Document:

Exhibit

EXHIBIT 10.28

LEASE AGREEMENT
(Triple Net)

by and between

SEMAHO, INC.,  
a Colorado corporation

as Landlord

and
DMC GLOBAL INC., 
a Delaware corporation

as Tenant

1

SUMMARY OF BASIC LEASE INFORMATION
The parties hereto agree to the following terms of this Summary of Basic Lease Information (the “Summary”).  This Summary is hereby incorporated into and made a part of the attached Lease Agreement – Triple Net (this Summary and the Lease Agreement – Triple Net to be known collectively as the “Lease”) which pertains to the office building located at 11800 Ridge Parkway, Broomfield, Colorado known as The Views I.  Each reference in this Lease to any term of this Summary shall have the meaning as set forth in this Summary for such term.  In the event of a conflict between the terms of this Summary and the Lease, the terms of the Lease shall prevail.  Any capitalized terms used herein and not otherwise defined herein shall have the meaning as set forth in the Lease.

	
						
	TERMS OF LEASE 
(References are to the Lease Agreement)
	DESCRIPTION

	1.   Date:
	August 20, 2018.

	2.   Landlord:
	 
SEMAHO, INC.,  
a Colorado corporation

	3.   Address of Landlord 
(Section 30.11):
	1777 NE Loop 410
Suite 928
San Antonio, TX 78217
Attn:  Andres Sevilla

	4.   Tenant:
	DMC Global Inc., 
a Delaware corporation

	5.   Address of Tenant 
(Section 30.11):
	Prior to Lease Commencement Date:

DMC Global Inc.
5405 Spine Road
Boulder, CO 80301
Attn:  Chief Legal Officer

After Lease Commencement Date:

At the Premises
Attn:  Chief Legal Officer

	6.   Premises (Article 1):
	Approximately 18,284 rentable square feet of space identified as Suite 300 on the third floor of the building known as The Views I located at 11800 Ridge Parkway, Broomfield, Colorado (the “Building”), as generally depicted on Exhibit A attached hereto.

	7.   Term (Article 2).
	 

	7.1   Lease Term:
	One hundred twenty-six (126) months.  If the Lease Commencement Date occurs on a day other than the first day of the month, then the foregoing time period shall be measured from the first day of the following month.

	7.2   Lease Commencement 
Date:
	The later of (a) January 1, 2019, or (b) the date that is the earlier of (i) Substantial Completion of the Improvements (as such terms are defined in the Work Letter attached hereto as Exhibit B and incorporated herein by this reference (the “Work Letter”)), or (ii) the date Substantial Completion would have occurred but for the occurrence of any Tenant Delay Days (as defined in the Work Letter).

	7.3   Option to Extend:
	One (1) option period of five (5) years.

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	8.   Base Rent (Article 3):
	 

	 
	Period
	Monthly 
Installment of Base Rent
	Annual 
Rental Rate 
per Rentable Square Foot

	 
	Months 1 – 18*
	$23,616.83*
	$15.50

	 
	Months 19 – 30
	$24,378.67
	$16.00

	 
	Months 31 – 42
	$25,140.50
	$16.50

	 
	Months 43 – 54
	$25,902.33
	$17.00

	 
	Months 55 – 66
	$26,664.17
	$17.50

	 
	Months 67 – 78
	$27,426.00
	$18.00

	 
	Months 79 – 90
	$28,187.83
	$18.50

	 
	Months 91 – 102
	$28,949.67
	$19.00

	 
	Months 103 – 114
	$29,711.50
	$19.50

	 
	Months 115 – 126
	$30,473.33
	$20.00

	*Subject to the abatement described in Article 3 below.
9.   Tenant’s Share:
	

Approximately 10.71%.  Tenant’s Share is calculated by dividing the number of rentable square feet of the Premises by the total rentable square feet in the Building, which is 170,660 (subject to adjustment pursuant to Section 1.3 of the Lease).

	10.   Prepaid Base Rent  
(Article 3)
	$23,616.83 for the first (1st) full month of the Lease Term.

	11.   Security Deposit 
(Article 22):
	$38,365.92.

	12.   Parking Pass Ratio 
(Article 28):
13.   Brokers 
(Section 30.21):
	Four (4) parking passes for every 1,000 rentable square feet of the Premises, free of charge during the initial Lease Term.
Jones Lang LaSalle Americas, Inc. (Joe Heath and Don Misner), for Landlord, and 
 
The Colorado Group, Inc. (Neil Littman and W. Scott Reichenberg), for Tenant.

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TABLE OF CONTENTS

	
				
	1.
	REAL PROPERTY, BUILDING AND PREMISES
	1
	

	2.
	LEASE TERM
	1
	

	3.
	BASE RENT
	2
	

	4.
	ADDITIONAL RENT
	3
	

	5.
	USE OF PREMISES
	5
	

	6.
	SERVICES AND UTILITIES
	6
	

	7.
	REPAIRS AND MAINTENANCE
	7
	

	8.
	ADDITIONS AND ALTERATIONS
	7
	

	9.
	COVENANT AGAINST LIENS
	8
	

	10.
	INDEMNITY AND INSURANCE
	8
	

	11.
	DAMAGE AND DESTRUCTION
	9
	

	12.
	NONWAIVER
	10
	

	13.
	CONDEMNATION
	10
	

	14.
	ASSIGNMENT AND SUBLETTING
	10
	

	15.
	SURRENDER OF PREMISES AND REMOVAL OF TENANT’S PROPERTY
	12
	

	16.
	HOLDING OVER
	12
	

	17.
	ESTOPPEL CERTIFICATES
	12
	

	18.
	SUBORDINATION
	12
	

	19.
	DEFAULTS; REMEDIES
	12
	

	20.
	LANDLORD REMEDIES
	13
	

	21.
	COVENANT OF QUIET ENJOYMENT
	14
	

	22.
	SECURITY DEPOSIT
	15
	

	23.
	SUBSTITUTION OF OTHER PREMISES
	15
	

	24.
	SIGNS
	15
	

	25.
	LATE CHARGES
	15
	

	26.
	LANDLORD’S RIGHT TO CURE DEFAULT
	15
	

	27.
	ENTRY BY LANDLORD
	15
	

	28.
	PARKING
	16
	

	29.
	HAZARDOUS MATERIALS
	16
	

	30.
	MISCELLANEOUS PROVISIONS
	16
	

	31.
	RIGHT OF FIRST REFUSAL
	19
	

EXHIBITS
		
	EXHIBIT A
	FLOOR PLAN OF PREMISES

		
	EXHIBIT B
	WORK LETTER

		
	EXHIBIT C
	RULES AND REGULATIONS

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LEASE AGREEMENT
This Lease Agreement (“Lease”, including the preceding Summary of Basic Lease Information referred to herein as the “Summary”), is made by and between SEMAHO, INC., a Colorado corporation (“Landlord”), and DMC GLOBAL INC., a Delaware corporation (“Tenant”) as of the date set forth in Section 1 of the Summary.
1.    REAL PROPERTY, BUILDING AND PREMISES
1.1    Premises, Building and Real Property.  Upon and subject to the terms, covenants and conditions hereinafter set forth in this Lease, Landlord hereby leases to Tenant and Tenant hereby leases from Landlord the premises set forth in Section 6 of the Summary (the “Premises”), which Premises are located in the Building (as hereinafter defined).  The outline of the floor plan of the Premises is set forth in Exhibit A attached hereto.  The Premises are a part of the building known as The Views I located and addressed at 11800 Ridge Parkway, Broomfield, Colorado (collectively, the “Building”). The Building, the parking facilities serving the Building from time to time (“Parking Facilities”), the outside plaza areas, land and other improvements surrounding the Building which are designated from time to time by Landlord as common areas appurtenant to or servicing the Building, and the land upon which any of the foregoing are situated, are herein sometimes collectively referred to as the “Real Property.”  Tenant is hereby granted the right to the nonexclusive use of the common corridors and hallways, stairwells, elevators, restrooms and other public or common areas located within the Building and on the Real Property (“Common Areas”).  Landlord reserves the right to make alterations or additions to, or to change the location of elements of, the Commons Areas and the Real Property, provided in no event shall such alterations or additions materially and adversely interfere with Tenant’s use or enjoyment of, or access to, the Premises.  Landlord agrees to use commercially reasonable efforts to ensure that that the Common Areas shall include throughout the Lease Term a fully-operational café serving prepared hot and cold food options during normal business hours of the Building, consistent with the standards maintained in other first-class office buildings in the Interlocken area of Broomfield, Colorado.
1.2    Condition of the Premises.  Except as specifically set forth in this Lease and in the Work Letter, Landlord shall not be obligated to provide or pay for any improvement work or services related to the improvement of the Premises.  Tenant also acknowledges that Landlord has made no representation or warranty (express or implied) regarding (a) the condition of the Premises, the Building or the Real Property, except as specifically set forth in this Lease and the Work Letter, if applicable or (b) the suitability or fitness of the Premises, the Building or the Real Property for the conduct of Tenant’s business.  Notwithstanding the foregoing, Landlord agrees that on the Delivery Date (as defined in Section 2.2 below), (i) the Premises shall be delivered in a clean and orderly fashion; and (ii) all Building systems serving the Premises (including HVAC (as defined in Section 6.1.1 below), electricity, roof and lighting) shall be in good working order.  Landlord represents that to Landlord’s actual knowledge as of the Date of this Lease, the Premises, Building, and Real Property are in compliance with all applicable Laws (as defined in Section 5.2 below).  Any upgrades to Building systems required by Tenant’s specific use shall be deducted from the Construction Allowance (as defined in the Work Letter).   
1.3    Verification of Rentable Square Feet of Premises and Building.  For purposes of this Lease, “rentable square feet” shall mean “rentable area” calculated pursuant to the Standard Method for Measuring Floor Area in Office Buildings, ANSI/BOMA Z65.1 – 2010 Method B (the “BOMA Standard”).  As of the Date of this Lease, the Building contains 169,692 rentable square feet.  During the period commencing on the Delivery Date and ending forty-five (45) days thereafter, Tenant shall have the right to have Tenant’s architect verify the rentable square footage of the Premises set forth in Section 6 of the Summary using the BOMA Standard.  If the Tenant’s architect disagrees with Landlord’s space measurement as set forth in Section 6 of the Summary, Tenant shall have the right to notify Landlord in writing of the disagreement within fifteen (15) days after expiration of the 45-day period specified above, and then, for a period of thirty (30) days following written notice from Tenant to Landlord of such disagreement, Landlord and Tenant shall cause their respective space measurement consultants to meet and confer in good faith toward a resolution of such disagreement.  If during such 30-day period the respective space measurement consultants agree on a final measurement of the Premises, then Landlord and Tenant shall memorialize such final measurement of the rentable square footage of the Premises in writing and such final measurement shall be binding on Landlord and Tenant for purposes of this Section 1.3.  If the respective space measurement consultants are unable to agree on a final measurement of the Premises during such 30-day period, then the Landlord and Tenant shall jointly engage a third-party architect who has not previously worked for either of them and each party shall submit their calculation of the rentable square footage of the Premises to the third-party architect.  The third-party architect shall be asked to select which calculation, Landlord or Tenant’s, more accurately measures the rentable square footage of the Premises, and such determination shall thereafter be binding on Landlord and Tenant for purposes of this Section 1.3.  The cost of the third-party architect shall be borne equally by Landlord and Tenant.  If the final measurement of the rentable square footage of the Premises as determined pursuant to this Section 1.3 is different from the square footage set forth in Section 6 of the Summary, then Landlord and Tenant shall enter into an amendment to this Lease modifying all amounts, percentages and figures appearing or referred to in this Lease to conform to such corrected rentable square footage (including, without limitation, the amount of the “Rent” (as defined in Section 4.1 below).  At any time after the initial Lease Term, Landlord’s discretion, the number of rentable square feet of the Premises and the Building shall be subject to verification from time to time by Landlord’s space measurement consultant in accordance with the BOMA Standard. 
2.    LEASE TERM
2.1    Initial Term.  The terms and provisions of this Lease shall be effective as of the Date of this Lease except for the provisions of this Lease relating to the payment of Rent.  The term of this Lease (the “Lease Term”) shall be for the period of time set forth in Section 7.1 of the Summary and shall commence on the date (the “Lease Commencement Date”) set forth in Section 7.2 of the Summary, and shall terminate upon the expiration of the Lease Term, unless this Lease is sooner terminated as hereinafter provided.  For purposes of this Lease, the term “Lease Year” shall mean each consecutive twelve (12) month period during the Lease Term; provided, however, that if the Lease Commencement Date is not the first day of the month, then the first Lease Year shall commence on the Lease Commencement Date and end on the last day of the twelfth full calendar month thereafter and the second and each succeeding Lease Year shall commence on the first day of the next calendar month; and further provided that the last Lease Year shall end on the last day of the Lease Term (for example, if the Lease Commencement Date is April 15, the first Lease Year will be April 15 through April 30 of the following year, and each succeeding Lease Year will be May 1 through April 30).  

2.2    Delivery Date; Delays and Notice of Lease Term Dates.  Landlord shall deliver possession of the Premises to Tenant upon Substantial Completion of the Improvements, which Landlord estimates to be January 1, 2019 (the “Estimated Delivery Date”).  If the Delivery Date (as hereinafter defined) has not occurred on or before the date that is thirty (30) days after the Estimated Delivery Date and such delay is within Landlord’s reasonable control, then Tenant shall be entitled to a day for day abatement of Rent for each day accruing between the day following expiration of such 30-day period and the actual Delivery Date, which abatement shall be applied against Rent first due hereunder.  If the Delivery Date has not occurred by the date that is ninety (90) days following the Estimated Delivery Date and such delay is within Landlord’s reasonable control, then, in addition to the remedy set forth in the preceding sentence, Tenant shall have the right to terminate this Lease by written noticed delivered to Landlord at any time thereafter but prior to the actual Delivery Date.  The remedies set forth in this Section 2.2 shall be Tenant’s sole remedies for a delay in the Delivery Date beyond the Estimated Delivery Date.  The date upon which Landlord delivers possession of the Premises to Tenant with the Improvements Substantially Complete pursuant to the terms of the Work Letter is be referred to herein as the “Delivery Date”.  At any time during the Lease Term, Landlord may deliver to Tenant a notice of Lease Term dates, confirming, among other things, the Lease Commencement Date and the expiration date of this Lease, which notice, if accurate, Tenant shall execute and return to Landlord within ten (10) days of receipt thereof; if Tenant fails to execute and return such notice within such time period, the information contained in such notice shall be deemed correct and binding upon Tenant.  
2.3    Option Term.  Landlord hereby grants to Tenant, the option to extend the Lease Term for one period of five (5) years (the “Option Term”), which option shall be exercisable only by written notice (an “Option Notice”) delivered by Tenant to Landlord as provided in Section 2.3.2 below.  Tenant shall not have the rights contained in this Section 2.3 if, (i) as of the date of the Option Notice or, at Landlord’s option, at any time between the delivery of the Option Notice and the commencement of the applicable Option Term, a Default (as defined in Section 19.1) by Tenant is continuing beyond all applicable notice and cure periods; or (ii) as of the date of the Option Notice, Tenant does not physically occupy substantially the entire Premises or Tenant has assigned this Lease or sublet more than 25% of the Premises pursuant to Article 14 below, other than in connection with a Permitted Transfer (as defined in Section 14.7 below).
2.3.1    Option Rent.  The Base Rent (as defined in Section 3 below) payable by Tenant during each Option Term shall be equal to the fair market rent for the Premises and the parking passes, if applicable, as of the commencement date of the applicable Option Term (the “Option Rent”).  The fair market rent shall be the rental rate, including all escalations, at which renewing tenants, as of the commencement of the applicable Option Term, are leasing non-sublease, non-encumbered space comparable in size, location and quality to the Premises for a similar term, which comparable space is located in other first-class office buildings in the Interlocken area of Broomfield, Colorado.
2.3.2    Exercise of Option.  The option contained in this Section 2.3 shall be exercised by Tenant, if at all, only in the following manner:  (a) Tenant shall deliver an Option Notice to Landlord no later than six (6) months, and not earlier than nine (9) months, prior to the expiration of the initial Lease Term, stating that Tenant wishes to exercise its option; and (b) Landlord, after receipt of the Option Notice, shall deliver written notice (the “Option Rent Notice”) to Tenant setting forth Landlord’s good faith determination of the Option Rent for the Option Term.  If Tenant disagrees with the Option Rent set forth in Landlord’s Option Rent Notice, then the Landlord and Tenant shall promptly meet and confer in good faith to determine the Option Rent.  If Landlord and Tenant cannot agree on Option Rent within thirty (30) days after their initial meeting pursuant to the preceding sentence, then Option Rent shall be determined as set forth in Section 2.3.3 below.  Failure of Tenant to timely deliver an Option Notice to Landlord shall be deemed to constitute Tenant’s failure to exercise its option to extend and Tenant shall have no further right to extend the Lease Term.  If Tenant timely and properly exercises its option to extend, the Lease Term, subject to Section 2.3.3 below, shall be extended for the Option Term upon all of the terms and conditions set forth in this Lease, except that the Base Rent shall be as indicated in the Option Rent Notice or as determined in accordance with Section 2.3.3, as applicable, and all references herein to the Lease Term shall include the Option Term.
2.3.3    Determination of Option Rent.  In the event Tenant exercises its option to extend but objects to Landlord’s determination of the Option Rent as provided in Section 2.3.2 above, then Landlord and Tenant shall attempt to agree in good faith upon the Option Rent.  If Landlord and Tenant fail to reach agreement within the 30-day period set forth in Section 2.3.2 above, then within five (5) days thereafter, Landlord and Tenant shall each simultaneously submit to the other in a sealed envelope its good faith estimate of the Option Rent. If the higher of such estimates does not exceed the lower estimate by more than five percent (5%), then the Option Rent shall be the average of the two. Otherwise, within ten (10) days after the simultaneous submission of good faith estimates, the parties shall select an independent licensed commercial real estate broker with at least ten (10) years of experience in negotiating the leasing of office space in the metropolitan area in which the Building is located (a “Qualified Broker”).  The Qualified Broker shall not have previously been engaged by either party within the previous five (5) years.  If the parties cannot agree on a Qualified Broker, then within a second period of five (5) days, each shall select a Qualified Broker and within five (5) days thereafter the two appointed Qualified Brokers shall select a third Qualified Broker and the third Qualified Broker shall determine the Option Rent. If one party shall fail to select a Qualified Broker within the second five (5)-day period, then the Qualified Broker chosen by the other party shall determine the Option Rent. Within twenty (20) days after submission of the matter, the Qualified Broker shall determine the Option Rent by choosing whichever of the estimates submitted by Landlord and Tenant the Qualified Broker judges to be more accurate. The Qualified Broker shall notify Landlord and Tenant of its decision, which shall be final and binding. The fees of the Qualified Broker shall be borne equally by the parties. Each party shall pay the fees of its respective counsel.  
3.    BASE RENT
Tenant shall pay, without notice or demand, to Landlord or Landlord’s agent at the management office of the Building (if applicable), or at such other place as Landlord may from time to time designate in writing, monthly installments of base rent as set forth in Section 8 of the Summary (“Base Rent”), in advance on or before the first day of each and every month during the Lease Term, without any setoff or deduction whatsoever, except to the extent expressly provided for in this Lease; provided, however, Landlord hereby abates Base Rent (but not Additional Rent, as defined in Section 4.1 below) for the Premises for the first six (6) full months of the Lease Term.  In the event Tenant is in Default under this Lease beyond any applicable period of notice and cure, such abatement shall cease as of the date of such default, and, in the event Landlord exercises its remedy to terminate this Lease or terminate Tenant’s possession of the Premises for such Default as provided in Section, 20 below, Tenant shall immediately repay to Landlord all unamortized sums previously abated hereunder.  The Base Rent for the seventh (7th) full month of the Lease Term, and Tenant’s Share of NNN Charges (as defined in 

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Section 4.1 below) for the first (1st) full month of the Lease Term, shall be paid at the time of Tenant’s execution of this Lease.  If any rental or other payment date (including the Lease Commencement Date) falls on a day of the month other than the first day of such month or if any rental or other payment is for a period which is shorter than one month, then the rental or other payment for any such fractional month shall be prorated based on the actual number of days contained in such month.
4.    ADDITIONAL RENT
4.1    Additional Rent.  In addition to paying the Base Rent specified in Article 3 of this Lease, beginning on the Lease Commencement Date, Tenant shall pay as additional rent during the Lease Term Tenant’s Share of the annual Operating Expenses, Insurance Expenses, Utility Expenses and Tax Expenses allocated to the Building (the “NNN Charges”).  Such additional rent, together with any and all other amounts payable by Tenant to Landlord pursuant to the terms of this Lease, shall be hereinafter collectively referred to as “Additional Rent.”  The Base Rent and Additional Rent are herein collectively referred to as the “Rent.”  All amounts due under this Article 4 as Additional Rent shall be payable for the same periods and in the same manner, time and place as the Base Rent.  In the event the Building is part of a multi-building project, Landlord may allocate Operating Expenses, Insurance Expenses, Utility Expenses and Tax Expenses applicable to the project as a whole among the buildings within such project on an equitable basis, consistently applied, as reasonably determined by Landlord.  Without limitation on other obligations of Tenant which shall survive the expiration of the Lease Term, the obligations of Tenant to pay the Additional Rent provided for in this Article 4 shall survive the expiration of the Lease Term or earlier termination of this Lease.  Landlord hereby represents that the estimated NNN Charges for 2018 are $9.68 per rentable square foot, but such amount is an estimate only and is not a cap on NNN Charges for 2018 or binding on Landlord. 
4.2    Definitions.  As used in this Article 4, the following terms shall have the meanings hereinafter set forth:
4.2.1    “Expense Year” shall mean each calendar year in which any portion of the Lease Term falls, through and including the calendar year in which the Lease Term expires.
4.2.2    “Insurance Expenses” shall mean the cost of insurance carried by Landlord as required under this Lease or otherwise in such amounts as Landlord may reasonably determine or as may be required by any mortgagees or the lessor of any underlying or ground lease affecting the Real Property, including any deductibles thereunder.
4.2.3    “Operating Expenses” shall mean all actual and reasonable expenses, costs and amounts of every kind and nature which Landlord incurs or which accrues during any Expense Year because of or in connection with the ownership, management, maintenance, repair, restoration or operation of the Real Property (other than Insurance Expenses, Tax Expenses and Utility Expenses), and the cost of any capital improvements or other costs (A) which are intended as a labor-saving device or to effect other economies in the operation or maintenance of the Real Property, or (B) made to the Real Property after the Lease Commencement Date that are required under any governmental law or regulation enacted or applicable to the Real Property after the Date of this Lease; provided, however, that if any such cost described in (A) or (B) above is a capital expenditure (“Included Capital Items”), such cost shall be amortized (including interest on the unamortized cost) over its useful life as Landlord shall reasonably determine in accordance with sound accounting and management principles, consistently applied.  If the Building is not fully occupied during any portion of any Expense Year, Landlord shall make an appropriate adjustment to the variable components of Operating Expenses or Utility Expenses (as defined below) for such Expense Year, employing sound accounting and management principles, consistently applied, to determine the amount of Operating Expenses or Utility Expenses that would have been paid had the Building been fully occupied.  Notwithstanding anything to the contrary in the Lease, the following items shall be excluded from Operating Expenses:
4.2.3.1    Costs of capital repairs, capital replacements, or capital improvements, other than Included Capital Items;
4.2.3.2    Costs of repair or replacement of the foundation, structural elements, exterior walls and the underground utilities of or serving the Premises or the Building;
4.2.3.3    Costs of the design and construction of tenant improvements to the Premises or the premises of other tenants;
4.2.3.4    Depreciation, interest and principal payments on mortgages and other debt costs, if any, and amounts paid as ground rental or as rental for the Building by Landlord;
4.2.3.5    Marketing costs, legal fees, space planners’ fees and advertising and promotional expenses, and brokerage fees incurred in connection with the original development, subsequent improvement, or original or future leasing of the Building;
4.2.3.6    Costs for which any tenant directly contracts with local providers, costs for which Landlord is reimbursed by any tenant or occupant of the Building or by insurance by its carrier or any tenant’s carrier or by anyone else and expenses in connection with services or other benefits which are not offered to the Tenant or for which the Tenant is charged directly but which are provided to another tenant or occupant of the Building without a separate charge;
4.2.3.7    Any bad debt loss, rent loss, or reserves for bad debts or rent loss;
4.2.3.8    Landlord’s general corporate overhead and general and administrative expenses and other costs associated with the operation of the business of the entity which constitutes the Landlord, as the same are distinguished from the costs of operation of the Real Property, including partnership or corporate accounting and legal matters, costs of defending any lawsuits with any mortgagee (except as the actions of the Tenant may be in issue), costs of selling, syndicating, financing, mortgaging or hypothecating any of the Landlord’s interest in the Building, and costs incurred in connection with any disputes, including but not limited to any disputes between Landlord and its employees, between Landlord and Building management, or between Landlord and other tenants or occupants;

3

4.2.3.9    The wages and benefits of any employee who does not devote substantially all of his or her employed time to the Building unless such wages and benefits are prorated to reflect time spent on operating and managing the Building vis-à-vis time spent on matters unrelated to operating and managing the Building; 
4.2.3.10    Costs, including permit, license and inspection costs, incurred with respect to the installation of tenant improvements made for new tenants in the Building or incurred in renovating or otherwise improving, decorating, painting or redecorating vacant space for tenants or other occupants of the Building (excluding, however, such costs relating to any Common Areas of the Building or Parking Facilities);
4.2.3.11    Overhead and profit increment paid to the Landlord or to subsidiaries or affiliates of the Landlord for services in the Building to the extent the same exceeds the costs of such services rendered by qualified, first-class unaffiliated third parties on a competitive basis, and then only such excess shall be excluded from Operating Expenses;
4.2.3.12    Costs, other than those incurred in ordinary maintenance and repair, for sculpture, paintings, fountains or other objects of art;
4.2.3.13    Fees and reimbursements payable to Landlord (including its affiliates) for management of the Building which would ordinarily be included in a management fee, in excess of a commercially reasonable management fee that a landlord would have been required to pay to comparable independent established management companies operating other comparable buildings in comparable locations;
4.2.3.14    Costs to repair or rebuild after casualty loss (excluding deductibles under insurance policies carried by Landlord, which deductibles shall be included in Operating Expenses);
4.2.3.15    Any costs expressly excluded from Operating Expenses elsewhere in the Lease;
4.2.3.16    Costs arising from the negligence or willful misconduct of Landlord or its agents, employees, vendors, contractors, or providers of materials or services;
4.2.3.17    Costs incurred to comply with Laws in effect as of the Lease Commencement Date, including but not limited to laws and regulations relating to handicap access or the removal of Hazardous Material (as defined in Section 29.3 below), which Hazardous Material is in existence in the Building or on the Real Property prior to the Lease Commencement Date or is brought into the Building or onto the Project after the Date of this Lease by Landlord or any other tenant of the Building (excluding Tenant), and is of such a nature that a federal, state or municipal government governmental authority, if it had knowledge of the presence of such Hazardous Material in the state and under the conditions that it then exists in the Building or on the Real Property, would require the removal of such Hazardous Material or would require other remedial or containment action with respect thereto pursuant to Laws in effect as of the Lease Commencement Date (in the event that such costs of compliance are not paid by Landlord and are instead charged to Tenant directly by a governmental authority, Landlord agrees that it will reimburse Tenant for such charges);
4.2.3.18    Costs arising from Landlord’s charitable or political contributions; and
4.2.3.19    Interests, fine, late fees, collection costs, legal fees or penalties assessed as a result of Landlord’s failure to make payments in a timely manner or to comply with applicable Laws, including regarding the payment of taxes, or to comply with the terms of any lease, mortgage, deed of trust, ground lease, private restriction or other agreement.
4.2.4    “Systems and Equipment” shall mean any plant, machinery, transformers, duct work, cable, wires, and other equipment, facilities, and systems designed to supply heat, ventilation, air conditioning and humidity or any other services or utilities, or comprising or serving as any component or portion of the electrical, gas, steam, plumbing, sprinkler, communications, alarm, security, or fire/life safety systems or equipment, or any other mechanical, electrical, electronic, computer or other systems or equipment which serve the Real Property in whole or in part.
4.2.5    “Tax Expenses” shall mean all federal, state, county, or local governmental or municipal taxes, fees, charges or other impositions of every kind and nature, whether general, special, ordinary or extraordinary, (including, without limitation, real estate taxes, general and special assessments, transit taxes, leasehold taxes or taxes based upon the receipt of rent, including gross receipts, transaction privilege or any sales taxes applicable to the receipt of rent, unless required to be paid by Tenant, personal property taxes imposed upon the fixtures, machinery, equipment, apparatus, systems and equipment, appurtenances, furniture and other personal property used in connection with the Real Property), which Landlord shall pay during any Expense Year because of or in connection with the ownership, leasing and operation of the Real Property or Landlord’s interest therein.  Tax Expenses shall also include all franchise taxes, and similar taxes, including taxes payable by Landlord and attributable to amounts payable by Tenant under this Lease, including all Base Rent, Additional Rent, operating expense reimbursements and similar amounts.   Tax Expenses shall not include any federal or state inheritance, general income, gift or estate taxes.  All assessments which are not specifically charged to Tenant because of what Tenant has done, which can be paid by Landlord in installments, shall be paid by Landlord in the maximum number of installments permitted by Law (except to the extent inconsistent with the general practice of the Building or comparable buildings) and shall be included in Tax Expenses in the year in which the installment is actually paid.
4.2.6    “Utility Expenses” shall mean the cost of supplying all utilities to the Real Property (other than utilities for which tenants of the Building are separately metered or are otherwise paid separately by tenants of the Building), including utilities for the heating, ventilation and air conditioning system for the Building and Common Areas.
4.2.7    “Tenant’s Share” shall mean the percentage set forth in Section 9 of the Summary.  
4.3    Payment of Additional Rent.

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4.3.1    Statement of Estimated Expenses.  Landlord shall endeavor to give Tenant a yearly expense estimate statement (the “Estimate Statement”) which shall set forth Landlord’s reasonable estimate (the “Estimate”) of what the total amount of Operating Expenses, Insurance Expenses, Utility Expenses and Tax Expenses for the then-current or upcoming Expense Year shall be (the “Estimated NNN Charges”).  Tenant shall pay, with its next installment of Base Rent due, a fraction of the Estimated NNN Charges for the then-current Expense Year (reduced by any amounts paid pursuant to the last sentence of this Section 4.3.1).  Such fraction shall have as its numerator the number of months which have elapsed in such current Expense Year to the month of such payment, both months inclusive, and shall have twelve (12) as its denominator.  Until a new Estimate Statement is furnished, Tenant shall pay monthly, with the monthly Base Rent installments, an amount equal to one-twelfth (1/12) of the total Estimated NNN Charges set forth in the previous Estimate Statement delivered by Landlord to Tenant.
4.3.2    Statement of Actual Expenses and Payment by Tenant.  Landlord shall give to Tenant following the end of each Expense Year, a statement (the “Statement“) which shall state the Operating Expenses, Insurance Expenses, Utility Expenses and Tax Expenses incurred or accrued for such preceding Expense Year, and which shall indicate the amount of the NNN Charges.  Upon receipt of the Statement for each Expense Year during the Lease Term, Tenant shall pay, with its next installment of Base Rent due (or within thirty (30) days of receipt if the Lease Term has expired prior to Tenant’s receipt of the Statement), the full amount of Tenant’s Share of the NNN Charges for such Expense Year, less the amounts, if any, already paid by Tenant during such Expense Year as Estimated NNN Charges.  In the event an overpayment is by Tenant is reflected in the Statement, such overpayment will be credited against the next installments of NNN Charges due, or in the event the Lease Term has expired, then any overpayment will be refunded to Tenant within thirty (30) days after the issuance of the Statement.  The failure of Landlord to timely furnish the Statement or the Estimated Statement for any Expense Year shall not prejudice Landlord from enforcing its rights under this Article 4.  The provisions of this Section 4.3.2 shall survive the expiration or earlier termination of the Lease Term.
4.3.3    Tenant Audit.  Notwithstanding anything to the contrary in this Lease, if the amount of NNN Charges as reflected on a Statement increases by more than 2% from those of the immediately preceding calendar year, Tenant may review Landlord’s records of the NNN Charges reflected on such Statement, provided that (a) Tenant notifies Landlord of its intent to conduct an audit of such NNN Charges within sixty (60) days after Tenant’s receipt of a Statement pursuant to Section 4.3.2 above (the “Audit Election Period”); (b) there is no uncured Default under this Lease then in existence; (c) the audit shall be prepared by a reputable, independent certified public accounting firm selected by Tenant and approved by Landlord in its reasonable discretion, who shall not be compensated on a contingency fee basis; (d) the audit shall commence within thirty (30) days after Landlord makes Landlord’s books and records available to Tenant’s auditor and shall conclude within sixty (60) days after commencement; (e) the audit shall be conducted during Landlord’s normal business hours at the location where Landlord maintains its books and records, and shall not unreasonably interfere with the conduct of Landlord’s business; (f) Tenant and its audit firm shall treat any audit in a confidential manner and shall each execute a commercially reasonable confidentiality agreement for Landlord’s benefit prior to commencing the audit; (g) the audit firm’s audit report shall, at no charge to Landlord, be submitted in draft form for Landlord’s review and comment before the final approved audit report is delivered to Landlord (which review and comment shall be within fifteen (15) days of Landlord’s receipt of the same), and Landlord shall have the right to point out errors or make suggestions with respect to such audit report, and any appropriate comments or clarifications by Landlord which are accepted by Tenant’s auditor shall be incorporated into the final audit report, it being the intention of the parties that Landlord’s right to review is intended to prevent errors and avoid disputes and not to unduly influence Tenant’s auditor in the preparation of the final audit report; and (h) at the conclusion of any audit, Tenant and its employees, auditors and agents shall return all copies of supporting documentation made in connection with such audit.  In the event that any final audit report reflects that Landlord has overstated NNN Charges by more than 5%, Landlord shall reimburse Tenant for the reasonable costs of such audit, not to exceed $2,500.00.  This paragraph shall not be construed to limit, suspend, or abate Tenant’s obligation to pay Rent when due.  Landlord shall credit any overpayment determined by the audit report against the next Rent due and owing by Tenant or, if no further Rent is due, refund such overpayment directly to Tenant within thirty (30) days of determination.  Likewise, Tenant shall pay Landlord any underpayment determined by the final approved audit report within thirty (30) days of determination.  The foregoing obligations shall survive the expiration or termination of this Lease.  If Tenant does not give written notice of its election to audit during the Audit Election Period, Landlord’s NNN Charges for the applicable calendar year as set forth in the applicable Statement shall be deemed approved for all purposes, and Tenant shall have no further right to review or contest the same.  The right to audit granted hereunder shall not be available to any subtenant under a sublease of the Premises.
4.4    Taxes and Other Charges for Which Tenant Is Directly Responsible.  Tenant shall reimburse Landlord upon demand for any and all taxes or assessments required to be paid by Landlord (except to the extent included in Tax Expenses by Landlord), excluding state, local and federal personal or corporate income taxes measured by the net income of Landlord from all sources and estate and inheritance taxes, whether or not now customary or within the contemplation of the parties hereto, when: (a) said taxes are measured by or reasonably attributable to the cost or value of Tenant’s equipment, furniture, fixtures and other personal property located in the Premises, or by the cost or value of any leasehold improvements made in or to the Premises by or for Tenant, to the extent the cost or value of such leasehold improvements exceeds the cost or value of a building standard build-out as determined by Landlord regardless of whether title to such improvements shall be vested in Tenant or Landlord; (b) said taxes are assessed upon or with respect to the possession, leasing, operation, management, maintenance, alteration, repair, use or occupancy by Tenant of the Premises or any portion of the Real Property (including the Parking Facilities); or (c) said taxes are assessed upon this transaction or any document to which Tenant is a party creating or transferring an interest or an estate in the Premises.
5.    USE OF PREMISES
5.1    Permitted Use.  Tenant shall use the Premises solely for general office purposes consistent with the character of the Building, and Tenant shall not use or permit the Premises to be used for any other purpose or purposes whatsoever without Landlord’s prior consent, not to be unreasonably withheld.
5.2    Prohibited Uses.  Tenant further covenants and agrees that it shall not use, or suffer or permit any person or persons to use, the Premises, the Building, the Parking Facilities or any other Common Areas, the Real Property or any part thereof for any use or purpose contrary to the rules and regulations reasonably established by Landlord for the Real Property (the “Rules and Regulations”), or in violation of any federal, state or local laws, statute, ordinances, rules or regulations, or any recorded covenants, conditions and 

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restrictions or ground or underlying leases affecting the Real Property (collectively, “Laws”).  The current Rules and Regulations are attached hereto as Exhibit C and made a part hereof. Tenant shall not use or allow Tenant Parties (as defined in Section 10.1 below) to use any part of the Premises, the Building or the Real Property for the storage, use, treatment, manufacture or sale of any Hazardous Material (as defined in Section 29.3 below).
5.3    Compliance With Laws.  Tenant shall not do anything or suffer anything to be done in or about the Premises which will in any way conflict with any Law now in force or which may hereafter be enacted or promulgated. At its sole cost and expense, Tenant shall promptly comply with all Laws applicable to Tenant’s use and operation of the Premises (including without limitation the Americans With Disabilities Act), other than the making of structural changes or changes to the Systems and Equipment, the Building, or Common Areas, which changes will be made by Landlord at its expense, but subject to reimbursement as an Operating Expense to the extent permitted by Article 4; however, if such changes are required due to Tenant’s Alterations, the Improvements or the particular nature of Tenant’s use of the Premises, Tenant shall, as Additional Rent, reimburse Landlord for the actual cost thereof within thirty (30) days following receipt of an invoice therefor.  Tenant shall comply with the Rules and Regulations of the Building and such other reasonable rules and regulations (or modifications thereto) adopted by Landlord from time to time.  The Rules and Regulations will be applied in an equitable manner as determined by Landlord.  Tenant shall also cause its agents, contractors, subcontractors, employees, customers, and subtenants to comply with all Rules and Regulations.   
5.4    Tenant’s Security Responsibilities.  Tenant shall (a) lock the doors to the Premises and take other reasonable steps to secure the Premises and the personal property of Tenant and any Tenant Parties in the Common Areas and Parking Facilities of the Building and Real Property, from unlawful intrusion, theft, fire and other hazards; (b) keep and maintain in good working order all security and safety devices installed in the Premises by or for the benefit of Tenant (such as locks, smoke detectors and burglar alarms); and (c) reasonably cooperate with Landlord and other tenants in the Building on Building safety matters.  Tenant acknowledges that (i) any security or safety measures employed by Landlord are for the protection of Landlord’s own interests; (ii) Landlord is not a guarantor of the security or safety of the Tenant Parties or their property; (iii) such security and safety matters are the responsibility of Tenant and local law enforcement authorities; and (iv) in no event shall Landlord be liable for damages, losses, claims, injury to persons or property or causes of action arising out of any theft, burglary, trespass or other entry into the Premises, the Building or the Real Property, except to the extent a result of Landlord’s negligence or willful misconduct.
6.    SERVICES AND UTILITIES
6.1    Standard Tenant Services.  Landlord shall provide the following services on all days during the Lease Term, unless otherwise stated below.
6.1.1    Subject to all Laws and governmental guidelines applicable thereto, Landlord shall provide heating, ventilation and air conditioning (“HVAC”) when necessary for normal comfort for normal office use in the Premises, consistent with the standards maintained in other first-class office buildings in the Interlocken area of Broomfield, Colorado, from Monday through Friday, during the period from 7:00 a.m. to 6:00 p.m., and Saturday 9:00 a.m. to 1:00 p.m.  Notwithstanding the foregoing, HVAC service will not be supplied on the date of observation of New Year’s Day, Presidents’ Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day (and the Friday following Thanksgiving Day), Christmas Day and other locally or nationally recognized holidays (collectively, the “Holidays”). 
6.1.2    Landlord shall provide adequate electrical wiring and facilities for normal general office use, and electricity at levels consistent with normal general office use, consistent with the standards maintained in other first-class office buildings in the Interlocken area of Broomfield, Colorado.  Such electricity may, upon Tenant’s request, be separately metered at Tenant’s sole cost and expense and in such event, Tenant shall make payment directly to the entity providing such electricity.  In the event the Premises is not separately metered, electricity (including for the HVAC System) shall be measured by a general meter and Tenant shall pay, as Additional Rent, upon billing by Landlord its pro rata portion of such metered charges based upon Landlord’s good faith allocation of such electrical costs, which allocation shall be based on Tenant’s Share.  Such costs may be estimated monthly and reconciled promptly following the end of each Expense Year.
6.1.3    Landlord shall provide hot and cold city water from the regular Building outlets for drinking, lavatory and toilet purposes.
6.1.4    Landlord shall provide janitorial services in the Premises consistent with the standards maintained in other first-class office buildings in the Interlocken area of Broomfield, Colorado, except the date of observation of the Holidays, in and about the Premises and Common Areas. 
6.1.5    Landlord shall provide nonexclusive automatic passenger elevator service, if the Building has an elevator, at all times, except in the event of an emergency. 
6.1.6    Landlord shall provide window washing services for the exterior surface of the Building’s perimeter windows only, at intervals consistent with the standards maintained in other first-class office buildings in the Interlocken area of Broomfield (in no event less than biannually).  Tenant shall be responsible for the cleaning of all other glass surfaces within the Premises.
6.1.7    Landlord shall provide nonexclusive freight elevator service subject to scheduling by Landlord.
6.2    Overstandard Tenant Use.  Tenant shall not, without Landlord’s prior written consent, use heat-generating machines, machines other than normal fractional horsepower office machines, or equipment or lighting other than building standard lights in the Premises, which may affect the temperature otherwise maintained by the air conditioning system or increase the electricity or water normally furnished for the Premises by Landlord pursuant to the terms of Section 6.1 of this Lease.  If Tenant uses electricity, water or heat or air conditioning in excess of that supplied by Landlord pursuant to Section 6.1 of this Lease, Tenant shall pay to Landlord, upon billing, the cost of such excess consumption, the cost of the installation, operation, and maintenance of equipment which is installed in 

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order to supply such excess consumption, and the cost of the increased wear and tear on existing equipment caused by such excess consumption, and Landlord may install devices to separately meter any increased use and in such event Tenant shall pay the increased cost directly to Landlord, on demand, including the cost of such additional metering devices.  If Tenant desires to use HVAC during hours other than those for which Landlord is obligated to supply such utilities pursuant to the terms of Section 6.1 of this Lease, if any, Tenant shall give Landlord such prior notice, as Landlord shall from time to time establish as appropriate, of Tenant’s desired use and Landlord shall supply such utilities to Tenant at a reasonable hourly cost to Tenant, which cost may include Landlord’s reasonable allocation of the costs for electricity, water, sewage, water treatment, labor, metering, filtering, equipment depreciation, wear and tear and maintenance to provide such service.  The current after-hours rate as of the Date of this Lease is $50.00 per hour.  Amounts payable by Tenant to Landlord for such use of additional utilities shall be deemed Additional Rent hereunder and shall be billed on a monthly basis.  Notwithstanding anything herein to the contrary, any HVAC or other service necessary to accommodate a computer server room will be deemed to constitute an overstandard use and will be subject to the provisions of this Section 6.2.  
6.3    Interruption of Use.  Tenant agrees that, except as expressly set forth herein, Landlord shall not be liable for any damages incurred by Tenant, by abatement of Rent or otherwise, for failure to furnish or delay in furnishing any utility or service (including telephone and telecommunication services), or for any diminution in the quality or quantity thereof (a “Service Failure”); and such failures or delays or diminution shall never be deemed to constitute an eviction or disturbance of Tenant’s use and possession of the Premises or relieve Tenant from paying Rent or performing any of its obligations under this Lease. However, if the Premises, or a material portion of the Premises, are made untenantable for a period in excess of five (5) consecutive days as a result of a Service Failure that is reasonably within the control of Landlord to correct, then Tenant, as its sole remedy, shall be entitled to receive an abatement of Rent payable hereunder during the period beginning on the 6th consecutive day of the Service Failure and ending on the day the service has been restored.  If the entire Premises have not been rendered untenantable by the Service Failure, the amount of abatement shall be equitably prorated.
6.4    Additional Services.  Landlord shall also have the exclusive right, but not the obligation, to provide any additional services which may be required by Tenant, including, without limitation, locksmithing, lamp replacement, additional janitorial service, and additional repairs and maintenance, provided that Tenant, as Additional Rent, shall pay to Landlord upon billing, the sum of all actual costs to Landlord of such additional services.
6.5    Access.  Except in the event of an emergency, Tenant shall have access to the Building and the Parking Facilities twenty-four (24) hours per day, seven (7) days per week, subject to such card-key or other security system as Landlord may establish from time to time.
7.    REPAIRS AND MAINTENANCE
Tenant shall, at Tenant’s own expense, keep the Premises, including all improvements, fixtures and furnishings therein, in good order, repair and condition at all times during the Lease Term; provided however, that, at Landlord’s option, or if Tenant fails to make such repairs within ten (10) days following written notice from Landlord, then Landlord may, but need not, make such repairs and replacements, and Tenant shall pay Landlord’s actual and reasonable costs or expenses, including Landlord’s overhead, arising from Landlord’s involvement with such repairs and replacements forthwith within thirty (30) days following receipt of an invoice for same.  Tenant hereby waives and releases its right to make repairs at Landlord’s expense and/or terminate this Lease or vacate the Premises under any applicable Law now or hereafter in effect.  Landlord shall be responsible for all structural, exterior, roof, Building systems, Common Areas and Parking Facilities repair and maintenance during the Lease Term consistent with the standards maintained in other first-class office buildings in the Interlocken area of Broomfield, Colorado, the cost of which may be included in Operating Expenses to the extent provided in Section 4 of this Lease.
8.    ADDITIONS AND ALTERATIONS
8.1    Landlord’s Consent to Alterations.  Tenant may not make any improvements, alterations, additions or changes to the Premises (collectively, the “Alterations”) without first procuring the prior written consent of Landlord to such Alterations, which consent shall be requested by Tenant not less than thirty (30) days prior to the commencement thereof, and which consent shall not be unreasonably withheld, conditioned or delayed by Landlord.  The construction of the initial Improvements to the Premises, if any, shall be governed by the terms of the Work Letter and not the terms of this Article 8.  Notwithstanding the foregoing, Tenant shall have the right to perform non-structural, interior Alterations to the Premises without Landlord’s consent, provided that (a) the cost of such Alterations does not exceed $20,000.00 in any one instance, (b) such Alterations are cosmetic in nature and do not require a permit, and (c) such Alterations are not visible from the exterior of the Premises or the Building (“Minor Alterations”).  Tenant shall notify Landlord in writing of any Minor Alterations not less than ten (10) days prior to commencement of the same.
8.2    Manner of Construction.  Tenant shall have obtained Landlord’s approval of all plans, specifications, drawings, contractors and subcontractors prior to the commencement of Tenant’s construction of any Alterations; provided, however, a contractor of Landlord’s selection shall perform all mechanical, electrical, plumbing, structural, and heating, ventilation and air conditioning work, and such work shall be performed at Tenant’s cost, which cost shall not exceed a competitive market rate for such services.  Tenant agrees to carry “Builder’s All Risk” insurance in a reasonable amount approved by Landlord covering the construction of such Alterations, and such other insurance as Landlord may reasonably require.  Further, to the extent Landlord’s personnel is reasonably required to oversee Tenant Alterations, Tenant shall pay to Landlord or its agent an oversight fee of $150.00 per hour.  Tenant shall construct such Alterations and perform such repairs in conformance with any and all applicable Laws and pursuant to a valid building permit (if applicable), issued by the appropriate governmental authorities, in conformance with Landlord’s construction rules and regulations and in a diligent, good and workmanlike manner.  If such Alterations trigger a legal requirement upon Landlord to make any Alterations or improvements to the Building or Common Areas, then Landlord shall notify Tenant in writing of the cost of such Building or Common Area improvement.  If, following such written notice, Tenant elects to proceed with the Alteration triggering such Building or Common Area improvement, then Tenant shall, as Additional Rent, reimburse Landlord for the actual cost thereof within thirty (30) days following receipt of an invoice therefor.  Landlord’s approval of the plans, specifications and working drawings for Tenant’s Alterations shall create no responsibility or liability on the part of Landlord for their completeness, design sufficiency, or compliance with all laws, rules and regulations of 

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governmental agencies or authorities.  Upon completion of any Alterations, Tenant agrees to cause a Notice of Completion (or equivalent) to be posted (if applicable) and recorded in the office of the Recorder of the County in which the Building is located in accordance with all applicable Laws, and Tenant shall deliver to the Building management office a reproducible copy of the “as built” drawings of the Alterations, to the extent applicable. 
8.3    Landlord’s Property/Removal.  All Alterations and fixtures which may be made, installed or placed in or about the Premises from time to time, shall be at the sole cost of Tenant and shall be and become the property of Landlord upon installation; however, Landlord may, by written notice to Tenant at the time of approval of such Alterations (or within ten (10) days after receipt of Tenant’s notice of any Minor Alterations) and the initial Improvements constructed and installed pursuant to the Work Letter, require Tenant at Tenant’s expense to remove any such Alterations (including Minor Alterations), initial Improvements or fixtures at the expiration or earlier termination of the Lease Term.  If Tenant fails to complete such removal and/or to repair any damage caused by the required removal of any Alterations, Minor Alterations, initial Improvements or fixtures, Landlord may do so and may charge the actual cost thereof to Tenant.  This Section 8.3 shall survive the expiration or earlier termination of this Lease.
8.4    Landlord’s Liability for Alterations.  Landlord’s approval of any Alterations shall not be a representation by Landlord that the Alteration complies with applicable Laws or will be adequate for Tenant’s use.  Tenant acknowledges that Landlord is not an architect or engineer, and that the Alterations will be designed and/or constructed using independent architects, engineers, and contractors.  Accordingly, Landlord does not guarantee or warrant that the applicable construction documents will comply with Laws or be free from errors or omissions, or that the Alterations will be free from defects, and Landlord will have no liability therefor.
8.5    Transmitter and Cables.  Subject to Landlord’s approval, not to be unreasonably withheld, Tenant at its sole expense may erect, maintain and operate a transmitter or antennae atop the Building; and install connecting cable, conduits and other electrical equipment within the shafts, ducts, and conduit in the Building.  Tenant shall maintain all such equipment in good condition and repair at all times, shall remove it at the end of the Lease Term and shall repair any damage to the Building caused by such removal to Landlord’s reasonable satisfaction.
9.    COVENANT AGAINST LIENS
Tenant covenants and agrees not to suffer or permit any lien of mechanics or materialmen or others to be placed against the Real Property, the Building or the Premises with respect to work or services claimed to have been performed for or materials claimed to have been furnished to Tenant or the Premises, and, in case of any such lien attaching or notice of any lien, Tenant covenants and agrees to cause it to be immediately released and removed of record.  Notwithstanding anything to the contrary set forth in this Lease,  in the event that such lien is not released and removed within twenty (20) days after the date on which Tenant receives notice of such lien, Landlord, at its sole option, may immediately take all action necessary to release and remove such lien, without any duty to investigate the validity thereof, and all sums, costs and expenses, including reasonable attorneys’ fees and costs, incurred by Landlord in connection with such lien shall be deemed Additional Rent under this Lease and shall immediately be due and payable by Tenant upon demand.
10.    INDEMNITY AND INSURANCE
10.1    Indemnification and Waiver.  Tenant shall be liable for, and shall indemnify, defend, protect and hold Landlord and Landlord’s partners, officers, directors, employees, agents, successors and assigns (collectively, “Landlord Indemnified Parties”) harmless from and against, any and all claims, damages, judgments, suits, causes of action, losses, liabilities and expenses, including reasonable attorneys’ fees and court costs (collectively, “Indemnified Claims”), arising or resulting from (a) any negligent or willful act or omission of Tenant or any of Tenant’s agents, employees, contractors, subtenants, assignees or licensees, in or about the Premises, the Building or the Real Property (collectively, “Tenant Parties”); (b) any occurrence within the Premises except to the extent caused by the negligence or willful misconduct of Landlord, its employees, agents or contractors; and/or (c) any default by Tenant of any obligations on Tenant’s part to be performed under the terms of this Lease.  Tenant hereby assumes all risk of damage to property or injury to persons in or about the Premises, the Building or elsewhere on the Real Property from any cause, and Tenant hereby waives all claims in respect thereof against Landlord, except to the extent caused by the negligence or willful misconduct of Landlord, its employees, agents or contractors.  The provisions of this Section 10.1 shall survive the expiration or earlier termination of this Lease with respect to any claims or liability occurring prior to such expiration or termination.
10.2    Tenant’s Insurance. During the Lease Term, Tenant shall maintain the following insurance coverages in the following amounts.
10.2.1    Commercial general liability (CGL) insurance and, if necessary, commercial umbrella insurance, on an occurrence basis, with a limit of not less than $3,000,000 each occurrence.  CGL insurance shall be written on ISO occurrence form CG 00 01 01 96 (or a substitute form providing equivalent coverage) and shall cover liability arising from premises, operations, independent contractors, products-completed operations, personal injury and advertising injury, liability assumed under an insured contract and the performance by Tenant of the indemnity agreements set forth in Sections 10.1 and 29.2 of this Lease.  Landlord shall be included as an insured under the CGL policy, using ISO additional insured endorsement CG 20 11 or a substitute providing equivalent coverage, and under the commercial umbrella, if any.  This insurance shall apply as primary insurance with respect to any other insurance or self-insurance programs afforded to Landlord.  There shall be no endorsement or modification of the CGL to make it excess over other available insurance; alternatively, if the CGL states that it is excess or pro rata, the policy shall be endorsed to be primary with respect to the additional insured.  Tenant waives all rights against Landlord and its agents, officers, directors and employees for recovery of damages to the extent these damages are covered by the commercial general liability or commercial umbrella liability insurance maintained pursuant to this agreement.
10.2.2    Commercial property insurance covering (a) all office furniture, trade fixtures, office equipment, merchandise and all other items of Tenant’s property on the Premises installed by, for, or at the expense of Tenant, and (b) the Improvements and Alterations.  Such insurance shall cover the perils insured under the ISO special causes of loss form (CP 10 30) and shall include coverage for vandalism and malicious mischief, terrorism coverage for both certified and non-certified acts of terrorism, water damage, sprinkler 

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leakage coverage, boiler and machinery (systems breakdown) and earthquake sprinkler leakage coverage.  The amount insured shall equal the full replacement cost value new without deduction for depreciation of the covered items.  Any coinsurance requirement in the policy shall be eliminated through the attachment of an agreed amount endorsement, the activation of an agreed value option, or as is otherwise appropriate under the particular policy form.  In no event shall Landlord be liable for any damage to or loss of personal property sustained by Tenant, whether or not it is insured, even if such loss is caused by the negligence of Landlord, its employees, officers, directors or agents.  Landlord and Tenant hereby waive any recovery of damages against each other (including their employees, officers, directors, agents, or representatives) for loss or damage to the Building, tenant improvements and betterments, fixtures, equipment, and any other personal property to the extent covered by the commercial property insurance required above.  If the commercial property insurance purchased by Tenant as required above does not allow the insured to waive rights of recovery against others prior to loss, Tenant shall cause them to be endorsed with a waiver of subrogation as required above.
10.2.3    Business income, business interruption and extra expense insurance in such amounts as will reimburse Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Premises or to the Building as a result of such perils.  In no event shall Landlord be liable for any business interruption or consequential loss sustained by Tenant, whether or not it is insured, even if such loss is caused by the negligence of Landlord, its agents, employees, directors officers or contractors.
10.2.4    Worker’s compensation insurance providing statutory benefits to Tenant’s employees, employers liability insurance with limits not less than $1,000,000 each accident for bodily injury by accident or $1,000,000 each employee for bodily injury by disease.  Tenant waives all rights against Landlord and its agents, officers, directors, and employees for recovery of damages to the extent these damages are covered by the worker’s compensation and employers liability obtained by Tenant.  Tenant shall obtain an endorsement to effect this waiver.
10.3    Form of Policies.  The minimum limits of policies of insurance required of Tenant under this Lease shall in no event limit the liability of Tenant under this Lease and Landlord makes no representation or guaranty that the insurance required under this Lease shall be sufficient or adequate to protect Tenant.  All insurance shall (a) be issued by an insurance company having a rating of not less than A-X in Best’s Insurance Guide or which is otherwise acceptable to Landlord and licensed to do business in the State where the Building is located; and (b) provide that said insurance shall not be canceled or coverage changed unless thirty (30) days’ prior written notice shall have been given to Landlord and the other additional insureds thereunder designated by Landlord.  In addition, the insurance described in Section 10.2.1 above shall (i) name Landlord, any mortgage holder, and any other party specified by Landlord, as an additional insured; (ii) specifically cover the liability assumed by Tenant under this Lease including, but not limited to, Tenant’s obligations under Section 10.1 of this Lease; (iii) be primary insurance as to all claims thereunder and provide that any insurance required by Landlord is excess and is non-contributing with any insurance requirement of Tenant; and (iv) contain a cross-liability endorsement or severability of interest clause acceptable to Landlord.  The insurance described in Section 10.2.2 shall name Landlord and any other party specified by Landlord as loss-payee as to all items referred to in clause (b) of Section 10.2.2 and the insurance described in Sections 10.2.2 and 10.2.3 shall have deductibles reasonably acceptable to Landlord.  Tenant shall deliver all policies or certificates thereof to Landlord on or before Landlord’s delivery of the Premises to Tenant or the Lease Commencement Date, whichever first occurs, and at least thirty (30) days before the expiration dates thereof.  All policies and certificates shall provide that Landlord will be given at least thirty (30) days’ prior written notice from the insurer of any cancellation, termination, non-renewal or any material change in coverage as required in this Lease.  The words “endeavor to” and “but failure to mail such notice shall impose no obligation or liability of any kind upon the company, its agents or representatives” shall be deleted from the policy or certificate form’s cancellation provision. Failure of Landlord to demand such certificate or other evidence of full compliance with these insurance requirements or failure of Landlord to identify a deficiency from evidence that is provided shall not be construed as a waiver of Tenant’s obligation to maintain such insurance.  In the event Tenant shall fail to procure such insurance, or to deliver such policies or certificate, Landlord may deny Tenant the right to occupy the Premises until such time as Tenant makes such deliveries (which denial shall have no effect upon the Lease Commencement Date) and/or procure such policies for the account of Tenant, and the cost thereof shall be paid to Landlord as Additional Rent within five (5) days after delivery to Tenant of the bills therefor.
10.4    Tenant’s Compliance with Landlord’s Insurance.  Tenant shall, at Tenant’s expense, comply with all reasonable insurance company requirements pertaining to the use of the Premises to the extent notice of such requirements is specifically delivered in writing by Landlord to Tenant.  If Tenant’s conduct or use of the Premises causes any increase in the premium for such insurance policies, and such conduct or use does not cease within two (2) business days after written notice is delivery by Landlord to Tenant, then Tenant shall promptly reimburse Landlord for any such increase.  Landlord agrees to maintain property insurance coverage on the Building at full replacement cost during the Lease Term.
10.5    Subrogation.  Landlord and Tenant agree to have their respective insurance companies issuing property damage, worker’s compensation insurance and loss of income and extra expense insurance waive any rights of subrogation that such companies may have against Landlord or Tenant, as the case may be.  Notwithstanding anything in this lease to the contrary, Landlord and Tenant hereby waive any right that either may have against the other on account of any loss or damage if such loss or damage is insurable under the property damage or loss of income and extra expense insurance required to be maintained hereunder (this waiver extends to deductibles under such insurance).
11.    DAMAGE AND DESTRUCTION
11.1    Repair of Damage to Premises by Landlord.  Tenant shall promptly notify Landlord of any damage to the Premises resulting from fire or any other casualty.  If the Premises or any Common Areas of the Building serving or providing access to the Premises shall be damaged by fire or other casualty, Landlord shall promptly and diligently, subject to reasonable delays for insurance adjustment or other matters beyond Landlord’s reasonable control, and subject to all other terms of this Article 11, restore the base, shell and core of such Common Areas and the Premises (collectively, the “Base, Shell and Core”) to substantially the same condition as existed prior to the casualty, except for modifications required by Law, the holder of a mortgage on the Real Property, the lessor of a ground or underlying lease, or any other modifications to the Common Areas reasonably deemed desirable by Landlord. Notwithstanding any other provision of this Lease, upon the occurrence of any damage to the Premises resulting from fire or other casualty, Tenant shall assign to 

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Landlord all insurance proceeds payable to Tenant as to items of property described in clause (b) of Section 10.2.2, and Landlord shall return the Improvements and Alterations to their original condition; provided that if the cost of such repair by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as assigned by Tenant, the cost of such repairs shall be paid by Tenant to Landlord prior to Landlord’s repair of the damage.  In the event any damage to the Building or Common Area occurs as a result of the negligence or willful misconduct of any Tenant Parties, Tenant shall reimburse Landlord, promptly on demand, for the costs incurred by Landlord in repairing such damage and the provisions of Section 10.5 regarding Landlord’s deductible shall not apply to such reimbursement obligation.  Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant’s business resulting in any way from damage resulting from fire or other casualty or Landlord’s repair thereof; provided however, that if such fire or other casualty shall have damaged the Premises or Common Areas necessary to Tenant’s occupancy, and if such damage is not the result of the negligence or willful misconduct of Tenant or any Tenant Parties, Landlord shall allow Tenant a proportionate abatement of Rent to the extent Landlord is reimbursed from the proceeds of rental interruption insurance purchased by Landlord as part of Operating Expenses, during the time and to the extent the Premises are unfit for occupancy for the purposes permitted under this Lease, and not occupied by Tenant as a result thereof.
11.2    Landlord’s Option to Repair.  Notwithstanding the terms of Section 11.1 of this Lease, Landlord may elect not to rebuild and/or restore the Premises and/or Building and instead terminate this Lease by notifying Tenant in writing of such termination within sixty (60) days after the date Landlord learns of the necessity for repairs as the result of damage, such notice to include a termination date giving Tenant ninety (90) days to vacate the Premises, but Landlord may so elect only if the Building shall be damaged by fire or other casualty or cause, whether or not the Premises are affected, and one or more of the following conditions is present:  (a) repairs cannot reasonably be completed within one hundred eighty (180) days after the date Landlord learns of the necessity for repairs as the result of damage (when such repairs are made without the payment of overtime or other premiums); (b) the holder of any mortgage on the Real Property or ground or underlying lessor with respect to the Real Property shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground or underlying lease, as the case may be; (c) the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies; or (d) such damage occurs during the last twelve (12) months of the Lease Term.
11.3    Tenant’s Option to Terminate.  Notwithstanding the terms of Sections 11.1 and 11.2 of this Lease, Tenant may terminate this Lease by notifying Landlord in writing of such termination within sixty (60) days after the date Tenant learns of the necessity for repairs as the result of damage, such notice to include a termination date giving Tenant ninety (90) days to vacate the Premises, but Tenant may so elect only if the Premises shall be damaged by fire or other casualty or cause, and one or more of the following conditions is present:  (a) repairs cannot reasonably be completed within one hundred eighty (180) days after the date of casualty; or (b)  such damage occurs during the last twelve (12) months of the Lease Term.
11.4    Waiver of Statutory Provisions.  The provisions of this Lease, including this Article 11, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, the Building or any other portion of the Real Property, and any statute, regulation or case law of the State of Colorado with respect to termination rights arising from damage or destruction shall have no application to this Lease or any damage or destruction to all or any part of the Premises, the Building or any other portion of the Real Property.
12.    NONWAIVER
No waiver of any provision of this Lease shall be implied by any failure of a party to enforce any remedy on account of the violation of such provision, even if such violation shall continue or be repeated subsequently.  Any waiver by a party of any provision of this Lease may only be in writing, and no express waiver shall affect any provision other than the one specified in such waiver and then only for the time and in the manner specifically stated in such waiver.  No receipt of monies by Landlord from Tenant after the termination of this Lease shall in any way alter the length of the Lease Term.
13.    CONDEMNATION
If the whole or any part of the Premises, Building or Real Property shall be taken by power of eminent domain or condemned by any competent authority for any public or quasi-public use or purpose, or if any adjacent property or street shall be so taken or condemned, or reconfigured or vacated by such authority in such manner as to require the use, reconstruction or remodeling of any part of the Premises, Building or Real Property, or if Landlord shall grant a deed or other instrument in lieu of such taking by eminent domain or condemnation, Landlord shall have the option to terminate this Lease upon ninety (90) days’ notice, provided such notice is given no later than one hundred eighty (180) days after the date of such taking, condemnation, reconfiguration, vacation, deed or other instrument.  If more than twenty-five percent (25%) of the rentable square feet of the Premises is taken, or if access to the Premises is substantially impaired, Tenant shall have the option to terminate this Lease upon ninety (90) days’ notice, provided such notice is given no later than one hundred eighty (180) days after the date of such taking.  Landlord shall be entitled to receive the entire award or payment in connection with such taking, provided that Tenant shall have the right to make a separate claim for moving expenses or other claims permitted by applicable Law, but only to the extent such claims do not reduce Landlord’s award.  If any part of the Premises shall be taken, and this Lease shall not be so terminated, the Rent shall be proportionately abated.  Tenant hereby waives any and all rights it might otherwise have pursuant to any Colorado law, statute or ordinance now or hereafter in effect, to seek termination of this Lease in the event of a taking.
14.    ASSIGNMENT AND SUBLETTING
14.1    Transfers.  Tenant shall not, without the prior written consent of Landlord, which shall not be unreasonably withheld, conditioned or delayed if Landlord does not exercise its rights under Section 14.4 below, assign or otherwise transfer this Lease or any interest hereunder, permit any assignment or other such foregoing transfer of this Lease or any interest hereunder by operation of Law, sublet the Premises or any part thereof, or permit the use of the Premises by any persons other than Tenant and its employees (all of the foregoing are hereinafter sometimes referred to collectively as “Transfers” and any person to whom any Transfer is made or sought to be made is hereinafter sometimes referred to as a “Transferee”).  If Tenant shall desire Landlord’s consent to any Transfer, Tenant shall 

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notify Landlord in writing, which notice (the “Transfer Notice”) shall include (a) the proposed effective date of the Transfer, which shall not be less than thirty (30) days nor more than one hundred eighty (180) days after the date of delivery of the Transfer Notice, (b) a description of the portion of the Premises to be transferred (the “Subject Space”), (c) all of the terms of the proposed Transfer and the consideration therefor, including a calculation of the Transfer Premium (as defined in Section 14.3 below) in connection with such Transfer, the name and address of the proposed Transferee and a copy of all operative documents to be executed to evidence such Transfer or the agreements incidental or related to such Transfer, and (d) current financial statements of the proposed Transferee and such other information as Landlord may reasonably require.  If there are any changes in the terms and conditions from those specified in the Transfer Notice (i) such that Landlord would initially have been entitled to refuse its consent to such Transfer under this Section 14.1, or (ii) which would cause the proposed Transfer to be more favorable to the Transferee than the terms set forth in Tenant’s original Transfer Notice, Tenant shall again submit the Transfer to Landlord for its approval and other action under this Article 14 (including Landlord’s right of recapture, if any, under Section 14.4 of this Lease).  Any Transfer made without Landlord’s prior written consent shall, at Landlord’s option, be null, void and of no effect, and shall, at Landlord’s option, constitute a Default by Tenant under this Lease.  Whether or not Landlord shall grant consent, Tenant shall pay Landlord’s review and processing fees, as well as any reasonable legal fees incurred by Landlord, in no event to exceed $1,500, within thirty (30) days after written request by Landlord.  Notwithstanding any contrary provision of this Lease, if Tenant or any proposed Transferee claims that Landlord has unreasonably withheld or delayed its consent to a proposed Transfer or otherwise has breached its obligations under this Article 14, Tenant’s and such Transferee’s only remedy shall be to seek a declaratory judgment and/or injunctive relief, and Tenant, on behalf of itself and, to the extent permitted by Law, such proposed Transferee waives all other remedies against Landlord, including without limitation, the right to seek monetary damages or to terminate this Lease.
14.2    Landlord’s Consent.  Landlord shall not unreasonably withhold its consent to any proposed Transfer of the Subject Space to the Transferee on the terms specified in the Transfer Notice.  The parties hereby agree that it shall be reasonable under this Lease and under any applicable law for Landlord to withhold consent to any proposed Transfer where one or more of the following apply, without limitation as to other reasonable grounds for withholding consent: (a) the Transferee is of a character or reputation or engaged in a business which is not consistent with the quality of the Building, or would be a significantly less prestigious occupant of the Building than Tenant; (b) the Transferee intends to use the Subject Space for purposes which are not permitted under this Lease; (c) the Transferee is either a governmental agency or instrumentality thereof; (d) the Transfer will result in more than a reasonable and safe number of occupants per floor within the Subject Space; (e) the Transferee is not a party of reasonable financial worth and/or financial stability in light of the responsibilities involved under the Lease on the date consent is requested; (f) the proposed Transfer would cause Landlord to be in violation of another lease or agreement to which Landlord is a party, or would give an occupant of the Building a right to cancel its lease; (g) the terms of the proposed Transfer will allow the Transferee to exercise a right of renewal, right of expansion, right of first offer, or other similar right held by Tenant (or will allow the Transferee to occupy space leased by Tenant pursuant to any such right); (h)  the proposed Transferee (i) occupies space in the Building at the time of the request for consent, (ii) is negotiating with Landlord to lease space in the Building at such time, or (iii) has negotiated with Landlord during the six (6)-month period immediately preceding the Transfer Notice; or (i)  Landlord has not received assurances acceptable to Landlord that all past due amounts owing by Tenant to Landlord, if any, will be paid and all defaults on the part of Tenant, if any, will be cured prior to the effective date of the proposed Transfer.
14.3    Transfer Premium.  If Landlord consents to a Transfer, Tenant shall pay to Landlord within thirty (30) days of Tenant’s receipt from Transferee, fifty percent (50%) of any Transfer Premium received by Tenant from such Transferee.  For purposes hereof, “Transfer Premium” shall mean all rent, additional rent or other consideration payable by such Transferee in excess of the Rent and Additional Rent payable by Tenant under this Lease on a per rentable square foot basis if less than all of the Premises is transferred, after deducting the reasonable expenses incurred by Tenant for (a) any changes, alterations and improvements to the Premises in connection with the Transfer, and (b) any brokerage commissions, free rent, concessions, or similar inducements in connection with the Transfer (collectively, the “Subleasing Costs”).  Transfer Premium shall also include, but not be limited to, key money and bonus money paid by Transferee to Tenant in connection with such Transfer, and any payment in excess of fair market value for services rendered by Tenant to Transferee or for assets, fixtures, inventory, equipment, or furniture transferred by Tenant to Transferee in connection with such Transfer.  Landlord or its authorized representatives shall have the one-time right in connection with any Transfer and at a reasonable time to audit the books, records and papers of Tenant relating to any Transfer, and shall have the right to make copies thereof, subject to a commercially reasonable confidentiality agreement.  If the Transfer Premium respecting any Transfer shall be found understated, Tenant shall, within thirty (30) days after demand, pay the deficiency and Landlord’s costs of such audit.  
14.4    Landlord’s Option to Recapture Subject Space.  Notwithstanding anything to the contrary contained in this Article 14, and except in connection with a Permitted Transfer (as defined in Section 14.7 below), Landlord shall have the option, by giving written notice to Tenant within thirty (30) days after receipt of any Transfer Notice, to recapture the Subject Space from Tenant.  Such recapture notice shall cancel and terminate this Lease with respect to the Subject Space as of the effective date of the proposed Transfer.  In the event of a recapture by Landlord, if this Lease shall be canceled with respect to less than the entire Premises, the Rent reserved herein shall be prorated on the basis of the number of rentable square feet retained by Tenant in proportion to the number of rentable square feet contained in the Premises, and this Lease as so amended shall continue thereafter in full force and effect, and upon request of either party, the parties shall execute written confirmation of the same.  If Landlord declines, or fails to elect in a timely manner to recapture the Subject Space under this Section 14.4, then, provided Landlord has consented to the proposed Transfer, Tenant shall be entitled to proceed to transfer the Subject Space to the proposed Transferee.  In addition, and notwithstanding the foregoing, if Landlord delivers a recapture notice to Tenant, Tenant shall have the right to rescind its Transfer Notice by delivering written notice of such rescission to Landlord within ten (10) days after receipt of Landlord’s recapture notice, in which event Tenant’s recapture notice shall be deemed null and void, and this Lease shall continue in full force and effect with respect to the entire Premises.
14.5    Effect of Transfer.  If Landlord consents to a Transfer, (i) the terms and conditions of this Lease shall in no way be deemed to have been waived or modified, (ii) such consent shall not be deemed consent to any further Transfer by either Tenant or a Transferee, (iii) Tenant shall deliver to Landlord, promptly after execution, an original executed copy of all documentation pertaining to the Transfer in form reasonably acceptable to Landlord, and (iv) no Transfer relating to this Lease or agreement entered into with respect thereto, whether with or without Landlord’s consent, shall relieve Tenant or any guarantor of the Lease from liability under this Lease.
14.6    Additional Transfers.  Intentionally deleted.

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14.7    Permitted Transfers.  Notwithstanding any provision to the contrary contained herein, Tenant shall have the right, without obtaining Landlord’s prior written consent, to assign or sublease all or any portion of the Premises to any affiliate of Tenant (a “Permitted Transfer”).  For purposes of this Section, an “affiliate” of Tenant shall mean any entity which, directly or indirectly, controls or is controlled by or is under common control with Tenant, or an entity into which Tenant may be merged or consolidated or which purchases all or substantially all of the assets of Tenant; provided, however, that such affiliate must either (a) have a net worth equal to or greater than Tenant’s net worth as of the Date of this Lease, or (b) in Landlord’s commercially reasonable opinion, have sufficient assets to perform its obligations (monetary or otherwise) under this Lease.  For purpose of the definition of “affiliate,” the word “control” (including “controlled by” and “under common control with”), as used with respect to any corporation, partnership, or association, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policy of a particular corporation, partnership or association, whether through the ownership of voting securities or by contract or otherwise.  Tenant’s right hereunder are further conditioned on: (i) Tenant shall remain primarily liable for all of its obligations under this Lease; (ii) any such affiliate shall assume and be bound by all obligations of Tenant for payment of all amounts of rental and other sums and the performance of all covenants required by Tenant pursuant to this Lease; (iii) any such affiliate intends to operate the Premises in accordance with the usage restrictions of this Lease; and (iv) not less than fifteen (15) days prior to the effective date of such sublease or assignment, Tenant shall provide Landlord with notice of such transaction and copies of the documents evidencing such transaction and such other evidence as Landlord may reasonably require to establish that such transaction falls within the terms and provisions of this Section.
15.    SURRENDER OF PREMISES AND REMOVAL OF TENANT’S PROPERTY
No act or thing done by Landlord or any agent or employee of Landlord during the Lease Term shall be deemed to constitute an acceptance by Landlord of a surrender of the Premises unless such intent is specifically acknowledged in a writing signed by Landlord.  Upon the expiration of the Lease Term, or upon any earlier termination of this Lease, Tenant shall quit and surrender possession of the Premises to Landlord in good order and condition, broom clean condition, reasonable wear and tear, casualty and repairs which are specifically made the responsibility of Landlord hereunder excepted.  Upon such expiration or termination, Tenant shall remove from the Premises all debris and rubbish, such items of furniture, equipment, and cabling installed by or at the request of Tenant that is not contained in protective conduit or metal raceway, other articles of personal property owned by Tenant and any property Landlord requires Tenant to remove pursuant to Section 8.3.  Tenant shall repair at its own expense all damage to the Premises and Building resulting from such removal.  To the fullest extent permitted by applicable Law, any unused portion of Tenant’s Security Deposit may be applied to offset Landlord’s costs set forth in the preceding sentence.  In addition, if Tenant fails to remove Tenant’s personal property from the Premises within 30 days after written notice, Landlord may (but shall not be obligated to) deem all or any part of Tenant’s personal property to be abandoned, and title to Tenant’s personal property (except with respect to any Hazardous Material) shall be deemed to be immediately vested in Landlord with no obligation on the part of Landlord to compensate Tenant for such property.  
16.    HOLDING OVER
If Tenant holds over after the expiration of the Lease Term hereof, such tenancy shall be from month-to-month only, provided that Base Rent shall at a monthly rate equal to the sum of 150% of the Base Rent due for the month immediately preceding the holdover.  Such month-to-month tenancy shall be subject to every other term, covenant and agreement contained herein.  Such holdover shall not constitute a renewal or extension of the Lease Term and Landlord expressly reserves the right to require Tenant to surrender possession of the Premises to Landlord as provided in this Lease upon the expiration or other termination of this Lease.  If Tenant holds over after the expiration of the Lease Term hereof, in addition to the payment of the amounts provided above, if Landlord is unable to deliver possession of the Premises to a new tenant, or to perform improvements for a new tenant, as a result of Tenant’s holdover and Tenant fails to vacate the Premises within fifteen (15) days after Landlord notifies Tenant of Landlord’s inability to deliver possession, or perform improvements, such failure shall constitute a Default by Tenant hereunder; and notwithstanding any other provision of this Lease to the contrary, Tenant shall be liable to Landlord for, any actual damages incurred by Landlord, directly or indirectly, by reason of Tenant’s remaining in possession after the expiration or termination of this Lease.  The provisions of this Article 16 shall not be deemed to limit or constitute a waiver of any other rights or remedies of Landlord provided herein or at Law.
17.    ESTOPPEL CERTIFICATES
Within ten (10) business days following a request in writing by Landlord, Tenant shall execute and deliver to Landlord an estoppel certificate, in such form as may be reasonably required by Landlord or any prospective mortgagee or purchaser of the Real Property, indicating therein any exceptions thereto that may exist at that time, and shall also contain any other information reasonably requested.
18.    SUBORDINATION
This Lease is subject and subordinate to all present and future ground or underlying leases of the Real Property and to the lien of any mortgages or trust deeds, now or hereafter in force against the Real Property and the Building, if any, and to all renewals, extensions, modifications, consolidations and replacements thereof, and to all advances made or hereafter to be made upon the security of such mortgages or trust deeds, unless the holders of such mortgages or trust deeds, or the lessors under such ground lease or underlying leases, require in writing that this Lease be superior thereto.  Tenant covenants and agrees to attorn, without any deductions or set-offs whatsoever, to the lender or holder of any mortgage or trust deed upon any foreclosure, to the purchaser upon any foreclosure sale, or to the lessor of a ground or underlying lease upon the termination thereof, as the case may be, if so requested to do so by such lender, purchaser or lessor, and to recognize such lender, purchaser or lessor as the lessor under this Lease.  Tenant shall, within ten (10) business days of request by Landlord, execute such further instruments or assurances as Landlord may reasonably deem necessary to evidence or confirm such attornment and/or the subordination or superiority of this Lease to any such mortgages, trust deeds, ground leases or underlying leases, so long as such instrument contains commercially reasonable non-disturbance language.  
19.    DEFAULTS; REMEDIES
19.1    Tenant Default.  The occurrence of any of the following shall constitute a default of this Lease by Tenant hereunder (a “Default”):

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19.1.1    Any failure by Tenant to pay any Rent or any other charge required to be paid under this Lease, or any part thereof when due hereunder within five (5) days after written notice from Landlord of such failure to pay; provided, however, Tenant shall only be entitled to two (2) such notices per calendar year, and thereafter any failure to pay Rent or any other charge when due shall be an automatic Default; or
19.1.2    Any failure by Tenant (other than a failure pursuant to Section 19.1.1 or 19.1.4) to observe or perform any other provision, covenant or condition of this Lease to be observed or performed by Tenant where such failure continues for thirty (30) days after written notice thereof from Landlord to Tenant; provided however, that if the nature of such default is such that the same cannot reasonably be cured within a thirty (30)-day period, Tenant shall not be deemed to be in default if it diligently commences such cure within such period and thereafter diligently proceeds to rectify and cure said default as soon as possible; or
19.1.3    The entry of an order for relief with respect to Tenant or any guarantor of this Lease under any chapter of the Federal Bankruptcy Code, the dissolution or liquidation of Tenant or any guarantor of this Lease, the insolvency of Tenant or any guarantor of this Lease or the inability of Tenant or any guarantor of this Lease to pay its debts when due, or the appointment of a trustee or receiver to take possession of all or substantially all of Tenant’s or any guarantor’s assets or Tenant’s interest under this Lease that is not discharged within sixty (60) days; or
19.1.4    The failure of Tenant to execute any documents referenced in Article 17 or 18 within the time periods set forth in those Articles.
Any notice required under this Section 19.1 shall be in lieu of, and not in addition to, any notice required under C.R.S. 13-40-104(1) or any similar or successor Law.
19.2    Landlord Default.  Landlord shall not be in default in the performance of any obligation required to be performed by Landlord under this Lease unless Landlord has failed to perform such obligation within thirty (30) days after the receipt of written notice to Landlord (and any mortgagee of whom Tenant has been notified in writing) from Tenant specifying in detail Landlord’s failure to perform; provided however, that if the nature of Landlord’s obligation is such that more than thirty (30) days are required for its performance, then Landlord shall not be deemed in default if it commences such performance within such thirty (30) day period and thereafter diligently pursues the same to completion.  Tenant agrees that, prior to commencing a legal action against Landlord for failure to cure such default as provided in the preceding sentence, any mortgagee which received notice of such default shall have an additional thirty (30) days to cure such default (unless such cure would take longer and such mortgagee has commenced such cure within said thirty (30) day period).  Upon any such uncured default by Landlord and any mortgagee which received notice of such default, Tenant may exercise any of its rights provided in law or at equity; provided, however: (a) Tenant shall have no right to offset or abate Rent in the event of any default by Landlord under this Lease, except to the extent offset rights are specifically provided to Tenant in this Lease; (b) Tenant shall have no right to terminate this Lease; (c) Tenant’s rights and remedies hereunder shall be limited to the extent (i) Tenant has expressly waived in this Lease any of such rights or remedies and/or (ii) this Lease otherwise expressly limits Tenant’s rights or remedies; and (d) Landlord will not be liable for any consequential damages.
20.    LANDLORD REMEDIES
20.1    Landlord’s Remedies.  Upon any Default by Tenant hereunder, Landlord shall have the right without notice or demand (except as provided in Article 19) to pursue any of its rights and remedies at law or in equity, including, without limitation, any one or more of the following remedies:
20.1.1    Without terminating this Lease, re-enter and take possession of the Premises in accordance with applicable Law;
20.1.2    Without terminating this Lease, Landlord may relet the Premises as Landlord may reasonable see fit without thereby voiding or terminating this Lease, and for the purposes of such reletting, Landlord is authorized, at Tenant’s expense, to make such repairs, redecorating, refurbishments or improvements to the Premises as may be necessary in the reasonable opinion of Landlord;
20.1.3    Terminate this Lease;
20.1.4    Remove and store, at Tenant’s expense, all the property in the Premises using such lawful force as may be necessary;
20.1.5    Cure such Default for Tenant at Tenant’s expense (plus a 5% administrative fee);
20.1.6    Offset any payment of sums Landlord would otherwise be obligated to pay to Tenant under this Lease or any other agreement against sums due Landlord from Tenant;
20.1.7    Require all future payments to be made by cashier’s check, money order, or wire transfer after the first time any check is returned for insufficient funds, or the second time any sum due hereunder is more than five (5) days late during a calendar year;
20.1.8    Apply any Security Deposit as permitted under this Lease; and/or
20.1.9    Recover such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by applicable Law, including any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course of events would be likely to result therefrom, subject to Landlord’s duty to use commercially reasonable efforts to mitigate Landlord’s damages.

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20.1.10    No notice from Landlord hereunder or under a forcible entry and detainer statute or similar law shall constitute an election by Landlord to terminate this Lease unless specifically stated in such notice.  Landlord reserves the right following any reentry and/or reletting to exercise its right to terminate this Lease by giving Tenant written notice, in which event the Lease will terminate as specified in such notice.
20.2    Measure of Damages.
20.2.1    Calculation.  If Landlord either terminates this Lease or terminates Tenant’s right to possession of the Premises, Tenant shall immediately surrender and vacate the Premises and pay Landlord on demand:  (a) all Rent accrued through the end of the month in which the termination becomes effective; (b) interest on all unpaid Rent from the date due at a rate equal to the lesser of 12% per annum or the highest interest rate permitted by applicable Law; (c) all expenses reasonably incurred by Landlord in enforcing its rights and remedies under this Lease, including all reasonable legal expenses; (d) Costs of Reletting (as defined below); and (e) all Landlord’s Rental Damages (as defined below).  In the event that Landlord relets the Premises for an amount greater than the Rent due during the Lease Term, Tenant shall not receive a credit for any such excess.
20.2.2    Definitions.  “Costs of Reletting” shall include commercially reasonable costs, losses and expenses incurred by Landlord in reletting all or any portion of the Premises including, without limitation, the cost of removing and storing Tenant’s furniture, trade fixtures, equipment, inventory, or other property, repairing and/or demolishing the Premises, removing and/or replacing Tenant’s signage and other fixtures, making the Premises ready for a new tenant, including the cost of advertising, commissions, architectural fees, legal fees, and leasehold improvements, and any allowances and/or concessions provided by Landlord.  “Landlord’s Rental Damages” shall mean the total Rent which Landlord would have received under this Lease (had Tenant made all such Lease payments as required) for the remainder of the Lease Term minus the amount of such rental loss that Tenant proves would be reasonably avoided pursuant to Section 20.4. below, or, if the Premises are relet, the actual rental value (not to be less than the Rent due during the Lease Term), both discounted to present value at the Prime Rate in effect upon the date of determination.  For purposes hereof, the “Prime Rate” shall be the per annum interest rate publicly announced by a federally insured bank selected by Landlord in the state in which the Building is located as such bank’s prime or base rate.
20.3    Tenant Not Relieved from Liabilities.  Unless expressly provided in this Lease, the repossession or re-entering of all or any part of the Premises shall not relieve Tenant of its liabilities and obligations under this Lease.  In addition, Tenant shall not be relieved of its liabilities under this Lease, nor be entitled to any damages hereunder, based upon minor or immaterial errors in the exercise of Landlord’s remedies.  No right or remedy of Landlord shall be exclusive of any other right or remedy.  Each right and remedy shall be cumulative and in addition to any other right and remedy now or subsequently available to Landlord at law or in equity.  If Tenant fails to pay any amount when due hereunder (after the expiration of any applicable cure period), Landlord shall be entitled to receive interest on any unpaid item of Rent from the date initially due (without regard to any applicable grace period) at a rate equal to the rate set forth in Article 25 below.  However, in no event shall the charges permitted under this Section 20.3 or elsewhere in this Lease, to the extent they are considered interest under applicable Law, exceed the maximum lawful rate of interest.  If any payment by Tenant of an amount deemed to be interest results in Tenant having paid any interest in excess of that permitted by Law, then it is the express intent of Landlord and Tenant that all the excess amounts collected by Landlord be credited against the other amounts owing by Tenant under this Lease.  Receipt by Landlord of Tenant’s keys to the Premises shall not constitute an acceptance or surrender of the Premises.  Notwithstanding any other provision of this Lease to the contrary, Tenant shall hold the Landlord Indemnified Parties harmless from and indemnify and defend such parties against, all claims that arise out of or in connection with a breach of this Lease, specifically including any violation of applicable Laws or Contamination (defined in Article 29) caused by Tenant.
20.4    Mitigation of Damages.  Upon termination of Tenant’s right to possess the Premises, Landlord shall use commercially reasonable efforts to mitigate damages by reletting the Premises.  Landlord shall not be deemed to have failed to do so if Landlord refuses to lease the Premises to a prospective new tenant with respect to whom Landlord would be entitled to withhold its consent pursuant to Article 14, or who (a) is an affiliate, parent, or subsidiary of Tenant; (b) is not acceptable to any mortgagee of Landlord; or (c) is unwilling to accept lease terms then proposed by Landlord, including:  (i) leasing for a shorter term than remains under this Lease; (ii) re-configuring or combining the Premises with other space, (iii) taking all or only a part of the Premises; and/or (iv) substantially changing the use of the Premises.  Notwithstanding Landlord’s duty to mitigate its damages as provided herein, Landlord shall not be obligated (1) to give any priority to reletting Tenant’s space in connection with its leasing of space in the Building or any complex of which the Building is a part, or (2) to accept below market rental rates for the Premises or any rate that would negatively impact the market rates for the Building.  Listing the Premises with a broker in a manner consistent with the foregoing shall constitute prima facie evidence of reasonable efforts on the part of Landlord to relet the Premises.
20.5    Landlord’s Lien.  Intentionally deleted.
20.6    Waiver of Default.  No waiver by Landlord or Tenant of any violation or breach of any of the terms, provisions and covenants herein contained shall be deemed or construed to constitute a waiver of any other or later violation or breach of the same or any other of the terms, provisions, and covenants herein contained.  Forbearance by Landlord or Tenant in enforcement of one or more of the remedies herein provided upon an event of default shall not be deemed or construed to constitute a waiver of such default.  The acceptance of any Rent hereunder by Landlord following the occurrence of any default, whether or not known to Landlord, shall not be deemed a waiver of any such default, except only a default in the payment of the Rent so accepted.
21.    COVENANT OF QUIET ENJOYMENT
Landlord covenants that Tenant, on paying the Rent, charges for services and other payments herein reserved and on keeping, observing and performing all the other terms, covenants, conditions, provisions and agreements herein contained on the part of Tenant to be kept, observed and performed, shall, during the Lease Term, peaceably and quietly have, hold and enjoy the Premises subject to the terms, covenants, conditions, provisions and agreements hereof without interference by any persons lawfully claiming by or through Landlord.  The foregoing covenant is in lieu of any other covenant express or implied.

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22.    SECURITY DEPOSIT
Concurrent with Tenant’s execution of this Lease, Tenant shall deposit with Landlord a security deposit (the “Security Deposit”) in the amount set forth in Section 11 of the Summary.  The Security Deposit shall be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants, and conditions of this Lease to be kept and performed by Tenant during the Lease Term.  If Tenant Defaults with respect to any provisions of this Lease, Landlord may use, apply or retain all or any part of the Security Deposit for the payment of any Rent or any other sum in default, to cure Tenant’s Default hereunder, or to compensate Landlord for any other loss or damage that Landlord may suffer by reason of Tenant’s Default.  If any portion of the Security Deposit is so used or applied, Tenant shall, within five (5) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount, and Tenant’s failure to do so shall be a Default under this Lease.  Landlord shall return the Security Deposit (less any portion thereof used, applied or retained by Landlord as permitted herein) to Tenant within forty-five (45) days following the expiration of the Lease Term.  Tenant shall not be entitled to any interest on the Security Deposit.  Tenant hereby waives the provisions of all provisions of Law (other than C.R.S. 38-12-103, which will apply except as modified by this Article 22), now or hereafter in force, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises.
23.    SUBSTITUTION OF OTHER PREMISES
Intentionally deleted.
24.    SIGNS
24.1    Premises Identification and Building Directory Signage.  Tenant shall be entitled, at Landlord’s sole cost and expense, to (a) Building-standard identification signage outside of the Premises on the floor on which Tenant’s Premises are located; and (b) to one (1) line on the Building directory to display Tenant’s name and location in the Building.  The location, quality, design, style, and size of such signage shall be consistent with the Landlord’s Building standard signage program and will comply with all applicable Laws (including the receipt of any necessary permits).  Any change in Tenant’s signage shall be at Tenant’s sole cost and expense.
24.2    Prohibited Signage and Other Items.  Any other signs, notices, logos, pictures, names or advertisements which are installed in the Common Areas or on the exterior of the Building or are visible from outside the Premises and that have not been individually approved by Landlord may be removed without notice by Landlord at the sole expense of Tenant.
24.3    Monument Signage.  Tenant shall have the right, at Tenant’s sole cost and expense, to place Tenant’s signage on one panel of the monument sign for the Building located at the Building’s entrance on Ridge Parkway, in a location mutually acceptable to Landlord and Tenant.  Such monument signage shall be subject to the prior written consent of Landlord, which consent shall not be unreasonably withheld, conditioned or delayed, and subject to all applicable Laws and any required governmental approvals (including receipt of any necessary permits).  
25.    LATE CHARGES
If any installment of Rent or any other sum due from Tenant shall not be received by Landlord or Landlord’s designee when said amount is due, then (a) Tenant shall pay to Landlord a late charge equal to seven percent (7%) of the amount due (but in no event shall such charge be in excess of the maximum amount permitted by applicable law) plus any reasonable attorneys’ fees incurred by Landlord by reason of Tenant’s failure to pay Rent and/or other charges when due hereunder, and (b) such unpaid amounts shall thereafter bear interest until paid at a rate equal to the prime rate established from time to time by the largest federally chartered banking institution in the State where the Building is located plus five percent (5%) per annum, provided that in no case shall such rate be higher than the highest rate permitted by applicable Law.  The late charge and interest shall be deemed Additional Rent and the right to require it shall be in addition to all of Landlord’s other rights and remedies hereunder or at Law and shall not be construed as liquidated damages or as limiting Landlord’s remedies in any manner.  
26.    LANDLORD’S RIGHT TO CURE DEFAULT
All covenants and agreements to be kept or performed by Tenant under this Lease shall be performed by Tenant at Tenant’s sole cost and expense and without any reduction of Rent.  If Tenant shall fail to perform any of its obligations under this Lease, within the applicable notice and cure period for such performance that is required by the terms of this Lease, Landlord may, but shall not be obligated to, make any such payment or perform any such act on Tenant’s part without waiving its right based upon any Default of Tenant and without releasing Tenant from any obligations hereunder, in which event Tenant shall reimburse Landlord, upon demand, for the sums incurred by Landlord in connection therewith.  Tenant’s reimbursement obligations under this Article 26 shall survive the expiration or sooner termination of the Lease Term.
27.    ENTRY BY LANDLORD
Landlord reserves the right at all reasonable times by providing a minimum 24 hours prior notice to the Tenant to enter the Premises to (a) inspect them; (b) show the Premises to prospective purchasers, mortgagees or (within the last six (6) months of the Lease Term only) tenants, or to the ground or underlying lessors; (c) post or serve notices of nonresponsibility; or (d) alter, improve or repair the Premises or the Building if necessary to comply with current Building codes or other applicable Laws, or for structural alterations, repairs or improvements to the Building.  Notwithstanding anything to the contrary contained in this Article 27, Landlord may enter the Premises at any time to (i) perform services required of Landlord; (ii) take possession due to any Default by Tenant hereunder in the manner provided herein; (iii) perform any covenants of Tenant which Tenant fails to perform; or (iv) to address an emergency.  Any such entries shall be without the abatement of Rent, shall not be deemed an unlawful entry, or an actual or constructive eviction, and shall include the right to take such reasonable steps as required to accomplish the stated purposes.  Tenant hereby waives any claims for damages or for any injuries or inconvenience to or interference with Tenant’s business, lost profits, any loss of occupancy or quiet enjoyment of 

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the Premises, and any other loss occasioned thereby, except to the extent a result of the gross negligence or willful misconduct of Landlord or its agents, employees or contractors.
28.    PARKING
Subject to compliance with the rules and regulations reasonably prescribed by Landlord, Tenant shall have the right to use parking passes on a monthly basis throughout the Lease Term in the amount set forth in Section 12 of the Summary to park in the Parking Facilities, on a non-exclusive basis.  In no event shall Tenant use more than the number of parking passes allocated to Tenant by Section 12 of the Summary.  Landlord may, without incurring any liability to Tenant and without any abatement of Rent under this Lease, from time to time, close-off or restrict access to the Parking Facilities, or relocate Tenant’s parking passes to other parking structures and/or surface parking areas within a reasonable distance of the Premises, for purposes of permitting or facilitating any such construction, alteration, improvements or repairs with respect to the Parking Facilities or to accommodate or facilitate renovation, alteration, construction or other modification of other improvements or structures located on the Real Property.  Landlord shall provide reasonable alternative parking arrangements during following any such closure or restriction.  Any parking rates charged by Landlord for Tenant’s parking passes shall be exclusive of any parking tax or other charges imposed by governmental authorities in connection with the use of such parking, which taxes and/or charges shall be paid directly by Tenant or the parking users, or, if directly imposed against Landlord, Tenant shall reimburse Landlord for all such taxes and/or charges concurrent with its payment of the parking rates described herein.
29.    HAZARDOUS MATERIALS
29.1    Restrictions.  No Hazardous Material (except for de minimis quantities of common cleaning products and office supplies used in the ordinary course of Tenant’s business at the Premises and that are used, kept, and disposed of in compliance with applicable Laws) shall be brought upon, used, kept, or disposed of in or about the Premises or the Real Property by any Tenant Parties or any of Tenant’s transferees, contractors, agents or licensees without Landlord’s prior written consent, which consent may be withheld in Landlord’s sole and absolute discretion.  Tenant’s request for such consent shall include a representation and warranty by Tenant that the Hazardous Material in question (a) is necessary in the ordinary course of Tenant’s business, and (b) shall be used, kept, and disposed of in compliance with all applicable Laws.  
29.2    Remediation.  Tenant shall, at its expense, monitor the Premises for the presence of Hazardous Materials or conditions which may reasonably give rise to Contamination (defined below) and promptly notify Landlord if it suspects Contamination in the Premises.  Any remediation of Contamination caused by a Tenant Party or its contractors or invitees which is required by Law or which is deemed necessary by Landlord, in Landlord’s opinion, shall be performed by Landlord and Tenant shall reimburse Landlord for the cost thereof, plus a 5% administrative fee.  Tenant shall be liable for, and shall indemnify, defend, protect and hold Landlord and the Landlord Indemnified Parties harmless from and against, any and all claims, damages, judgments, suits, causes of action, losses, liabilities and expenses, including testing, remediation and consultant and reasonable attorneys’ fees and court costs, arising or resulting from (a) any Contamination on or about the Premises, Building or Real Property caused by Tenant or any Tenant Parties; or (b) any breach of this Article 29 by Tenant.
29.3    Definitions.  A “Hazardous Material” is any substance the presence of which requires, or may hereafter require, notification, investigation, or remediation under any laws or which is now or hereafter defined, listed, or regulated by any governmental authority as a “hazardous waste”, “extremely hazardous waste”, “solid waste”, “toxic substance”, “hazardous substance”, “hazardous material” or “regulated substance”, or otherwise regulated under any Laws.  “Contamination” means the existence or any release or disposal of a Hazardous Material or biological or organic contaminant, including any such contaminant which could adversely impact air quality, such as mold, fungi, or other bacterial agents, in, on, under, at, or from the Premises, the Building, or the Real Property which may result in any liability, fine, use restriction, cost recovery lien, remediation requirement, or other government or private party action, or imposition affecting any Landlord Indemnified Party. For purposes of this Lease, claims arising from Contamination shall include diminution in value, restrictions on use, adverse impact on leasing space, and all costs of site investigation, remediation, removal, and restoration work, including response costs under CERCLA and similar statutes.
29.4    Landlord's Obligations.  Landlord hereby represents and warrants to Tenant (i) Landlord has not received any notice that the Building or Real Property is contaminated by any Hazardous Materials; and (ii) to Landlord’s actual knowledge, no portion of the Real Property is being used for the treatment, storage, or disposal of any Hazardous Materials in violation of any applicable Laws.  Landlord covenants that, during the Lease Term, it will not cause or permit the treatment, storage, or disposal of any Hazardous Materials in, on or about any part of the Real Property by Landlord, its agents, employees, or contractors in violation of any applicable Laws.  Tenant shall have no liability with respect to any Hazardous Materials located on the Premises or the Real Property, except to the extent caused by a Tenant Party or its contractors or invitees.  Landlord's obligations under this Section will survive the expiration or other termination of this Lease.
30.    MISCELLANEOUS PROVISIONS
30.1    Binding Effect.  Landlord has delivered a copy of this Lease to Tenant for Tenant’s review only, and the delivery of it does not constitute an offer to Tenant or an option.  This Lease shall not be effective against any party hereto until an original copy of this Lease has been signed by such party and delivered to the other party.  An electronic or facsimile copy of the Lease shall be deemed an original for purposes of this Section 30.1.  Each of the provisions of this Lease shall extend to and shall, as the case may require, bind or inure to the benefit not only of Landlord and of Tenant, but also of their respective successors or assigns, provided this clause shall not permit any assignment by Tenant contrary to the provisions of Article 14 of this Lease.
30.2    No Air Rights.  No rights to any view or to light or air over any property, whether belonging to Landlord or any other person, are granted to Tenant by this Lease.  
30.3    Modification of Lease.  Intentionally deleted.  

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30.4    Transfer of Landlord’s Interest.  In the event Landlord transfers all or any portion of its interest in the Real Property and Building and in this Lease, Landlord shall automatically be released from all remaining liability under this Lease and Tenant agrees to look solely to such transferee for the performance of Landlord’s obligations hereunder after the date of transfer, except to the extent of any prepaid sums of Tenant held by Landlord and not delivered to such transferee. 
30.5    Captions.  The captions of Articles and Sections are for convenience only and shall not be deemed to limit, construe, affect or alter the meaning of such Articles and Sections.
30.6    Time of Essence.  Time is of the essence of this Lease and each of its provisions.
30.7    Partial Invalidity.  If any term, provision or condition contained in this Lease shall, to any extent, be invalid or unenforceable, the remainder of this Lease, or the application of such term, provision or condition to persons or circumstances other than those with respect to which it is invalid or unenforceable, shall not be affected thereby, and each and every other term, provision and condition of this Lease shall be valid and enforceable to the fullest extent possible permitted by law.
30.8    Landlord Exculpation.  It is expressly understood and agreed that notwithstanding anything in this Lease to the contrary, and notwithstanding any applicable law to the contrary, the liability of Landlord hereunder (including any successor landlord) and any recourse by Tenant against Landlord shall be limited solely and exclusively to the interest of Landlord in the Building and the proceeds thereof, and neither Landlord, nor any of its constituent partners, members, shareholders, officers, directors or employees shall have any personal liability therefor, and Tenant hereby expressly waives and releases such personal liability on behalf of itself and all persons claiming by, through or under Tenant.
30.9    Entire Agreement.  It is understood and acknowledged that there are no oral agreements between the parties hereto affecting this Lease and this Lease supersedes and cancels any and all previous negotiations, arrangements, brochures, agreements and understandings, if any, between the parties hereto or displayed by Landlord to Tenant with respect to the subject matter thereof, and none thereof shall be used to interpret or construe this Lease.  This Lease and any side letter or separate agreement executed by Landlord and Tenant in connection with this Lease and dated of even date herewith contain all of the terms, covenants, conditions, warranties and agreements of the parties relating in any manner to the rental, use and occupancy of the Premises.  None of the terms, covenants, conditions or provisions of this Lease can be modified, deleted or added to except in writing signed by the parties hereto.  Any deletion of language from this Lease prior to its execution by Landlord and Tenant shall not be construed to raise any presumption, canon of construction or implication, including, without limitation, any implication that the parties intended thereby to state the converse of the deleted language.  The parties hereto acknowledge and agree that each has participated in the negotiation and drafting of this Lease; therefore, in the event of an ambiguity in, or dispute regarding the interpretation of, this Lease, the interpretation of this Lease shall not be resolved by any rule of interpretation providing for interpretation against the party who caused the uncertainty to exist or against the draftsman.
30.10    Force Majeure.  Any prevention, delay or stoppage due to strikes, lockouts, labor disputes, acts of God, inability to obtain services, labor, or materials or reasonable substitutes therefor, governmental actions, civil commotions, fire or other casualty, and other causes beyond the reasonable control of the party obligated to perform, except with respect to the obligations imposed with regard to Rent and other charges to be paid by Tenant pursuant to this Lease (collectively, the “Force Majeure“), notwithstanding anything to the contrary contained in this Lease, shall excuse the performance of such party for a period equal to any such prevention, delay or stoppage and, therefore, if this Lease specifies a time period for performance of an obligation of either party, that time period shall be extended by the period of any delay in such party’s performance caused by a Force Majeure.
30.11    Notices. Any notice, demand or other communication given under the provisions of this Lease (collectively, “Notices“) by either party to the other party shall be effective only if in writing and (a) personally served, (b) mailed by United States registered or certified mail, return receipt requested, postage prepaid, or (c) sent by a nationally recognized courier service (e.g., Federal Express) for next-day delivery.  Notices shall be directed to the parties at their respective addresses set forth in the Summary.  In the event that a different address is furnished by either party to the other party in accordance with the procedures set forth in this Section 30.11, Notices shall thereafter be sent or delivered to the new address.  Notices given in the foregoing manner shall be deemed given (i) when actually received or refused by the party to whom sent if delivered by carrier or personally served, (ii) if mailed, on the day of actual delivery or refusal as shown by the addressee’s registered or certified mail receipt, or (iii) if sent by nationally recognized courier service, one business day after deposit with such courier service.  For purposes of this Section 30.11, a “business day” is Monday through Friday, excluding holidays observed by the United States Postal Service.
30.12    Joint and Several Liability.  If more than one person or entity executes this Lease as Tenant: (a) each of them is and shall be jointly and severally liable for the covenants, conditions, provisions and agreements of this Lease to be kept, observed and performed by Tenant; and (b) the act or signature of, or notice from or to, any one or more of them with respect to this Lease shall be binding upon each and all of the persons and entities executing this Lease as Tenant with the same force and effect as if each and all of them had so acted or signed, or given or received such notice. 
30.13    Attorneys’ Fees.  If either party commences any action or proceeding to interpret or enforce the terms contained in this Lease, including for damages for the breach hereof or otherwise for enforcement of any remedy hereunder, the prevailing party shall be entitled to recover from the other party such costs and reasonable attorneys’ fees as may have been incurred, including any and all costs incurred in enforcing, perfecting and executing such judgment.
30.14    Governing Law; Jurisdiction and Venue.  This Lease and the rights and obligations of the parties shall be interpreted, construed, and enforced in accordance with the laws of the state in which the Building is located.  All obligations under this Lease are performable in the County in which the Building is located, which shall be the venue for all legal actions.
30.15    Jury Trial Waiver.  TENANT, TO THE FULL EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT COUNSEL, WAIVES, RELINQUISHES AND FOREVER FOREGOES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED 

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UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO THIS LEASE OR ANY CONDUCT, ACT OR OMISSION OF LANDLORD, TENANT, OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, PARTNERS, MEMBERS, EMPLOYEES, AGENTS OR ATTORNEYS, OR ANY OTHER PERSONS AFFILIATED WITH LANDLORD OR TENANT, IN EACH OF THE FOREGOING CASES, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.
30.16    Paragraph Headings.  The headings and titles to the Articles and Sections of this Lease are for convenience only and shall have no effect on the interpretation of any part of this Lease.
30.17    Recording.  Tenant shall not record this Lease or any memorandum of lease.
30.18    Authority.  Tenant covenants, warrants, and represents that each individual executing, attesting, and/or delivering this Lease on behalf of Tenant is authorized to do so on behalf of Tenant; this Lease is binding upon and enforceable against Tenant; and Tenant is duly organized and legally existing in the state of its organization and is qualified to do business in the state in which the Premises are located.
30.19    Relationship.  This Lease shall create only the relationship of landlord and tenant between the parties, and not a partnership, joint venture, or any other relationship.
30.20    Survival of Obligations.  The expiration of the Lease Term, whether by lapse of time or otherwise, shall not relieve Tenant of any obligations which accrued prior to or which may continue to accrue after the expiration or early termination of this Lease.  Those terms or provisions of this Lease which this Lease expressly states shall survive, or which by their context are clearly intended to survive, the expiration or earlier termination of this Lease, shall survive the expiration or earlier termination of this Lease.
30.21    Brokers.  Landlord and Tenant hereby warrant to each other that they have had no dealings with any real estate broker or agent in connection with the negotiation of this Lease, excepting only the real estate brokers or agents specified in Section 13 of the Summary (the “Brokers”), and that they know of no other real estate broker or agent who is entitled to a commission in connection with this Lease.  Each party agrees to indemnify and defend the other party against and hold the other party harmless for, from and against any and all claims, demands, losses, liabilities, lawsuits, judgments, and costs and expenses (including without limitation reasonable attorneys’ fees) with respect to any leasing commission or equivalent compensation alleged to be owing on account of the indemnifying party’s dealings with any real estate broker or agent other than the Brokers.
30.22    Transportation Management.  Tenant shall fully comply with all reasonable present or future programs intended to manage parking, transportation or traffic in and around the Building and in connection therewith, Tenant shall take responsible action for the transportation planning and management of all employees located at the Premises by working directly with Landlord, any governmental transportation management organization or any other transportation-related committees or entities.
30.23    Confidentiality.  Tenant acknowledges that the content of this Lease and any related documents are confidential information.  Tenant shall keep such confidential information strictly confidential and shall not disclose such confidential information to any person or entity other than Tenant’s financial, legal, and space planning consultants.
30.24    Landlord Renovations.  Tenant acknowledges that Landlord may, but shall not be obligated to (other than as specifically set forth herein or in the Work Letter, if applicable), during the Lease Term renovate, improve, alter, or modify (collectively, the “Renovations”) the Building and/or Real Property, including without limitation the Parking Facilities, Common Areas, systems and equipment, roof, and structural portions of the same.  Tenant hereby agrees that such Renovations and Landlord’s actions in connection with such Renovations shall in no way constitute a constructive eviction of Tenant nor entitle Tenant to any abatement of Rent, provided, that Landlord agrees to use commercially reasonable efforts to minimize any disruption to Tenant’s business operations in the Premises.  Except to the extent caused by the gross negligence or willful misconduct of Landlord, its agents, employees or contractors, Landlord shall have no responsibility or for any reason be liable to Tenant for any direct or indirect injury to or interference with Tenant’s business arising from the Renovations, nor shall Tenant be entitled to any compensation or damages from Landlord for loss of the use of the whole or any part of the Premises or of Tenant’s personal property or improvements resulting from the Renovations or Landlord’s actions in connection with such Renovations, or for any inconvenience or annoyance occasioned by such Renovations or Landlord’s actions in connection with such Renovations.
30.25    Financial Statements.  Upon fifteen (15) days prior written request from Landlord (which Landlord may make at any time during the Term but no more often than once in any calendar year), Tenant shall deliver to Landlord a certified current financial statement of Tenant and any guarantor of this Lease.
30.26    Excepted Rights.  Landlord shall also have the right (but not the obligation) to temporarily close the Building if Landlord reasonably determines that there is an imminent danger of significant damage to the Building or of personal injury to Landlord’s employees or the occupants of the Building.  The circumstances under which Landlord may temporarily close the Building shall include, without limitation, electrical interruptions, tornados, significant snow storms, terrorist activities and civil disturbances.  A closure of the Building under such circumstances shall not constitute a constructive eviction nor entitle Tenant to an abatement or reduction of rent payable hereunder.
30.27    Interpretation of Lease Terms.  Each provision of this Lease shall be valid and enforceable to the fullest extent permitted by law.  If any provision of this Lease or the application of such provision to any person or circumstance shall, to any extent, be invalid or unenforceable, the remainder of this Lease, or the application of such provision to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected by such invalidity or unenforceability, unless such provision or such application of such provision is essential to this Lease.  
30.28    Counterparts.  This Lease may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one document.  

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30.29    OFAC Compliance.  For purposes of this Section 30.29, the term “Affiliated Parties” shall mean Tenant, any Guarantor hereunder, all persons and entities owning (directly or indirectly) an ownership interest in Tenant or Guarantor, and any and all subsidiaries, predecessors, agents and affiliates thereof.  “Blocked Parties” mean any person or entity (a) that is itself or an Affiliated Party of an entity listed in the Annex to, or is otherwise subject to the provisions of, the September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism (“Executive Order”), (b) with whom a party is prohibited from dealing or otherwise engaging in any transaction by any Patriot Act Related Law (as defined below), (c) who commits, threatens or conspires to commit or support “terrorism” as defined in the Executive Order, (d) that is named as a “specially designated national and blocked person” on the most current list published by the U.S. Department of the Treasury, Office of Foreign Assets Control at its official website, http://www.ustreas.gov/offices/enforcement/ofac/ or at any replacement website or other replacement official publication of such list.  The “Patriot Act Related Laws” are defined as any regulations of the Office of Foreign Asset Control (“OFAC”) of the Department of the Treasury (including, but not limited to, OFAC’s Specially Designated and Blocked Persons list) or any statute or executive order (including, but not limited to, the Executive Order) designed to limit commercial transactions with designated countries or individuals believed to be terrorists, narcotic dealers or otherwise engaged in activities contrary to the interests of the U.S., including, without limitation Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107‐56), and the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001, as the same may be amended from time to time, and any other governmental law, rule or regulation implementing such laws or purposes.  Tenant hereby represents and warrants that, to Tenant’s knowledge, Tenant and all Affiliated Parties (i) have never been a Blocked Party, and (ii) have been and are currently in full compliance with all Patriot Act Related Laws.  Tenant covenants that neither Tenant nor any of its Affiliated Parties will do any of the following: (1) conduct any business or engage in any transaction or deal with any Blocked Person, including the making or receiving of any contribution of funds, goods or services to or for the benefit of any Blocked Person, (2) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order, or (3) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate any of the prohibitions set forth in any Patriot Act Related Law.  Tenant covenants and agrees to deliver to Landlord upon request reasonable evidence of its compliance with the provisions of this Section 30.29.  Tenant shall implement an internal methodology for ensuring compliance with the Patriot Act Related Laws and avoiding business transactions with Blocked Parties.  If, at any time, any of the representations set forth above in this Section 30.29 becomes false or Tenant breaches any other provision of this Section 30.29, then it shall be considered a default under this Lease, which shall not be subject to any notice and/or cure period and Landlord shall have the immediate right to exercise its rights and remedies in the event of a default, including, but not limited to, termination of this Lease.
30.30    Authority.  Upon request from Landlord, Tenant shall provide Landlord with reasonable evidence that each person signing this Lease on behalf of Tenant is authorized to do so on behalf of Tenant.
30.31    Tenant Personal Property Lien. If all or some of the movable trade fixtures and personal property (collectively referred to herein as “Tenant’s Personalty”) to be installed used, stored or otherwise located by Tenant in the Premises are subject to a lien or security interest in favor of a bank, insurance company, pension fund, nationally recognized private equity or similar firm, or like institutional lender (referred to herein as “Institutional Lender”), Landlord hereby agrees to recognize the rights therein of such Institutional Lender and agrees to execute an instrument on a form reasonably acceptable to Landlord pursuant to which Landlord will subordinate any claim arising by reason of any Landlord’s lien, right of distraint, or otherwise with respect to the financed Tenant’s Personalty to the lien or security interest of any such Institutional Lender.
31.    RIGHT OF FIRST REFUSAL
31.1    Grant of Right of First Refusal.  Subject to the terms and conditions of this Article 31, Landlord hereby grants to Tenant an ongoing right of first refusal (“Right of First Refusal”) to lease all, or a portion of, any space on the 3rd floor in the Building (the “First Refusal Space”).
31.2    Procedure for Offer.  If Landlord receives a bona fide written offer from an unaffiliated third party for the lease of all or any portion of the First Refusal Space (each, a “Bona Fide Offer”), and Landlord is willing to accept the Bona Fide Offer, Landlord shall give Tenant written notice (the “First Refusal Notice”) of the Bona Fide Offer, and shall offer to lease to Tenant the First Refusal Space on the same terms and conditions of the Bona Fide Offer (collectively, the “Bona Fide Offer Terms”).
31.3    Procedure for Acceptance.  If Tenant wishes to exercise Tenant’s Right of First Refusal with respect to the applicable First Refusal Space described in the First Refusal Notice, then within five business days after delivery of the First Refusal Notice to Tenant, Tenant shall deliver written notice to Landlord of Tenant’s exercise of its right of first refusal with respect to the entire First Refusal Space described in the First Refusal Notice on the Bona Fide Offer Terms (each, a “ROFR Exercise Notice”).  Tenant must elect to exercise its Right of First Refusal, if at all, with respect to all of the First Refusal Space offered by Landlord to Tenant in the First Refusal Notice.  Tenant may not elect to lease only a portion of the space offered in the First Refusal Notice, even if the space described in the First Refusal Notice comprises an area larger than the First Refusal Space or an area that does not comprise the entire First Refusal Space.  If Tenant does not so notify Landlord within the 5-business day period, then Landlord shall be free to lease the First Refusal Space offered to Tenant in the First Refusal Notice to the unaffiliated third party on the applicable Bona Fide Offer Terms; provided, however, that in the event the economic terms of the deal with such unaffiliated third party change such that the economic terms (inclusive of tenant improvement allowance, rent concessions, etc.) is decreased by 10% or more, Landlord shall once again offer such First Refusal Space to Tenant on the new economic terms in accordance with this Section 31.
31.4    Other Terms and Conditions.  Except as otherwise expressly set forth in the First Refusal Notice, Tenant shall take the First Refusal Space in its “AS IS” condition, and Landlord shall have no obligation for free rent, leasehold improvements or for any other tenant inducements for the First Refusal Space.  Except as otherwise expressly set forth in the First Refusal Notice, the term of the lease for the applicable portion of the First Refusal Space, and Tenant’s obligation to pay Rent for such First Refusal Space, shall commence upon the date of delivery of the First Refusal Space to Tenant and shall terminate on the date set forth in the First Refusal Notice.

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31.5    Limitations.  Tenant shall not have the right to lease the First Refusal Space, if, as of the date of the attempted exercise of any Right of First Refusal by Tenant, or as of the scheduled date of delivery of such First Refusal Space to Tenant, (a) a Default by Tenant is continuing, or (b) Tenant shall have assigned this Lease or subleased to all or any portion of the Premises to any Transferee, other than pursuant to a Permitted Transfer.  
31.6    Amendment to Lease.  If Tenant timely exercises Tenant’s right to lease any applicable First Refusal Space as set forth herein, Landlord and Tenant shall, within 15 days after Tenant’s exercise thereof and delivery to Tenant by Landlord of a lease amendment in form and substance reasonably acceptable to both parties, execute an amendment to this Lease for such First Refusal Space upon the terms and conditions as set forth in the First Refusal Notice and this Article 31.

[Signatures follow on next page]

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IN WITNESS WHEREOF, Landlord and Tenant have caused this Lease to be executed the Date first above written.

LANDLORD: 

SEMAHO, INC.,
a Colorado corporation

By     REFORMA RE INC.,
a Colorado corporation,
Authorized Agent

By__/s/ Andrew Sevillo____________
Name: _Andrew Sevillo____________
Title: _Agent_____________________

TENANT:

DMC GLOBAL INC., 
a Delaware corporation

By: __/s/ Michael Kuta________________
Name: _Michael Kuta_________________
Title: _CFO____________   __      ______

21

EXHIBIT A
FLOOR PLAN OF PREMISES

A-1

EXHIBIT B
WORK LETTER
LANDLORD PERFORMS IMPROVEMENTS; ALLOWANCE
This Work Letter (“Work Letter”) shall set forth the terms and conditions relating to the construction of the Premises.  This Work Letter is essentially organized chronologically and addresses the issues of the construction of the Premises, in sequence, as such issues will arise during the actual construction of the Premises.  All references in this Work Letter to Articles or Sections of “this Lease” shall mean the relevant portions of the Lease to which this Work Letter is attached as Exhibit B, and all references in this Work Letter to Sections of “this Work Letter” shall mean the relevant portions of this Work Letter.
1.    Acceptance of Premises.  Tenant accepts the Premises in their “AS‐IS” condition on the Date of this Lease, except for any warranties expressly set forth in the Lease, and except that Landlord agrees to perform the Improvements (as defined in Section 3.3 below) in accordance with this Work Letter.  In addition, Landlord agrees to (a) replace the bulbs in the hallways of the third floor of the Building within six months of the Date of the Lease, at Landlord’s cost, and (b) paint the ceiling of the corridor on the third floor of the Building outside of the Premises in an egg-shell finish in a color approved by Landlord, the cost of which shall be deducted from the Construction Allowance (as defined in Section 10 below).
2.    Space Plans; Landlord Pre-Approval of Certain Items.
2.1    Test Fit Allowance.  Landlord has agreed per a separate agreement to pay Tenant’s architect $0.12/per rentable square foot for an initial space plan and pricing notes in order to get a budget estimate of costs of the Improvements.  This test fit allowance is not part of and shall not be deducted from the Construction Allowance.
2.2    Space Plans.  Landlord and Tenant have approved that certain space plan dated June 8, 2018 prepared by Tenant’s architect, Arch 11 (the “Architect”) and attached hereto as Exhibit 1 (the “Space Plans”) depicting the improvements to be installed in the Premises
2.3    Landlord Pre-Approval of Certain Items.  Landlord hereby confirms that (a) it approves Tenant’s use and installation of roller window shades for the Premises consisting of the Mecho-Systems SoHo Collection 1900 Series (5% open) in Color 1922 Howard (Mocha), and (b) Tenant shall have the right to core drill from the third floor of the Building in order to install data, power and telephone wiring for the Premises per building code in locations acceptable to Landlord; provided, however, at Landlord’s election, such core drill locations may be reviewed by Landlord’s structural engineer prior to commencement of such core drilling.  The cost of such roller window shades and any review of core drilling locations by Landlord’s structural engineer shall be deducted from the Construction Allowance.
3.    Working Drawings.
3.1    Preparation and Delivery.  On or before the date that is fifteen (15) days following the date Tenant approves, or is deemed to have approved, the Space Plans (the “Working Drawings Delivery Deadline”), Landlord shall provide to Tenant for its approval final working drawings, prepared by the Architect and Landlord’s preferred engineering group consisting of MDP Engineering, of all improvements that Tenant wishes to have installed in the Premises; such working drawings shall include the partition layout, ceiling plan, electrical outlets and switches, telephone outlets, drawings for any modifications to the mechanical, electrical, life safety and plumbing and any other systems of the Building, and detailed plans and specifications for the construction of the improvements called for under this Exhibit in accordance with all applicable Laws and suitable for permitting and construction.   
3.2    Approval Process.  Tenant shall notify Landlord whether it approves of the submitted working drawings within five (5) business days after Landlord’s submission thereof.  If Tenant disapproves of such working drawings, then Tenant shall notify Landlord thereof specifying in reasonable detail the reasons for such disapproval, in which case Landlord shall, within three (3) business days after such notice, revise such working drawings in accordance with Tenant’s objections and submit the revised working drawings to Tenant for its review and approval.  Tenant shall notify Landlord in writing whether it approves of the resubmitted working drawings within two (2) business days after its receipt thereof.  This process shall be repeated until the working drawings have been finally approved by Tenant and Landlord.  If Tenant fails to notify Landlord that it disapproves of the initial working drawings within five (5) business days (or, in the case of resubmitted working drawings, within two (2) business days) after the submission thereof, then Tenant shall be deemed to have approved the working drawings in question.
Notwithstanding the foregoing, the working drawings approved by Tenant and Landlord shall also be submitted by the Architect to Landlord’s Building architect, Kieding, to perform a “Peer Review” of such working drawings before the same are distributed to any contractors for bidding and pricing.  Once Kieding has approved such working drawings, the same may be distributed to contractors for bidding in accordance with Section 4 below.
3.3    Landlord’s Approval; Performance of the Improvements.  If any of the proposed construction work in the Premises will affect the Building’s structure or the Building’s systems, then the working drawings pertaining thereto must be approved by the Building’s engineer of record.  Tenant’s approval of such working drawings shall not be unreasonably withheld, provided that (%4) they comply with all applicable Laws, and (%4) such working drawings are sufficiently detailed to allow construction of the improvements and associated work in a good and workmanlike manner.  As used herein, “Working Drawings” means the final working drawings approved by Landlord and Tenant and Kieding, as amended from time to time by any approved changes thereto, and “Improvements” means all improvements to be constructed in the Premises in accordance with and as indicated on the Working Drawings, together with any work required by governmental authorities to be made to other areas of the Building as a result of the improvements indicated by the Working Drawings.  Landlord’s approval of the Working Drawings shall not be a representation or warranty of Landlord that such drawings are adequate for any use or comply with any applicable Laws, but shall merely be the consent of Landlord thereto.  

B-1

Tenant shall, at Landlord’s request, sign the Working Drawings to evidence its review and approval thereof.  After the Working Drawings have been approved, Landlord shall cause the Improvements to be performed in accordance with the Working Drawings, in a good and workmanlike manner, lien-free, and in accordance with all applicable Laws.  EXCEPT TO THE EXTENT EXPRESSLY SET FORTH HEREIN, LANDLORD MAKES NO WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE SPACE PLANS, THE WORKING DRAWINGS OR THE IMPROVEMENTS (OR ANY OTHER SERVICES PROVIDED BY THE ARCHITECT, TENANT’S CONTRACTOR OR ANY OF THEIR SUBCONTRACTORS).  ALL IMPLIED WARRANTIES BY LANDLORD WITH RESPECT THERETO, INCLUDING BUT NOT LIMITED TO THOSE OF HABITABILITY, MERCHANTABILITY, MARKETABILITY, QUALITY AND FITNESS FOR A PARTICULAR PURPOSE, ARE EXPRESSLY NEGATED AND WAIVED. WITHOUT LIMITING THE FOREGOING, LANDLORD SHALL NOT BE RESPONSIBLE FOR ANY FAILURE OF THE IMPROVEMENTS.  LANDLORD WILL NOT BE RESPONSIBLE FOR, OR HAVE CONTROL OR CHARGE OVER, THE ACTS OR OMISSIONS OF THE ARCHITECT OR ITS AGENTS OR EMPLOYEES.  LANDLORD IS NOT ACTING AS A CONTRACTOR AND IS NOT GUARANTEEING THE SPACE PLANS, THE WORKING DRAWINGS OR THE IMPROVEMENTS.
4.    Bidding of the Improvements; Performance of the Improvements.  Prior to commencing the Improvements, Landlord shall competitively bid the Improvements to not less than three contractors selected by Landlord and reasonably approved by Tenant.  Tenant may recommend a contractor to be included in the bidding process, so long as such contractor meets Landlord’s standard of qualifications and is otherwise approved by Landlord.  Such bids shall be reasonably acceptable to Tenant.  If the estimated Total Construction Costs (as defined in Section 9 below) are expected to exceed the Construction Allowance, Tenant shall be allowed to review the submitted bids from such contractors to value engineer any of the Improvements requested by Tenant.  In such case, Tenant shall notify Landlord of any items in the Working Drawings that Tenant desires to change within two (2) business days after Landlord’s submission thereof to Tenant.  If Tenant fails to notify Landlord of its election within such two (2) business day period, Tenant shall be deemed to have approved the bids.  Within five (5) business days following Landlord’s submission of the initial construction bids to Tenant under the foregoing provisions (if applicable), Tenant shall have completed all of the following items: (a) finalized with Landlord’s Representative and the proposed contractor, the pricing of any requested revisions to the bids for the Improvements, and (b) approved in writing any overage in the Total Construction Costs in excess of the Construction Allowance, failing which each day after such five (5) business day period shall constitute a Tenant Delay Day (as defined in Section 6 below).
5.    Change Orders.  Tenant may initiate changes in the Improvements.  Each such change (a “Change Order”) must receive the prior written approval of Landlord, such approval not to be unreasonably withheld, conditioned, or delayed; however, if such requested Change Order would adversely affect (in the reasonable discretion of Landlord) (a) the Building’s structure or the Building’s systems (including the Building’s restrooms or mechanical rooms), (b) the exterior appearance of the Building, or (c) the appearance of the Building’s common areas or elevator lobby areas, Landlord may withhold its consent in its sole and absolute discretion.  Landlord shall, upon completion of the Improvements, cause to be prepared accurate architectural, mechanical, electrical and plumbing “as‐built” plans of the Improvements as constructed, which plans shall be incorporated into this Exhibit B by this reference for all purposes.  If Tenant requests any changes to the Improvements described in the Space Plans or the Working Drawings, then Landlord shall inform Tenant in writing of the estimated increased costs and delay, if any, to the expected completion date of the Improvements.  Tenant shall have a period of three (3) days to notify Landlord in writing if it does not wish to proceed with the changes.  If Tenant timely notifies Landlord that it does not wish to proceed with the changes, or fails to respond with such 3-day period, Tenant’s request for changes shall be null and void and Landlord shall not proceed with such changes.  If Tenant timely elects to proceed with the changes, such increased costs and any additional design costs incurred in connection therewith as the result of any such change shall be added to the Total Construction Costs, and any such delay caused thereby shall be deemed a Tenant Delay Day.
6.    Definitions.  As used herein, a “Tenant Delay Day” means each day of delay in the performance of the Improvements that occurs (a) because Tenant fails to timely furnish any information or deliver or approve any required documents, pricing estimates, construction bids, and the like beyond the timeframes set forth herein, (b) because of any change by Tenant to the Space Plans or Working Drawings, (c) because Tenant fails to attend any meeting with Landlord, the Architect, any design professional, or any contractor, or their respective employees or representatives, as may be required or scheduled hereunder or otherwise necessary in connection with the preparation or completion of any construction documents, or in connection with the performance of the Improvements, (d) because of any specification by Tenant of materials or installations in addition to or other than Landlord’s standard finish-out materials or any materials that are not readily available, or (e) because Tenant or its employees, agents, or contractors otherwise delays completion of the Improvements.  As used herein “Substantial Completion,” “Substantially Completed,” and any derivations thereof mean the Improvements in the Premises is substantially completed (as evidenced by receipt of a Certificate of Occupancy or equivalent) in accordance with the Working Drawings. Substantial Completion shall have occurred even though minor details of construction, decoration and mechanical adjustments remain to be completed and are identified on a punchlist pursuant to Section 7 below.

7.    Walk-Through; Punchlist.  When Landlord considers the Improvements in the Premises to be Substantially Completed, Landlord will notify Tenant and, within three (3) business days thereafter, Landlord’s representative and Tenant’s representative shall conduct a walk-through of the Premises and identify any necessary touch-up work, repairs and minor completion items that are necessary for final completion of the Improvements.  Neither Landlord’s representative nor Tenant’s representative shall unreasonably withhold his or her agreement on punchlist items.  Landlord shall use reasonable efforts to cause the contractor performing the Improvements to complete all punchlist items within thirty (30) days after agreement thereon; however, Landlord shall not be obligated to engage overtime labor in order to complete such items.  

8.    Construction Contract Warranty.  Landlord shall use commercially reasonable efforts to enforce the warranty provided by any contractor performing the Improvements on Tenant’s behalf.

9.    Excess Costs.  Tenant shall pay the entire amount by which the Total Construction Costs (as hereinafter defined) exceed the Construction Allowance (such excess amount being referred to herein as the “Excess Amount”).  Upon approval of the Working Drawings and Landlord’s selection of a contractor, Tenant shall promptly (a) execute a work order agreement prepared by Landlord which identifies such drawings and itemizes the Total Construction Costs and sets forth the Construction Allowance, and (b) pay to Landlord 90% of Landlord’s estimate of the Excess Amount.  Upon Substantial Completion of the Improvements, Tenant shall pay to Landlord (i) 

B-1

any remaining unpaid portion of the Excess Amount, and (ii) any additional costs incurred by Landlord in performing the Improvements because of an event specified in the definition of Tenant Delay Day, within ten (10) days after receipt of an invoice from Landlord.  In the event of default of payment of any portion of the Excess Amount, Landlord (in addition to all other remedies) shall have the same rights as for an event of Default under the Lease.  As used herein, “Total Construction Costs” means (1) the entire cost of performing the Improvements (including preparation of the Space Plans and Working Drawings and the final “as-built” plan of the Improvements, costs of construction labor and materials, engineering fees, related taxes and insurance costs, licenses, permits, certifications, surveys and other approvals required by applicable Law), and (2) the Construction Supervision Fee referenced in Section 10 below.

10.    Construction Allowance.  Landlord shall provide to Tenant a construction allowance not to exceed $50.00 per rentable square foot contained in the Premises (the “Construction Allowance”) to be applied toward the Total Construction Costs, as adjusted for any changes to the Improvements.  Except as otherwise set forth herein, the Construction Allowance shall not be disbursed to Tenant in cash, but shall be applied by Landlord to the payment of the Total Construction Costs, if, as, and when the cost of the Improvements is actually incurred and paid by Landlord.
Notwithstanding the foregoing, at Tenant’s election, a portion of the Construction Allowance remaining after payment of the cost of the Improvements (not to exceed $5.00 per rentable square foot contained in the Premises) may be disbursed by Landlord to Tenant for the following items and costs (collectively the “Allowance Items”): (a) costs incurred in connection with the purchase and/or installation of furniture, fixtures and equipment in the Premises, and (b) moving expenses incurred by Tenant in connection with its move into the Premises.  The portion of the Construction Allowance that may be used for the items described in this paragraph is referred to herein as the “Discretionary Allowance.”
Landlord shall make disbursements of the Discretionary Allowance to Tenant for the Allowance Items as follows: Subsequent to the Lease Commencement Date and continuing until the Allowance Deadline (as hereinafter defined), Tenant may make one single request from Landlord for that portion of the Discretionary Allowance to which Tenant is entitled by delivering a written request therefor to Landlord, which request shall include copies of invoices paid or to be paid by Tenant and with executed mechanic’s liens in a form reasonably acceptable to Landlord, when applicable, from any contractors, subcontractors, suppliers, materialmen and/or vendors.  Within forty-five (45) days thereafter, Landlord shall deliver a check to Tenant made payable to Tenant, in the amount of the Discretionary Allowance so requested; provided, however, in no event shall Landlord be required to make more than one disbursement of the Discretionary Allowance.  
The Construction Allowance must be used (that is, the Improvements must be fully complete and the Construction Allowance (including the portion consisting of the Discretionary Allowance) requested by Tenant, if not already applied by Landlord to the Total Construction Costs) on or before the date that is two (2) months after Substantial Completion (the “Allowance Deadline”), or such Construction Allowance or remaining portion thereof shall be deemed forfeited with no further obligation by Landlord with respect thereto, time being of the essence with respect thereto.
11.    Construction Management.  Landlord or its agent shall supervise the Improvements, make disbursements required to be made to the contractor, act as a liaison between the contractor and Tenant, and coordinate the relationship between the Improvements, the Building and the Building’s systems.  In consideration for Landlord’s construction supervision services, Tenant shall pay to Landlord a construction supervision fee equal to three percent (3%) of the hard construction costs included in the Improvements (the “Construction Supervision Fee”), which shall be deducted from the Construction Allowance.
12.  Construction Representatives.  Landlord’s and Tenant’s representatives for coordination of construction and approval of change orders will be as follows, provided that either party may change its representative upon written notice to the other:
	
		
	Landlord’s Representative:
	Andrew Devitt, Senior Project Manager
c/o Transwestern
5251 DTC Pkwy, Suite 1100
Greenwood Village, CO 80111
Telephone: (303) 952-5598

	
		
	Tenant’s Representative:
	Nancy Nowell
c/o DMC Global Inc.
Nnowell@dmcglobal.com 
Telephone: (303) 604-3905 

13.    Miscellaneous.  To the extent not inconsistent with this Exhibit, the alteration provisions contained in the Lease shall govern the performance of the Improvements and Landlord’s and Tenant’s respective rights and obligations regarding the improvements installed pursuant thereto.

B-1

Exhibit 1 to Work Letter

B-1

EXHIBIT C
RULES AND REGULATIONS
Tenant shall faithfully observe and comply with the following Rules and Regulations.  Landlord shall not be responsible to Tenant for the nonperformance of any of said Rules and Regulations by or otherwise with respect to the acts or omissions of any other tenants or occupants of the Building, provided that Landlord shall use commercially reasonable efforts to enforce the Rules and Regulations in an even-handed manner.
1.    Tenant shall not alter any lock or install any new or additional locks or bolts on any doors or windows of the Premises.  Tenant shall bear the cost of any lock changes or repairs required by Tenant.  ___ keys will be furnished by Landlord for the Premises, and any additional keys required by Tenant must be obtained from Landlord at a reasonable cost to be established by Landlord.   
2.    All doors opening to public corridors shall be kept closed at all times except for normal ingress and egress to the Premises, unless electrical hold backs have been installed.  Landlord may supply access cards for Tenant’s employees, which cards will be furnished at a reasonable cost to be established by Landlord.  Tenant will be responsible for returning all access cards upon the expiration or earlier termination of the Lease and will pay a reasonable replacement fee for any lost or stolen cards. 
3.    Landlord reserves the right to close and keep locked all entrance and exit doors of the Building during such hours as are customary for comparable buildings in the vicinity of the Building.  Tenant, its employees and agents must be sure that the doors to the Building are securely closed and locked when leaving the Premises if it is after the normal hours of business for the Building.  Any tenant, its employees, agents or any other persons entering or leaving the Building at any time when it is so locked, or any time when it is considered to be after normal business hours for the Building, may be required to sign the Building register when so doing.  Access to the Building may be refused unless the person seeking access has proper identification or has a previously arranged pass for access to the Building.  The Landlord and its agents shall in no case be liable for damages for any error with regard to the admission to or exclusion from the Building of any person.  In case of invasion, mob, riot, public excitement, or other commotion, Landlord reserves the right to prevent access to the Building during the continuance of same by any means it deems appropriate for the safety and protection of life and property.
4.    Landlord shall have the right to prescribe the weight, size and position of all safes and other heavy property brought into the Building.  Safes and other heavy objects shall, if considered necessary by Landlord, stand on supports of such thickness as is necessary to properly distribute the weight.  Landlord will not be responsible for loss of or damage to any such safe or property in any case.  All damage done to any part of the Real Property, its contents, occupants or visitors by moving or maintaining any such safe or other property shall be the sole responsibility of Tenant and any expense of said damage or injury shall be borne by Tenant.
5.    No furniture, freight, packages, supplies, equipment or merchandise will be brought into or removed from the Building or carried up or down in the stairs or elevators, except upon prior notice to Landlord, and in such manner, in such specific stairwell or elevator, and between such hours as shall be designated by Landlord.  Tenant shall provide Landlord with not less than 24 hours prior notice of the need to utilize an elevator or stairwell for any such purpose, so as to provide Landlord with a reasonable period to schedule such use and to install such padding or take such other actions or prescribe such procedures as are appropriate to protect against damage to the elevators, stairwells or other parts of the Building.  In no event shall Tenant’s use of the elevators or stairwells for any such purpose be permitted during the hours of 7:00 a.m. - 9:00 a.m., 11:30 a.m. - 1:30 p.m. and 4:30 p.m. - 6:30 p.m.
6.    Landlord shall have the right to control and operate the public portions of the Real Property, the public facilities, the heating and air conditioning, and any other facilities furnished for the common use of tenants, in such manner as is customary for comparable buildings in the vicinity of the Building.
7.    The requirements of Tenant will be attended to only upon application at the Building management office or at such office location designated by Landlord within the Building.  Employees of Landlord shall not perform any work or do anything outside their regular duties unless under special instructions from Landlord.
8.    Tenant shall not disturb, solicit, or canvass any occupant of the Building and shall cooperate with Landlord or Landlord’s agents to prevent same.
9.    The toilet rooms, urinals, wash bowls and other apparatus shall not be used for any purpose other than that for which they were constructed, and no foreign substance of any kind whatsoever shall be thrown therein.  The expense of any breakage, stoppage or damage resulting from the violation of this rule shall be borne by the tenant who, or whose employees or agents, shall have caused it.
10.    Tenant shall not overload the floor of the Premises, nor mark, drive nails or screws, or drill into the partitions, woodwork or plaster or in any way deface the Premises or any part thereof without Landlord’s consent first had and obtained.
11.    Except for vending machines intended for the sole use of Tenant’s employees and invitees, no vending machine or machines of any description other than fractional horsepower office machines shall be installed, maintained or operated upon the Premises without the written consent of Landlord.
12.    Tenant shall not use or keep in or on the Premises or the Real Property any kerosene, gasoline or other inflammable or combustible fluid or material.
13.    Tenant shall not use any method of heating or air conditioning other than that which may be supplied by Landlord, without the prior written consent of Landlord.

	
			
	 
	C-1
	 

14.    Tenant shall not use, keep or permit to be used or kept, any foul or noxious gas or substance in or on the Premises, or permit or allow the Premises to be occupied or used in a manner offensive or objectionable to Landlord or other occupants of the Building by reason of noise, odors, or vibrations, or interfere in any way with other tenants or those having business therein.
15.    Tenant shall not bring into or keep within the Building or the Premises any animals, birds, bicycles or other vehicles.  
16.    No cooking shall be done or permitted by any tenant on the Premises, nor shall the Premises be used for the storage of merchandise, for lodging or for any improper, objectionable or immoral purposes.  Notwithstanding the foregoing, Underwriters’ laboratory-approved equipment and microwave ovens may be used in the Premises for heating food and brewing coffee, tea, hot chocolate and similar beverages, provided that such use is in accordance with all applicable federal, state and city laws, codes, ordinances, rules and regulations, and does not cause odors which are objectionable to Landlord and other Tenants.
17.    Landlord will approve where and how telephone and telegraph wires are to be introduced to the Premises.  No boring or cutting for wires shall be allowed without the consent of Landlord.  The location of telephone, call boxes and other office equipment affixed to the Premises shall be subject to the approval of Landlord.
18.    Landlord reserves the right to exclude or expel from the Real Property any person who, in the judgment of Landlord, is intoxicated or under the influence of liquor or drugs, or who shall in any manner do any act in violation of any of these Rules and Regulations.
19.    Tenant, its employees and agents shall not loiter in the entrances or corridors, nor in any way obstruct the sidewalks, lobby, halls, stairways or elevators, and shall use the same only as a means of ingress and egress for the Premises.
20.    Tenant shall not waste electricity, water or air conditioning and agrees to cooperate fully with Landlord to ensure the most effective operation of the Building’s heating and air conditioning system, and shall refrain from attempting to adjust any controls.  This includes the closing of exterior blinds, disallowing the sun rays to shine directly into areas adjacent to exterior windows.
21.    Tenant shall store all its trash and garbage within the interior of the Premises.  No material shall be placed in the trash boxes or receptacles if such material is of such nature that it may not be disposed of in the ordinary and customary manner of removing and disposing of trash and garbage in the area in which the Building is located without violation of any law or ordinance governing such disposal.  All trash, garbage and refuse disposal shall be made only through entry-ways, stairwells and elevators provided for such purposes at such times as Landlord shall designate.
22.    Tenant shall comply with all safety, fire protection and evacuation procedures and regulations established by Landlord or any governmental agency.
23.    Tenant shall assume any and all responsibility for protecting the Premises from theft, robbery and pilferage, which includes keeping doors locked and other means of entry to the Premises closed, when the Premises are not occupied.
24.    Landlord may waive any one or more of these Rules and Regulations for the benefit of any particular tenant or tenants, but no such waiver by Landlord shall be construed as a waiver of such Rules and Regulations in favor of any other tenant or tenants, nor prevent Landlord from thereafter enforcing any such Rules or Regulations against any or all tenants of the Building.
25.    No awnings or other projection shall be attached to the outside walls of the Building without the prior written consent of Landlord.  No curtains, blinds, shades or screens shall be attached to or hung in, or used in connection with, any window or door of the Premises without the prior written consent of Landlord.  All electrical ceiling fixtures hung in offices or spaces along the perimeter of the Building must be fluorescent and/or of a quality, type, design and bulb color approved by Landlord.
26.    The sashes, sash doors, skylights, windows, and doors that reflect or admit light and air into the halls, passageways or other public places in the Building shall not be covered or obstructed by Tenant, nor shall any bottles, parcels or other articles be placed on the windowsills.
27.    The washing and/or detailing of or, the installation of windshields, radios, telephones in or general work on, automobiles shall not be allowed on the Real Property.
28.    Food vendors shall be allowed in the Building upon receipt of a written request from the Tenant.  The food vendor shall service only the tenants that have a written request on file in the Building Management Office.  Under no circumstance shall the food vendor display their products in a public or Common Area including corridors and elevator lobbies.  Any failure to comply with this rule shall result in immediate permanent withdrawal of the vendor from the Building.
29.    Tenant must comply with requests by the Landlord concerning the informing of their employees of items of importance to the Landlord.
30.    Tenant shall comply with any non-smoking ordinance adopted by any applicable governmental authority.
31.    Tenant and Tenant’s employees, agents, contractors and other invitees shall not be permitted to bring firearms onto the Real Property or surrounding areas at any time.
32.    Landlord reserves the right at any time to change or rescind any one or more of these Rules and Regulations, or to make such other and further reasonable Rules and Regulations as in Landlord’s judgment may from time to time be necessary for the management, safety, care and cleanliness of the Real Property, and for the preservation of good order thereof, as well as for the convenience of other occupants and tenants thereof.  Landlord shall not be responsible to Tenant or to any other person for the nonobservance of the Rules and 

	
			
	 
	C-1
	 

Regulations by another tenant or other person.  Tenant shall be deemed to have read these Rules and Regulations and to have agreed to abide by them as a condition of its occupancy of the Premises.

	
			
	 
	C-1EX-10.1

 Exhibit 10.1 

FIFTH AMENDED AND RESTATED 

SENIOR CREDIT AGREEMENT 

DATED AS OF OCTOBER 19, 2018 

AMONG 
 TERRENO REALTY
LLC, 
 AS BORROWER 

AND 
 KEYBANK NATIONAL
ASSOCIATION 
 AS ADMINISTRATIVE AGENT 

KEYBANC CAPITAL MARKETS 

AS JOINT LEAD ARRANGER 

MUFG UNION BANK, N.A. 

AS CO-SYNDICATION AGENT AND JOINT LEAD ARRANGER 

PNC BANK, NATIONAL ASSOCIATION 

AS CO-SYNDICATION AGENT 

PNC CAPITAL MARKETS LLC 

AS JOINT LEAD ARRANGER 

REGIONS BANK 
 AS CO-SYNDICATION AGENT 
 REGIONS CAPITAL MARKETS 

AS JOINT LEAD ARRANGER 

AND 
 THE SEVERAL
LENDERS 
 FROM TIME TO TIME PARTIES HERETO, 

AS LENDERS 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I. DEFINITIONS
	  	 	1	 
	 ARTICLE II. THE CREDIT
	  	 	26	 
	 2.1.
	 	 Generally
	  	 	26	 
	 2.2.
	 	 Termination or Increase in Aggregate Commitment
	  	 	27	 
	 2.3.
	 	 Applicable Margins and Facility Fee
	  	 	28	 
	 2.4.
	 	 Final Principal Payment
	  	 	30	 
	 2.5.
	 	 Facility Fee
	  	 	30	 
	 2.6.
	 	 Other Fees
	  	 	30	 
	 2.7.
	 	 Minimum Amount of Each Advance
	  	 	30	 
	 2.8.
	 	 Principal Payments
	  	 	30	 
	 2.9.
	 	 Method of Selecting Types and Interest Periods for New Advances
	  	 	31	 
	 2.10.
	 	 Conversion and Continuation of Outstanding Advances
	  	 	32	 
	 2.11.
	 	 Changes in Interest Rate, Etc.
	  	 	32	 
	 2.12.
	 	 Rates Applicable After Default
	  	 	32	 
	 2.13.
	 	 Method of Payment
	  	 	33	 
	 2.14.
	 	 Notes; Telephonic Notices
	  	 	33	 
	 2.15.
	 	 Interest Payment Dates; Interest and Fee Basis
	  	 	33	 
	 2.16.
	 	 Swingline Advances
	  	 	34	 
	 2.17.
	 	 Notification of Advances, Interest Rates and Prepayments
	  	 	35	 
	 2.18.
	 	 Lending Installations
	  	 	35	 
	 2.19.
	 	 Non-Receipt of Funds by the Administrative Agent
	  	 	35	 
	 2.20.
	 	 Replacement of Lenders under Certain Circumstances
	  	 	35	 
	 2.21.
	 	 Usury
	  	 	36	 
	 2.22.
	 	 Unencumbered Properties
	  	 	36	 
	 2.23.
	 	 Extension of Revolving Facility Termination Date
	  	 	39	 
	 2.24.
	 	 LIBOR Rate Lending Unlawful; Inability to Determine Rate
	  	 	40	 
	 ARTICLE IIA LETTER OF CREDIT SUBFACILITY
	  	 	41	 
	 2A.1
	 	 Obligation to Issue
	  	 	41	 
	 2A.2
	 	 Types and Amounts
	  	 	41	 
	 2A.3
	 	 Conditions
	  	 	41	 
	 2A.4
	 	 Procedure for Issuance of Facility Letters of Credit
	  	 	42	 
	 2A.5
	 	 Reimbursement Obligations; Duties of Issuing Bank
	  	 	43	 
	 2A.6
	 	 Participation
	  	 	43	 
	 2A.7
	 	 Payment of Reimbursement Obligations
	  	 	45	 
	 2A.8
	 	 Compensation for Facility Letters of Credit
	  	 	45	 
	 2A.9
	 	 Letter of Credit Collateral Account
	  	 	46	 
	 ARTICLE III. CHANGE IN CIRCUMSTANCES
	  	 	46	 
	 3.1.
	 	 Yield Protection
	  	 	46	 
	 3.2.
	 	 Changes in Capital Adequacy Regulations
	  	 	47	 
	 3.3.
	 	 Availability of Types of Advances
	  	 	47	 
	 3.4.
	 	 Funding Indemnification
	  	 	48	 
	 3.5.
	 	 Taxes
	  	 	48	 
	 3.6.
	 	 Lender Statements; Survival of Indemnity
	  	 	52	 
	 ARTICLE IV. CONDITIONS PRECEDENT
	  	 	52	 

							
	 4.1.
	 	 Initial Advance
	  	 	52	 
	 4.2.
	 	 Each Advance and Issuance
	  	 	54	 
	 ARTICLE V. REPRESENTATIONS AND WARRANTIES
	  	 	54	 
	 5.1.
	 	 Existence
	  	 	54	 
	 5.2.
	 	 Authorization and Validity
	  	 	54	 
	 5.3.
	 	 No Conflict; Government Consent
	  	 	55	 
	 5.4.
	 	 Financial Statements; Material Adverse Effect
	  	 	55	 
	 5.5.
	 	 Taxes
	  	 	55	 
	 5.6.
	 	 Litigation and Guarantee Obligations
	  	 	55	 
	 5.7.
	 	 Direct Subsidiaries; Investment Affiliates
	  	 	55	 
	 5.8.
	 	 ERISA
	  	 	56	 
	 5.9.
	 	 Accuracy of Information
	  	 	56	 
	 5.10.
	 	 Regulation U
	  	 	56	 
	 5.11.
	 	 Material Agreements
	  	 	56	 
	 5.12.
	 	 Compliance With Laws
	  	 	56	 
	 5.13.
	 	 Ownership of Properties
	  	 	56	 
	 5.14.
	 	 Investment Company Act
	  	 	57	 
	 5.15.
	 	 Affiliate Transactions
	  	 	57	 
	 5.16.
	 	 Solvency
	  	 	57	 
	 5.17.
	 	 Insurance
	  	 	57	 
	 5.18.
	 	 REIT Status
	  	 	57	 
	 5.19.
	 	 Environmental Matters
	  	 	57	 
	 5.20.
	 	 Unencumbered Properties
	  	 	58	 
	 5.21.
	 	 Intellectual Property
	  	 	60	 
	 5.22.
	 	 Broker’s Fees
	  	 	60	 
	 5.23.
	 	 No Bankruptcy Filing
	  	 	61	 
	 5.24.
	 	 No Fraudulent Intent
	  	 	61	 
	 5.25.
	 	 Transaction in Best Interests of Borrower and Subsidiary Guarantors; Consideration
	  	 	61	 
	 5.26.
	 	 Subordination
	  	 	61	 
	 5.27.
	 	 Tax Shelter Representation
	  	 	61	 
	 5.28.
	 	 Anti-Terrorism Laws
	  	 	61	 
	 5.29.
	 	 Survival
	  	 	62	 
	 5.30.
	 	 Beneficial Ownership Certification
	  	 	63	 
	 ARTICLE VI. COVENANTS
	  	 	63	 
	 6.1.
	 	 Financial Reporting
	  	 	63	 
	 6.2.
	 	 Use of Proceeds
	  	 	65	 
	 6.3.
	 	 Notice of Default
	  	 	65	 
	 6.4.
	 	 Conduct of Business
	  	 	65	 
	 6.5.
	 	 Taxes
	  	 	65	 
	 6.6.
	 	 Insurance
	  	 	65	 
	 6.7.
	 	 Compliance with Laws
	  	 	65	 
	 6.8.
	 	 Maintenance of Properties
	  	 	66	 
	 6.9.
	 	 Inspection
	  	 	66	 
	 6.10.
	 	 Maintenance of Status; Modification of Formation Documents
	  	 	66	 
	 6.11.
	 	 Dividends
	  	 	66	 
	 6.12.
	 	 Merger; Sale of Assets
	  	 	66	 
	 6.13.
	 	 Subsidiary Guarantors
	  	 	67	 
	 6.14.
	 	 Sale and Leaseback
	  	 	67	 
	 6.15.
	 	 Acquisitions and Investments
	  	 	68	 

  
 - ii - 

							
	 6.16.
	 	 Liens
	  	 	68	 
	 6.17.
	 	 Affiliates
	  	 	69	 
	 6.18.
	 	 Swap Contracts
	  	 	69	 
	 6.19.
	 	 Variable Interest Indebtedness
	  	 	69	 
	 6.20.
	 	 Consolidated Tangible Net Worth
	  	 	69	 
	 6.21.
	 	 Indebtedness and Cash Flow Covenants
	  	 	69	 
	 6.22.
	 	 Environmental Matters
	  	 	70	 
	 6.23.
	 	 Permitted Investments
	  	 	71	 
	 6.24.
	 	 Lease Approvals
	  	 	71	 
	 6.25.
	 	 Prohibited Encumbrances
	  	 	71	 
	 6.26.
	 	 Further Assurances
	  	 	72	 
	 6.27.
	 	 Distribution of Income to Borrower
	  	 	72	 
	 ARTICLE VII. DEFAULTS
	  	 	72	 
	 ARTICLE VIII. ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES
	  	 	74	 
	 8.1.
	 	 Acceleration
	  	 	74	 
	 8.2.
	 	 Amendments
	  	 	75	 
	 8.3.
	 	 Preservation of Rights
	  	 	76	 
	 8.4.
	 	 Application of Funds
	  	 	76	 
	 ARTICLE IX. GENERAL PROVISIONS
	  	 	77	 
	 9.1.
	 	 Survival of Representations
	  	 	77	 
	 9.2.
	 	 Governmental Regulation
	  	 	77	 
	 9.3.
	 	 Taxes
	  	 	77	 
	 9.4.
	 	 Headings
	  	 	77	 
	 9.5.
	 	 Entire Agreement
	  	 	77	 
	 9.6.
	 	 Several Obligations; Benefits of this Agreement
	  	 	77	 
	 9.7.
	 	 Expenses; Indemnification
	  	 	77	 
	 9.8.
	 	 Numbers of Documents
	  	 	78	 
	 9.9.
	 	 Accounting
	  	 	78	 
	 9.10.
	 	 Severability of Provisions
	  	 	78	 
	 9.11.
	 	 Nonliability of Lenders
	  	 	78	 
	 9.12.
	 	 CHOICE OF LAW
	  	 	78	 
	 9.13.
	 	 CONSENT TO JURISDICTION
	  	 	79	 
	 9.14.
	 	 WAIVER OF JURY TRIAL
	  	 	79	 
	 9.15.
	 	 USA PATRIOT ACT
	  	 	79	 
	 9.16.
	 	 Other Agents
	  	 	79	 
	 9.17.
	 	 Acknowledgement and Consent to Bail In of EEA Financial Institutions
	  	 	79	 
	 ARTICLE X. THE ADMINISTRATIVE AGENT
	  	 	80	 
	 10.1.
	 	 Appointment
	  	 	80	 
	 10.2.
	 	 Powers
	  	 	80	 
	 10.3.
	 	 General Immunity
	  	 	80	 
	 10.4.
	 	 No Responsibility for Loans, Recitals, etc.
	  	 	80	 
	 10.5.
	 	 Action on Instructions of Lenders
	  	 	81	 
	 10.6.
	 	 Employment of Agents and Counsel
	  	 	81	 
	 10.7.
	 	 Reliance on Documents; Counsel
	  	 	81	 
	 10.8.
	 	 Administrative Agent’s Reimbursement and Indemnification
	  	 	81	 
	 10.9.
	 	 Rights as a Lender
	  	 	82	 
	 10.10.
	 	 Lender Credit Decision
	  	 	82	 
	 10.11.
	 	 Successor Administrative Agent
	  	 	82	 
	 10.12.
	 	 Notice of Defaults
	  	 	83	 

  
 - iii - 

							
	 10.13.
	 	 Requests for Approval
	  	 	83	 
	 10.14.
	 	 Defaulting Lenders
	  	 	83	 
	 ARTICLE XI. SETOFF; RATABLE PAYMENTS
	  	 	85	 
	 11.1.
	 	 Setoff
	  	 	85	 
	 11.2.
	 	 Ratable Payments
	  	 	85	 
	 ARTICLE XII. BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS
	  	 	85	 
	 12.1.
	 	 Successors and Assigns
	  	 	85	 
	 12.2.
	 	 Participations
	  	 	86	 
	 12.3.
	 	 Assignments
	  	 	87	 
	 12.4.
	 	 Dissemination of Information
	  	 	88	 
	 12.5.
	 	 Tax Treatment
	  	 	88	 
	 ARTICLE XIII. NOTICES
	  	 	89	 
	 13.1.
	 	 Giving Notice
	  	 	89	 
	 13.2.
	 	 Change of Address
	  	 	89	 
	 ARTICLE XIV. COUNTERPARTS
	  	 	89	 

 EXHIBITS AND SCHEDULES 

EXHIBIT A – AMENDMENT REGARDING INCREASE 
 EXHIBIT B –
FORM OF [REVOLVING][TERM] NOTE 
 EXHIBIT C – COMPLIANCE CERTIFICATE 

EXHIBIT D – ASSIGNMENT AGREEMENT 
 EXHIBIT E –
LOAN/CREDIT RELATED MONEY TRANSFER INSTRUCTION 
 EXHIBIT F – BORROWING NOTICE 

EXHIBIT G-1 – FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

EXHIBIT G-2 – FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

EXHIBIT G-3 – FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

EXHIBIT G-4 – FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

SCHEDULE 1 – SCHEDULE OF COMMITMENTS 
 SCHEDULE 2 –
SUBSIDIARIES OF PARENT GUARANTOR 
 SCHEDULE 3 – LITIGATION 

SCHEDULE 4 – ENVIRONMENTAL MATTERS 
 SCHEDULE 5 – LIST
OF SUBSIDIARY GUARANTORS 
 SCHEDULE 6 – LIST OF INVESTMENT AFFILIATES 

SCHEDULE 7 – LIST OF UNENCUMBERED PROPERTIES 
 SCHEDULE 8
– OUTSTANDING FACILITY LETTERS OF CREDIT 

  
 - iv - 

 FIFTH AMENDED AND RESTATED SENIOR CREDIT AGREEMENT 

This Fifth Amended and Restated Senior Credit Agreement (“Agreement”), dated as of October 19, 2018, is among Terreno
Realty LLC, a limited liability company organized under the laws of the State of Delaware (the “Borrower”), KeyBank National Association, a national banking association, both individually as a “Lender” and as
“Administrative Agent”, KeyBanc Capital Markets as “Joint Lead Arranger,” MUFG Union Bank, N.A., as Co-Syndication Agent and Joint Lead Arranger, PNC Bank, National
Association, as Co-Syndication Agent, PNC Capital Markets LLC, as Joint Lead Arranger, Regions Bank, as Co-Syndication Agent, Regions Capital Markets as Joint Lead
Arranger and the several banks, financial institutions and other entities which may from time to time become parties to this Agreement as additional “Lenders”. 

RECITALS 
 A. Borrower is
primarily engaged in the business of purchasing, owning, operating, leasing and managing industrial properties. 
 B. Borrower’s sole
member, Terreno Realty Corporation, a Maryland corporation (“Parent Guarantor”) is qualified as a real estate investment trust under Section 856 of the Code. 

C. This Agreement amends and restates in its entirety that certain Fourth Amended and Restated Senior Revolving Credit Agreement dated as of
August 1, 2016, by and among the Administrative Agent, KeyBank National Association, certain of the Lenders and the Borrower (the “Original Credit Agreement”). 

D. Borrower desires to amend and restate the Original Credit Agreement to (i) increase the Aggregate Revolving Commitment thereunder,
(ii) to extend the Revolving Facility Termination Date and (iii) to make certain other changes to the terms and conditions thereof and the Administrative Agent and the Lenders are willing to do so on the terms and conditions set forth
herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto agree as follows:

 AGREEMENTS 
 From and after
the Agreement Execution Date, each of the existing Lenders shall each be deemed to have modified its “Revolving Loan Commitment”, “Term A Loan Commitment” and “Term B Loan Commitment”, in each case so that the
Lenders’ Commitments as of the Agreement Execution Date shall be as shown on Schedule 1 attached hereto and made a part hereof. 

ARTICLE I. 

DEFINITIONS 
 As
used in this Agreement: 
 “Adjusted EBITDA” means, as of any date, an annualized amount determined by multiplying two
(2) times the Consolidated EBITDA for the two (2) most recent full fiscal quarters of Borrower for which financial results have been reported and deducting from such annualized amount an annual amount for capital expenditures equal to
$0.15 per square foot times the weighted daily average rentable area of Projects owned by the Consolidated Group or any Investment Affiliate (but only deducting the applicable Consolidated Group Pro Rata Share of such amount with respect to such
Investment Affiliate) during such two (2) fiscal quarter period. 

 “Adjusted Unencumbered Property Pool NOI” means, as of any date, an annualized
amount determined by (i) multiplying two (2) times the Unencumbered Property Pool NOI for the two (2) most recent full fiscal quarters of Borrower for which financial results have been reported and deducting from such annualized
amount an annual amount for capital expenditures equal to $0.15 per square foot times the weighted average daily aggregate rentable area during such two (2) fiscal quarter period of all Unencumbered Properties which are included in the
Unencumbered Property Pool as of such date of calculation. 
 “Administrative Agent” means KeyBank National Association in its
capacity as agent for the Lenders pursuant to Article X, and not in its individual capacity as a Lender, and any successor Administrative Agent appointed pursuant to Article X. 

“Advance” means a borrowing hereunder consisting of the aggregate amount of the several Loans made by one or more of the Lenders to
Borrower of the same Type and, in the case of LIBOR Advances, for the same LIBOR Interest Period, including without limitation Swingline Advances. 

“Affiliate” of any Person means any other Person directly or indirectly controlling, controlled by or under common control with such
Person. A Person shall be deemed to control another Person if the controlling Person owns 10% or more of any class of voting securities (or other ownership interests) of the controlled Person or possesses, directly or indirectly, the power to direct
or cause the direction of the management or policies of the controlled Person, whether through ownership of stock, by contract or otherwise. 

“Aggregate Commitment” means, as of any date, the aggregate of the then-current Revolving Commitments and Term Loan Commitments of
all the Lenders, which has been increased to $400,000,000 as of the Agreement Execution Date, as such amount may be further increased pursuant to Section 2.2 hereof. 

“Aggregate Revolving Commitment” means, as of any date, the aggregate of the then-current Revolving Commitments of all Lenders,
which has been increased to $250,000,000 as of the Agreement Execution Date, as such amount may be further increased pursuant to Section 2.2 hereof. 

“Agreement” means this Fifth Amended and Restated Senior Revolving Credit Agreement, as it may be amended or modified and in effect
from time to time. 
 “Agreement Execution Date” means the date this Agreement has been fully executed and delivered by all
parties hereto. 
 “Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to Borrower or any
of its Subsidiaries from time to time concerning or relating to bribery or corruption. 
 “Anti-Terrorism Laws” is defined in
Section 5.28. 
 “Applicable Law” means all applicable provisions of constitutions, statutes, rules,
regulations, guidelines and orders of all Governmental Authorities and all orders and decrees of all courts, tribunals and arbitrators. 

  
 - 2 - 

 “Applicable Margin” means, as applicable, the Base Rate Applicable Margin or the
LIBOR Applicable Margin which are used in calculating the interest rate applicable to the various Types of Advances. 
 “Article”
means an article of this Agreement unless another document is specifically referenced. 
 “Authorized Officer” means any of the
Chief Executive Officer, President, Chief Financial Officer or Chief Accounting Officer of Borrower, acting singly. 
 “Bail-In Action” means 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” means the Bankruptcy Code of the United States of America, as amended from time to time. 

“Base Rate” means, for any day, a rate per annum equal to the Floor Base Rate for such day plus the Base Rate Applicable Margin for
such day, in each case changing as and when the Floor Base Rate changes. 
 “Base Rate Advance” means an Advance that bears
interest at the Base Rate. 
 “Base Rate Applicable Margin” means, as of any date with respect to any Base Rate Advance, the
applicable per annum amount then in effect pursuant to Section 2.3 hereof. 
 “Base Rate Loan” means a
Loan that bears interest at the Base Rate. 
 “Beneficial Ownership Certification” means a certification regarding beneficial
ownership required by the Beneficial Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.

 “Borrower” means Terreno Realty LLC, a limited liability company organized under the laws of the State of Delaware, and its
successors and assigns. 
 “Borrowing Date” means a date on which an Advance is made hereunder. 

“Borrowing Notice” is defined in Section 2.9. 

“Business Day” means (i) with respect to any borrowing, payment or rate selection of LIBOR Advances, a day (other than a
Saturday or Sunday) on which banks generally are open in Cleveland, Ohio and New York, New York for the conduct of substantially all of their commercial lending activities and on which dealings in United States dollars are carried on in the London
interbank market and (ii) for all other purposes, a day (other than a Saturday or Sunday) on which banks generally are open in Cleveland, Ohio and New York, New York for the conduct of substantially all of their commercial lending activities.

  
 - 3 - 

 “Capital Stock” means any and all shares, interests, participations or other
equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person which is not a corporation and any and all warrants or options to purchase any of the foregoing. 

“Capitalization Rate” means six percent (6.0%). 

“Capitalized Lease” of a Person means any lease of Property imposing obligations on such Person, as lessee thereunder, which are
required in accordance with GAAP to be capitalized on a balance sheet of such Person. 
 “Capitalized Lease Obligations” of a
Person means the amount of the obligations of such Person under Capitalized Leases which would be shown as a liability on a balance sheet of such Person prepared in accordance with GAAP. 

“Cash Equivalents” means, as of any date, (a) securities issued or directly and fully guaranteed or insured by the United
States government or any agency or instrumentality thereof having maturities of not more than one year from such date, (b) time deposits and certificates of deposit having maturities of not more than one (1) year from such date and issued
by any domestic commercial bank having (i) senior long term unsecured debt rated at least A or the equivalent thereof by S&P or A2 or the equivalent thereof by Moody’s and (ii) capital and surplus in excess of $100,000,000.00, (c)
commercial paper rated at least A-1 or the equivalent thereof by S&P or P-1 or the equivalent thereof by Moody’s and in either case maturing within ninety
(90) days from such date, and (d) shares of any money market mutual fund rated at least AAA or the equivalent thereof by S&P or at least Aaa or the equivalent thereof by Moody’s. 

“Change of Control” means (i) any transfer of ownership resulting in Parent Guarantor owning less than 100% of the equity
interests in Borrower or (ii) any change in the membership of Parent Guarantor’s Board of Directors which results in (x) those board members having served for such Board of Directors throughout the preceding twelve (12) month
period (or since the date of Parent Guarantor’s organization in the case of the first twelve (12) months after Parent Guarantor’s organization) (“Existing Directors”) and (y) directors approved by Existing Directors as
of any date constituting less than 50% of the total board members at such time. 
 “Change in Management” means the failure of at
least one of the Parent Guarantor’s Chief Executive Officer and the Guarantor’s President and Chief Financial Officer as of the Agreement Execution Date (or any successor to either such individual hereafter approved by the Administrative
Agent) to continue to be active on a daily basis in the management of Borrower provided that if both of such individuals shall die or become disabled or otherwise cease to be active in the management of Borrower, Borrower shall have one hundred
twenty (120) days to retain a replacement executive of comparable experience which is reasonably satisfactory to the Administrative Agent. 

“Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time. 

“Commitment” means, for each Lender, as for any date, the sum of such Lender’s
then-current Revolving Commitment and such Lender’s then-current Term Commitment. 

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

  
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 “Consolidated EBITDA” means, for any period without duplication an amount equal to
the net income or loss of the Consolidated Group determined in accordance with GAAP (before minority interests and excluding losses attributable to the sale or other disposition of assets and the adjustment for
so-called “straight-line rent accounting”) for such period, plus (x) the following to the extent deducted in computing such consolidated net income for such period: (i) Consolidated
Total Interest Expense for such period, (ii) real estate depreciation and amortization for such period, (iii) other non-cash charges for such period and (iv) acquisition costs for such period
with respect to all Projects acquired by Borrower or another member of the Consolidated Group; and minus (y) all gains attributable to the sale or other disposition of assets or debt restructurings in such period, adjusted to include the
Consolidated Group Pro Rata Share of the net income or loss of all Investment Affiliates for such period, determined and adjusted in the same manner as provided above in this definition with respect to the Consolidated Group’s net income or
loss. 
 “Consolidated Fixed Charges” means, as of any date, an annualized amount determined, without duplication, by multiplying
two (2) times the sum of (a) Consolidated Interest Expense for the two (2) most recent full fiscal quarters of Borrower for which financial results have been reported plus (b) the aggregate amount of scheduled principal
payments attributable to Consolidated Outstanding Indebtedness (excluding optional prepayments and scheduled principal payments due on maturity of any such Indebtedness) required to be made during such two (2) fiscal quarters by any member of
the Consolidated Group plus (c) a percentage of all such scheduled principal payments required to be made during such two (2) fiscal quarters by any Investment Affiliate on Indebtedness taken into account in calculating Consolidated
Interest Expense, equal to the greater of (x) the percentage of the principal amount of such Indebtedness for which any member of the Consolidated Group is liable and (y) the Consolidated Group Pro Rata Share of such Investment Affiliate
plus (d) Preferred Dividends with respect to such two (2) fiscal quarters plus (e) all rental payments due and payable with respect to such two (2) fiscal quarters under ground leases of Properties at which one or
more members of the Consolidated Group are tenants. 
 “Consolidated Gross Asset Value” means, as of any date, (i) the
aggregate Net Operating Income for the two (2) most recent full fiscal quarters of Borrower for which financial results have been reported attributable to Projects owned by Borrower or another member of the Consolidated Group as of the last day
of such period (excluding both Development Projects and 100% of the aggregate Net Operating Income attributable to any Projects not so owned for the four (4) most recent consecutive full fiscal quarters of Borrower for which financial
results have been reported), multiplied by two (2), with the product thereof divided by the Capitalization Rate, plus (ii) the cost basis value for any such Projects first acquired by Borrower or a member of the Consolidated Group during such
four (4) most recent consecutive full fiscal quarters, plus (iii) the Consolidated Group’s Pro Rata Share of the aggregate Net Operating Income for the two (2) most recent full fiscal quarters of Borrower for which financial
results have been reported attributable to Projects owned by Investment Affiliates on the last day of such period (excluding Development Projects and 100% of the aggregate Net Operating Income attributable to any Projects not so owned for the four
(4) most recent consecutive full fiscal quarters of Borrower for which financial results have been reported) multiplied by two (2), with the product divided by the Capitalization Rate, plus (iv) the Consolidated Group Pro Rata Share of
such the cost value basis of any Projects not so owned for such four (4) most recent consecutive full fiscal quarters by an Investment Affiliate, plus (v) the cost value basis of all Development Projects of Borrower or any other member of
the Consolidated Group, as of the last day of such most recent fiscal quarter, plus (vi) the cost value basis of any Unimproved Land owned by Borrower or any other member of the Consolidated Group as of the last day of such most recent fiscal
quarter. Notwithstanding the foregoing, for purposes of calculating the amount of Net Operating Income to be 

  
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used in clauses (i) and (iii) of the preceding sentence of this definition, (A) no Project shall be deemed to have Net Operating Income of less than zero for any period and (B) if
any Project is subject to a Lease which has commenced but provides for an initial period of rent abatement or reduction that falls in whole or in part within the period on which Net Operating Income is being calculated, the Net Operating Income
attributable to such Project for such initial abatement or reduction period shall be determined as if the rental income for such Project included rents paid at the rental rate that will be payable under such Lease during the first full calendar
month immediately following such period, provided that (i) no such period of deemed increase shall continue for longer than the first twenty percent (20%) of the initial term of such Lease and (ii) the portion of Consolidated Gross Asset
Value attributable to Projects which have Net Operating Income then deemed to be increased under this clause (B) shall not at any time constitute more than fifteen percent (15%) of total Consolidated Gross Asset Value. 

“Consolidated Group” means Parent Guarantor, Borrower and all Subsidiaries which are consolidated with it for financial reporting
purposes under GAAP. 
 “Consolidated Group Pro Rata Share” means, with respect to any Investment Affiliate, the percentage
interest held by the Consolidated Group in the aggregate, in such Investment Affiliate determined by calculating the greater of (i) the percentage of the issued and outstanding Capital Stock in such Investment Affiliate held by the Consolidated
Group in the aggregate and (ii) the percentage of the total book value of such Investment Affiliate that would be received by the Consolidated Group in the aggregate, upon liquidation of such Investment Affiliate, after repayment in full of all
Indebtedness of such Investment Affiliate. 
 “Consolidated Interest Expense” means, for any period, without duplication, the sum
of (a) the aggregate amount of interest required to be paid, accrued, expensed or, to the extent it could be expensed, capitalized in accordance with GAAP of the Consolidated Group for such period attributable to Consolidated Outstanding
Indebtedness during such period (including the Loans, obligations under Capitalized Leases (to the extent Consolidated EBITDA has not been reduced by such Capitalized Lease obligations in the applicable period), any Subordinated Indebtedness,
original issue discount and amortization of prepaid interest, if any, but excluding any Preferred Distributions) plus (b) the aggregate amount of interest, if any, attributable to all amounts available for borrowing, or for drawing under
letters of credit (including the Facility Letters of Credit), if any, issued for the account of any member of the Consolidated Group, but only if such interest was or is required to be reflected as an item of expense, calculated and determined for
such period in accordance with GAAP, plus (c) all commitment fees, agency fees, facility fees, balance deficiency fees and similar fees and expenses in connection with the borrowing of money plus (d) the Consolidated Group
Pro Rata Share of any such interest items, as similarly calculated and determined in accordance with GAAP, of any Investment Affiliate, for such period, whether recourse or non-recourse. 

“Consolidated Net Income” means, for any period, the sum of (i) consolidated net income (or loss) of the Consolidated Group for
such period determined on a consolidated basis in accordance with GAAP plus (ii) without duplication, the applicable Consolidated Group Pro Rata Share of the net income (or loss) of each Investment Affiliate for such period determined in
accordance with GAAP. 
 “Consolidated Tangible Net Worth” means, as of any date of determination, an amount equal to
(a) Consolidated Gross Asset Value, plus (b) Unrestricted Cash and Cash Equivalents, minus (c) Consolidated Total Indebtedness as of such date, provided that any amounts attributable to Projects that are required to be reported
as “intangibles” under GAAP pursuant to Financial Accounting Standards Board Statement of Policy No. 141 and 142 shall be permitted to be added back to “tangible property” for purposes of calculating such Consolidated
Tangible Net Worth. 

  
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 “Consolidated Total Indebtedness” means, as of any date of determination, without
duplication, the sum of (a) all Indebtedness of the Consolidated Group at such date, determined on a consolidated basis in accordance with GAAP, plus (b) the applicable Consolidated Group Pro Rata Share of any Indebtedness of each
Investment Affiliate other than Indebtedness of such Investment Affiliate to a member of the Consolidated Group, provided that (x) to the extent that any member of the Consolidated Group is providing a completion guaranty in connection with a
construction loan entered into by an Investment Affiliate, Consolidated Total Indebtedness shall include such member’s pro rata liability under the Indebtedness relating to such completion guaranty (or, if greater, such member’s potential
liability under such completion guaranty) and (y) in connection with the liabilities described in clauses (a) and (d) of the definition of “Indebtedness” (other than completion guarantees) Consolidated Total Indebtedness shall
include the portion of the liabilities of such Investment Affiliate which is attributable to the Consolidated Group’s Pro Rata Share of such Investment Affiliate or such greater amount of such liabilities for which any member of the
Consolidated Group is or has agreed to be, liable by way of guaranty, indemnity for borrowed money, stop-loss agreement or the like, it being agreed that, in any case, Indebtedness of an Investment Affiliate shall not be excluded from Consolidated
Total Indebtedness by virtue of the liability of such Investment Affiliate being Non-Recourse Indebtedness. 

“Construction in Progress” means, as of any date, the sum of (i) the total construction cost expended as of the applicable date
to construct any Development Project which involves construction of a new building or to redevelop or renovate any Development Project which includes the redevelopment or renovation of an existing building, plus (ii) the book value of all land
not then included in Unimproved Land. 
 “Controlled Group” means all members of a controlled group of corporations and all trades
or businesses (whether or not incorporated) under common control which, together with Borrower or any of its Subsidiaries, are treated as a single employer under Section 414 of the Code. 

“Conversion/Continuation Notice” is defined in Section 2.10. 

“Credit Rating” means, as of any date, with respect to any one of Moody’s, S&P and Fitch, the most recent credit rating of
Borrower issued by such rating agency prior to such date. 
 “Debtor Relief Laws” means the Bankruptcy Code of the United States
of America, 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. 
 “Default” means an event described in Article VII. 

“Default Rate” means the interest rate which may apply during the continuance of a Default pursuant to
Section 2.12. 
 “Defaulting Lender” means, subject to Section 10.14(b), 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 

  
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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 Bank, any Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Facility Letters of Credit or Swingline Loans) within two Business
Days of the date when due, (b) has notified the Borrower, the Administrative Agent or the Issuing Bank or the Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement
to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which
condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three 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) 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, or is reasonably expected to become, subject to 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 shall be conclusive and
binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 10.14(b)) upon delivery of written notice of such determination to the Borrower, the Issuing Bank, the Swingline
Lender and each Lender. 
 “Delaware LLC” means any limited liability company organized or formed under the laws of the State of
Delaware. 
 “Delaware Divided LLC” means any Delaware LLC which has been formed upon consummation of a Delaware LLC Division.

 “Delaware LLC Division” means the statutory division of any Delaware LLC into two or more Delaware LLCs pursuant to Section 18-217 of the Delaware Limited Liability Company Act. 
 “Development Project”
means a Project which is either (i) under development for which any member of the Consolidated Group is actively pursuing construction of one or more buildings or other improvements or (ii) the subject of a major redevelopment or
renovation, involving extensive capital expenditures beyond those normally incurred in connection with the installation of tenant improvements for a new tenant, to upgrade and reposition such Project to meet prevailing market standards and requiring
such Project to be vacated during such redevelopment or renovation and, in the case of all such developments, redevelopments or renovations, for which construction is proceeding to completion without undue delay from permit denial, construction
delays or otherwise, all pursuant to such member’s ordinary course of business, provided that any such Project will no longer be considered a Development Project following a date twelve (12) months after the first date on which a
certificate of occupancy has issued or reissued for such Development Project or on which such Development Project may otherwise be lawfully occupied for its intended use. 

  
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 “Drop Lots” means any parcel of land unimproved with material revenue producing
buildings (e.g., other than small miscellaneous structures such as security, stacks, maintenance sheds, etc.) but which is accessible from public roads and highways, is fenced or otherwise enclosed and is paved or otherwise prepared to accept the
temporary storage of tractor trailers, containers or other freight equipment. 
 “EEA Financial Institution” means (a) any
credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in
clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision
with its parent. 
 “EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 “EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Eligible Assignee” means (a) another Lender, (b) with respect to any Lender, any Affiliate of that Lender, (c) any
commercial bank having a combined capital and surplus of $5,000,000,000 or more, (d) the central bank of any country which is a member of the Organization for Economic Cooperation and Development, (e) any savings bank, savings and loan
association or similar financial institution which (A) has a net worth of $500,000,000 or more, (B) is engaged in the business of lending money and extending credit under credit facilities substantially similar to those extended under this
Agreement, (C) is operationally and procedurally able to meet the obligations of a Lender hereunder to the same degree as a commercial bank, and (D), unless a Default shall have occurred and be continuing, has been approved by Borrower (such
approval not to be unreasonably withheld or delayed) and (f) any other financial institution (including a mutual fund or other fund) approved by the Administrative Agent and, unless a Default shall have occurred and be continuing, Borrower
(such approval not to be unreasonably withheld or delayed) having total assets of $500,000,000 or more which meets the requirements set forth in subclauses (B) and (C) of clause (e)
above; provided that each Eligible Assignee must either (a) be organized under the Laws of the United States of America, any State thereof or the District of Columbia or (b) be organized under the Laws of the Cayman Islands or any
country which is a member of the Organization for Economic Cooperation and Development, or a political subdivision of such a country, and (i) act hereunder through a branch, agency or funding office located in the United States of America and
(ii) be exempt from withholding of tax on interest, and provided further that no Eligible Assignee may be a Defaulting Lender, the Borrower, an Affiliate of the Borrower, a natural person (or a holding company, investment vehicle or
trust for, or operated for the primary benefit of a natural person) or any EEA Financial Institution that is, or reasonably expected to become, subject to a Bail In Action. 

  
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 “Eligible Unencumbered Property” shall mean (i) any Project which does not
meet the criteria below but is approved by the Required Lenders in their sole discretion or (ii) any Project which meets the following criteria: 

(a) Such Project must be wholly-owned in fee simple or leased pursuant to a Qualifying Ground Lease by a Wholly-Owned
Subsidiary of Borrower that is a Subsidiary Guarantor, that will be added as a Subsidiary Guarantor when required hereunder, that was a Subsidiary Guarantor prior to its release pursuant to the penultimate sentence of
Section 6.13, or is not required to be a Subsidiary Guarantor pursuant to the last sentence of Section 6.13. 

(b) Such Project must be an industrial property consisting of one of the following property types: warehouse, distribution,
flex (light manufacturing or research and development), Drop Lot or trans-shipment. 
 (c) Such Project must be located in
one of the following markets: Los Angeles Area, San Francisco Bay Area, Seattle, Northern New Jersey/New York City, Washington D.C./Baltimore, or Miami Area (the “Borrower’s Target Geographic Markets”). 

(d) Such Project must be free of any Liens, mortgages and pledges (other than those described in clauses (i) through (iv)
of Section 6.16). 
 (e) Such Project may not be subject to any material environmental or
structural issues, or any other environmental issues which have not been insured over, (such insurance to be subject to the reasonable determination of the Administrative Agent). 

“Entity Acquisition” means any transaction, or any series of related transactions, consummated on or after the Agreement Execution
Date, by which any of Parent Guarantor, Borrower or any of Borrower’s Subsidiaries (i) acquires any going business or all or substantially all of the assets of any firm, corporation or division thereof, whether through purchase of assets,
merger or otherwise or (ii) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of the securities of a corporation which have ordinary
voting power for the election of directors (other than securities having such power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding ownership interests of a partnership, limited
liability company or other entity. 
 “Environmental Laws” means any and all foreign, Federal, state, local or municipal laws,
rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other Requirements of Law (including common law) regulating, relating to or imposing liability or standards of conduct concerning
protection of human health or the environment, as now or may at any time hereafter be in effect, in each case to the extent the foregoing are applicable to Borrower or any Subsidiary or any of their respective assets or Projects. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation issued
thereunder. 
 “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. 

“Excluded Swap Obligation” means, with respect to any Subsidiary Guarantor, any Swap Obligation if, and to the extent that, all or a
portion of the guarantee by such Subsidiary Guarantor of such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the
application or official interpretation of any thereof) (a) by virtue of such Subsidiary Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and

  
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the regulations thereunder at the time the guarantee of such Subsidiary Guarantor becomes or would become effective with respect to such Swap Obligation or (b) in the case of a Swap
Obligation subject to a clearing requirement pursuant to Section 2(h) of the Commodity Exchange Act (or any successor provision thereto), because such Subsidiary Guarantor is a “financial entity,” as defined in
Section 2(h)(7)(C)(i) the Commodity Exchange Act (or any successor provision thereto), at the time the guarantee of such Subsidiary Guarantor becomes or would become effective with respect to such related 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 guarantee is or becomes illegal. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or
having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a
Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or its Commitment pursuant to an Applicable Law in effect on the date on which (i) such
Lender acquires such interest in the Loan or its Commitment or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 3.5, amounts with respect to such Taxes were
payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with
Section 3.5(f) and (d) any U.S. federal withholding Taxes imposed under FATCA. 
 “Excluded Tenant”
means, as of any date, any tenant under a Lease who is then either (i) the subject of a voluntary or involuntary proceeding for relief under the Bankruptcy Code or any state bankruptcy codes or insolvency laws, unless such tenant has assumed
such Lease and provided adequate assurances of future performance, all as may be required in such proceeding, or (ii) more than sixty (60) days delinquent in the payment of any installment of base rent due under such tenant’s Lease.

 “Executive Order” is defined in Section 5.28. 

“Facility Fee” is defined in Section 2.5(b). 

“Facility Fee Percentage” means, as of any date, the percentage set forth in the column headed “Facility Fee Percentage”
in Section 2.3 that is in effect on such date. 
 “Facility Letter of Credit” means a Letter of Credit
issued pursuant to Article IIA of this Agreement, including those Letters of Credit, if any, listed on Schedule 8 attached hereto which were issued under the Original Credit Agreement and remain outstanding on the
Agreement Execution Date. 
 “Facility Letter of Credit Fee” is defined in Section 2A.8. 

“Facility Letter of Credit Obligations” means, as at the time of determination thereof, all liabilities, whether actual or
contingent, of Borrower with respect to Facility Letters of Credit, including the sum of (a) the Reimbursement Obligations and (b) the aggregate undrawn face amount of the then outstanding Facility Letters of Credit. 

“Facility Letter of Credit Sublimit” means $15,000,000. 

  
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 “Facility Obligations” means all Obligations other than the Related Swap
Obligations. 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the Agreement Execution Date (or any amended or
successor version that is substantively comparable) and any regulations or official interpretation thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code. 

“Federal Funds Effective Rate” shall mean, for any day, the rate per annum (rounded upward to the nearest one one-hundredth of one percent (1/100 of 1%)) announced by the Federal Reserve Bank of Cleveland on such day as being the weighted average of the rates on overnight federal funds transactions arranged by federal funds
brokers on the previous trading day, as computed and announced by such Federal Reserve Bank in substantially the same manner as such Federal Reserve Bank computes and announces the weighted average it refers to as the “Federal Funds Effective
Rate.” 
 “Fee Letter” is defined in Section 2.6. 

“Fitch” means Fitch Ratings and its successors. 

“Floor Base Rate” means, for any day, a rate of interest per annum equal to the highest of (i) the Prime Rate, (ii) the
sum of the Federal Funds Effective Rate for such day plus 1/2% per annum and (iii) the LIBOR Rate (which includes the LIBOR Applicable Margin) that would apply if such day were the first day of a LIBOR Interest Period of one month
plus 1.25% per annum. 
 “Foreign Lender” means a Lender that is not a U.S. Person. 

“Fronting Exposure” means at any time there is a Defaulting Lender, (a) with respect to the Issuing Bank, such Defaulting
Lender’s Commitment Percentage of the outstanding Facility Letter of Credit Obligations other than Facility Letter of Credit Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or
cash collateral or other credit support acceptable to the Issuing Lender shall have been provided in accordance with the terms of Section 10.14 hereof and (b) with respect to the Swingline Lender, such Defaulting
Lender’s Commitment Percentage of Swingline Loans other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders, repaid by the Borrower or for which cash collateral or other
credit support acceptable to the Swingline Lender shall have been provided in accordance with the terms hereof. 
 “Funded
Percentage” means, with respect to any Lender at any time, a percentage equal to a fraction, the numerator of which is the amount actually disbursed and outstanding to Borrower by such Lender at such time and the denominator of which is the
total amount disbursed and outstanding to Borrower by all of the Lenders at such time. 
 “GAAP” means generally accepted
accounting principles in the United States of America as in effect from time to time, applied in a manner consistent with that used in preparing the financial statements referred to in Section 6.1. 

“Governmental Authority” means any national, state or local government (whether domestic or foreign), any political subdivision
thereof or any other governmental, quasi governmental, judicial, public or statutory instrumentality, authority, body, agency, bureau, commission, board, department or other entity (including, without limitation, the Federal Deposit Insurance
Corporation, the Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority) or any arbitrator with authority to bind a party at law, and including any supra-national bodies such as the European Union or
the European Central Bank. 

  
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 “Guarantee Obligation” means, as to any Person (the “guaranteeing
person”), any obligation (determined without duplication) of (a) the guaranteeing person or (b) another Person (including, without limitation, any bank under any Letter of Credit) to induce the creation of which the guaranteeing
person has issued a reimbursement, counter-indemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other
third Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of the guaranteeing 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 (1) for the purchase or payment of any such primary obligation or (2) 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 owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee
Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business or environmental or similar indemnities or customary guarantees of Non-Recourse Exclusions
.. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the maximum stated amount of the primary obligation relating to such Guarantee Obligation (or, if less, the maximum stated liability set forth in the
instrument embodying such Guarantee Obligation), provided, that in the absence of any such stated amount or stated liability, the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated
liability in respect thereof as determined by Borrower in good faith. 
 “Indebtedness” of any Person at any date means without
duplication all obligations, contingent or otherwise, which should be classified on the obligor’s balance sheet as liabilities, or to which reference should be made by footnotes thereto, all in accordance with GAAP, including, in any event, the
sum of (without double-counting), (i) all accounts payable of such obligor on such date, and (ii) all Indebtedness outstanding on such date, in each case whether Recourse, Indebtedness, Non-Recourse
Indebtedness or contingent, provided, however, that amounts not drawn as Loans hereunder on such date shall not be included in calculating Consolidated Total Indebtedness, and provided, further, that (without double-counting), each of the following
shall be included in Indebtedness: (a) all Guarantee Obligations of such Person (excluding in any calculation of consolidated Indebtedness of the Consolidated Group, Guarantee Obligations of one member of the Consolidated Group in respect of
primary obligations of any other member of the Consolidated Group); (b) all reimbursement obligations of such Person for letters of credit and other contingent liabilities (excluding in any calculation of consolidated Indebtedness of the
Consolidated Group, Guarantee Obligations of one member of the Consolidated Group in respect of primary obligations of any other member of the Consolidated Group); (c) all amounts of bonds posted by such obligor guaranteeing performance or payment
obligations; (d) all lease obligations (under Capitalized Leases) (e) all liabilities of such obligor as a partner, member or the like for liabilities (whether such liabilities are Recourse, Indebtedness,
Non-Recourse Indebtedness or contingent obligations of the applicable partnership or other Person) of Investment Affiliates or other Person in which any of them have an equity interest, which liabilities are
for borrowed money or any of the matters listed in clauses (a), (b), (c) or (d) above; (f) any Net Mark-to-Market Exposure and (g) all liabilities secured
by any lien (other than liens for taxes not yet due and payable) on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof. For purposes hereof, the amount of

  
 - 13 - 

 
borrowed money shall equal the sum of (1) the amount of borrowed money as determined in accordance with GAAP plus (2) the amount of those contingent liabilities for borrowed
money set forth in subsections (a) through (d) above, but shall exclude any adjustment for so-called “straight-line interest accounting”. 

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

“Intellectual Property” is defined in Section 5.21. 

“Investment” of a Person means any loan, advance (other than commission, travel and similar advances to officers and employees made
in the ordinary course of business), extension of credit (other than accounts receivable arising in the ordinary course of business on terms customary in the trade), deposit account or contribution of capital by such Person to any other Person or
any investment in, or purchase or other acquisition of, the stock, partnership interests, notes, debentures or other securities of any other Person made by such Person. 

“Investment Affiliate” means any Person in which the Consolidated Group, directly or indirectly, holds an ownership interest whose
financial results are not consolidated under GAAP with the financial results of the Consolidated Group. 
 “Investment Grade
Rating” means a Credit Rating of BBB-/Baa3 or higher from either S&P or Moody’s, respectively. 

“Investment Grade Rating Date” means the date on which Borrower receives at least one Investment Grade Rating from either S&P or
Moody’s. 
 “Issuance Date” is defined in Section 2A.4(a)(2). 

“Issuance Notice” is defined in Section 2A.4(c). 

“Issuing Bank” means, with respect to each Facility Letter of Credit, the Lender which issues such Facility Letter of Credit.
KeyBank shall be the sole Issuing Bank. 
 “Joinder” is defined in Section 2.22(ii). 

“Leased Rate” means with respect to a Project at any time, the ratio, expressed as a percentage, of (a) the net rentable square
footage of such Project leased by tenants that are not Affiliates of the Borrower (unless approved by the Required Lenders), pursuant to Leases in place of the time of the acquisition of such Project by Borrower or its Subsidiary or entered into
thereafter in accordance with the provisions of this Agreement as to which no monetary default exists and has continued unremedied for 60 or more days to (b) the aggregate net rentable square footage of such Project. 

“Leases” shall mean, collectively, all leases, subleases and similar occupancy agreements affecting any Unencumbered Property, or
any part thereof, now existing or hereafter executed and all material amendments, material modifications or supplements thereto. 

  
 - 14 - 

 “Lenders” means the lending institutions listed on the signature pages of this
Agreement, their respective successors and assigns, any other lending institutions that subsequently become parties to this Agreement. 

“Lending Installation” means, with respect to a Lender, any office, branch, subsidiary or affiliate of such Lender. 

“Letter of Credit” of a Person means a letter of credit or similar instrument which is issued upon the application of such Person or
upon which such Person is an account party or for which such Person is in any way liable. 
 “Letter of Credit Collateral Account”
is defined in Section 2A.9. 
 “Letter of Credit Request” is defined in
Section 2A.4(a). 
 “Leverage Based Pricing Grid” is defined in Section 2.3.

 “Leverage Ratio” means, as of any date, the ratio of (A) Consolidated Total Indebtedness, less Unrestricted Cash and Cash
Equivalents, to (B) Consolidated Gross Asset Value. 
 “LIBOR Advance” means an Advance that bears interest at the LIBOR
Rate. 
 “LIBOR Applicable Margin” means, as of any date with respect to any LIBOR Interest Period, the applicable per annum
amount then in effect pursuant to Section 2.3 hereof. 
 “LIBOR Base Rate” means, for any LIBOR Advance
for any LIBOR Interest Period, the average rate as shown in Reuters Screen LIBOR 01 Page (or any successor service, or if such Person no longer reports such rate as determined by the Administrative Agent, by another commercially available source
providing such quotations approved by the Administrative Agent) at which deposits in U.S. dollars are offered by first class banks in the London Interbank Market at approximately 11:00 a.m. (London time) on the day that is two (2) Business Days
prior to the first day of such LIBOR Interest Period with a maturity approximately equal to such LIBOR Interest Period and in an amount approximately equal to the amount to which such LIBOR Interest Period relates. Notwithstanding the foregoing, if
such average rate shown on Reuters Screen LIBOR01 Page (or any successor service designated pursuant to this definition) shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

“LIBOR Interest Period” means, with respect to each amount bearing interest at a LIBOR based rate, a period of one, two or three
months, commencing on a Business Day, as selected by Borrower; provided, however, that (i) any LIBOR Interest Period which would otherwise end on a day which is not a Business Day shall continue to and end on the next succeeding Business Day,
unless the result would be that such LIBOR Interest Period would be extended to the next succeeding calendar month, in which case such LIBOR Interest Period shall end on the next preceding Business Day and (ii) any LIBOR Interest Period which
begins on a day for which there is no numerically corresponding date in the calendar month in which such LIBOR Interest Period would otherwise end shall instead end on the last Business Day of such calendar month. 

“LIBOR Loan” means a Loan which bears interest at a LIBOR Rate. 

  
 - 15 - 

 “LIBOR Rate” means, for any LIBOR Interest Period, the sum of (A) the LIBOR
Base Rate applicable thereto and (B) the LIBOR Applicable Margin. 
 “Lien” means any lien (statutory or other), mortgage,
pledge, encumbrance, priority or any other type of security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any Capitalized Lease). 

“Loan” means, with respect to a Lender, such Lender’s portion of any Advance. 

“Loan Documents” means this Agreement, the Notes, the Parent Guaranty, the Subsidiary Guaranty, and any other document from time to
time evidencing or securing indebtedness incurred by Borrower under this Agreement, as any of the foregoing may be amended or modified from time to time. 

“Loan Parties” means, collectively, Borrower, the Parent Guaranty, and the Subsidiary Guarantors. 

“Management Fees” means, with respect to each Project for any period, an amount equal to (i) the actual management fees payable
with respect thereto for such period if the property manager of such Project is a third party and not Borrower or an Affiliate of Borrower or (ii) three percent (3.0%) of the aggregate net and other revenue due under the Leases at such Project
for such period if the property manager is the Borrower or an Affiliate of Borrower. 
 “Material Acquisition” means an
acquisition (consummated in one transaction or a series of related transactions with one seller (or Affiliated sellers)) with a minimum aggregate gross purchase price equal to at least ten percent (10%) of the Consolidated Gross Asset Value as of
the last day of the fiscal quarter most recently ended prior to the date such acquisition is consummated. 
 “Material Adverse
Effect” means, in the Administrative Agent’s reasonable discretion, a material adverse effect on (i) the business, Property or condition (financial or otherwise) of Borrower and its Subsidiaries taken as a whole, (ii) the ability
of Borrower to perform its obligations under the Loan Documents, or (iii) the validity or enforceability of any of the Loan Documents. 

“Materials of Environmental Concern” means any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum
products or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental Law, including, without limitation, asbestos, polychlorinated biphenyls and urea-formaldehyde insulation. 

“Maximum Legal Rate” means the maximum nonusurious interest rate, if any, that at any time or from time to time may be contracted
for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or in the Note or other Loan Documents, under the laws of such state or states whose laws are held by any court of competent jurisdiction
to govern the interest rate provisions of the Loan. 
 “Moody’s” means Moody’s Investors Service, Inc. and its
successors. 
 “Multiemployer Plan” means a Plan maintained pursuant to a collective bargaining agreement or any other arrangement
to which Borrower or any member of the Controlled Group is a party to which more than one employer is obligated to make contributions. 

  
 - 16 - 

 “Negative Pledge” means, with respect to a given asset, any provision of a
document, instrument or agreement (other than any Loan Document) which prohibits the creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning such asset or any other Person; provided, however, that an
agreement that conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its
assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge. 
 “Net Operating Income” means, with
respect to any Project for any period, property rental and other income attributable to such Project accruing for such period minus all expenses and other proper charges incurred in connection with the operation of such Project (including,
without limitation, real estate taxes, Management Fees, payments under ground leases and bad debt expenses) during such period; but, in any case, before payment of or provision for debt service charges for such period, income taxes for such period,
capital expenses for such period, and depreciation, amortization, and other non-cash expenses for such period, all as determined in accordance with GAAP (except that (a) any rent leveling adjustments and
(b) any SFAS 141 amortization shall be excluded from rental income). 
 “Non-Recourse
Exclusions” means with respect to any Non-Recourse Indebtedness of any Person, any usual and customary exclusions from the non-recourse limitations governing such
Indebtedness, including, without limitation, exclusions for claims that (a) are based on fraud, intentional or material misrepresentation, misapplication of funds, gross negligence or willful misconduct, (b) result from intentional
mismanagement of or waste at the Property securing such Non-Recourse Indebtedness, (c) arise from the presence of Hazardous Substances on the Property securing such
Non-Recourse Indebtedness, (d) are the result of any unpaid real estate taxes and assessments (whether contained in a loan agreement, promissory note, indemnity agreement or other document) or
(e) result from the borrowing Subsidiary and/or its assets becoming the subject of a voluntary or involuntary bankruptcy, insolvency or similar proceeding. 

“Non-Recourse Indebtedness” means with respect to a Person, (a) Indebtedness in respect
of which recourse for payment is contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness (except for Non-Recourse Exclusions until a claim is made with respect
thereto, and then such Indebtedness shall not constitute Non-Recourse Indebtedness only to the extent of the amount of such claim) or (b) if such Person is a Single Asset Entity, any Indebtedness of such
Person. A loan secured by multiple properties owned by Single Asset Entities shall be considered Non-Recourse Indebtedness of such Single Asset Entities even if such Indebtedness is cross-defaulted and cross-collateralized with the loans to such other Single Asset Entities. 

“Non-U.S. Lender” is defined in Section 3.5(iv). 

“Note” means a promissory note, in substantially the form of Exhibit B hereto, duly executed by Borrower and payable to a
Lender in the amount of its Term Commitment and/or Revolving Commitment, as the case may be, including any amendment, modification, renewal or replacement of such promissory note. 

“Notice of Assignment” is defined in Section 12.3(ii). 

“Obligations” means the Advances, the Facility Letter of Credit Obligations, the Related Swap Obligations and all accrued and unpaid
fees and all other obligations of Borrower to the Administrative Agent or the Lenders arising under this Agreement or any of the other Loan Documents, provided, however, that the definition of ‘Obligations’ shall not create any guarantee
by any Subsidiary Guarantor of any Excluded Swap Obligations of such Subsidiary Guarantor for purposes of determining any obligations of any Subsidiary Guarantor. 

  
 - 17 - 

 “Occupancy Percentage” means, as of any date, with respect to any Project or group
of Projects, the percentage of the total rentable area of such Project or Projects that is then demised under a Lease to tenants who are not an Affiliate of the Borrower and who took initial occupancy of their demised spaces under such Leases (even
if any such space is then vacant), but excluding from such calculation space demised to any tenant who is then an Excluded Tenant. 

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

“Original Credit Agreement” is defined in the Recitals hereto. 

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

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise
from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are
Other Connection Taxes imposed with respect to an assignment. 
 “Outstanding Facility Amount” means, at any time, the sum of the
Outstanding Revolver Amount and all then-outstanding Term Advances. 
 “Outstanding Revolver Amount” means, at any time, the sum
of all then-outstanding Revolving Advances and Facility Letter of Credit Obligations. 
 “Parent Guarantor” means Terreno Realty
Corporation, a Maryland corporation organized under the laws of the State of Delaware, and its successors and assigns. 
 “Parent
Guaranty” means the guaranty executed and delivered as of the Agreement Execution Date by the Parent Guarantor, as the same may be amended, supplemented or otherwise modified from time to time. 

“Participant Register” is defined in Section 12.2(iii). 

“Participants” is defined in Section 12.2(i). 

“Payment Date” means, with respect to the payment of interest accrued on any Advance, the first day of each calendar month. 

“PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto. 

“Percentage” means for each Lender the ratio that such Lender’s combined Revolving Commitment and Term Commitment bears to the
Aggregate Commitment, expressed as a percentage. 

  
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 “Permitted Acquisitions” are defined in Section 6.15.

 “Permitted Liens” are defined in Section 6.16. 

“Person” means any natural person, corporation, firm, joint venture, partnership, association, enterprise, trust or other entity or
organization, or any government or political subdivision or any agency, department or instrumentality thereof. 
 “Plan” means an
employee pension benefit plan which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code as to which Borrower or any member of the Controlled Group may have any liability. 

“Preferred Dividends” means, for any period, with respect to any entity, dividends or other distributions which are payable
to holders of any ownership interests in such entity which entitle the holders of such ownership interests to be paid on a preferred basis prior to dividends or other distributions to the holders of other types of ownership interests in such entity.

 “Prime Rate” means a rate per annum equal to the prime rate of interest publicly announced from time to time by KeyBank or its
parent as its prime rate (which is not necessarily the lowest rate charged to any customer), changing when and as said prime rate changes. In the event that there is a successor to the Administrative Agent by merger, or the Administrative Agent
assigns its duties and obligations to an Affiliate, then the term “Prime Rate” as used in this Agreement shall mean the prime rate, base rate or other analogous rate of the new Administrative Agent. 

“Prior Credit Agreement” means that certain Third Amended and Restated Senior Revolving Credit Agreement dated as of May 8,
2014, as amended by a First Amendment thereto dated as of December 8, 2014, by and among the Administrative Agent, certain of the Lenders and the Borrower. 

“Prohibited Person” is defined in Section 5.28. 

“Project” means any real estate asset operated or intended to be operated as an industrial property or that is a Drop Lot. 

“Property” of a Person means any and all property, whether real, personal, tangible, intangible, or mixed, of such Person, or other
assets owned, leased or operated by such Person. 
 “Proposed Unencumbered Property” is defined in
Section 2.22. 
 “Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party
that has total assets exceeding $10,000,000 at the time the relevant guarantee becomes or would become effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract participant” under the
Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as such an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the
Commodity Exchange Act. 
 “Qualified Ground Lease” means a ground lease that has (i) a remaining term of at least
twenty-five (25) years including, for this purpose, any renewal option exercisable at the sole option of the ground lessee thereunder, with no veto or approval rights by the ground lessor or any lender to such ground lessor, (ii) can be
mortgaged without the consent of the ground lessor thereunder, (iii) contains customary leasehold mortgagee protection rights reasonably satisfactory to the Administrative Agent; 

  
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(iv) can be transferred without the consent of the ground lessor thereunder (or if consent of such ground lessor is required, such consent is subject to either an express reasonableness standard
or an objective financial standard for the transferee that is reasonably satisfactory to the Administrative Agent); and (v) that the tenant under the ground lease is entitled to all insurance proceeds and condemnation awards (other than the
amount attributable to landlord’s fee interest in the land if an adjustment in rent is provided for in connection therewith). 

“Qualifying Unencumbered Property” means any Eligible Unencumbered Property which, as of any date of determination, has been
approved by the Administrative Agent for inclusion in the Unencumbered Property Pool as provided in Section 2.22(i) and (ii), provided that such Eligible Unencumbered Property: (a) is not, nor is any of
Borrower’s direct or indirect ownership interests in the Subsidiary Guarantor owning such Project, subject to any Negative Pledge or any Lien other than Permitted Liens set forth in Sections 6.16(i) through 6.16(iv); (b) had an
Occupancy Percentage of at least 65% at the time it was added to the Unencumbered Property Pool, and (c) is then in compliance with all of the representations and warranties made by Borrower under Section 5.20 with
respect to such Eligible Unencumbered Property. 
 “Ratings Based Pricing Grid” is defined in
Section 2.3. 
 “Recipient” means the Administrative Agent and any Lender. 

“Register” is defined in Section 12.3(iii). 

“Recourse Indebtedness” means any Indebtedness of Borrower or any other member of the Consolidated Group other than Non-Recourse Indebtedness. 
 “Regulation D” means Regulation D of the Board of Governors of the
Federal Reserve System as from time to time in effect and any successor thereto or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to member banks of the Federal Reserve System. 

“Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as from time to time in effect and any
successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by banks for the purpose of purchasing or carrying margin stocks applicable to member banks of the Federal Reserve System. 

“Reimbursement Obligations” means at any time, the aggregate of the obligations of Borrower to the Lenders, the Issuing Bank and the
Administrative Agent in respect of all unreimbursed payments or disbursements made by the Lenders, the Issuing Bank and the Administrative Agent under or in respect of the Facility Letters of Credit. 

“Related Swap Contract” means a Swap Contract for any Related Swap Obligation. 

“Related Swap Obligations” means, as of any date, all of the obligations of Borrower arising under any then outstanding Swap
Contracts entered into between Borrower and any Lender or Affiliate of any Lender, or any Person that was a Lender or an Affiliate of any Lender at the time such Swap Contract was entered into. 

  
 - 20 - 

 “Reportable Event” means a reportable event as defined in Section 4043 of
ERISA and the regulations issued under such section, with respect to a Plan, excluding, however, such events as to which the PBGC by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within 30 days of the
occurrence of such event, provided, however, that a failure to meet the minimum funding standard of Section 412 of the Code and of Section 302 of ERISA shall be a Reportable Event regardless of the issuance of any such waiver of the notice
requirement in accordance with either Section 4043(a) of ERISA or Section 412(d) of the Code. 
 “Required Lenders”
means Lenders in the aggregate having at least 66 2/3% of the Aggregate Commitment or, if the Aggregate Commitment has been terminated, Lenders in the aggregate holding at least 66 2/3% of the aggregate unpaid principal amount of the outstanding
Advances and Facility Letter of Credit Obligations, provided that (i) the Commitments of, and Advances made by, any Lender which is a Defaulting Lender shall be excluded from the calculations of the Aggregate Commitment and aggregate Advances
and Facility Letter of Credit Obligations for such purposes during the period that such Lender is a Defaulting Lender, and (ii) at such times as there are less than four (4) Lenders hereunder, the “Required Lenders” must also
include at least two of such Lenders even if one Lender holds more than 66 2/3% of the Aggregate Commitment or aggregate Advances and Facility Letter of Credit Obligations. 

“Revolving Advance” means any Advance comprised only of Revolving Loans. 

“Revolving Commitment” means, for each Lender, the obligation of such Lender to make Revolving Loans and issue Facility Letters of
Credit not exceeding the applicable amount set forth on Schedule I, as such amount may be modified from time to time pursuant to the terms hereof. 

“Revolving Facility Termination Date” means October 19, 2022, as such date may be extended pursuant to
Section 2.23. 
 “Revolving Lender” means, as of any date, a Lender holding a Revolving Commitment. 

“Revolving Loan” means any Loan made pursuant to a Revolving Commitment. 

“Revolving Note” means the Note which evidences a Revolving Lender’s Revolving Commitment. 

“Revolving Percentage” means, as of any date for each Revolving Lender, the ratio that such Revolving Lender’s then-current
Revolving Commitment bears to the then-current total amount of all Revolving Commitments, expressed as a percentage. 
 “Sanctions Laws
and Regulations” means any applicable sanctions, prohibitions or requirements imposed by any applicable executive order or by any applicable sanctions program administered by OFAC, the United Nations Security Council, the European Union or Her
Majesty’s Treasury. 
 “Section” means a numbered section of this Agreement, unless another document is specifically
referenced. 
 “Secured Indebtedness” means any Indebtedness of Borrower or any other member of the Consolidated Group which is
secured by a Lien on a Project, any ownership interests in any Person or any other assets which had, in the aggregate, a value in excess of the amount of such Indebtedness at the time such Indebtedness was incurred. 

  
 - 21 - 

 “Single Asset Entity” means a bankruptcy remote, single purpose entity which is a
Subsidiary of Borrower and which is not a Subsidiary Guarantor which owns real property and related assets which are security for Indebtedness of such entity, and which Indebtedness does not constitute Indebtedness of any other Person except as
provided in the definition of Non-Recourse Indebtedness (except for Non-Recourse Exclusions). 

“Single Employer Plan” means a Plan maintained by Borrower or any member of the Controlled Group for employees of Borrower or any
member of the Controlled Group. 
 “S&P” means Standard & Poor’s Ratings Group and its successors. 

“Subsidiary” of a Person means (i) any corporation more than 50% of the outstanding securities having ordinary voting power of
which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii) any partnership, association, joint venture or similar
business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. Unless otherwise expressly provided, all references herein to a “Subsidiary” shall mean a
Subsidiary of Borrower. 
 “Subsidiary Guarantor” means each Wholly-Owned Subsidiary of Borrower which owns an Unencumbered
Property and therefore is required to execute or join in the Subsidiary Guaranty pursuant to Section 6.13. 

“Subsidiary Guaranty” means the guaranty executed and delivered as of the Agreement Execution Date by those Subsidiaries of Borrower
listed on Schedule 5 and such other Wholly-Owned Subsidiaries as may hereafter be obligated to join in such guaranty as provided in Section 6.13, as the same may be amended,
supplemented or otherwise modified from time to time. 
 “Substantial Portion” means, with respect to the Property of Borrower and
its Subsidiaries, Property which represents more than 10% of then-current Consolidated Gross Asset Value. 
 “Swap Contract” means
(a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond
index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing),
whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of
master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a
“Master Agreement”), including any such obligations or liabilities under any Master Agreement. 
 “Swap Obligation”
means, with respect to any Subsidiary 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. 

  
 - 22 - 

 “Swap Termination Value” means, in respect of any one or more Swap Contracts,
after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance
therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s)
for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any
Affiliate of a Lender). 
 “Swingline Advances” means, as of any date, collectively, all Swingline Loans then outstanding under
this Facility. 
 “Swingline Commitment” means the obligation of the Swingline Lender to make Swingline Loans not exceeding
$15,000,000, which is included in, and is not in addition to, the Swingline Lender’s total Commitment hereunder. 
 “Swingline
Lender” shall mean KeyBank National Association, in its capacity as a Lender, and at the option of a new Administrative Agent, any successor Administrative Agent. 

“Swingline Loan” means a loan made by the Swingline Lender pursuant to Section 2.16 hereof. 

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

“Term A Advance” means any Advance comprised solely of Term A Loans. 

“Term A Loan” means any Loan made pursuant to a Term A Loan Commitment. 

“Term A Loan Commitment” means, for each Lender, as of any date, the obligation of such Lender to make Term A Loans not exceeding
the amount of its applicable “Term A Loan Commitment”, set forth on Schedule 1, as such amount may be modified from time to time pursuant to the terms hereof. 

“Term A Loan Facility” means the term facility with an aggregate commitment of up to $50,000,000 maturing on the Term A Loan
Facility Termination Date. 
 “Term A Loan Facility Termination Date” shall mean August 1, 2021. 

“Term Advance” means either a Term A Advance or a Term B Advance. 

“Term B Advance” means any Advance comprised solely of Term B Loans. 

“Term B Loan” means any Loan made pursuant to a Term B Loan Commitment. 

“Term B Loan Commitment” means, for each Lender, as of any date, the obligation of such Lender to make Term B Loans not exceeding
the applicable amount of its “Term B Loan Commitment”, set forth on Schedule 1, as such amount may be modified from time to time pursuant to the terms hereof. 

  
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 “Term B Loan Facility” means the term facility with an aggregate commitment of up
to $100,000,000 maturing on the Term B Loan Facility Termination Date. 
 “Term B Loan Facility Termination Date” shall mean
January 15, 2022. 
 “Term Facility Termination Date” shall mean either the Term A Loan Facility Termination Date or the Term
B Loan Facility Termination Date. 
 “Term Lender” means as of any date, a Lender holding either a Term A Loan Commitment or a
Term B Loan Commitment or any combination thereof. 
 “Term Loan” means either a Term A Loan or a Term B Loan. 

“Term Loan Commitment” means, for each Lender, as of any date, the sum of such Lender’s Term A Loan Commitment and Term B Loan
Commitment. 
 “Transferee” is defined in Section 12.4. 

“Type” means, with respect to any Advance, its nature as a Base Rate Advance or LIBOR Advance and as either a Revolving Advance, a
Term A Advance or a Term B Advance. 
 “Unfunded Liabilities” means the amount (if any) by which the present value of all vested
nonforfeitable benefits under all Single Employer Plans exceeds the fair market value of all such Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such Plans. 

“Unimproved Land” means, as of any date, any land which (i) is not appropriately zoned for industrial development,
(ii) does not have access to all necessary utilities or (iii) does not have access to publicly dedicated streets, unless such land has been designated in writing by Borrower in a certificate delivered to the Administrative Agent as land
that is reasonably expected to satisfy all such criteria within twelve (12) months after such date, but excluding in any event any land which qualifies as a Drop Lot. 

“Unencumbered Property” means, as of any date, any Qualifying Unencumbered Property which has not been released from the
Unencumbered Property Pool in accordance with Section 2.22(iii) hereof. 
 “Unencumbered Property Addition
Transaction” is defined in Section 2.22(ii). 
 “Unencumbered Property Pool” means, as of any date,
all Qualifying Unencumbered Properties as of such date. 
 “Unencumbered Property Pool Leverage Ratio” means the Unsecured
Indebtedness divided by Unencumbered Property Pool Value, expressed as a percentage. 
 “Unencumbered Property Pool NOI” means the
Net Operating Income of Borrower attributable to all Unencumbered Properties owned by a Wholly-Owned Subsidiary of Borrower as of such date, but excluding any portion of such Net Operating Income attributable to a tenant who is an Excluded Tenant as
of such date. 

  
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 “Unencumbered Property Pool Value” means, as of any date, the sum of (x) the
most recent two (2) full fiscal quarters of Unencumbered Property Pool NOI attributable to all Unencumbered Properties owned by a Wholly Owned Subsidiary of Borrower as of such date of determination which have been owned by such Subsidiary for
the most recent four (4) full fiscal quarters for which financial results of Borrower have been reported, multiplied by two (2), with the product thereof divided by the Capitalization Rate plus (y) the aggregate cost value basis of all
Unencumbered Properties owned by a Wholly-Owned Subsidiary of Borrower as of such date of determination which were not so owned for such period of four (4) consecutive full fiscal quarters. Notwithstanding the foregoing, for purposes of
calculating the amount of Unencumbered Property Pool NOI to be used in clause (x) of the preceding sentence of this definition, (A) no Unencumbered Property shall be deemed to have Net Operating Income of less than zero for any period and
(B) if any Unencumbered Property is subject to a Lease which has commenced but provides for an initial period of rent abatement or reduction that falls in whole or in part within the period on which Unencumbered Property Pool NOI is being
calculated, the Net Operating Income attributable to such Unencumbered Property for such initial abatement or reduction period shall be determined as if the rental income for such Unencumbered Property included rents paid at the rental rate that
will be payable under such Lease during the first full calendar month immediately following such period, provided that (i) no such period of deemed increase shall continue for longer than the first twenty percent (20%) of the initial term of
such Lease and (ii) the portion of Unencumbered Property Pool Value attributable to Unencumbered Properties which have Unencumbered Property Pool NOI then deemed to be increased under this clause (B) shall not at any time constitute more
than fifteen percent (15%) of total Unencumbered Property Pool Value. 
 “Unencumbered Property Release Transaction” is defined in
Section 2.22(iii). 
 “Unmatured Default” means an event which but for the lapse of time or the giving
of notice, or both, would constitute a Default. 
 “Unrestricted Cash and Cash Equivalents” means, in the aggregate, all cash and
Cash Equivalents which are not pledged or otherwise restricted for the benefit of any creditor and which are owned by the Borrower or another member of the Consolidated Group, to be valued for purposes of this Agreement at 100% of its then-current
book value, as determined under GAAP. 
 “Unsecured Debt Service Coverage” means, as of any date, the then-current Adjusted
Unencumbered Property Pool NOI divided by the then-current Unsecured Interest Expense. 
 “Unsecured Indebtedness” means, as of
any date of determination, the aggregate principal amount of Consolidated Total Indebtedness outstanding at such date that is not secured by a Lien evidenced by a mortgage, deed of trust, assignment of partnership interests or other security
interest. Notwithstanding the foregoing, Unsecured Indebtedness shall include Recourse Indebtedness that is secured solely by partnership or other ownership interests in any Subsidiary or Investment Affiliate that owns a Project that is encumbered
by a mortgage securing Indebtedness. 
 “Unsecured Interest Expense” means, as of any date, an annualized amount determined by
multiplying two (2) times the Consolidated Interest Expense attributable to the Unsecured Indebtedness of Borrower, Parent Guarantor and the Subsidiary Guarantors for the two (2) most recent full fiscal quarters of Borrower for which
financial results have been reported. 
 “U.S. Person” means any Person that is a “United States Person” as defined in
Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance Certificate” shall have the meaning given to such term in
Section 3.5(g)(ii)(B)(iii). 

  
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 “Wholly-Owned Subsidiary” of a Person means (i) any Subsidiary all of the
outstanding voting securities of which shall at the time be owned or controlled, directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more Wholly-Owned Subsidiaries of such
Person, or (ii) any partnership, association, joint venture or similar business organization 100% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. 

“Withholding Agent” means Borrower, Parent Guarantor and Administrative Agent, as applicable. 

“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. 
 The foregoing definitions shall be equally applicable to both the
singular and plural forms of the defined terms. 
 ARTICLE II. 

THE CREDIT 
 2.1.
Generally. Subject to the terms and conditions of this Agreement, Lenders severally agree (A) to make Advances through the Administrative Agent to Borrower as (i) the Term A Advance, which, as noted in the Original Credit Agreement,
was fully funded under the Prior Credit Agreement, (ii) the Term B Advance, which, as noted in the Original Credit Agreement, was fully funded under the Prior Credit Agreement, and (iii) in the case of Revolving Advances, from time to time
from and after the Agreement Execution Date and prior to the Revolving Facility Termination Date, and (B) to support the issuance of the Facility Letters of Credit under Article IIA of this Agreement, provided that the making of
any such Advance or the issuance of any such Facility Letter of Credit will not: 
 (i) cause the then-current Outstanding
Facility Amount to exceed the then-current Aggregate Commitment; or 
 (ii) cause the
then-current Outstanding Revolving Amount to exceed the then-current Aggregate Revolving Commitment; or 

(iii) cause the aggregate amount of Term A Advances to exceed the then-current aggregate Term A Loan Commitments; or 

(iv) cause the aggregate amount of Term B Advances to exceed the then-current aggregate Term B Loan Commitments; or 

(v) cause the then-current Unencumbered Pool Property Leverage Ratio to exceed the then current percentage permitted under
Section 6.21(i); or 
 (vi) cause the then-current outstanding Swingline Advances to exceed the Swingline Commitment; or

 (vii) cause the then outstanding Facility Letters of Credit Obligations to exceed the Facility Letter of Credit Sublimit.

  
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 The Advances may be Swingline Advances or ratable Base Rate Advances and ratable LIBOR Advances. Each
applicable Lender shall fund its Percentage of each such Advance (other than a Swingline Advance which shall be funded solely by the Swingline Lender) and no Lender will be required to fund any amounts which, (A) when aggregated with such
Lender’s Revolving Percentage of all Revolving Advances then outstanding and of all Facility Letter of Credit Obligations would exceed such Lender’s then-current Revolving Commitment, or (B) when aggregated with such Lender’s
Term A Percentage of all Term A Advances then outstanding, would exceed such Lender’s then-current Term A Commitment or (C) when aggregated with such Lender’s Term B Percentage of all Term B Advances then outstanding, would exceed
such Lender’s then-current Term B Commitment. This facility (“Facility”) is both a term loan and a revolving credit facility. Once repaid the Term Advances may not be reborrowed. Subject to the provisions of this Agreement,
Borrower may request Revolving Advances hereunder from time to time, repay such Revolving Advances and reborrow Revolving Advances at any time prior to the Revolving Facility Termination Date. 

2.2. Termination or Increase in Aggregate Commitment. Borrower shall have the right, upon at least three (3) business days’
notice, to terminate or cancel, in whole or in part, the unused portion of the Aggregate Revolving Commitment in excess of the Outstanding Revolving Facility Amount, provided that each partial reduction shall be in a minimum amount of $1,000,000 or
any whole multiple of $250,000 in excess thereof. Any such reduction in the Aggregate Revolving Commitment shall be applied to reduce the Revolving Commitment of each Lender then holding a Revolving Commitment on a pro rata basis in accordance with
their respective Revolving Commitments. Once terminated or reduced, the Revolving Commitments may not be reinstated or increased thereafter. Provided Borrower has not exercised any right to terminate or reduce the Revolving Commitments, Borrower
shall also have the right from time to time, provided no Default or Unmatured Default has occurred and is then continuing, to increase the Aggregate Commitment up to a maximum of $600,000,000 by either adding new lenders as Lenders (subject to the
Administrative Agent’s prior written approval of the identity of such new lenders) or obtaining the agreement, which shall be at such Lender’s or Lenders’ sole discretion, of one or more of the then current Lenders to increase its or
their Commitments. Each such increase may apply to the Revolving Commitments, the Term A Loan Commitments, or the Term B Loan Commitments, as may be determined by Borrower and the Lenders providing such increase. On the effective date of any such
increase, Borrower shall pay to the Administrative Agent any amounts due to it under the Fee Letter and to each new lender or then-current Lender providing such additional Commitment the up-front fee agreed to
between Borrower and such party. Such increases shall be evidenced by the execution and delivery of an Amendment Regarding Increase in the form of Exhibit A attached to this Agreement by Borrower, the Administrative Agent and the new lender
or existing Lender providing such additional Commitment, a copy of which shall be forwarded to each Lender by the Administrative Agent promptly after execution thereof. On the effective date of each such increase in the Aggregate Commitment,
Borrower and the Administrative Agent shall cause the new or existing Lenders providing such increase to hold its or their Percentage of all applicable Advances outstanding at the close of business on such day, including, in the case of increases in
the Aggregate Revolving Commitment, by funding more than its or their Percentage of new Revolving Advances made on such date or by purchasing shares of outstanding Revolving Loans held by the other Lenders or by a combination thereof, provided that
all conditions to such funding under this Agreement are satisfied, including without limitation the certificate referenced in Section 4.2(iii) hereof. The Lenders agree to cooperate in any required sale and purchase of
outstanding Revolving Loans to achieve such result. In no event shall the Aggregate Commitment exceed $600,000,000 without the approval of all of the Lenders. 

  
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 2.3. Applicable Margins and Facility Fee. Prior to the Investment Grade Rating Date,
the interest due hereunder with respect to the Advances shall vary from time to time and shall be determined by reference to the Type of Advance and the then-current Leverage Ratio. In addition, the Facility Fee shall vary from time to time by
reference to the then-current Leverage Ratio. Any such change in the Applicable Margin or Facility Fee shall be made on the fifth (5th) day subsequent to the date on which the
Administrative Agent receives a compliance certificate pursuant to Section 6.1(iv) with respect to the preceding fiscal quarter of Borrower, provided that the Administrative Agent does not object to the information provided
in such certificate and provided further that if any such compliance certificate has not been delivered by the date required under Section 6.1(iv) and remains undelivered for five (5) business days after written notice
thereof from the Administrative Agent, the Applicable Margins and Facility Fee shall accrue as if the Leverage Ratio were in excess of 55% until such delivery occurs. Subject to the following sentence, such changes shall be given prospective effect
only, and no recalculation shall be done with respect to interest or Letter of Credit Fees accrued prior to the date of such change in the Applicable Margin and Facility Fee. If any such compliance certificate shall later be determined to be
incorrect and as a result a higher Applicable Margin or Facility Fee should have been in effect for any period, Borrower shall pay to the Administrative Agent for the benefit of the Lenders all additional interest and fees which would have accrued
if the original compliance certificate had been correct, as shown on an invoice to be prepared by the Administrative Agent and delivered to Borrower, on the next Payment Date following delivery of such invoice. The per annum Applicable Margins that
will be either added to the Floor Base Rate to determine the Base Rate or added to LIBOR Base Rate (as adjusted for any Reserve Requirement) to determine the LIBOR Rate for any LIBOR Interest Period and the per annum Facility Fee Percentage (the
“Leverage Based Pricing Grid”) shall both be determined as follows: 
 Revolving Credit Facility: 

 

													
	 Leverage Ratio
	  	LIBOR Applicable
Margin	 	 	Base Rate
Applicable
Margin	 	 	Facility Fee
Percentage	 
	 > 55%
	  	 	1.50	% 	 	 	0.50	% 	 	 	0.30	% 
	 > 50% but < 55%
	  	 	1.30	% 	 	 	0.30	% 	 	 	0.30	% 
	 > 45% but < 50%
	  	 	1.25	% 	 	 	0.25	% 	 	 	0.20	% 
	 > 40% but < 45%
	  	 	1.15	% 	 	 	0.15	% 	 	 	0.20	% 
	 > 35% but < 40%
	  	 	1.10	% 	 	 	0.10	% 	 	 	0.15	% 
	 < 35%
	  	 	1.05	% 	 	 	0.05	% 	 	 	0.15	% 

 Term A Loan Facility and Term B Loan Facility: 

 

									
	 Leverage Ratio
	  	LIBOR Applicable Margin	 	 	Base Rate
Applicable Margin	 
	 > 55%
	  	 	1.70	% 	 	 	0.70	% 
	 > 50% but < 55%
	  	 	1.50	% 	 	 	0.50	% 
	 > 45% but < 50%
	  	 	1.40	% 	 	 	0.40	% 
	 > 40% but < 45%
	  	 	1.35	% 	 	 	0.35	% 
	 > 35% but < 40%
	  	 	1.25	% 	 	 	0.25	% 
	 < 35%
	  	 	1.20	% 	 	 	0.20	% 

  
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 On and at all times after the Investment Grade Rating Date, at the
one-time irrevocable election of the Borrower, the Applicable Margins thereafter shall vary from time to time and shall be determined by reference to the Type of Advance and the then-current Credit Ratings of
Borrower, and the Facility Fee Percentage shall be similarly determined. The change from the Leverage Based Pricing Grid above to the Rating Based Pricing Grid below shall be effective as of the first day of the first calendar month immediately
following the month in which the Administrative Agent receives written notice delivered by the Borrower that it has achieved such Investment Grade Ratings and elects to have the Ratings Based Pricing Grid apply. Any subsequent change in any of the
Borrower’s Credit Ratings which would cause a different level to be applicable shall be effective as of the first day of the first calendar month immediately following the month in which the Administrative Agent receives written notice
delivered by the Borrower that such change in a Credit Rating has occurred; provided, however, if the Borrower has not delivered the notice required but the Administrative Agent becomes aware that any of the Borrower’s Credit Ratings have
changed, then the Administrative Agent shall adjust the level effective as of the first day of the first calendar month following the date the Administrative Agent becomes aware of such change in Borrower’s Credit Ratings. The per annum
Applicable Margins that will be either added to the Alternate Base Rate to determine the Floating Rate or added to LIBOR Base Rate (as adjusted for any Reserve Requirement) to determine the LIBOR Rate for any LIBOR Interest Period and the per annum
Facility Fee Percentage (the “Ratings Based Pricing Grid”) shall be determined as follows: 
 Ratings Based Pricing Grid

 Revolving Credit Facility 
  

													
	 Credit Rating

(S&P/Fitch or Moody’s)
	  	LIBOR
Applicable
Margin	 	 	Base Rate
Applicable
Margin	 	 	Facility Fee
Percentage	 
	 At least A- or A3
	  	 	0.775	% 	 	 	0.00	% 	 	 	0.125	% 
	 At least BBB+ or Baa1
	  	 	0.825	% 	 	 	0.00	% 	 	 	0.15	% 
	 At least BBB or Baa2
	  	 	0.90	% 	 	 	0.00	% 	 	 	0.20	% 
	 At least BBB- or Baa3
	  	 	1.10	% 	 	 	0.10	% 	 	 	0.25	% 
	 Below BBB- and Baa3
	  	 	1.45	% 	 	 	0.45	% 	 	 	0.30	% 

 Ratings Based Pricing Grid 

Term A Loan Facility and Term B Loan Facility 
  

									
	 Credit Rating

(S&P/Fitch or Moody’s)
	  	LIBOR
Applicable
Margin	 	 	Base Rate
Applicable
Margin	 
	 At least A- or A3
	  	 	0.85	% 	 	 	0.00	% 
	 At least BBB+ or Baa1
	  	 	0.90	% 	 	 	0.00	% 
	 At least BBB or Baa2
	  	 	1.00	% 	 	 	0.00	% 
	 At least BBB- or Baa3
	  	 	1.25	% 	 	 	0.25	% 
	 Below BBB- and Baa3
	  	 	1.65	% 	 	 	0.65	% 

 During any period for which the rating agencies assign Credit Ratings which correspond to three different levels in the
Ratings Based Pricing Grid, the Applicable Margins and Facility Fee Percentage will be determined by (A) the highest Credit Rating, if the Credit Ratings differ by only one level and (B) the average of the two highest Credit Ratings, if
the Credit Ratings differ by two or more levels 

  
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(unless the average of such two highest Credit Ratings is not a recognized level, in which case the Applicable Margin and Facility Fee Percentage will be based on the level corresponding to the
second highest Credit Rating). During any period for which the rating agencies assign Credit Ratings which correspond to two different levels in the Ratings Based Pricing Grid the Applicable Margins and Facility Fee Percentage will be determined by
(A) the highest Credit Rating, if the Credit Ratings differ by only one level and (B) the median of the two Credit Ratings, if the Credit Ratings differ by two or more levels (unless the median of such two Credit Ratings is not a
recognized level, in which case the Applicable Margin and Facility Fee Percentage will be based on the level which is one (1) level below the level corresponding to the higher of such Credit Ratings). During any period after the Investment
Grade Rating Date for which the Borrower has received a Credit Rating from only one Rating Agency, the Applicable Margin and Facility Fee Percentage shall be determined based on such Credit Rating so long as such Credit Rating is from either S&P
or Moody’s, and otherwise at the “Below BBB- and Baa3” level. 
 2.4. Final
Principal Payment. Any outstanding Revolving Advances and all other unpaid Obligations allocated by the Administrative Agent thereto shall be paid in full by Borrower on the Revolving Facility Termination Date. All outstanding Term A Advances
and Term B Advances, and all other unpaid Obligations allocated by the Administrative Agent to each such Type of Term Advance, shall be paid in full by Borrower on the applicable Term Facility Termination Date. 

2.5. Facility Fee. A facility fee (the “Facility Fee”) shall accrue and be payable by Borrower to the Administrative
Agent for the account of each Lender and shall be computed on a daily basis by multiplying (i) the Facility Fee Percentage applicable to such day, expressed as a per diem rate, times (ii) the Aggregate Revolving Commitment in effect on
such day. The Facility Fee shall be payable quarterly in arrears on the first Business Day of each calendar quarter (for the prior calendar quarter) and upon any termination of the Aggregate Revolving Commitment in its entirety. Following its
receipt of any such Facility Fee, Administrative Agent shall promptly pay to each Lender holding a Revolving Commitment an amount equal to such Lender’s applicable Revolving Percentage of the daily amount of such Facility Fee, based on such
Lender’s Revolving Commitment on such day. The Facility Fee shall be computed on a 360 day year, and actual days elapsed. 
 2.6.
Other Fees. Borrower agrees to pay all fees payable to the Administrative Agent in connection with this Agreement. 
 2.7. Minimum
Amount of Each Advance. Each Advance shall be in the minimum amount of $1,000,000; provided, however, that any Base Rate Advance may be in the amount of the unused Revolving Commitments, Term A Loan Commitments or Term B Loan Commitments, as
applicable. 
 2.8. Principal Payments. 

(a) Optional. Borrower may from time to time pay, without penalty or premium, all or any part of any outstanding Base
Rate Advances on not less than one (1) Business Day prior notice to the Administrative Agent. A LIBOR Advance under the Revolving Credit Facility, the Term A Loan Facility or the Term B Loan Facility may be paid on the last day of the LIBOR
applicable LIBOR Interest Period or, if and only if Borrower pays any amounts due to the Lenders under Section 3.4 as a result of such prepayment, on a day prior to such last day. Unless otherwise directed by the Borrower
by written notice to the Administrative Agent, all principal payments made when no Default has occurred and is continuing shall first be applied to repay all outstanding Revolving Advances, then to repay the Term A Advances and then to repay the
Term B Advances. If a Default has occurred and is continuing such principal payment shall be applied on a pro rata basis to all outstanding Advances. 

  
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 (b) Mandatory. Borrower shall make mandatory partial principal
payments from time to time if, due to any reduction in the Unencumbered Property Pool Value or in the Unsecured Debt Service Coverage, whether by an Unencumbered Property failing to continue to satisfy the requirement for qualification as an
Unencumbered Property or by a reduction in the Unencumbered Property Pool Value or the Adjusted Unencumbered Property Pool NOI attributable to any Qualifying Unencumbered Property, a violation of the covenants set forth in clauses (i) and (ii)
of Section 6.21 shall occur. Such principal payments shall be in the amount needed to eliminate such violation. Such mandatory principal payments shall be due and payable (i) in the case of any reduction due to
(a) reduction in the Unencumbered Property Pool NOI attributable to an Unencumbered Property or a violation of one of the limitations set forth in Section 2.22(i), ten (10) Business Days after delivery of the
quarterly financial statements and Compliance Certificate under Section 6.1 evidencing such reduction or (ii) in all other cases, ten (10) Business Days after Borrower’s receipt of notice from the
Administrative Agent of such failure to satisfy a requirement for qualification as an Unencumbered Property. 
 2.9. Method of Selecting
Types and Interest Periods for New Advances. Each Advance hereunder shall consist of Loans made from the several Lenders ratably in proportion to the ratio their respective Revolving Commitment, Term A Loan Commitment or Term B Loan Commitment
bears to the Aggregate Revolving Commitment, total Term A Loan Commitments or total Term B Loan Commitments, as the case may be, except for Swingline Loans which shall be made by the Swingline Lender in accordance with
Section 2.16. Borrower shall select the Type of Advance and, in the case of each LIBOR Advance, the LIBOR Interest Period applicable thereto from time to time. Borrower shall give the Administrative Agent irrevocable notice
(a “Borrowing Notice”) in the form attached as Exhibit F (i) not later than 3:00 p.m. Cleveland, Ohio time on the Business Day immediately preceding the Borrowing Date of each Base Rate Advance
(other than Swingline Advances), (ii) not later than 10:00 a.m. Cleveland, Ohio time, at least three (3) Business Days before the Borrowing Date for each LIBOR Advance, and (iii) not later than noon Cleveland, Ohio time on the same day as
the Borrowing Date for each Swingline Advance, which shall specify: 
 (i) the Borrowing Date, which shall be a Business Day,
of such Advance; 
 (ii) the aggregate amount of such Advance; 

(iii) the Type of Advance selected; and 

(iv) in the case of each LIBOR Advance, the LIBOR Interest Period applicable thereto. 

The Administrative Agent shall promptly give each Lender notice of the contents of each Borrowing Notice received from Borrower. Each Lender shall make
available its Loan or Loans, in funds immediately available in Cleveland to the Administrative Agent at its address specified pursuant to Article XIII on each Borrowing Date not later than (i) 2:00 p.m. Cleveland, Ohio
time, in the case of Swingline Advances, or (ii) noon Cleveland, Ohio time in the case of all other Advances. The Administrative Agent will make the funds so received from the Lenders available to Borrower at the Administrative Agent’s
aforesaid address. 

  
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 No LIBOR Interest Period may end after the Term A Loan Facility Termination Date, the Term B
Loan Facility Termination Date or the Revolving Facility Termination Date, as applicable to the Type of Advance involved, and, unless the Lenders otherwise agree in writing, in no event may there be more than nine (9) different LIBOR Interest
Periods for LIBOR Advances outstanding at any one time. 
 2.10. Conversion and Continuation of Outstanding Advances. Base Rate
Advances shall continue as Base Rate Advances unless and until such Base Rate Advances are converted into LIBOR Advances. Each LIBOR Advance shall continue as a LIBOR Advance until the end of the then applicable LIBOR Interest Period therefor, at
which time such LIBOR Advance shall be automatically converted into a Base Rate Advance unless Borrower shall have given the Administrative Agent a Conversion/Continuation Notice requesting that, at the end of such LIBOR Interest Period, such LIBOR
Advance either continue as a LIBOR Advance for the same or another Interest Period or be converted to an Advance of another Type. Subject to the terms of Section 2.7, Borrower may elect from time to time to convert all or
any part of an Advance of any Type into any other Type or Types of Advances; provided that any conversion of any LIBOR Advance shall be made on, and only on, the last day of the LIBOR Interest Period applicable thereto, that a Revolving Advance can
only be converted into another Type of Revolving Advance, that a Term A Advance can only be converted into another Type of Term A Advance and that a Term B Advance can only be converted into another Type of Term B Advance. Borrower shall give the
Administrative Agent irrevocable notice (a “Conversion/Continuation Notice”) of each conversion of an Advance to a LIBOR Advance or continuation of a LIBOR Advance not later than 10:00 a.m. (Cleveland time), at least three Business
Days, in the case of a conversion into or continuation of a LIBOR Advance, prior to the date of the requested conversion or continuation, specifying: 

(i) the requested date which shall be a Business Day, of such conversion or continuation; 

(ii) the aggregate amount and Type of the Advance which is to be converted or continued; and 

(iii) the amount and Type(s) of Advance(s) into which such Advance is to be converted or continued and, in the case of a
conversion into or continuation of a LIBOR Advance, the duration of the LIBOR Interest Period applicable thereto. 
 2.11. Changes in
Interest Rate, Etc. Each Base Rate Advance shall bear interest on the outstanding principal amount thereof, for each day from and including the date such Advance is made or is converted from a LIBOR Advance into a Base Rate Advance pursuant to
Section 2.10 to but excluding the date it becomes due or is converted into a LIBOR Advance pursuant to Section 2.10 hereof, at a rate per annum equal to the Base Rate for such day. Changes in the
rate of interest on that portion of any Advance maintained as a Base Rate Advance will take effect simultaneously with each change in the Base Rate. Each LIBOR Advance shall bear interest from and including the first day of the LIBOR Interest Period
applicable thereto to (but not including) the last day of such LIBOR Interest Period at the interest rate determined as applicable to such LIBOR Advance. 

2.12. Rates Applicable After Default. Notwithstanding anything to the contrary contained in Section 2.9 or
2.10, during the continuance of a Default the Required Lenders may, at their option, by notice to Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of
Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued as a LIBOR 

  
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Rate Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to Borrower (which notice may be revoked at the option of the Required Lenders
notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) each LIBOR Advance shall bear interest for the remainder of the applicable LIBOR
Interest Period at the rate otherwise applicable to such LIBOR Interest Period plus 3% per annum and (ii) each Base Rate Advance shall bear interest at a rate per annum equal to the Base Rate otherwise applicable to the Base Rate Advance plus
3% per annum; provided, however, that the Default Rate shall become applicable automatically if a Default occurs under Section 7.1 or 7.2, unless waived by the Required Lenders. 

2.13. Method of Payment. All payments of the Obligations hereunder shall be made, without setoff, deduction, or counterclaim, in
immediately available funds to the Administrative Agent at the Administrative Agent’s address specified pursuant to Article XIII, or at any other Lending Installation of the Administrative Agent specified in writing by
the Administrative Agent to Borrower, by noon (local time) on the date when due and shall be applied ratably by the Administrative Agent among the Lenders. As provided elsewhere herein, all Lenders’ interests in the Advances and the Loan
Documents shall be ratable undivided interests and none of such Lenders’ interests shall have priority over the others. Each payment delivered to the Administrative Agent for the account of any Lender or amount to be applied or paid by the
Administrative Agent to any Lender shall be paid promptly (on the same day as received by the Administrative Agent if received prior to noon (local time) on such day and otherwise on the next Business Day) by the Administrative Agent to such Lender
in the same type of funds that the Administrative Agent received at its address specified pursuant to Article XIII or at any Lending Installation specified in a notice received by the Administrative Agent from such Lender. Payments received
by the Administrative Agent but not timely funded to the Lenders shall bear interest payable by the Administrative Agent at the Federal Funds Effective Rate from the date due until the date paid. The Administrative Agent is hereby authorized to
charge the account of Borrower maintained with KeyBank for each payment of principal, interest and fees as it becomes due hereunder. Notwithstanding the foregoing, amounts received from any Loan Party that is not a Qualified ECP Guarantor shall not
be applied to Obligations that are Excluded Swap Obligations, but appropriate adjustments shall be made with respect to payments from the other Loan Parties to preserve the allocation to the Obligations set forth above. 

2.14. Notes; Telephonic Notices. Each Lender is hereby authorized to record the principal amount of each of its Loans and each
repayment on the schedule attached to its Note, provided, however, that the failure to so record shall not affect Borrower’s obligations under such Note. Borrower hereby authorizes the Lenders and the Administrative Agent to extend, convert or
continue Advances, effect selections of Types of Advances and to transfer funds based on telephonic notices made by any Authorized Officer. Borrower agrees to deliver promptly to the Administrative Agent a written confirmation, if such confirmation
is requested by the Administrative Agent or any Lender, of each telephonic notice signed by an Authorized Officer. If the written confirmation differs in any material respect from the action taken by the Administrative Agent and the Lenders, the
records of the Administrative Agent and the Lenders shall govern absent manifest error. Upon a Lender’s furnishing to Borrower an affidavit to such effect, if a Note is mutilated, destroyed, lost or stolen, Borrower shall deliver to such
Lender, in substitution therefore, a new note containing the same terms and conditions as such Note being replaced. 
 2.15. Interest
Payment Dates; Interest and Fee Basis. Interest accrued on each Advance shall be payable on each Payment Date, commencing with the first such date to occur after the date hereof, at maturity, whether by acceleration or otherwise, and upon any
termination of the Revolving Commitments in their entirety under Section 2.2 hereof. Interest, Facility Fees, Facility Letter of 

  
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Credit Fees and all other fees shall be calculated for actual days elapsed on the basis of a 360-day year. Interest shall be payable for the day an Advance
is made but not for the day of any payment on the amount paid if payment is received prior to noon (local time) at the place of payment. If any payment of principal of or interest on an Advance shall become due on a day which is not a Business Day,
such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest in connection with such payment. 

2.16. Swingline Advances. In addition to the other options available to Borrower hereunder, the Swingline Commitment shall be
available for Swingline Advances subject to the following terms and conditions. Swingline Advances shall be made available for same day borrowings provided that notice is given in accordance with Section 2.9 hereof. All
Swingline Advances shall bear interest at the Base Rate. In no event shall the Swingline Lender be required to fund a Swingline Advance if it would increase the total aggregate outstanding Revolving Loans by Swingline Lender hereunder plus its
Revolving Percentage of Facility Letter of Credit Obligations to an amount in excess of the Swingline Lender’s Revolving Commitment. No Swingline Advance may be made to repay a Swingline Advance, but Borrower may repay Swingline Advances from
subsequent pro rata Advances hereunder. On the fifth (5th) day after such a Swingline Advance was made, if such Swingline Advance has not been repaid by Borrower, each Revolving Lender
irrevocably agrees to purchase its Revolving Percentage of any Swingline Advance made by the Swingline Lender regardless of whether the conditions for disbursement are satisfied at the time of such purchase, including the existence of an Unmatured
Default or Default hereunder provided that Swingline Lender did not have actual knowledge of such Unmatured Default or Default at the time the Swingline Advance was made and provided further that no Lender shall be required to have total outstanding
Revolving Loans plus its Revolving Percentage of Facility Letters of Credit exceed its Revolving Commitment. Such purchase shall take place on the date of the request by Swingline Lender so long as such request is made by noon (Cleveland time), and
otherwise on the Business Day following such request. All requests for purchase shall be in writing. From and after the date it is so purchased, each such Swingline Advance shall, to the extent purchased, (i) be treated as a Revolving Loan made
by the purchasing Revolving Lenders and not by the selling Revolving Lender for all purposes under this Agreement and the payment of the purchase price by a Lender shall be deemed to be the making of a Revolving Loan by such Revolving Lender and
shall constitute outstanding principal under such Revolving Lender’s Note, and (ii) shall no longer be considered a Swingline Advance except that all interest accruing on or attributable to such Swingline Advance for the period prior to
the date of such purchase shall be paid when due by Borrower to the Administrative Agent for the benefit of the Swingline Lender and all such amounts accruing on or attributable to such Revolving Loans for the period from and after the date of such
purchase shall be paid when due by Borrower to the Administrative Agent for the benefit of the purchasing Revolving Lenders. If prior to purchasing its Revolving Percentage of a Swingline Advance one of the events described in
Section 7.7 shall have occurred and such event prevents the consummation of the purchase contemplated by preceding provisions, each Lender will purchase an undivided participating interest in the outstanding Swingline
Advance in an amount equal to its Revolving Percentage of such Swingline Advance. From and after the date of each Revolving Lender’s purchase of its participating interest in a Swingline Advance, if the Swingline Lender receives any payment on
account thereof, the Swingline Lender will distribute to such Revolving Lender its participating interest in such amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Revolving
Lender’s participating interest was outstanding and funded); provided, however, that in the event that such payment was received by the Swingline Lender and is required to be returned to Borrower, each Revolving Lender will return to the
Swingline Lender any portion thereof previously distributed by the Swingline Lender to it. If any Revolving Lender fails to so purchase its Revolving Percentage of any Swingline Advance, such Revolving Lender shall be

  
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deemed to be a Defaulting Lender hereunder. Notwithstanding anything to the contrary contained in this Section 2.16, the Swingline Lender shall not be obligated to make
any Swingline Loan at a time when any other Lender is a Defaulting Lender, unless the Swingline Lender is satisfied that the participation therein will otherwise be fully allocated to the Lenders that are
Non-Defaulting Lenders consistent with Section 10.14 and the Defaulting Lender shall not participate therein, except to the extent the Swingline Lender has entered into arrangements
with the Borrower or such Defaulting Lender that are satisfactory to the Swingline Lender in its good faith determination to eliminate the Swingline Lender’s Fronting Exposure with respect to any such Defaulting Lender, including the delivery
of cash collateral. 
 2.17. Notification of Advances, Interest Rates and Prepayments. The Administrative Agent will notify each
Lender of the contents of each Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder not later than the close of business on the Business Day such notice is received by the Administrative Agent. The
Administrative Agent will notify each Lender of the interest rate applicable to each LIBOR Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Floor Base Rate. 

2.18. Lending Installations. Each Lender may book its Loans at any Lending Installation selected by such Lender and may change its
Lending Installation from time to time. All terms of this Agreement shall apply to any such Lending Installation and the Notes shall be deemed held by each Lender for the benefit of such Lending Installation. Each Lender may, by written or telex
notice to Administrative Agent and Borrower, designate a Lending Installation through which Loans will be made by it and for whose account Loan payments are to be made. 

2.19. Non-Receipt of Funds by the Administrative Agent. Unless Borrower or a Lender, as the
case may be, notifies the Administrative Agent prior to the time at which it is scheduled to make payment to the Administrative Agent of (i) in the case of a Lender, the proceeds of a Loan or (ii) in the case of Borrower, a payment of
principal, interest or fees to the Administrative Agent for the account of the Lenders, that it does not intend to make such payment, the Administrative Agent may assume that such payment has been made. The Administrative Agent may, but shall not be
obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If such Lender or Borrower, as the case may be, has not in fact made such payment to the Administrative Agent, the recipient of such
payment shall, on demand by the Administrative Agent, repay to the Administrative Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by
the Administrative Agent until the date the Administrative Agent recovers such amount at a rate per annum equal to (i) in the case of payment by a Lender, the Federal Funds Effective Rate for such day or (ii) in the case of payment by
Borrower, the interest rate applicable to the relevant Loan. If such Lender so repays such amount and interest thereon to the Administrative Agent within one Business Day after such demand, all interest accruing on the Loan not funded by such Lender
during such period shall be payable to such Lender when received from Borrower. 
 2.20. Replacement of Lenders under Certain
Circumstances. Borrower shall be permitted to replace any Lender which (a) is not capable of receiving payments without any deduction or withholding of United States federal income tax pursuant to Section 3.5, or
(b) cannot maintain its LIBOR Loans at a suitable Lending Installation pursuant to Section 3.3, with a replacement bank or other financial institution; provided that (i) such replacement does not conflict
with any applicable legal or regulatory requirements affecting the Lenders, (ii) no Default shall have occurred and be continuing at the time of such replacement, (iii) Borrower shall repay (or the replacement bank or institution shall
purchase), at par all Loans and other amounts owing to such replaced Lender prior to 

  
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the date of replacement, (iv) Borrower shall be liable to such replaced Lender under Sections 3.4 and 3.6 if any LIBOR Loan owing to such replaced Lender
shall be prepaid (or purchased) other than on the last day of the LIBOR Interest Period relating thereto, (v) the replacement bank or institution, if not already a Lender, and the terms and conditions of such replacement, shall be reasonably
satisfactory to the Administrative Agent, (vi) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 12.3 (provided that Borrower shall be obligated to pay the
processing fee referred to therein), (vii) until such time as such replacement shall be consummated, Borrower shall pay all additional amounts (if any) required pursuant to Section 3.5 and (viii) any such
replacement shall not be deemed to be a waiver of any rights which Borrower, the Administrative Agent or any other Lender shall have against the replaced Lender. 

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

2.22. Unencumbered Properties. The Qualifying Unencumbered Properties which have been approved by the Lenders and the
Administrative Agent as of the Agreement Execution Date and are listed on Schedule 7 attached hereto and made a part hereof. 

(i) Additional Requirements for Inclusion in Unencumbered Property Pool Value. The following additional requirements
shall apply to all Qualifying Unencumbered Properties (except as noted to the contrary): 
 (a) Occupancy Percentage.
The aggregate Occupancy Percentage of all Qualifying Unencumbered Properties must equal or exceed 80.0% at all times. If such minimum would be violated at any time, the Qualifying Unencumbered Properties with the lowest Occupancy Percentages shall
be eliminated from inclusion in the calculation of Unencumbered Property Pool Value, as necessary to achieve such minimum and such eliminated Qualifying Unencumbered Properties shall not be included in such calculation until their inclusion will not
cause the aggregate Occupancy Percentage of all Qualifying Unencumbered Properties to be less than 80.0%. 
 (b)
Restriction on Ground Leased Projects. Not more than ten percent (10%) of the Unencumbered Property Pool Value and not more than ten percent (10%) of the Adjusted Unencumbered Property Pool NOI may at any time be attributable to Qualifying
Unencumbered Properties that are not owned in fee simple, but are instead leased under a Qualifying Ground Lease. To the extent that such percentage limitation is exceeded, such Qualifying Unencumbered Properties shall still be included in the
calculations of Unencumbered Property Pool Value and of Adjusted Unencumbered Property Pool NOI, but the amounts so contributed to Unencumbered Property Pool Value and Adjusted Unencumbered Property Pool NOI shall be reduced to the extent necessary
to comply with such percentage limitation. 

  
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 (ii) Unencumbered Property Addition Transaction. If Borrower desires
to add one or more additional Qualifying Unencumbered Properties to the Unencumbered Property Pool (an “Unencumbered Property Addition Transaction”), Borrower must deliver to the Administrative Agent not less than five
(5) Business Days prior to the proposed effective date of such Unencumbered Property Addition Transaction, a compliance certificate, with accompanying calculations, which shall be subject to Administrative Agent’s review and reasonable
approval, on behalf of the Lenders, setting forth the adjustments to the Unencumbered Property Pool Leverage Ratio and Unsecured Debt Service Coverage, and Occupancy Percentage of all Unencumbered Properties on a pro forma basis as of the date of
such proposed Unencumbered Property Addition Transaction. Borrower shall thereafter submit on request by the Administrative Agent such additional information regarding the proposed addition to the Unencumbered Property Pool as Administrative Agent
may reasonably request to confirm that the proposed Property is a Qualifying Unencumbered Property. Not later than 45 days after the close of each of the first three (3) fiscal quarters of the Consolidated Group, and not later than 90 days
after the close of the fourth (4th) fiscal quarter of the Consolidated Group, Borrower shall cause the owner of each Qualifying Unencumbered Property which has been added to the Unencumbered
Property Pool pursuant to an Unencumbered Property Addition Transaction during the immediately preceding fiscal quarter to execute and deliver to the Administrative Agent a Joinder to the Subsidiary Guaranty in the form attached as Exhibit A to the
Subsidiary Guaranty (a “Joinder”) confirming that such owner has become a Subsidiary Guarantor. Notwithstanding the foregoing, (i) if any Event of Default shall occur prior to the date delivery of any such Joinder is required
under the preceding sentence, such Joinder shall be delivered to the Administrative Agent not later than five (5) Business Days after such Event of Default occurs and (ii) any such owner must so execute and deliver such a Joinder to the
Administrative Agent on the date of the Unencumbered Property Addition Transaction, and as a condition to the effectiveness thereof, if, as a result of such addition, the aggregate amount of Unencumbered Property Pool Value attributable (i) to
Qualifying Unencumbered Properties with respect to which the owners have not yet delivered Joinders adding them as Subsidiary Guarantors and (ii) to Qualifying Unencumbered Properties owned by Wholly-Owned Subsidiaries which have been released
in advance from the Subsidiary Guaranty pursuant to Section 2.22(iii)(e), would represent more than 10% of the total Unencumbered Property Pool Value as of the date of the proposed Unencumbered Property Addition
Transaction. Any failure to timely deliver such a Joinder by the applicable due date shall result in the applicable Qualifying Unencumbered Property being removed immediately from the Unencumbered Property Pool. 

(iii) Unencumbered Property Release Transaction. Provided no Default or Unmatured Default shall have occurred hereunder
or under the other Loan Documents and be continuing (or would exist immediately after giving effect to the transactions contemplated by this Section 2.22(iii), including the covenants set forth in clauses (i) and (ii)
of Section 6.21, Subsidiary may (i) sell an Unencumbered Property (or Borrower may sell its ownership interest in such Subsidiary Guarantor), (ii) contribute an Unencumbered Property (or Borrower may contribute its
ownership interest in such Subsidiary Guarantor) to an existing or newly formed Investment Affiliate, (iii) create a Lien securing Indebtedness on an Unencumbered Property or (iv) request that a particular Project no longer constitutes an
Unencumbered Property (for 

  
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purposes of this Section, such a sale or contribution of an Unencumbered Property or the creation of such a Lien or recharacterization of such Project shall be referred to as a
“Unencumbered Property Release Transaction”) upon the following terms and conditions: 
 (a) Borrower shall
deliver to the Administrative Agent written notice of the desire to consummate such Unencumbered Property Release Transaction on or before the date that is ten (10) Business Days prior to the date on which the Unencumbered Property Release
Transaction is to be effected; 
 (b) On or before the date that is five (5) Business Days prior to the date of the
Unencumbered Property Release Transaction is to be effected, Borrower shall submit to the Administrative Agent a certificate, which shall be subject to the Administrative Agent’s review and reasonable approval, on behalf of the Lenders, setting
forth the Unencumbered Property Pool Leverage Ratio and Unsecured Debt Service Coverage on a pro forma basis as of the date of the proposed Unencumbered Property Release Transaction giving effect to: (A) the Unencumbered Property Release
Transaction and (B) any contemplated paydown of the Outstanding Facility Amount in connection with such Unencumbered Property Release Transaction (the “Pro Forma Calculations”); 

(c) If the Pro Forma Calculations show that Borrower will be out of compliance with the covenants contained in clauses
(i) and (ii) of Section 6.21 or with any of the limitations set forth in the definition of Qualifying Unencumbered Property or in this Section 2.22, Borrower shall, before the closing of the
Unencumbered Property Release Transaction, either add to the Unencumbered Property Pool an additional Qualifying Unencumbered Property that causes Borrower to be in compliance with such covenants and conditions or pay down the Outstanding Facility
Amount sufficiently to permit Borrower to be in compliance with those covenants and conditions; 
 (d) To the extent that any
such sale, disposition or financing of all or a portion of a Qualifying Unencumbered Property (or of any ownership interest in a Subsidiary Guarantor owning such Qualifying Unencumbered Property) occurs as permitted by this
Section 2.22, Borrower shall make a principal payment on the Notes as and to the extent required by Section 2.8(b) of this Agreement. 

(e) With respect to any Subsidiary Guarantor which owns a Qualifying Unencumbered Property, if Borrower gives the
Administrative Agent written notice prior to the last day of a fiscal quarter of the Consolidated Group that Borrower in good faith expects that such Qualifying Unencumbered Property will be released from the Unencumbered Property Pool during the
immediately following fiscal quarter on account of an Unencumbered Property Release Transaction, Administrative Agent is hereby authorized by the Lenders to execute and deliver a release of such Subsidiary Guarantor from the Subsidiary Guaranty,
effective as of the last day of such current fiscal quarter. Notwithstanding the foregoing, (i) in no event shall any such Subsidiary Guarantor be so released from the Subsidiary Guaranty in advance of the release of its Qualifying Unencumbered
Property from the Unencumbered Property Pool if, as a result of such release, the aggregate amount of Unencumbered Property Pool Value attributable (A) to Qualifying Unencumbered Properties owned by all Subsidiary Guarantors so released in
advance from the Subsidiary Guaranty and (B) to Qualifying 

  
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Unencumbered Properties with respect to which the owners have not yet delivered Joinders joining in the Subsidiary Guaranty, would represent more than 10% of the total Unencumbered Property Pool
Value as of the date of such proposed release from the Subsidiary Guaranty and (ii) if any Event of Default shall occur prior to the effective date of any such expected Unencumbered Property Release Transaction, Borrower agrees to cause the
Wholly-Owned Subsidiary which owns the applicable Unencumbered Property to again join the Subsidiary Guaranty by executing and delivering to the Administrative Agent a Joinder to the Subsidiary Guaranty within five (5) Business Days after the
occurrence of such Event of Default. Even though a Subsidiary Guarantor may be so released from the Subsidiary Guaranty, the Qualifying Unencumbered Property owned by such Subsidiary Guaranty will remain in the Unencumbered Property Pool until the
satisfaction of all conditions to the release of such Qualifying Unencumbered Property from the Unencumbered Property Pool, including without limitation payment of any portion of the Outstanding Facility Amount which may be due under
Section 2.22(iii)(c) in connection with the applicable sale, disposition or financing. If the satisfaction of all conditions to the release of such a Qualifying Unencumbered Property from the Unencumbered Property Pool does
not occur within the applicable fiscal quarter as planned, Borrower hereby agrees to cause the Wholly-Owned Subsidiary which owns such unreleased Qualifying Unencumbered Property to again join in the Subsidiary Guaranty by executing and delivering
to Administrative Agent a Joinder to the Subsidiary Guaranty within five (5) Business Days after the last day of such fiscal quarter. 

(f) Upon the occurrence of the Unencumbered Property Release Transaction, the underlying Project shall no longer be an
Unencumbered Property. 
 Notwithstanding anything to the contrary in this Section 2.22(iii), no Qualifying
Unencumbered Property shall be released from the Unencumbered Property Pool without Required Lender approval if such release will cause the Unencumbered Property Pool to have fewer than fifteen (15) Qualifying Unencumbered Properties remaining
or if it would reduce the Unencumbered Property Pool Value below $175,000,000. 
 2.23. Extension of Revolving Facility Termination
Date. Borrower shall have two (2) options to extend the Revolving Facility Termination Date for a period of six (6) months each, upon satisfaction of the following conditions precedent: 

(i) As of the date of Borrower’s delivery of notice of its intent to exercise such option, and as of the initial Revolving
Facility Termination Date, no Event of Default shall have occurred and be continuing and Borrower shall so certify in writing; 

(ii) As of the date of Borrower’s delivery of notice of its intent to exercise such option, and as of the initial
Revolving Facility Termination Date, all representations and warranties of Borrower are true and correct in all material respects except to the extent of changes resulting from transactions permitted by the Loan Documents and except as previously
disclosed in writing by the Borrower to Administrative Agent and approved by Administrative Agent in writing, which disclosures shall be deemed to amend the schedules and other disclosures delivered as contemplated in this Agreement (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 only as of such specified date)and Borrower shall so certify in writing; 

  
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 (iii) Borrower shall provide Administrative Agent with written notice of the
Borrower’s intent to exercise such option at least forty-five (45) days prior to the initial Revolving Facility Termination Date; and 

(iv) Borrower shall pay to the Administrative Agent for the account of the Revolving Lenders, along with Borrower’s notice
of exercise of such option, an extension fee equal to 0.0625% of the then-current Outstanding Revolving Facility Amount. 
 2.24. LIBOR
Rate Lending Unlawful; Inability to Determine Rate 
 (i) If any Lender shall determine (which determination shall, upon
notice thereof to the Borrower and the Administrative Agent, be conclusive and binding on the Borrower) that, after the date hereof, (i) the introduction of or any change in or in the interpretation of any Law makes it unlawful, or
(ii) any Governmental Authority asserts that it is unlawful, for such Lender to make or continue any Loan as, or to convert (if permitted pursuant to this Agreement) any Loan into, a LIBOR Loan, the obligations of such Lender to make, continue
or convert into any such LIBOR Loan shall, upon such determination, be suspended until such Lender shall notify the Administrative Agent that the circumstances causing such suspension no longer exist, and all outstanding LIBOR Loans payable to such
Lender shall automatically convert (if conversion is permitted under this Agreement) into a Base Rate Loan, or be repaid (if no conversion is permitted) at the end of the then current LIBOR Interest Periods with respect thereto or sooner, if
required by Law or such assertion. 
 (ii) If the Administrative Agent or the Required Lenders determine that for any reason
adequate and reasonable means do not exist for determining the LIBOR Rate for any requested LIBOR Interest Period with respect to a proposed LIBOR Loan, or that the LIBOR Rate for any requested LIBOR Interest Period with respect to a proposed LIBOR
Loan does not adequately and fairly reflect the cost to the Lenders of funding such Loan, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, the obligation of the Lenders to make or maintain such LIBOR Loan
shall be suspended until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a borrowing of, conversion to or continuation of such
LIBOR Loan or, failing that, will be deemed to have converted such request into a request for a borrowing of a Base Rate Loan in the amount specified therein. 

(iii) Notwithstanding the foregoing, in the event the Administrative Agent and the Borrower determine in good faith that
(A) the circumstances set forth in Section 2.24(ii) have arisen and such circumstances are unlikely to be temporary, (B) Thomson Reuters or Bloomberg (or any Person that takes over the publication of the LIBOR
Base Rate pursuant to the definition thereof) discontinues its administration and publication of interest settlement rates for deposits in Dollars, or (C) the supervisor for the administrator of the interest settlement rate described in
Section 2.24(ii) or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which such interest settlement rate shall no longer be used for
determining interest rates for loans, then the Administrative Agent and the Borrower shall seek to jointly agree upon an alternate rate of interest to the LIBOR Rate that gives due consideration to the then prevailing market convention for
determining a rate of interest for syndicated loans in the United States at such 

  
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time, and the Administrative Agent and the Borrower shall amend this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable.
Notwithstanding anything to the contrary in Section 8.2 hereof, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not
have received, within five (5) Business Days of the date a copy of such amendment is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment. Until an alternate rate of
interest shall be determined in accordance with this Section 2.24(iii), (x) any request that requests the conversion to, or continuation of any, LIBOR Loan shall be ineffective and any such LIBOR Loan shall be continued as
or converted to, as the case may be, a Base Rate Loan, and (y) if any request is made for a LIBOR Loan, such Loan shall be made as a Base Rate Loan. If the alternate rate of interest determined pursuant to this
Section 2.24(iii) shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

ARTICLE IIA 

LETTER OF CREDIT SUBFACILITY 

2A.1 Obligation to Issue. Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties
of Borrower herein set forth, the Issuing Bank hereby agrees to issue for the account of Borrower, one or more Facility Letters of Credit in accordance with this Article IIA, from time to time during the period commencing on the Agreement
Execution Date and ending on a date sixty (60) days prior to the Revolving Facility Termination Date. 
 2A.2 Types and Amounts.
The Issuing Bank shall not: 
 (i) issue any Facility Letter of Credit if the aggregate maximum amount then available for
drawing under Letters of Credit issued by such Issuing Bank, after giving effect to the Facility Letter of Credit requested hereunder, shall exceed any limit imposed by law or regulation upon such Issuing Bank; 

(ii) issue any Facility Letter of Credit if, after giving effect thereto, (1) the then applicable Outstanding Facility
Amount would exceed the then current Aggregate Commitment or (2) the then-applicable Outstanding Revolving Facility Amount would exceed the then-current aggregate Revolving Commitments or (3) the Facility Letter of Credit Obligations would
exceed the Facility Letter of Credit Sublimit; or 
 (iii) issue any Facility Letter of Credit having an expiration date, or
containing automatic extension provisions to extend such date, to a date beyond the Revolving Facility Termination Date. 
 2A.3
Conditions.In addition to being subject to the satisfaction of the conditions contained in Article IV hereof and in the balance of this Article IIA, the obligation of the Issuing Bank to issue any Facility
Letter of Credit is subject to the satisfaction in full of the following conditions: 
 (i) Borrower shall have delivered to
the Issuing Bank at such times and in such manner as the Issuing Bank may reasonably prescribe such documents and materials as may be reasonably required pursuant to the terms of the proposed Facility Letter of Credit (it being understood that if
any inconsistency exists between such documents and the Loan Documents, the terms of the Loan Documents shall control) and the proposed Facility Letter of Credit shall be reasonably satisfactory to the Issuing Bank as to form and content; 

  
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 (ii) as of the date of issuance, no order, judgment or decree of any court,
arbitrator or governmental authority shall purport by its terms to enjoin or restrain the Issuing Bank from issuing the requested Facility Letter of Credit and no law, rule or regulation applicable to the Issuing Bank and no request or directive
(whether or not having the force of law) from any governmental authority with jurisdiction over the Issuing Bank shall prohibit or request that the Issuing Bank refrain from the issuance of Letters of Credit generally or the issuance of the
requested Facility Letter or Credit in particular; and 
 (iii) there shall not exist any Default. 

2A.4 Procedure for Issuance of Facility Letters of Credit. 

(a) Borrower shall give the Issuing Bank and the Administrative Agent at least three (3) Business Days’ prior written notice of any
requested issuance of a Facility Letter of Credit under this Agreement (a “Letter of Credit Request”), such notice shall be irrevocable, except as provided in Section 2A.4(b)(i) below, and shall specify:

 (1) the stated amount of the Facility Letter of Credit requested (which stated amount shall not be less than $50,000);

 (2) the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit (the
“Issuance Date”); 
 (3) the date on which such requested Facility Letter of Credit is to expire (which day
shall be a Business Day not later than the first to occur of (i) the first anniversary of the Issuance Date or (ii) the last Business Day prior to the then-current Revolving Facility Termination
Date); 
 (4) the purpose for which such Facility Letter of Credit is to be issued; 

(5) the Person for whose benefit the requested Facility Letter of Credit is to be issued; and 

(6) any special language required to be included in the Facility Letter of Credit. 

At the time such request is made, Borrower shall also provide the Administrative Agent and the Issuing Bank with a copy of the form of the Facility Letter of
Credit that Borrower is requesting be issued and shall execute and deliver the Issuing Bank’s customary letter of credit application with respect thereto. Such notice, to be effective, must be received by such Issuing Bank and the
Administrative Agent not later than noon (Cleveland time) on the last Business Day on which notice can be given under this Section 2A.4(a). 

(b) Subject to the terms and conditions of this Article IIA and provided that the applicable conditions set forth in
Article IV hereof have been satisfied, the Issuing Bank shall, on the Issuance Date, issue a Facility Letter of Credit on behalf of Borrower in accordance with the Letter of Credit Request and the Issuing Bank’s usual
and customary business practices unless the Issuing Bank has actually received (i) written notice from Borrower specifically revoking the Letter of Credit 

  
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Request with respect to such Facility Letter of Credit given not later than the Business Day immediately preceding the Issuance Date, or (ii) written or telephonic notice from the
Administrative Agent stating that the issuance of such Facility Letter of Credit would violate Section 2A.2. Notwithstanding anything to the contrary contained in this Section 2A.4, the Issuing
Bank shall not be obligated to issue, amend, extend, renew or increase any Facility Letter of Credit at a time when any other Lender is a Defaulting Lender, unless the Issuing Bank is satisfied that the participation therein will otherwise be fully
allocated to the Lenders that are Non-Defaulting Lenders consistent with Section 10.14 and the Defaulting Lender shall have no participation therein, except to the extent the Issuing
Bank has entered into arrangements with the Borrower or such Defaulting Lender which are satisfactory to the Issuing Bank in its good faith determination to eliminate the Issuing Bank’s Fronting Exposure with respect to any such Defaulting
Lender, including the delivery of cash collateral. 
 (c) The Issuing Bank shall give the Administrative Agent (who shall promptly notify
Lenders) and Borrower written or telex notice, or telephonic notice confirmed promptly thereafter in writing, of the issuance of a Facility Letter of Credit (the “Issuance Notice”). 

(d) The Issuing Bank shall not extend or amend any Facility Letter of Credit unless the requirements of this
Section 2A.4 are met as though a new Facility Letter of Credit was being requested and issued. 
 2A.5
Reimbursement Obligations; Duties of Issuing Bank. 
 (a) The Issuing Bank shall promptly notify Borrower and the Administrative
Agent (who shall promptly notify Lenders) of any draw under a Facility Letter of Credit. Any such draw shall not be deemed to be a default hereunder but shall constitute a Revolving Advance of the Facility in the amount of the Reimbursement
Obligation with respect to such Facility Letter of Credit and shall bear interest from the date of the relevant drawing(s) under the pertinent Facility Letter of Credit at the Base Rate; provided that if a Default exists at the time of any such
drawing(s), then Borrower shall reimburse the Issuing Bank for drawings under a Facility Letter of Credit issued by the Issuing Bank no later than the next succeeding Business Day after the payment by the Issuing Bank and until repaid such
Reimbursement Obligation shall bear interest at the Default Rate. 
 (b) Any action taken or omitted to be taken by the Issuing Bank under
or in connection with any Facility Letter of Credit, if taken or omitted in the absence of willful misconduct or gross negligence, shall not put the Issuing Bank under any resulting liability to any Lender or, provided that such Issuing Bank has
complied with the procedures specified in Section 2A.4, relieve any Lender of its obligations hereunder to the Issuing Bank. In determining whether to pay under any Facility Letter of Credit, the Issuing Bank shall have no
obligation relative to the Lenders other than to confirm that any documents required to be delivered under such Letter of Credit appear to have been delivered in compliance, and that they appear to comply on their face, with the requirements of such
Letter of Credit. 
 2A.6 Participation. 

(a) Immediately upon issuance by the Issuing Bank of any Facility Letter of Credit in accordance with the procedures set forth in this
Article IIA, each Revolving Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing Bank, without recourse, representation or warranty, an undivided interest and participation equal to such
Revolving Lender’s Revolving Percentage in such Facility Letter of Credit (including, without limitation, all obligations of Borrower with respect thereto) and all related rights hereunder. Each Revolving

  
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Lender’s obligation to make further Revolving Loans to Borrower (other than any payments such Revolving Lender is required to make under subparagraph (b) below) or to purchase an
interest from the Issuing Bank in any subsequent Facility Letters of Credit issued by the Issuing Bank on behalf of Borrower shall be reduced by such Revolving Lender’s Revolving Percentage of the undrawn portion of each Facility Letter of
Credit outstanding. 
 (b) In the event that the Issuing Bank makes any payment under any Facility Letter of Credit and Borrower shall not
have repaid such amount to the Issuing Bank pursuant to Section 2A.7 hereof, the Issuing Bank shall promptly notify the Administrative Agent, which shall promptly notify each Revolving Lender of such failure, and each
Revolving Lender shall promptly and unconditionally pay to the Administrative Agent for the account of the Issuing Bank the amount of such Revolving Lender’s Revolving Percentage of the unreimbursed amount of such payment, and the
Administrative Agent shall promptly pay such amount to the Issuing Bank. A Revolving Lender’s payments of its Revolving Percentage of such Reimbursement Obligation as aforesaid shall be deemed to be a Revolving Loan by such Revolving Lender and
shall constitute outstanding principal under such Revolving Lender’s Revolving Note. The failure of any Revolving Lender to make available to the Administrative Agent for the account of the Issuing Bank its Revolving Percentage of the
unreimbursed amount of any such payment shall not relieve any other Revolving Lender of its obligation hereunder to make available to the Administrative Agent for the account of such Issuing Bank its Revolving Percentage of the unreimbursed amount
of any payment on the date such payment is to be made, but no Revolving Lender shall be responsible for the failure of any other Revolving Lender to make available to the Administrative Agent its Revolving Percentage of the unreimbursed amount of
any payment on the date such payment is to be made. Any Revolving Lender which fails to make any payment required pursuant to this Section 2A.6(b) shall be deemed to be a Defaulting Lender hereunder. 

(c) Whenever the Issuing Bank receives a payment on account of a Reimbursement Obligation, including any interest thereon, the Issuing Bank
shall promptly pay to the Administrative Agent and the Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) pay to
each Revolving Lender which has funded its participating interest therein, in immediately available funds, an amount equal to such Revolving Lender’s Revolving Percentage thereof. 

(d) Upon the request of the Administrative Agent or any Lender, the Issuing Bank shall furnish to such Administrative Agent or Lender copies
of any Facility Letter of Credit to which the Issuing Bank is party and such other documentation as may reasonably be requested by the Administrative Agent or Lender. 

(e) The obligations of a Revolving Lender to make payments to the Administrative Agent for the account of the Issuing Bank with respect to a
Facility Letter of Credit shall be absolute, unconditional and irrevocable, not subject to any counterclaim, set-off, qualification or exception whatsoever other than a failure of any such Issuing Bank to
comply with the terms of this Agreement relating to the issuance of such Facility Letter of Credit, and such payments shall be made in accordance with the terms and conditions of this Agreement under all circumstances. 

  
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 2A.7 Payment of Reimbursement Obligations. 

(a) Borrower agrees to pay to the Administrative Agent for the account of the Issuing Bank the amount of all Revolving Advances for
Reimbursement Obligations, interest and other amounts payable to the Issuing Bank under or in connection with any Facility Letter of Credit when due, irrespective of any claim, set-off, defense or other right
which Borrower may have at any time against any Issuing Bank or any other Person, 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 Loan Documents; 

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

(iii) any draft, certificate or any other document presented under the Facility Letter of Credit proving to be forged,
fraudulent, invalid or insufficient in any respect of 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 Loan
Documents; or 
 (v) the occurrence of any Default or Unmatured Default. 

(b) In the event any payment by Borrower received by the Issuing Bank or the Administrative Agent with respect to a Facility Letter of Credit
and distributed by the Administrative Agent to the Revolving Lenders on account of their participations is thereafter set aside, avoided or recovered from the Administrative Agent or Issuing Bank in connection with any receivership, liquidation,
reorganization or bankruptcy proceeding, each Revolving Lender which received such distribution shall, upon demand by the Administrative Agent, contribute such Lender’s Revolving Percentage of the amount set aside, avoided or recovered together
with interest at the rate required to be paid by the Issuing Bank or the Administrative Agent upon the amount required to be repaid by the Issuing Bank or the Administrative Agent. 

2A.8 Compensation for Facility Letters of Credit. 

(a) Borrower shall pay to the Administrative Agent, for the ratable account of the Revolving Lenders (including the Issuing Bank), based upon
the Revolving Lenders’ respective Revolving Percentages, a non-refundable per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of
Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily
basis and shall be due and payable in advance on the Issuance Date of such Facility Letter of Credit and on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit. The Administrative Agent shall
promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Revolving Lenders in
accordance with their Revolving Percentages thereof. Borrower shall not have any liability to any Revolving Lender for the failure of the Administrative Agent to promptly deliver funds to any such Revolving Lender and shall be deemed to have made
all such payments on the date the respective payment is made by Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. 

  
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 (b) The Issuing Bank also shall have the right to receive solely for its own account an
issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereof,
based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase
therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of
issuing, amending and servicing Facility Letters of Credit and processing draws thereunder. 
 2A.9 Letter of Credit Collateral
Account. Borrower hereby agrees that it will immediately upon the request of the Administrative Agent, establish a special collateral account (the “Letter of Credit Collateral Account”) at the Administrative Agent’s office
at the address specified pursuant to Article XIII, in the name of Borrower but under the sole dominion and control of the Administrative Agent, for the benefit of the Revolving Lenders, and in which Borrower shall have no
interest other than as set forth in Section 8.1. The Letter of Credit Collateral Account shall hold the deposits Borrower is required to make after a Default on account of any outstanding Facility Letters of Credit as
described in Section 8.1. In addition to the foregoing, Borrower hereby grants to the Administrative Agent, for the benefit of the Revolving Lenders, a security interest in and to the Letter of Credit Collateral Account and
any funds that may hereafter be on deposit in such account, including income earned thereon. The Revolving Lenders acknowledge and agree that Borrower has no obligation to fund the Letter of Credit Collateral Account unless and until so required
under Section 8.1 hereof. 
 ARTICLE III. 

CHANGE IN CIRCUMSTANCES 

3.1. Yield Protection. Subject to the provisions of Section 3.6, if, on or after the date of this Agreement, the adoption of any
law or any governmental or quasi-governmental rule, regulation, policy, guideline or directive (whether or not having the force of law), or any change in the interpretation or administration thereof by any governmental or quasi-governmental
authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Lender or applicable Lending Installation with any request or directive (whether or not having the force of law) of any such
authority, central bank or comparable agency: 
 (i) subjects any Lender or any applicable Lending Installation party hereto
to any Taxes, or changes the basis of taxation of payments (other than for Indemnified Taxes, Taxes described in clauses (b) through (d) of the definition of Excluded Taxes, and Connection Income Taxes) to any Lender in respect of its LIBOR
Loans, or 
 (ii) imposes or increases or makes applicable any reserve, assessment, insurance charge, special deposit or
similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender or any applicable Lending Installation, or 

(iii) imposes any other condition the result of which is to increase the cost to any Lender or any applicable Lending
Installation of making, funding or maintaining its LIBOR Loans, or reduces any amount receivable by any Lender or any applicable Lending Installation in connection with its LIBOR Loans, or requires any Lender or any applicable Lending Installation
to make any payment calculated by reference to the amount of LIBOR Loans, by an amount deemed material by such Lender as the case may be, 

  
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 and the result of any of the foregoing is to increase the cost to such Lender or applicable Lending
Installation, as the case may be, of making or maintaining its LIBOR Loans or Commitment or to reduce the return received by such Lender or applicable Lending Installation in connection with such LIBOR Loans or Commitment, then, subject to the
provisions of Section 3.6, Borrower shall pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduction in amount received. 

3.2. Changes in Capital Adequacy Regulations. If a Lender in good faith determines the amount of capital or liquidity required or
expected to be maintained by such Lender, any Lending Installation of such Lender or any corporation controlling such Lender is increased as a result of a Change (as hereinafter defined), then, within 15 days of demand by such Lender, Borrower shall
pay such Lender the amount necessary to compensate for any shortfall in the rate of return on the portion of such Lender’s capital which such Lender in good faith determines is attributable to this Agreement, its outstanding credit exposure
hereunder or its obligation to make Loans hereunder (after taking into account such Lender’s policies as to capital adequacy). “Change” means (i) any change after the date of this Agreement in the Risk-Based Capital Guidelines (as hereinafter defined) or (ii) any adoption of or change in any other law, governmental or quasi-governmental rule, regulation, policy,
guideline, interpretation, or directive (whether or not having the force of law) after the date of this Agreement which affects the amount of capital or liquidity required or expected to be maintained by any Lender or any Lending Installation or any
corporation controlling any Lender. Notwithstanding anything herein to the contrary, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines and directives promulgated thereunder shall be deemed to be a
“Change”, regardless of the date enacted or adopted. “Risk-Based Capital Guidelines” means (i) the risk-based capital guidelines
in effect in the United States on the date of this Agreement, including transition rules, and (ii) 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, regardless of the date enacted, adopted or issued. 

3.3. Availability of Types of Advances. If any Lender in good faith determines that maintenance of any of its LIBOR Loans at a suitable
Lending Installation would violate any applicable law, rule, regulation or directive, whether or not having the force of law, the Administrative Agent shall, with written notice to Borrower, suspend the availability of the affected Type of Advance
and require any LIBOR Advances of the affected Type to be repaid; or if the Required Lenders in good faith determine that (i) deposits of a type or maturity appropriate to match fund LIBOR Advances are not available, the Administrative Agent
shall, with written notice to Borrower, suspend the availability of the affected Type of Advance with respect to any LIBOR Advances made after the date of any such determination, or (ii) an interest rate applicable to a Type of Advance does not
accurately reflect the cost of making a LIBOR Advance of such Type, then, if for any reason whatsoever the provisions of Section 3.1 are inapplicable, the Administrative Agent shall, with written notice to Borrower, suspend
the availability of the affected Type of Advance with respect to any LIBOR Advances made after the date of any such determination. If Borrower is required to so repay a LIBOR Advance, Borrower may concurrently with such repayment borrow from the
Lenders, in the amount of such repayment, a Base Rate Advance. 

  
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 3.4. Funding Indemnification. If any payment of a LIBOR Advance occurs on a date
which is not the last day of the applicable LIBOR Interest Period, whether because of acceleration, prepayment or otherwise, or a ratable LIBOR Advance is not made on the date specified by Borrower for any reason other than default by the Lenders or
as a result of unavailability pursuant to Section 3.3, Borrower will indemnify each Lender for any loss or cost incurred by it resulting therefrom, including, without limitation, any loss or cost (incurred or expected to be
incurred) in liquidating or employing deposits acquired to fund or maintain the LIBOR Advance and shall pay all such losses or costs within fifteen (15) days after written demand therefor. 

3.5. Taxes. 
 (a) All
payments by Borrower, Parent Guarantor and the Subsidiary Guarantors hereunder and under any of the other Loan Documents shall be made without setoff or counterclaim, and free and clear of and without deduction or withholding for any Taxes, except
as required by Applicable Law. If any Applicable Law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable
Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then
the sum payable by the Borrower, Parent Guarantor or applicable Subsidiary Guarantor shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums
payable under this Section 3.5) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

(b) Borrower, Parent Guarantor and the Subsidiary Guarantors shall timely pay to the relevant Governmental Authority in accordance with
Applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 
 (c) Borrower,
Parent Guarantor and the Subsidiary Guarantors shall jointly and severally indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or
attributable to amounts payable under this Section 3.5) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or
not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative
Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error; provided that the determinations in such statement are made on a reasonable basis and in good faith. 

(d) Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (i) any
Indemnified Taxes attributable to such Lender (but only to the extent that Borrower, Parent Guarantor or a Subsidiary Guarantor has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of
Borrower, Parent Guarantor and each Subsidiary Guarantor to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.2 relating to the maintenance of a Participant Register and
(iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not
such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source
against any amount due to the Administrative Agent under this subsection. 

  
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 (e) As soon as practicable after any payment of Taxes by the Borrower, Parent Guarantor or
any Subsidiary Guarantor to a Governmental Authority pursuant to this Section 3.5, Borrower or such Guarantor shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority
evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

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

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

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

(B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), whichever of the following is applicable: 
 (I) in the case of a Foreign Lender claiming the benefits of an income tax treaty to
which the United States is a party (x) with respect to payments of interest under any Loan Document, an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of an executed IRS Form W-8BEN, or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the
“interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN, or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

  
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 (II) an electronic copy (or an original if requested by the Borrower or the Administrative
Agent) of an executed IRS Form W-8ECI; 
 (III) in the case of a Foreign Lender claiming the
benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not a
“bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN, or W-8BEN-E, as applicable; or 
 (IV) to the extent a Foreign Lender is not the beneficial owner, an
electronic copy (or an original if requested by the Borrower or the Administrative Agent) of an executed IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, or W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided
that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form
of Exhibit G-4 on behalf of each such direct and indirect partner; 
 (C) any Foreign Lender
shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under
this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of any other form prescribed by
Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrower or the Administrative
Agent to determine the withholding or deduction required to be made; and 
 (D) if a payment made to a Lender under any Loan Document would
be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such
Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by 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 and the Administrative
Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause
(D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
 Each Lender agrees that if any form or certification
it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(g) If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has
been indemnified pursuant to this Section 3.5 (including by the payment of additional amounts pursuant to this Section 3.5), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity
payments made under this Section 3.5 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of

  
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such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such
indemnified party, shall repay to such indemnified party the amount paid over pursuant to this subsection (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is
required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this subsection the
payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund
has not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed to require any indemnified party to make available its
Tax returns (or any other information relating to its Taxes that it reasonably deems confidential) to the indemnifying party or any other Person. 

(h) Each party’s obligations under this Section 3.5 shall survive the resignation or replacement of the Administrative Agent or any
assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

(i) The obligations of the Borrower to the Lenders under this Agreement with respect to Letters of Credit (and of the Lenders to make payments
to the Issuing Bank with respect to Letters of Credit and to the Swing Loan Lender with respect to Swing Loans) shall be absolute, unconditional and irrevocable, and shall be paid and performed strictly in accordance with the terms of this
Agreement, under all circumstances whatsoever, including, without limitation, the following circumstances: (i) any lack of validity or enforceability of this Agreement, any Letter of Credit or any of the other Loan Documents; (ii) any
improper use which may be made of any Letter of Credit or any improper acts or omissions of any beneficiary or transferee of any Letter of Credit in connection therewith; (iii) the existence of any claim,
set-off, defense or any right which the Borrower or any of its Subsidiaries or Affiliates may have at any time against any beneficiary or any transferee of any Letter of Credit (or persons or entities for whom
any such beneficiary or any such transferee may be acting) or the Lenders (other than the defense of payment to the Lenders in accordance with the terms of this Agreement) or any other person, whether in connection with any Letter of Credit, this
Agreement, any other Loan Document, or any unrelated transaction; (iv) any draft, demand, certificate, statement or any other documents presented under any Letter of Credit proving to be insufficient, forged, fraudulent or invalid in any
respect or any statement therein being untrue or inaccurate in any respect whatsoever; (v) any breach of any agreement between the Borrower or any of its Subsidiaries or Affiliates and any beneficiary or transferee of any Letter of Credit;
(vi) any irregularity in the transaction with respect to which any Letter of Credit is issued, including any fraud by the beneficiary or any transferee of such Letter of Credit; (vii) payment by the Issuing Bank under any Letter of Credit
against presentation of a sight draft, demand, certificate or other document which does not comply with the terms of such Letter of Credit, provided that such payment shall not have constituted gross negligence or willful misconduct on the
part of the Issuing Bank as determined by a court of competent jurisdiction after the exhaustion of all applicable appeal periods; (viii) any non-application or misapplication by the beneficiary of a
Letter of Credit of the proceeds of such Letter of Credit; (ix) the legality, validity, form, regularity or enforceability of the Letter of Credit; (x) the failure of any payment by the Issuing Bank to conform to the terms of a Letter of
Credit (if, in the Issuing Bank’s good faith judgment, such payment is determined to be appropriate); (xi) the surrender or impairment of any security for the performance or observance of any of the terms of any of the Loan Documents;
(xii) the occurrence of any Default or Event of Default; and (xiii) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing. 

  
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 3.6. Lender Statements; Survival of Indemnity. If any Lender becomes entitled to
claim any additional amounts pursuant to Sections 3.1, 3.2 or 3.5, Borrower shall not be required to pay the same unless they are the result of requirements imposed generally on lenders similar to such Lender and not the result
of some specific reserve or similar requirement imposed on such Lender as a result of such Lender’s special circumstances. If any Lender becomes entitled to claim any additional amounts pursuant to Sections 3.1, 3.2 or 3.5,
such Lender shall provide Borrower with not less than thirty (30) days written notice (with a copy to the Administrative Agent) specifying in reasonable detail the event by reason of which it has become so entitled and the additional amount
required to fully compensate Lender for such additional cost or reduced amount; provided that Borrower is not required to compensate Lender pursuant to Sections 3.1, 3.2 or 3.5 for any increased costs or reductions
incurred more than ninety (90) days prior to the date that such Lender notifies Borrower of the events giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefore. To the extent
reasonably possible, each Lender shall designate an alternate Lending Installation with respect to its LIBOR Loans to reduce any liability of Borrower to such Lender under Sections 3.1, 3.2 and 3.5 or to avoid the unavailability of LIBOR
Advances under Section 3.3, so long as such designation is not, in the reasonable judgment of such Lender, disadvantageous to such Lender. Such written statement shall set forth in reasonable detail the calculations upon
which such Lender determined such amount and shall be final, conclusive and binding on Borrower in the absence of manifest error. Determination of amounts payable under such Sections in connection with a LIBOR Loan shall be calculated as though each
Lender funded its LIBOR Loan through the purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in determining the LIBOR Base Rate applicable to such Loan, whether in fact that is the case or not. Unless
otherwise provided herein, the amount specified in the written statement of any Lender shall be payable on demand after receipt by Borrower of such written statement. The obligations of Borrower under Sections 3.1, 3.2, 3.4 and 3.5
shall survive payment of the Obligations and termination of this Agreement. 
 ARTICLE IV. 

CONDITIONS PRECEDENT 

4.1. Initial Advance. The Lenders shall not be required to make an Advance hereunder or issue a Facility Letter of Credit hereunder
after the Agreement Execution Date, unless (a) Borrower shall, prior to or concurrently with such Advance or issuance, have paid all fees due and payable to the Lenders and the Administrative Agent hereunder, and (b) Borrower shall have
furnished to the Administrative Agent, with sufficient copies for the Lenders, the following: 
 (i) The duly executed
originals of the Loan Documents, including the Notes, payable to each of the Lenders, this Agreement, the Subsidiary Guaranty, and the Parent Guaranty; 

(ii) (A) Certificates of good standing for Borrower, the Parent Guarantor and each Subsidiary Guarantor, from the State of
Delaware for Borrower and the states of organization of the Parent Guarantor and each Subsidiary Guarantor, certified by the appropriate governmental officer and dated not more than sixty (60) days prior to the Agreement Execution Date, and
(B) foreign qualification certificates for each Subsidiary Guarantor, certified by the appropriate governmental officer and dated not more than sixty (60) days prior to the Agreement Execution Date, for each other jurisdiction where the
failure of such Subsidiary Guarantor to so qualify or be licensed (if required) is reasonably expected to have a Material Adverse Effect; 

  
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 (iii) Copies of the formation documents (including code of regulations, if
appropriate) of Borrower, the Parent Guarantor and the Subsidiary Guarantors, certified by an officer of Borrower, Parent Guarantor or such Subsidiary Guarantor, as appropriate, together with all amendments thereto, provided that a certificate of no
change from Borrower may be delivered if no changes have occurred in such documents since their delivery under the Original Credit Agreement; 

(iv) Incumbency certificates, executed by officers of Borrower, Parent Guarantor and the Subsidiary Guarantors, which shall
identify by name and title and bear the signature of the Persons authorized to sign the Loan Documents and to make borrowings hereunder on behalf of Borrower, upon which certificate the Administrative Agent and the Lenders shall be entitled to rely
until informed of any change in writing by Borrower, Parent Guarantor or any such Subsidiary Guarantor and provided further that a certificate of no change from Borrower may be delivered if no changes have occurred in such certificates since their
delivery under the Original Credit Agreement; 
 (v) Copies, certified by a Secretary or an Assistant Secretary of Borrower,
Parent Guarantor and each Subsidiary Guarantor, of the Board of Directors’ resolutions (and resolutions of other bodies, if any are reasonably deemed necessary by counsel for any Lender) authorizing the Advances provided for herein, with
respect to Borrower, and the execution, delivery and performance of the Loan Documents to be executed and delivered by Borrower, Parent Guarantor and each Subsidiary Guarantor hereunder; 

(vi) A written opinion of Borrower’s, Parent Guarantor’s and Subsidiary Guarantors’ counsel, addressed to the
Lenders in form and substance as the Administrative Agent may reasonably approve; 
 (vii) A certificate, signed by an
officer of Borrower, stating that on the initial Borrowing Date no Default or Unmatured Default has occurred and is continuing and that all representations and warranties of Borrower are true and correct as of the initial Borrowing Date provided
that such certificate is in fact true and correct; 
 (viii) The most recent financial statements of Borrower; 

(ix) Written money transfer instructions, in substantially the form of Exhibit E hereto, addressed to
the Administrative Agent and signed by an Authorized Officer, together with such other related money transfer authorizations as the Administrative Agent may have reasonably requested; 

(x) A Beneficial Ownership Certification, if Borrower qualifies as a legal entity customer under the Beneficial Ownership
Regulation, which such Beneficial Ownership Certification shall also be delivered to any Lender that so requests in addition with any other “know your customer” information that such Lender requests; 

(xi) Delivery of such documents as the Administrative Agent may reasonably require to evidence compliance with the criteria for
being an Eligible Unencumbered Property and the satisfaction of all requirements set forth in Section 2.22(i) with respect to any Unencumbered Properties which are first being included in the Unencumbered Property Pool as
of the Agreement Execution Date; 

  
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 (xii) Delivery of a pro forma compliance certificate in the form of
Exhibit C reflecting any covenant changes and any changes to the Unencumbered Property Pool effected by this Agreement; and 

(xiii) Such other documents as any Lender or its counsel may have reasonably requested, the form and substance of which
documents shall be reasonably acceptable to the parties and their respective counsel. 
 4.2. Each Advance and Issuance. The Lenders
shall not be required to make any Advance or issue any Facility Letter of Credit unless on the applicable Borrowing Date: 

(i) There exists no Default or Unmatured Default; 

(ii) The representations and warranties contained in Article V are true and correct as of such
Borrowing Date with respect to Borrower and to any Subsidiary in existence on such Borrowing Date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty
shall be true and correct on and as of such earlier date; 
 (iii) Borrower has furnished the Administrative Agent with the
certificate required under Section 4.1(xii) certifying the then-current Unencumbered Property Pool Value; and 

(iv) All legal matters incident to the making of such Advance or issuance of such Facility Letter of Credit shall be reasonably
satisfactory to the Lenders and their counsel. 
 Each Borrowing Notice and each Letter of Credit Request with respect to each such Advance
shall constitute a representation and warranty by Borrower that the conditions contained in Sections 4.2(i) and (ii) have been satisfied. 

ARTICLE V. 

REPRESENTATIONS AND WARRANTIES 

Borrower represents and warrants to the Lenders that: 

5.1. Existence. Borrower is a limited liability company duly organized and validly existing under the laws of the State of Delaware and
is duly qualified, properly licensed (if required), in good standing and has all requisite authority to conduct its business in each jurisdiction in which its business is conducted, except where the failure to be so qualified, licensed and in good
standing and to have the requisite authority would not have a Material Adverse Effect. Each of Parent Guarantor and Borrower’s Subsidiaries is duly organized, validly existing and in good standing under the laws of its jurisdiction of
organization and has all requisite authority to conduct its business in each jurisdiction in which its business is conducted. 
 5.2.
Authorization and Validity. Borrower has the corporate power and authority and legal right to execute and deliver the Loan Documents and to perform its obligations thereunder. The execution and delivery by Borrower of the Loan Documents and
the performance of its obligations thereunder have been duly authorized by proper proceedings, and the Loan Documents constitute legal, valid and binding obligations of Borrower enforceable against Borrower in accordance with their terms, except as
enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally. 

  
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 5.3. No Conflict; Government Consent. Neither the execution and delivery by Borrower
of the Loan Documents, nor the consummation of the transactions therein contemplated, nor compliance with the provisions thereof will violate any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on Borrower or any of
its Subsidiaries or Borrower’s or any Subsidiary’s limited liability company agreements, or the provisions of any indenture, instrument or agreement to which Borrower or any of its Subsidiaries is a party or is subject, or by which it, or
its Property, is bound, or conflict with or constitute a default thereunder, except where such violation, conflict or default is not reasonably expected to have a Material Adverse Effect, or result in the creation or imposition of any Lien in, of or
on the Property of Borrower or a Subsidiary pursuant to the terms of any such indenture, instrument or agreement. No order, consent, approval, license, authorization, or validation of, or filing, recording or registration with, or exemption by, any
governmental or public body or authority, or any subdivision thereof, is required to authorize, or is required in connection with the execution, delivery and performance of, or the legality, validity, binding effect or enforceability of, any of the
Loan Documents other than the filing of a copy of this Agreement. 
 5.4. Financial Statements; Material Adverse Effect. All
consolidated financial statements of Parent Guarantor, Borrower and Borrower’s Subsidiaries heretofore or hereafter delivered to the Lenders were prepared in accordance with GAAP in effect on the preparation date of such statements and fairly
present in all material respects the consolidated financial condition and operations of Borrower and its Subsidiaries at such date and the consolidated results of their operations for the period then ended, subject, in the case of interim financial
statements, to normal and customary year-end adjustments. From the preparation date of the most recent financial statements delivered to the Lenders through the Agreement Execution Date, there was no change in
the business, properties, or condition (financial or otherwise) of Parent Guarantor, Borrower and Borrower’s Subsidiaries which could reasonably be expected to have a Material Adverse Effect. 

5.5. Taxes. Each of Borrower and Borrower’s Subsidiaries has filed all United States federal income tax returns and all other
material tax returns which are required to be filed by it and have paid all taxes due pursuant to said returns or pursuant to any assessment received by Borrower or any of Borrower’s Subsidiaries except such taxes, if any, as are being
contested in good faith and as to which adequate reserves have been provided. No tax liens have been filed and no claims are being asserted with respect to such taxes. 

5.6. Litigation and Guarantee Obligations. Except as set forth on Schedule 3 hereto or as set forth in written notice to the
Administrative Agent from time to time, there is no litigation, arbitration, governmental investigation, proceeding or inquiry pending or, to the knowledge of any of their officers, threatened against or affecting Parent Guarantor, Borrower or any
of Borrower’s Subsidiaries which is reasonably expected to have a Material Adverse Effect. Borrower has no material contingent obligations not provided for or disclosed in the financial statements referred to in
Section 6.1 or as set forth in written notices to the Administrative Agent given from time to time after the Agreement Execution Date on or about the date such material contingent obligations are incurred. 

5.7. Direct Subsidiaries; Investment Affiliates. Schedule 2 hereto contains, an accurate list of all direct Subsidiaries of
Parent Guarantor, setting forth their respective jurisdictions of incorporation or formation and the percentage of their respective capital stock or partnership or membership interest owned by Parent Guarantor. All of the issued and outstanding
shares of capital stock of such direct Subsidiaries that are corporations have been duly authorized and issued and are 

  
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fully paid and non-assessable. There are no outstanding subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind
(including, without limitation, any stockholders’ or voting trust agreements) for the issuance, sale, registration or voting of, or outstanding securities convertible into, any additional shares of capital stock of any class, or partnership or
other ownership interests of any type in, any such direct Subsidiary. Schedule 6 hereto contains an accurate list of all Investment Affiliates of the Consolidated Group, including the correct legal name of such Investment Affiliate, the type of
legal entity which each such Investment Affiliate is, and the type and amount of all equity interests in such Investment Affiliate held directly or indirectly by members of the Consolidated Group. 

5.8. ERISA. The Unfunded Liabilities of all Single Employer Plans do not in the aggregate exceed $1,000,000. Neither Parent Guarantor,
Borrower nor any other member of the Controlled Group has incurred, or is reasonably expected to incur, any withdrawal liability to Multiemployer Plans in excess of $250,000 in the aggregate. Each Plan complies in all material respects with all
applicable requirements of law and regulations, no Reportable Event has occurred with respect to any Plan, neither Borrower nor any other members of the Controlled Group has withdrawn from any Plan or initiated steps to do so, and no steps have been
taken to reorganize or terminate any Plan. 
 5.9. Accuracy of Information. No information, exhibit or report furnished by Parent
Guarantor, Borrower or any of Borrower’s Subsidiaries to the Administrative Agent or to any Lender in connection with the negotiation of, or compliance with, the Loan Documents contained any material misstatement of fact or omitted to state a
material fact or any fact necessary to make the statements contained therein not misleading. 
 5.10. Regulation U. Borrower has not
used the proceeds of any Advance to buy or carry any margin stock (as defined in Regulation U) in violation of the terms of this Agreement. 

5.11. Material Agreements. Neither Parent Guarantor, Borrower nor any Subsidiary of Borrower is a party to any agreement or instrument
or subject to any charter or other corporate restriction which is reasonably expected to have a Material Adverse Effect. Neither Parent Guarantor, Borrower nor any Subsidiary of Borrower is in default in the performance, observance or fulfillment of
any of the obligations, covenants or conditions contained in (i) any agreement to which it is a party, which default is reasonably expected to have a Material Adverse Effect, or (ii) any agreement or instrument evidencing or governing
Indebtedness, which default would constitute a Default hereunder. 
 5.12. Compliance With Laws. Borrower and its
Subsidiaries have complied with all applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign government or any instrumentality or agency thereof, having jurisdiction over the conduct of their respective businesses
or the ownership of their respective Property, except for any non-compliance which would not have a Material Adverse Effect. Neither Borrower nor any Subsidiary of Borrower has received any notice to the
effect that its operations are not in material compliance with any of the requirements of applicable federal, state and local environmental, health and safety statutes and regulations or the subject of any federal or state investigation evaluating
whether any remedial action is needed to respond to a release of any toxic or hazardous waste or substance into the environment, which non-compliance or remedial action could have a Material Adverse Effect.

 5.13. Ownership of Properties. Except as set forth on Schedule 2 hereto, on the date of this Agreement, Borrower and
Borrower’s Subsidiaries will have good and marketable title, free of all Liens other than those permitted by Section 6.16, to all of the Property and assets reflected in the financial statements as owned by it. 

  
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 5.14. Investment Company Act. Neither Parent Guarantor, nor Borrower nor any
Subsidiary of Borrower or Parent Guarantor is an “investment company” or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended. 

5.15. Affiliate Transactions. Except as permitted by Section 6.17, neither Parent Guarantor, Borrower, nor
any of Borrower’s Subsidiaries is a party to or bound by any agreement or arrangement (whether oral or written) to which any Affiliate of Borrower or any of Borrower’s Subsidiaries is a party. 

5.16. Solvency. 

(i) Immediately after the Agreement Execution Date and immediately following the making of each Loan and after giving effect
to the application of the proceeds of such Loans, (a) the fair value of the assets of Parent Guarantor, Borrower and Borrower’s Subsidiaries on a consolidated basis, at a fair valuation, will exceed the debts and liabilities, subordinated,
contingent or otherwise, of Parent Guarantor, Borrower and Borrower’s Subsidiaries on a consolidated basis; (b) the present fair saleable value of the Property of Parent Guarantor, Borrower and Borrower’s Subsidiaries on a
consolidated basis will be greater than the amount that will be required to pay the probable liability of Parent Guarantor, Borrower and Borrower’s Subsidiaries on a consolidated basis on their debts and other liabilities, subordinated,
contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) Parent Guarantor, Borrower and Borrower’s Subsidiaries on a consolidated basis will be able to pay their debts and liabilities, subordinated,
contingent or otherwise, as such debts and liabilities become absolute and matured; and (d) Parent Guarantor, Borrower and Borrower’s Subsidiaries on a consolidated basis will not have unreasonably small capital with which to conduct the
businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted after the date hereof. 

(ii) Borrower does not intend to, or to permit any of its Subsidiaries to, and does not believe that it or any of its
Subsidiaries will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing of and amounts of cash to be received by it or any such Subsidiary and the timing of the amounts of cash to be payable on or in
respect of its Indebtedness or the Indebtedness of any such Subsidiary. 
 5.17. Insurance. Borrower and its Subsidiaries carry
insurance on their Projects with financially sound and reputable insurance companies, in such amounts, with such deductibles and covering such risks as would be customarily carried by owners of similar portfolios of industrial properties in the
United States: 
 5.18. REIT Status. Parent Guarantor is qualified as a real estate investment trust under Section 856 of the
Code, is a self-directed and self-administered real estate investment trust and currently is in compliance in all material respects with all provisions of the Code applicable to the qualification of Parent Guarantor as a real estate investment
trust. 
 5.19. Environmental Matters. Each of the following representations and warranties is true and correct on and as of the
Agreement Execution Date except as disclosed in environmental reports delivered to the Administration Agent or on Schedule 4 attached hereto and to the extent that the facts and circumstances giving rise to any such failure to be so true and
correct, in the aggregate, are not reasonably be expected to have a Material Adverse Effect: 
 (a) To the best knowledge of
Borrower, the Projects of Borrower and its Subsidiaries do not contain any Materials of Environmental Concern in amounts or concentrations which constitute a violation of, or could reasonably give rise to liability of Borrower or any such Subsidiary
under, Environmental Laws. 

  
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 (b) To the best knowledge of Borrower, (i) the Projects of Borrower and
its Subsidiaries and all operations at such Projects are in compliance with all applicable Environmental Laws, and (ii) with respect to all Projects owned by Borrower and/or its Subsidiaries (x) for at least two (2) years, have in the
last two years, or (y) for less than two (2) years, have for such period of ownership, been in compliance in all material respects with all applicable Environmental Laws. 

(c) Neither Borrower nor any of its Subsidiaries has received any notice of violation, alleged violation, non-compliance, liability or potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Projects, nor does Borrower have knowledge or reason to believe that
any such notice will be received or is being threatened. 
 (d) To the best knowledge of Borrower, Materials of Environmental
Concern have not been transported or disposed of from the Projects of Borrower and its Subsidiaries in violation of, or in a manner or to a location which could reasonably give rise to liability of Borrower or any such Subsidiary under,
Environmental Laws, nor have any Materials of Environmental Concern been generated, treated, stored or disposed of at, on or under any of the Projects of Borrower and its Subsidiaries in violation of, or in a manner that could give rise to liability
of Borrower or any such Subsidiary under, any applicable Environmental Laws. 
 (e) No judicial proceedings or governmental
or administrative action is pending, or, to the knowledge of Borrower, threatened, under any Environmental Law to which Borrower or any of its Subsidiaries is or, to Borrower’s knowledge, will be named as a party with respect to the Projects of
Borrower and its Subsidiaries, nor are there any consent decrees or other decrees, consent orders, administrative order or other orders, or other administrative of judicial requirements outstanding under any Environmental Law with respect to the
Projects of Borrower and its Subsidiaries. 
 (f) To the best knowledge of Borrower, there has been no release or threat of
release of Materials of Environmental Concern at or from the Projects of Borrower and its Subsidiaries, or arising from or related to the operations of Borrower and its Subsidiaries in connection with such Projects in violation of or in amounts or
in a manner that could give rise to liability under Environmental Laws. 
 5.20. Unencumbered Properties. As of the Agreement
Execution Date, Schedule 7 is a correct and complete list of the Unencumbered Properties, including all applicable ownership information and: 

(a) Each of the Unencumbered Properties is not located in an area that has been identified by the Secretary of Housing and
Urban Development as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law or, if any
portion of the industrial buildings on such Properties are located within any such area, the applicable Subsidiary Guarantor has obtained and will maintain through the Term B Facility Termination Date the insurance prescribed in
Section 5.17 hereof. 

  
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 (b) To Borrower’s knowledge, each of the Unencumbered Properties and
the present use and occupancy thereof are in material compliance with all material zoning ordinances (without reliance upon adjoining or other properties), health, fire and building codes, land use laws (including those regulating parking) and
Environmental Laws (except as disclosed on the environmental assessments delivered to the Administrative Agent pursuant to this Agreement) and other similar laws (“Applicable Laws”). 

(c) Each of the Unencumbered Properties is served by all utilities required for the current or contemplated use thereof. 

(d) To Borrower’s knowledge, all public roads and streets necessary for service of and access to each of the Unencumbered
Properties for the current or contemplated use thereof have been completed, and are open for use by the public, or appropriate insured private easements are in place. 

(e) Except as disclosed in any property condition reports delivered by the Administrative Agent, Borrower is not aware of any
material latent or patent structural or other significant deficiency of the Unencumbered Properties. Each of the Unencumbered Properties is free of damage and waste that would materially and adversely affect the value of such Unencumbered Property,
is in good condition and repair and to Borrower’s knowledge there is no deferred maintenance other than ordinary wear and tear. Each of the Unencumbered Properties is free from damage caused by fire or other casualty. 

(f) To Borrower’s knowledge, all liquid and solid waste disposal, septic and sewer systems located on the Unencumbered
Properties are in a good and safe condition and repair and to Borrower’s knowledge, in material compliance with all Applicable Laws with respect to such systems. 

(g) To Borrower’s knowledge, all improvements on each Unencumbered Property lie within the boundaries and building
restrictions of the legal description of record of such Unencumbered Property, no improvements encroach upon easements benefiting the Unencumbered Properties other than encroachments that do not materially adversely affect the use or occupancy of
the Unencumbered Properties and no improvements on adjoining properties encroach upon the Unencumbered Properties or upon easements benefiting the Unencumbered Properties other than encroachments that do not materially adversely affect the use or
occupancy of the Unencumbered Properties. 
 (h) To Borrower’s knowledge, all Leases are in full force and effect.
Borrower is not in default under any Lease and Borrower has disclosed to Lenders in writing any material default, of which Borrower has knowledge, under any Lease which demises any material portion of the related Unencumbered Property. 

  
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 (i) There are no material delinquent taxes, ground rents, water charges,
sewer rents, assessments, insurance premiums, leasehold payments, or other outstanding charges affecting the Unencumbered Properties except to the extent such items are being contested in good faith by appropriate proceedings and as to which
adequate reserves have been provided and there is no risk of loss, forfeiture, or sale of any interest in the Unencumbered Properties during such proceedings. Each of the Unencumbered Properties is taxed separately without regard to any other
property not included in the Unencumbered Properties. 
 (j) No condemnation proceeding or eminent domain action is pending
or threatened against any of the Unencumbered Properties which would impair the use, value, sale or occupancy of such Unencumbered Property (or any portion thereof) in any material manner. 

(k) Each of the Unencumbered Properties is not, nor is any direct or indirect interest of Borrower or any Subsidiary Guarantor
in any Unencumbered Property or in the ownership interest with respect to any owner of an Unencumbered Property, subject to any Lien other than Permitted Liens set forth in clauses (i) through (iv) of Section 6.14 or
to any Negative Pledge (other than the Liens and Negative Pledges created pursuant to this Agreement to secure the obligations of Borrower and the Subsidiary Guarantors). 

5.21. Intellectual Property. 

(i) Parent Guarantor, Borrower and each of Borrower’s Subsidiaries owns or has the right to use, under valid license
agreements or otherwise, all material patents, licenses, franchises, trademarks, trademark rights, trade names, trade name rights, trade secrets and copyrights (collectively, “Intellectual Property”) used in the conduct of their respective
businesses as now conducted and as contemplated by the Loan Documents, without known conflict with any patent, license, franchise, trademark, trade secret, trade name, copyright, or other proprietary right of any other Person. 

(ii) Parent Guarantor, Borrower and each of Borrower’s Subsidiaries have taken all such steps as they deem reasonably
necessary to protect their respective rights under and with respect to such Intellectual Property. 
 (iii) No claim has been
asserted by any Person with respect to the use of any Intellectual Property by Parent Guarantor, Borrower or any of Borrower’s Subsidiaries, or challenging or questioning the validity or effectiveness of any Intellectual Property. 

(iv) The use of such Intellectual Property by Parent Guarantor, Borrower and each of Borrower’s Subsidiaries does not
infringe on the rights of any Person, subject to such claims and infringements as do not, in the aggregate, give rise to any liabilities on the part of Borrower or any of Borrower’s Subsidiaries that could be reasonably expected to have a
Material Adverse Effect. 
 5.22. Broker’s Fees. No broker’s or finder’s fee, commission or similar
compensation will be payable with respect to the transactions contemplated hereby. Except as provided in the Fee Letter, no other similar fees or commissions will be payable by any Lender for any other services rendered to Parent Guarantor,
Borrower, any of the Subsidiaries of Borrower or any other Person ancillary to the transactions contemplated hereby. 

  
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 5.23. No Bankruptcy Filing. Neither Parent Guarantor, Borrower nor any of
Borrower’s Subsidiaries is contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or the liquidation of its assets or property, and Borrower has no knowledge of any Person contemplating the
filing of any such petition against any of such Persons. 
 5.24. No Fraudulent Intent. Neither the execution and delivery of this
Agreement or any of the other Loan Documents nor the performance of any actions required hereunder or thereunder is being undertaken by Parent Guarantor, Borrower or the Subsidiary Guarantors with or as a result of any actual intent by any of such
Persons to hinder, delay or defraud any entity to which any of such Persons is now or will hereafter become indebted. 
 5.25.
Transaction in Best Interests of Borrower and Subsidiary Guarantors; Consideration. The transaction evidenced by this Agreement and the other Loan Documents is in the best interests of Parent Guarantor, Borrower and the Subsidiary Guarantors.
The direct and indirect benefits to inure to Borrower and the Subsidiary Guarantors pursuant to this Agreement and the other Loan Documents constitute substantially more than “reasonably equivalent value” (as such term is used in §548
of the Bankruptcy Code) and “valuable consideration,” “fair value,” and “fair consideration” (as such terms are used in any applicable state fraudulent conveyance law), in exchange for the benefits to be provided by
Borrower and the Subsidiary Guarantors pursuant to this Agreement and the other Loan Documents, and but for the willingness of each Subsidiary Guarantor to guaranty the Obligations, Borrower would be unable to obtain the financing contemplated
hereunder which financing will enable Borrower and its Subsidiaries to have available financing to conduct and expand their business. Borrower and its Subsidiaries constitute a single integrated financial enterprise and receive a benefit from the
availability of credit under this Agreement. 
 5.26. Subordination. Borrower is not a party to or bound by any agreement, instrument
or indenture that may require the subordination in right or time of payment of any of the Obligations to any other indebtedness or obligation of any such Persons. 

5.27. Tax Shelter Representation. Borrower does not intend to treat the Loans, and/or related transactions as being a “reportable
transaction” (within the meaning of United States Treasury Regulation Section 1.6011-4). In the event Borrower determines to take any action inconsistent with such intention, it will promptly notify
the Administrative Agent thereof. If Borrower so notifies the Administrative Agent, Borrower acknowledges that one or more of the Lenders may treat its Loans as part of a transaction that is subject to Treasury Regulation Section 301.6112-1, and such Lender or Lenders, as applicable, will maintain the lists and other records required by such Treasury Regulation. 

5.28. Anti-Terrorism Laws. 

(i) None of Parent Guarantor, Borrower and Borrower’s Subsidiaries is in violation of any Sanctions Laws and Regulations
or any other laws or regulations relating to terrorism or money laundering (“Anti-Terrorism Laws”), including Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (the “Executive Order”) and
the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56. 

  
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 (ii) None of Parent Guarantor, Borrower and Borrower’s Subsidiaries, or
any of their respective directors, officers, brokers or other agents acting with respect to or benefiting from this Agreement is a Prohibited Person. A “Prohibited Person” is any of the following: 

(1) a person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order; 

(2) a person or entity owned or controlled by, or acting for or on behalf of, any person or entity that is listed in the Annex
to, or is otherwise subject to the provisions of, the Executive Order; 
 (3) a person or entity with whom any Lender is
prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; 
 (4) a person or entity who
commits, threatens or conspires to commit or supports “terrorism” as defined in the Executive Order; or 
 (5) a
person or entity that is named as a “specially designated national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Asset Control at its official website or any replacement website or
other replacement official publication of such list. 
 (iii) None of Parent Guarantor, Borrower and Borrower’s
Subsidiaries (1) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Prohibited Person, (2) deals in, or otherwise engages in any transaction relating to, any
property or interests in property blocked pursuant to the Executive Order, 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
prohibitions set forth in any Anti-Terrorism Law. 
 None of Parent Guarantor, Borrower and Borrower’s Subsidiaries shall
(1) conduct any business or engage in making or receiving any contribution of funds, goods or services to or for the benefit of any Prohibited Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or
interests in property blocked pursuant to the Executive Order or any other Anti-Terrorism Law, or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of
evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law (and Borrower shall deliver to Administrative Agent any certification or other evidence requested from time to time by Administrative Agent in
its reasonable discretion, confirming Borrower’s compliance herewith). Borrower shall not request any Loan or Facility Letter of Credit, and Borrower shall not use, and Borrower shall ensure that its Subsidiaries and its or their respective
directors, officers, employees and agents shall not use, the proceeds of any Loan or Facility Letter of Credit (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of
value, to any Person in violation of any Anti-Corruption Laws or (ii) in any manner that would result in the violation of any applicable Sanctions Laws and Regulations 

5.29. Survival. All statements contained in any certificate, financial statement or other instrument delivered by or on behalf of
Parent Guarantor, Borrower or any of Borrower’s Subsidiaries to the Administrative Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including, but not limited to, any such statement made
in or in connection with any amendment thereto or any statement contained in any certificate, financial statement or other 

  
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instrument delivered by or on behalf of Parent Guarantor, Borrower or any of Borrower’s Subsidiaries prior to the Agreement Execution Date and delivered to the Administrative Agent or any
Lender in connection with closing the transactions contemplated hereby) shall constitute representations and warranties made by Borrower under this Agreement. All such representations and warranties shall survive the effectiveness of this Agreement,
the execution and delivery of the Loan Documents and the making of the Loans and the issuance of the Letters of Credit. 
 5.30.
Beneficial Ownership Certification. As of the Agreement Execution Date, the information included in the Beneficial Ownership Certification, if applicable, is true and correct in all respects. 

ARTICLE VI. 

COVENANTS 
 During
the term of this Agreement, unless the Required Lenders shall otherwise consent in writing: 
 6.1. Financial Reporting. Borrower will
maintain, for itself and each Subsidiary, on a consolidated basis with Parent Guarantor, a system of accounting established and administered in accordance with GAAP, and furnish to the Lenders: 

(i) As soon as available, but in any event not later than 45 days after the close of each of the first three fiscal quarters of
each year, for the Consolidated Group, an unaudited consolidated balance sheet as of the close of each such period and the related unaudited consolidated statements of income and retained earnings and of cash flows of the Consolidated Group for such
period and the portion of the fiscal year through the end of such period, setting forth in each case in comparative form the figures for the previous year, all certified by an Authorized Officer; 

(ii) If required by Administrative Agent for any particular fiscal quarter, as soon as available, but in any event not later
than 45 days after the close of each fiscal quarter, for the Consolidated Group, the following reports in form and substance reasonably satisfactory to the Administrative Agent, all certified by the Parent Guarantor’s chief financial officer or
chief accounting officer: a rent roll for each Unencumbered Property an operating statement for each such Unencumbered Property, and such other information on all Projects as may be reasonably requested by Administrative Agent; 

(iii) As soon as available, but in any event not later than 90 days after the close of each fiscal year, for the Consolidated
Group audited financial statements, including a consolidated balance sheet as at the end of such year and the related consolidated statements of income and retained earnings and of cash flows for such year, setting forth in each case in comparative
form the figures for the previous year, without a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit, prepared by independent certified public accountants of nationally recognized
standing reasonably acceptable to Administrative Agent; 

  
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 (iv) Together with the quarterly and annual financial statements required
hereunder, a compliance certificate in substantially the form of Exhibit C hereto signed by an Authorized Officer showing the calculations and computations necessary to determine compliance with this Agreement and stating
that, to such officer’s knowledge, no Default or Unmatured Default exists, or if, to such officer’s knowledge, any Default or Unmatured Default exists, stating the nature and status thereof; notwithstanding anything to the contrary, the
first such compliance certificate due after the date hereof shall be based on the terms and conditions (including covenants) set forth in this Agreement, even though the calculations are based, in part, on a time period that pre-dates this Agreement; 
 (v) As soon as possible and in any event within 10 days after
receipt by an Authorized Officer of Borrower, a copy of (a) any notice or claim to the effect that Borrower or any of its Subsidiaries is or may be liable to any Person as a result of the release by Borrower, any of its Subsidiaries, or any
other Person of any toxic or hazardous waste or substance into the environment, and (b) any notice alleging any violation of any federal, state or local environmental, health or safety law or regulation by Borrower or any of its Subsidiaries,
which, in either case, is reasonably expected to have a Material Adverse Effect; 
 (vi) Promptly upon becoming aware of the
same and to the extent Parent Guarantor, Borrower, or any of its Subsidiaries, are aware of the same, notice of the commencement of any proceeding or investigation by or before any Governmental Authority and any action or proceeding in any court or
other tribunal or before any arbitrator against or in any other way relating adversely to, or adversely affecting, Parent Guarantor, Borrower, any of its Subsidiaries or any of their respective properties, assets or businesses which involve claims
individually or in the aggregate in excess of $5,000,000, and notice of the receipt of notice that any United States income tax returns of Parent Guarantor, Borrower or any of its Subsidiaries are being audited; 

(vii) Promptly upon becoming available, a copy of any amendment to a formation document of Borrower; 

(viii) Promptly upon becoming aware of the same, notice of any change in the senior management of Parent Guarantor, Borrower,
or any of its Subsidiaries, any change in the business, assets, liabilities, financial condition, results of operations or business prospects of Borrower, or any of its Subsidiaries which has had or is reasonably expected to have a Material Adverse
Effect, or any other event or circumstance which has had or is reasonably expected to have a Material Adverse Effect; 
 (ix)
Promptly upon becoming aware of entry of the same, notice of any order, judgment or decree in excess of $5,000,000 having been entered against Parent Guarantor, Borrower, or any of its Subsidiaries or any of their respective properties or assets;

 (x) Promptly upon receipt of the same, notice if Parent Guarantor, Borrower, or any of its Subsidiaries shall receive any
notification from any Governmental Authority alleging a violation of any Applicable Law or any inquiry which is reasonably be expected to have a Material Adverse Effect; and 

(xi) Such other information (including, without limitation, updated rent rolls for each Unencumbered Property, financial
statements for Parent Guarantor, Borrower and non-financial information) as the Administrative Agent or any Lender may from time to time reasonably request. 

  
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 6.2. Use of Proceeds. Borrower will use the proceeds of the Advances to finance
Borrower’s or its Subsidiaries’ acquisition or development of Projects, for debt repayment or for general corporate working capital purposes. Borrower will not, nor will it permit any Subsidiary to, use any of the proceeds of the Advances
(i) to purchase or carry any “margin stock” (as defined in Regulation U) if such usage could constitute a violation of Regulation U by any Lender, (ii) to fund any purchase of, or offer for, any Capital Stock of any Person,
unless such Person has consented to such offer prior to any public announcements relating thereto, or (iii) to make any Entity Acquisition other than a Permitted Acquisition. 

6.3. Notice of Default. Borrower will give, and will cause each of its Subsidiaries to give, prompt notice in writing to the
Administrative Agent and the Lenders of the occurrence of any Default or Unmatured Default and of any other development, financial or otherwise, which could reasonably be expected to have a Material Adverse Effect. 

6.4. Conduct of Business. Parent Guarantor and Borrower will do, and will cause each of their respective Subsidiaries to do, all things
necessary to remain duly incorporated or duly qualified, validly existing and in good standing as a real estate investment trust, limited liability company, corporation, general partnership or limited partnership, as the case may be, in its
jurisdiction of incorporation/formation (except with respect to mergers permitted hereunder and Permitted Acquisitions) and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted, in each
jurisdiction in which any Project owned (or leased pursuant to an Qualified Ground Lease) by it is located, and in each other jurisdiction in which the character of its properties or the nature of its business requires such qualification and
authorization and where the failure to be so authorized and qualified is reasonably expected to have a Material Adverse Effect, and to carry on and conduct their businesses in substantially the same manner as they are presently conducted where the
failure to do so is reasonably expected to have a Material Adverse Effect and, specifically, neither Parent Guarantor, Borrower nor Borrower’s Subsidiaries may undertake any business other than the acquisition, development, ownership,
management, operation and leasing of industrial properties, and ancillary businesses specifically related to industrial properties or may reorganize themselves to be organizations governed by the laws of any nation or jurisdiction other than one of
the states of the United States of America. Parent Guarantor and Borrower shall, and shall cause each of their respective Subsidiaries, to develop and implement such programs, policies and procedures as are necessary to comply with the USA Patriot
Act and shall promptly advise the Administrative Agent in writing in the event that any of such Persons shall determine that any investors in such Persons are in violation of such act. 

6.5. Taxes. Borrower will pay, and will cause each of its Subsidiaries to pay, when due all taxes, assessments and governmental charges
and levies upon them of their income, profits or Projects, except those which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been set aside. 

6.6. Insurance. Borrower will, and will cause each of its Subsidiaries to, maintain insurance which is consistent with the
representation contained in Section 5.17 on all their Projects and Borrower will furnish to any Lender upon reasonable request full information as to the insurance carried. 

6.7. Compliance with Laws. Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations, orders,
writs, judgments, injunctions, decrees or awards to which they may be subject, the violation of which is reasonably expected to have a Material Adverse Effect. 

  
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 6.8. Maintenance of Properties. Borrower will, and will cause each of its
Subsidiaries to, do all things necessary to maintain, preserve, protect and keep their respective Projects in good repair, working order and condition, ordinary wear and tear excepted. 

6.9. Inspection. Borrower will, and will cause each of its Subsidiaries to, permit the Lenders upon reasonable advance notice, by their
respective representatives and agents, to inspect during regular business hours any of the Projects, corporate books and financial records of Borrower and each of their respective Subsidiaries, to examine and make copies of the books of accounts and
other financial records of Parent Guarantor, Borrower and each of their respective Subsidiaries, and to discuss the affairs, finances and accounts of Parent Guarantor, Borrower and each of its Subsidiaries with officers thereof, and to be advised as
to the same by, their respective officers at such reasonable times and intervals as the Lenders may designate. 
 6.10. Maintenance of
Status; Modification of Formation Documents. Parent Guarantor shall at all times maintain its status as a self-directed, self-administered real estate investment trust in compliance with all applicable provisions of the Code relating to such
status. Neither Parent Guarantor nor Borrower shall amend any of its articles of incorporation, limited liability company agreements, or by-laws, as applicable, without the prior written consent of the
Administrative Agent in a manner that is reasonably expected to have a Material Adverse Effect. Parent Guarantor and Borrower shall not, and shall not permit any Subsidiary of Borrower to, enter into any amendment or modification of any formation
documents of Borrower or such Subsidiary which would have a Material Adverse Effect. 
 6.11. Dividends. Provided there is no
then-existing Default hereunder, Parent Guarantor shall be permitted to declare and pay dividends on its Capital Stock, and to pay such Preferred Dividends as Parent Guarantor may be contractually required to make, from time to time in amounts
determined by Parent Guarantor, provided, however, that if a Default hereunder exists, Parent Guarantor may only declare or pay cash dividends on its Capital Stock or make cash distributions with respect thereto (including cash
dividends paid and cash distributions actually made with respect to gains on property sales but excluding for purposes of such calculations any Preferred Dividends) in an aggregate amount not to exceed the minimum amount required for Parent
Guarantor to declare and pay cash dividends to maintain its status as a real estate investment trust; provided, however, if a Default from nonpayment of regularly scheduled payments of interest or principal hereunder, or failure to
make a mandatory prepayment due pursuant to Section 2.8(b), or bankruptcy or insolvency (including pursuant to Section 7.7 or Section 7.8) exists, or if the Facility
Obligations have been accelerated, neither Parent Guarantor nor Borrower may thereafter pay any dividends or make any distributions of any type. 

6.12. Merger; Sale of Assets. Borrower will not, nor will it permit any of its Subsidiaries to, without prior notice to the
Administrative Agent and without providing a certification of compliance with the Loan Documents enter into any merger, including pursuant to a Delaware LLC Division, (other than mergers in which such entity is the survivor and mergers of
Subsidiaries (but not Borrower) as part of transactions that are Permitted Acquisitions provided that following such merger the target entity becomes a Wholly-Owned Subsidiary of Borrower organized under the laws of the United States of America),
consolidation, reorganization or liquidation or transfer or otherwise dispose of all or a Substantial Portion of their Properties, including, in each case, pursuant to a Delaware LLC Division, except for (a) such transactions that occur between
Wholly-Owned Subsidiaries or between Borrower and a Wholly-Owned Subsidiary, provided that following such transaction Borrower remains an entity organized under the laws of the United States of America, and
(b) mergers solely to change the jurisdiction of organization of a Subsidiary Guarantor, provided that, in any event, approval in advance by the Required Lenders shall be required for transfer or disposition in any quarter of assets with an
aggregate value greater than 15% of Consolidated Gross Asset Value, or any merger of the Parent Guarantor, Company or Subsidiary into another operating entity which would result in an increase to the Consolidated Gross Asset Value of more than 50%.

  
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 6.13. Subsidiary Guarantors. Borrower shall cause each of its existing Wholly-Owned
Subsidiaries which owns an Unencumbered Property as of the Agreement Execution Date, as identified on Schedule 5 attached hereto and made a part hereof, to execute and deliver to the Administrative Agent the Subsidiary Guaranty. Borrower
shall cause each Wholly-Owned Subsidiary which hereafter owns an Unencumbered Property to execute and deliver to the Administrative Agent a joinder in the Subsidiary Guaranty in the form of the Joinder (the “Joinder”) attached as
Exhibit A to the Subsidiary Guaranty not later than the date required under Section 2.22(ii) above. Borrower covenants and agrees that each such Subsidiary which it shall cause to execute the Subsidiary Guaranty
shall be fully authorized to do so by its supporting organizational and authority documents and shall be in good standing in its state of organization and shall have obtained any necessary foreign qualifications required to conduct its business. The
delivery by Borrower to the Administrative Agent of any such Joinder shall be deemed a representation and warranty by Borrower that each Subsidiary which Borrower caused to execute the Subsidiary Guaranty has been fully authorized to do so by its
supporting organizational and authority documents and is in good standing in its state of organization and has obtained any necessary foreign qualifications required to conduct its business. If any Subsidiary Guarantor proposes to incur Indebtedness
or sell or contribute all of its assets or otherwise desires to be released from its obligations under the Subsidiary Guaranty, then such Subsidiary Guarantor will be released from its obligations under the Subsidiary Guaranty subject in each case
to compliance with the applicable restrictions and other provisions of Section 2.22(iii). In addition, effective as of the Investment Grade Ratings Date or any date thereafter on which Borrower maintains an Investment Grade
Rating, Borrower may request, upon not less than five (5) Business Days prior written notice to the Administrative Agent, the release of all Subsidiary Guarantors from the Subsidiary Guaranty other than those that have outstanding Recourse
Indebtedness or Guarantee Obligations (other than the Subsidiary Guaranty), which release shall be promptly effected by the Administrative Agent so long as no Default or Unmatured Default shall have occurred and be then continuing. If after such
release pursuant to the foregoing sentence, (x) Borrower desires to add one or more additional Qualifying Unencumbered Properties to the Unencumbered Property Pool pursuant to and in accordance with Section 2.22(ii),
the owner of such Qualifying Unencumbered Property shall not be required to deliver a Joinder to Administrative Agent unless such owner has outstanding Recourse Indebtedness or Guarantee Obligations (in which case such owner shall be required to
deliver a Joinder and any such required Joinder shall be delivered not later than the date required under Section 2.22(ii)) or (y) an owner of an Unencumbered Property that is not a Subsidiary Guarantor (either
because, pursuant to this Section 6.13, such owner was released or not previously required to deliver a Joinder) acquires outstanding Recourse Indebtedness or Guarantee Obligations (i) in the first, second or third
fiscal quarter of the Consolidated Group, such owner shall deliver to the Administrative Agent a Joinder not later than 45 days after the close of such fiscal quarter, and (ii) in the fourth fiscal quarter of the Consolidated Group, such owner
shall deliver to the Administrative Agent a Joinder not later than 90 days after the close of such fiscal quarter. 
 6.14. Sale and
Leaseback. Borrower will not, nor will it permit any of its Subsidiaries to, sell or transfer an Unencumbered Property in order to concurrently or subsequently lease such Property as lessee. 

  
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 6.15. Acquisitions and Investments. Borrower will not, nor will it permit any
Subsidiary of Borrower to, make or suffer to exist any Investments (including without limitation, loans and advances to, and other Investments in, Subsidiaries of Borrower), or commitments therefor, or become or remain a partner in any partnership
or joint venture, or to make any Entity Acquisition of any Person, except: 
 (i) Cash Equivalents; 

(ii) Investments in existing Subsidiaries of Borrower, Investments in Subsidiaries of Borrower formed for the purpose of
developing or acquiring industrial properties, or Investments in existing or newly formed joint ventures and partnerships engaged solely in the business of purchasing, developing, owning, operating, leasing and managing industrial properties; 

(iii) transactions permitted pursuant to Section 6.12; 

(iv) Investments permitted pursuant to Section 6.23; and 

(v) Entity Acquisitions of Persons whose primary operations consist of the ownership, development, operation and management of
industrial properties; 
 provided that, after giving effect to such Entity Acquisitions and Investments, Borrower continues to comply with all its
covenants herein. Entity Acquisitions permitted pursuant to this Section 6.15 shall be deemed to be “Permitted Acquisitions”. 

6.16. Liens. Borrower will not, nor will it permit any of its Subsidiaries to, create, incur, or suffer to exist any Lien in, of or on
the Property of Borrower or any of its Subsidiaries, except: 
 (i) Liens for taxes, assessments or governmental charges or
levies on its Property if the same shall not at the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and by appropriate proceedings and for which adequate reserves shall have been set aside on its
books; 
 (ii) Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ liens and other similar
liens arising in the ordinary course of business which secure payment of obligations not more than 60 days past due or which are being contested in good faith by appropriate proceedings and for which adequate reserves shall have been set aside on
its books; 
 (iii) Liens arising out of pledges or deposits under workers’ compensation laws, unemployment insurance,
old age pensions, or other social security or retirement benefits, or similar legislation; 
 (iv) Easements, restrictions
and such other encumbrances or charges against real property as are of a nature generally existing with respect to properties of a similar character and which do not in any material way affect the marketability of the same or interfere with the use
thereof in the business of Borrower or its Subsidiaries; and 
 (v) Liens other than Liens described in subsections
(i) through (iv) above arising in connection with any Indebtedness permitted hereunder to the extent such Liens will not result in a Default in any of Borrower’s covenants herein. 

Liens permitted pursuant to this Section 6.16 shall be deemed to be “Permitted Liens”. 

  
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 6.17. Affiliates. Borrower will not, nor will it permit any of its Subsidiaries to,
enter into any transaction (including, without limitation, the purchase or sale of any Property or service) with, or make any payment or transfer to, any Affiliate except in the ordinary course of business and pursuant to the reasonable requirements
of Borrower’s or such Subsidiary’s business and upon fair and reasonable terms no less favorable to Borrower or such Subsidiary than Borrower or such Subsidiary would obtain in a comparable arms-length transaction. 

6.18. Swap Contracts. Borrower will not enter into or remain liable upon, nor will it permit any Subsidiary to enter into or remain
liable upon, any Swap Contract, except to the extent required to protect Borrower and its Subsidiaries against increases in interest payable by them under variable interest Indebtedness. 

6.19. Variable Interest Indebtedness. Borrower and its Subsidiaries shall not at any time permit the outstanding principal balance of
Consolidated Total Indebtedness which bears interest at an interest rate that is not fixed through the maturity date of such Indebtedness to exceed the greater of (i) the then-current Aggregate Commitment or (ii) twenty-five percent (25%)
of Consolidated Gross Asset Value, unless all of such Indebtedness in excess of such amount is subject to a Swap Contract which, unless such Swap Contract is with a Lender or Affiliate of a Lender, or any Person that was a Lender or an Affiliate of
any Lender at the time such Swap Contract was entered into, has been approved by the Administrative Agent that effectively converts the interest rate on such excess to a fixed rate. 

6.20. Consolidated Tangible Net Worth. Borrower on a consolidated basis with Parent Guarantor and Borrower’s Subsidiaries shall
maintain a Consolidated Tangible Net Worth of not less than $924,254,859.00 plus seventy-five percent (75%) of the equity contributions or sales of Capital Stock received by Parent Guarantor, Borrower or any of Borrower’s Subsidiaries after the
Agreement Execution Date. 
 6.21. Indebtedness and Cash Flow Covenants. Borrower on a consolidated basis with Parent Guarantor and
Borrower’s Subsidiaries shall not permit: 
 (i) the Unencumbered Property Pool Leverage Ratio to be greater than sixty
percent (60%) at any time, unless Borrower cures such event as described and within the time period permitted under Section 2.8(b), and if Borrower elects, pursuant to written notice to Administrative Agent delivered
simultaneously with the items Borrower is required to provide pursuant to Section 6.1(i), such ratio shall surge from sixty percent (60%) to sixty-five percent (65%) for a period of two complete consecutive fiscal quarters
following a Material Acquisition; provided, however, that such surge periods shall occur no more than twice prior to the Revolving Facility Termination Date; 

(ii) the Unsecured Debt Service Coverage to be less than 1.75 to 1.00, at any time, unless Borrower cures such event as
described and within the time period permitted under Section 2.8(b); 
 (iii) Consolidated Total
Indebtedness, less Unrestricted Cash and Cash Equivalents, to be more than sixty percent (60%) of Consolidated Gross Asset Value at any time, and if Borrower elects, pursuant to written notice to Administrative Agent delivered simultaneously with
the items Borrower is required to provide pursuant to Section 6.1(i), such percentage shall surge from sixty percent (60%) to sixty-five percent (65%) for a period of two complete consecutive fiscal quarters following a
Material Acquisition; provided, however, that such surge periods shall occur no more than twice prior to the Revolving Facility Termination Date; 

  
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 (iv) Adjusted EBITDA to be less than 1.50 times Consolidated Fixed Charges
at any time; 
 (v) Secured Recourse Indebtedness, in the aggregate at any time, to be more than ten percent (10%) of
Consolidated Gross Asset Value; or 
 (vi) Secured Indebtedness to, in the aggregate at any time, to be more than forty
percent (40%) of Consolidated Gross Asset Value. 
 6.22. Environmental Matters. Borrower and its Subsidiaries shall: 

(a) Comply with, and use all reasonable efforts to ensure compliance by all tenants and subtenants, if any, with, all applicable Environmental
Laws and obtain and comply with and maintain, and use all reasonable efforts to ensure that all tenants and subtenants obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by
applicable Environmental Laws, except to the extent that failure to do so is not be reasonably expected to have a Material Adverse Effect; provided that in no event shall Borrower or its Subsidiaries be required to modify the terms of leases, or
renewals thereof, with existing tenants (i) at Projects owned by Borrower or its Subsidiaries as of the date hereof, or (ii) at Projects hereafter acquired by Borrower or its Subsidiaries as of the date of such acquisition, to add
provisions to such effect. 
 (b) Conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and
other actions required under Environmental Laws and promptly comply in all material respects with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws, except to the extent that (i) the same are being
contested in good faith by appropriate proceedings and the pendency of such proceedings is not be reasonably expected to have a Material Adverse Effect, or (ii) Borrower has determined in good faith that contesting the same is not in the best
interests of Borrower and its Subsidiaries and the failure to contest the same is not be reasonably expected to have a Material Adverse Effect. 

(c) Defend, indemnify and hold harmless Administrative Agent and each Lender, and their respective officers and directors, from and against
any claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature known or unknown, contingent or otherwise, arising out of, or in any way relating to the violation of, noncompliance with or
liability under any Environmental Laws applicable to the operations of Borrower, its Subsidiaries or their Projects (excluding loss arising from actions taken by the owner of any Unencumbered Property or any other person who is not an Affiliate of
the Borrower from and after the date on which such Unencumbered Property has been released from the Unencumbered Property Pool) or any orders, requirements or demands of Governmental Authorities related thereto, including, without limitation,
attorney’s and consultant’s fees, investigation and laboratory fees, response costs, court costs and litigation expenses, except to the extent that any of the foregoing arise out of the gross negligence or willful misconduct of the party
seeking indemnification therefor. This indemnity shall continue in full force and effect regardless of the termination of this Agreement. 

  
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 (d) Prior to the acquisition of a new Project after the Agreement Execution Date, perform or
cause to be performed an environmental investigation which investigation shall include preparation of a “Phase I” report and, if appropriate in Borrower’s reasonable discretion, a “Phase II” report, in each case prepared by
a recognized environmental engineer in accordance with customary standards which discloses that the such Project is not in violation of the representations and covenants set forth in this Agreement, unless such violation has been disclosed in
writing to the Administrative Agent and remediation actions satisfactory to the Administrative Agent are being taken. 
 6.23. Permitted
Investments. 
 (a) The Consolidated Group’s aggregate Investment in Investment Affiliates (valued at the greater of the cash
investment in that entity by the Consolidated Group or the portion of Consolidated Gross Asset Value attributable to such entity or its assets, as the case may be) shall not at any time exceed fifteen percent (15%) of Consolidated Gross Asset
Value. 
 (b) The Consolidated Group’s aggregate Investment in Construction in Progress (with each asset valued at its cost basis)
shall not at any time exceed ten percent (10%) of Consolidated Gross Asset Value. 
 (c) The Consolidated Group’s aggregate Investment
in Unimproved Land (with each asset valued at its cost basis) shall not at any time exceed five percent (5%) of Consolidated Gross Asset Value. 

(d) The Consolidated Group’s aggregate Investment in Unimproved Land and Drop Lots (with each asset valued at its cost basis), in the
aggregate, shall not at any time exceed fifteen percent (15%) of Consolidated Gross Asset Value. 
 (e) Notwithstanding the foregoing
individual limitations by type of asset, the Consolidated Group’s Investment in the above items (a)-(d) in the aggregate shall not at any time exceed twenty percent (20%) of Consolidated Gross Asset Value. 

6.24. Lease Approvals. Provided no Default shall have occurred and be continuing hereunder, Borrower may permit any Subsidiary of
Borrower to enter into, modify or amend any Lease without the prior written consent of any Lender, provided such proposed Lease (a) provides for rental rates and terms comparable to existing local market rates and terms (taking into account the
type and quality of the tenant, the length of term and the location and the amount of space rented) as of the date of such Lease is executed by the applicable Subsidiary and (b) is an arm’s length transaction with a bona fide independent
third-party tenant whose identity and creditworthiness are appropriate for a property comparable to the applicable Project. Borrower may also permit any Subsidiary of Borrower to modify, amend or terminate any Lease without the prior approval of any
Lender, provided, however, in the event that any such Subsidiary terminates a Lease, any termination fee shall be reserved by such Subsidiary and used for future leasing commission and tenant inducement costs in connection with reletting such space.

 6.25. Prohibited Encumbrances. Borrower agrees that neither Borrower nor any other member of the Consolidated Group shall
(i) create a Lien against any Project other than a single first-priority mortgage or deed of trust, (ii) create a Lien on any Capital Stock or other ownership interests in any member of the Consolidated Group or any Investment Affiliate
(other than Liens against the Capital Stock or other ownership interests in any Subsidiary which owns only one or more Projects encumbered by a Lien permitted under clause (i) of this Section 6.25 in favor of the
holder of the Lien against such Project), or (iii) enter into or be subject to any agreement governing any Indebtedness which constitutes a Negative Pledge (other than restrictions on further subordinate Liens on Projects or ownership interests
therein permitted to be encumbered under clauses (i) or (ii) of this Section 6.25). 

  
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 6.26. Further Assurances. Borrower shall, at Borrower’s cost and expense and
upon request of the Administrative Agent, execute and deliver or cause to be executed and delivered, to the Administrative Agent such further instruments, documents and certificates, and do and cause to be done such further acts that may be
reasonably necessary or advisable in the reasonable opinion of the Administrative Agent to carry out more effectively the provisions and purposes of this Agreement and the other Loan Documents. 

6.27. Distribution of Income to Borrower. Borrower shall cause all of its Subsidiaries to promptly distribute to Borrower (but
not less frequently than once each fiscal quarter of Borrower unless otherwise approved by the Administrative Agent), whether in the form of dividends, distributions or otherwise, all profits, proceeds or other income relating to or arising from
such Subsidiaries’ use, operation, financing, refinancing, sale or other disposition of their respective assets and properties after (a) the payment by each such Subsidiary of its debt service and operating expenses for such quarter and
(b) the establishment of reasonable reserves for the payment of operating expenses not paid on at least a quarterly basis and capital improvements to be made to such Subsidiary’s assets and properties approved by such Subsidiary in the
ordinary course of business consistent with its past practices or (c) funding of reserves required by the terms of any deed of trust, mortgage or similar lien encumbering any Projects of such Subsidiary. 

ARTICLE VII. 

DEFAULTS 
 The
occurrence of any one or more of the following events shall constitute a Default: 
 7.1 Nonpayment of any principal payment on any Note
(including without limitation any Advance made to fund a Reimbursement Obligation) when due. 
 7.2 Nonpayment of interest upon any Note, or
of any Facility Fee, or other payment Obligations under any of the Loan Documents within five (5) Business Days after the same becomes due. 

7.3. The breach of any of the terms or provisions of Article VI. 

7.4 Any representation or warranty made or deemed made by or on behalf of Parent Guarantor, Borrower or any of Borrower’s Subsidiaries to
the Lenders or the Administrative Agent under or in connection with this Agreement, any Loan, or any material certificate or information delivered in connection with this Agreement or any other Loan Document shall be false on the date as of which
made the result of which is reasonably expected to have a Material Adverse Effect; provided, however, if such untrue representation and warranty is susceptible of being cured, upon the same not being cured within thirty (30) days of receipt of
notice from the Administrative Agent. 
 7.5 The breach by Borrower (other than a breach which constitutes a Default under
Section 7.1, 7.2, 7.3 or 7.4) of any of the terms or provisions of this Agreement which is not remedied within fifteen (15) days after written notice from the Administrative Agent, or if such
breach is not susceptible of being so remedied using commercially reasonable efforts within such fifteen (15) day period and so long as Borrower shall have commenced and shall thereafter diligently pursue cure of the same, such fifteen
(15) day period shall be extended for such time as is reasonably necessary for Borrower to remedy such breach, such additional period not to exceed ninety (90) days. 

  
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 7.6 Failure of Parent Guarantor, Borrower or any of Borrower’s Subsidiaries to pay when
due any Recourse Indebtedness in excess of $1,000,000 in the aggregate or any other Consolidated Outstanding Indebtedness (other than the Obligations hereunder and Indebtedness under Swap Contracts) in excess of $10,000,000 in the aggregate
(collectively, “Material Indebtedness”); or the default by Parent Guarantor, Borrower or any of Borrower’s Subsidiaries in the performance of any term, provision or condition contained in any agreement, or any other event shall
occur or condition exist, which causes or permits any such Material Indebtedness to be due and payable or required to be prepaid (other than by a regularly scheduled payment) prior to the stated maturity thereof; or, under any Swap Contract, the
occurrence of an “Early Termination Date” (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which Parent Guarantor, Borrower or any Subsidiary of Borrower is the Defaulting Party
(as defined in such Swap Contract) or (B) any “Termination Event” (as so defined) under such Swap Contract as to which Parent Guarantor, Borrower or any Subsidiary of Borrower is an Affected Party (as so defined) and, in either event,
the Swap Termination Value owed by Parent Guarantor, Borrower or such Subsidiary of Borrower as a result thereof is greater than $1,000,000. 

7.7 Parent Guarantor, Borrower, or any Subsidiary of Borrower shall (i) have an order for relief entered with respect to it under the
Federal bankruptcy laws as now or hereafter in effect, (ii) make an assignment for the benefit of creditors, (iii) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or
similar official for it or any Substantial Portion of its Property, (iv) institute any proceeding seeking an order for relief under the Federal bankruptcy laws as now or hereafter in effect or seeking to adjudicate it as a bankrupt or
insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer
or other pleading denying the material allegations of any such proceeding filed against it, (v) take any corporate action to authorize or effect any of the foregoing actions set forth in this Section 7.7, (vi) fail to
contest in good faith any appointment or proceeding described in Section 7.8 or (vii) admit in writing its inability to pay its debts generally as they become due. 

7.8 A receiver, trustee, examiner, liquidator or similar official shall be appointed for Parent Guarantor, Borrower or any Subsidiary of
Borrower or for any Substantial Portion of the Property of Parent Guarantor, Borrower or such Subsidiary, or a proceeding described in Section 7.7(iv) shall be instituted against Parent Guarantor, Borrower or any such
Subsidiary and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period of ninety (90) consecutive days. 

7.9 Parent Guarantor, Borrower or any of the Subsidiary Guarantors shall fail within sixty (60) days to pay, bond or otherwise discharge
any judgments, warrants, writs of attachment, execution or similar process or orders for the payment of money in an amount which, when added to all other judgments, warrants, writs, executions, processes or orders outstanding against Parent
Guarantor, Borrower or any of the Subsidiary Guarantors would exceed $10,000,000 in the aggregate, which have not been stayed on appeal or otherwise appropriately contested in good faith. 

7.10 Borrower or any other member of the Controlled Group shall have been notified by the sponsor of a Multiemployer Plan that it has incurred
withdrawal liability to such Multiemployer Plan in an amount which, when aggregated with all other amounts required to be paid to Multiemployer Plans by Borrower or any other member of the Controlled Group as withdrawal liability (determined as of
the date of such notification), exceeds $1,000,000 or requires payments exceeding $500,000 per annum. 

  
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 7.11 Borrower or any other member of the Controlled Group shall have been notified by the
sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganization or is being terminated, within the meaning of Title IV of ERISA, if as a result of such reorganization or termination the aggregate annual contributions of Borrower
and the other members of the Controlled Group (taken as a whole) to all Multiemployer Plans which are then in reorganization or being terminated have been or will be increased over the amounts contributed to such Multiemployer Plans for the
respective plan years of each such Multiemployer Plan immediately preceding the plan year in which the reorganization or termination occurs by an amount exceeding $500,000. 

7.12 Failure to remediate within the time period permitted by law or governmental order, after all administrative hearings and appeals have
been concluded (or within a reasonable time in light of the nature of the problem if no specific time period is so established), environmental problems at Properties owned by Borrower or any of its Subsidiaries or Investment Affiliates that are
reasonably expected to have a Material Adverse Effect. 
 7.13 The occurrence of any “Default” as defined in any Loan Document or
the breach of any of the terms or provisions of any Loan Document, which default or breach continues beyond any period of grace therein provided or any of the Loan Documents for any reason not being or ceasing to be in full force or effect or being
declared to be null and void. 
 7.14 Any Change of Control shall occur. 

7.15 Any Change in Management shall occur. 

7.16 A federal tax lien shall be filed against Parent Guarantor, Borrower or any of Borrower’s Subsidiaries under Section 6323 of
the Code or a lien of the PBGC shall be filed against Parent Guarantor, Borrower or any of Borrower’s Subsidiaries under Section 4068 of ERISA and in either case such lien shall remain undischarged (or otherwise unsatisfied) for a period
of sixty (60) days after the date of filing. 
 ARTICLE VIII. 

ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES 

8.1. Acceleration. If any Default described in Sections 7.7 or 7.8 occurs with respect to Borrower, the obligations of the
Lenders to make Loans and to issue Facility Letters of Credit hereunder shall automatically terminate and the Facility Obligations shall immediately become due and payable without any election or action on the part of the Administrative Agent or any
Lender. If any other Default occurs, so long as a Default exists Lenders shall have no obligation to make any Loans and the Required Lenders, at any time prior to the date that such Default has been fully cured, may permanently terminate the
obligations of the Lenders to make Loans hereunder and declare the Facility Obligations to be due and payable, or both, whereupon if the Required Lenders elected to accelerate (i) the Facility Obligations shall become immediately due and
payable, without presentment, demand, protest or notice of any kind, all of which Borrower hereby expressly waives and (ii) if any automatic or optional acceleration has occurred, the Administrative Agent, as directed by the Required Lenders
(or if no such direction is given within 30 days after a request for direction, as the Administrative Agent deems in the best interests of the Lenders, in its sole discretion), shall use its good faith efforts to collect, including without
limitation, by filing and diligently pursuing judicial action, all amounts owed by Borrower and any Subsidiary Guarantor under the Loan Documents. 

  
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 In addition to the foregoing, following the occurrence of a Default and so long as any
Facility Letter of Credit has not been fully drawn and has not been cancelled or expired by its terms, upon demand by the Required Lenders Borrower shall deposit in the Letter of Credit Collateral Account cash in an amount equal to the aggregate
undrawn face amount of all outstanding Facility Letters of Credit and all fees and other amounts due or which may become due with respect thereto. Borrower shall have no control over funds in the Letter of Credit Collateral Account and shall not be
entitled to receive any interest thereon. Such funds shall be promptly applied by the Administrative Agent to reimburse the Issuing Bank for drafts drawn from time to time under the Facility Letters of Credit and associated issuance costs and fees.
Such funds, if any, remaining in the Letter of Credit Collateral Account following the payment of all Facility Obligations in full shall, unless the Administrative Agent is otherwise directed by a court of competent jurisdiction, be promptly paid
over to Borrower. 
 If, within 10 days after acceleration of the maturity of the Facility Obligations or termination of the obligations of
the Lenders to make Loans hereunder as a result of any Default (other than any Default as described in Sections 7.7 or 7.8 with respect to Borrower) and before any judgment or decree for the payment of the Facility Obligations due
shall have been obtained or entered, all of the Lenders (in their sole discretion) shall so direct, the Administrative Agent shall, by notice to Borrower, rescind and annul such acceleration and/or termination. 

8.2. Amendments. Subject to the provisions of this Article VIII the Required Lenders (or the Administrative Agent with the
consent in writing of the Required Lenders) and Borrower may enter into agreements supplemental hereto for the purpose of adding or modifying any provisions to the Loan Documents or changing in any manner the rights of the Lenders or Borrower
hereunder or waiving any Default hereunder; provided, however, that no such supplemental agreement or waiver shall, without the consent of all Lenders then having a Commitment or holding Loans hereunder: 

(i) Extend the Revolving Facility Termination Date or the Term Facility Termination Date, or forgive all or any portion of the
principal amount of any Loan or accrued interest thereon or of the Facility Letter of Credit Obligations or of the Facility Fee, reduce the Applicable Margins or the percentages used to calculate the Facility Fee (or modify any definition herein
which would have the effect of reducing the Applicable Margins or such percentages) or the underlying interest rate options or extend the time of payment of any such principal, interest or fees. 

(ii) Release the Parent Guarantor from the Parent Guaranty or release any Subsidiary Guarantor from the Subsidiary Guaranty,
except as permitted in Section 2.22(iii) and Section 6.13. 
 (iii)
Reduce the percentage specified in the definition of Required Lenders. 
 (iv) Increase the Aggregate Commitment beyond
$600,000,000. 
 (v) Permit Borrower to assign its rights under this Agreement. 

(vi) Amend Sections 8.1, 8.2 (or any other provision of the Agreement which expressly requires the consent of all Lenders), 8.4
or 11.2 (or any other provision of the Agreement which expressly requires payments to be made to the Lenders on a ratable basis). 

  
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 No amendment shall amend, modify or waive (a) this Agreement (including, without limitation,
Section 8.4) or any other Loan Document so as to alter the relative priorities of Obligations arising under the Loan Documents and Obligations arising under Related Swap Obligations, in each case, established pursuant to Section 8.4, or
(b) the definition of “Related Swap Obligations”, “Obligations” or “Swap Contract” (as defined in this Agreement or any applicable Loan Document) in each case in a manner adverse to any Person party to a Related
Swap Obligation without the written consent of any such Person. No amendment of any provision of this Agreement relating to the Administrative Agent shall be effective without the written consent of the Administrative Agent. 

8.3. Preservation of Rights. No delay or omission of the Lenders or the Administrative Agent to exercise any right under the Loan
Documents shall impair such right or be construed to be a waiver of any Default or an acquiescence therein, and the making of a Loan notwithstanding the existence of a Default or the inability of Borrower to satisfy the conditions precedent to such
Loan shall not constitute any waiver or acquiescence. Any single or partial exercise of any such right shall not preclude other or further exercise thereof or the exercise of any other right, and no waiver, amendment or other variation of the terms,
conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing signed by the Lenders required pursuant to Section 8.2, and then only to the extent in such writing specifically set forth. All
remedies contained in the Loan Documents or by law afforded shall be cumulative and all shall be available to the Administrative Agent and the Lenders until the Obligations have been paid in full. 

8.4. Application of Funds. After the acceleration of the Facility Obligations as provided for in Section 8.1
(or after the Facility Obligations have automatically become immediately due and payable and Borrower has been required to make a deposit in the Letter of Credit Collateral Account as set forth in Section 8.1), any amounts
received on account of the Obligations shall be applied by the Administrative Agent in the following order: 
 (i) to payment
of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including attorney costs and amounts payable under Article III) payable to the Administrative Agent in its capacity as such;

 (ii) to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal
and interest) payable to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders and the Issuing Bank and amounts payable under Article III), ratably among them in proportion to the
amounts described in this clause (ii) payable to them; 
 (iii) to payment of that portion of the Obligations
constituting accrued and unpaid interest on the Loans, Facility Letter of Credit Reimbursement Obligations and other Obligations, ratably among the Lenders and the Issuing Bank in proportion to the respective amounts described in this clause
(iii) payable to them; 
 (iv) to (A) payment of that portion of the Obligations constituting unpaid principal of
the Loans and Facility Letter of Credit Reimbursement Obligations, (B) payment of that portion of the Obligations constituting unpaid Related Swap Obligations and (C) the deposit into the Letter of Credit Collateral Account of the undrawn
amounts of Letters of Credit, ratably among such three categories of Obligations in proportion to their respective amounts and then within each such category ratably among those Lenders and Affiliates of Lenders holding the Obligations included in
such category in proportion to the respective amounts held by them; and 
 (v) the balance, if any, after all of such
Obligations have been indefeasibly paid in full or, in the case of the undrawn amounts of Letters of Credit, fully collateralized, to Borrower or as otherwise required by Law. 

  
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 ARTICLE IX. 

GENERAL PROVISIONS 

9.1. Survival of Representations. All representations and warranties of Borrower contained in this Agreement shall survive delivery of
the Notes and the making of the Loans herein contemplated. 
 9.2. Governmental Regulation. Anything contained in this Agreement to
the contrary notwithstanding, no Lender shall be obligated to extend credit to Borrower in violation of any limitation or prohibition provided by any applicable statute or regulation. 

9.3. Taxes. Any material taxes (excluding taxes on the overall net income of any Lender and Excluded Taxes) or other similar
assessments or charges made by any governmental or revenue authority in respect of the Loan Documents shall be paid by Borrower, together with interest and penalties, if any. 

9.4. Headings. Section headings in the Loan Documents are for convenience of reference only, and shall not govern the interpretation of
any of the provisions of the Loan Documents. 
 9.5. Entire Agreement. The Loan Documents embody the entire agreement and
understanding among Borrower, the Administrative Agent and the Lenders and supersede all prior commitments, agreements and understandings among Borrower, the Administrative Agent and the Lenders relating to the subject matter thereof. 

9.6. Several Obligations; Benefits of this Agreement. The respective obligations of the Lenders hereunder are several and not joint and
no Lender shall be the partner or agent of any other (except to the extent to which the Administrative Agent is authorized to act as such). The failure of any Lender to perform any of its obligations hereunder shall not relieve any other Lender from
any of its obligations hereunder. This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective successors and assigns. 

9.7. Expenses; Indemnification. Borrower shall reimburse the Administrative Agent for any costs, internal charges and out-of-pocket expenses (including, without limitation, all reasonable fees for consultants and fees and reasonable expenses for attorneys for the Administrative Agent, which
attorneys may be employees of the Administrative Agent) paid or incurred by the Administrative Agent in connection with the amendment, modification, and enforcement of the Loan Documents. Borrower also agrees to reimburse the Administrative Agent
and the Lenders for any reasonable costs, internal charges and out-of-pocket expenses (including, without limitation, all fees and reasonable expenses for attorneys for
the Administrative Agent and the Lenders, which attorneys may be employees of the Administrative Agent or the Lenders) paid or incurred by the Administrative Agent or any Lender in connection with the collection and enforcement of the Loan Documents
(including, without limitation, any workout). Borrower further agrees to indemnify the Administrative Agent, each Lender and their Affiliates, and their respective directors, officers, employees and agents against all losses, claims, damages,
penalties, judgments, liabilities and expenses (including, without limitation, all fees and reasonable expenses for attorneys of the indemnified parties, all expenses of litigation or preparation therefor whether or not the Administrative Agent, or
any Lender is a party thereto) which any of them 

  
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may pay or incur arising out of or relating to this Agreement, the other Loan Documents, the Projects, the transactions contemplated hereby or the direct or indirect application or proposed
application of the proceeds of any Loan hereunder, except to the extent that any of the foregoing arise out of the gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final,
non-appealable judgment) of the party seeking indemnification therefor. The obligations of Borrower under this Section shall survive the termination of this Agreement. This
Section 9.7 shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc., arising from any non-Tax claim. 

9.8. Numbers of Documents. All statements, notices, closing documents, and requests hereunder shall be furnished to the Administrative
Agent with sufficient counterparts so that the Administrative Agent may furnish one to each of the Lenders. 
 9.9. Accounting.
Except as provided to the contrary herein, all accounting terms used herein shall be interpreted and all accounting determinations hereunder shall be made in accordance with GAAP. 

9.10. Severability of Provisions. Any provision in any Loan Document that is held to be inoperative, unenforceable, or invalid in any
jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to
this end the provisions of all Loan Documents are declared to be severable. 
 9.11. Nonliability of Lenders. The relationship
between Borrower, on the one hand, and the Lenders and the Administrative Agent, on the other, shall be solely that of borrower and lender. Neither the Administrative Agent nor any Lender shall have any fiduciary responsibilities to Borrower.
Neither the Administrative Agent nor any Lender undertakes any responsibility to Borrower to review or inform Borrower of any matter in connection with any phase of Borrower’s business or operations. Neither the Administrative Agent nor any
Lender shall have any liability with respect to, and Borrower hereby waives, releases and agrees not to sue for, any special, indirect, consequential or punitive damages suffered by Borrower in connection with, arising out of, or in any way related
to the Loan Documents or the transactions contemplated thereby. Similarly, Borrower shall have no liability with respect to, and the Administrative Agent and each Lender hereby waives, releases and agrees not to sue for, any special, indirect,
consequential or punitive damages suffered by any of them in connection with, arising out of, or in any way related to the Loan Documents or the transactions contemplated thereby, provided however that Borrower shall remain liable to Administrative
Agent and Lenders for consequential damages to the extent Administrative Agent and/or any of the Lenders actually is required to pay sums to third parties in respect of any consequential damages. Administrative Agent, the Issuing Bank, the Swingline
Lender, each Lender and their Affiliates, may have economic interests that conflict with those of the Loan Parties, their stockholders and/or their Affiliates. The Loan Parties agree that nothing in the Loan Documents or otherwise will be deemed to
create an advisory, fiduciary or agency relationship or other implied duty between any Lender, on the one hand, and the Loan Parties, their equity holders or their affiliates, on the other hand. 

9.12. CHOICE OF LAW. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 

  
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 9.13. CONSENT TO JURISDICTION. BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK CITY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND BORROWER HEREBY IRREVOCABLY
AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A
COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY LENDER TO BRING PROCEEDINGS AGAINST BORROWER IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY BORROWER
AGAINST THE ADMINISTRATIVE AGENT OR ANY LENDER OR ANY AFFILIATE OF THE ADMINISTRATIVE AGENT OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY
IN A COURT IN NEW YORK, NEW YORK. 
 9.14. WAIVER OF JURY TRIAL. BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY WAIVE
TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED
THEREUNDER 
 9.15. USA PATRIOT ACT. Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby
notifies the Borrower and each Parent Guarantor and Subsidiary Guarantor that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“Act”), it is required to obtain, verify and record information that identifies the Borrower and each Parent Guarantor and Subsidiary Guarantor, which information includes the name and address of the Borrower and each Parent Guarantor and
Subsidiary Guarantor and other information that will allow such Lender to identify the Borrower and each Parent Guarantor and Subsidiary Guarantor in accordance with the Act. 

9.16. Other Agents. The Co-Syndication Agents shall not have any additional rights or
obligations under the Loan Documents, except for those rights, if any, as a Lender. 
 9.17. Acknowledgement and Consent to Bail
In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of
any EEA Financial Institution arising under any Loan 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 party hereto 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; 

  
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 (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 Loan Document; or 
 (iii) the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. 

ARTICLE X. 

THE ADMINISTRATIVE AGENT 

10.1. Appointment. KeyBank National Association, is hereby appointed Administrative Agent hereunder and under each other Loan Document,
and each of the Lenders irrevocably authorizes the Administrative Agent to act as the agent of such Lender. The Administrative Agent agrees to act as such upon the express conditions contained in this Article X.
Notwithstanding the use of the defined term “Administrative Agent,” it is expressly understood and agreed that the Administrative Agent shall not have any fiduciary responsibilities to any Lender by reason of this Agreement or any other
Loan Document and that the Administrative Agent is merely acting as the contractual representative of the Lenders with only those duties as are expressly set forth in this Agreement and the other Loan Documents. In its capacity as the Lenders’
contractual representative, the Administrative Agent (i) does not hereby assume any fiduciary duties to any of the Lenders, (ii) is a “representative” of the Lenders within the meaning of the term “secured party” as
defined in the Ohio Uniform Commercial Code and (iii) is acting as an independent contractor, the rights and duties of which are limited to those expressly set forth in this Agreement and the other Loan Documents. Each of the Lenders hereby
agrees to assert no claim against the Administrative Agent on any agency theory or any other theory of liability for breach of fiduciary duty, all of which claims each Lender hereby waives. 

10.2. Powers. The Administrative Agent shall have and may exercise such powers under the Loan Documents as are specifically delegated
to the Administrative Agent by the terms of each thereof, together with such powers as are reasonably incidental thereto. The Administrative Agent shall have no implied duties to the Lenders, or any obligation to the Lenders to take any action
thereunder except any action specifically provided by the Loan Documents to be taken by the Administrative Agent. 
 10.3. General
Immunity. Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be liable to Borrower, the Lenders or any Lender for (i) any action taken or omitted to be taken by it or them hereunder or under any
other Loan Document or in connection herewith or therewith except for its or their own gross negligence or willful misconduct; or (ii) any determination by the Administrative Agent that compliance with any law or any governmental or
quasi-governmental rule, regulation, order, policy, guideline or directive (whether or not having the force of law) requires the Advances and Commitments hereunder to be classified as being part of a “highly leveraged transaction”. 

10.4. No Responsibility for Loans, Recitals, etc. Neither the Administrative Agent nor any of its directors, officers, agents or
employees shall be responsible for or have any duty to ascertain, inquire into, or verify (i) any statement, warranty or representation made in connection with any Loan Document or any borrowing hereunder; (ii) the performance or
observance of any of the covenants or agreements of any obligor under any Loan Document, including, without limitation, any agreement by an obligor to furnish information directly to each Lender; (iii) the satisfaction of any condition
specified 

  
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in Article IV, except receipt of items required to be delivered to the Administrative Agent; (iv) the validity, effectiveness or genuineness of any Loan Document or
any other instrument or writing furnished in connection therewith; (v) the value, sufficiency, creation, perfection, or priority of any interest in any collateral security; or (vi) the financial condition of Borrower or any Subsidiary
Guarantor. Except as otherwise specifically provided herein, the Administrative Agent shall have no duty to disclose to the Lenders information that is not required to be furnished by Borrower to the Administrative Agent at such time, but is
voluntarily furnished by Borrower to the Administrative Agent (either in its capacity as Administrative Agent or in its individual capacity). 

10.5. Action on Instructions of Lenders. The Administrative Agent shall in all cases be fully protected in acting, or in refraining
from acting, hereunder and under any other Loan Document in accordance with written instructions signed by the Required Lenders, and such instructions and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders.
The Lenders hereby acknowledge that the Administrative Agent shall be under no duty to take any discretionary action permitted to be taken by it pursuant to the provisions of this Agreement or any other Loan Document unless it shall be requested in
writing to do so by the Required Lenders. The Administrative Agent shall be fully justified in failing or refusing to take any action hereunder and under any other Loan Document unless it shall first be indemnified to its satisfaction by the Lenders
pro rata against any and all liability, cost and expense that it may incur by reason of taking or continuing to take any such action. 

10.6. Employment of Agents and Counsel. The Administrative Agent may execute any of its duties as Administrative Agent hereunder and
under any other Loan Document by or through employees, agents, and attorneys-in-fact and shall not be answerable to the Lenders, except as to money or securities
received by it or its authorized agents, for the default or misconduct of any such agents or attorneys-in-fact selected by it with reasonable care. The Administrative
Agent shall be entitled to advice of counsel concerning all matters pertaining to the agency hereby created and its duties hereunder and under any other Loan Document. 

10.7. Reliance on Documents; Counsel. The Administrative Agent shall be entitled to rely upon any Note, notice, consent, certificate,
affidavit, letter, telegram, statement, paper or document believed by it to be genuine and correct and to have been signed or sent by the proper person or persons, and, in respect to legal matters, upon the opinion of counsel selected by the
Administrative Agent, which counsel may be employees of the Administrative Agent. 
 10.8. Administrative Agent’s
Reimbursement and Indemnification. The Lenders agree to reimburse and indemnify the Administrative Agent ratably in proportion to their respective Commitments (i) for any amounts not reimbursed by Borrower for which the Administrative Agent
is entitled to reimbursement by Borrower under the Loan Documents, (ii) for any other expenses incurred by the Administrative Agent on behalf of the Lenders, in connection with the preparation, execution, delivery, administration and
enforcement of the Loan Documents, if not paid by Borrower and (iii) for any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever which may be
imposed on, incurred by or asserted against the Administrative Agent in any way relating to or arising out of the Loan Documents or any other document delivered in connection therewith or the transactions contemplated thereby (including without
limitation, for any such amounts incurred by or asserted against the Administrative Agent in connection with any dispute between the Administrative Agent and any Lender or between two or more of the Lenders), or the enforcement of any of the terms
thereof or of any such other documents, provided that no Lender shall be liable for any of the foregoing to the extent they arise from the gross negligence or willful misconduct or a breach of the Administrative Agent’s express obligations and
undertakings to the Lenders which is not cured after written notice and within the period described in Section 10.3, The obligations of the Lenders and the Administrative Agent under this
Section 10.8 shall survive payment of the Obligations and termination of this Agreement. 

  
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 10.9. Rights as a Lender. In the event the Administrative Agent is a Lender, the
Administrative Agent shall have the same rights and powers hereunder and under any other Loan Document as any Lender and may exercise the same as though it were not the Administrative Agent, and the term “Lender” or “Lenders”
shall, at any time when the Administrative Agent is a Lender, unless the context otherwise indicates, include the Administrative Agent in its individual capacity. The Administrative Agent may accept deposits from, lend money to, and generally engage
in any kind of trust, debt, equity or other transaction, in addition to those contemplated by this Agreement or any other Loan Document, with Borrower or any of its Subsidiaries in which Borrower or such Subsidiary is not restricted hereby from
engaging with any other Person. The Administrative Agent, in its individual capacity, is not obligated to remain a Lender. 
 10.10.
Lender Credit Decision. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on the financial statements prepared by Borrower and such other documents and
information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and the other Loan Documents. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative
Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement and the other Loan Documents. 

10.11. Successor Administrative Agent. Except as otherwise provided below, KeyBank National Association shall at all times serve as the
Administrative Agent during the term of this Facility. The Administrative Agent may resign at any time by giving written notice thereof to the Lenders and Borrower, such resignation to be effective upon the appointment of a successor Administrative
Agent or, if no successor Administrative Agent has been appointed, forty-five days after the retiring Administrative Agent gives notice of its intention to resign. If the Administrative Agent shall be grossly negligent in the performance of its
obligations hereunder, the Administrative Agent may be removed by written notice received by the Administrative Agent from all Lenders holding 66 2/3% of that portion of the Aggregate Commitment not held by the Administrative Agent, such removal to
be effective on the date specified by the other Lenders. Upon any such resignation or removal, the Required Lenders shall have the right to appoint, on behalf of Borrower and the Lenders, a successor Administrative Agent. If no successor
Administrative Agent shall have been so appointed by the Required Lenders within thirty days after the resigning Administrative Agent’s giving notice of its intention to resign, then the resigning Administrative Agent may appoint, on behalf of
Borrower and the Lenders, a successor Administrative Agent. Notwithstanding the previous sentence, the Administrative Agent may at any time without the consent of Borrower or any Lender, appoint any of its Affiliates which is a commercial bank as a
successor Administrative Agent hereunder. If the Administrative Agent has resigned or been removed and no successor Administrative Agent has been appointed, the Lenders may perform all the duties of the Administrative Agent hereunder and Borrower
shall make all payments in respect of the Obligations to the applicable Lender and for all other purposes shall deal directly with the Lenders. No successor Administrative Agent shall be deemed to be appointed hereunder until such successor
Administrative Agent has accepted the appointment. Any such successor Administrative Agent shall be a commercial bank having capital and retained earnings of at least $500,000,000. Upon the acceptance of any appointment as Administrative Agent
hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the resigning or removed

  
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Administrative Agent. Upon the effectiveness of the resignation or removal of the Administrative Agent, the resigning or removed Administrative Agent shall be discharged from its duties and
obligations hereunder and under the Loan Documents. After the effectiveness of the resignation or removal of an Administrative Agent, the provisions of this Article X shall continue in effect for the benefit of such Administrative Agent in
respect of any actions taken or omitted to be taken by it while it was acting as the Administrative Agent hereunder and under the other Loan Documents. 

10.12. Notice of Defaults. If a Lender becomes aware of a Default or Unmatured Default, such Lender shall notify the Administrative
Agent of such fact provided that the failure to give such notice shall not create liability on the part of a Lender. Upon receipt of such notice that a Default or Unmatured Default has occurred, the Administrative Agent shall notify each of the
Lenders of such fact. 
 10.13. Requests for Approval. If the Administrative Agent requests in writing the consent or approval of a
Lender, such Lender shall respond and either approve or disapprove definitively in writing to the Administrative Agent within ten (10) Business Days (or sooner if such notice specifies a shorter period for responses based on Administrative
Agent’s good faith determination that circumstances exist warranting its request for an earlier response) after such written request from the Administrative Agent. Notwithstanding anything to the contrary contained herein, the failure of a
Lender to respond with such a written approval or disapproval within such time period shall not result in such Lender becoming a Defaulting Lender. 

10.14. Defaulting Lenders. 

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

(i) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or
consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders. 
 (ii)
Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or
otherwise) shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a
pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Bank or the Swingline Lender hereunder; third, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of
which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fourth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and
released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) satisfy such Defaulting Lender’s potential future funding obligations to
the Issuing Bank under Article IIA with respect to any then outstanding Facility Letters of Credit; fifth, to the payment of any amounts owing to the Lenders, the Issuing Bank or the Swingline Lender as a result of any judgment of a court of
competent jurisdiction obtained by any Lender, the Issuing Bank or the Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations 

  
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under this Agreement; sixth, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction
obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and seventh, to such Defaulting Lender or as otherwise directed by a court of competent
jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or Reimbursement Obligation in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were
made or the related Facility Letters of Credit were issued at a time when the conditions set forth in Article IV were satisfied or waived, such payment shall be applied solely to pay the Loans of, and Reimbursement Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or Reimbursement Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded
participations in Reimbursement Obligations and Swingline Loans are held by the Lenders pro rata in accordance with the Commitments. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay
amounts owed or to be owed by a Defaulting Lender shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

(iii) Certain Fees. 

(A) Each Defaulting Lender shall be entitled to receive Facility Fees for any period during which that Lender is a Defaulting
Lender only to extent allocable to the outstanding principal amount of the Revolving Loans funded by it rather than the Defaulting Lender’s Revolving Commitment. 

(B) Each Defaulting Lender shall be entitled to receive Facility Letter of Credit Fees for any period during which that Lender
is a Defaulting Lender only to the extent allocable to its applicable Percentage of the stated amount of Facility Letters of Credit for which amounts are being held by the Administrative Agent pursuant to
Section 10.14(a)(ii) for application to the obligations of such Defaulting Lender. 
 (C) With
respect to any Facility Fee or Facility Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrower shall (x) pay to each Non-Defaulting
Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in Reimbursement Obligations or Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to the Issuing Bank and the Swingline Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent
allocable to the Issuing Bank’s or Swingline Lender’s exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee. 

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

  
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 (b) Defaulting Lender Cure. If the Borrower, the Administrative Agent and the
Swingline Lender and the Issuing Bank agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any
conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans
and funded and unfunded participations in Facility Letters of Credit and Swingline Loans to be held pro rata by the Lenders in accordance with their Revolving Commitments, whereupon such Lender will cease to be a Defaulting Lender; provided that no
adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the
affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

ARTICLE XI. 

SETOFF; RATABLE PAYMENTS 

11.1. Setoff. In addition to, and without limitation of, any rights of the Lenders under applicable law, if Borrower becomes insolvent,
however evidenced, or any Default occurs, any and all deposits (including all account balances, whether provisional or final and whether or not collected or available) and any other Indebtedness at any time held or owing by any Lender or any of its
Affiliates to or for the credit or account of Borrower may be offset and applied toward the payment of the Obligations owing to such Lender at any time prior to the date that such Default has been fully cured, whether or not the Obligations, or any
part hereof, shall then be due. 
 11.2. Ratable Payments. If any Lender, whether by setoff or otherwise, has payment made to it upon
its Loans (other than payments received pursuant to Sections 3.1, 3.2, 3.4 or 3.5) in a greater proportion than that received by any other Lender, such Lender agrees, promptly upon demand, to purchase a portion of the
Loans held by the other Lenders so that after such purchase each Lender will hold its ratable proportion of Loans. If any Lender, whether in connection with setoff or amounts which might be subject to setoff or otherwise, receives collateral or
other protection for its Obligations or such amounts which may be subject to setoff, such Lender agrees, promptly upon demand, to take such action necessary such that all Lenders share in the benefits of such collateral ratably in proportion to
their Loans. In case any such payment is disturbed by legal process, or otherwise, appropriate further adjustments shall be made. 

ARTICLE XII. 

BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS 

12.1. Successors and Assigns. The terms and provisions of the Loan Documents shall be binding upon and inure to the benefit of Borrower
and the Lenders and their respective successors and assigns, except that (i) Borrower shall not have the right to assign its rights or obligations under the Loan Documents and (ii) any assignment by any Lender must be made in compliance
with 

  
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Section 12.3. The parties to this Agreement acknowledge that clause (ii) of this Section 12.1 relates only to absolute assignments and
does not prohibit assignments creating security interests, including, without limitation, (x) any pledge or assignment by any Lender of all or any portion of its rights under this Agreement and any Note to a Federal Reserve Bank or (y) in
the case of a Lender which is a fund, any pledge or assignment of all or any portion of its rights under this Agreement and any Note to its trustee in support of its obligations to its trustee; provided, however, that no such pledge or
assignment creating a security interest shall release the transferor Lender from its obligations hereunder unless and until the parties thereto have complied with the provisions of Section 12.3. The Administrative Agent may
treat the Person which made any Loan or which holds any Note as the owner thereof for all purposes hereof unless and until such Person complies with Section 12.3; provided, however, that the Administrative Agent may
in its discretion (but shall not be required to) follow instructions from the Person which made any Loan or which holds any Note to direct payments relating to such Loan or Note to another Person. Any assignee of the rights to any Loan or any Note
agrees by acceptance of such assignment to be bound by all the terms and provisions of the Loan Documents. Any request, authority or consent of any Person, who at the time of making such request or giving such authority or consent is the owner of
the rights to any Loan (whether or not a Note has been issued in evidence thereof), shall be conclusive and binding on any subsequent holder or assignee of the rights to such Loan. 

12.2. Participations. 

(i) Permitted Participants; Effect. Any Lender may, in the ordinary course of its business and in accordance with
applicable law, at any time sell to one or more banks, financial institutions, pension funds, or any other funds or entities (“Participants”) participating interests in any Loan owing to such Lender, any Note held by such Lender,
any Commitment of such Lender or any other interest of such Lender under the Loan Documents. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under the Loan Documents shall remain
unchanged, such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, such Lender shall remain the holder of any such Note for all purposes under the Loan Documents, all amounts payable by
Borrower under this Agreement shall be determined as if such Lender had not sold such participating interests, and Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under the Loan Documents. 
 (ii) Voting Rights. Each Lender shall retain the
sole right to approve, without the consent of any Participant, any amendment, modification or waiver of any provision of the Loan Documents other than any amendment, modification or waiver with respect to any Loan or Commitment in which such
Participant has an interest which would require consent of all the Lenders pursuant to the terms of Section 8.2 or of any other Loan Document. 

(iii) Participant Register. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each participant’s interest in the Loans
or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or
any information relating to a participant’s interest in any Commitments, Loans, or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, or
other obligation is in registered form under Section 

  
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5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender
shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. The Participant Register shall be available for inspection
by Borrower and Administrative Agent, at any reasonable time and upon reasonable prior notice. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant
Register. 
 (iv) Benefit of Setoff. Borrower agrees that each Participant which has previously advised Borrower in
writing of its purchase of a participation in a Lender’s interest in its Loans shall be deemed to have the right of setoff provided in Section 11.1 in respect of its participating interest in amounts owing under the
Loan Documents to the same extent as if the amount of its participating interest were owing directly to it as a Lender under the Loan Documents. Each Lender shall retain the right of setoff provided in Section 11.1 with
respect to the amount of participating interests sold to each Participant, provided that such Lender and Participant may not each setoff amounts against the same portion of the Obligations, so as to collect the same amount from Borrower twice. The
Lenders agree to share with each Participant, and each Participant, by exercising the right of setoff provided in Section 11.1, agrees to share with each Lender, any amount received pursuant to the exercise of its right of
setoff, such amounts to be shared in accordance with Section 11.2 as if each Participant were a Lender. 

(v) Benefit of Certain Provisions. Borrower agrees that each Participant shall be entitled to the benefits of Sections
3.1, 3.2 and 3.5 (subject to the requirements and limitations therein, including the requirements under Sections 3.5(f) (it being understood that the documentation required under Section 3.5(f) shall be delivered to the participating Lender))
to the same extent as if it were a Lender and had acquired its interest by assignment; provided that such Participant shall not be entitled to receive any greater payment under Section 3.5, with respect to any participation, than its
participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. 

12.3. Assignments. 

(i) Permitted Assignments. Any Lender may, in the ordinary course of its business and in accordance with applicable law,
at any time assign to any Eligible Assignee all or any portion (greater than or equal to $5,000,000 for each assignee, so long as the hold position of the assigning Lender is not less than $5,000,000) of its rights and obligations under the Loan
Documents. Such assignment shall be substantially in the form of Exhibit D hereto or in such other form as may be agreed to by the parties thereto. The consent of the Administrative Agent shall be required prior to an assignment becoming
effective with respect to an Eligible Assignee which is not a Lender or an Affiliate thereof. Such consent shall not be unreasonably withheld or delayed. 

(ii) Effect; Effective Date. Upon (i) delivery to the Administrative Agent of a notice of assignment, substantially
in the form attached as Exhibit “I” to Exhibit D hereto (a “Notice of Assignment”), together with any consents required by Section 12.3(i), and (ii) payment of a $3,500 fee by the
assignor or assignee to the Administrative Agent for processing such assignment, such assignment shall become effective on the effective date 

  
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specified in such Notice of Assignment. The Notice of Assignment shall contain a representation by the Eligible Assignee to the effect that none of the consideration used to make the purchase of
the Commitment and Loans under the applicable assignment agreement are “plan assets” as defined under ERISA and that the rights and interests of the Eligible Assignee in and under the Loan Documents will not be “plan assets”
under ERISA. On and after the effective date of such assignment, subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 12.3(iii), from and after the effective date specified in such
Notice of Assignment, such Eligible Assignee shall for all purposes be a Lender party to this Agreement and any other Loan Document executed by the Lenders and shall have all the rights and obligations of a Lender under the Loan Documents, to the
same extent as if it were an original party hereto, and no further consent or action by Borrower, the Lenders or the Administrative Agent shall be required to release the transferor Lender, and the transferor Lender shall automatically be released
on the effective date of such assignment, with respect to the percentage of the Aggregate Commitment and Loans assigned to such Eligible Assignee. Upon the consummation of any assignment to a Eligible Assignee pursuant to this
Section 12.3(ii), the transferor Lender, the Administrative Agent and Borrower shall make appropriate arrangements so that replacement Notes are issued to such transferor Lender and new Notes or, as appropriate, replacement
Notes, are issued to such Eligible Assignee, in each case in principal amounts reflecting their Commitment, as adjusted pursuant to such assignment. 

(iii) Administrative Agent, acting solely for this purpose as a non-fiduciary agent of
Borrower, shall maintain at one of its U.S. offices a copy of each Notice of Assignment delivered to it and shall record in its records the names and addresses of such Eligible Assignees as Lenders hereunder and the Commitments of, and principal
amounts (and stated interest) of the Loans owing to, such Eligible Assignee as a Lender pursuant to the terms hereof (the “Register”). The Register shall be conclusive absent manifest error, and Borrower, Administrative Agent and
Lenders shall treat each Eligible Assignee whose name is so recorded as a Lender hereunder for all purposes of this Agreement. This Section 12.3(iii) shall be construed so that the Obligations are at all times maintained in “registered
form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code and any related regulations (and any other relevant or successor provisions of the Code or the regulations promulgated thereunder). The Register shall be available
for inspection by Borrower and any Lender, at any reasonable time and upon reasonable prior notice. 
 12.4. Dissemination of
Information. Borrower authorizes each Lender to disclose to any Participant or Eligible Assignee or any other Person acquiring an interest in the Loan Documents by operation of law (each a “Transferee”) and any prospective
Transferee any and all information in such Lender’s possession concerning the creditworthiness of Borrower and its Subsidiaries, subject to Section 9.11 of this Agreement. 

12.5. Tax Treatment. If any interest in any Loan Document is transferred to any Transferee which is organized under the laws of any
jurisdiction other than the United States or any State thereof, the transferor Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, to comply with the provisions of Section 3.5. 

  
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 ARTICLE XIII. 

NOTICES 
 13.1.
Giving Notice. Except as otherwise permitted by Section 2.14 with respect to certain notices, all notices and other communications provided to any party hereto under this Agreement or any other Loan Document shall be
in writing or by facsimile or by email (if confirmed in writing as provided below) and addressed or delivered to such party at its address set forth below its signature hereto or at such other address (or to counsel for such party) as may be
designated by such party in a notice to the other parties. Any notice, if mailed and properly addressed with postage prepaid, shall be deemed given when received; any notice, if transmitted by facsimile, shall be deemed given when transmitted and
any notice, if transmitted by email, shall be deemed given when transmitted (provided a copy of such notice is also sent by overnight delivery service on the date of such email). 

13.2. Change of Address. Borrower, the Administrative Agent and any Lender may each change the address for service of notice upon it by
a notice in writing to the other parties hereto. 
 ARTICLE XIV. 

COUNTERPARTS 
 This
Agreement may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this Agreement by signing any such counterpart. This Agreement shall be effective when it
has been executed by Borrower and the Lenders and each party has notified the Administrative Agent by telex or telephone, that it has taken such action. 

(Remainder of page intentionally left blank.) 

  
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 IN WITNESS WHEREOF, Borrower, the Administrative Agent and the Lenders have executed this
Agreement as of the date first above written. 
  

					
	TERRENO REALTY LLC, a Delaware limited liability company
		
	By:	 	TERRENO REALTY CORPORATION, a Maryland corporation, its sole member
			
		 	By:	 	/S/ Jaime J. Cannon
		 	Print Name: Jaime J. Cannon
		 	Title: Chief Financial Officer
	
	Address for Notices:
	101 Montgomery Street
	Suite 200
	San Francisco CA 94104

  
 S-1 

 
			
	 KEYBANK NATIONAL ASSOCIATION,

Individually and as Administrative Agent

		
	By:	 	/S/ Jason Weaver

 
			
	Print Name: Jason Weaver
	Title: Senior Vice President
	
	127 Public Square, 8th Floor
	OH-01-27-0844
	Cleveland, OH 44114
	Attention: Jason Weaver
	Phone: 216.689.7984
	Facsimile: 216.689.5819
	Email: Jason_Weaver@KeyBank.com
	
	With a copy to:
	
	KeyBank Real Estate Capital
	1200 Abernathy Road, NE
	Suite 1550
	GA-03-40-0900
	Atlanta, GA 30328
	Phone: 770-510-2136
	Facsimile: 216-370-6206
	Attention: Wolsley Grannum
	Email: Wolsley_E_Grannum@keybank.com

  
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	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	/S/ David C. Drouillard

 
			
	Print Name: David C. Drouillard
	Title: Senior Vice President
	
	PNC Real Estate
	300 Fifth Avenue, PT-PTWR-15-1
	Pittsburgh, PA 15222-2401
	Phone: 412-762-5329
	Facsimile: 412-762-6500
	Attention: Patrick Muto
	Email: patrick.muto@pnc.com

  
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	MUFG UNION BANK, N.A., formerly known as Union Bank, N.A.
		
	By:	 	/S/ Susan Tomasetta

 
			
	SPrint Name: Susan Tomasetta
	Title: Vice President
	
	3151 East Imperial Highway, 1st Fl.
	Brea, CA 92821
	Phone: 714-985-2316
	Facsimile: 949-752-8361
	Attention: Abigail Duenas
	Email: Abigail.Duenas@unionbank.com

  
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	REGIONS BANK
		
	By:	 	/S/ Nicholas R. Frerman
	Print Name: Nicholas R. Frerman
	Title: Vice President
	
	Regions Bank
	615 College Street, Suite 500
	Charlotte, NC 28202
	Phone: (704) 362-3573
	Facsimile: (704) 362-3576
	Attention: Kyle Upton
	Email: kyle.upton@regions.com

  
 S-5 

 
			
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	/S/ Michael F. Diemer

 
			
	Print Name: Michael F. Diemer
	Title: Vice President
	
	US Bank
	345 California Street, 6th Floor
	San Francisco, CA 94104
	Phone: 415-774-2251
	Facsimile: 415-774-2209
	Attention: Michael F. Diemer
	Email: Michael.diemer@usbank.com

  
 S-6 

 
			
	GOLDMAN SACHS BANK USA
		
	By:	 	/S/ Annie K. Carr

 
			
	Print Name: Annie K. Carr
	Title: Authorized Signatory
	
	Thierry C. Le Jouan
	c/o Goldman, Sachs & Co.
	30 Hudson Street, 4th
	Floor Jersey City, NJ 07302
	Phone: (212) 934-3921
	Facsimile: (917) 977-3966
	Attention: Thierry C. Le Jouan
	Email: gsd.link@gs.com

  
 S-7 

 EXHIBIT A 

AMENDMENT REGARDING INCREASE 

This Amendment to Credit Agreement (the “Amendment”) is made as of ________, 20__, by and among Terreno Realty LLC (the
“Borrower”), KeyBank National Association, as “Administrative Agent,” and one or more existing or new “Lenders” shown on the signature pages hereof. 

R E C I T A L S 

A. Borrower, Administrative Agent and certain other Lenders have entered into a Fifth Amended and Restated Senior Credit Agreement dated as of
October 19, 2018 (as amended, the “Credit Agreement”). All capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Credit Agreement. 

B. Pursuant to the terms of the Credit Agreement, the Lenders have agreed to provide Borrower with a revolving credit facility in an aggregate
principal amount of up to $250,000,000 and two (2) term loans, one in the amount of $50,000,000 and one in the amount of up to $100,000,000. Borrower and the Administrative Agent on behalf of the Lenders now desire to amend the Credit Agreement
in order to, among other things (i) increase the Aggregate Commitment to $            ; and (ii) admit [name of new banks] as “Lenders” under the Credit
Agreement. 
 NOW, THEREFORE, in consideration of the foregoing Recitals and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 AGREEMENTS 

1. The foregoing Recitals to this Amendment hereby are incorporated into and made part of this Amendment. 

2. From and after _________, ____ (the “Effective Date”) (i) [name of new banks] shall be considered as “Lenders” under
the Credit Agreement and the Loan Documents, and (ii) [name of existing Lenders] shall each be deemed to have increased its Revolving Commitment, Term A Commitment or Term B Commitment, as applicable, to the amount shown on the revised Schedule
I to the Credit Agreement attached to this Amendment, each having a Revolving Commitment, Term A Commitment and Term B Commitment in the amount shown thereon. Borrower shall, on or before the Effective Date, execute and deliver to each new Lender a
Note to evidence the Loans to be made by such Lender. 
 3. From and after the Effective Date, the Aggregate Commitment shall equal
__________ Million Dollars ($___,000,000), the Aggregate Revolving Commitment shall equal _____ Million Dollars ($_________) the total Term A Commitments shall equal _____ Million Dollars ($_________) and the total Term B Commitments shall equal
_____ Million Dollars ($_________). 
 4. For purposes of Section 13.1 of the Credit Agreement (Giving Notice), the address(es) and
facsimile number(s) for [name of new banks] shall be as specified below their respective signature(s) on the signature pages of this Amendment. 

  
 A-1 

 5. Borrower hereby represents and warrants that, as of the Effective Date, there is no
Default or Unmatured Default, the representations and warranties contained in Article V of the Credit Agreement are true and correct in all material respects as of such date and Borrower has no offsets or claims against any of the Lenders. 

6. As expressly modified as provided herein, the Credit Agreement shall continue in full force and effect. 

7. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the
parties hereto may execute this Amendment by signing any such counterpart. 

  
 A-2 

 IN WITNESS WHEREOF, the parties have executed and delivered this Amendment as of the date
first written above. 
  

			
	TERRENO REALTY LLC, a Delaware limited liability company
		
	By:	 	TERRENO REALTY CORPORATION, a Maryland corporation, its sole member
		
	By:	 	 

 
			
	Print Name:	 	 

 
			
	Title:	 	 

 
			
	
	 KEYBANK NATIONAL ASSOCIATION,
 as
Administrative Agent

 
			
		
	By:	 	 

 
			
	Print Name:	 	 

 
			
	Title:	 	 

 
			
	
	[NAME OF NEW LENDER]

 
			
		
	By:	 	 

 
			
	Print Name:	 	 

 
			
	Title:	 	 

 
			
	
	[Address of New Lender]
		
	 Phone:
	 	 

 
			
	 Facsimile:
	 	 

 
			
	 Attention:
	 	 

 
			
	 Amount of Revolving Commitment:
	 	 

 
			
	 Amount of Term Commitment:
	 	 

  
 A-3 

 EXHIBIT B 

FORM OF [REVOLVING][TERM] NOTE 

[__________, 2018] 
 Terreno
Realty LLC, a limited liability company formed under the laws of the State of Delaware (the “Borrower”), promises to pay to
                         (the “Lender”) the aggregate unpaid principal amount of all [Revolving][Term A] [Term
B] Loans made by the Lender to Borrower pursuant to Article II of the Fifth Amended and Restated Senior Credit Agreement (as the same may be amended or modified, the “Agreement”) hereinafter referred to, in immediately available funds at
the main office of KeyBank National Association in Cleveland, Ohio, as Administrative Agent, together with interest on the unpaid principal amount hereof at the rates and on the dates set forth in the Agreement. Borrower shall pay remaining unpaid
principal of and accrued and unpaid interest on the Loans in full on the [Revolving][Term A][Term B] Facility Termination Date or such earlier date as may be required under the Agreement. 

The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to otherwise record in accordance with its usual
practice, the date and amount of each Loan and the date and amount of each principal payment hereunder, subject to the terms of Section 2.14 of the Agreement. 

This Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the Fifth Amended and Restated Senior Credit Agreement,
dated as of the date hereof among Borrower, KeyBank National Association, individually and as Administrative Agent, and the other Lenders named therein, to which Agreement, as it may be amended from time to time, reference is hereby made for a
statement of the terms and conditions governing this Note, including the terms and conditions under which this Note may be prepaid or its maturity date accelerated. Capitalized terms used herein and not otherwise defined herein are used with the
meanings attributed to them in the Agreement. 
 If there is a Default under the Agreement or any other Loan Document and Agent exercises
the remedies provided under the Agreement and/or any of the Loan Documents for the Lenders, then in addition to all amounts recoverable by the Administrative Agent and the Lenders under such documents, Agent and the Lenders shall be entitled to
receive reasonable attorneys’ fees and expenses incurred by Agent and the Lenders in connection with the exercise of such remedies. 

Borrower and all endorsers severally waive presentment, protest and demand, notice of protest, demand and of dishonor and nonpayment of this
Note, and any and all lack of diligence or delays in collection or enforcement of this Note, and expressly agree that this Note, or any payment hereunder, may be extended from time to time, and expressly consent to the release of any party liable
for the obligation secured by this Note, the release of any of the security for this Note, the acceptance of any other security therefor, or any other indulgence or forbearance whatsoever, all without notice to any party and without affecting the
liability of Borrower and any endorsers hereof. 
 This Note shall be governed and construed under the internal laws of the State of New
York. 

  
 B-1 

 BORROWER AND LENDER, BY ITS ACCEPTANCE HEREOF, EACH HEREBY WAIVE ANY RIGHT TO A TRIAL BY
JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHT UNDER THIS NOTE OR ANY OTHER LOAN DOCUMENT OR RELATING THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH IS THE SUBJECT OF THIS NOTE AND AGREE THAT ANY SUCH ACTION OR PROCEEDING
SHALL BE TRIED BEFORE A JUDGE AND NOT BEFORE A JURY. 
  

					
	TERRENO REALTY LLC, a Delaware limited liability company
		
	By:	 	TERRENO REALTY CORPORATION, a Maryland corporation, its sole member

 
					
			
		 	By:	 	 

 
					
		 	  Name: Jaime J. Cannon
		 	  Title: Chief Financial Officer

  
 2 

 EXHIBIT C 

COMPLIANCE CERTIFICATE 
 KeyBank
National Association, as Administrative Agent 
 Attention: Jason Weaver 

127 Public Square, 8th Floor 
 OH-01-27-0844 
 Cleveland, OH 44114 

 

	 	Re:	 Fifth Amended and Restated Senior Credit Agreement dated as of October 19, 2018 (as amended, modified,
supplemented, restated, or renewed, from time to time, the “Agreement”) between TERRENO REALTY LLC (the “Borrower”), and KEYBANK NATIONAL ASSOCIATION, as Administrative Agent for itself and the other lenders parties thereto from
time to time (“Lenders”). 

 Reference is made to the Agreement. Capitalized terms used in this Certificate
(including schedules and other attachments hereto, this “Certificate”) without definition have the meanings specified in the Agreement. 

Pursuant to applicable provisions of the Agreement, Borrower hereby certifies to the Lenders that the information furnished in the attached
schedules, including, without limitation, each of the calculations listed below are true, correct and complete in all material respects as of the last day of the fiscal periods subject to the financial statements and associated covenants being
delivered to the Lenders pursuant to the Agreement together with this Certificate (such statements the “Financial Statements” and the periods covered thereby the “reporting period”) and for such reporting periods. 

The undersigned hereby further certifies to the Lenders that: 

1. Compliance with Financial Covenants. Schedule A attached hereto sets forth financial data and computations evidencing Borrower’s
compliance with certain covenants of the Agreement, all of which data and computations are true, complete and correct. 
 2. Review of
Condition. The undersigned has reviewed the terms of the Agreement, including, but not limited to, the representations and warranties of Borrower set forth in the Agreement and the covenants of Borrower set forth in the Agreement, and has made,
or caused to be made under his or her supervision, a review in reasonable detail of the transactions and condition of Borrower through the reporting periods. 

3. Representations and Warranties. To the undersigned’s actual knowledge, the representations and warranties of Borrower contained
in the Loan Documents, including those contained in the Agreement, are true and accurate in all material respects as of the date hereof and were true and accurate in all material respects at all times during the reporting period (other than those
representations made as of a specific date which Borrower certifies were true as of such date) except as expressly noted on Schedule B hereto. 

4. Covenants. To the undersigned’s actual knowledge, during the reporting period, Borrower observed and performed all of the
respective covenants and other agreements under the Agreement and the Loan Documents, and satisfied each of the conditions contained therein to be observed, performed or satisfied by Borrower, except as expressly noted on Schedule B hereto.

  
 C-1 

 5. No Default. To the undersigned’s actual knowledge, no Default exists as of
the date hereof or existed at any time during the reporting period, except as expressly noted on Schedule B hereto. 
 IN WITNESS
WHEREOF, this Certificate is executed by the undersigned this ___ day of ______________, 20__. 
  

					
	TERRENO REALTY LLC, a Delaware limited liability company
		
	By:	 	TERRENO REALTY CORPORATION, a Maryland corporation, its sole member

 
					
			
		 	By:	 	 

 
					
		 	      Name:
	 	 

 
					
		 	   Title:
	 	 

  
 C-2 

 SCHEDULE A 

COMPLIANCE CALCULATIONS 

  
 C-3 

 SCHEDULE B 

EXCEPTIONS, IF ANY 

  
 C-4 

 EXHIBIT D 

ASSIGNMENT AGREEMENT 

This Assignment Agreement (this “Assignment Agreement”) between _______ (the “Assignor”) and
____________________(the “Assignee”) is dated as of __________. The parties hereto agree as follows: 
 1. PRELIMINARY
STATEMENT. The Assignor is a party to a Credit Agreement (which, as it may be amended, modified, renewed or extended from time to time is herein called the “Credit Agreement”) described in Item 1 of Schedule 1 attached hereto
(“Schedule 1”). Capitalized terms used herein and not otherwise defined herein shall have the meanings attributed to them in the Credit Agreement. 

2. ASSIGNMENT AND ASSUMPTION. The Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from
the Assignor, an interest in and to the Assignor’s rights and obligations under the Credit Agreement such that after giving effect to such assignment the Assignee shall have purchased pursuant to this Assignment Agreement the percentage
interest specified in Item 3 of Schedule 1 of all outstanding rights and obligations under the Credit Agreement and the other Loan Documents. The Revolving Commitment and Term Commitment (or Loans, if the applicable Commitment has been terminated)
purchased by the Assignee hereunder is set forth in Item 4 of Schedule 1. 
 3. EFFECTIVE DATE. The effective date of this Assignment
Agreement (the “Effective Date”) shall be the later of the date specified in Item 5 of Schedule 1 or two (2) Business Days (or such shorter period agreed to by the Administrative Agent) after a Notice of Assignment substantially in
the form of Exhibit “I” attached hereto has been delivered to the Administrative Agent. Such Notice of Assignment must include the consent of the Administrative Agent required by Section 12.3.1 of the Credit
Agreement. In no event will the Effective Date occur if the payments required to be made by the Assignee to the Assignor on the Effective Date under Sections 4 and 5 hereof are not made on the proposed Effective Date. The Assignor will notify
the Assignee of the proposed Effective Date no later than the Business Day prior to the proposed Effective Date. As of the Effective Date, (i) the Assignee shall have the rights and obligations of a Lender under the Loan Documents with respect
to the rights and obligations assigned to the Assignee hereunder and (ii) the Assignor shall relinquish its rights and be released from its corresponding obligations under the Loan Documents with respect to the rights and obligations assigned
to the Assignee hereunder. 
 4. PAYMENTS OBLIGATIONS. On and after the Effective Date, the Assignee shall be entitled to receive
from the Administrative Agent all payments of principal, interest and fees with respect to the interest assigned hereby. The Assignee shall advance funds directly to the Administrative Agent with respect to all Loans and reimbursement payments made
on or after the Effective Date with respect to the interest assigned hereby. [In consideration for the sale and assignment of Loans hereunder, (i) the Assignee shall pay the Assignor, on the Effective Date, an amount equal to the principal
amount of the portion of all Base Rate Loans assigned to the Assignee hereunder and (ii) with respect to each LIBOR Loan made by the Assignor and assigned to the Assignee hereunder which is outstanding on the Effective Date, (a) on the
last day of the LIBOR Interest Period therefor or (b) on such earlier date agreed to by the Assignor and the Assignee or (c) on the date on which any such LIBOR Loan either becomes due (by acceleration or otherwise) or is prepaid (the date
as described in the foregoing clauses (a), (b) or (c) being hereinafter referred to as the “LIBOR Rate Due Date”), the Assignee shall pay the Assignor an amount equal to the principal amount of the portion of such LIBOR

  
 D-1 

 
Loan assigned to the Assignee which is outstanding on the LIBOR Rate Due Date. If the Assignor and the Assignee agree that the applicable LIBOR Rate Due Date for such LIBOR Loan shall be the
Effective Date, they shall agree, solely for purposes of dividing interest paid by Borrower on such LIBOR Loan, to an alternate interest rate applicable to the portion of such Loan assigned hereunder for the period from the Effective Date to the end
of the related LIBOR Interest Period (the “Agreed Interest Rate”) and any interest received by the Assignee in excess of the Agreed Interest Rate, with respect to such LIBOR Loan for such period, shall be remitted to the Assignor.
[In the event interest for any period from the Effective Date to but not including the LIBOR Rate Due Date is not paid when due by Borrower with respect to any LIBOR Loan sold by the Assignor to the Assignee hereunder, the Assignee shall pay
to the Assignor interest for such period on the portion of such LIBOR Loan sold by the Assignor to the Assignee hereunder at the applicable rate provided by the Credit Agreement.] In the event a prepayment of any LIBOR Loan which is existing
on the Effective Date and assigned by the Assignor to the Assignee hereunder occurs after the Effective Date but before the applicable LIBOR Rate Due Date, the Assignee shall remit to the Assignor any excess of the funding indemnification amount
paid by Borrower under Section 3.4 of the Credit Agreement on account of such prepayment with respect to the portion of such LIBOR Loan assigned to the Assignee hereunder over the amount which would have been paid if such
prepayment amount were calculated based on the Agreed Interest Rate and only covered the portion of the LIBOR Interest Period after the Effective Date. The Assignee will promptly remit to the Assignor (i) the portion of any principal payments
assigned hereunder and received from the Administrative Agent with respect to any LIBOR Loan prior to its LIBOR Rate Due Date and (ii) any amounts of interest on Loans and fees received from the Administrative Agent which relate to the portion
of the Loans assigned to the Assignee hereunder for periods prior to the Effective Date, in the case of Base Rate Loans or fees, or the LIBOR Rate Due Date, in the case of LIBOR Loans, and not previously paid by the Assignee to the Assignor.]* In
the event that either party hereto receives any payment to which the other party hereto is entitled under this Assignment Agreement, then the party receiving such amount shall promptly remit it to the other party hereto. 

*Each Assignor may insert its standard payment provisions in lieu of the payment terms included in this Exhibit. 

5. FEES PAYABLE BY THE ASSIGNEE. The Assignee shall pay to the Assignor a fee on each day on which a payment of interest or facility
fees is made under the Credit Agreement with respect to the amounts assigned to the Assignee hereunder (other than a payment of interest or facility fees attributable to the period prior to the Effective Date or, in the case of LIBOR Loans, the
Payment Date, which the Assignee is obligated to deliver to the Assignor pursuant to Section 4 hereof). The amount of such fee shall be the difference between (i) the interest or fee, as applicable, paid with respect
to the amounts assigned to the Assignee hereunder and (ii) the interest or fee, as applicable, which would have been paid with respect to the amounts assigned to the Assignee hereunder if each interest rate was calculated at the rate of ___%
rather than the actual percentage used to calculate the interest rate paid by Borrower or if the Facility Fee was calculated at the rate of ____% rather than the actual percentage used to calculate the Facility Fee paid by Borrower, as applicable.
In addition, the Assignee agrees to pay ___% of the fee required to be paid to the Administrative Agent in connection with this Assignment Agreement. 

6. REPRESENTATIONS OF THE ASSIGNOR; LIMITATIONS ON THE ASSIGNOR’S LIABILITY. The Assignor represents and warrants that it is the
legal and beneficial owner of the interest being assigned by it hereunder, that such interest is free and clear of any adverse claim created by the Assignor and that it has all necessary right and authority to enter into this Assignment. It is
understood and agreed that the assignment and assumption hereunder are made without recourse to the Assignor and that the Assignor makes no other representation or warranty of 

  
 D-2 

 
any kind to the Assignee. Neither the Assignor nor any of its officers, directors, employees, agents or attorneys shall be responsible for (i) the due execution, legality, validity,
enforceability, genuineness, sufficiency or collectability of any Loan Document, including without limitation, documents granting the Assignor and the other Lenders a security interest in assets of Borrower or any guarantor, (ii) any
representation, warranty or statement made in or in connection with any of the Loan Documents, (iii) the financial condition or creditworthiness of Borrower or any guarantor, (iv) the performance of or compliance with any of the terms or
provisions of any of the Loan Documents, (v) inspecting any of the Property, books or records of Borrower, (vi) the validity, enforceability, perfection, priority, condition, value or sufficiency of any collateral securing or purporting to
secure the Loans or (vii) any mistake, error of judgment, or action taken or omitted to be taken in connection with the Loans or the Loan Documents. 

7. REPRESENTATIONS OF THE ASSIGNEE. The Assignee (i) confirms that it has received a copy of the Credit Agreement, together with
copies of the financial statements requested by the Assignee and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment Agreement, (ii) agrees that it will,
independently and without reliance upon the Administrative Agent, the Assignor or any other Lender and based on such documents and information at it shall deem appropriate at the time, continue to make its own credit decisions in taking or not
taking action under the Loan Documents, (iii) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Loan Documents as are delegated to the Administrative Agent by the
terms thereof, together with such powers as are reasonably incidental thereto, (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as
a Lender, (v) agrees that its payment instructions and notice instructions are as set forth in the attachment to Schedule 1, (vi) confirms that none of the funds, monies, assets or other consideration being used to make the purchase and
assumption hereunder are “plan assets” as defined under ERISA and that its rights, benefits and interests in and under the Loan Documents will not be “plan assets” under ERISA, [and (vii) attaches the forms prescribed by the
Internal Revenue Service of the United States certifying that the Assignee is entitled to receive payments under the Loan Documents without deduction or withholding of any United States federal income taxes].** 

**to be inserted if the Assignee is not incorporated under the laws of the United States, or a state thereof. 

8. INDEMNITY. The Assignee agrees to indemnify and hold the Assignor harmless against any and all losses, costs and expenses
(including, without limitation, reasonable attorneys’ fees) and liabilities incurred by the Assignor in connection with or arising in any manner from the Assignee’s non-performance of the obligations
assumed under this Assignment Agreement. 
 9. SUBSEQUENT ASSIGNMENTS. After the Effective Date, the Assignee shall have the right
pursuant to Section 12.3.1 of the Credit Agreement to assign the rights which are assigned to the Assignee hereunder to any entity or person, provided that (i) any such subsequent assignment does not violate any of the
terms and conditions of the Loan Documents or any law, rule, regulation, order, writ, judgment, injunction or decree and that any consent required under the terms of the Loan Documents has been obtained and (ii) unless the prior written consent
of the Assignor is obtained, the Assignee is not thereby released from its obligations to the Assignor hereunder, if any remain unsatisfied, including, without limitation, its obligations under Sections 4, 5 and 8 hereof.

  
 D-3 

 10. REDUCTIONS OF AGGREGATE COMMITMENT. If any reduction in the Aggregate Commitment
occurs between the date of this Assignment Agreement and the Effective Date, the percentage interest specified in Item 3 of Schedule 1 shall remain the same, but the dollar amount purchased shall be recalculated based on the reduced Aggregate
Commitment. 
 11. ENTIRE AGREEMENT. This Assignment Agreement and the attached Notice of Assignment embody the entire agreement and
understanding between the parties hereto and supersede all prior agreements and understandings between the parties hereto relating to the subject matter hereof. 

12. GOVERNING LAW. This Assignment Agreement shall be governed by the internal law, and not the law of conflicts, of the State of New
York. 
 13. NOTICES. Notices shall be given under this Assignment Agreement in the manner set forth in the Credit Agreement. For the
purpose hereof, the addresses of the parties hereto (until notice of a change is delivered) shall be the address set forth in the attachment to Schedule 1. 

IN WITNESS WHEREOF, the parties hereto have executed this Assignment Agreement by their duly authorized officers as of the date first above
written. 
  

			
	[NAME OF ASSIGNOR]

 
			
		
	By:	 	 
	Title:	 	 

 
			
	
	[NAME OF ASSIGNEE]

 
			
		
	By:	 	 
	Title:	 	 

  
 D-4 

 SCHEDULE 1 

to Assignment Agreement 
  

			
	1.  Description and Date of Credit Agreement:	 	 
		
	 2.  Date of Assignment Agreement:
	 	 _______________ ___, ___

		
	3.  Amounts (As of Date of Item 2 above):	 	 
		
	 a.   Aggregate Commitment
	 	
	     (Loans)* under
	 	
	     Credit Agreement
	 	$                                   
         
		
	 b.  Assignee’s Percentage
	 	
	     of the Aggregate Commitment

    purchased under this
	 	
	     Assignment Agreement**
	 	_____________________%
		
	4.  Amount of Assignee’s (Loan Amount)**	 	 
	    Commitment Purchased under this	 	 
	     Assignment Agreement:
	 	$                                   
         
		
	5.  Proposed Effective Date:	 	 

  

					
	Accepted and Agreed:	 		 	
			
	[NAME OF ASSIGNOR]	 		 	[NAME OF ASSIGNEE]
			
	By:                                     
                                         
      	 		 	By:
	Title:                                    
                                         
    	 		 	Title:

  

	*	 If a Commitment has been terminated, insert outstanding Loans in place of Commitment 

	**	 Percentage taken to 10 decimal places 

  
 D-5 

 Attachment to SCHEDULE 1 to ASSIGNMENT AGREEMENT 

Attach Assignor’s Administrative Information Sheet, which must 

include notice address for the Assignor and the Assignee 

  
 D-6 

 EXHIBIT “I” 

to Assignment Agreement 
 NOTICE
OF ASSIGNMENT 
 ____________________, 20__ 
  

	To:	  KeyBank Real Estate Capital 

	 	  1200 Abernathy Road, NE 

	 	  Suite 1550 

	 	
 GA-03-40-0900

	 	  Atlanta, GA 30328 

	 	  Phone: 770-510-2136

	 	  Facsimile: 216-370-6206

	 	  Attention: Wolsley Grannum 

	 	  Email: Wolsley_E_Grannum@keybank.com 

From: [NAME OF ASSIGNOR] (the “Assignor”) 

  [NAME OF ASSIGNEE] (the “Assignee”) 

1. We refer to that Credit Agreement (the “Credit Agreement”) described in Item 1 of Schedule 1 attached hereto (“Schedule
1”). Capitalized terms used herein and not otherwise defined herein shall have the meanings attributed to them in the Credit Agreement. 

2. This Notice of Assignment (this “Notice”) is given and delivered to the Administrative Agent pursuant to
Section 12.3.2 of the Credit Agreement. 
 3. The Assignor and the Assignee have entered into an Assignment
Agreement, dated as of _______________, 20__, (the “Assignment”), pursuant to which, among other things, the Assignor has sold, assigned, delegated and transferred to the Assignee, and the Assignee has purchased, accepted and assumed from
the Assignor the percentage interest specified in Item 3 of Schedule 1 of all outstandings, rights and obligations under the Credit Agreement. The Effective Date of the Assignment shall be the later of the date specified in Item 5 of Schedule 1 or
two (2) Business Days (or such shorter period as agreed to by the Administrative Agent) after this Notice of Assignment and any fee required by Section 12.3.2 of the Credit Agreement have been delivered to the
Administrative Agent, provided that the Effective Date shall not occur if any condition precedent agreed to by the Assignor and the Assignee has not been satisfied. 

4. The Assignor and the Assignee hereby give to the Administrative Agent notice of the assignment and delegation referred to herein. The
Assignor will confer with the Administrative Agent before the date specified in Item 5 of Schedule 1 to determine if the Assignment Agreement will become effective on such date pursuant to Section 3 hereof, and will confer
with the Administrative Agent to determine the Effective Date pursuant to Section 3 hereof if it occurs thereafter. The Assignor shall notify the Administrative Agent if the Assignment Agreement does not become effective on
any proposed Effective Date as a result of the failure to satisfy the conditions precedent agreed to by the Assignor and the Assignee. At the request of the Administrative Agent, the Assignor will give the Administrative Agent written confirmation
of the satisfaction of the conditions precedent. 

  
 D-7 

 5. The Assignor or the Assignee shall pay to the Administrative Agent on or before the
Effective Date the processing fee of $3,500 required by Section 12.3.2 of the Credit Agreement. 
 6. If Notes are
outstanding on the Effective Date, the Assignor and the Assignee request and direct that the Administrative Agent prepare and cause Borrower to execute and deliver new Notes or, as appropriate, replacements notes, to the Assignor and the Assignee.
The Assignor and, if applicable, the Assignee each agree to deliver to the Administrative Agent the original Note received by it from Borrower upon its receipt of a new Note in the appropriate amount. 

7. The Assignee advises the Administrative Agent that notice and payment instructions are set forth in the attachment to Schedule 1. 

8. The Assignee hereby represents and warrants that none of the funds, monies, assets or other consideration being used to make the purchase
pursuant to the Assignment are “plan assets” as defined under ERISA and that its rights, benefits, and interests in and under the Loan Documents will not be “plan assets” under ERISA. 

9. The Assignee authorizes the Administrative Agent to act as its Administrative Agent under the Loan Documents in accordance with the terms
thereof. The Assignee acknowledges that the Administrative Agent has no duty to supply information with respect to Borrower or the Loan Documents to the Assignee until the Assignee becomes a party to the Credit Agreement.* 

 

	*	 May be eliminated if Assignee is a party to the Credit Agreement prior to the Effective Date.

  

									
	NAME OF ASSIGNOR	 		 	NAME OF ASSIGNEE

									
					
	By:	 	 	 		 	By:	 	 

									
					
	Title:	 	 	 		 	Title:	 	 

  
 D-8 

			
	ACKNOWLEDGED AND, IF REQUIRED BY THE CREDIT AGREEMENT, CONSENTED TO BY KEYBANK NATIONAL ASSOCIATION, as Agent

			
		
	By:	 	 

			
	Title:	 	 

 [Attach photocopy of Schedule 1 to Assignment] 

  
 D-9 

 EXHIBIT E 

LOAN/CREDIT RELATED MONEY TRANSFER INSTRUCTION 
  

	To:	 KeyBank National Association 

as Administrative Agent (the “Administrative Agent”) 

under the Credit Agreement Described Below 
  

	Re:	 Fifth Amended and Restated Senior Credit Agreement, dated as of October 19, 2018 (as the same may be
amended or modified, the “Credit Agreement”), among Terreno Realty LLC, a limited liability company organized under the laws of the State of Delaware (the “Borrower”), the Administrative Agent, and the Lenders named therein.
Terms used herein and not otherwise defined shall have the meanings assigned thereto in the Credit Agreement. 

 The
Administrative Agent is specifically authorized and directed to act upon the following standing money transfer instructions with respect to the proceeds of Advances or other extensions of credit from time to time until receipt by the Administrative
Agent of a specific written revocation of such instructions by Borrower, provided, however, that the Administrative Agent may otherwise transfer funds as hereafter directed in writing by Borrower in accordance with
Section 13.1 of the Credit Agreement or based on any telephonic notice made in accordance with Section 2.14 of the Credit Agreement.     

 

					
	 Facility Identification
Number(s):                                       
                                         
                           
	  	
		
	 Customer/Account
Name:                                        
                                         
                                        

	  	
		
	 Transfer Funds
To:                                        
                                         
                                         
             
	  	
		
	 For Account
Number:                                        
                                         
                                         
       
	  	
		
	 Reference/Attention To
	  	

  

											
	Authorized Officer (Customer Representative)	 		 		 	Date:                        , 20__
				
	 	 		 		 	 
	Name (Please Print)	 		 		 	Signature
				
	 Bank Officer
	 		 		 	Date:                        , 20__
				
	 	 		 		 	 
	Name (Please Print)	 		 		 	Signature

 (Deliver Completed Form to Credit Support Staff For Immediate Processing) 

  
 E-1 

 EXHIBIT F 

BORROWING NOTICE 
 ______________,
201_ 
 KeyBank Real Estate Capital 
 1200 Abernathy Road, NE

 Suite 1550 
 GA-03-40-0900 
 Atlanta, GA 30328 

Phone: 770-510-2136 

Facsimile: 216-370-6206 

Attention: Wolsley Grannum 
 Email: Wolsley_E_Grannum@keybank.com

 Borrowing Notice 
 Terreno Realty LLC
(“Borrower”) hereby requests a Loan Advance pursuant to Section 2.9 of the Fifth Amended and Restated Senior Credit Agreement, dated as of October 19, 2018 (as amended or modified from time to time, the “Credit
Agreement”), among Terreno Realty LLC, the Lenders referenced therein, and KeyBank National Association, as agent for the Lenders. 
 An Advance is
requested to be made in the amount of $________________________, to be made on _____________. Such Advance shall be a [Revolving][Term A] [Term B] Advance and shall be a [LIBOR] [Base Rate] Advance. [The applicable LIBOR Interest Period shall be
_____________.] 
 The proceeds of the requested loan shall be directed to the following account: 

Wiring Instructions: 
 (Bank
Name) 
 (ABA No.) 

(Beneficiary) 
 (Account No. to
Credit) 
 (Notification Requirement) 

  
 F-1 

 In support of this request, Terreno Realty LLC hereby represents and warrants to the Administrative Agent
and the Lenders that acceptance of the proceeds of such loan by Borrower shall be deemed to further represent and warrant that all requirements of Section 4.2 of the Credit Agreement in connection with such Loan Advance have been satisfied at
the time such proceeds are disbursed. 
 Date:___________________ 

 

					
	Borrower:      	 	 TERRENO REALTY LLC, a Delaware

limited liability company

			
		 	By:      	 	 TERRENO REALTY CORPORATION, a

Maryland corporation, its sole member

			
		 		 	By:                                     
                                     
		 		 	Name:                                     
                                
		 		 	Its:                                    
                                       

  
 F-2 

 EXHIBIT G-1 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to that certain Fifth Amended and Restated Senior Revolving Credit Agreement dated as of October 19, 2018 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among Terreno Realty LLC (the “Borrower”), the financial institutions party thereto and their assignees thereunder (the
“Lenders”), KeyBank National Association, as Agent (the “Agent”) and the other parties thereto. 
 Pursuant to the
provisions of Section 3.5 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing
this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is
not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has
furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN, or W-8BEN-E, as applicable. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and
the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to
be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms
defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

	
	   

	[NAME OF LENDER]
	
	By:                                     
                                         
                  
	Name:                                     
                                         
            
	Title:                                     
                                         
              
	
	Date: ________ __, 20__

  
 G-1 

 EXHIBIT G-2 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to that certain Fifth Amended and Restated Senior Revolving Credit Agreement dated as of October 19, 2018 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among Terreno Realty LLC (the “Borrower”), the financial institutions party thereto and their assignees thereunder (the
“Lenders”), KeyBank National Association, as Agent (the “Agent”) and the other parties thereto. 
 Pursuant to the
provisions of Section 3.5 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank
within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related
to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its participating Lender with a
certificate of its non-U.S. Person status on IRS Form W-8BEN, or W-8BEN-E, as applicable.
By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times
furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

	
	[NAME OF PARTICIPANT]
	
	By:                                     
                                         
                  
	Name:                                     
                                         
            
	Title:                                     
                                         
              
	
	Date: ________ __, 20__

  
 G-2 

 EXHIBIT G-3 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to that certain Fifth Amended and Restated Senior Revolving Credit Agreement dated as of October 19, 2018 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among Terreno Realty LLC (the “Borrower”), the financial institutions party thereto and their assignees thereunder (the
“Lenders”), KeyBank National Association, as Agent (the “Agent”) and the other parties thereto. 
 Pursuant to the
provisions of Section 3.5 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect
partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement
entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of
Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the
following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN, or
W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form
W-8BEN, or W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners that is claiming the
portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have
at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

	
	   

	[NAME OF PARTICIPANT]
	
	By:                                     
                                         
                  
	Name:                                     
                                         
            
	Title:                                     
                                         
              
	
	Date: ________ __, 20__

  
 G-3 

 EXHIBIT G-4 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to that certain Fifth Amended and Restated Senior Revolving Credit Agreement dated as of October 19, 2018 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among Terreno Realty LLC (the “Borrower”), the financial institutions party thereto and their assignees thereunder (the
“Lenders”), KeyBank National Association, as Agent (the “Agent”) and the other parties thereto. 
 Pursuant to the
provisions of Section 3.5 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate,
(ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan
Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A)
of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a
controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has
furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption:
(i) an IRS Form W-8BEN, or W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY
accompanied by an IRS Form W-8BEN, or W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners
that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the
Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be
made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

	
	   

	[NAME OF LENDER]
	
	By:                                     
                                         
                  
	Name:                                     
                                         
            
	Title:                                     
                                         
              
	
	Date: ________ __, 20__

  
 G-4 

 SCHEDULE 1 

SCHEDULE OF COMMITMENTS 
  

																	
	 Lender
	  	Revolving
Commitment	 	  	Term A Loan
Commitment	 	  	Term B Loan
Commitment	 	  	Total
Commitments	 
	 KeyBank National Association
	  	$	50,000,000	 	  	$	10,000,000	 	  	$	20,000,000	 	  	$	80,000,000	 
	 PNC Bank National Association
	  	$	48,000,000	 	  	$	9,750,000	 	  	$	19,000,000	 	  	$	76,750,000	 
	 MUFG Union Bank, N.A.
	  	$	48,000,000	 	  	$	9,750,000	 	  	$	19,000,000	 	  	$	76,750,000	 
	 Regions Bank
	  	$	48,000,000	 	  	$	9,750,000	 	  	$	19,000,000	 	  	$	76,750,000	 
	 U.S. Bank National Association
	  	$	34,000,000	 	  	$	6,750,000	 	  	$	14,000,000	 	  	$	54,750,000	 
	 Goldman Sachs Bank USA
	  	$	22,000,000	 	  	$	4,000,000	 	  	$	9,000,000	 	  	$	35,000,000	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	250,000,000	 	  	$	50,000,000	 	  	$	100,000,000	 	  	$	400,000,000	 

  
 Schedule 1-1 

 SCHEDULE 2 

SUBSIDIARIES OF PARENT GUARANTOR 
 Terreno
Realty LLC, a Delaware limited liability company, 100% owned by Parent Guarantor 

  
 Schedule 2-1 

 SCHEDULE 3 

LITIGATION 
 (See
Section 5.6) 
 None 

  
 Schedule 3-1 

 SCHEDULE 4 

ENVIRONMENTAL MATTERS 
 (See
Section 5.19) 
 None 

  
 Schedule 4-1 

 SCHEDULE 5 

LIST OF SUBSIDIARY GUARANTORS 
  

							
	 Entity Name
	 	 	  	 State
of
    Formation    
	  	 State
of
    Operation    

	Terreno 1 Dodge LLC	 		  	Delaware	  	New Jersey
	Terreno 10th Avenue LLC	 		  	Delaware	  	California
	Terreno 10100 NW 25th LLC	 		  	Delaware	  	Florida
	Terreno 101st Road LLC	 		  	Delaware	  	Florida
	Terreno 1215 Walnut LLC	 		  	Delaware	  	California
	Terreno 12950 River LLC	 		  	Delaware	  	Florida
	Terreno 139th LLC	 		  	Delaware	  	California
	Terreno 14605 Miller Ave LLC	 		  	Delaware	  	California
	Terreno 14611 Broadway LLC	 		  	Delaware	  	California
	Terreno 17 Madison LLC	 		  	Delaware	  	New Jersey
	Terreno 180 Manor LLC	 		  	Delaware	  	New Jersey
	Terreno 19601 Hamilton LLC	 		  	Delaware	  	California
	Terreno 20 Pulaski LLC	 		  	Delaware	  	New Jersey
	Terreno 22 Madison LLC	 		  	Delaware	  	New Jersey
	Terreno 221 Michele LLC	 		  	Delaware	  	California
	Terreno 238 Lawrence LLC	 		  	Delaware	  	California
	Terreno 240 Littlefield LLC	 		  	Delaware	  	California
	Terreno 26th Street LLC	 		  	Delaware	  	Florida
	Terreno 299 Lawrence LLC	 		  	Delaware	  	California
	Terreno 3401 Lind LLC	 		  	Delaware	  	Washington
	Terreno 341 Michele LLC	 		  	Delaware	  	New Jersey
	Terreno 3601 Pennsy LLC	 		  	Delaware	  	Maryland
	Terreno 4225 2nd Avenue South LLC	 		  	Delaware	  	Washington
	Terreno 4230 Forbes LLC	 		  	Delaware	  	Maryland
	Terreno 445 Wilson LLC	 		  	Delaware	  	New Jersey
	Terreno 465 Meadow LLC	 		  	Delaware	  	New Jersey
	Terreno 48th Ave LLC	 		  	Delaware	  	Florida
	Terreno 4930 3rd Avenue South LLC	 		  	Delaware	  	Washington
	Terreno 50 Kero LLC	 		  	Delaware	  	New Jersey
	Terreno 550 Delancy LLC	 		  	Delaware	  	New Jersey
	Terreno 60 Ethel LLC	 		  	Delaware	  	New Jersey
	Terreno 60th Avenue LLC	 		  	Delaware	  	Florida
	Terreno 631 Brennan LLC	 		  	Delaware	  	California
	Terreno 709 Hindry LLC	 		  	Delaware	  	California
	Terreno 70th Avenue LLC	 		  	Delaware	  	Florida
	Terreno 7120 NW 74th Ave LLC	 		  	Delaware	  	Florida
	Terreno 747 Glasgow LLC	 		  	Delaware	  	California
	Terreno 74th North Bergen LLC	 		  	Delaware	  	New Jersey
	Terreno 75th Ave LLC	 		  	Delaware	  	Maryland
	Terreno 7777 West Side LLC	 		  	Delaware	  	New Jersey

  
 Schedule 5-1 

							
	 Entity Name
	 	 	  	 State
of
    Formation    
	  	 State
of
    Operation    

	Terreno 78th Avenue LLC	 		  	Delaware	  	Florida
	Terreno 79th Ave South LLC	 		  	Delaware	  	Washington
	Terreno 8215 Dorsey LLC	 		  	Delaware	  	Maryland
	Terreno 85 Doremus LLC	 		  	Delaware	  	New Jersey
	Terreno 900 Hart LLC	 		  	Delaware	  	New Jersey
	Terreno 9070 Junction LLC	 		  	Delaware	  	Maryland
	Terreno Acacia LLC	 		  	Delaware	  	California
	Terreno Ahern II LLC	 		  	Delaware	  	California
	Terreno Airgate LLC	 		  	Delaware	  	New York
	Terreno America’s Gateway LLC	 		  	Delaware	  	Florida
	Terreno Auburn 1307 LLC	 		  	Delaware	  	Washington
	Terreno Burroughs LLC	 		  	Delaware	  	California
	Terreno Business Parkway LLC	 		  	Delaware	  	Maryland
	Terreno California LLC	 		  	Delaware	  	California
	Terreno Caribbean LLC	 		  	Delaware	  	California
	Terreno Carlton Court LLC	 		  	Delaware	  	California
	Terreno Dawson LLC	 		  	Delaware	  	Washington
	Terreno Dell LLC	 		  	Delaware	  	New Jersey
	Terreno Denver Ave LLC	 		  	Delaware	  	Washington
	Terreno Dominguez LLC	 		  	Delaware	  	California
	Terreno Dorsey LLC	 		  	Delaware	  	California
	Terreno East Valley LLC	 		  	Delaware	  	Washington
	Terreno Global Plaza LLC	 		  	Delaware	  	New Jersey
	Terreno Hampton Overlook LLC	 		  	Delaware	  	Maryland
	Terreno Hanford LLC	 		  	Delaware	  	Washington
	Terreno Hawthorne LLC	 		  	Delaware	  	California
	Terreno Interstate LLC	 		  	Delaware	  	New Jersey
	Terreno Junction LLC	 		  	Delaware	  	Maryland
	Terreno Kent 190th LLC	 		  	Delaware	  	Washington
	Terreno Kent 216th LLC	 		  	Delaware	  	Washington
	Terreno Kent Corporate Park LLC	 		  	Delaware	  	Washington
	Terreno Las Hermanas LLC	 		  	Delaware	  	California
	Terreno Lucile LLC	 		  	Delaware	  	Washington
	Terreno Lund LLC	 		  	Delaware	  	Washington
	Terreno Lynwood LLC	 		  	Delaware	  	California
	Terreno Melanie II LLC	 		  	Delaware	  	New Jersey
	Terreno Melanie LLC	 		  	Delaware	  	New Jersey
	Terreno Merced LLC	 		  	Delaware	  	California
	Terreno Middlebrook LLC	 		  	Delaware	  	New Jersey
	Terreno MITC LLC	 		  	Delaware	  	Florida
	Terreno New Dutch LLC	 		  	Delaware	  	New Jersey
	Terreno New Ridge LLC	 		  	Delaware	  	Maryland
	Terreno NW 131st Street LLC	 		  	Delaware	  	Florida
	Terreno NW 70th Avenue II LLC	 		  	Delaware	  	Florida

  
 Schedule 5-2 

									
	 Entity Name
	 	 	  	 	  	 State
of
    Formation    
	  	 State
of
    Operation    

	Terreno NW 70th Ave III LLC	 		  		  	Delaware	  	Florida
	Terreno NW 70th IV LLC	 		  		  	Delaware	  	Florida
	Terreno NW 81st LLC	 		  		  	Delaware	  	Florida
	Terreno Olympic LLC	 		  		  	Delaware	  	Washington
	Terreno Parkway LLC	 		  		  	Delaware	  	Maryland
	Terreno Park Union City LLC	 		  		  	Delaware	  	California
	Terreno Paterson Plank LLC	 		  		  	Delaware	  	New Jersey
	Terreno Rialto LLC	 		  		  	Delaware	  	California
	Terreno San Clemente LLC	 		  		  	Delaware	  	California
	Terreno Schoolhouse LLC	 		  		  	Delaware	  	New Jersey
	Terreno SeaTac 8th Ave LLC	 		  		  	Delaware	  	Washington
	Terreno South Main LLC	 		  		  	Delaware	  	California
	Terreno Stockton LLC	 		  		  	Delaware	  	New Jersey
	Terreno SW 34th LLC	 		  		  	Delaware	  	Washington
	Terreno Sweitzer LLC	 		  		  	Delaware	  	Washington
	Terreno Telegraph Springs LLC	 		  		  	Delaware	  	California
	Terreno Terminal Way LLC	 		  		  	Delaware	  	New Jersey
	Terreno Troy Hill Holdings LLC	 		  		  	Delaware	  	—  
	Terreno Troy Hill LLC	 		  		  	Delaware	  	Maryland
	Terreno V Street LLC	 		  		  	Delaware	  	Washington, D.C.
	Terreno West 140th LLC	 		  		  	Delaware	  	California
	Terreno Whittier LLC	 		  		  	Delaware	  	California
	Terreno Wicks LLC	 		  		  	Delaware	  	California

  
 Schedule 5-2 

 SCHEDULE 6 

LIST OF INVESTMENT AFFILIATES 

(See Section 5.7) 
 None 

  
 Schedule 6-1 

 SCHEDULE 7 

LIST OF UNENCUMBERED PROPERTIES 
  

							
	 Entity Name
	  	 Project Name
	  	 Address
	  	 
	Terreno 1 Dodge LLC	  	Dodge	  	1 Dodge Drive, West Caldwell, NJ 07006	  	
	Terreno 10th Avenue LLC	  	Whitney	  	700-754 Whitney Street, San Leandro, CA 94577	  	
	Terreno 10100 NW 25th LLC	  	25th	  	10100 NW 25th Street, Doral, FL 33172	  	
	Terreno 101st Road LLC	  	101st Road	  	11800 NW 101st Road, Medley, FL 33178	  	
	Terreno 1215 Walnut LLC	  	Walnut	  	1215 West Walnut St., Compton, CA 90220	  	
	Terreno 12950 River LLC	  	River	  	12950 NW S. River Drive, Medley, FL, 33178	  	
	Terreno 139th LLC	  	139th	  	1855 W 139th Street, Gardena, CA 90249	  	
	Terreno 14605 Miller Ave LLC	  	Miller	  	14605 Miller Avenue, Fontana, CA 92336	  	
	Terreno 14611 Broadway LLC	  	Broadway	  	14611 Broadway, Gardena, CA 90248	  	
	Terreno 17 Madison LLC	  	Madison	  	17 Madison Road, Fairfield, NJ 07004	  	
	Terreno 180 Manor LLC	  	Manor	  	180 Manor Road, East Rutherford, NJ 07073	  	
	Terreno 19601 Hamilton LLC	  	Hamilton	  	19601 Hamilton Avenue, Torrance CA 90502-1309	  	
	Terreno 20 Pulaski LLC	  	Pulaski	  	20 Pulaski Street, Bayonne, NJ 07002	  	
	Terreno 22 Madison LLC	  	22 Madison	  	22 Madison Road, Fairfield, NJ 07004	  	
	Terreno 221 Michele LLC	  	221 Michele	  	221 Michele Court, South San Francisco, CA 94080	  	
	Terreno 238 Lawrence LLC	  	238 Lawrence	  	238-242 Lawrence Ave, South San Francisco, CA 94080	  	
	Terreno 240 Littlefield LLC	  	Littlefield	  	240 Littlefield Avenue, South San Francisco, CA 94080	  	
	Terreno 26th Street LLC	  	26th Street	  	7500-7600 NW 26th Street, Miami, FL 33122	  	
	Terreno 299 Lawrence LLC	  	299 Lawrence	  	299 Lawrence Avenue, South San Francisco, CA 94080	  	
	Terreno 3401 Lind LLC	  	Lind	  	3401 Lind Ave SW, Renton, WA 98057	  	
	Terreno 341 Michele LLC	  	Michelle	  	341 Michele Place, Carlstadt, NJ 07072	  	
	Terreno 3601 Pennsy LLC	  	Pennsy	  	3601 Pennsy Drive, Landover, MD 20785	  	
	Terreno 4225 2nd Avenue South LLC	  	2nd Ave	  	4225 2nd Avenue South, Seattle, WA 98134	  	
	Terreno 4230 Forbes LLC	  	Forbes	  	4230 Forbes Blvd., Lanham, MD 20706	  	
	Terreno 445 Wilson LLC	  	Wilson	  	445 Wilson Avenue, Newark, NJ 07105	  	

  
 Schedule 7-1-1 

							
	 Entity Name
	  	 Project Name
	  	 Address
	  	 
	Terreno 465 Meadow LLC	  	Meadow	  	465 Meadow Lane, Carlstadt, NJ 07072	  	
	Terreno 48th Ave LLC	  	48th Ave	  	16001 NW 48th Avenue, Miami Gardens, FL 33014	  	
	Terreno 4930 3rd Avenue South LLC	  	4930 3rd Avenue	  	4930 3rd Avenue South, Seattle, WA 98134	  	
	Terreno 50 Kero LLC	  	Kero	  	50-100 Kero Rd., Newark, NJ 07072	  	
	Terreno 550 Delancy LLC	  	Delancy	  	550 Delancy Street, Newark, NJ 07105	  	
	Terreno 60 Ethel LLC	  	Ethel	  	60 & 70 Ethel Road, Piscataway, NJ 08854	  	
	Terreno 60th Avenue LLC	  	60th Avenue	  	14100 NW 60th Avenue, Miami Lakes, FL 33014	  	
	Terreno 631 Brennan LLC	  	Brennan	  	631 Brennan, San Jose, CA 95131	  	
	Terreno 709 Hindry LLC	  	Hindry	  	709 Hindry Ave, Inglewood, CA 90301	  	
	Terreno 70th Avenue LLC	  	70th III	  	1855 NW 70th Avenue, Miami, FL 33126	  	
	Terreno 7120 NW 74th Ave LLC	  	70th Ave	  	1601 NW 70th Avenue, Miami, FL 33126	  	
	Terreno 747 Glasgow LLC	  	74th Ave	  	7120 NW 74th Avenue, Medley, FL 33166	  	
	Terreno 74th North Bergen LLC	  	Glasgow	  	747 S Glasgow Avenue, Inglewood, CA 90301	  	
	Terreno 75th Ave LLC	  	74th Bergen	  	2240 74th Street, North Bergen, NJ, 07047	  	
	Terreno 7777 West Side LLC	  	Ardmore	  	3301-3381 75th Avenue, Landover, MD 20785	  	
	Terreno 78th Avenue LLC	  	West Side	  	7777 West Side Avenue, Carlstadt, NJ, 07072	  	
	Terreno 79th Ave South LLC	  	78th Avenue	  	1401 NW 78th Avenue, Doral, Florida 33126	  	
	Terreno 8215 Dorsey LLC	  	79th	  	26601-26609 79th Avenue South, Kent, WA 98032	  	
	Terreno 85 Doremus LLC	  	8215_Dorsey	  	8215 Dorsey Run Road, Jessup, MD 20794	  	
	Terreno 900 Hart LLC	  	Hart	  	900 Hart Road, Piscataway, NJ 07065	  	
	Terreno 9070 Junction LLC	  	9070 Junction	  	9070 Junction Drive, Annapolis Junction, MD 20701	  	
	Terreno Acacia LLC	  	Acacia	  	1920 South Acacia Ave., Compton, CA, 90220	  	
	Terreno Ahern II LLC	  	Ahern II	  	30069-30083 Ahern Avenue, Union City, CA 94587-1234	  	
	Terreno Airgate LLC	  	Airgate	  	150-10, 151-02 132nd Ave, 152-01 133rd Ave, 152-02 Baisley Blvd, Queens,
NY 11434	  	
	Terreno America’s Gateway LLC	  	Americas Gateway	  	8901 NW 20th Street, 2011 BW 89th Place, 8940 NW 24th Terrace, 8933 NW 23rd Street, 1400 NW 88th Avenue, 1401 NW 89th Court, Doral, FL 33172	  	
	Terreno Auburn 1307 LLC	  	Auburn 1307	  	1307 W Valley Highway N, Auburn, WA 98001	  	

  
 Schedule 7-1-2 

							
	 Entity Name
	  	 Project Name
	  	 Address
	  	 
	Terreno Burroughs LLC	  	Burroughs	  	2054-2070 Burroughs Avenue, San Leandro, CA 94577	  	
	Terreno Business Parkway LLC	  	Business Pkwy	  	9951 Business Parkway, Lanham, MD 20706	  	
	Terreno California LLC	  	California	  	2095 California Avenue, Corona, CA 92881	  	
	Terreno Caribbean LLC	  	Caribbean	  	904, 914-918 Caribbean Drive & 1339 Moffet Park Drive, Sunnyvale, CA 94089	  	
	Terreno Carlton Court LLC	  	Carlton	  	490-500 Carlton Court, South San Francisco, CA 94080	  	
	Terreno Dawson LLC	  	Dawson	  	53 South Dawson, Seattle, WA, 98134	  	
	Terreno Dell LLC	  	Dell	  	700 Dell Road, Carlstadt, NJ 07072	  	
	Terreno Denver Ave LLC	  	Denver	  	5300 Denver Avenue South, Seattle, WA, 98134	  	
	Terreno Dominguez LLC	  	Dominguez	  	2315 East Dominguez Street, Carson, CA 90810	  	
	Terreno Dorsey LLC	  	Vermont	  	19801 South Vermont Avenue, Torrance, CA 90502	  	
	Terreno East Valley LLC	  	East Valley	  	2701 East Valley Road, Renton, WA 98055	  	
	Terreno Global Plaza LLC	  	901 North	  	901 North Avenue E, Elizabeth, NJ 07201	  	
	Terreno Hampton Overlook LLC	  	Overlook	  	9150-9156,9200-9216,9240-9250 Hampton Overlook, Capital Heights, MD 20743	  	
	Terreno Hanford LLC	  	Hanford	  	25-29 Hanford Rd., Seattle, WA, 98134	  	
	Terreno Hawthorne LLC	  	Hawthorne	  	3355-3437 W El Segundo Blvd., Hawthorne, CA 90250	  	
	Terreno Interstate LLC	  	130 Interstate	  	130 Interstate Boulevard, South Brunswick, NJ 08831	  	
	Terreno Junction LLC	  	9020 Junction	  	9020 Junction Drive, Annapolis Junction, MD 20701	  	
	Terreno Kent 190th LLC	  	South 190th	  	8420 S 190th Street, Kent, WA 98031	  	
	Terreno Kent 216th LLC	  	Kent 216	  	8030 S 216th Street, Kent, WA 98032	  	
	Terreno Kent Corporate Park LLC	  	KCP	  	22402-22422 72nd Ave South, Kent, WA 98032	  	
	Terreno Las Hermanas LLC	  	Hermanas	  	2934 E Las Hermanas Street, Compton, CA 90221	  	
	Terreno Lucile LLC	  	Lucile	  	637 South Lucile St., Seattle, WA 98108	  	
	Terreno Lund LLC	  	Lund	  	902 4th Street SW, Auburn, WA 98801	  	
	Terreno Lynwood LLC	  	Lynwood	  	2800 Lynwood Rd., 11840 Alameda St., 11852 Alameda St., Lynwood, CA 90262	  	
	Terreno Melanie II LLC	  	Melanie II	  	11 & 15 Melanie Lane, East Hanover, NJ 07936	  	
	Terreno Melanie LLC	  	Melanie	  	9 Melanie Lane, East Hanover, NJ 07936	  	

  
 Schedule 7-1-2 

							
	 Entity Name
	  	 Project Name
	  	 Address
	  	 
	Terreno Merced LLC	  	Merced	  	2700-2800 Merced Street, San Leandro, CA 94577	  	
	Terreno Middlebrook LLC	  	Middlebrook	  	1E, 2E, 12E, 1EA-1EC Chimney Rock Road; 3E-11E, 13E-15E Easy Street, Bound Brook, NJ 08805	  	
	Terreno MITC LLC	  	MITC	  	8455-8485, 8405-8435, 8355-8385, 8315-8345 NW 74th Street, Doral, FL 33166	  	
	Terreno New Dutch LLC	  	New Dutch	  	40 New Dutch Lane, Fairfield, NJ 07004	  	
	Terreno New Ridge LLC	  	New Ridge	  	7479 New Ridge Road, Hanover, MD 21076	  	
	Terreno NW 131st Street LLC	  	NW 131st	  	11205 NW 131st Street, Medley, FL 33178	  	
	Terreno NW 70th Avenue II LLC	  	70th II	  	1950 NW 70th Avenue, Miami, FL 33122	  	
	Terreno NW 70th Ave III LLC	  	70th III	  	1855 NW 70th Avenue, Miami, FL 33126	  	
	Terreno NW 70th IV LLC	  	70th IV	  	2000 NW 70th Avenue, Miami, FL, 33313	  	
	Terreno NW 81st LLC	  	81st	  	8105 NW 77th Street, Medley, FL 33166	  	
	Terreno Olympic LLC	  	Olympic	  	18370 Olympic Ave S, Tukwila, WA 98188	  	
	Terreno Parkway LLC	  	Parkway	  	7190 Parkway Drive, Hanover, MD 21076	  	
	Terreno Park Union City LLC	  	 Central Plaza I

Central Plaza II
	  	33306-33456 Alvarado Niles Road, 33508-33580 Central Avenue, Union City, CA 94587	  	
	Terreno Paterson Plank LLC	  	Paterson	  	248 Paterson Plank Rd., Carlstadt, NJ 07072	  	
	Terreno Rialto LLC	  	Manhattan	  	2475-2477 Manhattan Beach Blvd., Redondo Beach, CA 90278	  	
	Terreno San Clemente LLC	  	San Clemente	  	30987-30991 San Clemente Street, Hayward, CA 94544	  	
	Terreno Schoolhouse LLC	  	Schoolhouse	  	70 Schoolhouse Road, Somerset, NJ 08873	  	
	Terreno SeaTac 8th Ave LLC	  	SeaTac 8th Avenue	  	18331 8th Ave S, Des Moines, WA 98148	  	
	Terreno South Main LLC	  	South Main	  	17110-17120 S Main Street, Carson, CA	  	
	Terreno Stockton LLC	  	Stockton	  	178 Stockton Street, Newark, NJ 07105	  	
	Terreno SW 34th LLC	  	SW 34th	  	12886 Interurban Ave S, Tukwila, WA 98168	  	
	Terreno Sweitzer LLC	  	Kent 202	  	20280 84th Ave South, Kent, WA 98032	  	
	Terreno Telegraph Springs LLC	  	Telegraph	  	12803 Telegraph Rd., 12828 Romandel Ave., Santa Fe Springs, CA, 90670	  	
	Terreno Terminal Way LLC	  	Terminal Way	  	6C & 7C Terminal Way, Avenal, NJ 07001	  	

  
 Schedule 7-1-2 

							
	 Entity Name
	  	 Project Name
	  	 Address
	  	 
	Terreno Troy Hill Holdings LLC	  	—	  	—	  	
	Terreno Troy Hill LLC	  	Troy Hill	  	7125 Troy Hill Drive, Elkridge, MD 21075	  	
	Terreno V Street LLC	  	V Street	  	3015 - 3535 V Street NE, Washington, D.C. 20018	  	
	Terreno West 140th LLC	  	West 140th	  	2062-2091 West Avenue 140th, San Leandro, CA 94577	  	
	Terreno Whittier LLC	  	South Main III	  	15913 South Main St., Gardena, CA 90248	  	
	Terreno Wicks LLC	  	Whitney	  	700-754 Whitney Street, San Leandro, CA 94577	  	

  
 Schedule 7-1-2 

 SCHEDULE 8 

OUTSTANDING FACILITY LETTERS OF CREDIT 

None 

  
 Schedule 8-1

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