer absent such event of default.

 

		(vii)	Demolition Contract. Until all work
thereunder has been performed, the Demolition Contract shall remain in full force and effect, shall not have been modified without
Lender’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed, and no material
default or event of default shall exist thereunder by Borrower. During the continuance of an event of default by Demolition Contractor
under the Demolition Contract (following any required notice to such Demolition Contractor and the expiration of any applicable
cure period), Lender shall be entitled to withhold the portion of a Disbursement to Borrower which would be otherwise payable
to the Demolition Contractor absent such event of default.

 

    	 	-48-	 

     

    

 

		(viii)	Construction Contract. Until all work
thereunder has been performed, the Construction Contract shall remain in full force and effect, shall not have been modified without
Lender’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed (other than with
respect to requests to modify the Construction Contract that require SCA’s approval under the School Unit Purchase Agreement
but have not been approved by the SCA, which may be granted or withheld in Lender’s sole and absolute discretion), and no
material default or event of default shall exist thereunder by Borrower. During the continuance of an event of default by the
Contractor under the Construction Contract (following any required notice to the Contractor and the expiration of any applicable
cure period), Lender shall be entitled to withhold the portion of a Disbursement to Borrower which would be otherwise payable
to the Contractor absent such event of default. The Construction Contract must be on a guaranteed maximum price basis with a minimum
of 65% buyout of subcontracts, and with allowances totaling not more than 10% of total trade costs. The Construction Contract
must also include a contingency of not less than four percent (4%) of trade costs which will be independent from the Contingency
Line Item in the Approved Budget.

 

		(ix)	Services Contract. Until all work thereunder
has been performed, the Services Contract shall remain in full force and effect, shall not have been modified without Lender’s
prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed, and no material default or event
of default shall exist thereunder by Borrower. During the continuance of an event of default by Owner’s Representative under
the Services Contract (following any required notice to Owner’s Representative and the expiration of any applicable cure
period), Lender shall be entitled to withhold the portion of a Disbursement to Borrower which would be otherwise payable to the
Owner’s Representative absent such event of default.

 

		(x)	Subcontractors and Material Suppliers.
All changes to the list of Major Subcontractors that was approved by Lender as of the Closing Date shall have been approved by
Lender in writing, which approval shall not be unreasonably withheld, conditioned or delayed. With respect to each such change
to a subcontractor or material supplier, the list shall include the name, address and telephone number, a general statement of
the nature of the work to be performed, the labor and materials to be supplied, and the cost of the labor and work. Borrower shall
promptly advise Lender of new names as such subcontracts are awarded or any changes in the information regarding such subcontractors
and suppliers.

 

    	 	-49-	 

     

    

 

		(xi)	Consents to Assignments. The Architect’s
Consent, the Designer’s Consent, the Demolition Contractor’s Consent, the Engineer’s Consent, the Owner’s
Representative’s Consent and the Contractor’s Consent shall each remain in full force and effect with no event of
default (following any required notice to the Architect, the Designer, the Demolition Contractor, the Engineer, the Owner’s
Representative or the Contractor, as applicable, and the expiration of any applicable cure period) thereunder.

 

		(xii)	Zoning. The zoning status of the Land
and the Project shall continue to permit the Construction Work to be Completed and permit the intended use of the Improvements.

 

		(xiii)	Bonding. Lender shall have received
and approved (which approval shall not be unreasonably withheld, conditioned or delayed) a Payment and Performance Bond for each
subcontractor which does not qualify for Subcontractor Default Insurance.

 

		(xiv)	Subcontractor Default Insurance. Subject
to the next following sentence, the Subcontractor Default Insurance for all subcontractors (including, without limitation, all
Major Subcontractors) shall have been delivered to and approved by Lender (which approval shall not be unreasonably withheld,
conditioned or delayed) and shall remain in full force and effect in accordance with Section 5.1(d). Notwithstanding the
foregoing, if any subcontractor does not qualify for Subcontractor Default Insurance, a Payment and Performance Bond shall be
obtained.

 

(b)          Borrower
has delivered evidence, satisfactory to Lender in its reasonable discretion, that Borrower has contributed the Required Equity
then required in accordance with Section 3.2.

 

(c)          No
Potential Event of Default or Event of Default exists.

 

(d)          The
Loan is not Out of Balance, such determination to be made in Lender’s reasonable discretion and will be based upon information
provided to Lender by the Inspector, Administrator, Borrower and Lender’s own analysis.

 

(e)          Within
forty-five (45) days following the first Disbursement to Borrower subsequent to the completion of foundations and footings, Lender
shall have received and approved (which approval shall not be unreasonably withheld, conditioned or delayed) a supplemental survey
that complies with Lender’s reasonable survey requirements showing that all foundations and footings of the Project are within
the boundaries of the Land and comply with all applicable setback lines and showing that no buildings or improvements are to be
constructed within the area of any easement, together with, to the extent then available, a survey endorsement to the Title Policy.
Provided Borrower ordered the supplemental survey promptly upon the commencement of the foregoing forty-five (45) day period, Lender
will extend said forty-five (45) day period to sixty (60) days subsequent to the completion of the foundations and footings if
the survey is not completed within said forty-five (45) day period.

 

    	 	-50-	 

     

    

 

(f)           Within
thirty (30) days after the pouring of concrete for any Improvements, Borrower shall cause break tests to be completed with respect
to said poured concrete, and Borrower shall use commercially reasonable efforts to cause the written reports containing the break
test results to be delivered to Lender promptly following said tests. Said test results must be reasonably satisfactory to Lender
and the Inspector. Borrower shall also provide Lender with ongoing break tests over the ensuing one hundred twenty (120) days,
the results of which break tests shall be provided to Lender and shall be reasonably satisfactory to Lender and Inspector. Lender
acknowledges and agrees that if the results yield a low break, Lender and Inspector shall approve such results if Borrower’s
structural engineer of record approves same based on the structural design of the Improvements.

 

(g)          The
requested Disbursement to Borrower, together with the Term Loan and all prior Disbursements to Borrower and the Interest Holdback,
shall not cause the outstanding principal balance of the Loan to exceed the Maximum Loan Amount, such determination to be made
in Lender’s reasonable discretion.

 

(h)          Lender
is reasonably satisfied that the percentage of the Approved Budget allocated to the Hard Costs already funded (the sum of Building
Loan Advances, Project Loan Advances and Additional Equity funded for the payment of Hard Costs on or after the date of this Agreement)
is no more than the percentage of the Improvements already completed, and that the sum of the Funds allocated to Hard Costs and
not yet advanced as Disbursements to Borrower and the then unfunded portion of Additional Equity allocated to Hard Costs and are
sufficient to pay all the unpaid Hard Costs set out in the Approved Budget.

 

(i)           Lender,
in its reasonable opinion, is not prohibited from advancing Funds as Disbursements to Borrower under any Legal Requirements (including,
without limitation, applicable lien laws or stop notice statutes).

 

(j)           Intentionally
omitted.

 

(k)          All
representations and warranties of Borrower and Indemnitor under this Agreement and under the other Loan Documents are true and
correct in all material respects as of the date of each Disbursement to Borrower (subject to such changes as may have resulted
from acts, omissions, events or circumstances that do not have a Material Adverse Effect and does not constitute a Potential Event
of Default or Event of Default hereunder).

 

(l)           Other
than Disbursements to Borrower from the Interest Holdback and Interest Reserve, which shall be disbursed by Lender to pay interest
under the Notes in accordance with Section 3.6, Borrower has submitted to Lender a Draw Request and a Borrower Certification
for such Disbursements to Borrower, together with all supporting documents required under this Agreement.

 

    	 	-51-	 

     

    

 

(m)         None
of the Milestone Construction Hurdles remain unsatisfied beyond the applicable Milestone Deadline, subject to extension for Force
Majeure in accordance with Section 4.1(b).

 

(n)          Borrower
has provided Lender with evidence of payment to the Contractor and each Major Subcontractor for the amounts covered by all prior
Disbursements to Borrower for which payment is due.

 

(o)          The
Improvements are being constructed in a good and workmanlike manner substantially in accordance with the Plans and all required
inspections and approvals pursuant to Legal Requirements and this Agreement have been obtained as and when necessary.

 

(p)          Inspector
has received a title search continuation which shows no new or intervening liens or encumbrances, other than those approved in
writing by Lender or which are bonded or otherwise discharged in accordance with Legal Requirements and shows the payment status
of all Impositions.

 

(q)          If
any Permits are issued after the initial disbursement of the Loan, Lender shall have received copies of all such Permits.

 

(r)           No
notice of a material default by Borrower (as determined by Lender in its reasonable discretion) that remains outstanding has been
received by Borrower or Lender under the School Unit Purchase Agreement, the Master Lease or the Sublease.

 

(s)          Borrower
shall have paid (or concurrently with the requested Disbursement to Borrower shall pay) all of Lender’s reasonable costs
and expenses incurred in connection with the Disbursement to Borrower including, without limitation, actual outside reasonable
attorneys’ fees (if any), costs and expenses to inspect the Project, recording and filing charges, title company charges
and the costs of any endorsements to Lender’s Title Policy.

 

(t)           If
any Change Order increases the payment obligation of SCA under the School Unit Purchase Agreement, Lender may condition any approval
required or permitted of Lender under this Agreement or the other Loan Documents and any Disbursement to Borrower upon the receipt
by Lender of Evidence of Sufficient Funds with respect to said increased payment obligation. If pursuant to the terms of the School
Unit Purchase Agreement, Borrower is obligated to pay any increase in the hard costs related to the School Fit-Out Work (as defined
in the School Unit Purchase Agreement), Lender may condition any approval of any Change Order which has the result of increasing
such costs or any Disbursement to Borrower upon the receipt by Lender of an Equity Deposit in an amount equal to such increased
cost, disbursable by Lender to pay (or reimburse Borrower for the payment of) such increased cost, once due and payable.

 

    	 	-52-	 

     

    

 

(u)          In
the event that the Master Lease, Sublease and School Unit Purchase Agreement are not executed contemporaneously with the Closing
Date, prior to Lender making the initial Disbursement to Borrower following the Closing Date, Borrower shall provide Lender with
an estoppel certificate from the SCA, as tenant under the Master Lease, as sublandlord under the Sublease and as SCA under the
School Unit Purchase Agreement, stating that (i) each of the School Unit Purchase Agreement, the Sublease and the Master Lease
is in full force and effect and is unmodified; (ii) there is no violation of or default by the SCA or, to SCA’s knowledge,
Borrower under the Master Lease, the Sublease or the School Unit Purchase Agreement; (iii) there is no presently exercisable credit
or offset and that the SCA has no knowledge of any circumstances which would give rise to any credit or set-off against any future
obligations of the SCA under the Master Lease or School Unit Purchase Agreement; (iv) there is no voluntary or involuntary Bankruptcy
Proceeding pending against the SCA; (v) the term of each of the Master Lease and the Sublease has commenced and the full rental
thereunder has been paid; (vi) the SCA has accepted possession of the Master Leased Premises, subject to the terms of the Master
Lease, the School Unit Purchase Agreement and the Sublease; (vii) there are no tenant allowances under the Master Lease and that
there are no current payments to be made by Borrower to the SCA thereunder or under the Master Agreement which have not been paid;
(viii) the address for notices to be sent to the SCA is as set forth therein; (ix) the SCA has not subleased all or any part of
the Master Leased Premises other than to Borrower, as subtenant, pursuant to the Sublease; (x) the SCA has not assigned the Master
Lease, the Sublease or the School Unit Purchase Agreement or any interest therein or any of its rights or obligations thereunder,
nor has the SCA granted any mortgage, deed of trust, security agreement or security interest in, on or to the SCA’s leasehold
estate under the Master Lease or the SCA’s interest in the Master Lease or the Master Leased Premises; (xii) Borrower has
no obligations to SCA under the Master Lease, Sublease or School Unit Purchase Agreement other than as set forth therein; and (xiii)
the SCA has not subordinated its interest in the Master Lease to any mortgage, deed of trust or security agreement other than as
set forth in the Triparty Agreement.

 

Section 3.4           Requests
for Disbursements to Borrower.

 

(a)          Between
the Closing Date and September 22, 2021, Borrower may request a Disbursement to Borrower to pay costs of the Project set forth
in the Approved Budget by delivering a Draw Request to Lender.

 

(b)          Each
Draw Request (i) must specifically request the portion of the Disbursement to Borrower to be made under the Building Loan, the
portion of the Disbursement to Borrower to be made under the Project Loan, and the amount of the School Payment Disbursement to
be made from the School Purchase Control Account (which allocation shall be subject to confirmation by Lender and shall be made
in accordance with the terms of this Agreement), (ii) except for the final Disbursement to Borrower, must be for an amount equal
to or greater than $250,000.00, and (iii) shall not be submitted more often than once a month. Lender shall diligently and reasonably
promptly process each Draw Request following receipt by Lender of the Draw Request and all required accompanying information and
materials in compliance with the provisions of this Article 3. Lender shall use reasonable efforts to confirm the satisfaction
all conditions precedent to a given Disbursement set forth in this Agreement within five (5) Business Days following such satisfaction,
and, in all events, Lender shall confirm the satisfaction of such conditions precedent within seven (7) Business Days following
such satisfaction. Lender shall make such Disbursement to Borrower within five (5) Business Days after Lender has confirmed the
satisfaction of the conditions precedent thereto set forth herein as set forth in the immediately preceding sentence. Disbursements
to Borrower and School Payment Disbursements are not permitted to be used for the payment of any School Costs.

 

    	 	-53-	 

     

    

 

(c)          Each
Draw Request shall be accompanied by (i) a progress report (as described in Section 4.3 hereof), (ii) to the extent not
previously furnished to Lender, the most current quarterly or annual, as applicable, financial statements for Borrower, as well
as a balance sheet, (iii) to the extent not previously furnished to Lender, copies of certified income and expense statements for
the Property; (iv) detailed line item descriptions of the costs to be reimbursed or paid with the Disbursement to Borrower and
School Payment Disbursement and the corresponding Line Items under which such costs fall, (v) any Additional Equity, if required
to be deposited with Lender under this Agreement or an Equity Deposit, if required to be deposited under Section 3.3(t)
relating to an increase in the hard costs related to the School Fit-Out Work (as defined in the School Unit Purchase Agreement);
and (vi) such documents and instruments as Lender may reasonably request to establish that each person performing labor or supplying
materials has been paid or will be paid (to the extent payment is due) from the funds advanced pursuant to said Draw Request for
all work performed and materials supplied through the date of the Draw Request, including without limitation, Acceptable Invoices,
paid invoices, applicable AIA forms, and conditional or unconditional lien waivers from the Contractor, Major Subcontractors and
other subcontractors, as applicable. Each Draw Request shall be deemed to be a renewal of all Borrower’s warranties and representations
in this Agreement and the other Loan Documents, as updated to reflect changed facts which do not have a Material Adverse Effect.
To the extent an Equity Deposit has been made by Borrower into the Loan Reserve, Disbursements to Borrower shall be made first
from such Equity Deposits.

 

(d)          Each
Draw Request must also include a Borrower Certification, which, inter alia, includes a representation and warranty (i) that
SCA has approved and funded (or Borrower has funded or caused to be funded) the Public School Project Costs included in all prior
Requisitions and attaching a copy of each Requisition delivered to and approved by the SCA with respect to said Public School Project
Costs, to the extent required under the School Unit Purchase Agreement, (ii) that identifies the Public School Project Costs paid
(or reimbursed) from the Control Accounts, (iii) that such Draw Request does not violate the provisions of the School Unit Purchase
Agreement, and (iv) that all Change Orders to date either have not required SCA’s prior consent or if such consent was required
pursuant to the terms of the School Unit Purchase Agreement, such consent has been obtained in writing and that a copy of any such
consent has been delivered to Lender in connection with the applicable Change Order request. School Payment Disbursements shall
be made from the School Purchase Control Account, to the extent funds are available in the School Purchase Control Account. To
the extent that Borrower satisfies all of the conditions precedent to a Disbursement to Borrower, Lender shall first disburse funds
in the School Purchase Control Account until all such funds are exhausted prior to making any Disbursements to Borrower pursuant
to the terms of this Agreement. Any School Payment Disbursements made from the School Purchase Control Account shall not constitute
a Disbursement to Borrower so as to increase the outstanding principal balance of the Loan. School Payment Disbursements to Borrower
shall be used to pay the Contractor concurrently with the payments to the Contractor for costs of the Project (other than School
Costs) that are covered by the applicable Draw Request.

 

    	 	-54-	 

     

    

 

(e)          In
the event that (x) the SCA fails to fund any School Cost Payments when required under the terms of the School Unit Purchase Agreement,
or (y) Lender determines in its reasonable discretion that the SCA will not fund a particular Requisition, as a result of Borrower
failing to satisfy a condition precedent to such obligation of the SCA to fund said School Cost Payments or otherwise (the parties
agreeing that Lender’s determination shall be deemed reasonable if the SCA has not funded any School Cost Payments for more
than seventy-five (75) days after Borrower submitted to SCA a Requisition with respect to such School Cost Payment pursuant to
subsection 5.02(c)(iii) of the School Unit Purchase Agreement (but if SCA’s failure to so fund any School Cost Payment falls
within an annual payment moratorium of The City of New York pursuant to Section 9.02(a) of the School Unit Purchase Agreement,
Lender’s determination shall only be deemed reasonable if the SCA has not funded any School Cost Payments by the later to
occur of (i) seventy-five (75) days after Borrower submitted to SCA a Requisition with respect to such School Cost Payment pursuant
to subsection 5.02(c)(iii) of the School Unit Purchase Agreement, and (ii) seventy-five (75) days after the date of the expiration
of such annual moratoriam)), Borrower shall have twenty (20) Business Days from the date that the SCA is required to fund said
unfunded School Cost Payments pursuant to the terms of the School Unit Purchase Agreement in the case of (x) and ten (10) days
from said Lender’s determination in the case of (y), to fund such unfunded School Cost Payments into the School Purchase
Control Account. Said funds in the School Purchase Control Account shall not be available as a School Payment Disbursement unless
and until all of Borrower’s Required Equity shall be contributed. Lender shall not be required to make any Disbursement to
Borrower until such unfunded School Cost Payment has been made by Borrower or the SCA. Borrower acknowledges that Lender shall
not be deemed to have waived any of its rights and remedies against the SCA relating to said failure by the SCA to fund any School
Cost Payment.

 

Section 3.5           Disbursements
to Borrower for Hard Costs.

 

(a)          Each
Draw Request for Hard Costs shall be accompanied by a Contractor’s Application for Payment together with AIA form G702 and
AIA form G703 signed by the Contractor and the Architect, and indicating the percentage of completion of each Hard Cost Line Item
set forth in the Approved Budget;

 

(b)          Each
Draw Request for Hard Costs shall be based upon the percentage of completion of the Hard Cost Line Items. The percentage of completion
shall be based upon the Architect’s certificate of job progress, or the report of the Inspector, whichever is less;

 

(c)          From
each Disbursement to Borrower for the payment of Hard Costs (other than the Contractor’s fee and general conditions costs),
Lender shall withhold ten percent (10%) retainage (the “Retainage”); provided, however, upon the completion
of fifty percent (50%) of the work with respect to any given subcontract, as determined by Borrower (subject to Lender and Inspector
approval (not to be unreasonably withheld, conditioned or delayed)), Lender shall withhold zero percent (0%) retainage thereafter
with respect to such subcontract.  Additionally, upon substantial completion of the work with respect to any given subcontract
substantially in accordance with the Approved Plans, as certified by Borrower and confirmed by the Inspector (not to be unreasonably
withheld, conditioned or delayed), Lender shall permit Retainage with respect to such subcontract to be disbursed subject to the
satisfaction of the other applicable disbursement conditions herein; provided that after substantial completion and until final
completion of such subcontractor’s work, Retainage for such subcontract shall equal two and one-half percent (2.5%) of the
work under such subcontractor plus 200% of the remaining punch-list work to be performed by such subcontractor.

 

    	 	-55-	 

     

    

 

(d)          If
any Draw Request covers, in whole or in part, a payment for materials not incorporated into the Improvements (“Stored
Materials”), Lender shall have no obligation to make such disbursement unless Lender determines, in its reasonable
discretion, from evidence provided by Borrower, that (i) the materials are stored at a location on the Land reasonably acceptable
to Lender, (ii) the materials are fully insured under a reasonably satisfactory insurance policy naming Lender and Borrower as
loss payees, (iii) the materials are identifiable, and are properly segregated from materials not intended for the Construction
Work, (iv) if required by Lender, the Inspector shall have inspected such materials and verified satisfaction of the foregoing
requirements (which verification shall not be unreasonably withheld, conditioned or delayed), and (v) Lender has a perfected security
interest in the Stored Materials. Subject to the satisfaction of the foregoing conditions but notwithstanding anything herein to
the contrary, Lender will fund no more than $5,000,000.00 for Stored Materials at any one time; and

 

(e)          Prior
to any Disbursements to Borrower to pay for Hard Costs, Lender must receive, and approve (which approval shall not be unreasonably
withheld, conditioned or delayed) the substance and conclusions of, a written report from the Inspector which will include a review
and comment on Borrower’s monthly Draw Request, construction progress, percentage complete, conformity with Approved Plans
and Legal Requirements, the activity and coordinating among trades, the quality of workmanship, the accuracy of the Borrower’s
estimates of the percentage of work completed, a list of all pending and approved Change Orders and confirmation of whether remaining
Funds not yet advanced as Disbursements to Borrower, together with School Cost Payments not yet advanced by the SCA, are sufficient
for Borrower to achieve Completion of the Construction Work. Lender shall use commercially reasonable efforts to cause Inspector
to timely provide the foregoing report.

 

Section 3.6           Disbursements
for Payment of Interest from the Interest Holdback and Interest Reserve. The Approved Budget contains a Line Item for interest
payments payable under the Building Loan Note to be advanced under the Building Loan in the amount of up to SEVENTEEN MILLION
NINETY FOUR THOUSAND SEVEN HUNDRED TEN AND 00/100 DOLLARS ($17,094,710.00) (the “Building Loan Interest Holdback”)
and a Line Item for interest payments payable under the Project Loan Note and the Term Loan Note to be advanced under the Project
Loan in the amount of up to TWELVE MILLION NINE HUNDRED FIVE THOUSAND TWO HUNDRED NINETY AND 00/100 DOLLARS ($12,905,290.00)
(the “Project Loan and Term Loan Interest Holdback”; collectively with the Building Loan Interest Holdback,
the “Interest Holdback”). To the extent there is cash flow from the Property, Borrower shall use said
cash flow to pay all Actual Debt Service under the Notes. To the extent that the cash flow from the Property is insufficient to
pay the Actual Debt Service, Funds in the Interest Holdback (or if Borrower has funded the Interest Reserve under Section 2.9,
Funds in the Reserve Account, until such Funds are exhausted) shall be applied by Lender as a Disbursement to Borrower to make
the monthly interest payments on the Loan that become due and payable prior to the date on which all Disbursements to Borrower
from the Interest Holdback have been made provided that the following conditions remain satisfied: (i) no Event of Default exists,
(ii) the Loan is not Out of Balance, and (iii) Borrower continues to satisfy the provisions of Section 2.9. Each Disbursement
to Borrower from the Interest Holdback shall increase the outstanding principal balance of the applicable Loan. Nothing herein
is intended or shall be construed to alter or limit Borrower’s obligation to make the monthly interest payments on the Loan
if the Interest Holdback and the Interest Reserve are inadequate or the conditions under Section 3.3 are not satisfied.

 

    	 	-56-	 

     

    

 

Section 3.7          Final
Disbursement to Borrower for Hard Costs and Soft Costs. The final Disbursement to Borrower from the Building Loan and the
Project Loan, including the Retainage (but excluding the Funds necessary pursuant to Section 3.17 below to establish the
Punch List Sub Reserve), shall be disbursed only upon Lender’s receipt of the following:

 

(a)          Evidence
that the Borrower has achieved Completion of the Construction Work and Project;

 

(b)          Evidence
reasonably satisfactory to Lender that Hard Costs other than with respect to Punch List Items shall, upon making the final Disbursement
to Borrower, have been paid in full;

 

(c)          An
endorsement to the title policy issued by the Title Company updating the coverage through the date of the final disbursement and
showing no exceptions to title other than those previously approved by Lender;

 

(d)          Evidence
(which may consist of a certified statement by Borrower) that Borrower has accepted the Improvements as complete from the Contractor,
subject to completion of Punch List Items; and

 

(e)          Evidence
reasonably satisfactory to Lender that the undisbursed portion of the Interest Holdback and, if applicable, the Interest Reserve,
is sufficient to pay all Assumed Debt Service on the Loan until the date that Subdivided Residential Units are projected to start
to be conveyed to Residential Unit Purchasers.

 

Section 3.8          Deliveries
after Completion of the Construction Work. Within thirty (30) days following Completion of the Construction Work, Borrower
shall use commercially reasonable efforts to deliver the following items in form and content acceptable to Lender:

 

(a)          Three
copies of an ALTA/ACSM “Class A” Land Title Survey of the Project describing the dimensions and location of all Improvements
constructed in place prepared in accordance with the terms of Exhibit J attached hereto;

 

(b)          One
set of “as built” plans and specifications for the Improvements (or construction drawings marked to show changes in
the course of construction);

 

(c)          A
final personal property inventory and evidence of full payment for personal property in which Lender has or is to have a security
interest;

 

    	 	-57-	 

     

    

 

(d)          An
itemized statement showing the costs of construction incurred for construction of the Project, which statement shall be certified
to Lender as materially true and correct by an officer of Borrower and other such additional information Lender may reasonably
request in order to verify such cost of construction;

 

(e)          Such
certificates and other evidence as Lender may reasonably require that Borrower is in compliance with all insurance requirements
under the Loan Documents;

 

(f)           An
updated Phase I environmental report dated after Completion of the Construction Work satisfying the requirements set forth in Exhibit
K attached hereto and otherwise acceptable to Lender in all material respects as determined in Lender’s reasonable discretion;
and

 

(g)          Lender
shall have reviewed and approved (which approval shall not be unreasonably withheld, conditioned or delayed) a true, correct and
complete copy of the Management Agreement relating to the Project in accordance with the provisions of Section 7.5.

 

Section 3.9           Contingency:
Reallocations. Borrower shall have the right to recognize up to $500,000.00 per any one Line Item of Available Cost Savings
and a total Available Cost Savings of up to $2,000,000.00. Any Available Costs Savings realized in excess of the foregoing amounts
must be approved by Lender in its reasonable discretion. Subject to this Section 3.9, Borrower shall have the right to reallocate
Available Cost Savings in Line Items to cost overruns in other Line Items. The Line Item designated “Contingency” (the
“Contingency Line Item”) represents an amount necessary to provide reasonable assurances to Lender that
additional Funds are available to be used if the allowances for certain items in the Construction Contract are not sufficient or
if additional costs and expenses are incurred or additional interest accrues on the Loan, or unanticipated events or problems occur.
The Approved Budget shall contain a Contingency Line Item equal to a minimum of six and one-half percent (6.5%) of the unpaid Hard
Costs to Complete the Project as of the date hereof and five percent (5.0%) of unpaid Soft Costs to Complete the Project as of
the date hereof. Borrower may from time to time request that portions of the Contingency Line Item be reallocated to other Line
Items. Such requests shall be subject to Lender’s written approval which shall not be unreasonably withheld, conditioned
or delayed and shall be granted provided that, in Lender’s reasonable judgment, there are sufficient amounts remaining in
the Contingency Line Item, to protect against cost overruns and other unanticipated events or circumstances. Notwithstanding anything
to the contrary contained above in this Section 3.9, Borrower shall in no event or under any circumstances have the right
(i) to reallocate any Available Cost Savings in a Line Item for any Hard Costs to a Line Item other than another Line Item for
Hard Costs, without in each instance obtaining Lender’s prior written approval, (ii) to reallocate any Available Cost Savings
in a Line Item for Soft Costs to a Line Item for Hard Costs without in each instance obtaining Lender’s prior written approval,
(iii) to reallocate Funds in the Interest Holdback to other Line Items, or (iv) in any event, to cause a reallocation to occur
that in the reasonable opinion of Lender, its counsel or the Title Company, will be in contravention of the Lien Law, or that in
the reasonable opinion of Lender, its counsel or the Title Company will adversely affect or impair the lien or the priority of
lien of the Mortgage.

 

    	 	-58-	 

     

    

 

Section 3.10         Developer
Fee. The Developer Fee set forth in the Approved Budget shall not exceed $4,500,000.00 (the “Developer Fee”)
in the aggregate and subject to the satisfaction of all the conditions of a Disbursement to Borrower, will be funded as follows:
(i) not more than $1,000,000 of the Developer Fee shall be funded by Lender on the Closing Date and (ii) the remainder of the Developer
Fee shall be paid on a straight line monthly basis in equal installments over the 42-month period of construction of the Project
(the “Monthly Developer Fee”), commencing as of the date of issuance to the Contractor of a notice to
proceed. In the event of any revision to the Construction Timeline approved by Lender, the amount of the Monthly Developer Fee
to be paid to Borrower each month shall be equitably recalculated, and Borrower shall submit for Lender’s approval a revised
payment schedule which uniformly allocates the applicable unpaid portion of the then projected Monthly Developer Fee to the remaining
duration of the applicable Construction Timeline. The timing and amount of such installment of the Monthly Developer Fee may be
further adjusted, from time to time, based on Borrower’s reasonable revisions to the Construction Timeline that are approved
in writing by Lender.

 

Section 3.11         Balancing;
Loan Reserve. If at any time during the term of the Loan, Lender reasonably determines that the Loan is Out of Balance
(taking into account any Interest Rate Protection Agreements in place, amounts remaining in the Contingency Line Item available
for the Project on a percentage complete basis and Available Cost Savings), Borrower shall, prior to any further Disbursements
to Borrower being made by Lender, make an additional Equity Deposit in an amount sufficient to bring the Loan “in balance”
for deposit into the Loan Reserve within twenty (20) Business Days following demand from Lender. Such additional Equity Deposits
shall not be counted towards Borrower’s Required Equity. Anything contained in this Agreement to the contrary notwithstanding:
(i) it is expressly understood and agreed that Borrower shall cause the Loan to be “in balance” at all times, and (ii)
Lender shall not be obligated to make any Disbursements to Borrower if the Loan is Out of Balance. The Loan shall be deemed “Out
of Balance” if the ratio, expressed as a percent, of (a) the remaining costs to achieve Completion of the Construction
Work, inclusive of required interest due under the Loan at the Contract Rate, each as reasonably determined by Lender, to (b) the
sum of (i) the unfunded portion of the Building Loan and the Project Loan (inclusive of any undisbursed portion of the Interest
Holdback but specifically excluding, however, unfunded amounts of the Building Loan and the Project Loan that are budgeted for
the payment of leasing commissions, tenant improvement allowances and tenant improvement work), (ii) the remaining Additional Equity
to be funded by Borrower plus the Equity Deposits, if any, then held by Lender, (iii) the Interest Reserve and (iv) the School
Cost Payments that remain to be funded by the SCA under the School Unit Purchase Agreement (so long as no default by the SCA shall
have occurred thereunder which continues after the giving of any applicable notice and expiration of the applicable cure period;
provided, however, that School Cost Payments that the SCA fails to fund when required under the terms of the School Unit Purchase
Agreement or which Lender reasonably determines under Section 3.4(e)(y) will not be funded by the SCA shall not be taken
into account in the forgoing calculation), is greater than one-hundred percent (100%). The unfunded portions of the Building Loan,
the Project Loan and the Additional Equity will include the required Contingency, as reasonably determined by Lender based upon
the then current percent of completion, and Available Cost Savings. Notwithstanding anything to the contrary contained in Section
3.4(e) or this Section 3.11, the Loan shall not be deemed to be Out of Balance due to the fact that a default by SCA
under the School Unit Purchase Agreement shall have occurred which continues after the giving of any applicable notice and expiration
of the applicable cure period, SCA shall have failed to fund any School Cost Payments when required under the terms of the School
Unit Purchase Agreement or Lender has reasonably determined under Section 3.4(e)(y) that certain School Cost Payments will
not be funded by SCA, in any such case, so long as Borrower or SCA thereafter funds each School Cost Payment on or prior to the
later to occur of (x) the date upon which such School Cost Payment would have been payable by SCA under the School Unit Purchase
Agreement if not for such default by SCA, failure to fund by SCA or determination by Lender or (y) the date upon which Borrower
is required to make such payment pursuant Section 3.4(e)(y).

 

    	 	-59-	 

     

    

 

Section 3.12         Manner
of Disbursement. Lender shall make Disbursements to Borrower directly into Borrower’s Operating Account; provided,
that if an Event of a Default exists and Lender elects to make a Disbursement to Borrower in its sole discretion, Lender may, at
its option, make said Disbursement to Borrower through a title insurance company, or directly or by joint payee check to contractors,
material suppliers, laborers and other persons entitled thereto.

 

Section 3.13         Expenses,
Fees and Interest. Borrower shall pay all of Lender’s reasonable out-of-pocket costs and expenses incurred in connection
with the Disbursements to Borrower, including, without limitation, the Control Accounts, Administrator’s fees, Inspector’s
fees, actual out-of-pocket attorneys’ fees, actual out-of-pocket costs and expenses to inspect any new or renovated Improvements,
any recording and filing charges and any title insurance company charges. Notwithstanding any other provision of this Agreement,
upon ten (10) days prior notice to, but without authorization from, Borrower, Lender may elect to use the Funds to pay when due
any fees owed by Borrower to Lender, the Administrator or the Inspector under this Agreement or any other Loan Document, interest
on the Loan, reasonable legal fees and costs of Lender’s or Lender’s attorneys which are payable by Borrower, and such
other sums as may be payable from time to time by Borrower to Lender or the Administrator under the Loan Documents if such payment
is not made by Borrower within such ten (10)-day period. Such payments, at the option of Lender, may be made by debiting or charging
the Funds in the amount of such payments without first disbursing such amount to Borrower and shall be deemed to be a Disbursement
to Borrower.

 

Section 3.14         Use
of Funds. All Disbursements to Borrower shall be used only to pay the costs set out in the Approved Budget and only in
accordance with a Draw Request approved by Lender (which approval shall not be unreasonably withheld, conditioned or delayed).

 

Section 3.15        Responsibility
For Application of Funds. Lender shall not have any obligation to assure that Disbursements to Borrower are applied against
the costs shown in the Draw Request, and Borrower accepts sole and full responsibility for and warrants proper application of all
such disbursements. Borrower hereby releases and agrees to hold harmless, protect, indemnify, and defend Lender and its officers,
directors, employees, attorneys, and agents from all Losses, demands, claims, and expenses that arise out or are related to any
alleged misapplication or misuse of Funds by Borrower or anyone acting on behalf of Borrower.

 

    	 	-60-	 

     

    

 

Section 3.16         Governmental
Set Asides. In the event that any Funds are set aside (“Set Aside Funds”) for purposes of meeting
any governmental requirements to pay for performance obligations imposed on Borrower, such Set Aside Funds shall be treated as
Disbursements to Borrower on the date they are set aside. The Set Aside Funds shall, in Lender’s sole discretion, either
be held in the Loan Reserve (and not be eligible to be used for Disbursements to Borrower), and shall be under the sole dominion
and control of Lender. Borrower hereby grants to Lender a security interest in the Set Aside Funds to secure the Obligations. Upon
the satisfaction by Borrower of all work and other governmental requirements that are secured by the Set Aside Funds, as long as
no Event of Default exists, the Set Aside Funds shall be released by Lender from the Loan Reserve and disbursed by Lender from
the Loan Reserve in accordance with the terms of this Agreement.

 

Section 3.17         Punch
List Sub Reserve. Upon Completion, Borrower shall deposit into the Loan Reserve (which deposit, as long as the Loan is
not Out of Balance, may be funded by available Loan proceeds from the applicable line items for the costs in question as well as
contingency line item in the Approved Budget) an amount equal to one hundred twenty-five percent (125%) of Lender’s estimate
of costs to complete the Punch List Items (such amounts deposited in the Loan Reserve, the “Punch List Sub Reserve”).
Funds in the Punch List Sub Reserve shall be disbursed to Borrower, in a single disbursement, upon completion of the Punch List
Items in accordance with the requirements of Section 4.10 of this Agreement, as confirmed by Lender in its reasonable discretion.

 

Section 3.18         Funding
for Deposits. If any Draw Request covers, in whole or in part, the payment of a deposit or deposits to a vendor or supplier
of construction materials, supplies or components for the Construction Work, Lender shall have no obligation to make such disbursement
unless (i) said deposit and the vendor or supplier that is the payee are identified in the Draw Request, and (ii) said deposit
is identified on and does not exceed the amount set forth on Exhibit I.

 

Section 3.19         Personal
to Borrower. Disbursements to Borrower are personally available to and for the sole benefit of TPHGreenwich Owner LLC,
a Delaware limited liability company, and shall not be available to or assignable to any other person or party. Any right to request
a Disbursement to Borrower shall terminate and become null and void upon any transfer of title to the Mortgaged Property, or any
portion thereof in violation of this Agreement, or upon any unauthorized Conveyance.

 

Section 3.20         EB-5
Investments. EB-5 investors shall not be permitted to contribute any equity to the Project without Lender’s prior
written approval, which approval may be withheld in Lender’s sole and absolute discretion.

 

Section 3.21         Union
Labor. Lender encourages Borrower to seek competitive union bids where applicable on any subcontracts for Construction
Work estimated to cost over Five Million and 00/100 Dollars ($5,000,000.00).

 

Section 3.22         Change
in Scope of Project. In the event that the SCA has materially defaulted under the School Unit Purchase Agreement, Borrower
may request that Lender consent to a change in the scope of the Project, which consent may be withheld in Lender’s sole and
absolute discretion.

 

    	 	-61-	 

     

    

 

ARTICLE
4

CONSTRUCTION OF IMPROVEMENTS

 

Section 4.1           Commencement
and Completion of Construction.

 

(a)          If
not already commenced, Borrower shall use good faith efforts to commence the Construction Work within thirty (30) days following
the Closing Date and Borrower shall thereafter diligently and continuously pursue the achievement of Completion. The Construction
Work shall be performed and the Improvements shall be constructed in a good and workmanlike manner, free from all material defects
in materials or workmanship. The Construction Work shall conform in all material respects to the Business Plan, the School Unit
Purchase Agreement, the Approved Plans and all Legal Requirements, as same may be modified in accordance with the terms of this
Agreement. The Construction Work shall proceed diligently and Borrower shall achieve Completion of the Construction Work and the
Improvements on or before the Completion Date. In the case that there is a Force Majeure event, the Completion Date shall be extended
on a day-for-day basis for each calendar day that Borrower is unable to complete the Construction Work by the Completion Date provided
that (i) written notice of each such delaying cause is received by Lender within twelve (12) Business Days after Borrower first
becomes aware of the commencement of each such delaying cause and again within twelve (12) Business Days after Borrower becomes
aware of any termination or cessation thereof and (ii) the Completion Date shall in no event be extended beyond the date which
is 45 months following the Closing Date (i.e., September 19, 2021) (the “Outside Completion Date”), TIME
BEING OF THE ESSENCE, and (iii) the Loan is not Out of Balance (or sufficient Additional Equity has been contributed such that
the Loan is no longer Out of Balance).

 

(b)          Borrower
shall achieve each of the following conditions on or before the date specified therefor (each such condition shall be referred
to individually as a “Milestone Construction Hurdle” and the corresponding dates for Borrower to achieve
such Milestone Construction Hurdle are referred to individually as a “Milestone Deadline”) in each case,
as such date may be extended due to Force Majeure on a day-for-day basis for each day that Borrower is unable to achieve the applicable
Milestone Construction Hurdle by the applicable Milestone Deadline; provided, however, no Milestone Deadline shall be extended
due to a Force Majeure event (i) beyond the applicable “Outside Milestone Date” set forth below, or (ii)
beyond the Outside Completion Date:

 

    	 	-62-	 

     

    

 

	 	 	ID 	 	Milestone Construction

    Hurdle	 	Schedule

    Date	 	Milestone

    Deadline	 	Outside

    Milestone

    Date
	 	 	(from Construction

Timeline)	 	(from Construction

Timeline)	 	(from Construction

Timeline)	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	1	 	24	 	SOE Work completed	 	2/2/2018	 	6/30/2018	 	12/30/2018
	 	 	 	 	 	 	 	 	 	 	 
	2	 	26	 	Caisson Operation completed	 	5/21/2018	 	9/30/2018	 	3/30/2019
	 	 	 	 	 	 	 	 	 	 	 
	3	 	28 & 29	 	Foundation walls complete and Slab on grade poured	 	10/4/2018	 	2/28/2019	 	8/28/2019
	 	 	 	 	 	 	 	 	 	 	 
	4	 	38	 	Superstructure completed through Flr 9 and 9M	 	2/12/2019	 	6/30/2019	 	12/30/2019
	 	 	 	 	 	 	 	 	 	 	 
	5	 	44, 45 & 58	 	Superstructure topped out, crane removed and Curtainwall installation complete through curtainwall crown	 	9/23/2019	 	1/30/2020	 	4/30/2020
	 	 	 	 	 	 	 	 	 	 	 
	6	 	109	 	SCA Turnover aka Substantial Completion of School Base Building Work – T1	 	9/17/2019	 	12/31/2019	 	3/31/2020
	 	 	 	 	 	 	 	 	 	 	 
	7	 	75 & 110	 	MEP Work Completed and SCA Post Turnover Work – T2	 	3/5/2020	 	6/30/2020	 	9/30/2020
	 	 	 	 	 	 	 	 	 	 	 
	8	 	111 & 114	 	SCA Post Turnover Work – T3 and Resi TCO1	 	9/21/2020	 	12/31/2020	 	3/31/2021
	 	 	 	 	 	 	 	 	 	 	 
	9	 	116	 	Project Completion	 	12/29/2020	 	Completion Date	 	Outside Completion Date

 

Section 4.2           Change
Orders. All requests for changes (“Change Orders”) in the Approved Plans (other than minor field
changes involving no extra cost (provided that if SCA’s approval of such change is required under the School Unit Purchase
Agreement, Borrower shall have obtained SCA’s written approval thereof and provided a copy thereof to Lender )) shall be
in writing, signed by Borrower and the Architect, and delivered to Lender and to the Administrator promptly after execution. Borrower
shall obtain the SCA’s approval or consent to all Change Orders that affect the School Unit or the School Program (as defined
in the School Unit Purchase Agreement) (an “SCA Change Order”) in writing and a copy of such approval
or consent shall be delivered to Lender as an attachment to the applicable Change Order request. Borrower agrees to not permit
any work pursuant to any “material” Change Order without Lender’s prior written approval. A Change Order shall
be deemed “material” if it (i) adversely affects the value or changes the use of the Improvements, (ii) alters the
unit count below ninety (90) residential units or above ninety-three (93) residential units, (iii) is inconsistent with a luxury
residential condominium development as set forth in the Business Plan, (iv) increases or decreases the cost of the Construction
Work by more than $500,000.00, (v) when added to other Change Orders not requiring the approval of Lender (other than Change Orders
that Lender approved in writing), it increases or decreases the cost of the Construction Work by more than $2,500,000.00 (except
that Change Orders necessary to satisfy Legal Requirements of Governmental Authorities shall be permitted to be in excess of the
foregoing limit subject to an aggregate cap of $3,000,000.00), (vi) will cause Borrower to be unable to achieve Completion of the
Construction Work on or before the Completion Date, (vii) requires any consent or approval of the SCA under the School Unit Purchase
Agreement that was not obtained, (viii) causes an increase in the hard costs of the School Fit-Out Work (as defined in the School
Unit Purchase Agreement) for which Borrower is responsible under the School Unit Purchase Agreement, or (ix) constitutes an SCA
Change Order. If the cost of the Construction Work is increased by any Change Order and there are insufficient Funds (after any
permitted re-allocations of Available Cost Savings and excluding the Contingency Line Item in the Approved Budget) to pay the increased
cost, Borrower shall make an Equity Deposit in the amount of the increased cost with Lender in cash before permitting any work
pursuant to the Change Order. The cash deposited with Lender shall be added to the Loan Reserve.

 

    	 	-63-	 

     

    

 

Section 4.3          Progress
Reports. Borrower shall deliver to Lender not less frequently than monthly during construction, a report of the progress
of construction of the Improvements, the cost of the Improvements compared to the Line Items in the Approved Budget, the Change
Order and pending Change Order logs, the promotion and merchandising efforts for marketing the Subdivided Residential Units of
the Project, current leasing reports (if applicable) with respect to the Retail Unit, and such other data and information concerning
the Project as may be reasonably requested by Lender. Such reports shall be provided on a monthly basis or more frequently if required
by Lender.

 

Section 4.4           Access
to Borrower’s Books and Records. Lender and its representatives shall have reasonable access to the books, records,
contracts, sub contracts, invoices, bills and statements of Borrower, including any supporting or related vouchers or other instruments.
If Lender so requires, copies of such items shall be delivered to Lender or its representatives for audit, examination, inspection,
and photocopying.

 

Section 4.5          Inspections.
Lender, Administrator, Inspector and their respective representatives shall at reasonable times upon reasonable prior notice and,
at Borrower’s option, accompanied by a representative of Borrower, have the right of entry and access to the Project, and
the right to inspect all work done, labor performed and materials furnished on or about the Project; provided that such entry and
access to any Condominium Unit that has been conveyed shall be subject to the terms of the Condominium Documents. The Inspector
will make periodic inspections of the Construction Work and the Improvements during construction to review and comment on the construction
progress and percentage of completion, the conformity with the Approved Plans and Legal Requirements, the activity and coordination
among trades, the quality of workmanship, and the accuracy of Borrower’s estimates of the percentage of work completed. The
Inspector will review monthly Borrower Draw Requests and perform such other duties as Lender deems necessary or desirable. Borrower
shall pay the reasonable fees of the Inspector in connection with Borrower’s request for a Disbursement to Borrower. Borrower
acknowledges and agrees that all inspections by Lender or its representatives, including but not limited to Inspector, are solely
for the purpose of protecting the security of Lender. No such inspection shall constitute a representation by Lender to any person
that the Improvements comply with the Approved Plans and the Legal Requirements, or that the construction is free from faulty materials
or workmanship, nor shall any inspection by Lender or its representatives, including but not limited to Inspector, constitute approval
of any certification or representation given to Lender or relieve any person making such certification or representation from the
responsibility therefor. Lender shall use commercially reasonable efforts not to interfere with (and shall cause its representatives
and agents not to interfere with) the Construction Work.

 

    	 	-64-	 

     

    

 

Section 4.6           Corrective
Work. If any portion of the Construction Work does not materially conform with the requirements of this Agreement, Lender
shall have the right to require corrective work by delivery of written demand to Borrower. If Lender reasonably determines that
the corrective work is likely to delay completion of the Construction Work beyond the Completion Date, no further construction
except corrective work shall be performed without the prior written consent of Lender, and the corrective work shall be completed
to Lender’s reasonable satisfaction within fifteen (15) days from the date of the written demand or, if the corrective work
is not reasonably capable of being completed within fifteen (15) days, within such additional time as is reasonably necessary,
but not exceeding sixty (60) days, unless Borrower demonstrates to Lender’s reasonable satisfaction that any time in excess
of sixty (60) days to complete the corrective work will not cause Borrower to fail to satisfy a Milestone Construction Hurdle by
the applicable Milestone Deadline.

 

Section 4.7           Liens.
Borrower shall keep the Project free from all Liens (other than Permitted Encumbrances), whether or not superior to the Mortgage,
other than as expressly set forth in this Section 4.7. If any Lien that is not a Permitted Encumbrance is filed or placed
against the Project, Borrower shall obtain a release or discharge of the Lien in accordance with all applicable Legal Requirements,
within thirty (30) days following the earlier of the date on which Borrower first receives notice of such lien or the date of written
notice by Lender to Borrower of the existence of the Lien. At any time within such thirty (30) day period, Lender may refuse to
make any disbursements of Funds until the Lien is so released or discharged in accordance with all applicable Legal Requirements.
If Borrower does not cause the release or discharge of such Lien within said thirty (30) days, Lender may elect to disburse Funds
to pay such Lien. Lender’s rights under this Section shall not be affected by any claim of Borrower that the Lien is invalid,
it being understood that the decision of Lender to pay or withhold is to be made by Lender in its sole discretion, subject only
to Borrower’s right to obtain the release and satisfaction of, or discharge of, such Lien as provided above.

 

Section 4.8           Disputes
Endangering Completion. If an Event of Default exists and any dispute arises under a contract or subcontract for which
there is either no expedited arbitration or such arbitration proceeding has not concluded in the time frames set forth in such
contract or subcontract, Lender may: (i) disburse Funds for the account of Borrower without prejudice to Borrower’s rights,
if any, to recover from the party to whom paid, and (ii) without limitation, indemnify a title insurer against possible assertion
of Liens, or agree to pay any disputed amounts to contractors or subcontractors if Borrower is unable or unwilling to pay the same.
All sums paid or agreed to be paid under this Section 4.8 shall be for the account of Borrower and constitute an Advance,
and Borrower agrees to reimburse Lender for all such Advances, together with interest at the Default Rate until the date of reimbursement.
Such Advances, whether or not in excess of the Funds, shall be secured by the Mortgage.

 

    	 	-65-	 

     

    

 

Section 4.9           Restriction.
Without Lender’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed, Borrower shall
not purchase or install any materials, equipment, fixtures, or any other part of the Improvements under conditional sales agreements
or other arrangements wherein the right is reserved to remove or repossess any such items.

 

Section 4.10         Punch
List Items. Borrower shall complete all Punch List Items no later than one hundred twenty (120) days following the date
on which Completion of the Construction Work occurs (subject to reasonable extensions if Borrower is diligently pursuing the completion
of such Punch List Items), or such earlier date as required under the School Unit Purchase Agreement.

 

Section 4.11        Completion.
Borrower shall achieve Completion of the Construction Work on or before the Completion Date, or, if applicable due to a Force Majeure
event, the Outside Completion Date.

 

ARTICLE
5

INSURANCE AND CONDEMNATION

 

Section 5.1            Insurance
Requirements.

 

(a)          Property
Insurance. During any period of construction, renovation, or alteration of the Improvements or the performance by Borrower
of the Construction Work, Borrower shall maintain Builders Risk insurance insuring one hundred percent (100%) of the insurable
replacement cost of the Improvements, including coverages for Hard and Soft Costs, materials used for construction whether located
on-site or off-site and while in transit, Delay in Completion, Permission To Occupy, Collapse During Construction, Terrorism, Named
Windstorm, Flood, Sinkhole (if applicable) and Earthquake (if applicable). Borrower shall cause the Contractor to maintain the
following coverages: Commercial General Liability, Auto Liability (if applicable), Workers Compensation including Employers Liability,
Contractor Pollution Liability, Crane Liability, and Umbrella or Excess Liability. In addition, Lender will require proof of the
Architect’s and Designer’s Professional Liability Insurance.

 

    	 	-66-	 

     

    

 

Upon Completion of the
Construction Work, Borrower shall maintain or cause the Condominium Association to maintain either “All Risk” or “Special
Form” real and personal property insurance and “Boiler and Machinery Insurance”, insuring one hundred percent
(100%) of the insurable replacement cost value of the Improvements and the Equipment, excluding foundations, and with a deductible
not to exceed $100,000 with the exception for Earthquake, Named Windstorm and Flood, providing no coinsurance or similar penalty.
Such insurance shall also cover “Rent Loss” or “Business Interruption” and “Extra Expense”
on an “Actual Loss Sustained Basis” (including Rent Loss), in an amount equal to at least eighteen (18) months of the
Property Income, and an extended period of indemnity of at least three hundred sixty-five (365) days. Covered perils shall include,
but not be limited to, “Windstorm” (including “Named Windstorm”), “Boiler and Machinery Insurance”
and “Acts of Terrorism”; provided that for so long as the Terrorism Risk Insurance Program Reauthorization Act
of 2015, as amended (“TRIPRA”), is in effect (including any extensions), Lender shall accept terrorism
insurance which covers against “covered acts” as defined therein, and during any period in which TRIPRA or other similar
government legislation is no longer in effect, Borrower shall only be required to maintain, or cause to be maintained, the amount
of terrorism insurance which can be purchased with a premium that does not exceed an amount equal to two (2) times the amount of
the then-current premium for the property insurance required hereunder (excluding any terrorism component thereof) and further
provided that such insurance shall not have a deductible in excess of fifty thousand and 00/100 dollars ($50,000.00). Lender may
from time to time also require that Borrower maintain insurance acceptable to Lender for “Builder’s Risk” during
the period of any construction, renovation or alteration of the Improvements. If the Mortgaged Property is defined to be in Seismic
Zone 3 or 4, or its equivalent, earthquake insurance shall also be maintained by Borrower. If the Mortgaged property is located
within a Special Hazard Flood Area, National Flood Insurance Program (“NFIP”) insurance is required.
In addition, the Property policy must provide an maintain a Flood Limit in excess of NFIP that is acceptable to Lender.

 

(b)          All
insurance coverages, limits and deductibles must be reasonably satisfactory to Lender.

 

(c)          Liability
Insurance. 

 

		(i)	During any period of construction, renovation, or alteration
of the Improvements or the performance by Borrower or Contractor, Borrower shall maintain or cause the Contractor to maintain
General Liability insurance (including contractual liability and “Acts of Terrorism”) in an amount equal to at least
$2,000,000 per occurrence, $4,000,000 in the aggregate and $4,000,000 products completed operations aggregate, which must be in
effect throughout the statute of repose in New York, with a Per Location/Contractor Per Project aggregate endorsement. In addition,
Borrower shall maintain or cause the Contractor to maintain Umbrella or Excess Liability insurance in an amount Lender determines
to be reasonable from time to time but in no event less than $50,000,000. If applicable, Lender may, from time to time also require
that Borrower maintain insurance acceptable to Lender for “Commercial Auto”, “Workers Compensation”, and
such other insurance as Lender may reasonably require. In addition, Lender will require proof of the Architect’s and Designer’s
Professional Liability Insurance. Further, Borrower shall maintain railroad protective liability insurance in amounts and limits
required by any Permits or Operating Agreements.

 

		(ii)	Upon Completion of the Construction Work, Borrower
shall maintain or cause the Condominium Association to maintain General Liability insurance (including “Acts of Terrorism”)
in an amount equal to at least $1,000,000 per occurrence and $2,000,000 in the aggregate, with a Per Location aggregate endorsement.
In addition, Borrower shall maintain or cause the Condominium Association to maintain Umbrella or Excess Liability insurance in
an amount Lender determines to be reasonable from time to time but in no event less than $50,000,000.

 

    	 	-67-	 

     

    

 

		(iii)	Contractor Liability. Borrower shall
cause the General Contractor to maintain the following insurance coverages: (i) Workers Compensation with statutory limits including
Employers Liability insurance, and (ii) Contractor Pollution Liability in an amount equal to $15,000,000 per occurrence, and $20,000,000
in the aggregate naming both Borrower and Lender as additional insured. General Contractor will cause the Crane Operator to maintain
and provide lender with proof of Crane Operators Liability coverage with limits as required by the municipality in New York City,
New York.

 

(d)          Subcontractor
Default Insurance. Borrower shall obtain and thereafter maintain in full force and effect Subcontractor Default Insurance
for all subcontractors with limits of no less than $50,000,000 per claim and $100,000,000 in the aggregate and include a “Financial
Interest Endorsement” naming Lender as insured party. The Project will be enrolled as of the commencement of the Construction
Work. In addition, Borrower must provide Lender with semi-annual reporting on Subcontractor Default Insurance exposure, claims
and losses thereunder (or more often as may be requested by Lender, provided such request shall not exceed more than once each
quarter). Enrolled subcontractors must be covered under the Subcontractor Default Insurance policy at all times; provided, however,
that if a subcontractor (which is not a Major Subcontractor) is not eligible for coverage under the Subcontractor Default Insurance,
Lender will require a Payment and Performance Bond acceptable to Lender.

 

(e)          Evidence
of Insurance by Acceptable Insurers. At all times during the term of the Loan, Borrower shall or shall cause the Condominium
Association to provide to Lender the following evidences of insurance to Lender: (i) an ACORD 28 (current version) Evidence of
Property Insurance provided by an authorized insurance agent, broker or insurance company or, where ACORD 28 (current version)
is not available, other evidence of insurance confirming the same rights as are provided by ACORD 28 (current version) and all
applicable policy endorsements; and (ii) an ACORD 25 (current version) Certificate of Liability Insurance, provided by an authorized
insurance agent, broker or insurance company confirming coverages are maintained for liability insurance as required to be carried
by Borrower. Any ACORD or equivalent evidencing a Blanket insurance policy shall specifically identify the replacement cost of
the improvements and the annual gross rents. The foregoing evidence shall be provided to Lender at least five (5) Business Days
prior to the expiration date of each such policy. Each evidence of insurance and certificate must include a mortgagee clause and
a loss payee clause satisfactory to Lender, and any Certificate of Liability Insurance must name Lender as an Additional Insured
for Commercial General Liability with respect to the Premises. Each insurance company providing coverage must have an A. M. Best
rating of A-X or better.

 

    	 	-68-	 

     

    

 

(f)           Blanket
Insurance Policies. Borrower’s insurance requirements under this Article 5 may be satisfied by maintaining
either individual policies covering only the Premises, or blanket insurance policies covering multiple properties, provided that
with respect to any blanket insurance policies Borrower also covenants to either immediately reinstate any limits and coverages
which are used, reduced or cancelled back up to the blanket policy limits approved by Lender (which shall not be unreasonably withheld,
conditioned or delayed), or to secure individual policy coverages for the Premises satisfying these insurance requirements. Borrower
will deliver to Lender a Schedule of Locations Insured under any blanket insurance policy together with the related certificates
of insurance.

 

(g)          Miscellaneous
Insurance Requirements. All insurance policies and endorsements required pursuant to this Agreement must be reasonably
satisfactory to Lender and shall: (i) be endorsed to name Lender as an additional insured thereunder, as its interest may appear,
with, in the case of property insurance, loss payable to Lender, without contribution, under a long-form, non-contributory mortgagee
clause, or otherwise endorsed as Lender may reasonably require; (ii) be fully paid for and contain such provisions and expiration
dates and be in such form and issued by such insurance companies licensed to do business in the State; and (iii) without limiting
the foregoing, provide that such policy or endorsement may not be canceled or materially changed except upon at least thirty (30)
days’ (or, in the case of cancellation for nonpayment of the applicable premium, ten (10) days’) prior written notice
of intention of non-renewal, cancellation or material change to Lender, and that no act or thing done by Borrower or Lender shall
invalidate the policy as against Lender. Within ten (10) Business Days following a request by Lender, Borrower shall deliver to
Lender all original policies including all endorsements and renewals thereof, or copies thereof certified by the insurance company
or authorized agent, together with all endorsements required hereunder and any other insurance policy information and other related
information (such as “Probable Maximum Loss” or “Scenario Upper Loss” studies) as Lender may reasonably
request from time to time. Borrower may request an extension of time not exceeding sixty (60) days to deliver the foregoing policies,
endorsements and renewals or certified copies thereof if (1) Borrower has done all things reasonably necessary to obtain the issuance
of the policies, endorsements and renewals including the payment of all premiums therefor, and (2) Borrower has delivered to Lender
within the above ten (10) day period an insurance binder and evidence of insurance reasonably satisfactory to Lender issued by
the insurer showing all required coverage to be in full force and effect for the succeeding twelve (12) month period along with
evidence reasonably satisfactory to Lender of payment in full of all premiums. If Borrower fails to maintain insurance in compliance
with this Agreement, Lender may (but shall not be obligated to) obtain such insurance and make Advances to pay the premium therefore.
Notwithstanding anything to the contrary contained herein or in any provision of law, the Proceeds of insurance policies coming
into the possession of Lender shall not be deemed trust funds and Lender shall be entitled to dispose of such Proceeds as hereinafter
provided.

 

    	 	-69-	 

     

    

 

Section 5.2           Damage,
Destruction and Restoration.

 

(a)          In
the event of any damage to or destruction of the Premises and/or Equipment, Borrower shall give prompt written notice to Lender
and subject to the terms of (i) the Triparty Agreement during the Lease Period and (ii) subsequent to the recordation of the Declaration,
the Condominium Documents, Borrower shall promptly commence and diligently continue to completion the repair, restoration and rebuilding
of the Premises and/or Equipment so damaged or destroyed in full compliance with all Legal Requirements and with the provisions
of Sections 5.2(e), (f) and (h). Such repair, restoration and rebuilding of the Premises are sometimes hereinafter
collectively referred to as the “Work”. Except as expressly permitted under Section 5.2(h), Borrower
shall not adjust, compromise or settle any claim for insurance Proceeds without the prior written consent of Lender, which consent
shall not be unreasonably withheld, conditioned or delayed so long as no Event of Default exists. Except as set forth in Section
5.2(h), Borrower shall include Lender in all material meetings, conferences, telephone conferences and correspondence with
the applicable insurer(s) following any casualty until all of the applicable insurance proceeds are disbursed by such insurer.
Subject to Sections 5.2(d) and 5.2(h) of this Agreement and (i) the Triparty Agreement during the Lease Period and
(ii) subsequent to the recordation of the Declaration, the Condominium Documents, Lender shall have the option in its sole discretion
to apply any insurance Proceeds it may receive pursuant to this Agreement (less any reasonable out-of-pocket costs to Lender of
recovering and paying out such Proceeds, including reasonable out-of-pocket attorneys’ fees, costs and expenses) to the payment
of the Indebtedness or to allow all or a portion of such Proceeds to be used for the Work. If any insurance Proceeds are applied
to reduce the Indebtedness, provided no Event of Default shall have occurred and be continuing, Lender shall apply the same, without
any Minimum Multiple Fee, Exit Fee or Closed Period Prepayment Fee, as applicable, in accordance with the provisions of Section
2.7(c) of this Agreement. Notwithstanding the foregoing, if an Event of Default shall have occurred and be continuing, Lender,
at its option, may apply any insurance Proceeds to the Indebtedness in such order and priority as Lender deems appropriate in its
sole discretion and a Minimum Multiple Fee, Exit Fee or Closed Period Prepayment Fee, as applicable, or Breakage Fee shall be due
and payable in accordance with the terms of Section 2.5 in connection with any such prepayment. Notwithstanding anything
to the contrary contained in Section 5.6(c) of the Interparty Agreement, in no event shall Borrower be entitled to any portion
of the Net Proceeds (as defined in the Triparty Agreement) prior to the payment in full of all amounts that would otherwise be
due and payable to Lender under this Section 5.2 but for Section 5.6(c) of Triparty Agreement.

 

(b)          In
the event of the foreclosure of the Mortgage or other transfer of title to or assignment of the Mortgaged Property in extinguishment
of the Indebtedness in whole or in part, all right, title and interest of Borrower in and to all policies of insurance required
by this Agreement and any insurance Proceeds shall inure to the benefit of and pass to Lender or any purchaser or transferee at
the foreclosure sale of the Mortgaged Property to the extent allowed by such policies.

 

(c)          Lender
may notify any and all insurers under casualty and liability insurance policies that Lender has a security interest pursuant to
the provisions of this Agreement in and to such insurance policies and any proceeds thereof, and, subject to Section 5.2(h),
that any payments under those insurance policies are to be made directly to Lender. Lender’s rights under this Section
5.2 may be exercised by Lender or a court appointed receiver appointed upon the request of Lender if an Event of Default shall
have occurred under this Agreement.

 

    	 	-70-	 

     

    

 

(d)          Notwithstanding
the provisions of Section 5.2(a), but subject to Section 5.2(h), the Triparty Agreement during the Lease Period and
subsequent to the recordation of the Declaration, the Condominium Documents, if in Lender’s reasonable judgment the cost
of the Work shall not exceed the greater of $50,000,000 and fifty percent (50%) of the then outstanding principal balance of the
Loan, then Lender shall, upon request by Borrower, permit Borrower to use the Proceeds for the Work (subject to the provisions
of, and less Lender’s costs described in, Section 5.2(e)), so long as:

 

		(i)	no Event of Default shall then exist;

 

		(ii)	if Completion of the Construction Work was achieved
prior to the fire or casualty in question, the Work can be completed, as determined by Lender in its reasonable discretion, by
the date which is three (3) months prior to the Maturity Date;

 

		(iii)	if Completion of the Construction Work was not achieved
prior to the fire, casualty or condemnation in question, the Construction Work (substantially in accordance with the Approved
Plans) and the Work can be completed, as determined by Lender in its reasonable discretion, by the Outside Completion Date with
each Milestone Construction Hurdle met by the applicable Outside Milestone Date;

 

		(iv)	all sums necessary to effect the Work over and above
any available Proceeds or Proceeds that are committed to be made available by the insurer, as determined by Lender in its reasonable
discretion (the “Deficiency Amount”) shall be at the sole cost and expense of Borrower and Borrower
shall deposit the Deficiency Amount, as estimated by Lender in its reasonable discretion, with Lender prior to commencing any
Work and at all applicable times thereafter;

 

		(v)	at all times during any such Work, Borrower shall
maintain (or cause the Contractor to maintain), at its sole cost and expense, workers’ compensation, builders risk and public
liability insurance in accordance with the provisions of Section 5.1;

 

		(vi)	at all times during any such Work, business income
and extra expense including rental value insurance, if applicable, shall be in full force and effect and available to cover any
loss of business income and rents resulting from the damage to or destruction of the Premises and/or Equipment (or Borrower deposits
any deficiency with Lender); and

 

		(vii)	if Completion of the Construction Work was achieved
prior to the casualty in question, the Improvements shall be restored to the same size, character and condition that existed prior
to the damage or destruction except for immaterial changes as determined by Lender in its reasonable judgment.

 

    	 	-71-	 

     

    

 

(e)          In
addition to satisfying all applicable conditions to Disbursements to Borrower if the fire, casualty or condemnation in question
occurred prior to Borrower achieving Completion of the Construction Work, if any insurance Proceeds are used for the Work, then,
unless Section 5.2(h) applies, such Proceeds together with any Deficiency Amount shall be held by Lender and shall be paid
out from time to time to Borrower as the Work progresses (less any reasonable out-of-pocket costs to Lender of recovering and paying
out such Proceeds and/or Deficiency Amount, including reasonable out-of-pocket attorneys’ fees, costs and expenses and costs
allocable to inspecting the Work and the plans and specifications therefor), subject to each of the following conditions:

 

		(i)	the Work shall be conducted under the supervision
of a certified and registered architect or engineer reasonably satisfactory to Lender (Lender hereby approves the Architect and
Engineer engaged by Borrower on the date hereof). Before Borrower commences any Work, other than temporary work to protect property
or prevent interference with business, Lender shall have approved the plans and specifications for the Work (if the Work shall
be different than that shown on the Approved Plans), which approval shall not be unreasonably withheld, conditioned or delayed;

 

		(ii)	each request for payment shall be made on not less than
seven (7) Business Days prior written notice to Lender and shall be accompanied by a certificate of the architect or engineer
in (i) above and/or contractor stating: (A) that all of the Work completed has been done in compliance with, in all material respects,
the approved plans and specifications, if required under (i) above; (B) that the sum requested is justly required to reimburse
Borrower for payments by Borrower, or is justly due to the contractor, subcontractors, materialmen, laborers, engineers, architects
or other Persons rendering services or materials for the Work (giving a brief description of such services and materials), and
that when added to all sums previously paid out by Lender does not exceed the value of the Work done to the date of such certificate;
(C) if the sum requested is to cover payment relating to repair and restoration of Equipment required or relating to the Premises,
that title to the items of Equipment covered by the request for payment is vested in Borrower; and (D) that the amount of such
Proceeds together with any Deficiency Amount remaining in the hands of Lender are anticipated to be sufficient on completion of
the Work to pay for the same in full (giving in such reasonable detail as Lender may require an estimate of the cost of such completion).
Additionally, each request for payment shall contain a statement signed by Borrower approving both the Work done to date and the
Work covered by the request for payment in question;

 

    	 	-72-	 

     

    

 

		(iii)	each request for payment shall be accompanied by waivers
of lien or conditional waivers of lien reasonably satisfactory to Lender covering that part of the Work for which payment or reimbursement
is being requested and, if required by Lender, a search prepared by a title insurance company or licensed abstractor, or by other
evidence reasonably satisfactory to Lender that there has not been filed with respect to the Premises any mechanics’ or
other lien relating to any part of the Work not discharged of record. Additionally, as to any Equipment covered by the request
for payment, Lender shall be provided with evidence of payment therefor and such further evidence satisfactory to assure Lender
of its valid first lien on the Equipment;

 

		(iv)	Lender shall have the right to inspect the Work at
all reasonable times and may condition any disbursement of Proceeds upon the satisfactory completion, as determined by Lender’s
reasonable discretion, of any portion of the Work for which payment or reimbursement is being requested. Neither the approval
by Lender of the plans and specifications for the Work nor the inspection by Lender of the Work shall make Lender responsible
for the preparation of such plans and specifications or the compliance of such plans and specifications, or of the Work, with
any applicable law, regulation, ordinance, covenant or agreement;

 

		(v)	Proceeds shall not be disbursed more frequently than
every thirty (30) days; and

 

		(vi)	any request for payment made after the Work has been
completed shall be accompanied by a copy or copies of any certificate or certificates required by law to render occupancy and
full operation of the Premises legal.

 

(f)           Upon
any failure on the part of Borrower to promptly commence the Work following the receipt by Borrower or Lender, as applicable, of
the Proceeds or to proceed diligently and continuously (subject to Force Majeure) to completion of the Work in accordance with
this Section 5.2 or upon the occurrence of any Event of Default, at Lender’s option, Lender shall be entitled to apply
at any time all or any portion of the Proceeds it then or thereafter holds to the repayment of the Indebtedness or to the curing
of any Event of Default.

 

(g)          Subject
to Section 2.5(d), upon completion of the Work and payment in full therefor any unexpended Proceeds, at Lender’s option,
shall either be paid over to Borrower or shall be applied to the reduction of the Indebtedness without any Minimum Multiple Fee,
Exit Fee or Closed Period Prepayment Fee, as applicable that would otherwise be applicable to a prepayment of the Loan at that
time.

 

    	 	-73-	 

     

    

 

(h)          Notwithstanding
any other provision of this Section 5.2, but subject to: (i) the terms of the Triparty Agreement during the Lease Period,
or (ii) the Condominium Documents subsequent to the recordation of the Declaration, if no Event of Default or Potential Event of
Default shall exist and be continuing and in Lender’s reasonable judgment the cost of the Work is less than the lesser of:
(x) $3,790,000, and (y) ten percent (10%) of the then outstanding principal balance of the Loan (but not less than $1,000,000),
and the Work can be completed in less than one hundred eighty (180) days (or such longer time as may be necessary in Lender’s
reasonable opinion to complete the Work as long as Borrower is diligently pursuing completion of the Work, and, if Completion did
not occur prior to the casualty in question, Lender reasonably determines that Borrower’s efforts will result in completion
of the Work without Borrower failing to meet each Milestone Construction Hurdle prior to the applicable Outside Milestone Date),
then Lender shall, upon request by Borrower, permit Borrower to apply for, compromise, settle, adjust and receive the insurance
Proceeds directly from the insurer (and Lender shall advise the insurer to pay over such Proceeds directly to Borrower), provided
that Borrower shall apply such insurance Proceeds solely to the prompt and diligent commencement and completion of such Work.

 

Section 5.3          Condemnation.
Borrower shall notify Lender within five (5) Business Days after obtaining knowledge thereof of the actual or threatened commencement
of any proceedings for the condemnation or taking of the Premises or any portion thereof and shall deliver to Lender copies of
any and all papers served in connection with such proceedings. Lender may participate in such proceedings and Borrower shall deliver
to Lender all instruments reasonably requested by Lender to permit such participation. Borrower shall not adjust, compromise, settle
or enter into any agreement with respect to such proceedings without the prior written consent of Lender, which consent shall not
be unreasonably withheld, conditioned or delayed. All Proceeds of any condemnation, or purchase in lieu thereof, of the Premises
or any portion thereof are hereby assigned to and shall be paid to Lender. Borrower hereby authorizes Lender to collect and receive
such Proceeds, to give proper receipts and acquittances therefor and, in Lender’s sole discretion, subject to the terms of
the Triparty Agreement during the Lease Period and subsequent to the recordation of the Declaration, the Condominium Documents,
to apply such Proceeds (less any reasonable out-of-pocket costs to Lender of recovering and paying out such Proceeds, including
reasonable out-of-pocket attorneys’ fees, costs and expenses allocable to inspecting any repair, restoration or rebuilding
work and the plans and specifications therefor) toward the payment of the Indebtedness or to the repair, restoration or rebuilding
of the Premises in the manner and subject to the conditions set forth in Section 5.2. Notwithstanding the foregoing provisions
of this Section 5.3, if Borrower satisfies all of the conditions set forth in Section 5.2(d) upon the taking of a
portion of the Premises, Lender shall permit Borrower to use the Proceeds of the condemnation for the Work, and said Proceeds will
be disbursed by Lender in accordance with the provisions of Section 5.2(e). If the Proceeds are used to reduce the Indebtedness,
they shall be applied in the order provided in Section 2.7(c), without any Minimum Multiple Fee, Exit Fee or Closed Period
Prepayment Fee, as applicable. Notwithstanding anything to the contrary contained in Section 5.6(c) of the Interparty Agreement,
in no event shall Borrower be entitled to any portion of the Net Proceeds (as defined in the Triparty Agreement) prior to the payment
in full of all amounts that would otherwise be due and payable to Lender under this Section 5.3 but for Section 5.6(c)
of Triparty Agreement. Borrower shall promptly execute and deliver all instruments requested by Lender for the purpose of confirming
the assignment of the condemnation Proceeds to Lender.

 

    	 	-74-	 

     

    

 

ARTICLE
6

ENVIRONMENTAL MATTERS

 

Section 6.1           Terms
Incorporated By Reference.

 

The terms and provisions
of the Environmental Indemnification Agreement are incorporated herein by reference in their entirety.

 

ARTICLE
7

CERTAIN PROPERTY MATTERS

 

Section 7.1           Lease
Covenants and Limitations.

 

(a)          Borrower
shall not enter into any Lease or other occupancy agreement without the prior written consent of Lender, which consent may be granted
or withheld in Lender’ sole and absolute discretion. If Lender shall approve a Lease, Borrower shall provide Lender with
a complete copy of said Lease within ten (10) Business Days following its execution. Lender hereby approves the Master Lease and
the Sublease.

 

(b)          With
respect to each Lease so approved in writing by Lender, Borrower shall perform all obligations as lessor or lessee, as applicable,
and, to the extent it is commercially reasonable to do so, shall enforce all of the terms, covenants and conditions contained therein
on the part of the lessor or lessee thereunder to be performed or observed, short of termination thereof. Borrower shall not take
any action which would cause any Lease to cease to be in full force and effect, except with the prior written consent of Lender,
which consent shall not be unreasonably withheld, delayed or conditioned, until repayment of the entire Indebtedness. Without Lender’s
consent (not to be unreasonably withheld, conditioned or delayed, except for the Master Lease or Sublease), Borrower shall not:
(i) cancel, terminate or surrender any Lease, or consent to any cancellation, termination or surrender thereof (except for a termination
of the Master Lease and Sublease upon the conveyance of the School Unit to the SCA); (ii) sublease or assign any Lease, or consent
to the sublease or assignment thereof; (iii) subordinate any Lease to any mortgage, deed of trust or other security interest that
is subordinate to the Mortgage; (iv) amend, modify or renew any existing Lease; (v) waive any material default under or breach
of any Lease; (vi) consent to or accept any prepayment or discount of rent or advance rent under any Lease (other than with respect
to the Master Lease); (vii) take any other action in connection with any Lease which may impair or jeopardize the validity of such
Lease or Lender’s interest therein; or (viii) alter, modify or change the terms of any guaranty, letter of credit or other
credit support with respect to any Lease or cancel or terminate such guaranty, letter of credit or other credit support.

 

    	 	-75-	 

     

    

 

(c)          As
long as no Event of Default exists, the following parameters for a Lease of the Retail Unit or any portion thereof are hereby pre-approved
by Lender: the potential new Lease for the Retail Unit or portion thereof (i) provides for a Net Effective Rent of not less than
$65.00; and (ii) has an initial term not longer than twenty (20) years, and any renewal options exercisable by the tenant thereunder
for an aggregate term longer than twenty (20) years shall be at no less than ninety percent (90%) of then current fair market rent.
Lender shall have the right to review and approve a new Lease for the Retail Unit in all other respects, such approval not to be
unreasonably withheld, conditioned or delayed, and such Lease must at a minimum satisfy the following conditions: (i) be an arm’s-length
transaction with a bona-fide, independent third party tenant, (ii) not violate any provision of any other lease, restriction, covenant
or public or private agreement affecting the Borrower, the Mortgaged Property, or the Declaration; (iii) provide that tenant will
unconditionally attorn to a foreclosing lender without requiring Lender to execute a non-disturbance agreement (or else Lender,
Borrower and tenant mutually agree to execute an SNDA (as defined below) (Lender hereby agreeing to execute and deliver an SNDA
promptly upon request therefore by Borrower); (iv) impose no tenant improvement obligations on the landlord beyond the initial
lease-up and occupancy by the tenant; and (v) contain no tenant right to acquire any ownership interest in any of the Mortgaged
Property. If, within 7 Business Days after Lender’s receipt of Borrower’s written request for such approval stating:
“TIME SENSITIVE RESPONSE REQUIRED WITHIN 7 BUSINESS DAYS OF RECEIPT OR DEEMED APPROVAL MAY OCCUR”, together
with the following: (i) a true and complete copy of the proposed final Lease, including any amendments, exhibits and side agreements
relating thereto executed in connection therewith, (ii) a lease summary describing in reasonable detail all material terms, and
(iii) any tenant financial statements or credit reports received by Borrower with respect to the tenant thereunder (collectively,
the “Lease Approval Package”), Lender does not approve or disapprove such Lease (disapproval to include
reasons), Borrower may deliver a second notice to Lender, together with a second Lease Approval Package, stating: “PURSUANT
TO THE TERMS OF SECTION 7.1(c) OF THE MASTER LOAN AGREEMENT EXECUTED BY TPHGREENWICH OWNER LLC, AS BORROWER, DATED DECEMBER 22,
2017, LENDER HAS FAILED TO RESPOND TO THE REQUEST FOR APPROVAL OF A NEW LEASE. FAILURE OF LENDER TO RESPOND TO BORROWER’S
REQUEST FOR SUCH APPROVAL WITHIN 5 BUSINESS DAYS OF RECEIPT OF THIS SECOND NOTICE SHALL BE DEEMED TO BE LENDER’S APPROVAL
OF SUCH NEW LEASE”. If Lender fails to approve or disapprove (which such disapproval shall include reasons) such Lease
within such additional 5 Business Day period, such Lease shall be deemed approved by Lender.

 

(d)          For
each Lease, upon Lender’s written request, Borrower shall use commercially reasonable efforts to provide Lender with: (i)
a tenant estoppel certificate (which request shall not be made more than once each calendar year absent an Event of Default); and
(ii) unless previously provided and still in effect with respect to the same lease, a subordination, non-disturbance and attornment
agreement, in either case executed by each tenant, utilizing either Lender pre-approved forms or such other forms as Lender shall
reasonably approve (an “SNDA”).

 

    	 	-76-	 

     

    

 

(e)          Any
ground lease must be approved by Lender in advance in writing. Unless otherwise specifically approved, any ground lease affecting
the Mortgaged Property must be or be made to be expressly subject and subordinate to the lien and terms of the Mortgage. Fee owner(s)
shall provide Lender with an estoppel and recognition agreement acceptable to Lender.

 

(f)           Lender
may require at any time an Event of Default continues to exist uncured that Borrower transfer to Lender all tenant security deposits,
including any letters of credit securing tenant lease obligations. Lender may hold and co-mingle such security deposits without
interest, except as required by applicable law.

 

Section 7.2           The
Master Lease, Sublease and School Unit Purchase Agreement.

 

(a)          Borrower
hereby makes the following representations, warranties, covenants and agreements with respect to the Master Lease, the Sublease
and the School Unit Purchase Agreement:

 

		(i)	Borrower has delivered to Lender a true, accurate and
complete copy of the Master Lease, the Sublease and the School Unit Purchase Agreement. The Master Lease, Sublease and School
Unit Purchase Agreement have not been amended, modified, extended, renewed, substituted or assigned;

 

		(ii)	Borrower shall not amend, modify, terminate, extend
or assign the Master Lease, the Sublease or the School Unit Purchase Agreement or surrender its rights thereunder without Lender’s
prior written consent, which may be withheld in Lender’s sole and absolute discretion (other than the contemplated termination
of the Master Lease and Sublease contemporaneously with the conveyance of the School Unit to the SCA). Borrower shall not enter
into any further agreements, contracts, documents or side letters with the SCA which affect Lender’s rights and obligations
under the Triparty Agreement without Lender’s prior written consent, which may be withheld in Lender’s sole and absolute
discretion. Any attempted action in violation of this section shall be null and void and of no force and effect.

 

		(iii)	Borrower has a valid and enforceable interest as ground
lessor under the Master Lease and as lessee under the Sublease. Borrower has obtained all necessary approvals for assignment of
Borrower’s interests in the School Unit Purchase Agreement, the Master Lease and the Sublease to Lender. Borrower has not
assigned, pledged, mortgaged, hypothecated, encumbered or granted a security interest in the School Unit Purchase Agreement, the
Master Lease or the Sublease or any of its right, title, or interest therein other than to Lender pursuant to the Loan Documents.
No default by Borrower has occurred and is continuing under the Master Lease, the Sublease or the School Unit Purchase Agreement
and no event has occurred which, with the passage of time or the giving of notice, or both, would constitute a default by Borrower
under the Master Lease, the Sublease or the School Unit Purchase Agreement. To the best of Borrower’s knowledge, no default
by SCA has occurred and no event has occurred which, with the passage of time or the giving of notice, or both, would constitute
a default by the SCA under the Master Lease, the Sublease or the School Unit Purchase Agreement. The Master Lease, the Sublease
and the School Unit Purchase Agreement are in full force and effect and no consent or approval of any person is required for the
execution and delivery of the Master Lease, the Sublease, the School Unit Purchase Agreement or the Triparty Agreement by Borrower,
or to Borrower’s knowledge, by SCA;

 

    	 	-77-	 

     

    

 

		(iv)	Borrower shall deliver to Lender and any subsequent
holder of any mortgage of all or a portion of the Mortgaged Property all notices from the SCA under the Master Lease, the Sublease
or the School Unit Purchase Agreement within five (5) Business Days following receipt thereof.

 

		(v)	If Borrower shall fail to perform its obligations as
ground lessor under the Master Lease, as lessee under the Sublease or as developer under the School Unit Purchase Agreement, and
an Event of Default exists, Borrower grants Lender the right (but not the obligation), after two (2) Business Days’ notice
to Borrower to take any action as may be necessary to prevent or cure any default of Borrower under the Master Lease, the Sublease
or the School Unit Purchase Agreement, including the right to enter all or any portion of the Premises at such times and in such
manner as Lender reasonably deems necessary, in order to cure any such default (unless Lender is curing a default by acting under
Sections 7.6(c) or 8.5 which shall require no notice to Borrower). Borrower shall comply at all times with and timely
perform its obligations and enforce its rights and the SCA’s obligations under the Master Lease, the Sublease and the School
Unit Purchase Agreement;

 

		(vi)	No action or payment taken or made by Lender to cure
any default by Borrower under the Master Lease, the Sublease or the School Unit Purchase Agreement shall remove or waive, as between
Borrower and Lender, any default or Event of Default which occurred hereunder by virtue of the default by Borrower under the Master
Lease, the Sublease or the School Unit Purchase Agreement. All reasonable out-of-pocket sums expended by Lender in order to cure
any such default by Borrower under the Master Lease, the Sublease or the School Unit Purchase Agreement shall be paid by Borrower
to Lender, upon demand, with interest thereon at the Default Rate if not paid within five (5) Business Days of demand. All such
indebtedness shall be deemed to be secured by the Lien of the Mortgage to the extent permitted by applicable law and the terms
of the Mortgage;

 

    	 	-78-	 

     

    

 

		(vii)	Borrower shall notify Lender in writing within five
(5) Business Days of (A) Borrower obtaining actual knowledge of a material default by or Borrower’s delivery of a notice
(written or otherwise) to the SCA under the Master Lease, Sublease or School Unit Purchase Agreement noting or claiming the occurrence
of any event which, with the passage of time or giving of notice, or both, would constitute a default by the SCA thereunder, and
(B) the receipt by Borrower of any notice (written or otherwise) from the SCA under the Master Lease, the Sublease or the School
Unit Purchase Agreement noting or claiming the occurrence of any default by Borrower under (or any termination of) the Master
Lease, the Sublease or the School Unit Purchase Agreement or the occurrence of any event which, with the passage of time or giving
of notice, or both, would constitute a default by Borrower thereunder. Borrower shall deliver to Lender a copy of any such written
notice of default;

 

		(viii)	Following five (5) days advance written notice to Borrower,
Lender shall have the right to intervene and participate in any judicial, arbitration or other proceeding relating to the Master
Lease, the Sublease or the School Unit Purchase Agreement;

 

		(ix)	Borrower shall confer with Lender and its attorneys
and experts, and reasonably cooperate with them to the extent which Lender deems reasonably necessary for the protection of Lender’s
interest in the Master Lease, the Sublease, the School Unit Purchase Agreement, the Triparty Agreement, and the Mortgaged Property.
Borrower consents to the agreements between the SCA and Lender contained in the Triparty Agreement and agrees to reasonably cooperate
in all respects in carrying out the intents and purposes thereof;

 

		(x)	Borrower shall promptly execute, acknowledge and deliver
to Lender, at Borrower’s sole cost and expense, such instruments as may reasonably be required by Lender from time to time
to better assure, transfer and confirm unto Lender the rights intended to be granted to Lender under the Triparty Agreement and
to permit Lender to cure any default by Borrower under the Master Lease, the Sublease, the School Unit Purchase Agreement or the
Triparty Agreement. Borrower hereby irrevocably appoints Lender as its true and lawful attorney-in-fact to do at any time when
an Event of Default exists, in its name or otherwise, any and all acts and to execute any and all documents which are necessary
to preserve any rights of Borrower under or with respect to the Master Lease, the Sublease or the School Unit Purchase Agreement;

 

    	 	-79-	 

     

    

 

		(xi)	Borrower hereby names and appoints Lender as its attorney-in-fact
to, at any time when an Event of Default exists, date, complete, execute and deliver any and all documents, instruments and certificates
which are to be executed or delivered by Borrower under the terms of the School Unit Purchase Agreement, the Master Lease or the
Sublease which Lender shall deem to be necessary or desirable to cause the SCA to comply with its funding and acquisition obligations
in accordance with the terms of the School Unit Purchase Agreement or the Triparty Agreement or to preserve or enforce any rights
of Borrower under or with respect to the School Unit Purchase Agreement, the Master Lease or the Sublease. The power of attorney
granted hereunder is coupled with an interest and is irrevocable. Borrower hereby agrees to indemnify Lender and hold Lender free
and harmless from and against all Losses incurred by Lender in connection with the exercise of the rights granted under this Section
7.2(a)(xi), excluding those arising from Lender’s gross negligence or willful misconduct.

 

		(xii)	If any action, proceeding, motion or notice shall
be commenced or filed in connection with any case under the Federal Bankruptcy Code by or against the SCA, Lender and Borrower
shall cooperatively conduct and control any such litigation with counsel reasonably agreed upon between Borrower and Lender in
connection therewith. Borrower shall, upon demand, pay to Lender all reasonable out-of-pocket costs and expenses (including reasonable
attorneys' fees, costs and expenses) paid or incurred by Lender in connection with the cooperative prosecution or conduct of any
such proceedings. All such costs and expenses shall be secured by the Lien of the Mortgage. Borrower shall within five (5) Business
Days after obtaining knowledge thereof, notify Lender of any filing by or against the SCA of a petition under the Federal Bankruptcy
Code. Said notice shall set forth any information in the possession of Borrower and its counsel as to the date of such filing
directly related to such petition including, without limitation, the court in which such petition was filed and the relief sought
therein (to the extent the Borrower has knowledge of the foregoing). Borrower shall deliver to Lender, within five (5) Business
Days following its receipt thereof, any and all notices, summonses, pleadings, applications and other documents received by Borrower
in connection with any such petition and any proceedings relating thereto;

 

    	 	-80-	 

     

    

 

		(xiii)	Subject to the Triparty Agreement, Borrower shall
not without the prior written consent of Lender, which consent may be granted or withheld in Lender’s sole and absolute
discretion, agree or acquiesce to any rejection or termination of the Master Lease, the Sublease or the School Unit Purchase Agreement
in bankruptcy, or elect to treat the Master Lease, the Sublease or the School Unit Purchase Agreement as terminated, whether under
Section 365 of the Bankruptcy Code (or other successor provision) or under any similar law or right of any nature or otherwise,
in any respect, and any attempt on the part of Borrower to exercise any such right or election without such written consent of
Lender shall be null and void and of no effect and shall constitute an Event of Default under this Agreement for which no grace
or curative period shall apply; and

 

		(xiv)	Borrower shall promptly send Lender a copy of any
material notices delivered by Borrower to the SCA or received by the SCA.

 

		(xv)	Borrower has fulfilled as of the Closing Date and
shall at all times fulfill, in all material respects, all of its duties and obligations in, under and to the School Unit Purchase
Agreement, the Master Lease, the Sublease and the Triparty Agreement. Borrower shall, at Borrower’s sole cost and expense,
appear in and defend Lender and/or any other Lender Party in any action or proceeding in any way connected with the School Unit
Purchase Agreement, the Triparty Agreement, the Master Lease or the Sublease (excluding in connection with Lender’s gross
negligence or willful misconduct), and shall pay all reasonable costs and expenses, including, without limitation, attorneys’
fees and disbursements which any of the Lender Parties may incur in connection with Lender Party’s appearance, voluntarily
or otherwise, in any action or proceeding (including, without limitation, arbitration) in any way connected with the School Unit
Purchase Agreement, the Triparty Agreement, the Master Lease or the Sublease (excluding in connection with Lender’s or any
other Lender Party’s gross negligence or willful misconduct) or in connection with enforcing Lender’s rights or the
SCA’s or Borrower’s obligations under the School Unit Purchase Agreement, the Triparty Agreement, the Master Lease
or the Sublease (excluding in connection with Lender’s or any other Lender Party’s gross negligence or willful misconduct).

 

    	 	-81-	 

     

    

 

		(xvi)	In the event Lender cures a Developer Event of Default,
Borrower shall reimburse Lender for all reasonable costs and expenses incurred by Lender in curing such Developer Event of Default,
together with interest at the Default Rate from the date incurred until paid, within five (5) Business Days following written
demand from Lender to Borrower. Without in any way limiting Lender’s other rights and remedies pursuant to the Loan Documents
and applicable law, Borrower agrees to reasonably cooperate with Lender in the exercise of Lender’s rights and remedies
under the Loan Documents or the Triparty Agreement upon the demand of Lender notwithstanding any disputes, defenses, claims, counterclaims
or other matters arising from or in any way related to the School Unit Purchase Agreement, the Master Lease, the Sublease or the
Triparty Agreement. Lender shall have absolutely no liability to Borrower for, or in connection with, any such demand or requirement
that Borrower perform under the School Unit Purchase Agreement, the Master Lease, the Sublease or the Triparty Agreement, excluding
liability resulting from Lender’s or any other Lender Party’s gross negligence or willful misconduct, and such liability
shall only be to the extent of Lender’s or any other Lender Party’s gross negligence or willful misconduct.

 

		(xvii)	The Project shall be developed by Borrower pursuant
to the terms and conditions of the School Unit Purchase Agreement and the Loan Documents.

 

		(xviii)	Borrower shall not permit the SCA to perform any construction
work at the Mortgaged Property prior to the SCA’s acquisition of the School Unit in accordance with the School Unit Purchase
Agreement.

 

(b)          Borrower
hereby agrees to pay and protect, defend, indemnify and hold Lender and the other Lender Parties harmless from, for and against
any and all Losses to which any such Lender Party may become exposed, or which any such Lender Party may incur, in connection with
the School Unit Purchase Agreement or in exercising its rights under the Triparty Agreement (including without limitation all such
costs and expenses incurred by Lender in connection with the curing of Borrower’s defaults under the School Unit Purchase
Agreement, the Master Lease or the Sublease in accordance with the terms thereof or the terms of the Triparty Agreement (subject
to the provisions of Section 7.4 hereof), excluding those arising from any Lender Party’s gross negligence or willful misconduct,
and such liability shall only be to the extent of such Lender Party’s gross negligence or willful misconduct. All such amounts
due from Borrower to Lender pursuant to this Section 7.2(b) shall be payable within ten Business Days of demand and shall
accrue interest at the Default Rate from the due date thereof.

 

Section 7.3           Intentionally
omitted.

 

    	 	-82-	 

     

    

 

Section 7.4          Triparty
Agreement. Borrower and Lender acknowledge that the Triparty Agreement shall, in addition to the other Loan Documents,
govern the relationship among Borrower and Lender to the extent provided therein (but subject to the provisions of the next following
sentence). For the avoidance of doubt, (a) with respect to each reference in the Triparty Agreement to Lender acting as attorney-in-fact
for Borrower, Lender shall only so act if, when and to the extent Lender is authorized to do so under the terms of the Loan Documents
(other than the Triparty Agreement), (b) where the Triparty Agreement refers to the Lender’s approval or consent rights with
respect to any Condominium Documents, the standard for Lender’s granting or withholding of such approval or consent shall
be as set forth in this Agreement, (c) where the Triparty Agreement refers to the Subleasehold Lender (as defined in the Triparty
Agreement) designated in a notice from Lender to SCA as the Subleasehold Lender having the right to participate in the adjustment
of losses with any insurance company with respect to any damage or destruction of the Mortgaged Property, the right to participate
in any condemnation proceedings and settlement discussions, and the right to supervise and control the receipt and disbursement
of insurance proceeds and condemnation awards and damages payable with respect to the Mortgaged Property, all such rights shall
be subject to the terms and conditions of this Agreement, and (d) where the Triparty Agreement refers to the Subleasehold Lender
designated by Lender to supervise and control the receipt and disbursement of insurance proceeds and condemnation awards electing
not to disburse the net physical damage proceeds or award (after deducting the reasonable costs of adjustment, settlement and collection
and any necessary safety measures) for restoration of the improvements, such right so to elect shall be subject to the terms and
conditions of this Agreement.

 

Section 7.5          Sales
and Marketing Agreement/Management Agreement. Borrower shall not enter into any management agreement, leasing commission
agreement, brokerage agreement or other similar agreement without Lender’s prior written approval in each case, which approval
shall not be unreasonably withheld, conditioned or delayed. Prior to the completion of the first Subdivided Residential Unit, Borrower
shall enter into (i) a sales and marketing agreement, which sales and marketing agreement must be reasonably satisfactory to Lender,
and (ii) a management agreement with a third-party manager, which management agreement must be reasonably satisfactory to Lender.
Lender approves the Sales Agreement and the Sales Agent. Any management agreement, leasing commission agreement, brokerage agreement
or other similar agreement shall be collaterally assigned to Lender and shall be subordinate to the Mortgage and in substantially
the forms, as applicable, attached hereto as Exhibits P and Q. If at any time during the existence of an Event of
Default the management company, management agreement or leasing commissions agreement is not satisfactory to Lender, Borrower shall
have up to sixty (60) days after written notice to Borrower of Lender’s disapproval, to obtain a management company, management
agreement and/or leasing commissions agreement approved by and satisfactory to Lender.

 

Section 7.6           Impositions.

 

(a)          Borrower
shall pay and discharge all Impositions prior to delinquency and shall provide to Lender validated receipts or other evidence reasonably
satisfactory to Lender showing the payment of such Impositions within ten (10) Business Days after the same would otherwise have
become delinquent. Borrower’s obligation to pay Impositions pursuant to this Agreement shall include, to the extent permitted
by applicable law, taxes resulting from future changes in law which impose upon Lender an obligation to pay any property taxes
or other Impositions. Should Borrower default in the payment of any Impositions, Lender may (but shall not be obligated to) make
an Advance to pay such Impositions or any portion thereof.

 

    	 	-83-	 

     

    

 

(b)          Borrower
shall not be required to pay, discharge or remove any Imposition so long as Borrower contests in good faith such Imposition or
the validity, applicability or amount thereof by an appropriate legal proceeding which operates to prevent the collection of such
amounts and the sale of the Mortgaged Property or any portion thereof; provided, however, that such contest will
not result in a tax certificate or other sale of the tax lien and prior to the date on which such Imposition would otherwise have
become delinquent Borrower shall have: (i) given Lender prior written notice of such contest; and (ii) deposited with Lender, and
shall deposit such additional amounts as are necessary to keep on deposit at all times, an amount equal to at least one hundred
five percent (105%) of the total of: (A) the balance of such Imposition then remaining unpaid; plus (B) all interest, penalties,
costs and charges accrued or accumulated thereon. Any such contest shall be prosecuted with due diligence, and Borrower shall promptly
pay the amount of such Imposition as finally determined, together with all interest, penalties, costs and charges payable in connection
therewith. Lender shall have full power and authority to apply any amount deposited with Lender under this Section 7.3(b)
to the payment of any unpaid Imposition to prevent the sale of any tax lien or the sale or forfeiture of the Mortgaged Property
(or any portion thereof) for non-payment thereof. Lender shall have no liability, however, for failure to so apply any amount deposited
unless Borrower requests the application of such amount to the payment of the particular Imposition for which such amount was deposited.
Any surplus retained by Lender after payment of the Imposition for which a deposit was made shall be repaid to Borrower unless
an Event of Default shall have occurred, in which case said surplus may be retained by Lender to be applied to the Indebtedness.
Notwithstanding any provision of this Section 7.3(b) to the contrary, Borrower shall pay any Imposition which it might otherwise
be entitled to contest if, in the reasonable opinion of Lender, failure to pay will result in a tax certificate or other sale of
the tax lien or the Mortgaged Property (or any portion thereof) is in jeopardy or in danger of being forfeited or foreclosed; or
Lender may make an Advance to pay the same. Additionally, in such event, if Lender is prevented by law or judicial or administrative
order from paying such Imposition and Borrower fails to pay the same, then Lender, at its option, may declare the entire Indebtedness
immediately due and payable.

 

(c)          To
the extent cash flow from the Mortgaged Property is insufficient to pay same, real estate taxes, assessments, municipal charges
and insurance premiums shall be funded as a Disbursement to Borrower subject to the terms and conditions of disbursement in this
Agreement. To the extent Borrower fails to satisfy the conditions of disbursement in this Agreement, Borrower shall pay the real
estate taxes, assessments, municipal charges and insurance premiums that would otherwise be funded as a Disbursement to Borrower;
provided that if an Event of Default exists, Borrower shall deposit with Lender, monthly, on each Payment Date, 1/12th of the annual
charges (as reasonably estimated by Lender) for Impositions and insurance premiums, and, if required by Lender, 1/12th of the annual
charges for rent (if Borrower is lessee of an interest in any of the Mortgaged Property) with respect to the Mortgaged Property.
If required by Lender, Borrower shall also deposit with Lender, simultaneously with such monthly deposits and/or the execution
of this Agreement, a sum of money which together with such monthly deposits will be sufficient to make the payment of each such
charge at least fifteen (15) days prior to the date initially due. Should such charges not be ascertainable at the time any deposit
is required to be made, the deposit shall be made on the basis of the charges for the prior year or payment period, as reasonably
estimated by Lender. When the charges are fixed for the then current year or period, Borrower shall deposit any deficiency on demand.
All funds deposited with Lender shall be held without interest (unless the payment of interest thereon is required under applicable
law), may be commingled with Lender’s other funds, and shall be applied in payment of the foregoing charges when and as payable
provided that no Event of Default shall have occurred and be continuing. Should an Event of Default occur and be continuing, the
funds so deposited may be applied in payment of the charges for which such funds shall have been deposited or to the payment of
the Indebtedness or any other charges affecting the Mortgaged Property, as Lender in its sole discretion may determine, but no
such application shall be deemed to have been made by operation of law or otherwise until actually made by Lender as herein provided.
Borrower shall provide Lender with bills and all other documents necessary for the payment of the foregoing charges within ten
(10) Business Days following Borrower’s receipt of the same, but in any event at least fifteen (15) days prior to the date
on which each payment thereof shall first become due.

 

    	 	-84-	 

     

    

 

Section 7.7          Operating
Expenses. Borrower shall use any cash flow from the Mortgaged Property to pay all operating expenses of the Mortgaged Property
and all payments due under the Loan Documents.

 

ARTICLE
8

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

Borrower, jointly and
severally (if applicable), represents, warrants and covenants that:

 

Section 8.1           Organization
and Authority.

 

(a)          The
execution and delivery of the Loan Documents have been duly authorized and there is no provision in Borrower’s organizational
documents, as amended, requiring further consent for such action by any other Person.

 

(b)          Borrower
is duly organized, validly existing and in good standing under the laws of the state of its formation.

 

(c)          Borrower
has all necessary franchises, licenses, authorizations, registrations, Permits and approvals and full power and authority to develop
and construct the Property, own and operate the Mortgaged Property, and carry on its business.

 

(d)          The
execution and delivery of and performance of its obligations under the Loan Documents: (i) will not result in Borrower being in
default under any provision of its organizational documents, as amended, any court order, or any mortgage, deed of trust or other
agreement to which it is a party; and (ii) do not require the consent of or any filing with any governmental authority.

 

    	 	-85-	 

     

    

 

(e)          All
necessary and required actions have been duly taken by and on behalf of Borrower to make and constitute the Loan Documents, and
the Loan Documents constitute, legal, valid and binding obligations enforceable in accordance with their respective terms, subject
only to the application of bankruptcy and other laws affecting the rights of creditors generally.

 

(f)           Borrower
is, and at all times until repayment in full of the Indebtedness shall be, a “single asset real estate entity”, as
defined in Section 101 (51B) of the Federal Bankruptcy Code.

 

Section 8.2           Maintenance
of Existence. So long as it owns the Mortgaged Property, Borrower shall do all things necessary to preserve and keep in
full force and effect its existence, franchises, licenses, authorizations, registrations, permits and approvals under the laws
of the state of its formation and the State where the Premises is located and shall comply in all material respects with all regulations,
rules, ordinances, statutes, orders and decrees of any governmental authority or court now or hereafter applicable to Borrower
or to the Mortgaged Property or any portion thereof.

 

Section 8.3          Title.
Borrower has good, marketable and insurable fee simple title to the Premises and good indefeasible title to the balance of the
Mortgaged Property, free and clear of all Liens whatsoever, except the Permitted Encumbrances. Borrower represents and warrants
that it has accepted possession of the Premises (as defined in the Sublease) and has a valid and enforceable leasehold interest
in the leasehold estate created pursuant to the Sublease. To the best of Borrower’s knowledge, the Mortgage creates (1) a
valid, perfected Lien on the Mortgaged Property, subject only to Permitted Encumbrances and (2) perfected security interests in
and to, and perfected collateral assignments of, all Collateral (including the Leases), all in accordance with the terms hereof,
in each case subject only to any applicable Permitted Encumbrances and such other Liens as are permitted pursuant to the Loan Documents.
Borrower will preserve such title and will forever warrant and defend the same and validity and priority of the lien hereof to
Lender against all claims whatsoever.

 

Borrower is the owner
of or has right to all easements and other appurtenant rights (collectively, the “Easements”) created
under the agreements listed and described on Exhibit M hereof (collectively the “Easement Agreements”).
Borrower has delivered to Lender true, correct and complete copies of all Operating Agreements and Easement Agreements, if applicable.
To the best of Borrower’s knowledge, (A) no Operating Agreement, Easement Agreement or Easement created thereunder has been
modified, amended or supplemented and they are all in full force and effect; and (B) no defaults have occurred under any Operating
Agreement or Easement Agreement, and, to Borrower’s knowledge, no event has occurred which with notice or the passage of
time would constitute an event of default under any Operating Agreement or Easement Agreement. With respect to each Operating Agreement,
Easement Agreement and Permitted Encumbrance Borrower shall, to the extent commercially reasonable to do so: (i) observe, perform
and discharge all material obligations, covenants and warranties required to be kept and performed by Borrower, and (ii) enforce
or secure the performance of each and every material obligation, term, covenant, condition and agreement to be performed by any
other party. Borrower shall also (a) promptly deliver to Lender copies of all material written notices, demands or requests sent
or otherwise made by Borrower or any other Person, and (b) timely pay any charges assessed against the Premises as and when finally
due pursuant to the Operating Agreements or Easement Agreements or Permitted Encumbrances. Without the prior written consent of
Lender, which consent shall not be unreasonably withheld, delayed or conditioned, Borrower will not consent to or enter into any
agreement or writing that modifies, amends, supplements, restates, terminates or reduces any: (V) Operating Agreement, (W) Easement
Agreement, or (X) any appurtenant rights or interests, including any reversionary interests which Borrower possesses or may acquire.

 

    	 	-86-	 

     

    

 

Section 8.4           Mortgage
Taxes. Borrower shall pay any and all taxes, charges, filing, registration and recording fees, excises and levies imposed
upon Lender by reason of its ownership of, or measured by amounts payable under, the Loan Documents (other than income, franchise
and doing business taxes), and shall pay all stamp taxes and other taxes required to be paid on the Loan Documents. If Borrower
fails to make such payment within five (5) Business Days after notice thereof from Lender, Lender may (but shall not be obligated
to) pay the amount due, and Borrower shall reimburse Lender on demand for all such Advances. If applicable law prohibits Borrower
from paying (or reimbursing Lender for) such taxes, charges, filing, registration and recording fees, excises, levies, stamp taxes
or other taxes, then if the amount in question exceeds $25,000, Lender may declare the Indebtedness then unpaid to be due and payable
upon at least one hundred twenty (120) days’ written notice. In such event, no Minimum Multiple Fee, Exit Fee or Closed Period
Prepayment Fee, as applicable, shall be payable by Borrower so long as no Event of Default exists.

 

Section 8.5           Payment
of Liens. Borrower shall discharge and pay when due all payments and charges due under or in connection with any Liens
in accordance with the provisions of Section 4.7, or if not so discharged, Lender may (but shall not be obligated to) make
Advances to do so. Borrower shall do or cause to be done, at the sole cost of Borrower, everything reasonably necessary to fully
preserve the priority of the Lien of the Mortgage. If Borrower fails to make any such payment or if a Lien attaches to the Mortgaged
Property or any portion thereof and is not discharged within the thirty (30) day period referenced in Section 4.7, Lender
may (but shall not be obligated to) make such payment or discharge such lien and Borrower shall reimburse Lender on demand for
all such Advances.

 

Section 8.6           Representations
Regarding Mortgaged Property.

 

(a)          No
part of the Premises has been designated as wetlands under any federal, state or local law or regulation or by any governmental
agency, and no portion of the Premises is located within a 100-year flood plain, except as may be disclosed as such on the survey
of the Premises delivered to Lender in connection with the closing of the Loan.

 

(b)          Public
water supply, storm and sanitary sewers and sanitary sewer capacity, and electrical, gas, cable and telephone facilities are available
to the Premises within the boundary lines thereof or by an executed agreement, including without limitation that certain agreement
between Triborough Bridge and Tunnel Authority and Borrower, dated as of March 22, 2017.

 

    	 	-87-	 

     

    

 

(c)          Borrower
reports, for accounting purposes, on a fiscal year basis commencing on January 1 and terminating on December 31.

 

(d)          There
are no actions, suits or proceedings, pending or threatened in writing, affecting Borrower, Indemnitor or the Mortgaged Property
at law or in equity, on, before or by any federal, state, municipal or other governmental department, commission, board, bureau,
agency or other governmental instrumentality that would, if adversely determined, have a Material Adverse Effect on Borrower, Indemnitor
or the Mortgaged Property. There are no outstanding judgments, arbitration awards, decrees or awards of any kind pending against
any Borrower, any Indemnitor or any of the Mortgaged Property. Borrower, Indemnitor and Principals have never (i) been charged
for any criminal offense, (ii) filed for bankruptcy, insolvency or similar relief, and (iii) been involved in a foreclosure, deed-in-lieu
or similar transaction.

 

(e)          Guarantor
is in full compliance with all of Indemnitor’s Financial Covenants set forth in Section 12 of the Recourse Guaranty
Agreement.

 

(f)           Borrower
has not entered into a property management agreement as of the Closing Date.

 

Section 8.7          Operating
Accounts. At all times that the Loan remains outstanding, Borrower shall establish and maintain, or cause its Property
Manager to maintain the Operating Account, into which all cash proceeds resulting from any and all operations of Borrower and the
Project shall be deposited. Borrower shall not maintain any other operating accounts.

 

Section 8.8           Indemnification.
Borrower shall indemnify, defend and hold Lender and the Lender Parties harmless from and against, and be responsible for paying,
all Losses which may be imposed upon, asserted against, or incurred or paid by any of them by reason of, on account of or in connection
with any act or occurrence relating to the Mortgaged Property or any bodily injury, death, other personal injury or property damage
occurring in, upon or in the vicinity of the Mortgaged Property from any cause whatsoever, except to the extent caused by the gross
negligence or willful misconduct of any Lender Party.

 

Section 8.9           Estoppel
Certificates. Within ten (10) Business Days following a request by Lender, Borrower shall provide to Lender a duly acknowledged
written statement confirming: (a) the original maximum principal amount of the Loan; (b) the unpaid principal amount of the Loan;
(c) the rate of interest of the Loan; (d) the maturity date of the Loan; (e) the date installments of interest and/or principal
were last paid; (f) that, except as provided in reasonable detail in such statement, to Borrower’s actual knowledge, there
are no presently exercisable offsets or defenses against the Indebtedness, Potential Events of Default or Events of Default under
the Loan Documents; and (g) such other information that Lender shall reasonably request.

 

Section 8.10         ERISA.

 

(a)          Borrower
shall not engage in any transaction which would cause any obligation, or action taken or to be taken hereunder (or the exercise
by Lender of any of its rights under the Loan Documents) to be a non-exempt (under a statutory or administrative class exemption)
prohibited transaction under ERISA and/or Section 4975 of the IRS Code, provided, that Borrower may assume for purposes of this
Section 8.10(a) that the Loan proceeds are not “plan assets” within the meaning of 29 C.F.R. § 2510.3-101
(as modified by Section 3(42) of ERISA, the “Plan Assets Regulation”).

 

    	 	-88-	 

     

    

 

(b)          Borrower
further covenants and agrees to deliver to Lender such certifications and other evidence from time to time, until full repayment
of the Indebtedness, as are reasonably requested by Lender that (i) Borrower is not (and is not deemed to include the assets of)
an “employee benefit plan” that is subject to Title I of ERISA and/or a “plan” that is subject to Section
4975 of the IRS Code; (ii) Borrower is not a “governmental plan” within the meaning of Section 3(32) of ERISA and is
not subject to state statutes regulating investments and fiduciary obligations with respect to governmental plans; and (iii) one
or more of the following statements is and remains true:

 

		(i)	Equity interests in Borrower are “publicly offered
securities” within the meaning of Plan Assets Regulation; or

 

		(ii)	Less than twenty-five percent (25%) of each outstanding
class of equity interests in Borrower are held by “benefit plan investors” (determined in accordance with the Plan
Assets Regulation).

 

(c)          Borrower
shall not agree to, enter into or consummate any transaction which would render Borrower unable to furnish the certification or
other evidence referred to in Section 8.10(b), to the extent applicable.

 

(d)          Borrower
represents, warrants and covenants to each Lender Party that neither Borrower nor any ERISA Affiliate maintains, contributes to,
or has any obligation to contribute to, or has any direct or indirect liability with respect to any “employee benefit plan”
as defined in Section 3(3) of ERISA (including any “multiemployer plan” as defined in Section 3(37) of ERISA) that
is subject to Title IV or Section 302 of ERISA or Section 412 of the IRS Code. Borrower shall take or refrain from taking, as the
case may be, such actions as may be necessary to cause the representation and warranty in this Section 8.10 to remain true
and accurate until full repayment of the Indebtedness.

 

(e)          Lender
Parties shall each have the right to consult with Borrower on significant business issues relating to the operation of the Mortgaged
Property and the management of Borrower. Representatives of Borrower shall make themselves available quarterly, either personally
or by telephone at mutually agreeable times for such consultations. Such consultations need not result in any changes in Borrower’s
decisions or actions. Lender Parties intend to use such rights to satisfy the management rights requirements under the Plan Assets
Regulation.

 

Section 8.11         Terrorism
and Anti-Money Laundering.

 

(a)          As
of the date hereof and until full repayment of the Indebtedness: (i) Borrower; (ii) any Person Controlling or Controlled by Borrower;
(iii) if Borrower is a privately held entity, any Person having a ten percent (10%) or more direct or indirect beneficial interest
in Borrower (expressly excluding any direct or indirect shareholders of Indemnitor (collectively, the “Public Shareholders”));
or (iv) any Person for whom Borrower is acting as agent or nominee in connection with this transaction, is not an OFAC Prohibited
Person.

 

    	 	-89-	 

     

    

 

(b)          To
comply with applicable Anti-Money Laundering Laws, all payments by Borrower to Lender or from Lender to Borrower will only be made
and received in Borrower’s name and to and from a bank account of a bank based or incorporated in or formed under the laws
of the United States or a bank that is not a “foreign shell bank” within the meaning of the U.S. Bank Secrecy Act (31
U.S.C. § 5311 et seq.), as amended, and the regulations promulgated thereunder by the U.S. Department of the Treasury,
as such regulations may be amended from time to time.

 

(c)          Borrower
shall provide Lender at any time and from time to time until repayment in full of the Indebtedness with such information as Lender
reasonably determines to be necessary or appropriate to comply with the Anti-Money Laundering Laws of any applicable jurisdiction,
or to respond to requests for information concerning the identity of Borrower, any Person Controlling or Controlled by Borrower
or any Person having a beneficial interest in Borrower (other than Public Shareholders), from any governmental authority, self-regulatory
organization or financial institution in connection with its anti-money laundering compliance procedures, or to update such information.

 

(d)          The
representations and warranties set forth in this Section 8.11 shall be deemed repeated and reaffirmed by Borrower as of
each date that Borrower makes a payment to Lender under the Loan Documents or receives any disbursement of Loan proceeds, reserve
funds or other funds from Lender. Borrower agrees promptly to notify Lender in writing should Borrower become aware of any change
in the information set forth in these representations.

 

Section 8.12         Special
Purpose Entity Requirements.

 

All of the provisions
of this Section 8.12 are individually and collectively referred to as the “SPE Requirements”.

 

(a)          Borrower
has not and, until repayment in full of the Indebtedness, shall not:

 

		(i)	engage in any business or activity other than the acquisition,
ownership, operation, maintenance, demolition, alteration and development of and sale of condominium units in accordance with
the terms of this Agreement with respect to the Mortgaged Property, and activities incidental thereto;

 

		(ii)	acquire or own any material asset other than the Mortgaged
Property and such incidental personal property as may be necessary for the operation of the Mortgaged Property;

 

		(iii)	merge into or consolidate with any Person or dissolve,
terminate or liquidate in whole or in part, transfer or otherwise dispose of all or substantially all of its assets or change
its legal structure, without in each case obtaining the prior written consent of Lender;

 

    	 	-90-	 

     

    

 

		(iv)	fail to preserve its existence as an entity duly organized,
validly existing and in good standing (if applicable) under the laws of the jurisdiction of its organization or formation, or
without the prior written consent of Lender, which consent shall not be unreasonably withheld, delayed or conditioned, terminate
the provisions of Borrower’s formation or entity management documents or amend such organizational documents in a manner
which would result in a breach of any of the representations, warranties or covenants set forth in this Section 8.12 or
that would otherwise adversely affect Borrower’s special purpose entity status;

 

		(v)	own any subsidiary or make any investment in or acquire
the obligations or securities of any other Person without the prior written consent of Lender, which consent shall not be unreasonably
withheld, delayed or conditioned;

 

		(vi)	commingle its assets with the assets of any of its
shareholders, partners, members, Principals, affiliates, or any shareholder, partner, member, principal or affiliate thereof,
or of any other Person or transfer any assets to any such Person other than distributions on account of equity interests in Borrower
permitted hereunder and properly accounted for;

 

		(vii)	incur any debt, secured or unsecured, direct or contingent
(including guaranteeing any obligation), other than the Indebtedness, except as permitted under Section 10.1, provided
that any such debt is satisfied when due and payable, subject to reasonable and customary rights to contest such obligations,
and provided further that there is sufficient cash flow from the Property at such time to do so and Borrower’s constituent
owners shall not be required to fund or advance any additional capital to satisfy such obligation;

 

		(viii)	except for a payment of the Indebtedness by a guarantor
or indemnitor of the Loan, (A) allow any Person to pay its debts and liabilities, or (B) fail to pay its debts and liabilities
solely from its own assets;

 

		(ix)	fail to maintain its records, books of account and
bank accounts separate and apart from those of its shareholders, partners, members, Principals and Affiliates, or any shareholder,
partner, member, principal or Affiliate thereof, and any other Person or fail to prepare and maintain its own financial statements
in accordance with generally accepted accounting principles and susceptible to audit, or if such financial statements are consolidated
fail to cause such financial statements to contain footnotes disclosing that the Mortgaged Property is actually owned by Borrower;

 

    	 	-91-	 

     

    

 

		(x)	enter into any contract or agreement with any of its
shareholders, partners, members, Principals or Affiliates, any guarantor or indemnitor of all or a portion of the Loan or any
shareholder, partner, member, principal or Affiliate thereof, except upon terms and conditions that are intrinsically fair and
substantially similar to those that would be available on an arms-length basis with third parties or otherwise approved by Lender;

 

		(xi)	fail to correct any known misunderstandings regarding
the separate identity of Borrower;

 

		(xii)	hold itself out to be responsible or pledge its assets
or credit worthiness for the debts of another Person or allow any Person to hold itself out to be responsible or pledge its assets
or credit worthiness for the debts of Borrower (except for a guarantor or indemnitor of the Loan);

 

		(xiii)	make any loans or advances to any third party, including
any of its shareholders, partners, members, Principals or Affiliates, or any shareholder, partner, member, Principal or Affiliate
thereof;

 

		(xiv)	fail to use separate contracts, purchase orders, invoices
and checks (other than such documents that bear the name of its manager or managing agent with reference to the Premises);

 

		(xv)	fail either to hold itself out to the public as a
legal entity separate and distinct from any other Person or to conduct its business solely in its own name in order not: (A) to
mislead others as to the entity with which such other party is transacting business; or (B) to suggest that Borrower is responsible
for the debts of any third party (including any of its shareholders, partners, members, principals or Affiliates, or any shareholder,
partner, member, principal or Affiliate thereof);

 

		(xvi)	allow any Person to pay the salaries of its own employees
or fail to maintain a sufficient number of employees for its contemplated business operations (which may be zero employees);

 

		(xvii)	fail to maintain adequate capital for the normal obligations
reasonably foreseeable in a business of its size and character and in light of its contemplated business operations, provided
that there is sufficient cash flow from the Property at such time to do so and Borrower’s constituent owners shall not be
required to fund or advance any additional capital to satisfy this obligation;

 

    	 	-92-	 

     

    

 

		(xviii)	seek dissolution or winding up in whole, or in part;

 

		(xix)	file a voluntary petition or otherwise initiate proceedings
to have Borrower or any Principal adjudicated bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency
proceedings against Borrower or any Principal, or file a petition seeking or consenting to reorganization or relief of Borrower
or any Principal as debtor under any applicable federal or state law relating to bankruptcy, insolvency, or other relief for debtors
with respect to Borrower or Principal; or seek or consent to the appointment of any trustee, receiver, conservator, assignee,
sequestrator, custodian, liquidator (or other similar official) of Borrower or any Principal or of all or any substantial part
of the properties and assets of Borrower or any Principal, or make any general assignment for the benefit of creditors of Borrower
or any Principal, or admit in writing the inability of Borrower or any Principal to pay its debts generally as they become due
or declare or effect a moratorium on Borrower or any Principal debt or take any action in furtherance of any such action; or

 

		(xx)	conceal assets from any creditor, or enter into any
transaction with the intent to hinder, delay or defraud its creditors or the creditors of any other Person.

 

(b)          If
Borrower is a limited partnership, then any general partner of Borrower must also be a special purpose entity and comply with the
provisions of this Section 8.12.

 

(c)          Borrower
and any Person required to be a special purpose entity pursuant to the terms of this Section 8.12 shall not amend or modify
any of their respective formation or entity management documents in any manner that would result in a breach of any of the representations,
warranties or covenants set forth in this Section 8.12 or that would otherwise adversely affect Borrower’s special
purpose entity status without the prior written consent of Lender, which consent shall not be unreasonably withheld, delayed or
conditioned. Promptly after Lender’s written request from time to time, but not more frequently than once in any calendar
year, Borrower shall deliver to Lender evidence reasonably satisfactory to Lender that Borrower and any other Person required to
be a special purpose entity pursuant to the terms of this Section 8.12 are in compliance with the provisions of this Section
8.12.

 

Section 8.13         Notices/Proceedings.
Borrower shall promptly notify Lender in writing of the occurrence of any of the following: (i) receipt of any written notice from
any holder of any other lien or security interest in any of the Mortgaged Property; it being understood that no such lien or security
interest is ever permitted to exist at any time under any circumstances until after repayment in full of the Indebtedness (except
as otherwise specifically provided herein); or (ii) commencement of any judicial or administrative proceedings by, against or otherwise
affecting Borrower, Indemnitor or any of the Mortgaged Property, or any other action by any creditor thereof as a result of any
default under the terms of any loan.

 

    	 	-93-	 

     

    

 

Section 8.14      Business
Purpose of Loan. Borrower stipulates and warrants that the purpose of the Loan is for the sole purpose of carrying on or
acquiring a business, professional or commercial enterprise. Borrower further stipulates and warrants that all proceeds of the
Loan will be used for said business, professional or commercial enterprise.

 

Section 8.15      Legal
Requirements and Maintenance of Mortgaged Property. To the best of Borrower’s knowledge, except as disclosed to Lender
in writing, the Mortgaged Property is, in all material respects, in compliance with all Legal Requirements. Borrower shall comply
with all Legal Requirements in all material respects, subject to Borrower’s right to contest the same in accordance with
this Agreement. Borrower shall permit Lender and its agents to enter upon and inspect: (a) the areas of the Mortgaged Property
which are open to the public at all reasonable hours without prior notice and (b) subject to the rights of tenants under the Leases
and fee simple owners of portions of the Mortgaged Property conveyed in accordance with the terms of this Agreement, all other
areas of the Mortgaged Property during regular business hours upon at least 48 hours prior written notice, except that no notice
shall be required in the event of an emergency. Except as expressly contemplated herein, Borrower shall not, without the prior
written consent of Lender, which consent may be granted or withheld in Lender’s sole and absolute discretion: (a) change
the use of the Premises from that contemplated in the Business Plan; (b) cause or permit the use or occupancy of any part of the
Premises to be discontinued if such discontinuance would violate any zoning or other law, ordinance or regulation; (c) apply for
or consent to any subdivision (other than the contemplated subdivision of the Residential Unit), re-subdivision (other than the
contemplated subdivision of the Residential Unit), zoning reclassification, modification or restriction affecting the Premises;
(d) commit or knowingly permit any waste, structural or material addition to or material alteration, demolition or removal of the
Mortgaged Property (except alterations required pursuant to an Acceptable Lease) or any portion thereof (provided that the Equipment
included within the Collateral may be removed if obsolete or if replaced with similar items of equal or greater value); (e) take
any action whatsoever to apply for, consent to, or acquiesce in the conversion of the Mortgaged Property, or any portion thereof,
to a condominium or cooperative form of ownership, or (f) take any action whatsoever to apply for, consent to or acquiesce in any
subdivision (other than the contemplated subdivision of the Residential Unit) or re-subdivision (other than the contemplated subdivision
of the Residential Unit) of the Mortgaged Property, or any portion thereof. No provision of this Section 8.15 shall prohibit
Borrower from undertaking and completing tenant improvement work authorized under Leases previously approved by Lender or not requiring
Lender’s prior approval and the Construction Work in accordance with the terms of this Agreement.

 

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Section 8.16      Solvency.
(1) Neither Borrower nor Indemnitor has entered into the transaction contemplated by this Agreement or any Loan Document with the
actual intent to hinder, delay, or defraud any creditor, and (2) Borrower and Indemnitor have each received reasonably equivalent
value in exchange for its obligations under the Loan Documents. The fair saleable value of Borrower’s assets is, as of the
date hereof, and will, immediately following the making of the initial disbursement of the Loan on the date hereof, be greater
than Borrower’s liabilities, including the maximum amount of its contingent liabilities on its debts as such debts become
absolute and matured. Borrower’s assets do not and, immediately following the making of the Loan will not, constitute unreasonably
small capital for such entity to carry out its business as conducted or as proposed to be conducted. Borrower does not intend to,
and does not believe that it will, incur debt and other liabilities (including contingent liabilities and other commitments) beyond
its ability to pay such debt and liabilities as they mature (taking into account the timing and amounts of cash to be received
by it and the amounts to be payable on or in respect of obligations of such party). Other than the bankruptcy of Indemnitor’s
predecessor, Syms Corp., filed in the United States Bankruptcy Court for the District of Delaware in 2011 as In re Filene’s
Basement, LLC, et al., Case No. 11-13511-KJC (Bankr. D. Del), no petition in bankruptcy has been filed against Borrower or
any Indemnitor or any Principal and neither Borrower nor any Indemnitor has ever made an assignment for the benefit of creditors
or taken advantage of any insolvency act for the benefit of debtors. Neither Borrower nor Indemnitor has been involved in a foreclosure
or in a default on any indebtedness owing to Lender or to any affiliate of Lender or, in the case of Borrower, on any other indebtedness
obtained for commercial purposes. All financial and other information submitted by or on behalf of Borrower and Indemnitor to Lender
in connection with the Loan is true, complete and correct in all material respects. All of Borrower's obligations to creditors,
including, but not limited to, all payments and accounts relating to the Premises, are current.

 

Section 8.17      Interest
Rate Cap Agreement. 

 

(a)       In
the event that LIBOR exceeds one and one-half percent (1.50%), Borrower shall enter into, and Borrower shall thereafter maintain
in full force and effect, an “Interest Rate Cap Agreement” from an issuer that satisfies the Rate Cap
Rating Criteria and is reasonably acceptable to Lender (“Issuer”). Such Interest Rate Cap Agreement shall
be either:

 

		(i)	at any time when an unpaid principal balance of the Loan is outstanding, in a notional amount equal
to at least the lesser of (i) the Maximum Loan Amount and (ii) the sum of (x) the current outstanding principal balance of the
Loan and (y) $10,000,000 (or, if less, the amount of the Loan that remains available as a Disbursement to Borrower under this Agreement)
(the “Minimum Cap Amount”).

 

		(ii)	An “amortizing” Interest Rate Cap Agreement where, as of the first day of the calendar
month set forth in row 446 of Exhibit W attached hereto and made a part hereof, the notional amount is equal to or
greater than the “Starting Balance” set forth in row 450 of Exhibit W, for such calendar month; provided,
however, that if on or after the Projected Repayment Date, an unpaid principal balance remains outstanding on the Loan, Borrower
shall maintain an Interest Rate Cap Agreement in a notional amount of no less than the Minimum Cap Amount.

 

    	 	-95-	 

     

    

 

The Interest Rate Cap
Agreement shall provide that if LIBOR then in effect is at any time greater than two and one-half percent (2.5%) (the “Strike
Price”), then the Issuer shall pay to Lender, on the dates when monthly payments of interest are required to be paid
to Lender under Section 2.3, an amount equal to interest on said notional amount at the Excess Rate (as hereinafter defined).
If at any time the current outstanding principal amount of the Loan is equal to or greater than the combined notional amounts of
any Interest Rate Protection Agreement(s) in place at the time, Borrower shall enter into a supplemental Interest Rate Cap Agreement
(a “Supplemental Interest Rate Cap Agreement” and together with any existing or future Interest Rate
Cap Agreement, collectively, the “Interest Rate Cap Agreements”) in the notional amount equal to the
lesser of (i) the Maximum Loan Amount less the current sum of the notional amounts of the Interest Rate Protection Agreements then
in place and (ii) the sum of (x) the current outstanding principal balance of the Loan and (y) $10,000,000 (or, if less, the amount
of the Loan that remains available to be advanced as a Disbursement to Borrower under this Agreement), less the current sum of
the notional amounts of the Interest Rate Cap Agreements then in place. In no instance will any Funds be disbursed under the Loan
that would result in the outstanding principal balance of the Loan exceeding the aggregate notional amount of any Interest Rate
Cap Agreements in place in accordance with this Section 8.17(a) after such time as LIBOR has exceeded one and one-half percent
(1.50%) unless Borrower has made arrangements reasonably acceptable to Lender for the notional amount of such Interest Rate Cap
Agreement to be increased accordingly. For the avoidance of doubt, the terms of any Supplemental Interest Rate Cap Agreement including
the Strike Price, maturity and counterparty quality will be substantially the same as the then currently existing Interest Rate
Cap Agreements.

 

(b)       Not
later than sixty (60) days prior to the scheduled expiration of any Interest Rate Cap Agreement, Borrower shall, at Borrower’s
cost and expense, replace the same with an Interest Rate Cap Agreement as required by the terms of this Section 8.17; provided,
however, that Borrower shall be under no such obligation in the event that the scheduled expiration of the Interest Rate Cap Agreement
coincides with either (i) the Maturity Date (as same may have been extended by Borrower), or (ii) the Projected Repayment Date,
if in Lender’s reasonable judgment, Borrower is reasonably on track to repay the entire Indebtedness on such Projected Repayment
Date. In the event that (1) an Interest Rate Cap Agreement is terminated for any reason or is otherwise unenforceable by Lender
or (2) the issuer executing the Interest Rate Cap Agreement is not a financial institution satisfying the Rate Cap Rating Criteria,
Borrower shall, within sixty (60) days following the occurrence of either such event, obtain from a financial institution that
satisfies the Rate Cap Rating Criteria a replacement Interest Rate Cap Agreement in form and substance satisfactory to Lender in
its reasonable discretion.

 

(c)       No
Interest Rate Cap Agreement shall be secured by a Lien on the Mortgaged Property or any other asset of the Borrower.

 

(d)       Each
Interest Rate Cap Agreement and Supplemental Interest Rate Cap Agreement shall be collaterally assigned to Lender pursuant to a
Collateral Assignment of Interest Rate Cap Agreement in substantially the form and substance attached hereto as Exhibit V
(the “Assignment of Rate Cap Agreement”), which Assignment of Rate Cap Agreement shall be consented to
by Issuer and delivered to Lender, with respect to any Interest Rate Cap Agreement or Supplemental Interest Rate Cap Agreement,
promptly upon receipt by Borrower, and with respect to any replacement Interest Rate Cap Agreement, prior to the expiration of
the Interest Rate Cap Agreement then being replaced.

 

    	 	-96-	 

     

    

 

(e)       As
used herein, “Excess Rate” shall mean an amount equal to LIBOR then in effect under Section 2.2(a)
minus the Strike Price. As used herein, “Rate Cap Rating Criteria” means with respect to any Person,
the long term unsecured debt obligations of the applicable Person are rated at least “A-” by Standard & Poor’s
Rating Services, a division of The McGraw-Hill Companies, Inc., and any successor thereto, or at least “A3” by Moody’s
Investor Services, Inc., and any successor thereto. If, at any time prior to the Maturity Date, the Issuer no longer satisfies
the Rate Cap Rating Criteria, Borrower shall, within sixty (60) days following written notice from Lender, obtain and deliver to
Lender a replacement Interest Rate Cap Agreement from an Issuer that satisfies the Rate Cap Rating Criteria and is reasonably acceptable
to Lender, and Borrower shall execute and deliver to Lender a replacement Assignment of Interest Rate Cap Agreement in form and
substance satisfactory to Lender in its reasonable discretion.

 

Section 8.18      Representations
Regarding the Construction Work. Borrower makes the following representations and warranties to Lender as of the date of
this Agreement, and as of the date of each Disbursement to Borrower, as updated to reflect such changes as may have resulted from
acts, omissions, events or circumstances that do not constitute a Material Adverse Effect, Potential Event of Default or Event
of Default hereunder.

 

(a)       As
the date of recordation of the Mortgage, no construction has commenced on the Land and no materials have been delivered to the
Land, or if construction has commenced or materials have been delivered, the legal effect of possible mechanics’, materialmen’s
or other statutory liens has been negated by title insurance or surety bonds satisfactory to Lender.

 

(b)       Borrower
has received all Permits and Approvals to commence construction of the Project and has received all Permits and Approvals for the
Project necessary for the stage of construction then underway, except for those, if any, as Lender reasonably determines may be
obtained at a later date during the course of construction, so long as such Permits and Approvals as are in effect shall be sufficient
to allow the Project to proceed to completion in the ordinary course.

 

(c)       Borrower
has delivered a complete set of Approved Plans which Lender has reviewed and approved, which Approved Plans shall not be amended
without Lender’s prior written approval (which approval shall not be unreasonably withheld, conditioned or delayed); provided
that Lender’s approval shall not be required for (i) any amendment that Borrower is required to make under the School Unit
Purchase Agreement which are (1) initiated by the SCA, (2) the cost of which shall be solely borne by the SCA (with respect to
which the SCA has evidenced its ability to pay the increased costs to the reasonable satisfaction of Borrower and Lender) or by
Borrower with additional equity, and (3) such amendment solely affects the School Unit, and (ii) any amendment in connection with
a Change Order permitted hereunder. The Approved Plans include and are consistent with the 100% School Base Building CD’s.

 

(d)       The
Approved Budget, as amended with Lender’s written approval (which approval shall not be unreasonably withheld, conditioned
or delayed), sets out the total itemized costs, direct and indirect, for the Completion of the Construction Work and the payment
and performance of Borrower’s other obligations under the Loan Documents.

 

    	 	-97-	 

     

    

 

(e)       To
Borrower’s knowledge, the Initial Required Equity (plus additional equity unconditionally committed to Borrower or deposited
or contributed pursuant hereto) and the Loan proceeds are sufficient to pay all the costs set out in the Budget.

 

Section 8.19      Limitations
on Distributions. Until full repayment of the Indebtedness, no Upstream Entity shall receive any cash flow distributions
from Borrower or from the Mortgaged Property. Further, until full repayment of the Indebtedness, neither Borrower nor any Upstream
Owner shall receive any Residential Unit Net Sale Proceeds. In addition, except for the Development Fee (which may be paid in accordance
with the provisions of this Agreement), neither Borrower nor any Affiliate of Borrower shall receive a fee for any acquisition,
asset management, disposition, leasing or any other reason related to the Premises until the Indebtedness has been fully repaid.

 

Section 8.20      Condominium.

 

(a)       Concurrently
with the formation of the Condominium, Borrower shall assign all of its right, title and interest in and to the TBTA Agreement
to the Condominium Board of Managers. Upon the recording of the Declaration and Condominium Plans in the Register’s Office,
Borrower represents and warrants to Lender that the Declaration (including the Bylaws) and the Condominium Plans shall be in full
compliance with all Condominium Laws. Lender hereby approves the form of Declaration (including the Bylaws) attached hereto as
Exhibit R, which Borrower represents and warrants is the same form attached as Exhibit T to the School Unit Purchase
Agreement. On or before December 22, 2019, Borrower shall submit the Condominium Plans to Lender for Lender’s review and
approval (which approval shall not be unreasonably withheld, conditioned or delayed). Lender shall complete its review of the Condominium
Plans within thirty (30) days following its receipt of same, and shall either approve or disapprove the same within said thirty
(30) day period. If Lender disapproves the Condominium Plans, Lender shall provide Borrower with a reasonably detailed explanation
for Lender’s disapproval thereof, and Borrower shall then re-submit revised drafts of the same to Lender as soon as reasonably
practicable. Borrower shall cause the Condominium Plans to address the reasonable concerns or reasons for Lender’s disapproval
of the prior drafts of the same. Lender and Borrower shall repeat this process until the Condominium Plans are approved by Lender.
Borrower shall be permitted to record the Declaration in the form of Exhibit R and the Condominium Plans approved by Lender
in accordance with this Section 8.20(a) up to thirty (30) days prior to the date of the conveyance of the School Unit to
SCA. Borrower shall not modify or amend the form of Declaration (including the Bylaws) and/or the approved form of Condominium
Plans prior to recording the Declaration and Condominium Plans without Lender’s prior written consent, which consent shall
not be unreasonably withheld, conditioned or delayed, provided (i) no Event of Default exists, (ii) such amendment or modification
complies with all Condominium Laws, and (iii) the SCA has approved the amendment in writing to the extent it has approval rights
thereto under the School Purchase Agreement. Borrower shall be permitted to record an amended and restated Declaration and amended
Condominium Plans (reflecting the subdivision of the Residential Unit), with the City Register after Borrower’s receipt of
Lender’s written consent and approval of the Offering Plan, including any amendments thereto, in accordance with the provisions
of Article 16 hereof.

 

    	 	-98-	 

     

    

 

(b)       Following
the recording of the Declaration and the Condominium Plans in the Register’s Office, Borrower agrees that:

 

		(i)	Borrower shall not, without Lender’s prior written consent, which consent shall not be unreasonably
withheld, conditioned or delayed provided (x) no Event of Default exists and (y) such amendment or modification complies with all
Condominium Laws, amend, modify or supplement, or consent to or suffer the amendment, modification or supplementation of any of
the Condominium Documents (except with respect to price change amendments to the Offering Plan increasing the Schedule A—Purchase
Prices (each a “Price Change Amendment”) as provided in Article 16 hereof). Borrower shall not consent
to the merger of the Condominium with any other condominium without Lender’s prior written consent, which may be withheld
in its sole and absolute discretion. Lender shall endeavor to respond to each request by Borrower for Lender’s approval of
an amendment to the Condominium Documents within twenty (20) Business Days following Lender’s receipt of such request and
all required documents and information relating to such request. If Lender does not notify Borrower of its approval or disapproval
of a proposed amendment to the Condominium Documents within twenty (20) Business Days after request by Borrower and submission
by Borrower of all information needed by Lender to evaluate said request, then Borrower may deliver a second request, which request
shall state on the top of the first page in bold lettering “LENDER’S RESPONSE IS REQUIRED WITHIN TEN (10) BUSINESS
DAYS OF RECEIPT OF THIS NOTICE PURSUANT TO THE TERMS OF THE MASTER LOAN AGREEMENT BETWEEN THE UNDERSIGNED AND LENDER.”
If Lender does not notify Borrower of its approval or disapproval of the proposed amendment to the Condominium Documents within
ten (10) Business Days after such second request, then as long as no Event of Default or Potential Event of Default exists, the
same shall be deemed approved;

 

		(ii)	Borrower will pay, or cause to be paid, all assessments for common charges and expenses made against
the Mortgaged Property owned by Borrower pursuant to the Condominium Documents as the same shall become due and payable;

 

    	 	-99-	 

     

    

 

		(iii)	Borrower will comply in all material respects with all of the terms, covenants and conditions on
Borrower’s part to be complied with, pursuant to the Condominium Documents and any rules and regulations that may be adopted
for the Condominium, as the same shall be in force and effect from time to time;

 

		(iv)	Borrower, or Borrower’s designated members of the Condominium Board of Managers, will take
all actions as may be reasonably necessary from time to time to preserve and maintain the Condominium in accordance with the Condominium
Laws;

 

		(v)	Borrower will not, without the prior written consent of Lender (which consent may be granted or
withheld in Lender’s sole and absolute discretion), take (and hereby assigns to Lender any right it may have to take) any
action to terminate the Condominium, withdraw the Condominium from the Condominium Laws, or cause a partition of the Condominium
to be so withdrawn;

 

		(vi)	it shall be an Event of Default if (A) pursuant to any judgment, decision, order, rule or regulation
of either a court of competent jurisdiction or a governmental agency with jurisdiction over the Premises and following the expiration
of all applicable appeal periods, any material provision of the Condominium Documents is held to be invalid and such invalidity
shall materially and adversely affect the lien of the Mortgage or Lender’s other security interests under the Loan Documents,
or (B) the Condominium shall become subject to any action for partition by any Unit Owner and said action has not been dismissed
within ninety (90) days after commencement thereof, or (C) the Condominium is withdrawn from the condominium regime established
under the Condominium Laws;

 

		(vii)	Borrower will not, without Lender’s prior written consent, which consent shall not be unreasonably
withheld, conditioned, or delayed so long as no Event of Default exists, exercise any right it may have to vote for (A) any additions
or improvements to the common elements of the Condominium that are not included in the Condominium Plans, except as such additions
or improvements may be required by Legal Requirements, (B) any borrowing on behalf of the Condominium or (C) the expenditure of
any insurance proceeds or condemnation awards for the repair or restoration of the Improvements (unless Borrower is entitled to
utilize such insurance proceeds in accordance with Section 5.2(d) hereof);

 

    	 	-100-	 

     

    

 

		(viii)	Except as may be otherwise provided in the Offering Plan or as may be required by the Condominium
Laws, Borrower shall control the Condominium Board of Managers and the Condominium Association formed by the Condominium Documents
at least until such time as more than fifty percent (50%) of the Subdivided Residential Units have been sold in accordance with
this Agreement;

 

		(ix)	For so long as Borrower controls the Condominium Board of Managers, Borrower will, in accordance
with Borrower’s rights under the Condominium Documents, cause the Condominium Board of Managers to maintain insurance on
the Condominium in accordance with the Condominium Documents and this Agreement; and

 

		(x)	For so long as Borrower controls the Condominium Board of Managers, Borrower, in accordance with
Borrower’s rights under the Condominium Documents, shall cause the Condominium Board of Managers to enforce the Property
Management Agreement.

 

Section 8.21      Sales
Pace Covenant. Borrower shall satisfy the minimum sales pace for the sale of Subdivided Residential Units attached hereto
as Exhibit D (subject to the cure rights set forth thereon) (the “Sales Pace Covenant”).

 

ARTICLE 9

 

FINANCIAL REPORTING

 

Section 9.1       Financial
Statements; Records. Borrower shall keep adequate books and records of account in accordance with generally accepted accounting
principles related to real estate, consistently applied and shall provide to Lender in both hard copy and in electronic format,
if available, via e-mail to addresses specified by Lender, within the time periods set forth, the following (collectively, the
“Financial Information”):

 

(a)       Financial
Information. Borrower shall deliver to Lender the following:

 

		(i)	an annual Business Plan which includes operating and capital budgets (including expected capital
expenditures, a detailed project of sales, selling costs and profits), including cash flow projections for the upcoming Fiscal
Year, and all proposed capital replacements and improvements, within thirty (30) days prior to the close of each Fiscal Year.

 

		(ii)	an annual financial statement for the Premises and for Borrower, including balance sheets, income
statements and itemization of any contingent liabilities, to be prepared by an accountant and certified by an authorized and responsible
officer or representative of Borrower in the form approved by Lender in its reasonable discretion, within one hundred twenty (120)
days after the close of each Fiscal Year of Borrower;

 

    	 	-101-	 

     

    

 

		(iii)	a monthly Progress Report;

 

		(iv)	a monthly internally prepared income statement and balance sheet, within twenty (20) days following
the end of each calendar month (beginning with the first month of leasing activity and no later than three (3) months after the
Completion Date);

 

		(v)	Monthly, detailed marketing and sales reports (once sales of the Subdivided Residential Units begin),
deposit and escrow accounts, and calculations of selling costs in connection with the sale by Borrower of Subdivided Residential
Units commencing on the first month after approval of the Offering Plan by the Attorney General);

 

		(vi)	copies of federal tax returns of the Borrower and Indemnitor, within thirty (30) days following
the filing thereof; and

 

		(vii)	detailed financial statements for Indemnitor (including any back-up information above and beyond
public filings Indemnitor makes in its 10Q and 10K filings with the Securities and Exchange Commission) and a statement of its
Net Worth and Liquidity (as such terms are defined in the Recourse Guaranty Agreement) confirming said Indemnitor’s compliance
with Indemnitor’s Financial Covenants, to be prepared and certified by said Indemnitor or if required by Lender following
an Event of Default, a statement prepared and certified by an independent certified public accountant acceptable to Lender providing
the Net Worth and Liquidity of Indemnitor, within forty-five (45) days following the end of each calendar quarter (other than the
fourth calendar quarter) and within eighty (80) days following the end of each calendar year; provided, however, that the foregoing
financial deliverables as to Indemnitor may be modified or supplemented by Lender if Indemnitor is no longer a publicly traded
company.

 

(b)       Financial
Information Upon Request. Upon written request from Lender, Borrower shall deliver the following:

 

		(i)	such other financial or management information from Borrower and Indemnitor as may, from time to
time, be reasonably required by Lender and in form and substance reasonably satisfactory to Lender;

 

		(ii)	updates to the financial information delivered under Section 9.1(a)(vii), within ten (10)
days of Lender’s request;

 

    	 	-102-	 

     

    

 

		(iii)	Borrower’s books and records regarding the Premises for examination, review, copying and
audit by Lender or its auditors during normal business hours and convenient facilities for such examination review, copying and
audit of Borrower’s books and records of account;

 

		(iv)	a statement confirming: (A) that no Borrower or Indemnitor or Principal has, since the date hereof,
been the subject of any bankruptcy, reorganization, dissolution or insolvency proceeding; (B) that there does not exist any subordinate,
mezzanine or other indebtedness prohibited by any Loan Document; (C) that there has not occurred any transfer, sale, pledge or
encumbrance prohibited by any Loan Document, except as previously disclosed to Lender in writing and approved by Lender in writing;
and (D) that, to Borrower’s actual knowledge, (1) there is no Event of Default and (2) no condition exists which, following
notice to Borrower and following the expiration of any applicable cure period, would constitute an Event of Default, or if an Event
of Default or such condition exists, Borrower shall disclose such Event of Default or condition.

 

(c)       Failure
to Deliver Financial Information. If Borrower fails to deliver or cause to be delivered to Lender any Financial Information
required hereunder within fifteen (15) days following written notice from Lender to Borrower that Borrower has failed to timely
deliver said Financial Information, Lender may, in its sole and absolute discretion, charge Borrower (and Borrower shall pay to
Lender) a fee equal to $2,500 (the “Financial Information Fee”), for each thirty (30) day period or portion
thereof during which Borrower fails to timely deliver to Lender any such Financial Information.

 

ARTICLE
10

CONVEYANCES, ENCUMBRANCES AND BORROWINGS

 

Section 10.1      Prohibition
Against Conveyances, Encumbrances and Borrowing. 

 

(a)       Except
with the prior written consent of Lender, and except as expressly permitted in Sections 10.2, neither Borrower nor any other
Person shall sell, transfer, convey, assign, mortgage, encumber, pledge, hypothecate, grant a security interest in, grant options
with respect to, or otherwise dispose of (directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise,
and whether or not for consideration or of record) (collectively, a “Conveyance”) all or any portion
of any legal or beneficial interest in: (a) all or any portion of the Mortgaged Property including the Leases; or (b) all or any
ownership interest in Borrower or in any Upstream Owner, except that a Conveyance of any publicly traded shares in (or issuance
of any publicly traded equity of) any Upstream Owner (or the issuance of any equity in or debt of a publicly traded Upstream Owner)
shall be specifically permitted without the consent of Lender.

 

    	 	-103-	 

     

    

 

(b)       In
furtherance of the foregoing, subordinate liens (voluntary or involuntary) secured by any portion of the Mortgaged Property, or
any beneficial interest in the Mortgaged Property, and any mezzanine or any other financing, whether unsecured or secured by any
ownership interest in Borrower or in any Upstream Owner, shall not be permitted, except with the prior written consent of Lender
in each case. Without limiting Lender’s right to withhold its consent to any Conveyance, any Conveyance must not be to a
tenancy in common or an OFAC Prohibited Person. All requests for Lender’s consent under this Section 10.1 shall be
on a form previously approved by Lender and shall be accompanied by the payment of Lender’s standard processing fee for such
transactions then in effect. Lender’s consent to any of the foregoing actions, if given, may be conditioned upon a change
in the interest rate, maturity date, amortization period or other terms under this Agreement, the payment of a Conveyance fee and/or
any other requirements of Lender. Notwithstanding the foregoing, Lender shall not unreasonably withhold, delay or condition its
consent to easements or access licenses (or amendments thereto), nor shall Lender require a change in the terms of the Loan in
connection with a request for consent to easements or access licenses (or amendments thereto) so long as such easements or access
licenses do not have an adverse impact on the use, operation or value of the Mortgaged Property. In addition to the standard processing
fee and the transfer or encumbrance fee referred to in this Section 10.1, Borrower shall pay or reimburse Lender within
five (5) days after demand for all reasonable out-of-pocket expenses (including reasonable out-of-pocket attorneys’ fees,
costs and expenses, title search costs, and title insurance endorsement premiums) incurred by Lender in connection with the review,
approval and documentation of any such transaction. The foregoing prohibitions are not intended to prevent individual Upstream
Owners (other than any general partner or managing member of Borrower or any other Upstream Owner that is required to comply with
the provisions of Section 8.12) from obtaining personal loans unrelated to Borrower and the Mortgaged Property and are also
not intended to prevent Borrower from incurring reasonable and customary equipment leases, trade payables and unsecured operational
debt incurred with trade creditors in the ordinary course of its business of owning and operating the Mortgaged Property in such
amounts as are reasonable and customary under the circumstances that will be satisfied within sixty (60) days of the date same
becomes payable (subject to the right to contest same in good faith), provided that such debt is not evidenced by a note and is
paid when due.

 

Section 10.2       Permitted
Transfer. 

 

(a)       Notwithstanding
the provisions of Section 10.1(a) above, as long as no Event of Default exists, Borrower shall have the right to sell or
permit the sale of up to an aggregate of forty-nine percent (49%) of the direct and indirect equity interests in Borrower to one
or more third-parties provided that:

 

		(i)	Any new equity investor must be a Qualified Real Estate Investor and any new equity investor must
also be an Institutional Real Estate Investor if it will own more than ten percent (10%) of the direct and indirect interests in
Borrower;

 

    	 	-104-	 

     

    

 

		(ii)	Lender shall have reviewed and approved (which approval shall not be unreasonably withheld, conditioned
or delayed) all relevant joint venture agreements, partnership agreements and limited liability company operating agreements (and
other related documents) and must be reasonably satisfied that any decision-making provisions, as well as any major decision rights
granted to the equity investor(s), do not result in a change of Control over Borrower and/or the Project;

 

		(iii)	Indemnitor must retain Control and decision-making authority over Borrower and the Project subject
to the terms of the joint venture agreement approved by Lender;

 

		(iv)	Such Conveyance shall not be to a tenancy in common or an OFAC Prohibited Person;

 

		(v)	Borrower pays Lender’s standard processing fee (not to exceed $50,000) and pays Lender all
reasonable out-of-pocket expenses (including reasonable out-of-pocket attorneys’ fees, costs and expenses, title search costs,
and title insurance endorsement premiums) incurred in connection with the review, approval and documentation of any such transaction;

 

		(vi)	In connection with any transfer of a membership interest in Borrower or the admission of any new
member to Borrower, Borrower shall cause each such new member of Borrower to execute and deliver to Lender (i) either a pledge
agreement substantially in the same form as the Pledge Agreement or execute and deliver to Lender a joinder to the Pledge Agreement
in form and substance reasonably satisfactory to Lender, (ii) original membership certificates and an executed endorsement in blank
sufficient for such membership interests to be certificated, and (iii) a power of attorney substantially in the same form as the
Power of Attorney; and

 

		(vii)	The consent of the SCA is not required or written consent thereof has been obtained and delivered
to Lender.

 

For the avoidance of
doubt, any Conveyance of more than forty-nine percent (49%) of the direct and indirect interests in Borrower to one or more third-parties
shall be subject to Lender’s prior written approval, which approval may be granted or withheld in Lender’s sole and
absolute discretion and which approval, if granted, may be conditioned upon material changes to the terms and conditions of the
Loan Documents as may be required by Lender in its sole and absolute discretion.

 

(b)       Notwithstanding
the provisions of Section 10.1(a) above, the sale or transfer of the School Unit, the Retail Unit or any Subdivided Residential
Unit in accordance with the Business Plan will not be deemed to be a violation of the prohibitions on partial transfers of ownership
in the Borrower.

 

    	 	-105-	 

     

    

 

ARTICLE 11

 

EVENTS OF DEFAULT

 

Section 11.1     Events
of Default. Each of the following shall constitute an Event of Default under the Loan Documents (each an “Event
of Default”):

 

(a)       Failure
to pay (i) any monthly installment of interest in accordance with Section 2.3 within five (5) Business Days following the
date such amount is due; provided, however, if there are sufficient funds available in the Interest Holdback or Reserve Account
and Borrower otherwise satisfies all of the conditions to a Disbursement to Borrower, the failure to pay any monthly installment
of interest shall not be deemed an Event of Default, (ii) the failure to pay Lender the Residential Unit Net Sale Proceeds in accordance
with Section 2.3(c), or (iii) the entire amount due under the Loan Documents by the Maturity Date;

 

(b)       Except
for the payments described in Sections 11.1(a) and 11.1(h) (relating to insurance premiums), failure to pay any other
amount due under the Loan Documents within ten (10) days following notice from Lender that such amount is due;

 

(c)       Except
as provided in Section 11.1(a), 11.1(b) and 11.1(d) to 11.1(ff), inclusive, failure to perform or comply
with any term, obligation, covenant or condition contained in this Agreement or any other Loan Documents, within thirty (30) days
after the delivery of written notice (“Cure Notice”) from Lender of such failure; provided that if such
default is not reasonably capable of being cured (without taking into account financial capability) within such thirty (30) day
period, such failure shall not constitute an Event of Default so long as Borrower commences the cure of such default within such
thirty (30) day period, diligently prosecutes such cure to completion and completes such cure within one hundred twenty (120) days
after delivery of the Cure Notice from Lender;

 

(d)       The
occurrence of an Event of Default, or default following any required notice to Borrower and following the expiration of any applicable
grace or cure period, under any Loan Document;

 

(e)       If
any representation, warranty, certification or other written statement made in any Loan Document or in any written statement or
certificate at any time given by Borrower, Indemnitor or Pledgor (or any officers or employees thereof, in their capacity as such)
to Lender in connection with the Loan shall prove to be untrue or misleading in any material respect at the time when made or given;
provided, however, if (i) Borrower, Indemnitor or Pledgor (or any officers or employees thereof, in their capacity as such) makes
a good faith, unintentional misrepresentation in any Loan Document or in any such other written statement or certificate, (ii)
there is no failure by Borrower to timely pay any sum of money when due under the Loan Documents, and (iii) the underlying facts
or situation that rendered such representation inaccurate or untrue can be remedied to Lender’s reasonable satisfaction within
thirty (30) days following the earlier to occur of the discovery of such misrepresentation by Borrower or written notice from Lender
to Borrower of such misrepresentation and Borrower actually remedies said underlying facts or situation so as to make the original
representation in the Loan Document(s) true and correct on a going forward basis prior to the expiration of said thirty (30) day
period and there are not remaining material adverse consequences to Lender, the Loan or the Mortgaged Property, then such misrepresentation
shall not be deemed to be an Event of Default;

 

    	 	-106-	 

     

    

 

(f)       If
Lender fails to have a legal, valid, binding and enforceable first priority lien on the Mortgaged Property or any portion thereof;

 

(g)       Failure
to permit Lender or its agents to enter to the Mortgaged Property or to access Borrower’s books and records in accordance
with the terms of the Loan Documents, such failure continuing for more than seven (7) Business Days after written notice from Lender
to Borrower of such failure;

 

(h)       Failure
to maintain insurance or apply insurance proceeds as required by this Agreement;

 

(i)       Intentionally
omitted;

 

(j)       Except
as permitted in this Agreement or otherwise approved in writing by Lender: (i) any change from the planned use (i.e., school and
residential condominiums) of the upper floors of the Improvements, and any material change in the use that is inconsistent with
the current lawful permitted use of the planned first floor retail space or causing or permitting the use or occupancy of any part
of the Premises to be discontinued if such change of use or discontinuance would violate any zoning or other law, ordinance or
regulation; (ii) consent to any zoning reclassification, modification or restriction affecting any of the Premises; or (iii) except
as expressly contemplated by Section 8.20 or Article 16, taking any steps whatsoever to convert any of the Premises,
or any portion thereof, to a condominium, cooperative or tenancy in common form of ownership;

 

(k)       Failure
by Borrower within ten (10) days following notice from Lender to deliver copies of any material notices from governmental or regulatory
authorities in accordance with the terms of the Loan Documents;

 

(l)       Failure
to deliver (i) financial statements required by Article 9 within thirty (30) days following written notice from Lender to
Borrower of such failure; provided, however, the foregoing thirty (30) day cure period shall be extended by such additional time
as may be necessary solely in connection with Borrower’s obligation to deliver items requested by Lender under Sections
9.1(b)(i), (ii) and (iii) as long as Borrower diligently pursues the delivery of said items to Lender, or (ii) the estoppel
certificates required by Section 8.9 within five (5) Business Days after the delivery of written notice from Lender, which
notice and five (5) Business Day cure period under this Section 11.1(l) shall be in addition to the notice and ten (10)
Business Day cure period set forth in Section 8.9;

 

(m)      Material
violation by Borrower of the terms, obligations, covenants or conditions set forth in Section 8.12 (Single Purpose Entity
Requirements) or Article 10 (Conveyances, Encumbrances and Borrowings); or entering into any Lease of all or any portion
of the Retail Unit in violation of the provisions of Section 7.1;

 

    	 	-107-	 

     

    

 

(n)       If
a default or event of default shall occur under any permitted mortgage, or security agreement encumbering all or any portion of
the Mortgaged Property which is subordinate or superior to the lien of the Mortgage beyond the expiration of any applicable notice
and cure period thereunder, or if any party under any such instrument shall commence a foreclosure or other collection or enforcement
action in connection therewith (excluding mechanics’ liens);

 

(o)       Intentionally
omitted;

 

(p)       If
Borrower or Indemnitor consents to the filing of, or commences or consents to the commencement of, any Bankruptcy Proceeding with
respect to any Borrower or any Indemnitor;

 

(q)       If
any Bankruptcy Proceeding shall have been filed against Borrower or Indemnitor and the same is not withdrawn, dismissed, canceled
or terminated within ninety (90) days of such filing;

 

(r)       If
any Borrower or Indemnitor is adjudicated bankrupt or insolvent or a petition for reorganization of any Borrower or any Indemnitor
is granted;

 

(s)       If
a receiver, liquidator or trustee of Borrower or Indemnitor, or of any of the properties of Borrower or Indemnitor shall be appointed
and not dismissed within ninety (90) days of such appointment;

 

(t)       If
Borrower or Indemnitor shall make an assignment for the benefit of its creditors;

 

(u)       Except
as otherwise permitted herein, if Borrower or any Principal or any Indemnitor shall institute or cause to be instituted any proceeding
for the termination or dissolution of Borrower or Indemnitor;

 

(v)       Failure
to achieve Completion of the Construction Work by the Completion Date or, to the extent applicable, by the Outside Completion Date;

 

(w)      With
respect to the Construction Work, (i) the suspension or discontinuance of the Construction Work for a continuous period of at least
forty-five (45) days, for reasons other than Force Majeure, (ii) the occurrence of more than two (2) distinct suspensions or discontinuances
of the Construction Work, each lasting for a period of greater than thirty (30) consecutive days, for reasons other than Force
Majeure, (iii) the abandonment of the Construction Work, for reasons other than Force Majeure, or (iv) the failure of Borrower
to diligently prosecute Completion of the Construction Work in good faith, for reasons other than Force Majeure;

 

(x)       Failure
to achieve a Milestone Construction Hurdle by the Milestone Deadline, subject to extensions for Force Majeure, in accordance with
the provisions of Section 4.1(b) of this Agreement.

 

    	 	-108-	 

     

    

 

(y)       An
event of default by Borrower which continues after the giving of the applicable notice and expiration of the applicable cure period,
if any, occurs under the School Unit Purchase Agreement or a notice of termination of the School Purchase Agreement is delivered
by the SCA (other than as a result of the Closing occurring thereunder) which Lender reasonably believes is valid and effective;

 

(z)       Failure
to adhere to the Major Points of the Business Plan in all material respects within thirty (30) days after the delivery of a Cure
Notice from Lender of such failure, or such longer time as may be reasonably necessary to cure such failure provided Borrower promptly
commences and diligently pursues such cure, which additional time shall not exceed an additional sixty (60) days, for an aggregate
of ninety (90) days;

 

(aa)     The sale of a
Subdivided Residential Unit for less than the Residential Unit Minimum Sales Price without Lender’s prior written consent,
which may be withheld in Lender’s sole and absolute discretion;

 

(bb)     Failure to satisfy
the Sales Pace Covenant;

 

(cc)     An event of default
by Borrower which continues after the giving of the applicable notice and expiration of the applicable cure period, if any, occurs
under the Master Lease or Sublease or a notice of termination of the Sublease is delivered by the SCA (other than as a result of
the Closing occurring thereunder) which Lender reasonably believes is valid and effective;

 

(dd)     A default by
Borrower occurs under the Triparty Agreement which continues after the giving of the applicable notice and the expiration of the
applicable cure period thereunder;

 

(ee)     Failure of Indemnitor
to meet the Indemnitor’s Financial Covenants; or

 

(ff)      An event occurs
as provided in Section 8.20 (b)(vi) hereof with respect to the Condominium.

 

ARTICLE 12

 

REMEDIES

 

Section 12.1      Remedies.
Upon the occurrence of any Event of Default, Lender may (1) declare the entire Loan to be immediately due and payable without presentment,
demand, protest, notice of protest or dishonor, notice of intent to accelerate the maturity thereof, notice of acceleration of
the maturity thereof, or other notice of default of any kind, all of which are hereby expressly waived by Borrower, (2) terminate
the obligation, if any, of Lender to advance amounts hereunder, and (3) exercise all rights and remedies therefor under this Agreement,
the Mortgage and the other Loan Documents and otherwise available at law or in equity. Notwithstanding any arbitration provision
in the Triparty Agreement, Lender shall not be precluded from brining any foreclosure action, an action for specific performance
or any other appropriate action or proceeding to enable Lender to enforce and realize upon its interest under the Notes, the Loan
Agreements, the Mortgages and the other Loan Documents, or in the Mortgaged Property or any other collateral given to Lender pursuant
to the Loan Documents. The rights and remedies of Lender under the Triparty Agreement are cumulative and as against Borrower are
not in lieu of, but are in addition to, any other rights or remedies which Lender may have under the other Loan Documents, at law,
or otherwise. Lender has no duty to Borrower, Indemnitor or any other Person to exercise Lender’s rights under the Triparty
Agreement.

 

    	 	-109-	 

     

    

 

Section 12.2      Lender’s
Right to Perform the Obligations. If Borrower shall fail, refuse or neglect to make any payment or perform any act required
by the Loan Documents, then while any Event of Default exists, and without notice to or demand upon Borrower and without waiving
or releasing any other right, remedy or recourse Lender may have because of such Event of Default, Lender may (but shall not be
obligated to) make Advances to make such payment or perform such act, and shall have the right to enter upon the Premises for such
purpose and to take all such action thereon and with respect to the Mortgaged Property as it may deem necessary or appropriate.
Similarly, in making any payments to protect the security intended to be created by the Loan Documents, Lender shall not be bound
to inquire into the validity of any apparent or threatened adverse title, lien, encumbrance, claim or charge before making an advance
for the purpose of preventing or removing the same. Borrower shall indemnify, defend and hold Lender harmless from and against,
and be responsible for, any and all Losses incurred or accruing by reason of any acts performed by Lender pursuant to the provisions
of this Section 12.2, including those arising from the joint, concurrent, or comparative negligence of Lender, except as
a result of Lender’s gross negligence or willful misconduct.

 

Section 12.3      Waiver
of Marshalling of Assets. 

 

(a)       To
the fullest extent permitted by law, Borrower, for itself and its successors and assigns, waives all rights to a marshalling of
the assets of Borrower, and others with interests in Borrower, and of the Mortgaged Property, and agrees not to assert any right
under any laws pertaining to the marshalling of assets, homestead exemption, the administration of estates of decedents, to defeat,
reduce or affect the right of Lender under the Loan Documents to a sale of the Mortgaged Property for the collection of the Indebtedness
without any prior or different resort for collection or of the right of Lender to the payment of the Indebtedness out of the net
proceeds of the Mortgaged Property in preference to every other claimant whatsoever. Borrower agrees that the actions, sales, proceedings
and foreclosure described herein or in any of the other Loan Documents may be commenced in any order determined by Lender.

 

Section 12.4      Advances.
At any time when an Event of Default exists, Lender shall have the right (but not the obligation) to make Advances and obtain reimbursement
for any and all Advances to satisfy any of Borrower’s obligations under this Agreement that Borrower fails to timely satisfy,
which Advances shall constitute additions to the Loan. Lender may make an Advance in reliance on any bill, statement or assessment
procured from the appropriate governmental authority or other issuer thereof without inquiring into the accuracy or validity thereof.
All Advances shall bear interest at the Default Rate from the date that each such Advance or expense is made or incurred to the
date of repayment, if not paid within five (5) Business Days after demand. Borrower shall pay or reimburse Lender within five (5)
Business Days after written demand for any and all Advances made pursuant to this Agreement, including for all interest thereon
and for all costs and expenses (including reasonable out-of-pocket attorneys’ and appraisers’ and receivers’
fees, costs and expenses and the expenses and reasonable fees of any similar official) related or incidental to the collection
of the Indebtedness, any foreclosure of the Mortgage or any other Loan Document, any enforcement, compromise or settlement of any
Loan Document or the Indebtedness in any judicial, arbitration, administrative, probate, appellate, bankruptcy, insolvency or receivership
proceeding, as well as in any post-judgment proceeding to collect or enforce any judgment or order relating to the Indebtedness
or any Loan Document, as well as any defense or assertion of the rights or claims of Lender in respect of any thereof, by litigation
or otherwise. All Advances made and any reasonable expenses incurred at any time by Lender pursuant to the provisions the Loan
Documents or under applicable law shall be secured by the Mortgage as part of the Indebtedness, with equal rank and priority.

 

    	 	-110-	 

     

    

 

Section 12.5      Participation
In Proceedings. Lender may, after written notice to Borrower: (i) appear in and defend any action or proceeding, in the
name and on behalf of either Lender or Borrower, in which Lender is named or which Lender reasonably determines may adversely affect
the Mortgaged Property, the Mortgage, the Lien thereof or any other Loan Document; and (ii) institute any action or proceeding
which Lender reasonably determines should be instituted to protect its interest in the Mortgaged Property or its rights under the
Loan Documents, including foreclosure proceedings.

 

ARTICLE 13

 

LIMITATIONS ON LIABILITY

 

Section 13.1      Limitation
on Liability. 

 

(a)       Subject
to the provisions of this Section 13.1, in any action or proceedings brought on any Loan Document in which a money judgment
is sought, Lender will look solely to the Mortgaged Property and other property described in the Loan Documents (including the
Property Income and any other rents and profits from such property) for payment of the Indebtedness and, specifically and without
limitation, Lender agrees to waive any right to seek or obtain a deficiency judgment against Borrower.

 

(b)       The
provisions of Section 13.1(a) shall not:

 

		(i)	constitute a waiver, release or impairment of any obligation evidenced or secured by any Loan Document;

 

		(ii)	be deemed to be a waiver of any right which Lender may have under Sections 506(a), 506(b), 1111(b)
or any other provisions of the Federal Bankruptcy Code to file a claim for the full amount of the Indebtedness evidenced by this
Agreement and the Note and secured by the Mortgages or to require that all of the Mortgaged Property shall continue to secure all
of the Indebtedness owing to Lender in accordance with the Loan Documents;

 

    	 	-111-	 

     

    

 

		(iii)	impair the right of Lender to name Borrower or Indemnitor as a party or parties’ defendant
in any action or suit for judicial foreclosure and sale under the Mortgage;

 

		(iv)	affect the validity or enforceability of, or limit recovery under, any indemnity (including the
Environmental Indemnification Agreement), guaranty, master or other lease or similar instrument made in connection with the Loan
Documents;

 

		(v)	impair the right of Lender to obtain the appointment of a receiver; or

 

		(vi)	impair Lender’s rights and remedies under this Agreement, the Mortgage or any separate assignment
of leases and rents regarding the assignment of Leases and Property Income to Lender.

 

(c)       Notwithstanding
any provisions of Section 13.1(a), Borrower and Indemnitor shall be personally liable to Lender and Lender shall have full
recourse to Borrower and Indemnitor in connection with the Loan to the extent provided below in connection with the following:

 

		(i)	Fraud or intentional material misrepresentation in connection with the Application, the Loan Documents
or the making of the Loan – Recourse liability for the entire Indebtedness if such fraud or intentional material misrepresentation
was performed or made by or at the direction of any officer of Borrower or Indemnitor, and Recourse liability for any Losses incurred
by Lender in all other instances of fraud or intentional material misrepresentation performed or made by Borrower or Indemnitor,
their respective Affiliates or employees who are not officers of Borrower or Indemnitor, in connection with the Application, the
Loan Documents or the making of the Loan;

 

		(ii)	Insurance and/or condemnation Proceeds received by or on behalf of Borrower but not applied in
accordance with the terms of the Loan Documents – Recourse liability for any such proceeds which are neither paid over to
Lender, nor applied in accordance with the terms of Article 3;

 

		(iii)	Failure to apply any security deposits, advances or prepaid rents, cancellation or termination
payments and other sums received by Borrower or by an Affiliate of Borrower or on behalf of Borrower in connection with the operation
of the Premises in accordance with the terms of the Loan Documents, or misappropriation of any of the aforementioned sums received
by Borrower or on behalf of Borrower – Recourse liability for the amount of any such sums not applied in accordance with
the terms of the Loan Documents or not paid over to Lender;

 

    	 	-112-	 

     

    

 

		(iv)	Removal of any non-obsolete Equipment from the Mortgaged Property by or on behalf of Borrower or
its Affiliates which is not replaced with Equipment of equal or greater utility and value – Recourse liability for the replacement
value of any Equipment which is so removed and not so replaced;

 

		(v)	Any act of arson, malicious destruction or intentional physical waste of the Mortgaged Property
by the Borrower, Upstream Owners, any Principal, or any general partner, manager or managing member of Borrower – Recourse
liability for any Losses incurred by Lender arising out of or related to each such act;

 

		(vi)	Any failure to apply any income or proceeds of the Mortgaged Property received by or by an Affiliate
of Borrower on behalf of Borrower to any obligations under the Loan Documents or for capital improvements or operating expenses
of the Premises (including any deposits or reserves required by a Loan Document) in violation of this Agreement – Recourse
liability to the extent of any such income or proceeds which are not applied as aforesaid; provided that Lender shall not have
the right to recover distributions made in good faith to any Upstream Owner (after determining the sufficiency of revenues to cover
any such payments) more than 180 days prior to an Event of Default occurring under any Loan Document;

 

		(vii)	Filing by any Borrower, or any Indemnitor, or any general partner or managing member of Borrower
of a voluntary bankruptcy or insolvency proceeding, or the filing against any of them, or against any of the Mortgaged Property,
of an involuntary bankruptcy or insolvency proceeding by a party other than Lender Parties with respect to which proceeding Borrower,
Indemnitor, or any Affiliate of Borrower or Indemnitor has acted in concert with, solicited or caused to be solicited petitioning
creditors, or has colluded or conspired with any party to cause the filing thereof (“Collusive Insolvency”)
which is not dismissed within 90 days of filing – Recourse liability for the entire Indebtedness;

 

    	 	-113-	 

     

    

 

		(viii)	Failure of Borrower to timely maintain, or pay the premiums for, any insurance required to be maintained
under Article 5 of this Agreement or any other Loan Document; or to pay any Impositions against the Mortgaged Property –
Recourse liability for any Losses incurred by Lender in connection with such failure to timely maintain insurance, pay any Imposition
or pay insurance premiums; provided that Borrower shall not be liable for Losses as a result of the foregoing to the extent it
has satisfied all of the conditions precedent to a Disbursement to Borrower and Lender has not made a Disbursement to Borrower
in accordance with the terms of this Agreement, or to the extent that cash flow from the Mortgaged Property is insufficient to
pay same, and Borrower has provided Lender with written notice of the fact that cash flow from the Mortgaged Property is insufficient
to pay same and that Borrower does not intend to pay same at least thirty (30) days prior to the due date for the insurance premium
or Imposition in question;

 

		(ix)	Violation of the restrictions on transfers of the Mortgaged Property or any ownership interest
in Borrower set forth in Section 10.1 – Recourse liability for the entire Indebtedness;

 

		(x)	Violation of the restrictions on subordinate, mezzanine and other financing as described in the
Loan Documents – Recourse liability for the entire Indebtedness;

 

		(xi)	Violation of the SPE Requirements– Recourse liability for any Losses incurred by Lender relating
to such violation of such SPE Requirements;

 

		(xii)	Borrower, Indemnitor and/or Principal or any of their respective Affiliates takes, in bad faith,
any action which impedes, enjoins, prevents, hinders, frustrates, delays, stays or interferes with Lender’s exercise of any
rights or remedies under any of the Loan Documents after the earlier to occur of the occurrence of an Event of Default or a Potential
Event of Default under any Loan Document (including, without limitation, the Triparty Agreement), at law or in equity, excluding
good faith defenses – Recourse liability for any Losses incurred by Lender relating to such action.

 

		(xiii)	Out-of-pocket costs and expenses incurred by Lender in enforcing the SCA’s or Borrower’s
obligations under the School Unit Purchase Agreement, the Triparty Agreement, the Master Lease or the Sublease (including, without
limitation, any replacement Master Lease or Sublease), including without limitation, out-of-pocket reasonable attorneys’
fees incurred therewith – Recourse liability for any such costs and expenses not paid by Borrower in accordance with this
Agreement.

 

    	 	-114-	 

     

    

 

ARTICLE 14

 

MISCELLANEOUS

 

Section 14.1      Notices.

 

(a)       All
notices, consents, approvals and requests required or permitted under any Loan Document shall be given in writing and shall be
effective for all purposes if hand delivered or sent by: (i) certified or registered United States mail, postage prepaid, return
receipt requested; or (ii) expedited prepaid delivery service, either commercial or United States Postal Service, with proof of
attempted delivery; addressed in either case as follows:

 

If to Lender, at the
following address:

 

Massachusetts
Mutual Life Insurance Company

c/o Midland Loan Services

10851 Mastin, Suite
300

Overland Park, Kansas
66210

	Attention:	Barings Servicing Group
	 	Loan No. 17602

 

And to:

 

Massachusetts
Mutual Life Insurance Company

c/o Barings
LLC

One Financial
Plaza

Hartford, Connecticut
06103

	Attention: 	Structured Real Estate Loan Servicing
	 	Loan No.: 17602

 

And to:

 

Massachusetts
Mutual Life Insurance Company

c/o Barings
LLC

One Financial
Plaza

Hartford, Connecticut
06103

	Attention: 	Legal Department
	 	Loan No.: 17602

 

If to Borrower, at
the following address:

 

TPHGREENWICH OWNER
LLC

c/o Trinity Place Holdings
Inc.

340 Madison Avenue

3rd Floor,
Suite 3C

New York, New York
10173

	Attention:	Steven Kahn

 

    	 	-115-	 

     

    

 

With a copy to:

 

Kramer Levin Naftalis
& Frankel LLP

1177 Avenue of the
Americas

New York, New York
10036

	Attention:	James P. Godman, Esq.

 

And, in the case of any
default notice, with copies to:

 

New York City
School Construction Authority

30-30 Thompson Avenue

Long Island City, New York 11101

Attn: Ross J. Holden, Executive Vice President & General Counsel

Facsimile: (718) 472-8088

E-mail: rholden@nycsca.org

 

and

 

Herrick, Feinstein
LLP

2 Park Avenue

New York, New York 10016

Attn: Doug Heller, Esq.

Facsimile: (212) 545-3338

E-mail: dheller@herrick.com

 

or to such other address
and person as shall be designated from time to time by Lender or Borrower, as the case may be, in a written notice to the other
party in the manner provided for in this Section 14.1. A notice shall be deemed to have been given: in the case of hand
delivery, at the time of actual delivery; in the case of registered or certified mail, three (3) Business Days after deposit in
the United States mail; in the case of expedited prepaid delivery, upon the first attempted delivery on a Business Day. A party
receiving a notice that does not comply with the technical requirements for notice under this Section 14.1 may elect to
waive any deficiencies and treat the notice as having been properly given.

 

(b)       Borrower
acknowledges that Lender may elect to correspond or transmit information concerning the Loan or Borrower to Borrower, the Principals,
Indemnitors, investors and other third parties via email or the internet. Such transmissions shall be for the convenience of the
parties hereto and shall not replace or supplement the required methods of delivering notices provided for above. In addition,
Borrower acknowledges that that such information may be transmitted via the internet or by email and with or without any algorithm
enhanced security software and Borrower waives any right to privacy in connection therewith.

 

Section 14.2     Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall constitute an original, but all of which shall constitute
one document.

 

    	 	-116-	 

     

    

 

Section 14.3     Successors
and Assigns. This Agreement shall be binding upon Borrower’s successors and assigns and shall inure to the benefit
of Lender, the Lender Parties and their respective successors and assigns.

 

Section
14.4     Joint and Several Liability. If more than one party is executing this Agreement as
a Borrower, then each party that executes this Agreement shall be jointly and severally responsible for any and all
obligations of any Borrower hereunder.

 

Section 14.5     Captions.
The captions of the sections and Sections of this Agreement are for convenience only and are not intended to be a part of this
Agreement and shall not be deemed to modify, explain, enlarge or restrict any of the provisions hereof.

 

Section 14.6     Further
Assurances. Borrower shall do, execute, acknowledge and deliver, at Borrower’s sole cost and expense, such further
acts, instruments or documentation, including additional title insurance policies or endorsements, and title reinsurance, as Lender
may reasonably require from time to time to better assure, transfer and confirm unto Lender the rights now or hereafter intended
to be granted to Lender under any Loan Document.

 

Section 14.7     Severability.
All rights, powers and remedies provided in this Agreement may be exercised only to the extent that the exercise thereof does not
violate any applicable law, and are intended to be limited to the extent (but only to the extent) necessary so that they will not
render this Agreement invalid or unenforceable. If any term, covenant, condition, or provision of this Agreement or the application
thereof to any person or circumstances shall, to any extent, be invalid or unenforceable, the remaining terms, covenants, conditions
and provisions of this Agreement, or the application of such term, covenant, condition or provision to persons or circumstances
other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term, covenant, condition
and provision of this Agreement shall be modified and/or limited to the extent necessary to render the same valid and enforceable
to the fullest extent permitted by law.

 

Section 14.8     Borrower’s
Obligations Absolute. All sums payable by Borrower hereunder shall be paid without notice (except as otherwise expressly
provided), demand, counterclaim, setoff, deduction or defense and without abatement, suspension, deferment, diminution or reduction,
and the obligations and liabilities of Borrower hereunder shall in no way be released, discharged, or otherwise affected (except
as expressly provided herein) by reason of: (a) any damage to or destruction of or any condemnation or similar taking of the Premises
or any portion thereof; (b) any restriction or prevention of or interference with any use of the Premises or any portion thereof;
(c) any title defect or encumbrance or any eviction from the Premises or any portion thereof by title paramount or otherwise; (d)
any Bankruptcy Proceeding relating to Borrower, any Principal, any Indemnitor or any general partner, manager or managing member
of Borrower, or any action taken with respect to any Loan Document by any trustee or receiver of Borrower, any Principal, any Indemnitor
or any general partner, manager or managing member of Borrower, or by any court, in any such proceeding; (e) any claim which Borrower
has or might have against Lender; or (f) any default or failure on the part of Lender to perform or comply with any of the terms
hereof or of any other agreement with Borrower. Except as expressly provided herein, Borrower waives all rights now or hereafter
conferred by statute or otherwise to any abatement, suspension, deferment, diminution or reduction of any sum secured hereby and
payable by Borrower.

 

    	 	-117-	 

     

    

 

Section 14.9     Amendments;
Consents. This Agreement cannot be altered, amended, modified or discharged orally and no executory agreement shall be
effective to modify or discharge it in whole or in part, unless in writing and signed by the party against which enforcement is
sought. No consent or approval required under any Loan Document shall be binding unless in writing and signed by the party sought
to be bound.

 

Section 14.10   Other
Loan Documents and Exhibits. All of the agreements, conditions, covenants, provisions and stipulations contained in the
Loan Documents, and each of them, which are to be kept and performed by Borrower are hereby made a part of this Agreement to the
same extent and with the same force and effect as if they were fully set forth in this Agreement, and Borrower shall keep and perform
the same, or cause them to be kept and performed, strictly in accordance with their respective terms. The Cover Sheet and each
exhibit, schedule and rider attached to this Agreement are integral parts of this Agreement and are incorporated herein by this
reference. In the event of any conflict between the provisions of any such exhibit, schedule or rider and the remainder of this
Agreement, the provisions of such exhibit, schedule or rider shall prevail.

 

Section 14.11   Merger.
So long as any Indebtedness shall remain unpaid, fee title to and any other estate in the Mortgaged Property shall not merge, but
shall be kept separate and distinct, notwithstanding the union of such estates in any Person.

 

Section 14.12   Time
of the Essence. Time shall be of the essence in the performance of all obligations of Borrower under every Loan Document.

 

Section 14.13   Transfer
of Loan. Lender may, at any time, sell, transfer, encumber, pledge or assign the Loan Documents or any portion thereof,
and any or all servicing rights with respect thereto (collectively, a “Transfer”), or grant participations
therein (a “Participation”) or issue mortgage pass-through certificates or other securities (the “Securities”)
evidencing a beneficial interest in a rated or unrated public offering or private placement (a “Securitization”).
In the case of a Transfer, the transferee shall have, to the extent of such Transfer, the rights, benefits and obligations of “Lender”
under the Loan Documents. Lender may forward to each purchaser, transferee, assignee, servicer, participant, investor in such Transfer,
Participation or Securitization or any Rating Agency rating such Securitization (collectively, the “Investor”)
that executes and delivers Lender’s form of (or another customary) non-disclosure agreement and each prospective Investor
or any agency maintaining databases on the underwriting and performance of commercial mortgage loans, all documents and information
which Lender now has or may hereafter acquire relating to the Loan, the Mortgaged Property, Borrower, any Principal, and any Indemnitor,
whether provided by Borrower, any Indemnitor, or otherwise, as Lender reasonably determines necessary or desirable. Borrower irrevocably
waives any and all rights it may have under applicable state or federal law to prohibit disclosure in accordance with the provisions
of this Section 14.13, including any right of privacy. Further Borrower acknowledges that such information may be transmitted via
the internet or by email. Lender will notify Borrower in writing of any Transfer of the Loan or any portion thereof, to the extent
such Transfer occurs prior to Completion. Notwithstanding anything to the contrary, provided that no Event of Default exists and
prior to Completion, Lender shall not resign as the Administrative Agent without Borrower’s consent, which consent shall
not be unreasonably withheld, conditioned or delayed. As long as no Event of Default exists, at all times prior to the Completion
of Construction Work and funding of the entire Loan (or if less than the Maximum Loan Amount has been funded on the date the Borrower
achieves Completion, Lender having no further obligation to make a Disbursement to Borrower), Lender shall: (i) in connection with
a Transfer of a fifty percent (50%) or less interest in the Loan, make such transfer only to an Institutional Real Estate Investor
with a net worth of at least $500,000,000 and liquidity (including uncalled capital commitments, commitments from parent entities,
and lines of credit) in an amount not less than the lesser of (x) 125% of said entity’s pro-rata share of the then un-funded
Loan amount, and (y) the sum of 100% of said entity’s pro-rata share of the then unfunded Loan amount and $10,000,000; and
(ii) in connection with the Transfer of greater than a fifty percent (50%) interest in the Loan, make such Transfer only to an
Institutional Real Estate Investor with a net worth of at least $1,000,000,000 and liquidity (including uncalled capital commitments,
commitments from parent entities, and lines of credit) in an amount not less than the lesser of: (A) 125% of said entity’s
pro-rata share of the then unfunded Loan amount, and (B) the sum of 100% of said entity’s pro-rata share of the unfunded
Loan amount and $20,000,000.

 

    	 	-118-	 

     

    

 

Section 14.14    Cooperation.
Borrower shall, and shall cause each Principal and Indemnitor to, reasonably cooperate with Lender at no material cost to Borrower
in connection with servicing the Loan and any Transfer, Participation, Securitization or any other financing created or obtained
in connection with the loan, including:

 

(a)       Estoppel
Certificates. Borrower, within ten (10) Business Days following a request by Lender, shall provide Lender or any proposed
assignee with an estoppel certificate containing the information set forth in Section 8.9 and such other information that
Lender shall reasonably request, duly acknowledged and certified;

 

(b)       Bifurcation
of Note. The Note and the Mortgage may, at any time until the same shall be fully paid and satisfied, at the sole election
of Lender, be split or divided into two or more notes and two or more security instruments, each of which shall cover all or a
portion of the Mortgaged Property to be more particularly described therein. To that end, Borrower, upon written request of Lender,
shall execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered by any Indemnitor or the then owner
of any of the Mortgaged Property, to Lender and/or its designee or designees substitute notes and security instruments in such
principal amounts, aggregating not more than the then unpaid principal amount of Indebtedness, and containing terms, provisions
and clauses substantially the same as those contained herein and in the Note, which, in the aggregate, will have economic terms
substantially consistent with the Loan, and such other documents and instruments as may be reasonably required by Lender, which
have no adverse effect on Borrower. Lender shall reimburse Borrower for its reasonable out-of-pocket costs and expenses incurred
in connection with any such Transfer, Participation or Securitization; and

 

    	 	-119-	 

     

    

 

(c)       Transfer
of Funds. In the event of a Securitization, all funds held by Lender in connection with the Loan may be deposited in eligible
accounts at eligible institutions as then defined and required by any Rating Agency. Borrower and Indemnitor may be required to
execute additional documents in connection with any such Transfer, Participation, Securitization or financing, including a new
note or notes, which have no material adverse effect on Borrower. Borrower shall not be required to incur any out of pocket costs
in connection with any such cooperation.

 

Section 14.15     Register.
Lender shall cause to be kept a register (the “Register”) for the registration of ownership and transfer
or assignment of the Note or any substitute note or notes secured by the Mortgage. The names and addresses of the registered owners
of such notes, the transfers or assignment of such notes and the names and addresses of the transferees of such notes will be registered
in the Register under such reasonable regulations as Lender may prescribe. Borrower and Lender shall deem and treat the registered
owner of any note as shown in the Register as the absolute owner thereof for all purposes, and neither Borrower nor Lender shall
be affected by any notice to the contrary and payment of the principal of, interest on, and Minimum Multiple Fee, Exit Fee or Closed
Period Prepayment Fee, as applicable, if any, due on or with respect to the related note shall be made only to or upon the order
of such registered owner. All such payments so made shall be valid and effective to satisfy and discharge the liability of Borrower
upon such notes to the extent of the sums so paid. Upon reasonable request from time to time, Lender shall permit Borrower to examine
the Register.

 

Section 14.16     Limitation
on Interest. It is the intention of the parties hereto to conform strictly to applicable usury laws. Accordingly, all agreements
between Borrower and Lender with respect to the Loan are hereby expressly limited so that in no event, whether by reason of acceleration
of maturity or otherwise, shall the amount paid or agreed to be paid to Lender or charged by Lender for the use, forbearance or
detention of the money to be lent hereunder or otherwise, exceed the maximum amount allowed by law. If the Loan would be usurious
under applicable law (including the laws of the State and the laws of the United States of America), then, notwithstanding anything
to the contrary in the Loan Documents: (a) the aggregate of all consideration which constitutes interest under applicable law that
is contracted for, taken, reserved, charged or received under the Loan Documents shall under no circumstances exceed the maximum
amount of interest allowed by applicable law, and any excess shall be credited, without any Minimum Multiple Fee, Exit Fee or Closed
Period Prepayment Fee, as applicable, to the outstanding principal of the Loan; and (b) if the Maturity Date is accelerated by
reason of an election by Lender in accordance with the terms hereof, or in the event of any prepayment, then any consideration
which constitutes interest may never include more than the maximum amount allowed by applicable law. In such case, excess interest,
if any, provided for in the Loan Documents or otherwise, to the extent permitted by applicable law, shall be amortized, pro-rated,
allocated and spread from the date of advance until payment in full thereof so that the actual rate of interest is uniform through
the term hereof. If such amortization, pro-ration, allocation and spreading is not permitted under applicable law, then such excess
interest shall be cancelled automatically on the Note as of the date of such acceleration or prepayment and, if theretofore paid,
shall be credited, without any Minimum Multiple Fee, Exit Fee or Closed Period Prepayment Fee, as applicable, to the outstanding
principal of the Loan. The terms and provisions of this Section 14.16 shall control and supersede every other provision
of the Loan Documents. The Loan Documents are contracts made under and shall be construed in accordance with and governed by the
laws of the State as set forth in Section 14.19, except that if at any time the laws of the United States of America permit
Lender to contract for, take, reserve, charge or receive a higher rate of interest than is allowed by the laws of the State (whether
such federal laws directly so provide or refer to the law of any state), then such federal laws shall to such extent govern as
to the rate of interest which Lender may contract for, take, reserve, charge or receive under the Loan Documents.

 

    	 	-120-	 

     

    

 

Section 14.17    Survival.
All of the representations, warranties, covenants, and indemnities of Borrower hereunder (other than relating to environmental
matters which are instead addressed in the Environmental Indemnification Agreement) shall survive (a) until full and final repayment
of the entire Indebtedness (including satisfaction of any outstanding obligations under the Recourse Guaranty Agreement), (b) the
transfer (by sale, foreclosure, conveyance in lieu of foreclosure or otherwise) of any or all right, title and interest in and
to the Mortgaged Property to any party, and (c) any assignment by Lender of any interest in the Loan hereunder in accordance with
the terms of this Agreement.

 

Section 14.18    WAIVER
OF JURY TRIAL. BORROWER AND LENDER EACH HEREBY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON,
OR RELATED TO, THE SUBJECT MATTER OF THIS AGREEMENT. THIS WAIVER IS KNOWINGLY, INTENTIONALLY, AND VOLUNTARILY MADE BY BORROWER
AND LENDER, AND EACH PARTY ACKNOWLEDGES THAT THE OTHER PARTY HAS NOT MADE ANY REPRESENTATIONS OF FACT TO INDUCE THIS WAIVER OF
TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY ITS EFFECT. BORROWER FURTHER ACKNOWLEDGES THAT BORROWER HAS BEEN REPRESENTED (OR
HAS HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE SIGNING OF THIS AGREEMENT BY INDEPENDENT LEGAL COUNSEL SELECTED BY BORROWER AND
THAT BORROWER HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL.

 

Section 14.19    Governing
Law. In all respects, including matters of construction and performance of this Agreement and the obligations arising hereunder,
this Agreement shall be governed by, and construed in accordance with, the laws of the State in which the Premises are located
applicable to contracts and obligations made and performed in such State and any applicable laws of the United States of America.
Interpretation and construction of this Agreement shall be according to the contents hereof and without presumption or standard
of construction in favor of or against Borrower or Lender.

 

Section 14.20    Consent
to Jurisdiction and Venue. Borrower hereby submits to personal jurisdiction in the State in which the Premises are located
for the enforcement of the provisions of this Agreement and irrevocably waives any and all rights to object to such jurisdiction
for the purposes of litigation to enforce any provision of this Agreement. Borrower hereby consents to the jurisdiction of and
agrees that any action, suit or proceeding to enforce this Agreement may be brought in any state or federal court in the state
in which the Premises are located. Borrower hereby irrevocably waives any objection that it may have to the laying of the venue
of any such actions, suit, or proceeding in any such court and hereby further irrevocably waives any claim that any such action,
suit or proceeding brought in such a court has been brought in an inconvenient forum.

 

    	 	-121-	 

     

    

 

Section 14.21    Intentionally
omitted. 

 

Section 14.22    Entire
Agreement. This Agreement and the other Loan Documents embody the entire agreement and understanding between Lender and
Borrower and supersede all prior agreements and understandings between such parties relating to the subject matter hereof and
thereof. Accordingly, the Loan Documents may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements
of the parties. There are no unwritten oral agreements between the parties.

 

Section 14.23    Pledge
and Grant of Security Interest. Borrower hereby pledges to Lender, and grants a security interest in, any and all monies
now or hereafter deposited with Lender from time to time as additional security for the payment of the Loan, but subject to the
rights of tenants with respect to any tenant security deposits under Leases and the rights of Unit Purchasers under Unit Contracts
of Sale. Borrower shall not further pledge, assign or grant any security interest in any monies on deposit therein from time to
time or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 financing statements (except
those naming Lender as the secured party) to be filed with respect thereto. Upon the occurrence of an Event of Default, Lender
may apply any such sums then deposited with Lender to the payment of the charges for which such funds have been deposited or to
the payment of the Loan or any other charges affecting the security of the Loan, as Lender may elect, but no such application shall
be deemed to have been made by operation of law or otherwise until actually made by Lender. Until expended or applied as above
provided, such funds shall constitute additional security for the Loan.

 

Section 14.24    Confidentiality.
Except to the extent (i) required under applicable Legal Requirements, and/or (ii) in connection with a dispute between Lender/Barings
and Borrower, without obtaining the prior written consent of Lender and Barings in each case, neither Borrower, nor any of its
Affiliates, Upstream Owners, brokers, attorneys, accountants or other agents or other representatives shall disclose to any Person
or party through any means (including, but not limited to, orally or by correspondence, electronic communications, signage, press-releases,
interviews or any publicity or advertising), other than to Lender and its representatives: (i) the existence of any business relationship
between Borrower and Lender and/or Barings, or (ii) the existence of any connection between the Loan and Lender and/or Barings.
Notwithstanding anything to the contrary, Borrower may make such disclosures as Borrower determines are required by law upon advice
of counsel due to the fact that Indemnitor is a public company.

 

Section 14.25    Broker.
Borrower shall indemnify, defend and hold harmless Barings and Lender from and against, and shall be responsible for, any Losses
arising from any claim or litigation made or threatened by any broker or finder (but excluding any brokers or finders claiming
by or through Barings or Lender) in connection with the proposed Loan, and any court costs and reasonable attorneys’ fees
(including, without limitation, the cost of post-judgment remedies and appeals) incurred by Barings or Lender in connection with
any such claim or litigation.

 

    	 	-122-	 

     

    

 

Section 14.26   Defaulting
Lender. Any Lender who is not a Defaulting Lender shall have the right, but not the obligation, in its sole discretion,
to acquire by assignment either (i) all of the Defaulting Lender’s interest in the Loan, or (ii) the Defaulting Lender’s
remaining unfunded commitment, including the advance or other amount which, by its failure or refusal to so fund, caused such Defaulting
Lender to become a Defaulting Lender (as applicable, the “Defaulting Lender’s Acquired Interest”).
Any Lender desiring to exercise such right shall give written notice thereof to Administrative Agent and Borrower no sooner than
two (2) Business Days and not later than thirty (30) Business Days after such Defaulting Lender becomes a Defaulting Lender. If
more than one Lender exercises such right, each such Lender shall have the right to acquire the Defaulting Lender’s Acquired
Interest in proportion to the interests in the Loan then held by the Lenders exercising such right. If after such thirtieth Business
Day, no Lender has elected to acquire the Defaulting Lender’s Acquired Interest or, if having so elected, the Lender or Lenders
that made such election have not within thirty (30) days following such election closed such acquisition of the Defaulting Lender’s
Acquired Interest, then Borrower may, by giving written notice thereof to Administrative Agent, to the Defaulting Lender and to
the other Lenders, demand that such Defaulting Lender assign to an Institutional Real Estate Investor proposed by Borrower, subject
to and in accordance with the provisions of this Section 14.26 for the purchase price provided for below, the Defaulting
Lender’s Acquired Interest. Upon any such assignment of all of its interest in the Loan (as opposed to the Defaulting Lender’s
unfunded commitment), the Defaulting Lender's interest in the Loan and its rights hereunder (but not its liability in respect thereof
or under the Loan Documents to the extent the same relate to the period prior to the effective date of the purchase) shall terminate
on the date of purchase. In connection with the purchase of the Defaulting Lender’s Acquired Interest by a Lender or Lenders
or by an Institutional Real Estate Investor, the Defaulting Lender shall promptly execute all documents reasonably requested to
surrender and transfer the Defaulting Lender’s Acquired Interest to the purchaser or assignee thereof, including an appropriate
Assignment and Assumption Agreement, and the Defaulting Lender shall pay to Administrative Agent an assignment fee in the amount
of $25,000. If a Lender or Lenders or an Institutional Real Estate Investor purchases all of the Defaulting Lender’s interest
in the Loan (as opposed to the Defaulting Lender’s unfunded commitment), the purchase price for said interest of the Defaulting
Lender shall be equal to the amount of the principal balance of the principal amounts outstanding and owed by Borrower to the Defaulting
Lender. In connection with an assignment of only such Defaulting Lender’s remaining unfunded commitment, the purchase price
shall be zero, and the Defaulting Lender shall be entitled to receive any amount owed to it by Borrower under the Loan Documents
which accrued prior to the date of the default by the Defaulting Lender, as and when and to the extent the same are received by
Administrative Agent from or on behalf of Borrower. There shall be no recourse against any Lender or Administrative Agent for the
payment of such sums except to the extent of the receipt of payments from any other party or in respect of the Loans.

 

    	 	-123-	 

     

    

 

ARTICLE 15

 

THE ADMINISTRATIVE
AGENT

 

Section 15.1     Appointment,
Powers and Immunities. At all times when there is a lender other than (including in addition to) Lender under
this Agreement, the Lenders shall be deemed to appoint and authorize the Administrative Agent to act for all purposes as their
agent under the Loan Documents. The provisions of this Article 15 shall not apply at any time when the Administrative Agent
is the sole Lender.

 

Section 15.2     Reliance
by Borrower on Administrative Agent. At all times when there is more than one Lender, (1) Borrower (a) is entitled to rely
on the Administrative Agent for any waiver, amendment, approval or consent given by “Lender” under the Loan Documents,
(b) shall adhere only to waivers, amendments, approvals or consents given by Administrative Agent, on behalf of “Lender”
under the Loan Documents, and (c) shall make all payments under the Notes and the other Loan Documents to Administrative Agent,
as set forth herein, and (2) Administrative Agent shall, on behalf of all of the Lenders, be permitted to take all actions, including
exercising all remedies, permitted to be taken by “Lender” under the Loan Documents (either by law or pursuant to the
terms of the Loan Documents), and (3) all legal action taken respecting the Loan Documents shall be taken by the Administrative
Agent on behalf of the Lenders, and all default notices under the Loan Documents will be provided by the Administrative Agent.
Unless and until the Lenders notify Borrower otherwise, the Administrative Agent is Massachusetts Mutual Life Insurance Company.
The use of the term “agent” in this Agreement 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 merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent
contracting parties. Notwithstanding anything to the contrary contained in the Notes, unless otherwise directed by Administrative
Agent in writing, all payments under the Loan Documents shall be made by Borrower to the Administrative Agent in accordance with
the provisions of Section 2.7(a).

 

Section 15.3     Rights
as a Lender. If the Administrative Agent is also a Lender hereunder it shall have the same rights and powers hereunder
as any other Lender and may exercise the same as though it were not acting as the Administrative Agent, and the term “Lender”
or “Lenders” shall, unless the context otherwise indicates, include the Administrative Agent in its individual capacity.

 

    	 	-124-	 

     

    

 

ARTICLE 16

 

CONDOMINIUM UNIT
RELEASE PROVISIONS

 

Section 16.1     The
Offering Plan. 

 

(a)       Lender
has reviewed and approved the form of the Declaration (including the Bylaws) attached hereto as Exhibit R (subject to Lender’s
review and approval of all missing exhibits thereto). On or before December 22, 2019, Borrower shall submit the Offering Plan and
the other Condominium Documents (including all amendments to Declaration, Bylaws, Rules and Regulations, and the Condominium Plans)
reflecting the subdivision of the Residential Unit to Lender for its review and approval, which approval shall not to be unreasonably
withheld, conditioned or delayed, provided (i) no Event of Default exists and (ii) such amendment or modification complies with
all Condominium Laws. Once approved by Lender, Borrower shall not make any amendments or modifications to the Offering Plan (except
with respect to a Price Change Amendment to the Offering Plan, increasing the Schedule A—Purchase Prices only), or the other
Condominium Documents (including amendments or modifications requested by the Attorney General) without Lender’s prior written
consent, which consent shall not be unreasonably withheld, conditioned or delayed provided (i) no Event of Default exists and (ii)
such amendment or modification complies with all Condominium Laws. Lender shall endeavor to complete its review of any drafts,
requested amendments or modifications to the Offering Plan and the other Condominium Documents within thirty (30) Business Days
for the initial review of the Offering Plan, and twenty (20) Business Days for all other amendments or modifications, following
its receipt of same and shall either approve or disapprove the same within aforesaid time periods. If Lender disapproves any requested
amendments or modifications to the Offering Plan or any of the other Condominium Documents, Lender shall provide Borrower with
a reasonably detailed explanation for Lender’s disapproval thereof, and Borrower shall then re-submit revised drafts of the
same to Lender as soon as reasonably practicable. It shall be reasonable for Lender to disapprove any proposed amendment or modification
if the SCA has the right to approve same and written evidence of such approval has not been delivered to Lender. Borrower shall
cause the revised Offering Plan and the other revised Condominium Documents to address the reasonable concerns or reasons for Lender’s
disapproval of the prior drafts of the same. Lender and Borrower shall repeat this process until any such requested amendments
or modifications to the Offering Plan and the other Condominium Documents are approved by Lender. If Lender does not notify Borrower
of its approval or disapproval of the initial submission of the Offering Plan within thirty (30) Business Days or within twenty
(20) Business Days for all other amendments or modifications, as the case may be, after request by Borrower and submission by Borrower
of all information needed by Lender to evaluate said request, then Borrower may deliver a second request, which request shall state
on the top of the first page in bold lettering “LENDER’S RESPONSE IS REQUIRED WITHIN TEN (10) BUSINESS DAYS OF RECEIPT
OF THIS NOTICE PURSUANT TO THE TERMS OF THE MASTER LOAN AGREEMENT BETWEEN THE UNDERSIGNED AND LENDER.” If Lender does
not notify Borrower of its approval or disapproval of the Offering Plan or an amendment or modification to the Offering Plan within
ten (10) Business Days after such second request, then as long as no Event of Default or Potential Event of Default exists, the
same shall be deemed approved.

 

(b)       The
Offering Plan and the other Condominium Documents shall be in full compliance in all material respects with all Condominium Laws.
The Declaration and Condominium Plans shall be recorded no earlier than thirty (30) days prior to the deed conveying the School
Unit to the SCA pursuant to the terms of the School Unit Purchase Agreement, unless otherwise approved in writing by Lender in
its sole and absolute discretion. Upon written consent of Lender and the written acceptance for filing of the Attorney General
of the Offering Plan (including the amended and restated Declaration, Bylaws and Condominium Plans reflecting the subdivision of
the Residential Unit), the Declaration and Condominium Plans, or if the Declaration and Condominium Plans have been recorded previously
with the Register’s Office, the amended and restated Declaration and the amended Condominium Plans (as the case may be) may
be recorded with the Registers Office.

 

    	 	-125-	 

     

    

 

(c)       Borrower
shall not submit an amendment to the Offering Plan to the Attorney General for the purpose of declaring the Offering Plan to be
effective or record any of the Condominium Documents without Lender’s prior written consent, which consent shall not be unreasonably
withheld, conditioned or delayed provided (i) no Event of Default exists and (ii) such amendment or modification complies with
all Condominium Laws. Lender will endeavor to review and approve or provide comments to the amendment to the Offering Plan declaring
the Offering Plan to be effective with ten (10) Business Days from the date of receipt from the Borrower.

 

(d)       Borrower
shall deliver to Lender a copy of any Price Change Amendment or other amendment Offering Plan (or other Condominium Documents)
within fifteen (15) days after acceptance by the Attorney General, along with a copy of the letter from the Attorney General approving
such amendment to the Offering Plan.

 

Section 16.2      Contracts
of Sale. 

 

(a)       On
or before December 22, 2019, and simultaneously with the submission of the Offering Plan, Borrower shall submit to Lender for Lender’s
review and approval (which approval shall not be unreasonably withheld, conditioned or delayed) the standard form of purchase and
sale agreement to be used by Borrower in connection with the sale of the Subdivided Residential Units. Lender shall complete its
review of the form of purchase and sale agreement within thirty (30) days following its receipt of same and simultaneously with
its review of the Offering Plan, and shall either approve or disapprove the same within said thirty (30) day period. If Lender
disapproves any such draft, Lender shall provide Borrower with a reasonably detailed explanation for Lender’s disapproval
thereof, and Borrower shall then re-submit a revised draft of the same to Lender as soon as reasonably practicable. Borrower shall
cause the revised standard form of purchase and sale agreement to address the reasonable concerns or reasons for Lender’s
disapproval of the prior drafts of the same. Lender and Borrower shall repeat this process until any such requested draft form
of purchase and sale agreement is approved by Lender, which approved form of purchase and sale agreement shall be referred herein
to as the “Approved Form of Contract of Sale”.

 

(b)       Borrower
shall not enter into a Residential Unit Contract of Sale unless said Residential Unit Contract of Sale is in compliance with the
terms and conditions of this Agreement. Each Residential Unit Contract of Sale shall be on the Approved Form of Contract of Sale
(subject only to customary non-material negotiated revisions to said form that have no material adverse effect on Borrower, Lender
or the Project), and all of the following conditions shall have been satisfied:

 

		(i)	The purchase price under such Residential Unit Contract of Sale for a Subdivided Residential Unit
shall be greater than or equal to the Residential Unit Minimum Sales Price for such Subdivided Residential Unit;

 

    	 	-126-	 

     

    

 

		(ii)	such Residential Unit Contract of Sale shall not provide for Borrower, as seller, to provide any
seller financing or to take back any purchase money mortgages as part of the sales price;

 

		(iii)	such Residential Unit Contract of Sale shall not be subject to cancellation, except as provided
in the Offering Plan, by the Condominium Laws (including those requiring disclosures to prospective and actual purchasers) and/or
the Approved Form of Contract of Sale;

 

		(iv)	such Residential Unit Contract of Sale shall have no contingencies thereunder, unless otherwise
approved by Lender in writing, except (y) Completion of the Construction Work and (z) those set forth in the Approved Form of Contract
of Sale or Offering Plan;

 

		(v)	such Residential Unit Contract of Sale requires the applicable Residential Unit Purchaser upon
execution thereof, to make a cash deposit of not less than ten percent (10%) of the gross sales price of the Subdivided Residential
Unit, unless Borrower obtains Lender’s prior written consent to a deposit in an amount less than ten percent (10%) of the
gross sales price of the applicable Subdivided Residential Unit, which consent shall not be unreasonably withheld, conditioned
or delayed;

 

		(vi)	such Residential Unit Contract of Sale provides for the entire purchase price and other payments
thereunder payable to Borrower, as seller under the Residential Unit Contract of Sale, to be paid by wire transfer, bank check
or certified funds at the closing of such Subdivided Residential Unit (either by means of an all-cash sale, or from institutional
financing obtained by the purchaser);

 

		(vii)	such Residential Unit Contract of Sale and the proceeds thereof shall have been collaterally assigned
to Lender, subject to Legal Requirements and the rights of the purchaser thereunder;

 

		(viii)	the Offering Plan and the other Condominium Documents shall have been submitted to and approved
by Lender and the Offering Plan has been accepted for filing by the Attorney General;

 

		(ix)	Borrower shall not enter into a Bulk Sale without Lender’s prior consent, which consent may
be granted or withheld in Lender’s sole and absolute discretion; and

 

    	 	-127-	 

     

    

 

		(x)	Notwithstanding anything herein to the contrary, (i) Borrower shall not sell any Subdivided Residential
Unit to an Affiliate or relative of Borrower, Indemnitor or any Principal without Lender’s approval, which approval shall
be in Lender’s sole and absolute discretion, and (ii) any closing expenses, fees, charges or otherwise incurred by Borrower
in connection with the sale of a Subdivided Residential Unit shall only be paid to third parties unaffiliated with Borrower, Indemnitor
or any Principal, unless payment of such expense is approved by Lender, which approval shall be in Lender’s sole and absolute
discretion.

 

The approval by Lender
of any Residential Unit Contract of Sale shall not obligate Lender to release any Subdivided Residential Unit from the lien of
the Mortgage, unless the release requirements of Lender as set forth in this Agreement are satisfied.

 

(c)       Borrower
shall not enter into a contract for the sale of the Retail Unit (a “Retail Unit Contract of Sale”) unless
it has been approved in writing by Lender (which approval shall not be unreasonably withheld, conditioned or delayed) and all of
the following conditions shall have been satisfied:

 

		(i)	The purchase price under such Retail Unit Contract of Sale shall be greater than or equal to the
Retail Unit Minimum Sales Price for the Retail Unit;

 

		(ii)	such Retail Unit Contract of Sale shall not provide for Borrower, as seller, to provide any seller
financing or to take back any purchase money mortgages as part of the sales price;

 

		(iii)	such Retail Unit Contract of Sale shall not be subject to cancellation, except as provided in the
Offering Plan, or by the Condominium Laws (including those requiring disclosures to prospective and actual purchasers) and/or pursuant
to the terms of the Retail Unit Contract of Sale;

 

		(iv)	such Retail Unit Contract of Sale provides for the entire purchase price and other payments thereunder
payable to Borrower, as seller under the Retail Unit Contract of Sale, to be paid by wire transfer, bank check or certified funds
at the closing of the Retail Unit (either by means of an all-cash sale, or from financing obtained by the purchaser);

 

		(v)	such Retail Unit Contract of Sale and the proceeds thereof shall have been collaterally assigned
to Lender, subject to Legal Requirements and the rights of the purchaser thereunder;

 

		(vi)	unless Borrower shall have receive a so-called “no action” letter from the Attorney
General with respect to the sale of the Retail Unit (a “No Action Letter”), the Offering Plan and the other
Condominium Documents shall have been submitted to and approved by Lender and the Offering Plan shall have been accepted for filing
by the Attorney General;

 

    	 	-128-	 

     

    

 

		(vii)	Notwithstanding anything herein to the contrary, (i) Borrower shall not sell the Retail Unit to
an Affiliate or relative of Borrower, Indemnitor or any Principal without Lender’s approval, which approval shall be in Lender’s
sole and absolute discretion, and (ii) any closing expenses, fees, charges or otherwise incurred by Borrower in connection with
the sale of the Retail Unit shall only be paid to third parties unaffiliated with Borrower, Indemnitor or any Principal, unless
payment of such expense is approved by Lender, which approval shall be in Lender’s sole and absolute discretion.

 

The approval by Lender
of any Retail Unit Contract of Sale shall not obligate Lender to release the Retail Unit from the lien of the Mortgage unless the
release requirements of Lender as set forth in this Agreement are satisfied.

 

(d)       Borrower
shall cause the Purchase Agreement Deposit Escrowee to deliver to Lender a Purchase Agreement Deposit Escrowee Acknowledgement
promptly after it is first engaged to act as escrowee under any Residential Unit Contract of Sale or Retail Unit Contract of Sale
and in any event prior to receipt of any deposit under a Residential Unit Contract of Sale or Retail Contract of Sale.

 

(e)       Borrower
shall cause Purchase Agreement Deposit Escrowee to hold (at the Purchase Agreement Deposit Escrowee Bank), maintain and disburse
all Purchase Agreement Deposits in accordance with the applicable Residential Unit Contract of Sale (or Retail Unit Contract of
Sale), the Offering Plan (in the case of a sale of the Retail Unit, unless Borrower obtained a No Action Letter), the Purchase
Agreement Deposit Escrow Agreement and all other Legal Requirements. Borrower hereby grants to Lender a security interest in Borrower’s
interest in the Purchase Agreement Deposit Escrow Agreement, and in all rights of Borrower, if any, in and to all Purchase Agreement
Deposit Accounts and all sums on deposit therein, including all Purchase Agreement Deposits, Residential Unit Net Sale Proceeds
and Retail Unit Net Sale Proceeds and all interest that may accrue thereon, as additional security for the Obligations under the
Loan Documents, subject to Legal Requirements and the right of Residential Unit Purchasers under Residential Unit Contracts of
Sale or a purchaser of the Retail Unit, as applicable. Borrower shall have no right to release Purchase Agreement Deposits from
the Purchase Agreement Deposit Accounts, except as expressly provided in the applicable Residential Unit Contract of Sale or the
Retail Unit Contract of Sale, as applicable. The funds on deposit in the Purchase Agreement Deposit Accounts shall be disbursed
in accordance with this Article 16 and the Purchase Agreement Deposit Escrow Agreement.

 

(f)       Intentionally
omitted.

 

(g)       Once
Borrower shall have entered into a Retail Unit Contract of Sale or any Residential Unit Contract of Sale, Borrower shall:

 

    	 	-129-	 

     

    

 

		(i)	comply with all of the obligations, covenants and agreements of Borrower set forth in the Retail
Unit Contract of Sale or Residential Unit Contract of Sale, as applicable.

 

		(ii)	make all necessary efforts to cause any sales to be in compliance with all Legal Requirements of
any Governmental Authorities having jurisdiction thereof;

 

		(iii)	except for customary non-material negotiated amendments that have no material adverse effect on
Borrower, Lender or the Project, not modify, amend or terminate (unless such termination is as a result of a default by purchaser)
any Retail Unit Contract of Sale or a Residential Unit Contract of Sale without Lender’s prior written consent (which consent
shall not be unreasonably withheld, conditioned, or delayed); and

 

		(iv)	deliver to Lender a true and complete copy of each and every notice of default received or sent
by Borrower with respect to the obligations of Borrower or the contract purchaser under any Residential Unit Contract of Sale or
Retail Unit.

 

(h)       Borrower
shall deliver to Lender, promptly after execution thereof, an executed counterpart of the Retail Unit Contract of Sale and each
Residential Unit Contract of Sale and any amendments, modifications and terminations thereof.

 

Section 16.3      Conditions
for Release of Units. After all of the following conditions have been satisfied, and upon Borrower’s written request
to Lender, Lender shall release any Subdivided Residential Unit or the Retail Unit, as applicable, from the lien of the Mortgage:

 

(a)       Lender
shall have received the Offering Plan and the other Condominium Documents in accordance with the terms and conditions of this Agreement,
and the Offering Plan and any amendment thereto shall have been accepted for filing by the Attorney General;

 

(b)       no
Potential Event of Default or Event of Default under this Agreement or the other Loan Documents shall then exist;

 

(c)       if
such request is made with respect to a Subdivided Residential Unit, Lender shall have received a fully executed counterpart of
the Residential Unit Contract of Sale for such Subdivided Residential Unit with a bona fide “third party” Residential
Unit Purchaser of the Subdivided Residential Unit (unless otherwise approved by Lender in its sole and absolute discretion), which
Residential Unit Contract of Sale shall satisfy the conditions set forth in Section 16.2 hereof;

 

(d)       if
such request is made with respect to the Retail Unit, Lender shall have received a fully executed counterpart of the Retail Unit
Contract of Sale with a bona fide “third party” purchaser (unless otherwise approved by Lender in its sole and absolute
discretion), which Retail Unit Contract of Sale shall satisfy the conditions set forth in Section 16.2 hereof;

 

    	 	-130-	 

     

    

 

(e)       Prior
to the first closing of a sale of any Subdivided Residential Unit or the Retail Unit, Borrower, Lender and Purchase Agreement Deposit
Escrowee have entered into an escrow agreement in substantially in the form attached hereto as Exhibit S (the “Purchase
Agreement Deposit Escrow Agreement”).

 

(f)       Borrower
shall to notify Lender not later than five (5) Business Days prior to any closing of such Subdivided Residential Unit or the Retail
Unit of (i) the proposed closing date for the sale of such Subdivided Residential Unit or the Retail Unit, as applicable, and (ii)
the amount of the Residential Unit Net Sale Proceeds or Retail Unit Net Sale Proceeds, as applicable, to be paid to Lender in connection
with such sale;

 

(g)       Simultaneously
with the closing under the Residential Unit Contract of Sale or the Retail Unit Contract of Sale, as applicable, Lender shall receive
the Residential Unit Net Sale Proceeds for the Subdivided Residential Unit in question or the Retail Unit Net Sale Proceeds for
the Retail Unit, as applicable, which Residential Unit Net Sale Proceeds or Retail Unit Net Sale Proceeds, as applicable, shall
be paid to Lender in immediately available funds, by, at Borrower’s option, wire transfer in accordance with wiring instructions
provided by Lender or check by overnight mail and shall, as long as no Event of Default exists, be applied by Lender in accordance
with the provisions of Section 2.7(d).

 

Section 16.4      Subordination
of Mortgage; Merging of Tax Lots. Following the recordation of the Declaration in accordance with the terms of this Agreement,
as long as no Event of Default exists, simultaneously with the sale of the School Unit to the SCA, Lender and Borrower shall execute
and deliver a subordination and mortgage modification agreement approved by Lender in its reasonable discretion. Borrower shall
reimburse Lender for all out-of-pocket costs and expenses incurred in connection with Lender’s negotiation of said subordination
agreement. Additionally, if as a condition to recording the Declaration, the New York City Department of Finance requires merging
the tax lots currently comprising the Property in advance of recording the Declaration, Lender shall permit Borrower to so merge
the tax lots pursuant to documents approved by Lender (which approval shall not be unreasonably withheld, conditioned or delayed).

 

[No Further Text on
this Page.]

 

    	 	-131-	 

     

    

 

IN WITNESS WHEREOF,
Lender and Borrower have executed and delivered this Agreement as of the date first written above.

 

	 	LENDER AND ADMINISTRATIVE AGENT:
	 	 
	 	MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY,
	 	a Massachusetts corporation
	 	 	 	 
	 	By:	Barings LLC
	 	 	As Investment Adviser
	 	 	 	 
	 	 	By:	/s/ William J. Jordan
	 	 	Name:	William J. Jordan
	 	 	Its:	Managing Director

 

[Signatures continue
on the following page]

 

	 	Lender’s Signature Page to

 Master Loan Agreement	 

 

     

     

    

 

IN WITNESS WHEREOF,
Lender and Borrower have executed and delivered this Agreement as of the date first written above.

 

	 	BORROWER:
	 	 
	 	TPHGREENWICH OWNER LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Steven Kahn
	 	Name:	Steven Kahn
	 	Its:	Chief Financial Officer

 

	 	Borrower’s Signature Page to

 Master Loan Agreement	 

 

     

     

    

 

EXHIBIT A

 

LEGAL DESCRIPTION OF PREMISES

 

FEE PARCEL

PARCEL I (Lot 11
for information only):

 

ALL that certain plot,
piece or parcel of land situate, lying and being in the Borough of Manhattan, County, City and State of New York, being bounded
and described as follows:

 

BEGINNING at a point
on the easterly side of Greenwich Street, distant seventy-four (74) feet, eight (8) inches northerly from the corner formed by
the intersection of the easterly side of Greenwich Street with the northerly side of former Edgar Street;

 

RUNNING THENCE northerly
along the said easterly side of Greenwich Street forty (40) feet, six (6) inches to the center line of a party wall between these
premises and premises now or late of Henry Nayler;

 

THENCE easterly along
the same, seventy-five (75) feet, eight (8) inches to the westerly side of Trinity Place, (formerly Church Street), as extended;

 

THENCE southerly along
the same, thirty-nine feet (39), two (2) inches, to land now or late of S.J. Callender;

 

THENCE westerly along
the same through the center of a party wall seventy (70) feet, six (6) inches to the easterly side of Greenwich Street at the point
or place of BEGINNING; be the said several distances and dimensions more or less.

 

PARCEL II (Lot 13
for information only):

 

ALL that certain plot,
piece or parcel of land situate, lying and being in the Borough of Manhattan, County, City and State of New York, being bounded
and described as follows:

 

BEGINNING at a point
on the westerly side of Trinity Place, distant 111 feet 2-1/2 inches southerly from the corner formed by the intersection of the
southerly side of Rector Street with the westerly side of Trinity Place;

 

RUNNING THENCE southerly
along the westerly side of Trinity Place 133 feet, 11 inches;

 

THENCE westerly along
a line which forms an interior angle of 90 degrees 30 minutes 30 seconds with the westerly side of Trinity Place, 75 feet 6-3/4
inches to the easterly side of Greenwich Street;

 

     

     

    

 

THENCE northerly along
the easterly side of Greenwich Street, 134 feet 10-3/4 inches;

 

THENCE easterly along
a line which forms an exterior angle of 98 degrees 21 minutes 30 seconds with the easterly side of Greenwich Street, 97 feet 1-1/4
inches to the westerly side of Trinity Place the point or place of BEGINNING; be the said several distances and dimensions more
or less.

 

Perimeter Description

 

Parcel I and Parcel
II taken together being more particularly described as follows:

 

BEGINNING at a point
on the westerly side of Trinity Place, distant 111 feet 2-1/2 inches southerly from the corner formed by the intersection of the
southerly side of Rector Street with the westerly side of Trinity Place;

 

RUNNING THENCE southerly
along the westerly side of Trinity Place 173 feet, 1 inch to land now or late of S.J. Callender;

 

THENCE westerly along
the same, 70 feet 6 inches to the easterly side of Greenwich Street;

 

THENCE northerly along
the easterly side of Greenwich Street, 175 feet, 4-3/4 inches to a point;

 

THENCE easterly along
a line which forms an exterior angle of 98 degrees 21 minutes 30 seconds with the easterly side of Greenwich Street, 97 feet 1-1/4
inches to the westerly side of Trinity Place the point or place of BEGINNING.

 

TOGETHER WITH:

 

		1.	The benefits of the light and air easement set forth in that certain Light and Air Easement between
Tony Seiden and Syms Corp. dated as of November 28, 2007, recorded in the Register’s Office on January 9, 2008 as CRFN 2008000009878.

 

SUBLEASEHOLD
PARCEL

PARCEL I (Lot 11
for information only):

 

ALL that certain plot,
piece or parcel of land situate, lying and being in the Borough of Manhattan, County, City and State of New York, being bounded
and described as follows:

 

    	 	-2-	 

     

    

 

BEGINNING at a point
on the easterly side of Greenwich Street, distant seventy-four (74) feet, eight (8) inches northerly from the corner formed by
the intersection of the easterly side of Greenwich Street with the northerly side of former Edgar Street;

 

RUNNING THENCE northerly
along the said easterly side of Greenwich Street forty (40) feet, six (6) inches to the center line of a party wall between these
premises and premises now or late of Henry Nayler;

 

THENCE easterly along
the same, seventy-five (75) feet, eight (8) inches to the westerly side of Trinity Place, (formerly Church Street), as extended;

 

THENCE southerly along
the same, thirty-nine feet (39), two (2) inches, to land now or late of S.J. Callender;

 

THENCE westerly along
the same through the center of a party wall seventy (70) feet, six (6) inches to the easterly side of Greenwich Street at the point
or place of BEGINNING; be the said several distances and dimensions more or less.

 

PARCEL II (Lot 13
for information only):

 

ALL that certain plot,
piece or parcel of land situate, lying and being in the Borough of Manhattan, County, City and State of New York, being bounded
and described as follows:

 

BEGINNING at a point
on the westerly side of Trinity Place, distant 111 feet 2-1/2 inches southerly from the corner formed by the intersection of the
southerly side of Rector Street with the westerly side of Trinity Place;

 

RUNNING THENCE southerly
along the westerly side of Trinity Place 133 feet, 11 inches;

 

THENCE westerly along
a line which forms an interior angle of 90 degrees 30 minutes 30 seconds with the westerly side of Trinity Place, 75 feet 6-3/4
inches to the easterly side of Greenwich Street;

 

THENCE northerly along
the easterly side of Greenwich Street, 134 feet 10-3/4 inches;

 

THENCE easterly along
a line which forms an exterior angle of 98 degrees 21 minutes 30 seconds with the easterly side of Greenwich Street, 97 feet 1-1/4
inches to the westerly side of Trinity Place the point or place of BEGINNING; be the said several distances and dimensions more
or less.

 

Perimeter Description

 

Parcel I and Parcel
II taken together being more particularly described as follows:

 

    	 	-3-	 

     

    

 

BEGINNING at a point
on the westerly side of Trinity Place, distant 111 feet 2-1/2 inches southerly from the corner formed by the intersection of the
southerly side of Rector Street with the westerly side of Trinity Place;

 

RUNNING THENCE southerly
along the westerly side of Trinity Place 173 feet, 1 inch to land now or late of S.J. Callender;

 

THENCE westerly along
the same, 70 feet 6 inches to the easterly side of Greenwich Street;

 

THENCE northerly along
the easterly side of Greenwich Street, 175 feet, 4-3/4 inches to a point;

 

THENCE easterly along
a line which forms an exterior angle of 98 degrees 21 minutes 30 seconds with the easterly side of Greenwich Street, 97 feet 1-1/4
inches to the westerly side of Trinity Place the point or place of BEGINNING.

 

TOGETHER WITH:

 

		1.	The benefits of the light and air easement set forth in that certain Light and Air Easement between
Tony Seiden and Syms Corp. dated as of November 28, 2007, recorded in the Register’s Office on January 9, 2008 as CRFN 2008000009878.

 

EXCLUDING that
portion of the above described real property shown and labeled as “SCA SPACES” on the Plans (as hereinafter defined)
lying both (a) between a lower horizontal boundary having an elevation of approximately 00.00' North American Vertical Datum of
1988 (“NAVD88”) and an upper horizontal boundary having an elevation of approximately 140.67' NAVD88 (being the approximate
elevation of the bottom of the proposed floor slab of the 10th floor of the proposed building as shown on the Plans), and (b) within
the vertical perimeter boundaries of the “SCA SPACES” shown on the Plans (such excluded portion, the “Excluded
Area”). As used herein, “Plans” means, collectively, those certain plans entitled “M464 at Trinity
Place, New York, NY, Area Calculations, December 18, 2017” prepared by Dattner Architects, consisting of thirteen sheets
including a cover sheet, a cellar floor plan, floor plans for each of the 1st through 9th floors, Unit Area Analysis and Total
Unit Area Analysis, and Area Comparison Chart, with respect to the proposed building to be constructed on the land pursuant to
that certain School Design, Construction, Funding and Purchase Agreement by and between TPHGreenwich Owner LLC, as developer and
New York City School Construction Authority. The Plans are attached to the memorandum of Sublease referenced below as Exhibit
B thereof.

 

BUT TOGETHER WITH:

 

Easements in, to, over,
across and through the Excluded Area for the purposes of (i) demolishing, constructing, maintaining, operating, altering, repairing,
reconstruction and providing structural support for, utility facilities and improvements within, along, across, under or above
the above-described land, and (ii) maintenance of any encroachments by improvements now or hereafter erected on, under or within
the above-described land (so long as such encroachments do not materially interfere with the use and operation of the Excluded
Area), as contained in the Sublease by and between New York City School Construction Authority, as Landlord, and TPHGreenwich Owner
LLC , as Tenant, dated on or about the date hereof, a memorandum of which is dated on or about the date hereof and to be recorded.

 

    	 	-4-

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